Document:

Exhibit 10.1

 

 

SECOND AMENDED AND RESTATED

 

SHAREHOLDERS’ AGREEMENT

 

by and among

 

CELANESE CORPORATION,

 

BLACKSTONE CAPITAL PARTNERS (CAYMAN) LTD. 1,

 

BLACKSTONE CAPITAL PARTNERS (CAYMAN) LTD. 2,

 

BLACKSTONE CAPITAL PARTNERS (CAYMAN) LTD. 3,

 

and

 

BA CAPITAL INVESTORS SIDECAR FUND, L.P.

 

Dated as of January 18, 2005

 

Table of Contents

	
   

  	
   

  	
   

  	
  Page

  
	
  Article I.

  	
  INTRODUCTORY MATTERS

  	
  1

  
	
   

  	
  1.1

  	
  Defined Terms

  	
  1

  
	
   

  	
  1.2

  	
  Construction

  	
  5

  
	
  Article II

  	
  TRANSFERS

  	
  5

  
	
   

  	
  2.1

  	
  Limitations on Transfers

  	
  5

  
	
   

  	
  2.2

  	
  Transfers to BACI Affiliate Transferees

  	
  6

  
	
   

  	
  2.3

  	
  Right of First Refusal

  	
  7

  
	
   

  	
  2.4

  	
  Tag-Along Rights

  	
  8

  
	
   

  	
  2.5

  	
  Drag-Along Rights

  	
  9

  
	
   

  	
  2.6

  	
  Termination

  	
  11

  
	
  Article III

  	
  CORPORATE GOVERNANCE MATTERS

  	
  11

  
	
   

  	
  3.1

  	
  Board of Directors

  	
  11

  
	
  Article IV

  	
  COVENANTS

  	
  12

  
	
   

  	
  4.1

  	
  Books and Records, Access

  	
  12

  
	
   

  	
  4.2

  	
  Periodic Reporting

  	
  12

  
	
   

  	
  4.3

  	
  Confidentiality

  	
  13

  
	
   

  	
  4.4

  	
  Indemnification

  	
  13

  
	
   

  	
  4.5

  	
  Expenses and Fees

  	
  14

  
	
   

  	
  4.6

  	
  Use of Shareholders' Names

  	
  14

  
	
  Article V

  	
  MISCELLANEOUS

  	
  14

  
	
   

  	
  5.1

  	
  Additional Securities Subject to Agreement

  	
  14

  
	
   

  	
  5.2

  	
  Recapitalization, Exchange, Etc

  	
  14

  
	
   

  	
  5.3

  	
  Termination

  	
  15

  
	
   

  	
  5.4

  	
  Notices

  	
  15

  
	
   

  	
  5.5

  	
  Further Assurances

  	
  16

  
	
   

  	
  5.6

  	
  Assignment

  	
  16

  
	
   

  	
  5.7

  	
  Amendment, Waiver

  	
  16

  
	
   

  	
  5.8

  	
  Third Parties

  	
  17

  
	
   

  	
  5.9

  	
  Governing Law

  	
  17

  
	
   

  	
  5.10

  	
  Jurisdiction

  	
  17

  
	
   

  	
  5.11

  	
  MUTUAL WAIVER OF JURY TRIAL

  	
  17

  
	
   

  	
  5.12

  	
  Specific Performance

  	
  17

  
	
   

  	
  5.13

  	
  Entire Agreement

  	
  17

  
	
   

  	
  5.14

  	
  Titles and Headings

  	
  18

  
	
   

  	
  5.15

  	
  Severability

  	
  18

  
	
   

  	
  5.16

  	
  Counterparts

  	
  18

  
	
   

  	
  5.17

  	
  Effectiveness

  	
  18

  
					

 

 

i

 

SECOND
AMENDED AND RESTATED SHAREHOLDERS’ AGREEMENT

SECOND AMENDED AND RESTATED
SHAREHOLDERS’ AGREEMENT, dated as of January 18, 2005, by and among Celanese
Corporation, a Delaware corporation (formerly known as Blackstone Crystal
Holdings Capital Partners (Cayman) IV Ltd.) (the “Company”), Blackstone
Capital Partners (Cayman) Ltd. 1 (“BCP 1”), Blackstone Capital
Partners (Cayman) Ltd. 2 (“BCP 2”), Blackstone Capital
Partners (Cayman) Ltd. 3 (“BCP 3” and, together with
BCP 1 and BCP 2 and their respective successors and Permitted Assigns
(as hereinafter defined), the “Blackstone Entities”), each an exempted
company incorporated under the laws of the Cayman Islands, and BA Capital
Investors Sidecar Fund, L.P., a Cayman Islands limited partnership (together
with its successors and Permitted Assigns, “BACI”).  Each of the Blackstone Entities and BACI and
their respective successors and Permitted Assigns are sometimes referred to
individually as a “Shareholder” and together as the “Shareholders.”

BACKGROUND:

WHEREAS, in connection with
the consummation of the voluntary public takeover offer by a subsidiary of the
Company for all of the outstanding registered ordinary shares of Celanese AG
(the “Offer”), the Blackstone Entities and BACI acquired ordinary
shares, par value $0.01 per share, of the Company (the “Ordinary Shares”);

WHEREAS, the Blackstone
Entities and BACI entered into the Shareholders’ Agreement, dated as of April
6, 2004 (as subsequently amended and restated as of November 1, 2004, the “Original
Agreement”) to provide for certain matters relating to their respective
holdings of Ordinary Shares and the governance of the Company;

WHEREAS, on November 3,
2004, the Company migrated from the Cayman Islands to the State of Delaware,
redomiciled itself as a Delaware corporation and changed its name from
“Blackstone Crystal Holdings Capital Partners (Cayman) IV Ltd.” to “Celanese
Corporation”;

WHEREAS, in connection with,
and effective upon, the Initial Public Offering (as defined in Section 1.1) of
the Company, and in accordance with Section 6.7 of the Original Agreement, the
parties to the Original Agreement wish to amend and restate the Original
Agreement in its entirety in order to set forth certain understandings
regarding the governance of the Company and the relationship among the Company
and the Shareholders following consummation of the Initial Public Offering;

NOW, THEREFORE, the parties
agree as follows:

ARTICLE I.                   INTRODUCTORY
MATTERS

11.1   Defined Terms.  In addition to the terms defined elsewhere
herein, the following terms have the following meanings when used herein with
initial capital letters:

“Affiliate” means,
with respect to any Person, (i) any Person that directly or indirectly
controls, is controlled by or is under common control with, such Person or
(ii) any director, officer, member, partner (including limited partners)
or employee of

 

 

such
Person or any Person specified in clause (i) above; provided that
officers, directors or employees of the Company will be deemed not to be
Affiliates of the Shareholders for purposes hereof solely by reason of being
officers, directors or employees of the Company.

“Agreement” means
this Second Amended and Restated Shareholders’ Agreement, as the same may be
amended, supplemented, restated or otherwise modified from time to time in
accordance with the terms hereof.

“Assumption Agreement”
means a writing reasonably satisfactory in form and substance to the Blackstone
Entities whereby a BACI Affiliate Transferee becomes a party to, and agrees to
be bound to the same extent as its transferor, by the terms of this Agreement.

“BACI” has the
meaning set forth in the preamble.

“BACI Affiliate
Transferee” has the meaning set forth in Section 2.2.

“BACI Permitted Assign
Agreement” means an agreement reasonably satisfactory in form and substance
to the Blackstone Entities whereby such Transferee agrees that it shall be
bound by all of the provisions of this Agreement as if it were BACI, but shall
not be entitled to the benefits of Article III hereof.

“BCP 1” has the
meaning set forth in the preamble.

“BCP 2” has the
meaning set forth in the preamble.

“BCP 3” has the
meaning set forth in the preamble.

“Blackstone Entities”
has the meaning set forth in the preamble.

“Blackstone Intervening
Entity” means BCP 1, BCP 2, BCP 3 and any other Person created by
Blackstone Capital Partners (Cayman) IV L.P., Blackstone Capital Partners
(Cayman) IV-A L.P., Blackstone Family Investment Partnership (Cayman) IV-A L.P.
or Blackstone Chemical Coinvest Partners Cayman L.P. (collectively, the “Blackstone
Funds”), but excluding the Blackstone Funds themselves, formed for the
purpose of making the investment, directly or indirectly, in the Company.

“Blackstone
Representative” means the Blackstone Entity designated from time to time by
all of the Blackstone Entities to serve as the representative of the Blackstone
Entities for certain purposes hereunder.

“Board” means the
board of directors of the Company.

“Business Day” means
a day other than a Saturday, Sunday, federal or New York State holiday or other
day on which commercial banks in New York City are authorized or required by
law to close.

 

2

 

“Certificate of
Incorporation” means the amended and restated certificate of incorporation
of the Company, as the same may be amended, supplemented, restated or otherwise
modified from time to time in accordance with the terms hereof.

“Company” has the
meaning set forth in the preamble.

“Common Stock” means
the shares of Series A common stock and Series B common stock, par value
$0.0001 per share, of the Company, and any other capital stock of the Company
into which such stock is reclassified or reconstituted and any other common
stock of the Company.

“Common Stock Equivalents”
means any security or obligation which is by its terms convertible,
exchangeable or exercisable into or for shares of Common Stock, whether at the
time of issuance or upon the passage of time or the occurrence of some future
event.

“Director” means any
member of the Board.

“Drag-Along Buyer”
has the meaning set forth in Section 2.5(a).

“Drag-Along Notice”
has the meaning set forth in Section 2.5(b).

“Drag-Along Shareholders”
shall have the meaning as set forth in Section 2.5(a).

“Exchange Act” means
the Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder, as the same may be amended from time to time.

“Initial Public Offering”
means the closing of the first sale of shares of Series A Common Stock of the
Company to the public pursuant to an effective registration statement (other
than a registration statement on Form S-4 or S-8 or any similar or
successor form) filed under the Securities Act.

“Initial Share Holding
Period” has the meaning set forth in Section 2.1(a).

“Majority Shareholders”
has the meaning set forth in Section 2.5(a).

“Offer” has the
meaning set forth in the preamble.

“Offer Notice” has the meaning set forth in
Section 2.3(a).

“Offer Period” has
the meaning set forth in Section 2.3(a).

“Permitted Assigns”
means (i) with respect to any Blackstone Entity, a Transferee of shares of
Common Stock of such Blackstone Entity that agrees to become party to, and to
be bound to the same extent as its transferor by the terms of, this Agreement
and (ii) with respect to BACI, a BACI Affiliate Transferee or a Transferee
of shares of

 

3

 

Common
Stock of BACI that executes and delivers to the Company and each Blackstone
Entity a BACI Permitted Assign Agreement.

“Person” means any
individual, corporation, limited liability company, partnership, trust, joint
stock company, business trust, unincorporated association, joint venture,
governmental authority or other legal entity of any nature whatsoever.

“Preferred Stock”
means the shares of preferred stock, par value $0.01 per share, of the Company
and any other capital stock of the Company into which such stock is designated,
reclassified or reconstituted, and any other preferred stock of the Company.

“Proposed Sale” has
the meaning set forth in Section 2.4(a).

“Proposed Transferee”
has the meaning set forth in Section 2.4(a).

“Public Offering”
means a sale of common equity or equivalent securities of the Company to the
public pursuant to an effective registration statement (other than a
registration statement on Form S-4 or S-8 or any similar or successor
form) filed under the Securities Act.

“Registration Rights
Agreement” means the Amended and Restated Registration Rights Agreement
dated as of the date hereof among the Company and the Shareholders, as such
agreement may be amended, supplemented or otherwise modified from time to time.

“Related Persons” has
the meaning set forth in Section 4.4.

“Securities Act”
means the Securities Act of 1933, as amended, and the rules and regulations
promulgated thereunder, as the same may be amended from time to time.

“Shareholder” or “Shareholders”
has the meaning set forth in the preamble.

“Tag-Along Notice”
has the meaning set forth in Section 2.4(b).

“Tagging Shareholder”
has the meaning set forth in Section 2.4(a).

“Tender Offer Closing”
means the closing of the first acquisition of registered ordinary shares of
Celanese AG by BCP Crystal Acquisition GmbH & Co. KG pursuant to its
voluntary public takeover offer published February 2, 2004.

“Transfer” means a
transfer, sale, assignment, pledge, hypothecation or other disposition, whether
directly or indirectly pursuant to the creation of a derivative security, the
grant of an option or other right, the imposition of a restriction on
disposition or voting or transfer by operation of law.  When used as a verb, “Transfer” shall have
the correlative meaning.  In addition,
“Transferred” and “Transferee” shall have the correlative meanings.

 

4

 

1.2   Construction.  The
language used in this Agreement will be deemed to be the language chosen by the
parties to express their mutual intent, and no rule of strict construction will
be applied against any party.  Unless
the context otherwise requires: 
(a) ”or” is disjunctive but not exclusive, (b) words in
the singular include the plural, and in the plural include the singular, and
(c) the words “hereof”, “herein”, and “hereunder” and
words of similar import when used in this Agreement refer to this Agreement as
a whole and not to any particular provision of this Agreement, and Section
references are to this Agreement unless otherwise specified.

ARTICLE II.                  TRANSFERS

2.1   Limitations on
Transfer.  (a)  Without the prior written consent
of the Blackstone Representative, BACI may not Transfer any shares of Common
Stock prior to the six (6) month anniversary of the Initial Public
Offering (or such shorter period as the underwriters for such Initial Public
Offering shall require of either the Blackstone Entities or BACI) (the “Initial
Share Holding Period”) other than (1) to a BACI Affiliate Transferee
in accordance with the provisions of Section 2.2, (2) to one or more
Blackstone Entities pursuant to Section 2.3, (3) as a Tagging Shareholder
pursuant to Section 2.4, (4) as a Drag-Along Shareholder pursuant to
Section 2.5 or (5) pursuant to the rights set forth in the
Registration Rights Agreement.  Without
limiting BACI’s rights to transfer to a BACI Affiliate Transferee pursuant to
clause (1) of the preceding sentence, in the event of any proposed Transfer by
BACI of all of the shares of Common Stock held by BACI to a Transferee that is
an institutional investor of national reputation and that executes a BACI
Permitted Assign Agreement, which proposed Transfer is subject to the rights
set forth in Section 2.3 below, such consent of the Blackstone Representative
shall not be unreasonably withheld or delayed. 
After the Initial Share Holding Period, BACI may Transfer its shares of
Common Stock only in accordance with, and subject to the applicable provisions
of, this Article II or pursuant to the rights set forth in the
Registration Rights Agreement.  Any
Transferee of BACI prior to the expiration of the Initial Share Holding Period
must qualify as a Permitted Assign of BACI.

(b)           In the event of any purported
Transfer by BACI of any shares of Common Stock in violation of the provisions
of this Agreement, such purported Transfer will be void and of no effect and
the Company will not give effect to such Transfer.

(c)           Each certificate representing shares
of Common Stock held by any Shareholder will bear a legend substantially to the
following effect:

“THE SHARES
REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A SHAREHOLDERS’ AGREEMENT AMONG
CELANESE CORPORATION AND THE SHAREHOLDERS PARTY THERETO, A COPY OF WHICH IS ON
FILE WITH THE SECRETARY OF CELANESE CORPORATION.  THE SHAREHOLDERS’ AGREEMENT CONTAINS, AMONG OTHER THINGS, CERTAIN
PROVISIONS RELATING TO THE TRANSFER OF THE SHARES SUBJECT TO THE
AGREEMENT.  NO TRANSFER, SALE,
ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER DISPOSITION OF THE SECURITIES
REPRESENTED BY THIS CERTIFICATE MAY, DIRECTLY OR INDIRECTLY, BE MADE EXCEPT IN
ACCORDANCE WITH THE PROVISIONS OF SUCH

 

5

 

SHAREHOLDERS’
AGREEMENT.  THE HOLDER OF THIS
CERTIFICATE, BY ACCEPTANCE OF THIS CERTIFICATE, AGREES TO BE BOUND BY ALL OF
THE PROVISIONS OF SUCH SHAREHOLDERS’ AGREEMENT.

THE SHARES
REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, AND MAY NOT BE TRANSFERRED OR OTHERWISE DISPOSED OF
UNLESS THEY HAVE BEEN REGISTERED UNDER THAT ACT OR AN EXEMPTION FROM
REGISTRATION IS AVAILABLE.”

This legend will be removed
by the Company, with respect to any certificate representing shares of Common
Stock, by the delivery of substitute certificates without such legend in the
event of (i) a Transfer permitted or not prohibited by this Agreement and
in which the Transferee is not required to, pursuant to this Article II,
enter into an Assumption Agreement or a BACI Permitted Assign Agreement or
(ii) the termination of this Agreement pursuant to the terms hereof, provided,
however, that the second paragraph of such legend will only be removed
if at such time it is no longer required for purposes of applicable securities
laws.

(d)           Any Transfer by a Shareholder
permitted under this Agreement shall be effective only upon receipt by the
Company of information reasonably satisfactory to it, demonstrating that such
Transfer is exempt from or not subject to the provisions of Section 5 of
the Securities Act and any other applicable securities laws (for such purpose,
an opinion of Kirkland & Ellis LLP, or other counsel reasonably acceptable
to the Company, to that effect shall constitute such reasonably satisfactory
information), provided that no such Transfer shall be permitted, except
as permitted under the Registration Rights Agreement, if such Transfer would
require the Company to register a class of equity securities under
Section 12 of the Exchange Act under circumstances where the Company does
not then have securities of any class registered under Section 12 of the
Exchange Act and such Transfer would cause such registration to be required.

2.2   Transfers
to BACI Affiliate Transferees. 
BACI may, at any time, Transfer shares of Common Stock, subject to
compliance with the other provisions of this Agreement, to an Affiliate of Bank
of America Corporation who duly executes and delivers to the Company and each
Blackstone Entity an Assumption Agreement (a “BACI Affiliate Transferee”);
provided, however, that in the event a transaction or event is
contemplated in which any BACI Affiliate Transferee to which shares of Common
Stock are Transferred will cease to qualify as a BACI Affiliate Transferee,
other than in connection with the bona fide
sale or other disposition by Bank of America Corporation, or any of its
Affiliates, of a business unit that includes such BACI Affiliate Transferee,
such BACI Affiliate Transferee to which shares of Common Stock are Transferred
shall, and BACI shall cause such BACI Affiliate Transferee to:
(a) promptly notify the Company of the pending occurrence of such
transaction or event; and (b) prior to the time such BACI Affiliate
Transferee ceases to be a BACI Affiliate Transferee, Transfer back to BA
Capital Investors Sidecar Fund, L.P. (or to another BACI Affiliate Transferee)
any shares of Common Stock it owns and such Transferee will execute and deliver
an Assumption Agreement with respect thereto.

 

6

 

2.3   Right of First Refusal.  (a)  If at any time prior
to the expiration of the Initial Share Holding Period, BACI proposes to
Transfer, all or any portion of the shares of Common Stock held by it (other
than (i) to a BACI Affiliate Transferee in accordance with
Section 2.2, (ii) as a Tagging Shareholder pursuant to Section 2.4,
(iii) as a Drag-Along Shareholder pursuant to Section 2.5 or
(iv) pursuant to the rights set forth in the Registration Rights
Agreement) and BACI has received a bona fide
arm’s length offer for the shares of Common Stock subject to such Transfer,
BACI shall deliver to the Blackstone Representative a written notice (the “Offer
Notice”) of such proposed transaction, which shall identify the proposed
Transferee and set forth the proposed terms of such Transfer, including the
number of shares of Common Stock proposed to be Transferred and the purchase
price therefor.  The Offer Notice shall
contain an irrevocable offer to sell to the Blackstone Entities the shares of
Common Stock proposed to be Transferred at a price equal or equivalent (as
determined in the manner set forth below) to the price contained in, and
otherwise on the same terms and conditions of, the Offer Notice.  The Blackstone Entities shall have
fifteen (15) Business Days from the date the Offer Notice is received (the
“Offer Period”) to determine whether one or more of such Blackstone
Entities, or one or more of their designees, shall exercise the right to
purchase all (but not less than all) of the shares of Common Stock subject to
the Offer Notice on the terms set forth in such Offer Notice, provided, however,
that if the proposed transaction includes any consideration other than cash,
then, at the sole option of any such Blackstone Entity or designee, the
relevant price shall be the equivalent cash price, determined (x) in the case
of consideration consisting of securities listed or quoted on a national
securities exchange or the Nasdaq National Market System, by the average daily
closing sales price, as reported by Bloomberg L.P. (or if not reported by
Bloomberg L.P., as reported by a reporting service of similar national
reputation), of such securities on their principal trading market for the ten
consecutive trading days preceding the date of receipt of the Offer Notice and
(y) in the case of any other non-cash consideration, by the Board, acting
reasonably and in good faith.  If a
Blackstone Entity does not respond to the Offer Notice within the Offer Period,
then such Blackstone Entity will be deemed to have elected not to exercise the
right of first refusal specified in the Offer Notice.

If one or more of the
Blackstone Entities and/or their respective designees shall have agreed to
purchase shares of Common Stock pursuant to this Section 2.3, the
applicable Blackstone Entities and/or their designees shall consummate such
purchase by delivering, against receipt of certificates or other instruments
representing the shares of Common Stock being purchased, appropriately endorsed
by BACI, the purchase price for such shares. 
Such closing date will be the later of (i) fifteen (15) Business
Days after the expiration of the Offer Period and (ii) five (5)
Business Days after receipt of all governmental consents and approvals, and the
expiration of all governmental waiting periods, required for such Transfer.  BACI shall give participating Blackstone
Entities and/or designees at least five (5) Business Days written notice
of the closing date.

(b)           If none of the Blackstone Entities
exercises its right of first refusal under Section 2.3(a), then BACI shall
be permitted to Transfer the shares of Common Stock subject to the Offer
Notice, no later than sixty (60) days after the expiration of the Offer
Period at a price not less than the purchase price per share set forth in the
Offer Notice and on other terms not materially less favorable to BACI than
those terms set forth in the Offer Notice. 
If BACI does not Transfer the shares of Common Stock in the time period
provided for in this Section 2.3(b),

 

7

 

any Transfer
by BACI of any such shares after such period shall again be subject to this
Section 2.3.

2.4   Tag-Along Rights.  (a)  Until
the expiration of the Initial Share Holding Period, if any Blackstone Entity (a
“Selling Shareholder”) proposes to Transfer shares of Common Stock,
which Transfer or series of related Transfers relates to more than 5% of the
then-outstanding shares of Common Stock (other than (i) to an Affiliate that
qualifies as a Permitted Assign or (ii) pursuant to the exercise of rights
set forth in Section 2.5 or in the Registration Rights Agreement) (any
such transaction, a “Proposed Sale”), then each of the other
Shareholders that is not a Blackstone Entity will have the right to require the
proposed Transferee (a “Proposed Transferee”) to purchase from any such
other Shareholder who exercises its rights pursuant to this Section 2.4 (a
“Tagging Shareholder”) up to the number of shares of Common Stock equal
to the product (rounded up to the nearest whole number) of (x) the
quotient determined by dividing (A) the aggregate number of shares
of Common Stock owned by such Tagging Shareholder by (B) the aggregate
number of shares of Common Stock owned by the Selling Shareholder(s), all
Tagging Shareholders and any other Persons exercising similar rights held by
such Persons under similar agreements and (y) the total number of shares
of Common Stock proposed to be directly or indirectly Transferred to the
Proposed Transferee, at the same price per share of Common Stock and upon the
same terms and conditions (including, without limitation, time of payment, form
of consideration and adjustments to purchase price) as the Selling Shareholder;
provided, that in order to be entitled to exercise its right to sell
shares of Common Stock to the Proposed Transferee pursuant to this
Section 2.4, each Tagging Shareholder shall agree to make to the Proposed
Transferee the same representations, warranties, covenants, indemnities and
agreements as the Selling Shareholder agrees to make in connection with the
Proposed Sale and shall agree to the same conditions to the Proposed Sale as
the Selling Shareholder agrees (except that, in the case of representations,
warranties, conditions, covenants, indemnities and agreements pertaining
specifically to the Selling Shareholder, each Tagging Shareholder shall make comparable
representations, warranties, covenants, indemnities and agreements and shall
agree to comparable conditions, in each case to the extent applicable and
pertaining specifically to itself and only to itself); provided, that
all representations, warranties, covenants, indemnities and agreements (other
than those referred to in the immediately preceding exception) shall be made by
the Selling Shareholder and each Tagging Shareholder severally and not jointly
and that any liability to the Selling Shareholder and the Tagging Shareholders
thereunder shall be borne by each of them on a pro
rata basis determined according to the number of shares of Common
Stock sold by each of them.  Each
Tagging Shareholder will be responsible for its proportionate share of the
costs of the Proposed Sale to the extent not paid or reimbursed by the Company,
the Proposed Transferee or another Person (other than the Selling
Shareholder).  The Selling Shareholder
shall be entitled to estimate each Tagging Shareholder’s proportionate share of
such costs and to withhold such amounts from payments to be made to such
Tagging Shareholder at the time of closing of such Proposed Sale; provided,
that (1) such estimate shall not preclude the Selling Shareholder from
recovering additional amounts from any Tagging Shareholder in respect of such
Tagging Shareholder’s proportionate share (based on the number of shares of
Common Stock sold) of such costs and (2) the Selling Shareholder shall
promptly reimburse each Tagging Shareholder to the extent actual amounts are
ultimately less than the estimated amounts paid by such Tagging Shareholder or
any such amounts are paid by the Company, the Proposed Transferee or another
Person (other than the Selling Shareholder).

 

8

 

(b)           The Selling Shareholder will give
notice to the other Shareholders of each Proposed Sale prior to the proposed
closing date for such proposed Transfer, setting forth the number of shares of
Common Stock proposed to be so Transferred, the name and address of the
Proposed Transferee, the proposed amount and form of consideration (and if such
consideration consists in part or in whole of property other than cash, the
Selling Shareholder will provide such information, to the extent reasonably
available to the Selling Shareholder, relating to such non-cash consideration
as the Tagging Shareholders together may reasonably request in order to
evaluate such non-cash consideration) and other terms and conditions of payment
offered by the Proposed Transferee.  The
Selling Shareholder will deliver or cause to be delivered to each Tagging
Shareholder copies of all transaction documents relating to the Proposed Sale
promptly as the same become available. 
The tag-along rights provided by this Section 2.4 must be exercised
by the Tagging Shareholders within fifteen (15) Business Days following
receipt of the notice required to be delivered by the Selling Shareholder
pursuant to this paragraph (b) by delivery of a written notice to the Selling
Shareholder indicating such Tagging Shareholder’s desire to exercise its rights
and specifying the number of shares of Common Stock it desires to sell (the “Tag-Along
Notice”).

(c)           If any Tagging Shareholder exercises
its rights under this Section 2.4, the closing of the purchase of the
shares of Common Stock with respect to which such rights have been exercised
will take place concurrently with the closing of the sale of the Selling
Shareholder’s shares of Common Stock to the Proposed Transferee.  The Seller Shareholder shall use reasonable
efforts to obtain the agreement of the Proposed Transferee to the participation
of all Tagging Shareholders in any applicable Transfer, and no Selling
Shareholder shall consummate any transfer to which this Section 2.4 applies unless
the shares of Common Stock entitled to be sold by the Tagging Shareholders
pursuant to this Section 2.4 are purchased by the Proposed Transferee (or by
the Selling Shareholder or its designee in lieu of such Proposed Transferee).

(d)           Notwithstanding anything contained in
this Section 2.4, there shall be no liability on the part of the Selling
Shareholder to any Tagging Shareholder if the Transfer of such Selling
Shareholder’s shares of Common Stock pursuant to this Section 2.4 is not
consummated for any reason.  Whether to
effect a Proposed Sale of shares of Common Stock, or to terminate any such
transaction prior to consummation, is in the sole and absolute discretion of
such Selling Shareholder.

(e)           No Blackstone Entity shall avoid its
obligations under this Section 2.4, or permit any of its Affiliates to take any
action which, if taken by such Blackstone Entity, would be such an avoidance of
its obligations, by transferring to a non-Affiliate equity interests in any
Blackstone Intervening Entity in an amount and manner that, if such Transfer
were of shares of Common Stock, would require such entity to comply with its
obligations to Shareholders pursuant to this Section 2.4 without making
appropriate accommodation to BACI, bearing in mind the provisions of this
Section 2.4.

2.5   Drag-Along Rights.  (a) 
Until the expiration of the Initial Share Holding Period, if any
Shareholder or Shareholders holding at least a majority of the aggregate
outstanding shares of Common Stock (collectively, the “Majority Shareholders”)
receive an offer from a Person other than an Affiliate of such Shareholder or
Shareholders (a “Drag-Along

 

9

 

Buyer”) to purchase
or otherwise acquire at least a majority of the aggregate outstanding shares of
Common Stock and the Majority Shareholders propose to accept such offer, then
each other Shareholder (collectively, the “Drag-Along Shareholders”)
shall, if requested by the Majority Shareholders in accordance with this
Section 2.5, Transfer to such Drag Along Buyer, subject to
Section 2.5(b), on the terms of the offer to be accepted by the Majority
Shareholders, including, without limitation, time of payment, form of
consideration and adjustments to purchase price, the number of shares of Common
Stock equal to the number of shares of Common Stock owned by it multiplied by
the percentage of the then-outstanding shares of Common Stock to which the
Drag-Along Buyer’s offer is applicable. 
For purposes of clarification, this Section 2.5 shall not apply to
securities received by a Shareholder pursuant to a transaction contemplated by
Section 2.4 or a prior exercise of this Section 2.5.

(b)           The Majority Shareholders will give
notice (the “Drag-Along Notice”) to the Drag-Along Shareholders of any proposed
Transfer giving rise to the rights of the Majority Shareholders set forth in
Section 2.5(a) no later than fifteen (15) Business Days prior to the
proposed closing date for such proposed Transfer.  The Drag-Along Notice will set forth the number of shares of
Common Stock proposed to be so Transferred, the name of the Drag-Along Buyer,
the proposed amount and form of consideration (and if such consideration
consists in part or in whole of property other than cash, the Majority
Shareholders will provide such information, to the extent reasonably available
to the Majority Shareholders, relating to such non-cash consideration as the
Drag-Along Shareholders together may reasonably request in order to evaluate
such non-cash consideration), the number of shares of Common Stock sought and
the other terms and conditions of the offer. 
Each Drag-Along Shareholder shall agree to make the same
representations, warranties, covenants, indemnities and agreements that the
Majority Shareholders agree to make (except that, in the case of
representations, warranties, conditions, covenants, indemnities and agreements
pertaining specifically to any of the Majority Shareholders, each Drag-Along
Shareholder shall make the comparable representations, warranties, covenants, indemnities
and agreements and shall agree to comparable conditions, in each case to the
extent applicable and pertaining specifically to itself and only to itself); provided,
that all representations, warranties, covenants, indemnities and agreements
(other than those referred to in the immediately preceding exception) shall be
made by each Majority Shareholder and each Drag-Along Shareholder severally and
not jointly and that any liability of the Majority Shareholders and the
Drag-Along Shareholders thereunder shall be borne by each of them on a pro rata basis determined according to the
number of shares of Common Stock sold by each of them; and provided, further,
that in no event shall any such indemnification obligation of any Drag-Along
Shareholder in connection with such transaction exceed such Drag-Along
Shareholder’s proceeds of such transaction. 
In the event that any such Transfer is structured as a merger,
consolidation or similar business combination, each Drag-Along Shareholder
agrees to vote in favor of the transaction and to take all action to waive any
dissenters, appraisal or other similar rights. 
Each Drag-Along Shareholder will be responsible for its proportionate
share of the costs of such Transfer (except for any costs incurred solely for the
benefit of individual shareholders, other than reasonable attorneys’ fees of
the Drag-Along Shareholders, which shall be included in the costs of such
Transfer) to the extent not paid or reimbursed by the Company, the Drag-Along
Buyer or another Person (other than the Majority Shareholders).  The Majority Shareholders shall be entitled
to estimate each Drag-Along Shareholder’s proportionate share of such costs and
to withhold such amounts from payments to be made to such Drag-Along
Shareholder at the time of closing of such Transfer; provided, that
(i) such estimate shall not

 

10

 

preclude the
Majority Shareholders from recovering additional amounts from any Drag-Along
Shareholder in respect of such Drag-Along Shareholder’s proportionate share of
such costs and (ii) the Majority Shareholders shall reimburse each
Drag-Along Shareholder to the extent actual amounts are ultimately less than
the estimated amounts paid by such Drag-Along Shareholder or any such amounts
are paid by the Company, the Drag-Along Buyer or another Person (other than the
Majority Shareholders).

2.6   Termination.  Unless otherwise expressly provided for in
this Article II, all sections in this Article II shall terminate with respect
to any Shareholder upon the expiration of the Initial Share Holding Period.

ARTICLE III.                 CORPORATE
GOVERNANCE MATTERS

3.1   Board of Directors.  (a)  For
so long as the Blackstone Entities (or their respective designated Affiliates)
hold at least twenty-five percent (25%) in voting power of all shares of the
Company’s capital stock entitled to vote generally in the election of
Directors, the Blackstone Entities shall be entitled, but not required, to
nominate all nominees for election to the Board, other than any Directors
entitled to be designated by the holders of the Preferred Stock pursuant to the
Certificate of Incorporation.  Each of
the Blackstone Entities shall take all action necessary to effect such
nominations to the Board.  Any Director
not so nominated by the Blackstone Entities pursuant to this Section 3.1
shall be nominated in accordance with the Certificate of Incorporation.  The termination of the rights of the
Blackstone Entities under this Section 3.1(a) shall in no way affect the rights
of the Blackstone Entities as holders of shares of Common Stock.

(b)           BA Capital Investors Sidecar Fund,
L.P., together with any BACI Affiliate Transferees, shall be entitled to
designate one non-voting observer (the “Observer”) to the Board until
such time as BA Capital Investors Sidecar Fund, L.P. and any BACI Affiliate
Transferees no longer hold any shares of Common Stock.  Any such Observer shall be entitled to
receive all notices and materials distributed to Directors.  The Board may restrict the Observer’s attendance
as an observer at a meeting or deny the Observer any notices, materials or
other information, if the Board determines in good faith that (i) upon advice
of counsel, such attendance or distribution would be reasonably likely to
remove any privilege of confidentiality from otherwise attorney-client
privileged statements or information (in which case, the Observer’s attendance
or access shall be restricted only for such portion of the meeting or
information); provided, however, that the Observer would not be
excluded or denied such information if the Observer agrees to be bound by
confidentiality obligations that, to the reasonable satisfaction of the Board’s
counsel, would preserve such privilege, or (ii) upon advice of counsel, such
attendance or distribution is prohibited by applicable law.

(c)           Each of the Blackstone Entities
hereby agrees to take such actions provided for under the terms of the shares
of Common Stock held by them, in each case to elect the nominees referred to in
Section 3.1(a) to the Board.  If,
following an election to the Board pursuant to this Section 3.1, any
Director nominated by a Blackstone Entity shall resign or be removed or be
unable to serve for any reason prior to the expiration of his or her term as a
Director, the Blackstone Entities may notify the Board in writing of a
replacement nominee and

 

11

 

each of the
Blackstone Entities hereby agree to take such actions provided for under the
terms of the shares of Common Stock held by them, in each case to elect such
nominee to the Board.

(d)           The Company shall take all necessary
actions within its power to enable BA Capital Investors Sidecar Fund, L.P.,
together with any BACI Affiliate Transferees, to designate one non-voting observer
to the board of directors, or comparable governing body, of each subsidiary of
the Company (other than, until such time that the Company first owns 100% of
all the outstanding registered ordinary shares, warrants, options and rights or
securities convertible into, exchangeable or exercisable for ordinary shares of
Celanese AG, such comparable governing bodies of Celanese AG and its
subsidiaries), to the extent BA Capital Investors Sidecar Fund, L.P., together
with any BACI Affiliate Transferees, is then entitled to designate an Observer
to the Board pursuant to this Section 3.1. 
For purposes of clarification, for any entity that has a two-tier board
structure, the comparable governing body shall be the supervisory board or
comparable body (and not the management board or comparable body).

(e)           The Company will pay all reasonable
out-of-pocket expenses incurred by the Directors (and, if applicable, any
Observer designated pursuant to Section 3.1) in connection with their
participation in meetings of the Board (and committees thereof), as well as
such expenses of the members of the boards of directors or comparable governing
bodies (and committees thereof) of the subsidiaries of the Company.  Each Director, in his or her capacity as
such, shall be entitled to the same reimbursement, indemnification and
insurance as any other Director receives in his or her capacity as such.

ARTICLE IV.                 COVENANTS

4.1   Books and
Records; Access.  The Company
shall, and shall cause its subsidiaries to, keep proper books, records and
accounts, in which full and correct entries shall be made of all financial
transactions and the assets and business of the Company and each of its
subsidiaries in accordance with generally accepted accounting principles.  The Company shall, and shall cause its
subsidiaries to, permit any Shareholder, at reasonable times and upon
reasonable prior notice to the Company, to review the books and records of the
Company or any of such subsidiaries and to discuss the affairs, finances and
condition of the Company or any of such subsidiaries with the officers of the
Company or any such subsidiary.

4.2   Periodic Reporting.  (a)  The Company shall deliver or cause to be
delivered to each Shareholder:

(i)             as soon as available, but not later
than ninety (90) days after the end of each fiscal year of the Company, a copy
of the audited consolidated balance sheet of the Company and its subsidiaries
as of the end of such fiscal year and the related statements of operations and
cash flows for such fiscal year, setting forth in each case in comparative form
the figures for the previous year, all in reasonable detail;

(ii)           commencing with the fiscal period
ending after September 30, 2004, as soon as available, but in any event
not later than forty five (45) days after the end of each of the first three
fiscal quarters of each fiscal year, the unaudited consolidated balance sheet
of the Company and its subsidiaries, and the related statements of operations
and

 

12

 

cash flows for such quarter
and for the period commencing on the first day of the fiscal year and ending on
the last day of such quarter;

(iii)          to the extent otherwise prepared by
the Company, operating and capital expenditure budgets and periodic information
packages relating to the operations and cash flows of the Company and its
subsidiaries; and

(iv)          all tax information (including
information prepared in accordance with United States federal income tax
principles) regarding the Company, its subsidiaries and its direct and indirect
owners as (A) is necessary for a Shareholder to (1) prepare
accurately all tax returns (including, but not limited to, United States
federal income tax returns) required to be filed by such Shareholder with
respect to its investment in the Company and (2) comply with any tax
reporting requirements (including, but not limited to, any tax reporting
requirements imposed by United States federal income tax laws) imposed as a
result of such Shareholder’s ownership of an equity interest in the Company or
(B) is reasonably requested by a Shareholder to engage in such
Shareholder’s own tax planning with respect to its investment in the Company.

(b)           The Company shall deliver to each
Blackstone Entity such other reports and information as may be reasonably
requested by such Blackstone Entity.

4.3   Confidentiality.  Except
as required by law or other legal proceeding or regulatory process, each party
hereto will, and will cause each of their respective subsidiaries, Affiliates
and representatives to, maintain in confidence, any non-public or confidential
proprietary information furnished to them by or on behalf of any other party or
its representatives in connection with this Agreement or the transactions
contemplated hereby.  All information
provided under this Agreement shall be deemed confidential; provided, however,
that information shall not be deemed confidential if (a) at the time of
disclosure, such information is generally available to and known by the public
(other than as a result of a disclosure directly by the recipient or any of its
representatives), (b) such information was available to the recipient on a
non-confidential basis from a source that is not and was not prohibited from
disclosing such information to the recipient by a contractual, legal or
fiduciary obligation or (c) such information is known to the recipient
prior to or independently of its relationship with the party providing such
information.

4.4   Indemnification.  The Company shall indemnify and hold
harmless, to the full extent permitted by law, each of Blackstone LR Associates
(Cayman) IV Ltd, Blackstone Management Associates (Cayman) IV L.P.,
Blackstone Capital Partners (Cayman) IV L.P., Blackstone Capital Partners
(Cayman) IV-A L.P., Blackstone Family Investment Partnership
(Cayman) IV-A L.P., Blackstone Chemical Coinvest Partners (Cayman) L.P.,
Blackstone Participation Partnership IV L.P., BCP 1, BCP 2 and BCP 3, BACI and
each of their directors, officers, employees, shareholders, general partners,
limited partners, members, advisory directors, managing directors and
affiliates (other than the Company and its subsidiaries) (and directors,
officers, employees, shareholders, general partners, limited partners, members,
advisory directors, managing directors and controlling persons thereof)
(collectively, “Related Persons”), against any and all losses, claims,
damages or liabilities, joint or several, and expenses (including without
limitation, reasonable attorneys’ fees and any and all reasonable expenses

 

13

 

incurred
investigating, preparing or defending against any litigation, commenced or
threatened, or any claim, and any and all amounts paid in any settlement of any
such claim or litigation) to which such Related Person may become subject,
insofar as such losses, claims, damages or liabilities (or actions or
proceedings in respect thereof) or expenses arise out of or are based upon the
Offer or the other transactions contemplated thereby.  Such indemnification obligation shall be in addition to any
liability that the Company may otherwise have to any other such Related
Person.  The provisions of this Section
4.4 are intended to be for the benefit of, and shall be enforceable by, each
Related Person and its respective successors, heirs and representatives.

4.5   Expenses and Fees.  The Company shall reimburse the Blackstone
Entities and their respective Affiliates for their respective reasonable
out-of-pocket fees and expenses incurred in connection with the Offer, subject to
receipt of documentation thereof reasonably acceptable to the Company.  The Company shall reimburse BA Capital
Investors Sidecar Fund, L.P. for its reasonable out-of-pocket fees and expenses
incurred in connection with its subscription for Ordinary Shares acquired in
connection with the consummation of the Offer (including, without limitation,
due diligence investigation, and the negotiation of the commitment letter and
agreements, in each case relating to such subscription), subject to receipt of
documentation thereof reasonably acceptable to the Company.  The Company shall reimburse such fees and
expenses concurrently with the Tender Offer Closing to the extent such
documentation has been received by the Company at least two (2) Business Days
prior to the date of the Tender Offer Closing, and shall reimburse all other
such fees and expenses as promptly as practicable following receipt of such
documentation.

4.6   Use of
Shareholders’ Names.  Neither
any Shareholder nor the Company shall use the name of any Shareholder in
connection with the business or affairs of the Company, including for purposes
of publicity, public relations, marketing or fundraising, without obtaining the
prior written consent of the Shareholder whose name is proposed to be used, except
(a) as required by law or other legal proceeding or regulatory process or (b)
for the listing of a Shareholder as a beneficial owner of registered ordinary
shares of Celanese AG and/or any other entity for which public disclosure of
such beneficial ownership is required or advisable, subject, in the case of
these clauses (a) and (b), to prior review and comment by such Shareholder to
the extent practicable under the circumstances.

ARTICLE V.              MISCELLANEOUS

5.1   Additional
Securities Subject to Agreement.  Each Shareholder agrees
that any capital stock of the Company which it hereafter acquires by means of a
stock split, stock dividend, distribution, exercise of options or warrants,
additional equity subscription, reorganization, redomiciliation or otherwise
(other than pursuant to a Public Offering) will be subject to the provisions of
this Agreement to the same extent as if held on the date hereof.  If any Shareholder is issued any Common
Stock Equivalents, the Shareholders agree to amend this Agreement to the extent
necessary to reflect such issuance in a manner consistent with the terms and
conditions hereof.

5.2   Recapitalization,
Exchange, Etc.  The provisions
of this Agreement shall apply, to the full extent set forth herein with respect
to the Common Stock and Common Stock Equivalents, to any and all shares, Common
Stock Equivalents or other securities of the

 

14

 

Company
or any successor to the Company that may be issued in respect of, in exchange
for, or in substitution of the Common Stock or Common Stock Equivalents.  If, and as often as, there are any changes
in the Common Stock or the Common Stock Equivalents, by way of any
reclassifications or through merger, consolidation, reorganization, recapitalization,
redomiciliation or by any other means occurring after the date of this
Agreement, appropriate adjustment shall be made to the provisions of this
Agreement, as may be required, so that the rights, privileges, duties and
obligations hereunder shall continue with respect to the Common Stock and
Common Stock Equivalents as so changed.

5.3   Termination.  This
Agreement shall terminate with respect to any Shareholder, on the date of which
such Shareholder ceases to hold any shares of Common Stock, except that
Sections 4.3 and 4.4 shall survive such termination.

5.4   Notices.  Any
notice, request, instruction or other document to be given hereunder by any
party hereto to another party hereto shall be in writing, shall be and shall be
deemed given when (a) delivered personally, (b) five (5)
Business Days after being sent by certified or registered mail, postage
prepaid, return receipt requested, (c) one (1) Business Day after
being sent by Federal Express or other nationally recognized overnight courier,
or (iv) if transmitted by facsimile if confirmed within 24 hours
thereafter a signed original sent in the manner provided in clause (a),
(b) or (c) to the parties at the following addresses (or at such other address
for a party as shall be specified by notice from such party):

	
  if to the Company:

  
	
   

  	
  Celanese Corporation

  	
   

  
	
   

  	
  1601 West LBJ Freeway

  	
   

  
	
   

  	
  Dallas, Texas 75234-6034

  	
   

  
	
   

  	
  Attention:

  	
  Secretary

  
	
   

  	
  Fax:

  	
  (972) 332-9022

  
	
   

  	
   

  	
   

  
	
  With a copy to:

  
	
   

  	
   

  	
   

  
	
   

  	
  Celanese Corporation

  	
   

  
	
   

  	
  550 U.S. Highway 202/206

  	
   

  
	
   

  	
  Bedminster, New Jersey
  07921-1590

  	
   

  
	
   

  	
  Attention:

  	
  Senior SEC Counsel

  
	
   

  	
   Fax:

  	
  (908) 901-4808

  
	
   

  	
   

  	
   

  
	
  if to any Blackstone Entity:

  	
   

  
	
   

  	
   

  
	
   

  	
  The Blackstone Group L.P.

  	
   

  
	
   

  	
  345 Park Avenue

  	
   

  
	
   

  	
  New York, New York 10154

  	
   

  
	
   

  	
  Attention:

  	
  Chinh Chu

  
	
   

  	
  Fax:

  	
  (212) 583-5722

  
	
   

  	
   

  	
   

  
	
  with a copy to:

  
				

 

 

15

 

	
   

  	
  Simpson Thacher & Bartlett LLP

  	
   

  
	
   

  	
  425 Lexington Avenue

  	
   

  
	
   

  	
  New York, New York 10017

  	
   

  
	
   

  	
  Attention:

  	
  William R. Dougherty, Esq.

  
	
   

  	
  Fax:

  	
  (212) 455-2502

  
	
   

  	
   

  	
   

  
	
  if
  to BACI:

  
	
   

  
	
   

  	
  BA Capital Investors Sidecar Fund, L.P.

  	
   

  
	
   

  	
  c/o Banc of America Capital Investors, L.P.

  	
   

  
	
   

  	
  Banc of America Corporate Center

  	
   

  
	
   

  	
  100 North Tryon Street, 25th Floor

  	
   

  
	
   

  	
  Charlotte, NC 28255

  	
   

  
	
   

  	
  Attention:

  	
  J. Travis Hain

  
	
   

  	
  Fax:

  	
  (704) 386-6432

  
	
   

  	
   

  	
   

  
	
  with a copy to:

  
	
   

  
	
   

  	
  Kirkland & Ellis LLP

  	
   

  
	
   

  	
  200 East Randolph Drive

  	
   

  
	
   

  	
  Chicago, IL 60601

  	
   

  
	
   

  	
  Attention:

  	
  Margaret A. Gibson

  
	
   

  	
  Fax:

  	
  (312) 861-2200

  
				

 

 

5.5   Further Assurances.  The parties hereto will sign such further
documents, cause such meetings to be held, resolutions passed, exercise their
votes and do and perform and cause to be done such further acts and things as
may be necessary in order to give full effect to this Agreement and every
provision hereof.

5.6   Assignment.  This Agreement will inure to the benefit of
and be binding on the parties hereto and their respective successors and
Permitted Assigns.  Except as
specifically provided herein, this Agreement may not be assigned by BACI
without the express prior written consent of the Blackstone Representative, and
any attempted assignment, without such consents, will be null and void.  The rights of any Blackstone Entity under
this Agreement may be assigned by such Blackstone Entity to any Transferee of
Common Stock held by such Blackstone Entity, provided such Transferee
becomes a Permitted Assign.

5.7   Amendment; Waiver.  This Agreement may be amended, supplemented
or otherwise modified only by a written instrument executed by the Company and
Shareholders holding a majority of the shares of Common Stock subject to this
Agreement; provided that no such amendment, supplement or other
modification shall adversely affect the interests of any Shareholder hereunder
disproportionately to other Shareholders without the written consent of such
Shareholder; and provided, further, that no such amendment, supplement
or modification shall adversely affect BACI in any material respect without the
written consent of the holders of a majority of the shares of Common Stock held
by BACI.  No waiver by any party of any
of the provisions hereof will be effective unless explicitly set forth in
writing and executed by the party so waiving. 
Except as provided in the preceding sentence, no action taken pursuant
to this

 

16

 

Agreement,
including without limitation, any investigation by or on behalf of any party,
will be deemed to constitute a waiver by the party taking such action of
compliance with any covenants or agreements contained herein.  The waiver by any party hereto of a breach
of any provision of this Agreement will not operate or be construed as a waiver
of any subsequent breach.

5.8   Third Parties.  Except as provided in Section 4.4, this
Agreement does not create any rights, claims or benefits inuring to any person
that is not a party hereto nor create or establish any third party beneficiary
hereto.

5.9   Governing Law.  This Agreement will be governed by, and
construed in accordance with, the laws of the State of New York.

5.10   Jurisdiction.  The courts of the State of New York in New
York County and the United States District Court for the Southern District of
New York shall have jurisdiction over the parties with respect to any dispute
or controversy between them arising under or in connection with this agreement
and, by execution and delivery of this agreement, each of the parties to this
Agreement submits to the exclusive jurisdiction of those courts, including but
not limited to the in personam and subject matter
jurisdiction of those courts, waives any objections to such jurisdiction on the
grounds of venue or forum non conveniens,
the absence of in personam or
subject matter jurisdiction and any similar grounds, consents to service of
process by mail (in accordance with the notice provisions of this Agreement) or
any other manner permitted by law, and irrevocably agrees to be bound by any
judgment rendered thereby in connection with this Agreement.

5.11   MUTUAL WAIVER
OF JURY TRIAL.  THE PARTIES
HERETO WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT OR PROCEEDING
BROUGHT TO ENFORCE OR DEFEND ANY RIGHTS OR REMEDIES UNDER THIS AGREEMENT.

5.12   Specific
Performance.  The Company and
each Shareholder acknowledge and agree that in the event of any breach of this
Agreement by any of them, the Shareholders and the Company would be irreparably
harmed and could not be made whole by monetary damages.  Each party accordingly agrees to waive the
defense in any action for specific performance that a remedy at law would be
adequate and that the parties, in addition to any other remedy to which they
may be entitled at law or in equity, shall be entitled to compel specific
performance of this Agreement.

5.13   Entire Agreement.  This Agreement, together with the
Registration Rights Agreement and sets forth the entire understanding of the
parties hereto with respect to the subject matter hereof.  There are no agreements, representations,
warranties, covenants or undertakings with respect to the subject matter hereof
and thereof other than those expressly set forth herein and therein.  This Agreement, together with the Registration
Rights Agreement, supersedes all other prior agreements and understandings
between the parties, with respect to such subject matter.

 

17

 

5.14   Titles and Headings.  The section headings contained in this
Agreement are for reference purposes only and will not affect the meaning or
interpretation of this Agreement.

5.15   Severability.  If one or more of the provisions,
paragraphs, words, clauses, phrases or sentences contained herein, or the
application thereof in any circumstances, is held invalid, illegal or
unenforceable in any respect for any reason, the validity, legality and
enforceability of any such provision, paragraph, word, clause, phrase or
sentence in every other respect and of the remaining provisions, paragraphs,
words, clauses, phrases or sentences hereof shall not be in any way impaired,
it being intended that all rights, powers and privileges of the parties hereto
shall be enforceable to the fullest extent permitted by law.

5.16   Counterparts.  This Agreement may be executed in any number
of counterparts, each of which will be deemed to be an original and all of
which together will be deemed to be one and the same instrument.

5.17   Effectiveness.  This Agreement shall become effective upon
the Initial Public Offering and prior thereto shall be of no force or
effect.  Until the effectiveness of this
Agreement, the Original Agreement shall remain in full force and effect in
accordance with its terms.  If the
Initial Public Offering shall not occur on or prior to February 15, 2005, this
Agreement shall automatically be of no force or effect and the Original
Agreement shall continue in full force and effect in accordance with its terms.

 

18

 

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

	
   

  	
  CELANESE
  CORPORATION

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ David N. Weidman

  
	
   

  	
   

  	
   

  	
  Name:
  

  	
  David
  N. Weidman

  
	
   

  	
   

  	
   

  	
  Title: 

  	
  Chief Executive Officer and President

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  BLACKSTONE
  CAPITAL PARTNERS (CAYMAN) LTD. 1

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Chinh Chu

  
	
   

  	
   

  	
   

  	
  Name:
  

  	
  Chinh
  Chu

  
	
   

  	
   

  	
   

  	
  Title: 

  	
  Authorized Person

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  BLACKSTONE
  CAPITAL PARTNERS (CAYMAN) LTD. 2

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Chinh Chu

  
	
   

  	
   

  	
   

  	
  Name:
  

  	
  Chinh
  Chu

  
	
   

  	
   

  	
   

  	
  Title: 

  	
  Authorized Person

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  BLACKSTONE CAPITAL
  PARTNERS (CAYMAN) LTD. 3

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Chinh Chu

  
	
   

  	
   

  	
   

  	
  Name: 

  	
  Chinh Chu

  
	
   

  	
   

  	
   

  	
  Title: 

  	
  Authorized
  Person

  
						

 

19

 

	
   

  	
  BA CAPITAL INVESTORS SIDECAR
  FUND, L.P.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  BA Capital Management
  Sidecar, L.P.

  
	
   

  	
  Its:

  	
  General Partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  BACM I Sidecar GP Limited

  
	
   

  	
  Its:

  	
  General Partner

  

 

	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: 

  	
  /s/ J. Travis Hain

  
	
   

  	
   

  	
  Name: 

  	
  J. Travis Hain

  
	
   

  	
   

  	
  Title: 

  	
  Authorized Person

  
					

 

20Exhibit 10.2

 

AMENDED
AND RESTATED REGISTRATION RIGHTS AGREEMENT

by
and among

BLACKSTONE
CAPITAL PARTNERS (CAYMAN) LTD. 1,

BLACKSTONE
CAPITAL PARTNERS (CAYMAN) LTD. 2,

BLACKSTONE
CAPITAL PARTNERS (CAYMAN) LTD. 3,

BA
CAPITAL INVESTORS SIDECAR FUND, L.P.

and

CELANESE
CORPORATION

Dated
as of January 26, 2005

 

 

TABLE
OF CONTENTS

	
  ARTICLE I DEFINITIONS

  
	
   

  	
  SECTION 1.1

  	
  Certain
  Definitions

  
	
   

  	
  SECTION 1.2

  	
  Other
  Definitional Provisions; Interpretation.

  
	
   

  	
   

  	
   

  
	
  ARTICLE II REGISTRATION RIGHTS

  
	
   

  	
  SECTION 2.1

  	
  Incidental
  Registration.

  
	
   

  	
  SECTION 2.2

  	
  Demand
  Registration

  
	
   

  	
  SECTION 2.3

  	
  Holdback.

  
	
   

  	
  SECTION 2.4

  	
  Other
  Registration-Related Matters

  
	
   

  	
   

  	
   

  
	
  ARTICLE III INDEMNIFICATION

  
	
   

  	
  SECTION 3.1

  	
  Indemnification
  by the Company

  
	
   

  	
  SECTION 3.2

  	
  Indemnification
  by the Shareholders

  
	
   

  	
  SECTION 3.3

  	
  Notices of
  Claims, Etc.

  
	
   

  	
  SECTION 3.4

  	
  Contribution

  
	
   

  	
  SECTION 3.5

  	
  Other
  Indemnification

  
	
   

  	
  SECTION 3.6

  	
  Non-Exclusivity

  
	
   

  	
  SECTION 3.7

  	
  Indemnification
  Payments

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV OTHER

  
	
   

  	
  SECTION 4.1

  	
  Remedies

  
	
   

  	
  SECTION 4.2

  	
  Amendments,
  Waivers

  
	
   

  	
  SECTION 4.3

  	
  Successors;
  Assigns; Transferees

  
	
   

  	
  SECTION 4.4

  	
  Notices

  
	
   

  	
  SECTION 4.5

  	
  Integration

  
	
   

  	
  SECTION 4.6

  	
  Severability

  
	
   

  	
  SECTION 4.7

  	
  Counterparts

  
	
   

  	
  SECTION 4.8

  	
  Limited
  Liability

  
	
   

  	
  SECTION 4.9

  	
  Rule 144

  
	
   

  	
  SECTION 4.10

  	
  Other
  Registration Rights

  
	
   

  	
  SECTION 4.11

  	
  Governing Law

  
	
   

  	
  SECTION 4.12

  	
  Jurisdiction

  
	
   

  	
  SECTION 4.13

  	
  MUTUAL WAIVER
  OF JURY TRIAL

  

 

 

i

AMENDED
AND RESTATED REGISTRATION RIGHTS AGREEMENT

THIS AMENDED AND RESTATED
REGISTRATION RIGHTS AGREEMENT is dated January 26, 2005 and is by and among
Blackstone Capital Partners (Cayman) Ltd. 1, an exempted company
incorporated under the laws of the Cayman Islands (“BCP 1”), Blackstone
Capital Partners (Cayman) Ltd. 2, an exempted company incorporated under
the laws of the Cayman Islands (“BCP 2”), Blackstone Capital Partners
(Cayman) Ltd. 3, an exempted company incorporated under the laws of the
Cayman Islands (“BCP 3”), BA Capital Investors Sidecar Fund, L.P., a
Cayman Islands limited partnership (“BACI”), and Celanese Corporation, a
Delaware corporation (formerly known as Blackstone Crystal Holdings Capital
Partners (Cayman) IV Ltd.) (together with any successor thereto, the “Company”).

BACKGROUND

1.             In
connection with the consummation of the voluntary public takeover offer by a
subsidiary of the Company for all of the outstanding registered ordinary shares
of Celanese AG, a German stock corporation, the Blackstone Entities (as defined in
Section 1.1) and BACI
acquired ordinary shares, par value $0.01 per share (the “Ordinary Shares”),
of the Company.

2.             The
Blackstone Entities and BACI entered into the Registration Rights Agreement,
dated as of April 6, 2004 (the “Original Agreement”) to provide for
certain matters relating to their holdings of Ordinary Shares.

3.             On November 3, 2004, the Company migrated from the Cayman
Islands to the State of Delaware, redomiciled itself as a Delaware corporation
and changed its name from “Blackstone Crystal Holdings Capital Partners
(Cayman) IV Ltd.” to “Celanese Corporation.”

4.             In connection with, and effective upon, the Initial
Public Offering (as defined in Section 1.1) of the Company, and in accordance
with Section 4.2 of the Original Agreement, the parties to the Original
Agreement wish to amend and restate the Original Agreement in its entirety in
order to set forth certain understandings regarding their holdings of Common
Stock following consummation of the Initial Public Offering.

The parties agree as
follows:

ARTICLE I

DEFINITIONS

 

SECTION 1.1         Certain Definitions. 
As used in this Agreement:

“Affiliate”
means, with respect to any Person, (i) any Person that directly or
indirectly controls, is controlled by or is under common control with, such
Person or (ii) any director, officer, member, partner (including limited
partners) or employee of such Person or any Person specified in clause (i)
above; provided, that officers, directors or employees of the Company
will be deemed not to be Affiliates of the Shareholders for 

purposes
hereof solely by reason of being officers, directors or employees of the
Company.

“Agreement”
means this Amended and Restated Registration Rights Agreement, as the same may
be amended, supplemented or otherwise modified from time to time.

“BACI”
has the meaning set forth in the preamble.

“BCP
1” has the meaning set forth in the preamble.

“BCP
2” has the meaning set forth in the preamble.

“BCP
3” has the meaning set forth in the preamble.

“Blackstone
Entities” means collectively BCP 1, BCP 2, BCP 3 and/or any
Affiliate of BCP 1, BCP 2, or BCP 3 that holds Registrable
Securities.

“Business
Day” means a day other than a Saturday, Sunday, federal or New York State
holiday or other day on which commercial banks in New York City are authorized
or required by law to close.

“Common
Stock” means the shares of Series A common stock and Series B common stock,
par value $0.0001 per share, of the Company, and any other capital stock of the
Company into which such stock is reclassified or reconstituted and any other
common stock of the Company.

“Common
Stock Equivalents” means any security or obligation which is by its terms
convertible, exchangeable or exercisable into or for shares of Common Stock,
whether at the time of issuance or upon the passage of time or the occurrence
of some future event.

“Company”
has the meaning set forth in the preamble.

“Designated
Counsel” means counsel to the selling Shareholders participating in a
registration pursuant hereto which counsel is selected by the holders of a
majority of the Registrable Securities being registered in the relevant
registration.

“Employee Stockholders”
has the meaning ascribed thereto in the Employee Stockholders’ Agreement.

“Employee
Stockholders’ Agreement” means the Employee Stockholders’ Agreement, dated
as of January 26, 2005, by and among Celanese Corporation and the other parties
named therein (as the same may be amended, supplemented, restated or otherwise
modified from time to time).

“Holdback
Period” has the meaning set forth in Section 2.3.

 

2

“Initial
Public Offering” means the closing of the first sale of common equity or
equivalent securities of the Company to the public pursuant to an effective
registration statement (other than a registration statement on Form S-4 or
S-8 or any similar or successor form) filed under the Securities Act.

“Inspector”
has the meaning set forth in Section 2.4(k).

“Ordinary
Shares” has the meaning set forth in the preamble.

“Person”
means any individual, corporation, limited liability company, partnership,
trust, joint stock company, business trust, unincorporated association, joint venture,
governmental authority or other entity of any nature whatsoever.

“Registrable
Securities” means (x) any shares of Common Stock, (y) any shares of Common
Stock owned or to be acquired upon conversion, exercise or exchange of Common
Stock Equivalents and (z) any shares of Common Stock owned or to be acquired in
connection with a recapitalization, merger, consolidation, exchange or other
reorganization of the Company (or any successor entity), in each case now or
hereafter owned by the Shareholders.  As
to any particular Registrable Securities, once issued, such Registrable
Securities shall cease to be Registrable Securities when (i) a
registration statement with respect to the sale by the applicable Shareholder
of such securities has become effective under the Securities Act and such
securities have been disposed of in accordance with such registration
statement, (ii) such securities have been distributed to the public
pursuant to Rule 144 (or any successor provision) under the Securities Act,
(iii) such securities have been otherwise transferred, new certificates
for such securities not bearing a legend restricting further transfer have been
delivered by the Company and subsequent disposition of such securities does not
require registration or qualification of such securities under the Securities
Act or any state securities or blue sky law then in force, (iv) such
securities are sold to a Person in a transaction in which rights under
provisions of this Agreement are not assigned in accordance with this Agreement,
or (v) such securities have ceased to be outstanding.

“Registration
Expenses” means all expenses incident to the Company’s performance of or
compliance with this Agreement, including, without limitation, all SEC and
stock exchange or National Association of Securities Dealers, Inc. (the “NASD”)
registration and filing fees and expenses, fees and expenses of compliance with
securities or blue sky laws (including fees and disbursements of counsel for
any underwriters in connection with blue sky qualifications of the Registrable
Securities), rating agency fees, printing expenses, messenger, telephone and
delivery expenses, the fees and expenses incurred in connection with the
listing of the securities to be registered on any securities exchange or national
market system, fees and disbursements of counsel for the Company and all
independent certified public accountants (including the expenses of any annual
audit, special audit and “cold comfort” letters required by or incident to such
performance and compliance), securities laws liability insurance (if the
Company so desires (or if the underwriters of the applicable offering so
require)), the fees and disbursements of underwriters (including, without
limitation, all fees and expenses of any “qualified independent underwriter”
required by the rules of the NASD) customarily paid 

 

3

 

by
issuers or sellers of securities in public equity offerings, the expenses
customarily borne by the issuers of securities in a “road show” presentation to
potential investors, the fees and expenses of any special experts retained by
the Company in connection with such registration, the fees and expenses of
other persons retained by the Company and all fees and expenses of any selling
Shareholder participating in a registration pursuant hereto (including fees and
expenses of Designated Counsel), other than underwriting discounts or
commissions or transfer taxes, if any, attributable to the sale of shares of
Registrable Securities by such selling Shareholder.

“SEC”
means the U.S. Securities and Exchange Commission.

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and
regulations promulgated thereunder, as the same may be amended from time to
time.

“Shareholders”
means each of the Blackstone Entities and BACI collectively, and “Shareholder”
means any one of the Shareholders.

“Transferee”
means any Person to whom any Shareholder or any Transferee thereof transfers
Registrable Securities.

SECTION 1.2         Other Definitional Provisions; Interpretation.

(a)           The words “hereof,” “herein,”
and “hereunder” and words of similar import when used in this Agreement
refer to this Agreement as a whole and not to any particular provision of this
Agreement, and section and subsection references are to this Agreement unless
otherwise specified.

(b)           The headings in this Agreement are
included for convenience of reference only and do not limit or otherwise affect
the meaning or interpretation of this Agreement.

(c)           The meanings given to terms defined
herein are equally applicable to both the singular and plural forms of such
terms.

ARTICLE II

REGISTRATION RIGHTS

 

SECTION 2.1         Incidental Registration.

(a)           If the Company proposes to register
any of its securities under the Securities Act (other than a registration
statement on Form S-4 or S-8), whether or not for its own account (and
including any registration pursuant to a request or demand right of any other
Person), then the Company will each such time give prompt written notice thereof
to the Shareholders of their rights under this Section 2.1, at least 15
Business Days prior to the anticipated filing date of such registration
statement.  Such notice shall offer the
Shareholders the opportunity to include in such registration statement such
number of Registrable Securities as each Shareholder may request.  Upon the written request of any Shareholder
made within 15 Business Days after the receipt of any such notice from the
Company, which request shall specify the number of 

 

4

 

Registrable
Securities intended to be disposed of by such Shareholder in such offering, the
Company will use its reasonable best efforts to effect the registration under
the Securities Act, as expeditiously as is possible, of all the Registrable
Securities which the Company has been so requested to register by the
Shareholders, subject to Section 2.1(b); provided, that until the
six-month anniversary of the Initial Public Offering (or such shorter period as
the underwriters for such Initial Public Offering shall require of either the
Blackstone Entities or BACI), BACI shall not be permitted to include any
Registrable Securities in such registration unless any of the Blackstone
Entities include any Registrable Securities in such registration; provided,
further, that if, at any time after giving written notice of its
intention to register any securities and prior to the effective date of the
registration statement filed in connection with such registration, the Company or
any other holder of securities that initiated such registration (an “Initiating
Holder”) shall determine for any reason not to proceed with the proposed
registration, the Company may at its election (or the election of such
Initiating Holder(s) as applicable) give written notice of such determination
to the Shareholders and thereupon shall be relieved of its obligation to
register any Registrable Securities in connection with such registration (but
not from its obligation to pay the Registration Expenses incurred in connection
therewith).

(b)           If a registration pursuant to this
Section 2.1 involves an underwritten offering and the managing underwriter
advises the Company in writing that, in its opinion, the number of securities
which the Company and the holders of the Registrable Securities and any other
Persons intend to include in such registration exceeds the maximum number of
securities which can be sold in such offering without having an adverse effect
on such offering (including the price at which such securities can be sold),
then the number of such securities to be included in such registration shall be
reduced to such extent, and the Company will include in such registration such
maximum number of securities as follows: (i) if such registration has been
initiated by a Demand Party, then in the manner provided in Section 2.2(b); or
(ii) if such registration has been initiated by the Company, then (A) first,
all of the securities the Company proposes to sell for its own account, if any;
and (B) second, such number of Registrable Securities requested to
be included in such registration by the Shareholders and such number of
securities of the Company requested to be included in such registration by any
other holders of securities of the Company (including any Employee
Stockholders) having equivalent rights under similar agreements (including the
Employee Stockholders’ Agreement), which, in the opinion of such managing
underwriter can be sold without having the adverse effect described above,
which number of securities shall be allocated pro
rata among such Shareholders and such other holders on the basis of
the relative number of Registrable Securities then held by each such
Shareholder and the number of securities subject to such equivalent rights held
by such other holders; provided, that any such amount thereby allocated
to each such Shareholder or such other holder of such securities that exceeds
such Shareholder’s or such other holder’s request shall be reallocated among
the Shareholders and such other holders in like manner, as applicable.

(c)           The Company will pay all Registration
Expenses in connection with each registration of Registrable Securities
pursuant to this Section 2.1.

SECTION 2.2          Demand
Registration.  (a)  Upon the written request from time to time (a
“Request”) of any of the Blackstone Entities (a “Demand Party”)
that the Company effect the registration under the Securities Act of all or
part of such Demand Party’s Registrable Securities and specifying the amount
and intended method of disposition thereof, the Company 

 

5

will
promptly give written notice of such requested registration to the other
Shareholders and, as expeditiously as possible, use its reasonable best efforts
to effect the registration under the Securities Act of:

(1)           such Registrable Securities which the Company has been so
requested to register by the Demand Party; and

(2)           the Registrable Securities of other Shareholders which the
Company has been requested to register by written request given to the Company
within 10 days after the giving of such written notice by the Company
(which request shall specify the amount and intended method of disposition of
such securities).

The Demand Party shall have the right to select the
managing underwriter or underwriters to administer the offerings covered by its
Requests.

(b)           If a requested registration pursuant
to this Section 2.2 involves an underwritten offering and the managing
underwriter advises the Company in writing that, in its opinion, the number of
securities requested to be included in such registration exceeds the maximum
number of securities which can be sold in such offering without having an
adverse effect on such offering (including the price at which such securities
can be sold), then the number of such securities to be included in such
registration shall be reduced to such extent, and the Company will include in
such registration such maximum number of securities as follows: (i) first,
the number of Registrable Securities requested to be included in such
registration by the Shareholders, which number shall be allocated pro rata among all such requesting
Shareholders based on the relative number of Registrable Securities then held
by each such requesting Shareholder; (ii) second, the number of
securities of the Company requested to be registered by holders of securities
(including any Employee Stockholders) having equivalent rights under similar
agreements (including the Employee Stockholders’ Agreement); and (iii) third,
the number of securities of the Company proposed to be sold by the Company, if
any.

(c)           If a requested registration pursuant
to this Section 2.2 involves an underwritten offering and the managing
underwriter advises the Company that, in its opinion, certain disclosure is of
material importance to the success of such proposed offering, then the Company
shall cooperate with the managing underwriter to provide such disclosure.  The Company agrees to include in any
registration statement all information which, in the reasonable view of counsel
to the underwriters (if any) or Designated Counsel, is required to be included.

(d)           The Demand Party shall be permitted
to request that any registration under this Section 2.2 be made under
Rule 415 under the Securities Act (the “Shelf Registration”).  The Company shall use its commercially
reasonable efforts to effect such Shelf Registration and to keep it
continuously effective until such date on which there are no Registrable
Securities covered by such registration. 
During the period during which the Shelf Registration is effective, the
Company shall supplement or make amendments to the Shelf Registration, if
required by the Securities Act or if reasonably requested by the Demand Party
or an underwriter of Registrable Securities to be sold pursuant thereto,
including to reflect any specific plan of distribution or method of sale, and
shall use its reasonable best efforts to have such supplements and amendments
declared effective, if required, as soon as practicable after filing.

 

6

 

(e)           The Company will pay all Registration
Expenses in connection with each registration of Registrable Securities
pursuant to this Section 2.2.

SECTION 2.3         Holdback.

(a)           Restrictions on Sale by the Shareholders.  In connection with any underwritten public
offering of securities of the Company, each Shareholder agrees not to effect
any sale or distribution, including any sale pursuant to Rule 144 under
the Securities Act, of any Registrable Securities, and not to effect any sale
or distribution of other securities of the Company or of any securities
convertible into or exchangeable or exercisable for any other securities of the
Company (in each case, other than as part of such underwritten public offering)
in each case, during the seven days prior to, and during such period as the
managing underwriter may require (not to exceed 90 days, or, in the case
of the Initial Public Offering, 180 days) (the period during which such
restriction applies, the “Holdback Period”) beginning on, the closing
date of the sale of such securities pursuant to an effective registration
statement, except as part of such registration; provided, however,
that this provision shall not apply if (i) such Shareholder owns, at the time
of such registration and throughout the Holdback Period, less than 2% of all
outstanding shares of Common Stock and (ii) such Shareholder is not
participating in such public offering.

(b)           Restrictions on Sale by the
Company and Others.  In connection
with any underwritten public offering of securities of the Company, the Company
agrees (i) not to effect any sale or distribution, and to use its
reasonable best efforts to cause its directors and officers not to effect any
sale or distribution, of any shares of Common Stock, Common Stock Equivalents
or other securities of the Company or of any security convertible into or
exchangeable or exercisable for any shares of Common Stock, Common Stock
Equivalents or other securities of the Company (other than in connection with
an employee stock option or other benefit plans) during the seven days prior
to, and during the same period applicable to the Shareholders in connection
with such offering pursuant to Section 2.3(a) beginning on, the closing
date of the sale of such securities pursuant to an effective registration
statement, except as part of such registration, and (ii) that any
agreement entered into after the date of this Agreement pursuant to which the
Company issues or agrees to issue any privately placed shares of Common Stock,
Common Stock Equivalents or other equity securities shall contain a provision
under which holders of such securities agree not to effect any sale or
distribution of any such securities during the period referred to in the
foregoing clause (i), except as part of such registration, if permitted.

SECTION 2.4          Other
Registration-Related Matters.  If and
whenever the Company is required to use its reasonable best efforts to effect
or cause the registration of any Registrable Securities under the Securities
Act as provided in this Agreement, the Company will, as expeditiously as
possible:

(a)           in
the case of a registration as provided in this Agreement, use its reasonable
best efforts to prepare and file with the SEC within 45 days (or, in the case
of a registration statement on Form S-3, within seven days) after receipt
of a request for registration with respect to such Registrable Securities, a
registration statement on any form for which the Company then qualifies or
which counsel for the Company shall deem 

 

7

appropriate,
and which form shall be available for the sale of the Registrable Securities in
accordance with the intended methods of distribution thereof, and use its
reasonable best efforts to cause such registration statement to become and
remain effective as promptly as practicable, subject to the right of the Demand
Party to defer the Company’s request for the acceleration of effectiveness of
any such registration statement as may be necessary to accommodate the
anticipated timetable for such offering; provided, that before filing
with the SEC a registration statement or prospectus or any amendments or
supplements thereto, the Company will (i) furnish to the selling
Shareholders copies of the form of preliminary prospectus proposed to be filed
and furnish to counsel of the selling Shareholders copies of all such documents
proposed to be filed, which documents will be subject to the reasonable review
of such counsel and shall not be filed without the approval (not to be
unreasonably withheld) of the Designated Counsel and (ii) notify the
selling Shareholders of any stop order issued or threatened by the SEC and take
all reasonable actions required to prevent the entry of such stop order or to
remove it if entered;

(b)           prepare
and file with the SEC such amendments and supplements to such registration
statement and the prospectus used in connection therewith as may be necessary
to keep such registration statement effective for a period of not less than
180 days or such shorter period which will terminate when all Registrable
Securities covered by such registration statement have been sold (or in the
case of a Shelf Registration, until the end of such latter period), and comply
with the provisions of the Securities Act with respect to the disposition of
all securities covered by such registration statement during such period in
accordance with the intended methods of disposition by the sellers thereof set
forth in such registration statement;

(c)           promptly
furnish to each Shareholder and each underwriter, if any, of Registrable
Securities covered by such registration statement such number of copies of such
registration statement, each amendment and supplement thereto (in each case
including all financial statements, schedules and exhibits thereto), the
prospectus included in such registration statement (including each preliminary
prospectus) (each prepared in conformity with the requirements of the
Securities Act), copies of any correspondence with the SEC or its staff
relating to the registration statement and such other documents as any
Shareholder or underwriter may reasonably request in order to facilitate the
disposition of the Registrable Securities;

(d)           use
its reasonable best efforts to register or qualify such Registrable Securities
under the securities or blue sky laws of such jurisdictions as any selling
Shareholder or each underwriter, if any, reasonably requests and do any and all
other acts and things which may be reasonably necessary or advisable to enable
such Shareholder and each underwriter, if any, to consummate the disposition in
such jurisdictions of the Registrable Securities; provided, that the
Company will not be required to (i) qualify generally to do business in
any jurisdiction where it would not otherwise be required to qualify but for
this paragraph (d), (ii) subject itself to taxation in any such
jurisdiction or (iii) consent to general service of process in any such
jurisdiction;

 

8

 

(e)           use
its reasonable best efforts to cause such Registrable Securities covered by
such registration statement to be registered with or approved by such other
governmental agencies or authorities as may be necessary to enable the seller
or sellers thereof to consummate the disposition of such Registrable
Securities;

(f)            promptly
notify the selling Shareholders at any time when a prospectus relating thereto
is required to be delivered under the Securities Act, of the happening of any
event which comes to the Company’s attention if as a result of such event the
prospectus included in such registration statement contains an untrue statement
of a material fact or omits to state any material fact required to be stated
therein or necessary to make the statements therein not misleading, and the
Company will promptly prepare and furnish to the selling Shareholders a
supplement or amendment to such prospectus so that, as thereafter delivered to
the purchasers of such Registrable Securities, such prospectus will not contain
an untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary to make the statements therein not
misleading;

(g)           if
requested by the managing underwriter or any selling Shareholder, promptly
incorporate in a prospectus supplement or post-effective amendment such
information as the managing underwriter or such Shareholder reasonably requests
be included therein relating to the plan of distribution with respect to such
Registrable Securities, including, without limitation, information with respect
to the number of Registrable Securities being sold to such underwriters, the
purchase price being paid therefor by such underwriters and with respect to any
other terms of the underwritten (or best efforts underwritten) offering of the
Registrable Securities to be sold in such offering; and make all required
filings of such prospectus supplement or post-effective amendment as soon as
notified of the matters to be incorporated in such prospectus supplement or
post-effective amendment;

(h)           cooperate
with the selling Shareholders and the managing underwriters, if any, to
facilitate the timely preparation and delivery of certificates representing the
Registrable Securities to be sold and not bearing any restrictive legends; and
enable such Registrable Securities to be sold in such denominations and
registered in such names as the managing underwriters or the selling
Shareholders may request prior to any sale of the Registrable Securities to the
underwriters;

(i)            use
its reasonable best efforts to cause all such Registrable Securities to be
listed on a national securities exchange or quotation system, and on each
securities exchange or quotation system on which similar securities issued by
the Company are then listed, and enter into such customary agreements including
a listing application and indemnification agreement in customary form, provided,
that the applicable listing requirements are satisfied, and to provide a
transfer agent and registrar for such Registrable Securities covered by such
registration statement no later than the effective date of such registration
statement;

(j)            enter
into such customary agreements (including an underwriting agreement in
customary form) and take all such other actions as the sellers of a majority 

 

9

 

of
the Registrable Securities covered by such registration statement or the
underwriters, if any, reasonably request in order to expedite or facilitate the
disposition of such Registrable Securities, including customary indemnification
provisions and, in connection with any shelf registration, supporting
Shareholders’ efforts to execute block trades with institutional buyers, if
applicable, and, in connection with any underwritten offering, making
appropriate members of senior management of the Company available (subject to
consulting with them in advance as to schedule) for customary participation in
in-person conferences or “road show” presentations to potential investors;

(k)           make
available for inspection by the selling Shareholders, any underwriter
participating in any disposition pursuant to such registration statement, and
any attorney, accountant or other agent (including Designated Counsel) retained
by Shareholders holding a majority of the Registrable Securities covered by the
applicable registration statement or any underwriter (each an “Inspector”),
all financial and other records, pertinent corporate documents and properties
of the Company and its subsidiaries, if any, as shall be reasonably necessary
to enable them to exercise their due diligence responsibility, and cause the
Company’s and its subsidiaries’ officers, directors and employees to supply all
information and respond to all inquiries reasonably requested by any such
selling Shareholder, underwriter, or Inspector in connection with such
registration statement;

(l)            use
its reasonable best efforts to obtain (i) an opinion or opinions of
counsel to the Company and (ii) a “cold comfort” letter or letters from
the Company’s independent public accountants, in each case in customary form
and covering such matters of the type customarily covered by opinions and “cold
comfort” letters as the Shareholders holding a majority of the Registrable
Securities covered by the applicable registration statement or the managing
underwriter requests;

(m)          otherwise
use its reasonable best efforts to comply with all applicable rules and
regulations of the SEC, and make available to its security holders, within the
required time periods, an earnings statement covering a period of at least
twelve months, beginning with the first month after the effective date of the
registration statement (as the term “effective date” is defined in
Rule 158(c) under the Securities Act), which earnings statement shall
satisfy the provisions of Section 11(a) of the Securities Act and
Rule 158 thereunder or any successor provisions thereto;

(n)           promptly
prior to the filing of any document which is to be incorporated by reference
into the registration statement or the prospectus (after initial filing of the
registration statement), provide copies of such document to Designated Counsel
and counsel to the managing underwriters, if any, make the Company’s
representatives available for discussion of such document and give due
consideration to changes in such document prior to the filing thereof as
Designated Counsel may reasonably request;

(o)           promptly
notify the selling Shareholders, Designated Counsel to the selling Shareholders
and counsel to the managing underwriter, (i) when the registration
statement, or any post-effective amendment to the registration statement, shall
have become effective, or any supplement to the prospectus or any amendment to
the 

 

 

10

 

prospectus
shall have been filed, (ii) of the receipt of any comments from the SEC,
(iii) of any request of the SEC to amend the registration statement or
amend or supplement the prospectus or for additional information, and
(iv) of the issuance by the SEC of any stop order suspending the
effectiveness of the registration statement or of any order preventing or
suspending the use of any preliminary prospectus, or of the suspension of the
qualification of the registration statement for offering or sale in any jurisdiction,
or of the institution or threatening of any proceedings for any of such
purposes; and

(p)           cooperate
with the selling Shareholders and their Designated Counsel and each underwriter
or agent participating in the disposition of such Registrable Securities and
their respective counsel in connection with any filings required to be made
with any securities exchange and/or the NASD.

The Company may require any
Shareholder that is selling Registrable Securities pursuant to this Agreement
to furnish to the Company such information pertinent to the disclosure
requirements relating to the registration and distribution of such Registrable
Securities regarding such Shareholder, the Registrable Securities held by such
Shareholder and the intended method of disposition thereof as the Company shall
reasonably request in connection with such registration.

Each Shareholder agrees
that, upon receipt of any notice from the Company of the happening of any event
of the kind described in Section 2.4(f) hereof, such Shareholder will
forthwith discontinue disposition of Registrable Securities pursuant to the
registration statement covering such Registrable Securities until such
Shareholder receives the copies of the prospectus supplement or amendment
contemplated by Section 2.4(f) hereof, and, if so directed by the Company,
such Shareholder will deliver to the Company all copies, other than permanent
file copies, then in such Shareholder’s possession, of the prospectus covering
such Registrable Securities current at the time of receipt of such notice.  In the event the Company shall give any such
notice, the period mentioned in Section 2.4(b) hereof shall be extended by
the greater of (i) 30 days or (ii) the number of days during the
period from and including the date of the giving of such notice pursuant to
Section 2.4(f) hereof to and including the date when such Shareholder
shall have received the copies of the prospectus supplement or amendment
contemplated by Section 2.4(f) hereof.

ARTICLE III

INDEMNIFICATION

 

SECTION 3.1          Indemnification
by the Company.  In the event of any
registration of any Registrable Securities under the Securities Act pursuant to
Section 2.1 or Section 2.2 hereof, the Company will, and it hereby
does, indemnify and hold harmless, to the full extent permitted by law, each
Shareholder, its directors and officers, employees, shareholders, general
partners, limited partners, members, advisory directors, managing directors
(and directors, officers, stockholders, general partners, limited partners,
members, advisory directors, managing directors and controlling persons
thereof) (collectively, “Related Persons”), each other Person who
participates as an underwriter in the offering or sale of such securities and
each other Person, if any, who controls, is controlled by or is under common
control with any Shareholder 

 

11

 

or
any such underwriter (collectively, the “Shareholder Indemnified Parties”)
within the meaning of the Securities Act, against any and all losses, claims,
damages or liabilities, joint or several, and expenses (including without
limitation, reasonable attorneys’ fees and any and all reasonable expenses
incurred investigating, preparing or defending against any litigation,
commenced or threatened, or any claim, and any and all amounts paid in any
settlement of any such claim or litigation) to which such Shareholder
Indemnified Party may become subject under the Securities Act, state securities
or blue sky laws, common law or otherwise, insofar as such losses, claims,
damages or liabilities (or actions or proceedings in respect thereof) or
expenses arise out of or are based upon (i) any untrue statement or
alleged untrue statement of any material fact contained, on the effective date
thereof, in any registration statement under which such Registrable Securities
were registered under the Securities Act, any preliminary, final or summary
prospectus contained therein, or any amendment or supplement thereto or
(ii) any omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein not
misleading (in the case of a prospectus, in light of the circumstances under
which they are made), and the Company will reimburse each Shareholder Indemnified
Party for any legal or any other expenses reasonably incurred by it as such
expenses are incurred in connection with investigating or defending such loss,
claim, liability, action or proceeding; provided, that the Company shall
not be liable in any such case to the extent that any such loss, claim, damage,
liability (or action or proceeding in respect thereof) or expense arises out of
or is based upon any untrue statement or alleged untrue statement or omission
or alleged omission made in such registration statement or amendment or
supplement thereto or in any such preliminary, final or summary prospectus in
reliance upon and in conformity with written information furnished to the
Company by such Shareholder or underwriter specifically stating that it is for
use in the preparation thereof.  Such
indemnity shall remain in full force and effect regardless of any investigation
made by or on behalf of such Shareholder Indemnified Party and shall survive
the transfer of such securities by any Shareholder or underwriter.

SECTION 3.2          Indemnification
by the Shareholders.  The Company may
require, as a condition to including any Registrable Securities in any
registration statement filed in accordance with Section 2.1 or
Section 2.2, that the Company shall have received an undertaking
reasonably satisfactory to it from the applicable Selling Shareholder or any
prospective underwriter to indemnify and hold harmless (in the same manner and
to the same extent as set forth in Section 3.1) the Company, all other
prospective selling Shareholders, any prospective underwriter, and their
respective Related Persons and controlling Persons (collectively, the “Company
Indemnified Parties”), with respect to losses, claims, damages, liabilities
and expenses described in the indemnity contained in Section 3.1, insofar
as such losses, claims, damages, liabilities (or actions or proceedings in
respect thereof) or expenses arise out of or are based upon (i) any untrue
statement or alleged untrue statement of any material fact contained, on the
effective date thereof, in any registration statement under which such
Registrable Securities were registered under the Securities Act, any
preliminary, final or summary prospectus contained therein, or any amendment or
supplement thereto or (ii) any omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make the
statements therein (in the case of a prospectus, in light of the circumstances
under which they are made) not misleading, and the applicable Shareholder and
any underwriter will reimburse each Company Indemnified Party for any legal or
any other expenses reasonably incurred by it as such expenses are incurred in
connection with investigating or defending such loss, claim, liability, action
or proceeding; provided that any such Shareholder and any such underwriter 

 

12

 

shall
only be liable in any such case if any such loss, claim, damage, liability (or
action or proceeding in respect thereof) or expense arises out of or is based
upon any untrue statement or alleged untrue statement or omission or alleged
omission made in such registration statement or amendment or supplement thereto
or in any such preliminary, final or summary prospectus in reliance upon and in
conformity with written information with respect to such Shareholder or
underwriter furnished to the Company by such Shareholder or underwriter
specifically stating that it is for use in the preparation thereof.  Such indemnity will remain in full force and
effect regardless of any investigation made by or on behalf of any Company
Indemnified Party.  In no event shall the
liability of any selling Shareholders of Registrable Securities pursuant to
this Section 3.2 be greater in amount than the dollar amount of the net
proceeds actually received by such Shareholder upon the sale of the Registrable
Securities giving rise to such indemnification obligation.

SECTION 3.3          Notices
of Claims, Etc.  Promptly after
receipt by an indemnified party hereunder of written notice of the commencement
of any action or proceeding with respect to which a claim for indemnification
may be made pursuant to this Article III, such indemnified party shall, if
a claim in respect thereof is to be made against an indemnifying party,
promptly give written notice to the latter of the commencement of such action; provided,
that the failure of any indemnified party to give notice as provided herein
shall not relieve the indemnifying party of its obligations under the preceding
sections of this Article III, except to the extent that the indemnifying
party is actually prejudiced by such failure to give notice.  In case any such action is brought against an
indemnified party, the indemnifying party will be entitled to participate in
and, jointly with any other indemnifying party similarly notified, to assume
the defense thereof, to the extent that it may wish, with counsel reasonably
satisfactory to such indemnified party, and after notice from the indemnifying
party to such indemnified party of its election so to assume the defense
thereof, the indemnifying party will not be liable to such indemnified party
for any legal or other expenses subsequently incurred by the latter in
connection with the defense thereof, unless in such indemnified party’s
reasonable judgment a conflict of interest between such indemnified and
indemnifying parties exists or the indemnifying party is not adequately
defending such action or proceeding.  In
such event, the indemnified party shall be entitled to retain its own counsel
to jointly participate in such defense, provided, that an indemnifying
party will not be obligated to pay the fees and expenses of more than one such
counsel (together with appropriate local counsel) for all parties indemnified
by such indemnifying party with respect to such claim unless in the reasonable
judgment of any indemnified party a conflict of interest may exist between such
indemnified party and any other of such indemnified parties with respect to
such claim, in which event the indemnifying party shall be obligated to pay the
fees and expenses of such additional counsel or counsels (together with the
fees of local counsel).  An indemnifying
party will not be subject to any liability for any settlement made without its consent
(which consent shall not be unreasonably withheld).  No indemnifying party will consent to entry
of any judgment or enter into any settlement of any pending or threatened
proceeding involving an indemnified party which (i) does not include as an
unconditional term thereof the giving by the claimant or plaintiff to such
indemnified party of a release from all liability in respect to such claim or
litigation, or (ii) involves the imposition of equitable remedies or the
imposition of any non-financial obligations on such indemnified party.

SECTION 3.4          Contribution.  If the indemnification provided for in this
Article III is unavailable to an indemnified party under Section 3.1
or Section 3.2 hereof (other than by 

 

 

13

 

reason
of exceptions provided in those Sections) in respect of any losses, claims,
damages, liabilities or expenses referred to therein, then each applicable
indemnifying party, in lieu of indemnifying such indemnified party, shall
contribute to the amount paid or payable by such indemnified party as a result
of such losses, claims, damages, liabilities or expenses in such proportion as
is appropriate to reflect the relative benefits received by the indemnifying
party on the one hand and the indemnified party on the other, and the relative
fault of the indemnifying party on the one hand and of the indemnified party on
the other in connection with the statements or omissions which resulted in such
losses, claims, damages, liabilities or expenses, as well as any other relevant
equitable considerations.  The relative
fault of the indemnifying party on the one hand and of the indemnified party on
the other shall be determined by reference to, among other things, whether the
untrue or alleged untrue statement of a material fact or the omission or
alleged omission to state a material fact has been made by, or relates to
information supplied by the indemnifying party or by the indemnified party and
the parties’ relative intent, knowledge, access to information and opportunity
to correct or prevent such statement or omission.  The amount paid or payable by a party as a
result of the losses, claims, damages, liabilities and expenses referred to
above shall be deemed to include, subject to the limitations set forth in
Section 3.1 and Section 3.2, any legal or other fees or expenses
reasonably incurred by such party in connection with investigating or defending
any action or claim.

The Company and
the Shareholders agree that it would not be just and equitable if contribution
pursuant to this Section 3.4 were determined by pro rata allocation or by
any other method of allocation which does not take account of the equitable
considerations referred to in the immediately preceding paragraph.  Notwithstanding the provisions of this
Section 3.4, no Shareholder shall be required to contribute any amount in
excess of the amount by which the total price at which the Registrable
Securities sold by such Shareholder and distributed to the public were offered
to the public exceeds the amount of any damages which such Shareholder has
otherwise been required to pay by reason of such untrue or alleged untrue
statement or omission or alleged omission. 
No Person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) shall be entitled to contribution
from any Person who was not guilty of such fraudulent misrepresentation.

SECTION 3.5          Other
Indemnification.  Indemnification
similar to that specified in Section 3.1 and Section 3.2 (with appropriate
modifications) shall be given by the Company and each Shareholder with respect
to any required registration or other qualification of securities under any law
or with any governmental authority other than as required by the Securities
Act.

SECTION 3.6          Non-Exclusivity.  The obligations of the parties under this
Article III shall be in addition to any liability which any party may
otherwise have to any other party.

SECTION 3.7          Indemnification
Payments.  The indemnification and
contribution required by Section 3.1, Section 3.2 and
Section 3.4 shall be made by periodic payments of the amount thereof
during the course of the investigation or defense, as and when bills are
received or expense, loss, damage or liability is incurred.

 

14

 

ARTICLE IV

OTHER

 

SECTION 4.1          Remedies.  The Company and each Shareholder acknowledge
and agree that in the event of any breach of this Agreement by any of them, the
Shareholders and the Company would be irreparably harmed and could not be made
whole by monetary damages.  Each party
accordingly agrees to waive the defense in any action for specific performance
that a remedy at law would be adequate and that the parties, in addition to any
other remedy to which they may be entitled at law or in equity, shall be
entitled to compel specific performance of this Agreement.

SECTION 4.2          Amendments,
Waivers.  This Agreement may not be
amended, modified or supplemented and no waivers of or consents to or
departures from the provisions hereof may be given unless consented to in
writing by the Company and the Shareholders holding a majority of the
Registrable Shares held by all such Shareholders, provided, that no such
amendment shall adversely affect the rights of a Shareholder disproportionately
to other Shareholders without the written consent of such Shareholder, and provided,
further, that no such amendment shall adversely affect BACI in any
material respect without the written consent of BACI.

SECTION 4.3          Successors;
Assigns; Transferees.  The provisions
of this Agreement shall be binding upon and accrue to the benefit of the
parties hereto and their respective heirs, successors and permitted
assigns.  In addition, the rights of any
particular Shareholder under this Agreement may be assigned by such Shareholder
to any transferee of more than 5% of the outstanding shares of Common Stock,
provided such transfer is made in accordance with the Second Amended and
Restated Shareholders’ Agreement by and among Celanese Corporation, Blackstone
Capital Partners (Cayman) Ltd. 1, Blackstone Capital Partners (Cayman) Ltd. 2,
Blackstone Capital Partners (Cayman) Ltd. 3 and BA Capital Investors Sidecar
Fund, L.P., dated as of January 18, 2005, and not in violation of any other
agreement to which such Shareholder is a party.

SECTION 4.4          Notices.  Any notice, request, instruction or other
document to be given hereunder by any party hereto to another party hereto
shall be in writing, shall be and shall be deemed given when (i) delivered
personally, (ii) five Business Days after being sent by certified or
registered mail, postage prepaid, return receipt requested, (iii) one
Business Day after being sent by Federal Express or other nationally recognized
overnight courier, or (iv) if transmitted by facsimile, if confirmed
within 24 hours thereafter a signed original sent in the manner provided
in clause (i), (ii) or (iii) to the parties at the following addresses (or
at such other address for a party as shall be specified by notice from such
party):

if to the Company:

Celanese
Corporation

1601
West LBJ Freeway

Dallas,
Texas 75234-6034

Attention:        Secretary

 

15

 

 

Fax:                    (972) 332-9022

 

With
a copy to:

 

Celanese
Corporation

550
U.S. Highway 202/206

Bedminster,
New Jersey 07921-1590

Attention:
       Senior SEC Counsel

Fax:                    (908) 901-4808

if
to any Blackstone Entity:

The
Blackstone Group L.P.

345 Park Avenue

New York, New York 10154

Attention:        Chinh Chu

Fax:                    (212) 583-5722

with
a copy to:

Simpson Thacher &
Bartlett LLP

425 Lexington Avenue

New York, New York 10017

Attention:        William R. Dougherty,
Esq.

Fax:                    (212) 455-2502

if to BACI:

BA Capital Investors Sidecar Fund, L.P.

c/o Banc of America Capital Investors, L.P.

Banc of America Corporate Center

100 North Tryon Street, 25th Floor

Charlotte, NC 28255

Attention:        J. Travis Hain

Fax:                    (704)
386-6432

 

with
a copy to:

Kirkland & Ellis LLP

200 East Randolph Drive

Chicago, IL 60601

Attention:        Margaret A.
Gibson

Fax:                    (312)
861-2200

 

SECTION 4.5          Integration.  This Agreement, and the documents referred to
herein, or delivered pursuant hereto, contain the entire understanding of the
parties with respect to the subject matter hereof.  There are no agreements, representations,
warranties, covenants or 

 

16

undertakings
with respect to the subject matter hereof and thereof other than those
expressly set forth herein and therein. 
This Agreement supersedes all other prior agreements and understandings
between the parties with respect to such subject matter.

SECTION 4.6          Severability.  If one or more of the provisions, paragraphs,
words, clauses, phrases or sentences contained herein, or the application
thereof in any circumstances, is held invalid, illegal or unenforceable in any
respect for any reason, the validity, legality and enforceability of any such
provision, paragraph, word, clause, phrase or sentence in every other respect
and of the remaining provisions, paragraphs, words, clauses, phrases or
sentences hereof shall not be in any way impaired, it being intended that all
rights, powers and privileges of the parties hereto shall be enforceable to the
fullest extent permitted by law.

SECTION 4.7          Counterparts.  This Agreement may be executed in any number
of counterparts, each of which will be deemed to be an original and all of
which together will be deemed to be one and the same instrument.

SECTION 4.8          Limited
Liability.  Notwithstanding any other
provision of this Agreement, neither the members, general partners, limited
partners or managing directors, or any directors or officers of any members,
general or limited partner, advisory director, nor any future members, general
partners, limited partners, advisory directors, or managing directors, if any,
of any Shareholder shall have any personal liability for performance of any
obligation of such Shareholder under this Agreement in excess of the respective
capital contributions of such members, general partners, limited partners,
advisory directors or managing directors to such Shareholder.

SECTION 4.9          Rule
144.  If the Company is subject to
the requirements of Section 13, 14 or 15(d) of the Exchange Act, the
Company covenants that it will file any reports required to be filed by it
under the Securities Act and the Exchange Act (or, if the Company is subject to
the requirements of Section 13, 14 or 15(d) of the Exchange Act but is not
required to file such reports, it will, upon the request of any Shareholder,
make publicly available such information) and it will take such further action
as any Shareholder may reasonably request, so as to enable such Shareholder to
sell Registrable Securities without registration under the Securities Act
within the limitation of the exemptions provided by (a) Rule 144
under the Securities Act, as such Rule may be amended from time to time, or
(b) any similar rule or regulation hereafter adopted by the SEC.  Upon the request of any Shareholder, the
Company will deliver to such Shareholder a written statement as to whether it
has complied with such requirements.

SECTION 4.10        Other
Registration Rights.  (a)  The Company covenants that it will not grant
any right of registration (whether demand or incidental) under the Securities
Act relating to any shares of Common Stock, Common Stock Equivalents or any of
its other securities to any Person unless the Shareholders shall be entitled to
have included in any registration effected (i) pursuant to
Section 2.2 hereof, all Registrable Securities requested by it to be so
included prior to the inclusion of any securities requested to be registered by
the Persons entitled to any such other registration rights pursuant to any
provision providing registration rights comparable to those contained in
Section 2.1 hereof and (ii) pursuant to Section 2.1 hereof, all Registrable
Securities requested by such Shareholder to be so included prior to the
inclusion

 

17

of any securities requested to be registered by the
Persons entitled to any such other registration rights pursuant to any provision
providing registration rights comparable to those contained in Section 2.1
hereof; it being understood that as among the Shareholders, the right and the
priority of participation in any such registration shall be as provided in this
Agreement.

(b)           If the Company at any time grants to
any other holders of shares of Common Stock, Common Stock Equivalents or other
securities of the Company any rights to request the Company to effect the
registration (whether demand or incidental) under the Securities Act of any
such securities on any terms more favorable to such holders than the terms set
forth in this Agreement, the terms of this Agreement shall, at the request of
Shareholders holding a majority of the Registrable Securities held by all
Shareholders, be deemed amended or supplemented to the extent necessary to
provide the Shareholders such more favorable rights and benefits.

(c)           The Company covenants that it will
not enter into, or cause or permit any of its subsidiaries to enter into, any
agreement which conflicts with or limits or prohibits the exercise of the
rights granted to the Shareholders in this Agreement.

(d)           Each of the Blackstone Entities and
the Company agrees that, in the event that any Blackstone Entity or any of its
Affiliates is granted any right of registration (whether demand or incidental)
by any subsidiary of the Company or any entity through which any Blackstone
Entity or any of its Affiliates hereafter holds its interest in the Company, it
shall take all actions available to it to cause the entity granting such rights
to grant to BACI rights comparable to those held by BACI pursuant to this
Agreement.

SECTION 4.11        Governing
Law.  This Agreement shall be
governed by and construed and enforced in accordance with the laws of the State
of New York.

SECTION 4.12        Jurisdiction.  The courts of the State of New York in New
York County and the United States District Court for the Southern District of
New York shall have jurisdiction over the parties with respect to any dispute
or controversy between them arising under or in connection with this agreement
and, by execution and delivery of this agreement, each of the parties to this
Agreement submits to the exclusive jurisdiction of those courts, including but
not limited to the in personam and
subject matter jurisdiction of those courts, waives any objections to such
jurisdiction on the grounds of venue or forum
non conveniens, the absence of in
personam or subject matter jurisdiction and any similar grounds,
consents to service of process by mail (in accordance with the notice
provisions of this Agreement) or any other manner permitted by law, and
irrevocably agrees to be bound by any judgment rendered thereby in connection
with this Agreement.

SECTION 4.13        MUTUAL
WAIVER OF JURY TRIAL.  THE PARTIES HERETO
WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT OR PROCEEDING BROUGHT TO
ENFORCE OR DEFEND ANY RIGHTS OR REMEDIES UNDER THIS AGREEMENT.

 

*              *              *

 

 

18

IN WITNESS
WHEREOF, the undersigned have executed this Agreement as of the date first
written above.

	
   

  	
  CELANESE
  CORPORATION

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/
  David N. Weidman

  
	
   

  	
   

  	
   

  	
  Name:
  David N. Weidman

  
	
   

  	
   

  	
   

  	
  Title:
  Chief Executive Officer and President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  BLACKSTONE
  CAPITAL PARTNERS (CAYMAN) LTD. 1

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/
  Chinh E. Chu

  
	
   

  	
   

  	
   

  	
  Name:
  Chinh E. Chu

  
	
   

  	
   

  	
   

  	
  Title:
  Director

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  BLACKSTONE
  CAPITAL PARTNERS (CAYMAN) LTD. 2

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/
  Chinh E. Chu

  
	
   

  	
   

  	
   

  	
  Name:
  Chinh E. Chu

  
	
   

  	
   

  	
   

  	
  Title:
  Director

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  BLACKSTONE
  CAPITAL PARTNERS (CAYMAN) LTD. 3

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/
  Chinh E. Chu

  
	
   

  	
   

  	
   

  	
  Name:
  Chinh E. Chu

  
	
   

  	
   

  	
   

  	
  Title:
  Director

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  BA
  CAPITAL INVESTORS SIDECAR FUND, L.P.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  BA
  Capital Management Sidecar, L.P., its General Partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  BACM
  I Sidecar GP Limited, its General Partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/
  John A. Shimp

  
	
   

  	
   

  	
   

  	
  Name:
  John A. Shimp

  
	
   

  	
   

  	
   

  	
  Title:
  Authorized Person

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00077-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00077-of-00352.parquet"}]]