Document:

Exhibit 10.1

 

employment
AGREEMENT

 

This Employment
Agreement by and between Verso Corporation, a Delaware corporation (the “Company”), and Leslie T. Lederer (“Executive”)
(each a “Party” and collectively, the “Parties”) is made as of April 5, 2019.

 

WHEREAS, the
Company and Executive desire to enter into this employment agreement (the “Agreement”) pursuant to the terms,
provisions and conditions set forth herein, which will govern the terms of Executive’s employment with the Company; and

 

NOW, THEREFORE,
in consideration of the premises and of the mutual covenants, understandings, representations, warranties, undertakings and promises
hereinafter set forth, intending to be legally bound thereby, the Parties agree as follows:

 

1.            
Employment Period. Subject to earlier termination in accordance with Section 3 hereof, Executive shall be employed
by the Company for a period commencing on April 5, 2019 (the “Effective Date”) and continuing until terminated
pursuant to Section 3 hereof (the “Employment Period”).

 

2.            
Terms of Employment.

 

(a)          
Position. During the Employment Period, Executive shall serve as Interim Chief Executive Officer (“CEO”)
of the Company and will perform such duties and exercise such supervision with regard to the business of the Company as are commensurate
with such position, including such duties as may be prescribed from time to time by the Board of Directors of the Company (the
 “Board”). During the Employment Period, Executive shall report directly to the Board. Due to the interim nature
of Executive’s position, Executive shall be exempt from any minimum stock ownership requirements that would otherwise apply
to executive officers of the Company.

 

(b)          
Duties. During the Employment Period, Executive shall have such responsibilities, duties, and authority that are
commensurate with the position of CEO, subject at all times to the control of the Board, and shall perform such services as customarily
are provided by an executive of a corporation with Executive’s position and such other services consistent with CEO’s
position, as shall be assigned to Executive from time to time by the Board. During the Employment Period, and excluding any periods
of vacation and sick leave to which the Executive is entitled, the Executive agrees to devote substantially all of Executive’s
business time to the business and affairs of the Company and to use Executive’s commercially reasonable efforts to perform
faithfully, effectively and efficiently Executive’s responsibilities and obligations hereunder; provided, however,
that Executive shall be permitted to engage in charitable and educational activities and to manage Executive’s personal and
family investments and participate as a member of boards of directors, to the extent such activities are not competitive with the
business of the Company, do not materially interfere with the performance of Executive’s duties for the Company and are otherwise
consistent with the Company’s governance policies; provided that Executive must obtain consent of the Board prior to joining
any board of directors (or similar governing body) of a for profit entity and that Executive may serve on two for profit boards
at any time, such two specific boards subject to Board approval.

 

    	 	 	 

     

    

 

(c)           
Compensation.

 

(i)            
Base Salary. During the Employment Period, Executive shall receive a base salary at the annual rate of seven hundred
and twenty thousand dollars ($720,000) less all applicable withholdings, which shall be paid in cash in accordance with the customary
payroll practices of the Company and prorated for partial calendar years of employment (as in effect from time to time, the “Base
Salary”).

 

(ii)           
Incentive Equity Award. Upon execution of this Agreement, Executive shall be granted restricted stock units (“RSUs”)
with respect to 67,720 shares of common stock of the Company, pursuant to the terms of the Verso Corporation Performance Incentive
Plan.

 

(A)         
Vesting. The RSUs shall vest as follows: (1) five percent (5%) of the RSUs will vest on the 90th day following
the Effective Date; (2) five percent (5%) of the RSUs will vest on the 180th day following the Effective Date; and (3)
the balance of the RSUs will vest on the Sale Date (each, a “Vesting Date”); provided, that, the Executive has
been continuously employed from the Effective Date through the respective Vesting Date, except as otherwise provided in this Section
2(c)(ii)(A). If (i) Executive’s employment is terminated by the Company without Cause or due to Executive’s disability
prior to the Sale Date and (ii) as of the Date of Termination the Board has commenced negotiations with a potential unaffiliated
third party acquirer and a Sale Event is consummated, following uninterrupted negotiations, within twelve (12) months of the Date
of Termination, then any unvested RSUs shall vest upon the Sale Date as if Executive’s employment had continued through such
date (the “Tail Protection”). For purposes of this clause (A), negotiations shall be considered uninterrupted
if the Company is in Sale Event negotiations with an unaffiliated third party acquiror from the date of the Executive’s termination
through the consummation of a Sale Event, without a break of more than 60 consecutive days.

 

(B)         
Forfeiture. Notwithstanding anything to the contrary in this Agreement, (i) in the event of the termination of the
Executive’s employment by the Company for any reason other than Cause prior to the Sale Date, any previously vested RSUs
and any RSUs subject to the Tail Protection will be forfeited unless Executive executes a release of claims in a form reasonably
determined by the Company consistent with common practice (“Release Requirement”); provided that the
Release Requirement shall be deemed waived by the Company if the Company does not execute a similar release of claims against the
Executive, adapted for an individual releasee and excluding any acts of willful malfeasance, gross negligence or breach of fiduciary
duties on the part of the Executive, (ii) in the event of the termination of the Executive’s employment by the Company for
Cause prior to the Sale Date, all RSUs, whether or not vested, will be forfeited, and (iii) in the event of any termination of
Executive’s employment, other than a termination to which the Tail Protection applies, all unvested RSUs will be forfeited.

 

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(C)         
Settlement. The Company will transfer, or cause to be transferred, to the Executive either one share of Company common
stock or a cash payment equal to the value thereof in settlement of each outstanding vested RSU, as soon as practicable but in
no event later than ten (10) days following the Sale Date (as defined below); provided, however, if the Executive’s employment
terminates prior to the Sale Date, other than a termination by the Company for Cause, and provided further such termination constitutes
a “separation from service” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the
 “Code”), subject to the satisfaction of the Release Requirement, the Company will transfer, or cause to be transferred,
to the Executive either one share of Company common stock or a cash payment equal to the value thereof in settlement of each outstanding
vested RSU, as soon as practicable but in no event later than ten (10) days following the Executive’s separation from service.

 

(D)         
Definitions. For purposes of this Agreement:

 

a.            
“Sale Event” means:

 

i.                   
a transaction or series of transactions occurs whereby any "person" or related "group" of "persons"
(as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended ("Exchange Act")),
directly or indirectly acquires beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of securities of
the Company possessing more than 50% of the total combined voting power of the Company’s securities outstanding immediately
after such acquisition;

 

ii.                 
The Company, directly, or indirectly through one or more subsidiaries or intermediaries, enters into an agreement to, or
consummates, a sale, spin-off, split-up or other disposition of all or substantially all of the Company’s assets in any single
transaction or series of transactions; and without limiting the generality of the foregoing provisions of this clause (c), the
sale or other disposition within a 2 year period, in any one transaction or series of transactions, of more than two-thirds of
the mills (whether determined by reference to mill-generated revenue or by number of mills) owned by the Company at the beginning
of the 2-year period, directly or through its subsidiaries, will be deemed the sale or disposition of all or substantially all
of the Company’s assets);

 

iii.               
The Company, whether directly involving the Company or indirectly involving the Company through one or more subsidiaries
or intermediaries, enters into an agreement to or consummates (i) a merger, combination, consolidation, conversion, exchange of
securities, reorganization or business combination, or (ii) an acquisition of the assets or stock of another entity, in any single
transaction or series of transactions, which event results in the voting securities of the Company outstanding immediately prior
thereto failing to continue to represent (either by remaining outstanding or by being converted into voting securities of the surviving
or another entity) at least 66% percent of the combined voting power of the voting securities of the Company or such surviving
or other entity outstanding immediately after such event; or

 

iv.               
Any transaction or series of transactions that has the substantial effect of any one or more of the foregoing events;

 

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provided that such transaction
constitutes a change in control event within the meaning of Section 409A the Code, and

 

b.             
“Sale Date” means the date on which the Sale Event is consummated.

 

(iii)         
Benefits. During the Employment Period, Executive shall be eligible to participate in the employee benefit plans
generally available to employees of the Company, to the extent Executive meets the eligibility requirements of any such plans,
and, in any event, subject to the terms of the applicable plans. Executive shall be entitled to take time off for vacation or illness
in accordance with the Company’s policy for senior executives and to receive all other fringe benefits as are from time to
time made generally available to senior executives of the Company.

 

(iv)         
Expenses. During the Employment Period, Executive shall be entitled to receive reimbursement for all reasonable business
expenses and any transportation (including travel to and from Miamisburg, Ohio) and reasonable temporary living expenses incurred
by Executive in performance of Executive’s duties hereunder provided that Executive provides all necessary documentation
in accordance with the Company’s reasonable policies. In addition, the Company shall reimburse Executive for all reasonable
legal fees and expenses incurred by Executive in connection with the negotiation and review of this Agreement and any documents
ancillary thereto, not in excess of $10,000 upon reasonable substantiation.

 

3.            
Termination of Employment.

 

(a)           
General. Either Party may terminate Executive’s employment for any reason (or no reason) upon thirty (30) days
advance written notice.

 

(b)          
Cause. Executive’s employment may be terminated at any time by the Company for “Cause” without
advance written notice. For purposes of this Agreement, “Cause” shall mean Executive’s (i) commission
of, conviction for, plea of guilty or nolo contendere to, a felony, (ii) engaging in conduct that constitutes fraud or embezzlement
in connection with Executive’s employment hereunder, (iii) engaging in conduct that constitutes gross negligence or willful
misconduct in connection with Executive’s employment hereunder, (iv) breach of any material terms of Executive’s employment
set forth herein that results in material harm to the Company, (v) a material breach of the restrictive covenants agreement set
forth on Annex A hereto (the “Restrictive Covenant Agreement”), or (vi) continued willful failure to substantially
perform Executive’s duties or to follow a lawful direction of the Board. Executive’s employment shall not be terminated
for “Cause” within the meaning of clauses (iv) or (vi) above unless Executive has been given written notice stating
the basis for such termination and Executive is given fifteen (15) days to cure the act or omission that is the basis of any such
claim.

 

(c)          
Death. Executive’s employment shall terminate automatically upon Executive’s death.

 

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(d)          
Notice of Termination. Any termination by either Party pursuant to Section 3(a) shall be communicated by Notice of
Termination to the other Party hereto given in accordance with Section 8(g).

 

(e)           
Date of Termination. “Date of Termination” means (i) the date of Executive’s death
or (ii) the date specified in a Notice of Termination in compliance with the applicable provisions of this Section 3.

 

4.              
Resignation of All Other Positions. Upon termination of the Executive’s employment hereunder for any reason,
the Executive shall be deemed to have resigned from all offices and directorships, if any, then held with the Company or any of
its affiliates, and, at the Company’s request, Executive shall execute such documents as are necessary or desirable to effectuate
such resignations.

 

5.            
Obligations of the Company upon Termination. If the event of any termination of Executive’s employment pursuant
to Section 3, the Company will provide Executive (or Executive’s estate and/or beneficiaries, as the case may be) with the
following payments and/or benefits:(A) any earned but unpaid Base Salary through the Date of Termination, (B)  the amount
of any unpaid expense reimbursements or other benefits to which Executive may be entitled hereunder, and (C) any other vested payments
or benefits to which Executive or Executive’s estate may be entitled to receive under any of the Company’s benefit
plans or applicable law, in accordance with the terms of such plans or law. The benefits described in clauses (A) and (B) of the
preceding sentence shall be paid as soon as reasonably practicable but no later than the 30th day following the Date of Termination
in a lump sum cash payment and the benefits described in clause (C) shall be paid in accordance with the terms of such applicable
plans or law.

 

6.            
Restrictive Covenant Agreement. It shall be a condition of Executive’s employment hereunder that Executive
execute the Restrictive Covenant Agreement.

 

7.            
Executive’s Representations. Executive hereby represents and warrants to the Company that (a) the execution,
delivery and performance of this Agreement by Executive does not and shall not conflict with, breach, violate or cause a default
under any contract, agreement, instrument, order, judgment or decree to which Executive is a party or by which he is bound, (b)
Executive is not a party to or bound by any employment agreement, non-compete agreement, confidentiality agreement or other restriction
with any other person or entity, which would be breached by entering into this Agreement, and (c) upon the execution and delivery
of this Agreement by the Company, this Agreement shall be the valid and binding obligation of Executive, enforceable in accordance
with its terms. Executive hereby acknowledges and represents that he has consulted with independent legal counsel regarding his
rights and obligations under this Agreement and that he fully understands the terms and conditions contained herein.

 

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		8.	General Provisions.

 

(a)           
Severability. It is the desire and intent of the Parties hereto that the provisions of this Agreement be enforced
to the fullest extent permissible under the laws and public policies applied in each jurisdiction in which enforcement is sought.
Accordingly, if any particular provision of this Agreement shall be adjudicated by a court of competent jurisdiction to be invalid,
prohibited or unenforceable under any present or future law, and if the rights and obligations of any Party under this Agreement
will not be materially and adversely affected thereby, such provision, as to such jurisdiction, shall be ineffective, without invalidating
the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction;
furthermore, in lieu of such invalid or unenforceable provision there will be added automatically as a part of this Agreement,
a legal, valid and enforceable provision as similar in terms to such invalid or unenforceable provision as may be possible. Notwithstanding
the foregoing, if such provision could be more narrowly drawn so as not to be invalid, prohibited or unenforceable in such jurisdiction,
it shall, as to such jurisdiction, be so narrowly drawn, without invalidating the remaining provisions of this Agreement or affecting
the validity or enforceability of such provision in any other jurisdiction. Notwithstanding anything to the contrary in this Agreement,
it is understood and agreed that nothing in this Agreement is intended to or shall prevent, impede or interfere with Executive’s
non-waivable right, without prior notice to Executive, to provide information to the government, participate in investigations,
file a complaint, testify in proceedings regarding the Company’s past or future conduct, or engage in any future activities
protected under the whistleblower statutes administered by any governmental agency, or to receive and fully retain a monetary award
from a government-administered whistleblower award program for providing information directly to a government agency.

 

(b)          
Entire Agreement and Effectiveness. Effective as of the Effective Date, this Agreement embodies the complete agreement
and understanding among the Parties hereto with respect to the subject matter hereof and supersedes and preempts any prior understandings,
agreements or representations by or among the Parties, written or oral, which may have related to the subject matter hereof in
any way.

 

(c)          
Successors and Assigns.

 

(i)           
This Agreement is personal to Executive and without the prior written consent of the Company shall not be assignable by
Executive otherwise than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable
by Executive’s legal representatives.

 

(ii)          
This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns. The Company
will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially
all of the business and/or assets of the Company to assume expressly and agree to perform this Agreement in the same manner and
to the same extent that the Company would be required to perform it if no such succession had taken place. As used in this Agreement,
 “Company” shall mean the Company and any successor to its business and/or assets that assumes and agrees to
perform this Agreement by operation of law, or otherwise.

 

(d)         
Governing Law. THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE,
WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICTING PROVISION OR RULE THAT WOULD CAUSE THE LAWS OF ANY JURISDICTION OTHER
THAN THE STATE OF DELAWARE TO BE APPLIED. IN FURTHERANCE OF THE FOREGOING, THE INTERNAL LAW OF THE STATE OF DELAWARE WILL CONTROL
THE INTERPRETATION AND CONSTRUCTION OF THIS AGREEMENT, EVEN IF UNDER SUCH JURISDICTION’S CHOICE OF LAW OR CONFLICT OF LAW
ANALYSIS, THE SUBSTANTIVE LAW OF SOME OTHER JURISDICTION WOULD ORDINARILY APPLY.

 

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(e)          
Enforcement.

 

(i)           
Arbitration. Except as otherwise provided for in the Restrictive Covenant Agreement, any controversy, dispute or
claim arising out of or relating to this Agreement, or its interpretation, application, implementation, breach or enforcement which
the Parties are unable to resolve by mutual agreement, shall be settled by submission by either Executive or the Company of the
controversy, claim or dispute to binding arbitration in Cincinnati, Ohio (unless the Parties agree in writing to a different location),
before a single arbitrator in accordance with the Employment Dispute Resolution Rules of the American Arbitration Association then
in effect. In any such arbitration proceeding the Parties agree to provide all discovery deemed necessary by the arbitrator. The
decision and award made by the arbitrator shall be accompanied by a reasoned opinion, and shall be final, binding and conclusive
on all Parties hereto for all purposes, and judgment may be entered thereon in any court having jurisdiction thereof. The Company
will bear the totality of the arbitrator’s and administrative fees and costs. Each Party shall bear its own litigation costs
and expenses; provided, however, that the arbitrator shall have the discretion to award the prevailing Party reimbursement
of its or his reasonable attorney’s fees and costs, if such an award may be granted under the applicable statute at issue
in the proceeding. Upon the request of any of the parties, at any time prior to the beginning of the arbitration hearing the parties
may attempt in good faith to settle the dispute by mediation administered by the American Arbitration Association. The Company
will bear the totality of the mediator’s fee and administrative fees and costs.

 

(ii)          
Remedies. All remedies hereunder are cumulative, are in addition to any other remedies provided for by law and may,
to the extent permitted by law, be exercised concurrently or separately, and the exercise of any one remedy shall not be deemed
to be an election of such remedy or to preclude the exercise of any other remedy.

 

(iii)        
Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION,
PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT.

 

(f)           
Amendment and Waiver. The provisions of this Agreement may be amended and waived only with the prior written consent
of the Company and Executive and no course of conduct or failure or delay in enforcing the provisions of this Agreement shall
be construed as a waiver of such provisions or affect the validity, binding effect or enforceability of this Agreement or any
provision hereof.

 

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(g)          
Notices. Any notice provided for in this Agreement must be in writing and must be either personally delivered, transmitted
via electronic mail, mailed by first class mail (postage prepaid and return receipt requested) or sent by reputable overnight courier
service (charges prepaid) to the recipient at the address below indicated or at such other address or to the attention of such
other person as the recipient party has specified by prior written notice to the sending party. Notices will be deemed to have
been given hereunder and received when delivered personally, when received if transmitted via electronic mail, five (5) days after
deposit in the U.S. mail and one day after deposit for overnight delivery with a reputable overnight courier service.

 

If to the Company, to:

 

Verso Corporation

8540 Gander Creek Drive

Miamisburg, Ohio 45342

Attention: General Counsel

 

with a copy (which shall not constitute notice) to:

 

Akin Gump Strauss Hauer & Feld LLP

One Bryant Park

New York, NY 10036

Facsimile: (212) 872-1002

Attention: Kerry Berchem

Email: kberchem@akingump.com

 

If to Executive, to:

 

Executive’s home and/or email
address most recently on file with the Company

 

With a copy (which shall not constitute
notice) to:

 

Sidley Austin LLP

1 S. Dearborn Street

Chicago, IL 60603

Attention: Matthew E. Johnson

Email: mjohnson@sidley.com

 

(h)          Withholdings
Taxes. The Company may withhold from any amounts payable under this Agreement such federal, state and local taxes as may
be required to be withheld pursuant to any applicable law or regulation.

 

(i)            Entire
Agreement. This Agreement reflects the entire understanding of the parties hereto and supersedes any prior understanding
or agreements with respect to the subject matter hereof.

 

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(j)           
Survival of Representations, Warranties and Agreements. All representations, warranties and agreements contained
herein shall survive the consummation of the transactions contemplated hereby indefinitely.

 

(k)          
Descriptive Headings. The descriptive headings of this Agreement are inserted for convenience only and do not constitute
a part of this Agreement. All references to a “Section” in this Agreement are to a section of this Agreement unless
otherwise noted.

 

(l)           
Construction. Where specific language is used to clarify by example a general statement contained herein, such specific
language shall not be deemed to modify, limit or restrict in any manner the construction of the general statement to which it relates.
The language used in this Agreement shall be deemed to be the language chosen by the Parties to express their mutual intent, and
no rule of strict construction shall be applied against any Party.

 

(m)          Counterparts. This Agreement may be executed in separate counterparts, each of which is deemed to be an original
and all of which taken together constitute one and the same agreement.

 

(n)           Indemnification.
During the Executive’s employment and service as a director or officer (or both) and at all times thereafter during which
the Executive may be subject to liability, the Executive shall be entitled to indemnification set forth in the Company’s
Certificate of Incorporation and Bylaws and to the maximum extent allowed under the laws of the State of Delaware, and he shall
be entitled to the protection of any insurance policies the Company may elect to maintain generally for the benefit of its directors
and officers against all costs, charges and expenses incurred or sustained by him in connection with any action, suit or proceeding
to which he may be made a party by reason of his being or having been a director, officer or employee of the Company or any of
its subsidiaries (other than any dispute, claim or controversy arising under or relating to this Agreement). Notwithstanding anything
to the contrary herein, the Executive’s rights under this Section 7(m) shall survive the termination of his employment for
any reason and the expiration of this Agreement for any reason.

 

(o)           Section
409A. Notwithstanding anything herein to the contrary, this Agreement is intended to be interpreted and applied so that the
payment of the benefits set forth herein either shall either be exempt from the requirements of Section 409A of the Code, or shall
comply with the requirements of such provision. Notwithstanding anything in this Agreement or elsewhere to the contrary, distributions
upon termination of Executive’s employment may only be made upon a “separation from service” as determined under
Section 409A of the Code. Each payment under this Agreement or otherwise shall be treated as a separate payment for purposes of
Section 409A of the Code. In no event may Executive, directly or indirectly, designate the calendar year of any payment to be made
under this Agreement or otherwise which constitutes a “deferral of compensation” within the meaning of Section 409A
of the Code. All reimbursements and in-kind benefits provided under this Agreement shall be made or provided in accordance with
the requirements of Section 409A of the Code. To the extent that any reimbursements pursuant to this Agreement or otherwise are
taxable to Executive, any reimbursement payment due to Executive shall be paid to Executive on or before the last day of Executive’s
taxable year following the taxable year in which the related expense was incurred; provided, that, Executive has
provided the Company written documentation of such expenses in a timely fashion and such expenses otherwise satisfy the Company’
expense reimbursement policies. Reimbursements pursuant to this Agreement or otherwise are not subject to liquidation or exchange
for another benefit and the amount of such reimbursements that Executive receives in one taxable year shall not affect the amount
of such reimbursements that Executive receives in any other taxable year. Notwithstanding any provision in this Agreement to the
contrary, if on the date of his termination from employment with the Company Executive is deemed to be a “specified employee”
within the meaning of Code Section 409A and the Final Treasury Regulations using the identification methodology selected by the
Company from time to time, or if none, the default methodology under Code Section 409A, any payments or benefits due upon a termination
of Executive’s employment under any arrangement that constitutes a “deferral of compensation” within the meaning
of Code Section 409A shall be delayed and paid or provided (or commence, in the case of installments) on the first payroll date
on or following the earlier of (i) the date which is six (6) months and one (1) day after Executive’s termination of employment
for any reason other than death, and (ii) the date of Executive’s death, and any remaining payments and benefits shall be
paid or provided in accordance with the normal payment dates specified for such payment or benefit. For purposes of clarity, the
six (6) month delay shall not apply in the case of severance contemplated by Treasury Regulations Section 1.409A-1(b)(9)(iii) to
the extent of the limits set forth therein. Notwithstanding any of the foregoing to the contrary, the Company and its respective
officers, directors, employees, or agents make no guarantee that the terms of this Agreement as written comply with, or are exempt
from, the provisions of Code Section 409A, and none of the foregoing shall have any liability for the failure of the terms of this
Agreement as written to comply with, or be exempt from, the provisions of Code Section 409A.

 

 

 

[SIGNATURE PAGE FOLLOWS]

 

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IN WITNESS WHEREOF,
the Parties hereto have executed and delivered this Agreement as of the date first written above.

 

	 	Verso Corporation
	 	 	 
	 	By:	/s/ Alan Carr
	 	Name:	Alan Carr
	 	Its:	Co-Chairman of the Board
	 	 	 
	 	 	 
	 	 	 
	 	EXECUTIVE
	 	 	 
	 	/s/ Leslie T. Lederer
	 	Leslie T. Lederer

 

    	 

     

    

 

ANNEX A

 

RESTRICTIVE COVENANT AGREEMENT

 

 

This Restrictive Covenant
Agreement (this “Agreement”) is made as of April 5, 2019 and is effective as of April 5, 2019 (the “Effective
Date”), by and between Verso Corporation, a Delaware corporation (“Verso”), and (“Employee”).

 

Introduction.
Verso and Employee are parties to an employment agreement dated as of April 5, 2019 (the “Employment Agreement”).
In connection therewith, Verso is willing to employ Employee in a senior executive position, and Employee is willing to accept
such employment, contingent on the Employee’s execution of this Agreement. Based on the foregoing, and for certain good and
valuable consideration, the receipt and adequacy of which are hereby acknowledged, Verso and Employee hereby agree as follows:

 

1.         Definitions.
As used below in this Agreement, the terms:

 

(a)       “Business”
shall mean the business of coated and supercalendered paper products, the operation of coated and supercalendered paper mills,
specialty paper mills producing those specialty paper products that can be manufactured at the specialty paper mills operated by
the Verso Group, and/or the manufacturing of bag or packaging papers to the extent that at the time of Employee’s termination
the Verso Group manufactures, or has undertaken material steps to engage in the manufacturing of, bag or packaging papers, anywhere
in the world as conducted by the Verso Group, and/or any other business that any member of the Verso Group participated in, or
undertook business planning to participate or engage in, at any point during Employee’s employment with the Company.

 

(b)       “Protected
Information” shall mean any and all nonpublic information, confidential information, proprietary information, trade secrets,
or other sensitive information (whether in oral, written, electronic, or any other form) concerning any member of the Verso Group
and/or any of their respective agents, consultants, contractors, directors, employees, fiduciaries, investors, potential investors,
members, officers, partners, principals, and representatives, that (i) Verso takes reasonable measures to maintain in secrecy,
(ii) is required to be maintained as confidential under governing law or regulation or under an agreement with any third parties,
(iii) would otherwise appear to a reasonable person to be confidential or proprietary, and/or (iv) pertains in any manner to Verso’s
business, including but not limited to Research and Development (as defined below); customers or prospective customers, targeted
national accounts, or strategies or data for identifying and satisfying their needs; present or prospective business relationships;
present, short term, or long term strategic plans; acquisition candidates; plans for corporate restructuring; products under consideration
or development; cost, margin or profit information; data from which any of the foregoing types of information could be derived;
human resources (including compensation information and internal evaluations of the performance, capability and potential of Verso
employees); business methods, data bases and computer programs. The fact that individual elements of the information that constitutes
Protected Information may be generally known does not prevent an integrated compilation of information, whether or not reduced
to writing, from being Protected Information if that integrated whole is not generally known.

 

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(c)       “Research
and Development” shall include, but not be limited to, all (i) short- term and long-term basic, applied and developmental
research and technical assistance and specialized research support of customers or active prospects, targeted national accounts,
of Verso operating divisions; (ii) information relating to manufacturing and converting processes, methods, techniques and equipment
and the improvements and innovations relating to same; quality control procedures and equipment; identification, selection, generation
and propagation of tree species having improved characteristics; forest resource management; innovation and improvement to manufacturing
and converting processes such as shipping, pulping bleaching chemical recovery papermaking, coating and calendering processes and
in equipment for use in such processes; reduction and remediation of environmental discharges; minimization or elimination of solid
and liquid waste; use and optimization of raw materials in manufacturing processes; recycling and manufacture of paper products;
recycling of other paper or pulp products; energy conservation; computer software and application of computer controls to manufacturing
and quality control operations and to inventory control; radio frequency identification and its use in paper and packaging products;
and product or process improvement, development or evaluation; and (iii) information about methods, techniques, products, equipment,
and processes that Verso has learned do not work or do not provide beneficial results (“negative know-how”) as well
as those that do work or provide beneficial results.

 

(d)       “Unauthorized”
shall mean (i) in contravention of Verso’s policies or procedures; (ii) otherwise inconsistent with Verso’s measures
to protect its interests in the Protected Information; (iii) in contravention of any lawful instruction or directive, either written
or oral, of any Verso employee empowered to issue such instruction or directive; (iv) in contravention of any duty existing under
law or contract; (v) to the detriment of Verso; or (vi) for the use or advantage of any entity or person other than the Verso Group.

 

(e)       “Verso
Group” shall mean Verso and/or its subsidiaries.

 

2.         Confidentiality.

 

(a)       Employee
acknowledges and agrees that by reason of Employee’s employment with Verso, Employee has been and will be entrusted with
Protected Information and may develop Protected Information, that such information is valuable and useful to Verso, that it would
also be valuable and useful to competitors and others who do not know it and that such information constitutes confidential and
proprietary trade secrets of Verso. While an employee or consultant of Verso, or at any time thereafter, regardless of the reasons
for leaving Verso, Employee agrees not to use or disclose, directly or indirectly, any Protected Information in an Unauthorized
manner or for any Unauthorized purpose unless such information shall have become generally known in the relevant industry or independently
developed with no assistance from, nor as a result of a breach of the covenants and obligations hereunder by, Employee. Further,
promptly upon termination, for any reason, of Employee’s employment with Verso or upon the request of Verso, Employee agrees
to deliver to Verso all property and materials and copies thereof within Employee’s possession or control that belong to
the Verso Group or that contain Protected Information and to permanently delete upon Verso’s request all Protected Information
from any computers or other electronic storage media Employee owns or uses.

 

    	 	A-2	 

     

    

 

(b)       While
an employee of Verso and after termination of Employee’s employment with Verso for any reason, Employee agrees not to take
any actions that would constitute or facilitate the Unauthorized use or disclosure of Protected Information, including transmitting
or posting such Protected Information on the internet, anonymously or otherwise. Employee further agrees to take all reasonable
measures to prevent the Unauthorized use and disclosure of Protected Information and to prevent Unauthorized persons or entities
from obtaining or using Protected Information.

 

(c)       If
Employee becomes legally compelled (by deposition, interrogatory, request for documents, subpoena, investigation, demand, order
or similar process) to disclose any Protected Information, then before any such disclosure may be made, Employee shall immediately
notify Verso thereof and, at Verso’s expense, shall consult with Verso on the advisability of taking steps to resist or narrow
such request and cooperate with Verso in any attempt to obtain a protective order or other appropriate remedy or assurance that
the Protected Information will be afforded confidential treatment. If such protective order or other appropriate remedy is not
obtained, Employee shall furnish only that portion of the Protected Information that it is advised by legal counsel is legally
required to be furnished.

 

(d)       In
accordance with the Defend Trade Secrets Act, 18 U.S.C. § 1833(b), and other applicable law, nothing in this Agreement, or
any other agreement or policy, shall prevent Employee from, or expose Employee to criminal or civil liability under federal or
state trade secret law for, (i) directly or indirectly sharing any of the Verso Group’s trade secrets or other Protected
Information (except information protected by any member of the Verso Group’s attorney-client or work product privilege) with
an attorney or with any federal, state, or local government agencies, regulators, or officials, for the purpose of investigating
or reporting a suspected violation of law, whether in response to a subpoena or otherwise, without notice to the Verso Group, or
(ii) disclosing trade secrets in a complaint or other document filed in connection with a legal claim, provided that the filing
is made under seal. Further, nothing herein shall prevent Employee from discussing or disclosing information related to Employee’s
general job duties or responsibilities and/or regarding employee compensation. Employee may disclose Protected Information as required
in response to a subpoena or other legal process, in accordance with the terms and procedures set forth in Section 2(c), above.

 

3.         Non-Competition.

 

(a)       Employee
acknowledges and agrees that the Business is worldwide in scope, the Verso Group’s competitors and customers are located
throughout the world, and the Verso Group’s strategic planning and Research and Development activities have application throughout
the world and are for the benefit of customers and the Business throughout the world, and therefore, the restrictions on Employee’s
competition after employment as described below apply to anywhere in the world in which the Verso Group does business. Employee
acknowledges that any such competition within that geographical scope will irreparably injure the Verso Group. Employee acknowledges
and agrees that, for that reason, the prohibitions on competition described below are reasonably tailored to protect the interests
of the Verso Group.

 

    	 	A-3	 

     

    

 

(b)       While
an employee or consultant of Verso, Employee agrees not to compete in any manner, either directly or indirectly and whether for
compensation or otherwise, with the Business or to assist any other person or entity to compete with the Business.

 

(i)        Upon
termination of Employee’s employment with Verso for any reason occurring more than ninety (90) days after the Effective (as
defined in the Employment Agreement), Employee agrees that for a period of twelve (12) months (the “Non-Compete Period”)
following such termination Employee will not compete with the Business anywhere in the world in which the Verso Group is doing
business by:

 

(A)       directly
or indirectly in any capacity engage in the Business or assists other to engage in the Business;

 

(B)       engaging
in any sales, marketing, Research and Development or managerial duties (including, without limitation, financial, human resources,
strategic planning, or operation duties) for, whether as an employee, consultant, or otherwise, any entity that produces, develops,
sells, markets or operates in the Business;

 

(C)       owning,
managing, operating, controlling or consulting for any entity that engages in the Business; provided, however, that this Section
3(c)(iii) shall not prohibit Employee from being a passive owner of not more than 5% of the outstanding stock of any class of a
corporation that is publicly traded, so long as Employee has no active participation in the business of such corporation; or

 

(D)       soliciting
the business of any actual or active prospective customers, or targeted national accounts of the Verso Group for any product, process
or service that is competitive with the Business, whether existing or contemplated for the future, on which Employee has worked,
or concerning which Employee has in any manner acquired knowledge or Protected Information about, during the 12 months preceding
termination of Employee’s employment.

 

It shall not be a violation
of this provision for Employee to accept employment with a non-competitive division or business unit of a multi-divisional company
of which one or more divisions or business units are competitors of Verso, so long as Employee does not engage in, oversee, provide
input or information regarding, or participate in any manner in the activities described in this paragraph as they relate to any
division or business unit that is a competitor of Verso. Employee shall not assist others in engaging in activities that Employee
is not permitted to take.

 

4.         Non-Solicitation/Non-Hire.
During the term of Employee’s employment at Verso and for a period of twelve (12) months following the termination of such
employment for any reason, Employee agrees that Employee will not, either on Employee’s own behalf or on behalf of any other
person or entity, directly or indirectly:

 

(a)       encourage,
induce, solicit, hire or attempt to encourage, induce, or solicit or hire any then current employee of the Verso Group, or otherwise
interfere with or encourage any such employee to terminate or limit his or her employment or consulting relationship with Verso;
or induce, encourage or assist any other person to engage in any of the activities described above; provided, however, that there
shall be no violation of this subsection 4(a) in the event that a Verso Group employee responds to a public solicitation for new
hires by an entity with which Employee is associated;

 

    	 	A-4	 

     

    

 

(b)       encourage,
induce, solicit, or attempt to encourage, induce, or solicit any former, current or prospective customer of the Verso Group, about
whom Employee acquired confidential information during the course of Employee's employment with Verso, to cease, or reduce the
amount of, or change the terms and conditions of, business it does with the Verso Group; or

 

(c)       interfere
with, disrupt, or attempt to interfere with or disrupt the business relationships (contractual or otherwise) existing (now or at
any time in the future) between Verso and any third party (including, without limitation, the Verso Group's customers, vendors,
suppliers, licensors, lessors, joint venturers, associates, consultants, agents and partners).

 

5.        Tolling
Period of Restrictions. Employee agrees that the periods of non-competition and non-solicitation/non-hire set forth in Sections
3 and 4, respectively, shall be extended by the period of violation if Employee is found to be in violation of those provisions.

 

6.        Duty
to Show Agreement to Prospective Employer. During Employee’s employment with Verso and for twelve (12) months after the
Date of Termination (as defined in the Employment Agreement), Employee shall, prior to accepting other employment, provide a copy
of this Agreement to any recruiter who assists Employee in locating employment other than with Verso and to any prospective employer
with which Employee discusses potential employment.

 

7.        Representations,
Warranties and Acknowledgements. In addition to the representations, warranties and obligations set forth throughout this Agreement,
Employee acknowledges that (a) Protected Information is commercially and competitively valuable to Verso and critical to its success;
(b) the Unauthorized use or disclosure of Protected Information or the violation of the covenants set forth in Sections 2, 3, or
4 would cause irreparable harm to Verso; (c) by this Agreement, Verso is taking reasonable steps to protect its legitimate interests
in its Protected Information; (d) Employee has developed, or will develop, legally unique relationships with customers of Verso;
and (e) nothing herein shall prohibit Verso from pursuing any remedies, whether in law or equity, available to Verso for breach
or threatened breach of this Agreement. Employee further acknowledges and agrees that, as a senior executive of Verso, Employee
performs unique and valuable services to Verso of an intellectual character and that Employee’s services will be difficult
for Verso to replace. Employee further acknowledges and agrees that Verso is providing Employee with significant consideration
in this Agreement for entering into this Agreement and that Verso’s remedies for any breach of this Agreement are in addition
to and not in place of any other remedies Verso may have at law or equity or under any other agreements.

 

    	 	A-5	 

     

    

 

8.         General.

 

(a)       Employee
acknowledges and agrees that the parties have attempted to limit Employee’s right to compete only to the extent necessary
to protect Verso from unfair competition and protect the legitimate interests of Verso. If any provision or clause of this Agreement
or portion thereof shall be held by any court of competent jurisdiction to be illegal, void or unenforceable in such jurisdiction,
the remainder of such provisions shall not thereby be affected and shall be given full effect, without regard to the invalid portion.
It is the intention of the parties and Employee agrees, that if any court construes any provision or clause of this Agreement or
any portion thereof to be illegal, void or unenforceable because of the duration of such provision or the area or matter covered
thereby, such court shall reduce the duration, area or matter of such provision and in its reduced form, such provision shall then
be enforceable and shall be enforced.

 

(b)       Employee
acknowledges that neither this Agreement nor any provision hereof can be modified, abrogated or waived except in a written document
signed by the Chairman of the Board of Verso, or in the event of the absence of such person or the vacancy of such position, such
other person as Verso’s board of directors shall designate in writing.

 

(c)       This
Agreement shall be governed by, construed under, and enforced in accordance with the laws of the State of Delaware without regard
to the conflict-of-law provisions or principles thereof. Employee hereby consents to the jurisdiction of and agrees that any claim
arising out of or relating to this Agreement may be brought in the courts of the State of Ohio.

 

(d)       This
Agreement and any rights thereunder may be assigned by Verso and, if so assigned, shall operate to protect the Protected Information
and relationships of Verso as well as such information and relationships of the assignee.

 

(e)       Employee
agrees that Verso’s determination not to enforce this or similar agreements as to specific violations shall not operate as
a waiver or release of Employee’s obligations under this Agreement.

 

(f)       If
any provision of this Agreement is determined to be unenforceable as a matter of governing law, an arbitrator or reviewing court
shall have the authority to “blue pencil” or otherwise modify such provision so as to render it enforceable while maintaining
the parties’ original intent to the maximum extent possible. Each provision of this Agreement is severable from the other
provisions hereof, and if one or more provisions hereof are declared invalid, the remaining provisions shall nevertheless remain
in full force and effect.

 

(g)       Employee
acknowledges and agrees that Verso has advised Employee that Employee may consult with an independent attorney before signing this
Agreement.

 

(h)       This
Agreement sets forth the entire agreement of the parties, and fully supersedes any and all prior agreements or understandings between
the parties pertaining to the subject matter hereof.

 

    	 	A-6	 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be executed and delivered effective as of the Effective Date.

 

	 	Verso Corporation
	 	 	 
	 	By:	/s/ Alan Carr
	 	Name:	Alan Carr
	 	Its:	Co-Chairman of the Board
	 	 	 
	 	 	 
	 	 	 
	 	EMPLOYEE
	 	 	 
	 	/s/ Leslie T. Lederer
	 	Leslie T. Lederer

 

    	 	A-7Exhibit

EXHIBIT 4.24
EXECUTION VERSION
AGREEMENT OF RESIGNATION, APPOINTMENT AND ACCEPTANCE
FIRST-PRIORITY NOTES INDENTURES
relating to 
HEXION INC.
6.625% FIRST-PRIORITY SENIOR SECURED NOTES DUE 2020
10.00% FIRST-PRIORITY SENIOR SECURED NOTES DUE 2020
10.375% FIRST-PRIORITY SENIOR SECURED NOTES DUE 2022
AGREEMENT OF RESIGNATION, APPOINTMENT AND ACCEPTANCE (this “Agreement”), dated as of April 9, 2019 by and among Hexion Inc. (“Hexion”), a corporation duly organized and existing under the laws of the State of New Jersey (as issuer and successor issuer for Hexion U.S. Finance Corp. and Hexion 2 U.S. Finance Corp., as applicable, the “Issuer”), and U.S. Bank National Association (“U.S. Bank” or “Successor Trustee”), a national banking association duly organized and existing under the laws of the United States of America, and Wilmington Trust, National Association (“Wilmington Trust” or “Predecessor Trustee”), a national banking association duly organized and existing under the laws of the United States of America.   
RECITALS
WHEREAS, there are currently $1,550,000,000 aggregate principal amount of Hexion’s 6.625% First-Priority Senior Secured Notes due 2020 (the “6.625% Notes”) outstanding under an Indenture, dated as of March 14, 2012, as amended by the First Supplemental Indenture, dated as of January 31, 2013, and as further amended by the Second Supplemental Indenture, dated as of March 28, 2013, and as further amended by the Third Supplemental Indenture, dated as of December 2, 2014, and as further amended by the Fourth Supplemental Indenture, dated as of June 19, 2018 (as so amended, the “6.625% Notes Indenture”), by and among Hexion, as successor issuer, each of the guarantors party thereto, and Wilmington Trust, as trustee,  
WHEREAS, there are currently $315,000,000 aggregate principal amount of Hexion’s 10.00% First-Priority Senior Secured Notes due 2020 (the “10.00% Notes”) outstanding under an Indenture, dated as of April 15, 2015, as amended by the First Supplemental Indenture, dated as of June 19, 2018 (as so amended, the “10.00% Notes Indenture”), by and among Hexion, as issuer, each of the guarantors party thereto, and Wilmington Trust, as trustee,
WHEREAS, there are currently $560,000,000 aggregate principal amount of Hexion’s 10.375% First-Priority Senior Secured Notes due 2022 (the “10.375% Notes” and, together with the 6.625% Notes and the 10.00% Notes, the “First-Priority Notes”) outstanding under an Indenture, dated as of February 8, 2017, as amended by the Issuer’s Assumption Supplemental Indenture, dated as of February 8, 2017, and as further amended by the Second Supplemental Indenture, dated as of May 12, 2017 (the “Second Supplemental Indenture”), and as further amended by the Third Supplemental Indenture, dated as of June 19, 2018 (as so amended, the “10.375% Notes Indenture” and, together with the 6.625% Notes Indenture and the 10.00% Notes Indenture, the “Indentures,” and each an “Indenture”), by and among Hexion, as issuer, each of the guarantors party thereto, and Wilmington Trust, as trustee,

WHEREAS, the Issuer previously appointed Wilmington Trust as (a) the trustee (the “Trustee”), registrar (the “Registrar”), paying agent (the “Paying Agent”) and custodian with respect to the global notes issued under the Indentures (the “Notes Custodian”), under each of the Indentures and (b) collateral agent for the First Priority Notes (the “Collateral Agent”) or senior  priority agent for the First-Priority Notes (“Senior Priority Agent”) under the Collateral Agreement, dated and effective as of March 28, 2013 (as amended or supplemented, the “Collateral Agreement”), the First Lien Intercreditor Agreement, dated as of April 15, 2015 (as amended or supplemented, the “First Lien Intercreditor Agreement”), the ABL Intercreditor Agreement dated as of March 28, 2013, as supplemented by the Joinder Agreement, dated April 15, 2015 and as further supplemented by the Second Joinder Agreement, dated February 8, 2017 (as so supplemented, the “ABL Intercreditor Agreement”), the Amended and Restated Intercreditor Agreement, dated as of January 31, 2013 (as supplemented by the First Joinder, the Second Joinder, the Third Joinder, the Fourth Joinder, and the Fifth Joinder as those term are defined below, and as the same may have been further amended, restated, supplemented or otherwise modified from time to time, the “Second Lien Intercreditor Agreement”), among JPMorgan Chase Bank, N.A., as intercreditor agent, Wilmington Trust Company, as trustee and as collateral agent (the “Second Lien Trustee”) and as second-priority agent under the Second Lien Intercreditor Agreement, Wilmington Trust (as successor by merger to Wilmington Trust FSB), as trustee and as senior priority agent under the Second Lien Intercreditor Agreement for the holders of the notes (the “1.5 Lien Notes”) issued under an Indenture, dated as of February 8, 2017, Wilmington Trust, as senior priority agent under the Second Lien Intercreditor Agreement for the holders of the 6.625% Notes, Hexion LLC (“Holdings”), the Issuer, and each subsidiary of the Issuer party thereto, as such Second Lien Intercreditor Agreement was supplemented pursuant to (a) that certain Joinder and Supplement to Intercreditor Agreement, dated as of March 28, 2013 (the “First Joinder”), among JPMorgan Chase Bank, N.A. (the “ABL Credit Agreement Agent”), as senior priority agent for the ABL Secured Parties (as defined in the First Joinder), JPMorgan Chase Bank, N.A., as intercreditor agent (the “Intercreditor Agent”), and the other parties thereto, (b) that certain Second Joinder and Supplement to Intercreditor Agreement, dated as of April 15, 2015 (the “Second Joinder”), among Wilmington Trust, as trustee for the holders of the 10.00% Notes, and the other parties thereto, (c) that certain Third Joinder and Supplement to Intercreditor Agreement, dated as of February 8, 2017 (the “Third Joinder”), among Wilmington Trust, as trustee for holders of the 10.375% Notes, and the other parties thereto, (d) that certain Fourth Joinder and Supplement to Intercreditor Agreement, dated as of February 8, 2017 (the “Fourth Joinder”), among Wilmington Trust, as trustee for the holders of the 1.5 Lien Notes, and the other parties thereto, and (e) that certain Fifth Joinder and Supplement to the Second Lien Intercreditor Agreement, dated as of May 12, 2017 (the “Fifth Joinder”), among Wilmington Trust, as Senior Priority Agent under the Second Lien Intercreditor Agreement for the holders of the 10.375% Notes (as originally issued and as issued pursuant to that certain Second Supplemental Indenture), the Intercreditor Agent, the ABL Credit Agreement Agent (as senior priority agent under the Second Lien Intercreditor Agreement for the ABL Secured Parties), Wilmington Trust Company, as second-priority agent under the Second Lien Intercreditor Agreement, Wilmington Trust, as trustee and Senior Priority Agent for the holders of the 6.625% Notes, the 10.00% Notes Trustee, and as trustee and senior priority agent for the 1.5 Lien Notes Trustee, and Holdings, the Issuer, and certain subsidiaries of the Issuer, and the Amended and Restated Intercreditor Agreement, dated as of February 8, 2017 (as amended or supplemented, the “A&R Intercreditor Agreement”), among JPMorgan Chase Bank, N.A., as intercreditor agent, Wilmington Trust Company, as trustee and as collateral agent for the holders of the 1.5 Lien Notes, JPMCB as senior-priority agent for the secured parties under the ABL Facility (as defined therein), Wilmington Trust as senior-priority agent for the holders of the Senior Priority Notes issued under the Indentures, Holdings, the Company and each subsidiary of the Issuer party thereto,
WHEREAS, the First Lien Intercreditor Agreement, the ABL Intercreditor Agreement, the and Second Lien Intercreditor Agreement and the A&R Intercreditor Agreement are referred to as the “Intercreditor Agreements,”

WHEREAS, Section 2.04(c) of each Indenture provides that the Registrar and Paying Agent may resign at any time upon written notice to the Issuer and the Predecessor Trustee,
WHEREAS, Section 7.08(a) of each Indenture provides that Predecessor Trustee may resign at any time upon written notice to the Issuer,
WHEREAS, by written notice dated April 5, 2019 to the Issuer and the Trustee, Wilmington Trust resigned as Trustee, Registrar, Paying Agent, Notes Custodian, Collateral Agent, and Senior Priority Agent under each Indenture, the Collateral Agreement, and the Intercreditor Agreements,
WHEREAS, Section 7.08(c) of each Indenture provides that any successor Trustee appointed in accordance with the applicable Indenture shall deliver a written acceptance of such appointment to the Issuer and to its predecessor Trustee, and thereupon the resignation of the predecessor Trustee shall become effective and such successor Trustee shall have all rights, powers, and duties of the predecessor Trustee under the Indenture,
WHEREAS, Section 11.11(g) of the 10.375% Indenture and Section 6.06(d) of the Collateral Agreement provide that in acting as Collateral Agent, the Collateral Agent may rely upon and enforce each and all of the rights, protections, privileges, powers, immunities, indemnities and benefits of the Trustee under Article 7 of the Indenture,
WHEREAS, Hexion desires to appoint Successor Trustee as Trustee, Registrar, Paying Agent, Notes Custodian, Collateral Agent, and Senior Priority Agent to succeed Wilmington Trust in such capacities under the Indentures, the Collateral Agreement, and the Intercreditor Agreements, and
WHEREAS, Successor Trustee is willing to accept such appointments as successor Trustee, Registrar, Paying Agent, Notes Custodian, Collateral Agent and Senior Priority Agent under the Indentures, the Collateral Agreement, and the Intercreditor Agreements. 
NOW, THEREFORE, Hexion, Wilmington Trust and U.S. Bank, for and in consideration of the premises and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, hereby consent and agree as follows:
		
	1.
	PREDECESSOR TRUSTEE

1.1Predecessor Trustee hereby represents and warrants to Successor Trustee that:

		
	(a)
	Predecessor Trustee duly authorized, executed and delivered the Indentures.  Assuming each such document was validly and lawfully executed and delivered by the Issuer and is in full force and effect as to such Issuer, each such document remains in full force and effect as to Predecessor Trustee.

		
	(b)
	No covenant or condition contained in any of the Indentures, the Collateral Agreement, and the Intercreditor Agreements has been waived by Predecessor Trustee or, to the knowledge of responsible officers of Predecessor Trustee’s corporate trust department, by the registered holders of the percentage in aggregate principal amount of the First-Priority Notes required by the applicable Indenture to effect any such waiver

		
	(c)
	To the knowledge of responsible officers of Predecessor Trustee’s corporate trust department, there is no action, suit or proceeding pending or threatened against Predecessor Trustee before any court or any governmental authority arising out of any 

act or omission of Predecessor Trustee as Trustee under the Indentures, the Collateral Agreement, and the Intercreditor Agreements.

		
	(d)
	As of the Effective Date (as defined below) of this Agreement, Predecessor Trustee will hold no moneys or property under any Indenture or any other Collateral in its duties as Collateral Agent.

		
	(e)
	Pursuant to Section 2.03 of the 6.625% Notes Indenture, Predecessor Trustee has duly authenticated and delivered $1,550,000,000 aggregate principal amount of First-Priority Notes, $1,550,000,000 in aggregate principal amount of which are outstanding as of the Effective Date hereof.

		
	(f)
	The registers in which Predecessor Trustee has registered and transferred registered 6.625% Notes accurately reflect the amount of 6.625% Notes issued and outstanding and the amounts payable thereon.

		
	(g)
	Pursuant to Section 2.03 of the 10.00% Notes Indenture, Predecessor Trustee has duly authenticated and delivered $315,000,000 aggregate principal amount of First-Priority Notes, $315,000,000 in aggregate principal amount of which are outstanding as of the Effective Date hereof.

		
	(h)
	The registers in which Predecessor Trustee has registered and transferred registered 10.00% Notes accurately reflect the amount of 10.00% Notes issued and outstanding and the amounts payable thereon.

		
	(i)
	Pursuant to Section 2.03 of the 10.375% Notes Indenture, Predecessor Trustee has duly authenticated and delivered $560,000,000 aggregate principal amount of First-Priority Notes, $560,000,000 in aggregate principal amount of which are outstanding as of the Effective Date hereof.

		
	(j)
	The registers in which Predecessor Trustee has registered and transferred registered 10.375% Notes accurately reflect the amount of 10.375% Notes issued and outstanding and the amounts payable thereon.

		
	(k)
	Each person who so authenticated the First-Priority Notes was duly elected, qualified and acting as an officer or authorized signatory of Predecessor Trustee and empowered to authenticate the First-Priority Notes at the respective times of such authentication and the signature of such person or persons appearing on such First-Priority Notes is each such person’s genuine signature.

		
	(l)
	All interest due on the 6.625% Notes has been paid to October 15, 2018.

		
	(m)
	All interest due on the 10.00% Notes has been paid to October 15, 2018.

		
	(n)
	All interest due on the 10.375% Notes has been paid to February 1, 2019. 

		
	(o)
	This Agreement has been duly authorized, executed and delivered on behalf of Predecessor Trustee and constitutes its legal, valid and binding obligation, enforceable 

in accordance with its terms, except as such enforcement may be limited by general principles of equity.

1.2Predecessor Trustee hereby assigns, transfers, delivers and confirms to Successor Trustee all rights, title and interest of Predecessor Trustee in and to the trust under the Indentures and all the rights, powers, and duties of the Trustee, Registrar, Paying Agent, Notes Custodian, Collateral Agent, and Senior Priority Agent under the Indentures, the Collateral Agreement, and the Intercreditor Agreements, including, without limitation, all of its rights to, and all of its security interests in and liens upon, the collateral, if any, and all other rights of Predecessor Trustee (in the foregoing capacities) with respect to the collateral, if any, pursuant to any and all transaction documents relating to the Indentures, the Collateral Agreement, the Intercreditor Agreements, or the First-Priority Notes.  Predecessor Trustee, at the expense of the Issuer, shall execute and deliver all documents and instruments as may be reasonably requested by the Issuer or Successor Trustee so as to fully and certainly vest and confirm in Successor Trustee all the rights, powers, privileges and duties of Predecessor Trustee under the Indentures, the Collateral Agreement, and the Intercreditor Agreements hereby assigned, transferred, delivered and confirmed to Successor Trustee as the Trustee, Registrar, Paying Agent, Notes Custodian, Collateral Agent and Senior Priority Agent, with respect to the First-Priority Notes. 

1.3Predecessor Trustee shall deliver to Successor Trustee, as of or promptly after the Effective Date hereof, all of the documents listed on Exhibit A to the extent available.

		
	2.
	ISSUER

2.1Hexion hereby accepts the resignation of Predecessor Trustee as the Trustee, Registrar, Paying Agent, Notes Custodian, Collateral Agent, and Senior Priority Agent under the Indentures, the Collateral Agreement, and the Intercreditor Agreements.

2.2Hexion hereby appoints Successor Trustee as the Trustee, Registrar, Paying Agent, Notes Custodian, Collateral Agent, and Senior Priority Agent under the Indentures, the Collateral Agreement, and the Intercreditor Agreements to succeed to, and hereby vests Successor Trustee with, all the rights, powers, and duties of Predecessor Trustee under the Indentures, the Collateral Agreement, and the Intercreditor Agreements.

2.3Hexion represents and warrants to Predecessor Trustee and Successor Trustee that Hexion is a corporation duly and validly organized and existing pursuant to the laws of the State of New Jersey.

2.4With respect to the Indentures, the Collateral Agreement, and the Intercreditor Agreements, Hexion hereby represents and warrants to Predecessor Trustee and Successor Trustee that:

		
	a.
	Each Indenture is listed on Exhibit A hereto.  None of the Indentures has been amended or supplemented except as set forth therein.

		
	b.
	Each Indenture, the Collateral Agreement, and each Intercreditor Agreement was validly and lawfully executed and delivered by it and is in full force and effect and the First-Priority Notes issued under the Indentures were validly issued by the Company.

		
	c.
	No covenant or condition contained in any Indenture, the Collateral Agreement, or any Intercreditor Agreement has been waived by it or the guarantors party thereto or, 

to its knowledge, by the registered holders of the percentage in aggregate principal amount of the applicable First-Priority Notes required by any Indenture to effect any such waiver.

		
	d.
	There is no action, suit or proceeding pending or, to its knowledge, threatened against it or the guarantors party to any Indenture, the Collateral Agreement, or any Intercreditor Agreement before any court or any governmental authority arising out of its actions or omissions or the actions or omissions of any guarantors under any Indenture, the Collateral Agreement, or any Intercreditor Agreement.

		
	e.
	This Agreement has been duly authorized, executed and delivered on its behalf and constitutes its legal, valid and binding obligation, enforceable in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium, liquidation, fraudulent transfer, fraudulent conveyance or other similar laws affecting the enforcement of creditors’ rights generally, and by general principles of equity.

2.5Hexion affirms that all liens on and security interests in the Collateral that it granted to Predecessor Trustee under the Indentures and the Collateral Agreement are in effect and hereby reaffirmed by Hexion.

2.6In connection with maintaining the validity, perfection and priority of the liens and security interests afforded the Collateral Agent under the Indentures and the Collateral Agreement, Hexion agrees to execute, acknowledge, deliver and cause to be duly filed (i) all Uniform Commercial Code financing statements and U.S. Patent and Trademark Office filings necessary to evidence and assure, preserve, protect and perfect the security interest or lien that it granted in favor of Successor Trustee, in its capacity as successor Collateral Agent, and (ii) such other instruments and documents necessary to evidence and assure, preserve, protect and perfect such security interest or lien in favor of Successor Trustee, in its capacity as successor Collateral Agent, as promptly as practicable as may be reasonably requested by Successor Trustee following the Effective Date.  All such filings shall be the responsibility of and made at the sole expense of Hexion.

2.7Nothing in this Agreement shall operate as or be deemed a waiver by Hexion of any right, power, privilege, claim or argument under or in connection with the Indentures, the Collateral Agreement or applicable law or an admission in connection therewith, and all rights, powers, privileges, claims or arguments of Hexion in connection with the Indentures and the Collateral Agreement are expressly reserved in all respects.

		
	3.
	SUCCESSOR TRUSTEE

3.1Successor Trustee hereby represents and warrants to Predecessor Trustee and to the Issuer that:

		
	a.
	Successor Trustee is not disqualified under the provisions of Section 7.10 of any Indenture and is eligible under the provisions of Section 7.10 of each Indenture to act as Trustee under such Indenture.

		
	b.
	This Agreement has been duly authorized, executed and delivered on behalf of Successor Trustee and constitutes its legal, valid and binding obligation, enforceable in accordance with its terms.

3.2Successor Trustee hereby accepts its appointment as successor Trustee, Registrar, Paying Agent, Notes Custodian, Collateral Agent, and Senior Priority Agent under the Indentures, the Collateral Agreement, and the Intercreditor Agreements and accepts the rights, powers, and duties of Predecessor Trustee as the Trustee, Registrar, Paying Agent, Notes Custodian, Collateral Agent and Senior Priority Agent under the Indentures, the Collateral Agreement, and the Intercreditor Agreements, upon the terms and conditions set forth therein.

3.3References in the Indenture to “corporate trust office” or other similar terms shall be deemed to refer to the designated corporate trust office of Successor Trustee, which is presently located at 60 Livingston Avenue, St. Paul, Minnesota 55107.

3.4Promptly after the Effective Date of this Agreement, the Company shall cause a notice, substantially in the form of Exhibit B annexed hereto, to be sent to holders of the First-Priority Notes.

		
	4.
	MISCELLANEOUS

4.1Except as otherwise expressly provided herein or unless the context otherwise requires, all terms used herein which are defined in the Indentures shall have the meanings assigned to them in the Indentures.

4.2This Agreement, the resignation of Wilmington Trust in its capacity as Trustee, Registrar, Paying Agent, Notes Custodian, Collateral Agent, and Senior Priority Agent under the Indentures, the Collateral Agreement, and the Intercreditor Agreements, the Issuer’s appointment, and U.S. Bank’s acceptance of its appointment as successor Trustee, Registrar, Paying Agent, Notes Custodian, Collateral Agent, and Senior Priority Agent under the Indentures, the Collateral Agreement, and the Intercreditor Agreements shall be effective as of the opening of business on April 10, 2019 (the “Effective Date”); provided, however, that the resignation of the Predecessor Trustee as Registrar, Paying Agent and Notes Custodian and appointment of Successor Trustee as Registrar, Paying Agent and Notes Custodian shall be effective as of the close of business ten (10) business days after the Effective Date.

4.3This Agreement does not constitute a waiver by any of the parties hereto of any obligation or liability which Predecessor Trustee may have incurred in connection with its serving as the Trustee, Paying Agent, Registrar, Notes Custodian, Collateral Agent or Senior Priority Agent under any Indenture, the Collateral Agreement, or any Intercreditor Agreement, or an assumption by Successor Trustee of any liability of Predecessor Trustee arising out of a breach by Predecessor Trustee prior to its resignation of its duties under the Indentures, the Collateral Agreement, and the Intercreditor Agreements.  The parties hereto agree that the Successor Trustee shall bear no responsibility or liability for (i) any actions taken or omitted to be taken by Predecessor Trustee while it served as the Predecessor Trustee, Paying Agent, Registrar, Notes Custodian, Collateral Agent or Senior Priority Agent under an Indenture or a Collateral Agreement or (ii) any event, circumstance, condition or action existing prior to the Effective Date, with respect to the Collateral, the Indentures (other than actions of Successor Trustee that precede the Effective Date), and the Intercreditor Agreements, or the transactions contemplated thereby.  The parties hereto agree that Wilmington Trust, in its individual capacity and in its capacity as Predecessor Trustee, shall bear no responsibility or liability for any actions taken or omitted to be taken by U.S. Bank as Successor Trustee, Paying Agent, Registrar, Notes Custodian, Collateral Agent, or Senior Priority Agent under any of the Indentures, the Collateral Agreement, or any of the Intercreditor Agreements or for any event, circumstance, condition or action existing on or after the Effective Date, with respect to the Collateral, the Indentures, the Collateral Agreement, the Intercreditor Agreements or the transactions contemplated thereby.

4.4Notwithstanding the resignation of Predecessor Trustee effected hereby, Hexion shall remain obligated under Section 7.07 of the applicable Indenture and Section 6.06 of the Collateral Agreement to compensate, reimburse and indemnify Predecessor Trustee for its prior trusteeships and collateral agencies under the Indentures, the Collateral Agreement, and the Intercreditor Agreements, and to hold Predecessor Trustee (a) in each of its capacities as Trustee, Paying Agent, Notes Custodian and Registrar, harmless against any loss, liability or expense incurred without willful misconduct, negligence or bad faith on the part of Predecessor Trustee, and (b) in each of its capacities as Collateral Agent and Senior Priority Agent, harmless against any loss, liability or expense incurred without gross negligence or willful misconduct on the part of Predecessor Trustee, and arising out of or in connection with the acceptance or administration of the trust evidenced by the Indentures or relating to the collateral, which obligations shall survive the execution hereof. 

4.5Hexion acknowledges that Predecessor Trustee (and its agents and counsel) have accrued but unpaid (i) compensation for services rendered in one or more of its capacities as Predecessor Trustee, Paying Agent, Registrar, Notes Custodian, Collateral Agent, and Senior Priority Agent (or as agent or counsel to the Predecessor Trustee in any such capacities), including but not limited to with respect to the drafting and negotiation of this Agreement, and (ii) disbursements, advances and expenses incurred or made by Predecessor Trustee (and its agents and counsel) for which it remains obligated under Section 7.07 of the applicable Indenture and Section 6.06 of the Collateral Agreement.  This Agreement does not waive or assign Predecessor Trustee’s right to compensation, reimbursement of expenses, advancement or indemnity to which it is or may be entitled pursuant to any of the Indentures or Intercreditor Agreements.  

4.6Notwithstanding any other provision of this Agreement, the Predecessor Trustee’s charging lien and priority of payment rights are reserved to the extent necessary for the Predecessor Trustee to obtain payment of such compensation or reimbursement of such disbursements, advances and expenses described in Section 4.5.  In addition, the Successor Trustee shall exercise its priority of payment, charging lien rights, and any adequate protection rights, to obtain payment of the Predecessor Trustee’s outstanding fees and expenses described in Section 4.5.

4.7Hexion acknowledges and agrees that the indemnities provided for under Section 7.07 of the applicable Indenture and Section 6.06 of the Collateral Agreement extend to the Successor Trustee’s acceptance of its duties as Trustee, Registrar, Paying Agent, Notes Custodian, Collateral Agent and Senior Priority Agent hereunder, and Hexion shall, to the fullest extent provided in the Indentures and in accordance therewith, indemnify the Successor Trustee and hold the Successor Trustee (a) in each of its capacities as Trustee, Paying Agent, Notes Custodian and Registrar, harmless against any loss, liability or expense incurred without willful misconduct, negligence or bad faith on the part of Successor Trustee, and (b) in each of its capacities as Collateral Agent and Senior Priority Agent, harmless against any loss, liability or expense incurred without gross negligence or willful misconduct on the part of Successor Trustee, in each case, for any event, circumstance, condition or action with respect to the Collateral, the Indentures, the Collateral Agreement, and the Intercreditor Agreements, or the transactions contemplated thereby, as applicable.

4.8The parties hereto agree, at the Issuer’s expense, to take reasonable action to confirm, evidence and perfect Successor Trustee’s rights in, or with respect to, the Collateral, pursuant to the Indentures and the Collateral Agreement and all transaction documents relating thereto.

4.9This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to conflicts of laws principles thereof.

4.10This Agreement may be executed in any number of counterparts each of which shall be an original, but such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Agreement and of signature pages by facsimile or PDF transmission by the parties hereto shall constitute (i) effective execution and delivery of this Agreement as to the parties hereto and may be used in lieu of the original Agreement for all purposes and (ii) compliance by the respective parties hereto with the notice requirements of Section 13.02 of the 6.625% Notes Indenture and Section 12.02 of the 10.00% Notes 

Indenture and 10.375% Notes Indenture and the execution and delivery requirements of Sections 2.04 and 7.08 of the Indentures.  Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.

4.11The Issuer acknowledges that, in accordance with Section 326 of the USA Patriot Act, Successor Trustee, in order to help fight the funding of terrorism and prevent money laundering, is required to obtain, verify and record information that identifies each person or legal entity that establishes a relationship or opens an account with Successor Trustee. The Issuer agrees that it will provide Successor Trustee with such information as it may reasonably request in order for Successor Trustee to satisfy the requirements of the USA Patriot Act.

4.12This Agreement sets forth the entire agreement of the parties with respect to its subject matter, and supersedes and replaces any and all prior contemporaneous warranties, representations or agreements, whether oral or written, with respect to the subject matter of this Agreement other than those contained in this Agreement.

4.13Unless otherwise provided herein, all notices, requests and other communications to any party hereunder shall be in writing (including facsimile and electronic transmission in PDF format) and shall be given to such party, addressed to it, as set forth below:
If to the Issuer:
Hexion Inc.
180 East Broad St.
Columbus, OH 43215
Attention: Douglas A. Johns
Facsimile: (614) 225-3354
If to Predecessor Trustee:
Wilmington Trust, National Association
Institutional Client Services, Corporate Default Team
1100 North Market Street, Wilmington, DE  19890-1605 
Attention:  Rita Marie Ritrovato, Vice President
Email:  rmritrovato@wilmingtontrust.com 
With a copy to:
Kurt F. Gwynne, Esquire
Reed Smith LLP
1201 N. Market Street
Suite 1500
Wilmington, DE 19801
Email:  kgwynne@reedsmith.com
If to Successor Trustee:
U.S. Bank National Association
Global Corporate Trust
60 Livingston Avenue
St. Paul; Minnesota 55107
Attention: Barry Ihrke, Vice President
Email: barry.irhke@usbank.com 

[Signature page to follow]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement of Appointment and Acceptance to be duly executed, all as of the day and year first above written.

	
		
	HEXION INC.,
as Issuer 

By: /s/ Douglas A. Johns
Name:Douglas A. Johns
Title:Executive Vice President, General Counsel & Secretary

	 

[Signature Page to Agreement of Resignation, Appointment and Acceptance]

	
		
	

WILMINGTON TRUST, NATIONAL ASSOCIATION,
as Predecessor Trustee and Resigning Paying Agent, Resigning Registrar, Resigning Notes Custodian, Resigning Collateral Agent, and Resigning Senior Priority Agent

By: /s/ Rita Marie Ritrovato
Name:Rita Marie Ritrovato 
Title:Vice President, Corporate Trust
	

U.S. Bank National Association,
as Successor Trustee and Successor Paying Agent, Successor Registrar, Successor Notes Custodian, Successor Collateral Agent, and Successor Senior Priority Agent

By: /s/ Barry Ihrke
Name:Barry Ihrke
Title:Vice President

[Signature Page to Agreement of Resignation, Appointment and Acceptance]

EXHIBIT A
(Documents, to the extent available, to be delivered to Successor Trustee)1 
1.Executed copy of each Indenture and amendment and supplemental indenture thereto.

2.Executed copies of Indentures, the Collateral Agreement, and the Intercreditor Agreements and any UCC-1 or other financing statements, mortgages and intellectual property security agreements in favor of Predecessor Trustee.2 

3.Copy of the most recent compliance certificate, if any, delivered pursuant to Section 4.09 of each Indenture.

4.Most recent certified list of Holders, including certificate detail and all “stop transfers” and the reason for such “stop transfers” (or, alternatively, if there are a substantial number of registered Holders, the computer tape reflecting the identity of such Holders), under the Indenture.

5.Copies of any official notices sent by Predecessor Trustee to Holders of any of the First-Priority Notes pursuant to the terms of an Indenture during the past twelve months.

6.Copies of any notices, certificates, or other documents sent by any Holder to Predecessor Trustee pursuant to the terms of the Indentures; provided, however, that nothing herein shall require Predecessor Trustee to conduct a search for electronic mail communications or correspondence.

7.Any global security in the possession of Wilmington Trust.

______________________
1 Other than with respect to, if any, global First-Priority Notes and physical collateral in Predecessor Trustee’s possession, all documents and other deliverables may be delivered in electronic format.
2 US Bank needs to receive copies of filed UCC financing statements in favor of Wilmington, together with executed copies of any other security documents. Please also send executed copies of all the Intercreditor Agreements and related joinders/supplements. 

EXHIBIT B
[LETTERHEAD OF SUCCESSOR TRUSTEE]
NOTICE OF RESIGNATION OF TRUSTEE,  AND APPOINTMENT AND ACCEPTANCE OF SUCCESSOR TRUSTEE
TO HOLDERS OF
HEXION INC.
6.625% FIRST-PRIORITY SENIOR SECURED NOTES DUE 2020

CUSIP Nos. 428302 AA1; 428302 AD51 

HEXION INC.
10.00% FIRST-PRIORITY SENIOR SECURED NOTES DUE 2020

CUSIP No. 42829L AC81 

HEXION INC.
10.375% FIRST-PRIORITY SENIOR SECURED NOTES DUE 2022
CUSIP No. 42829L AD6; U4321LAB01 
NOTICE OF RESIGNATION, APPOINTMENT, AND ACCEPTANCE
Reference is made to the following indentures (collectively, the “Indentures”):2 
		
	(i)
	the Indenture, dated as of March 14, 2012, by and among Hexion U.S. Finance Corp., as issuer (“HFC”),3 the guarantors party thereto, and Wilmington Trust, National Association, as trustee (as amended or supplemented, pursuant to which HFC issued $1,550,000,000 of 6.625% First-Priority Senior Secured Notes due 2020; 

		
	(ii)
	the Indenture, dated as of April 15, 2015, by and among Hexion Inc., as issuer (“Hexion”), the guarantors party thereto, and Wilmington Trust, National Association, as trustee (as amended or supplemented), pursuant to which Hexion issued $315,000,000 of 10.00% First-Priority Senior Secured Notes due 2020; and

_________________

1 No representation is made as to the correctness of the CUSIP numbers either as printed on the notes or as contained in this Notice.
2 Capitalized terms have the meanings ascribed to such terms in the Indentures.
3 Hexion (defined below) is the successor by merger to HFC.

		
	(iii)
	the Indenture, dated as of February 8, 2017, by and among Hexion, as issuer, the guarantors party thereto, and Wilmington Trust, National Association, as trustee (as amended or supplemented), pursuant to which Hexion issued $560,000,000 of 10.375% First-Priority Senior Secured Notes due 2022.

You are hereby notified that pursuant to Sections 2.04(c) and 7.08(a) of the Indentures, and related documents, Wilmington Trust, National Association (“Wilmington Trust”) has resigned as Trustee, Paying Agent, Registrar, the custodian with respect to the global notes issued under the Indentures (the “Notes Custodian”), Collateral Agent and Senior Priority Agent.  The Issuer has accepted Wilmington Trust’s resignation and appointed U.S. Bank National Association as the successor Trustee, successor Paying Agent, successor Registrar, successor Notes Custodian, successor Collateral Agent and successor Senior Priority Agent under the Indentures and the related documents.  The address of the corporate trust office of U.S. Bank National Association is:  60 Livingston Avenue, St. Paul, Minnesota 55107.
Wilmington Trust’s resignation as Trustee, and the appointment and acceptance of U.S. Bank National Association as the successor Trustee, successor Collateral Agent and successor Senior Priority Agent, became effective as of the opening of business on April 10, 2019.  The resignation of Wilmington Trust as Registrar, Paying Agent and Notes Custodian and appointment of U.S. Bank National Association as Registrar, Paying Agent, and Notes Custodian shall be effective as of the opening of business on April 24, 2019.  
U.S. Bank National Association,                                    [Date]
As Successor Trustee

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