Document:

Registration Rights Agreement dated as of May 31, 2005

 Exhibit 10.64 
  
 REGISTRATION RIGHTS AGREEMENT (this “Agreement”) dated as of May 31, 2005, among HEXION SPECIALTY
CHEMICALS, INC., a New Jersey corporation (formerly Borden Chemical, Inc.) (the “Company”) and Hexion LLC, a Delaware limited liability company (“Hexion LLC”). 
  
 WHEREAS, Hexion LLC owns shares of Common Stock issued by the Company;
and 
  
 WHEREAS, the Company has agreed to provide Hexion
LLC with certain registration rights. 
  
 NOW,
THEREFORE, in consideration of the premises and of the mutual consents and obligations hereinafter set forth, the parties hereto hereby agree as follows: 
  

Section 1. Definitions. 
  
 As used herein, the following terms shall have the following respective meanings: 
  
 “Affiliate” of the Company, Hexion LLC or the Apollo Group means a Person that directly, or
indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, the Company or Hexion LLC, as applicable. As used in this definition, the term “control,” including the correlative terms
“controlling,” “controlled by” and “under common control with,” means the possession, directly or indirectly, of the power to direct or cause the direction of management or policies (whether through ownership of
securities or any partnership or other ownership interest, by contract or otherwise) of a Person. The term “Affiliate” shall not include at any time any portfolio companies of Apollo Management IV, L.P, Apollo Management V, L.P. or their
respective Affiliates. 
  
 “Affiliate” of a Holder (other than Hexion LLC or the Apollo Group) means: (i) any member of the immediate family of an individual Holder, including parents, siblings, spouse and children (including those by adoption); the
parents, siblings, spouse, or children (including those by adoption) of such immediate family member, and in any such case any trust whose primary beneficiary is such individual Holder or one or more members of such immediate family and/or such
Holder’s lineal descendants; (ii) the legal representative or guardian of such individual Holder or of any such immediate family member in the event such individual Holder or any such immediate family member becomes mentally incompetent; and
(iii) any Person controlling, controlled by or under common control with a Holder. As used in this definition, the term “control,” including the correlative terms “controlling,” “controlled by” and “under common
control with,” means possession, directly or indirectly, of the power to direct or cause the direction of management or policies (whether through ownership of securities or any partnership or other ownership interest, by contract or otherwise)
of a Person. The term “Affiliate” shall not include at any time any portfolio companies of Apollo Management IV, L.P, Apollo Management V, L.P. or their respective Affiliates. 
  

 “Apollo Group” means Apollo Investment Fund V, L.P., Apollo Overseas
Partners V, L.P, Apollo Investment Fund IV, L.P., Apollo Overseas Partners IV, L.P. and each of their respective Affiliates. 
  
 “Hexion LLC” has the meaning ascribed to it in the introductory paragraph hereof. 
  
 “Board” means the Board of Directors of the
Company and any duly authorized committee thereof. All determinations by the Board required pursuant to the terms of this Agreement to be made by the Board shall be binding and conclusive. 
  
 “Capital Stock” means any and all shares
of, interests and participation in and other equivalents (however designated) of stock, including without limitation all Common Stock and preferred stock. 
  
 “Commission” means the Securities and Exchange Commission or any other federal agency at the time administering the
Securities Act. 
  
 “Common
Stock” means the common stock of the Company, par value $.001 per share. 
  
 “Company” has the meaning ascribed to it in the introductory paragraph hereof. 
  
 “Demand Notice” has the meaning ascribed to
it in Section 3(a). 
  
 “Demand
Registration” means a registration of Registrable Shares under the Securities Act pursuant to Section 3(a) hereof. 
  
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.

  
 “Holders” means Hexion LLC
and any holder of Shares who is a Transferee of Hexion LLC and who agrees in writing to be bound by the provisions of this Agreement. 
  
 “Independent Third Party” means any Person which (a) did not own in excess of five percent (5%) of the Common Stock
deemed outstanding (on a fully diluted basis) as of the first anniversary of the Effective Date and (b) is not an Affiliate of any such owner. 
  
 “Information” has the meaning ascribed to it in Section 5(i). 
  
 “Inspectors” has the meaning ascribed to it
in Section 5(i). 
  
 “Investor
Rights Agreement” means the Amended and Restated Investor Rights Agreement, dated as of the date hereof among the Company, Hexion LLC and the Holders (as such term is defined in the Investor Rights Agreement) as it is amended, restated,
supplemented or otherwise modified from time to time. 
  
 “NASD” means the National Association of Securities Dealers, Inc. 
  

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 “Option” means the options issued pursuant to any option plan approved
by the Company. 
  
 “Person”
shall be construed broadly and shall include, without limitation, an individual, a partnership, a limited liability company, a corporation, 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. 
  
 “Prospectus” means the prospectus included in any Registration Statement, as amended or supplemented by any prospectus
supplement with respect to the terms of the offering of any portion of the securities covered by such Registration Statement and, in each case, by all other amendments and supplements to such prospectus, including post-effective amendments and, in
each case, all material incorporated by reference in such prospectus. 
  
 “Public Offering” means an underwritten public offering of Common Stock by the Company pursuant to an effective registration statement filed by the Company with the Securities and Exchange Commission
(other than on Forms S-4 or S-8 or successors to such forms) under the Securities Act. 
  
 “Qualified Public Offering” has the meaning ascribed to such term in the Investor Rights Agreement. 
  
 “Records” has the meaning ascribed to it in
Section 5(i). 
  
 “Registrable
Shares” means Shares; provided, that any Registrable Shares shall cease to be Registrable Shares when (i) a Registration Statement with respect to the sale of such Registrable Shares has been declared effective under the Securities Act and
such Registrable Shares have been disposed of in accordance with the plan of distribution set forth in such Registration Statement, (ii) such Registrable Shares are distributed pursuant to Rule 144 (or any similar provision then in force) under the
Securities Act or (iii) such Registrable Shares shall have been otherwise transferred and new certificates for them not bearing a legend restricting further transfer under the Securities Act shall have been delivered by the Company; and provided,
further, that any Shares that have ceased to be Registrable Shares shall not thereafter become Registrable Shares and any security that is issued or distributed in respect of Shares that have ceased to be Registrable Shares is not a Registrable
Share. 
  
 “Registration
Expenses” has the meaning ascribed to it in Section 6 of this Agreement. 
  
 “Registration Statement” means any Registration Statement of the Company which covers the Registrable Shares, including
the Prospectus, amendments and supplements to such Registration Statement, including post-effective amendments, all exhibits thereto and all material incorporated by reference in such Registration Statement. 
  
 “Requesting Shareholder” has the meaning
set forth in Section 3(a). 
  
 “Sale of the Company” means the sale of the Company to one or more Independent Third Parties, pursuant to which such party or parties acquire (a) Capital Stock of 

  

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the Company possessing the voting power to elect a majority of the Board (whether by merger, consolidation, recapitalization, sale or transfer of the
Company’s Capital Stock or otherwise) or (b) all or substantially all of the Company’s assets determined on a consolidated basis. 
  
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations thereunder. 
  
 “Selling Investor” means any Person selling
Registrable Shares pursuant to a Registration Statement under this Agreement. 
  
 “Selling Investors’ Counsel” has the meaning set forth in Section 5(b). 
  
 “Selling Shareholders” means, upon the proper delivery of a Demand Notice, the Holders holding Registrable Shares.

  
 “Shares” means any shares of
Common Stock and shall also include any equity security of the Company or any successor thereto, issued in respect of or in exchange for Shares, whether by way of dividend or other distribution, stock split, recapitalization, merger, rollup
transaction, consolidation or reorganization or otherwise. 
  
 “Transfer” means, as to any Shares, to offer, sell, contract to sell, make any short sale of, grant any option for the purchase of, or in any other way transfer, assign, pledge, distribute, encumber
or otherwise dispose of (including, without limitation, the foreclosure or other acquisition by any lender with respect to any Shares pledged to such lender by a Holder), such Shares or any securities convertible into or exercisable or exchangeable
for such Shares, either voluntarily or involuntarily and with or without consideration; provided, however, that any purported transfer of Shares in violation of the provisions of the Investor Rights Agreement shall not be deemed to
constitute a “Transfer” for purposes of this Agreement. 
  
 “Transferee” means a person acquiring Shares from Hexion LLC or a Transferee of Hexion LLC prior to a Qualified Public Offering through a Transfer permitted pursuant to the Investor Rights Agreement.

  
 “Underwritten Offering”
means a sale of Common Stock to an underwriter for reoffering to the public. 
  
 Section 2. Securities Subject to this Agreement. 
  
 (a) The securities entitled to the benefits of this Agreement are the Shares held by the Holders on and after the date hereof and the
Shares subsequently held by a Transferee of the Holders. 
  
 (b) A Person shall be deemed to be a Holder of Shares whenever such Person owns Shares or has the absolute right to acquire such Shares (whether pursuant to the exercise of any vested Option, the receipt of any
non-forfeitable distribution under a deferred compensation plan, or otherwise), whether or not such acquisition has actually been effected. 
  

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 Section 3. Demand Registration. 
  
 (a) Right to Demand; Demand Notices. Subject to the
provisions of this Section 3 and Section 4, at any time and from time to time after the date hereof, Hexion LLC (the “Requesting Shareholder”) may make up to six written requests to the Company for registration under
and in accordance with the provisions of the Securities Act of all or part of its Registrable Shares. All requests made pursuant to this Section will specify the aggregate amount of Registrable Shares to be registered and will also specify the
intended methods of disposition thereof (a “Demand Notice”). Subject to Section 3(b), promptly upon receipt of any such Demand Notice, the Company will use its best efforts to effect within 180 days such registration under
the Securities Act of the Registrable Shares which the Company has been so requested to register. 
  
 (b) Company’s Right to Defer Registration. If the Company is requested to effect a Demand Registration and the Company
furnishes to the Requesting Shareholder a copy of a resolution of the Board certified by the secretary of the Company stating that in the good faith judgment of the Board it would be materially adverse to the Company for such Registration Statement
to be filed on or before the date such filing would otherwise be required hereunder, the Company shall have the right to defer such filing for a period of not more than ninety (90) days after receipt of the request for such registration from such
Holder. If the Company shall so postpone the filing of a Registration Statement and if the Requesting Shareholder within thirty (30) days after receipt of the notice of postponement advises the Company in writing that such Holder has determined to
withdraw such request for registration, then such Demand Registration shall be deemed to be withdrawn and shall not be deemed to have been requested for purposes of Section 3(a). 
  
 (c) Registration Statement Form. Registrations under this Section 3 shall be on such
appropriate registration form of the Commission (i) as shall be selected by the Company and as shall be reasonably acceptable to the Requesting Shareholder and (ii) as shall permit the disposition of Registrable Shares in accordance with the
intended method or methods of disposition specified in the Requesting Shareholder’s Demand Notice. If, in connection with any registration under this Section 3 which is proposed by the Company to be on Form S-3 or any successor form, the
managing underwriter, if any, shall advise the Company in writing that in its opinion the use of another permitted form is of material importance to the success of the offering, then such registration shall be on such other permitted form.

  
 (d) Effective Registration Statement.
The Company shall be deemed to have effected a Demand Registration if (i) the Registration Statement relating to such Demand Registration is declared effective by the Commission; provided, however, that no Demand Registration shall be
deemed to have been requested for purposes of Section 3(a) if (x) such registration, after it has become effective, is interfered with by any stop order, injunction or other order or requirement of the Commission or other governmental agency
or court by reason of an act or omission by the Company and such interference is not cured within twenty (20) business days, or (y) the conditions to closing specified in the purchase agreement or underwriting agreement entered into in connection
with such registration are not satisfied because of an act or omission by the Company (other than a failure of the Company or any of its representatives to execute or deliver any closing certificate by reason of facts or circumstances not within the

  

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control of the Company or such representatives), or (ii) at any time after the Requesting Shareholder delivers a Demand Notice to the Company and prior to
the effectiveness of the Registration Statement, the preparation of such Registration Statement is discontinued or such Registration Statement is withdrawn or abandoned at the request of the Requesting Shareholder (other than as contemplated by
Section 3(b)) unless the Requesting Shareholder has elected to pay and has paid to the Company in full the Registration Expenses in connection with such Registration Statement. 
  
 (e) Underwriter’s Cutback. If the managing underwriter advises the Company that the inclusion of
all Shares proposed to be included in a Demand Registration would interfere with the successful marketing (including pricing) of the Common Stock to be offered thereby, then the number of Shares proposed to be included in such registration shall be
allocated among the Company and all Selling Shareholders of the Company proportionately, such that the number of Shares that each such Person shall be entitled to sell in the Public Offering shall be included in the following order: 
  
 (i) first, the Registrable Shares held by the Persons
requesting their Shares be included in such registration pursuant to the terms of this Section 3, pro rata based upon the number of Shares owned by each such Person at the time of such registration; and 
  
 (ii) second, the Shares to be issued and sold by the Company
in such registration. 
  
 (f) Selection of
Underwriters. If any offering pursuant to a Demand Registration involves an Underwritten Offering, the Requesting Shareholder shall have the right to select the managing underwriter or underwriters to administer the offering, which managing
underwriters shall be a firm of nationally recognized standing and reasonably satisfactory to the Company. 
  
 Section 4. Registrations on Form S-3. 
  
 Notwithstanding anything contained in this Agreement to the contrary, at such time as the Company shall have qualified for the use of Form S-3 promulgated
under the Securities Act or any successor form thereto, Hexion LLC shall have the right to request in writing an unlimited number of Demand Registrations on Form S-3, or such successor form, which request or requests shall (i) specify the number of
Registrable Shares intended to be sold or disposed of and (ii) state the intended method of disposition of such Registrable Shares, and upon receipt of such request, the Company shall use its best efforts promptly to effect the registration under
the Securities Act of the Registrable Shares so requested to be registered. 
  
 Section 5. Preparation and Filing. 
  
 If and whenever the Company is under an obligation pursuant to the provisions of this Agreement to use its best efforts or commercially reasonable efforts to effect the registration of any Registrable Shares, the
Company shall, as expeditiously as practicable: 
  
 (a) use its commercially reasonable efforts to cause a Registration Statement that registers such Registrable Shares to become and remain effective for a period of 90 days or until all of such Shares have been disposed of (if earlier);

  

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 (b) furnish, at least five business days before filing a Registration Statement that
registers such Registrable Shares, a prospectus relating thereto or any amendments or supplements relating to such Registration Statement or prospectus, to one counsel selected by the holders of a majority of such Registrable Shares (the
“Selling Investors’ Counsel”), copies of all such documents proposed to be filed (it being understood that such five-business-day period need not apply to successive drafts of the same document proposed to be filed so long as
such successive drafts are supplied to the Selling Investors’ Counsel in advance of the proposed filing by a period of time that is customary and reasonable under the circumstances); 
  
 (c) prepare and file with the Commission such amendments and
supplements to such Registration Statement and the prospectus used in connection therewith as may be necessary to keep such Registration Statement effective for at least a period of 90 days or until all of such Registrable Shares have been disposed
of (if earlier) and to comply with the provisions of the Securities Act with respect to the sale or other disposition of such Registrable Shares; 
  
 (d) notify in writing the Selling Investors’ Counsel promptly (i) of the receipt by the Company of any notification with respect to
any comments by the Commission with respect to such Registration Statement or prospectus or any amendment or supplement thereto or any request by the Commission for the amending or supplementing thereof or for additional information with respect
thereto, (ii) of the receipt by the Company of any notification with respect to the issuance by the Commission of any stop order suspending the effectiveness of such Registration Statement or prospectus or any amendment or supplement thereto or the
initiation or threatening of any proceeding for that purpose and (iii) of the receipt by the Company of any notification with respect to the suspension of the qualification of such Registrable Shares for sale in any jurisdiction or the initiation or
threatening of any proceeding for such purposes; 
  
 (e) use its commercially reasonable efforts to register or qualify such Registrable Shares under such other securities or blue sky laws of such jurisdictions as the Requesting Shareholder reasonably requests and do any and all other acts
and things which may be reasonably necessary or advisable to enable the holders of such Registrable Shares to consummate their disposition in such jurisdictions; provided, however, that the Company will not be required to qualify
generally to do business, subject itself to general taxation or consent to general service of process in any jurisdiction where it would not otherwise be required to do so but for this paragraph (e); 
  
 (f) furnish to each holder of such Registrable Shares such
number of copies of a summary prospectus or other prospectus, including a preliminary prospectus, in conformity with the requirements of the Securities Act, and such other documents as such holders may reasonably request in order to facilitate the
public sale or other disposition of such Registrable Shares; 
  
 (g) without limiting subsection (e) above, use its commercially reasonable efforts to cause such Registrable Shares to be registered with or approved by such other governmental 

  

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agencies or authorities as may be necessary by virtue of the business and operations of the Company to enable the holders of such Registrable Shares to
consummate the disposition of such Registrable Shares; 
  
 (h) notify on a timely basis each holder of such Registrable Shares at any time when a prospectus relating to such Registrable Shares is required to be delivered under the Securities Act, of the happening of any event as a result of which
the prospectus included in such Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in
light of the circumstances then existing and, at the request of such holder, prepare and furnish to such holder a reasonable number of copies of a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter delivered
to the offerees of such Registrable Shares, such prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light
of the circumstances then existing; 
  
 (i) make
available for inspection by the holders of such Registrable Shares, the Selling Investors’ Counsel or any underwriter participating in any disposition pursuant to such Registration Statement and any attorney, accountant or other agent retained
by any such holder or underwriter (collectively, the “Inspectors”), all pertinent financial and other records, pertinent corporate documents and properties of the Company (collectively, the “Records”), as shall be
reasonably necessary to enable them to exercise their due diligence responsibility, and cause the Company’s officers, directors and employees to supply all information (together with the Records, the “Information”) reasonably
requested by any such Inspector in connection with such Registration Statement. Any of the Information which the Company determines in good faith to be confidential, and of which determination the Inspectors are so notified, shall not be disclosed
by the Inspectors unless (i) the disclosure of such Information is necessary to avoid or correct a misstatement or omission in the Registration Statement, (ii) the release of such Information is ordered pursuant to a subpoena or other order from a
court of competent jurisdiction or (iii) such Information has been made generally available to the public. The Persons holding such Registrable Shares agree that they will, upon learning that disclosure of such Information is sought in a court of
competent jurisdiction, give notice to the Company and allow the Company, at the Company’s expense, to undertake appropriate action to prevent disclosure of the Information deemed confidential; 
  
 (j) in the case of an Underwritten Offering, use its
reasonable best efforts to obtain from its independent certified public accountants “comfort” letters in customary form and at customary times and covering matters of the type customarily covered by comfort letters; 
  
 (k) in the case of an Underwritten Offering, use its
reasonable best efforts to obtain from its counsel an opinion or opinions in customary form; 
  
 (l) provide a transfer agent and registrar (which may be the same entity and which may be the Company) for such Registrable Shares;

  
 (m) issue to any underwriter to which any
holder of Registrable Shares may sell shares in such offering certificates evidencing such Registrable Shares; 
  

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 (n) upon the request of the Requesting Shareholder, list such Registrable Shares on any
national securities exchange on which any shares of the Common Stock are then listed or, if the Common Stock is not then listed on a national securities exchange, use its best efforts to qualify such Registrable Shares for inclusion on the automated
quotation system of the NASD or such national securities exchange as the Requesting Shareholder shall designate; 
  
 (o) otherwise use its best efforts to comply with all applicable rules and regulations of the Commission and make available to its
securityholders, as soon as reasonably practicable, earnings statements (which need not be audited) covering a period of 12 months beginning within three months after the effective date of the Registration Statement, which earnings statements shall
satisfy the provisions of Section 11(a) of the Securities Act; 
  
 (p) if such Registration Statement refers to any holder of such Registrable Shares by name, at the request of such seller, insert therein language, in form and substance reasonably satisfactory to such holder, to the
effect that the offer by such holder of such Registrable Shares is not to be construed as a recommendation by such holder of the investment quality thereof and does not imply that such holder will assist in meeting any future financial requirements
of the Company; and 
  
 (q) subject to all the
other provisions of this Agreement, use its commercially reasonable efforts to take all other steps necessary to effect the registration of such Registrable Shares contemplated hereby. 
  
 Section 6. Registration Expenses. 
  
 All expenses incident to the Company’s performance of or compliance with Sections 3, 4, and
5, including without limitation (i) all registration and filing fees, and any other fees and expenses associated with filings required to be made with any stock exchange, the Commission and the NASD (including, if applicable, the fees and
expenses of any “qualified independent underwriter” and its counsel as may be required by the rules and regulations of the NASD), (ii) all fees and expenses of compliance with state securities or blue sky laws (including fees and
disbursements of counsel for the underwriters or Selling Shareholders in connection with blue sky qualifications of Registrable Shares and determination of their eligibility for investment under the laws of such jurisdictions as the managing
underwriters or the Requesting Shareholder may designate), (iii) all printing and related messenger and delivery expenses (including expenses of printing certificates for Registrable Shares in a form eligible for deposit with The Depository Trust
Company and of printing prospectuses), all fees and disbursements of counsel for the Company and of all independent certified public accountants of the issuer (including the expenses of any special audit and “cold comfort” letters required
by or incident to such performance), (iv) Securities Act liability insurance if the Company so desires or the underwriters so require, (v) all fees and expenses incurred in connection with the listing of Registrable Shares on any securities exchange
and all rating agency fees, (vi) all reasonable fees and disbursements of one counsel selected by the Requesting Shareholder, (vii) all fees and disbursements of underwriters customarily paid by the issuer or sellers of securities, excluding
underwriting discounts and commissions and transfer taxes, if any, and fees and disbursements of counsel to underwriters (other than such fees and disbursements incurred in connection with any registration or qualification of Registrable Shares
under the securities or blue sky laws of 

  

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any state), and (viii) fees and expenses of other Persons retained by the Company (all such expenses being herein called “Registration
Expenses”), will be borne by the Company, regardless of whether the applicable Registration Statement becomes effective. In addition, the Company will, in any event, pay its internal expenses (including, without limitation, all salaries and
expenses of its officers and employees performing legal or accounting duties), the expense of any audit and the fees and expenses of any Person, including special experts, retained by the Company. 
  
 Section 7. Indemnification. 
  
 (a) Indemnification by the Company. The Company
agrees to indemnify and hold harmless, to the full extent permitted by law, each Selling Investor, its officers, directors and employees and each Person who controls (within the meaning of the Securities Act) such Selling Investor against any
losses, claims, damages, liabilities and expenses caused by any untrue or alleged untrue statement of a material fact contained in any Registration Statement, Prospectus or preliminary Prospectus or any omission or alleged omission to state therein
a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as the same may be caused by or contained in any information furnished in writing to the Company by such Selling Investor for
use therein; provided, however, that the Company shall not be liable in any such case to the extent that any such loss, claim, damage, liability or expense arises out of or is based upon an untrue statement or alleged untrue statement
or omission or alleged omission made in any such preliminary Prospectus if (i) such Selling Investor failed to deliver or cause to be delivered a copy of the Prospectus to the Person asserting such claim, damage, liability or expense after the
Company has furnished such Selling Investor with a sufficient number of copies of the same and (ii) the Prospectus completely corrected in a timely manner such untrue or alleged untrue statement or omission or alleged omission; and provided,
further, that the Company shall not be liable in any such case to the extent that any such loss, claim, damage, liability or expense arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged
omission made in the Prospectus, if such untrue statement, alleged untrue statement, omission or alleged omission is completely corrected in an amendment or supplement to the Prospectus and such Selling Investor thereafter fails to deliver such
Prospectus as so amended or supplemented prior to or concurrently with the sale of Registrable Shares to the Person asserting such loss, claim, damage, liability or expense after the Company had furnished such Selling Investor with a sufficient
number of copies of the same. The Company will also indemnify underwriters, selling brokers, dealer managers and similar securities industry professionals participating in the distribution of Registrable Shares, their officers and directors and each
Person who controls such Persons (within the meaning of the Securities Act) to the same extent as provided above with respect to the indemnification of the Selling Investor, if requested. 
  
 (b) Indemnification by Selling Investor. Each Selling
Investor agrees to indemnify and hold harmless, to the full extent permitted by law, the Company, its directors and officers and each Person who controls the Company (within the meaning of the Securities Act) against any losses, claims, damages,
liabilities and expenses caused by any untrue or alleged untrue statement of a material fact contained in any Registration Statement or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to
make the statements therein not misleading, to the extent, but only to the extent, that such untrue 

  

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statement or omission is contained in any information furnished in writing by such Selling Investor to the Company for inclusion in such Registration
Statement or the related Prospectus or preliminary Prospectus and has not been corrected in a subsequent writing prior to or concurrently with the sale of Registrable Shares to the Person asserting such loss, claim, damage, liability or expense. In
no event shall the liability of any Selling Investor hereunder be greater in amount than the dollar amount of the proceeds received by such Selling Investor upon the sale of the Registrable Shares giving rise to such indemnification obligation. The
Company shall be entitled to receive indemnities from underwriters, selling brokers, dealer managers and similar securities industry professionals participating in the distribution of Registrable Shares to the same extent as provided above with
respect to information furnished in writing by any such Persons specifically for inclusion in any Prospectus or Registration Statement. 
  
 (c) Conduct of Indemnification Proceedings. Any Person entitled to indemnification hereunder will (i) give prompt (but in any event
within 30 days after such Person has actual knowledge of the facts constituting the basis for indemnification) written notice to the indemnifying party of any claim with respect to which it seeks indemnification and (ii) permit such indemnifying
party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party; provided, however, that any delay or failure to so notify the indemnifying party shall relive the indemnifying party of its
obligations hereunder only to the extent, if at all, that it is prejudiced by reason of such delay or failure; provided, further, however, that any Person entitled to indemnification hereunder shall have the right to select and
employ separate counsel and to participate in the defense of such claim, but the fees and expenses of such counsel shall be at the expense of such Person unless (a) the indemnifying party has agreed in writing to pay such fees or expenses, or (b)
the indemnifying party shall have failed to assume the defense of such claim within a reasonable time after receipt of notice of such claim from the Person entitled to indemnification hereunder and employ counsel reasonably satisfactory to such
Person or (c) in the reasonable judgment of such Person, based upon advice of counsel, a conflict of interest may exist between such Person and the indemnifying party with respect to such claim (in which case, if the Person notifies the indemnifying
party in writing that such Person elects to employ separate counsel at the expense of the indemnifying party, the indemnifying party shall not have the right to assume the defense of such claim on behalf of such Person). If such defense is not
assumed by the indemnifying party, the indemnifying party will not be subject to any liability for any settlement made without its consent (but such consent will not be unreasonably withheld), provided that an indemnified party shall not be
required to consent to any settlement involving the imposition of equitable remedies or involving the imposition of any material obligations on such indemnified party other than financial obligations for which such indemnified party will be
indemnified hereunder. No indemnifying party will be required to consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to the indemnified party
of a release from all liability in respect to such claim or litigation. Whenever the indemnified party or the indemnifying party receives a firm offer to settle a claim for which indemnification is sought hereunder, it shall promptly notify the
other of such offer. If the indemnifying party refuses to accept such offer within 20 business days after receipt of such offer (or of notice thereof), such claim shall continue to be contested and, if such claim is within the scope of the
indemnifying party’s indemnity contained herein, the indemnified party shall be indemnified pursuant to the terms hereof. If the indemnifying party notifies the indemnified party in writing that the indemnifying party desires to accept such
offer, but the indemnified party refuses to 

  

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accept such offer within 20 business days after receipt of such notice, the indemnified party may continue to contest such claim and, in such event, the
total maximum liability of the indemnifying party to indemnify or otherwise reimburse the indemnified party hereunder with respect to such claim shall be limited to and shall not exceed the amount of such offer, plus reasonable out-of-pocket costs
and expenses (including reasonable attorneys’ fees and disbursements) to the date of notice that the indemnifying party desires to accept such offer, provided that this sentence shall not apply to any settlement of any claim involving
the imposition of equitable remedies on such indemnified party or to any settlement imposing any material obligations on such indemnified party other than financial obligations for which such indemnified party will be indemnified hereunder. An
indemnifying party who is not entitled to, or elects not to, assume the defense of a claim will not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim
in any one jurisdiction, unless in the written opinion of counsel to the indemnified party, reasonably satisfactory to the indemnifying party, use of one counsel would be expected to give rise to a conflict of interest between such indemnified party
and any other of such indemnified parties with respect to such claim, in which event the indemnifying party shall be obligated to pay the fees and expenses of one additional counsel. 
  
 (d) Other Indemnification. Indemnification similar to that specified in this Section 7 (with
appropriate modifications) shall be given by the Company and each Selling Investor with respect to any required registration or other qualification of Registrable Shares under any Federal or state law or regulation of any governmental authority
other than the Securities Act. 
  
 (e)
Contribution. If for any reason the indemnification provided for in the preceding clauses (a) and (b) is unavailable to an indemnified party or insufficient to hold it harmless as contemplated by the preceding clauses (a) and (b), then the
indemnifying party shall contribute to the amount paid or payable by the indemnified party as a result of the applicable loss, claim, damage, liability or expense in such proportion as is appropriate to reflect not only the relative benefits
received by the indemnified party and the indemnifying party, but also the relative fault of the indemnified party and the indemnifying party, as well as any other relevant equitable considerations, provided that no Selling Investor shall be
required to contribute in an amount greater than the dollar amount of the proceeds received by such Selling Investor with respect to the applicable sale of Registrable Shares. No Person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 
  
 Section 8. Participation in Underwritten Offering. 
  

No Person may participate in an Underwritten Offering hereunder unless such Person (a) agrees to sell such Person’s Shares on the basis provided
in any underwriting arrangements and any lock-up arrangements approved by the Persons entitled to approve such arrangements and (b) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other
documents required under the terms of such underwriting arrangements. Nothing in this Section shall be construed to create any additional rights regarding the registration of Shares in any Person otherwise than as set forth herein. 
  

 12 

 Section 9. Exchange Act Compliance. 
  
 In the event that the Company (a) registers a class of securities under
Section 12 of the Exchange Act or (b) commences to file reports under Section 13 or 15(d) of the Exchange Act, then the Company shall (i) make and keep public information available, as those terms are understood and defined in Rule 144 of the
Commission, (ii) file with the Commission in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act and (iii) at the request of any Holder if such Holder proposes to sell securities in
compliance with Rule 144, forthwith furnish to such Holder, as applicable, a written statement of compliance with the reporting requirements of the Commission as set forth in Rule 144 and make available to such Holder such information as will enable
the Holder to make sales pursuant to Rule 144. 
  
 Section 10.
Effectiveness. 
  
 The rights and obligations of each
Holder under this Agreement shall terminate as to such Holder upon the earlier to occur of (i) the Transfer of all Shares owned by such Holder or (ii) a Sale of the Company. 
  
 Section 11. Severability. 
  
 If any provision of this Agreement shall be determined to be illegal and unenforceable by any court of law, the remaining
provisions shall be severable and enforceable in accordance with their terms. 
  
 Section 12. Governing Law. 
  
 This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware without giving effect to any of the conflict of law rules thereof. 
  
 Section 13. Assignment; Successors and Assigns. 
  
 Notwithstanding anything herein to the contrary, Hexion LLC may assign its
rights and obligations under this Agreement to one or more members of the Apollo Group, provided that such assignment shall only be effective at such time as such member(s) of the Apollo Group or its Affiliate(s) hold any Shares, in which case, any
rights of Hexion LLC hereunder will be exercisable by holders of a majority of outstanding Shares held by such assignees. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties hereto.

  

 13 

 Section 14. Notices. 
  
 All notices, requests, demands and other communications that are required or may be given pursuant to the terms of this
Agreement shall be in writing and shall be deemed given when delivered by hand or mailed by registered mail, postage prepaid, return receipt requested, or transmitted by telecopy with verification of receipt as follows: 
  
 (i) if to the Company, to: 
  
 Hexion Specialty Chemicals, Inc. 
 180 East Broad Street 
 Columbus, OH 43215

 Facsimile: (614) 225-2108 
 Attention: Nancy G. Brown, Esq. 
                   Vice President and General Counsel 
  
 with a copy (which shall not constitute notice) to: 
  
 Hexion LLC 
 c/o Apollo Management, L.P.

 9 West 57th Street 
 New York, New York 10019 
 Facsimile: (212) 515-3264 
 Attention: Scott Kleinman; and 
  
 O’Melveny & Myers LLP 
 7 Times Square 
 New York, New York 10036

 Facsimile: (212) 326-2061 
 Attention: Adam Weinstein, Esq. 
  
 (ii) if to Hexion
LLC, to: 
  
 Hexion LLC 
 c/o Apollo Management, L.P. 
 9 West
57th Street 
 New York, New York 10019 
 Facsimile: (212) 515-3264 
 Attention: Scott Kleinman; and 
  
 with a copy (which shall not constitute notice) to: 
  
 O’Melveny & Myers, LLP 
 7 Times Square 
 New York, New York 10036 
 Facsimile: (212) 326-2061 
 Attention: Adam Weinstein, Esq. 
  
 (iii) if to any Transferee, to the address specified by such Transferee upon consummation of the Transfer by which such Person became a Transferee;

  

 14 

 or to such other address as any party hereto shall have designated by notice in writing to the other parties hereto.

  
 Section 15. Headings. 
  
 The headings contained in this Agreement are for the sole purpose of
convenience of reference, and shall not in any way limit or affect the meaning or interpretation of any of the terms or provisions of this Agreement. 
  
 Section 16. Entire Agreement. 
  
 This Agreement and the Investor Rights Agreement constitute the entire agreement among the parties hereto with respect to the subject matter hereof and
supersede all prior agreements and understandings, whether oral and written, with respect to the subject matter hereof. 
  
 Section 17. Counterparts. 
  
 This Agreement may be executed in two or more original or facsimile counterparts, each of which shall be deemed an original instrument, but all of which
together shall constitute one and the same document. 
  
 Section 18. Amendment. 
  
 This Agreement
may be modified, supplemented or amended only by a written instrument executed by all parties hereto. 
  
 Section 19. No Third-Party Beneficiaries. 
  
 This Agreement shall not confer any rights or remedies upon any Person other than the parties hereto and their respective successors and permitted assigns
and, with respect to Section 7, the other Persons referred to as indemnified parties therein. 
  
 Section 20. Interpretation. 
  
 In construing this Agreement, no consideration shall be given to the fact or presumption that any party to this Agreement had a greater or lesser hand in
drafting this Agreement. 
  

 15 

 IN WITNESS WHEREOF, the parties hereto have executed this Registration Rights Agreement on the date first
above written. 
  

					
	HEXION SPECIALTY CHEMICALS, INC.
		
	By:	 	/s/ George F. Knight
	 	 	 Name:
	 	 George F. Knight

	 	 	 Title:
	 	Vice President
	
	HEXION LLC
		
	By:	 	/s/ George F. Knight
	 	 	 Name:
	 	 George F. Knight

	 	 	 Title:
	 	Vice President

  

 16Management Consulting Agreement dated as of April 1, 2005

 Exhibit 10.65 
  
 MANAGEMENT CONSULTING AGREEMENT, dated as of April 1, 2005 (this “Agreement”), between RESOLUTION
SPECIALTY MATERIALS LLC, a Delaware limited liability company (the “Company”), and APOLLO MANAGEMENT IV, L.P., a Delaware limited partnership (“Apollo”). 
  
 The Company desires to avail itself of Apollo’s expertise and
consequently has requested that Apollo make such expertise available from time to time in rendering certain management consulting and advisory services related to the business and affairs of the Company, its subsidiaries and affiliates and the
review and analysis of certain financial and other transactions. Apollo and the Company agree that it is in their respective best interests to enter into this Agreement whereby, for the consideration specified herein, Apollo shall provide such
services as an independent consultant to the Company. 
  
 This
Agreement is effective subsequent to the consummation of the transactions (the “Transactions”) contemplated by that certain Acquisition Agreement, dated as of May 27, 2004, between Resolution Specialty Materials Inc., a Delaware
corporation and parent of the Company (“RSM Inc.”) and Eastman Chemical Company, a Delaware corporation (“Eastman”), as amended by that certain First Amendment dated as of August 2, 2004, between the Company, as
assignee of RSM Inc., and Eastman (as so amended, the “Acquisition Agreement”). In connection with the Transactions, the Company has previously paid to Apollo a transaction fee of $2,000,000. 
  
 NOW, THEREFORE, in consideration of the mutual covenants hereinafter
set forth, the Company and Apollo agree as follows: 
  
 Section
1. Retention of Apollo. 
  
 The Company hereby retains Apollo,
and Apollo accepts such retention, upon the terms and conditions set forth in this Agreement. 
  
 Section 2. Term. 
  
 This
Agreement shall commence on April 1, 2005 and, unless otherwise (i) extended pursuant to the final sentence of this Section 2 or (ii) earlier terminated pursuant to Section 5, shall terminate on the tenth anniversary of the date
thereof (the “Term”). Upon the fourth anniversary of the date thereof, and at the end of each year thereafter (each of such fourth anniversary and the end of each year thereafter being a “Year End”), the Term shall
automatically be extended for an additional year unless notice to the contrary is given by either party at least 30, but no more than 60, days prior to such Year End, as applicable. 
  

 Section 3. Management Consulting Services. 
  
 (a) Apollo shall advise the Company concerning such
management matters that relate to proposed financial transactions, acquisitions and other senior management matters related to the business, administration and policies of the Company and its subsidiaries and affiliates, in each case as the Company
shall reasonably request by way of notice to Apollo (the “Management Services”), which notice shall specify the services required of Apollo and shall include all background material necessary for Apollo to complete such services. If
requested to provide such services, Apollo shall devote such time to any such written request as Apollo shall deem, in its discretion, necessary. Such Management Services, in Apollo’s discretion, shall be rendered in person or by telephone or
other communication. Apollo shall have no obligation to the Company as to the manner and time of rendering its services hereunder, and the Company shall not have any right to dictate or direct the details of the services rendered hereunder.

  
 (b) Apollo shall perform all services to be
provided hereunder as an independent contractor to the Company and not as an employee, agent or representative of the Company. Apollo shall have no authority under this Agreement to act for or to bind the Company without its prior written consent.

  
 (c) This Agreement shall in no way prohibit
Apollo or any of its partners or Affiliates or any director, officer, partner or employee of Apollo or any of its partners or Affiliates from engaging in other activities, whether or not competitive with any business of the Company or any of its
respective subsidiaries or affiliates. 
  
 Section 4.
Compensation. 
  
 (a) As consideration for
Apollo’s agreement to render the Management Services and as compensation for any such services rendered by Apollo, Apollo may request, and upon such request the Company agrees to pay to Apollo, an annual fee equal to the sum of (i)
$250,000 per fiscal quarter of the Company (exclusive of any reimbursement for expenses as provided in Section 4(b) below) (clause (i), the “Annual Management Fee”) plus (ii) any amounts owing and payable to Apollo
pursuant to the last sentence of Section 7 of this Agreement. The calculation of clause (ii) of this yearly fee shall be reasonably determined and mutually agreed to by Apollo and the Company at the time such request is made by Apollo.

  
 (b) Upon presentation by Apollo to the
Company of such documentation as may be reasonably requested by the Company, the Company shall reimburse Apollo for all out-of-pocket expenses, including, without limitation, legal fees and expenses, and other disbursements incurred by Apollo, its
Affiliates or any of its Affiliates’ directors, officers, employees or agents in the performance of Apollo’s obligations hereunder, whether incurred on or prior to the date hereof, including, without limitation, out-of-pocket expenses
incurred in connection with the Transactions. 
  
 (c) Nothing in this Agreement shall have the effect of prohibiting Apollo or any of its Affiliates from receiving from the Company or any of its subsidiaries or 

  

 2 

 
affiliates any other fees, including any fee payable pursuant to the recitals of this Agreement or Section 7 hereof. 
  
 (d) Reference is made to the Credit Agreement dated as of
August 2, 2004 (as amended, restated, modified or supplemented and in effect from time to time, the “Credit Agreement”), among RSM Inc., the Company, the lenders from time to time party thereto, JPMorgan Chase Bank, as
administrative agent, Bear Stearns Corporate Lending Inc., as syndication agent, and JPMorgan Securities Inc. and Bear Stearns & Co. Inc. as joint lead arrangers and joint book managers. Any portion of the fees payable to Apollo under this
Agreement that the Company is prohibited from paying to Apollo under the Credit Agreement shall be deferred, shall accrue and shall be payable at the earliest time permitted under the Credit Agreement or upon the payment in full of all obligations
under the Credit Agreement. The Company shall notify Apollo if the Company shall be unable to pay any fees pursuant to the Credit Agreement on each date on which the Company would otherwise make a payment of fees under this Agreement to Apollo.

  
 Section 5. Termination. 
  
 (a) Effective immediately prior to either of an IPO or a
Sale of the Company (in each case, as hereinafter defined), and without any further action by the Company or Apollo, (i) each of the Company and Apollo shall be released from any and all obligations and liabilities with respect to provision of the
Management Services and payment of the Annual Management Fee or any other fees pursuant to this Agreement (other than any unreimbursed expenses of Apollo owing and payable pursuant to Section 4(b)), and this Agreement, other than this
Section 5 and Section 6, shall have no further force or effect and (ii) in consideration of the termination provided in clause (i), the Company shall pay to Apollo, via wire transfer of immediately available funds payable immediately
prior to either of an IPO or a Sale of the Company, as applicable, a lump-sum amount equal to the net present value of the remaining Annual Management Fees owing and payable by the Company from the date of such IPO or Sale of the Company, as
applicable, until the expiration of the Term, which amount shall be determined using an annual discount rate equal to the then-current rate of interest on the Company’s revolving credit facility under the Credit Agreement. By way of
illustration, each of the Company and Apollo acknowledges and agrees that, were an IPO or a Sale of the Company to occur at any time during the second calendar quarter of 2005, the termination fee owing and payable pursuant to clause (ii) above
would equal $6,750,000. 
  
 (b) As used herein:
(i) “IPO” means an underwritten public offering of the common stock of the Company or of RSM Inc. (or any successor in interest to either of them) pursuant to an effective registration statement filed with the United States
Securities and Exchange Commission (other than on Forms S-4 or S-8 or successors to such forms) under the Securities Act of 1933, as amended, pursuant to which the aggregate offering price of the common stock sold in such offering is at least
$100,000,000; (ii) “Sale of the Company” means the sale of the Company (including by way of the sale of RSM Inc.) pursuant to which a party or parties acquire (a) direct or indirect beneficial ownership of the capital stock of the
Company or RSM Inc. possessing the voting power to elect a majority of the board of directors of either of the Company or RSM Inc. (whether by merger, consolidation or sale or transfer of the 

  

 3 

 
Company’s or RSM Inc.’s capital stock) or (b) all or substantially all of the Company’s assets determined on a consolidated basis. 

 
 Section 6. Indemnification. 
  
 The Company agrees that it shall indemnify and hold harmless Apollo, its
Affiliates and its Affiliates’ directors, officers, employees and agents (collectively, the “Indemnified Persons”) on demand from and against any and all liabilities, costs, expenses and disbursements (collectively,
“Claims”) of any kind with respect to or arising from this Agreement or the performance by any Indemnified Person of any services in connection herewith. Notwithstanding the foregoing provision, the Company shall not be liable for
any Claim under this Section 6 arising from the willful misconduct of any Indemnified Person. 
  
 Section 7. Other Services. 
  
 If the Company shall determine that it is advisable for the Company to hire a financial advisor, consultant, investment banker or any similar agent in
connection with any merger, acquisition, disposition, recapitalization, issuance of securities, financing or any similar transaction, it shall notify Apollo of such determination in writing. Promptly thereafter, upon the request of Apollo, the
parties shall negotiate in good faith to agree upon appropriate services, compensation and indemnification for the Company to hire Apollo or its Affiliates for such services. The Company may not hire any person, other than Apollo or its Affiliates,
for any services, unless (a) the parties are unable to agree after 30 days following receipt by Apollo of such written notice, (b) such other person has a reputation that is at least equal to the reputation of Apollo in respect of such services, (c)
ten business days shall have elapsed after the Company provides a written notice to Apollo of its intention to hire such other person, which notice shall identify such other person and shall describe in reasonable detail the nature of the services
to be provided, the compensation to be paid and the indemnification to be provided and (d) the compensation to be paid is not more than Apollo was willing to accept in the negotiations described above, and (e) the indemnification to be provided is
not more favorable to the Company than the indemnification that Apollo was willing to accept in the negotiations described above. In the absence of an express agreement to the contrary, and without duplication of any fees owing and payable pursuant
to Section 5(a) of this Agreement, at the closing of any merger, acquisition or similar transaction, Apollo shall receive a fee equal to 1.5% of the aggregate enterprise value paid or provided by the Company (including the aggregate value of
(x) equity securities, warrants, rights and options acquired or retained, (y) indebtedness acquired, assumed or refinanced and (z) any other consideration or compensation paid in connection with such transaction). 
  

 4 

 Section 8. Notices. 
  
 All notices, requests, consents and other communications hereunder shall be in writing and shall be deemed sufficient if
personally delivered, sent by nationally-recognized overnight courier, by telecopy, or by registered or certified mail, return receipt requested and postage prepaid, addressed as follows: 
  
 if to Apollo, to: 
  
 Apollo Management IV, L.P. 
 9 West
57th Street 
 New York, New York 10019 
 Attention: Scott Kleinman 
 Telecopier: (212) 515-3200 
  
 if
to the Company, to it at: 
  
 Resolution Specialty Materials LLC

 1600 Smith Street, 24th Floor 
 Houston, Texas 77210 
 Attention: Senior Vice President, General Counsel 
 and Corporate Secretary 
 Telecopier: (817) 375-2304 
  
 in each case, with a copy (which shall not constitute notice) to: 
  
 O’Melveny & Myers LLP 
 7 Times Square 
 New York, New York 10036 
 Attention: Adam K. Weinstein, Esq. 
 Telecopier: (212) 326-2061 
  
 or to such other address as the party to
whom notice is to be given may have furnished to each other party in writing in accordance herewith. Any such notice or communication shall be deemed to have been received (a) in the case of personal delivery, on the date of such delivery, (b) in
the case of nationally-recognized overnight courier, on the next business day after the date when sent, (c) in the case of telecopy transmission, when received, and (d) in the case of mailing, on the third business day following that on which the
piece of mail containing such communication is posted. 
  
 Section 9. Benefits of Agreement. 
  
 This
Agreement shall bind and inure to the benefit of Apollo, the Company, the Indemnified Persons and any successors to or assigns of Apollo and the Company; provided, however, that this Agreement may not be assigned by either party hereto
without the prior written consent of the other party, which consent will not be unreasonably withheld in the case of any assignment by Apollo. 
  
 Section 10. Governing Law. 
  
 This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York (without giving effect to principles
of conflicts of laws). 
  

 5 

 Section 11. Headings. 
  
 Section headings are used for convenience only and shall in no way affect the construction of this Agreement. 
  
 Section 12. Entire Agreement; Amendments. 
  
 This Agreement contains the entire understanding of the parties with respect
to its subject matter and supersedes any and all prior agreements, and neither it nor any part of it may in any way be altered, amended, extended, waived, discharged or terminated except by a written agreement signed by each of the parties
hereto.  
  
 Section 13. Counterparts. 

 
 This Agreement may be executed in counterparts, and each such counterpart
shall be deemed to be an original instrument, but all such counterparts together shall constitute but one agreement. 
  
 Section 14. Waivers. 
  
 Any party to this Agreement may, by written notice to the other party, waive any provision of this Agreement. The waiver by any party of a breach of any
provision of this Agreement shall not operate or be construed as a waiver of any subsequent breach. 
  
 Section 15. Affiliates. 
  
 For purposes of this Agreement, the term “Affiliate,” with respect to Apollo, shall include, without limitation, (i) Apollo Investment Fund IV,
L.P., Apollo Overseas Partners IV, L.P., Apollo Advisors IV, L.P., and Apollo Capital Management IV, Inc., and (ii) Apollo Investment Fund V, L.P., AP-BHI Investments, L.P., Apollo Netherlands Partners V(A), L.P., Apollo Netherlands Partners V(B),
L.P., Apollo German Partners V GMBH & Co., Apollo Overseas Partners V, L.P., Apollo Advisors V, L.P., and Apollo Capital Management V, Inc. (clauses (i) and (ii) collectively, the “Funds”), the general partner of Apollo, the
general partner of each of the Funds and each person controlling, controlled by or under common control with any of the foregoing persons. 
  
 * * * * * 
  

 6 

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

					
	RESOLUTION SPECIALTY MATERIALS LLC
		
	By:	 	/s/ William Carter
	 	 	 Name:
	 	 William Carter

	 	 	 Title:
	 	 Vice President

					
	
	APOLLO MANAGEMENT IV, L.P.
		
	By:	 	Apollo Management IV, LP, its Manager
		
	By:	 	AIF IV Management, Inc., its General Partner
		
	By:	 	/s/ Scott Kleinman
	 	 	 Name:
	 	 Scott Kleinman

	 	 	 Title:
	 	 Authorized Signatory

  
 [Signature page to Apollo/RSM Management Agmnt]

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