Document:

Consent, Waiver and Amendment to Credit Agreement

 Exhibit 10.14 
 [Execution] 
 CONSENT, WAIVER AND AMENDMENT NO. 2 TO CREDIT AGREEMENT

 CONSENT, WAIVER AND AMENDMENT NO. 2 TO CREDIT AGREEMENT, dated as of February 8, 2012 (this “Amendment
No. 2”), is by and among Wells Fargo Capital Finance, LLC, in its capacity as agent (in such capacity, “Agent”), the parties to the Credit Agreement as lenders (individually, each a “Lender” and collectively,
“Lenders”), Tronox LLC (“Tronox” or a “US Borrower”), Tronox Incorporated (“Parent”), Tronox Worldwide LLC (“Worldwide”), Triple S Refining Corporation (“Triple S Refining”), Southwestern
Refining Company, Inc. (“Southwestern”), and Tronox Holdings, Inc. (“Holdings” and, together with Parent, Worldwide, Triple S Refining, Southwestern, and Holdings, individually each, a “Guarantor” and
collectively, “Guarantors”). 
 W I T N E S S E T
H : 
 WHEREAS, Agent, Lenders, Borrowers, Guarantors, Tronox Finance Corp. (“Finance”), Cimarron Corporation
(“Cimarron”), Triangle Refineries, Inc. (“Triangle”), Transworld Drilling Company (“Transworld”), Tronox Pigments (Savannah) Inc. (“TPS”) and Triple S, Inc. (“Triple S” and together with
Finance, Cimarron, Triangle, Transworld and TPS individually each a “Dissolved Entity” and collectively, “Dissolved Entities”) entered into the Credit Agreement, dated as of February 14, 2011, by and among Agent, Lenders, US
Borrower, Guarantors and Dissolved Entities, as amended by Amendment No. 1 to Credit Agreement, dated as of June 21, 2011 (as amended, supplemented or otherwise modified from time to time, restated or replaced, the “Credit
Agreement”); 
 WHEREAS, prior to the date hereof, each of the Dissolved Entities has been dissolved in accordance with the
terms of Section 6.3(B)(ii) of the Credit Agreement; 
 WHEREAS, in connection with the Exxaro Acquisition (as hereinafter
defined), Borrowers and Guarantors have advised Agent and Lenders that the existing organizational structure of Parent and certain of its affiliates will be modified, such that, among other things Parent shall become an indirect wholly-owned
Subsidiary of Tronox Limited, a newly-formed public limited company incorporated in the Commonwealth of Australia (“Australia Holdings”); 
 WHEREAS, US Borrower and Guarantors have advised Agent and Lenders that Parent has entered into that certain Transaction Agreement, dated as of September 25, 2011, including the exhibits, schedules
and all documents related thereto (as the same may be amended from time to time in a manner that is not materially adverse to Lenders and Agent, except to the extent consented to in writing by Agent, the “Transaction Agreement”), by and
among Exxaro Resources Limited, Exxaro Holdings Sands (Proprietary) Limited and Exxaro International BV (collectively, “Exxaro Sellers”), Parent and certain of Parent’s affiliates, pursuant to which, Parent and certain of its
affiliates intend to acquire (the “Exxaro Acquisition”) the Acquired Business (as defined in the Transaction Agreement as in effect on the date hereof) in accordance with the terms of the Transaction Agreement; 

WHEREAS, Borrowers and Guarantors have further advised Agent and Lenders that they will be refinancing and replacing the Indebtedness
under the existing Term Loan Agreement and the existing Term Loan Documents with a term loan facility in the aggregate principal amount of up to $800,000,000; 

 WHEREAS, Borrowers and Guarantors have requested that Lenders consent to the Exxaro
Acquisition and the Reorganization (as hereinafter defined) and agree to amend certain provisions of the Credit Agreement, and the Lenders are willing to so consent and agree to such amendments on the terms and subject to the conditions set forth
herein; 
 WHEREAS, by this Amendment No. 2, Agent, Lenders, Borrowers and Guarantors desire and intend to evidence such
consents and amendments; 
 NOW THEREFORE, in consideration of the foregoing and the mutual agreements and covenants contained
herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1. Definitions. 
 (a) Additional Definitions. Section 1.1 of
the Credit Agreement shall be amended by adding each of the following definitions in correct alphabetical order: 

“Acquisition Date” means the date on which the Exxaro Acquisition is consummated. 

“Acquired Business” means the business currently conducted by the Acquired Companies. 

“Acquired Companies” means, collectively, the Australian Acquired Companies and the South African Acquired Companies.

 “Amendment No. 2” means Consent, Waiver and Amendment No. 2 to Credit Agreement, dated as of
February 8, 2012 among Borrowers, Guarantors, Agent and Lenders. 
 “Amendment No. 2 Effective Date” means
the date on which all conditions precedent to Amendment No. 2 have been satisfied. 
 “Australia Holdings” has
the meaning set forth in the recitals to Amendment No. 2. 
 “Australian Acquired Companies” means
(a) Exxaro Investments (Australia) Pty Ltd, ABN 53 071 040 152, (b) Exxaro Holdings (Australia) Pty Ltd, ABN 90 071 040 750, (c) Exxaro Australia Sands Pty Ltd, ABN 28 009 084 851, (d) Ticor Resources Pty Ltd, ABN 27 002 376 847,
(e) Ticor Finance (A.C.T.) Pty Ltd, 58 008 659 363, (f) TiO2 Corporation Pty Ltd, ABN 50 009 124 181, (g) Tific, (h) Yalgoo, (i) Tiwest Sales Pty Ltd, ABN 40 009 344 094, (j) Senbar Holdings Pty Ltd, ABN 86 009 313 062,
(k) Synthetic Rutile Holdings Pty Ltd, ABN 38 009 312 047, and (l) Pigment Holdings Pty Ltd, ABN 53 009 312 994. 

“Exxaro Acquisition” has the meaning set forth in the recitals to Amendment No. 2. 

  
 2 

 “Exxaro Sellers” has the meaning set forth in the recitals to Amendment
No. 2. 
 “Financial Reporting Period” means any period commencing on the date that Excess Availability is less
than $30,000,000 and ending on the date that Excess Availability is greater than $30,000,000 for any period of forty five (45) consecutive days thereafter. 
 “New Holdings” means (a) prior to the completion of the relevant step of the Reorganization whereby Australia Holdings is the top tier entity for the Loan Parties, Parent and (b) after
completion of the relevant step of the Reorganization whereby Australia Holdings is the top tier entity for the Loan Parties, Australia Holdings. 
 “Permitted Unsecured Notes” means unsecured senior or subordinated (or any combination thereof) Indebtedness incurred from time to time by any Subsidiary of New Holdings and issued under an
indenture or similar governing instrument in a registered public offering or a Rule 144A or other private placement transaction or other transaction not subject to registration under the Securities Act in the form of one or more series of senior
unsecured or unsecured subordinated notes; provided that such Indebtedness (i) is on market terms taking into account, among other things, Holdings’ corporate structure and the markets into which such Indebtedness is sold, (ii) is
unsecured, (iii) does not mature or have scheduled amortization or other required payments of principal prior to the date that is 91 days beyond the latest maturity date of the Advances and any loans under the Term Loan Agreement at the time
such Permitted Unsecured Notes are incurred (other than customary offers to repurchase upon a change of control, asset sale or condemnation event and customary acceleration rights after an event of default), (iv) is not guaranteed by any Person
other than the Credit Parties (as defined in the Term Loan Agreement) (or any Person that will, upon issuance of such notes, become a Credit Party (as defined in the Term Loan Agreement)), (v) does not contain any financial maintenance
covenants, (vi) without limiting the foregoing limitations, does not contain covenants, events of default or other terms and conditions that, when taken as a whole, are more restrictive to the Loan Parties than the terms of the Term Loan
Agreement (it being understood that interest rates, redemption and prepayment premiums and restrictions on prepayment or redemption shall not be taken into account in determining whether terms are more restrictive taken as a whole). 

“Reorganization” means the reorganization of New Holdings and its Subsidiaries (including the formation of new Subsidiaries and
dissolution of certain Subsidiaries) as set forth in the Transaction Summary (as the same may be from time to time amended by the Borrower or Parent; provided that no changes thereto that are adverse in any material respect to the interests of the
Lenders and Agent under the Loan Documents shall be made unless consented to in writing by Agent). 
 “South African
Acquired Companies” means Exxaro Sands-South Africa and Exxaro TSA Sands. 
 “Transaction Agreement” has the
meaning set forth in the recitals to Amendment No. 2. 
 “Transaction Summary” means the summary of the
Reorganization as set forth in Exhibit A to Amendment No. 2. 

  
 3 

 “Worldwide Release Date” shall mean the date on which Parent transfers its
ownership in the Equity Interests of Worldwide to one or more Affiliates of Parent organized under the laws of Australia, as described in paragraph (c) of the Transaction Summary; provided, that, Parent shall give Agent written
notice of such transfer promptly after such transfer is made which certifies that the Worldwide Release Date has occurred. 

(b) Amendment to Definitions. 
 (i) The definition of “Change of Control” in Schedule 1.1 of the Credit Agreement is hereby replaced in its entirety as follows: 

“ “Change of Control” means, at any time after the date hereof, (i) any Person or “group”
(within the meaning of Rules 13d 3 and 13d 5 under the Exchange Act) other than the Exxaro Sellers and their Affiliates (a) shall have acquired beneficial ownership or control of 40% or more on a fully diluted basis of the voting and/or
economic interest in the Equity Interests of Holdings or (b) shall have obtained the power (whether or not exercised) to elect a majority of the members of the board of directors (or similar governing body) of Holdings; (ii) Parent shall
cease to beneficially own and control, directly or indirectly, 100% on a fully diluted basis of the economic and voting interest in the Equity Interests of Borrower; (iii) the majority of the seats (other than vacant seats) on the board of
directors (or similar governing body) of Holdings cease to be occupied by Persons who either (a) were members of the board of directors of Holdings on the Amendment No. 2 Effective Date or (b) were nominated for election by the board
of directors of Holdings, a majority of whom were directors on the Amendment No. 2 Effective Date or whose election or nomination for election was previously approved by a majority of such directors; or (iv) any “change of
control” or similar event under the Term Loan Credit Agreement or under any Permitted Unsecured Notes shall occur; provided, however a Change of Control shall not be deemed to occur as a result of the Exxaro Acquisition or as a result of the
Reorganization as set forth in the Transaction Summary.” 
 (ii) The definition of “Consolidated Adjusted
EBITDAR” in Schedule 1.1 of the Credit Agreement is hereby replaced in its entirety as follows: 

“ “Consolidated Adjusted EBITDAR” means, for any period, an amount determined for any specified Person on
a consolidated basis equal to: 
 (a) Consolidated Net Income of such Person, plus, to the extent reducing
Consolidated Net Income, the sum, without duplication, of amounts for (i) consolidated interest expense, (ii) provisions for Taxes based on income, (iii) total depreciation expense, (iv) total accretion and amortization expense,
(v) any unusual or non-recurring expenses or losses in an amount not to exceed for any twelve month period 1.0% of 

  
 4 

 
Consolidated Adjusted EBITDAR for such twelve month period, (vi) non-cash charges reducing Consolidated Net Income (excluding any additions to bad debt reserves or bad debt expense and any
such non-cash charge to the extent that it represents an accrual or reserve for potential cash charge in any future period or amortization of a prepaid cash charge that was paid in a prior period, but including for such period (A) write-downs
of property, plant and equipment and other assets, (B) impairment of intangible assets, (C) loss resulting from cumulative effect of change in accounting principle, (D) compensation charges arising from stock options, restricted stock
grants or other equity incentive programs, and any pension, post-retirement medical and other retirement related expenses (E) net foreign currency reevaluation of intercompany indebtedness and remeasurement losses or gains related to the
balance sheet of such specified Person, (F) loss on sale of accounts receivable under asset securitization programs (to the extent comparable to interest expense), (G) provisions for asset retirement obligations, (H) provisions for
environmental restoration and Remedial Action (net of reimbursements received) to the extent representing an accrual for future cash expenses, (I) net non-cash mark-to-market charges relating to Hedge Agreements and (J) unrealized losses
from Hedge Agreements and unrealized losses from foreign currency translation costs), (vii) Transaction Costs, (viii) reasonable fees and expenses (including but not limited to underwriting discounts) incurred in connection with any actual
or proposed Permitted Acquisitions, Permitted Investments, issuance or refinancing of Indebtedness or issuance of Equity Interests or Permitted Dispositions or other dispositions and all fees and costs associated with the actual or proposed
registration or issuance of any debt or equity securities, in each case, whether or not consummated or issued, as the case may be, and (ix) net cash expenditures in respect of discontinued operations, excluding Remedial Actions, in an aggregate
amount not to exceed for any twelve month period 1.0% of Consolidated Adjusted EBITDAR for such twelve month period, minus 
 (b) without duplication and to the extent included in the statement of such Consolidated Net Income for such period, the sum of (i) interest income (except to the extent deducted in determining
consolidated interest expense), (ii) other non-cash gains increasing Consolidated Net Income for such period (excluding any such non-cash gain to the extent it represents the reversal of an accrual or reserve for potential cash gain in any
prior period); provided that any cash received with respect to any non-cash items of income (other than any extraordinary gains) for any prior period shall be added in computing Consolidated Adjusted EBITDAR for the period in which such cash is
received, (iii) any unusual or non-recurring income or gains (including, whether or not otherwise includable as a separate item in the statement of such Consolidated Net Income for such period, gains on the sale of assets outside of the
ordinary course of business), (iv) any other non-cash income arising from the cumulative 

  
 5 

 
effect of changes in accounting principle and income tax benefit, and (v) provision for environmental restoration and Remedial Action for continuing operations added back pursuant to clause
(f)(8) of this definition to the extent actually paid in cash.” 
 For the purposes of this definition, Consolidated
Adjusted EBITDAR of Parent and its Subsidiaries (without giving effect to the Exxaro Acquisition, it being understood that Consolidated Adjusted EBITDAR attributable to any Subsidiary of the Acquired Business will be calculated as set forth in this
definition) for the months ended prior to the Amendment No. 2 Effective Date specified below shall be deemed to be the amounts set forth below with respect to such months. 

 

					
	 Month Ending
	  	Consolidated
Adjusted
EBITDAR for
Parent and its
Subsidiaries
(without
giving effect
to
the Exxaro
Acquisition)	 
	 January 31, 2011
	  	$	24,381,000	  
	 February 28, 2011
	  	$	35,809,000	  
	 March 31, 2011
	  	$	33,169,000	  
	 April 30, 2011
	  	$	36,163,000	  
	 May 31, 2011
	  	$	35,948,000	  
	 June 30, 2011
	  	$	47,455,000	  
	 July 31, 2011
	  	$	37,440,000	  
	 August 31, 2011
	  	$	51,833,000	  
	 September 30, 2011
	  	$	51,725,000	  
	 October 31, 2011
	  	$	41,174,000	  
	 November 30, 2011
	  	$	49,602,000	  
	 December 31, 2011
	  	$	47,861,000	  

 (iii) The definition of “Intercreditor Agreement” in Schedule 1.1 of the Credit Agreement is
hereby replaced in its entirety as follows: 
 “ “Intercreditor Agreement” means the
Intercreditor Agreement, dated as of February 8, 2012, by and between Agent and Term Loan Agent.” 
 (iv) The
definition of “Permitted Acquisition” in Schedule 1.1 of the Credit Agreement is hereby replaced in its entirety as follows: 
 “ “Permitted Acquisition” means any acquisition at any time by Parent or any of its wholly owned Subsidiaries, whether by purchase, merger or otherwise, of all or substantially all of the
assets of, all of the Equity Interests of, or a business line or unit or a division of, any Person; provided, that: 
 (a) immediately prior to, and after giving effect thereto, no Event of Default shall have occurred and be continuing, 

  
 6 

 (b) all transactions in connection therewith shall be consummated, in all
material respects, in accordance with all applicable laws, 
 (c) in the case of the acquisition of Equity
Interests, all of the Equity Interests (except for any such Equity Interests in the nature of directors’ qualifying shares required pursuant to applicable law) acquired or otherwise issued by such Person or any newly formed Subsidiary of Parent
in connection with such acquisition shall be owned 100% by Parent, Administrative Borrower or a Subsidiary thereof, and if the acquisition is by a Loan Party, such Loan Party shall take, or caused to be taken, each of the actions set forth in
Sections 5.11 and/or 5.12, as applicable and within the time periods set forth therein, 
 (d) on a pro forma
basis after giving effect to such acquisition (and, for the avoidance of doubt, any Indebtedness incurred in connection therewith and any repayments in connection therewith) as determined in accordance with Section 6.7(b) of the Term
Loan Agreement as in effect on the Amendment No. 2 Effective Date, the Leverage Ratio (as defined therein) for the most recently ended Fiscal Quarter or Fiscal Year (as defined therein) for which financial statements are then available and have
been delivered to the Term Loan Agent shall not exceed the applicable covenant in such Section 6.7 less 0.25:1.00, 
 (e) if such acquisition is for (or includes) an aggregate cash purchase price amount in excess of $75,000,000, Parent shall have delivered to Agent (i) at least 5 Business Days prior to such proposed
acquisition (or such shorter period as may be agreed by the Agent), a compliance certificate evidencing in reasonable detail compliance with clause (d) above and setting forth the aggregate consideration for such acquisition and
(ii) promptly upon request by the Agent, (A) a copy of the purchase agreement related to the proposed Permitted Acquisition (and any related documents reasonably requested by the Agent to the extent available) provided such documents and
information may not be permitted to be provided in light of any applicable confidentiality requirements (it being understood that Parent shall use commercially reasonable efforts to obtain any applicable consents to permit delivery to the Agent) and
(B) quarterly and annual financial statements of the Person whose Equity Interests or assets are being acquired for the twelve month period immediately prior to such proposed Permitted Acquisition, including any audited financial statements, in
each case to the extent available, 
 (f) any Person or assets or division as acquired in accordance herewith
shall be in same business or lines of business as permitted under Section 6.12 of the Term Loan Agreement (as in effect on the Amendment No. 2 Effective Date), and 

  
 7 

 (g) (i) if such acquisition is for an aggregate purchase price of
$10,000,000 or less, Agent shall have received satisfactory evidence that a Specified Availability Period shall not exist immediately after giving effect to the consummation of such acquisition, or (ii) if such acquisition is for an aggregate
purchase in excess of $10,000,000, Agent shall have received satisfactory evidence that Borrowers shall have Excess Availability in an amount equal to or greater than $40,000,000 immediately after giving effect to the consummation of such
acquisition.” 
 (v) Clause (p) of the definition of “Permitted Dispositions” in Schedule 1.1 of the Credit
Agreement is hereby replaced in its entirety as follows: 
 “(p) dispositions of assets the proceeds of
which are less than (i) $500,000,000 from the Amendment No. 2 Effective Date until the Acquisition Date and (ii) without duplication of preceding clause (i) and if such disposition occurs after the Acquisition Date, $750,000,000
from the Amendment No. 2 Effective Date until the date of determination; provided that with respect to any disposition of any assets of a loan party, (A) the consideration received for such assets shall be in an amount at least equal to
the fair market thereof (determined in good faith by the board of directors of Holdings (or similar governing body), (B) no less than 75% thereof shall be paid in cash, (C) immediately prior to and immediately after giving effect to any
disposition, no Event of Default shall have occurred and be continuing and (D) immediately prior to and immediately after giving effect to any disposition, US Borrower shall have Excess Availability of not less than $30,000,000,”

 (vi) Clause (r) of the definition of “Permitted Dispositions” in Schedule 1.1 of the Credit Agreement is
hereby replaced in it’s entirety as follows: 
 “(r) dispositions of assets by Parent or any of its
Subsidiaries to Holdings or any of its Subsidiaries that is a “Credit Party” as defined in the Term Loan Credit Agreement; provided, that, with respect to any disposition of assets of a Loan Party on or prior to the Acquisition Date,
(A) immediately prior to and immediately after giving effect to any disposition, no Event of Default shall have occurred and be continuing and (D) immediately prior to and immediately after giving effect to any disposition, US Borrower
shall have Excess Availability of not less than $30,000,000.” 
 (vii) Clause (e)(iii) of the definition of
“Permitted Indebtedness” in Schedule 1.1 of the Credit Agreement is hereby replaced in its entirety as follows: 
 “(iii) guarantees by Parent or any of its Subsidiaries permitted under Section 6.1(h) of the Term Loan Agreement as in effect on the Amendment No. 2 Effective Date,”. 

  
 8 

 (viii) Clause (g) of the definition of “Permitted Indebtedness” in Schedule
1.1 of the Credit Agreement is hereby replaced in its entirety as follows: 
 “(g) Indebtedness of a Person
at the time such Person becomes a Subsidiary of Parent, or is merged or consolidated with or into Parent or any of its Subsidiaries in a transaction otherwise permitted under this Agreement (other than in connection with the Exxaro Acquisition), in
an aggregate principal amount not to exceed (i) prior to the Acquisition Date, $35,000,000 outstanding at any time and (ii) thereafter, $100,000,000 outstanding at any time, in each case outstanding for all Indebtedness incurred pursuant
to this clause (g), and extensions, renewals, refinancings, refundings and replacements of any such Indebtedness that do not increase the outstanding principal amount thereof (other than any such increase not exceeding the amount of any fees,
original issuance discount, if any, premiums, if any, and financing costs relating to such refinancing); provided that (A) such Indebtedness (other than any such extension, renewal, refinancing, refunding or replacement) exists at the time such
Person becomes a Subsidiary and is not created in contemplation of such event, (B) other than guaranties permitted by clause (e) of the definition of Permitted Indebtedness, neither Parent nor any Subsidiaries shall be liable for such
Indebtedness and (C) Parent is in compliance, on a pro forma basis after giving effect to the incurrence of such Indebtedness and the use of proceeds thereof, with the covenants contained in Section 6.7 of the Term Loan Agreement (as in
effect on the Amendment No. 2 Effective Date) as determined in accordance with Section 6.7(f) of the Term Loan Agreement (as in effect on the Amendment No. 2 Effective Date),” 

(ix) Clause (j) of the definition of “Permitted Indebtedness” in Schedule 1.1 of the Credit Agreement is hereby replaced
in its entirety as follows: 
 “(j) Indebtedness of Persons comprising the Acquired Business in existence
at the time the Exxaro Acquisition is consummated; provided, that: (i) such Indebtedness is paid in full, any commitments to lend thereunder are terminated, and any Liens permitted pursuant to subclause (z)(iii) of the definition
of “Permitted Liens” hereof are released in full no later than seven (7) Business Days after the Acquisition Date, (ii) the only consideration for the repayment in full of such Indebtedness shall be consideration received from
the Exxaro Sellers (it being understood and agreed that such consideration shall be in addition to the consideration otherwise contemplated by the Transaction Agreement as of the Amendment No. 2 Effective Date), (iii) on or prior to the
Acquisition Date, consideration in the form of cash to be utilized for the payment in full of such Indebtedness shall held by the Borrower (as defined in the Term Loan Agreement) for the purpose of paying such Indebtedness in full and (iv) such
Indebtedness is not guaranteed in any way by Parent or any of its Subsidiaries (other than those Persons comprising the Acquired 

  
 9 

 
Business) and is not recourse to, or otherwise obligate Parent or any of its Subsidiaries (other than those Persons comprising the Acquired Business) in any way to make payment on such
Indebtedness,” 
 (x) Clause (m) of the definition of “Permitted Indebtedness” in Schedule 1.1 of the
Credit Agreement is hereby amended by replacing the text “$75,000,000” with the text “(A) prior to the Acquisition Date, $75,000,000 and (B) thereafter, $125,000,000, in each case” 

(xi) Clause (r) of the definition of “Permitted Indebtedness” in Schedule 1.1 of the Credit Agreement is hereby replaced
in its entirety as follows: 
 “(r) Permitted Unsecured Notes, so long as both before and after giving
effect to the incurrence of such Permitted Unsecured Notes, no Event of Default shall have occurred and be continuing or result therefrom and the Leverage Ratio (as defined in the Term Loan Agreement as in effect on the Amendment No. 2
Effective Date) for the most recently ended period for which financial statements are available does not exceed 2.50:1.00.” 
 (xii) Clause (s) of the definition of “Permitted Indebtedness” in Schedule 1.1 of the Credit Agreement is hereby amended by replacing the text “$10,000,000” with the text
“(A) prior to the Acquisition Date, $20,000,000 and (B) thereafter, $35,000,000, in each case outstanding”. 

(xiii) Clause (x) of the definition of “Permitted Indebtedness” in Schedule 1.1 of the Credit Agreement is hereby
replaced in its entirety as follows: 
 “(x) other Indebtedness of Parent and its Subsidiaries (excluding
Permitted Unsecured Notes) in an aggregate amount not to exceed (i) prior to the Acquisition Date, $75,000,000 outstanding at any time and (ii) thereafter $125,000,000 outstanding at any time.” 

(xiv) Clause (j) of the definition of “Permitted Investments” in Schedule 1.1 of the Credit Agreement is hereby
replaced in its entirety as follows: 
 “(j) Investments in any securities received on account of a
Permitted Disposition;” 
 (xv) Clause (o) of the definition of “Permitted Investments” in
Schedule 1.1 of the Credit Agreement is hereby replaced in its entirety as follows: 
 “(o) so long as
a Specified Availability Period shall not exist immediately before and after giving effect to each such Investment and no Event of Default has occurred and is continuing or would result therefrom, other Investments in an aggregate amount not to
exceed (i) prior to the Acquisition Date, $50,000,000 and (ii) thereafter, $85,000,000; provided that the aggregate amount of Investments made pursuant to this clause (o)

  
 10 

 
may be increased by the Available Amount (as defined in the Term Loan Agreement as in effect on the Amendment No. 2 Effective Date) so long as (A) no Event of Default has occurred and
is continuing or would result therefrom and no Specified Availability Period exists or would result therefrom and (B) the Leverage Ratio (as defined in the Term Loan Agreement as in effect on the Amendment No. 2 Effective Date) for the
most recently ended Fiscal Quarter or Fiscal Year (as defined therein) for which financial statements are then available does not exceed 2.50:1.00;” 
 (xvi) Clause (r) of the definition of “Permitted Investments” in Schedule 1.1 of the Credit Agreement is hereby replaced in its entirety as follows: 

“(r) loans and advances to employees (i) for moving, entertainment, travel and other similar expenses in the
ordinary course of business not to exceed $1,000,000 in the aggregate at any time outstanding and (ii) made in connection with the credit card program of Holdings and its Subsidiaries as in effect on the Amendment No. 2 Effective Date and
as may be revised from time to time in an aggregate principal amount not to exceed (A) $1,000,000 at any time outstanding prior to the Acquisition Date and (B) $2,000,000 at any time outstanding thereafter; provided that no payments
shall be made on any such loans or advances unless such payment is being made to Holdings or any Credit Party (as defined in the Term Loan Agreement);” 
 (xvii) Clause (u) of the definition of “Permitted Investments” in Schedule 1.1 of the Credit Agreement is hereby replaced in its entirety as follows: 

“(u) [Reserved].” 
 (xviii) The definition of “Permitted Intercompany Advances” in Schedule 1.1 of the Credit Agreement is hereby replaced in its entirety as follows: 

“ “Permitted Intercompany Advances” means loans or advances made by (a) a Loan Party to another Loan
Party (other than a Foreign Subsidiary), (b) a non-Loan Party Subsidiary to another non-Loan Party Subsidiary, (c) a non-Loan Party Subsidiary to a Loan Party, so long as the parties thereto are party to the Intercompany Subordination
Agreement, (d) a Loan Party to a non-Loan Party Subsidiary of Holdings (including a Foreign Subsidiary of Holdings other than the South African Acquired Companies) provided that on or prior to the Acquisition Date, such loans or advances
pursuant to this subclause (d) shall not exceed $35,000,000 in the aggregate at any one time outstanding, and (e) Parent and its Subsidiaries to any of the South African Acquired Companies on and after the Acquisition Date, in an amount
not to exceed (together with any other equity contributions, guarantees or other Permitted Investments to such South African Acquired Companies) $50,000,000 at any time outstanding so long as (i) immediately prior to and immediately after

  
 11 

 
giving effect to the any of the foregoing, no Event of Default shall exist or be continuing, and (ii) immediately prior to and immediately after giving effect to any of the foregoing, US
Borrower shall have Excess Availability of not less than $30,000,0000.” 
 (xix) Clause (r) of the definition of
“Permitted Liens” in Schedule 1.1 of the Credit Agreement is hereby replaced in its entirety as follows: 
 “(r) other Liens on assets other than the Collateral, or other Liens subordinated to the Liens of the Agent on terms, and pursuant to documentation, reasonably satisfactory to Agent, securing
Indebtedness in an aggregate amount not to exceed (i) prior to the Acquisition Date, $50,000,000 at any time outstanding and (ii) thereafter, $85,000,000 at any time outstanding.” 

(xx) Clause (s) of the definition of “Permitted Liens” in Schedule 1.1 of the Credit Agreement is hereby replaced in its
entirety as follows: 
 “(s) Liens securing Indebtedness permitted by clause (p) of the definition of
Permitted Indebtedness; provided, that, to the extent such Liens are on Collateral, such Liens are subject to the terms of the Intercreditor Agreement,” 
 (xxi) Clause (z) of the definition of “Permitted Liens” in Schedule 1.1 of the Credit Agreement is hereby replaced in its entirety as follows: 

“(z) (i) Liens on cash and Cash Equivalents arising in connection with the cash collateralization of letters of
credit in an amount not to exceed 105% of the aggregate face amount of letters of credit permitted pursuant to clause (s) of the definition of “Permitted Indebtedness, (ii) Liens securing not more than 80% of the aggregate principal
amount of Indebtedness permitted pursuant to clause (x) of the definition of “Permitted Indebtedness”; provided, that, if the aggregate principal amount of any individual item of Indebtedness incurred pursuant to such
section is equal to or greater than $25,000,000 and such Liens are in respect of any Collateral, such Lien must be subordinated to the Liens created pursuant to the Loan Documents on terms reasonably satisfactory to the Agent pursuant to, at the
option of the Agent, either an amendment, supplement or amendment and restatement of the Intercreditor Agreement with the Term Loan Agent and Agent to join such secured Indebtedness to the Intercreditor Agreement or an intercreditor agreement or
subordination agreement with the Agent and the relevant creditor, and (iii) Liens securing Indebtedness permitted pursuant to clause (j) of the definition of “Permitted Indebtedness” of Persons comprising the Acquired Business;
provided, that, (A) such Liens are released no later than seven (7) Business Days after the Acquisition Date, (B) such Liens only encumber the assets of those Persons acquired with in connection with the Exxaro
Acquisition, (C) such 

  
 12 

 
Liens do not subject any property or assets of Parent or any of its Subsidiaries (other than in respect of those Persons comprising the Acquired Business), directly or indirectly, contingently or
otherwise, to the satisfaction thereof and (D) such Liens do not in any way adversely affect the ability of the Agent to obtain Liens for the benefit of itself and the other Secured Parties as contemplated by, and within the time frames set
forth in, Section 5.11 hereof,”. 
 (xxii) The definition of “Permitted Purchase Money Indebtedness” in
Schedule 1.1 of the Credit Agreement is hereby replaced in its entirety as follows: 
 “ “Permitted
Purchase Money Indebtedness” means, as of any date of determination, Purchase Money Indebtedness incurred after the Amendment No. 2 Effective Date (a) in an aggregate principal amount outstanding at any one time not in excess of
(i) $35,000,000 prior to the Acquisition Date and (ii) $60,000,000 outstanding at any time thereafter and (b) constituting Capitalized Leased Obligations (including but not limited to leasing of rail cars constituting Capital Leases
and letter of credit reimbursement obligations in connection therewith) in an aggregate amount not to exceed (i) at any time outstanding prior to the Acquisition Date, $50,000,000 and (ii) at any time outstanding thereafter,
$85,000,000.” 
 (xxiii) The definition of “Term Loan Agent” in Schedule 1.1 of the Credit Agreement is hereby
replaced in its entirety as follows: 
 “ “Term Loan Agent” means Goldman Sachs Bank USA, in its
capacity as agent pursuant to the Term Loan Agreement, and any successor or replacement agent.” 
 (xxiv) The definition
of “Term Loan Agreement” in Schedule 1.1 of the Credit Agreement is hereby replaced in its entirety as follows: 
 “ “Term Loan Agreement” means the Credit and Guaranty Agreement, dated as of February 8, 2012, by and among Tronox Pigments (Netherlands) BV, Australia Holdings, Parent and certain of
their Subsidiaries and Affiliates, Term Loan Agent, the lenders party thereto and others, as the same may be amended, restated, amended and restated or otherwise modified from time to time in accordance with the Intercreditor Agreement.”

 (xxv) Clause (a) of the definition of “US Borrowing Base” in Schedule 1.1 of the Credit Agreement is
hereby amended by deleting the second subclause (iii) and replacing it with “[(iii) reserved], minus”. 
 (c)
Amendment to Section 5.11. Section 5.11 of the Credit Agreement is hereby amended by (i) replacing each occurrence of the text “twenty (20)” with “forty-five (45)”, (ii) replacing the text
“$2,000,000” with the text “$7,000,000” and (iii) replacing the text “ten (10)” with the text “forty-five (45)”. 

  
 13 

 (d) Amendment to Section 6.9. Clause (c) of Section 6.9 of the Credit
Agreement is hereby replaced with the following text: 
 “(c) Notwithstanding anything to the contrary
contained herein, Parent and its Subsidiaries may make Restricted Junior Payments permitted under Section 6.4 of the Term Loan Agreement (as in effect on the Amendment No. 2 Effective Date); provided, that, with respect to
any Restricted Junior Payment made by any Loan Party, immediately prior to and immediately after giving effect to any such Restricted Junior Payment, (i) no Event of Default shall have occurred and be continuing and (ii) US Borrower shall
have Excess Availability of not less than $30,000,000;”. 
 (e) Amendment to Article 8. Article 8 of the Credit
Agreement is hereby amended by replacing each occurrence of the text “$2,500,000” with the text “$25,000,000”. 
 (f) Amendment to Schedule 5.1. The first, second and third row of Schedule 5.1 to the Credit Agreement (including, without limitation, clauses (a) through (f) thereof) is hereby
replaced in its entirety as follows: 
  

			
	 as soon as available, but in any event within 45 days after the end of each of Parent’s first three fiscal quarters during each of
Parent’s fiscal years (or, with respect to the first fiscal quarter following the Acquisition Date, if such fiscal quarter is one of the first three Fiscal Quarters of the relevant Fiscal Year, 60 days) (or, during a Financial Reporting Period,
within 30 days after the end of Parent’s fiscal months);
  
	  	 (a) (i) an unaudited consolidated balance sheet, income statement, statement of stockholders’ equity, and statement of cash flow
covering Holdings’ and its Subsidiaries’ operations during such period, and (ii) a monthly and year-to-date consolidating management financial performance summary with respect to Parent and its Subsidiaries during such period (it being
understood that all of the foregoing information (other than with respect to during a Financial Reporting Period) may be furnished in the form of a Form 10-Q and only the information required by such Form 10-Q shall be required by this Schedule
5.1(a)), and
  
 (b) a Compliance Certificate.

	[Reserved]	  	 (c) [Reserved], and
  

(d) [Reserved].

  
 14 

			
	as soon as available, but in any event within 90 days after the end of each of Parent’s fiscal years (or, with respect to the first fiscal year in which the Exxaro Acquisition,
120 days) commencing with the fiscal year ended on or about 12/31/11	  	 (e) (i) consolidated financial statements of Holdings and its Subsidiaries for each such fiscal year, audited by independent certified
public accountants reasonably acceptable to Agent and certified, without any qualifications (including any (A) “going concern” or like qualification or exception, or (B) qualification or exception as to the scope of such audit), by such
accountants to have been prepared in accordance with GAAP (such audited financial statements to include a balance sheet, income statement, statement of stockholders’ equity, and statement of cash flow and, if prepared, such accountants’
letter to management), and (ii) a comparison against the corresponding figures for the prior fiscal year, (it being understood that all of the foregoing information may be furnished in the form of a Form 10-K and only the information required by
such Form 10-K shall be required by this Schedule 5.1(e)) and
  
 (f) a
Compliance Certificate.

 (g) Interpretation. For purposes of this Amendment No. 2, all terms used herein which are not
otherwise defined herein, including but not limited to those terms used in the recitals hereto, shall have the respective meanings assigned thereto in the Credit Agreement as amended by this Amendment No. 2. 

2. Consent to Exxaro Acquisition. Notwithstanding anything set forth in the Credit Agreement, Agent and Lenders hereby consent to
the Exxaro Acquisition in accordance with the terms set forth in the Transaction Documents; provided, that, each of the following conditions precedent has been satisfied: 

(a) immediately prior to and immediately after giving effect to the Exxaro Acquisition, no Event of Default under Section 8.1, 8.4
or 8.5 shall exist or be continuing; 
 (b) the satisfaction or waiver of any other conditions to the consummation of the Exxaro
Acquisition which are required to be satisfied pursuant to the Term Loan Agreement (as defined in the Credit Agreement after giving effect to this Amendment No 2); 
 (c) immediately prior to and immediately after giving effect to the consummation of the Exxaro Acquisition, US Borrower shall have Excess Availability of not less than $30,000,000; 

(d) all of the Equity Interests in each Loan Party (other than Parent and, commencing on the Worldwide Release Date, Worldwide) shall be
owned directly by another Loan Party, immediately prior to and immediately after giving effect to the Exxaro Acquisition or any steps in furtherance of the consummation of the Exxaro Acquisition; 

  
 15 

 (e) each Loan Party (other than Parent and, commencing on the Worldwide Release Date,
Worldwide) shall be a Subsidiary of Parent, immediately prior to and immediately after giving effect to the Exxaro Acquisition or any steps in furtherance of the consummation of the Exxaro Acquisition; and 

(f) the Collateral (other than, commencing on the Worldwide Release Date, the assets of the Worldwide or the Equity Interests in
Worldwide) pledged pursuant to the Loan Documents in favor of Agent (and the perfection and priority of Agent’s Lien thereon) shall not be adversely affected in any material respects as a result of the Exxaro Acquisition. 

3. Consent to Reorganization. Notwithstanding anything to the contrary set forth in the Credit Agreement, Agent and Lenders hereby
consent to the Reorganization and any Investment, Restricted Junior Payment, disposition of assets, other dispositions, mergers and other modifications, and in each case with respect to intercompany transfers of assets from Loan Parties to non-Loan
Parties, which are specifically described in the Transaction Summary (as the same may be from time to time amended by the Borrower or Parent; provided that no changes thereto that are adverse in any material respect to the Lenders and Agent shall be
made unless consented to in writing by Agent)) (collectively, the “Reorganization Transactions”); provided, that, each of the following conditions precedent has been satisfied: 

(a) the satisfaction or waiver of any other conditions to the consummation of the Reorganization Transactions which are required to be
satisfied under the Term Loan Agreement; 
 (b) the Collateral (other than, commencing on the Worldwide Release Date, the assets
of Worldwide or the Equity Interests in Worldwide) pledged pursuant to the Loan Documents in favor of Agent (and the perfection and priority of Agent’s Lien thereon) taken as a whole shall not be adversely affected in any material respect as
the final result of the consummation and completion of the Reorganization as a whole; 
 (c) subject to the timing requirements
contained in Section 5.11 and Section 5.12 of the Credit Agreement or as otherwise provided in this Amendment No. 2, each Loan Party shall comply with the terms of Section 5.11 and 5.12 of the Credit Agreement; 

(d) immediately prior to and immediately after giving effect to any of the Reorganization Transactions or any steps in furtherance of the
consummation of the Reorganization, US Borrower shall have Excess Availability of not less than $30,000,0000; 
 (e) all of the
Equity Interests in each Loan Party (other than Parent and, commencing on the Worldwide Release Date, Worldwide) shall be owned directly by another Loan Party, immediately prior to and immediately after giving effect to the Reorganization
Transactions or any steps in furtherance of the consummation of the Reorganization; and 
 (f) each Loan Party (other than
Parent and, commencing on the Worldwide Release Date, Worldwide) shall be a Subsidiary of Parent, immediately prior to and immediately after giving effect to any of the Reorganization Transactions or any steps in furtherance of the consummation of
the Reorganization. 

  
 16 

 4. Notice and Waiver. Borrower hereby provides notice of (a) the formation of
Tronox Limited, a 100% owned foreign subsidiary of Parent, on September 21, 2011, and (b) the formation of Tronox Australia Pigments Holdings Pty Limited, a 100% owned foreign subsidiary of Parent, on January 12, 2012. By their
signature hereto, Lenders hereby waive the Event of Default that occurred under Section 8.2(a) due to the failure by Parent give notice thereof or provide a pledge of the Equity Interests in such subsidiaries within the time required pursuant
to Section 5.11 of the Credit Agreement. 
 5. Releases and Waiver. 

(a) Effective upon the Worldwide Release Date, automatically and without any further action, (i) Worldwide is hereby released from
and shall have no liabilities or obligations under the Credit Agreement and the other Loan Documents, (ii) all security interests in, and liens on, any assets or properties of Worldwide heretofore granted by Worldwide to Agent pursuant to the
Loan Documents shall be terminated and released, and (iii) Worldwide shall cease to a Guarantor or Loan Party under the Credit Agreement and the other Loan Documents; provided, that, Agent shall have received evidence, in form and substance
reasonably satisfactory to Agent, that any Equity Interest in any Loan Party owned by Worldwide shall have been transferred to another Loan Party. Effective upon the Worldwide Release Date, Agent agrees to execute and deliver such further documents
and instruments and take such further action as Worldwide may reasonably request (at the expense of US Borrower) in order to effect or more fully evidence the matters covered by the immediately preceding sentence. In addition to and not in
substitution of the foregoing, upon the Worldwide Release Date, Worldwide is hereby authorized to prepare and file any and all release and terminations necessary to terminate any and all UCC financing statements which name Worldwide as
“debtor” and Agent as “secured party”. 
 (b) Effective upon the Amendment No. 2 Effective Date,
automatically and without any further action, all security interests in, and liens on (i) the pledged equity representing 65% of the Equity Interests of Tronox B.V. (Netherlands) (“Tronox BV”), (ii) the pledged equity
representing 65% of the Equity Interests of Tronox (Luxembourg) Holdings S.ar.l. (“Tronox Luxembourg”) and (iii) the pledged equity representing 65% of Worldwide’s 6.04% interest in the Equity Interests of Tronox GmbH (Germany)
(collectively, the “Specified Foreign Pledged Equity Interests”), in each case heretofore granted by Worldwide to Agent pursuant to the Loan Documents shall be terminated and released. Effective upon the Amendment No. 2 Effective
Date, (i) Agent agrees to execute and deliver such further documents and instruments and take such further action as Worldwide may reasonably request (at the expense of US Borrower) in order to effect or more fully evidence the matters covered
by the immediately preceding sentence, and (ii) Worldwide is hereby authorized to prepare and file any and all UCC amendments solely to the extent necessary to delete the Specified Foreign Pledged Equity Interests from the collateral
description contained in any and all UCC financing statements which name Worldwide as “debtor” and Agent as “secured party.”. By their signature hereto, Lenders hereby waive any Event of Default that occurred as a result of the
disposition (or failure to give any required notice thereof) by Worldwide of any of the Specified Foreign Pledged Equity Interests. 

  
 17 

 6. Representations and Warranties. The Loan Parties hereby represent and warrant to
the Lender Group the following: 
 (a) no Default or Event of Default has occurred and is continuing as of the date of this
Amendment No. 2 after giving effect to this Amendment No. 2; 
 (b) this Amendment No. 2 has been duly
authorized, executed and delivered by all necessary action on the part of each Loan Party and, if necessary, their respective equity holders, and is in full force and effect as of the date hereof, and the agreements and obligations of each Loan
Party contained herein constitute legal, valid and binding obligations of each Loan Party, enforceable against them in accordance with their terms, except as enforceability is limited by equitable principles or by bankruptcy, insolvency,
reorganization, moratorium or similar laws relating to or limiting the enforcement of creditors’ rights generally; 
 (c)
the execution, delivery and performance of this Amendment No. 2 (i) are all within each Loan Party’s corporate or limited liability company powers , (ii) do not violate any provisions of applicable law or the terms of any Loan
Party’s Governing Documents, except to the extent that any such violation could not individually or in the aggregate reasonably be expected to have a Material Adverse Change, or (iii) do not conflict with, result in a breach of, or
constitute (with notice or lapse of time or both) a default under any agreement, document or instrument to which any Loan Party is a party or by which any Loan Party or its property are bound, except to the extent that the any such conflict, breach
or default could not individually or in the aggregate reasonably be expected to have a Material Adverse Change; 
 (d) each of
the Dissolved Entities has prior to the date hereof, in accordance with the terms of Section 6.3(b)(iii) of the Credit Agreement, been dissolved; and 
 (e) the Term Loan Agreement (as defined in the Credit Agreement after giving effect to this Amendment No. 2) has been executed and delivered by the parties thereto and is in full force and effect.

 7. Conditions Precedent. The terms of this Amendment No. 2 shall only become effective upon the satisfaction of
each of the following conditions precedent: 
 (a) Agent shall have received this Amendment No. 2, duly executed and
delivered by Loan Parties and Lenders; 
 (b) No Default or Event of Default shall have occurred and be continuing after giving
effect to this Amendment No. 2; 
 (c) Agent shall have received the Term Loan Agreement (as defined in the Credit
Agreement after giving effect to this Amendment No. 2) and all other material Term Loan Documents, duly executed and delivered by the parties thereto, which Term Loan Agreement shall be in full force and effect as of the date hereof;

 (d) Agent shall have received, in form and substance reasonably satisfactory to Agent, the Intercreditor Agreement, duly
executed by Term Loan Agent and acknowledged by Loan Parties; 

  
 18 

 (e) Agent shall have received articles of dissolution, certified by the relevant secretary
of state (or such other evidence reasonably acceptable to Agent), evidencing that each of the Dissolved Entities has been dissolved; and 
 (f) Agent shall have received payment in full in cash of the fee set forth in Section 8 below. 
 8. Amendment Fee. In addition to all other fees, charges, interest and expenses payable by Borrowers to Agent and Lenders under the Credit Agreement and other Loan Documents, Borrowers, jointly and
severally, shall pay to Agent (for the account of Lenders based upon their Pro Rata Shares), an amendment fee of $625,000 (the “Amendment No. 2 Fee”), which amount is fully earned and payable on the Amendment No. 2 Effective Date
and may be charged directly to the US Loan Account; provided, that, if Agent, prior to June 30, 2012, enters into an amendment and restatement of the Credit Agreement, or serves as agent and lead arranger under any credit facility
which replaces and refinances the Credit Agreement (collectively, a “New ABL Facility”) the amount of the Amendment No. 2 Fee received by Agent shall be credited against the amount of the closing, arrangement, underwriting or similar
fees that are otherwise payable to Agent with respect to a New ABL Facility. 
 9. Effect of this Amendment. Except as
expressly set forth herein, no other amendments, changes or modifications to the Credit Agreement are intended or implied, and in all other respects the Credit Agreement is hereby specifically ratified, restated and confirmed by all of the parties
hereto as of the effective date hereof. To the extent of any conflict between the terms of this Amendment No. 2 and the Credit Agreement, the terms of this Amendment No. 2 shall control. 

10. Governing Law. The validity of this Amendment No. 2, the construction, interpretation, and enforcement hereof, and the
rights of the parties hereto with respect to all matters arising hereunder or related hereto shall be determined under, governed by, and construed in accordance with the laws of the State of New York. 

11. Binding Effect. This Amendment No. 2 shall be binding upon and inure to the benefit of each of the parties hereto and
their respective successors and assigns. 
 12. Entire Agreement. This Amendment No. 2 represents the entire
agreement and understanding concerning the subject matter hereof among the parties hereto, and supersedes all other prior agreements, understandings, negotiations and discussions, representations, warranties, commitments, proposals, offers and
contracts concerning the subject matter hereof, whether oral or written. 
 13. Counterparts. This Amendment No. 2
may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the
same agreement. Delivery of an executed counterpart of this Amendment No. 2 by telefacsimile or other electronic method of transmission shall be equally as effective as delivery of an original executed counterpart of this Amendment No. 2.
Any party delivering an executed counterpart of this Amendment No. 2 by telefacsimile or other electronic 

  
 19 

 
method of transmission also shall deliver an original executed counterpart of this Amendment No. 2 but the failure to deliver an original executed counterpart shall not affect the validity,
enforceability, and binding effect of this Amendment No. 2. 
 [Signature Page Follows] 

  
 20 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 2 to be duly
executed and delivered by their authorized officers as of the day and year first above written. 
  

			
	TRONOX LLC
		
	By:	 	  

		
	Title:	 	  

	
	TRONOX WORLDWIDE LLC
		
	By:	 	  

		
	Title:	 	  

	
	TRIPLE S REFINING CORPORATION
	SOUTHWESTERN REFINING COMPANY, INC.
	TRONOX HOLDINGS, INC.
		
	By:	 	  

		
	Title:	 	  

	
	TRONOX INCORPORATED
		
	By:	 	  

		
	Title:	 	  

		
	By:	 	  

		
	Title:	 	  

 [SIGNATURES CONTINUED FROM PREVIOUS PAGE] 

 

			
	WELLS FARGO CAPITAL FINANCE, LLC,
	as Agent and a Lender
		
	By:	 	  

		
	Title:	 	  

 Exhibit A 
 Transaction Summary 
 Capitalized terms used in this Exhibit A and not defined in
this Exhibit A shall have the meanings assigned to such terms in the Term Loan Agreement as in effect on the Amendment No. 2 Effective Date. 
 Australia Holdings will become the ultimate parent company of the Borrower and each of the other Credit Parties. 
  

	 	a)	Tronox LLC (“Tronox LLC”), a Delaware limited liability company, will distribute shares in Tronox Western Australia Pty Ltd (Western Australia)
(“TWA”) to Tronox Worldwide LLC (“Worldwide”), a Delaware limited liability company, resulting in TWA becoming Worldwide’s direct Subsidiary. 

 

	 	b)	Worldwide will transfer its shares in Tronox LLC and its shares in each of its other US Subsidiaries (the “US Subsidiaries”) to US Holdings such that
the US Subsidiaries will become directly owned Subsidiaries of US Holdings. 

  

	 	c)	US Holdings will transfer ownership of Worldwide and its non-US Subsidiaries (including the Borrower) to Australian Subsidiaries directly and indirectly owned by US
Holdings, resulting in, among other things, Worldwide becoming a direct, wholly-owned Australian Subsidiary of Australia Holdings. 

  

	 	d)	A United Kingdom financing entity will be formed that will be a wholly owned Affiliate of US Holdings. 

 

	 	e)	As a result of certain transactions, including a merger among Affiliates, US Holdings becomes a wholly-owned indirect Subsidiary of Australia Holdings.

  

	 	f)	In connection with the acquisition of the Australian Acquired Companies and in consideration of shares issued by Australia Holdings, certain intercompany loans are
created amongst one or more of Australia Holdings’ indirect wholly-owned Subsidiaries (such Subsidiaries to become Credit Parties subject to the requirements of Section 5.10 of the Term Loan Agreement). As a result of the acquisition of
the Australian Acquired Companies, one or more of Australia Holdings’ indirect wholly owned Subsidiaries will become the owner of a Netherlands Subsidiary and Australian Subsidiaries which hold a 50% interest in the Tiwest Joint Venture.

  

	 	g)	In connection with the acquisition of the South African Acquired Companies, certain Subsidiaries of Australia Holdings will be assigned the right of payment under
certain intercompany loans payable from the South African Acquired Companies. 

	 	h)	The Borrower will become a direct wholly-owned Subsidiary of a Netherlands co-op. 

 Following implementation and completion, and as a result of, the Reorganization and the Acquisition: 
  

	 	1.	Australia Holdings will own, directly or indirectly, (i) 100% of the shares of each Subsidiary other than the South African Subsidiaries and (ii) more than
70% of the shares of the South African Subsidiaries; 

  

	 	2.	US Holdings will own, directly or indirectly, 100% of the shares of each Subsidiary existing under the laws of the US; 

 

	 	3.	Worldwide will own, directly or indirectly, (i) 100% of the shares of the Netherlands co-op, a separate legal entity, that is the direct parent of the Borrower,
(ii) 100% of the shares of the Australian company that owns 50% of the Tiwest Joint Venture (with an indirect wholly-owned Subsidiary of US Holdings owning the remaining 50%) and (iii) 100% of the shares of Tronox Pigments Limited, the
Bahamas company. 

  

	 	4.	US Holdings and Worldwide will be owned, indirectly, by TGH Pty Ltd, an Australian holding company and direct, wholly-owned Subsidiary of Australia Holdings.

  

	 	5.	Australia Holdings’ funding entity, Tronox Funding UK LLP, will hold, among other obligations, certain Indebtedness owed by the South African Subsidiaries.

  

	 	6.	Except to the extent expressly permitted or provided in the Agreement, no Cash Investments will be made in any Subsidiary or Excluded Entity in connection with the
Reorganization or Acquisition except to the extent that such Person is a Credit Party or will become a Credit Party subject to the provisions of Section 5.10 of the Term Loan Agreement and the terms of the Agreement.Employment Agreement between Tronox LLC and Thomas J. Casey

 Exhibit 10.15 
 EMPLOYMENT AGREEMENT 
 This EMPLOYMENT AGREEMENT
(“Agreement”) is entered into as of this 19th day of April, 2012, by and between Tronox LLC, a Delaware limited liability company (the “Company”), and Thomas J. Casey, an individual (the
“Executive”). 
 WHEREAS, the Company and the Executive desire to enter into this Agreement to set out the
terms and conditions for the continued employment relationship of the Executive with the Company. 
 NOW, THEREFORE, in
consideration of the mutual covenants and agreements set forth herein and for other good and valuable consideration, the receipt and sufficiency of which hereby are acknowledged, the parties hereto agree as follows: 

1. Term. The Company agrees to employ the Executive pursuant to the terms of this Agreement, and the Executive agrees to be so
employed, for a term of three (3) years (the “Initial Term”) commencing as of October 5, 2011 (the “Effective Date”). On each anniversary of the Effective Date following the Initial Term, the term of this
Agreement shall be automatically extended for successive one-year periods, provided, however, that either party hereto may elect not to extend this Agreement by giving written notice to the other party at least one hundred and eighty
(180) days prior to any such anniversary date. Notwithstanding the foregoing, the Executive’s employment hereunder may be earlier terminated in accordance with Section 8 hereof, subject to Section 9 hereof. Terms
used herein with initial capitalization not otherwise defined are defined in Section 24. The period of time between the Effective Date and the termination of the Executive’s employment hereunder shall be referred to as the
“Employment Period.” 
 2. Position and Duties. During the Employment Period, the Executive shall serve
as Chairman of the Board of Directors of Tronox Incorporated and Chief Executive Officer of the Company, and in the event of any corporate transaction or reorganization, the Chairman of the Board of Directors to any successor to substantially all of
the assets and businesses of Tronox Incorporated and Chief Executive Officer of any successor to substantially all of the assets and businesses of the Company in accordance with Section 14 of this Agreement. In such capacity, the
Executive shall have the duties, responsibilities and authorities customarily associated with the position of Chairman and Chief Executive Officer in a company the size and nature of Tronox Incorporated and the Company, respectively. The Executive
shall devote the Executive’s reasonable best efforts and substantially all of the Executive’s business time to the performance of the Executive’s duties hereunder and the advancement of the business and affairs of the Company and
shall be subject to, and shall comply in all material respects with, the policies of the Company and the Company Affiliates applicable to the Executive; provided that the Executive shall be entitled (i) to serve as a member of the board
of directors of a reasonable number of other companies, subject to the advance approval of the Board of Directors of the Company (the “Board”), which approval shall not be unreasonably withheld, (ii) to serve on civic,
charitable, educational, religious, public interest or public service boards, and (iii) to manage the Executive’s personal and family investments, in each case, to the extent such activities do not materially interfere, as determined by
the Board in good faith, with the performance of the Executive’s duties and responsibilities hereunder. 

 3. Place of Performance. During the Employment Period, the Executive shall be based
primarily at the Company’s principal executive offices; provided that the Executive understands and agrees that the Executive may be required to travel from time to time for business purposes. 

4. Compensation and Benefits; Equity Awards. 
 (a) Base Salary. During the Employment Period, the Company shall pay to the Executive a base salary (the “Base Salary”) at the rate of no less than $1,000,000 per calendar year,
less applicable deductions. The Base Salary shall be reviewed for increase (but not decrease) by the Compensation Committee of the Board (the “Committee”) no less frequently than annually and shall be increased in the discretion of
the Committee after discussion with the independent members of the Board and any such adjusted Base Salary shall constitute the “Base Salary” for purposes of this Agreement. The Base Salary shall be paid in substantially equal installments
in accordance with the Company’s regular payroll procedures. 
 (b) Annual Bonus. During the Employment Period, the
Executive shall be paid an annual cash performance bonus (an “Annual Bonus”) under the Company’s annual bonus plan (as in effect from time to time for senior executives) in respect of each fiscal year that ends during the
Employment Period, to the extent earned based on performance against performance criteria. The performance criteria for any particular fiscal year shall be determined by the Compensation Committee of the Board (the “Committee”), in
good faith, after consultation with the other independent members of the Board, no later than sixty (60) days after the commencement of the relevant bonus period. The Executive’s target annual bonus opportunity shall be no less than 150%
of the Executive’s Base Salary as of the beginning of the applicable performance period (the “Target Bonus”) if target levels of performance for that year are achieved, up to a maximum of 300% of the Target Bonus.
Notwithstanding the foregoing, for the Company’s 2011 fiscal year, the Executive shall be eligible to receive a pro rata Annual Bonus based upon the Company’s achievement of the performance goals established for the other senior executives
of the Company for the 2011 fiscal year (determined by multiplying the amount of such bonus which would be due for the full fiscal year by a fraction, the numerator of which is the number of days during the fiscal year that the Executive is employed
by the Company and the denominator of which is 365). The Executive’s Annual Bonus for a bonus period shall be determined by the Committee after the end of the applicable bonus period and shall be paid to the Executive in the year following the
year to which such Annual Bonus relates when annual bonuses for that year are paid to other senior executives of the Company generally. 
 (c) Signing Bonus. The Executive acknowledges and agrees that the Company has paid him $2,000,000 in a cash lump sum (the “Signing Bonus”). In the event the Company terminates the
Executive’s employment for Cause or the Executive terminates employment without Good Reason, in each case, prior to the first (1st) anniversary of the Effective Date, the Executive shall repay a pro rata portion of the Signing Bonus to the
Company (on a net after-tax basis) immediately upon the date of such termination (determined by multiplying the amount of the Signing Bonus by a fraction, the numerator of which is the number of days during the first year of the Employment Period
that the Executive is employed by the Company and the denominator of which is 365). 

  
 2 

 (d) Sign-On Equity Award. The Executive acknowledges and agrees that he has been
granted 50,000 shares of restricted stock (the “Sign-On Equity Award”) under the Company’s 2010 Management Equity Incentive Plan (or successor plan) (the “Equity Incentive Plan”). The terms and conditions
applicable to the Sign-On Equity Award shall be as set forth on the terms attached as Exhibit A hereto. Notwithstanding anything set forth in any plan document or award agreement to the contrary, the Sign-On Equity Award shall become fully
vested upon a termination of employment by the Company without Cause or by the Executive for Good Reason, in each case, within the twelve (12) month period following a Qualified Change in Control. For purposes of this Agreement, a
“Qualified Change in Control” shall mean a Change in Control (as defined under the Equity Incentive Plan) other than a Change in Control occurring as a result of the acquisition of less than fifty percent (50%) of Tronox, Inc.,
the Company or their respective successors or assigns (as applicable) by, individually or collectively, Exxaro Resources Limited, Exxaro Holdings Sands (Proprietary) Limited, Exxaro International BV or their respective affiliates. 

(e) Initial Equity Award. The Executive acknowledges and agrees that he has been granted 26,930 shares of restricted stock under
the Equity Incentive Plan (the “Initial Equity Award”). The terms and conditions applicable to the Initial Equity Award shall be as set forth on the terms attached as Exhibit B hereto. Notwithstanding anything set forth in
any plan document or award agreement to the contrary, the Initial Equity Award shall become fully vested upon a termination of employment by the Company without Cause or by the Executive for Good Reason, in each case, within the twelve
(12) month period following a Qualified Change in Control. 
 (f) Equity Awards. In each year of the Employment
Period, the Executive shall be granted a number of shares of restricted stock or restricted stock units (or, to the extent the Equity Incentive Plan restricts the grant of restricted stock units, another form of equity award with an equivalent grant
date fair value) under the Equity Incentive Plan with a value equal to not less than $3,000,000, with such number of shares of restricted stock or restricted stock units (or equivalent award) to be calculated based upon the volume-weighted average
price of the Company’s stock over the thirty (30)-day period preceding the date of grant (the “Annual Equity Award”). For each fiscal year commencing during the Employment Period, the Company shall grant the Annual Equity Award
on the applicable anniversary of the Effective Date (or the closest business day thereafter if such anniversary is a weekend). The terms and conditions applicable to any Annual Equity Award shall be determined by the Committee in accordance with the
Company’s applicable long-term incentive plan. 
 (g) Vacation; Benefits. During the Employment Period, the
Executive shall be entitled to five (5) weeks of paid vacation per calendar year (as prorated for partial years) in accordance with the applicable policies of the Company, which shall be accrued and used in accordance with such policies. During
the Employment Period, the Executive shall be entitled to participate in any employee benefit plan that the Company has adopted or may adopt, maintain or contribute to for the benefit of its employees generally, subject to satisfying the applicable
eligibility requirements, except to the extent such plans are duplicative of the benefits otherwise provided to hereunder. The Executive’s participation will be subject to the terms of the applicable plan documents and generally applicable
Company policies. The foregoing, however, 

  
 3 

 
shall not be construed to require the Company to establish any such plans or to prevent the modification or termination of such plans once established. 

(h) Legal Fees. Upon presentation of appropriate documentation, the Company shall pay the Executive’s reasonable counsel fees
incurred in connection with the negotiation and documentation of this Agreement, up to a maximum of $50,000, which shall be paid within thirty (30) days following the date of this Agreement. 

5. Expenses. The Company shall reimburse the Executive promptly for all expenses reasonably incurred by the Executive in the
performance of his duties in accordance with policies which may be adopted from time to time by the Company following presentation by the Executive of an itemized account, including reasonable substantiation, of such expenses. 

6. Confidentiality, Non-Disclosure and Non-Competition Agreement. The Company and the Executive acknowledge and agree that during
the Executive’s employment with the Company, the Executive will have access to and may assist in developing Confidential Information and will occupy a position of trust and confidence with respect to the affairs and business of the Company and
the Company Affiliates. The Executive agrees that the following obligations are necessary to preserve the confidential and proprietary nature of Confidential Information and to protect the Company and the Company Affiliates against harmful
solicitation of employees and customers, harmful competition and other actions by the Executive that would result in serious adverse consequences for the Company and the Company Affiliates: 

(a) Non-Disclosure. During and after the Executive’s employment with the Company, the Executive will not knowingly use,
disclose, copy or transfer any Confidential Information other than as authorized in writing by the Company or within the scope of the Executive’s duties with the Company as determined reasonably and in good faith by the Executive. Anything
herein to the contrary notwithstanding, the provisions of this Section 6(a) shall not apply (i) when disclosure is required by law or by any court, arbitrator, mediator or administrative or legislative body (including any committee
thereof) with actual or apparent jurisdiction to order the Executive to disclose or make accessible any information, provided that prior to any such disclosure the Executive shall provide the Company with reasonable notice of the requirements
to disclose and an opportunity to object to such disclosure and the Executive shall cooperate with the Company in filing such objection; or (ii) as to information that becomes generally known to the public or within the relevant trade or
industry other than due to the Executive’s violation of this Section 6(a). 
 (b) Materials. The
Executive will use Confidential Information only for normal and customary use in the Company’s business, as determined reasonably and in good faith by the Company. The Executive will return to the Company all Confidential Information and copies
thereof and all other property of the Company or any Company Affiliate at any time upon the request of the Company and in any event promptly after termination of Executive’s employment. The Executive agrees to identify and return to the Company
any copies of any Confidential Information after the Executive ceases to be employed by the Company. Anything to the contrary notwithstanding, nothing in this Section 6 shall prevent the Executive from retaining a home computer (provided
all Confidential Information has been removed), papers and other materials of a personal nature, including diaries, calendars and Rolodexes, information 

  
 4 

 
relating to his compensation or relating to reimbursement of expenses, information that may be needed for tax purposes, and copies of plans, programs and agreements relating to his employment.

 (c) No Solicitation or Hiring of Employees. During the Non-Compete Period, the Executive shall not solicit, entice,
persuade or induce any individual who is employed by the Company or the Company Affiliates (or who was so employed within six (6) months prior to the Executive’s action) to terminate or refrain from continuing such employment or to become
employed by or enter into contractual relations with any other individual or entity other than the Company or the Company Affiliates, and the Executive shall not hire, directly or indirectly, for himself or any other person, as an employee,
consultant or otherwise, any such person. Anything to the contrary notwithstanding, the Company agrees that (i) the Executive’s responding to an unsolicited request from any former employee of the Company for advice on employment matters;
and (ii) the Executive’s responding to an unsolicited request for an employment reference regarding any former employee of the Company from such former employee, or from a third party, by providing a reference setting forth his personal
views about such former employee, shall not be deemed a violation of this Section 6(c); in each case, to the extent the Executive does not encourage the former employee to become employed by a company or business that employs the
Executive or with which the Executive is otherwise associated (including, but not limited to, association as a sole proprietor, owner, employer, partner, principal, investor, joint venturer, shareholder, associate, employee, member, consultant,
contractor, director or otherwise). 
 (d) Non-Competition. 

(i) During the Non-Compete Period, the Executive shall not, directly or indirectly, (A) solicit, service, or assist any other
individual, person, firm or other entity in soliciting or servicing any Customer for the purpose of providing and/or selling any products that are provided and/or sold by the Company or its subsidiaries, or performing any services that are performed
by the Company or its subsidiaries, (B) interfere with or damage (or attempt to interfere with or damage) any relationship and/or agreement between the Company or its subsidiaries and any Customer or (C) associate (including, but not
limited to, association as a sole proprietor, owner, employer, partner, principal, investor, joint venturer, shareholder, associate, employee, member, consultant, contractor, director or otherwise) with any Competitive Enterprise; provided,
however, that Executive may own, as a passive investor, securities of any such entity that has outstanding publicly traded securities so long as his direct holdings in any such entity shall not in the aggregate constitute more than one
percent (1%) of the voting power of such entity. The Executive acknowledges that this covenant has a unique, very substantial and immeasurable value to the Company, that the Executive has sufficient assets and skills to provide a livelihood for
the Executive while such covenant remains in force and that, as a result of the foregoing, in the event that the Executive breaches such covenant, monetary damages would be an insufficient remedy for the Company and equitable enforcement of the
covenant would be proper. 
 (ii) If the restrictions contained in Section 6(d)(i) shall be determined by any court
of competent jurisdiction to be unenforceable by reason of their extending for too great a period of time or over too great a geographical area or by reason of their being too 

  
 5 

 
extensive in any other respect, Section 6(d)(i) shall be modified to be effective for the maximum period of time for which it may be enforceable and over the maximum geographical area
as to which it may be enforceable and to the maximum extent in all other respects as to which it may be enforceable. 
 (e)
Conflicting Obligations and Rights. The Executive agrees to inform the Company of any apparent conflicts between the Executive’s work for the Company and any obligations the Executive may have to preserve the confidentiality of
another’s proprietary information or related materials before using the same on the Company’s behalf. The Company shall receive such disclosures in confidence and consistent with the objectives of avoiding any conflict of obligations and
rights or the appearance of any conflict of interest. 
 (f) Enforcement. The Executive acknowledges that in the event of
any breach of this Section 6, the business interests of the Company and the Company Affiliates will be irreparably injured, the full extent of the damages to the Company and the Company Affiliates will be impossible to ascertain,
monetary damages will not be an adequate remedy for the Company and the Company Affiliates, and the Company will be entitled to enforce this Agreement by a temporary, preliminary and/or permanent injunction or other equitable relief, without the
necessity of posting bond or security, which the Executive expressly waives. The Executive understands that the Company may waive some of the requirements expressed in this Agreement, but that such a waiver to be effective must be made in writing
and should not in any way be deemed a waiver of the Company’s right to enforce any other requirements or provisions of this Agreement. The Executive agrees that each of the Executive’s obligations specified in this Agreement is a separate
and independent covenant and that the unenforceability of any of them shall not preclude the enforcement of any other covenants in this Agreement. 
 7. Mutual Non-Disparagement. During the Employment Period and for the two year period following the Date of Termination, the Executive agrees not to make public statements or communications that
disparage Tronox, Inc., the Company their businesses, services, products or their affiliates or their current, former or future directors or executive officers (in their capacity as such), or with respect to any current or former director or
executive officer or shareholder of the Company or its affiliates (in their capacity as such). During the Employment Period and for the two year period following Date of Termination, Tronox, Inc. and the Company agree that neither shall, and that
each of them shall instruct its directors, executive officers and employees to not, make public statements or communications that disparage the Executive. The foregoing shall not be violated by truthful statements in response to legal process,
required governmental testimony or filings, or administrative or arbitral proceedings (including, without limitation, depositions in connection with such proceedings). 
 8. Termination of Employment. 
 (a) Permitted Terminations. The
Executive’s employment hereunder may be terminated during the Employment Period under the following circumstances: 
 (i)
Death. The Executive’s employment hereunder shall terminate upon the Executive’s death. 

  
 6 

 (ii) By the Company. The Company may terminate the Executive’s employment:

 (A) Disability. For Disability; or 
 (B) Cause. For Cause or without Cause. 
 (iii) By the Executive.
The Executive may terminate his employment for any reason or for no reason by giving thirty (30) days advance Notice of Termination to the Company (or in the event of a termination for Good Reason, the notice required Section 9(d)
hereof). 
 (b) Termination. Any termination of the Executive’s employment by the Company or the Executive
(other than because of the Executive’s death) shall be communicated by written Notice of Termination to the other party hereto in accordance with Section 11 hereof. For purposes of this Agreement, a “Notice of
Termination” shall mean a notice which shall indicate the specific termination provision in this Agreement relied upon, if any, and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination
of the Executive’s employment under the provision so indicated. Termination of the Executive’s employment shall take effect on the Date of Termination. 
 (c) Effect of Termination. Upon any termination of the Executive’s employment with the Company, and its subsidiaries, the Executive shall resign from, and shall be considered to have
simultaneously resigned from, all positions with the Company and all of its subsidiaries. 
 9. Compensation Upon
Termination. 
 (a) Death. If the Executive’s employment is terminated during the Employment Period as a result
of the Executive’s death pursuant to Section 8(a)(i), this Agreement and the Employment Period shall terminate without further notice or any action required by the Company or the Executive’s legal representatives. Upon the
Executive’s death, the Company shall pay or provide to the Executive’s representative or estate (i) all Accrued Benefits, if any, to which the Executive is entitled, (ii) a pro-rata portion of the Executive’s Annual Bonus
for the fiscal year in which the Executive’s termination occurs based on actual results for such year (determined by multiplying the amount of such bonus which would be due for the full fiscal year by a fraction, the numerator of which is the
number of days during the fiscal year of termination that the Executive is employed by the Company and the denominator of which is 365) payable at the same time bonuses for such year are paid to other senior executives of the Company (the
“Pro-Rata Bonus”), (iii) a percentage of the Executive’s Sign On Equity Award shall vest, which percentage shall equal the greater of 25% and the percentage equal to the number of calendar months the Executive has been
employed during the Employment Period (commencing October 2011) divided by 36, and (iv) subject to (A) the Executive’s (or in the event of the Executive’s death, his dependent’s) timely election of continuation coverage
under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), (B) the Executive’s (or in the event of the Executive’s death, his dependent’s) continued copayment of premiums at the same
level and cost to the Executive as if 

  
 7 

 
the Executive were an employee of the Company (excluding, for purposes of calculating cost, an employee’s ability to pay premiums with pre-tax dollars), and (C) the Executive’s (or
in the event of the Executive’s death, his dependent’s) continued compliance with the obligations in Sections 6 and 7 hereof, continued participation in the Company’s group health plan (to the extent permitted under
applicable law and the terms of such plan) which covers the Executive (and the Executive’s eligible dependents) for a period of eighteen (18) months at the Company’s expense, provided that the Executive is eligible and remains
eligible for COBRA coverage; and provided, further, that in the event that the Executive obtains other employment that offers group health benefits, such continuation of coverage by the Company shall immediately cease (the benefits and
conditions specified in this Section 9(a)(iii), “COBRA Coverage”). Except as set forth herein, the Company shall have no further obligation to the Executive (or the Executive’s legal representatives or estate) under
this Agreement. 
 (b) Disability. If the Company terminates the Executive’s employment during the Employment Period
because of the Executive’s Disability pursuant to Section 8(a)(ii)(A), the Company shall pay to the Executive (i) all Accrued Benefits, if any, to which the Executive is entitled, (ii) the Pro-Rata Bonus, (iii) a
percentage of the Executive’s Sign On Equity Award shall vest, which percentage shall equal the greater of 25% and the percentage equal to the number of calendar months the Executive has been employed during the Employment Period (commencing
October 2011) divided by 36, and (iv) eighteen (18) months of COBRA Coverage. Except as set forth herein, the Company shall have no further obligations to the Executive (or the Executive’s legal representatives) under this Agreement.

 (c) Termination by the Company for Cause, by the Executive without Good Reason, or upon Expiration of the Employment
Period. If, during the Employment Period, the Company terminates the Executive’s employment for Cause pursuant to Section 8(a)(ii)(B), the Executive terminates his employment without Good Reason, or upon termination of the
Executive’s employment at the expiration of the Employment Period in accordance with Section 1, the Company shall pay to the Executive all Accrued Benefits, if any, to which the Executive is entitled. Except as set forth herein, the
Company shall have no further obligations to the Executive under this Agreement. 
 (d) Termination by the Company without
Cause or by the Executive for Good Reason Prior to a Qualified Change in Control. If, during the Employment Period, prior to the occurrence of a Qualified Change in Control, the Company terminates the Executive’s employment other than for
Cause, death or Disability or if the Executive terminates his employment hereunder with Good Reason, (i) the Company shall pay or provide the Executive (or the Executive’s estate, if the Executive dies after such termination but before
receiving such amount) (A) all Accrued Benefits, if any, to which the Executive is entitled; (B) the Pro-Rata Bonus; (C) an amount equal to the product of (x) two (2) and (y) the sum of the Executive’s
(I) Base Salary, and (II) Target Bonus, payable in pro rata equal installments in accordance with the Company’s normal payroll practices in effective on the Date of Termination for the twelve (12) month period following the Date of
Termination, with such payments to commence on the first payroll date following the execution (and non-revocation) of the general release of claims described in Section 9(e), subject to Section 9(f); (D) accelerated
vesting of all outstanding equity-based incentive awards subject to time-based vesting criteria; and (E) with respect to any outstanding equity-based incentive award subject to performance-based vesting criteria, the

  
 8 

 
applicable performance period shall be amended to end on the Date of Termination, and each such award, respectively, shall immediately vest if the Committee determines in good faith that the
applicable performance criteria for the amended performance period have been achieved as of the Date of Termination, and (ii) eighteen (18) months of COBRA Coverage. Except as set forth herein, the Company shall have no further obligation
to the Executive (or the Executive’s legal representatives or estate) under this Agreement. 
 (e) Termination by the
Company without Cause or by the Executive for Good Reason in Connection with a Qualified Change in Control. If, during the Employment Period, upon or within twelve (12) months following the date of consummation of a Qualified Change in
Control, the Company terminates the Executive’s employment other than for Cause, death or Disability or if the Executive terminates his employment hereunder with Good Reason, (i) the Company shall pay or provide the Executive (or the
Executive’s estate, if the Executive dies after such termination but before receiving such amount) (A) all Accrued Benefits, if any, to which the Executive is entitled; (B) the Pro-Rata Bonus; (C) an amount equal to the product
of (x) three (3) and (y) the sum of the Executive’s (I) Base Salary, and (II) Target Bonus, payable in pro rata equal installments in accordance with the Company’s normal payroll practices in effective on the Date of
Termination for the twelve (12) month period following the Date of Termination, with such payments to commence on the first payroll date following the execution (and non-revocation) of the general release of claims described in
Section 9(e), subject to Section 9(f); (D) accelerated vesting of all outstanding equity-based incentive awards subject to time-based vesting criteria; and (E) with respect to any outstanding equity-based incentive
award subject to performance-based vesting criteria, the applicable performance period shall be amended to end on the Date of Termination, and each such award, respectively, shall immediately vest if the Committee determines in good faith that the
applicable performance criteria for the amended performance period have been achieved as of the Date of Termination, and (ii) eighteen (18) months of COBRA Coverage. Except as set forth herein, the Company shall have no further obligation
to the Executive (or the Executive’s legal representatives or estate) under this Agreement. 
 (f) Release. As a
condition of receiving any and all amounts payable and benefits or additional rights provided pursuant to this Agreement beyond the Accrued Benefits, the Executive must execute and deliver to the Company and not revoke a general release of claims in
favor of the Company in substantially the form attached on Exhibit C hereto. Such release must be executed and delivered (and no longer subject to revocation, if applicable) within sixty (60) days following the Executive’s Date of
Termination. The Company shall deliver to the Executive the appropriate form of release of claims for the Executive to execute within five (5) business days following the Date of Termination. 

(g) Liquidated Damages. The parties acknowledge and agree that the damages that will result to the Executive for termination by
the Company of the Executive’s employment without Cause or by the Executive for Good Reason shall be extremely difficult or impossible to establish or prove, and agree that the amounts payable to the Executive under Section 9(d)
shall constitute liquidated damages for any such termination. The Executive agrees that, except for such other payments and benefits to which the Executive may be entitled as expressly provided by the terms of this Agreement or any other
applicable benefit plan or compensation arrangement (including equity-related awards), such liquidated damages shall be in lieu of all other claims that the Executive may make by reason of any such termination of his employment. 

  
 9 

 (h) Certain Payment Delays. Notwithstanding anything to the contrary set forth
herein, to the extent that the payment of any amount described in Section 9(d) or 9(e) constitutes “nonqualified deferred compensation” for purposes of Code Section 409A (as defined in Section 23
hereof), any such payment scheduled to occur during the first sixty (60) days following the termination of employment shall not be paid until the first regularly scheduled pay period following the sixtieth (60th) day following such
termination and shall include payment of any amount that was otherwise scheduled to be paid prior thereto. 
 (i) No
Offset. In the event of termination of his employment, the Executive shall be under no obligation to seek other employment and there shall be no offset against amounts due to him on account of any remuneration or benefits provided by any
subsequent employment he may obtain. The Company’s obligation to make any payment pursuant to, and otherwise to perform its obligations under, this Agreement shall not be affected by any offset, counterclaim or other right that the Company or
the Company Affiliates may have against the Executive for any reason. 
 10. Indemnification. During the Employment
Period and thereafter, the Company agrees to indemnify and hold the Executive and the Executive’s heirs and representatives harmless, to the maximum extent permitted by law, against any and all damages, costs, liabilities, losses and expenses
(including reasonable attorneys’ fees) as a result of any claim or proceeding (whether civil, criminal, administrative or investigative), or any threatened claim or proceeding (whether civil, criminal, administrative or investigative), against
the Executive that arises out of or relates to the Executive’s service as an officer, director or employee, as the case may be, of the Company, or the Executive’s service in any such capacity or similar capacity with a Company Affiliate or
other entity at the request of the Company, both prior to and after the Effective Date, and to promptly advance to the Executive or the Executive’s heirs or representatives such expenses upon written request with appropriate documentation of
such expense upon receipt of an undertaking by the Executive or on the Executive’s behalf to repay such amount if it shall ultimately be determined that the Executive is not entitled to be indemnified by the Company. During the Employment
Period and thereafter, the Company also shall provide the Executive with coverage under its current directors’ and officers’ liability policy to the same extent that it provides such coverage to its other executive officers. If the
Executive has any knowledge of any actual or threatened action, suit or proceeding, whether civil, criminal, administrative or investigative, as to which the Executive may request indemnity under this provision, the Executive will give the Company
prompt written notice thereof; provided that the failure to give such notice shall not affect the Executive’s right to indemnification. The Company shall be entitled to assume the defense of any such proceeding and the Executive will use
reasonable efforts to cooperate with such defense. To the extent that the Executive in good faith determines that there is an actual or potential conflict of interest between the Company and the Executive in connection with the defense of a
proceeding, the Executive shall so notify the Company and shall be entitled to separate representation at the Company’s expense by counsel selected by the Executive (provided that the Company may reasonably object to the selection of counsel
within ten (10) business days after notification thereof) which counsel shall cooperate, and coordinate the defense, with the Company’s counsel 

  
 10 

 
and minimize the expense of such separate representation to the extent consistent with the Executive’s separate defense. This Section 10 shall continue in effect after the
termination of the Executive’s employment or the termination of this Agreement. 
 11. Notices. All notices,
demands, requests, or other communications which may be or are required to be given or made by any party to any other party pursuant to this Agreement shall be in writing and shall be hand delivered, mailed by first-class registered or certified
mail, return receipt requested, postage prepaid, delivered by overnight air courier, or transmitted by facsimile transmission addressed as follows: 
  

			
	 (i)
	  	If to the Company:
		
		  	Tronox LLC
		  	 3301 NW 150th Street

Oklahoma City, OK 73134
 Attention:
General Counsel

		
	 (ii)
	  	If to the Executive:
		
		  	Address last shown on the Company’s records.

 Each party may designate by notice in writing a new address to which any notice, demand, request or communication may
thereafter be so given, served or sent. Each notice, demand, request, or communication that shall be given or made in the manner described above shall be deemed sufficiently given or made for all purposes at such time as it is delivered to the
addressee (with the return receipt, the delivery receipt, confirmation of facsimile transmission or the affidavit of messenger being deemed conclusive but not exclusive evidence of such delivery) or at such time as delivery is refused by the
addressee upon presentation. 
 12. Severability. The invalidity or unenforceability of any one or more provisions of
this Agreement, including, without limitation, Section 6, shall not affect the validity or enforceability of the other provisions of this Agreement, which shall remain in full force and effect. 

13. Survival. It is the express intention and agreement of the parties hereto that the provisions of Sections 6, 7,
9, 10, 11, 12, 14, 15, 16, 18, 19, 20, 22, and 23 hereof and this Section 13 shall survive the termination of employment of the Executive. In addition,
all obligations of the Company to make payments hereunder shall survive any termination of this Agreement on the terms and conditions set forth herein. 
 14. Assignment. The rights and obligations of the parties to this Agreement shall not be assignable or delegable, except that (i) in the event of the Executive’s death, the personal
representative or legatees or distributees of the Executive’s estate, as the case may be, shall have the right to receive any amount owing and unpaid to the Executive hereunder and (ii) the rights and obligations of the Company hereunder
shall be assignable and delegable in connection with any subsequent merger, consolidation, sale of all or substantially all of the assets or equity interests of the Company or similar transaction involving the Company or a successor corporation.
Unless provided by applicable law, Tronox, Inc. and the Company shall require any 

  
 11 

 
successor to Tronox, Inc. or the Company to expressly assume and agree to perform this Agreement in the same manner and to the same extent that Tronox, Inc. and 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 and “Tronox, Inc.” shall mean Tronox, Inc. and any
successor to its business and/or assets, each of which assumes and agrees to perform the duties and obligations of the Company and Tronox, Inc. (as applicable) under this Agreement by operation of law or otherwise, including, without limitation, any
assumption or assignment agreed upon in connection with the transactions contemplated by the Transaction Agreement by and among Tronox Incorporated, Tronox Limited, Concordia Acquisition Corporation, Exxaro Resources Limited, Exxaro Holdings Sands
(Proprietary) Limited and Exxaro International BV, dated as of September 25, 2011, as amended from time to time. 
 15.
Binding Effect. Subject to any provisions hereof restricting assignment, this Agreement shall be binding upon the parties hereto and shall inure to the benefit of the parties and their respective heirs, devisees, executors, administrators,
legal representatives, successors and assigns. 
 16. Amendment; Waiver. This Agreement shall not be amended, altered or
modified except by an instrument in writing duly executed by the party against whom enforcement is sought. Neither the waiver by either of the parties hereto of a breach of or a default under any of the provisions of this Agreement, nor the failure
of either of the parties, on one or more occasions, to enforce any of the provisions of this Agreement or to exercise any right or privilege hereunder, shall thereafter be construed as a waiver of any subsequent breach or default of a similar
nature, or as a waiver of any such provisions, rights or privileges hereunder. 
 17. Headings. Section and subsection
headings contained in this Agreement are inserted for convenience of reference only, shall not be deemed to be a part of this Agreement for any purpose, and shall not in any way define or affect the meaning, construction or scope of any of the
provisions hereof. 
 18. Governing Law. This Agreement, the rights and obligations of the parties hereto, and any claims
or disputes relating thereto, shall be governed by and construed in accordance with the laws of the State of Delaware (but not including any choice of law rule thereof that would cause the laws of another jurisdiction to apply). 

19. Waiver of Jury Trial. Each of the parties agrees that any dispute between the parties shall be resolved only in the courts of
the State of Delaware or the United States District Court for the District of Delaware and the appellate courts having jurisdiction of appeals in such courts. In that context, and without limiting the generality of the foregoing, each of the parties
hereto irrevocably and unconditionally (a) submits in any proceeding relating to this Agreement or the Executive’s employment by the Company or any Company Affiliate, or for the recognition and enforcement of any judgment in respect
thereof (a “Proceeding”), to the exclusive jurisdiction of the courts of the State of Delaware, the court of the United States of America for the District of Delaware, and appellate courts having jurisdiction of appeals from any of
the foregoing, and agrees that all claims in respect of any such Proceeding shall be heard and determined in such Delaware State court or, to the extent permitted by law, in such federal court,

  
 12 

 
(b) consents that any such Proceeding may and shall be brought in such courts and waives any objection that the Executive or the Company may now or thereafter have to the venue or jurisdiction of
any such Proceeding in any such court or that such Proceeding was brought in an inconvenient court and agrees not to plead or claim the same, (c) waives all right to trial by jury in any Proceeding (whether based on contract, tort or otherwise)
arising out of or relating to this Agreement or the Executive’s employment by the Company or any Company Affiliate, or the Executive’s or the Company’s performance under, or the enforcement of, this Agreement, (d) agrees that
service of process in any such Proceeding may be effected by mailing a copy of such process by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such party at the Executive’s or the Company’s
address as provided in Section 11 hereof, and (e) agrees that nothing in this Agreement shall affect the right to effect service of process in any other manner permitted by the laws of the State of Delaware. 

20. Entire Agreement. This Agreement constitutes the entire agreement between the parties respecting the employment of the
Executive, there being no representations, warranties or commitments except as set forth herein and supersedes and replaces all other agreements related to the subject matter hereof of, including, without limitation the offer letter agreement
between the Executive and the Company, dated October 3, 2011. 
 21. Counterparts. This Agreement may be executed in
two counterparts, each of which shall be an original and all of which shall be deemed to constitute one and the same instrument. 
 22. Withholding. The Company may withhold from any benefit payment under this Agreement all federal, state, city or other taxes as shall be required pursuant to any law or governmental regulation
or ruling. 
 23. Section 409A. 
 (a) The intent of the parties is that payments and benefits under this Agreement comply with Internal Revenue Code Section 409A and the regulations and guidance promulgated thereunder (collectively
“Code Section 409A”) and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith. Specifically, if any provision of this Agreement is ambiguous, such that one
interpretation of the provision would comply with Code Section 409A and another interpretation would result in the imposition of the excise tax required by Code Section 409A, the parties intend that the correct interpretation is the one
that complies with Code Section 409A. If the Executive notifies the Company (with specificity as to the reason therefor) that the Executive believes that any provision of this Agreement (or of any award of compensation, including equity
compensation or benefits) would cause the Executive to incur any additional tax or interest under Code Section 409A and the Company concurs with such belief or the Company (without any obligation whatsoever to do so) independently makes such
determination, the Company shall, after consulting with the Executive, reform such provision to attempt to comply with Code Section 409A through good faith modifications to the minimum extent reasonably appropriate to conform with Code
Section 409A. To the extent that any provision hereof is modified in order to comply with Code Section 409A, such modification shall be made in good faith and shall, to the maximum extent

  
 13 

 
reasonably possible, maintain the original intent and economic benefit to the Executive and the Company of the applicable provision without violating the provisions of Code Section 409A.

 (b) A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement
providing for the payment of any amounts or benefits upon or following a termination of employment unless such termination is also a “separation from service” within the meaning of Code Section 409A and, for purposes of any such
provision of this Agreement, references to a “termination,” “termination of employment” or like terms shall mean “separation from service.” If the Executive is deemed on the date of termination to be a “specified
employee” within the meaning of that term under Code Section 409A(a)(2)(B), then with regard to any payment or the provision of any benefit that is considered deferred compensation under Code Section 409A payable on account of a
“separation from service,” such payment or benefit shall be made or provided at the date which is the earlier of (i) the expiration of the six (6)-month period measured from the date of such “separation from service” of the
Executive, and (ii) the date of the Executive’s death, to the extent required under Code Section 409A. Upon the expiration of the foregoing delay period, all payments and benefits delayed pursuant to this Section 23(b)
(whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to the Executive in a lump sum, and any remaining payments and benefits due under this Agreement shall
be paid or provided in accordance with the normal payment dates specified for them herein. 
 (c) To the extent that
reimbursements or other in-kind benefits under this Agreement constitute “nonqualified deferred compensation” for purposes of Code Section 409A, (i) all expenses or other reimbursements hereunder shall be made on or prior to the
last day of the taxable year following the taxable year in which such expenses were incurred by the Executive, (ii) any right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, and
(iii) no such reimbursement, expenses eligible for reimbursement, or in-kind benefits provided in any taxable year shall in any way affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year.

 (d) For purposes of Code Section 409A, the Executive’s right to receive any installment payments pursuant to this
Agreement shall be treated as a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement specifies a payment period with reference to a number of days, the actual date of payment within the specified
period shall be within the sole discretion of the Company. 
 (e) Notwithstanding any other provision of this Agreement to the
contrary, in no event shall any payment under this Agreement that constitutes “nonqualified deferred compensation” for purposes of Code Section 409A be subject to offset by any other amount unless otherwise permitted by Code
Section 409A. 
 24. Definitions. 
 (a) “Accrued Benefits” means (i) any unpaid Base Salary through the Date of Termination; (ii) any earned but unpaid Annual Bonus; (iii) any accrued and unpaid vacation
and/or sick days; (iv) any amounts or benefits owing to the Executive or to the Executive’s beneficiaries under the then applicable benefit plans of the Company (excluding any severance

  
 14 

 
plan, program, agreement or arrangement); and (v) any amounts owing to the Executive for reimbursement of expenses properly incurred by the Executive prior to the Date of Termination and
which are reimbursable in accordance with Section 5. Amounts payable under (A) clauses (i), (ii) and (iii) shall be paid promptly after the Date of Termination, (B) clause (iv) shall be paid in accordance with
the terms and conditions of the applicable plan, program or arrangement and (C) clause (v) shall be paid in accordance with the terms of the applicable expense policy. 

(b) “Cause” means (i) the Executive’s conviction of, or plea of nolo contendere to, a felony; (ii) the
Executive’s continued failure to substantially perform the Executive’s material duties hereunder (other than due to a mental or physical impairment) after receipt of written notice from the Company that specifically identifies the manner
in which the Executive has substantially failed to perform the Executive’s material duties and specifies the manner in which the Executive may substantially perform his material duties in the future; (iii) an act of fraud or gross or
willful material misconduct by the Executive; or (iv) the Executive’s material breach of Section 6. Anything herein to the contrary notwithstanding, the Executive shall not be terminated for “Cause” hereunder unless
(A) written notice stating the basis for the termination is provided to the Executive and (B) as to clauses (ii) or (iv) of this paragraph, he is given fifteen (15) days to cure the neglect or conduct that is the basis of
such claim, to the extent curable. 
 (c) “Company Affiliate” means any entity controlled by, in control of, or
under common control with, the Company. 
 (d) “Competitive Enterprise” means (i) a business enterprise
that engages in, or owns or controls a significant interest in any entity that engages in competition with the Company or its subsidiaries during the time the Executive was employed by the Company or its subsidiaries, and does business (the
“Company’s Business”) (a) in the United States of America, (b) any other country where the Company or its subsidiaries operates facilities or sells products, but only if the Executive had operational, financial
reporting, marketing or other responsibility or oversight for the facility or business in the respective country. Notwithstanding the foregoing, in the event a business enterprise has one or more lines of business that do not involve the
Company’s Business, the Executive shall be permitted to associate with such business enterprise if, and only if, the Executive does not participate in, or have supervisory authority with respect to, any line of business involving the
Company’s Business. 
 (e) “Confidential Information” means all non-public information concerning trade
secrets, know-how, software, developments, inventions, processes, technology, designs, financial data, strategic business plans or any proprietary or confidential information, documents or materials in any form or media, including any of the
foregoing relating to research, operations, finances, current and proposed products and services, vendors, customers, advertising and marketing, and other non-public, proprietary, and confidential information of the Company or the Company
Affiliates. Notwithstanding anything to the contrary contained herein, the general skills, knowledge and experience gained during the Executive’s employment with the Company, information publicly available or generally known within the industry
or trade in which the Company competes and information or knowledge possessed by the Executive prior to his employment by the Company, shall not be considered Confidential Information. 

  
 15 

 (f) “Customer” means any person, firm, corporation or other entity
whatsoever to whom the Company or its subsidiaries provided services or sold any products to within a twelve (12)-month period on, before or after the Executive’s Date of Termination. 

(g) “Date of Termination” means (i) if the Executive’s employment is terminated by the Executive’s death,
the date of the Executive’s death; (ii) if the Executive’s employment is terminated because of the Executive’s Disability pursuant to Section 8(a)(ii)(A), thirty (30) days after Notice of Termination, provided
that the Executive shall not have returned to the performance of the Executive’s duties on a full-time basis during such thirty (30)-day period; (iii) if the Executive’s employment is terminated during the Employment Period by the
Company pursuant to Section 8(a)(ii)(B) or by the Executive pursuant to Section 8(a)(iii), the date specified in the Notice of Termination; or (v) if the Executive’s employment is terminated upon the expiration of
the Employment Period pursuant to Section 1, the last day of the Employment Period. 
 (h)
“Disability” means the inability of the Executive to perform the Executive’s material duties hereunder due to a physical or mental injury, infirmity or incapacity, which is expected to exceed one hundred eighty (180) days
(including weekends and holidays) in any three hundred sixty-five (365)-day period, as determined by the Executive’s treating physician in his or her reasonable discretion. 

(i) “Good Reason” means (i) any material diminution in the Executive’s titles, duties or authorities;
(ii) a material reduction in the Executive’s Base Salary or Target Bonus opportunity or the Company’s failure to make the equity grants described in Section 4(f) hereof; (iii) a material adverse change in the
Executive’s reporting responsibilities to the Board; (iv) the assignment of duties substantially inconsistent with the Executive’s status as an executive officer of the Company; (v) any other material breach of this Agreement; or
(vi) the failure of the Company to obtain the assumption in writing of its obligations under the Agreement by any successor to all or substantially all of the assets of the Company after a merger, consolidation, sale or similar transaction in
which this Agreement is not assumed by operation of law. In order to invoke a termination for Good Reason, (A) the Executive must provide written notice within ninety (90) days of the occurrence of any event of “Good Reason,”
(B) the Company must fail to cure such event within thirty (30) days of the giving of such notice and (C) the Executive must terminate employment within thirty (30) days following the expiration of the Company’s cure period.

 (j) “Non-Compete Period” means the period commencing on the Effective Date and ending twelve
(12) months after the Executive’s Date of Termination. 
 [Remainder of Page Intentionally Left Blank]

  
 16 

 IN WITNESS WHEREOF, the undersigned have duly executed and delivered this Agreement, or have
caused this Agreement to be duly executed and delivered on their behalf. 
  

			
	 TRONOX LLC

		
	 By:
	 	 /s/ Michael J. Foster

		 	Name: Michael J. Foster
		 	Title: Vice President
	
	EXECUTIVE
	
	 /s/ Thomas J. Casey

	Thomas J. Casey

 Employment Agreement Signature Page 

  
 17 

 EXHIBIT A 
 Sign-On Equity Award to vest in full on the third anniversary of the Effective Date. 

  
 A-1

 EXHIBIT B 
 Initial Equity Award to vest as follows: 
  

	 	•	 	 Thirty percent (30%) to vest in thirds on each of the first three (3) anniversaries of the Effective Date; and 

 

	 	•	 	 Seventy percent (70%) (the “Performance Shares”) will be subject to three (3)-year cliff performance vesting, with fifty percent
(50%) of the vesting of the Performance Shares tied to relative shareholder return and fifty percent (50%) of the vesting of the Performance Shares tied to return on invested capital as follows: 

 

	 	•	 	 The fifty percent (50%) of the Performance Shares vesting tied to relative shareholder return will vest in full if the Company’s Three-Year
Total Shareholder Return for the three (3)-year period beginning on October 1, 2011 and ending September 30, 2014 equals or exceeds, over the same three (3)-year period, the 50th percentile of the annualized Three-Year Total Shareholder Return of the Peer Group. For the avoidance of doubt, no
portion of the Performance Shares tied to relative shareholder return will vest if the Company’s Three-Year Total Shareholder Return is less than the 50th percentile of the annualized Three-Year Total Shareholder Return of the Peer Group. The “Peer Group”
shall be as determined by the Compensation Committee of the Board from time to time. 

  

	 	•	 	 The fifty percent (50%) of the Performance Shares vesting tied to return on invested capital will vest in full if the Company’s Return on
Invested Capital over the three (3)-year period beginning October 1, 2011 and ending September 30, 2014 equals or exceeds, over the same three (3)-year period, one hundred percent (100%) of the Company’s annualized Weighted
Average Cost of Capital for that three (3)-year period. For the avoidance of doubt, no portion of the Performance Shares tied to return on invested capital will vest if the Company’s Return on Invested Capital over the applicable three (3)-year
period is less than one hundred percent (100%) of the Company’s annualized Weighted Average Cost of Capital for such period. 

 For purposes of this Exhibit B, the foregoing calculations shall be determined in accordance with the following formulas: 
 Three-Year Total Shareholder Return: 
  
 

 

  
 B-1

 Return on Invested Capital 
  

 
 Weighted Average Cost of Capital 
  

 
 Where: 
 E = Market Value Of Equity 
 D = Debt 

V = E + D 
 TC = Corporate Tax
Rate 
 RE = Cost Of Equity (Risk Free Rate + (ß+ Market Risk Premium)) 

RD
 = Cost Of Debt (Current YTM) 

  
 B-2

 EXHIBIT C 
 GENERAL RELEASE 
 I, Thomas J. Casey, in consideration of and subject to the
performance by Tronox LLC (together with its parent companies and subsidiaries, the “Company”), of its obligations under Section 9 of the Employment Agreement, dated as of April __, 2012 (the “Agreement”), do
hereby release and forever discharge as of the date hereof the Company and its respective affiliates and subsidiaries and all present, former and future directors, officers, agents, representatives, employees, successors and assigns of the Company
and/or its respective affiliates and subsidiaries and direct or indirect owners (collectively, the “Released Parties”) to the extent provided herein (this “General Release”). The Released Parties are intended
third-party beneficiaries of this General Release, and this General Release may be enforced by each of them in accordance with the terms hereof in respect of the rights granted to such Released Parties hereunder. Terms used herein but not otherwise
defined shall have the meanings given to them in the Agreement. 
 1. I understand that, other than the Accrued Benefits, the
payments or benefits paid or granted to me under Section 9 of the Agreement represent, in part, consideration for signing this General Release and are not salary, wages or benefits to which I was already entitled. I understand and agree that I
will not receive the payments and benefits specified in Section 9 of the Agreement, other than the Accrued Benefits, unless I execute this General Release and do not revoke this General Release within the time period permitted hereafter or
breach this General Release. Such payments and benefits will not be considered compensation for purposes of any employee benefit plan, program, policy or arrangement maintained or hereafter established by the Company or its affiliates. 

2. Except as provided in paragraph 4 below and except for the provisions of the Agreement which expressly survive the termination of my
employment with the Company, I knowingly and voluntarily (for myself, my heirs, executors, administrators and assigns) release and forever discharge the Company and the other Released Parties from any and all claims, suits, controversies, actions,
causes of action, cross-claims, counter-claims, demands, debts, compensatory damages, liquidated damages, punitive or exemplary damages, other damages, claims for costs and attorneys’ fees, or liabilities of any nature whatsoever in law and in
equity, both past and present (through the date that this General Release becomes effective and enforceable) and whether known or unknown, suspected, or claimed against the Company and/or any of the Released Parties which I, my spouse, or any of my
heirs, executors, administrators or assigns, ever had, now have, or hereafter may have, by reason of any matter, cause, or thing whatsoever, from the beginning of my initial dealings with the Company to the date of this General Release, and
particularly, but without limitation of the foregoing general terms, any claims arising from or relating in any way to my employment relationship with Company, the terms and conditions of that employment relationship, and the termination of that
employment relationship (including, but not limited to, any allegation, claim or violation, arising under: Title VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act of 1991; the Age Discrimination in Employment Act of 1967, as
amended (including the Older Workers Benefit Protection Act); the Equal Pay Act of 1963, as amended; the Americans with Disabilities Act of 1990; the Family and Medical Leave Act of 1993; the Worker Adjustment Retraining and

  
 C-1

 
Notification Act; the Employee Retirement Income Security Act of 1974; any applicable Executive Order Programs; the Fair Labor Standards Act; or their state or local counterparts; or under any
other federal, state or local civil or human rights law, or under any other local, state, or federal law, regulation or ordinance; or under any public policy, contract or tort, or under common law; or arising under any policies, practices or
procedures of the Company; or any claim for wrongful discharge, breach of contract, infliction of emotional distress, defamation; or any claim for costs, fees, or other expenses, including attorneys’ fees incurred in these matters) (all of the
foregoing collectively referred to herein as the “Claims”). I understand and intend that this General Release constitutes a general release of all claims and that no reference herein to a specific form of claim, statute or type of
relief is intended to limit the scope of this General Release. 
 3. I represent that I have made no assignment or transfer of
any right, claim, demand, cause of action, or other matter covered by paragraph 2 above. 
 4. I agree that this General Release
does not waive or release any rights or claims that I may have under the Age Discrimination in Employment Act of 1967 which arise after the date I execute this General Release. I acknowledge and agree that my separation from employment with the
Company in compliance with the terms of the Agreement shall not serve as the basis for any claim or action (including, without limitation, any claim under the Age Discrimination in Employment Act of 1967). 

5. I agree that I hereby waive all rights to sue or obtain equitable, remedial or punitive relief from any or all Released Parties of any
kind whatsoever, including, without limitation, reinstatement, back pay, front pay, and any form of injunctive relief. Notwithstanding the foregoing, I acknowledge that I am not waiving and am not being required to waive any right that cannot be
waived under law, including the right to file an administrative charge or participate in an administrative investigation or proceeding; provided, however, that I disclaim and waive any right to share or participate in any monetary award resulting
from the prosecution of such charge or investigation or proceeding. 
 6. In signing this General Release, I acknowledge and
intend that it shall be effective as a bar to each and every one of the Claims hereinabove mentioned or implied. I expressly consent that this General Release shall be given full force and effect according to each and all of its express terms and
provisions, including those relating to unknown and unsuspected Claims (notwithstanding any state or local statute that expressly limits the effectiveness of a general release of unknown, unsuspected and unanticipated Claims), if any, as well as
those relating to any other Claims hereinabove mentioned or implied. I acknowledge and agree that this waiver is an essential and material term of this General Release and that without such waiver the Company would not have agreed to the terms of
the Agreement. I further agree that in the event that I should bring a Claim seeking damages against the Company, or in the event that I should seek to recover against the Company in any Claim brought by a governmental agency on my behalf, this
General Release shall serve as a complete defense to such Claims to the maximum extent permitted by law. I further agree that I am not aware of any pending claim, or of any facts that could give rise to a claim, of the type described in paragraph 2
as of the execution of this General Release. 

  
 C-2

 7. I agree that neither this General Release, nor the furnishing of the consideration for
this General Release, shall be deemed or construed at any time to be an admission by the Company, any Released Party or myself of any improper or unlawful conduct. 
 8. I agree that I will forfeit all amounts payable by the Company pursuant to the Agreement if I challenge the validity of this General Release. I also agree that if I violate this General Release by
suing the Company or the other Released Parties, I will pay all costs and expenses of defending against the suit incurred by the Released Parties, including reasonable attorneys’ fees, and return all payments received by me pursuant to the
Agreement on or after the termination of my employment. 
 9. I agree that this General Release and the Agreement are
confidential and agree not to disclose any information regarding the terms of this General Release or the Agreement, except to my immediate family and any tax, legal or other counsel that I have consulted regarding the meaning or effect hereof or as
required by law, and I will instruct each of the foregoing not to disclose the same to anyone. 
 10. Any non-disclosure
provision in this General Release does not prohibit or restrict me (or my attorney) from responding to any inquiry about this General Release or its underlying facts and circumstances by the Securities and Exchange Commission (SEC), the Financial
Industry Regulatory Authority (FINRA), or any other self-regulatory organization or governmental entity. 
 11. I hereby
acknowledge that Sections 6, 7, 9, 10, 11, 12, 13, 14, 15, 16, 18, 19, 21, 22, and 23 of the Agreement shall survive my execution of this
General Release. 
 12. I represent that I am not aware of any Claim by me, and I acknowledge that I may hereafter discover
Claims or facts in addition to or different than those which I now know or believe to exist with respect to the subject matter of the release set forth in paragraph 2 above and which, if known or suspected at the time of entering into this General
Release, may have materially affected this General Release and my decision to enter into it. 
 13. Notwithstanding anything in
this General Release to the contrary, this General Release shall not relinquish, diminish, or in any way affect any rights or claims arising out of any breach by the Company or by any Released Party of the Agreement after the date hereof.

 14. Whenever possible, each provision of this General Release shall be interpreted in such manner as to be effective and
valid under applicable law, but if any provision of this General Release is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not
affect any other provision or any other jurisdiction, but this General Release shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. This General
Release constitutes the complete and entire agreement and understanding among the parties, and supersedes any and all prior or contemporaneous agreements, commitments, understandings or arrangements, whether written or oral, between or among any of
the parties, in each case concerning the subject matter hereof. 

  
 C-3

 BY SIGNING THIS GENERAL RELEASE, I REPRESENT AND AGREE THAT: 

 

	 	(i)	I HAVE READ IT CAREFULLY; 

  

	 	(ii)	I UNDERSTAND ALL OF ITS TERMS AND KNOW THAT I AM GIVING UP IMPORTANT RIGHTS, INCLUDING BUT NOT LIMITED TO, RIGHTS UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF
1967, AS AMENDED, TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, AS AMENDED, THE EQUAL PAY ACT OF 1963, THE AMERICANS WITH DISABILITIES ACT OF 1990, AND THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED; 

 

	 	(iii)	I VOLUNTARILY CONSENT TO EVERYTHING IN IT; 

  

	 	(iv)	I HAVE BEEN ADVISED TO CONSULT WITH AN ATTORNEY BEFORE EXECUTING IT AND I HAVE DONE SO OR, AFTER CAREFUL READING AND CONSIDERATION, I HAVE CHOSEN NOT TO DO SO OF MY OWN
VOLITION; 

  

	 	(v)	I HAVE HAD AT LEAST [21][45] DAYS FROM THE DATE OF MY RECEIPT OF THIS RELEASE TO CONSIDER IT AND THE CHANGES MADE SINCE MY RECEIPT OF THIS RELEASE
ARE NOT MATERIAL OR WERE MADE AT MY REQUEST AND WILL NOT RESTART THE REQUIRED [21][45]-DAY PERIOD; 

  

	 	(vi)	I UNDERSTAND THAT I HAVE SEVEN (7) DAYS AFTER THE EXECUTION OF THIS RELEASE TO REVOKE IT AND THAT THIS RELEASE SHALL NOT BECOME EFFECTIVE OR ENFORCEABLE UNTIL THE
REVOCATION PERIOD HAS EXPIRED; 

  

	 	(vii)	I HAVE SIGNED THIS GENERAL RELEASE KNOWINGLY AND VOLUNTARILY AND WITH THE ADVICE OF ANY COUNSEL RETAINED TO ADVISE ME WITH RESPECT TO IT; AND 

 

	 	(viii)	I AGREE THAT THE PROVISIONS OF THIS GENERAL RELEASE MAY NOT BE AMENDED, WAIVED, CHANGED OR MODIFIED EXCEPT BY AN INSTRUMENT IN WRITING SIGNED BY AN AUTHORIZED
REPRESENTATIVE OF THE COMPANY AND BY ME. 

  

											
	 SIGNED:
	 	
                       
                  
	 		  	 	DATE:	  	 	                  
                          

  
 C-4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00203-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00203-of-00352.parquet"}]]