Document:

EX-10.2

 Exhibit 10.2 

TAX MATTERS AGREEMENT 
 by and
between 
 AIR PRODUCTS AND CHEMICALS, INC. 

and 
 VERSUM MATERIALS, INC. 

Dated as of [•], 2016 
  

 TABLE OF CONTENTS 

 

							
	ARTICLE I	  
	
	DEFINITIONS	  
			
	 Section 1.1
	 	General	  	 	2	  
	
	ARTICLE II	  
	
	PAYMENTS AND TAX REFUNDS	  
			
	 Section 2.1
	 	General Rule	  	 	8	  
	 Section 2.2
	 	U.S. Federal Income Tax Relating to Joint Returns	  	 	9	  
	 Section 2.3
	 	U.S. Federal Income Tax Relating to Separate Returns	  	 	9	  
	 Section 2.4
	 	U.S. State Tax Relating to Joint Returns	  	 	9	  
	 Section 2.5
	 	U.S. State Tax Relating to Separate Returns	  	 	9	  
	 Section 2.6
	 	Non-U.S. Tax Relating to Joint Returns	  	 	10	  
	 Section 2.7
	 	Non-U.S. Tax Relating to Separate Returns	  	 	10	  
	 Section 2.8
	 	Non-Income Taxes	  	 	10	  
	 Section 2.9
	 	Separation Taxes	  	 	11	  
	 Section 2.10
	 	Determination of Tax Attributable to a Particular Entity	  	 	11	  
	 Section 2.11
	 	Allocation of Employment Taxes	  	 	11	  
	 Section 2.12
	 	Certain Transaction Taxes and Breaches of Covenants	  	 	12	  
	 Section 2.13
	 	Straddle Periods	  	 	12	  
	 Section 2.14
	 	Tax Refunds	  	 	12	  
	 Section 2.15
	 	Prior Agreements	  	 	12	  
	
	ARTICLE III	  
	
	PREPARATION AND FILING OF TAX RETURNS	  
			
	 Section 3.1
	 	Air Products’ Responsibility	  	 	13	  
	 Section 3.2
	 	Versum’s Responsibility	  	 	13	  
	 Section 3.3
	 	Right To Review Tax Returns	  	 	13	  
	 Section 3.4
	 	Cooperation	  	 	13	  
	 Section 3.5
	 	Tax Reporting Practices	  	 	13	  
	 Section 3.6
	 	Reporting of Transactions	  	 	14	  
	 Section 3.7
	 	Payment of Taxes	  	 	14	  
	 Section 3.8
	 	Amended Returns and Carrybacks	  	 	14	  
	 Section 3.9
	 	Tax Attributes	  	 	15	  

  
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	ARTICLE IV	  
	
	TAX-FREE STATUS OF THE DISTRIBUTION	  
			
	 Section 4.1
	 	Representations and Warranties	  	 	15	  
	 Section 4.2
	 	Restrictions on Air Products	  	 	16	  
	 Section 4.3
	 	Restrictions on Versum	  	 	16	  
	
	ARTICLE V	  
	
	INDEMNITY OBLIGATIONS	  
			
	 Section 5.1
	 	Indemnity Obligations	  	 	18	  
	 Section 5.2
	 	Indemnification Payments	  	 	19	  
	 Section 5.3
	 	Payment Mechanics	  	 	19	  
	 Section 5.4
	 	Treatment of Payments	  	 	20	  
	
	ARTICLE VI	  
	
	TAX CONTESTS	  
			
	 Section 6.1
	 	Notice	  	 	20	  
	 Section 6.2
	 	Separate Returns	  	 	20	  
	 Section 6.3
	 	Joint Return	  	 	20	  
	 Section 6.4
	 	Obligation of Continued Notice	  	 	20	  
	 Section 6.5
	 	Settlement Rights	  	 	21	  
	
	ARTICLE VII	  
	
	COOPERATION	  
			
	 Section 7.1
	 	General	  	 	21	  
	 Section 7.2
	 	Consistent Treatment	  	 	22	  
	
	ARTICLE VIII	  
	
	RETENTION OF RECORDS; ACCESS	  
			
	 Section 8.1
	 	Retention of Records	  	 	22	  
	 Section 8.2
	 	Access to Tax Records	  	 	23	  

  
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	ARTICLE IX	  
	
	DISPUTE RESOLUTION	  
	
	ARTICLE X	  
	
	MISCELLANEOUS PROVISIONS	  
			
	 Section 10.1
	 	Conflicting Agreements	  	 	23	  
	 Section 10.2
	 	Termination	  	 	23	  
	 Section 10.3
	 	Interest on Late Payments	  	 	24	  
	 Section 10.4
	 	Specific Performance	  	 	24	  
	 Section 10.5
	 	Successors	  	 	24	  
	 Section 10.6
	 	Application to Present and Future Subsidiaries	  	 	24	  
	 Section 10.7
	 	Assignability	  	 	24	  
	 Section 10.8
	 	No Fiduciary Relationship	  	 	24	  
	 Section 10.9
	 	Further Assurances	  	 	25	  
	 Section 10.10
	 	Survival	  	 	25	  
	 Section 10.11
	 	Notices	  	 	25	  
	 Section 10.12
	 	Effective Date	  	 	26	  

  
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 TAX MATTERS AGREEMENT 

This TAX MATTERS AGREEMENT (this “Agreement”), is entered into as of
[            ], between Air Products and Chemicals, Inc. (“Air Products”), a Delaware corporation, and Versum Materials, Inc. (“Versum” and, together with
Air Products, the “Parties”), a Delaware corporation and a wholly owned subsidiary of Air Products. Capitalized terms used in this Agreement and not otherwise defined herein shall have the meanings ascribed to such terms in the
Separation Agreement, dated as of the date hereof, between the Parties (the “Separation Agreement”). 
 R E C I T A L S 

WHEREAS, the board of directors of Air Products (the “Board”) has determined that it is in the best interests of Air Products
and its stockholders to separate Air Products into two separate, publicly traded companies, one for each of (i) the Air Products Retained Business, which shall be owned and conducted, directly or indirectly, by Air Products and its Subsidiaries
and (ii) the Versum Business, which shall be owned and conducted, directly or indirectly, by Versum and its Subsidiaries; 
 WHEREAS,
in order to effect such separation, the Board has determined that it is appropriate, desirable and in the best interests of Air Products and its stockholders for Air Products to undertake the Internal Reorganization and, in connection therewith,
effect the Contribution to Versum which, in exchange therefor, Versum shall: (i) issue to Air Products shares of Versum Common Stock and Versum Securities and (ii) agree to pay Air Products the Versum Financing Cash Distribution; 

WHEREAS, following the completion of the Internal Reorganization and the Versum Financing Cash Distribution, Air Products shall cause the
Distribution Agent to issue pro rata to the Record Holders, all of the issued and outstanding shares of Versum Common Stock (such issuance, the “Distribution” and, together with the Internal Reorganization, the Debt-for-Debt
Exchange and the Contribution, the “Transactions”); 
 WHEREAS, Versum has been formed for these purposes and has not
engaged in activities except those incidental to its formation and in preparation for the Transactions; 
 WHEREAS, as of the date hereof,
Air Products is the common parent of an affiliated group of domestic corporations that has elected to file consolidated U.S. federal income Tax Returns and, as a result of the Distribution, neither Versum nor any of its Affiliates will be a member
of such group after the close of the Distribution Date; 
 WHEREAS, for U.S. federal income tax purposes, it is the intention of the Parties
that the Contribution and the Distribution, taken together, will qualify as a transaction that will qualify under Section 355 and Section 368(a)(1)(D) of the Internal Revenue Code of 1986, as amended (the “Code”); 

WHEREAS, the Parties will undertake the Debt-for-Debt Exchange, as described in the Separation Agreement; and 

 WHEREAS, the Parties desire to (a) provide for the payment of Tax liabilities and
entitlement to refunds thereof, allocate responsibility for, and cooperation in, the filing of Tax Returns, and provide for certain other matters relating to Taxes and (b) set forth certain covenants and indemnities relating to the preservation
of the Intended Tax Treatment of the Transactions. 
 NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants
contained in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, hereby agree as follows: 

ARTICLE I 

DEFINITIONS 

Section 1.1 General. As used in this Agreement, the following terms shall have the following meanings: 

“Accounting Firm” shall have the meaning set forth in Article IX. 

“Adjustment” shall mean an adjustment of any item of income, gain, loss, deduction, credit or any other item affecting Taxes
of a taxpayer pursuant to a Final Determination. 
 “Affiliate” shall mean, with respect to a Person, any other Person that
directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, the specified Person. For this purpose, “control” of a Person means the possession, directly or indirectly, of the
power to direct or cause the direction of the management or policies of such Person, whether through ownership of voting securities, by contract or otherwise. 

“Agreement” shall have the meaning set forth in the preamble hereto. 

“Air Products” shall have the meaning set forth in the preamble hereto. 

“Air Products Group” shall have the meaning set forth in the Separation Agreement. 

“Air Products Retained Business” shall have the meaning set forth in the Separation Agreement. 

“Air Products Separate Return” shall mean any Tax Return of or including any member of the Air Products Group (including any
consolidated, combined or unitary return) that does not include any member of the Versum Group. 
 “Assume”, and the
correlative term “Assumption”, shall have the meaning set forth in the Separation Agreement. 
 “Board”
shall have the meaning set forth in the recitals. 

  
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 “Business Day” shall have the meaning set forth in the Separation Agreement.

 “Controlling Party” shall mean, with respect to a Tax Contest, the Party entitled to control such Tax Contest pursuant
to Section 6.2 and Section 6.3 of this Agreement. 
 “Conveyance and Assumption Instruments” shall
have the meaning set forth in the Separation Agreement. 
 “Code” shall have the meaning set forth in the recitals. 

“Contribution” shall mean the (i) Transfer, directly or indirectly, of all of the Versum Assets from Air Products to
Versum and (ii) the Assumption of the Versum Liabilities, directly or indirectly, by Versum, in each case, relating to, arising out of or resulting from the transactions contemplated by the Separation Agreement, together with the conversion of
Versum from a limited liability company to a Delaware corporation. 
 “Debt-for-Debt Exchange” shall have the meaning set
forth in the Separation Agreement. 
 “Distribution” shall have the meaning set forth in the recitals. 

“Distribution Agent” shall have the meaning set forth in the Separation Agreement. 

“Distribution Date” shall have the meaning set forth in the Separation Agreement. 

“Employee Matters Agreement” shall have the meaning set forth in the Separation Agreement. 

“Employment Tax” shall mean those Liabilities (as defined in the Separation Agreement) for Taxes which are allocable pursuant
to the provisions of the Employee Matters Agreement. 
 “Federal Income Tax” shall mean any Tax imposed by Subtitle A of
the Code other than an Employment Tax. 
 “Final Determination” shall mean the final resolution of liability for any Tax
for any taxable period, by or as a result of (a) a final decision, judgment, decree or other order by any court of competent jurisdiction that can no longer be appealed, (b) a final settlement with the IRS, a closing agreement or accepted
offer in compromise under Sections 7121 or 7122 of the Code, or a comparable agreement under the Laws of other jurisdictions, which resolves the entire Tax liability for any taxable period, (c) any allowance of a refund or credit in respect of
an overpayment of Tax, but only after the expiration of all periods during which such refund or credit may be recovered by the jurisdiction imposing the Tax, or (d) any other final resolution, including by reason of the expiration of the
applicable statute of limitations or the execution of a pre-filing agreement with the IRS or other Taxing Authority. 

  
 3 

 “Group” shall mean either the Versum Group or the Air Products Group, as the
context requires. 
 “Income Tax” shall mean any Federal Income Tax and any state or local or Non-U.S. Tax determined by
reference to income, gains, net worth, gross receipts, or any Taxes imposed in lieu of such a Tax, including without limitation, the Korean excess retained earnings tax. 

“Indemnifying Party” shall have the meaning set forth in Section 5.2(a). 

“Indemnitee” shall have the meaning set forth in Section 5.2(a). 

“Intended Tax Treatment” shall mean the qualification of the Transactions for the intended tax treatment, including as set
forth in any Tax Opinion or the Separation Plan. 
 “Internal Reorganization” shall have the meaning set forth in the
Separation Agreement. 
 “IRS” shall mean the United States Internal Revenue Service or any successor thereto, including,
but not limited to its agents, representatives, and attorneys. 
 “Joint Return” shall mean (i) any Tax Return that
actually includes, by election or otherwise, one or more members of the Air Products Group together with one or more members of the Versum Group or (ii) any Tax Return that includes Tax Items attributable to both the Air Products Retained
Business and the Versum Business. 
 “Law” shall have the meaning set forth in the Separation Agreement. 

“Non-Controlling Party” shall mean, with respect to a Tax Contest, the Party that is not entitled to control such Tax Contest
pursuant to Section 6.2 and Section 6.3 of this Agreement. 
 “Non-Income Tax” shall mean any Tax
that is not an Income Tax. 
 “Non-U.S. Tax” shall mean any Tax imposed by any foreign country or any possession of the
United States, or by any political subdivision of any foreign country or United States possession. 
 “Parties” shall have
the meaning set forth in the preamble hereto. 
 “Past Practices” shall have the meaning set forth in
Section 3.5. 
 “Person” shall have the meaning set forth in the Separation Agreement. 

“Post-Distribution Period” shall mean any taxable period (or portion thereof) beginning after the Distribution Date,
including for the avoidance of doubt, the portion of any Straddle Period beginning after the Distribution Date. 

  
 4 

 “Pre-Distribution Period” shall mean any taxable period (or portion thereof)
ending on or before the Distribution Date, including for the avoidance of doubt, the portion of any Straddle Period ending at the end of the day on the Distribution Date. 

“Preparing Party” shall mean, with respect to a Tax Return, the Party that is required to prepare and file any such Tax
Return pursuant to Section 3.1 or 3.2, as applicable. 
 “Proposed Acquisition Transaction” shall mean a
transaction or series of transactions (or any agreement, understanding or arrangement, within the meaning of Section 355(e) of the Code and Treasury Regulation Section 1.355-7, or any other Treasury Regulations promulgated thereunder, to
enter into a transaction or series of transactions), whether such transaction is supported by Versum management or shareholders, is a hostile acquisition, or otherwise, as a result of which Versum (or any successor thereto) would merge or
consolidate with any other Person or as a result of which one or more Persons would (directly or indirectly) acquire, or have the right to acquire, from Versum (or any successor thereto) and/or one or more holders of Versum Common Stock,
respectively, any amount of stock of Versum, that would, when combined with any other direct or indirect changes in ownership of the stock of Versum pertinent for purposes of Section 355(e) of the Code and the Treasury Regulations promulgated
thereunder, comprise forty percent (40%) or more of (i) the value of all outstanding shares of Versum as of the date of such transaction, or in the case of a series of transactions, the date of the last transaction of such series, or
(ii) the total combined voting power of all outstanding shares of voting stock of Versum as of the date of the such transaction, or in the case of a series of transactions, the date of the last transaction of such series. Notwithstanding the
foregoing, a Proposed Acquisition Transaction shall not include (i) the adoption by Versum of a shareholder rights plan or (ii) issuances by Versum that satisfy Safe Harbor VIII (relating to acquisitions in connection with a person’s
performance of services) or Safe Harbor IX (relating to acquisitions by a retirement plan of an employer) of Treasury Regulation Section 1.355-7(d). For purposes of determining whether a transaction constitutes an indirect acquisition, any
recapitalization resulting in a shift of voting power or any redemption of shares of stock shall be treated as an indirect acquisition of shares of stock by the non-exchanging shareholders. This definition and the application thereof is intended to
monitor compliance with Section 355(e) of the Code and the Treasury Regulations promulgated thereunder and shall be interpreted accordingly. Any clarification of, or change in, the statute or Treasury Regulations promulgated under
Section 355(e) of the Code shall be incorporated in this definition and its interpretation. 
 “Reasonable Basis”
shall mean reasonable basis within the meaning of Section 6662(d)(2)(B)(ii)(II) of the Code and the Treasury Regulations promulgated thereunder (or such other level of confidence required by the Code at that time to avoid the imposition of
penalties). 
 “Record Holders” shall have the meaning set forth in the Separation Agreement. 

“Refund” shall mean any refund, reimbursement, offset, credit, or other similar benefit in respect of Taxes (including any
overpayment of Taxes that can be refunded or, alternatively, applied against other Taxes payable), including any interest paid on or with respect to such refund of Taxes; provided, however, that the amount of any refund of Taxes shall
be net of any Taxes imposed by any Taxing Authority on, related to, or attributable to, the receipt of or accrual of such refund, including any Taxes imposed by way of withholding or offset. 

  
 5 

 “Restricted Period” shall mean the period which begins with the Distribution
Date and ends two (2) years thereafter. 
 “Reviewing Party” shall mean, with respect to a Tax Return, the Party that
is not the Preparing Party. 
 “Separate Return” shall mean an Air Products Separate Return or an Versum Separate Return,
as the case may be. 
 “Separation Agreement” shall have the meaning set forth in the preamble hereto. 

“Separation Plan” shall mean the Air Products Global Step Plan, dated [     ], attached hereto as Exhibit
A. 
 “Separation Taxes” shall mean those Taxes triggered by, or arising or otherwise incurred as a result of, the
Transactions, except for (i) any Tax resulting from a breach by any Party of any covenant in this Agreement, and (ii) any Tax attributable to any action set out in Section 4.2 or Section 4.3. 

“Straddle Period” shall mean any taxable year or other taxable period that begins on or before the Distribution Date and ends
after the Distribution Date. 
 “State Tax” means any Tax imposed by any state of the United States or by any political
subdivision of any such state, and any interest, penalties, additions to tax, or additional amounts in respect of the foregoing. 

“Subsidiary” shall have the meaning set forth in the Separation Agreement. 

“Tax” or “Taxes” shall mean (i) all taxes, charges, fees, duties, levies, imposts, rates or other
assessments or governmental charges of any kind imposed by any U.S. federal, state, local or non-U.S. Taxing Authority, including, without limitation, income, gross receipts, employment, excise, severance, stamp, occupation, premium, windfall
profits, environmental, custom duties, property, sales, use, license, capital stock, transfer, franchise, registration, payroll, withholding, social security, unemployment, disability, value added, alternative or add-on minimum or other taxes,
whether disputed or not, and including any interest, penalties, charges or additions attributable thereto, (ii) liability for the payment of any amount of the type described in clause (i) above arising as a result of being (or having been)
a member of any group or being (or having been) included or required to be included in any Tax Return related thereto, and (iii) liability for the payment of any amount of the type described in clauses (i) or (ii) above as a result of
any express or implied obligation to indemnify or otherwise assume or succeed to the liability of any other Person. 
 “Tax
Attribute” shall mean net operating losses, capital losses, investment tax credit carryovers, earnings and profits, foreign tax credit carryovers, overall foreign losses, previously taxed income, separate limitation losses and any other
losses, deductions, credits or other comparable items that could affect a Tax liability for a past or future taxable period. 

  
 6 

 “Tax Certificates” shall mean any certificates of officers of Air Products and
Versum, provided to Skadden, Arps, Slate, Meagher & Flom LLP, or any other law or accounting firm in connection with any Tax Opinion. 

“Tax Contest” shall have the meaning set forth in Section 6.1. 

“Tax Item” shall mean any item of income, gain, loss, deduction, or credit. 

“Tax Materials” shall have the meaning set forth in Section 4.1(a). 

“Tax Matter” shall have the meaning set forth in Section 7.1. 

“Tax Opinion” shall mean any written opinion of Skadden, Arps, Slate, Meagher & Flom LLP or any other law or
accounting firm, regarding certain tax consequences of certain transactions executed as part of the Transactions. 
 “Tax
Records” shall have the meaning set forth in Section 8.1. 
 “Tax-Related Losses” shall mean
(i) all Taxes (including interest and penalties thereon) imposed pursuant to any settlement, Final Determination, judgment or otherwise, (ii) all accounting, legal and other professional fees, and court costs incurred in connection with
such Taxes, as well as any other out-of-pocket costs incurred in connection with such Taxes; and (iii) all costs, expenses and damages associated with stockholder litigation or controversies and any amount paid by Air Products (or any of its
Affiliates) or Versum (or any of its Affiliates) in respect of the liability of shareholders, whether paid to shareholders or to the IRS or any other Taxing Authority, in each case, resulting from the failure of any transaction to have the Intended
Tax Treatment. 
 “Tax Return” shall mean any return, report, certificate, form or similar statement or document (including
any related supporting information or schedule attached thereto and any information return, amended tax return, claim for refund or declaration of estimated tax) supplied to or filed with, or required to be supplied to or filed with, a Taxing
Authority, or any bill for or notice related to ad valorem or other similar Taxes received from a Taxing Authority, in each case, in connection with the determination, assessment or collection of any Tax or the administration of any laws,
regulations or administrative requirements relating to any Tax. 
 “Taxing Authority” shall mean any governmental authority
or any subdivision, agency, commission or entity thereof or any quasi-governmental or private body having jurisdiction over the assessment, determination, collection or imposition of any Tax (including the IRS). 

“Transactions” shall have the meaning set forth in the recitals. 

“Transfer” shall have the meaning set forth in the Separation Agreement. 

“Treasury Regulations” shall mean the regulations promulgated from time to time under the Code as in effect for the relevant
taxable period. 

  
 7 

 “Unqualified Tax Opinion” shall mean a “will” opinion, without
substantive qualifications, of a nationally recognized Law or accounting firm, to the effect that a transaction will not affect the Intended Tax Treatment of the Transactions. Any such opinion must assume that the Transactions would have qualified
for the Intended Tax Treatment if the transaction in question did not occur. 
 “Versum” shall have the meaning set forth
in the preamble hereof. 
 “Versum Assets” shall have the meaning set forth in the Separation Agreement. 

“Versum Business” shall have the meaning set forth in the Separation Agreement. 

“Versum Common Stock” shall have the meaning set forth in the Separation Agreement. 

“Versum Financing Cash Distribution” shall have the meaning set forth in the Separation Agreement. 

“Versum Group” shall have the meaning set forth in the Separation Agreement. 

“Versum Liabilities” shall have the meaning set forth in the Separation Agreement. 

“Versum Securities” shall have the meaning set forth in the Separation Agreement. 

“Versum Separate Return” shall mean any Tax Return of or including any member of the Versum Group (including any
consolidated, combined or unitary return) that does not include any member of the Air Products Group. 
 ARTICLE II 

PAYMENTS AND TAX REFUNDS 

Section 2.1 General Rule. 

(a) Air Products Liability. Air Products shall be liable for, and shall indemnify and hold harmless the Versum Group from and against
any liability for, Taxes which are allocated to Air Products under this Article II. 
 (b) Versum Liability. Versum shall be
liable for, and shall indemnify and hold harmless the Air Products Group from and against any liability for, Taxes which are allocated to Versum under this Article II. 

  
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 Section 2.2 U.S. Federal Income Tax Relating to Joint Returns. 

(a) Versum shall pay and be responsible for any and all Federal Income Taxes due with respect to or required to be reported on any Joint
Return (including any increase in such Tax as a result of a Final Determination) which Taxes are attributable to the entities listed in Schedule 2.2(a) for all Pre-Distribution Periods. 

(b) Air Products shall pay and be responsible for any and all Federal Income Taxes due with respect to or required to be reported on any Joint
Return (including any increase in such Tax as a result of a Final Determination) other than those Federal Income Taxes described in Section 2.2(a) for all Pre-Distribution Periods. 

Section 2.3 U.S. Federal Income Tax Relating to Separate Returns. 

(a) Air Products shall pay and be responsible for any and all Federal Income Taxes due with respect to or required to be reported on any Air
Products Separate Return (including any increase in such Tax as a result of a Final Determination) for all taxable periods. 
 (b) Versum
shall pay and be responsible for any and all Federal Income Taxes due with respect to or required to be reported on any Versum Separate Return (including any increase in such Tax as a result of a Final Determination) for all taxable periods. 

Section 2.4 U.S. State Tax Relating to Joint Returns. 

(a) Versum shall pay and be responsible for any and all State Taxes due with respect to or required to be reported on any Joint Return
(including any increase in such Tax as a result of a Final Determination) which Taxes are attributable to the entities listed in Schedule 2.4(a) for all Pre-Distribution Periods. 

(b) Air Products shall pay and be responsible for any and all State Taxes due with respect to or required to be reported on any Joint Return
(including any increase in such Tax as a result of a Final Determination) other than those State Taxes described in Section 2.4(a) for all Pre-Distribution Periods. 

(c) Versum shall pay and be responsible for any and all State Taxes due with respect to or required to be reported on any Joint Return
(including any increase in such Tax as a result of a Final Determination) which Taxes are attributable to the entities listed in Schedule 2.4(c) for all Post-Distribution Periods. 

(d) Air Products shall pay and be responsible for any and all State Taxes due with respect to or required to be reported on any Joint Return
(including any increase in such Tax as a result of a Final Determination) other than those State Taxes described in Section 2.4(c) for all Post-Distribution Periods. 

Section 2.5 U.S. State Tax Relating to Separate Returns. 

(a) Air Products shall pay and be responsible for any and all State Taxes due with respect to or required to be reported on any Air Products
Separate Return (including any increase in such Tax as a result of a Final Determination) for all taxable periods. 

  
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 (b) Versum shall pay and be responsible for any and all State Taxes due with respect to or
required to be reported on any Versum Separate Return (including any increase in such Tax as a result of a Final Determination) for all taxable periods. 

Section 2.6 Non-U.S. Tax Relating to Joint Returns. 

(a) Versum shall pay and be responsible for any and all Non-U.S. Taxes due with respect to or required to be reported on any Joint Return
(including any increase in such Tax as a result of a Final Determination) which Taxes are attributable to the entities listed in Schedule 2.6(a) for all Pre-Distribution Periods. 

(b) Air Products shall pay and be responsible for any and all Non-U.S. Taxes due with respect to or required to be reported on any Joint
Return (including any increase in such Tax as a result of a Final Determination) other than those Non-U.S. Taxes described in Section 2.6(a) for all Pre-Distribution Periods. 

(c) Versum shall pay and be responsible for any and all Non-U.S. Taxes due with respect to or required to be reported on any Joint Return
(including any increase in such Tax as a result of a Final Determination) which Taxes are attributable to the entities listed in Schedule 2.6(c) for all Post-Distribution Periods. 

(d) Air Products shall pay and be responsible for any and all Non-U.S. Taxes due with respect to or required to be reported on any Joint
Return (including any increase in such Tax as a result of a Final Determination) other than those Non-U.S. Taxes described in Section 2.6(c) for all Post-Distribution Periods. 

Section 2.7 Non-U.S. Tax Relating to Separate Returns. 

(a) Air Products shall pay and be responsible for any and all Non-U.S. Taxes due with respect to or required to be reported on any Air
Products Separate Return (including any increase in such Tax as a result of a Final Determination) for all taxable periods. 
 (b) Versum
shall pay and be responsible for any and all Non-U.S. Taxes due with respect to or required to be reported on any Versum Separate Return (including any increase in such Tax as a result of a Final Determination) for all taxable periods. 

Section 2.8 Non-Income Taxes. 

To the extent not otherwise allocated under this Article II, Non-Income Taxes shall be allocated as follows: 

(a) Versum shall pay and be responsible for any and all Non-Income Taxes that are attributable to the entities listed in Schedule 2.8(a) for
all Pre-Distribution Periods. 
 (b) Air Products shall pay and be responsible for any and all Non-Income Taxes other than those Non-Income
Taxes described in Section 2.8(a) for all Pre-Distribution Periods. 

  
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 (c) Versum shall pay and be responsible for any and all Non-Income Taxes that are imposed on the
Versum Group for all Post-Distribution Periods. 
 (d) Air Products shall pay and be responsible for any and all Non-Income Taxes that are
imposed on the Air Products Group for all Post-Distribution Periods. 
 Section 2.9 Separation Taxes. 

Notwithstanding anything in Article II to the contrary: 

(a) Versum shall pay and be responsible for any and all Separation Taxes that are listed in Schedule 2.9(a), identified by the jurisdiction
imposing such Tax, the step in the Separation Plan with respect to which such Tax is triggered, and a description of the nature of such Tax. 

(b) Air Products shall pay and be responsible for any and all Separation Taxes other than those Separation Taxes described in
Section 2.9(a). 
 Section 2.10 Determination of Tax Attributable to a Particular Entity. 

(a) For purposes of this Article II, the amount of Taxes attributable to a particular entity shall be determined by Air Products in a
manner consistent with the past return filing practices of the Air Products Group with respect to the relevant Tax Return (including any past accounting methods, elections and conventions). Without limiting the generality of the foregoing, the
following principles shall apply for purposes of determining the amount of Tax attributable to a particular entity: 
 (i)
including only Tax Items of the relevant entity that were included in the relevant Tax Return (i.e., as though the relevant entity prepared such Tax Return on a stand-alone basis); 

(ii) except as provided in Section 2.10(a)(iv) hereof, using all elections, accounting methods and conventions
used on the relevant Tax Return for such period; 
 (iii) applying the highest statutory marginal corporate income Tax rate
in effect for such taxable period; 
 (iv) assuming that the relevant entity elects not to carry back any net operating
losses. 
 (b) In the event a Non-Income Tax is attributable or traceable to a specific asset, then such Tax shall be attributable to the
entity that owns the relevant asset. 
 Section 2.11 Allocation of Employment Taxes. Liability for Employment Taxes shall be
determined pursuant to the Employee Matters Agreement. 

  
 11 

 Section 2.12 Certain Transaction Taxes and Breaches of Covenants. 

Notwithstanding anything in Article II to the contrary: 

(a) Versum shall be responsible for (i) any and all Tax-Related Losses for which Versum is responsible pursuant to
Section 5.1(b) of this Agreement and (ii) all Tax-Related Losses arising out of, based upon, or relating or attributable to any breach of or inaccuracy in, or failure to perform, as applicable, any representation, covenant, or
obligation of any member of the Versum Group pursuant to this Agreement. 
 (b) Air Products shall be responsible for (i) any and all
Tax-Related Losses for which Air Products is responsible pursuant to Section 5.1(a) of this Agreement and (ii) all Tax-Related Losses arising out of, based upon, or relating or attributable to any breach of or inaccuracy in, or
failure to perform, as applicable, any representation, covenant, or obligation of any member of the Air Products Group pursuant to this Agreement. 

Section 2.13 Straddle Periods. If the taxable year or other taxable period of Air Products, Versum or any of their respective
Subsidiaries, does not close on the Distribution Date, then the allocation of any Tax Items attributable to the portion of the Straddle Period ending on, or beginning after, the Distribution Date shall be deemed equal to the amount that would have
been so attributable if such taxable year had closed on the Distribution Date; provided that (i) exemptions, allowances, or deductions that are calculated on an annual or periodic basis, and (ii) property Taxes or other non-Income
Taxes that are calculated on an annual or periodic basis and not assessed with respect to a transaction or series of transactions, shall be allocated between such portions in proportion to the number of days in each such portion. 

Section 2.14 Tax Refunds. 

(a) Air Products shall be entitled to all Refunds for Taxes for which Air Products is responsible pursuant to this Article II, and
Versum shall be entitled to all Refunds for Taxes for which Versum is responsible pursuant to this Article II. 
 (b) A Party
receiving a Refund to which the other Party is entitled pursuant to this Agreement shall pay the amount to which such other Party is entitled within five (5) business days after the receipt of the Refund. For purposes of this
Section 2.14(b), any Refund that arises as a result of an offset, credit, or other similar benefit in respect of Taxes other than a receipt of cash shall be deemed to be received on the earlier of (i) the date on which a Tax Return
is filed claiming such offset, credit, or other similar benefit and (ii) the date on which payment of the Tax which would have otherwise been paid absent such offset, credit, or other similar benefit is due (determined without taking into
account any applicable extensions). 
 Section 2.15 Prior Agreements. Except as set forth in this Agreement and in consideration
of the mutual indemnities and other obligations of this Agreement, any and all prior Tax sharing or allocation agreements or practices between any member of the Air Products Group and any member of the Versum Group shall be terminated with respect
to the Versum Group and the Air Products Group as of the Distribution Date. No member of either the Versum Group or the Air Products Group shall have any continuing rights or obligations under any such agreement. 

  
 12 

 ARTICLE III 

PREPARATION AND FILING OF TAX RETURNS 

Section 3.1 Air Products’ Responsibility. Air Products shall prepare and file when due (taking into account any applicable
extensions), or shall cause to be prepared and filed, all Joint Returns (other than Joint Returns required to be filed by Versum) and all Air Products Separate Returns. All Joint Returns required to be filed by Versum shall be prepared by Air
Products and delivered to Versum to be filed when due (taking into account any applicable extensions). 
 Section 3.2 Versum’s
Responsibility. Except as otherwise provided in the foregoing Section 3.1, Versum shall prepare and file when due (taking into account any applicable extensions), or shall cause to be prepared and filed, all Tax Returns required to
be filed by or with respect to members of the Versum Group. The Tax Returns required to be prepared and filed by Versum under this Section 3.2 shall include any Versum Separate Returns. 

Section 3.3 Right To Review Tax Returns. To the extent that the positions taken on any Tax Return (i) directly relate to
matters for which the Reviewing Party may have an indemnification obligation to the Preparing Party, or that may give rise to a refund to which the Reviewing Party would be entitled under this Agreement or (ii) would reasonably be expected to
materially adversely affect the Tax position of the Reviewing Party, the Preparing Party shall prepare the portions of such Tax Return that relates to the business of the Reviewing Party (the Air Products Retained Business or the Versum Business, as
the case may be), shall provide a draft of such portion of such Tax Return to the Reviewing Party for its review and comment at least fifteen (15) days prior to the due date for such Tax Return, and shall use commercially reasonable efforts to
modify such portion of such Tax Return before filing to include the Reviewing Party’s reasonable comments; provided, however, that nothing herein shall prevent the Preparing Party from timely filing any such Tax Return. The
Parties shall attempt in good faith to resolve any issues arising out of the review of any such portion of a Tax Return. 
 Section 3.4
Cooperation. The Parties shall provide, and shall cause their Affiliates to provide, assistance and cooperation to one another in accordance with Article VII with respect to the preparation and filing of Tax Returns, including
providing information required to be provided in Article VIII. 
 Section 3.5 Tax Reporting Practices. Except as provided
in the following Section 3.6, with respect to any Tax Return for any taxable period that begins on or before the second anniversary of the Distribution Date with respect to which Versum is the Preparing Party, such Tax Return shall be
prepared in a manner (i) consistent with past practices, accounting methods, elections and conventions (“Past Practices”) used by Air Products in preparing similar Tax Returns (unless there is no Reasonable Basis for the use of
such Past Practices), and to the extent any items are not covered by Past Practices (or in the event that there is no Reasonable Basis for the use of such Past Practices), in accordance with reasonable Tax accounting practices selected by Versum;
and (ii) that, to the extent consistent with the foregoing clause (i), minimizes the overall amount of Taxes due and payable on such Tax Return for all of the Parties by cooperating in making such elections or applications for group or other
relief or allowances 

  
 13 

 
available in the taxing jurisdiction in which such Tax Return is filed. Versum shall not take any action 

inconsistent with the assumptions (including items of income, gain, deduction, loss and credit) made in determining all estimated or advance payments of Taxes
on or prior to the Distribution Date. In addition, Versum shall not be permitted, and shall not permit any member of the Versum Group, to make a change in any of its methods of accounting for tax purposes until all applicable statutes of limitations
for all Pre-Distribution Periods and Straddle Periods have expired. 
 Section 3.6 Reporting of Transactions. Air Products and
Versum shall timely file any appropriate information and statements (including as required by Section 6045B of the Code and Section 1.355-5 and, to the extent applicable, Section 1.368-3 of the Treasury Regulations) to report each
step of the Transactions in accordance with the Intended Tax Treatment. The Tax treatment of any step in or portion of the Transactions shall be reported on each applicable Tax Return consistently with the treatment thereof in any Tax Opinion,
taking into account the jurisdiction in which such Tax Returns are filed, unless there is no Reasonable Basis for such Tax treatment. In the event that a Party shall determine that there is no Reasonable Basis for such Tax treatment, such Party
shall notify the other Party no later than twenty (20) Business Days prior to filing the relevant Tax Return and the Parties shall attempt in good faith to agree on the manner in which the relevant portion of the Transactions shall be reported.
If Air Products determines, in its sole and absolute discretion, that a protective election under Section 336(e) of the Code shall be made with respect to the Transactions, Versum agrees to take any such action that is necessary to effect such
election, including any corresponding election with respect to any of its Subsidiaries, as determined by Air Products. 
 Section 3.7
Payment of Taxes. 
 (a) With respect to any Tax Return required to be filed pursuant to this Agreement, the Preparing Party shall
remit or cause to be remitted to the applicable Taxing Authority in a timely manner any Taxes due in respect of any such Tax Return. The obligation to make payments pursuant to this Section 3.7(a) shall not affect a Party’s right,
if any, to receive payments under Article V or otherwise be indemnified with respect to that Tax liability. 
 (b) The Preparing
Party shall, no later than 5 business days before the due date (including extensions) of any Tax Return described in Section 3.1 or 3.2, notify the other Party of any amount (or any portion of any such amount) shown as due on that
Tax Return for which the other Party must indemnify the Preparing Party under this Agreement. The other Party shall pay such amount to the Preparing Party no later than the due date (including extensions) of the relevant Tax Return. A failure by an
Indemnitee to give notice as provided in this Section 3.7(b) shall not relieve the Indemnifying Party’s indemnification obligations under this Agreement, except to the extent that the Indemnifying Party shall have been actually
prejudiced by such failure. 
 Section 3.8 Amended Returns and Carrybacks. 

(a) Versum shall not, and shall not permit any member of the Versum Group to, file or allow to be filed any request for an Adjustment for any
Pre-Distribution Period or Straddle Period without the prior written consent of Air Products, such consent to be exercised in Air Products’ sole and absolute discretion. 

  
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 (b) Versum shall, and shall cause each member of the Versum Group to, make any available
elections to waive the right to carry back any Tax Attribute from a taxable period or portion thereof ending after the Distribution Date to a taxable period or portion thereof ending on or before the Distribution Date. 

(c) Versum shall not, and shall cause each member of the Versum Group not to, make any affirmative election to carry back any Tax Attribute
from a taxable period or portion thereof ending after the Distribution Date to a taxable period or portion thereof ending on or before the Distribution Date, without the prior written consent of Air Products, such consent to be exercised in Air
Products’ sole and absolute discretion. 
 (d) Receipt of consent by Versum or a member of the Versum Group from Air Products pursuant
to the provisions of this Section 3.8 shall not limit or modify Versum’s continuing indemnification obligation pursuant to Article V. 

Section 3.9 Tax Attributes. 

(a) Versum shall make its own determination as to the existence and the amount of the Tax Attributes to which it is entitled after the
Distribution Date; provided, however, that such determination shall be made in a manner that is (i) consistent with Past Practices; (ii) in accordance with the rules prescribed by applicable Law, including the Code and the
Treasury Regulations; (iii) consistent with the Tax Certificates and the Intended Tax Treatment; and (iv) reasonably determined by Versum to minimize the aggregate cash Tax liability of the Parties for all Pre-Distribution Periods and the
portion of all Straddle Periods ending on the Distribution Date. 
 (b) Upon the reasonable request of Versum, Air Products shall provide
Versum with any reasonably available Tax Records relating to the determination of Tax Attributes if and only to the extent such Tax Records exist on the Distribution Date. Nothing in this Agreement, including this Section 3.9(b), shall
require Air Products to make any determinations or otherwise create any Tax Records with respect to Tax Attributes or the determination thereof. 

ARTICLE IV 
 TAX-FREE
STATUS OF THE DISTRIBUTION 
 Section 4.1 Representations and Warranties. 

(a) Air Products, on behalf of itself and all other members of the Air Products Group, hereby represents and warrants that (i) it has
examined the Tax Opinions, the Separation Plan, the Tax Certificates and any other materials delivered or deliverable in connection with the rendering of the Tax Opinions and the creation of the Separation Plan (collectively, the “Tax
Materials”) and (ii) the facts presented and representations made therein, to the extent descriptive of or otherwise relating to Air Products or any member of the Air Products Group or the Air

  
 15 

 
Products Retained Business, were, at the time presented or represented and from such time until and including the Distribution Date, true, correct, and complete in all material respects. Air
Products, on behalf of itself and all other members of the Air Products Group, hereby confirms and agrees to comply with any and all covenants and agreements in the Tax Materials applicable to Air Products or any member of the Air Products Group or
the Air Products Retained Business. 
 (b) Versum, on behalf of itself and all other members of the Versum Group, hereby represents and
warrants that (i) it has examined the Tax Materials and (ii) the facts presented and representations made therein, to the extent descriptive of or otherwise relating to Versum or any member of the Versum Group or the Versum Business, were,
at the time presented or represented and from such time until and including the Distribution Date, true, correct, and complete in all material respects. Versum, on behalf of itself and all other members of the Versum Group, hereby confirms and
agrees to comply with any and all covenants and agreements in the Tax Materials applicable to Versum or any member of the Versum Group or the Versum Business. 

(c) Each of Air Products, on behalf of it itself and all other members of the Air Products Group, and Versum, on behalf of itself and all
other members of the Versum Group represents and warrants that it knows of no fact (after due inquiry) that may cause the Transactions not to qualify for the Intended Tax Treatment. 

(d) Each of Air Products, on behalf of it itself and all other members of the Air Products Group, and Versum, on behalf of itself and all
other members of the Versum Group represents and warrants that it has no plan or intent to take any action which is inconsistent with any statements or representations made in the Tax Materials. 

Section 4.2 Restrictions on Air Products. 

(a) Air Products, on behalf of itself and all other members of the Air Products Group, hereby covenants and agrees that no member of the Air
Products Group will take, fail to take, or to permit to be taken: (i) any action where such action or failure to act would be inconsistent with or cause to be untrue any statement, information, covenant or representation in the Tax Opinions or
the Tax Certificates, or (ii) any action which adversely affects or could reasonably be expected to adversely affect the Intended Tax Treatment of the Transactions. 

Section 4.3 Restrictions on Versum. 

(a) Versum, on behalf of itself and all other members of the Versum Group, hereby covenants and agrees that no member of the Versum Group will
take, fail to take, or to permit to be taken: (i) any action where such action or failure to act would be inconsistent with or cause to be untrue any statement, information, covenant or representation in the Tax Opinions or the Tax
Certificates, or (ii) any action which adversely affects or could reasonably be expected to adversely affect the Intended Tax Treatment of the Transactions. 

(b) Versum shall not, directly or indirectly, (i) pre-pay, pay down, redeem, retire or otherwise acquire, however effected including
pursuant to the terms thereof, any of the Versum Securities prior to their stated maturity or permit any member of the Versum 

  
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Group to take any such action, or (ii) take or permit to be taken any action at any time, including, without limitation, any modification to the terms of the Versum Securities that could
jeopardize, directly or indirectly, the qualification, in whole or part, of any of the Versum Securities as “securities” within the meaning of Section 361(a) of the Code (or permit any member of the Versum Group to take or permit to
be taken any such action). 
 (c) During the Restricted Period, Versum: 

(i) shall continue and cause to be continued the active conduct of the Versum Business for purposes of Section 355(b)(2)
of the Code, taking into account Section 355(b)(3) of the Code, as conducted immediately prior to the Distribution, 

(ii) shall not voluntarily dissolve or liquidate itself or any of its Affiliates (including any action that is a liquidation
for U.S. federal income tax purposes), 
 (iii) shall not (and shall not cause or permit any of its Affiliates to)
(1) enter into any Proposed Acquisition Transaction or, to the extent Versum has the right to prohibit any Proposed Acquisition Transaction, permit any Proposed Acquisition Transaction to occur, (2) redeem or otherwise repurchase (directly
or through an Affiliate) any Versum stock, or rights to acquire Versum stock, other than through stock purchases meeting the requirements of section 4.05(1)(b) of Revenue Procedure 96-30, 1996-1 C.B. 696, (3) amend its certificate of
incorporation (or other organizational documents), or take any other action, whether through a stockholder vote or otherwise, affecting the relative voting rights of its capital stock (including through the conversion of any capital stock into
another class of capital stock), (4) merge or consolidate with any other Person or (5) take any other action or actions (including any action or transaction that would be reasonably likely to be inconsistent with any representation made in
the Tax Certificates) which in the aggregate would, when combined with any other direct or indirect changes in ownership of Versum capital stock pertinent for purposes of Section 355(e) of the Code, have the effect of causing or permitting one
or more Persons (whether or not acting in concert) to acquire directly or indirectly stock representing a fifty-percent or greater interest in Versum or would reasonably be expected to result in a failure to preserve the Intended Tax Treatment of
the Transactions; and 
 (iv) shall not and shall not permit any member of the Versum Group, to sell, transfer, or otherwise
dispose of or agree to, sell, transfer or otherwise dispose (including in any transaction treated for federal income tax purposes as a sale, transfer or disposition) of assets (including, any shares of capital stock of a Subsidiary) that, in the
aggregate, constitute more than 20% of the consolidated gross assets of Versum or the Versum Group. The foregoing sentence shall not apply to (1) sales, transfers, or dispositions of assets in the ordinary course of business, (2) any cash
paid to acquire assets from an unrelated Person in an arm’s-length transaction, (3) any assets transferred to a Person that is 

  
 17 

 
disregarded as an entity separate from the transferor for federal income tax purposes or (4) any mandatory or optional repayment (or pre-payment) of any indebtedness of Versum or any member
of the Versum Group. The percentages of gross assets or consolidated gross assets of Versum or the Versum Group, as the case may be, sold, transferred, or otherwise disposed of, shall be based on the fair market value of the gross assets of Versum
and the members of the Versum Group as of the Distribution Date. For purposes of this Section 4.3(c)(iv), a merger of Versum or one of its Subsidiaries with and into any Person that is not a wholly owned Subsidiary of Versum shall
constitute a disposition of all of the assets of Versum or such Subsidiary. 
 (d) Notwithstanding the restrictions imposed by the foregoing
Sections 4.3(a), (b) and (c), Versum or a member of the Versum Group may take any of the actions or transactions described therein if Versum either (i) obtains an Unqualified Tax Opinion in form and substance
reasonably satisfactory to Air Products or (ii) obtains the prior written consent of Air Products waiving the requirement that Versum obtain an Unqualified Tax Opinion, such waiver to be provided in Air Products’ sole and absolute
discretion. Air Products’ evaluation of an Unqualified Tax Opinion may consider, among other factors, the appropriateness of any underlying assumptions, representations, and covenants made in connection with such opinion. Versum shall bear all
costs and expenses of securing any such Unqualified Tax Opinion and shall reimburse Air Products for all reasonable out-of-pocket expenses that Air Products or any of its Affiliates may incur in good faith in seeking to obtain or evaluate any such
Unqualified Tax Opinion. Neither the delivery of an Unqualified Tax Opinion nor Air Products’ waiver of Versum’s obligation to deliver an Unqualified Tax Opinion shall limit or modify Versum’s continuing indemnification obligation
pursuant to Article V. 
 ARTICLE V 

INDEMNITY OBLIGATIONS 

Section 5.1 Indemnity Obligations. 

(a) Air Products shall indemnify and hold harmless Versum from and against, and will reimburse Versum for, (i) all liability for Taxes
allocated to Air Products pursuant to Article II, (ii) all Tax-Related Losses arising out of, based upon, or relating or attributable to any breach of or inaccuracy in, or failure to perform, as applicable, any representation, covenant,
or obligation of any member of the Air Products Group pursuant to this Agreement, and (iii) any other Tax-Related Loss resulting (for the absence of doubt, in whole or in part) from an acquisition after the Distribution of any stock or assets
of Air Products (or any Air Products Affiliate) by any means whatsoever by any Person. 
 (b) Without regard to whether an Unqualified Tax
Opinion may have been provided or whether any action is permitted or consented to hereunder and notwithstanding anything else to the contrary contained herein, Versum shall indemnify and hold harmless Air Products from and against, and will
reimburse Air Products for, (i) all liability for Taxes allocated to Versum pursuant to Article II, (ii) all Tax-Related Losses arising out of, based upon, or relating or attributable to any breach of or inaccuracy in, or failure to
perform, as applicable, 

  
 18 

 
any representation, covenant, or obligation of any member of the Versum Group pursuant to this Agreement, (iii) any other Tax-Related Loss resulting (for the absence of doubt, in whole or in
part) from an acquisition after the Distribution of any stock or assets of Versum (or any Versum Affiliate) by any means whatsoever by any Person and (iv) the amount of any Refund received by any member of the Versum Group that is allocated to
Air Products pursuant to Section 2.14(a). 
 (c) To the extent that any Tax-Related Loss is subject to indemnity pursuant to
both Section 5.1(a) and Section 5.1(b), responsibility for such Tax-Related Loss shall be shared by Air Products and Versum according to relative fault. 

Section 5.2 Indemnification Payments. 

(a) Except as otherwise provided in this Agreement, if either Party (the “Indemnitee”) is required to pay to a Taxing
Authority a Tax or to another Person a payment in respect of a Tax that the other Party (the “Indemnifying Party”) is liable for under this Agreement, including as the result of a Final Determination, the Indemnitee shall notify the
Indemnifying Party, in writing, of its obligation to pay such Tax and, in reasonably sufficient detail, its calculation of the amount due by such Indemnifying Party to the Indemnitee, including any other Tax-Related Losses attributable thereto. The
Indemnifying Party shall pay such amount, including any other Tax-Related Losses attributable thereto, to the Indemnitee no later than the later of (i) five (5) Business Days prior to the date on which such payment is due to the applicable
Taxing Authority or (ii) fifteen (15) Business Days after the receipt of notice from the other Party. 
 (b) If, as a result of
any change or redetermination made with respect to Article II, any amount previously allocated to and borne by one Party pursuant to the provisions of Article II is thereafter allocated to the other Party, then, no later than five
(5) Business Days after such change or redetermination, such other Party shall pay to such Party the amount previously borne by such Party which is allocated to such other Party as a result of such change or redetermination. 

Section 5.3 Payment Mechanics. 

(a) Subject to Section 10.7, all payments under this Agreement shall be made by Air Products directly to Versum and by Versum
directly to Air Products; provided, however, that if the Parties mutually agree with respect to any such indemnification payment, any member of the Air Products Group, on the one hand, may make such indemnification payment to any
member of the Versum Group, on the other hand, and vice versa. All indemnification payments shall be treated in the manner described in Section 5.4. 

(b) In the case of any payment of Taxes made by a Preparing Party or Indemnitee pursuant to this Agreement for which such Preparing Party or
Indemnitee, as the case may be, has received a payment from the other Party, such Preparing Party or Indemnitee shall provide to the other Party a copy of any official government receipt received with respect to the payment of such Taxes to the
applicable Taxing Authority (or, if no such official governmental receipts are available, executed bank payment forms or other reasonable evidence of payment). 

  
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 Section 5.4 Treatment of Payments. The Parties agree that any payment made among the
Parties pursuant to this Agreement shall be treated, to the extent permitted by law, for all United States federal income Tax purposes as either (i) a non-taxable contribution by Air Products to Versum, or (ii) a distribution by Versum to
Air Products, in each case, made immediately prior to the Distribution. Any Tax indemnity payment made by a Party under this Agreement shall be increased as necessary so that after making all payments in respect to Taxes imposed on or attributable
to such indemnity payment, the recipient Party receives an amount equal to the sum it would have received had no such Taxes been imposed. 

ARTICLE VI 
 TAX
CONTESTS 
 Section 6.1 Notice. Each Party shall notify the other Party in writing within ten (10) days after
receipt by such Party or any member of its Group of a written communication from any Taxing Authority with respect to any pending or threatened audit, claim, dispute, suit, action, proposed assessment or other proceeding (a “Tax
Contest”) concerning any Taxes for which the other Party may be liable pursuant to this Agreement, and thereafter shall promptly forward or make available to such Party copies of notices and communications relating to such Tax Contest. A
failure by an Indemnitee to give notice as provided in this Section 6.1 (or to promptly forward any such notices or communications) shall not relieve the Indemnifying Party’s indemnification obligations under this Agreement, except
to the extent that the Indemnifying Party shall have been actually prejudiced by such failure. 
 Section 6.2 Separate Returns.
In the case of any Tax Contest with respect to any Separate Return, the Party having the liability for the Tax pursuant to Article II hereof shall have the sole responsibility and right to control the prosecution of such Tax Contest,
including the exclusive right to communicate with agents of the applicable Taxing Authority and to control, resolve, settle, or agree to any deficiency, claim, or adjustment proposed, asserted, or assessed in connection with or as a result of such
Tax Contest. 
 Section 6.3 Joint Return. In the case of any Tax Contest with respect to any Joint Return, Air Products shall
have the sole responsibility and right to control the prosecution of such Tax Contest, including the exclusive right to communicate with agents of the applicable Taxing Authority and to control, resolve, settle, or agree to any deficiency, claim, or
adjustment proposed, asserted, or assessed in connection with or as a result of such Tax Contest. 
 Section 6.4 Obligation of
Continued Notice. During the pendency of any Tax Contest or threatened Tax Contest, each of the Parties shall provide prompt notice to the other Party of any written communication received by it or a member of its respective Group from a Taxing
Authority regarding any Tax Contest for which it is indemnified by the other Party hereunder or for which it may be required to indemnify the other Party hereunder. Such notice shall attach copies of the pertinent portion of any written
communication from a Taxing Authority and contain factual information (to the extent known) describing any asserted Tax liability in reasonable detail and shall be accompanied by copies of any notice and other documents received from any Taxing
Authority in respect of any such matters. Such notice shall be provided in a reasonably timely fashion; provided, however, that in the event that timely notice is not provided, a Party shall be relieved of its obligation to indemnify
the other Party only to the extent that such delay results in actual increased costs or actual prejudice to such other Party. 

  
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 Section 6.5 Settlement Rights. Unless waived by the Parties in writing, in connection
with any potential adjustment in a Tax Contest as a result of which adjustment the Non-Controlling Party may reasonably be expected to become liable to make any indemnification payment to the Controlling Party under this Agreement: (i) the
Controlling Party shall keep the Non-Controlling Party informed in a timely manner of all actions taken or proposed to be taken by the Controlling Party with respect to such potential adjustment in such Tax Contest; (ii) the Controlling Party
shall timely provide the Non-Controlling Party with copies of any correspondence or filings submitted to any Taxing Authority or judicial authority in connection with such potential adjustment in such Tax Contest; and (iii) the Controlling
Party shall defend such Tax Contest diligently and in good faith. The failure of the Controlling Party to take any action specified in the preceding sentence with respect to the Non-Controlling Party shall not relieve the Non-Controlling Party of
any liability and/or obligation which it may have to the Controlling Party under this Agreement, and in no event shall such failure relieve the Non-Controlling Party from any other liability or obligation which it may have to the Controlling Party.

 ARTICLE VII 

COOPERATION 

Section 7.1 General. 

(a) Each Party shall fully cooperate, and shall cause all members of such Party’s Group to fully cooperate, with all reasonable requests
in writing from the other Party, or from an agent, representative or advisor to such Party, in connection with the preparation and filing of any Tax Return, claims for Refunds, the conduct of any Tax Contest, and calculations of amounts required to
be paid pursuant to this Agreement, in each case, related or attributable to or arising in connection with Taxes of either Party or any member of either Party’s Group covered by this Agreement and the establishment of any reserve required in
connection with any financial reporting (a “Tax Matter”). Such cooperation shall include the provision of any information reasonably necessary or helpful in connection with a Tax Matter and shall include, without limitation, at each
Party’s own cost: 
 (i) the provision of any Tax Returns of either Party or any member of either Party’s Group,
books, records (including information regarding ownership and Tax basis of property), documentation and other information relating to such Tax Returns, including accompanying schedules, related work papers, and documents relating to rulings or other
determinations by Taxing Authorities; 
 (ii) the execution of any document (including any power of attorney) in connection
with any Tax Contest of either Party or any member of either Party’s Group, or the filing of a Tax Return or a Refund claim of either Party or any member of either Party’s Group; 

  
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 (iii) the use of the Party’s reasonable best efforts to obtain any
documentation in connection with a Tax Matter; 
 (iv) the use of the Party’s reasonable best efforts to obtain any Tax
Returns (including accompanying schedules, related work papers, and documents), documents, books, records or other information in connection with the filing of any Tax Returns of any of either Party or any member of either Party’s Group; and

 (v) the provision of all information necessary for Air Products to be able to calculate and claim Tax Attributes or the
benefits thereof, including research and development credits, for any Tax Return of Air Products or any member of the Air Products Group. 

Each Party shall make its employees and facilities available, without charge, on a mutually convenient basis to facilitate such cooperation.

 Section 7.2 Consistent Treatment. Unless and until there has been a Final Determination to the contrary, each Party agrees
not to take any position on any Tax Return, in connection with any Tax Contest or otherwise, that is inconsistent with (a) the treatment of payments between the Air Products Group and the Versum Group as set forth in Section 5.4, or
(b) the Intended Tax Treatment. 
 ARTICLE VIII 

RETENTION OF RECORDS; ACCESS 

Section 8.1 Retention of Records. For so long as the contents thereof may become material in the administration of any matter
under applicable Tax law, but in any event until the later of (i) sixty (60) days after the expiration of any applicable statutes of limitation (including any waivers or extensions thereof) and (ii) seven years after the Distribution
Date, the Parties shall retain records, documents, accounting data and other information (including computer data) necessary for the preparation and filing of all Tax Returns (collectively, “Tax Records”) in respect of Taxes of any
member of either the Air Products Group or the Versum Group for any Pre-Distribution Period, Straddle Period, or Post-Distribution Period or for any Tax Contests relating to such Tax Returns. At any time after the Distribution Date that the Air
Products Group proposes to destroy such records or documents, it shall first notify the Versum Group in writing and the Versum Group shall be entitled to receive such records or documents proposed to be destroyed. At any time after the Distribution
Date that the Versum Group proposes to destroy such records or documents, it shall first notify the Air Products Group in writing and the Air Products Group shall be entitled to receive such records or documents proposed to be destroyed. The Parties
will notify each other in writing of any waivers or extensions of the applicable statute of limitations that may affect the period for which the foregoing records or other documents must be retained. 

  
 22 

 Section 8.2 Access to Tax Records. The Parties and their respective Affiliates shall
make available to each other for inspection and copying during normal business hours upon reasonable notice all Tax Records (and, for the avoidance of doubt, any pertinent underlying data accessed or stored on any computer program or information
technology system) in their possession and shall permit the other Party and its Affiliates, authorized agents and representatives and any representative of a Taxing Authority or other Tax auditor direct access, during normal business hours upon
reasonable notice, to any computer program or information technology system used to access or store any Tax Records, in each case to the extent reasonably required by the other Party in connection with the preparation of Tax Returns or financial
accounting statements, audits, litigation, or the resolution of items pursuant to this Agreement. The Party seeking access to the records of the other Party shall bear all costs and expenses associated with such access, including any professional
fees. 
 ARTICLE IX 

DISPUTE RESOLUTION 

In the event of any dispute between the Parties as to any matter covered by this Agreement, the Parties shall appoint a nationally recognized
independent public accounting firm (the “Accounting Firm”) to resolve such dispute. In this regard, the Accounting Firm shall make determinations with respect to the disputed items based solely on representations made by Air
Products and Versum and their respective representatives, and not by independent review, and shall function only as an expert and not as an arbitrator and shall be required to make a determination in favor of one Party only. The Parties shall
require the Accounting Firm to resolve all disputes no later than thirty (30) days after the submission of such dispute to the Accounting Firm, but in no event later than the due date for the payment of Taxes or the filing of the applicable Tax
Return, if applicable, and agree that all decisions by the Accounting Firm with respect thereto shall be final and conclusive and binding on the Parties. The Accounting Firm shall resolve all disputes in a manner consistent with this Agreement and,
to the extent not inconsistent with this Agreement, in a manner consistent with the Past Practices of Air Products and its Subsidiaries, except as otherwise required by applicable Law. The Parties shall require the Accounting Firm to render all
determinations in writing and to set forth, in reasonable detail, the basis for such determination. The fees and expenses of the Accounting Firm shall be borne equally by the Parties. 

ARTICLE X 

MISCELLANEOUS PROVISIONS 

Section 10.1 Conflicting Agreements. In the event and to the extent that there shall be a conflict between the provisions of this
Agreement and the provisions of the Separation Agreement, this Agreement shall control with respect to the subject matter thereof. In the event and to the extent that there shall be a conflict between the provisions of this Agreement and the
provisions of any of the Conveyance and Assumption Instruments, this Agreement shall control. 
 Section 10.2 Termination. This
Agreement will terminate without further action at any time before the Distribution upon termination of the Separation Agreement. If terminated, no Party will have any liability of any kind to the other Party or any other Person on account of this
Agreement, except as provided in the Separation Agreement. 

  
 23 

 Section 10.3 Interest on Late Payments. With respect to any payment between the
Parties pursuant to this Agreement not made by the due date set forth in this Agreement for such payment, the outstanding amount will accrue interest at a rate per annum equal to the rate in effect for underpayments under Section 6621 of the
Code from such due date to and including the payment date. 
 Section 10.4 Specific Performance. In the event of any actual or
threatened default in, or breach of, any of the terms, conditions and provisions of this Agreement, Air Products shall have the right to specific performance and injunctive or other equitable relief of its rights under this Agreement, in addition to
any and all other rights and remedies at law or in equity, and all such rights and remedies shall be cumulative. Versum shall not oppose the granting of such relief on the basis that money damages are an adequate remedy. The Parties agree that the
remedies at law for any breach or threatened breach hereof, including monetary damages, are inadequate compensation for any loss and that any defense in any action for specific performance that a remedy at law would be adequate is waived. Any
requirements for the securing or posting of any bond with such remedy are waived. The Parties acknowledge and agree that the right of specific enforcement is an integral part of this Agreement and without that right, neither Air Products nor Versum
would have entered into this Agreement. 
 Section 10.5 Successors. This Agreement shall be binding on and inure to the benefit
of any successor by merger, acquisition of assets, or otherwise, to any of the parties hereto, to the same extent as if such successor had been an original party to this Agreement. 

Section 10.6 Application to Present and Future Subsidiaries. This Agreement is being entered into by Air Products and Versum on
behalf of themselves and the members of their respective Group. This Agreement shall constitute a direct obligation of each such Party and shall be deemed to have been readopted and affirmed on behalf of any entity that becomes a Subsidiary of Air
Products or Versum in the future. 
 Section 10.7 Assignability. This Agreement shall not be assignable, in whole or in part,
directly or indirectly, by any party hereto without the prior written consent of the other Party (not to be unreasonably withheld or delayed), and any attempt to assign any rights or obligations arising under this Agreement without such consent
shall be void. Notwithstanding the foregoing, this Agreement shall be assignable to (i) with respect to Air Products, an Affiliate of Air Products, or (ii) a bona fide third party in connection with a merger, reorganization, consolidation
or the sale of all or substantially all the assets of a Party hereto so long as the resulting, surviving or transferee entity assumes all the obligations of the relevant Party hereto by operation of law or pursuant to an agreement in form and
substance reasonably satisfactory to the other Party to this Agreement. No assignment permitted by this Section 10.7 shall release the assigning Party from liability for the full performance of its obligations under this Agreement. 

Section 10.8 No Fiduciary Relationship. The duties and obligations of the Parties, and their respective successors and permitted
assigns, contained herein are the extent of the duties and obligations contemplated by this Agreement; nothing in this Agreement is intended to create a fiduciary relationship between the Parties hereto, or any of their successors and permitted
assigns, or create any relationship or obligations other than those explicitly described. 

  
 24 

 Section 10.9 Further Assurances. Subject to the provisions hereof, the Parties hereto
shall make, execute, acknowledge and deliver such other instruments and documents, and take all such other actions, as may be reasonably required in order to effectuate the purposes of this Agreement and to consummate the transactions contemplated
hereby. 
 Section 10.10 Survival. Notwithstanding any other provision of this Agreement to the contrary, all representations,
covenants and obligations contained in this Agreement shall survive until the expiration of the applicable statute of limitations with respect to any such matter (including extensions thereof). 

Section 10.11 Notices. All notices, requests, claims, demands or other communications under this Agreement shall be in writing and
shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service, by facsimile or electronic transmission with receipt confirmed (followed by delivery of an original via
overnight courier service) or by registered or certified mail (postage prepaid, return receipt requested) to the respective Parties at the following addresses (or at such other address for a Party as shall be specified in a notice given in
accordance with this Section 10.11): 
 If to Air Products, to: 

[ • ] 

[ • ] 

[ • ] 

Attn: [ • ] 

Facsimile: [ • ] 

with a copy to: 

Skadden, Arps, Slate, Meagher & Flom LLP 

4 Times Square 

New York, NY 10036 

Attn: David M. Rievman 

Attn: Steven J. Matays 

Facsimile: (917) 777-2372 

If to Versum, to: 

[ • ] 

[ • ] 

[ • ] 

Attn: [ • ] 

Facsimile: [ • ] 

  
 25 

 with a copy to: 

[ • ] 

[ • ] 

[ • ] 

Attn: [ • ] 

Facsimile: [ • ] 

Any Party may, by notice to the other Party, change the address to which such notices are to be given. 

Section 10.12 Effective Date. This Agreement shall become effective only upon the occurrence of the Distribution. 

*        *        * 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 

  
 26 

 IN WITNESS WHEREOF, the Parties hereto have duly executed this Agreement as of the day and year
first above written. 
  

			
	AIR PRODUCTS AND CHEMICALS, INC.
		
	By:	 	  

		 	Name:
		 	Title:
	
	VERSUM MATERIALS, INC.
		
	By:	 	  

		 	Name:
		 	Title:

  
 27EX-10.4

 Exhibit 10.4 

INTELLECTUAL PROPERTY CROSS-LICENSE AGREEMENT 

by and between 
 AIR PRODUCTS
AND CHEMICALS, INC. 
 and 

VERSUM MATERIALS, INC. 

Dated as of              

 TABLE OF CONTENTS 

 

							
	ARTICLE I	  
	
	DEFINITIONS AND INTERPRETATION	  
			
	 Section 1.1
	 	Definitions	  	 	1	  
	 Section 1.2
	 	References; Interpretation	  	 	5	  
	
	ARTICLE II	  
	
	GRANTS OF RIGHTS	  
			
	 Section 2.1
	 	License to Versum of Air Products Licensed IP	  	 	5	  
	 Section 2.2
	 	Licenses to Air Products of Versum Licensed IP	  	 	6	  
	 Section 2.3
	 	By-Products, Impurities and Intermediates	  	 	6	  
	 Section 2.4
	 	Reservation of Rights	  	 	6	  
	 Section 2.5
	 	Third Party Rights	  	 	7	  
	
	ARTICLE III	  
	
	PROSECUTION AND MAINTENANCE; OWNERSHIP	  
			
	 Section 3.1
	 	Responsibility and Cooperation	  	 	7	  
	 Section 3.2
	 	Failure to Prosecute or Maintain	  	 	7	  
	 Section 3.3
	 	Sale of Licensed Patents by Licensor	  	 	9	  
	 Section 3.4
	 	Ownership	  	 	9	  
	 Section 3.5
	 	No Additional Obligations	  	 	9	  
	
	ARTICLE IV	  
	
	ENFORCEMENT	  
			
	 Section 4.1
	 	Notification	  	 	9	  
	 Section 4.2
	 	Defense and Enforcement	  	 	9	  
	 Section 4.3
	 	Cooperation	  	 	10	  
	 Section 4.4
	 	Settlements	  	 	10	  
	 Section 4.5
	 	Costs, Expenses, and Damages	  	 	10	  
	
	ARTICLE V	  
	
	DISCLAIMERS; LIMITATIONS OF LIABILITY; OTHER COVENANTS	  
			
	 Section 5.1
	 	Disclaimer	  	 	10	  
	 Section 5.2
	 	Limitations on Liability	  	 	11	  
	 Section 5.3
	 	Compliance	  	 	11	  

  
 i 

							
	
	ARTICLE VI	  
	
	CONFIDENTIALITY	  
			
	 Section 6.1
	 	Disclosure and Use Restrictions	  	 	12	  
	 Section 6.2
	 	Notification by the Receiving Party	  	 	12	  
	 Section 6.3
	 	Air Products Licensed Engineering and Process Standards and Policies	  	 	12	  
	 Section 6.4
	 	Transfer of Know-How	  	 	13	  
	 Section 6.5
	 	Survival	  	 	13	  
	
	ARTICLE VII	  
	
	TERM	  
			
	 Section 7.1
	 	Term	  	 	13	  
	 Section 7.2
	 	Termination of Licenses to the Air Products Licensed Engineering Process Standards and Policies for Change of Control	  	 	13	  
	
	ARTICLE VIII	  
	
	MISCELLANEOUS	  
			
	 Section 8.1
	 	Amendment	  	 	14	  
	 Section 8.2
	 	Waiver	  	 	14	  
	 Section 8.3
	 	Complete Agreement	  	 	14	  
	 Section 8.4
	 	Assignment	  	 	14	  
	 Section 8.5
	 	Severability	  	 	15	  
	 Section 8.6
	 	Notices	  	 	15	  
	 Section 8.7
	 	Governing Law	  	 	16	  
	 Section 8.8
	 	Dispute Resolution	  	 	16	  
	 Section 8.9
	 	Bankruptcy	  	 	16	  
	 Section 8.10
	 	Title and Headings	  	 	16	  
	 Section 8.11
	 	Counterparts	  	 	16	  
	 Section 8.12
	 	Expenses	  	 	16	  
	 Section 8.13
	 	Parties in Interest	  	 	17	  
	 Section 8.14
	 	Construction	  	 	17	  
	 Section 8.15
	 	Relationship of the Parties	  	 	17	  

  
 ii 

					
	 List of Schedules
	  	
			
	 Schedule A
	 	Air Products’ Licensed Patents	  	
	 Schedule B
	 	Air Products’ Engineering Standards	  	
	 Schedule C
	 	Air Products’ EH&S Standards
	 Schedule D
	 	Versum Licensed Patents	  	
	 Schedule E
	 	Versum Field of Use	  	
	 Schedule F
	 	Versum Megasys Know-How and Process Information	  	

  
 iii 

 INTELLECTUAL PROPERTY CROSS-LICENSE AGREEMENT 

This INTELLECTUAL PROPERTY CROSS LICENSE AGREEMENT (this “Agreement”), dated as of
            (the “Effective Date”), is entered into by and between Air Products and Chemicals, Inc. (“Air Products”), a Delaware corporation with an address at 7201
Hamilton Boulevard, Allentown, Pennsylvania, 18195, U.S.A., and Versum Materials, Inc. (“Versum”), a             corporation with an address at
            , U.S.A. (both Air Products and Versum, a “Party” and collectively, the “Parties”). 

RECITALS 
 WHEREAS,
the Parties and certain of their Affiliates will enter into that certain Separation Agreement, to be dated             , (the “Separation Agreement”); and 

WHEREAS, Air Products has rights to certain Intellectual Property that is necessary or useful with respect to the Versum Business (as
defined in the Separation Agreement), and Versum has rights to certain Intellectual Property that is necessary or useful with respect to Air Products’ retained businesses, and, in contemplation of the Separation Agreement, Air Products wishes
to grant to Versum, and Versum wishes to grant to Air Products, a license to certain of such Intellectual Property, in each case as and to the extent set forth herein, such licenses to become effective as of the effective date of the Separation
Agreement. 
 NOW, THEREFORE, in consideration of the foregoing and the mutual agreements, provisions and covenants contained in this
Agreement, the Parties hereby agree as follows: 
 ARTICLE I 

DEFINITIONS AND INTERPRETATION 

Section 1.1 Definitions. Capitalized terms used in this Agreement, including any Appendices and Schedules hereto, shall have the
meanings ascribed to such terms in this Agreement, including as specified in this Section 1.1. 
 (a) “Action” shall
mean any demand, action, claim, suit, countersuit, arbitration, inquiry, subpoena, case, litigation, proceeding or investigation (whether civil, criminal, administrative or investigative) by or before any court or grand jury, any Governmental Entity
or any arbitration or mediation tribunal. 
 (b) “Affiliate” shall mean, when used with respect to a specified Person, a Person and
at a point in, or with respect to a period of, time, a Person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such specified Person at such point in or during such period
of time. For the purposes of this definition, “control”, when used with respect to any specified Person shall mean the possession, 

 
directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities or other interests, by
contract or otherwise. It is expressly agreed that Versum and its Subsidiaries shall not be deemed Affiliates of Air Products or any of its Affiliates. 

(c) “Change of Control” means (i) the direct or indirect acquisition, by any Person or group of Persons acting in concert,
whether by merger, reorganization, consolidation, sale, operation of law or otherwise, in one transaction or any related series of transactions, of control of such Party or (ii) the sale, transfer or disposition by such Party, in one
transaction or any related series of transactions, of all or substantially all of such Party’s assets, in each case other than to a Subsidiary of such Party (but only for so long as such Subsidiary remains a Subsidiary of such Party). For the
purposes of this definition, “control” shall have the meaning ascribed to such term in the definition of “Affiliate” herein. 

(d) “Confidential Technical Information” means all Know-How licensed or disclosed by either Party hereunder, whether in written or
other tangible or intangible form, including any such information known by either party as a result of the parties being a single entity prior to the Separation Agreement. Disclosure of Confidential Technical Information by one Party
(“Disclosing Party”) to the other Party (“Recipient”) hereunder shall be subject to the terms of this Agreement (including Article VI). “Confidential Technical Information” shall also include any physical or
tangible items embodying or including any Confidential Technical Information. Notwithstanding the foregoing, Confidential Technical Information shall not include any information which: 

 

	 	(i)	is publicly known prior to the Effective Date; or 

  

	 	(ii)	becomes publicly known through no fault of the Recipient or as permitted under this Agreement; 

  

	 	(iii)	is or has been disclosed to the Recipient by a Third Party who has a lawful right to disclose the information, except to the extent covered by an obligation of confidentiality or restricted use to the Third Party; or

  

	 	(iv)	is independently developed by or for the Recipient without use of Confidential Technical Information for which the party is deemed a Recipient under this Agreement; provided that: (i) technical information
or know-how shall not be deemed to be within the foregoing exceptions merely because it is embraced by more general knowledge in the public domain or in the Recipient’s possession; and (ii) no combination of features shall be deemed to be
within the foregoing exceptions merely because individual features are in the public domain or in the Recipient’s possession, unless the combination itself and its principle of operations are in the public domain or in the Recipient’s
possession. 

  
 2 

 (e) “Air Products Licensed Engineering and Process Standards and Policies” means,
collectively, (i) Air Products Licensed Engineering Standards, and (ii) the Air Products Licensed EHS Standards. 
 (f) “Air
Products Licensed Engineering Standards” means the standards, protocols, process design methods (PDMs), training materials processes, and policies, including the engineering guidelines which consist of that library of “how-to” guides
for designing, constructing, maintaining, and operating equipment and facilities, each only to the extent documented in documents set forth in Schedule B. Once VERSUM adopts its own standard or policy in accordance with Section 2.1(b),
such standard or policy would not constitute Air Products Licensed Engineering Standards under the terms of this Agreement. 
 (g) “Air
Products Licensed IP” means the Air Products Licensed Patents, the Air Products Licensed Engineering and Process Standards and Policies, and the Air Products Licensed Engineering Models and Databases. 

(h) “Air Products Licensed Patents” means the Patents and Patent Applications owned by Air Products and licensed to Versum hereunder
that are set forth on Schedule A, including any foreign equivalents, continuations, continuation-in-parts, divisionals and reissues thereof. 

(i) “Air Products Licensed EHS Standards” means the Air Products Environmental, Health, and Safety Standards, including training
materials, to the extent set forth in Schedule C. Once Versum adopts its own standard or policy in accordance with Section 2.1(b), such standard or policy would not constitute Air Products Licensed EHS Standards under the terms of this
Agreement. 
 (j) “Business Day” means any day other than Saturday or Sunday and any other day on which commercial banking
institutions located in New York, New York are required, or authorized by Law, to remain closed. 
 (k) “Governmental Entity” shall
mean any nation or government, any state, municipality or other political subdivision thereof and any entity, body, agency, commission, department, board, bureau or court, whether domestic, foreign, multinational, or supranational exercising
executive, legislative, judicial, regulatory, self-regulatory or administrative functions of or pertaining to government and any executive official thereof. 

(l) “Know-How” means trade secrets and all other confidential or proprietary information, know-how, inventions, processes, formulae,
training materials and manuals, models and methodologies. 
 (m) “Law” shall mean any applicable U.S. or non-U.S. federal,
national, supranational, state, provincial, local or similar statute, law, ordinance, regulation, rule, code, income tax treaty, order, requirement or rule of law (including common law) or other binding directives promulgated, issued, entered into
or taken by any Governmental Entity. 

  
 3 

 (n) “Licensed IP” means the Versum Licensed IP, with respect to the licenses to Air
Products hereunder, and the Air Products Licensed IP, with respect to the licenses to Versum hereunder. 
 (o) “Licensee” means
each of Versum, with respect to the Air Products Licensed IP, and Air Products, with respect to the Versum Licensed Patents. 
 (p)
“Licensor” means Versum with respect to the Versum Licensed IP and Air Products with respect to the Air Products Licensed IP. 

(q) “Patents” means patents and patent applications, and any and all related national or international counterparts thereto,
including any divisionals, continuations, continuations-in-part, reissues, reexaminations, substitutions and extensions there. 
 (r)
“Patent Challenge” means any direct or indirect (including by supporting an Action brought by another Person) challenge to the validity, patentability, enforceability, non-infringement or ownership of any Patent, including any such
(i) court challenge (including any such declaratory judgment action), or (ii) activity or proceeding before a patent office or other Governmental Entity or registrar, including any reissue, reexamination, pre-grant review, post-grant
review, opposition or similar proceeding. 
 (s) “Person” shall mean any natural person, firm, individual, corporation, business
trust, joint venture, association, bank, land trust, trust company, company, limited liability company, partnership, or other organization or entity, whether incorporated or unincorporated, or any Governmental Entity. 

(t) “Subsidiary” shall mean with respect to any Person (i) a corporation, fifty percent (50%) or more of the voting or
capital stock of which is, as of the time in question, directly or indirectly owned by such Person and (ii) any other Person in which such Person, directly or indirectly, owns fifty percent (50%) or more of the equity or economic interest
thereof or has the power to elect or direct the election of fifty percent (50%) or more of the members of the governing body of such entity. It is expressly agreed that Versum and its Subsidiaries shall not be deemed Subsidiaries of Air
Products or any of its Affiliates. 
 (u) “Third Party” means any Person other than Air Products, Versum, and their respective
Affiliates. 
 (v) “Valid Claim” means a claim of an issued and unexpired Patent that (i) has not been revoked or held
unenforceable or invalid by a decision of a court or other Governmental Entity of competent jurisdiction from which no appeal can be taken or has been taken within the time allowed for appeal and (ii) has not been abandoned, disclaimed, denied,
or admitted to be invalid or unenforceable through reissue or disclaimer or otherwise in such country. 
 (w) “Versum Assets” means
any plant, office or facility owned or operated by or for Versum as of the Effective Date. 

  
 4 

 (x) “Versum Field of Use” means the licensed field of use as set out in Schedule E.

 (y) “Versum Licensed IP” means the Megasys Know-How and process information set out in Schedule F and the Versum Licensed
Patents. 
 (z) “Versum Licensed Patents” means the Patents and Patent Applications owned by Versum and licensed to Air Products
hereunder that are set forth on Schedule D, including any foreign equivalents, continuations, continuation-in-parts, divisionals and reissues thereof. 

Section 1.2 References; Interpretation. References in this Agreement to any gender include references to all genders, and
references to the singular include references to the plural and vice versa. Unless the context otherwise requires, the words “include”, “includes” and “including” when used in this Agreement shall be deemed to be
followed by the phrase “without limitation”. Unless the context otherwise requires, references in this Agreement to Articles, Sections, Annexes, Exhibits and Schedules shall be deemed references to Articles and Sections of, and Annexes,
Exhibits and Schedules to, this Agreement. Unless the context otherwise requires, the words “hereof”, “hereby” and “herein” and words of similar meaning when used in this Agreement refer to this Agreement in its
entirety and not to any particular Article, Section or provision of this Agreement. The words “written request” when used in this Agreement shall include email. Reference in this Agreement to any time shall be to New York City, New York
time unless otherwise expressly provided herein. The word “or” indicates an alternative, but not a mutually exclusive alternative unless clearly indicated as being mutually exclusive, such as when preceded in a clause by the word
“either”. 
 ARTICLE II 

GRANTS OF RIGHTS 

Section 2.1 License to Versum of Air Products Licensed IP. 

(a) Air Products’ Licensed Patents. Subject to the terms and conditions of this Agreement, acting on behalf of itself and its
Affiliates, Air Products hereby grants Versum an exclusive, irrevocable, royalty-free, fully paid-up, sublicenseable, worldwide license in, to and under the Air Products Licensed Patents, to make, have made, offer for sale, sell, import, export and
use within the “Versum Field of Use” set out in Schedule E. 
 (b) Air Products Licensed Engineering and Process Standards and
Policies. Subject to the terms and conditions of this Agreement, acting on behalf of itself and its Affiliates, Air Products hereby grants Versum a non-exclusive, royalty-free, fully paid-up, license to Air Products’ Engineering Standards
set out in Schedule B and Air Products’ EHS Standards set out in Schedule C, for VERSUM’s internal use only, for the purpose of starting new or sustaining continuing operations until which time VERSUM adopts its own standards, but in no
case for a period of time exceeding 12 months from the Effective Date of this Agreement. As part of the process of adopting such a standard or policy, Versum shall (i) remove, strike over, or otherwise obliterate any and all reference to Air
Products and its Affiliates and (ii) delete any material or 

  
 5 

 
provisions not applicable to the Versum Assets from the applicable Air Products Licensed Engineering and Process Standards and Policies used in creating such adopted standard or policy and shall
cease to make any use of any reference to Air Products or its Affiliates in connection therewith. Notwithstanding anything to the contrary herein, such license under this Section 2.1(b) shall be further limited to only practicing such
Air Products Licensed Engineering and Process Standards and Policies at any location where Versum Assets, including future Versum Assets, are situated and only to the extent necessary to build, maintain and operate the Versum Assets. 

(c) Sublicenses. Versum may sublicense its rights under Section 2.1(a) to its Affiliates and Third Parties (each being a
“Versum Sublicensee”). With respect to Air Products Licensed Engineering Standards and Policies, Versum may sublicense its rights under Section 2.1(b) only to such of its Affiliates which, as of the Effective Date, are
operating or maintaining, or will operate or maintain in the future, Versum Assets, in each case only in connection with the maintenance and operation of the applicable Versum Assets. 

Section 2.2 Licenses to Air Products of Versum Licensed IP. 

(a) Versum Licensed Patents. Subject to the terms and conditions of this Agreement, acting on behalf of itself and its Affiliates,
Versum hereby grants Air Products a non-exclusive, irrevocable, royalty-free, fully paid-up, non-sublicenseable, worldwide license in, to and under the Versum Licensed Patents set out in Schedule D to make, have made, offer for sale, sell, import,
export and use, including the right for customers to use. 
 (b) Versum Licensed Megasys Know-How. Subject to the terms and conditions
of this Agreement, acting on behalf of itself and its Affiliates, Versum hereby grants Air Products an exclusive, irrevocable, royalty-free, fully paid-up, sublicenseable, license in, to and under the Megasys know-how and process information set out
in Schedule F, to allow Air Products to perform under the [On Semi Roznov contract] in the Czech Republic. This license is limited to performance under this specific contract and shall continue for the duration of this contract. 

Section 2.3 By-Products, Impurities and Intermediates. 

For the avoidance of doubt, subject to the terms and conditions of this Agreement, the rights granted under Sections 2.1 and 2.2
shall include the rights to make or have made any by-product, impurity or intermediate of any process made in connection with exercising such rights granted herein, in each case without limiting any of the restrictions and exclusions hereunder. 

Section 2.4 Reservation of Rights. 

Except as provided in the Separation Agreement or any Ancillary Agreement, each Party reserves its and its Affiliates’ rights in and to
all Intellectual Property that is not expressly licensed or otherwise granted hereunder. Without limiting the foregoing, this Agreement and the licenses and rights granted herein do not, and shall not be construed to, confer any rights upon either
Party, its Affiliates, or its sublicensees by implication, estoppel, or otherwise as to any of the other Party’s or its Affiliates’ Intellectual Property, except as otherwise expressly set forth herein. 

  
 6 

 Section 2.5 Third Party Rights. 

Notwithstanding anything to the contrary herein, the licenses granted under this Agreement, including any exclusivity thereof, are subject to
any rights of or obligations owed to any Third Parties with respect to the applicable Licensed IP pursuant to agreements existing as of the Effective Date between the applicable Licensor or its Affiliates and such Third Parties. 

ARTICLE III 

PROSECUTION AND MAINTENANCE; OWNERSHIP 

Section 3.1 Responsibility and Cooperation. 

(a) Subject to Section 3.2, Licensor shall be solely responsible for filing, prosecuting, and maintaining all Patents within the
Licensed IP owned by Licensor. Licensor shall be responsible for all costs associated with filing, prosecuting, and maintaining such Patents. Without limiting the foregoing, each Licensor shall use commercially reasonable efforts to prosecute and
maintain in good faith all Patents licensed under this Agreement. 
 (b) Licensee shall reasonably cooperate with Licensor with respect to
providing such information or taking such other actions as may be necessary in order to protect each Party’s rights in the Licensed IP in connection with requirements or provisions of applicable Laws in local jurisdictions. 

(c) The Parties agree to reasonably cooperate with each other with respect to preparing instruments to record Licensee as the licensee of the
Licensed IP in any applicable foreign Governmental Entity or registrar where such recordation is required, in each case as and to the extent so required under the applicable Laws of such jurisdictions, and Licensee shall have the right to record
such instrument with the applicable Governmental Entity or registrar, in each case at Licensee’s sole cost and expense. Notwithstanding anything to the contrary in any such instrument, to the extent of any conflict or inconsistency between this
Agreement and such instrument, this Agreement shall control. For clarity and without limiting the foregoing, any such instrument may or may not refer to this Agreement or include disclaimers, limitations or exceptions with respect to the Licensed IP
or the licenses thereto and may be dated as of, before or after the Effective Date. 
 Section 3.2 Failure to Prosecute or
Maintain. 
 (a) In the event that either Party as Licensor decides to forego prosecution or maintenance of a Patent for which it is
allocated responsibility pursuant to Section 3.1, such Licensor (the “Abandoning Party”) shall use commercially reasonable efforts to provide written notice to Licensee at least thirty (30) days prior to the final deadline
for taking a necessary step to continue to prosecute or maintain the applicable Patent (such notice, the “Assumption Notice”). Upon receipt of such Assumption Notice, such Licensee will have the option of assuming responsibility for such
prosecution and maintenance at its sole expense. If such 

  
 7 

 
Licensee elects to assume responsibility for prosecution and maintenance pursuant to this Section 3.2, such Licensee shall notify the Abandoning Party in writing of such election
within thirty (30) days and the Abandoning Party shall assign its entire right, title and interest in such Patent to Licensee; provided that the Abandoning Party shall: 

 

	 	(i)	retain (and is hereby granted) a license with respect to the applicable Patent consistent with Section 2.1 (if the Abandoning Party is Versum, such Patent shall thereafter be deemed an Air Products Licensed
Patent hereunder) or Section 2.2 ( if the Abandoning Party is Air Products, such Patent shall thereafter be deemed a Versum Licensed Patent (as applicable) hereunder), and 

 

	 	(ii)	have no other obligation thereby to assign any related Patents or Patent applications, including any Patents or Patent applications in such assigned Patent’s family. 

(b) For avoidance of doubt, if the applicable Licensee does not notify the Abandoning Party of its election in writing within thirty
(30) days following the applicable Assumption Notice from the Abandoning Party, such Licensee shall be deemed to have elected to not assume responsibility for prosecution and maintenance pursuant to this Section 3.2 and the Licensor
may abandon such Patent or decide not to abandon such Patent. 
 (c) Neither Licensor shall be liable to any Licensee for any inadvertent,
unintentional or unavoidable abandonment of any Patent of such Licensor. The assignee Party shall be responsible for preparing and filing assignment documents required for completing formalities to assign the applicable Patent pursuant to
Section 3.2(a). In the event of an assignment of a Patent pursuant to Section 3.2(a), the Parties agree to reasonably cooperate in executing appropriate assignment documents provided by the assignee Party to complete such
formalities, such as powers of attorney and documents for recording assignments for all such assigned Patents, upon request from the assignee Party. All out-of-pocket expenses associated with preparing and recording any assignment of a Patent under
Section 3.2(a) shall be paid by the assignee Party. For the avoidance of doubt, the assignee shall become responsible for all prosecution or maintenance as of the date of the notice indicating its desires for the assignment as well as
for all payments due to continue or maintain the Patent, including any expenses for legal services, fees and the like. If a Patent is assigned under Section 3.2(a), then, unless otherwise agreed in writing, the assignee may abandon such
Patent without notice or obligation of assignment to the other Party. 
 (d) Notwithstanding the foregoing, each Licensor shall be
(i) free to abandon pending patent applications and (ii) shall have no obligation to file any national or regional application based on any international or regional patent applications or filings (including any PCT or EPO applications)
whether or not designated under such applications or filings, without any obligation of notice or assignment to the Licensee. 
 (e) For the
purposes of this Section 3.2, notices concerning abandoning and assignment of Patents shall be sent in accordance with Section 8.6 herein. 

  
 8 

 Section 3.3 Sale of Licensed Patents by Licensor. Licensor and its Affiliates shall
be free to sell, convey or transfer any Patent licensed by it hereunder so long as the sale, conveyance or transfer is accomplished subject to any rights hereunder of each Licensee and its Affiliates. 

Section 3.4 Ownership. As between the Parties, Licensee acknowledges and agrees that (i) Versum owns the Versum Licensed
Patents, and Air Products owns the Air Products Licensed IP, (ii) except as provided in Section 3.2, neither Licensee, nor its Affiliates or its sublicensees, will acquire any ownership rights in the Licensed IP owned by the
Licensor, and (iii) Licensee shall not, and shall cause its Affiliates and its sublicensees to not, represent that they have an ownership interest in any of the Licensed IP owned by the Licensor. 

Section 3.5 No Additional Obligations. This Agreement shall not obligate either Party to disclose to the other Party, or maintain,
register, prosecute, pay for, enforce, or otherwise manage any Intellectual Property except as expressly set forth herein. 
 ARTICLE IV

 ENFORCEMENT 

Section 4.1 Notification. If Licensee becomes aware of (a) any Third Party activities that constitute, or would reasonably be
expected to constitute, an infringement, misappropriation, or other violation of any Licensed IP licensed to such Licensee in the field where the Licensee has an exclusive license hereunder (“Third Party Infringement”) or (b) any
written Third Party allegations of invalidity or unenforceability of any Licensed IP licensed to such Licensee (“Invalidity Allegations”), Licensee shall promptly notify Licensor thereof in writing. 

Section 4.2 Defense and Enforcement. Licensor shall have the sole initial right, but not the obligation, to elect to bring an
Action or enter into settlement discussions regarding Third Party Infringements and Invalidity Allegations with respect to any Licensed IP at Licensor’s sole expense. If Licensor does not bring such an action or enter into settlement
discussions with respect to such Licensed IP within one-hundred eighty (180) days after receiving notice from Licensee pursuant to Section 4.1, Licensee shall have the right to bring an Action or enter into settlement discussions
regarding such Third Party Infringement or Invalidity Allegations at its sole expense; provided, further, that (i) if Licensor does not bring such an Action or does not notify Licensee of its election to bring such an Action for a
Third Party Infringement or to defend an Invalidity Allegation with respect to such Licensed IP by twenty (20) Business Days before the deadline for filing the applicable filing or response, such Licensee shall have the right to bring an Action
regarding such Third Party Infringement or Invalidity Allegations at its sole expense, and (ii) Licensor shall have no liability for failing to so notify Licensee as provided in this Section 4.2. The Party that elects to bring an
Action or enters into settlement discussions in accordance with this Section 4.2 (the “Enforcing Party”) shall control such Action or settlement discussions (as applicable). Notwithstanding the foregoing, if Invalidity
Allegations arise in an opposition, interference, reissue proceeding, reexamination or other proceeding before any patent office, the Licensor of the applicable Patent shall have the exclusive right to defend such Invalidity Allegations or enter
into settlement discussions with respect thereto. 

  
 9 

 Section 4.3 Cooperation. If the Enforcing Party brings an Action or enters into
settlement discussions in accordance with Section 4.2, the other Party shall provide reasonable assistance in connection therewith, at the Enforcing Party’s request and expense. The Enforcing Party shall keep the other Party
regularly informed of the status and progress of such Action or settlement discussions and shall reasonably consider comments of the other Party in connection therewith. Notwithstanding anything to the contrary herein, such other Party may, at its
sole discretion and expense, join as a party to such Action or proceeding; provided that if necessary for standing purposes, such Party shall so join such Action or proceeding upon the Enforcing Party’s reasonable request and at the
Enforcing Party’s expense. Such other Party shall have the right to be represented by counsel (which shall act in an advisory capacity only, except for matters solely directed to such Party) of its own choice in any such Action or proceeding at
its own expense. 
 Section 4.4 Settlements. Notwithstanding anything to the contrary herein, the Enforcing Party shall not
settle any Third Party Infringement or Invalidity Allegations without the prior written consent (not to be unreasonably withheld) of (i) Air Products (if Versum is the Enforcing Party) or (ii) Versum (if Air Products is the Enforcing
Party), in each case if doing so would (a) adversely affect the validity, enforceability, or scope, or admit non-infringement, of any Licensed IP owned by the other Party as Licensor, or (b) give rise to liability or any other obligations
of the other Party, its Affiliates, or its sublicensees for which the Party settling the matter is unwilling or unable to, and otherwise does not, provide full indemnification. 

Section 4.5 Costs, Expenses, and Damages. Any and all amounts recovered by the Enforcing Party in any Action regarding a Third
Party Infringement or Invalidity Allegation or settlement thereof shall, unless otherwise agreed, including in an agreement in connection with obtaining consent to settlement, be allocated first to reimburse the Enforcing Party’s out-of-pocket
costs and expenses incurred in connection with such Action or settlement and next to reimburse Air Products’ (if Versum is the Enforcing Party) or Versum’s (if Air Products is the Enforcing Party) out-of-pocket costs and expenses incurred
in connection with such Action or settlement. Any and all such recovered amounts remaining following such initial allocation shall be retained by the Enforcing Party. 

ARTICLE V 

DISCLAIMERS; LIMITATIONS OF LIABILITY; OTHER COVENANTS 

Section 5.1 Disclaimer. NOTWITHSTANDING ANY OTHER PROVISION OF THIS AGREEMENT TO THE CONTRARY, ALL LICENSES IN THIS AGREEMENT,
INCLUDING WITH RESPECT TO ALL PATENTS AND KNOW-HOW (INCLUDING THE AIR PRODUCTS LICENSED ENGINEERING AND PROCESS STANDARDS AND POLICIES) ARE BEING MADE WITHOUT ANY REPRESENTATION OR WARRANTY OF ANY NATURE (A) AS TO THEIR VALUE OR FREEDOM FROM
ANY SECURITY INTERESTS; (B) AS TO TITLE, NONINFRINGEMENT, VALIDITY, ACCURACY OF INFORMATIONAL CONTENT, MERCHANTABILITY OR FITNESS FOR A PARTICULAR 

  
 10 

 
PURPOSE (WHETHER OR NOT A PARTY OR ITS AFFILIATES KNOWS OR HAS REASON TO KNOW ANY SUCH PURPOSE) OR ANY OTHER MATTER, INCLUDING ANY WARRANTY (EXPRESS OR IMPLIED, ORAL OR WRITTEN), WHETHER ALLEGED
TO ARISE BY LAW, BY REASON OF CUSTOM OR USAGE IN THE TRADE, BY COURSE OF DEALING OR OTHERWISE; OR (C) AS TO THE LEGAL SUFFICIENCY TO GRANT ANY RIGHTS THEREIN AND AS TO ANY CONSENTS OR APPROVALS (INCLUDING APPROVALS FROM ANY GOVERNMENTAL
ENTITIES) REQUIRED IN CONNECTION HEREWITH OR THEREWITH, AND NEITHER PARTY, NOR ANY OF ITS REPRESENTATIVES, MAKES OR HAS MADE ANY REPRESENTATION OR WARRANTY, AND HEREBY EXPRESSLY DISCLAIMS ALL OTHER REPRESENTATIONS AND WARRANTIES, EXPRESS OR IMPLIED,
WRITTEN OR ORAL, AT LAW OR IN EQUITY, IN CONNECTION WITH THIS AGREEMENT, INCLUDING WITH RESPECT TO THE LICENSED IP, INCLUDING WITH RESPECT TO THE MATTERS DESCRIBED IN THE FOREGOING CLAUSES ( A )-(C). WITHOUT LIMITING THE FOREGOING, EACH LICENSEE
HEREBY ACKNOWLEDGES AND AGREES THAT ALL LICENSES IN THIS AGREEMENT ARE BEING MADE “AS IS, WHERE IS,” AND, INTER ALIA, SUBJECT TO ANY AGREEMENTS OF THE PARTIES EXISTING AS OF THE EFFECTIVE DATE, AND EACH LICENSEE SHALL BEAR THE ECONOMIC AND
LEGAL RISKS THAT ANY LICENSES IN THIS AGREEMENT SHALL PROVE TO BE INSUFFICIENT OR OTHERWISE IMPAIRED. 
 Section 5.2 Limitations on
Liability. NOTWITHSTANDING ANY OTHER PROVISION OF THIS AGREEMENT TO THE CONTRARY, AND EXCEPT AS SET FORTH IN, AND SUBJECT TO, THE SEPARATION AGREEMENT, AND EXCEPT TO THE EXTENT PROHIBITED BY APPLICABLE LAW, NO PARTY SHALL BE LIABLE TO ANY OTHER
PARTY OR ANY THIRD PARTY FOR ANY PUNITIVE, SPECIAL, CONSEQUENTIAL, EXEMPLARY, INCIDENTAL OR INDIRECT DAMAGES (INCLUDING LOST OR ANTICIPATED REVENUES OR PROFITS OR LOSS OF BUSINESS REPUTATION OR OPPORTUNITY RELATING TO THE SAME), ARISING FROM ANY
CLAIM RELATING TO THIS AGREEMENT, INCLUDING THE BREACH OR ALLEGED BREACH OF THIS AGREEMENT, WHETHER SUCH CLAIM IS BASED ON WARRANTY, CONTRACT, STATUTE, TORT (INCLUDING NEGLIGENCE OR STRICT LIABILITY) OR OTHERWISE, EVEN IF AN AUTHORIZED
REPRESENTATIVE OF SUCH PARTY IS ADVISED OF THE POSSIBILITY OR LIKELIHOOD OF SAME, AND WHETHER OR NOT ARISING FROM THE OTHER PARTY’S SOLE, JOINT, OR CONCURRENT NEGLIGENCE, STRICT LIABILITY, CRIMINAL LIABILITY, OR OTHER FAULT. 

Section 5.3 Compliance. All activities of Air Products and Versum and their respective Affiliates pursuant to this Agreement shall
comply with all applicable Laws, including the export control Laws of the United States. 

  
 11 

 ARTICLE VI 

CONFIDENTIALITY 

Section 6.1 Disclosure and Use Restrictions. It is acknowledged that, due to the fact that prior to the Separation Agreement the
Parties hereto operated as a single company, each Party may possess Confidential Technical Information of the other Party, and also that in carrying out the objectives of this Agreement, as well as the Separation Agreement, each Party may disclose
Confidential Technical Information to the other Party. Except as expressly provided herein, each Recipient agrees that it shall, and shall cause its Affiliates and its sublicensees to keep confidential and shall not publish or otherwise disclose any
Confidential Technical Information of the other Party. A Recipient may use Confidential Technical Information of the Disclosing Party only for the express purpose for which the information was disclosed or to the extent within its licensed or
retained rights thereto under this Agreement. The restrictions in the two immediately preceding sentences shall not apply to disclosure of Confidential Technical Information as to which a Party is a Recipient: 

(a) to the Recipient’s Affiliates or its or their respective directors, officers, employees, agents, contractors and advisors
(“Representatives”) to the extent reasonably necessary for the Recipient to perform its obligations or exercise its rights under this Agreement; provided that such Representatives have undertaken an obligation of secrecy through an
agreement with Recipient or its Affiliate or through professional ethical obligations arising out of a professional relationship with Recipient or its Affiliate; 

(b) pursuant to an order of a court or other Governmental Entity or as required by applicable Law (including if required by applicable Law in
connection with a Recipient’s good-faith pursuit of a bona fide business interest); provided that the Recipient provides the Disclosing Party to the extent practicable with reasonable advance written notice thereof and uses diligent and
commercially reasonable efforts and reasonably cooperates with the Disclosing Party to obtain confidential treatment and, if available, an appropriate protective order therefor, if applicable, and only furnishes that Confidential Technical
Information that it is advised by counsel that it is legally required to furnish; and 
 (c) to Recipient’s licensees or sublicensees to
the extent reasonably necessary to enable such Persons to exercise any license or sublicense rights (as applicable) that they have been granted to or retained under the Licensed IP; provided that they are subject to obligations of
confidentiality and non-use at least equivalent in scope to those set forth in this Article VI. 
 Section 6.2 Notification
by the Receiving Party. The Recipient shall promptly notify the Disclosing Party of any unauthorized possession, use or knowledge, or attempt thereof, of Confidential Technical Information of the Disclosing Party by any Person which may become
known to the Recipient. 
 Section 6.3 Air Products Licensed Engineering and Process Standards and Policies. Notwithstanding any
other provision of this Agreement, the Air Products Licensed Engineering and Process Standards and Policies licensed hereunder shall (a) not be disclosed or provided by Versum to any Person other than its Affiliates that have a reasonable need
to access 

  
 12 

 
such information for purposes of conducting the Versum Business (subject to the terms hereof) and are under an obligation to maintain the confidentiality thereof, (b) not include any other
Know-How (including any standards, tools, and documents) referenced but not specifically and fully disclosed, explicated, and set forth therein, (c) be implemented and used by Versum and its Affiliates subject to their own training with respect
thereto (and Air Products shall have no obligation with respect to any such training), and (d) be destroyed by Versum, or any of its Affiliates, in relevant part, upon Versum or any of its Affiliates determining that the same has become
obsolete or superseded by any other standard, protocol, policy, or process (or following a Change of Control as provided in Section 7.2). The Parties acknowledge that from time to time applicable Law may conflict with and supersede
aspects of Air Products Licensed Engineering and Process Standards and Policies. 
 Section 6.4 Transfer of Know-How. For the
avoidance of doubt, unless specifically stated otherwise, nothing under this Agreement shall obligate Licensor to provide or otherwise make available to Licensee any copies or embodiments of any Know-How or make or provide or otherwise make
available to Licensee any updates to any Know-How (even if Licensor or its Affiliates updates same for their own use). 
 Section 6.5
Survival. The confidentiality and nondisclosure obligations of this Article VI shall survive the expiration or termination of this Agreement for a period of 20 years from the Effective Date. 

ARTICLE VII 
 TERM

 Section 7.1 Term. Except as provided in Section 7.2, the terms of the licenses and other grants of rights
under this Agreement shall as applicable, survive any expiration or earlier termination of this Agreement, and shall extend for the following durations: (a) with respect to each patent that is included in Licensed IP, until expiration of the
last Valid Claim included in such patent; (b) with respect to Air Products Licensed Engineering Standards and Policies, for the adoption period set out in Section 2.1(b); and (c) with respect to the Versum Licensed Megasys Know
How, until the expiration of the [On Semi Roznov Contract] as set out in Section 2.2(b). Except as otherwise expressly set forth in Section 7.2, or elsewhere in this Agreement, or unless one Party is in material breach of any
of the terms and conditions herein and such breach is not cured within ninety (90) days of receiving Notice, this Agreement may not be terminated unless agreed to in writing by the Parties. 

Section 7.2 Termination of Licenses to the Air Products Licensed Engineering Process Standards and Policies for Change of Control.

 (a) In the event of a Change of Control of Versum or any of its Affiliates, the licenses granted to Versum with respect to the Air
Products Licensed Engineering and Process Standards and Policies shall immediately and automatically terminate; provided that Versum shall, for a period not to exceed 30 days from the Change of Control and subject to and only to the extent
permitted under Section 2.1(b), be permitted to continue to use such Air Products Licensed Engineering and Process Standards and Policies at locations where they are currently being used to the extent necessary to operate and maintain
the applicable Versum Assets (subject to the terms hereof) and transition to alternative engineering process standards and policies. 

  
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 (b) Upon termination (pursuant to Section 7.2(a)) of the license granted in
Section 2.1(b), Versum shall, and shall ensure that the Versum Sublicensees, within fifteen (15) Business Days of any request by Air Products following expiration of the transition period set forth in Section 7.2(a),
return to Air Products or, at Versum’s election, destroy all Air Products Licensed Engineering and Process Standards and Policies that are in their possession or control, and Versum shall provide to Air Products a certification from a duly
authorized officer of Versum certifying that Versum has destroyed all such Air Products Licensed Engineering and Process Standards and Policies, including all copies, adaptations, translations and derivative works thereof. 

ARTICLE VIII 

MISCELLANEOUS 

Section 8.1 Amendment. This Agreement may not be modified or amended except by an agreement in writing signed by the Parties. 

Section 8.2 Waiver. Any consent required or permitted to be given by any Party to the other Party under this Agreement shall be in
writing and signed by the Party giving such consent and shall be effective only against such Party. No failure or delay on the part of any Party in the exercise of any right hereunder shall impair such right or be construed to be a waiver of, or
acquiescence in, any breach of any representation, warranty, or agreement herein, nor shall any single or partial exercise of such right preclude other or further exercise thereof or any other right. 

Section 8.3 Complete Agreement. This Agreement, including the Schedules hereto, shall constitute the entire agreement between the
Parties with respect to the subject matter hereof and shall supersede all previous negotiations, commitments, course of dealings and writings with respect to such subject matter. 

Section 8.4 Assignment. This Agreement shall not be assignable, in whole or in part, directly or indirectly, by any Party without
the prior written consent of the other Party (not to be unreasonably withheld or delayed), and any attempt to assign any rights or obligations arising under this Agreement without such consent shall be void. Notwithstanding the foregoing, this
Agreement shall be assignable, in whole or in part, to (i) an Affiliate or (ii) a bona fide Third Party in connection with a merger, reorganization, consolidation or the sale or other transfer of all or a portion of the business or assets
of a Party or its Affiliates to which this Agreement relates, so long as the resulting, surviving or transferee entity assumes all of the applicable obligations of the relevant Party by operation of law or pursuant to a written agreement
(provided that for clarity, Versum shall not assign any of its rights hereunder with respect to the Air Products Licensed Engineering and Process Standards and Policies without Air Products’ prior written consent, except, subject to
Section 7.2, in the case of a Change of Control). No assignment permitted by this Section 8.4 shall release the assigning Party from liability for the full performance of its obligations under this Agreement prior to such
assignment (or, with 

  
 14 

 
respect to any assignments of this Agreement in part, following such assignment with respect to such parts of this Agreement not so assigned). At the written request of a Party, the other Party
shall promptly notify the requesting Party in writing of all Persons to which this Agreement or any part hereof has been assigned (and provide any other information reasonably requested in connection therewith). 

Section 8.5 Severability. In the event any one or more of the provisions contained in this Agreement should be held invalid,
illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby. The Parties shall endeavor in good-faith negotiations to replace
the invalid, illegal or unenforceable provisions with valid provisions, the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

Section 8.6 Notices. Without limiting Section 8.7, all notices, requests, claims, demands, and other communications
hereunder shall be in English, shall be in writing and shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery of an original via overnight courier service or by registered or certified mail (postage
prepaid, return receipt requested) to the respective Parties at the following addresses (or at such other address for a Party as shall be specified in a notice given in accordance with this Section 8.6): 

If to Versum, to: 
 Versum
Materials, Inc. 
 [ • ] 

ATTN: LEGAL/PATENT 

DEPARTMENT 
 If to Air
Products, to: 
 Air Products and Chemicals, Inc. 

7201 HAMILTON BLVD. 

ALLENTOWN, PA 18195 

ATTN: LEGAL/PATENT DEPARTMENT 
 or to such other
address as the Person to whom notice is given may have previously furnished to the others in writing in the manner set forth above (provided that notice of any change of address shall be effective only upon receipt thereof). 

  
 15 

 Section 8.7 Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of Delaware, regardless of the laws that might otherwise govern under applicable principles of conflicts of laws thereof; provided that all questions concerning the construction or effect of patent
applications and patents, and the provisions of this Agreement concerning Patent Challenges, shall be decided in accordance with the laws of the country in which the particular patent application or patent concerned has been filed or granted, as the
case may be. 
 Section 8.8 Dispute Resolution. Any Disputes (as defined in the Separation Agreement) arising under this
Agreement shall be handled in accordance with the terms set out in Article VIII of the Separation Agreement. 
 Section 8.9
Bankruptcy. All rights and licenses granted under or pursuant to this Agreement by a Licensor are, and will otherwise be deemed to be, for purposes of Section 365(n) of the United States Bankruptcy Code, licenses of rights to
“intellectual property” as defined under Section 101 of the United States Bankruptcy Code regardless of the form or type of intellectual property under or to which such rights and licenses are granted and regardless of whether the
intellectual property is registered in or otherwise recognized by or applicable to the United States of America or any other country or jurisdiction. The Parties agree that the Parties, as licensees of such rights under this Agreement, will retain
and may fully exercise all of their rights and elections under the United States Bankruptcy Code. The Parties further agree that, in the event of the commencement of a bankruptcy proceeding by or against a Party under the United States Bankruptcy
Code, the Party hereto that is not a Party to such proceeding will be entitled to a complete duplicate of (or complete access to, as appropriate) any such intellectual property and all embodiments of such intellectual property, which, if not already
in the non-subject Party’s possession, will be promptly delivered to it (a) upon any such commencement of a bankruptcy proceeding upon the non-subject Party’s written request therefore, unless the Party subject to such proceeding
continues to perform all of its obligations under this Agreement or (b) if not delivered under clause (a) above, following the rejection of this Agreement by or on behalf of the Party subject to such proceeding upon written request
therefore by the non-subject Party. 
 Section 8.10 Title and Headings. Titles and headings to sections herein are inserted for
the convenience of reference only and are not intended to be a part of or to affect the meaning or interpretation of this Agreement. 

Section 8.11 Counterparts. This Agreement may be executed in more than one counterpart, all of which shall be considered one and
the same agreement, and shall become effective when one or more such counterparts have been signed by each of the Parties and delivered to each of the Parties. Facsimile transmission (including the e-mail delivery of documents in Adobe PDF format)
of any signed original counterpart and/or retransmission of any signed facsimile transmission shall be deemed the same as the delivery of an original. 

Section 8.12 Expenses. Whether or not the transactions contemplated by this Agreement are consummated, and except as otherwise
expressly set forth herein, all costs and expenses (including legal fees, accounting fees, investment banking fees, and filing fees) incurred in connection with the transactions contemplated by this Agreement shall be paid by the Party incurring
such expenses. 

  
 16 

 Section 8.13 Parties in Interest. The provisions of this Agreement and the
obligations and rights hereunder shall be binding upon, inure to the benefit of and be enforceable by (and against) the Parties and their respective successors and permitted transferees and assigns. Nothing in this Agreement, express or implied, is
intended to confer upon any Person other than Air Products and Versum including their respective Subsidiaries, successors and permitted transferees and assigns, any rights or remedies under or by reason of this Agreement. 

Section 8.14 Construction. The Parties acknowledge that each Party and its counsel have reviewed and revised this Agreement and
that any rule of construction to the effect that any ambiguities are to be resolved against the drafting Party shall not be employed in the interpretation of this Agreement. 

Section 8.15 Relationship of the Parties. Nothing contained herein shall be deemed to create a partnership, joint venture, or
similar relationship between the Parties. Neither Party is the agent, employee, joint venture, partner, franchisee, or representative of the other Party. Each Party specifically acknowledges that it does not have the authority to, and shall not,
incur any obligations or responsibilities on behalf of the other Party. Notwithstanding anything to the contrary in this Agreement, each Party (and its officers, directors, agents, employees, and members) shall not hold themselves out as employees,
agents, representatives, or franchisees of the other Party or enter into any agreements on such Party’s behalf. 

  
 17 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed as of the day and
year first above written. 
  

			
	AIR PRODUCTS AND CHEMICALS, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	VERSUM MATERIALS, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 18

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