Document:

Transition Services Agreement (Cranbury), dated as of August 13, 2004

 Exhibit 10.5 
  
 EXECUTION COPY 
  
 CONFIDENTIAL TREATMENT REQUESTED UNDER 
 C.F.R. SECTIONS 200.80(b)(4), 200.83
AND 230.406. 
  
 **** INDICATES OMITTED MATERIAL THAT IS THE 
 SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST 
 FILED SEPARATELY WITH THE
COMMISSION. 
  
 THE OMITTED MATERIAL HAS BEEN FILED 
 SEPARATELY WITH THE COMMISSION. 
  
 TRANSITION SERVICES AGREEMENT (CRANBURY) 
  
 TRANSITION SERVICES AGREEMENT, dated as of August 13, 2004 (this “Agreement”), between Rhodia Inc., a Delaware corporation
(“Rhodia U.S.”), and Innophos, Inc. (f/k/a Phosphates Acquisition, Inc.), a Delaware corporation (the “Purchaser”). 
  
 W I T N E S S E I H: 
  
 WHEREAS, Rhodia U.S., Rhodia Canada Inc., Rhodia de Mexico S.A. de C.V., Rhodia Overseas Ltd. and Rhodia Consumer
Specialties Limited (collectively, the “Sellers”). Rhodia S.A. and the Purchaser have entered into an Agreement of Purchase and Sale, dated as of June 10, 2004 (the “Purchase Agreement”; all capitalized terms used
but not defined herein shall have the meanings ascribed to such terms in the Purchase Agreement), pursuant to which the Sellers agreed to sell to the Purchaser and the Purchaser agreed to purchase from the Sellers, the Transferred Assets relating to
the U.S. Business, the Canadian Business and the Mission Hills Business and the Transferred Subsidiary Shares with respect to the Coatza Business of the Sellers, all as more particularly set forth in the Purchase Agreement; 
  
 WHEREAS, the Purchase Agreement contemplates that Rhodia U.S. and the
Purchaser shall enter into a transition services agreement pursuant to which Rhoda U.S. will provide, or cause to be provided, to the Purchaser certain transition services during the transitional period following the date hereof, as more
particularly set forth herein; and 
  
 WHEREAS, Rhodia U.S. is
willing to provide, or cause to be provided, such services to the Purchaser on the terms and conditions set forth herein. 
  
 NOW, THEREFORE, in consideration of the premises and the mutual agreements and covenants hereinafter set forth, Rhodia U.S. and the Purchaser hereby agree
as follows: 
  
 1. Provision of Transition Services. (a)
Subject to the terms and conditions of this Agreement, Rhodia U.S. agrees to provide, or cause to be provided to the Purchaser, and the Purchaser agrees to purchase from Rhodia U.S., certain information technology services (the “Information
Technology Services”), office services (the “Office Services”), laboratory services (the “Laboratory Services”) and financial services (the “Financial Services”), as more particularly set
forth on Exhibit A hereto (each, a “Transition Service”, and, collectively, all services provided hereunder being the “Transition Services”), for the relevant period specified in the Section 2 hereof. Rhodia U.S.
shall provide the Transition Services pursuant to this Agreement in a commercially reasonable manner consistent with the level of care with which such Transition Services were previously provided by Rhodia U.S. to itself. 
  
 (b) The Purchaser shall follow in all material respects the policies,
procedures and practices of Rhodia U.S. in effect as of the date hereof and provided to the Purchaser in writing, including providing information, reasonable cooperation, data and documentation or taking such actions reasonably required for Rhodia
U.S. to perform the Transition Services as they were provided by Rhodia U.S. to the Business immediately prior to the date hereof and making available, if and to the extent reasonably requested by Rhodia U.S., sufficient resources and timely
decisions, approvals and acceptances, in order that Rhodia U.S. may accomplish its 

 
obligations hereunder in a timely manner. With respect to each Transition Service, Rhodia U.S., or any of its Affiliates, shall be responsible, in good faith
after consultation with Purchaser, for selecting the employees who will perform such Transition Service and administering such employees (i.e., setting such employees’ hours of work, establishing compensation structure, work load balancing,
etc.), subject to Section 1(a) hereof. 
  
 (c) Each party shall,
and shall cause its employees to, observe and comply in all material respects with any and all Laws bearing on the performance of the Transition Services and their operations on the space provided by Rhodia U.S. to the Purchaser. 
  
 (d) The Purchaser shall be responsible for its operations on the space
provided by Rhodia U.S. under this Agreement. The Purchaser shall maintain appropriate insurance including property, casualty and general liability insurance with respect to any space provided by Rhodia U.S. to the Purchaser in accordance with this
Agreement (including coverage for damage to, or destruction of, any personal property located on such premises). 
  
 (e) The Purchaser and Rhodia U.S. hereby agree that the lease of space included in the Office Services and the Laboratory Services, as more particularly
set forth on Exhibit A hereto, and the provisions hereunder relating thereto are subject and subordinate to that certain Lease Agreement dated as of May 23, 2003, between Cranbury LLC and Rhodia U.S., as amended. 
  
 2. Term. (a) This Agreement and the performance of the Transition
Services hereunder shall commence on the date hereof (the “Effective Date”) and this Agreement shall continue in full force and effect until such time as the term of each of the Information Technology Services, the Office and
Laboratory Services and the Financial Services has expired or this Agreement has been otherwise terminated in accordance with the terms of this Agreement (the “Term”). The performance of each Transition Service shall commence on the
Effective Date and each Transition Service shall have an initial term as set forth on Exhibit A (each, a “Transition Service Term”); provided, however, that: (i) each Transition Service Term shall automatically be
extended beyond the initial term in six-month increments unless either party provides, prior to the expiration of the initial term or any extension thereof, the other party with 120 days’ prior written notice that it wishes to terminate such
Transition Service and such notice period has elapsed; (ii) Rhodia U.S. shall not have the right to terminate the Transition Service Term for the Information Technology Services, the Office Services and the Laboratory Services until after the
beginning of the first such increment; and (iii) the Transition Service Term for (A) the Information Technology Services, the Office Services and the Laboratory Services shall not exceed an additional three years and (B) Financial Services shall not
exceed an additional one year. 
  
 (b) This Agreement may be
terminated by: (i) mutual written consent of the parties; (ii) either party hereto upon written notice delivered to the other party if (A) the other party fails to materially perform or otherwise materially breaches an obligation under this
Agreement; provided, however, that such party shall have 30 days from the date of receipt of such notice to cure such material non-performance or such material breach, after which time this Agreement shall terminate if such material
non-performance or such material breach has not been cured or (B) the other party makes a general assignment for the benefit of creditors, 

  

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becomes insolvent, a receiver is appointed, or a court approves reorganization or arrangement proceedings; (iii) by Rhodia U.S. upon the failure of the
Purchaser to make three or more consecutive payments pursuant to this Agreement and (iv) by the Purchaser or Rhodia U.S. upon written notice delivered to the other party, if performance by such party of this Agreement has been rendered impossible or
impracticable by reason of the occurrence of any force majeure in accordance with Section 5 hereof for 30 consecutive days. 
  
 3. Compensation. (a) The Purchaser shall pay to Rhodia U.S. an amount equal to fees set forth below applicable to each Transition Service for each
twelve-month period (or portion thereof) of the applicable Transition Service Term (and any extension thereof): 
  

			
	 Service

	  	Annual Fee (U.S. Dollars)

	 Information Technology Services
	  	$(*****)
	 Office Services
	  	$(*****)
	 Laboratory Services
	  	$(*****)
	 Financial Services
	  	$(*****)

  
 (b) The annual fees
shall be payable in monthly installments and shall be due and payable on the first day of the month in which such Service shall be rendered and shall be made in U.S. Dollars; provided that the initial payment hereunder shall be paid on the first day
of the first month beginning after the Closing Date and shall be pro rated to include fees owed hereunder for the period beginning on the Closing Date and ending on the last day of the month during which the Closing occurs. Interest shall be paid by
the Purchaser to Rhodia U.S. on any amount due from the Purchaser but not paid, at a rate per annum equal to LIBOR plus 400 basis points, and Rhodia U.S. has the right to suspend performance under this Agreement upon failure of the Purchaser to make
three or more consecutive payments pursuant to this Agreement; provided, however, the Purchaser acknowledges that such suspension of performance by Rhodia U.S. will not relieve the Purchaser from the obligation to pay Rhodia U.S. the
entirety of the applicable annual fee for the entirety of the applicable Transition Service Term, and any possible extension thereof, for the applicable Transition Service. 
  
 (c) All fees payable by the Purchaser under this Agreement shall be inclusive of any sales use or similar transfer taxes as
invoiced by Rhodia U.S. 
  
 4. Additional Services. In
addition to the Transition Services, Rhodia U.S. shall provide to the Purchaser such additional services reasonably required by the Purchaser, at its direction, (including those set forth on Exhibit B hereto and any separation and stand-alone
services) in a commercially reasonable manner and at a reasonable level of care, and the Purchaser shall pay to Rhodia U.S. all additional out of pocket and internal costs related thereto (including the applicable cost for the usage of each
additional service set forth on Exhibit B). Rhodia U.S. (or the Purchaser if specifically indicated) shall also provide to the Purchaser (or Rhodia, in the case of a service provided by the Purchaser) the additional services set forth on 

  

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Exhibit C, D and E hereto in a commercially reasonable manner and at a reasonable level of care and on the terms and conditions set forth thereon. Other than
the services set forth on Exhibit B, C, D and E, Rhodia U.S. shall not be obligated to provide any of the foregoing services, except to the extent Rhodia U.S. and the Purchaser mutually agree on the terms and conditions and pricing of such services

  
 5. Force Majeure. The obligations of Rhodia U.S. and
the Purchaser shall be suspended during the period and to the extent that Rhodia U.S. is prevented or hindered from complying therewith by any of the following causes beyond its reasonable control: (i) acts of God; (ii) weather, fire or explosion;
(iii) war, invasion, riot or other civil unrest; (iv) governmental laws, orders or restrictions; (v) actions, embargoes or blockades in effect on or after the date of this Agreement; (vi) action by any regulatory authority; (vii) national or
regional emergency; (viii) strikes, labor stoppages or slowdowns or other industrial disturbances; or (ix) shortage of adequate power or transportation facilities. In such event, the party whose performance is affected thereby shall give notice of
suspension as soon as reasonably practicable to the other stating the date and extent of such suspension and the cause thereof, and such party shall resume the performance of such obligations as soon as reasonably practicable after the removal of
the cause. 
  
 6. Confidentiality. Rhodia U.S. and the
Purchaser agree to, and shall cause their respective Affiliates to, keep confidential all information (other than information that (i) is or becomes generally available to the public other than as a result of a disclosure by Rhodia U.S. or the
Purchaser in violation of this Section 6 or (ii) becomes available to Rhodia U.S. or the Purchaser or their Affiliates (the “Receiving Party”), on a nonconfidential basis from a Person who is not known by the Receiving Party to be,
after reasonable investigation, prohibited from disclosing such information to the Receiving Party by a legal, contractual or fiduciary obligation to the other party) in its possession or that it acquires in connection with this Agreement concerning
the performance of the Transition Services, the Business, the Purchaser, Rhodia U.S. or their respective Affiliates (“Confidential Information”); provided, however, that in the event that one of the parties is
requested pursuant to, or required by, Law to disclose any Confidential Information (such party being a “Requested Party”), the Requested Party will provide the other party with prompt notice of such request or requirement in order
to enable the other party to seek an appropriate protective order or other remedy (and if the other party seeks such an order, the Requested Party will provide such cooperation as the other party shall reasonably request), to consult with the other
party with respect to the other party taking steps to resist or narrow the scope of such request or legal process, or to waive compliance, in whole or in part, with the terms of this Section 6 and, in the event that such protective order or other
remedy is not obtained, or the other party waives compliance, in whole or in part, with the terms of this Section 6, the Requested Party will disclose only that portion of the Confidential Information that it is advised by counsel is legally
required to be disclosed and will use its reasonable best efforts to ensure that all Confidential Information so disclosed will be accorded confidential treatment. 
  
 7. Disclaimer and Limitation of Liability. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, RHODIA U.S. MAKES NO
REPRESENTATIONS OR WARRANTIES WHATSOEVER, EXPRESS OR IMPLIED, WITH RESPECT TO THE TRANSITION SERVICES TO BE PROVIDED UNDER THIS AGREEMENT AND 

  

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PROVIDES ALL SUCH TRANSITION SERVICES IN A COMMERCIALLY REASONABLE MANNER CONSISTENT WITH THE LEVEL OF CARE WITH WHICH SUCH TRANSITION SERVICES WERE
PREVIOUSLY PROVIDED BY RHODIA U.S. EACH PARTY SHALL BE LIABLE FOR LOSSES OF THE OTHER PARTY INCURRED IN CONNECTION WITH THIS AGREEMENT ONLY TO THE EXTENT SUCH LOSSES RESULT FROM THE WILLFUL MISCONDUCT OR GROSS NEGLIGENCE OF SUCH PARTY. 

 
 8. Indemnification. Each party agrees to indemnify the other party
and its Affiliates and their officers, directors, employees, agents, successors and assigns for, and hold them harmless from, any Losses for which the indemnifying party is liable in accordance with Section 7 of this Agreement. 
  
 9. Record Retention and Inspection Rights. During the Term, each party
agrees that it shall, and shall cause its Affiliates to, maintain accurate records arising from or related to the Transition Services, including accounting records and documentation produced in connection with the performance of the Transition
Services, and, upon reasonable written notice from the other party, shall make such records reasonably available for inspection and copying (at the expense of the requesting party) during reasonable business hours. Prior to the expiration of the
Transition Services Term for Information Technology Services pursuant to the terms hereof, Rhodia U.S. shall provide a non-exclusive, royalty-free license with respect to all intellectual property developed by Rhodia U.S. and its Affiliates (as
opposed to third party providers) used to provide the services hereunder and reasonably required with respect to the Purchaser’s ongoing information technology. 
  
 10. Notices. All notices, requests, demands, claims and other communications hereunder shall be in writing and shall
be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by courier service, by telecopy or by registered or certified mail (postage prepaid, return receipt requested) to the respective parties at
the following addresses (or at such other address for a party as shall be specified in a notice given in accordance with this Section 10): 
  

	 	a)	If to Rhodia U.S.: 

  
 Rhodia Inc. 
 26 Quai Alphonse Le Gallo

 92512 Boulogne Billancourt Cedex 
 France 
 Telecopy: 33.1.55.38.40.00 
 Attention: General Counsel 
  

 5 

 with a copy to: 
  

Rhodia Inc. 
 259 Prospect Plains Road

 Cranbury, NJ 08512 
 Telecopy:
609-860-0297 
 Attention: General Counsel 
  
 with a copy to: 
  
 Shearman & Sterling LLP 
 114, avenue des
Champs-Elysées 
 75008 - Paris 
 France 
 Telecopy: 33.1.53.89.70.70 
 Attention: Hubertus V. Sulkowski, Esq. 
  
 with a copy to: 
  
 Shearman & Sterling LLP

 599 Lexington Avenue 
 New
York, New York 10282 
 Telecopy: 212-848-7179 
 Attention: Peter J. Rooney, Esq. 
  

	 	b)	If to the Purchaser: 

  
 Innophos, Inc. 
 259 Prospect Plains Road

 Cranbury, New Jersey 08512 
 Telecopy: (609) 860-0350 
 Attention: Randy Gress 
  
 with a copy to: 
  
 Bain Capital NY, LLC 
 745 Fifth Avenue, Suite
3200 
 New York, New York 10151 
 Telecopy: 212-421-2235 
 Attention: Stephen M. Zide 
  
 Kirkland & Ellis LLP 
 153 East 53rd Street 
 New York, New York 10022 
 Telecopy:
212-446-4900 
 Attention: Eunu Chun, Esq. 
  

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 11. Independent Contractor. Rhodia U.S. shall act as an independent contractor and not as the
agent of the Purchaser in performing the Transition Services, maintaining control over its employees, its subcontractors and their employees and complying with all withholding of income at source requirements, whether federal, state, local or
foreign. No employee of Rhodia U.S. performing Transition Services shall be considered an employee of the Purchaser or any of its Affiliates: Rhodia U.S. may subcontract any of the Transition Services without the prior written approval of the
Purchaser. 
  
 12. Public Announcements. No party shall
make, or cause to be made, any press release or public announcement in respect of this Agreement or the transactions contemplated hereby or otherwise communicate with any news media regarding this Agreement without prior notification to the other
party, and the parties shall cooperate as to the timing and contents of any such press release or public announcement. Notwithstanding the foregoing, any party may make an announcement concerning the performance of the Transition Services without
prior notification to the other parties if required by (i) the Laws of any relevant jurisdiction, (ii) any existing contractual obligations, or (iii) any Governmental Authority to which either party is subject or submits, wherever situated, whether
or not the requirement has the force of Law; provided, however, that in the case of clause (i), (ii) or (iii), the relevant party shall take such steps as may be reasonable and practicable under the relevant circumstances to agree on
the contents of such announcement with the other parties before making such an announcement. 
  
 13. Headings. The descriptive headings contained in this Agreement are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement. 
  
 14. Assignment. Neither party may assign or transfer this Agreement or
any of its respective rights or obligations hereunder in any manner whatsoever, by operation of Law or otherwise (including, without limitation, by merger, contribution, spin-off or otherwise), without the prior written consent of the other party,
which consent may be granted or withheld in the sole discretion of such party and any attempted assignment thereof shall be void; provided that the Purchaser and Rhodia U.S. may assign or transfer this Agreement to each of their respective
Affiliates, to its financing sources (for collateral purposes) and, in the case of Purchaser, to any subsequent purchaser of the Business or any portion thereof; provided, however, no assignment shall relieve any party of its
obligations hereunder, in whole or in part, in any manner. 
  
 15.
No Third Party Beneficiaries. This Agreement shall be binding upon and inure solely to the benefit of the parties hereto and their permitted assigns and, except as expressly permitted herein, nothing herein is intended to or shall confer upon
any other Person, any right, benefit or remedy of any nature whatsoever, under or by reason of this Agreement. 
  
 16. Entire Agreement. This Agreement and the Purchase Agreement constitute the entire agreement between the parties with respect to the subject
matter hereof and supersedes all other prior agreements and understandings, oral or written, between the parties with respect to the subject matter hereof. 
  

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 17. Amendment. This Agreement may not be amended or modified except (a) by an instrument in
writing signed by, or on behalf of, Rhodia U.S. and the Purchaser or (b) by a waiver in accordance with Section 18 hereof. 
  
 18. Extension; Waiver. Either party to this Agreement may (a) extend the time for the performance of any of the obligations or other acts of the
other party, (b) waive any inaccuracies in the representations and warranties of the other party contained herein or in any document delivered by the other party pursuant hereto, or (c) waive compliance with any of the agreements of the other party
or conditions to such party’s obligations contained herein. Any such extension or waiver shall be valid only if set forth in an instrument in writing signed by the party to be bound thereby. Any waiver of any term or condition shall not be
construed as a waiver of any subsequent breach or a subsequent waiver of the same term or condition, or a waiver of any other term or condition of this Agreement. The failure of any party to assert any of its rights hereunder shall not constitute a
waiver of any such rights. 
  
 19. Severability. If any
term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any Law or public policy, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect. Upon such determination
that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable
manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible. 
  
 20. Counterparts. This Agreement may be executed in one or more counterparts, and by the different parties hereto in separate counterparts, each of
which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. 
  
 21. No Additional Rights. The parties agree that this Agreement shall not grant to the Purchaser any additional rights to Rhodia U.S. proprietary
information, technology or know-how. 
  
 22. Specific
Performance. The parties agree that irreparable damage would occur in the event any provision of this Agreement was not performed in accordance with the terms hereof and that, to the extent permitted by applicable Laws, the parties shall be
entitled to specific performance of the terms hereof (without posting any bond or security), in addition to any other remedy at law. 
  
 23. Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York. All Actions arising
out of or relating to this Agreement shall be heard and determined exclusively in any New York federal court sitting in the Borough of Manhattan of The City of New York; provided, however, that if such federal court does not have
jurisdiction over such Action, such Action shall be heard and determined exclusively in any New York state court sitting in the Borough of Manhattan of The City of New York. Consistent with the preceding sentence, the parties hereto hereby (a)
submit to the exclusive jurisdiction of any federal or state court sitting in the Borough of Manhattan of The City, of New York for the purpose of any Action arising out of or relating to this Agreement 

  

 8 

 
brought by either party hereto and (b) irrevocably waive, and agree not to assert by way of motion, defense, or otherwise, in any such Action, any claim that
it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the Action is brought in an inconvenient forum, that the venue of the Action is improper, or that
this Agreement or the transactions contemplated by this Agreement may not be enforced in or by any of the above-named courts. 
  
 24. Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A
TRIAL BY JURY WITH RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH OF THE PARTIES HERETO HEREBY (A) CERTIFIES THAT NO
REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER
INTO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 24. 
  
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
  

 9 

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

					
	RHODIA INC.
		
	By:	 	/s/ Jacques Lehre
	 	 	 Name:
	 	 Jacques Lehre

	 	 	 Title:
	 	 Authorized Signatory

	
	INNOPHOS, INC.
		
	By:	 	/s/ Mark Feuerbach
	 	 	 Name:
	 	 Mark Feuerbach

	 	 	 Title:
	 	 Chief Financial Officer

  

 EXHIBIT A 
  

					
	 Services

	  	 Description of Service

	  	 Initial Term

	Information Technology Services	  	 •      Provision of hardware and software infrastructure using common IT platform shared by all of Rhodia
Inc., as previously adapted and customized for the Business specifically excluding, however, services historically provided by Regional IT Officers.
	  	12 months
			
	 	  	 •      The Application Architecture shall include the following core
applications, along with peripheral systems:
  
 •      (*****)
 •      (*****)
  
 •      (*****)
	  	 
			
	 	  	 •      In addition the Application Architecture shall include the
following specialized or supporting applications:
  
 •      (*****)
  
 •      (*****)
  
 •      (*****)
  
 •      (*****)
  
 •      (*****)
  
 •      (*****)
  
 •      (*****)
  
 •      (*****)
	  	 
			
	 	  	 •      Additional applications shall include the following:
  
 •      Vertex
– Sales Tax
  
 •      Freight Payment
  
 •      Barcoding for production and warehouse management
  
 •      (*****)
  
 •      RPM – Rapid Price Maintenance
  
 •      Kleinschmidt / Borque Rail Track
  
 •      Via Fax / Right Fax
  
 •      LIMS – Laboratory Management
  
 •      EDI
– Banks, Customers, Vendors, and Carriers
	  	 

					
	 Services

	  	 Description of Service

	  	 Initial Term

	 	  	 •      Polaroid – Document Imaging
  
 •      PENSKE
Logistics – Load tendering for outbound shipment
  
 •      (*****)
  
 •      (*****)
  
 •      (*****)
  
 •      Labeling
Unlimited – Product Package Labeling
  
 •      Panagon – Document Management
  
 •      Business Objects – Global Data Warehouse (not used by Belinda)
  
 •      ITS
– Import Tracking System
  
 •      Lotus Notes – HSE & Engineering tracking
  
 •      RIO – Rhodia Inc. OnLine
  
 •      CCTS
– Customer Complaint
  
 •      E-Race
	  	 
			
	 	  	 •      Hardware support and systems support necessary to maintain IT environment, including help desk
support; provided that the hours of support shall be consistent with Rhodia U.S.’s hours of IT support
	  	 
			
	Office Services	  	 •      Lease of approximately 17,480 sq. ft. of office space plus access
to public areas (i.e. hallways/bathrooms/stairwells).
  
 •      Other ordinary course services (e.g. utilities, cleaning services, etc.) provided by Rhodia U.S. to the Business conducted at such facility in a manner consistent with past
practices.
	  	12 months
			
	Laboratory Services	  	 •      Lease of approximately 10,000 sq. ft. of laboratory space plus
access to public areas (i.e. hallways / bathrooms/ stairwells).
  
 •      Other ordinary course services (e.g. utilities, cleaning services, etc.) provided by Rhodia U.S. to the Business conducted at such facility in a manner consistent with past
practices.
  
 •      Access to Building H lab from the date hereof through December 31, 2004 at Purchaser’s discretion in order to utilize 3 cells historically dedicated to Purchaser’s business. Purchaser
shall be responsible for all its operations and activities at this shared lab.
	  	12 months
			
	Financial Services	  	 •      Accounts Receivable and Accounts Payable management.
  
 •      P card
continuation through September 18, 2004. Rhodia will bill the Purchaser for all charges incurred in utilization of the P Card and the invoice therefor will be payable upon receipt.
	  	6 months

  

 2 

 Exhibit B 
  

					
	 Services

	  	 Description of Service

	  	 Incremental Costs

	Discretionary IT Support	  	 •       Discretionary IT support, as requested by the Purchaser, for system changes, data extracts,
conversion or other IT Support
	  	(*****)
			
	Separation of IT Systems	  	 •       Separation of IT systems of the Business and Rhodia Inc. through establishment of a (*****)
environment on the existing AS/400 and a separate database on the HP/UNIX environment. Assistance in establishing stand-alone IT systems for the Business. New hardware will be provided and additional staff to set up such hardware will be employed.
Rhodia IT personnel will cooperate with the Purchaser to effectuate the transition of Purchaser to a stand-alone IT system, including collaborating with Purchaser in suggesting, designing and implementing the required IT solutions.
	  	(*****)
			
	Relocation of Laboratory Facilities	  	 •       Any relocation of laboratory facilities to separate building within Cranbury Campus of Rhodia
U.S.
	  	As mutually agreed

  

 3 

  
 Exhibit C – Short
Term Services 
  

					
	 Services

	  	 Description of Service

	  	 Incremental Costs

  

	1.	Effective date, duration and cancellation 

  
 All services will start on the day of closing. 
  
 Each individual service with the exception of the (*****) support service and the **** support service will have an initial 3 months duration, with
automatic renewal for another 3 months at each subsequent term expiration, unless cancelled by either party. The duration of the (*****) support service, the (*****) support service and the **** support service
will be fixed at a non-renewable 3 months. 
  
 Each party will be able to cancel
each individual service for any reason, by simple written notification to the other party. Cancellation of an individual service will be effective 2 months after the month end following notification. Cancellation of a service does not affect in any
way the other contracted services. 
  
 Each
service will be assigned a quarterly fee, and will be due by the receiving party in equal month-end installments. 
  
 All services are provided by Rhodia except for Raw Materials purchasing support and the (*****) support services which will be provided by Innophos.

  

	2.	Scope and resources 

  
 Each service will be characterized by its scope of supply, expected full-time-equivalent workload associated, and in most cases the name of the employee(s) who are expected to be the primary service providers.

  
 Any issue about the service scope of supply or employee availability will be
debated between Rhodia and Innophos, and resolved on a reasonable best efforts basis. 
  

					
	D.O.T. regulatory assistance	  	 FTE workload: 11%
 Primary: Donna Edminster
  
 Review and Classification of Products: New Products, Imports, R&D, Raw Materials, Wastes
and Intermediates under US DOT, Int’l Maritime Dangerous Goods, Int’l Civil Aviation Organization/lnt’l Air Transport Association, Canadian Transport of Dangerous Goods, Mexican NOM’s and European Road & Rail (ADR/RID)
regulations.
  
 (*****), additions and revisions, as well as (*****); additions,
revisions (to comply with regulatory changes).
  
 MSDS review and Approval: Sec.
14, Transportation.
  
 DOT Exemptions: assist in application for new exemptions,
emergency exemptions and renewal of existing exemptions.
  
 FRA (Fed. Railroad
Administration) Approvals :
	  	 

  

 4 

					
	 Services

	  	 Description of Service

	  	 Incremental Costs

	 	  	 assist in application to move non-conforming packages (ie: overloaded cars).
  
 Mandated US DOT HazMat training programs, Transportation Policies and Procedures: Review and Assess Compliance of Innophos Transportation
Policies and Procedures, and of any inspection form associated with these Policies and Procedures.
  
 Regulation and rulemaking monitoring: Domestic and international transport regulations and rulemaking; communication of applicable information.
  
 Citation response assistance: assist Innophos personnel or retained counsel in their response to any occurrence involving a transportation
regulatory enforcement agency and an Innophos location.
  
 Compliance Auditing:
To ensure compliance with US DOT requirements of plants, 3rd party warehouses, and terminals and tollers (when requested).
  
 DOT Security: Development and maintenance of US DOT Security Plan and associated requirements.
 Issue resolution: respond to inconsistencies; customer inquiries; packaging issues; problems; compliance issues.
	  	 
			
	Product Stewardship assistance	  	 FTE workload: 30%
 Primary: Barbara Platt

 
 Creation of MSDS’s for new products, R&D products and imported
products.
  
 Routine 3-yearly review of MSDS portfolio, and initial conversion to
Innophos.
  
 Review on request all labels and bag graphics.
  
 MSDS Resource Code linkage in (*****)
  
 Complete all regulatory-related customer questionnaires (about 8 to 12 per month)

 
 Standard transportation review (performed during HAZCOM review)
  
 Standard toxicity review – internal & literature sources (during HAZCOM
review)
	  	 

  

 5 

					
	 Services

	  	 Description of Service

	  	 Incremental Costs

	Nurse	  	 FTE workload: 21%
 Primary: Susan Saakes
  
 Workload based on 10% + 0.5 x Innophos Cranbury population / total Cranbury
population.
  
 Case management of short term disability cases.
  
 Site nursing services to Innophos HQ employees
	  	 
			
	Doctor	  	 FTE workload: 10% Primary: Jim Hathaway
  
 Development of medical policies and procedures and assistance with implementation.
  
 Medical advice to plants regarding
  
 •       Classification of employee injuries
  
 •       Handling of workers compensation cases
  
 •       Complicated return to work cases requiring special medical evaluations
(functional capacity evaluations), consideration of accommodation, work restrictions, etc.
  
 •       Review of some short term disability cases to assist Susan Saakes
  
 Review of medical examination reports. Includes random QC review of about 10% of all records
and complete review of any records where restrictions are recommended by examining physician.
  
 Occasional visits to sites to review medical program activities and visit to company physician and clinic providing support. Would also include assistance in selecting a new clinic should that become
necessary
  
 Industrial hygiene support and site assessments.
  
 Advice on site ergonomic issues.
  
 Assistance on product related issues :
  
 •       Advice on MSDS wording when requested by product steward
  
 •       Advice to businesses on health related concerns of products including occasional
communication with customers
  
 •       Support with some product stewardship issues especially if they involve potential human health issues.
	  	 

  

 6 

					
	 Services

	  	 Description of Service

	  	 Incremental Costs

	(*****) support	  	 FTE workload: 60%
 Primary: Ann Elfstrum & Nora
Bahr
  
 Coordination with brokers and customs for US imports (from Europe, Canada
and Mexico).
  
 Resolve clearing regulatory compliance issues for US imports
(FDA, US Customs, USDA, etc...).
  
 Carry-out all (*****) and (*****)
transactional activity associated with the import process.
	  	 
			
	(*****) support	  	 FTE workload: 25%
 Primary: Amy Hollback
  
 Maintain all Innophos truck and rail freight rates in the (*****)
  
 Monitor and release Innophos orders from freight-hold.
  
 Freight classification / codes.
  
 Fedex invoices payment for all locations.
	  	 
			
	Raw Materials purchasing support	  	 FTE workload: 35%
 Primary: Pat Crowley
  
 Assist Rhodia in Chlorine, Caustic Soda, P4 and PCl3 and Soda Ash
market assessment, bid-evaluation and contract negotiation.
	  	 
			
	(*****) support’	  	 FTE workload: 20%
 Primary: Sean Schnepper

 
 Assist Rhodia in TRI – Tier II reporting and associated corrective
actions.
  
 Transition Hammond and Blue-Island files and expertise to designated
Rhodia employee.
	  	 
			
	Relocation services	  	 Fee: $1,500 per relocation
 Primary: Marian
Hedeman
  
 Mirror service to Rhodia relocation policy for Innophos employees
relocation.
  
 Expected workload : 6 to 10 in the next year ( 3 foreign nationals
to be localized and three R&D people to come from France as local hires after their TSA ends).
	  	 
			
	Canada human resource support	  	 Fee: $2,000 per month
 Primary: Emma
Stevens
  
 One day per week between closing and when Emma goes on maternity leave
(December).
	  	 

  

 7 

					
	 Services

	  	 Description of Service

	  	 Incremental Costs

	 	  	Duties would include benefits administration for the Innophos Canadian employees, as well as training of a designated Innophos HR person.	  	 
			
	CRTC Analytical Lab and Library Support	  	 Shared lab services available on a basis consistent with past practice and provision of on-going routine library support including literature
searching, document/book purchasing.
  
 Monthly Charge: $4,000
	  	 

  

 8 

 Exhibit D – Bridge Services 
  

					
	 Services

	 	 Description of Service

	  	 Incremental Costs

	
	All bridge services shall have the following terms and conditions:
	
	1. Effective date, duration and cancellation
	
	All services will start on the day of closing and will have a 3 months duration. Identified services will be collectively assigned a total fee.
	
	2. Scope and resources
	
	The bridge services are part time job requirements of a help-desk nature, amounting to a small fraction of the identified individuals’ time, who would be called upon on an
“as needed” basis to support, provide hand-holding, guidance, and training. The purpose is to help Innophos resources, who are new to the task or field, along the learning curve, but not to carry-out the tasks themselves.
	
	Any issue about the service scope of supply or employee availability will be debated between Rhodia and Innophos, and resolved on a reasonable best efforts basis.
	
	3. Cost of bridge services
	
	Total cost covered by a lump-sum fee: $7,500
			
	(*****)	 	Barbara Knoblock, Virginia Cender	  	 
			
	(*****)	 	 Joan Kirkpatrick
  
 Issues preventing smooth flow of transactions in Purchase to Pay process for raw materials and energy: guidance.
	  	 
			
	(*****)	 	John Will	  	 
			
	Fixed Assets register administration, maintenance and closing	 	Terry MacFarlane and various	  	 
			
	E-Race administration	 	 	  	 
			
	Import / Export support	 	Tom Benza	  	 
			
	(*****)	 	Mary Zielinski, Pam Accardi, Pat Feeney and George Novalany	  	 
			
	A/P and A/R systems analyst:	 	Kathy Nielson	  	 
			
	US Payroll Maintenance	 	 •      Robert Powell
 •      Tanya Boyd
	  	 

  

 9 

 Exhibit E – Pay – as you go services 
  

					
	 Services

	 	 Description of Service

	 	 Incremental Costs

	
	 1       Effective date, duration and cancellation

	
	All services will start on the day of closing. Each individual service will have an initial 3 months duration, with automatic renewal for another 3 months at each subsequent term
expiration, unless cancelled by either party.
	
	Each party will be able to cancel each individual service for any reason, by simple written notification to the other party. Cancellation of an individual service will be effective 2
months after the month end following notification. Cancellation of a service does not affect in any way the other contracted services.
	
	 2       Scope and resources

	
	Each service will be assigned an hourly fee, and will be due by the receiving party upon itemized month-end invoice reception.
			
	Corrosion Expertise	 	 Primary: Nick Fradette
  
 Assist Innophos with corrosion studies and materials of construction selection requests.
  
 If requested to do so, assist Innophos in the selection of an external corrosion consultant.
	 	Hourly fee: tbd
			
	Toxicology Expertise	 	 Primary: Glenn Simon
  
 Assist Innophos with toxicology studies and provide expert opinions on toxicology issues.
	 	Hourly fee: $160
			
	BTR Environmental Engineering support	 	 Primary: John Richardson
  
 Assist Innophos with LA specific environmental expertise.
	 	Hourly fee: past practice

  

 10Stockholders Agreement, dated as of August 13, 2004

 Exhibit 10.6 
  
 Execution Copy 
  
 STOCKHOLDERS AGREEMENT 
  
 This STOCKHOLDERS AGREEMENT (this “Agreement”) is made as of August 13, 2004 by and among (i) Innophos Holdings, Inc., a Delaware
corporation (the “Company”), (ii) each of the Persons listed on Schedule I attached hereto (collectively, the “Bain Group”) and (iii) each of the other Persons listed on the signature pages attached hereto
(each such other Person listed on the signature pages attached hereto, the Bain Group and each other Person who from time to time becomes a party hereto by executing and delivering a joinder substantially in the form attached hereto as Exhibit
A are collectively referred to herein as the “Stockholders” and each as a “Stockholder”). 
  
 WHEREAS, the Company, as of the date hereof, is authorized by its Certificate of Incorporation to issue capital stock consisting of 11,111,111 shares of
its Class L Common Stock, par value $0.001 per share (the “Class L Common”), and 99,999,999 shares of its Class A Common Stock, par value $0.001 per share (the “Class A Common”). The Class L Common and the Class A
Common are collectively referred to herein as “Common Stock;” 
  
 WHEREAS, the Bain Group and the other Persons listed on the signature pages attached hereto have acquired shares of Common Stock; and 
  
 WHEREAS, the parties hereto desire to establish the composition of the Company’s board of directors (the
“Board”), to restrict the sale, assignment, transfer, encumbrance or other disposition of the Common Stock, to provide for certain additional covenants and to provide for certain rights and obligations in respect thereto as
hereinafter provided. Unless otherwise provided in this Agreement, capitalized terms used herein shall have the meanings set forth in Section 9 hereof. 
  

NOW, THEREFORE, the parties to this Agreement hereby agree as follows: 
  
 1. Voting Agreement. 
  
 (a) Each holder of Stockholder Shares shall vote all of such holder’s Stockholder Shares and shall take all other necessary or desirable actions
within such holder’s control (whether in such holder’s capacity as a stockholder, director or officer of the Company or otherwise, and including, without limitation, attendance at meetings in person or by proxy for purposes of obtaining a
quorum and execution of written consents in lieu of meetings) and the Company shall take all necessary and desirable actions within its control (including, without limitation, calling special meetings of the Board and stockholder meetings) so that:

  
 (i) the authorized number of directors on the
Board shall be established by the holders of a majority of the Bain Shares (the “Bain Holders”), which authorized number of directors shall initially be five; 
  
 (ii) a number of persons designated by the Bain Holders shall be elected to the Board (which number shall
initially be five), which depending upon the number of directors that 

 
the Bain Holders elect to designate from time to time may, at their election, constitute at least a majority of the Board; 
  
 (iii) at all times, the composition of the board of
directors of each of the Company’s Subsidiaries, if any (each, a “Sub Board”), shall be the same as that of the Board, unless otherwise approved by the Bain Holders; 
  
 (iv) any committee or subcommittee of the Board or any Sub
Board (including any compensation committee or compensation subcommittee) shall be created only upon the approval of the Bain Holders and at least a majority of the members of such committee shall consist of members of the Board or such Sub Board
designated by the Bain Holders pursuant to Section 1(a)(ii) above. 
  
 (b) The removal from the Board (with or without cause) of any person designated under Section 1(a) above by the Bain Holders shall be at the written request of the Bain Group and only upon such written request
and under no other circumstances (except as otherwise required by law). 
  
 (c) In the event that any person designated under Section 1(a) above by the Bain Holders for any reason ceases to serve as a member of the Board during such person’s term of office, the resulting vacancy on the Board shall be
filled by the Bain Group. 
  
 (d) If any party eligible to
designate a member of the Board under Section 1(a) above fails to so designate, the individual previously holding such position shall be elected to such position, unless such individual has been removed as a member of the Board or
fails or declines to serve. 
  
 (e) In the event that any
provision of the Company’s bylaws or Certificate of Incorporation is inconsistent with any provision of this Section 1, the Company and the Stockholders shall take such action as may be necessary to amend any such provision in the
Company’s bylaws or Certificate of Incorporation to remedy such inconsistency. 
  
 2. Provisions Concerning the Transfer of Stockholder Shares. 
  
 (a) General Restrictions on Transfer. Without the prior written consent of the Bain Group, no holder of Stockholder Shares (other than holders of
Bain Shares) shall directly or indirectly sell, transfer (including by operation of law), assign, pledge, encumber or otherwise dispose of (including to the Company or any of its Subsidiaries) any interest in (a “Transfer”) any
Stockholder Shares, other than in connection with (i) an Approved Sale (ii) the provisions of Section 2(b), 2(c) or 2(d) of this Agreement. 
  

(b) Right of First Offer. At least thirty (30) days prior to any Transfer (other than with respect to a Public Sale or an Approved Sale) of any
Stockholder Shares by any Additional Stockholder or any of such Person’s Permitted Transferees, the Person making such Transfer (the “Offering Stockholder”) shall deliver a written notice (the “Offer Notice”)
to the Company and the Bain Group specifying in reasonable detail the number of Additional Stockholder Shares proposed to be Transferred, the proposed purchase price (which shall be payable solely in cash) and the other material terms and conditions
of the Transfer. The Company may elect to purchase 

  

 2 

 
all or any portion of such Additional Stockholder Shares to be Transferred, upon the same terms and conditions as those set forth in the Offer Notice, by
delivering a written notice of such election to the Additional Transferring Stockholder and the Bain Group within thirty (30) days after the Offer Notice has been delivered to the Company. If the Company has not elected to purchase all of the
Additional Stockholder Shares to be Transferred within such period, the Bain Group may elect to purchase all or any portion of the Additional Stockholder Shares to be Transferred, upon the same terms and conditions as those set forth in the Offer
Notice, by giving written notice of such election to the Additional Transferring Stockholder within forty-five (45) days after the Offer Notice has been given to the Company (the “Election Period”). If the Company and the Bain Group
collectively elect to purchase fewer than all of the Additional Stockholder Shares specified in the Offer Notice and if the terms and conditions of this Section 2(b) have been met, then the Offering Stockholder may transfer the remaining
portion of the Additional Stockholder Shares specified in the Offer Notice at a price and on terms no more favorable to the transferee(s) thereof than specified in the Offer Notice during the thirty-day period immediately following the expiration of
the Election Period. Any Additional Stockholder Shares not transferred within such thirty-day period will continue to be subject to the provisions of this Section 2(b). If the Company or the Bain Group have elected to purchase Additional
Stockholder Shares hereunder, the transfer of such shares shall be consummated as soon as practicable after the delivery of the election notice(s) to the Transferring Stockholder, but in any event within thirty (30) days after the expiration of the
Election Period. 
  
 (c) Participation Rights. 

 
 (i) At least 15 days prior to any Transfer of any Bain
Shares, the holder(s) of Bain Shares intending to Transfer Bain Shares (the “Transferring Stockholder”) will deliver to the other Stockholders (collectively, the “Other Stockholders”) a written notice (a
“Sale Notice”) specifying in reasonable detail the identity of the prospective transferee(s) and the terms and conditions of the contemplated Transfer. The Other Stockholders may elect to participate in the contemplated Transfer by
delivering written notice to the Transferring Stockholder within 15 days after delivery of the Sale Notice. If any Other Stockholders have elected to participate in such Transfer, each of the Transferring Stockholder and such Other Stockholders will
be entitled to sell in the contemplated Transfer, at the same price and (subject to the last sentence of this Section 2(c)(i)) on the same terms, a number of shares of each class of Common Stock being transferred equal to the product obtained
by multiplying (A) the quotient determined by dividing (x) the number of shares of such class of Common Stock owned by such Person by (y) the aggregate number of shares of such class of Common Stock then held by all Persons participating in
such Transfer, including the Transferring Stockholder, and whether pursuant to this Agreement or otherwise (such Person’s “Pro Rata Share”) by (B) the number of shares of such class of Common Stock to be sold in the
contemplated Transfer as set forth in the Sale Notice. Notwithstanding the foregoing, in the event that a Transferring Stockholder intends to Transfer shares of more than one class of Common Stock, the Other Stockholders participating in such
Transfer shall be required to sell in the contemplated Transfer a pro rata portion of shares of all such classes of Common Stock, which portion shall be determined in the manner set forth immediately above. 
  
 (ii) The Transferring Stockholder will use reasonable
efforts to obtain the agreement of the prospective transferee(s) to the participation of the electing Other Stockholders 

  

 3 

 
in any contemplated Transfer, and the Transferring Stockholder will not Transfer any of its shares of Common Stock to the prospective transferee(s) unless
simultaneously with such Transfer (A) the prospective transferee(s) purchases, at the same price and on the same terms, from the Other Stockholders the shares of Common Stock which they are entitled to sell to such prospective transferee pursuant to
Section 2(c)(i) above or (B) the Transferring Stockholder purchases, at the same price and on the same terms, the number of shares of such class of Common Stock from the Other Stockholders that the Other Stockholders would have been entitled
to sell pursuant to Section 2(c)(i) above. 
  
 (iii) The provisions of this Section 2(c) shall not apply to any Transfer by any holder of Bain Shares (A) in a Public Sale or pursuant to an Approved Sale, (B) to any director or employee of the Company or any of its Subsidiaries,
(C) to any member of the Board of the Company and (D) to any Affiliate of such holder of Bain Shares. The provisions of this Section 2(c) will continue to be applicable to Bain Shares after any Transfer thereof pursuant to clause (D) of the
first sentence of this Section 2(c)(iii) and the transferees of such Bain Shares shall agree, prior to any such Transfer, in writing to be bound by the provisions of this Agreement by executing and delivering to the Company a joinder in
substantially the form attached hereto as Exhibit A. 
  
 (iv) The Transferring Stockholder and the Other Stockholders will bear their pro rata share (based upon the proceeds to be received by such Persons) of the costs of any Transfer pursuant to this Section
2(c) to the extent such costs are incurred for the benefit of all Persons participating in the Transfer and are not otherwise paid by the Company or the acquiring party. Costs incurred by Persons participating in the Transfer on their own behalf
will not be considered costs of the Transfer hereunder. 
  
 (d)
Permitted Transfers. The restrictions contained in this Section 2 shall not apply with respect to any Transfer of Stockholder Shares (A) by any Additional Stockholder pursuant to applicable laws of descent and distribution or to any
member of such Additional Stockholder’s Family Group and (B) by any Additional Stockholder who is a former employee of the Company and its Subsidiaries to any other Additional Stockholder so long as such Transfer is consummated on or prior to
the 90th day after the termination of such former employee’s employment with the Company and its Subsidiaries; provided that (i) the restrictions contained in this Section 2 shall continue to be applicable to such Stockholder
Shares after any such Transfer and (ii) the transferees of such Stockholder Shares shall have agreed in writing to be bound by the provisions of this Agreement which affect the Stockholder Shares so transferred by executing a joinder in
substantially the form attached hereto as Exhibit A. All transferees permitted under this Section 2(d) are collectively referred to herein as “Permitted Transferees.” 
  
 (e) Termination of Restrictions. The restrictions set forth in this
Section 2 shall continue with respect to each Stockholder Share until the earlier of (i) the Transfer of such Stockholder Share in a Public Sale or an Approved Sale, or (ii) the consummation of a Public Offering. 
  

 4 

 3. Approved Sale. 
  
 (a) If the Bain Holders request and the Board approves (i) a Transfer of a majority of the Company’s assets determined
on a consolidated basis or a majority of the Company’s outstanding Common Stock (whether by merger (including one in which the Company is the surviving corporation), recapitalization, consolidation, reorganization, combination or otherwise) to
any Independent Third Party or group of Independent Third Parties or (ii) a Transfer of any shares of Common Stock in connection with a Strategic Transaction (collectively an “Approved Sale”), each holder of Stockholder Shares will
vote for, consent to and raise no objections against such Approved Sale. If the Approved Sale is structured as (i) a merger (including one in which the Company is the surviving corporation) or consolidation, each holder of Stockholder Shares will
waive any dissenter’s rights, appraisal rights or similar rights in connection with such merger or consolidation and will not otherwise exercise any such right or (ii) Transfer of stock (including by recapitalization, consolidation,
reorganization, combination or otherwise), each holder of Stockholder Shares will agree to sell all (or whatever is required to be sold in connection with such Approved Sale) of its Stockholder Shares and rights to acquire Stockholder Shares on the
terms and conditions approved by the Bain Holders. Each holder of Stockholder Shares shall be obligated to join on a pro rata basis (based on the number of Stockholder Shares to be sold) in any indemnification or other obligations that the
sellers of Stockholder Shares are required to provide in connection with the Approved Sale (other than any such obligations that relate solely to a particular Stockholder, such as indemnification with respect to representations and warranties given
by a Stockholder regarding such Stockholder’s title to and ownership of Stockholder Shares, in respect of which only such Stockholder shall be liable). Each holder of Stockholder Shares will take all reasonable actions in connection with the
consummation of the Approved Sale as requested by the Board (which actions may include, at the request of the Board, continuing arrangements among the stockholders of the Company substantially similar to the terms of this Agreement). 
  
 (b) The obligations of the holders of Common Stock with respect to an
Approved Sale are subject to the satisfaction of the following conditions: (i) upon the consummation of the Approved Sale, each holder of Common Stock will Transfer such Common Stock on the same terms and will receive the same form of consideration
and the same portion of the aggregate consideration that such holders of Common Stock would have received if such aggregate consideration had been distributed by the Company in complete liquidation pursuant to the rights and preferences set forth in
the Certificate of Incorporation as in effect immediately prior to such Approved Sale; (ii) all holders of shares of a class of Common Stock will be given the same consideration with respect to each share of such class, and if any holders of a class
of Common Stock are given an option as to the form and amount of consideration to be received, each holder of such class of Common Stock will be given the same option with respect to each share of such class; and (iii) each holder of then currently
exercisable rights to acquire shares of a class of Common Stock will be given an opportunity to exercise such rights prior to the consummation of the Approved Sale and participate in such sale as holders of such class of Common Stock. 
  
 (c) If the Company or the holders of the Company’s securities enter into
any negotiation or transaction for which Rule 506 (or any similar rule then in effect) promulgated by the Securities and Exchange Commission may be available with respect to such negotiation or transaction (including a merger, consolidation or other
reorganization), the holders of Stockholder Shares will, at the request of the Company, appoint a purchaser representative (as such term is defined in Rule 501) reasonably acceptable to the Company. If any holder of 

  

 5 

 
Stockholder Shares appoints a purchaser representative designated by the Company, the Company will pay the fees of such purchaser representative, but if any
holder of Stockholder Shares declines to appoint the purchaser representative designated by the Company such holder will appoint another purchaser representative, and such holder will be responsible for the fees of the purchaser representative so
appointed. This Section 3(c) shall apply only to holders of Stockholder Shares that are required to appoint a purchaser representative under Regulation D (or any successor regulation then in effect) promulgated by the Securities and Exchange
Commission. 
  
 (d) Subject to Section 3(c) above, holders
of Stockholder Shares will bear their pro rata share (based upon the proceeds to be received by holders of Stockholder Shares) of the costs of any sale of Stockholder Shares pursuant to an Approved Sale to the extent such costs are incurred
for the benefit of all holders of Common Stock and are not otherwise paid by the Company or the acquiring party. For purposes of this Section 3(d) above, costs incurred in exercising reasonable efforts to take all necessary actions for the
consummation of an Approved Sale in accordance with Section 3(a) above shall be deemed to be for the benefit of all holders of Common Stock. Costs incurred by holders of Stockholder Shares on their own behalf will not be considered costs of
the transaction hereunder. 
  
 4. Preemptive Rights.

  
 (a) Except in connection with (i) issuances in a Public
Offering, (ii) an Approved Sale, (iii) issuance of stock options pursuant to the 2004 Executive Stock Option Plan, (iv) issuances to any debt financing sources of the Company or its Subsidiaries in connection with a so-called “equity
kicker” and (v) upon the conversion or exercise of securities convertible into or containing options or rights to acquire capital stock of the Company (to the extent such securities were issued in compliance with the provisions of this
Section 4), if the Company authorizes the issuance or sale of any capital stock of the Company, or any securities convertible into or containing options or rights to acquire capital stock of the Company, the Company shall offer to sell to
each holder of Stockholder Shares a portion of such stock or securities equal to the quotient determined by dividing (A) the number of shares of Common Stock held by such holder of Stockholder Shares by (B) the total number of shares of
outstanding Common Stock (in each case on a fully diluted basis). If all of the purchasers of such capital stock or securities (the “New Investors”) are also required to acquire other securities in connection with their purchase,
the holders of Stockholder Shares exercising their rights pursuant to this Section 4(a) shall also be required to purchase the same type of securities (on the same terms) that such other Persons are required to purchase. The purchase price
for all stock and securities offered to each such holder of Stockholder Shares shall be the same price per share being paid by the New Investors and shall be payable in the same manner and at the same time as the closing of the sale to the New
Investors. 
  
 (b) In order to exercise its purchase rights
hereunder, each holder of Stockholder Shares must deliver a written notice to the Company describing its election hereunder within 15 days after receipt of written notice from the Company describing in reasonable detail the stock or securities being
offered, the purchase price thereof, the payment terms and such holder’s percentage allotment. 
  

 6 

 (c) Upon the expiration of the offering periods described above, the Company shall be entitled to sell
such stock or securities that the holders of Stockholder Shares have not elected to purchase during the 270 days following such expiration on terms and conditions no more favorable to the purchasers thereof than those offered to holders of
Stockholder Shares. Any stock or securities offered or sold by the Company to any Person after such 270 day period must be reoffered to the holders of Stockholder Shares pursuant to the terms of this Section 4. 
  
 (d) The provisions of this Section 4 will terminate and be of no
further force or effect upon the consummation of a Public Offering. 
  
 (e) In the event that any holder of Stockholder Shares acquires capital stock or other securities convertible into or containing options or rights to acquire capital stock pursuant to this Section 4 in a preferred stock or debt
offering by the Company which includes an offering or sale to both a member of the Bain Group and an Independent Third Party, each holder of Stockholder Shares agrees to exercise all the rights it may have with respect to the Company (such as
covenants and remedies) arising out of such securities acquired pursuant to this Section 4 in the same manner as the Bain Group. 
  
 5. Covenants. The Company covenants and agrees that, so long as the Bain Group continues to hold, in the aggregate, at least 25% of the Bain Shares
held by it on the Closing Date, the Company shall comply with the covenants set forth in this Section 5. 
  
 (a) The Company shall, and shall cause each of its Subsidiaries to, afford to the Bain Group and its Affiliates, advisors and other representatives full
access (upon reasonable advance notice to the Company) to the Company’s and its Subsidiaries’ respective properties, assets records, files and any other information as the Bain Group may request and shall permit the Bain Group to meet with
the Company’s and its Subsidiaries’ respective officers and other management personnel and professional advisors to obtain such information regarding the Company and its Subsidiaries and their respective businesses and prospects as the
Bain Group may request; 
  
 (b) At the beginning of each fiscal
year (but in no event later than January 31 of such fiscal year), the Company shall prepare and deliver to the Bain Group an annual budget for such fiscal year for the Company and its Subsidiaries in form and substance reasonably satisfactory to the
Bain Group (each, an “Annual Budget”). 
  
 (c)
The Company shall deliver to the Bain Group, as soon as practicable after the last day of each month (other than any day that is also the last day of a fiscal quarter), but in no event later than 30 days following the end of such month or such later
date as such financial statements are delivered to the Company’s senior lenders pursuant to the Senior Credit Facility, a copy of (i) an unaudited consolidated balance sheet for the Company and its Subsidiaries as the end of such month and (ii)
unaudited consolidated statements of income, retained earnings and consolidated cash flows of the Company and its Subsidiaries for such month. The financial information provided pursuant to this Section 5(c) shall be accompanied by a report
showing the Company’s performance during the period and through the date covered by such financial information relative to the Annual Budget applicable to such period. The Company shall cease delivering the information required by this
Section 5(c) after the Company is a Public Company. 
  

 7 

 (d) The Company shall deliver to the Bain Group, as soon as practicable after the end of each of the
first three quarterly fiscal periods in each fiscal year of the Company (but in no event later than 45 days following the end of such periods or such later date as such financial statements are delivered to the Company’s senior lenders pursuant
to the Senior Credit Facility), a copy of (i) an unaudited consolidated balance sheet of the Company and its Subsidiaries as at the end of such fiscal quarter, and (ii) unaudited consolidated statements of income, retained earnings and consolidated
cash flows of the Company and its Subsidiaries for such quarter and (in the case of the second and third quarters, for the portion of the fiscal year ending with such quarter), subject to normal year end audit adjustments. Such statements shall be
prepared in accordance with generally accepted accounting principles in the United States of America as in effect from time to time (“GAAP”). The financial information provided pursuant to this Section 5(d) shall be
accompanied by a report showing the Company’s performance during the period and through the date covered by such financial information relative to the Annual Budget applicable to such period. The Company shall cease delivering the information
required by this Section 5(d) after the Company is a Public Company. 
  
 (e) The Company shall deliver to the Bain Group, as soon as practicable after the end of each fiscal year of the Company (but in no event later than 90 days following the end of such year or such later date as such
financial statements are delivered to the Company’s senior lenders pursuant to the Senior Credit Facility), a copy of (A) an audited consolidated balance sheet of the Company and its subsidiaries as at the end of such year, and (B) audited
consolidated statements of income, retained earnings and consolidated cash flows of the Company and its subsidiaries for such year. Such statements shall be prepared in accordance with GAAP. The financial information provided pursuant to this
Section 5(e) shall be accompanied by a report showing the Company’s performance during the period and through the date covered by such financial information relative to the Annual Budget applicable to such period. The Company shall cease
delivering the information required by this Section 5(e) after the Company is a Public Company. 
  
 (f) The Company shall, and shall cause each of its Subsidiaries to, provide prompt written notice to the Bain Group of any report, notice or other
communication received by the Company or any of its Subsidiaries from any of their respective accountants or other professional advisors or from any Governmental Authority. Such notice shall include a copy of such report, notice or other
communication. 
  
 (g) The Company shall, with respect to itself
and each of its Subsidiaries, maintain directors’ and officer’s and other insurance on terms and conditions (including with respect to premiums, coverage amounts and deductibles) reasonably satisfactory to the Bain Group, in each case
naming the Company or such Subsidiary, as applicable, as the beneficiary thereunder. 
  
 (h) The Company shall, and shall cause each of its Subsidiaries to, give the Bain Group prompt written notice of any material development, whether positive or negative, that affects, or would be reasonably likely to
affect, the respective businesses of the Company and its Subsidiaries. 
  

 8 

 6. Public Offering. 
  
 (a) In the event that the Board approves a Public Offering, the holders of Stockholder Shares will use reasonable efforts to
take all necessary action in connection with the consummation of a Public Offering. In the event that such Public Offering is an underwritten offering, each holder of Stockholder Shares will consent to and vote for a recapitalization, reorganization
and/or exchange of the Common Stock into securities that the managing underwriters, the Board and holders of a majority of the shares of Common Stock then outstanding find acceptable and will take all necessary or desirable actions in connection
with the consummation of the recapitalization, reorganization and/or exchange. 
  
 (b) In the event the Board approves a public offering or sale of the Common Stock of the Company (or any other securities representing, or exercisable for or convertible into, shares of Common Stock) pursuant to the
securities laws of a country other than the United States of America, the Board shall have the power to amend this Agreement in such manner as it shall deem reasonably necessary to ensure that the provisions of this Agreement that apply to or are
otherwise implicated by a Public Offering or a sale of securities in accordance with the securities laws of the United States of America will apply in a substantially similar manner to any offering or sale under such foreign securities laws.

  
 7. Certain Approval Rights. 
  
 (a) So long as the Bain Group continues to hold, in the aggregate, at least
25% of the Bain Shares held by it on the Closing Date, without the prior written approval of the Bain Group, the Company shall not, and shall cause each of its Subsidiaries not to: 
  
 (i) enter into any transaction or series of transactions with any stockholder, director, officer, employee
or Affiliate; 
  
 (ii) other than any securities
issued pursuant to the 2004 Executive Stock Option Plan, authorize, create or issue any securities (or any rights or securities directly or indirectly convertible into or exercisable or exchangeable for securities); 
  
 (iii) invest in or purchase any interest in any company,
partnership or business (whether by a purchase of assets, purchase of stock, merger or otherwise) or enter into any joint venture or similar transaction, or make any investment outside the ordinary course of business; 
  
 (iv) engage in any transaction outside the ordinary course
of business, including entering into the ownership, active management or operation of any business other than the businesses of the Company and it Subsidiaries as of the date hereof or terminating any part of its current business; 
  
 (v) amend or modify any stock option plan or employee stock
ownership plan as in existence as of the Closing, including the 2004 Executive Stock Option Plan, adopt any new stock option plan or employee stock ownership plan or issue any shares of Common Stock to its employees other than pursuant to 2004
Executive Stock Option Plan; 
  
 (vi) create,
incur, assume or suffer to exist any material indebtedness; 
  

 9 

 (vii) make material capital expenditures (including material expenditures under capital
leases); or 
  
 (viii) initiate or settle any
material claim, lawsuit or other legal proceeding. 
  
 8.
Legend. Each certificate evidencing Stockholder Shares and each certificate issued in exchange for or upon the transfer of any Stockholder Shares (if such shares remain Stockholder Shares as defined herein after such Transfer) shall be
stamped or otherwise imprinted with a legend in substantially the following form: 
  
 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN TRANSFER AND VOTING RESTRICTIONS PURSUANT TO A STOCKHOLDERS AGREEMENT DATED AS OF AUGUST 13, 2004 AMONG THE ISSUER OF SUCH SECURITIES (THE
“COMPANY”) AND CERTAIN OF THE COMPANY’S STOCKHOLDERS, AS MAY BE AMENDED FROM TIME TO TIME. A COPY OF SUCH STOCKHOLDERS AGREEMENT WILL BE FURNISHED WITHOUT CHARGE BY THE COMPANY TO THE HOLDER HEREOF UPON WRITTEN REQUEST.”

  
 The Company shall imprint such legend on certificates evidencing Stockholder
Shares outstanding prior to the date hereof. The legend set forth above shall be removed from the certificates evidencing any shares which cease to be Stockholder Shares. 
  
 9. Definitions. 
  
 “2004 Executive Stock Option Plan” means the Company’s 2004 Executive Stock Option Plan as approved by the Board, and as the same
may be amended, restated or otherwise modified from time to time. 
  
 “Additional Stockholders” means any Person (other than any member of the Bain Group) who acquires Common Stock and who agrees to be bound by the terms of this Agreement pursuant to the terms hereof. 
  
 “Additional Stockholder Shares” means any Common Stock
acquired by Additional Stockholders and any equity securities issued or issuable directly or indirectly with respect to such Common Stock by way of stock dividend or stock split or in connection with a combination of shares, recapitalization,
merger, consolidation or other reorganization. Any particular shares constituting Additional Stockholder Shares that are transferred in compliance with the provisions of this Agreement shall continue to constitute Additional Stockholder Shares in
the hands of any such transferee; such shares will cease to be Additional Stockholder Shares only when they have been (i) effectively registered under the Securities Act and disposed of in accordance with the registration statement covering them, or
(ii) sold to the public pursuant to Rule 144 (or by similar provision then in force) under the Securities Act. 
  
 “Affiliate” shall mean with respect to any Person, any other Person controlling, controlled by or under common control with the Person
and, in the case of a Person which is a partnership, any partner of such Person. 
  

 10 

 “Agreement” has the meaning set forth in the preamble hereto. 
  
 “Annual Budget” has the meaning set forth in Section
5(b) hereof. 
  
 “Approved Sale” has the
meaning set forth in Section 3 hereof. 
  
 “Bain
Group” has the meaning set forth in the preamble hereto. 
  
 “Bain Holders” has the meaning set forth in Section 1 hereof. 
  
 “Bain Shares” means any Common Stock acquired by the Bain Group (or its Affiliates) and any equity securities issued or issuable directly or indirectly with respect to such Common Stock by way of
stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization. Any particular shares constituting Bain Shares that are Transferred in compliance with the provisions of
this Agreement shall continue to constitute Bain Shares in the hands of any such transferee; such shares will cease to be Bain Shares only when they have been (i) Transferred to any employee of the Company or any of its Subsidiaries or to any member
of the Board, (ii) effectively registered under the Securities Act and disposed of in accordance with the registration statement covering them, or (iii) sold to the public pursuant to Rule 144 (or by similar provision then in force) under the
Securities Act. 
  
 “Board” has the meaning set
forth in the recitals hereto. 
  
 “Business Day”
means any day that is not a Saturday, a Sunday or any other day on which banks are required or authorized by law to be closed in the State of New York. 
  
 “Certificate of Incorporation” means the Company’s certificate of incorporation in effect at the time as of which any determination
is being made. 
  
 “Class A Common” has the
meaning set forth in the recitals hereto. 
  
 “Class L
Common” has the meaning set forth in the recitals hereto. 
  
 “Closing Date” has the meaning set forth in the Purchase Agreement. 
  
 “Common Stock” has the meaning set forth in the recitals hereto. 
  
 “Company” has the meaning set forth in the preamble hereto. 
  
 “Election Period” has the meaning set forth in Section 2(b) hereof. 
  
 “Family Group” means, with respect to any natural person,
such person’s spouse, siblings, ancestors and descendants (whether natural or adopted) and any trust or other entity solely for the benefit of such person and/or such person’s spouse, their respective ancestors and/or descendants.

  
 “GAAP” has the meaning set forth in
Section 5 hereof. 
  

 11 

 “Governmental Authority” means any Federal, state, municipal, local or foreign
government, governmental authority, regulatory or administrative agency, governmental commission, board, bureau, agency or instrumentality, court, tribunal, arbitrator or arbitral body. 
  
 “Holdco” has the meaning set forth in Section 14 hereof. 
  
 “Independent Third Party” means any Person who, immediately
prior to the contemplated transaction, does not own in excess of 5% of the Company’s Common Stock on a fully diluted basis (a “5% Owner”), who is not controlling, controlled by or under common control with any such 5% Owner.

  
 “New Investors” has the meaning set forth in
Section 4(a) hereof. 
  
 “Offer Notice”
has the meaning set forth in Section 2(b) hereof. 
  
 “Offering Stockholder” has the meaning set forth in Section 2(b) hereof. 
  
 “Other Stockholders” has the meaning set forth in Section 2(c) hereof. 
  
 “Permitted Transferee” has the meaning set forth in
Section 2(d) hereof. 
  
 “Person” means an
individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision
thereof. 
  
 “Pro Rata Share” has the meaning set
forth in Section 2(c) hereof. 
  
 “Public
Company” means a company (i) which is subject to the reporting requirements of Section 15(d) of the Securities Exchange Act or (ii) any of whose securities are registered pursuant to Section 12(b) or 12(g) of the Securities Exchange Act.

  
 “Public Offering” means any underwritten sale
of Common Stock pursuant to an effective registration statement under the Securities Act filed with the Securities and Exchange Commission on Form S-1 (or a successor form adopted by the Securities and Exchange Commission); provided that the
following shall not be considered a Public Offering: (i) any issuance of Common Stock as consideration or financing for a merger or acquisition or as part of debt financing and (ii) any issuance of Common Stock or rights to acquire Common Stock to
employees of the Company or its Subsidiaries as part of an incentive or compensation plan. 
  
 “Public Sale” means any sale of Stockholder Shares to the public pursuant to an offering registered under the Securities Act or to the public pursuant to the provisions of Rule 144 adopted under the
Securities Act. 
  
 “Purchase Agreement” means
that certain Agreement of Purchase and Sale, dated as of June 10, 2004, by and among Rhodia Inc., Rhodia Canada Inc., Rhodia de Mexico S.A. de C.V., Rhodia Overseas Ltd, Rhodia Consumer Specialties Limited, Rhodia, S.A. and Innophos, Inc. (f/k/a
Phosphates Acquisition, Inc.), as the same may be amended, restated or otherwise modified from time to time. 
  

 12 

 “Registration Rights Agreement” means the Registration Rights Agreement, dated as of the
date hereof, by and among the Company and stockholders of the Company parties thereto, as the same may be amended, restated or otherwise modified from time to time. 
  
 “Restricted Stockholder Shares” means all Stockholder Shares other than Bain Shares. 
  
 “Sale Notice” has the meaning set forth in Section
2(c) hereof. 
  
 “Securities Act” means the
Securities Act of 1933, as amended from time to time. 
  
 “Securities Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time. 
  
 “Senior Credit Facility” means the Credit Agreement dated as of the date hereof by and among Innophos, Inc. (f/k/a Phosphates
Acquisition, Inc.), as Borrower, the several lenders from time to time parties thereto, Bear Stearns Corporate Lending Inc., as Administrative Agents and the other parties names thereto, as the same may be amended, restated or otherwise modified
from time to time. 
  
 “Stockholder” has the
meaning set forth in the preamble hereto. 
  
 “Stockholder
Shares” means the Bain Shares and the Additional Stockholder Shares. 
  
 “Strategic Transaction” means the Transfer in connection with an acquisition by the Company or to a strategic partner, i.e., a Person who, as determined by the Board, will benefit the Company
as a result of experience, expertise, knowledge or relationships, other than experience, expertise, knowledge or relationships principally with respect to capital markets activities. 
  
 “Sub Board” has the meaning set forth in Section 1(a) hereof. 
  
 “Subsidiary” means with respect to any Person, any
corporation, partnership, association or other business entity of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors
is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (ii) if a partnership, association or other business entity, a majority of the
partnership or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by any Person or one or more Subsidiaries of that Person or a combination thereof. For purposes hereof, a Person or Persons shall be
deemed to have a majority ownership interest in a partnership, association or other business entity if such Person or Persons shall be allocated a majority of partnership, association or other business entity gains or losses or shall be or control
the managing director or general partner of such partnership, association or other business entity. 
  
 “Transfer” has the meaning set forth in Section 2(a) hereof. 
  
 “Transferring Stockholder” has the meaning set forth in Section 2(c) hereof. 
  

 13 

 10. Transfers in Violation of Agreement. Any Transfer or attempted Transfer of any Stockholder
Shares in violation of any provision of this Agreement shall be void, and the Company shall not record such Transfer on its books or treat any purported transferee of such Stockholder Shares as the owner of such shares for any purpose. 

 
 11. Amendment and Waiver. Except as otherwise provided herein, the
provisions of this Agreement may be amended or waived only upon the prior written consent of the Company and a majority of the Bain Holders. The failure of any party to enforce any of the provisions of this Agreement shall in no way be construed as
a waiver of such provisions and shall not affect the right of such party thereafter to enforce each and every provision of this Agreement in accordance with its terms. 
  
 12. Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability
shall not affect any other provision or the effectiveness or validity of any provision in any other jurisdiction, and this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable
provision had never been contained herein. 
  
 13. Entire
Agreement. Except as otherwise expressly set forth herein, this Agreement embodies the complete agreement and understanding among the parties hereto with respect to the subject matter hereof and supersedes and preempts any prior understandings,
agreements or representations by or among the parties, written or oral, which may have related to the subject matter hereof in any way. 
  
 14. Successors and Assigns. Except as otherwise provided in this Agreement, this Agreement shall bind and inure to the benefit of and be
enforceable by the Company and its successors and permitted assigns and the Stockholders and any subsequent holders of Stockholder Shares and the respective successors and permitted assigns of each of them, so long as they hold Stockholder Shares.
If the holders of Stockholder Shares create a new holding company (“Holdco”), the result of which is that the shareholders of the Company immediately before such event become all the shareholders of Holdco, then the provisions of
this Agreement will, in addition to the Company, apply to Holdco in the same manner as if Holdco were substituted for the Company throughout this Agreement. 
  
 15. Counterparts. This Agreement may be executed in separate counterparts each of which shall be an original and all of which taken together shall
constitute one and the same agreement. 
  
 16. Remedies.
The parties hereto agree and acknowledge that money damages may not be an adequate remedy for any breach of the provisions of this Agreement and that the Company and any Stockholder shall have the right to injunctive relief, in addition to all of
its rights and remedies at law or in equity, to enforce the provisions of this Agreement. Nothing contained in this Agreement shall be construed to confer upon any Person who is not a signatory hereto any rights or benefits, as a third party
beneficiary or otherwise. 
  

 14 

 17. Notices. All notices, demands and other communications to be given or delivered under or by
reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given when personally delivered, sent by telecopy (with receipt confirmed) on a Business Day during regular business hours of the recipient (or, if not,
on the next succeeding Business Day) or two Business Days after sent by reputable overnight express courier (charges prepaid). Such notices, demands and other communications shall be sent to the following Persons at the following addresses:

  
 If to the Company, to: 
  
 Innophos, Inc. 
 P.O. Box 8000 
 259 Prospect Plains Road

 Cranbury, NJ 08512-8000 
 Telecopy: (609) 860-0350 
 Attn: Chief Executive Officer and Chief Financial Officer 
  
 with a copy (which shall not constitute notice to the Company), to:

  
 Kirkland & Ellis LLP 
 Citigroup Center 
 153 East 53rd Street

 New York, NY 10022-4611 
 Telecopy: (212) 446-4900 
 Attn: Eunu Chun, Esq. 
  
 If to the Bain Group, to: 
  

Bain Capital NY, LLC 
 745 Fifth Avenue

 New York, NY 10151 
 Telecopy:
(212) 326-9420 
 Attn: Stephen M. Zide 
  
 with a copy (which shall not constitute notice to the Bain Group), to: 
  
 Kirkland & Ellis LLP 
 Citigroup Center 
 153 East 53rd Street 
 New York, NY 10022-4611 
 Telecopy: (212)
446-4900 
 Attn: Eunu Chun, Esq. 
  
 If to any other Person party to this Agreement, to: 
  
 the address for such Person shown in the books and records of the Company; 
  
 or to such other Person as the recipient party has specified by prior written notice to the sending party. 
  

 15 

 18. Delivery by Facsimile. This Agreement and any signed agreement or instrument entered into in
connection thereto or contemplated thereby, and any amendments hereto or thereto, to the extent signed and delivered by means of a facsimile machine, shall be treated in all manner and respects as an original agreement or instrument and shall be
considered to have the same binding legal effect as if it were the original signed version thereof delivered in person. At the request of any party hereto or to any such agreement or instrument, each other party hereto or thereto shall re-execute
original forms thereof and deliver them to all other parties. No party hereto or to any such agreement or instrument shall raise the use of a facsimile machine to deliver a signature or the fact that any signature or agreement or instrument was
transmitted or communicated through the use of a facsimile machine as a defense to the formation of a contract and each such party forever waives any such defense. 
  
 19. Governing Law. The corporate law of the State of Delaware will govern all issues concerning the relative
rights of the Company and its Stockholders. All other issues concerning this Agreement shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to any choice of law or conflict of law provision
or rule (whether of the State of New York or any other jurisdiction) that would cause the application of the law of any jurisdiction other than the State of New York. 
  
 20. Descriptive Headings. The descriptive headings of this Agreement are inserted for convenience only and do not
constitute a part of this Agreement. 
  
 * * * * * 
  

 16 

 IN WITNESS WHEREOF, the parties hereto have executed this Stockholders Agreement on the day and year
first above written. 
  

					
	 INNOPHOS HOLDINGS, INC.

		
	 By:
	 	 /s/ Mark Feuerbach

	 	 	 Name:
	 	 Mark Feuerbach

	 	 	 Title:
	 	 Chief Financial Officer

  

			
	 BAIN CAPITAL FUND VII, LLC.

		
	By:	 	Bain Capital Fund VII, L.P., its sole member
	By:	 	Bain Capital Partners VII, L.P., its General Partner
	By:	 	Bain Capital Investors, LLC, its General Partner
		
	 BY:
	 	 /s/ Stephen M. Zide

	 	 	Managing Director
	
	 BAIN CAPITAL FUND VIII, LLC.

		
	By:	 	Bain Capital Fund VIII, L.P., its sole member
	By:	 	Bain Capital Partners VIII, L.P., its General Partner
	By:	 	Bain Capital Investors, LLC, its General Partner
		
	 BY:
	 	 /s/ Stephen M. Zide

	 	 	Managing Director
	
	 BCIP ASSOCIATES III, LLC.

		
	By:	 	BCIP Associates III, its Manager
	By:	 	Bain Capital Investors, LLC, its Managing Partner
		
	 BY:
	 	 /s/ Stephen M. Zide

	 	 	Managing Director

  
 Signatures
continued on the following page 
  

			
	BCIP TRUST ASSOCIATES III, LLC.
		
	By:	 	BCIP Trust Associates III, its Manager
	By:	 	Bain Capital Investors, LLC, its Managing Partner
		
	 BY:
	 	 /s/ Stephen M. Zide

	 	 	Managing Director
	
	BCIP ASSOCIATES III-B, LLC
		
	By:	 	BCIP Associates III-B, its Manager
	By:	 	Bain Capital Investors, LLC, its Managing Partner
		
	 BY:
	 	 /s/ Stephen M. Zide

	 	 	Managing Director
	
	BCIP TRUST ASSOCIATES III-B, LLC
		
	By:	 	BCIP Trust Associates III-B, its Manager
	By:	 	Bain Capital Investors, LLC, its Managing Partner
		
	 BY:
	 	 /s/ Stephen M. Zide

	 	 	Managing Director

  
 Signatures
continued on the following page 
  

					
	K&E INVESTMENT PARTNERS, LLC. - 2004-B DIF
		
	 By:
	 	 /s/ Eunu Chun

	 	 	 Name:
	 	 Eunu Chun

	 	 	 Title:
	 	 Partner

  

 Management Investor Signature Page 
  

	
	
	 /s/ Randolph Gress

	 Randolph Gress

	
	 /s/ Jose Roberto Flores Athie

	 Jose Roberto Flores Athie

	
	 /s/ Eric Haaijer

	 Eric Haaijer

	
	 /s/ Wilma Harris

	 Wilma Harris

	
	 /s/ Mark Feuerbach

	 Mark Feuerbach

	
	 /s/ Louis Calvarin

	 Louis Calvarin

  
 Signatures
continued on the following page 
  

 SCHEDULE I 
  

Bain Group 
  
 Bain Capital Fund VII, LLC 
 Bain Capital Fund VIII, LLC 
 BCIP Associates III, LLC 
 BCIP Trust Associates III, LLC 
 BCIP Associates III-B, LLC 
 BCIP Trust Associates III-B, LLC 
  
 Continued Signature Page to the Stockholders Agreement 
  

  
 EXHIBIT A

  
 FORM OF JOINDER TO 
 STOCKHOLDERS AGREEMENT 
  
 THIS JOINDER (this “Joinder”) to that certain Stockholders Agreement, dated as of August [    ], 2004,
by and among Innophos, Inc., a Delaware corporation (the “Company”), and certain stockholders of the Company (the “Agreement”), is made and entered into as of
[            ] by and between the Company and [Holder] (“Holder”). Capitalized terms used but not otherwise defined herein shall have the meanings set
forth in the Agreement. 
  
 WHEREAS, Holder has acquired certain
shares of the Company’s [Common Stock] (“Holder Stock”), and the Agreement and the Company requires Holder, as a holder of [Common Stock], to become a party to the Agreement, and Holder agrees to do so in
accordance with the terms hereof. 
  
 NOW, THEREFORE, in
consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Joinder hereby agree as follows: 
  

	1.	Agreement to be Bound. Holder hereby agrees that upon execution of this Joinder, Holder shall become a party to the Agreement and shall be fully bound by, and subject to, all
of the covenants, terms and conditions of the Agreement as though an original party thereto and shall be deemed [an Additional Stockholder] for all purposes thereof. In addition, Holder hereby agrees that all [Common Stock] held by
Holder shall be deemed [Additional Stockholder Shares] for all purposes of the Agreement. [Section 1 to be changed if Holder is (x) a member of the Bain Group or (y) an Additional Stockholder who is an employee or member of management of
the Company or any of its Subsidiaries.] 

  

	2.	Successors and Assigns. Except as otherwise provided herein, this Joinder shall bind and inure to the benefit of and be enforceable by the Company and its successors and
assigns and Holder and any subsequent holders of Holder Stock and the respective successors and assigns of each of them, so long as they hold any shares of Holder Stock. 

  

	3.	Counterparts. This Joinder may be executed in separate counterparts each of which shall be an original and all of which taken together shall constitute one and the same
agreement. 

  

	4.	 Governing Law. THE CORPORATE LAW OF DELAWARE WILL GOVERN ALL ISSUES CONCERNING THE RELATIVE RIGHTS OF THE COMPANY AND ITS STOCKHOLDERS. ALL OTHER ISSUES
CONCERNING THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICT OF LAW PROVISION OR RULE (WHETHER OF THE STATE OF NEW YORK OR ANY OTHER
JURISDICTION) THAT WOULD 

  

 A - 1 

	 	 
CAUSE THE APPLICATION OF THE LAW OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK. 

  

	5.	Descriptive Headings. The descriptive headings of this Joinder are inserted for convenience only and do not constitute a part of this Joinder. 

  
 * * * * * 
  

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

  

			
	 INNOPHOS HOLDINGS, INC.

		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 

  

			
	[HOLDER]
		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 

  
 Continued
Signature Page to the Stockholders Agreement

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