Document:

Exhibit 10.3

 

 

August 19,
2020

 

Anthony Manning

Chief Scientific Officer

By email delivery

 

Re:          Retention
Agreement

 

Dear Dr. Manning:

 

This
letter agreement is in reference to the employment agreement between you and Momenta Pharmaceuticals, Inc. (the “Company”),
dated as of May 9, 2016 (as amended through the date hereof, the “Employment Agreement”). As you know,
Johnson & Johnson, a New Jersey corporation (“Parent”), Vigor Sub, Inc., a Delaware corporation
and direct wholly owned subsidiary of Parent (“Merger Sub”), and the Company propose to enter into a merger
agreement (the “Merger Agreement”) that will (subject to the satisfaction of the terms and conditions of the
Merger Agreement) result in Merger Sub being merged with and into the Company as a result of the Merger (as defined in the Merger
Agreement) and the Company surviving the Merger as a wholly owned subsidiary of Parent. As a condition to the willingness of Parent
and Merger Sub to enter into the Merger Agreement, Parent has requested that you enter into this letter agreement setting forth
certain modifications to your rights and obligations under the Employment Agreement and any other agreement between you and the
Company that provides for severance, separation or retention payments or benefits. Capitalized terms used but not otherwise defined
herein shall have the meanings assigned thereto under the Employment Agreement, unless otherwise expressly noted.

 

In
consideration of the benefits provided hereunder, Parent’s and Merger Sub’s willingness to enter into the Merger Agreement,
as a result of which you are receiving consideration as a shareholder of the Company and as an employee holding equity-based awards
in the Company, and Parent’s and Merger Sub’s willingness to offer you continued employment with the Company following
the consummation of the Merger, and for other good and valuable consideration, which is hereby acknowledged and agreed by the
undersigned, each of the Company and you (each, a “party”) agrees as follows:

 

1.             Effectiveness.
This letter agreement shall become effective upon effectiveness of the Merger Agreement; provided, however,
that this letter agreement is expressly contingent upon the Closing (as defined in the Merger Agreement) and that in the event
the Closing is not completed for any reason, this letter agreement becomes null and void ab initio.

 

    

     

    

 

2.             Entitlement
to Severance; Definition of “Good Reason”; Miscellaneous. (a) You hereby agree that if your employment is
terminated within 6 months following the Closing (i) by the Company and its affiliates other than for Cause, or if your termination
is due to your death or Disability, you shall be entitled to (A) the severance payments and benefits described in Section 6.2(a)-(c) of
the Employment Agreement, determined as if your employment with the Company was terminated by the Company without Cause as of
the Closing, and if your employment terminates before the Company pays annual cash bonuses for 2020, an amount equal to your 2020
target annual cash bonus (the “2020 Bonus” and the amounts in this clause (A), collectively, “Termination
Compensation”) plus (B) an additional cash payment in an amount equal to 50% of your annual base salary in effect
as of August 8, 2020 (the “Retention Bonus”) or (ii) by you for Good Reason (as defined in the Employment
Agreement, as modified below), you shall be entitled to the Termination Compensation, but not the Retention Bonus. In each case,
your right to receive the Termination Compensation and/or the Retention Bonus is subject to your continued compliance with the
restrictive covenants contained in Sections 9 and 10 of the Employment Agreement and your execution of a general release of claims
against the Company and its affiliates substantially in the form attached as Exhibit A, and such release becoming
effective and irrevocable no later than 60 days following the date of termination. Payment of the 2020 Bonus and/or the Retention
Bonus under this Section 2 will be made to you in a lump sum on the third business day following the date such release becomes
effective and irrevocable. In addition, you further acknowledge and agree that the payments and benefits under this Section 2(a) shall
be in lieu of, and not in addition to, any other severance or similar payments and benefits under any other plan, program, policy,
agreement or arrangement maintained by the Company, Parent or any of their respective affiliates, and all of your rights under
the Employment Agreement and any such other plan, program, policy, agreement or arrangement shall immediately terminate upon your
termination of employment.

 

(b)           You
hereby agree that the definition of “Good Reason” set forth in the Employment Agreement shall be amended by deleting
clause (a) of that definition and replacing it with the following language:

 

“(a) following
a Change in Control, Johnson & Johnson, the Company or any of their respective affiliates assigning the Executive duties
or responsibilities that are substantially inconsistent with his professional skills and experience levels as of such Change in
Control (without regard to the fact that the Company is no longer an independent publicly held company).”

 

(c)           You
hereby agree that, except as expressly provided herein, the provisions of Sections 2, 3, 5.1 and 6 of the Employment Agreement
shall cease to apply to you from and after the Closing, and any references to such provisions shall be deemed to be deleted, and
you shall instead be eligible to receive the payments and benefits described herein and to participate in all plans and programs
of Parent applying to employees with your duties and responsibilities. Notwithstanding the foregoing, for twelve months following
the Closing, for so long as you remain an employee of Parent and its affiliates, you shall continue to receive at least the same
base salary as you received immediately prior to the Closing and be eligible for at least the same target bonus opportunity
as you were eligible for immediately prior to the Closing. Additionally, the parties intend that, through at least the Vesting
Date (defined below), you shall retain your title with the Company as in effect immediately prior to the Closing, with the understanding
that, following the Closing, you may report to an employee or employees of Parent. After the Closing, and solely to the extent
you remain an employee of the Company, Parent or any of their affiliates at the time that the Company, Parent or such affiliate
engages in routine annual compensation determinations involving, among other things, merit increase determinations for its employees,
you shall be considered with respect to such determinations in good faith and on substantially the same basis as other similarly
situated employees of the Company, Parent or such affiliate.

 

    2

     

    

 

3.             Treatment
of Equity-based Awards. You acknowledge and agree that your Company Options and Company RSU Awards (each, as defined in the
Merger Agreement) will be treated as set forth in Section 3.7 of the Merger Agreement, and subject to all applicable tax
withholdings. You hereby agree that any stock option, restricted stock award or other equity-based or equity-related award granted
to you on or after the Closing shall be subject to the provisions in the applicable equity plan of Parent and the applicable award
agreement entered into between you and Parent.

 

4.             Retention
Payment. Subject to your compliance with Sections 6 and 7 of this letter agreement, if you remain an active full-time
employee of the Company, Parent or any of their respective subsidiaries through the expiration of the 6-month period
beginning on the day following the Closing Date (as defined in the Merger Agreement) (the “Vesting Date”),
you will receive a cash payment equal to (i) the aggregate amount described in Section 6.2(a) of the
Employment Agreement, determined as if your employment with the Company was terminated by the Company without Cause as of the
Closing plus (ii) an amount equal to the portion of the premiums the Company would need to pay to provide you with the
benefits under Sections 6.2(b) and (c) for the 12 month period following the Vesting Date, based on the premium
costs in effect as of the Closing and assuming for this purpose that your employment terminated on the Vesting Date and that
you timely elected to receive all such benefits, plus (iii) the Retention Bonus. The aggregate of these amounts will be
paid to you in a lump sum on the third business day following the Release Effective Date (as defined below). You hereby agree
that, notwithstanding anything contained in the Employment Agreement or any other agreement between you and the Company
providing for severance or separation payments or benefits, you may either receive payment of amounts set forth in
Section 2(a) or in Section 4, but in no event shall you be entitled to receive payment of both amounts;
furthermore, you shall not be entitled to any severance or separation payments or benefits under the Employment Agreement
(including under Sections 5 and 6 thereof) or under any other plan, program, policy, agreement or arrangement maintained by
the Company, Parent or any of their respective affiliates, and all of your rights to such payments and benefits under the
Employment Agreement and any such other plan, program, policy, agreement or arrangement will immediately terminate, in each
case, except as otherwise provided herein. If you continue to be employed by Parent or its subsidiaries following the Vesting
Date, you shall be eligible for severance benefits under either the applicable severance policy of Parent or one of
its subsidiaries, as determined by Parent; provided, however, that you shall not receive credit for your
service with Parent or the Company, or any of their respective subsidiaries, for the periods of employment that precede the
Closing Date for any purpose under such policy, including eligibility, vesting or calculation of benefits.

 

    3

     

    

 

5.             Restrictions
Prior to Closing.

 

(a)           You
hereby agree that during the period following the signing of this letter agreement and prior to the Closing, you shall not terminate
your employment for Good Reason or provide notice regarding a condition allegedly constituting Good Reason.

 

(b)           You
and the Company also agree that, during the Pre-Closing Period, neither the Employment Agreement nor this letter agreement shall
be amended, modified, replaced or terminated without Parent’s prior written consent and that Parent shall be a third-party
beneficiary of this Section 5(b).

 

6.             Employee
Covenants. You acknowledge that as a result of your employment with the Company, you have been given access to various trade
secrets and confidential information of the Company. In addition, you further acknowledge and agree that a material aspect of
Parent’s decision to enter into the Merger Agreement is the acquisition of the Company’s goodwill for the purpose
of Parent’s carrying on a business that is similar to the business of the Company. Therefore, (a) as a condition to
Parent’s and Merger Sub’s willingness to enter into the Merger Agreement and (b) in consideration for the opportunity
to receive the Retention Bonus granted under this letter agreement, you agree to remain bound by the confidentiality, non-solicitation
and non-competition agreements between you and the Company, including the provisions set forth in Sections 9 and 10 of the Employment
Agreement (collectively, the “Restrictive Covenant Agreements”).

 

7.             General
Waiver and Release. You agree that the Retention Bonus to which you may become entitled hereunder will become payable to you
only if (a) you execute, prior to the payment of such amount, a general waiver and release of all claims up to the date such
release is executed, including those under the Employment Agreement, in favor of Parent, the Company and their respective subsidiaries
and affiliates, and others related to such entities (including their respective directors, officers and employees), substantially
in the form attached as Exhibit A, and (b) such waiver and release becomes effective and irrevocable (the date
of such effectiveness and irrevocability, the “Release Effective Date”, which date shall be no later than 60
days after the Vesting Date).

 

8.             Withholding. You
are solely liable for all taxes, including Federal, state, local or foreign income, employment and social security taxes, and
tax penalties that you incur in connection with this letter agreement, the treatment of your Company Options and Company RSU
Awards in accordance with the terms of the Merger Agreement or your employment with Parent and its affiliates, and none of
the Company or its affiliates shall have any obligation to indemnify or otherwise hold you harmless from any or all such
taxes. The Company or its applicable affiliate may withhold from any amounts payable under this letter agreement, in
connection with the treatment of your Company Options and Company RSUs Awards in accordance with the terms of the Merger
Agreement or your employment with Parent and its affiliates such Federal, state, local or foreign taxes, including income,
employment and social security taxes, as will be required to be withheld pursuant to any applicable law or
regulation.

 

    4

     

    

 

9.             Section 409A.
It is intended that the provisions of this letter agreement comply with Section 409A of the Internal Revenue Code of
1986, as amended (the “Code”), and all provisions of this letter agreement shall be construed and interpreted
in a manner consistent with Section 409A of the Code. Section 17 of the Employment Agreement shall apply to any payment
made pursuant to this letter agreement.

 

10.           Not
an Employment Agreement. Following the Closing, the terms of this letter agreement neither bind you to continued employment
with the Company or any of its subsidiaries or affiliates nor confer any rights upon you with respect to the continuation of employment
by the Company or any of its subsidiaries or affiliates. No provision of this letter agreement shall be construed as prohibiting
or limiting the ability of the Company to amend, modify or terminate any plans, programs, policies, agreements, arrangements or
understandings of Parent or the Company, and nothing herein shall be construed as an amendment to any such plan, program, policy,
agreement, arrangement or understanding.

 

11.           Governing
Law. This letter agreement shall be governed by, construed and interpreted in accordance with, the laws of the Commonwealth
of Massachusetts, without regard to its principles of conflicts of laws.

 

12.           Severability.
If any term, provision, covenant or condition of this letter agreement is held by a court of competent jurisdiction to be
invalid, illegal, void or unenforceable in any jurisdiction, then such provision, covenant or condition shall, as to such jurisdiction,
be modified or restricted to the minimum extent necessary to make such provision valid, binding and enforceable, or, if such provision
cannot be modified or restricted, then such provision shall, as to such jurisdiction, be deemed to be excised from this letter
agreement and any such invalidity, illegality or unenforceability with respect to such provision shall not invalidate or render
unenforceable such provision in any other jurisdiction, and the remainder of the provisions hereof shall remain in full force
and effect and shall in no way be affected, impaired or invalidated.

 

13.           Entire
Agreement; Amendments. This letter agreement and its Exhibit A, the Employment Agreement and the Restrictive
Covenant Agreements contain the entire agreement among you and the Company concerning the subject matter hereof and
supersedes all prior agreements, understandings, discussions, negotiations and undertakings, whether written or oral, among
you and the Company with respect hereto. You acknowledge and agree that this letter agreement constitutes a modification of
your rights under the Employment Agreement and any other agreement between you and the Company providing for severance,
separation or retention payments or benefits or any other plan, program, policy or arrangement providing for such benefits.
Notwithstanding the foregoing, all other terms of the Employment Agreement, the Restrictive Covenant Agreements and any such
other agreement that have not been modified by this letter agreement shall remain in full force and effect. This letter
agreement may not be modified or amended except with the written consent of Parent and by a writing signed by each of the
parties hereto.

 

14.           Successors
and Assigns. This letter agreement shall be binding on (a) you and your estate and legal representatives and (b) the
Company and its successors and assigns.

 

15.           Counterparts;
Interpretation. This letter agreement may be executed in two or more counterparts (including via facsimile), each of which
shall be deemed an original but all of which together shall be considered one and the same agreement. For purposes of this letter
agreement, the term “including” shall mean “including, without limitation”.

 

    5

     

    

 

	 	Very truly yours,
	 	 
	 	Momenta Pharmaceuticals, Inc.
	 	 
	 	By:	/s/ Craig A. Wheeler
	 	Name: 	Craig A. Wheeler
	 	Title:	President and Chief Executive Officer

 

	Agreed
    and Accepted:  	 
	 	 
	/s/
    Anthony Manning  	 
	Anthony
    Manning  	 

 

    

     

    

 

Exhibit A

 

General
Release

 

Capitalized
terms used but not defined herein have the meanings set forth in that certain retention letter agreement (the “Retention
Agreement”), dated August 19, 2020, by and between you and Momenta Pharmaceuticals, Inc. (the “Company”).

 

In
consideration for the payments and other benefits you are receiving under the Retention Agreement, you release and give up any
and all claims and rights arising through the date you sign this Agreement that you may have against the Company and Parent, and
all of their respective subsidiaries, divisions, affiliated companies and benefit plans, as well as all of their respective past,
present and future directors, officers, employees, plan administrators, agents and attorneys (all of whom are referred to collectively
in this Agreement as “Releasees”) in any way relating to or arising out of your employment with the Company or any
other Parent company or the termination of that employment, except for (i) your right to the payments and benefits provided
for in the Retention Agreement, (ii) your right to any vested benefits (including restricted share units, performance share
units, stock options or other equity securities that vest before the Separation Date or during retirement) under the Consolidated
Retirement Plan of Johnson & Johnson, the Johnson & Johnson Savings Plan or any retirement savings, incentive,
executive compensation or other benefit or compensation plan or program in which you participated during your employment, (iii) your
right to payments for Company equity securities in accordance with the Merger Agreement, (iii) claims for unemployment compensation,
workers’ compensation benefits under the terms of any workers’ compensation insurance policy of the Company or any
state disability insurance benefits pursuant to the terms of applicable state law, (iv) claims to continued participation
in certain of the Company’s group benefit plans pursuant to the terms and conditions of Consolidated Omnibus Budget Reconciliation
Act of 1985, as amended, and (v) your rights to defense, contribution or indemnification by Parent, the Company or any of
their respective affiliates, including pursuant to contract, applicable law, any directors’ and officers’ liability
or other insurance policy or the by-laws, articles of incorporation, charter or similar organization documents of Parent, the
Company or any of their respective affiliates(collectively the “Excepted Rights”).

 

By
signing this Agreement, you release and give up all claims and rights against Releasees in any way relating to or arising out
of your employment with the Company or any other Parent company or the termination of that employment under any federal, state,
local or foreign law, including, but not limited to, those not mentioned in this Agreement, those of which you are not aware,
and any claims for or rights to attorneys’ fees, other than the Excepted Rights.

 

You
are specifically releasing any claims of unlawful discrimination, harassment or retaliation against you, including, but not
limited to, those based on your age, sex, race, color, religion, national origin, citizenship, veteran status, sexual
orientation, gender orientation, disability, or any other status protected by applicable law. These include any and all
claims you may have under the Civil Rights Act of 1964, (“Title VII”), 42 U.S.C. §2000e et seq.; the Civil
Rights Act of 1866, 42 U.S.C. §1981 et seq.; the Americans with Disabilities Act, 42 U.S.C. §12101 et seq.; the
Employee Retirement Income Security Act of 1974, 29 U.S.C. §1001 et seq.; the Age Discrimination in Employment Act, as
amended by the Older Workers Benefit Protection Act, 29 U.S.C. §621 et seq.; the Sarbanes- Oxley Act of 2002, 15 U.S.C.
§7241 et seq.; the Worker Adjustment and Retraining Notification Act, 29 U.S.C. §2101 et seq.; the Family and
Medical Leave Act, 29 U.S.C. §2601 et seq.; any state or local counterpart to such federal statutes; the Massachusetts
Payment of Wages Law ; and any other applicable federal, state, foreign or local statute, regulation or ordinance prohibiting
discrimination, harassment or retaliation. You are also releasing any and all other claims and rights in any way relating to
or arising out of your employment with the Company or any other Parent company or the termination of that employment you may
have against Releasees, other than the Excepted Rights, including, but not limited to, claims for breach of contract (express
or implied), breach of promise, wrongful discharge, unjust dismissal, unfair competition, whistle-blowing, breach of
fiduciary duty, breach of the implied covenant of good faith and fair dealing, invasion of privacy, defamation, wrongful
denial of benefits, intentional and negligent infliction of emotional distress, intentional and negligent misrepresentation,
representations made to induce you to accept employment with the Company or any Parent company, fraud, negligence, and any
intentional torts.

 

    A-1

     

    

 

You
are releasing all claims described above arising through the date you sign this Agreement, including those for any injuries or
damages suffered at any time after the date you sign this Agreement by reason of the continued effects of alleged discriminatory
acts or other conduct that occurred prior to the date you sign this Agreement.

 

You
agree that the Retention Agreement provides you with payments and other benefits you otherwise would not be entitled to receive,
which constitute consideration for this Release. You agree that you are not entitled to and will not become entitled to anything
further from Releasees except for the Excepted Rights, and that you will not seek anything further from Releasees, other than
with respect to the Excepted Rights. You acknowledge and confirm that you have not filed or caused or permitted to be filed any
pending lawsuit of any type in any forum against any Releasee.

 

This
release does not apply to rights that may arise after the date you sign this Agreement, or to any claims that cannot be waived
by private agreement under applicable law. This Agreement does not waive any rights you may have to file an administrative charge
with the Equal Employment Opportunity Commission, but it does waive any rights you may have to any monetary award, recovery or
settlement in connection with such a charge, without regard to who brought or filed such charge.

 

Furthermore,
nothing in this Agreement, or any agreement signed by you during the course of your employment with the Company whether
expressly stated or not, prohibits you from reporting or making a disclosure that is required or protected under any state or
federal law or regulation to any government agency concerning a possible violation of state or federal law or regulation or
from recovering a monetary award, recovery, or settlement from any government agency in connection with such reporting or
disclosure. However, this Agreement does waive any right that you have to any monetary award, recovery or settlement from the
Company in connection with any such reporting or disclosure.

 

    A-2Exhibit 4.1

 

Execution Version

 

FIRST SUPPLEMENTAL INDENTURE

 

First Supplemental Indenture (this “Supplemental
Indenture”), dated as of August 19, 2020, among the entities listed on the signature pages hereto (each, a “Guaranteeing
Subsidiary”), each a subsidiary of Venator Materials PLC (or its permitted successor), Venator Finance S.à r.l.,
a private limited liability company (société à responsabilité limitée) incorporated under
the laws of the Grand Duchy of Luxembourg, having its registered office at 8-10 avenue de la Gare, L-1610 Luxembourg, Grand Duchy
of Luxembourg, registered with the Luxembourg Register of Commerce under number B215641, and Venator Materials LLC, a Delaware
limited liability company (together, the “Issuers”), Wilmington Trust, National Association, as trustee (the
“Trustee”) and Wilmington Trust, National Association, as notes collateral agent (the “Notes Collateral
Agent”).

 

W I T N E S S E T H

 

WHEREAS, each of the Issuers and the Guarantors
(as defined in the Indenture referred to below) has heretofore executed and delivered to the Trustee an indenture (the “Indenture”),
dated as of May 22, 2020, providing for the issuance of an unlimited aggregate principal amount of 9.500% Senior Secured Notes
due 2025 (the “Notes”);

 

WHEREAS, the Indenture provides that under
certain circumstances each Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to
which such Guaranteeing Subsidiary shall unconditionally Guarantee all of the Issuers’ Obligations under the Notes and the
Indenture on the terms and conditions set forth herein and under the Indenture; and

 

WHEREAS, pursuant to Section 9.1 of the Indenture,
the Trustee and the Notes Collateral Agent are authorized to execute and deliver this Supplemental Indenture.

 

NOW THEREFORE, in consideration of the foregoing
and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties mutually covenant and agree
for the equal and ratable benefit of the Holders as follows:

 

1.       Capitalized
Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.

 

2.       Guarantor.
Each Guaranteeing Subsidiary hereby agrees to be a Guarantor under the Indenture and to be bound by the terms of the Indenture
applicable to Guarantors, including Article XI thereof.

 

In addition, upon enforcement of the Guarantee
in relation to Venator Pigments GmbH & Co. KG (the “VP Guarantor”), the VP Guarantor shall notify any of its limited
partners (Kommanditist) accordingly. With respect to any enforcement of the Guarantee in relation to the VP Guarantor (the
“VP Guarantee”), the VP Guarantee shall be equal to (i) the full amount of the Guarantee (following application of
any limitations set out in Article XI of the Indenture) less (ii) the percentage corresponding to the partnership interests held
by each limited partner (Kommanditist) of the VP Guarantor who has not consented to grant, or approved the granting of,
the VP Guarantee at the time of the relevant enforcement. Any proceeds received in respect of the VP Guarantee shall be delivered
to the Trustee together with an Officer’s Certificate containing the calculation of the VP Guarantee along with any other
evidence regarding such determination as the Trustee may reasonably request. The Trustee shall be entitled to conclusively rely
that any proceeds delivered to it by the VP Guarantor does not exceed the VP Guarantee.

 

     

     

    

 

3.       Governing
Law. THIS SUPPLEMENTAL INDENTURE WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

4.       Waiver
of Jury Trial. EACH GUARANTEEING SUBSIDIARY, THE TRUSTEE AND THE NOTES COLLATERAL AGENT HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS
SUPPLEMENTAL INDENTURE, THE INDENTURE, THE NOTES, THE GUARANTEES OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

 

5.       Counterparts.
The parties may sign any number of copies of this Supplemental Indenture, including through electronic signature. Each signed copy
shall be an original, but all of them together represent the same agreement.

 

6.       Headings.
The headings of the Sections of this Supplemental Indenture have been inserted for convenience of reference only, are not to be
considered a part of this Supplemental Indenture and shall in no way modify or restrict any of the terms or provisions hereof.

 

7.       The
Trustee and the Notes Collateral Agent. In entering into this Supplemental Indenture, the Trustee and the Notes Collateral
Agent shall be entitled to the benefit of every provision of the Indenture relating to the conduct or affecting the liability of
or affording protection to the Trustee or the Notes Collateral Agent, as applicable, whether or not elsewhere herein so provided.
Neither the Trustee nor the Notes Collateral Agent makes any representations as to the validity, execution or sufficiency of this
Supplemental Indenture other than as to the validity of its execution and delivery by the Trustee or the Notes Collateral Agent.
Neither the Trustee nor the Notes Collateral Agent takes any responsibility for the correctness of the recitals contained herein,
which shall be taken as a statement of the Issuers.

 

[Signature page follows]

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Supplemental Indenture to be duly executed, all as of the date first above written.

 

	 	VENATOR FRANCE SAS
	 	 
	 	By:	/s/Kurt D. Ogden
	 	 	Name: Kurt D. Ogden
	 	 	Title: Member and Authorized Signatory
	 	 	 
	 	VENATOR CHEMICALS FRANCE SAS
	 	 
	 	By:	/s/Kurt D. Ogden
	 	 	Name: Kurt D. Ogden
	 	 	Title: Member and Authorized Signatory
	 	 	 
	 	VENATOR INTERNATIONAL FRANCE SAS
	 	 
	 	By:	/s/Kurt D. Ogden
	 	 	Name: Kurt D. Ogden
	 	 	Title: Member and Authorized Signatory
	 	 	 
	 	VENATOR PIGMENTS FRANCE SAS
	 	 
	 	By:	/s/Kurt D. Ogden
	 	 	Name: Kurt D. Ogden
	 	 	Title: Member and Authorized Signatory
	 	 	 
	 	VENATOR PIGMENTS GMBH & CO. KG
	 	Represented by its general partner Venator Pigments

 Holding GmbH 
	 	 
	 	By:	/s/Kurt D. Ogden
	 	 	Name: Kurt D. Ogden
	 	 	Title: Managing Director
	 	 	 
	 	By:	/s/Richard Justin James Phillipson
	 	 	Name: Richard Justin James Phillipson
	 	 	Title: Managing Director

 

[Signature Page
to First Supplemental Indenture]

 

     

     

    

 

	 	WILMINGTON TRUST, NATIONAL

 ASSOCIATION, as Trustee and Notes Collateral

 Agent
	 	 
	 	By:	/s/Jane Schweiger
	 	 	Name: Jane Schweiger
	 	 	Title: Vice President

 

[Signature Page
to First Supplemental Indenture]

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