Document:

Investor Rights Agreement

 Exhibit 10 (vi) 
  

	
	                             INVESTOR RIGHTS

	 AGREEMENT dated as of August 12,

	 2004 (this “Agreement”), among BHI

	 ACQUISITION CORP., a Delaware

	 corporation (the “Company”), and the

	HOLDERS that are parties hereto.

  
 WHEREAS,
each Holder deems it to be in the best interest of the Company and the Holders that provision be made for the continuity and stability of the business and policies of the Company, and, to that end, the Company and the Holders hereby set forth herein
their agreement with respect to the Common Stock and Options owned or to be acquired by them. 
  
 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 in this Agreement: 
  
 “Affiliate” of the Company or BHI means a Person that
directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the Company or BHI, 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 V, L.P. or its Affiliates. 
  
 “Affiliate” of a Holder (other than BHI) 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 V, L.P or its Affiliates. 
  
 “Apollo
Group” means Apollo Investment Fund V, L.P., a Delaware limited partnership, Apollo Overseas Partners V, L.P. and each of their respective Affiliates. 
  

“Asset Sale” means the sale of all or substantially all of the assets of the Company, on a consolidated basis, to a Person or Group
which is not included in the Apollo Group. 
  
 “BHI” means BHI Investment, LLC, a Delaware limited liability company, the members of which are all members of the Apollo Group. 
  
 “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. 
  
 “Cause” means, with respect to the termination of employment of any Management Holder by the Company or any of its subsidiaries: (i) if
such Management Holder is at the time of termination a party to an employment agreement with the Company or any of its subsidiaries which defines such term, the meaning given to such term therein; and (ii) in all other cases, the termination by the
Company or any of its subsidiaries of a Management Holder’s 

 employment based on such Management Holder’s (a) commission of a crime of moral turpitude or a felony that involves
financial misconduct or moral turpitude or has resulted, or reasonably could be expected to result, in any adverse publicity regarding the Management Holder or the Company or any of its subsidiaries or economic injury to the Company or any of its
subsidiaries, (b) dishonesty or willful commission or omission of any action that has resulted, or reasonably could be expected to result, in any adverse publicity regarding the Management Holder or the Company or any of its subsidiaries or has
caused, or reasonably could be expected to cause, demonstrable and serious economic injury to the Company or any of its subsidiaries or (c) material breach of this Agreement or any other agreement entered into between the Management Holder and the
Company or any of its subsidiaries or Affiliates after notice and a reasonable opportunity to cure (if such breach can be cured). For purposes hereof, no act or omission shall be considered willful unless committed in bad faith or without a
reasonable belief that the act or omission was in the best interests of the Company or any of its subsidiaries. 
  
 “Closing Date” shall mean August 12, 2004. 
  
 “Come Along Option” has the meaning ascribed to such term in Section 2(b). 
  
 “Come Along Transaction” shall mean any sale or transfer of shares of Common Stock by BHI prior to the
consummation of a Qualified Public Offering to any third party following which (when aggregated with all prior such sales or transfers), BHI shall have disposed of more than 10% of the number of shares of Common Stock that BHI owned as of the
Original Issue Date to a transferee or Group that is not an Affiliate of BHI. 
  
 “Common Share Consideration” has the meaning ascribed to such term in the Stock Purchase Agreement dated as of July 5, 2004 (as it may be amended, from time to time), by and among BHI, BW Holdings
LLC, Borden Holdings, Inc., Borden Chemical, Inc., Craig O. Morrison and Joseph P. Bevilaqua. 
  
 “Common Stock” means the common stock of the Company, par value $.001 per share. 
  
 “Company” has the meaning ascribed to such term in the introductory paragraph hereof. 
  
 “Control Disposition” means a Disposition which would have
the effect of transferring to a Person or Group that is not an Affiliate of BHI a number of shares of Common Stock such that, following the consummation of such Disposition, such Person or Group possesses the voting power to elect a majority of the
Board (whether by merger, consolidation or sale or transfer of Common Stock). 
  
 “Deemed Held Shares” has the meaning given to such term in Section 2(a)(ii). 
  
 “Disability” means, with respect to each Management Holder, such Management Holder’s inability to perform the duties and obligations
required by the Management Holder’s job by reason of any medically determined physical or mental impairment, as determined in accordance with the provisions of long term disability coverage under the Borden Chemical, Inc. Total Family
Protection Plan (the “Total Family Protection Plan”); provided, however, that if the Management Holder has not elected long term disability coverage under the Total Family Protection Plan, then “Disability” shall mean, with
respect to such Management Holder, any medically determined physical or mental impairment (as determined by a physician selected by the Company or its insurers and acceptable to the Management Holder or the Management Holder’s legal
representative (such agreement as to acceptability not to be withheld unreasonably)) that prevents the Management Holder from performing the duties and obligations required by the Management Holder’s job for more than 90 days during a period of
180 consecutive days. 
  
 “Disposition”
means any direct or indirect transfer, assignment, sale, gift, pledge, hypothecation or other encumbrance, or any other disposition, of Common Stock (or any interest therein or right thereto) or of all or part of the voting power (other than the
granting of a revocable proxy) associated with the Common Stock (or any interest therein) whatsoever, or any other transfer of beneficial ownership of Common Stock whether voluntary or involuntary, including, without limitation (a) as a part of any
liquidation of a Management Holder’s assets or (b) as a part of any reorganization of a Management Holder pursuant to the United States or other bankruptcy law or other similar debtor relief laws. 
  

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 “EBITDA” for any period, shall mean consolidated net income (loss), plus extraordinary
losses, less extraordinary gains, plus income taxes, plus interest expenses, plus depreciation and amortization expenses, for such period, all of which amounts, as well as the method of calculation, may be subject to appropriate adjustment for
non-recurring items by the majority of the Board in its sole discretion. 
  
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder. 
  

“Fair Market Value” means, with respect to each share of Common Stock or other capital stock held by any Management Holder: (i) if
such Management Holder is a party to any agreement with the Company which defines such term, the meaning given therein, and (ii) in all other cases: 
  
 (a) With respect to any series or class of capital stock, the per share fair market value determined by the Board, which determination
will be based upon (i) the enterprise value (determined by multiplying the Company’s 12 month trailing EBITDA as of the time of determination by 6.8) less all Indebtedness of the Company at the time of determination, divided by (ii) the
outstanding shares of capital stock of the Company at the time of determination (calculated on a fully diluted basis and including the deferred shares distributable under the deferred compensation accounts). 
  
 (b) Notwithstanding anything to the contrary contained in
clause (a) above, if any securities of the Company are publicly traded or quoted at the time of determination, then the per share fair market value of such securities shall be the most recent closing trading price of such securities on the business
day immediately prior to the date of determination as determined by the Board in good faith. 
  
 (c) At any time as of which the Board is permitted to determine the Fair Market Value of any security in accordance with clause (a) above,
neither the Company nor any officer, director, employee or agent of the Company shall have any liability with respect to the valuation of such securities that are bought or sold at such Fair Market Value even though the Fair Market Value, as so
determined, may be more or less than actual fair market value. Each of the Company and its officers, directors, employees and agents shall be fully protected in relying in good faith upon the records of the Company and upon information, opinions,
reports or statements presented to the Company by any Person as to matters which the Company or such director, officer, employee or agent reasonably believes are within such other Person’s professional or expert competence and who has been
selected with reasonable care by or on behalf of the Company in determining such Fair Market Value. 
  
 “Good Reason” means voluntary resignation after any of the following actions are taken by the Company or any of its subsidiaries without
the Management Holder’s consent: (a) the continued failure to pay compensation when due to the Management Holder for more than thirty (30) days; (b) a significant diminution in the responsibilities or authority of the Management Holder other
than an insubstantial and inadvertent diminution that is remedied by the Company promptly after receipt of written notice thereof sent by the Management Holder; (c) a significant diminution in the annual base salary and bonus to be paid to the
Management Holder as in effect on the Closing Date (but not including any diminution related to a broader compensation reduction that is not limited to any particular employee or executive), or (d) relocation of the Management Holder’s primary
work place, as assigned to him by the Company, beyond a fifty (50) mile radius of the employee’s current location; provided, however, that none of the events described in the foregoing clauses (a), (b), (c) or (d) shall constitute Good Reason
unless the Management Holder shall have notified the Company in writing describing the events which constitute Good Reason and then only if the Company shall have failed to cure such events within (x) in the case of clause (a), fifteen (15) days, or
(y) in the case of clauses (b), (c) or (d), thirty (30) days, after the Company’s receipt of such written notice. 
  
 “Group” shall have the meaning ascribed thereto in Section 13(d)(3) of the Exchange Act. 
  

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 “Holders” mean the holders of securities of the Company who are parties hereto.

  
 “Indebtedness” means with respect to any
Person, (a) all indebtedness of such Person for borrowed money, whether current or funded, or secured or unsecured, (b) all indebtedness of such Person for the deferred purchase price of property or services represented by a note, bond, debenture or
similar instrument and any other obligation or liability represented by a note, bond, debenture or similar instrument, (c) all indebtedness of such Person created or arising under any conditional sale or other title retention agreement with respect
to property acquired by such Person (even though the rights and remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale of such property), (d) all indebtedness of such Person secured by a
purchase money mortgage or other lien to secure all or part of the purchase price of the property subject to such mortgage or lien, (e) all obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying
the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under generally accepted accounting principles in the United
States of America (“GAAP”) and, for the purposes of this Agreement, the amount of such obligations at any time shall be the capitalized amount thereof at such time determined in accordance with GAAP, (f) all unpaid reimbursement
obligations of such Person with respect to letters of credit, bankers’ acceptances or similar facilities issued for the account of such Person, (g) all obligations of such Person under any forward contract, futures contract, swap, option or
other financing agreement or arrangement (including caps, floors, collars and similar agreements), the value of which is dependent upon interest rates, currency exchange rates, commodities or other indices, (h) all interest, fees and other expenses
owed with respect to the indebtedness referred to above (and any prepayment penalties or fees or similar breakage costs or other fees and costs required to be paid in order for such Indebtedness to be satisfied and discharged in full), and (i) all
indebtedness referred to above which is directly or indirectly guaranteed by such Person or which such Person has agreed (contingently or otherwise) to purchase or otherwise acquire or in respect of which it has otherwise assured a creditor against
loss. 
  
 “IRA” has the meaning ascribed to such
term in Section 3.2(c). 
  
 “Management Holder”
means Holders who are employed by, or serve as consultants or directors, to the Company or any of its subsidiaries. 
  
 “Management Stockholder’s Agreement” means a Management Stockholder’s Agreement dated as of March 25, 2004 among Borden
Chemical, Inc., a New Jersey corporation and the Purchasers (as defined therein). 
  
 “Non-Compete Period” has the meaning ascribed to such term in Section 6(c). 
  
 “Notice of Redemption” has the meaning ascribed to such term in Section 4(c). 
  
 “Offer” has the meaning ascribed to such term in Section
3.1. 
  
 “Offeror” has the meaning ascribed to
such term in Section 3.1. 
  
 “Option” means the
options issued to Holders pursuant to the Company’s 2004 Stock Option Plan, as it is amended, supplemented, restated or otherwise modified from time to time, or any other option plan approved by the Company. 
  
 “Original Cost” means the Common Share Consideration
(subject to appropriate adjustment by the Board for stock splits, stock dividends, combinations and similar transactions). 
  
 “Original Issue Date” means with respect to any share of Common Stock issued to a BHI or Management Holder, the date of issuance of such
share of Common Stock to BHI or such Management Holder, as applicable. 
  
 “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. 
  

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 “Proportionate Percentage” means, with respect to any Holder at the time of any Tag
Along Transaction, a fraction (expressed as a percentage) the numerator of which is the total number of shares of Common Stock held by such Holder as of such time (including any shares of Common Stock that such Holder purchases pursuant to any
Option exercised in connection with the Tag Along Transaction and any shares distributed to such Holder pursuant to any deferred compensation plan in connection with the Tag Along Transaction) and the denominator of which is the total number of
shares of Common Stock outstanding at the time of determination (including any shares of Common Stock that any Holder purchases pursuant to any Option exercised in connection with the Tag Along Transaction and any shares distributed to such Holder
pursuant to any deferred compensation plan in connection with the Tag Along Transaction). 
  
 “Proxy” has the meaning ascribed to such term in Section 5(a). 
  
 “Public Sale” means any sale, occurring simultaneously with or after an initial public offering, of Common Stock to the public pursuant
to an offering registered under the Securities Act or to the public in the manner described by the provisions of Rule 144(f) promulgated thereunder. 
  
 “Qualified 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, pursuant to which the aggregate offering price of the Common Stock sold in such
offering is at least $175,000,000. 
  
 “Repurchase
Event” means, with respect to a Management Holder, such Management Holder shall cease to be employed by the Company or any of its subsidiaries for any reason (including upon death or Disability). 
  
 “Required Voting Percentage” means (i) a majority of the
shares of Common Stock outstanding owned by the Management Holders as of the date the vote is taken (including for purposes of this calculation Deemed Held Shares) and (ii) the vote of the shares of Common Stock owned by BHI. 
  
 “Sale Notice” has the meaning ascribed to such term in
Section 2(a). 
  
 “Securities” means, with
respect to any Person, such Person’s “securities” as defined in Section 2(1) of the Securities Act and includes such Person’s capital stock or other equity interests or any options, warrants or other securities that are directly
or indirectly convertible into, or exercisable or exchangeable for, such Person’s capital stock or other equity or equity-linked interests, including phantom stock and stock appreciation rights. 
  
 “Securities Act” means the Securities Act of 1933, as
amended, and the rules and regulations thereunder. 
  
 “Subject Employee” has the meaning ascribed to such term in Section 3.2(c). 
  
 “Tag Along Holder” has the meaning ascribed to such term in Section 2(a). 
  
 “Tag Along Notice” has the meaning ascribed to such term in Section 2(a). 
  
 “Tag Along Transaction” has the meaning ascribed to such
term in Section 2(a). 
  
 “Term” has the meaning
ascribed to such term in Section 5(a). 
  
 Section 2. Certain
Dispositions. 
  
 (a) Tag Along Transaction.

  
 (i) Subject to the provisions of Section
2(b), prior to the consummation of a Qualified Public Offering, if BHI desires to effect any sale or transfer of shares of Common Stock to any third party following which (when aggregated with all prior such sales or transfers) BHI shall have
disposed of more than 10% of the number of shares of Common Stock that BHI owned as of the Original Issue Date to a transferee or 
  

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 Group that is not an Affiliate of BHI (a “Tag Along Transaction”), it shall give written
notice to the Management Holders offering such Management Holders the option to participate in such Tag Along Transaction (a “Sale Notice”). The Sale Notice shall set forth the material terms of the proposed Tag Along Transaction
and identify the contemplated transferee or Group. 
  
 (ii) Each of the Management Holders may, by written notice to BHI (a “Tag Along Notice”) delivered within ten (10) days after the date of the Sale Notice (each such Management Holder delivering such timely notice being a
“Tag Along Holder”), elect to sell in such Tag Along Transaction the shares of Common Stock held by such Management Holder, provided that the number of shares to be sold by such Management Holder will not exceed such Holder’s
Proportionate Percentage (as calculated in pursuant to subsection (iii) below) of the total number of shares of Common Stock that BHI proposes to sell or transfer in the applicable Tag Along Transaction. The shares of Common Stock to be sold by a
Tag Along Holder in a Tag Along Transaction may include shares of Common Stock (x) to be distributed to such Tag Along Holder in connection with such Tag Along Transaction from any deferred compensation plan or (y) which such Tag Along Holder may
obtain by exercising any Options held by such Tag Along Holder that are vested as of the date of such Tag Along Notice or which would vest in connection with such Tag Along Transaction (collectively the “Deemed Held Shares”).

  
 (iii) If none of the Management Holders
delivers a timely Tag Along Notice, then BHI may thereafter consummate the Tag Along Transaction, on substantially the same terms and conditions as are described in the Sale Notice (including, without limitation, the number of shares of Common Stock
being sold and the sale price), for a period of one hundred twenty (120) days thereafter. In the event BHI has not consummated the Tag Along Transaction within such one hundred twenty (120) day period, BHI shall not thereafter consummate a Tag Along
Transaction, without first providing a Sale Notice and an opportunity to the Management Holders to sell in the manner provided above. If one or more of the Management Holders gives BHI a timely Tag Along Notice, then BHI shall use all reasonable
efforts to cause the prospective transferee or Group to agree to acquire all shares identified in all timely Tag Along Notices, upon the same terms and conditions as are applicable to the shares of Common Stock held by BHI. If such prospective
transferee or Group is unable or unwilling to acquire all shares of Common Stock proposed to be included in the Tag Along Transaction upon such terms, then BHI may elect either to cancel such Tag Along Transaction or to allocate the maximum number
of shares that such prospective transferee or Group is willing to purchase among BHI and the Tag Along Holders in the proportion that each such Tag Along Holder’s and BHI’s Proportionate Percentage bears to the total Proportionate
Percentages of BHI and the Tag Along Holders (e.g., if the Sale Notice contemplated a Tag Along Transaction of 10% Proportionate Percentage by BHI, and if BHI at such time owns a 30% Proportionate Percentage and one Tag Along Holder who owns
a 20% Proportionate Percentage elects to participate, then BHI would be entitled to sell a 6% Proportionate Percentage (30%/50% multiplied by the 10% Proportionate Percentage) and the Tag Along Holder would be entitled to sell a 4% Proportionate
Percentage (20%/50% multiplied by the 10% Proportionate Percentage). 
  
 (iv) Notwithstanding the provisions of this Section 2(a), during the first twelve (12) months of this Agreement, BHI (or the Apollo Group) may transfer up to 25% of the shares of Common Stock then owned by it without
complying with the provisions of this Section 2(a); provided that such transferee shall agree to become bound by the provisions set forth in this Section 2(a) in the same manner as BHI. 
  
 (v) For purposes of this Section 2(a), any holder of Common Stock who has a contractual right to participate
in such Tag Along Transaction or any other holder of Common Stock who is otherwise participating in such Tag Along Transaction with the consent of BHI shall be deemed to be a “Management Holder” under this Section 2(a). 
  

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 (b) Come Along Transaction. 
  
 (i) If BHI desires to effect a Come Along Transaction prior to the consummation of a Qualifying Public
Offering, then in lieu of complying with the requirements of Section 2(a), BHI at its option (the “Come Along Option”) may require all Management Holders to sell the same percentage of their respective shares of Common Stock
(including their Deemed Held Shares) as BHI desires to sell to the transferee or Group selected by BHI, at the same price per share and on the same terms and conditions as apply to those sold by BHI. 
  
 (ii) Each Management Holder shall consent to and raise no
objections against the Come Along Transaction, and if the Come Along Transaction is structured as (a) a merger or consolidation of the Company or an Asset Sale, each Management Holder shall waive any dissenters rights, appraisal rights or similar
rights in connection with such merger, consolidation or Asset Sale, or (b) a sale of all the capital stock of the Company, the Management Holders shall agree to sell all their shares of Common Stock which are the subject of the Come Along
Transaction (including their Deemed Held Shares) at the same price per share and generally on the same terms and conditions as apply to those sold by BHI. The Management Holders shall take all necessary and desirable actions reasonably requested by
BHI in connection with the consummation of the Come Along Transaction, including the execution of such agreements and such instruments and the taking of such other actions as are reasonably necessary to provide customary representations, warranties,
and indemnities regarding title, as well as escrow arrangements relating to such Come Along Transaction. 
  
 (c) The Company and each Management Holder shall cooperate in causing any Deemed Held Shares of such Management Holder that are ultimately
included in a Come Along Transaction to be delivered to the Management Holder immediately prior to the closing of such Come Along Transaction in order that the Management Holder may exercise his rights under Section 2(a) or that BHI may exercise its
rights under Section 2(b), as the case may be. 
  
 (d) Upon the closing of the sale of any shares of Common Stock (including any Deemed Held Shares) pursuant to this Section 2, the Holders shall deliver at such closing, against payment of the purchase price therefor, certificates
representing their shares of Common Stock to be sold, duly endorsed for transfer or accompanied by duly endorsed stock powers, and evidence of good title to the shares to be sold, of the absence of liens, encumbrances and adverse claims with respect
thereto and of such other matters as are deemed necessary by the Company for the proper transfer of such shares on the books of the Company. 
  
 Section 3. Transfers; Additional Parties. 
  
 3.1 Restrictions; Permitted Dispositions. 
  
 Without the consent of the Company, no Management Holder shall make any Disposition, directly or indirectly, through an Affiliate or otherwise. The
preceding sentence shall apply with respect to all shares of Common Stock held at any time by a Management Holder (including without limitation, all shares of Common Stock acquired upon the exercise of any Option or upon a distribution pursuant to
any deferred compensation plan), regardless of the manner in which such Management Holder initially acquired such shares of Common Stock. Notwithstanding the foregoing, the following Dispositions by a Management Holder shall be permitted at any
time: 
  
 (a) subject to any lock-up provisions
that may be applicable to such holder, in connection with a Public Sale of Common Stock; 
  
 (b) to: (i) a guardian of the estate of such Management Holder, (ii) an inter-vivos trust primarily for the benefit of such Management
Holder; (iii) an inter-vivos trust whose primary beneficiary is one or more of such Management Holder’s lineal descendants (including lineal descendants by adoption); (iv) the spouse of such Management Holder during marriage and not incident to
divorce; or (v) one or more of such Management Holder’s Affiliates; 
  

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 (c) to any individual Management Holder by: (i) a guardian of the estate of such
Management Holder; (ii) an inter-vivos trust whose primary beneficiary is such Management Holder or one or more of such Management Holder’s lineal descendants (including lineal descendants by adoption); (iii) the spouse of such Management
Holder; or (iv) an Affiliate of such Management Holder; 
  
 (d) with the consent of the Company, by any Management Holder to a qualified retirement plan sponsored by the Management Holder (including with respect to a qualified retirement plan referred to in this paragraph
3.1(d), to participants, alternate payees and beneficiaries to the extent required by law and the provisions of such plan); 
  
 (e) to a trust, to any successor trust or successor trustee; 
  
 (f) any Disposition permitted pursuant to Section 2(a) or required pursuant to Section 2(b); and 

 
 (g) with the consent of the Company, by any Management
Holder to other Persons for tax planning purposes. 
  
 In the event of a
transaction involving a change of ownership interest or voting power of a Management Holder which avoids the restrictions on Dispositions provided in this Section 3.1, such transaction shall be deemed a Disposition by such Management Holder and an
irrevocable “Offer,” and such Management Holder (“Offeror”) shall promptly notify the Company of such event and offer (the “Offer”), by written notice to the Company, to sell all securities subject to the
Offer to the Company and/or BHI for Fair Market Value (as provided below). Offers under this Section 3.1 shall (a) be in writing; (b) be irrevocable for so long as the Company or BHI has the right to purchase any securities subject to the Offer; (c)
be sent by the Offeror to the Company; and (d) contain a description of the proposed transaction and change of ownership interest or voting power. The Company shall, within five (5) business days from receipt thereof (or, if no such written notice
is delivered to the Company by the Management Holder, within five (5) business days from the Company’s receipt of evidence, satisfactory to it, of such a Disposition by the Offeror), deliver written notice of the Offer to the Company and BHI
stating that all Common Stock registered in the name of such Management Holder are securities subject to an Offer pursuant to this Section 3.1. The date of such Offer shall be deemed to be the date such written notice of the Offer is so delivered by
the Company. 
  
 3.2 Additional Parties. 
  
 (a) As a condition to the Company’s obligation to
effect a transfer of shares of Common Stock permitted by this Agreement on the books and records of the Company, (other than (i) a transfer permitted by clause (a) of Section 3.1, (ii) except as provided in Section 2(a)(iv), a transfer to or by BHI
or any of its Affiliates from or to any Person that is not an Affiliate of BHI or of any of BHI’s Affiliates, or (iii) a transfer to the Company or any subsidiary of the Company), the transferee shall be required to become a party to this
Agreement by executing (together with such Person’s spouse, if applicable) an Adoption Agreement in substantially the form of Exhibit A or in such other form that is reasonably satisfactory to the Company. 
  
 (b) Except in the case of transfer permitted by clause (a)
of Section 3.1, in the event that any Person acquires shares of Common Stock from (i) a Management Holder or any Affiliate or member of such Management Holder’s Group or (ii) any direct or indirect transferee of a Management Holder, such Person
shall be subject to any and all obligations and restrictions of such Management Holder hereunder (other than the provisions of Section 6), as if such Person was such Management Holder named herein. Additionally, whenever a Management Holder makes a
transfer of shares of Common Stock (other than a transfer permitted by clause (a) of Section 3.1), such shares of Common Stock shall contain a legend so as to inform any transferee that such shares of Common Stock were held originally by a
Management Holder and are subject to repurchase pursuant to Section 4 below based on the employment of or events relating to such Management Holder. Such legend shall not be placed on any shares of Common Stock acquired from a Management Holder by
the Company, BHI or any of its Affiliates. 
  

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 (c) Any shares of Common Stock acquired by an individual retirement account
(“IRA”) on behalf of an employee of the Company or any of its subsidiaries (the “Subject Employee”) shall be deemed to be a Management Holder. Additionally, such Subject Employee shall be deemed to be a Management
Holder and his or her IRA shall be deemed to have acquired all shares of Common Stock it holds from such Subject Employee pursuant to a transfer that is subject to Section 3.2(b) above. 
  
 (d) In the event that any Person that is an Affiliate of BHI acquires shares of Common Stock from BHI or any other Affiliate
of BHI, such Person shall be subject to any and all obligations and restrictions of BHI hereunder, as if such Person were BHI. 
  
 3.3 Securities Restrictions; Legends. 
  
 (a) No shares of Common Stock shall be transferable except upon the conditions specified in this Section 3.3, which conditions are
intended to insure compliance with the provisions of the Securities Act. 
  
 (b) Each certificate representing shares of Common Stock shall (unless otherwise permitted by the provisions of paragraph (d) below) be stamped or otherwise imprinted with a legend in substantially the following form:

  
 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE
BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES OR BLUE SKY LAWS. THESE SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION
THEREFROM UNDER SAID ACT OR LAWS. THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE ALSO SUBJECT TO AN INVESTOR RIGHTS AGREEMENT DATED AS OF AUGUST 12, 2004 AMONG THE ISSUER OF SUCH SECURITIES (THE “COMPANY”), AND THE OTHER PARTIES NAMED
THEREIN. THE TERMS OF SUCH INVESTOR RIGHTS AGREEMENT INCLUDE, AMONG OTHER THINGS, RESTRICTIONS ON TRANSFER. A COPY OF SUCH AGREEMENT WILL BE FURNISHED WITHOUT CHARGE BY THE COMPANY TO THE HOLDER HEREOF UPON WRITTEN REQUEST.” 
  
 (c) The holder of any shares of Common Stock by acceptance
thereof agrees, prior to any transfer of any such shares, to give written notice to the Company of such holder’s intention to effect such transfer and to comply in all other respects with the provisions of this Section 3.3. Each such notice
shall describe the manner and circumstances of the proposed transfer. Upon request by the Company, the holder delivering such notice shall deliver a written opinion, addressed to the Company, of counsel for the holder of such shares, stating that in
the opinion of such counsel (which opinion and counsel shall be reasonably satisfactory to the Company) such proposed transfer does not involve a transaction requiring registration or qualification of such shares under the Securities Act. Such
holder of such shares shall be entitled to transfer such shares in accordance with the terms of the notice delivered to the Company, if the Company does not reasonably object to such transfer and request such opinion within fifteen (15) days after
delivery of such notice, or, if it requests such opinion, does not reasonably object to such transfer within fifteen (15) days after delivery of such opinion. Each certificate or other instrument evidencing any such transferred shares of Common
Stock shall bear the legend set forth in paragraph (b) above unless (i) such opinion of counsel to the holder of such shares (which opinion and counsel shall be reasonably acceptable to the Company) states that registration of any future transfer is
not required by the applicable provisions of the Securities Act or (ii) the Company shall have waived the requirement of such legends. 
  

 9 

 (d) Notwithstanding the foregoing provisions of this Section 3.3, the restrictions
imposed by this Section 3.3 upon the transferability of any shares of Common Stock shall cease and terminate when (i) any such shares are sold or otherwise disposed of pursuant to an effective registration statement under the Securities Act, or (ii)
after a Qualified Public Offering, the holder of such shares has met the requirements for transfer of such shares pursuant to Rule 144 under the Securities Act. Whenever the restrictions imposed by this Section 3.3 shall terminate, the holder of any
shares as to which such restrictions have terminated shall be entitled to receive from the Company, without expense, a new certificate not bearing the restrictive legend set forth in paragraph (b) above and not containing any other reference to the
restrictions imposed by this Section 3.3. 
  
 Section 4.
Repurchase Rights. 
  
 (a) Company Repurchase
Right. 
  
 (i) From and after a Repurchase
Event with respect to any Management Holder, the Company and its subsidiaries shall have the right, but not the obligation, to repurchase all or any portion of the shares of Common Stock held by such holder (including any shares of Common Stock
received upon a distribution from any deferred compensation plan or any Common Stock issuable upon exercise of any Options held by such Management Holder) in accordance with this Section 4 for Fair Market Value. The Company or any of its
subsidiaries may exercise its right to purchase such shares of Common Stock until the date occurring six months after the Repurchase Event; provided, however, that with respect to shares of Common Stock acquired by a Management Holder
after such Repurchase Event (whether by exercise of Options, distribution of shares from any deferred compensation plan or otherwise), the Company or any of its subsidiaries may exercise its right to purchase such shares of Common Stock until the
date occurring six months after the acquisition of such shares of Common Stock by such Management Holder (such date, the “Repurchase Date”). The determination date for purposes of determining the Fair Market Value shall be the
closing date of the purchase of the applicable shares (which closing date shall not be later than the Repurchase Date). 
  
 (ii) Notwithstanding anything contained herein to the contrary, in the event (i) a Management Holder materially breaches the terms of this
Agreement (including Section 6 hereof), or any other agreement between the Management Holder and the Company or its subsidiaries or (ii) a Management Holder’s employment is terminated by the Company for Cause, then the Company and its
subsidiaries shall have the right, but not the obligation, to repurchase all or any portion of the shares of Common Stock held by such holder (including any shares of Common Stock received upon a distribution from any deferred compensation plan or
any Common Stock issuable upon exercise of any Options held by such Management Holder) in accordance with this Section 4 for the lesser of (i) Original Cost and (ii) Fair Market Value. The determination date for purposes of determining the Fair
Market Value shall be the closing date of the purchase of the applicable shares. 
  
 (b) BHI Repurchase Right. The Company or a subsidiary thereof shall give written notice to BHI stating whether the Company or any
subsidiary will exercise such purchase rights pursuant to clause (a) above. If such notice states that the Company and its subsidiaries will not exercise their purchase rights for all or a portion of the shares of Common Stock then subject thereto,
BHI shall have the right to purchase such shares of Common Stock not purchased by the Company or its subsidiaries on the same terms and conditions as the Company and its subsidiaries until the later of (i) the 30th day following the receipt of such notice or (ii) the Repurchase Date (in the case of a repurchase pursuant to clause (a)(i) above). 
  
 (c) Management Holder Rights. At any time within 90
days of the termination of employment of any Management Holder without Cause, or the Management Holder’s voluntary resignation of employment with Good Reason, or at any time within 12 months of the Management Holder’s death or Disability,
but prior to the consummation of a Qualified Public Offering, such Management Holder (or his or her executors or administrators, if such Management Holder dies or becomes subject to a 
  

 10 

 Disability), may elect to have the Company purchase all (but not less than all) of the outstanding shares
of Common Stock (including any Deemed Held Shares) held by such Management Holder at a price per share equal to the Fair Market Value of each such share of Common Stock, by giving written notice to the Company of such election (the “Notice
of Redemption”), whereupon the Company shall be obligated to repurchase such shares of Common Stock on such date as shall be determined by the Company, but in any event not earlier than 10 days, and not later than 90 days, after the date
when the Notice of Redemption is delivered to the Company. A Management Holder’s rights to require the Company to repurchase his or her Common Stock shall terminate upon the consummation of a Qualified Public Offering. The determination date
for purposes of determining Fair Market Value shall be the closing date of the purchase of the applicable shares. 
  
 (d) Closing. The closing of any purchase of shares of Common Stock, pursuant to this Section 4 shall take place on a date
designated by the Company, one of its subsidiaries, or BHI, as applicable, in accordance with the applicable provisions of this Section 4; provided that the closing will be deferred until such time as the applicable Management Holder has held
the shares of Common Stock for a period of at least six months and one day. The Company, one of its subsidiaries, or BHI, as applicable, will pay for the shares of Common Stock purchased by it pursuant to this Section 4 by delivery of a check or
wire transfer of funds, in exchange for the delivery by the Management Holder of the certificates representing such shares of Common Stock, duly endorsed for transfer to the Company, such subsidiary or BHI, as applicable. The Company shall have the
right to record such purchase on its books and records without the consent of the Management Holder. 
  
 (e) Restrictions on Repurchase. Notwithstanding anything to the contrary contained in this Agreement, all purchases of shares of
Common Stock by the Company shall be subject to applicable restrictions contained in federal law and the Delaware General Corporation Law and in the Company’s and its respective subsidiaries’ debt and equity financing agreements.
Notwithstanding anything to the contrary contained in this Agreement, if any such restrictions prohibit or otherwise delay any purchase of shares of Common Stock which the Company is otherwise entitled or required to make pursuant to this Section 4,
then the Company shall have the option to make such purchases pursuant to this Section 4 within thirty (30) days of the date that it is first permitted to make such purchase under the laws and/or agreements containing such restrictions.
Notwithstanding anything to the contrary contained in this Agreement, the Company and its subsidiaries shall not be obligated to effectuate any transaction contemplated by this Section 4 if such transaction would violate the terms of any
restrictions imposed by agreements evidencing the Company’s Indebtedness. In the event that any shares of Common Stock are sold by a Management Holder pursuant to this Section 4, the Management Holder, and such Management Holder’s
successors, assigns or representatives, will take all steps necessary and desirable to obtain all required third-party, governmental and regulatory consents and approvals with respect to such Management Holder and take all other actions necessary
and desirable to facilitate consummation of such sale in a timely manner. 
  
 Section 5. Voting Agreement. 
  
 (a) Each Management Holder hereby revokes any and all prior proxies or powers of attorney in respect of any of such Management Holder’s shares of Common Stock and constitutes and appoints Apollo Management V,
L.P., or any nominee of Apollo Management V, L.P., with full power of substitution and resubstitution, at any time from the date hereof until the earlier of (i) the termination of this Agreement pursuant to Section 8(h) hereof (the
“Term”) and (ii) the consummation of a Qualified Public Offering, as its true and lawful attorney and proxy (its “Proxy”), and in its name, place and stead, to vote each of such shares (whether such shares are
currently held or may be acquired in the future by such Management Holder) as its Proxy, at every annual, special, adjourned or postponed meeting of the stockholders of the Company, including the right to sign its name (as stockholder) to any
consent, certificate or other document relating to the Company that the laws of the state of Delaware may permit or require with respect to any matter referred to be voted on by the stockholders of the Company. THE FOREGOING PROXY AND POWER OF
ATTORNEY ARE IRREVOCABLE AND COUPLED WITH AN INTEREST THROUGHOUT THE TERM. 
  

 11 

 (b) No Proxies for or Encumbrances on Management Holder Shares. Except pursuant to
the terms of this Agreement, during the Term and prior to a Qualified Public Offering, no Holder shall, without the prior written consent of Apollo Management V, L.P., directly or indirectly, (i) grant any proxies (other than pursuant to Section
5(a) above) or enter into any voting trust or other agreement or arrangement with respect to the voting of any shares of Common Stock held by such Holder or (ii) except as permitted pursuant to Section 2 or Section 3, sell, assign, transfer,
encumber or otherwise dispose of, or enter into any contract, option or other arrangement or understanding with respect to the direct or indirect sale, assignment, transfer, encumbrance or other disposition of, any such Management Holder’s
Shares. 
  
 Section 6. Non-Solicitation; Non-Compete.

  
 (a) Each Management Holder shall be bound the
non-compete and non-solicitation provisions contained in this Section 6, unless any Management Holder is a party to an employment or other similar agreement with the Company or any of its subsidiaries which contains non-compete and non-solicitation
provisions, in which event such Management Holder shall only be bound by the non-compete and non-solicitation provisions contained in such employment or other agreement and shall not be bound by the provisions of this Section 6. 
  
 (b) During the period commencing on the date hereof and
ending on the first anniversary of the date on which the Management Holder ceases to receive any payments related to salary, bonus or severance from the Company or any of its Affiliates, the Management Holder shall not directly or indirectly through
another Person (i) induce or attempt to induce any employee of the Company or any Affiliate of the Company to leave the employ of the Company or such Affiliate, or in any way interfere with the relationship between the Company or any such Affiliate,
on the one hand, and any employee thereof, on the other hand, (ii) hire any person who was an employee of the Company or any Affiliate of the Company until twelve (12) months after such individual’s employment relationship with the Company or
such Affiliate has been terminated or (iii) induce or attempt to induce any customer, supplier, licensee or other business relation of the Company or any Affiliate of the Company to cease doing business with the Company or such Affiliate, or in any
way interfere with the relationship between any such customer, supplier, licensee or business relation, on the one hand, and the Company or any such Affiliate, on the other hand. 
  
 (c) Each Management Holder acknowledges that, in the course of his employment with the Company and/or its
Affiliates and their predecessors, he has become familiar, or will become familiar, with the Company’s and its Affiliates’ and their predecessors’ trade secrets and with other confidential information concerning the Company, its
Affiliates and their respective predecessors and that his services have been and will be of special, unique and extraordinary value to the Company and its Affiliates. Therefore, each Management Holder agrees that, during the period commencing on the
date hereof and ending on the date on which the Management Holder ceases to receive any payments related to salary, bonus or severance from the Company or any of its Affiliates (or in the case of a termination by the Company of the Management
Holder’s employment for Cause or a termination by the Management Holder of his or her employment without Good Reason, the first anniversary of the date on which the Management Holder ceases to receive such payments) (the “Non-Compete
Period”), such Management Holder shall not directly or indirectly, engage in the production, sale or distribution of any product produced, sold or distributed by the Company or its subsidiaries as of the date hereof or during the
Non-Compete Period anywhere in the world in which the Company or its subsidiaries is doing business. For purposes of this Section 6(c), the phrase “directly or indirectly engage in” shall include any direct or indirect ownership or
profit participation interest in such enterprise, whether as an owner, stockholder, partner, joint venturer or otherwise, and shall include any direct or indirect participation in such enterprise as an employee, consultant, licensor of technology or
otherwise; provided, however, that nothing in this Section 6 shall prohibit any Management Holder from being a passive owner of not more than 2% of the outstanding stock of any class of a corporation which is publicly traded, so long as such
Management Holder has no active participation in the business of such corporation. 
  

 12 

 (d) Each Management Holder understands that the foregoing restrictions may limit his
ability to earn a livelihood in a business similar to the business of the Company and any of its Affiliates, but he nevertheless believes that he has received and will receive sufficient consideration and other benefits as an employee of the Company
and as otherwise provided hereunder or as described in the recitals hereto to clearly justify such restrictions which, in any event (given his education, skills and ability), such Management Holder does not believe would prevent him from otherwise
earning a living. Each Management Holder has carefully considered the nature and extent of the restrictions placed upon him by this Agreement, and hereby acknowledges and agrees that the same are reasonable in time and territory and do not confer a
benefit upon the Company disproportionate to the detriment which the same may cause such Management Holder. 
  
 Section 7. Notices. 
  
 In the event a notice or other document is required to be sent hereunder to the Company or to any Holder or the spouse or legal representative of a
Holder, such notice or other document, if sent by mail, shall be sent by registered mail, return receipt requested (and by air mail in the event the addressee is not in the continental United States), to the party entitled to receive such notice or
other document at the address set forth on Annex I hereto. Any such notice shall be effective and deemed received three (3) days after proper deposit in the mails, but actual notice shall be effective however and whenever received. The
Company, any Holder or any spouse or legal representative of a Holder may effect a change of address for purposes of this Agreement by giving notice of such change to the Company, and the Company shall, upon the request of any party hereto, notify
such party of such change in the manner provided herein. Until such notice of change of address is properly given, the addresses set forth on Annex I shall be effective for all purposes. 
  
 Section 8. Miscellaneous Provisions. 
  
 (a) Each Management Holder that is a party to a Management Stockholder’s Agreement by its signature
hereto agrees that such agreement is terminated as of the date hereof and shall have no further force or effect. 
  
 (b) Each Management Holder that is an entity that was formed for the sole purpose of acquiring shares of Common Stock or that has no
substantial assets other than the shares of Common Stock or interests in shares of Common Stock agrees that (a) certificates of shares of its common stock or other instruments reflecting equity interests in such entity (and the certificates for
shares of common stock or other equity interests in any similar entities controlling such entity) will note the restrictions contained in this Agreement on the transfer of Common Stock as if such common stock or other equity interests were shares of
Common Stock and (b) no such shares of common stock or other equity interests may be transferred to any Person other than in accordance with the terms and provisions of this Agreement as if such shares or equity interests were shares of Common
Stock. 
  
 (c) No Holder shall enter into any
stockholder agreements or arrangements of any kind with any Person with respect to any Securities of the Company on terms inconsistent with the provisions of this Agreement (whether or not such agreements or arrangements are with other Holders or
with Persons that are not parties to this Agreement), including agreements or arrangements with respect to the acquisition or disposition of any Securities of the Company in a manner inconsistent with this Agreement. 
  
 (d) All questions concerning the construction,
interpretation and validity of this Agreement shall be governed by and construed in accordance with the domestic laws of the State of Delaware without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware
or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware. 
  
 (e) Whenever the context requires, the gender of all words used herein shall include the masculine, feminine and neuter, and the number of
all words shall include the singular and plural. 
  

 13 

 (f) This Agreement shall be binding upon the Company, BHI, the Management Holders, any
spouses of the Management Holders, and their respective heirs, executors, administrators and permitted successors and assigns. 
  
 (g) This Agreement may be amended or waived from time to time by an instrument in writing signed by the Company and the Holders having the
Required Voting Percentage, provided, that this Agreement may be amended by the Company without the consent of any Holder to cure any ambiguity or to cure, correct or supplement any defective provisions contained herein, or to make any other
provisions with respect to matters or questions hereunder as the Company may deem necessary or advisable, so long as such action does not affect adversely the interest of any Holder. 
  
 (h) This Agreement shall terminate automatically upon: (i) the dissolution of the Company; (ii) the
determination of the Required Voting Percentage, or (iii) the consummation of a Control Disposition. 
  
 (i) Any Holder who disposes of all of his, her or its Common Stock in conformity with the terms of this Agreement shall cease to be a
party to this Agreement and shall have no further rights hereunder. 
  
 (j) The spouses of the individual Management Holders are fully aware of, understand and fully consent and agree to the provisions of this Agreement and its binding effect upon any community property interests or
similar marital property interests in the Common Stock they may now or hereafter own, and agree that the termination of their marital relationship with any Management Holder for any reason shall not have the effect of removing any Common Stock of
the Company otherwise subject to this Agreement from the coverage of this Agreement and that their awareness, understanding, consent and agreement are evidenced by their signing this Agreement. Furthermore, each individual Management Holder agrees
to cause his or her spouse (and any subsequent spouse) to execute and deliver, upon the request of the Company, a counterpart of this Agreement, or an Adoption Agreement substantially in the form of Exhibit A or in a form satisfactory to the
Company. 
  
 (k) Any Disposition or attempted
Disposition in breach of this Agreement shall be void and of no effect. In connection with any attempted Disposition in breach of this Agreement, the Company may hold and refuse to transfer any Common Stock or any certificate therefor, in addition
to and without prejudice to any and all other rights or remedies which may be available to it or the Holders. Each party to this Agreement acknowledges that a remedy at law for any breach or attempted breach of this Agreement will be inadequate,
agrees that each other party to this Agreement shall be entitled to specific performance and injunctive and other equitable relief in case of any such breach or attempted breach and further agrees to waive (to the extent legally permissible) any
legal conditions required to be met for the obtaining of any such injunctive or other equitable relief (including posting any bond in order to obtain equitable relief). 
  
 (l) This Agreement may be executed simultaneously in two or more counterparts, any one of which need not
contain the signatures of more than one party, but all such counterparts taken together will constitute one and the same agreement. It shall not be necessary in making proof of this Agreement to produce or account for more than one such counterpart.
The failure of any Holder to execute this Agreement does not make it invalid as against any other Holder. 
  
 (m) Whenever possible, each provision of this Agreement will 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 will not affect any other provision or
any other jurisdiction, and such invalid, illegal or otherwise unenforceable provisions shall be null and void as to such jurisdiction. It is the intent of the parties, however, that any invalid, illegal or otherwise unenforceable provisions be
automatically replaced by other provisions which are as similar as possible in terms to such invalid, illegal or otherwise unenforceable provisions but are valid and enforceable to the fullest extent permitted by law. 
  

 14 

 (n) Each party hereto shall do and perform or cause to be done and performed all such
further acts and things and shall execute and deliver all such other agreements, certificates, instruments, and other documents as any other party hereto reasonably may request in order to carry out the provisions of this Agreement and the
consummation of the transactions contemplated hereby. 
  
 (o) The parties to this Agreement agree that jurisdiction and venue in any action brought by any party hereto pursuant to this Agreement shall properly (but not exclusively) lie in any federal or state court located in the State of
Delaware. By execution and delivery of this Agreement each party hereto irrevocably submit to the jurisdiction of such courts for himself and in respect of his property with respect to such action. The parties hereto irrevocably agree that venue for
such action would be proper in such court, and hereby waive any objection that such court is an improper or inconvenient forum for the resolution of such action. The parties further agree that the mailing by certified or registered mail, return
receipt requested, of any process required by any such court shall constitute valid and lawful service of process against them, without necessity for service by any other means provided by statute or rule of court. 
  
 (p) No course of dealing between the Company, or its
subsidiaries, and the Holders (or any of them) or any delay in exercising any rights hereunder will operate as a waiver of any rights of any party to this Agreement. The failure of any party to enforce any of the provisions of this Agreement will in
no way be construed as a waiver of such provisions and will not affect the right of such party thereafter to enforce each and every provision of this Agreement in accordance with its terms. 
  
 (q) BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX
FINANCIAL TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON AND THE PARTIES WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE PARTIES DESIRE THAT THEIR DISPUTES BE RESOLVED
BY A JUDGE APPLYING SUCH APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM AND OR ARBITRATION, THE PARTIES HERETO WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT OR PROCEEDING BROUGHT TO ENFORCE
OR DEFEND ANY RIGHT OR REMEDIES UNDER THIS AGREEMENT OR ANY DOCUMENTS ENTERED INTO IN CONNECTION WITH THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREIN. 
  

(r) This Agreement sets forth the entire agreement of the parties hereto as to the subject matter hereof and supersedes all previous
agreements among all or some of the parties hereto, whether written, oral or otherwise, as to such subject matter. Unless otherwise provided herein, any consent required by the Company may be withheld by the Company in its sole discretion.

  
 (s) Except as otherwise expressly provided
herein, no Person not a party to this Agreement, as a third party beneficiary or otherwise, shall be entitled to enforce any rights or remedies under this Agreement. 
  
 (t) If, and as often as, there are any changes in the Common Stock by way of stock split, stock dividend,
combination or reclassification, or through merger, consolidation, reorganization or recapitalization, or by any other means, appropriate adjustment shall be made in the provisions of this Agreement, as may be required, so that the rights,
privileges, duties and obligations hereunder shall continue with respect to the Common Stock as so changed. 
  
 (u) No director of the Company shall be personally liable to the Company or any Holder as a result of any acts or omissions taken under
this Agreement in good faith. 
  
 (v) In the
event additional shares of Common Stock are issued by the Company to a Holder at any time during the term of this Agreement, either directly or upon the exercise or exchange of securities of the Company exercisable for or exchangeable into shares or
Common Stock, such additional shares of Common Stock, as a condition to their issuance, shall become subject to the terms and provisions of this Agreement. 
  

 15 

 (w) Notwithstanding anything to the contrary contained herein, but subject to Section
3.2, BHI may assign its rights or obligations, in whole or in part, under this Agreement to one or more of its Affiliates. 
  
 (x) In the event that any member of BHI becomes an owner of Common Stock of the Company, such member shall automatically become a party to
this Agreement and this Agreement shall be amended and restated to provide that the Apollo Group or a designee of the Apollo Group shall have all of the rights and obligations of BHI hereunder. 
  
 * * * * *Registration Rights Agreement

 Exhibit 10 (vii) 
  

	
	                     REGISTRATION RIGHTS
 AGREEMENT dated as of August 12, 2004,
 among BHI ACQUISITION CORP., a Delaware
 corporation (the “Company”), BHI
 INVESTMENT, LLC, a Delaware limited liability
 company (“BHI”), and the management holders (the
 “Management Holders”) party hereto.

  
 WHEREAS,
BHI has entered into a Stock Purchase Agreement dated as of July 5, 2004 among BHI, BW Holdings LLC, a Delaware limited liability company, Borden Holdings, Inc., a Delaware corporation, Borden Chemical, Inc., a New Jersey corporation, Craig O.
Morrison and Joseph P. Bevilaqua (as amended, restated, modified or supplemented from time to time, the “Purchase Agreement”); and 
  
 WHEREAS, BHI owns shares of Common Stock issued by the Company; 
  
 WHEREAS, each Management Holder has the right to receive shares of Common Stock (i) upon exercise of options granted
to such Management Holder under the Company’s 2004 Stock Option Plan and (ii) upon distribution of such Management Holder’s deferred stock account under the Company’s 2004 Deferred Compensation Plan, in each case subject to the terms
and conditions of such Stock Option Plan and Deferred Compensation Plan, respectively; and 
  
 WHEREAS, the Company has agreed to provide BHI and the Management Holders 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 or BHI 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 BHI, 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 V, L.P. or its Affiliates. 
  
 “Affiliate” of a Holder (other than BHI) 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 V, L.P or its Affiliates. 
  
 “BHI” has the meaning ascribed to it in the introductory paragraph hereof. 
  
 “BHI Notice” has the meaning ascribed to it in Section 4(a). 
  
 “BHI Piggyback Notice” has the meaning ascribed to it in
Section 4(a). 
  
 “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. 
  
 “Closing” has the meaning ascribed to it in the Purchase Agreement. 
  
 “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 BHI and the Management Holders, and any holder of Shares who is a Transferee of BHI or a Management Holder 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 6(i). 
  
 “Inspectors” has the meaning ascribed to it in Section 6(i).

  
 “Investor Rights Agreement” means the
Investor Rights Agreement, dated as of the date hereof among the Company, BHI and the Management Holders as it is amended, restated, supplemented or otherwise modified from time to time. 
  
 “Management Holder Notice” has the meaning ascribed to it in Section 4(c). 
  
 “Management Holder Piggyback Notice” has the meaning
ascribed to it in Section 4(b). 
  
 “Management
Holders” has the meaning ascribed to it in the introductory paragraph hereof. 
  
 “NASD” means the National Association of Securities Dealers, Inc. 
  
 “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. 
  
 “Piggyback Notice” means a BHI Piggyback Notice or a
Management Holder Piggyback Notice. 
  
 “Piggyback
Registration” means any registration pursuant to Section 4 hereof. 
  
 “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.

  
 “Purchase Agreement” has the meaning ascribed
to it in the recitals of this Agreement. 
  
 “Qualified
Public Offering” means a Public Offering pursuant to which the aggregate offering price of the Common Stock sold in such offering is at least $175,000,000. 

 “Records” has the meaning ascribed to it in Section 6(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 7 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 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 6(b). 
  
 “Selling
Shareholders” means, upon the proper delivery of a Piggyback Notice or a Demand Notice, as applicable, 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 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 consummation of the transactions contemplated by the Purchase Agreement 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. 
  
 Section 3. Demand Registration. 
  
 (a) Right to Demand; Demand Notices. Subject to the provisions of
this Section 3 and Section 5, at any time and from time to time after the date hereof, BHI (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 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; 
  
 (ii) second, the Registrable Shares held by the Persons requesting their Shares be included in such registration pursuant to the terms of
Section 4(b); pro rata based upon the number of Registrable Shares owned by each such Person at the time of such registration; and 

 (iii) third, the Shares to be issued and sold by the Company in such registration.

  
 Notwithstanding anything to the contrary set forth in this Section
3(e), if the managing underwriter for an initial Underwritten Offering advises the Company that the inclusion of all Shares proposed to be included in such registration by any particular Management Holder 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 by such Management Holder shall be reduced to the lower of the number of Shares that the managing
underwriter advises that such Management Holder may sell in the initial Underwritten Offering and the number of Shares calculated pursuant to the foregoing. 
  
 (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. Piggyback Registration. 
  
 (a) Subject to Section 4(c), if at any time after the date hereof the
Company proposes for any reason to register Shares under the Securities Act (other than on Form S-4 or Form S-8 promulgated under the Securities Act or any successor forms thereto or any registration of Shares relating to an offering and sale to
management of the Company pursuant to any employee stock plan or other employee benefit plan arrangement), it shall give written notice to BHI of its intention to so register such Shares (the “BHI Notice”) at least 45 days before
the filing of such Registration Statement and BHI shall be entitled to include in such Registration Statement the Registrable Shares held by it. Upon the written request of BHI (a “BHI Piggyback Notice”) delivered within 15 days
after receipt of the BHI Notice, to include in such registration Registrable Shares designated by BHI (which request shall specify the number of Registrable Shares proposed to be included in such registration), the Company shall use commercially
reasonable efforts to cause all such Registrable Shares to be included in such registration on the same terms and conditions as the Shares otherwise being sold in such registration; subject to the limitations set forth in Section 4(c).

  
 (b) Subject to Section 4(c), if at any time after the date
hereof the Company proposes to file a Registration Statement (i) in connection with a Demand Registration, or (ii) in connection with which BHI exercises piggyback registration rights (other than a registration on Form S-4 or S-8 or any successor
form to such Forms or any registration of Shares relating to an offering and sale to management of the Company pursuant to any employee stock plan or other employee benefit plan arrangement) with respect to an offering that includes any Shares, then
the Company shall give prompt written notice (the “Management Holder Notice”) to the Management Holders of its intention to register such Shares and the Management Holders shall be entitled to include in such Registration Statement
the Registrable Shares held by them. Upon the written request of any Management Holder (a “Management Holder Piggyback Notice”), delivered within 15 days after receipt of the Management Holder Notice, to include in such registration
Registrable Shares designated by the Management Holders (which request shall specify the number of Registrable Shares proposed to be included in such registration), the 

 Company shall use commercially reasonable efforts to cause all such Registrable Shares to be included in such
registration on the same terms and conditions as the Shares otherwise being sold in such registration; subject to the limitations set forth in Section 4(c). 
  
 (c) Underwriter’s Cutback. Except in the case of a Piggyback Registration which is also triggered by a Demand
Registration (which shall be governed by Section 3(e)), if the managing underwriter advises the Company that the inclusion of all Registrable Shares proposed to be included in a Piggyback 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 Shares to be issued and sold by the Company in such registration; 
  
 (ii) second, the Registrable Shares held by BHI and the
Management Holders requesting their Registrable Shares be included in such registration pursuant to the terms of this Section 4, pro rata based upon the number of Registrable Shares owned by each such Person at the time of such
registration. 
  
 Notwithstanding anything to the contrary set forth in this
Section 4(b), if the managing underwriter for an Underwritten Offering advises the Company that the inclusion of all Shares proposed to be included in such registration by any particular Management Holder 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 by such Management Holder shall be reduced to the lower of the number of Shares that the managing
underwriter advises that such Management Holder may sell in the Underwritten Offering and the number of Shares calculated pursuant to the foregoing. 
  
 (d) Lock-Up. If the Company at any time shall register shares of Common Stock under the Securities Act for sale to the public, no Management Holder
shall sell publicly, make any short sale of, grant any option for the purchase of, or otherwise dispose publicly of, any Capital Stock of the Company without the prior written consent of the Company, for the period of time in which BHI has similarly
agreed not to sell publicly, make any short sale of, grant any option for the purchase of, or otherwise dispose publicly of, any Capital Stock of the Company. BHI shall use reasonable efforts to limit any such period to not more than 180 days.

  
 (e) Company Control. The Company may decline to file a
Registration Statement after the giving of a Piggyback Notice, or withdraw a Registration Statement after filing and after the giving of Piggyback Notice but prior to the effectiveness of the Registration Statement, provided that the Company shall
promptly notify each Holder in writing of any such action and provided further that the Company shall bear all reasonable expenses incurred by such Holder in connection with such withdrawn Registration Statement. 

 Section 5. 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, BHI 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 6. 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); 
  
 (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 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; 
  
 (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 7. Registration Expenses. 
  
 All expenses incident to the Company’s performance of or compliance with Sections 3, 4, 5, and 6, 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 or in the case of a piggyback registration, BHI to represent such Persons in connection with such registration, (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 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 8. 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 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 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 8 (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 9. 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. 
  
 Section 10. 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 11. 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 12. 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 13. 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 14. Successors and Assigns. 
  
 This Agreement shall inure to the benefit of and be binding upon the
successors and assigns of each of the parties hereto. 
  
 Section 15. 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: 
  
 c/o Borden Chemical, 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: 
  
 BHI Acquisition Corp. 
 c/o Apollo Management, L.P. 
 9 West
57th Street 
 New York, New York 10019 
 Attention: Josh Harris 
 Telecopy: (212) 515-3264 
  
 O’Melveny & Myers, LLP 
 7 Times Square 
 New York, New York 10036 
 Attention: John Suydam, Esq. 
 Telecopy: (212) 326-2061 
  
 (ii) if to BHI, to: 
  
 BHI Investment LLC 
 c/o Apollo Management,
L.P. 
 9 West 57th Street 
 New York, New York 10019 
 Attention: Josh Harris 
 Telecopy: (212) 515-3264 
  
 with a copy (which shall not constitute notice) to: 
  
 O’Melveny & Myers, LLP 

 7 Times Square 
 New York, New York 10036 
 Attention: John Suydam, Esq. 
 Telecopy: (212) 326-2061; 
  
 (iii) If to any Management Holder, to the address set forth with respect to such Management Holder in the Company’s records; and 
  
 (iv) if to any Transferee, to the address specified by such Transferee upon
consummation of the Transfer by which such Person became a Transferee; 
  
 or to
such other address as any party hereto shall have designated by notice in writing to the other parties hereto. 
  
 Section 16. 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 17. Entire Agreement. 
  
 This
Agreement constitutes the entire agreement among the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, whether oral and written, with respect to the subject matter hereof. 
  
 Section 18. Counterparts. 
  
 This Agreement may be executed in two or more counterparts, each of which
shall be deemed an original instrument, but all of which together shall constitute one and the same document. 
  
 Section 19. Amendment. 
  
 This Agreement may be modified, supplemented or amended only by a written instrument executed by all parties hereto. 
  
 Section 20. 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 8, the other Persons referred to as indemnified parties therein. 

 Section 21. 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. 

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

			
	BHI ACQUISITION CORP.
		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	BHI INVESTMENT, LLC
		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	MANAGEMENT HOLDERS
	  
  

	 Craig O. Morrison

	  
  

	 Joseph P. Bevilaqua

	  
  

	 William H. Carter

 This Agreement is executed by the Company and by each Holder and spouse of each Management Holder to be
effective as of the date first above written. 
  

			
	COMPANY:
	
	BHI ACQUISITION CORP.
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

	
	HOLDERS:
	
	BHI INVESTMENT, LLC
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

	
	MANAGEMENT HOLDERS
	
	 
	 Craig O. Morrison

	
	 
	 Joseph P. Bevilaqua

	
	 
	 William H. Carter

  

 EXHIBIT A 
  

ADOPTION AGREEMENT 
  
 This Adoption Agreement (“Adoption”) is executed pursuant to the terms of the Investor Rights Agreement dated as of the Original Issue
Date, a copy of which is attached hereto (the “Investor Rights Agreement”), by the transferee (“Transferee”) executing this Adoption. By the execution of this Adoption, the Transferee agrees as follows: 

 

	 	1.	Acknowledgement. Transferee acknowledges that Transferee is acquiring certain shares of Common Stock of BHI Acquisition Corp., a Delaware corporation (the
“Company”), subject to the terms and conditions of the Investor Rights Agreement, among the Company and the Holders party thereto. Capitalized terms used herein without definition are defined in the Investor Rights Agreement and are
used herein with the same meanings set forth therein. 

  

	 	2.	Agreement. Transferee (i) agrees that the shares of Common Stock acquired by Transferee, and certain other shares of Common Stock that may be acquired by Transferee in the
future, shall be bound by and subject to the terms of the Investor Rights Agreement, pursuant to the terms thereof, and (ii) hereby adopts the Investor Rights Agreement with the same force and effect as if he were originally a party thereto.

  

	 	3.	Notice. Any notice required as permitted by the Investor Rights Agreement shall be given to Transferee at the address listed beside Transferee’s signature below.

  

	 	4.	Joinder. The spouse of the undersigned Transferee, if applicable, executes this Adoption to acknowledge its fairness and that it is in such spouse’s best interest, and
to bind such spouse’s community interest, if any, in the shares of Common Stock and other securities referred to above and in the Investor Rights Agreement, to the terms of the Investor Rights Agreement. 

  

			
		
	 	 	 
		
	 	 	 

  

 ANNEX I 
  
 (i) If to the Company: 
  
 c/o Borden Chemical, 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: 
  
 BHI Investment, LLC 
 c/o Apollo Management V, L.P. 
 9 West 57th Street 
 New York, NY 10019 
 Facsimile: (212) 515-3264 
 Attention: Josh Harris; and 
  
 O’Melveny & Myers, LLP 
 7 Times Square 
 New York, NY 10036 
 Facsimile: (212) 326-2061 
 Attention: John J. Suydam, Esq. 
  
 (ii) If to BHI or the Apollo Group: 
  
 BHI Investment, LLC 
 c/o Apollo Management V, L.P. 
 9 West 57th Street 
 New York, NY 10019 
 Facsimile: (212) 515-3264 
 Attention: Josh Harris 
  
 with a copy (which shall not constitute notice) to: 
  
 O’Melveny & Myers, LLP 
 7 Times Square 
 New York, NY 10036 
 Facsimile: (212) 326-2061 
 Attention: John J. Suydam, Esq. 
  
 (iii) If to any Management Holder, to the address set forth with respect to such Management Holder in the Company’s records.

  
 * * * * * 
  

 II-1

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