Document:

Technical Management Agreement between Venice Shipping Company Limited and SSM

 Exhibit 10.10 

 

 

  

											
	
 

	 		 		 		  		  	
 

	 	1.	 	 Date of Agreement
 December
1, 2009
	 		  	THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO)	  
	 		 		 		  	 STANDARD SHIP MANAGEMENT AGREEMENT
  
 CODE NAME: “SHIPMAN 98”
  
	  	Part 1  

	 	  
 2.
	 	  
 Owners (name, place of registered office and law of registry)
(CI. 1)
  
	 	  
 3.
	  	  
 Managers (name, place of registered office and law of
registry) (CI. 1)
  

	 		 	 Name
 Venice Shipping Company Limited
	 		  	 Name
 Scorpio Ship Management sam

	 		 	 Place of registered office
 Ajeltake Road, Ajeltake Island, Majuro, MH96960, Marshall Islands
	 		  	 Place of registered office
 9 blvd Charles DI, MC98000 Monaco

	 		 	 Law of registry
 Marshall Islands
	 		  	 Law of registry
 Principality of Monaco

	 	4.	 	 Day and year of commencement of Agreement (CI. 2)
 December 1, 2009

	 	5.	 	 Crew Management (state “yes” or “no” as agreed) (CI. 3.1)
 YES
	 	6.	  	 Technical Management (state “yes” of “no” as agreed) (CI. 3.2)
 YES

	 	7.	 	 Commercial Management (state “yes” or “no” as agreed) (CL 3.3)
 NO
	 	8.	  	 Insurance Arrangements (state “yes” or “no” as agreed) (CI. 3.4)
 YES

	 	9.	 	 According Service (state “yes” or “no” as agreed) (CI. 3.5)
 YES
	 	10.	  	 Sale of Purchase or the Vessel (state “yes” or “no” as agreed ) (CI. 3.6)
 YES

	 	11.	 	 Provisions (state “yes” or “no” as agreed) (CI. 3.7)
 YES
	 	12.	  	 Bunkering (state “yes’ or “no” as agreed) (CI. 3.8)
 NO

	 	13.	 	 Chartering Services Period (only to be filled in if “yes” stated in Box 7) (CI. 3.3(i))
 NO
	 	14.	  	 Owner’s Insurance (state alternative (i), (ii), or (iii) of CI. 6.3)
 6.3(i) to apply

	 	15.	 	 Annual Management Fee (state annual amount) (CI. 8.1)
 US$200,000.-
	 	16.	  	 Severance Costs (state maximum amount) (CI. 8.4(ii))
 For Owners’ account: please see clause 8.4 (ii)

	 	17.	 	 Day and year of termination of Agreement (CI. 17)
 See clause 17.
	 	18.	  	 Law and Arbitration (state alternative 19.1 19.2 or 19.3; if 19.3 place of arbitration must be
stated) (CI. 19)
 19.1

		 	19.	 	 Notice (State postal and cable address, telex and telefax number for serving notice and communication to the Owners) (CI.
20)
 c/o Scorpio Commercial Management sam
 9 blvd Charles III
 MC98000 Monaco
	 	20.	  	 Notices (State postal and cable address, telex and telefax number for serving notice and communication to the
Managers) (CI. 20)
 9 blvd Charles III
 MC98000 Monaco
 phone +377 97985700
 fax +377 92057045
 e-mail: technical@scorpio.mc

 It is mutually agreed between the party stated in Box 2
and the party stated in Box 3 that this Agreement consisting of PART I and PART II as well as Annexes “A” (Details of Vessel), “B” (Details of Crew), “C” (Budget) and
“D” (Associated vessels) attached hereto, shall be performed subject to the conditions contained herein. In the event of a conflict of conditions, the provisions of PART I and Annexes “A”,
“B”, “C” and “D” shall prevail over those of PART II to the extent of such conflict but no further. 

 

 

 This document is a computer generated SHIPMAN 98 form printed by authority of BIMCO. Any insertion or
deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility
for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document. 

 PART II 
 “SHIPMAN 98” Standard Ship Management Agreement 
  

	1.	Definitions 

 In this
Shipman 98 form (together with the Additional Clauses of even date herewith and any Schedules thereto (the “Agreement”)) save where the context otherwise requires, the following words and expressions shall have the meanings hereby assigned
to them. 
 “Owners” means the party identified in Box 2. 
 “Managers” means the party identified in Box 3. 
 “Vessel” means the vessel or vessels details of which are set out in Annex “A” attached hereto. 

“Crew” means the Master, officers and ratings of the numbers, rank and nationality specified in Annex
“B” attached hereto. 
 “Crew Support Costs” means all expenses of a general nature which are not
particularly referable to any individual vessel for the time being managed by the Managers and which are incurred by the Managers for the purpose of providing an efficient and economic management service and, without prejudice to the generality of
the foregoing, shall include the cost of crew standby pay, training schemes for officers and ratings, cadet training schemes, sick pay, study pay, recruitment and interviews. 
 “Severance Costs” means the costs which the employers are legally obliged to pay to or in respect of the Crew as a result of
the early termination of any employment contract for service on the Vessel 
 “Crew Insurances” means insurances
against crew risks which shall include but not be limited to death, sickness, repatriation, injury, shipwreck unemployment indemnity and loss of personal effects. 
 “Management Services” means the services specified in sub-clauses 3.1 to 3.8 as indicated affirmatively in Boxes 5 to 12. 
 “ISM Code” means the International Management Code for the Safe Operation of Ships and for Pollution Prevention as adopted
by the International Maritime Organization (IMO) by resolution A.741(18) or any subsequent amendment thereto. 
 “STCW
95” means the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers, 1978, as amended in 1995 or any subsequent amendment thereto. 
  

	2.	Appointment of Managers 

 With effect from the day and year stated in Box 4 and continuing unless and until terminated as provided herein, the Owners hereby appoint the Managers and the Managers hereby agree to act as the Managers of the Vessel. 

 

	3.	Basis of Agreement 

 Subject to the terms and conditions herein provided, during the period of this Agreement, the Managers shall carry out Management Services in respect of the Vessel as agents for and on behalf of the Owners. The Managers shall have authority
to take such actions as they may from time to time in their absolute discretion consider to be necessary to enable them to perform this Agreement in accordance with sound ship management practice. 
  

	 	3.1	Crew Management 

 (only
applicable if agreed according to Box 5) 
 The Managers shall provide suitably qualified Crew for the Vessel as
required by the Owners in accordance with the STCW 95 requirements, provision of which includes but is not limited to the following functions: 
  

	 	(i)	selecting and engaging the Vessel’s –Crew, including payroll arrangements, pension administration, and insurances for the Crew other than those mentioned in
Clause 6; 

  

	 	(ii)	ensuring that the applicable requirements of the law of the flag of the Vessel are satisfied in respect of manning levels, rank, qualification and certification of the
Crew and employment regulations including Crew’s tax, social insurance, discipline and other requirement; 

  

	 	(iii)	ensuring that all members of the Crew have passed a medical examination with a qualified doctor certifying that they are fit for the duties for which they are engaged
and are in possession of valid medical certificates issued in accordance with appropriate flag State requirements. In the absence of applicable flag State requirements the medical certificate shall be dated not more than three months prior
to the respective Crew members leaving their country of domicile and maintained for the duration of their service on board the Vessel. 

  

	 	(iv)	ensuring that the Crew shall have a command of the English language of a sufficient standard to enable them to perform their duties safely; 

  

	 	(v)	arranging transportation of the Crew, including repatriation; 

  

	 	(vi)	training of the Crew and supervising their efficiency; 

  

	 	(vii)	conducting union negotiations; 

  

	 	(viii)	operating the Managers’ drug and alcohol policy unless otherwise agreed. 

  

	 	3.2	Technical Management 

 (only applicable if agreed according to Box 6) 
 The Managers shall provide technical management which
includes, but is not limited to, the following functions: 
  

	 	(i)	provision of competent personnel to supervise the maintenance and general efficiency of the Vessel; 

  

	 	(ii)	arrangement and supervision of dry dockings, repairs, alterations and the upkeep of the Vessel to the standards required by the Owners provided that the Managers shall
be entitled to incur the necessary expenditure to ensure that the Vessel will comply with the law of the flag of the Vessel and of the places where she trades, and all requirements and recommendations of the classification Society;

  

	 	(iii)	arrangement of the supply of necessary victualling, stores, spares, and lubricating oil and services for the Vessel; 

  

	 	(iv)	appointment of surveyors and technical consultants as the Managers may consider from time to time to be necessary; 

  

	 	(v)	development, implementation and maintenance of a Safety Management System (SMS) in accordance with the ISM Code and an ISPS (see sub-clauses 4.2 and 5.3).

  

	 	3.3	Commercial Management 

 (only applicable if agreed according to Box 7) 
 The Managers shall provide the commercial operation of the Vessel, as required by the Owners, which includes, but is not limited to, the following functions: 
  

	 	(i)	providing chartering services in accordance with the Owners’ instructions which include, but are not limited to, seeking and negotiating employment for the
Vessel and the conclusion (including the execution thereof) of charter parties or other contracts relating to the employment of the Vessel. If such a contract exceeds the period stated in Box 13, consent thereto in writing shall first be obtained
from the Owners. 

  

	 	(ii)	arranging of the proper payment to Owners or their nominees of all hire and/or freight revenues or other moneys of whatsoever nature to which Owners may be
entitled arising out of the employment of or otherwise in connection with the Vessel. 

  

	 	(iii)	providing voyage estimates and accounts and calculating of hire, freights, demurrage and/or dispatch moneys due from or due to the charterers of the
Vessel; 

  

	 	(iv)	issuing of voyage instructions; 

  

	 	(v)	appointing agents; 

  

	 	(vi)	appointing stevederes; 

  

	 	(vii)	Arranging surveys associated with the commercial operation of the Vessel. 

  

	 	3.4	Insurance Arrangements 

 (only applicable if agreed according to Box 8) 
 This document is a computer generated SHIPMAN 98 form printed by
authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall
apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document. 

 PART II 
 “SHIPMAN 98” Standard Ship Management Agreement 
  

 The Managers shall arrange insurances in accordance with Clause 6, on such terms and
conditions as the Owners shall have instructed or agreed, in particular regarding conditions, insured values, deductibles and franchises. 
  

	 	3.5	Accounting Services 

 (only applicable if agreed according to Box 9) 
 The Managers shall: 
  

	 	(i)	establish an accounting system which meets the requirements of the Owners and provide regular accounting services, supply regular reports and records,

  

	 	(ii)	maintain the records of all costs and expenditure incurred as well as data necessary or proper for the settlement of accounts between the parties.

  

	 	3.6	Sale or Purchase of the Vessel 

 (only applicable if agreed according to Box 10) 
 The Managers shall, if so requested and in accordance
with the Owners’ instructions, 
 Provide technical assistance in connection with any sale of the Vessel, supervise the sale
or purchase of the Vessel, including the performance of any sale or purchase agreement, but not negotiation of the same. Any time lost by the Vessel and cost associated with sale and purchase of the Vessel will be considered as contingency and out
of budget (please refer to clause 8.10 hereto). 
  

	 	3.7	Provisions (only applicable if agreed according to Box 11) 

 The Managers shall arrange for the supply of provisions. 
  

	 	3.8	Bunkering (only applicable if agreed according to Box 12)

 The Managers shall arrange for the provision of bunker fuel of the quality specified by the Owners
as required for the Vessel’s trade. 
  

	4.	Managers’ Obligations 

 4.1 The Managers undertake to use their best endeavours to provide the agreed Management Services as agents for and on behalf of the Owners in accordance with sound ship management practice and to protect and promote the interests of
the Owners in all matters relating to the provision of services hereunder. Provided, however, that the Managers in the performance of their management responsibilities under this Agreement shall be entitled to have regard to their overall
responsibility in relation to all vessels as may from time to time be entrusted to their management and in particular, but without prejudice to the generality of the foregoing, the Managers shall be entitled to allocate available supplies, manpower
and services in such manner as in the prevailing circumstances the Managers in their absolute discretion consider to be fair and reasonable. 
 4.2 Where the Managers are providing Technical Management in accordance with sub-clause 3.2, they shall procure that the requirements of the law of the flag of the Vessel are satisfied and
they shall in particular be deemed to be the “Company” as defined by the ISM Code, assuming the responsibility for the operation of the Vessel and taking over the duties and responsibilities imposed by the ISM Code when applicable.

  

	5.	Owners’ Obligations 

 5.1 The Owners shall pay all sums due to the Managers punctually in accordance with the terms of this Agreement. 
 5.2 Where the Managers are providing Technical Management in accordance with sub-clause 3.2, the Owners shall: 
  

	 	(i)	procure that all officers and ratings supplied by them or on their behalf comply with the requirements of STCW-95; 

  

	 	(ii)	instruct such officers and ratings to obey all reasonable orders of the Managers in connection with the operation of the Managers’ safety management
system. 

 5.3 Where the Managers are not providing Technical Management
in accordance with sub-clause 3.2, the Owners shall procure that the requirements of the law of the flag of the Vessel are satisfied and that they, or such other entity as may be appointed by them and identified to the
Managers, shall be deemed to be the “Company” as defined by the ISM Code assuming the responsibility for the operation of the Vessel and taking over the duties and responsibilities imposed by the ISM Code when
applicable. 
  

	6.	Insurance Policies 

 The
Owners shall procure, whether by instructing the Managers under sub-clause 3.4 or otherwise, that throughout the period of this Agreement: 
 6.1 at the Owners’ expense, the Vessel is insured for not less than her sound market value or entered for her full gross tonnage, as the case may be for: 
  

	 	(i)	usual hull and machinery marine risks (including crew negligence) and excess liabilities; 

  

	 	(ii)	protection and indemnity risks (including pollution risks and Crew Insurances, FDD cover); and 

  

	 	(iii)	war risks (including protection and indemnity and crew risks) 

  

	 	(iv)	Loss of Hire (TBA) 

 in
accordance with the best practice of prudent owners of vessels of a similar type to the Vessel, with first class insurance companies, underwriters or associations (“the Owners’ Insurances”); 
 6.2 all premiums and calls on the Owners’ Insurances are paid promptly by their due date. 
 6.3 the Owners’ Insurances name the Managers and , subject to underwriters’ agreement, any third party designated by the
Managers as a joint assured, with full cover, with the Owners obtaining cover in respect of each of the insurances specified in sub-clause 6.1: 
  

	 	(i)	on terms whereby the Managers and any such third party are liable in respect of premiums or calls arising in connection with the Owners’ Insurances; or

  

	 	(ii)	if reasonably obtainable, on terms such that neither the Managers nor any such third party shall be under any liability in respect of premiums or calls arising
in connection with the Owners’ Insurances; or 

  

	 	(iii)	on such other terms as may be agreed in writing. 

 Indicate alternative (i), (ii), or (iii) in Box 14. If Box 14 is left blank then
(i) applies. 
 6.4 written evidence is provided, to the reasonable satisfaction of the Managers, of
their compliance with their obligations under Clause 6 within a reasonable time of the commencement of the Agreement, and of each renewal date and, if specifically requested, of each payment date of the Owners’ Insurances. 
  

	7.	Income Collected and Expenses Paid on Behalf of Owners 

 7.1 All moneys collected by the Managers under the terms of this Agreement (other than moneys payable by the Owners to the Managers) and any interest thereon shall be held to the credit of the
Owners in a separate bank account. 
 7.2 All expenses incurred by the Managers under the terms of this Agreement on
behalf of the Owners (including expenses as provided in Clause 8) may be debited against the Owners in the account referred to under sub-clause 7.1 but shall in any event remain payable by the Owners to the Managers on demand.

  

	8.	Management Fee – see also Additional Clause 24 

 8.1 The Owners shall pay to the Managers for their services as Managers under this Agreement an annual management fee as stated in Box 15 which shall be payable by equal monthly installments
in advance, the first installment being payable on the commencement of this Agreement (see Clause 2 and Box 4) and subsequent installments being payable every month. 
 8.2 The management fee shall be subject to an annual review on the anniversary date of the Agreement and the proposed fee shall be
presented in the annual budget referred to in sub-clause 9.1. 
  

 This document is a computer generated SHIPMAN 98 form printed by authority of BIMCO. Any insertion or
deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility
for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document. 

 PART II 
 “SHIPMAN 98” Standard Ship Management Agreement 
  

 8.3 The Managers shall, at no extra cost to the Owners, provide their own office
accommodation, office staff, facilities and stationery. Without limiting the generality of Clause 7 the Owners shall reimburse the Managers for postage and communication expenses, travelling expenses, and other out of pocket expenses properly
incurred by the Managers in pursuance of the Management Services. 
 8.4 In the event of the appointment of the Managers
being terminated by the Owners or the Managers in accordance with the provisions of Clauses 17 and 18 other than by reason of default by the Managers, or if the Vessel is lost, sold or otherwise disposed of, the “management
fee” payable to the Managers according to the provisions of sub-clause 8.1 shall continue to be payable for a further period of three calendar months as from the termination date. In addition, provided that the Managers provide Crew for
the Vessel in accordance with sub-clause 3.1: 
  

	 	(i)	the Owners shall continue to pay Crew Support Costs during the said further period of three calendar months and 

  

	 	(ii)	the Owners shall pay an equitable proportion of any the Severance Costs in full which may materialize, not exceeding the
amount stated in Box 16. 

 8.5 If the
Owners decide to lay-up the Vessel whilst this Agreement remains in force and such lay-up lasts for more than three months, an appropriate reduction of the management fee for the period exceeding three months until one month before the Vessel is
again put into service shall be mutually agreed between the parties. 
 8.6 Unless otherwise agreed in writing all
discounts and commissions obtained by the Managers in the course of the management of the Vessel shall be credited to the Owners. 
 8.7 Where a charterers vetting inspection may be required and a pre-inspection is requested, the costs of such additional services shall be charged to the Vessel’s account (see cl. 23) 
 8.8 If the Vessel is placed on time charter, additional expenses incurred in complying with charterers requirements (including, but
not limited to, additional reporting requirements and visits to the charterers) will be paid by the Owners. 
 8.9 All
fees are exclusive of Value Added Taxes or other applicable taxes, if any. 
 8.10 If as a result of collision, accident,
emergency, or any other extraordinary circumstances, the Managers; workload is increased beyond that which the parties could reasonably have anticipated, the Managers shall be entitled to reasonable additional remuneration having regard to the
nature of the incident, the personnel and resources of the Managers deployed, and all other relevant circumstances including insurance recoveries. 
  

	9.	Budgets and Management of Funds 

 9.1 The Managers shall present to the Owners annually a budget for the following twelve months in such form as the Owners require. The budget for the first year hereof is set out in Annex “C” hereto. Subsequent
annual budgets shall be prepared by the Managers and submitted to the Owners not less than three months one month before the anniversary date of the commencement of this Agreement (see Clause 2 and Box 4). 

9.2 The Owners shall indicate to the Managers their acceptance and approval of the annual budget within one month of presentation
and in the absence of any such indication the Managers shall be entitled to assume that the Owners have accepted the proposed budget. 
 9.3 Following the agreement of the budget, the Managers shall prepare and present to the Owners their estimate of the working capital requirement of the Vessel and the Managers shall each month up-date this estimate. Based thereon,
the Managers shall each month request the Owners in writing for the funds required to run the Vessel for the ensuing month, including the payment of any occasional or extraordinary item of expenditure, such as emergency repair costs, additional
insurance premiums, bunkers or provisions. Such funds shall be received by the Managers within ten running days after the receipt by the Owners of the Managers’ written request and shall be held to the credit of the Owners in a separate bank
account. 
 9.4 The Managers shall produce a comparison between budgeted and actual income and expenditure of the Vessel
in such form as required by the Owners monthly on a quarterly basis or at such other intervals as mutually agreed. 
 9.5 Notwithstanding anything contained herein to the contrary, the Managers shall in no circumstances be required to use or commit their own funds to finance the provision of the Management
Services. 
  

	10.	Managers’ Right to Sub-Contract 

 The Managers shall not have the right to sub-contract any of their obligations hereunder, including those mentioned in sub-clause 3.1, without the prior written consent of the Owners which shall
not be unreasonably withheld. In the event of such a sub-contract the Managers shall remain fully liable for the due performance of their obligations under this Agreement. 
  

	11.	Responsibilities 

 11.1
Force Majeure – Neither the Owners nor the Managers shall be under any liability for any failure to perform any of their obligations hereunder by reason of any cause whatsoever of any nature or kind beyond their reasonable
control. 
 11.2 Liability to Owners – (i) Without prejudice to sub-clause 11.1, the Managers
shall be under no liability whatsoever to the Owners for any loss, damage, delay or expense of whatsoever nature, whether direct or indirect, (including but not limited to loss of profit arising out of or in connection with detention of or delay to
the Vessel) and howsoever arising in the course of performance of the Management Services UNLESS same is proved to have resulted solely from the negligence, gross negligence or willful default of the Managers or their employees, or agents or
sub- contractors employed by them in connection with the Vessel, in which case (save where loss, damage, delay or expense has resulted from the Managers’ personal act or omission committed with the intent to cause same or recklessly and with
knowledge that such loss, damage, delay or expense would probably result) the Managers’ liability for each incident or series of incidents giving rise to a claim or claims shall never exceed a total of ten times the annual management fee
payable hereunder. 
 (ii) Notwithstanding anything that may appear to the contrary in this Agreement, the Managers shall not be
liable for any of the actions of the Crew, even if such actions are negligent, grossly negligent or willful, except only to the extent that they are shown to have resulted from a failure by the Managers to discharge their obligations under sub-
clause 3.1, in which case their liability shall be limited in accordance with the terms of this Clause 11. 
 11.3 Indemnity – Except to the extent and solely for the amount therein set out that the Managers would be liable under sub-clause 11.2, the Owners hereby undertake to keep the Managers and their employees,
agents and sub-contractors indemnified and to hold them harmless against all actions, proceedings claims, demands or liabilities whatsoever or howsoever arising which may be brought against them or incurred or suffered by them arising out of or in
connection with the performance of the Agreement, and against and in respect of all costs, losses, damages and expenses (including legal costs and expenses on a full indemnity basis) which the Managers may suffer or incur (either directly or
indirectly) in the course of the performance of this Agreement. 
 11.4 “Himalaya” – It is
hereby expressly agreed that no employee or agent of the Managers (including every

  

 This document is a computer generated SHIPMAN 98 form printed by authority of BIMCO. Any insertion or
deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility
for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document. 

 PART II 
 “SHIPMAN 98” Standard Ship Management Agreement 
  

 
sub-contractor from time to time employed by the Managers) shall in any circumstances whatsoever to be under any liability whatsoever the Owners for any loss, damage or delay of whatsoever kind
arising or resulting directly or indirectly from any act, neglect or default on his part while acting in the course of or in connection with his employment and, without prejudice to the generality of the foregoing provisions in this Clause
11, every exemption, limitation, condition and liberty herein contained and every right, exemption from liability, defence and immunity of whatsoever nature applicable to the Managers or to which the Managers are entitled hereunder shall also be
available and shall extend to protect every such employee or agent of the Managers acting as aforesaid and for the purpose of all the foregoing provisions of this Clause 11 the Managers are or shall be deemed to be acting as agent or trustee
on behalf of and for the benefit of all persons who are or might be their servants or agents from time to time (including sub-contractors as aforesaid) and all such persons shall to this extent be or be deemed to be parties to this Agreement.

  

	12.	Documentation 

 Where the
Managers are providing Technical Management in accordance with sub-clause 3.2 and/or Crew Management in accordance with sub-clause 3.1, they shall make available, upon Owners’ request, all documentation and records related to the
Safety Management System (SMS) and/or the Crew which the Owners need in order to demonstrate compliance with the ISM Code and STCW 95 or to defend a claim against a third party. 
  

	13.	General Administration 

 13.1 The Managers shall handle and settle all claims arising out of the Management Services hereunder and keep the Owners informed regarding any incident of which the Managers become aware which gives or may give rise to claims or
disputes involving third parties. 
 13.2 The Managers shall, as instructed by the Owners, bring or defend actions, suits
or proceedings in connection with matters entrusted to the Managers according to this Agreement. 
 13.3 The Managers
shall also have power to obtain legal or technical or other outside expert advice in relation to the handling and settlement of claims and disputes or all other matters affecting the interests of the Owners in respect of the Vessel, save managers
should obtain Owners approval prior to taking any action if time permits. 
 13.4 The Owners shall arrange for the
provision of any necessary guarantee bond or other security. 
 13.5 Any costs reasonably incurred by the Managers in
carrying out their obligations according to Clause 13 shall be reimbursed by the Owners. 
  

	14.	Auditing 

 The Managers
shall at all times maintain and keep true and correct accounts and shall make the same available for inspection and auditing by the Owners at such times as may be mutually agreed. On the termination, for whatever reasons, of this Agreement, the
Managers shall release to the Owners, if so requested, the originals where possible, or otherwise certified copies, of all such accounts and all documents specifically relating to the Vessel and her operation. 
  

	15.	Inspection of Vessel 

 The
Owners shall have the right at any time after giving reasonable notice to the Managers to inspect the Vessel for any reason they consider necessary. 
  

	16.	Compliance with Laws and Regulations 

 The Managers will not do or permit to be done anything which might cause any breach or infringement of the laws and regulations of the Vessel’s flag, or of the places where she trades, presently in
force. Any additional time and costs arising out of the requirements for compliance with rules and regulations (including research expenses) which may become enforceable on the Vessel shall be for Owners account. 
  

	17.	Duration of the Agreement 

 This Agreement shall come into effect on the day and year stated in Box 4 and shall remain in force and effect (unless earlier terminated in accordance with the terms of clause 18) for a minimum period of three (3) calendar
years and thereafter shall continue indefinitely unless terminated in accordance with the provisions hereof continue until the date stated in Box 17. Thereafter it shall continue until
terminated by Upon expiration of the first calendar year either party giving may give to the other notice of termination in writing, in which event the Agreement shall terminate upon the expiration of a period of two months
(2) calendar years from the date upon which such notice was given. Clause 18.6 will apply. 
  

	18.	Termination 

 18.1
Owner’s default 
  

	 	(i)	The Managers shall be entitled to terminate the Agreement with immediate effect by notice in writing if any moneys payable by the Owners under this Agreement and/or the
owners of any associated vessel, details of which are listed in Annex “D”, shall not have been received in the Managers’ nominated account within ten running days of receipt by the Owners of the Managers written request or if
the Vessel is repossessed by the Mortgagees. 

  

	 	(ii)	If the Owners: 

  

	 	(a)	fail to meet their obligations under sub-clauses 5.2 and 5.3 of this Agreement for any reason within their control, or 

  

	 	(b)	proceed with the employment of or continue to employ the Vessel in the carriage of contraband, blockade running, or in an unlawful trade, or on a voyage which in the
reasonable opinion of the Managers is unduly hazardous or improper, 

 the Managers may give notice of the default
to the Owners, requiring them to remedy it as soon as practically possible. In the event that the Owners fail to remedy it within a reasonable time to the satisfaction of the Managers, the Managers shall be entitled to terminate the Agreement with
immediate effect by notice in writing. 
 18.2 Managers’ Default 
 (i) If the Managers fail to meet their obligations under Clauses 3 and 4 of this Agreement for any reason within the control of
the Managers, the Owners may give notice to the Managers of the default, requiring them to remedy it as soon as practically possible. In the event that the Managers fail to remedy it within a reasonable time to the satisfaction of the Owners, the
Owners shall be entitled to terminate the Agreement with immediate effect by notice in writing. 
 (ii) If the Managers are
convicted of, or admits guilt for, a crime, then the Owners shall be entitled to terminate the Agreement with immediate effect by notice in writing. 
 18.3 Extraordinary Termination 
 This Agreement shall be
deemed to be terminated in the case of the sale of the Vessel or if the Vessel becomes a total loss or is declared as a constructive or compromised or arranged total loss or is requisitioned. 
 18.4 For the purpose of sub-clause 18.3 hereof 
  

	 	(i)	the date upon which the Vessel is to be treated as having been sold or otherwise disposed of shall be the date on which the Owners cease to be registered as Owners of
the Vessel; 

  

	 	(ii)	 the Vessel shall not be deemed to be lost unless either she has become an actual total loss or agreement has been reached with her underwriters in
respect of her

  

 This document is a computer generated SHIPMAN 98 form printed by authority of BIMCO. Any insertion or
deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility
for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document. 

 PART II 
 “SHIPMAN 98” Standard Ship Management Agreement 
  

	 	 
constructive, compromised or arranged total loss or if such agreement with her underwriters is not reached it is adjudged by a competent tribunal that a constructive loss of the Vessel has
occurred. 

 18.5 This Agreement shall terminate forthwith in the event of an order being made or resolution
passed for the winding up, dissolution, liquidation or bankruptcy of either party (otherwise than for the purpose of reconstruction or amalgamation) or if a receiver is appointed, or if it suspends payment, ceases to carry on business or makes any
special arrangement or composition with its creditors. 
 18.6 The termination of this Agreement shall be without prejudice to
all rights accrued due between the parties prior to the date of termination. 
  

	19.	Law and Arbitration 

 19.1
This Agreement shall be governed by and construed in accordance with English law and any dispute arising out of or in connection with this Agreement shall be referred to arbitration in London in accordance with the Arbitration Act 1996 or any
statutory modification or re-enactment thereof save to the extent necessary to give effect to the provisions of this Clause. 
 The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (LMAA) Terms current at the time when the arbitration proceedings are commenced. 
 The reference shall be to three arbitrators. A party wishing to refer a dispute to arbitration shall appoint its arbitrator and send notice
of such appointment in writing to the other party requiring the other party to appoint its own arbitrator within 14 calendar days of that notice and stating that it will appoint its arbitrator as sole arbitrator unless the other party appoints its
own arbitrator and gives notice that it has done so within the 14 days specified. If the other party does not appoint its own arbitrator and give notice that it has done so within 14 days specified, the party referring a dispute to arbitration may,
without the requirement of any further prior notice to the other party, appoint its arbitrator as sole arbitrator and shall advise the other party accordingly. The award of a sole arbitrator shall be binding on both parties as if he had been
appointed by agreement. 
 Nothing herein shall prevent the parties agreeing in writing to vary these provisions to provide for
the appointment of a sole arbitrator. 
 In cases where neither the claim nor any counterclaim exceeds the sum of USD50,000 (or
such other sum as the parties may agree) the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure current at the time when the arbitration proceedings are commenced. 
 19.2 This Agreement shall be governed by and construed in accordance with Title 9 of the United States Code and the Maritime Law of
the United States and any dispute arising out of or in connection with this Agreement shall be referred to three persons at New York, one to be appointed by each of the parties hereto, and the third by the two so chosen; their decision or that of
any two of them shall be final, and for the purposes of enforcing any award, judgment may be entered on an award by any court of competent jurisdiction. The proceedings shall be conducted in accordance with the rules of the Society of Maritime
Arbitrators, Inc. 
 In cases where neither the claim nor any counterclaim exceeds the sum of USD50,000 (or such
other sum as the parties may agree) the arbitration shall be conducted in accordance with the Shortened Arbitration Procedure of the Society of Maritime Arbitrators, Inc, current at the time when the arbitration proceedings are commenced.

 19.3 This Agreement shall be governed by and construed in accordance with the laws of the place mutually agreed by the
parties and any dispute arising out of or in connection with this Agreement shall be referred to arbitration at a mutually agreed place, subject to the procedures applicable there. 
 19.4 If Box 18 in Part I is not appropriately filled in, sub clause 19.1 of this Clause shall apply. 
 Note: 19.1, 19.2 and 19.3 are alternatives; indicate alternative agreed in Box
18. 
  

	20.	Notices 

 20.1 Any notice
to be given by either party to the other party shall be in writing and may be sent by fax, telex, registered or recorded mail or by personal service. 
 20.2 The address of the Parties for service of such communication shall be as stated in Boxes 19 and 20, respectively. 
 The Additional Clauses attached hereto together with any subsequent addenda, schedules, appendicies or otherwise, shall be construed as an integral part of this Agreement and shall be interpreted
accordingly. 
  

 This document is a computer generated SHIPMAN 98 form printed by authority of BIMCO. Any insertion or
deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility
for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document. 

 

 

 SHIPMAN98 
 ADDITIONAL CLAUSES TO THE MANAGEMENT AGREEMENT 
 MADE BETWEEN:

 (I) VENICE SHIPPING COMPANY LIMITED 
 AND 
 (II) SCORPIO SHIP MANAGEMENT SAM

  

	21.	OPA 

  

	21.1	The Managers will:- 

  

	 	(i)	arrange for the preparation, filing and updating of a contingency Vessel Response Plan in accordance with the requirements of OPA and instruct the Crew in all aspects
of the operation of such plan; 

  

	 	(ii)	identify and ensure the availability by contract or otherwise of a Qualified Individual, a Spill Management Team, an Oil Spill Removal Organisation, resources having
salvage, fire fighting, lightering and, if applicable, dispersant capabilities, and public relations/media personnel to assist the Owners to deal with the media in the event of discharges of oil. 

  

	21.2	The Managers are expressly authorized as agents for the Owners to enter into such arrangements by contract or otherwise as are required to ensure the availability of
the services outlined in Clause 21.1. The Managers are further expressly authorized as agents for the Owners to enter into such other arrangements as may from time to time be necessary to satisfy the requirements of OPA or other US Federal or State
Laws. 

  

	21.3	The Owners will pay the fees due to third parties providing the services described above together with a fee to the Managers for their services. The level of fees will
be included in the Vessel’s running costs. 

  

	21.4	On termination of this Agreement, the Vessel Response Plan and all documentation will be returned to the Managers at the expense of the Owners.

  

	22.	IT Services 

  

	22.1	The Managers will, subject to the remaining provisions of this Clause 22, provide the Vessel with the Management System Software. 

  

	22.2	The main features of the Management System Software at the date of this Agreement are: 

  

	 	(i)	comprehensive management software providing single point of entry to the Vessel incorporating crew management, defect and deficiency reporting and performance
monitoring; 

  

	 	(ii)	a ship to shore and shore to ship e-mail package providing cost efficient communications available to both Managers and their charterers; and 

 

	 	(iii)	a computerized maintenance system including inventory control and automated purchase order handling. 

  

	22.3	The cost for the Management System Software are set out in the Fee Schedule, and are included in the Vessel’s running cost, as follows:

  

	 	(i)	the annual maintenance fee; 

  

	 	(ii)	maintenance and upgrades; 

  

	 	(iii)	24 hour support; 

	 	(iv)	provision of anti-virus software and regular upgrades; 

  

	 	(v)	operational manuals and regular updates; 

  

	 	(vi)	annual audit on board the Vessel providing a system health check; 

  

	 	(vii)	user manuals and training of the Crew in the use of the Management System Software; and 

  

	 	(viii)	e-mail on board the Vessel. 

  

	22.4	Such costs do not include the costs of appropriate hardware, licence fee and installation/set-up on board the Vessel. 

  

	22.5	Installation and set-up of the Information System Software will be undertaken on a date agreed between the Managers and the Owners having regard to the
Vessel’s schedule and the availability of the Managers’ personnel. 

  

	22.6	The Management System Software is owned by the Managers or its subsidiaries and is protected by applicable copyright and patent laws. 

 

	22.7	The Managers do not warrant that the use or operation of the Information System Software will be uninterrupted or error free. 

  

	23.	Vetting 

 The
Managers shall undertake as soon as reasonably possible to have the Vessel either inspected or screened by the following oil majors: BP, Shell, Exxonmobil, ChevronTexaco and Total. The cost of such vetting process is already included into the
Vessel’s budget. The Managers shall use their best endeavours to accommodate the Owners requests for other/additional vetting inspections or screening processes, the cost of which shall be, however, considered out of budget. 
  

	24.	Management Fee 

  

	24.1	Without prejudice to the generality of clause 8.3 (Management Fee), it is agreed that the remuneration provided for by that clause shall be deemed to cover the
Manager’s administrative and general expenses and any other expenses which are not directly and exclusively applicable to the operation or conduct of the business of the Vessel and shall include: 

 Salaries of corporate officers, executives, department heads, administrative, clerical and office employees, port engineers, port captain,
port stewards, paymaster and other employees of the shore side establishment, payroll taxes, group insurance and pension annuity payments applicable to personnel in the above named categories, office and administrative expenses, including insurance,
rent, heat, light, power, office stationary, office services, depreciation and repair of office equipment, janitor services and expenses, accounting expenses, the Managers’ outside auditing fees, dues and membership in trade associations,
office subscriptions, contributions and donations and franchise taxes, as well as legal fees in connection with the Managers’ corporate and management functions, excluding all and any legal fees or other expenses incurred by the Managers in
connection with any claims arising out of any matter related with the Vessel. 
  

	24.2	In addition to the remuneration payable to the Managers under the provisions of the first paragraph of this section, the Owners shall reimburse the Managers for,
inter alia, the amount of such necessary travelling expenses (outside Monaco), seafarers interviewing costs, telephone calls, communication, vessel’s postage, freight and forwarding, warehousing, agency services and fees which are not included
in budget and will be treated as contingency costs. 

  

	25.	Dry docking 

 Dry
docking to be carried out with prior approval of costs by the Owners, however the repair list to be at the discretion of the Managers 

	26.	Benefit of Existing and Future Contracts 

 Where possible, the Owners shall (for the duration of this Agreement) have the advantage of any existing or future contracts of the Managers for the purchase or renewal of materials, facilities, services
or equipment, by way of the benefit of discounts (if any). 
  

	27.	Passing of Title 

  

	27.1	To the extent already paid for by the Managers using funds specifically provided by the Owners for such a purpose, title to any goods, materials or supplies
purchased by the Managers for use in the performance of this Agreement shall belong to the Owners. 

  

	27.2	Upon termination of this Agreement all such goods, materials or supplies in the hands of the Managers shall be delivered to the Vessel or if requested by the
Owners the Managers shall sell or dispose of such goods, materials or supplies at such price, terms and conditions as may be approved by the Owners and remit the proceeds thereof less any expenses incurred in selling or disposing of such goods to an
account of the Owners, to be advised separately in writing to the Managers. 

  

	28.	Termination on Bareboat Charter of Vessel 

 The Managers shall be entitled to terminate this Agreement by notice in writing in the event that the Vessel is bareboat chartered by the Owners. The date upon which the Vessel is to be treated as having
been bareboat chartered, shall be the date on which the Owners deliver the Vessel to bareboat charterer, notwithstanding the fact that the Managers may learn of the bareboat charter at a later date. 
  

	29.	Slop and any other disposal ashore 

 Disposal of slop produced for whatever reason (including but not limited to tank inspection, repairs, drydock preparation, tank cleaning) and any other disposal ashore compulsory as per local regulation
is considered out of budget and the Owners shall provide the Managers with such additional funds as may be required. 
  

	30.	ISPS Code 

  

	30.1	The Manager shall comply with the requirements of the International Code for the Security of Ships and of Port Facilities and the relevant amendments to Chapter
XI of SOLAS (ISPS Code) relating to the Vessel and “the Company” (as defined by the ISPS Code). If trading to or from the United States or passing through United States waters, in addition to ensure that the Vessel has been issued with a
COFR, the Manager shall also comply with the requirements of the US Maritime Transportation Security Act 2002 (the “MTSA”) relating to the Vessel and the “Owner” (as defined by the MTSA). 

  

	30.2	Where sub-chartering, the Owner shall ensure that the contact details of all sub-charterers are provided to the Managers and the Master. Furthermore, the Owners
shall ensure that all charter parties entered into during the period of this Agreement contain the following provision: 

 “The Charterers shall provide the Owners with their full style contact details and, where sub-chartering is permitted under the terms of the charter party, shall ensure that the contact details of all sub-charterers are likewise
provided to the Owners”. 
  

	30.3	Notwithstanding anything else contained in this Agreement all costs or expenses whatsoever arising out of or related to security regulations or measures required
by the port facility or any relevant authority in accordance with the ISPS Code and/or the MTSA including, but not limited to, security guards, launch services, vessel escorts, security fees, waiting costs and associated expenses, taxes and
inspections, shall be out of budget. All measures required by the Manager to comply with the Ship Security Plan shall be for the Manager’s account excluding costs associated with calls at non ISPS compliant port, facilities, installations,
vessels or port, facilities, installations, vessels included in any relevant authority warning list (ie USCG Port Security Advisory) as applicable in which case Owners shall provide Managers with such additional funds as may be required.

  

	31.	Additional Costs 

 The Owner’s representative’s meals and slop chest, charterers’ meal and slop chest, representation costs, gratuity (either official or not official) provided with the aim to safeguard Vessel’s operation and given in the
sole discretion of Master will be separately debited to the Owners at cost. Any extraordinary trading cost (including but not limited to AMPD, COFR, ENOA/D, ICB, EWR coverage, Ransom and Kidnap coverage, security guard, special arrangement for
transiting pirate infested areas etc), will be debited to Owners at cost, out of budget, under contingency accounting code. 

	32.	Provision of Information 

 The Owners undertake to provide to the Managers directly or through the charterers all information and instruction necessary for the Master to efficiently perform his duties including but not limited to: charterers name and full style,
cargo information including MSDS, cargo carriage instruction relevant to that particular cargo (loading, segregating, carrying, heating, discharging, purging, ventilating, tank cleaning, inerting, stripping, CO washing instruction), port and
terminal information and requirements, navigation instruction, speed to be attained, notification requirement, agency full style, fuel MSDS, bunker delivery notes, information necessary for AMS reporting, chartering contracts the Owners will enter
into, voyage instructions including service speeds to attain. 
  

	33.	HSQE blanket approval clause 

 The Owner undertakes to provide full support for the implementation and approval of the Managers’ health, safety, quality and environmental policy including extra costs which could be from time to
time communicated to Owners. 
  

	34.	Cabotage, storage and STS 

 Cabotage, storage and frequent STS are not considered normal operations and a special evaluation of risk and extra costs will be provided on a case by case basis by the Managers. The Owners shall make available to the Managers such
additional funds as may be required in order for such additional duties to be carried out. 
  

	35.	Payments 

 All
payments to the Managers shall be made in (i) full without any deductions, withholdings and/or set-off and (ii) US Dollars, to the account of the Managers from time to time advised to the Owners by the Managers. 
  

	36.	Third Party Rights 

  

	36.1	Any person (other than parties to this Agreement) who is given any rights or benefits under Clauses 10 or 11 (a “Third Party”) shall be entitled to
enforce those rights or benefits against the parties in accordance with the Contracts (Rights of Third Parties) Act 1999. 

  

	36.2	Save as provided in Clause 36.1 above the operation of the Contracts (Rights of Third Parties) Act 1999 is hereby excluded. 

  

	36.3	The parties may amend vary or terminate this Agreement in such a way as may affect any rights or benefits of any Third Party which are directly enforceable
against the parties under the Contracts (Rights of Third Parties) Act 1999 without the consent of any such Third Party. 

  

	36.4	Any Third Party entitled pursuant to the Contracts (Rights of Third Parties) Act 1999 to enforce any rights or benefits conferred on it by this Agreement may not
veto any amendment, variation or termination of this Agreement which is proposed by the parties and which may affect the rights or benefits of any such Third Party. 

  

	37.	Bunker Quality 

  

	37.1	The Owners shall provide that bunker supplied is of a quality suitable for burning in the Vessel’s engines and auxiliaries and which conform to the
specification(s) mutually agreed under this contract. 

  

	37.2	At the time of delivery of the Vessel the Owners shall place at the disposal of the Managers, the bunker delivery note(s) and any samples relating to the fuels
existing on board. During the currency of the contract, the Owner shall ensure that bunker delivery notes are presented to the Vessel on the delivery of fuel(s) and that during bunkering representative samples of the fuel(s) supplied shall be taken
at the Vessel’s bunkering manifold and sealed in the presence of competent representatives of the fuel supplier and the Vessel as foreseen by Marpol. 

  

	37.3	Without prejudice to anything else contained in this contract, the Owners shall provide that fuel supplied is of such specifications and grades to permit the
Vessel, at all times, to comply with the maximum sulphur content requirements of any emission control zone when the Vessel is ordered to trade within that zone. 

	37.4	The Owners also warrant that any bunker suppliers, bunker craft operators and bunker surveyors used by the Owners to supply such fuels shall comply with
Regulations 14 and 18 of MARPOL Annex VI as applicable, including the Guidelines in respect of sampling and the provision of bunker delivery notes. 

  

	37.5	Owners to provide as well that a bunker minimum quantity is always kept on board corresponding to 10% of any type of bunker necessary for any particular voyage
or 3 days whichever is more. For vessel with a single boiler system, minimum 30 tons of distillate to be always kept on board. Commingling of bunker is not recommended and special manager permission to be obtained on a case by case basis. Managers
not to be held responsible for any consequence of commingling. 

  

	38.	War, war risk areas trading. 

  

	38.1	Managers prior assessment to be always sought before to order the vessel to trade in any war, warlike area as defined by JWC and any cost directly or indirectly
incurred as a consequence to obey to said order will be out of budget and debited to the Owners as contingency. 

  

	38.2	For the purpose of this clause, the words war risk shall include any actual, threatened or reported war; act of war; civil war; hostilities; revolution;
rebellion; civil commotion; warlike operations; laying of mines; acts of piracy; acts of terrorists; acts of hostility or malicious damage; blockades (whether imposed against all vessels or imposed selectively against vessels of certain flags or
ownership, or against certain cargoes or crews or otherwise howsoever); by any person, body, terrorist or political group, or the Government of any state whatsoever, which, in the reasonable judgment of the Managers, may be dangerous or are likely
to be or to become dangerous to the Vessel, her cargo, crew or other persons on board the Vessel. 

  

	39.	Ice trading. 

 Manager prior assessment to be always sought before to order the vessel to trade in any ice bound area as defined by IWL or by prevailing local condition and any cost directly or indirectly incurred as a consequence to obey to said order
will be out of budget and debited to owner as contingency. 
  

	40.	Sub-let. 

 Any
extra cost and expenses necessary for owner to perform any sub letting charterer contract are excluded from budget. Take over cost are excluded from budget and vessel is supposed to be fully stocked at delivery 
  

	41.	Entire Agreement. 

  

	41.1	This Agreement constitutes the entire agreement and understanding between the parties with respect to the subject matter of this Agreement; and (in relation to
such subject matter) supersedes all prior discussions, understandings and agreements between the parties and all prior representations and expressions of opinion by the parties. 

  

	41.2	Each of the parties acknowledges that it is not relying on any statements, warranties, representations or understandings (whether negligently or innocently made)
given or made by or on behalf of the other in relation to the subject matter hereof and that it shall have no rights or remedies with respect to such subject matter otherwise than under this Agreement. The only remedy available shall be for breach
of contract under the terms of this Agreement. Nothing in this Clause shall, however, operate to limit or exclude any liability or fraud. 

 Dated this 1st day of DECEMBER 2009Common Stock Purchase Warrant of Holdings, dated as of November 24, 2009

  
  
 Exhibit 4.1 
 COMMON STOCK PURCHASE WARRANT 
 Dated as of November 24, 2009 
 for 4,156,863 Shares of Common Stock of

 JohnsonDiversey Holdings, Inc. 
  
  
  
  
  

 TABLE OF CONTENTS 
  

							
	 	 	 	  	 	  	Page
	 1.
	 	 Exercise of Warrant
	  	1
				
		 	 1.1.
	  	 Exercise Period
	  	1
		 	 1.2.
	  	 Manner of Exercise
	  	3
		 	 1.3.
	  	 When Exercise Deemed Effected
	  	4
		 	 1.4.
	  	 Delivery of Stock Certificates, etc
	  	4
		 	 1.5.
	  	 Payment of Taxes and Expenses
	  	4
			
	 2.
	 	 Adjustment of Common Stock Issuable upon Exercise
	  	4
				
		 	 2.1.
	  	 Number of Shares; Warrant Price
	  	4
		 	 2.2.
	  	 Stock Dividends, Subdivisions and Combinations
	  	5
		 	 2.3.
	  	 Dividends and Distributions
	  	5
		 	 2.4.
	  	 Consolidation, Merger, Sale of Assets, Reorganization, etc
	  	6
		 	 2.5.
	  	 Other Provisions Applicable to Adjustments under this Section 2
	  	6
			
	 3.
	 	 Notice of Adjustment
	  	8
			
	 4.
	 	 Notices of Corporate Action
	  	8
			
	 5.
	 	 Restrictions on Transfer
	  	9
				
		 	 5.1.
	  	 Certain Restrictions
	  	9
		 	 5.2.
	  	 Drag-Along Rights
	  	11
		 	 5.3.
	  	 Registration; Restrictions on Sale upon Public Offering
	  	12
		 	 5.4.
	  	 Termination of Restrictions
	  	13
			
	 6.
	 	 Call Option
	  	13
				
		 	 6.1.
	  	 Exercise of Call Option
	  	13
		 	 6.2.
	  	 Determination of Call Price
	  	13
		 	 6.3.
	  	 Call Closing
	  	14
		 	 6.4.
	  	 Call Option Termination
	  	15
			
	 7.
	 	 Preemptive Rights Warrant
	  	15
				
		 	 7.1.
	  	 Preemptive Rights Warrant
	  	15
		 	 7.2.
	  	 Issuance Notice
	  	15
		 	 7.3.
	  	 Election
	  	16
		 	 7.4.
	  	 Issuance of New Securities
	  	16
			
	 8.
	 	 Tag-Along Rights
	  	16
			
	 9.
	 	 Registration Rights Agreement
	  	17
				
		 	 9.1.
	  	 Registration Rights Agreement
	  	17
		 	 9.2.
	  	 Public Offering
	  	17
			
	 10.
	 	 Availability of Information
	  	17
			
	 11.
	 	 Reservation of Stock, etc
	  	17
			
	 12.
	 	 Ownership, Transfer and Substitution of the Warrant
	  	18

  

 -i- 

 TABLE OF CONTENTS 
 (continued) 
  

							
	 	 	 	  	 	  	Page
		 	 12.1.
	  	 Ownership of Warrant
	  	18
		 	 12.2.
	  	 Transfer and Exchange of the Warrant
	  	18
		 	 12.3.
	  	 Division and Combination of the Warrant
	  	18
		 	 12.4.
	  	 Replacement of the Warrant
	  	18
			
	 13.
	 	 Definitions
	  	18
			
	 14.
	 	 Rights of Holders
	  	25
			
	 15.
	 	 Notices
	  	25
			
	 16.
	 	 Amendment
	  	28
			
	 17.
	 	 Successors and Assigns
	  	28
			
	 18.
	 	 Third Party Beneficiary
	  	28
			
	 19.
	 	 Remedies
	  	28
			
	 20.
	 	 Waiver of Jury Trial
	  	28
			
	 21.
	 	 Severability
	  	28
			
	 22.
	 	 Counterparts; Facsimile Signatures
	  	29
			
	 23.
	 	 Miscellaneous
	  	29

  

 -ii- 

 THIS WARRANT AND THE SHARES OF COMMON STOCK PURCHASABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFERABILITY AS SET FORTH HEREIN AND IN A REGISTRATION RIGHTS AGREEMENT, DATED AS OF NOVEMBER 24, 2009, AS SUCH AGREEMENT MAY
BE AMENDED FROM TIME TO TIME, A COPY OF WHICH IS ON FILE AT THE OFFICES OF THE COMPANY. 
 NEITHER THIS WARRANT NOR THE SHARES OF COMMON STOCK
PURCHASABLE UPON EXERCISE HEREOF MAY BE SOLD OR OTHERWISE DISPOSED OF IN VIOLATION OF SUCH ACT, APPLICABLE STATE SECURITIES LAWS, THE PROVISIONS OF THIS WARRANT OR SUCH REGISTRATION RIGHTS AGREEMENT. 
 No. of Shares of Common Stock: 4,156,863 
 JohnsonDiversey Holdings, Inc. 
 Common Stock Purchase Warrant 
 New York, N.Y. 
 November 24, 2009 
 JohnsonDiversey Holdings, Inc., a Delaware corporation (the “Company”), for value received, hereby certifies that Unilever
Swiss Holding AG, a company organized under the laws of Switzerland (the “Purchaser”), or its permitted assigns, is entitled to purchase from the Company four million one hundred fifty-six thousand eight hundred sixty-three
(4,156,863) duly authorized, validly issued, fully paid and nonassessable shares of Common Stock, par value $0.01 per share, of the Company at the purchase price per share determined pursuant to Sections 1.2 and 2 hereof, at any time
during the Exercise Period, all subject to the terms, conditions and adjustments set forth below in this Warrant. Certain capitalized terms used in the Warrant are defined in Section 13. 
 This Warrant is the Common Stock Purchase Warrant (the “Warrant” or “Warrants,” such terms to include any
other warrant issued upon transfer, division or combination hereof or in substitution or exchange therefor in accordance with the terms hereof), originally issued on November 24, 2009 (the “Closing Date”) in connection with the
redemption by the Company of 1,960 shares of its Class B Common Stock and as partial payment of the purchase price therefor under the Redemption Agreement between the Company, JohnsonDiversey, Inc. (“JDI”), Commercial Markets
Holdco, Inc. (“CMH”), Unilever, N.V. (“Unilever”), Marga, B.V. and Conopco, Inc. (“Conopco”), dated as of October 7, 2009, as amended by Amendment No. 1 thereto, dated as of
November 20, 2009, by and among the Company, JDI, CMH, Unilever, Marga, B.V. and Conopco (the “Redemption Agreement”). The Warrant evidences rights to purchase four million one hundred fifty-six thousand eight hundred
sixty-three (4,156,863) duly authorized, validly issued, fully paid and nonassessable shares of Common Stock (such number of shares of Common Stock referred to herein as the “Initial Exercise Shares”), subject to adjustment as
provided herein. 

 1. Exercise of Warrant. 
 1.1. Exercise Period. 
 (a) Subject to Section 1.1(b), the holder of the Warrant (the “Holder”) may exercise the Warrant, in whole or in part, at any time on or after the occurrence of a Liquidity Event
(the “Exercise Period”), solely in connection with a sale of the Warrant Shares by the Holder to a Third Party Buyer (a “Holder Sale Transaction”); provided, however, that if such Liquidity Event is
terminated or abandoned for any reason, the vesting of the Exercise Period and any purported exercise of the Warrant in connection therewith shall be deemed to have been void ab initio and the Company shall have no obligation or liability for any
failure to issue Warrant Shares in respect thereof except to refund any Exercise Price theretofore paid by the Holder and the Warrant shall continue in full force and effect. The Warrant will be deemed exercised, without regard to the Exercise
Period or delivery of a Subscription Notice (as provided in Section 1.2), under the circumstances set forth in Sections 5.2(c) and 8. 
 (b) If the Holder desires to engage in a Holder Sale Transaction at any time during the Exercise Period with respect to the Warrant or any Warrant Shares (other than in connection with a Public Offering,
Change of Control, Drag-Along Closing or Tag-Along Closing), the Holder shall deliver to CMH (with a copy to the Company and the CD&R Investor) written notice (a “Notice of Sale”), stating the Holder’s intention to effect
such a sale, and shall comply with the provisions of this Section 1.1(b). 
 (i) CMH may make an offer (the
“CMH Offer”) to the Holder to acquire the Warrant or any Warrant Shares upon terms and conditions set out in a written notice (the “Offer Notice”) to the Holder within 10 Business Days after receipt of the Notice of
Sale (the “Offer Period”). The Offer Notice shall state the number of Warrant Shares subject to such sale, the proposed cash purchase price therefor and any other material terms and conditions of the proposed sale. The CMH Offer
(A) shall be accompanied by evidence of CMH’s ability to fund the purchase price set forth therein, (B) shall be in form and substance so as to be immediately acceptable by the Holder, (C) shall provide that the proposed sale
shall be consummated within 30 days after the Holder’s acceptance of such CMH Offer and (D) will remain open, irrevocable and unconditional (except for a condition that the proposed sale does not violate any applicable laws) until the
expiration of the Holder Acceptance Period (and, to the extent such CMH Offer is accepted during such period, until the consummation of the sale contemplated thereby). 
 (ii) The Holder shall have the right and option, for a period of 10 Business Days after receipt of the Offer Notice (the
“Holder Acceptance Period”), to accept the sale of the Warrant or Warrant Shares at the purchase price and on the terms and conditions stated in the Offer Notice. Such acceptance shall be made by delivering a written notice of such
acceptance (an “Acceptance Notice”) to CMH prior to the end of the Holder Acceptance Period. 

 (iii) If CMH shall not have delivered an Offer Notice prior to the
expiration of the Offer Period, then the Holder may consummate a Holder Sale Transaction at any time within 180 days after the expiration of the Offer Period (the “Restricted Open Sale Period”) and the rights and obligations of the
Holder and CMH under Sections 1.1(b)(iv) through (viii) shall not apply to such Holder Sale Transaction; provided, that any such sale shall be consummated in compliance with all applicable rules and regulations under the Securities Act.

 (iv) If the Holder shall not have accepted a CMH Offer prior to the expiration of the Holder Acceptance
Period, then the Holder may consummate a Holder Sale Transaction at any time within the Restricted Open Sale Period pursuant to an offer (an “Acceptable Offer”) providing for (A) a purchase price that is not less than 110% of
the value of the purchase price set forth in the Offer Notice and (B) other terms and conditions that are not materially less favorable to the Holder than the other terms and conditions set forth in the Offer Notice; provided, that any
such sale shall be consummated in compliance with all applicable rules and regulations under the Securities Act. 
 (v) If the Holder desires to effect a Holder Sale Transaction during the Restricted Open Sale Period pursuant to an offer that does not constitute an Acceptable Offer (an “Unacceptable Offer”), (A) at least five
Business Days prior to consummating such Holder Sale Transaction, the Holder shall deliver to CMH written notice of the terms and conditions of such Unacceptable Offer (an “Unacceptable Offer Notice”), and (B) at least five
Business Days prior to delivering such Unacceptable Offer Notice, the Holder shall deliver to CMH written notice (a “Notice of an Unacceptable Offer Negotiation”) that the Holder believes that it is negotiating an offer that is
likely to constitute an Unacceptable Offer. 
 (vi) Within three Business Days after its receipt of an
Unacceptable Offer Notice (the “Counter-Offer Period”), CMH may make a written offer to the Holder to acquire the Warrant or the Warrant Shares at a purchase price that is not less than the purchase price provided for in the
Unacceptable Offer and on other terms and conditions that are not materially less favorable to the Holder than the other terms and conditions provided for in the Unacceptable Offer (a “Counter-Offer”). Any Counter-Offer
(A) shall be accompanied by evidence of CMH’s ability to fund the purchase price set forth therein, (B) shall be in form and substance so as to be immediately acceptable by the Holder, (C) shall provide that the proposed sale
shall be consummated within 30 days after the Holder’s acceptance of such Counter-Offer and (D) will remain open, irrevocable and unconditional (except for a condition that the proposed sale does not violate any applicable laws) for 30
days after delivery of the Counter-Offer to the Holder (and, to the extent such Counter-Offer is accepted during such period, until the consummation of the sale contemplated thereby). If the Holder shall not have accepted such Counter-Offer within
30 days after delivery of such Counter-Offer to the Holder, then the Holder shall be deemed to have rejected such Counter-Offer and the Holder shall be prohibited from consummating the Unacceptable Offer giving rise to such Counter-Offer without
first complying anew with the provisions of this Section 1.1(b) with respect to any such proposed Holder Sale Transaction. 
  

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 (vii) If CMH shall not have elected to make a Counter-Offer for the Warrant
or the Warrant Shares prior to the expiration of the Counter-Offer Period, then the Holder may Transfer the Warrant or the Warrant Shares pursuant to the applicable Unacceptable Offer within two Business Days after the expiration of the
Counter-Offer Period; provided, that any such Transfer shall be consummated in compliance with all applicable rules and regulations under the Securities Act. 
 (viii) In connection with the consummation of any sale of the Warrant or Warrant Shares pursuant to a CMH Offer or a
Counter-Offer, the Holder shall make the deliveries and provide the representations and warranties set forth in Section 6.3(b) with respect to the Warrant and mutatis mutandi with respect to the sale of the Warrant Shares in connection
with the closing of the CMH Offer or Counter-Offer. 
 (ix) The Holder shall notify CMH (with a copy to the
Company and the CD&R Investor) of the consummation of any Holder Sale Transaction and shall furnish such evidence of the closing (including the time of closing) of such transaction and of the terms thereof as CMH, the Company or the CD&R
Investor may reasonably request. In the event that the Warrant or the Warrant Shares are not sold or otherwise transferred by the Holder during the Restricted Open Sale Period in accordance with the provisions of this Section 1.1(b), the right
of the Holder to transfer the Warrant or the Warrant Shares shall expire and the obligations set forth in this Section 1.1(b) shall be reinstated. 
 (x) Notwithstanding anything to the contrary herein, without the prior written consent of the Principal Stockholders, prior to the sixth anniversary of the Closing Date, the Holder shall not consummate
any Holder Sale Transaction with any purchaser other than a Financial Party who shall agree in writing to not transfer any Warrant Shares to any purchaser other than a Financial Party prior to the sixth anniversary of the Closing Date;
provided, however, that if the comparable transfer restrictions in the Stockholders Agreement are amended, modified or waived in any manner that is more favorable to, or less restrictive upon, the CD&R Investor, then this clause
(x) shall be deemed amended to conform to such more favorable or less restrictive provision. The Company shall promptly provide the Holder with the language of any such amendment (it being understood that no such communication shall be required
for any such amendment to become effective). 
 1.2. Manner of Exercise. Subject to Sections 1.1, 5.2(c), 8 and 9.2,
the Warrant may be exercised by the Holder, during normal business hours on any Business Day by surrender of the Warrant, with the form of subscription at the end hereof (or a reasonable facsimile thereof) (the “Subscription
Notice”) duly executed by such Holder, to the Company at its principal office, accompanied by payment, in cash or by certified or official bank check

  

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payable to the order of the Company or by any other reasonably acceptable form of immediately available funds, in the amount (such amount referred to herein as the “Exercise
Price”) obtained by multiplying (a) the number of shares of Common Stock (after giving effect to any adjustment provided for in Section 2) designated in such Subscription Notice by (b) the greater of (i) the Warrant
Price (after giving effect to any adjustment provided for in Section 2) and (ii) $0.01. Such Holder shall thereupon be entitled to receive the number of duly authorized, validly issued, fully paid and nonassessable shares of Common Stock
(or Other Securities) determined as provided in Section 2 hereof, which shares shall be delivered in accordance with Section 1.4. 
 1.3. When Exercise Deemed Effected. Subject to Sections 1.1, 5.2(c), 8 and 9.2, the exercise of the Warrant with respect to any Holder Sale Transaction shall be deemed to have been effected
immediately prior to the consummation of such Holder Sale Transaction and only to the extent of the Warrant Shares being sold pursuant to such Holder Sale Transaction, subject to surrender of the Warrant to the Company with a duly executed
Subscription Notice accompanied by payment of the Exercise Price as provided in Section 1.2, and at such time the person or persons in whose name or names any certificate or certificates for shares of Common Stock (or Other Securities) shall be
issuable upon such exercise as provided in Section 1.4 shall be deemed to have become the holder or holders of record thereof. 
 1.4. Delivery of Stock Certificates, etc. As soon as practicable after the exercise of the Warrant (but not later than two days after exercise), and in the event such exercise occurs in connection with a Liquidity Event, prior to the
consummation of such Liquidity Event, the Company shall cause to be issued in the name of the Holder or, subject to Section 5, as such Holder (upon payment by such Holder of any applicable transfer taxes) may direct, a certificate or
certificates for the number of duly authorized, validly issued, fully paid and nonassessable shares of Common Stock (or Other Securities) to which such Holder shall be entitled upon such exercise plus, in lieu of any fractional share to which such
Holder would otherwise be entitled, cash in an amount equal to the same fraction of the Fair Market Value of such share of such Common Stock, which Fair Market Value shall be determined in accordance with the procedures set forth in
Section 2.5(b). 
 1.5. Payment of Taxes and Expenses. The Company shall pay all expenses in connection with, and
all taxes and other governmental charges that may be imposed with respect to, the issuance or delivery of the Warrant and the Warrant Shares. The Holder shall pay any withholding tax imposed in connection with any adjustment made under the terms of
the Warrant. 
 2. Adjustment of Common Stock Issuable upon Exercise. 
 2.1. Number of Shares; Warrant Price. The number of shares of Common Stock which the Holder shall be entitled to receive upon the
exercise hereof (the “Warrant Shares”) shall initially be the Initial Exercise Shares and shall be adjusted and readjusted from time to time as provided in Section 2 and, as so adjusted or readjusted, shall remain in effect
until a further adjustment or readjustment thereof is required by Section 2. The “Warrant Price,” which shall initially be $0.01 per share, shall be adjusted and readjusted from time to time as provided in Section 2 and,
as so adjusted or readjusted, shall remain in effect until a further adjustment or readjustment thereof is required by Section 2. 
  

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 2.2. Stock Dividends, Subdivisions and Combinations. If at any time the Company
shall: 
 (i) issue or deliver any shares of Common Stock as a result of the declaration or payment of a dividend
of Common Stock payable in, or other distribution to holders of Common Stock of, shares of Common Stock, 
 (ii)
subdivide its outstanding shares of Common Stock into a larger number of shares of Common Stock, or 
 (iii)
combine its outstanding shares of Common Stock into a smaller number of shares of Common Stock, 
 then (a) the Warrant Price then in
effect shall be adjusted to equal (1) the Warrant Price in effect immediately prior to such Common Stock issuance, delivery, subdivision or combination, multiplied by the number of shares of Common Stock for which the Warrant is exercisable
immediately prior to the adjustment divided by (2) the number of shares of Common Stock which a record holder of the same number of shares of Common Stock for which the Warrant is exercisable immediately prior to the happening of such event
would own after the happening of such event, and (b) the number of Warrant Shares issuable upon exercise of the Warrant shall be adjusted to equal the number obtained by dividing (1) the product of (A) the number of Warrant Shares
issuable upon the exercise of the Warrant immediately prior to the happening of such event and (B) the Warrant Price in effect immediately prior to the adjustment pursuant to the foregoing clause (a) upon the happening of such event, by
(2) the new Warrant Price after giving effect to the adjustment pursuant to the foregoing clause (a) upon the happening of such event. 
 2.3. Dividends and Distributions. If at any time the Company shall distribute to all holders of its outstanding Common Stock evidences of indebtedness of the Company, or assets or securities other
than the Common Stock (any such evidences of indebtedness, assets or securities, the “Assets”), then, in each case, (a) the Warrant Price then in effect shall be reduced to a price determined by multiplying such Warrant Price
by a fraction, 
 (i) the numerator of which shall be the Fair Market Value in effect immediately prior to such
distribution, less the value of such Assets applicable to one share of Common Stock, and 
 (ii) the denominator
of which shall be such Fair Market Value in effect immediately prior to such distribution, 
 and (b) the number of Warrant Shares issuable
upon exercise of the Warrant shall be increased to a number determined by multiplying the number of Warrant Shares immediately prior to such distribution by a fraction, 
 (i) the numerator of which shall be the Fair Market Value in effect immediately prior to such distribution, and 

 

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 (ii) the denominator of which shall be the Fair Market Value in effect
immediately prior to such distribution, less the value of such Assets applicable to one share of Common Stock. 
 2.4.
Consolidation, Merger, Sale of Assets, Reorganization, etc. If at any time the Company shall be a party to any transaction (including without limitation a merger, consolidation, sale of all or substantially all of the Company’s assets or
recapitalization of the Common Stock) in which the Common Stock shall be changed into or exchanged for different securities of the Company or changed into or exchanged for common stock or other securities of another corporation or interests in a
noncorporate entity or other property (including cash) or any combination of any of the foregoing (other than any such transaction which constitutes a Liquidity Event) (each such transaction being hereinafter referred to as the
“Transaction”) and the Warrant has not been exercised prior to the consummation of the Transaction, lawful and adequate provisions shall be made so that, upon the basis and terms and in the manner provided in this Section 2.4,
(i) the Holder shall receive, in lieu of the Common Stock issuable upon exercise of the Warrant prior to such consummation, the stock and other securities, cash and property to which the Holder would have been entitled upon the consummation of
the Transaction if the Holder had exercised the Warrant pursuant to Section 1 immediately prior thereto, subject to adjustments as nearly equivalent as possible to the adjustments provided for in Section 2; and (ii) following the
consummation of the Transaction, the Warrant will represent only the right to receive any such stock, other securities, cash or property. 
 2.5. Other Provisions Applicable to Adjustments under this Section 2. The following provisions shall also be applicable to the making of adjustments to the number of Warrant Shares pursuant to
this Section 2: 
 (a) Computation of Asset Value. To the extent that any Assets shall be distributed to all holders
of the Company’s outstanding Common Stock, if such Assets are securities offered by the Company for subscription, the value of such Assets shall be the subscription price, or if such Assets are securities sold to underwriters or dealers for
public offering without a subscription offering, the initial public offering price (in any such case adding any accrued interest or dividends but without taking into account any compensation, discounts or expenses paid or incurred by the Company in
connection therewith). To the extent that the Company shall so distribute Assets, except as herein otherwise expressly provided, then the value of such Assets shall be deemed to be the value of such Assets as determined in accordance with this
Section 2.5(a) (the “Asset Value”). The Asset Value shall be determined by an investment banking or valuation firm of national reputation and mutually agreed upon by the Company and the Holder (the “Financial
Expert”). If the Company and the Holder are unable to agree upon a Financial Expert, each of the Company and the Holder shall select a Financial Expert and the two Financial Experts so selected shall select the Financial Expert. The
Financial Expert shall be requested to make its determination, if practicable, within a period of 30 days after its appointment. The Financial Expert shall determine (in its opinion and having requested such further information from the Company as
it shall require and the Company shall cooperate to provide the information so requested) a reasonable range of values for the Asset Value on the basis of objective, generally accepted financial and valuation procedures utilized in determining the
value of assets similar in kind and/or type to the Assets. The Company and the Holder shall mutually agree on the Asset Value within the range determined by the Financial Expert, provided 

  

 - 6 - 

 
that if the Company and the Holder are unable to agree on the Asset Value within 30 days after the Financial Expert’s determination, the Asset Value shall be determined by an independent
public accounting firm of international reputation mutually selected by the Company and the Holder (the “Auditors”) from within the range of values determined by the Financial Expert. The costs of the Financial Expert’s (and,
if applicable, the Auditors’) determination shall be borne by the Company. 
 (b) Computation of Fair Market Value.
Except as herein otherwise expressly provided, the fair market value of a share of Common Stock shall be deemed to be the fair market value of such share of Common Stock as determined by the Financial Expert selected in accordance with
Section 2.5(a) (the “Fair Market Value”). The Financial Expert shall be requested to make its determination, if practicable, within a period of 30 days after its appointment. The Financial Expert shall determine (in its opinion
and having requested such further information from the Company as it shall require and the Company shall cooperate to provide the information so requested) a reasonable range of values for the Fair Market Value and in so doing shall give due
consideration to such factors as the Financial Expert deems appropriate, including, without limitation, the earnings and certain other financial and operating information of the Company and its Subsidiaries in recent periods, the potential value of
the Company and its Subsidiaries as a whole, the future prospects of the Company and its Subsidiaries and the industries in which they compete, the history and management of the Company and its Subsidiaries, the general condition of the securities
markets, the fair market value of securities of companies engaged in businesses similar to those of the Company and its Subsidiaries and the consideration paid for securities in similar transactions. The determination of Fair Market Value shall not
take into account any restrictions on transfer of the shares of Common Stock. The Company and the Holder shall mutually agree on the Fair Market Value within the range determined by the Financial Expert, provided that if the Company and the
Holder are unable to agree on the Fair Market Value within 30 days after the Financial Expert’s determination, the Fair Market Value shall be determined by the Auditors from within the range of values determined by the Financial Expert. The
costs of the Financial Expert’s (and, if applicable, the Auditors’) determination shall be borne by the Company. Notwithstanding the foregoing, if at any time the shares of Common Stock are traded on a national securities exchange, Fair
Market Value shall mean the volume weighted average price per share of Common Stock for the 10 Business Days immediately preceding the date as of which such Fair Market Value is determined. 
 (c) When Adjustment to Be Made. The adjustments required by this Section 2 shall be made whenever and as often as any specified
event requiring an adjustment shall occur, except that any adjustment of the number of shares of Common Stock for which the Warrant is exercisable that would otherwise be required may be postponed (except in the case of a subdivision or combination
of shares of the Common Stock, as provided for in Section 2.2) up to but not beyond the date of exercise if such adjustment either by itself or with other adjustments not previously made adds or subtracts less than 1% of the shares of Common
Stock for which the Warrant is exercisable immediately prior to the making of such adjustment. Any adjustment representing a change of less than such minimum amount (except as aforesaid) which is postponed shall be carried forward and made as soon
as such adjustment, together with other adjustments required by this Section 2 and not previously made, would result in at least a minimum adjustment or, if earlier, immediately prior to the date of exercise of the Warrant. For the purpose of
any adjustment, any specified event shall be deemed to have occurred at the close of business on the date of its occurrence. 
  

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 (d) Fractional Interest; Rounding. In computing adjustments under this
Section 2, fractional interests in Common Stock shall be taken into account to the nearest 1/10th of a share, and adjustments in the Warrant Price shall be made to the nearest $.001. 
 (e) When Adjustment Not Required. If the Company shall take a record of the holders of its Common Stock for the purpose of entitling
them to receive any distribution and shall, thereafter and before the distribution to stockholders thereof, legally abandon its plan to deliver such distribution, then no adjustment shall be required by reason of the taking of such record and any
such adjustment previously made in respect thereof shall be rescinded and annulled. If at any time the Company shall distribute cash to all holders of its outstanding Common Stock, the Company shall make an equivalent cash distribution to the Holder
of the Warrant as it makes to holders of Common Stock pro rata based on the number of shares of Common Stock for which the Warrant is then exercisable (after taking into account all unmade adjustments prior to such date), and provided that
such cash distribution has been made in full to the Holder of the Warrant, the Company shall not be required to make an adjustment for such distribution. 
 (f) Timing of Adjustments. Any adjustment required by Section 2.2 or 2.3 shall be made whenever any such dividend, subdivision, combination or distribution (each, an “Adjustment
Event”) is made, and shall become effective on the effective date of the Adjustment Event (or, in the case of any adjustment pursuant to Section 2.3, the date on which the value of the Assets and the Fair Market Value have been finally
determined in accordance with Section 2.5) and retroactive to the record date for the determination of stockholders subject to the Adjustment Event, provided that the Company is not required to make an adjustment pursuant to Section 2.2 or
2.3 if at the time of any distribution in connection with an Adjustment Event the Company makes the same distribution to the Holder of the Warrant as it makes to holders of Common Stock pro rata based on the number of shares of Common Stock
for which the Warrant is then exercisable (after taking into account all unmade adjustments prior to such date). 
 3. Notice
of Adjustment. Whenever the number of Warrant Shares or the Warrant Price shall be adjusted pursuant to Section 2, the Company shall forthwith prepare a certificate to be executed by the chief financial officer of the Company setting forth,
in reasonable detail, the event requiring the adjustment and each other event being adjusted for if such detail has not previously been provided, the method by which the adjustment was calculated, the number of shares of Warrant Shares and the
Warrant Price after giving effect to such adjustment. The Company shall promptly cause a signed copy of such certificate to be delivered to the Holder. The Company shall keep at the office of the Company copies of all such certificates and cause the
same to be available for inspection during normal business hours by the Holder. 
 4. Notices of Corporate Action. In the
event of: 
 (a) any taking by the Company of a record of the holders of its Common Stock for the purpose of determining the
holders thereof who are entitled to receive any dividend

  

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payable in, or other distribution of, shares of Common Stock, or any other dividend or other distribution, or any right to subscribe for, purchase or otherwise acquire any shares of Common Stock,
or to receive any other right, 
 (b) any subdivision of outstanding shares of Common Stock into a larger number of shares of
Common Stock, or any combination of such shares into a smaller number of shares of Common Stock, 
 (c) any capital
reorganization of the Company or any reclassification or recapitalization of the capital stock of the Company, 
 (d) any other
event, change or other action that would trigger an adjustment under Section 2, or 
 (e) any Liquidity Event, 

the Company shall mail to the Holder a notice specifying (i) the date or expected date on which any such record is to be taken for the purpose of
such dividend, distribution or right, and the amount and character of such dividend, distribution or right, (ii) the date or expected date on which any such subdivision, combination or issuance is to take place, and the amount of Common Stock
that shall be the subject of such subdivision, combination or issuance and (iii) the date or expected date on which any such reorganization, reclassification, recapitalization, other event, change or action or Liquidity Event is to take place
and the time, if any such time is to be fixed, as of which the holders of record of Common Stock (or Other Securities) shall be entitled to exchange their shares of Common Stock (or Other Securities) for the securities or other property deliverable
upon such reorganization, reclassification, recapitalization, other event, change or action or Liquidity Event. Such notice shall be mailed at least 20 days prior to the date specified in subdivisions (i), (ii) and (iii) above.

 5. Restrictions on Transfer. 
 5.1. Certain Restrictions. Subject to Section 5.4, the Warrant and all shares of Common Stock (and Other Securities) issued upon the exercise of the Warrant shall not be Transferred, directly
or indirectly, other than (i) to a member of the Unilever Group, (ii) in connection with a Holder Sale Transaction as provided in Section 1.1, (iii) in connection with a Drag-Along Closing as provided in Section 5.2,
(iv) in connection with a Call Closing as provided in Section 6, (v) in connection with a Tag-Along Closing as provided in Section 8 or (vi) in connection with a Public Offering as provided in Section 9.2. Any attempted
Transfer of the Warrant or the Warrant Shares in contravention of this Section 5.1 shall be null and void. 
 (a)
Warrant Restrictive Legend. Except as otherwise permitted by this Section 5, the Warrant shall be stamped or otherwise imprinted with a legend in substantially the following form: 
 “THIS WARRANT AND THE SHARES OF COMMON STOCK PURCHASABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND ARE SUBJECT TO CERTAIN RESTRICTIONS ON

  

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TRANSFERABILITY AS SET FORTH HEREIN AND IN A REGISTRATION RIGHTS AGREEMENT, DATED AS OF NOVEMBER 24, 2009, AS SUCH AGREEMENT MAY BE AMENDED FROM TIME TO TIME, A COPY OF WHICH IS ON FILE AT THE
OFFICES OF THE SECRETARY OF JOHNSONDIVERSEY HOLDINGS, INC. 
 NEITHER THIS WARRANT NOR THE SHARES OF COMMON STOCK PURCHASABLE
UPON EXERCISE HEREOF MAY BE SOLD OR OTHERWISE DISPOSED OF IN VIOLATION OF SUCH ACT, APPLICABLE STATE SECURITIES LAWS, THE PROVISIONS OF THIS WARRANT OR SUCH REGISTRATION RIGHTS AGREEMENT.” 
 (b) Warrant Shares Restrictive Legend. Except as otherwise provided in this Section 5, each certificate for Warrant Shares shall
be stamped or otherwise imprinted with a legend in substantially the following form: 
 “THE SECURITIES REPRESENTED BY THIS
CERTIFICATE ARE SUBJECT TO THE TRANSFER RESTRICTIONS SET FORTH IN A CERTAIN WARRANT, DATED NOVEMBER 24, 2009, ORIGINALLY ISSUED BY JOHNSONDIVERSEY HOLDINGS, INC., AS SUCH WARRANT MAY BE AMENDED FROM TIME TO TIME, A COPY OF WHICH IS ON FILE WITH THE
SECRETARY OF JOHNSONDIVERSEY HOLDINGS, INC. THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE ENTITLED TO CERTAIN OF THE BENEFITS OF AND ARE BOUND BY THE OBLIGATIONS SET FORTH IN A CERTAIN REGISTRATION RIGHTS AGREEMENT, DATED AS OF NOVEMBER 24,
2009, AS SUCH AGREEMENT MAY BE AMENDED FROM TIME TO TIME, A COPY OF WHICH IS ON FILE AT THE OFFICE OF THE SECRETARY OF JOHNSONDIVERSEY HOLDINGS, INC. THE HOLDER OF THIS CERTIFICATE, BY ACCEPTANCE OF THIS CERTIFICATE, AGREES TO BE BOUND BY THE
PROVISIONS OF SUCH WARRANT AND SUCH REGISTRATION RIGHTS AGREEMENT. 
 THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY STATE OR FOREIGN SECURITIES LAWS AND MAY NOT BE TRANSFERRED, SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF UNLESS (i) (A) SUCH DISPOSITION IS PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) THE HOLDER HEREOF SHALL HAVE DELIVERED TO JOHNSONDIVERSEY HOLDINGS, INC. AN OPINION OF COUNSEL TO THE EFFECT THAT SUCH DISPOSITION IS EXEMPT FROM THE
PROVISIONS OF SECTION 5 OF SUCH ACT AND (ii) SUCH DISPOSITION IS PURSUANT TO REGISTRATION UNDER ANY APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION THEREFROM.” 
 (c) Notice of Proposed Transfer; Opinion of Counsel. Subject to compliance with the first paragraph of this Section 5.1 and
Section 5.3, prior to any Transfer of any

  

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Restricted Securities that are not registered under an effective registration statement under the Securities Act (other than a Transfer to the Company or pursuant to Rule 144 under the Securities
Act or any comparable rule under such Act or a Transfer at a Drag-Along Closing, Tag-Along Closing or Call Closing or the consummation of a Holder Sale Transaction), the holder of such Restricted Securities shall give written notice (a
“Transfer Notice”) to the Company of such holder’s intention to effect such Transfer and shall comply in all material respects with this Section 5.1(c). Each Transfer Notice shall describe the manner and circumstances of
the proposed Transfer in reasonable detail and be accompanied by an opinion of counsel (which requirement may be waived by the Company), who shall be independent of the holder proposing such Transfer (but who may be the holder’s regular outside
counsel), experienced in Securities Act matters, to the effect that the proposed Transfer may be effected without registration. If the Company determines such Transfer complies with the restrictions set forth in this Section 5.1 and 5.3, such
holder of Restricted Securities shall thereupon be entitled to Transfer the securities in question in accordance with the terms of the Transfer Notice, provided that the transferee of any such Restricted Securities pursuant to a Transfer Notice
shall remain subject to the restrictions on Transfer set forth in Sections 5.1(a), (b) and (c) and Section 5.3, subject to the termination provisions of Section 5.4(a). The Company shall instruct the transfer agent for the
Warrant and the Warrant Shares (the “Transfer Agent”), if any, to cooperate with the Holder to effect any Transfers permitted to be made pursuant to the terms of the Warrant, and the Transfer Agent is hereby authorized to do so.
Each Warrant or share certificate, if any, issued upon or in connection with such Transfer shall bear the appropriate restrictive legend set forth in Section 5.1(a) or Section 5.1(b), as the case may be, unless, (i) in the opinion of
such counsel, such legend is no longer required to ensure compliance with the Securities Act and (ii) any transfer restrictions set forth in the Registration Rights Agreement are no longer applicable. 
 5.2. Drag-Along Rights. 
 (a) Drag-Along Notice. If CMH, on the one hand, or CDR Jaguar Investor Company, LLC (the “CD&R Investor”), on the other hand, together with its respective Permitted Transferees
and their respective Equity Purchase Assignees, intends to effect a sale of 90% or more of the shares of Common Stock held by it, its Permitted Transferees and their respective Equity Purchase Assignees (such a transferor or transferors of 90% or
more of its or their shares of Common Stock, a “Drag-Along Transferor”) to a Third Party Buyer and such Drag-Along Transferor concurrently elects to exercise its drag-along rights with respect to a Drag Transaction with such Third
Party Buyer under Section 3.5 of the Stockholders Agreement, the Drag-Along Transferor may exercise its rights under this Section 5.2 by delivering written notice (a “Drag-Along Notice”) to the Holder, which notice shall
(a) state (i) that the Drag-Along Transferor wishes to exercise its rights under this Section 5.2 with respect to such sale, (ii) the name and address of the Third Party Buyer, (iii) the per share amount and form of
consideration the Drag-Along Transferor proposes to receive for its shares of Common Stock (the “Drag-Along Price”) and (iv) the terms and conditions of payment of such consideration and all other material terms and conditions
of such sale, (b) contain an offer (the “Drag-Along Offer”) to the Holder by the Third Party Buyer to purchase the portion of the Warrant representing a percentage of Warrant Shares equal to the percentage (the
“Applicable Percentage”) of the shares of Common Stock owned by the Drag-Along Transferor that are to be sold to the Third Party Buyer (the “Applicable Portion”) at the same price (less, in the case of the Holder,
the Exercise Price) and

  

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on and subject to the same terms and conditions offered to the Drag-Along Transferor and subject to Sections 5.2(b) and (c), and (c) state the anticipated time and place of the closing
of the purchase and sale of the Applicable Portion of the Warrant (a “Drag-Along Closing”). 
 (b)
Conditions to Drag-Along. Subject to the provisions of Applicable Law, upon delivery of a Drag-Along Notice, the Holder shall have the obligation and the right to transfer and sell to the Third Party Buyer the Applicable Portion of the
Warrant pursuant to the Drag-Along Offer, as the same may be modified from time to time, provided that the Drag-Along Transferor sells and transfers the Applicable Percentage of its shares of Common Stock to the Third Party Buyer at the Drag-Along
Closing at the same price (less, in the case of the Holder, the Exercise Price) and on the same terms and conditions. In connection with the Drag-Along Transaction, the Holder will agree to make or agree to the same customary representations,
covenants, indemnities and agreements in connection with the Holder’s ownership of the Warrant and the Warrant Shares and authority to sell the Warrant Shares as the Drag-Along Transferor makes with respect to its shares of Common Stock so long
as they are made severally and not jointly and the liabilities thereunder are borne only by the party making or agreeing to make such representations, covenants, indemnities and agreements. Promptly following the Drag-Along Closing, the Holder shall
(i) remit to the Company the Exercise Price for the Warrant Shares represented by the Applicable Portion of the Warrant and (ii) receive from the Company (x) a written confirmation of such transfer (and the consequent cancellation of
the Applicable Portion of the Warrant by the Company) and (y) a new Warrant for the purchase of an aggregate number of Warrant Shares equal to the number of Warrant Shares underlying the Warrant immediately prior to the transfer of the
Applicable Portion of the Warrant to the Third Party Buyer minus the number of Warrant Shares represented by the Applicable Portion of the Warrant. 
 (c) Warrant Shares Drag Along. If, in any Drag-Along Offer, the Third Party Buyer offers to purchase the Applicable Portion of the Warrant Shares (rather than the Warrant) and if so provided in the
Drag-Along Notice, the Applicable Portion of the Warrant will be deemed exercised immediately prior to the Drag-Along Closing, and the Warrant Shares resulting from such exercise shall be sold to the Third Party Buyer at the same price and subject
to the same terms and conditions as offered to the Drag-Along Transferor. 
 (d) Remedies. If, following a breach or a
threatened breach by the Holder of the provisions of this Section 5.2, the Drag-Along Transferor, pursuant to the exercise of its remedies set forth in Section 19, does not obtain an injunction granting it specific performance of the
Holder’s obligations under this Section 5.2 in connection with such proposed transfer, sale, surrender or cancellation prior to the time the Drag-Along Transferor completes the sale of the Applicable Portion of its shares of Common Stock
or, in its sole discretion, abandons such sale, then the Company shall have the option to purchase all Restricted Securities from the Holder at a purchase price equal to the Exercise Price. 
 5.3. Registration; Restrictions on Sale upon Public Offering. In addition to the restrictions on Transfer set forth in
Section 5.1, each holder of Restricted Securities agrees that, in the event that the Company files a registration statement under the Securities Act with respect to an underwritten public offering of any shares of its capital stock, such holder
shall be subject to such restrictions on transfer and resale with respect to the shares issuable upon exercise of the Warrant as are set forth in the Registration Rights Agreement. 
  

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 5.4. Termination of Restrictions. 
 (a) Securities Law Restrictions. The legend requirements of Sections 5.1(a) and 5.1(b) and the restrictions imposed by
Section 5.1(c) shall terminate as to any Restricted Security (i) when and so long as the security in question shall have been effectively registered under the Securities Act and disposed of in accordance with the registration statement
covering such Restricted Securities, or (ii) when (x), in the opinion of counsel for the holder thereof, such restrictions are no longer required in order to insure compliance with the Securities Act and (y) any transfer restrictions set
forth in the Registration Rights Agreement are no longer applicable. Whenever any such restrictions shall terminate as to any Warrant Shares, as soon as practicable thereafter and in any event within five days, the holder thereof shall be entitled
to receive from the Company and the Company agrees to issue to such holder, without expense (other than transfer taxes, if any) and at the request of the holder thereof, new securities of like tenor not bearing the legend set forth in
Section 5.1(b) hereof. Legend requirements set forth in Sections 5.1(a) and 5.1(b) hereof shall continue in effect with respect to other transfer restrictions set forth herein and in the Registration Rights Agreement for so long as such
restrictions remain applicable and thereafter the Company agrees to reissue securities not bearing any legend. 
 (b) Other
Restrictions. Subject to Section 5.4(a), the restrictions set forth in Section 5.1 shall terminate on the Termination Date. The rights and obligations of the Drag-Along Transferor and the Holder pursuant to Section 5.2 shall
terminate on the earlier of (i) the Termination Date and (ii) the date on which the Company registers any class of equity securities pursuant to Section 12 of the Exchange Act such that Section 13(d) of the Exchange Act is
applicable to purchasers of such equity securities. The Tag-Along Rights of the Holder pursuant to Section 8 shall terminate on the earlier of (i) the Termination Date and (ii) the date on which the Company registers any class of
equity securities pursuant to Section 12 of the Exchange Act such that Section 13(d) of the Exchange Act is applicable to purchasers of such equity securities. The restrictions set forth in Section 5.3 shall terminate in accordance
with the provisions of the Registration Rights Agreement. 
 6. Call Option. 
 6.1. Exercise of Call Option. CMH (the “Calling Party”) may purchase the Warrant from the Holder, in whole and not in
part, at a price equal to the Call Price (the “Call Option”) upon written notice to the Holder (the “Call Notice”) given by the Calling Party (with a copy to the Company and the CD&R Investor). 
 6.2. Determination of Call Price. 
 (a) The Calling Party and the Holder shall use their respective best efforts during the 30-day period commencing 30 days after the Call Notice is given to mutually agree on the purchase price to be paid
for the Warrant (such agreed upon price, the “Call Price”). If the Calling Party and the Holder fail to reach an agreement on the Call Price within such 30-day period, then the Call Notice will be deemed to have been terminated on
such date and neither the

  

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Calling Party nor the Holder shall be liable for the failure to consummate the Call Closing. Subject to compliance with the procedures set forth in this Section 6, following the failure to
consummate a Call Closing, the Calling Party shall not be prohibited from exercising the Call Option at a later date. 
 (b)
Following the exercise of the Call Option and until the determination of the Call Price in accordance with this Section 6.2, the Company will provide the Calling Party and the Holder (and their respective professional advisers, subject to
customary confidentiality undertakings) with such historic and prospective information existing on the date on which the Call Option is exercised which is reasonably requested by the Calling Party and/or the Holder for the purposes of determining
the Call Price, including, inter alia, historical and forecast financial information for the Company and its Subsidiaries and information otherwise reasonably required to determine the Call Price. The information supplied by the Company under this
Section 6.2(b) shall be prepared in good faith but otherwise without liability on the part of the Company or any other party involved in the supply of information. The costs incurred by the Company in supplying any information to the Calling
Party or the Holder pursuant to this Section 6.2(b) shall be borne by the Company. 
 6.3. Call Closing. 

(a) Subject to Sections 6.2(a) and 6.3(b), the closing, if any, of the purchase of the Warrant pursuant to the Call Option (the
“Call Closing”) shall take place on such date and at such time and place to be mutually agreed upon by the Calling Party and the Holder (such date, the “Call Closing Date”). 
 (b) At any Call Closing, (x) the Holder shall deliver to the Calling Party the Warrant (properly endorsed or accompanied by appropriate
documentation of authority to transfer), in exchange for payment to the Holder of the Call Price by wire transfer of immediately available funds, and (y) the Holder shall represent and warrant to the Calling Party that, as of the Call Closing
Date: 
 (i) it is the sole legal and beneficial owner of the Warrant and has the requisite power and authority
to sell the Warrant and do all other things it is required to do in connection with such purchase and sale under this Section 6; 
 (ii) upon consummation of the Call Closing, it shall have validly and effectively transferred (A) good and valid title to the Warrant to the Calling Party free and clear of all liens and (B) all
rights of any nature attaching to the Warrant; 
 (iii) except for the Call Option and the restrictions contained
in the Warrant and the Registration Rights Agreement, there is no option, right to acquire, mortgage, charge, pledge, lien or other form of security or encumbrance or equity on, over or affecting the Warrant and there is no agreement or commitment
to give or create any of the foregoing; 
 (iv) the instruments of transfer executed and delivered at the Call
Closing constitute binding obligations of the Holder, enforceable in accordance with their terms, except as the same may be limited by applicable bankruptcy,

  

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insolvency, moratorium, reorganization, fraudulent transfer or other similar laws of general applicability relating to or affecting creditors’ rights from time to time in effect and general
principles of equity, including, without limitation, concepts of materiality, reasonableness, good faith and fair dealing, regardless of whether in a proceeding in equity or at law; and 
 (v) the performance of its obligations under this Section 6 will not: (A) result in a breach of any provision of
its constitutional documents, if any, (B) result in a breach of or constitute a default under any instrument to which it is a party or by which it is bound, (C) result in a breach of any order, judgment or decree of any court or
governmental agency to which it is a party or by which it is bound, or (D) require the consent of any Person, which consent has not been obtained. 
 6.4. Call Option Termination. The rights and obligations of the Calling Party and the Holder pursuant to this Section 6 shall terminate on the earlier of (i) the Termination Date and
(ii) the date on which the Company registers any class of equity securities pursuant to Section 12 of the Exchange Act such that Section 13(d) of the Exchange Act is applicable to purchasers of such equity securities. 
 7. Preemptive Rights Warrant. 
 7.1. Preemptive Rights Warrant. The Holder and any member of the Unilever Group (for so long as the Holder or any such member of the Unilever Group holds Warrant Shares) shall have the right, from
time to time, to purchase a warrant of like tenor and with substantially the same terms and conditions as this Warrant (each, a “Preemptive Rights Warrant”) exercisable for a number of New Securities equal to the Pro Rata Portion of
all or any part of New Securities that the Company or any of its Subsidiaries may, from time to time, propose to sell or issue on the terms and subject to the conditions in this Section 7. The number or amount of New Securities for which a
Preemptive Rights Warrant is exercisable shall be referred to as the “Preemptive Rights Shares.” The rights provided in this Section 7.1 shall apply at the time of issuance of any right, warrant or option or convertible or
exchangeable security and not to the conversion, exchange or exercise thereof. 
 7.2. Issuance Notice. The Company shall
give written notice of a proposed issuance or sale described in Section 7.1 to the Holder within five Business Days following any meeting of the Board of Directors of the Company at which any such issuance or sale is approved and at least 15
days prior to the proposed issuance or sale. Such notice (the “Issuance Notice”) shall set forth the material terms and conditions of such proposed transaction, including the name of any proposed purchaser(s), the proposed manner of
disposition, the number or amount and description of the shares proposed to be issued, the proposed issuance date and the proposed purchase price per share, including a description of any non-cash consideration sufficiently detailed to permit the
determination of the fair market value thereof. Such notice shall also be accompanied by any written offer from the prospective purchaser to purchase such New Securities. 
  

 - 15 - 

 7.3. Election. At any time during the 15-day period following the receipt of an
Issuance Notice, the Holder shall have the right to elect irrevocably to purchase a Preemptive Rights Warrant, exercisable for up to the number of the Preemptive Rights Shares at the purchase price set forth in the Issuance Notice (provided
that, in the event any portion of the purchase price per share to be paid by the proposed purchaser is to be paid in non-cash consideration, the value of any such non-cash consideration per share shall be the fair market value thereof as determined
in good faith by the Board of Directors of the Company) and upon the other terms and conditions specified in the Issuance Notice by delivering a written notice to the Company. Except as provided in the following sentence, such purchase shall be
consummated concurrently with the consummation of the issuance or sale described in the Issuance Notice. The closing of any purchase of a Preemptive Rights Warrant by the Holder may be extended beyond the closing of the transaction described in the
Issuance Notice to the extent necessary to obtain required governmental approvals and other required approvals and the Company and the Holder shall use reasonable best efforts to obtain such approvals. 
 7.4. Issuance of New Securities. If the Holder fails to exercise fully the rights provided under this Section 7 within the
periods described above, the Company shall be free to complete the proposed issuance or sale of the New Securities described in the Issuance Notice with respect to which the Holder failed to exercise the option set forth in this Section 7 on
terms no less favorable to the Company than those set forth in the Issuance Notice (except that the amount of securities to be issued or sold by the Company may be reduced); provided that (x) such issuance or sale is closed within 90 days after
the expiration of the 15-day period described in Section 7.3 and (y) the price at which the New Securities are transferred must be equal to or higher than the purchase price described in the Issuance Notice. Such periods within which such
issuance or sale must be closed shall be extended to the extent necessary to obtain required governmental approvals and other required approvals and the Company shall use reasonable best efforts to obtain such approvals. In the event that the
Company has not sold such New Securities within said 90-day period, the Company shall not thereafter issue or sell any New Securities, without first again offering to the Holder the opportunity to purchase a Preemptive Rights Warrant with respect to
such securities in the manner provided in this Section 7. The rights of the Holder set forth in this Section 7 shall terminate upon the consummation of a Qualified IPO. 
 8. Tag-Along Rights. In the event of a qualifying Transfer of Common Stock by certain stockholders of the Company as specified in
Section 3.4 of the Stockholders Agreement, the Holder, pursuant to Section 9(b) of the Registration Rights Agreement, shall be entitled to certain tag-along sale rights with respect to the Warrant Shares pursuant to the terms and subject
to the conditions set forth in the Stockholders Agreement and the Registration Rights Agreement (the “Tag-Along Rights”); provided, however, that in connection with a Tag-Along Closing, the Holder shall be obligated to
make or agree to only such customary representations, covenants, indemnities and agreements in connection with the Holder’s ownership of the Warrant and the Warrant Shares and authority to sell the Warrant Shares as the Transferring Stockholder
makes with respect to its shares of Common Stock and only so long as they are made severally and not jointly and the liabilities thereunder are borne only by the party making or agreeing to make such representations, covenants, indemnities and
agreements. Upon any exercise by the Holder of its Tag-Along Rights in accordance with the Stockholders Agreement and the Registration Rights Agreement, (i) the Warrant shall be deemed exercised immediately prior to the consummation of the
closing of the sale of Common Stock pursuant to such Tag-

  

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Along Rights (the “Tag-Along Closing”) to the extent of the Warrant Shares to be sold at such Tag-Along Closing and (ii) the Warrant Shares resulting from such exercise
shall be sold by the Holder at the Tag-Along Closing. Promptly following the Tag-Along Closing, the Holder shall (i) remit to the Company the Exercise Price for such Warrant Shares and (ii) receive from the Company a new Warrant for the
purchase of an aggregate number of Warrant Shares equal to the number of Warrant Shares underlying the Warrant immediately prior to the Tag-Along Closing, minus the number of Warrant Shares sold by the Holder at the Tag-Along Closing. 
 9. Registration Rights Agreement. 
 9.1. Registration Rights Agreement. The Warrant Shares are, and the Preemptive Rights Shares, if any, shall be subject to the restrictions set forth in and entitled to the benefits of the
Registration Rights Agreement, dated as of the Closing Date, among the Company, CMH, the CD&R Investor, CDR F&F Jaguar Investor, LLC (“CD&R F&F Investor”), SNW Co., Inc. and the Purchaser (as successor to Marga,
B.V.) (the “Registration Rights Agreement”). 
 9.2. Public Offering. Subject to the terms and
conditions of the Registration Rights Agreement, in connection with a Liquidity Event that is a Public Offering, following the Holder’s delivery of a Subscription Notice with respect thereto in accordance with Section 1.2 (the
“Offering Notice”) and immediately prior to the consummation of the Public Offering (the “Offering Closing”), or at such earlier time following delivery of the Offering Notice as may be required to comply with any
underwriting agreement applicable to the sale of Common Stock pursuant to the Public Offering, the Warrant will be deemed exercised in full (subject to the further provisions of this Section 9.2) and the Warrant Shares resulting from such
exercise shall be offered for sale pursuant to the Public Offering. The terms and conditions of the Public Offering and the Holder’s participation therein shall be governed by the Registration Rights Agreement. If, notwithstanding delivery of
the Offering Notice, either (a) the Offering Closing is not consummated other than as a result of any act or failure to act by the Holder or (b) the Holder is permitted only to sell a portion, and not all, of the Warrant Shares as a result
of the cutback provisions of the Registration Rights Agreement, then the Warrant shall not be deemed exercised with respect to the Warrant Shares not sold pursuant to such Public Offering and shall remain in full force and effect, subject to the
terms and conditions set forth in this Warrant, with respect to such Warrant Shares. 
 10. Availability of Information.
The Company shall supply each holder of Warrant Shares with such information as may reasonably be necessary for such holder to complete and file any information reporting forms presently or hereafter required by the Commission as a condition to the
availability of an exemption from the Securities Act for the sale of any Warrant Shares. 
 11. Reservation of Stock,
etc. The Company shall at all times reserve and keep available, solely for issuance and delivery upon exercise of the Warrant, the number of shares of Common Stock (or Other Securities) from time to time issuable upon exercise of the Warrant at
the time outstanding. All shares of Common Stock (or Other Securities) shall be duly authorized and, when issued upon such exercise, shall be validly issued and, in the case of shares, fully paid and nonassessable. 
  

 - 17 - 

 12. Ownership, Transfer and Substitution of the Warrant. 
 12.1. Ownership of Warrant. The Company may treat the Person in whose name the Warrant, or any Warrant or Warrants issued in
substitution therefor, is registered on the register kept at the principal office of the Company as the owner and the Holder thereof for all purposes, notwithstanding any notice to the contrary, except that, if and when any Warrant is properly
assigned in blank, the Company may (but shall not be obligated to) treat the bearer thereof as the owner of such Warrant for all purposes, notwithstanding any notice to the contrary. Subject to Section 5, a Warrant, if properly assigned, may be
exercised by a new Holder without first having a new Warrant issued. 
 12.2. Transfer and Exchange of the Warrant.
Subject to compliance with Section 5, upon the surrender of the Warrant, properly endorsed, for registration of Transfer or for exchange at the principal office of the Company, the Company at its expense shall execute and deliver to or upon the
order of the Holder thereof a new Warrant or Warrants of like tenor, in the name of such Holder or as such Holder (upon payment by such Holder of any applicable Transfer taxes) may direct, providing for the same number of underlying Warrant Shares
as provided for under the Warrant or Warrants so surrendered. 
 12.3. Division and Combination of the Warrant. Subject
to compliance with Section 5, the Warrant may be divided or combined with other Warrants upon presentation thereof at the principal office of the Company, together with a written notice specifying the name or names and denomination or
denominations in which a new Warrant or Warrants are to be issued, signed by the Holder or by the duly appointed legal representative thereof. Subject to compliance with Section 5, as to any transfer which may be involved in such division or
combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. 
 12.4. Replacement of the Warrant. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or
mutilation of any Warrant and, in the case of any such loss, theft or destruction of any Warrant, upon delivery of indemnity reasonably satisfactory to the Company in form and amount or, in the case of any such mutilation, upon surrender of such
Warrant for cancellation at the principal office of the Company, the Company at its expense shall execute and deliver, in lieu thereof, a new Warrant of like tenor. 
 13. Definitions. As used herein, unless the context otherwise requires, the following terms have the following respective meanings: 
 Acceptable Offer: the meaning specified in Section 1.1(b)(iv). 
 Acceptance Notice: the meaning specified in Section 1.1(b)(ii). 
 Adjustment Event: the meaning specified in Section 2.5(f). 
 Affiliate: with respect to any Person, any other Person directly or indirectly controlling, controlled by or under common control
with, such Person. For purposes of this Warrant, any Affiliate of a Johnson Family Member or SCJ shall be an Affiliate of CMH. 
  

 - 18 - 

 Applicable Law: (a) all applicable and binding international, foreign, federal,
European Union, national, supranational, state, regional or local laws, statutes and subordinate legislation, directives, rules, regulations, ordinances, zoning, building or other similar restrictions, orders, decisions, judgments or decrees,
regulatory agreements or regulatory orders, (b) the common law and (c) the rules and regulations of any United States or foreign securities exchange. 
 Applicable Percentage: the meaning specified in Section 5.2(a). 
 Applicable Portion: the meaning specified in Section 5.2(a). 
 Asset Value: the meaning specified
in Section 2.5(a). 
 Assets: the meaning specified in Section 2.3. 
 Beneficially Own or Beneficial Ownership: with respect to any securities, “beneficial ownership” of such securities,
as determined pursuant to Rule 13d-3 under the Exchange Act, including pursuant to any agreement, arrangement or understanding, whether or not in writing. 
 Business Day: a day other than a Saturday or Sunday or other day on which commercial banking institutions in New York City are authorized by law to be closed. 
 Call Closing: the meaning specified in Section 6.4(a). 
 Call Closing Date: the meaning specified in Section 6.4(a). 
 Call Notice: the meaning specified in Section 6.1(a). 
 Call Option: the meaning specified in Section 6.1(a). 
 Call Price: the meaning specified in Section 6.2(a). 
 Calling Party: the meaning specified in Section 6.1(a). 
 Capital Stock: (a) in the case of a corporation, corporate stock; (b) in the case of an association or business entity, any
and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock; (c) in the case of a partnership or limited liability company, partnership or membership interests (whether general or limited); and
(d) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person. 
 CD&R F&F Investor: the meaning specified in Section 9.1. 
 CD&R Group: CD&R Investor, CD&R F&F Investor and their respective Affiliates and the respective Affiliates from time
to time of CD&R Associates VIII, Ltd., the general partner of Clayton, Dubilier & Rice Fund VIII, L.P. and CD&R Friends & Family Fund VIII, L.P., and Clayton, Dubilier & Rice, LLC or any successor to its investment
management business. 
  

 - 19 - 

 CD&R Investor: the meaning specified in Section 5.2(a). 
 Change of Control: the occurrence of any of the following: 
 (1) the sale, conveyance, transfer or other disposition (other than by way of merger, amalgamation or consolidation) of all or substantially
all of the properties or assets of the Company and its Subsidiaries, taken as a whole, to any “person” (as such term is used in Section 13(d)(3) of the Exchange Act), other than any member of the Johnson Family Group or the CD&R
Group, shall have occurred; 
 (2) the adoption of a plan relating to the liquidation or dissolution of either of the Company or
JDI; 
 (3) any “person” (as such term is used in Section 13(d)(3) of the Exchange Act), other than any member of
the Johnson Family Group or the CD&R Group, becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act) of more than 50% of the total voting power of all classes of the Voting Stock of the Company or JDI,
calculated on a fully diluted basis; or 
 (4) the merger, amalgamation or consolidation of the Company or JDI, as applicable,
with or into another Person or the merger of another Person with or into the Company or JDI, as applicable (each, a “Business Combination”), shall have occurred, and the securities of the Company or JDI, as applicable, that are
outstanding immediately prior to such transaction and which represent 100% of the aggregate voting power of the Voting Stock of the Company or JDI, as applicable, are changed into or exchanged for cash, securities or property, unless pursuant to
such transaction such securities (a) are changed into or exchanged for, in addition to any other consideration, securities of the corporation or entity resulting from such Business Combination (including an entity which as a result of the
Business Combination owns the Company or JDI, as applicable, either directly or through one or more Subsidiaries), and (b) represent immediately after giving effect to such transaction, greater than 50% of the outstanding Voting Stock of the
corporation or entity resulting from such Business Combination (including an entity which as a result of the Business Combination owns the Company or JDI, as applicable, either directly or through one or more Subsidiaries). 
 Closing Date: the meaning specified in the second paragraph of the Warrant. 
 CMH: the meaning specified in the second paragraph of the Warrant. 
 CMH Offer: the meaning specified in Section 1.1(b)(i). 
 Commission: the Securities and Exchange Commission or any other Federal agency at the time administering the Securities Act or the
Exchange Act, whichever is the relevant statute for the particular purpose. 
 Common Stock: the Class A common
stock of the Company, par value $0.01 per share, as constituted on the Closing Date, any stock into which such Common Stock shall have been changed or any stock resulting from any reclassification of such Common Stock. 
  

 - 20 - 

 Company: the meaning specified in the first paragraph of the Warrant. 
 Conopco: the meaning specified in the second paragraph of the Warrant. 
 Counter-Offer: the meaning specified in Section 1.1(b)(vi). 
 Counter-Offer Period: the meaning specified in Section 1.1(b)(vi). 
 Drag-Along Closing: the meaning specified in Section 5.2(a). 
 Drag-Along Notice: the meaning specified in Section 5.2(a). 
 Drag-Along Offer: the meaning specified in Section 5.2(a). 
 Drag-Along Participants: the meaning specified in Section 5.2(b). 
 Drag-Along Price: the meaning specified in Section 5.2(a). 
 Drag-Along Transaction: a sale of Common Stock to a Third Party Buyer by the Drag-Along Transferor and, potentially, other
stockholders of the Company, as to which the Drag-Along Transferor has given a Drag-Along Notice to the Holder in accordance with Section 5.2(a). 
 Drag-Along Transferor: the meaning specified in Section 5.2(a). 
 Drag Transaction: the meaning specified in the Stockholders Agreement. 
 Equity Purchase Assignee: the
meaning specified in the Stockholders Agreement. 
 Equity Securities: any and all shares of Common Stock or other equity
securities of the Company, securities of the Company convertible into, or exchangeable or exercisable for, such shares, and options, warrants or other rights to acquire such shares of Common Stock or other equity securities. 
 Exchange Act: the Securities Exchange Act of 1934, as amended, or any successor Federal statute and the rules and regulations
thereunder, which shall be in effect at the time. Any reference to a particular section of the Securities Exchange Act of 1934 shall include a reference to the corresponding section, if any, of any such successor statute. 
 Exercise Period: the meaning specified in Section 1.1. 
 Exercise Price: the meaning specified in Section 1.2. 
 Fair Market Value: the meaning specified in Section 2.5(b). 
 Financial Expert: the meaning specified in Section 2.5(a). 
 Financial Party: the meaning specified in the Stockholders Agreement. 
  

 - 21 - 

 Holder: the meaning specified in Section 1.1. 
 Holder Acceptance Period: the meaning specified in Section 1.1(b)(ii). 
 Holder Sale Transaction: the meaning specified in Section 1.1. 
 Initial Exercise Shares: the meaning specified in the second paragraph of the Warrant. 
 Issuance Notice: the meaning specified in Section 7.2. 
 JDI: the meaning specified in the second paragraph of the Warrant. 
 Johnson Family Group: CMH, the Johnson Family Members and their respective Affiliates from time to time (other than the Company and
any of its Subsidiaries). 
 Johnson Family Member: (a) a lawful lineal descendant of Herbert F. Johnson, Jr. or
Henrietta Johnson Louis or the spouse of any such person; (b) an estate, trust (including a revocable trust, declaration of trust or a voting trust), guardianship or custodianship for the primary benefit of one or more individuals described in
clause (a) above; (c) a foundation established by one or more individuals described in clause (a) above; and (d) a Person controlled by one or more individuals or entities described in clauses (a), (b) or (c) above;
provided, however, that for purposes of this Agreement, neither the Company nor any of its Subsidiaries from time to time shall be regarded as a Johnson Family Member. For the avoidance of doubt, SCJ and its Subsidiaries are, as of the
Closing Date, Johnson Family Members. 
 Liquidity Event: a Public Offering, a Principal Stockholder Transfer or a Change
of Control. 
 New Securities: the meaning specified in the Stockholders Agreement. 
 Notice of Sale: the meaning specified in Section 1.1(b). 
 Notice of an Unacceptable Offer Negotiation: the meaning specified in Section 1.1(b)(v). 
 Offer Notice: the meaning specified in Section 1.1(b)(i). 
 Offer Period: the meaning specified in Section 1.1(b)(i). 
 Offering Closing: the meaning specified in Section 9.2. 
 Offering Notice: the meaning specified in Section 9.2. 
 Other Securities: any stock (other than Common Stock) and other securities of the Company or any other Person (corporate or
otherwise) which the Holder at any time shall be entitled to receive, or shall have received, upon the exercise of the Warrant, in lieu of or in addition to Common Stock, or which at any time shall be issuable or shall have been issued in exchange
for or in replacement of Common Stock or other securities pursuant to Section 2.4 or otherwise. 
  

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 Permitted Transferee: the meaning specified in the Stockholders Agreement.

 Person: an individual, a partnership, a limited liability company, an association, a joint venture, a corporation, a
business, a trust, an unincorporated organization or a government or any department, agency or subdivision thereof. 
 Preemptive Rights Shares: the meaning specified in Section 7.1. 
 Preemptive Rights Warrant: the
meaning specified in Section 7.1. 
 Principal Stockholder Transfer: any Transfer of shares of Common Stock by CMH
or the CD&R Investor in respect of which the tag-along or drag-along provisions of Sections 3.4 or 3.5 of the Stockholders Agreement would apply. 
 Principal Stockholders: the meaning specified in the Stockholders Agreement. 
 Pro Rata Portion: on any date on which an allocation is made by the Company, the number or amount of New Securities equal to the product of (i) the total number or amount of New Securities to be issued by the Company on the
issuance date and (ii) the fraction determined by dividing (x) the number of Warrant Shares underlying the Warrant on the date on which such allocation is made by the Company by (y) the total number of shares of Common Stock
(determined on an as-converted basis with respect to any Equity Securities convertible into Common Stock) beneficially owned by the Holder and the Stockholders among whom the applicable allocation is being made on the date on which such allocation
is made by the Company. 
 Public Offering: any underwritten public offering of Common Stock led by one or more
underwriters at least one of which is of nationally recognized standing pursuant to an effective registration statement under the Securities Act. 
 Purchaser: the meaning specified in the first paragraph of the Warrant. 
 Qualified IPO: the meaning specified in the Stockholders Agreement. 
 Redemption Agreement: the meaning
specified in the second paragraph of the Warrant. 
 Registration Rights Agreement: the meaning specified in
Section 9.1. 
 Restricted Open Sale Period: the meaning specified in Section 1.1(b)(iii). 
 Restricted Securities: (i) any Warrants bearing the applicable legend set forth in Section 5.1(a), (ii) any shares of
Common Stock (or Other Securities) which have been issued upon the exercise of Warrants and which are evidenced by a certificate or certificates bearing the applicable legend set forth in Section 5.1(b), and (iii) unless the context
otherwise requires, any

  

 - 23 - 

 
shares of Common Stock (or Other Securities) which are at the time issuable upon the exercise of the Warrants and which, when so issued, shall be evidenced by a certificate or certificates
bearing the applicable legend set forth in Section 5.1(b). 
 SCJ: S.C. Johnson & Son, Inc., a Wisconsin
corporation. 
 Securities Act: the Securities Act of 1933, as amended, or any successor Federal statute, and the rules
and regulations thereunder, which shall be in effect at the time. Any reference to a particular section of the Securities Act of 1933 shall include a reference to the corresponding section, if any, of any such successor statute. 
 Stockholders: the meaning specified in the Stockholders Agreement. 
 Stockholders Agreement: the Stockholders Agreement, dated as of the Closing Date, among the Company, CMH, SNW Co., Inc., CD&R
Investor and CD&R F&F Investor, as in effect on the Closing Date. 
 Subscription Notice: the meaning specified
in Section 1.2. 
 Subsidiary: as to any Person, any corporation at least a majority of the shares of stock of which
having general voting power under ordinary circumstances to elect a majority of the Board of Directors of such corporation (irrespective of whether or not at the time stock of any other class or classes shall have or might have voting power by
reason of the happening of any contingency) is, at the time as of which the determination is being made, owned by such Person, or one or more of its Subsidiaries or by such Person and one or more of its Subsidiaries. 
 Tag-Along Closing: the meaning specified in Section 8. 
 Tag-Along Rights: the meaning specified in Section 8. 
 Termination Date: the date on which a Liquidity Event is consummated. 
 Third Party Buyer: any Person who is not (i) an Affiliate of the CD&R Investor or (ii) an Affiliate of CMH. 

Transaction: the meaning specified in Section 2.4. 
 Transfer: unless the context otherwise requires, any sale, assignment, pledge or other disposition of any security, or of any
interest therein, which could constitute a “sale” as that term is defined in Section 2(3) of the Securities Act. 
 Transfer Notice: the meaning specified in Section 5.1(c). 
 Transferring Stockholder: the meaning
specified in the Stockholders Agreement. 
 Unacceptable Offer: the meaning specified in Section 1.1(b)(v).

 Unacceptable Offer Notice: the meaning specified in Section 1.1(b)(v). 
  

 - 24 - 

 Unilever Group: any of Unilever NV, Unilever PLC, or any of their respective
Affiliates with respect to which Unilever NV and/or Unilever PLC has Unilever Required Control. 
 Unilever NV: means
Unilever N.V., a company organized under the laws of The Netherlands. 
 Unilever PLC: means Unilever PLC, a company
organized under the laws of England and Wales. 
 Unilever Required Control: means, with respect to a Person,
(a) (i) if a corporation, the aggregate Beneficial Ownership by Unilever NV and/or Unilever PLC of securities representing at least 80% of the Voting Stock of such Person and (ii) if a Person other than a corporation, the aggregate
Beneficial Ownership by Unilever NV and/or Unilever PLC of at least 80% of the partnership or other similar voting interest, and (b) the right to elect a majority of such Person’s board of directors or comparable governing body.

 Voting Stock: of any Person as of any date means the Capital Stock of that Person that is at the time entitled to vote
in the election of the Board of Directors of such Person. 
 Warrant or Warrants: the meaning specified in the
second paragraph of the Warrant. 
 Warrant Price: the meaning specified in Section 2.1. 
 Warrant Shares: the meaning specified in Section 2.1. 
 14. Rights of Holders. Except as otherwise specifically required herein, holders of unexercised Warrants are not entitled (i) to
receive dividends or other distributions, (ii) to receive notice of or vote at any meeting of the stockholders of the Company, (iii) to consent to any action of the stockholders of the Company, (iv) to receive notice of any other
proceedings of the Company or (v) to exercise any other rights as stockholders of the Company. 
 15. Notices. All
notices, requests, demands, waivers and other communications required or permitted to be given under the Warrant, except notices of the exercise of any Warrant (which shall be effected in the manner provided in Section 1), shall be deemed to
have been duly given if (a) delivered personally, (b) mailed by certified or registered mail with postage prepaid, (c) sent by next-day or overnight mail or delivery by a nationally recognized overnight courier service, or
(d) sent by facsimile (with confirmation of transmission), as follows: 
 (a) if to the Purchaser, to it at: 
      Unilever Swiss Holding AG 
      Hinterbergstrasse 28 
      6330 Cham 
      Switzerland 
      Attention: Frank Wiedemeijer 
    Tax and Finance Director and Vice President of the Board 
      Fax: +41.41.749.94.29 
  

 - 25 - 

      with a copy (which shall not constitute
notice) to: 
      Cravath, Swaine & Moore LLP 
      Worldwide Plaza 
      825 Eighth Avenue 
      New York, NY 10019 
      Attention: Mark I. Greene, Esq. 
      Fax: (212) 474-3700 
 (b) if to any other Holder or any holder of any Common Stock (or Other Securities), at the registered address of such Holder or holder as
set forth in the register kept at the principal office of the Company, 
 (c) if to the Company, to it at: 
      JohnsonDiversey Holdings, Inc. 
      8310 16th Street 
      Sturtevant, WI 53177 
      Attention: General Counsel 
      Fax: (262) 631-4021 
      with a copy (which shall not constitute notice) to: 
      Jones Day 
      77 West Wacker Drive 
      Chicago, IL 60601 
      Attention: Elizabeth C. Kitslaar, Esq. 
      Fax: (312) 782-8585 
      and 
      Clayton, Dubilier & Rice, Inc. 
      375 Park Avenue, 18th Floor 
      New York, New York 10152 
      Attention: Richard J. Schnall 
    George K. Jaquette

      Fax: (212) 407-5252 
  

 - 26 - 

      and 
      Debevoise & Plimpton LLP 
      919 Third Avenue 
      New York, New York 10022 
      Attention: Franci J. Blassberg, Esq. 
    Jonathan E. Levitsky, Esq. 
      Fax: (212) 909-6836 
 (d) if to the CD&R Investor, to it at: 
      CDR Jaguar Investor Company, LLC 
      c/o Clayton, Dubilier & Rice, LLC 
      375 Park Avenue, 18th Floor 
      New York, New
York 10152 
      Attention: Richard J. Schnall 
    George K. Jaquette 
      Fax: (212) 407-5252 
      with a copy (which shall not constitute notice) to: 
      Debevoise & Plimpton LLP 
      919 Third Avenue 
      New York, New York 10022 
      Attention: Franci J. Blassberg, Esq. 
    Jonathan E. Levitsky, Esq. 
      Fax: (212) 909-6836 
 (e) if to CMH, to it at: 
      Commercial Markets Holdco, Inc. 
      c/o Johnson-Keland Management, Inc. 
      555
Main Street, Suite 500 
      Racine, Wisconsin 53403-4616 
      Attention: President 
      Fax: (262) 260-6165 
      with a copy (which shall not constitute notice) to: 
      McDermott Will & Emery LLP 
      227 W. Monroe Street 
      Chicago, Illinois 60606 
      Attention: William J. Butler, Esq. 
      Helen R. Friedli, Esq. 
      Fax: (312) 984-7700 
  

 - 27 - 

 16. Amendment. The Warrant and any term hereof may be changed, waived, discharged or
terminated only by an instrument in writing signed by the party against which enforcement of such change, waiver, discharge or termination is sought. 
 17. Successors and Assigns. All agreements of the Company and the Holder in this Warrant shall bind each of their respective successors and permitted assigns. 
 18. Third Party Beneficiary. It is expressly agreed that each of the CD&R Investor and CMH is a third party beneficiary of
Section 5, 6 and 19 and shall be entitled to enforce such Sections against the Holder, the Company and each other to the same extent as if they were parties hereto. 
 19. Remedies. The Holder acknowledges that the Company, CMH and the CD&R Investor, as the case may be, would be irreparably damaged in the event of a breach or a threatened breach by the Holder
of any of its obligations under this Warrant (including, without limitation, its obligations under Sections 5, 6 and 19, and the provisions of the Warrant relating to the timely exercise of the Warrant and the expiration of the exercise rights
hereunder) and the Holder agrees that, in the event of a breach or a threatened breach by the Holder of any such obligation, the Company, CMH and/or the CD&R Investor, as the case may be, shall, in addition to any other rights and remedies
available to it in respect of such breach, be entitled to an injunction from a court of competent jurisdiction (without any requirement to post bond) granting it specific performance by the Holder of its obligations under this Warrant (including,
without limitation, its obligations under Sections 5, 6 and 19, and the provisions of the Warrant relating to the timely exercise of the Warrant and the expiration of the exercise rights hereunder). The Company acknowledges that the Holder
would be irreparably damaged in the event of a breach or a threatened breach by the Company of any of its obligations under this Warrant (including, without limitation, its obligations under Sections 1 and 7) and the Company agrees that, in the
event of a breach or a threatened breach by the Company of any such obligation, the Holder shall, in addition to any other rights and remedies available to it in respect of such breach, be entitled to an injunction from a court of competent
jurisdiction (without any requirement to post bond) granting it specific performance by the Company of its obligations under this Warrant (including, without limitation, its obligations under Sections 1 and 7). 
 20. Waiver of Jury Trial. Each party hereto hereby waives, to the fullest extent permitted by Applicable Law, any right it may have
to a trial by jury in respect of any suit, action or other proceeding arising out of or relating to this Warrant. Each party hereto (a) certifies that no representative, agent or attorney of any other party has represented, expressly or
otherwise, that such party would not, in the event of any action, suit or proceeding, seek to enforce the foregoing waiver and (b) acknowledges that it and the other parties hereto have been induced to enter into this Warrant by, among other
things, the mutual waiver and certifications in this Section 20. 
 21. Severability. If any term, provision,
covenant or restriction of this Warrant is held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Warrant shall remain in full
force and effect and shall in no way be affected, impaired or invalidated so long as the economic or legal substance of the transactions contemplated hereby is not affected

  

 - 28 - 

 
in any manner materially adverse to any party hereto. Upon such a determination, the parties shall negotiate in good faith to modify this Warrant so as to effect the original intent of the
parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 
 22. Counterparts; Facsimile Signatures. This Warrant may be executed in counterparts, all of which together shall constitute one and
the same instrument. Signatures provided by facsimile or electronic transmission in “pdf” or equivalent format will be deemed to be original signatures. 
 23. Miscellaneous. The section headings in this Warrant are for purposes of convenience only and shall not constitute a part hereof. All references herein to “Sections” shall be deemed to
be references to Sections hereof unless otherwise indicated. The words “hereof”, “herein”, and “herewith” and words of similar import shall, unless otherwise stated, be construed to refer to this Warrant as a whole and
not to any particular provision of this Warrant. The use of the words “or”, “either”, and “any” in this Warrant shall not be exclusive. THE WARRANT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH AND GOVERNED BY THE
LAWS OF THE STATE OF NEW YORK (WITHOUT GIVING EFFECT TO ITS PRINCIPLES OR RULES OF CONFLICT OF LAWS TO THE EXTENT SUCH PRINCIPLES OR RULES WOULD REQUIRE OR PERMIT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION). 
 [Remainder of page intentionally left blank] 
  

 - 29 - 

			
	JOHNSONDIVERSEY HOLDINGS, INC.
		
	By:	 	 
	Name:	 	
	Title:	 	

 Accepted and agreed to as of December 15, 2009: 
  

			
	UNILEVER SWISS HOLDING AG
		
	By:	 	 
	Name:	 	
	Title	 	

  

 - 30 - 

 FORM OF SUBSCRIPTION 
 (To be executed only upon exercise of Warrant) 
 To: JohnsonDiversey
Holdings, Inc. 
 The undersigned registered holder of the within Warrant hereby irrevocably exercises such Warrant for, and
purchases thereunder,              * shares of Common Stock of JohnsonDiversey Holdings, Inc., and herewith makes payment of
$[            ] and requests that the certificates for such shares be issued in the name of, and delivered to
            , whose address is:
                                        .

 Dated: 
  

			
	[Holder] **
	[Address]
		
	By:	 	 
	Name:	 	
	Title:	 	

  

	*	Insert here the number of shares for which the Warrant is being exercised, after making adjustment for any stock or other securities or property or cash which, pursuant
to the adjustment provisions of the Warrant, may be delivered upon exercise. 

	**	Signature must conform in all respects to name of holder as specified on the face of the Warrant. 

  

 - 31 - 

 ASSIGNMENT AND JOINDER AGREEMENT 
 This Assignment and Joinder Agreement (this “Agreement”) is entered into as of December 22, 2009, between
Marga B.V., a company organized under the laws of the Netherlands (the “Assignor”), and Unilever Swiss Holding AG, a limited liability company organized under the laws of Switzerland (the “Assignee”). Reference
is made to the Registration Rights Agreement dated as of November 24, 2009 (the “Registration Rights Agreement”), among JohnsonDiversey Holdings, Inc. (the “Company”), CDR Jaguar Investor Company, LLC, CDR
F&F Jaguar Investor, LLC, Commercial Markets Holdco, Inc., SNW Co., Inc. and Assignor. Capitalized terms used herein but not otherwise defined herein shall have the meanings given to such terms in the Registration Rights Agreement. 

Each of the parties hereto acknowledges and agrees that this Agreement is being executed and delivered in connection with the transfer of
the Common Stock Purchase Warrant dated as of November 24, 2009 (the “Warrant”), issued to Assignor for the purchase of four million one hundred fifty-six thousand eight hundred sixty-three (4,156,863) duly authorized,
validly issued, fully paid and nonassessable shares of Common Stock, par value $0.01 per share, of the Company, by Assignor to Assignee. 
 1. Assignment. Pursuant to Section 10(d) of the Registration Rights Agreement, Assignor hereby transfers and assigns to Assignee, and Assignee hereby assumes and undertakes from Assignor,
without recourse and without representation or warranty, as of December 15, 2009 (the “Effective Date”), all of the rights and obligations of Assignor under the Registration Rights Agreement. 
 2. Joinder. With effect on and after the Effective Date, (a) Assignee hereby agrees to be bound by the terms, conditions and
other provisions of the Registration Rights Agreement in the capacity as a “Stockholder,” with all attendant rights and obligations stated therein, and Assignee shall be a party to the Registration Rights Agreement and (b) Assignor
shall relinquish its rights and be released from its obligations under the Registration Rights Agreement. 
 3. Notices.
All notices, requests and other communications to Assignee required or permitted to be given under the Registration Rights Agreement shall be given to: 
 Unilever Swiss Holding AG 
 Hinterbergstrasse 28 
 6330 Cham 
 Switzerland 
 Attention: Frank Wiedemeijer 
                  Tax and Finance Director and Vice
President of the Board 
 Fax: +41.41.749.94.29 

 with a copy (which shall not constitute notice) to: 
 Cravath, Swaine & Moore LLP 
 Worldwide Plaza 
 825 Eighth Avenue 
 New York, NY 10019 
 Attention: Mark I. Greene, Esq. 
 Fax: (212) 474-3700 
 4. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York applicable
to contracts executed and to be performed wholly within such State and without reference to the choice-of-law principles that would result in the application of the laws of a different jurisdiction. 
 5. Counterparts. This Agreement may be executed in any number of counterparts (including via facsimile and electronic transmission),
each of which shall be an original, but all of which together shall constitute one instrument. This Agreement may be executed by facsimile signature(s). 
 6. Amendments. This Agreement may be amended only by a writing executed by each of the parties hereto. 
 7. Headings. The headings herein are inserted for convenience of reference only and will not affect the meaning or interpretation of this Agreement. 
 [Remainder of page left intentionally blank] 
  

 2 

 IN WITNESS WHEREOF, each of the undersigned has executed this Agreement or caused this
Agreement to be duly executed on its behalf as of the date first written above. 
  

			
	MARGA B.V.,
	
	as Assignor
		
	by	 	 
	 Name:
	 	
	 Title:
	 	
		
	by	 	 
	 Name:
	 	
	 Title:
	 	
	
	UNILEVER SWISS HOLDING AG,
	
	as Assignee
		
	by	 	 
	 Name:
	 	
	 Title:
	 	
		
	by	 	 
	 Name:
	 	
	 Title:
	 	

			
	 Acknowledged as of the date first above
 written:

	
	JohnsonDiversey Holdings, Inc.,
		
	by	 	 
	 Name:
	 	
	 Title:

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