Document:

Exhibit 10.3

 

EMPLOYEE MATTERS AGREEMENT

 

By and Between

 

HONEYWELL INTERNATIONAL INC.

 

and

 

ADVANSIX INC.

 

Dated as of     , 2016

    	 

    	

    

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE I
	 	 	 
	DEFINITIONS
	 	 	 
	SECTION 1.01.	Definitions	1
	 	 	 
	ARTICLE II
	 	 	 
	GENERAL PRINCIPLES
	 	 	 
	SECTION 2.01.	AdvanSix Employees	5
	SECTION 2.02.	Collectively Bargained Employees	5
	SECTION 2.03.	Collective Bargaining Agreements	5
	SECTION 2.04.	Liabilities	5
	SECTION 2.05.	Benefit Plans	6
	SECTION 2.06.	Payroll Services	6
	SECTION 2.07.	No Change in Control	6
	 	 	 
	ARTICLE III
	 	 	 
	NON-EQUITY INCENTIVES
	 	 	 
	SECTION 3.01.	AdvanSix Employee Incentives	6
	 	 	 
	ARTICLE IV
	 	 	 
	SERVICE CREDIT
	 	 	 
	SECTION 4.01.	Honeywell Benefit Plans	7
	SECTION 4.02.	AdvanSix Benefit Plans	7
	 	 	 
	ARTICLE V
	 	 	 
	SEVERANCE
	 	 	 
	SECTION 5.01.	Post-Distribution Severance	7
	 	 	 
	ARTICLE VI
	 	 	 
	CERTAIN WELFARE BENEFIT PLAN MATTERS; WORKERS’ COMPENSATION CLAIMS
	 	 	 
	SECTION 6.01.	AdvanSix Welfare Plans	8
	SECTION 6.02.	Allocation of Welfare Benefit Claims	8

    	i

    	

    

	SECTION 6.03.	Workers’ Compensation Claims	8
	SECTION 6.04.	COBRA	9
	SECTION 6.05.	Health Savings Account	9
	SECTION 6.06.	Flexible Spending Account	9
	 	 	 
	ARTICLE VII
	 	 	 
	LONG-TERM DISABILITY
	 	 	 
	SECTION 7.01.	Benefits	10
	SECTION 7.02.	Return to Work	10
	 	 	 
	ARTICLE VIII
	 	 	 
	DEFINED BENEFIT PENSION PLAN
	 	 	 
	SECTION 8.01.	Honeywell Defined Benefit Pension Plan	10
	 	 	 
	ARTICLE IX
	 	 	 
	DEFINED CONTRIBUTION PLAN
	 	 	 
	SECTION 9.01.	AdvanSix 401(k) Plan	11
	SECTION 9.02.	401(k) Rollover	11
	SECTION 9.03.	Employer 401(k) Plan Contributions	11
	SECTION 9.04.	Stock Considerations	12
	SECTION 9.05.	Limitation of Liability	12
	 	 	 
	ARTICLE X
	 	 	 
	NONQUALIFIED DEFERRED COMPENSATION
	 	 	 
	SECTION 10.01.	Honeywell Nonqualified Deferred Compensation Plans	12
	 	 	 
	ARTICLE XI
	 	 	 
	VACATION
	 	 	 
	SECTION 11.01.	Vacation	13
	 	 	 
	ARTICLE XII
	 	 	 
	LONG-Term Incentive COMPENSATION AWARDS
	 	 	 
	SECTION 12.01.	AdvanSix Long-Term Incentive Plan	13
	SECTION 12.02.	Equity Award Adjustments	13
	SECTION 12.03.	Treatment of Incentive Awards Upon Distribution	13
	SECTION 12.04.	Incentive Award Reimbursement	14

    	ii

    	

    

	SECTION 12.05.	Cooperation	14
	SECTION 12.06.	Treatment of Reimbursements	14
	 	 	 
	ARTICLE XIII
	 	 	 
	COOPERATION; ACCESS TO INFORMATION; LITIGATION; CONFIDENTIALITY
	 	 	 
	SECTION 13.01.	Cooperation	15
	SECTION 13.02.	Access to Information; Litigation; Confidentiality	15
	 	 	 
	ARTICLE XIV
	 	 	 
	TERMINATION
	 	 	 
	SECTION 14.01.	Termination	15
	SECTION 14.02.	Effect of Termination	16
	 	 	 
	ARTICLE XV
	 	 	 
	MISCELLANEOUS
	 	 	 
	SECTION 15.01.	Incorporation of Indemnification Provisions of Separation Agreement	16
	SECTION 15.02.	Benefit Plan Indemnification	16
	SECTION 15.03.	Further Assurances	16
	SECTION 15.04.	Administration	16
	SECTION 15.05.	Third-Party Beneficiaries	16
	SECTION 15.06.	Employment Tax Reporting Responsibility	16
	SECTION 15.07.	Data Privacy	17
	SECTION 15.08.	Section 409A	17
	SECTION 15.09.	Confidentiality	17
	SECTION 15.10.	Additional Provisions	18

    	iii

    	

    

EMPLOYEE MATTERS AGREEMENT (this
“Agreement”), dated as of     , 2016, by and between HONEYWELL INTERNATIONAL INC., a Delaware corporation
(“Honeywell”), and ADVANSIX, INC., a Delaware corporation (“AdvanSix”, and together with
Honeywell, the “Parties”).

 

R E C I T A L S

 

WHEREAS the Parties have entered into the
Separation and Distribution Agreement (the “Separation Agreement”) dated as of     , 2016, pursuant to
which Honeywell intends to effect the Distribution; and

 

WHEREAS the Parties wish to set forth their
agreements as to certain matters regarding employment, compensation and employee benefits.

 

NOW, THEREFORE, in consideration of the mutual
agreements, provisions and covenants contained in this Agreement, the Parties, intending to be legally bound, hereby agree as follows:

 

ARTICLE
I

 

DEFINITIONS

 

SECTION 1.01.          Definitions.
For purposes of this Agreement, the following terms shall have the following meanings. All capitalized terms used but not defined
herein shall have the meanings assigned to them in the Separation Agreement unless otherwise indicated.

 

“AdvanSix 401(k) Plan”
has the meaning set forth in Section 9.01.

 

“AdvanSix Benefit Plan”
shall mean any Benefit Plan sponsored, maintained or, unless such Benefit Plan is sponsored or maintained by a member of the Honeywell
Group, contributed to by any member of the AdvanSix Group or to which any member of the AdvanSix Group is a party.

 

“AdvanSix Employee” shall
mean, as of any applicable date, (a) each individual who is an employee of the AdvanSix Group as of immediately prior to the Distribution,
including any individual who is not actively at work due to a leave of absence (including vacation, holiday, illness, injury, short-term
disability but excluding, until such time as provided in Section 7.01, any AdvanSix LTD Employee) from which such employee
is permitted to return to active employment in accordance with the AdvanSix Group’s personnel policies, as in effect from
time to time, or applicable Law and (b) each individual who becomes an active employee of the AdvanSix Group following the Distribution,
but, in each case, excluding any Former AdvanSix Employee.

 

“AdvanSix Incentive Payments”
has the meaning set forth in Section 3.01

    	 

    		2

    

“AdvanSix Long-Term Incentive Plan”
has the meaning set forth in Section 12.01.

 

“AdvanSix LTD Employee”
shall mean any employee of the AdvanSix Group who, as of immediately prior to the Distribution, is receiving long-term disability
benefits under the Honeywell LTD Plan.

 

“AdvanSix Pre-Distribution HR Liabilities”
has the meaning set forth in Section 2.04.

 

“AdvanSix Welfare Plans”
has the meaning set forth in Section 6.01.

 

“AdvanSix Workers’ Compensation
Plan” has the meaning set forth in Section 6.03.

 

“Benefit Plan” shall mean
any plan, program, policy, agreement, arrangement or understanding that is an employment, consulting, deferred compensation, executive
compensation, incentive bonus or other bonus, employee pension, profit sharing, savings, retirement, supplemental retirement, stock
option, stock purchase, stock appreciation right, restricted stock, restricted stock unit, deferred stock unit, other equity-based
compensation, severance pay, retention, change in control, salary continuation, life, death benefit, health, hospitalization, workers’
compensation, sick leave, vacation pay, disability or accident insurance or other employee compensation or benefit plan, program,
agreement or arrangement, including any “employee benefit plan” (as defined in Section 3(3) of ERISA) (whether
or not subject to ERISA) sponsored or maintained by such entity or to which such entity is a party.

 

“COBRA” shall mean the
U.S. Consolidated Omnibus Budget Reconciliation Act of 1985, as amended from time to time, and any applicable similar state or
local laws.

 

“Code” shall mean the U.S.
Internal Revenue Code of 1986, as amended.

 

“Collective Bargaining Agreements”
has the meaning set forth in Section 2.02.

 

“Employment Taxes” shall
mean all fees, Taxes, social insurance payments or similar contributions to a fund of a Governmental Authority with respect to
wages or other compensation of an employee or other service provider.

 

“ERISA” shall mean the
U.S. Employee Retirement Income Security Act of 1974, as amended from time to time.

 

“Exchange” means the New
York Stock Exchange.

 

“Former AdvanSix Employee”
shall mean, as of any applicable date, each individual who (a) as of immediately prior to such individual’s termination
of

    	 

    		3

    

employment was an AdvanSix Employee and (b) as
of such applicable date, is not employed by any member of the AdvanSix Group.

 

“GPUs” shall mean any growth
plan units awarded using a 2014 or 2016 Growth Plan Agreement under the Honeywell 2011 Stock Incentive Plan.

 

“Honeywell 401(k) Plan”
has the meaning set forth in Section 9.01.

 

“Honeywell Benefit Plan”
shall mean any Benefit Plan sponsored, maintained or, unless such Benefit Plan is sponsored or maintained by a member of the AdvanSix
Group, contributed to by any member of the Honeywell Group or to which any member of the Honeywell Group is a party.

 

“Honeywell Equity Plans”
shall mean the 2016 Stock Incentive Plan, the 2016 Stock Plan for Non-Employee Directors, the 2011 Stock Incentive Plan, the 2006
Stock Incentive Plan, the 2003 Stock Incentive Plan, the 2006 Stock Plan for Non-Employee Directors, the Stock Plan for Non-Employee
Directors, each as amended from time to time, and any other stock option, stock incentive compensation plan or arrangement, including
equity award agreements, that is a Honeywell Benefit Plan, as in effect as of the time relevant to the applicable provision of
this Agreement.

 

“Honeywell Flexible Spending Account”
shall mean any flexible spending arrangement under any cafeteria plan qualifying under Section 125 of the Code that is a Honeywell
Benefit Plan.

 

“Honeywell Health Savings Account”
shall mean any health savings account under a health savings account plan that is a Honeywell Benefit Plan.

 

“Honeywell LTD Plan” shall
mean any long-term disability plan that is a Honeywell Benefit Plan.

 

“Honeywell Nonqualified Deferred
Compensation Plans” shall mean the Salary and Incentive Award Deferral Plan for Selected Employees, the Deferred Compensation
Plan for Non-Employee Directors, the Supplemental Non-Qualified Savings Plan for Highly Compensated Employees, the Supplemental
Pension Plan, the Supplemental Executive Retirement Plan for Executives in Career Band 6 and Above, the Supplemental Defined Benefit
Retirement Plan, the Nonqualified Supplemental Retirement Plan, each as amended from time to time, and any other nonqualified deferred
compensation plan or arrangement (including individual arrangements) that is a Honeywell Benefit Plan, as in effect as of the time
relevant to the applicable provision of this Agreement.

 

“Honeywell Pension Plan”
has the meaning set forth in Section 8.01.

 

“Honeywell Welfare Plan”
shall mean each Welfare Plan that is a Honeywell Benefit Plan.

    	 

    		4

    

“Honeywell Workers’ Compensation
Plan” shall mean any workers’ compensation plan that is a Honeywell Benefit Plan.

 

“Reimbursement Award” means
the unvested portion of any award granted under any Honeywell Equity Plan that (i) was unvested as of immediately prior to the
Distribution Date, (ii) was held by an AdvanSix Employee (or AdvanSix LTD Employee who becomes an AdvanSix Employee prior to the
applicable Reimbursement Event) as of the Distribution Date and (iii) becomes vested after the Distribution Date in accordance
with Section 12.03.

 

“Reimbursement Event” means,
after the Distribution Date, (i) the vesting of any Reimbursement Award that is a restricted stock award or similar award of tangible
property, (ii) the settlement of any Reimbursement Award that is a restricted stock unit or similar full-value share-based incentive
award (excluding any restricted stock award) or cash-based incentive award (including any GPUs) or (iii) the exercise of any Reimbursement
Award that is a stock option or stock appreciation right.

 

“Subsidiary” of any Person
shall mean any corporation or other organization whether incorporated or unincorporated of which at least a majority of the securities
or interests having by the terms thereof ordinary voting power to elect at least a majority of the board of directors or others
performing similar functions with respect to such corporation or other organization is directly or indirectly owned or controlled
by such Person or by any one or more of its Subsidiaries, or by such Person and one or more of its Subsidiaries; provided,
however, that, solely for purposes of this Agreement, AdvanSix and its Subsidiaries shall not be considered Subsidiaries
of Honeywell (or members of the Honeywell Group) prior to, on or after the Distribution.

 

“Tax Return” shall have
the meaning set forth in the TMA.

 

“Taxes” shall have the
meaning set forth in the TMA.

 

“Taxing Authority” shall
have the meaning set forth in the TMA.

 

“TMA” shall mean the Tax
Matters Agreement dated as of the date of this Agreement by and between Honeywell and AdvanSix.

 

“TSA” shall mean the Transition
Services Agreement dated as of the date of this Agreement by and between Honeywell and AdvanSix.

 

“Vesting Date” has the
meaning set forth in Section 12.03.

 

“Welfare Plan” shall mean
each Benefit Plan that provides life insurance, health care, dental care, accidental death and dismemberment insurance, disability,
severance, vacation or other group welfare or fringe benefits.

 

“Welfare Plan Date” has
the meaning set forth in Section 6.01.

    	 

    		5

    

“Workers’ Compensation Event”
shall mean the event, injury, illness or condition giving rise to a workers compensation claim with respect to an AdvanSix Employee
or Former AdvanSix Employee.

 

“Workers’ Compensation Plan
Date” has the meaning set forth in Section 6.03.

 

ARTICLE
II

 

GENERAL
PRINCIPLES

 

SECTION 2.01.          AdvanSix
Employees. All AdvanSix Employees as of immediately prior to the Distribution shall continue to be employees of the AdvanSix
Group immediately following the Distribution. The Parties hereto agree that none of the transactions contemplated by the Separation
Agreement or any of the Ancillary Agreements, including this Agreement, shall result in any AdvanSix Employee, AdvanSix LTD Employee
or Former AdvanSix Employee being deemed to have incurred a termination of employment or being eligible to receive severance benefits,
solely as a result of the Distribution.

 

SECTION 2.02.          Collectively
Bargained Employees. All provisions contained in this Agreement providing for the treatment of compensation and benefits in
connection with the Distribution shall apply equally to any employee who is covered by any collective bargaining, works council
or other labor union contract or labor arrangement (collectively, “Collective Bargaining Agreements”), except
to the extent that any such agreement specifically provides for the compensation or benefits contemplated by such provision and,
in each such case, such agreement shall apply rather than the terms of this Agreement.

 

SECTION 2.03.          Collective
Bargaining Agreements. As of the Distribution, AdvanSix shall, and shall cause the members of the AdvanSix Group as appropriate
to, adopt and assume any Collective Bargaining Agreement covering any of the AdvanSix Employees immediately prior to the Distribution,
subject to any agreed upon changes required by the transition of such Collective Bargaining Agreement to AdvanSix or applicable
Law, and recognize the works councils, labor unions and other employee representatives that are party to such Collective Bargaining
Agreements; provided that, any compensation or benefits that were, prior to the Distribution, provided to AdvanSix Employees
under the Collective Bargaining Agreements through the Honeywell Benefit Plans shall, to the extent such compensation and benefits
are still required to be provided under the Collective Bargaining Agreements on and after the Distribution, be provided as mutually
agreed with such works councils, labor unions and other employee representatives through the AdvanSix Benefit Plans as set forth
in this Agreement.

 

SECTION 2.04.          Liabilities.
Except as otherwise provided in this Agreement, (a) the members of the Honeywell Group shall be responsible for all actual
or potential employment and employee compensation and benefits-related Liabilities

    	 

    		6

    

incurred prior to the Distribution that relate
to AdvanSix Employees and Former AdvanSix Employees (and each of their respective dependents and beneficiaries), excluding any
such Liabilities that AdvanSix retains or assumes pursuant to applicable Law in connection with the Distribution (collectively,
with all other such Liabilities that the AdvanSix Group retains or assumes in connection with this Agreement, the “AdvanSix
Pre-Distribution HR Liabilities”) and (b) the members of the AdvanSix Group shall be responsible for (i) all actual
or potential employment and employee compensation and benefits-related Liabilities incurred on or after the Distribution that relate
to AdvanSix Employees and Former AdvanSix Employees (and each of their respective dependents and beneficiaries) and (ii) the AdvanSix
Pre-Distribution HR Liabilities. AdvanSix shall pay or provide all AdvanSix Pre-Distribution HR Liabilities in the ordinary course
and at a time or times consistent with the past practice of the Honeywell Group.

 

SECTION 2.05.          Benefit
Plans. Except as otherwise specifically provided in this Agreement or as may otherwise be provided in accordance with the TSA,
as of the Distribution, each AdvanSix Employee (and each of their respective dependents and beneficiaries) shall cease active participation
in, and each member of the AdvanSix Group shall cease to be a participating employer in, all Honeywell Benefit Plans, and, as of
such time, AdvanSix shall, or shall cause its Subsidiaries to, have in effect such corresponding AdvanSix Benefit Plans as are
necessary to comply with its obligations pursuant to this Agreement. As of immediately following the Distribution, except as otherwise
specifically provided in this Agreement, (a) Honeywell shall, or shall cause one or more members of the Honeywell Group to,
retain, pay, perform, fulfill and discharge all Liabilities arising out of or relating to all Honeywell Benefit Plans, and (b) AdvanSix
shall, or shall cause one of the members of the AdvanSix Group to, retain, pay, perform, fulfill and discharge all Liabilities
arising out of or relating to all AdvanSix Benefit Plans.

 

SECTION 2.06.          Payroll
Services. Except as may otherwise be provided in accordance with the TSA, prior to, on and after the Distribution, the members
of the AdvanSix Group shall be solely responsible for providing payroll services to the AdvanSix Employees and Former AdvanSix
Employees.

 

SECTION 2.07.          No
Change in Control. The Parties hereto agree that none of the transactions contemplated by the Separation Agreement or any of
the Ancillary Agreements, including this Agreement, constitutes a “change in control,” “change of control”
or similar term, as applicable, within the meaning of any Honeywell Benefit Plan or AdvanSix Benefit Plan, including the AdvanSix
Long-Term Incentive Plan.

 

ARTICLE
III

 

NON-EQUITY
INCENTIVES

 

SECTION 3.01.          AdvanSix
Employee Incentives. Unless otherwise provided for in an individual agreement with an AdvanSix Employee to which Honeywell
is a party, on and after the Distribution, AdvanSix shall assume and be solely

    	 

    		7

    

responsible for Liabilities with respect to
any annual bonus or other cash-based incentive or retention awards (other than GPUs, which shall be treated in accordance with
Article XII) under any Benefit Plan to any AdvanSix Employee, AdvanSix LTD Employee or Former AdvanSix Employee, including,
for the avoidance of doubt, any such awards with respect to the year in which the Distribution occurs (the “AdvanSix Incentive
Payments”). AdvanSix shall be responsible for determining the amounts of all AdvanSix Incentive Payments that have not
been determined prior to the Distribution, including the extent to which established performance criteria (as interpreted by AdvanSix,
in its sole discretion) have been met, and shall pay all AdvanSix Incentive Payments no later than the times provided for under
the applicable Benefit Plan. For the avoidance of doubt, any determinations made prior to the Distribution regarding the amounts
of any AdvanSix Incentive Payments shall be subject to Honeywell’s prior written approval.

 

ARTICLE
IV

 

SERVICE
CREDIT

 

SECTION 4.01.          Honeywell
Benefit Plans. Except as may otherwise be provided in accordance with the TSA and except as otherwise provided in Section
12.03, service of AdvanSix Employees and Former AdvanSix Employees, on and after the Distribution, with any member of the AdvanSix
Group or any other employer, as applicable, other than any member of the Honeywell Group, shall not be taken into account for any
purpose under any Honeywell Benefit Plan.

 

SECTION 4.02.          AdvanSix
Benefit Plans. Unless prohibited by applicable Law, AdvanSix shall, and shall cause its Subsidiaries to, credit service accrued
by each AdvanSix Employee with, or otherwise recognized for purposes of any Benefit Plan by, any member of the Honeywell Group
or the AdvanSix Group on or prior to the Distribution for purposes of (a) eligibility and vesting under each AdvanSix Benefit
Plan under which service is relevant in determining eligibility or vesting, (b) determining the amount of severance payments
and benefits (if any) payable under each AdvanSix Benefit Plan that provides severance payments or benefits and (c) determining
the number of vacation days to which each such employee shall be entitled following the Distribution, in the case of clauses (a),
(b) and (c), (i) to the same extent recognized by the relevant members of the Honeywell Group or AdvanSix Group or the corresponding
Honeywell Benefit Plan or AdvanSix Benefit Plan immediately prior to the later of the Distribution Date and the date such employee
ceases participating in the applicable Honeywell Benefit Plan in accordance with the TSA and (ii) except to the extent such
credit would result in a duplication of benefits for the same period of service.

 

ARTICLE
V

 

SEVERANCE

 

SECTION 5.01.          Post-Distribution
Severance. The AdvanSix Group shall be solely responsible for all Liabilities, including all severance or other separation
payments and benefits, relating to the termination or alleged termination of any AdvanSix

    	 

    		8

    

Employee’s or Former AdvanSix Employee’s
employment that occurs on or after the Distribution. For the avoidance of doubt, such Liabilities shall include any employer-paid
portion of any Employment Taxes.

 

ARTICLE
VI

 

CERTAIN
WELFARE BENEFIT PLAN MATTERS; WORKERS’ COMPENSATION CLAIMS

 

SECTION 6.01.          AdvanSix
Welfare Plans. Without limiting the generality of Section 2.05, effective as of the Distribution or such later
date as agreed to between Honeywell and AdvanSix in accordance with the TSA (such applicable date, the “Welfare Plan Date”),
AdvanSix shall establish Welfare Plans (collectively, the “AdvanSix Welfare Plans”) to provide welfare benefits
to the AdvanSix Employees (and their dependents and beneficiaries) and as of the applicable Welfare Plan Date, each AdvanSix Employee
(and his or her dependants and beneficiaries) shall cease active participation in the corresponding Honeywell Welfare Plan. For
the avoidance of doubt, for purposes of this Article VI, the term “AdvanSix Employees” shall be deemed
to include any Former AdvanSix Employee who was receiving welfare benefits in connection with his or her termination of employment
from a member of the Honeywell Group or the AdvanSix Group as of the applicable Welfare Plan Date.

 

SECTION 6.02.          Allocation
of Welfare Benefit Claims. (a) The members of the Honeywell Group shall retain all Liabilities in accordance with the
applicable Honeywell Welfare Plan for all reimbursement claims (such as medical and dental claims) and for all non-reimbursement
claims (such as life insurance claims), in each case, incurred by AdvanSix Employees and Former AdvanSix Employees (and each of
their respective dependents and beneficiaries) under such plans prior to the applicable Welfare Plan Date and (b) the members
of the AdvanSix Group shall retain all Liabilities in accordance with the AdvanSix Welfare Plans for all reimbursement claims (such
as medical and dental claims) and for all non-reimbursement claims (such as life insurance claims), in each case, incurred by AdvanSix
Employees and Former AdvanSix Employees (and each of their respective dependents and beneficiaries) on or after the Applicable
Welfare Plan Date; provided that, AdvanSix shall reimburse Honeywell in accordance with the TSA for Liabilities incurred
under clause (a) between the Distribution Date and the applicable Welfare Plan Date. For purposes of this Section 6.02,
a benefit claim shall be deemed to be incurred as follows: (i) health, dental, vision, employee assistance program and prescription
drug benefits (including in respect of any hospital confinement), upon provision of such services, materials or supplies; and (ii) life,
accidental death and dismemberment and business travel accident insurance benefits, upon the death, cessation of employment or
other event giving rise to such benefits.

 

SECTION 6.03.          Workers’
Compensation Claims. In the case of any workers’ compensation claim of any AdvanSix Employee or Former AdvanSix Employee
in respect of his or her employment with the Honeywell Group or the AdvanSix Group, such claim shall be covered (a) under
the applicable Honeywell Workers’ Compensation

    	 

    		9

    

Plan if the Workers’ Compensation Event
occurred prior to the Distribution, (b) under a workers’ compensation plan of the AdvanSix Group (each, an “AdvanSix
Workers’ Compensation Plan”) if the Workers’ Compensation Event occurs on or after the Distribution and the
related claim is submitted after the date AdvanSix has established a workers’ compensation plan (the “Workers’
Compensation Plan Date”) and (c) under the applicable Honeywell Workers’ Compensation Plan if the Workers’
Compensation Event occurs on or after the Distribution and the related claim is submitted prior to the Workers Compensation Plan
Date; provided that, AdvanSix shall reimburse Honeywell in accordance with the TSA for Liabilities incurred under clause
(c) between the Distribution Date and the applicable Welfare Plan Date. If the Workers’ Compensation Event occurs over a
period both preceding and following the Distribution, the claim shall be jointly covered under the Honeywell Workers’ Compensation
Plan and the AdvanSix Workers’ Compensation Plan and shall be equitably apportioned between them based upon the relative
periods of time that the Workers’ Compensation Event transpired preceding and following the Distribution; provided
that, if a claim in respect of such Workers’ Compensation Event is submitted prior to the Workers’ Compensation Plan
Date, then such claim shall be covered under the Honeywell Workers’ Compensation Plan and AdvanSix shall appropriately reimburse
Honeywell in accordance with the TSA.

 

SECTION 6.04.          COBRA.
In the event that an AdvanSix Employee or Former AdvanSix Employee (a) was receiving, or was eligible to receive, continuation
health coverage pursuant to COBRA on or prior to the applicable Welfare Plan Date, Honeywell and the Honeywell Welfare Plans shall
be responsible for all Liabilities to such employee (or his or her eligible dependents) in respect of COBRA; or (b) becomes
eligible to receive continuation health coverage pursuant to COBRA following the applicable Welfare Plan Date, AdvanSix and the
AdvanSix Welfare Plans shall be responsible for all Liabilities to such employee (or his or her eligible dependents) in respect
of COBRA; provided that, AdvanSix shall reimburse Honeywell in accordance with the TSA for Liabilities incurred under clause
(a) between the Distribution Date and the applicable Welfare Plan Date. AdvanSix shall indemnify, defend and hold harmless the
members of the Honeywell Group from and against any and all Liabilities relating to, arising out of or resulting from COBRA provided
by AdvanSix, or the failure of AdvanSix to meet its COBRA obligations, to AdvanSix Employees, Former AdvanSix Employees and their
respective eligible dependents.

 

SECTION 6.05.          Health
Savings Account. Without limiting the generality of Sections 2.04, 2.05 and 13.01 and subject to Section 15.09,
Honeywell and AdvanSix shall use commercially reasonable efforts to cooperate in administering any Honeywell Health Savings Account
in connection with the Distribution in accordance with the terms of the applicable Honeywell Benefit Plan, including by exchanging
any necessary participant records and engaging recordkeepers, administrators, providers, insurers and other third parties.

 

SECTION 6.06.          Flexible
Spending Account. Without limiting the generality of Sections 2.04, 2.05 and 13.01 and subject to Section 15.09,
Honeywell and AdvanSix shall use commercially reasonable efforts to cooperate in administering any Honeywell Flexible Spending
Account in connection with the Distribution in accordance

    	 

    		10

    

with the terms of the applicable Honeywell
Benefit Plan, including by exchanging any necessary participant records and engaging recordkeepers, administrators, providers,
insurers and other third parties.

 

ARTICLE
VII

 

LONG-TERM
DISABILITY

 

SECTION 7.01.          Benefits.
Except as otherwise specifically provided in this Agreement and subject to Section 7.02, on and after the Distribution,
the AdvanSix LTD Employees shall be deemed to be employees of the Honeywell Group for purposes of this Agreement, including participation
in the Honeywell LTD Plans.

 

SECTION 7.02.          Return
to Work. To the extent required by applicable AdvanSix policies, as in effect from time to time, and applicable Law, AdvanSix
shall, or shall cause its Subsidiaries to, employ any AdvanSix LTD Employee at such time, if any, as such AdvanSix LTD Employee
is ready to return to active employment, and from and after such time, such employee shall no longer be deemed an employee of the
Honeywell Group and shall be deemed an AdvanSix Employee for purposes of this Agreement; provided that, if such AdvanSix
LTD Employee presents himself or herself for active employment and is not employed by a member of the AdvanSix Group due to applicable
AdvanSix policies, and if such AdvanSix LTD Employee’s employment is terminated by a member of the Honeywell Group within
a reasonable time thereafter, AdvanSix shall indemnify the Honeywell Group for all Liabilities incurred in connection with such
termination.

 

ARTICLE
VIII

 

DEFINED
BENEFIT PENSION PLAN

 

SECTION 8.01.          Honeywell
Defined Benefit Pension Plan. Notwithstanding Section 2.05 or any other provision of this Agreement to the contrary,
following the Distribution, the Honeywell Group shall retain sponsorship of the Honeywell International Inc. Retirement Earnings
Plan (the “Honeywell Pension Plan”) and all assets and Liabilities arising out of or relating to the Honeywell
Pension Plan, including those relating to AdvanSix Employees, AdvanSix LTD Employees and Former AdvanSix Employees. Following the
date of this Agreement, Honeywell and AdvanSix shall use commercially reasonable efforts to cooperate in administering the Honeywell
Pension Plan in connection with providing benefits to AdvanSix Employees and Former AdvanSix Employees in accordance with the terms
of the Honeywell Pension Plan, including by exchanging any necessary participant records and engaging recordkeepers, administrators,
providers, insurers and other third parties.

    	 

    		11

    

ARTICLE IX

 

DEFINED CONTRIBUTION PLAN

 

SECTION 9.01.          AdvanSix
401(k) Plan. Effective as of the Distribution, AdvanSix shall establish a defined contribution plan that includes a qualified
cash or deferred arrangement within the meaning of Section 401(k) of the Code (the “AdvanSix 401(k) Plan”)
providing benefits to the AdvanSix Employees participating in any qualified cash or deferred arrangement within the meaning of
Section 401(k) of the Code sponsored by any member of the Honeywell Group (collectively, the “Honeywell 401(k) Plans”)
as of the Distribution.

 

SECTION 9.02.          401(k)
Rollover. As of the Distribution, the Honeywell Group shall permit each AdvanSix Employee to elect, and the AdvanSix Group
shall cause the AdvanSix 401(k) Plan to accept, in accordance with applicable Law and the terms of the Honeywell 401(k) Plans and
the AdvanSix 401(k) Plan, a rollover of the account balances (including earnings through the date of transfer and promissory notes
evidencing all outstanding loans) of such AdvanSix Employee under the Honeywell 401(k) Plans, if such rollover is elected in accordance
with applicable Law and the terms of the Honeywell 401(k) Plan and by such employee. Upon completion of a transfer of the account
balances of any AdvanSix Employee, as described in this Section 9.02, AdvanSix and the AdvanSix 401(k) Plan shall be
responsible for all Liabilities of the Honeywell Group under the Honeywell 401(k) Plan with respect to any AdvanSix Employee or
Former AdvanSix Employee whose account balance was transferred to the AdvanSix 401(k) Plan (and his or her respective beneficiaries),
and the Honeywell Group and the Honeywell 401(k) Plan shall have no Liabilities to provide such participants (or any of their beneficiaries)
with benefits under the Honeywell 401(k) Plan. In the event that the elections by AdvanSix Employees pursuant to this Section 9.02
in connection with the Distribution result in a mass rollover, Honeywell and AdvanSix shall use commercially reasonable efforts
to cooperate to effect such mass rollover, including by exchanging any necessary participant records and engaging recordkeepers,
administrators, providers, insurers and other third parties.

 

SECTION 9.03.          Employer
401(k) Plan Contributions. The Honeywell Group shall remain responsible for making all employer contributions under the Honeywell
401(k) Plan with respect to any AdvanSix Employees or Former AdvanSix Employees relating to periods prior to the Distribution;
provided that, prior to the rollover of any AdvanSix Employee’s or Former AdvanSix Employee’s account pursuant
to Section 9.02, the Honeywell Group shall make all employer contributions with respect to such AdvanSix Employee or
Former AdvanSix Employee required under the Honeywell 401(k) Plan for periods of time prior to the Distribution. Any such contributions
that are unvested as of the Distribution shall be treated in accordance with the terms of the Honeywell 401(k) Plan. On and after
the Distribution, the AdvanSix Group shall be responsible for all employer contributions under the AdvanSix 401(k) Plan with respect
to any AdvanSix Employees or Former AdvanSix Employees.

    	 

    		12

    

SECTION 9.04.          Stock
Considerations. Following the Distribution, AdvanSix Employees and Former AdvanSix Employees shall not be permitted to acquire
shares of Honeywell Common Stock in any stock fund under the AdvanSix 401(k) Plan.

 

SECTION 9.05.          Limitation
of Liability. For the avoidance of doubt, Honeywell shall have no responsibility for any failure of AdvanSix to properly administer
the AdvanSix 401(k) Plan in accordance with its terms and applicable Law, including any failure to properly administer the accounts
of AdvanSix Employees, Former AdvanSix Employees and their respective beneficiaries, including accounts rolled over in accordance
with Section 9.02, in such AdvanSix 401(k) Plan.

 

ARTICLE
X

 

NONQUALIFIED
DEFERRED COMPENSATION

 

SECTION 10.01.          Honeywell
Nonqualified Deferred Compensation Plans. The Honeywell Group shall retain all assets and all Liabilities arising out of or
relating to the Honeywell Nonqualified Deferred Compensation Plans related to any AdvanSix Employee or Former AdvanSix Employee
(and their respective beneficiaries) in connection with his or her service prior to the Distribution, including the obligation
to make all payments or distributions in respect of such Liabilities in accordance with the terms of the applicable Honeywell Nonqualified
Deferred Compensation Plan. The Parties hereto agree that none of the transactions contemplated by the Separation Agreement or
any of the Ancillary Agreements, including this Agreement, will trigger a payment or distribution of compensation under the Honeywell
Nonqualified Deferred Compensation Plans to any AdvanSix Employee or Former AdvanSix Employee (and their respective beneficiaries)
and, consequently, that the payment or distribution of any compensation to which any AdvanSix Employee or Former AdvanSix Employee
(and their respective beneficiaries) is entitled under the Honeywell Nonqualified Deferred Compensation Plans will occur upon the
time or times provided for under the applicable Honeywell Nonqualified Deferred Compensation Plans and such AdvanSix Employee’s
or Former AdvanSix Employee’s deferral elections. Following the payment or distribution of such amounts to the AdvanSix Employees,
Former AdvanSix Employees or their respective beneficiaries, the members of the Honeywell Group shall have no actual or potential
Liabilities relating to, arising out of or resulting from the participation of the AdvanSix Employees and Former AdvanSix Employees
in the Honeywell Nonqualified Deferred Compensation Plans. Following the date of this Agreement, Honeywell and AdvanSix shall use
commercially reasonable efforts to cooperate in administering the Honeywell Nonqualified Deferred Compensation Plans for purposes
of satisfying any obligations relating to the participation of any AdvanSix Employee or Former AdvanSix Employee, including by
exchanging any necessary participant records and engaging recordkeepers, administrators, providers, insurers and other third parties.

    	 

    		13

    

ARTICLE XI

 

VACATION

 

SECTION 11.01.          Vacation.
Upon the Distribution, the AdvanSix Group shall assume and be solely responsible for all Liabilities for vacation accruals and
benefits with respect to each AdvanSix Employee; provided, however, that (a) for purposes of determining the
number of vacation days to which such employee shall be entitled following the Distribution, AdvanSix and its Subsidiaries shall
assume and honor all vacation days accrued or earned but not yet taken by such employee, if any, as of the Distribution, and (b) to
the extent such employee is entitled under any applicable Law or any policy of his or her respective employer that is a member
of the Honeywell Group, as the case may be, to be paid for any vacation days accrued or earned but not yet taken by such employee
as of the Distribution, AdvanSix shall assume and be solely responsible for the Liability to pay for such vacation days.

 

ARTICLE
XII

 

LONG-Term
Incentive COMPENSATION AWARDS

 

SECTION 12.01.          AdvanSix
Long-Term Incentive Plan. Prior to the Distribution, Honeywell shall cause AdvanSix to adopt a long-term incentive plan or
program, to be effective immediately prior to the Distribution (the “AdvanSix Long-Term Incentive Plan”) and
Honeywell shall approve the AdvanSix Long-Term Incentive Plan as the sole stockholder of AdvanSix.

 

SECTION 12.02.          Equity
Award Adjustments. Each outstanding equity award granted under the Honeywell Equity Plans held by any individual as of the
Distribution shall be adjusted in accordance with the resolutions adopted by the Management Development and Compensation Committee
of Honeywell in connection with the Distribution. Equity awards that are covered by this Section 12.02 shall not be
exercisable and/or settled during a period beginning on a date prior to the Distribution Date determined by Honeywell in its sole
discretion, and continuing until the adjustments made pursuant to such resolutions are completed, as determined by Honeywell in
its sole discretion.

 

SECTION
12.03.          Treatment of Incentive Awards Upon
Distribution. Notwithstanding anything in this Agreement, the Honeywell Equity Plans or an award agreement to the
contrary, any awards under the Honeywell Equity Plans held by AdvanSix Employees (including GPUs) shall remain outstanding
through the following applicable date (each, a “Vesting Date”): (a) in the case of stock options, through
March 2017; (b) in the case of restricted stock units, through the end of July 2017; and (c) in the case of GPUs, to the end
of March 2017. Such awards shall otherwise remain subject to the terms of the applicable Honeywell Equity Plan and the
applicable award agreement; provided, however, that service with the AdvanSix Group through such vesting date
shall count as service with the Honeywell Group for purposes of vesting under such awards. Any award, or portion of any
award, that does not become vested on or prior to the applicable Vesting Date shall be forfeited.

    	 

    		14

    

SECTION
12.04.          Incentive Award Reimbursement. Following the
Distribution, Honeywell may, from time to time, deliver to AdvanSix a summary (a “Reimbursement Invoice”)
of all Reimbursement Events that have occurred on or after the date of the previous Reimbursement Invoice or, in the case of
the first Reimbursement Invoice delivered to AdvanSix, the Distribution Date. Such Reimbursement Invoice shall also include
an amount equal to the aggregate value of all expenses incurred on or after the Distribution by the Honeywell Group, as
determined by Honeywell in its reasonable discretion and consistent with past practice, with respect to the Reimbursement Awards
identified in such Reimbursement Invoice, and within ten (10) days following the delivery of such Reimbursement Invoice,
AdvanSix shall make a cash payment to Honeywell equal to such aggregate value. 

 

SECTION 12.05.          Cooperation.
For so long as any equity award in respect of Honeywell Common Stock is outstanding and held by an AdvanSix Employee or Former
AdvanSix Employee, the Honeywell Group and the AdvanSix Group shall reasonably cooperate in the exchange of information and take
any action necessary to administer such equity awards following the Distribution, including the following: (i) AdvanSix shall notify
Honeywell in writing within five (5) days of any change in employment status (including but not limited to termination of employment),
(ii) the Parties shall exchange any information necessary to satisfy their obligations under Section 12.04, (iii) the Parties
shall take any steps necessary to ensure that the employee-paid portion of any Taxes (including any Employment Taxes) required
to be withheld upon the exercise or vesting of any such equity award is withheld by or paid over to, as applicable, the applicable
Party responsible for remitting such amount to the appropriate Taxing Authority as promptly as reasonably practicable, (iv) AdvanSix
will provide payroll information to Honeywell in respect of AdvanSix Employees and Former AdvanSix Employees, including year-to-date
amounts withheld for Federal Insurance Contribution Act Taxes, Medicare Taxes and supplemental compensation, (v) other than with
respect to the Reimbursement Awards, any U.S. Federal, state and local income Tax deduction arising as a result of the exercise,
vesting or settlement of any equity award held by an AdvanSix Employees or Former AdvanSix Employee adjusted pursuant to Section 12.02
will be claimed by a member of the Honeywell Group; provided, however, that if a deduction claimed by a member of
the Honeywell Group pursuant to this Section 12.05 is disallowed by a Taxing Authority for any reason, a member of the AdvanSix
Group shall amend its Tax Return to claim such deduction and pay to Honeywell an amount equal to the tax benefit actually realized
by the AdvanSix Group resulting from such deduction; provided further that Honeywell, upon the request of AdvanSix, shall
repay any amount paid to Honeywell under the immediately preceding proviso (plus any interest imposed by the relevant Taxing Authority)
in the event AdvanSix is required to surrender such tax benefit and (vi) the Parties will cooperate following the Distribution,
so that the value of any tax benefit actually realized by any member of the Honeywell Group in connection with the vesting, settlement
or exercise of any Reimbursement Award will be transferred to AdvanSix following the Distribution.

 

SECTION 12.06.          Treatment
of Reimbursements. Any cash payment made by AdvanSix to Honeywell in respect
of any award settled in or exercised for Honeywell Common Stock pursuant to this Article XII shall be treated by Honeywell
and

    	 

    		15

    

AdvanSix for all Tax purposes as purchase
price or partial purchase price for the shares of Honeywell Common Stock equal to the value of any such cash payment, and not as
a distribution from AdvanSix to Honeywell immediately prior to the Distribution or as consideration for
any property contributed to AdvanSix in connection with the transactions contemplated by the Separation Agreement. Any cash
payment made by Honeywell to AdvanSix pursuant to this Article XII shall be treated for all Tax purposes as a contribution
from Honeywell to AdvanSix immediately prior to the Distribution.

 

ARTICLE
XIII

 

COOPERATION;
ACCESS TO INFORMATION; LITIGATION; CONFIDENTIALITY

 

SECTION 13.01.          Cooperation.
Following the date of this Agreement, the Parties shall, and shall cause their respective Subsidiaries to, use commercially reasonable
efforts to cooperate with respect to any employee compensation or benefits matters that either Party reasonably determines require
the cooperation of the other Party in order to accomplish the objectives of this Agreement. Without limiting the generality of
the preceding sentence, (a) Honeywell, AdvanSix and their respective Subsidiaries shall cooperate in connection with any audits
of any Benefit Plan with respect to which such Party may have Information, (b) Honeywell, AdvanSix and their respective Subsidiaries
shall cooperate in connection with any audits of their respective payroll services (whether by a Governmental Authority in the
U.S. or otherwise) in connection with the services provided by one Party to the other Party and (c) Honeywell, AdvanSix and
their respective Subsidiaries shall cooperate in good faith in connection with the notification and consultation with labor unions
and other employee representatives of employees of the Honeywell Group and the AdvanSix Group. With respect to each Benefit Plan,
the obligations of the Honeywell Group and the AdvanSix Group to cooperate pursuant to this Section 13.01 or any other
provision of this Agreement shall remain in effect until the later of (i) the date all audits of such Benefit Plan with respect
to which a Party may have Information have been completed, (ii) the date the applicable statute of limitations with respect to
such audits has expired and (ii) the date the Honeywell Group discharges all obligations to AdvanSix Employees, Former AdvanSix
Employees and their respective beneficiaries under such Benefit Plan.

 

SECTION 13.02.          Access
to Information; Litigation; Confidentiality. Except as would be inconsistent with Section 13.01 or any other provision
of this Agreement relating to cooperation, Article VII of the Separation Agreement is hereby incorporated into this Agreement
mutatis mutandi.

 

ARTICLE
XIV

 

TERMINATION

 

SECTION 14.01.          Termination.
This Agreement may be terminated by Honeywell at any time, in its sole discretion, prior to the Distribution; provided,
however, that this Agreement shall automatically terminate upon the termination of the Separation Agreement in accordance
with its terms.

    	 

    		16

    

SECTION 14.02.          Effect
of Termination. In the event of any termination of this Agreement prior to the Distribution, none of the Parties (or any of
its directors or officers) shall have any Liability or further obligation to any other Party under this Agreement.

 

ARTICLE
XV

 

MISCELLANEOUS

 

SECTION 15.01.          Incorporation
of Indemnification Provisions of Separation Agreement. In addition to the specific indemnification provisions in this Agreement,
Article VI of the Separation Agreement is hereby incorporated into this Agreement mutatis mutandi.

 

SECTION 15.02.          Benefit
Plan Indemnification. If the Parties determine that AdvanSix is unable to establish any AdvanSix Benefit Plan as of the Distribution
Date that it is required under this Agreement to establish by the Distribution Date, then, to the extent provided on Schedule 15.02,
AdvanSix shall indemnify, defend and hold harmless each of the Honeywell Indemnitees from and against any and all Liabilities of
the Honeywell Indemnitees relating to, arising out of or resulting from participation by any AdvanSix Employee or Former AdvanSix
Employee on or after the Distribution Date in any such Honeywell Benefit Plan set forth on Schedule 15.02 due to the failure to
timely establish such AdvanSix Benefit Plan or Plans, subject to any other terms and conditions set forth on such Schedule.

 

SECTION 15.03.          Further
Assurances. Article X of the Separation Agreement is hereby incorporated into this Agreement mutatis mutandi.

 

SECTION 15.04.          Administration.
AdvanSix hereby acknowledges that Honeywell has provided or will provide administration services for certain AdvanSix Benefit Plans
and AdvanSix agrees to assume responsibility for the administration and administration costs of such plans and each other AdvanSix
Benefit Plan. The Parties shall cooperate in good faith to complete such transfer of responsibility on commercially reasonable
terms and conditions effective no later than the Distribution or the applicable Welfare Plan Date or Workers’ Compensation
Plan Date.

 

SECTION 15.05.          Third-Party
Beneficiaries. Except as otherwise may be provided in the Separation Agreement with respect to the rights of any Honeywell
Indemnitee or AdvanSix Indemnitee, (a) the provisions of this Agreement are solely for the benefit of the Parties hereto and
are not intended to confer upon any Person except the Parties hereto any rights or remedies hereunder and (b) there are no
third-party beneficiaries of this Agreement and this Agreement shall not provide any third person with any remedy, claim, liability,
reimbursement, cause of action or other right in excess of those existing without reference to this Agreement.

 

SECTION 15.06.          Employment
Tax Reporting Responsibility. To the extent applicable, the Parties hereby agree to follow the alternate procedure for U.S.

    	 

    		17

    

Employment Tax withholding as provided in
Section 5 of Rev. Proc. 2004-53, I.R.B. 2004-35. Accordingly, except as otherwise provided in Sections 12.04 or 12.05,
the members of the Honeywell Group shall not have any Employment Tax reporting responsibilities, and the members of the AdvanSix
Group shall have full Employment Tax reporting responsibilities, for AdvanSix Employees on and after the Distribution.

 

SECTION 15.07.          Data
Privacy. The Parties agree that any applicable data privacy laws and any other obligations of the AdvanSix Group and the Honeywell
Group to maintain the confidentiality of any Information relating to employees in accordance with applicable Law shall govern the
disclosure of Information relating to employees among the Parties under this Agreement. Honeywell and AdvanSix shall ensure that
they each have in place appropriate technical and organizational security measures to protect the personal data of the AdvanSix
Employees and Former AdvanSix Employees. Additionally, each Party shall sign any documentation as may be required to comply with
applicable data privacy Laws.

 

SECTION 15.08.          Section 409A.
Honeywell and AdvanSix shall cooperate in good faith and use reasonable best efforts to ensure that the transactions contemplated
by the Separation Agreement and the Ancillary Agreements, including this Agreement, will not result in adverse tax consequences
under Section 409A of the Code to any AdvanSix Employee or Former AdvanSix Employee (or any of their respective beneficiaries),
in respect of their respective benefits under any Benefit Plan.

 

SECTION 15.09.          Confidentiality.
(a) Each of Honeywell and AdvanSix, on behalf of itself and each Person in its respective Group, shall, and shall cause its respective
directors, officers, employees, agents, accountants, counsel and other advisors and representatives to, hold, in strict confidence
and not release or disclose, with at least the same degree of care, but no less than a reasonable degree of care, that it applies
to its own confidential and proprietary Information pursuant to policies in effect as of the Distribution, all Information concerning
the other Group or its business that is either in its possession (including Information in its possession prior to the Distribution)
or furnished by the other Group or its respective directors, officers, employees, agents, accountants, counsel and other advisors
and representatives at any time pursuant to this Agreement and shall not use any such Information other than for such purposes
as shall be expressly permitted hereunder, except, in each case, to the extent that such Information is (i) in the public
domain through no fault of any member of the Honeywell Group or the AdvanSix Group, as applicable, or any of its respective directors,
officers, employees, agents, accountants, counsel and other advisors and representatives, (ii) later lawfully acquired from
other sources by any of Honeywell, AdvanSix or its respective Group, employees, directors or agents, accountants, counsel and other
advisors and representatives, as applicable, which sources are not themselves bound by a confidentiality obligation to the knowledge
of any of Honeywell, AdvanSix or Persons in its respective Group, as applicable, regarding such Information (iii) independently
generated without reference to any proprietary or confidential Information of the Honeywell Group or the AdvanSix Group, as applicable,
or (iv) required to be disclosed by applicable Law; provided, however, that the Person required to disclose
such Information gives the applicable Person prompt, and to the extent reasonably practicable,

    	 

    		18

    

prior notice of such disclosure and an opportunity
to contest such disclosure and shall use commercially reasonable efforts to cooperate, at the expense of the requesting Person,
in seeking any reasonable protective arrangements requested by such Person. In the event that such appropriate protective order
or other remedy is not obtained, the Person that is required to disclose such Information shall furnish, or cause to be furnished,
only that portion of such Information that is legally required to be disclosed and shall take commercially reasonable steps to
ensure that confidential treatment is accorded such Information. Notwithstanding the foregoing, each of Honeywell and AdvanSix
may release or disclose, or permit to be released or disclosed, any such Information concerning the other Group (A) to their
respective directors, officers, employees, agents, accountants, counsel and other advisors and representatives who need to know
such Information (who shall be advised of the obligations hereunder with respect to such Information) and (B) to any nationally
recognized statistical rating agency as it reasonably deems necessary, solely for the purpose of obtaining a rating of securities
upon normal terms and conditions; provided, however, that the Party whose Information is being disclosed or released
to such rating agency is promptly notified thereof.

 

(b)          Without
limiting the foregoing, when any Information concerning the other Group or its business is no longer needed for the purposes contemplated
by this Agreement, each of Honeywell and AdvanSix shall, promptly after request of the other Party, either return all Information
in a tangible form (including all copies thereof and all notes, extracts or summaries based thereon) or certify to the other Party,
as applicable, that it has destroyed such Information (and used commercially reasonable efforts to destroy all such Information
electronically preserved or recorded within any computerized data storage device or component (including any hard-drive or database)).

 

SECTION 15.10.          Additional
Provisions. Sections 12.01 to 12.14 of the Separation Agreement are hereby incorporated into this Agreement mutatis mutandi.

 

[SIGNATURE PAGE TO FOLLOW]

    	 

    		 

    

IN WITNESS WHEREOF, the parties have caused
this Agreement to be executed by their duly authorized representatives.

 

	 	HONEYWELL INTERNATIONAL INC.,
	 	 	 
	 	by	 
	 	 	 
	 	 	Name:
	 	 	Title:

 

	 	ADVANSIX INC.,
	 	 	 
	 	by	 
	 	 	 
	 	 	Name:
	 	 	Title:

    	 

    		 

    

Schedule 15.02

 

None.Exhibit 10.13

 

COLONIAL HEIGHTS SITE SHARING AND SERVICES
AGREEMENT

 

BY AND BETWEEN

 

HONEYWELL INTERNATIONAL INC.,

A DELAWARE CORPORATION

 

LICENSOR

 

AND

 

ADVANSIX RESINS & CHEMICALS LLC,

A DELAWARE LIMITED LIABILITY COMPANY,

 

LICENSEE

 

DATED ___, 2016

    	 

    	

    

TABLE OF CONTENTS

 

	Paragraph	 	Page Number
	 	 	 
	Article 1.	Parties	1
	Article 2.	Premises, Parking and Common Areas	1
	Article 3.	Term	1
	Article 4.	Capital Improvements	2
	Article 5.	Base Annual Fee and Operating Expenses	2
	Article 6.	Use, Compliance with Legal Requirements, Condition of Premises	6
	Article 7.	Assignment	6
	Article 8.	Licensee’s Responsibility	7
	Article 9.	Licensor’s Repair and Maintenance Responsibilities	7
	Article 10.	Licensee’s Insurance, Licensor’s Insurance, Mutual Release/Waiver of Subrogation, and Indemnity	7
	Article 11.	Default/Remedies	10
	Article 12.	Utilities and Services	11
	Article 13.	Real Property Taxes	12
	Article 14.	Damage or Destruction	12
	Article 15.	Condemnation	13
	Article 16.	Notices	13
	Article 17.	Authority	14
	Article 18.	Alterations and Trade Fixtures	14
	Article 19.	Mechanic’s Liens	14
	Article 20.	Security	14
	Article 21.	Surrender of Premises	15
	Article 22.	Holding Over	16
	Article 23.	Subordination	16
	Article 24.	Estoppel Certificates	16
	Article 25.	Signs	16
	Article 26.	Licensor’s Procedures	16
	Article 27.	HSE Matters	17
	Article 28.	General Conditions	19

    	i

    	

    

	Exhibits	 	 
	 	 	 
	Exhibit A1	(Interim Premises)	23
	Exhibit A2	(Final Premises)	25
	Exhibit B	(Base Annual Fee)	27
	Exhibit C	(Operating Expenses and Licensee’s Proportionate Share)	28
	Exhibit D	(Additional Services)	37
	Exhibit E	(Capital Improvements)	38
	Exhibit F	(Licensee’s and Licensor’s Responsibilities)	39
	Exhibit G	(Site Points of Contact)	41

    	ii

    	

    

Colonial Heights
Site Sharing and Services Agreement

 

Article 1. Parties. This
Colonial Heights Site Sharing and Services Agreement (this “Agreement”) is made and entered into this _____ day
of _________, 2016 (“Date of this Agreement”), by and between Honeywell International Inc., a Delaware
corporation (“Licensor”) and AdvanSix Resins & Chemicals LLC, a Delaware limited liability company
(“Licensee”).

 

Article 2. Premises,
Parking and Common Areas.

 

(a) Premises. Prior to the completion of the Capital Improvements (as defined below), Licensor hereby grants a license to Licensee for
reasonable use and access to the premises described upon the attached Exhibit A1 (“Interim Premises”), including a non-exclusive right to use and access
the Common Areas (as hereinafter defined) in Licensor’s facility located at 15801 Woods Edge Road, Colonial Heights, Virginia.
After completion of the Capital Improvements, Licensor hereby grants a license to Licensee for reasonable use and access to the
premises described upon the attached Exhibit A2 (“Final Premises”) at which time Licensee will have no further
access or right to use the Common Areas. The term “Premises” shall mean either the Interim Premises or the Final Premises
as the context requires depending on whether the use of such term refers to period prior to completion of the Capital Improvements
or after completion of the Capital Improvements. The Premises, Common Areas (as hereinafter defined), other facilities located
at 15801 Woods Edge Road, Colonial Heights, Virginia and the land upon which they are located are hereinafter sometimes collectively
referred to as the “Property”. This Agreement does not and shall not be deemed to constitute a lease or a conveyance
of the Premises by Licensor to Licensee or to confer upon Licensee any right, title, estate or interest in the Premises or any
part thereof, other than the express rights conferred hereby. This Agreement grants to Licensee a personal privilege to use and occupy the Premises for the Term on the terms and
conditions set forth herein.

 

(b) Parking. Licensee
shall be entitled to park in the unassigned and unreserved parking spaces, on a first come, first served basis, on those
portions of the Common Areas designated for parking as shown on Exhibit A1 and Exhibit A2.

 

(c) Common
Areas. The term “Common Areas” is defined as those areas and facilities designated by the Licensor as
Common Areas on Exhibit A1 and such other areas as Licensor may designate as Common Areas from time to time prior to
the completion of the Capital Improvements for the general non-exclusive use of Licensor, Licensee and of any other occupants
of the Property and their respective employees, suppliers, shippers, customers and invitees. To the extent designated as a
“Common Area” on Exhibit A1, the Common Areas shall include, without limitation, the parking areas, trash
areas, roadways, sidewalks/walkways, landscaped areas, restrooms, and elevators, corridors, and passageways. During the
period prior to completion of the Capital Improvements, Licensor gives to Licensee and Licensee’s employees, suppliers,
shippers, customers and invitees the non-exclusive right to use the Common Areas, with others who are entitled to use the
Common Areas.

 

Article 3. Term.
This Agreement will be in force and effect for an initial term beginning as of the date of the Agreement and ending on December
31, 2018 (the “Initial Term”). On December 31, 2018, the Agreement will be renewed automatically for successive additional
periods of two (2) years (each such two-year period, a “Renewal Period” and together with the

    	 

    	

    

Initial Term, the “Term”) unless (i)
either Party notifies the other Party in writing of a plan to substantially shut down its operations to the extent that continuation
of the Agreement is no longer commercially feasible in which case the Agreement will survive for an additional two (2) year period
during which time the Services and the Utilities will continue to be provided or (ii) Licensee notifies Licensor in writing on
or prior to June 30, 2018, with respect to the Initial Term, or June 30 of the second year of any subsequent Renewal Period of its desire to terminate
this Agreement, in which case this Agreement shall terminate 12 months after the delivery of such written notification. Termination
will not operate to release any Party of any obligation hereunder accrued either prior to the effective date of said termination
or derived therefrom, or any obligation that expressly survives the termination of this Agreement.

 

Article 4. Capital
Improvements. Licensee covenants and agrees to undertake and complete the capital improvements to the Premises
described on Exhibit E (the “Capital Improvements”). All costs and expenses of the Capital Improvements
shall be borne exclusively by Licensee. Before commencing the Capital Improvements, Licensee shall provide Licensor a
reasonable opportunity to review and comment on the Capital Improvement plans and to amend and alter such Capital
Improvements to the extent Licensor believes, acting reasonably, that such Capital Improvement plans would impact
Licensor’s ability to operate on the Property in the ordinary course, create a public nuisance, pose a risk to the
health and safety of Licensor’s employees or guests, or pose a risk to the environment (such considerations, the
“Criteria”). During the execution of the Capital Improvements, at Licensor’s request, Licensee shall
provide Licensor with reasonable oversight of the execution of the Capital Improvements and shall undertake such alterations
or changes to the Capital Improvements as Licensor shall suggest acting reasonably on the basis of the Criteria. Licensee
shall complete the Capital Improvements to the satisfaction of Licensor on or prior to the earlier to occur of (1) expiration
of the Initial Term or (2) a Change in Control Transaction. As used herein, a “Change in Control Transaction”
means (i) the acquisition (whether by merger, consolidation, share exchange, business combination,
recapitalization, liquidation, dissolution, equity investment, joint venture or otherwise) by any person or group (or the
shareholders of any person) of more than 20% of the assets of the Licensee and its subsidiaries, taken as a whole (based on
the fair market value thereof), or assets comprising 20% or more of the consolidated revenues or EBITDA of the Licensee and
its subsidiaries, taken as a whole, including in any such case through the acquisition of one or more subsidiaries of the
Licensee or (ii) acquisition in any manner (including through a tender offer or exchange offer) by any person or group (or
the shareholders of any person) of more than 20% of the Licensee’s equity securities.

 

Article 5. Base
Annual Fee and Operating Expenses.

 

(a) Base
Annual Fee. During the Term, Licensee shall pay to Licensor, as a base annual fee for the Premises, the sums set
forth on Exhibit B attached hereto and made a part hereof (“Base Annual Fee”), in equal monthly
installments as set forth on Exhibit B. Base Annual Fee and Additional Fees (as hereinafter defined) are hereinafter
sometimes collectively referred to as “Fees”. Base Annual Fee for any period during the Term hereof which is for
less than one month shall be a pro rata portion of the monthly installment of Base Annual Fee. Base Annual Fee shall be
payable in advance, in equal monthly installments, without offset or deduction, except as may be otherwise expressly provided
in this Agreement, on or before the first day of each calendar month during the Term and shall be payable in lawful money of
the

    	2

    	

    

United States to Licensor at the address stated
herein or to such other persons or at such other places as Licensor may designate in writing. All amounts which Licensee is required
to pay or discharge to Licensor pursuant to this Agreement, in addition to the Base Annual Fee, shall constitute additional fees
hereunder (“Additional Fees”) and Licensee shall pay Additional Fees directly to the person entitled thereto.

 

(b) Operating
Expenses. Licensee shall pay to Licensor as Additional Fees during the Term hereof, in addition to the Base Annual
Fee, Licensee’s proportionate share (“Proportionate Share”) of the costs and expenses payable by Licensor
in connection with the operation and maintenance of the Property (“Operating Expenses”), all in accordance with Exhibit
C attached hereto.

 

Notwithstanding any term, covenant or condition
as set forth within Exhibit C or Article 6(b)(ii) (Compliance with Legal Requirements) below, Operating Expenses
shall specifically exclude the following:

 

(i) replacement
of capital items not located on the Premises,

 

(ii) expenses
of leasing space,

 

(iii) financing
and refinancing costs and principal and interest payments on mortgages and deeds of trust,

 

(iv) third
party tenant improvement costs,

 

(v) costs
and expenses covered by insurance,

 

(vi) Licensor’s
insurance deductible,

 

(vii) depreciation,

 

(viii) payments
made to affiliates of Licensor, inside or related contractors and executives,

 

(ix) income,
profit, franchise, rent, sales, gift, estate, succession, inheritance, foreign ownership, foreign control, transfer, capital levy,
and/or personal property taxes payable by Licensor, and any increases in Real Property Taxes (as hereinafter defined) that result
from changes in ownership of the Property,

 

(x) curing
of construction defects,

 

(xi) maintenance,
repairs and/or replacements of the foundation or structural repairs of the buildings on the Property,

 

(xii) any
and all costs of Licensor in complying with its obligations under Article 6(b)(i) (Compliance with Legal Requirements),

    	3

    	

    

(xiii) any
and all costs of Licensor in complying with its obligations under Article 27 (HSE Matters) including, without limitation, the costs
and expenses of clean-up, remediation, environmental surveys/assessments, compliance with HSE Laws (as hereinafter defined), consulting
fees, treatment and monitoring charges, transportation expenses and disposal fees, etc.,

 

(xiv) any
and all costs of Licensor for repairs resulting from damage, destruction or condemnation covered by other provisions of this Agreement,

 

(xv) rent
under any ground or underlying lease,

 

(xvi) any
and all costs incurred by Licensor in connection with the transfer or disposition of Licensor’s interest in the Property,

 

(xvii) any
and all costs incurred by Licensor in connection with the enforcement of leases,

 

(xviii) any
and all costs incurred by Licensor in the operation of any health or exercise club or any luncheon or other restaurant, club or
facility if said facilities are not accessible to Licensee, and

 

(xix) the
cost of any item or service which Licensee separately reimburses Licensor or pays to third parties.

 

At any reasonable time and from time to time,
Licensee, its authorized representatives and its accountants may examine Licensor’s books and records for the purpose of
ascertaining the accuracy of Licensor’s invoices for Operating Expenses. Licensor’s books and records shall be maintained
in accordance with generally accepted accounting principles consistently applied. In the event Licensee disagrees with the accuracy
of Licensor’s invoice(s), Licensee shall pay only the amounts set forth on Licensor’s invoice not in dispute, and Licensor
and Licensee shall thereafter diligently pursue resolution of the disputed amounts.

 

(c) Increase
to Base Annual Fee. At any time prior to 180 days prior to the commencement of a Renewal Period, Licensor may deliver to
Licensee a written notice setting forth in reasonable detail the Fair Market Rental Value (as defined below) of the Premises and
a calculation of a new Base Annual Fee based on such Fair Market Rental Value (“Licensor’s
Determination of FMRV”). If within twenty (20) business days after receipt of such written notice, Licensee does not
deliver a written notice to Licensor disputing Licensor’s determination of Fair Market Rental Value and the new Base Annual
Fee (a “Rental Dispute Notice”), the new Base Annual Fee set forth in Licensor’s written notice shall become
the Base Annual Fee in the first calendar month from and after the applicable Renewal Period. The Rental Dispute Notice shall set
forth in reasonable detail Licensee’s determination of the Fair Market Rental Value and the reasons for rejecting Licensor’s
proposed Base Annual Fee. As used herein, “Fair Market Rental Value” shall mean the fair market rental value of the
Premises giving consideration to all relevant factors including, without limitation, the size, quality, and location; and the amenity
package available with respect to comparable spaces when compared to the Premises; and the creditworthiness of the tenant when
compared to Licensee. The Fair Market Rental Value shall

    	4

    	

    

specifically exclude value attributable to Licensee’s
Capital Improvements and any additional Licensee alterations.

 

If Licensee delivers a Rental Dispute Notice,
Licensor and Licensee shall negotiate in good faith for thirty (30) days following the delivery of the Rental Dispute Notice in
an attempt to reach an agreement as to the Fair Market Rental Value. If, however, Licensor and Licensee are unable to reach an
agreement as to the Fair Market Rental Value, then Licensee shall have the option, by written notice to Licensor within five (5)
days following the end of such thirty (30) day period, to proceed with the appraisal process set forth below.

 

If Licensee elects to proceed with the appraisal
process, the Fair Market Rental Value of the Premises shall be determined by an appraisal prepared by a member of the Appraisal
Institute (the “Institute”), the arrangements for which must be made by Licensee and which must be completed and delivered
to Licensor within thirty (30) days after Licensee elects to proceed with the appraisal process. If Licensor does not agree with
this appraisal, then Licensee may, at Licensor’s sole cost and expense, obtain another appraisal from an Institute member,
which second appraisal must be completed and delivered to Licensee within thirty (30) days after Licensor’s receipt of Licensee’s
initial appraisal. If the two rental rates representing the Fair Market Rental Value determined by said members differ by less than ten
percent (10%), the Fair Market Rental Value shall be deemed to be the average of the two rental rates in said appraisals. If the
two rental rates representing the Fair Market Rental Value determined by said members differ by more than ten (10%), the appraisers
designated by Licensor and Licensee shall, within twenty (20) days after receipt of the second appraisal by Licensee, designate
a third Institute member to prepare a third appraisal, which third appraisal shall be completed and delivered to Licensor and Licensee
within thirty (30) days after the designation of such third Institute member. After completion and delivery of the third appraisal to Licensor and Licensee, the Base
Annual Fee representing the Fair Market Rental Value shall be deemed to be the average of the two lower valuations of the three
appraisals. Each party shall bear the expense of the Institute member designated by it with the expense of the third member shall
be shared equally by Licensor and Licensee. Each appraiser shall have a minimum of five (5) years’ experience appraising
fair market rental values in the Colonial Heights region submarket. Notwithstanding the foregoing, in no event shall the Base Annual
Fee for a Renewal Period be less than the rate set forth on Exhibit B (or, if the Base Annual Fee has already been subject
to an adjustment, the Base Annual Fee in effect at the time of delivery of Licensor’s written notice setting forth the Fair
Market Rental Value).

 

If the appraisal process set forth herein is
not completed by the commencement of the Renewal Period in question, the Base Annual Fee in effect for the last month of the Term
or the current Renewal Period, as the case may be, shall continue until the appraisal process is completed, at which time the Base Annual Fee,
based on the results of the appraisal process, or lesser amount (if Licensor’s Determination of
FMRV is less than the amount determined by the appraisal process), as applicable, shall be applied retroactively to the
commencement date of the Renewal Period in question, and the parties shall adjust the Base Annual Fee accordingly.

 

Upon the determination of the Base Annual Fee
for any Renewal Period, the parties shall enter into an amendment of this Agreement setting forth the applicable Base Annual Fee
for the Renewal Period in question.

    	5

    	

    

Article 6. Use,
Compliance with Legal Requirements, Condition of Premises.

 

(a) Use. Licensee
may use the Premises (and the improvements, fixtures and furnishings contained therein) in a manner and for purposes that are
consistent with the use of the Premises on the date hereof (the “Allowed
Uses”). Licensee shall provide Licensor with six months advance written notice and request for approval if
Licensee intends to materially alter, change or expand its use of the Premises. Licensor may prohibit Licensee from altering
its use of the Premises if Licensor believes, acting reasonably, that such alteration or change to the use of the Premises is
not an Allowed Use because it materially interferes with Licensor’s ability to operate on the Property in the ordinary
course consistent with past practice, creates a public nuisance, poses a risk to the health and safety of Licensor’s
employees or guests materially more significant than the risks posed by Licensee’s current use of the Premises, or
poses a risk to the environment materially more significant than the risks posed by Licensee’s current use of the
Premises. The Premises may only be occupied on a regular basis by employees of Licensee. Licensee shall be responsible for
pickup and delivery of Licensee’s bulk parcels requiring dock shipment or receiving, at Licensor’s shipping dock
at the Property (subject to any limitations set forth on Exhibit A), and any such shipments and deliveries shall
include proper labeling to distinguish Licensee’s bulk parcels from Licensor’s bulk parcels.

 

(b) Compliance
with Legal Requirements and Licensor’s Procedures. Each Party shall comply with all statutes, laws,
regulations, ordinances, rules, judgments, rules of common law, orders, decrees, government approvals, concessions, grants,
franchises, licenses, agreements, directives, requirements, legally enforceable contracts or other governmental restrictions
or any similar form of decision of, determination by, interpretation or administration of or standard pursuant to any of the
foregoing of, any governmental authority (whether federal, state, local or foreign), whether now or hereinafter in effect
and, in each case, as amended (all of the foregoing shall be “Legal Requirements”), and Licensor’s
Procedures (as defined in Article 26) applicable to its respective activities at the Property. Without limiting the
generality of the foregoing, the Parties agree to allocate their compliance responsibilities as follows, and to reasonably
cooperate in the performance of these compliance responsibilities:

 

(i) Licensor’s
Responsibilities. Except for Licensee’s obligations pursuant to Article 6(b)(ii) and Article 8 below, Licensor,
at Licensor’s sole cost and expense and throughout the Term, shall ensure that the Property complies with all Legal
Requirements and Licensor’s Procedures.

 

(ii) Licensee’s
Responsibilities. Licensee, at Licensee’s sole cost and expense and throughout the Term, shall ensure that the
Premises comply with all Legal Requirements and Licensor’s Procedures to the extent such compliance is required solely
as a result of Licensee’s business conducted within the Premises.

 

(c) Condition
of Premises. Licensor shall deliver the Premises to Licensee in its AS-IS condition on the Commencement Date.
Licensee hereby accepts the Premises in their condition existing as of the Commencement Date.

 

Article 7. Assignment. Neither
Licensee nor Licensor shall assign any of its rights or delegate any of its obligations hereunder without the prior written
consent of the other party;

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provided, however, that either Licensee or Licensor
may assign its rights, in whole, without such consent, to (a) one of its wholly owned subsidiaries, or (b) subject to Article 4,
an entity that acquires all or substantially all of the business or assets of such party to which this Agreement pertains, whether
by merger, reorganization, acquisition, sale, or otherwise. Licensee shall not sublicense the Premises or any part thereof, or
permit the use of the Premises or any part thereof, by any persons other than Licensee and its employees, without the prior written
consent of Licensor. Any purported assignment or sublicensing in violation of this Article shall be null and void. No assignment
shall relieve the assigning party of any of its obligations hereunder. No assignment (whether by operation of law), subletting
or further licensing, even with the consent of Licensor, will relieve Licensee from liability for payment of the Base Annual Fees
and the Additional Fees herein provided for or from the obligation to keep and be bound by all of the terms, conditions and covenants
of this Agreement. Any transfer contrary to the provisions of this Article 7 shall be void.

 

Article 8. Licensee’s
Responsibility. With respect to the Premises, Licensee shall only be responsible to perform the maintenance, repair
and replacement activities set forth on Exhibit F. Licensee shall not commit waste with respect to its Premises.

 

Article 9. Licensor’s
Repair and Maintenance Responsibilities. Except for the Licensee’s maintenance, repair and replacement
activities set forth on Exhibit F, Licensor shall (i) keep the Property in good repair and maintenance (including
replacements) at all times, for the proper operation of the Property and for provision of Licensor’s services under
this Agreement at competitive costs and in a manner generally consistent with the maintenance and repair (including
replacements) of comparable properties, including, without limitation, the Common Areas, the Property’s windows, roof,
foundation, structure and walls, and mechanical and electrical systems, which include, but are not limited to, the heating,
electrical, air conditioning, ventilation and plumbing systems and the heating, ventilation and air conditioning equipment,
and (ii) perform the other obligations described on Exhibit F.

 

Article 10. Licensee’s
Insurance, Licensor’s Insurance, Mutual Release/Waiver of Subrogation, and Indemnity.

 

(a) Licensee’s
Insurance. Licensee, at its own expense (including deductibles), shall maintain in force at all times during the term of
this Agreement, insurances including:

 

(i) Commercial
general liability insurance, on an occurrence basis, including coverage for premises, products/completed operations, personal injury, and contractual
liability, with a minimum combined single limit of liability of Five Million and No/100 Dollars ($5,000,000.00) per occurrence
and [annual aggregate coverage for bodily injury or property damage], insuring against liability of Licensee and its authorized agents, employees
and/or representatives arising out of and in connection with Licensee’s use and occupancy of the Premises. Licensor shall
be included as additional insured for claims arising out of Licensee’s use and occupancy of Property and Licensee’s insurers will
waive rights of subrogation against Licensor to the extent of Licensee’s indemnity obligations herein.

 

(ii) Workers’
compensation insurance as required by law for all Licensee’s employees; and Employer’s Liability insurance in an amount
not less than $1,000,000 per

    	7

    	

    

accident/per employee. Licensee’s
insurers will waive rights of subrogation against Licensor to the extent of Licensee’s indemnity obligations herein.

 

(iii) Business
automobile liability insurance, covering all owned, rented, leased, non-owned and hired vehicles used by Licensee in connection with the Premises with a combined
single limit for bodily injury and property damage of $5,000,000 per occurrence. Licensor shall be included as additional insured
for claims arising out of Licensee’s activities and Licensee’s insurers will waive rights of subrogation against Licensor to the
extent of Licensee’s indemnity obligations herein.

 

(iv) “All
Risk” Property Insurance covering all of Licensee’s equipment, personal property and tools. Such insurance shall cover
all property at full replacement value.

 

(v) Licensee
shall utilize insurance companies that are rated no less than “A-, VII” by A.M. Best or equivalent rating agency and
Licensee will endeavor to provide a thirty (30) day notice of cancellation or non-renewal to Licensor. Policies of Licensee shall
be primary and non-contributory to any insurance carried by or available to Licensor in respects to Licensee’s indemnity
obligations herein. Licensee shall provide Licensor a certificate of such insurance prior to occupancy and/or use of the Property
and annually within 15 days of renewal.

 

(b) Licensor’s
Insurance. Licensor, at Licensor’s sole cost and expense (including deductibles), shall maintain in force at all
times during the term of this Agreement, insurances including:

 

(i) Commercial
general liability insurance, on an occurrence basis, including coverage for premises, products/completed operations, personal injury, and contractual
liability, with a minimum combined single limit of liability of Five Million and No/100 Dollars ($5,000,000.00) per occurrence
and [annual aggregate coverage for bodily injury or property damage], insuring against liability of Licensor and its authorized agents, employees
and/or representatives arising out of and in connection with Licensor’s ownership, use and occupancy of the Premises. Licensee
shall be included as additional insured for claims arising out of Licensor’s ownership, use and occupancy of the Property
and Licensor’s insurers will waive rights of subrogation against Licensee to the extent of Licensor’s indemnity obligations herein.

 

(ii) Workers’
compensation insurance as required by law for all Licensor’s employees; and Employer’s Liability insurance in an amount
not less than $1,000,000 per accident/per employee. Licensor’s insurers will waive rights of subrogation against Licensee
to the extent of Licensor’s indemnity obligations herein.

 

(iii) Business
automobile liability insurance, covering all owned, rented, leased, non-owned and hired vehicles used by Licensor in connection with the Premises with a combined
single limit for bodily injury and property damage of $5,000,000 per occurrence. Licensee shall be included as additional insured
for claims arising out of Licensor’s activities and Licensor’s

    	8

    	

    

insurers will waive rights of subrogation
against Licensee to the extent of Licensor’s indemnity obligations herein.

 

(iv) Property
“all risk” insurance covering the Property and all of Licensor’s equipment, personal property and tools. Such
insurance shall cover the Property and all property of Licensor at full replacement value.

 

(c) Mutual
Release/Waiver of Subrogation. Licensor and Licensee each hereby release the other from any and all liability or
responsibility for any loss, injury or damage to the other’s real and/or personal property caused by fire or any other
casualty insured by a standard “all risk” property insurance policy during the Term of this Agreement, even if
such fire or casualty may have been caused by the negligence (but not the willful misconduct) of the other party or one for
whom such party may be responsible. Inasmuch as the above mutual waivers will preclude the assignment of any aforesaid claim
by way of subrogation (or otherwise) to an insurance company (or any other person), each party hereto hereby agrees if
required by said policies to give to each insurance company which has issued to it policies of fire and extended coverage
insurance, written notice of the terms of said mutual waivers, and to have said insurance policies properly endorsed, if
necessary, to prevent the invalidation of said insurance coverage by reason of said waivers.

 

(d) Indemnity.

 

(i) Licensee
shall indemnify and hold Licensor and its officers, directors, partners and employees entirely harmless from and against any and
all liabilities, claims and/or losses of any kind arising, directly or indirectly, entirely or in part, out of any injury to any
person which arise out of, are occasioned by or are in any way attributable to the use or occupancy of the Property by Licensee,
its agents, employees, guests, invitees and/or contractors, except to the extent caused by the negligence or intentional misconduct
of Licensor, Licensor’s agents, employees, invitees or contractors. In the event that any action or proceeding is brought
against Licensor by reason of any such claim, Licensee, upon receipt of written notice from Licensor, shall defend the same, at
Licensee’s expense, by counsel reasonably satisfactory to Licensor. Notwithstanding anything in this Agreement to the contrary,
the foregoing covenants under this Article 10(d)(i) shall be deemed continuing covenants for the benefit of Licensor and shall
survive the expiration of this Agreement but only to the extent that the causes giving rise to Licensee’s obligations under
this Article 10(d)(i) occur before the expiration of this Agreement.

 

(ii) Licensor
shall indemnify and hold Licensee and its officers, directors, partners and employees entirely harmless from and against any and
all liabilities, claims and/or losses of any kind arising, directly or indirectly, entirely or in part, out of any injury to any
person which arise out of, are occasioned by or are in any way attributable to the use or occupancy of the Property by Licensor,
its agents, employees, guests, invitees and/or contractors, except to the extent caused by the negligence or intentional misconduct
of Licensee, Licensee’s agents, employees, invitees or contractors. In the event that any action or proceeding is brought
against Licensee by reason of any such claim, Licensor, upon receipt of written notice from Licensee, shall defend the same, at

    	9

    	

    

Licensor’s expense, by counsel
reasonably satisfactory to Licensee. Notwithstanding anything in this Agreement to the contrary, the foregoing covenants under
this Article 10(d)(ii) shall be deemed continuing covenants for the benefit of Licensee and shall survive the expiration of this
Agreement but only to the extent that the causes giving rise to Licensor’s obligations under this Article 10(d)(ii) occur
before the expiration of this Agreement.

 

(iii) Neither
Licensor nor Licensee shall have any liability under any provision of this Agreement for any punitive, incidental, consequential,
special or indirect damages, including loss of future profits, revenue or income, diminution in value or loss of business reputation
or opportunity.

 

Article 11. Default/Remedies.

 

(a) Licensee’s
Default. The occurrence of any one or more of the following shall constitute a default hereunder by Licensee:

 

(i) failure
to pay Base Annual Fee or Additional Fees when due if the failure continues for twenty (20) days after written notice has been
received by Licensee;

 

(ii) failure
to perform any other provision of this Agreement if such failure to perform is not cured within thirty (30) business days after
written notice has been received by Licensee, provided that, if the default cannot reasonably be cured within thirty (30) business
days, Licensee shall not be in default of this Agreement if Licensee commences to cure the default within the thirty (30) business
day period and diligently and in good faith continues to cure the default;

 

(iii) any
proceeding is begun by or against Licensee to subject the assets of Licensee to any bankruptcy or insolvency law or for an appointment
of a receiver of Licensee or of any of Licensee’s assets and is not dismissed within ninety (90) days; or

 

(iv) Licensee
makes a general assignment of Licensee’s assets for the benefit of creditors.

 

Notices given under this Article shall specify
the alleged default and the applicable Agreement provision(s), and shall demand that Licensee perform the provisions of this Agreement
or pay the Base Annual Fee or Additional Fees that is in arrears, as the case may be, within the applicable period of time.

 

(b) Licensor’s
Remedies. In the event of any such default by Licensee, Licensor may at any time after expiration of the applicable
cure period:

 

(i) terminate
this Agreement and Licensee’s right to occupancy of the Premises by any lawful means, in which case Licensee shall vacate
the Premises within a reasonably practical period of time thereafter. In such event, Licensor shall be entitled to recover from
Licensee all reasonable damages incurred by Licensor by reason of Licensee’s default;

    	10

    	

    

(ii) maintain
Licensee’s right to occupancy in which case this Agreement shall continue in effect. In such event, Licensor shall be entitled
to enforce all of Licensor’s rights and remedies under this Agreement, including the right to recover the Fees due hereunder;
or

 

(iii) pursue
any other remedy now or hereafter available to Licensor under the laws or judicial decisions of the state where the Premises are
located.

 

Unpaid installments of Base Annual Fee and Additional Fees and other unpaid monetary obligations of Licensee under the
terms, covenants or conditions of this Agreement shall bear interest from the date due at the maximum rate then allowable by law.

 

In the case of Licensee’s default as contemplated
herein, Licensor shall have a duty to mitigate its damages.

 

(c) Licensee’s
Remedies. In the event of any failure by Licensor to perform any of its obligations hereunder, Licensee (except in the
case of an emergency) shall take no action without having first given Licensor written notice of any such default and a reasonable
opportunity to cure which, in any event, shall not exceed thirty (30) business days. Following such notice and failure by Licensor
to cure, Licensee shall have all rights available to it at law or in equity, and shall have the further right to take the necessary
actions to perform Licensor’s uncured obligations hereunder and invoice Licensor for the costs and expenses thereof, unless
Licensor has diligently commenced to perform its uncured obligations hereunder within said period not to exceed thirty (30) business
days. Licensor shall remit payment to Licensee within thirty (30) days of receipt of invoice from Licensee. If Licensor fails to
remit payment to Licensee within the aforesaid thirty (30) day period, Licensee shall have the right to offset and deduct said
sum from Base Annual Fee.

 

Article 12. Utilities
and Services. Licensor covenants and agrees to maintain
public utilities to furnish any electricity and water utilized in operating any and all of the facilities serving the Premises.

 

Licensor and Licensee shall undertake to determine
if separate metering of utilities at the Premises is commercially feasible and, if mutually agreed that one or more utilities can
be separately metered, Licensee shall bear the cost to provide for separate metering and pay for all water, gas, heat, light, power,
telephone and other such utilities separately metered to the Premises. If any utilities and services are not supplied and separately
metered to the Premises, Licensee shall pay Licensee’s Proportionate Share (as defined pursuant to Article 5(b)) of all
utilities and services serving the Property in common with other occupants of the Property.

 

No interruption or failure of Services or utilities
shall result in the termination of this Agreement or the abatement of rent, except as expressly provided below.

 

Notwithstanding anything contained herein to
the contrary, in the event that such interruption or cessation of Services and/or utilities is the result of Licensor’s negligent
or willful

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act or omission and such interruption or cessation
of Services and/or utilities continues beyond three (3) business days from the date of such interruption or cessation, then, provided
Licensee has delivered Licensor with prompt notice of such interruption, the Annual Base Fee under this Agreement will abate, commencing
on the fourth (4th) day of such interruption or cessation, and continuing until the date on which the Services and/or utilities
are restored and the Premises are again tenantable. No abatement of rentals as hereinabove described will apply to the extent such
interruption of Services and/or utilities is the result of Licensee’s alterations to the Premises or Capital Improvements,
or any negligent act or omission of Licensee, its agents, employees or contractors, or any cause other than the negligent or willful
act or omission of Licensor or its employees, agents or contractors.

 

In the event that Licensor has advance knowledge
of, or otherwise plans an interruption or cessation of Services and/or utilities, Licensor shall give Licensee at least 14-day
advanced notice or such other greater advanced notice as is reasonable under the circumstance.

 

Article 13. Real
Property Taxes. Licensor shall pay all real property taxes and general and special assessments, which assessments shall
be amortized over the longest period permitted by law (“Real Property Taxes”) applicable to the Property, provided,
however, that Licensee shall pay as Additional Fees, Licensee’s Proportionate Share of such amount in accordance with Article
5(b). Licensee shall not be required to pay any federal, state or local income, profit, franchise, rent, sales, gift, estate, succession,
inheritance, foreign ownership, foreign control, transfer, capital levy, and/or personal property taxes of Licensor, or any increases
in Real Property Taxes that result from changes in ownership of the Property. Licensor acknowledges and agrees that Licensee shall
have no obligation or responsibility to make filings on behalf of Licensor with respect to any tax matters, nor shall Licensee
be responsible for any penalties or interest payments required to be paid as a result of Licensor’s failure to make such
filings or timely pay such Real Property Taxes. Licensor shall advise Licensee of the initial monthly payment amount due for Real
Property Taxes on or before the Commencement Date hereof.

 

Article 14. Damage
or Destruction. Should the Property be damaged by fire or other casualty, the following shall result:

 

(a) Should
the Premises be rendered wholly unfit for occupancy and not be (in the reasonable judgment of Licensor and Licensee) susceptible
of repair within one hundred fifty (150) days after the date of such damage, this Agreement shall terminate as of the date of such
damage, and Licensee shall pay the Fees apportioned to the time of such damage and surrender the Premises to Licensor within a
reasonably practical period of time thereafter;

 

(b) Should
such damage to the Premises, however, be (in the reasonable judgment of Licensor and Licensee) susceptible of repair within one
hundred fifty (150) days after such occurrence, Licensor, at Licensor’s sole cost and expense, shall enter and make repairs,
without affecting this Agreement, but the Fees shall be reduced or abated as shall be equitable while such repairs are being made.

 

Damage to the Property which affects Licensee’s
access to the Premises or Licensee’s use of the Premises shall be treated as damage to the Premises pursuant to subparagraphs
(a) and (b) above.

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Article 15. Condemnation.

 

(a) If the
Property shall be taken or condemned for any public purpose, or purchased under threat of such taking, to such an extent as to
render the Premises untenantable, this Agreement shall, at the option of either party, forthwith cease and terminate as of the
date title vests in the condemning authority or the date the condemning authority takes possession, whichever shall occur first.
Licensor and Licensee shall be entitled to receive their shares of the condemnation award as their interests may appear.

 

(b) In the
event this Agreement is not terminated as contemplated by subparagraph (a) above, Licensor shall promptly restore the Property
(including the Premises) to substantially the same condition as the Property was in as of the Commencement Date (with the exception
of those portions of the Property taken), and Base Annual Fee and Licensee’s Proportionate Share of Operating Expenses shall
be proportionately adjusted.

 

Article 16. Notices. Whenever
in this Agreement it shall be required or permitted that notice or demand be given or served by either party to this
Agreement, such notice or demand shall be given or served in writing and sent to Licensor and Licensee at the addresses
set forth below:

 

	 	Licensee:	AdvanSix Resins & Chemicals LLC
	 	 	115 Tabor Road
	 	 	Morris Plains, NJ 07950
	 	 	Attention.:  John M. Quitmeyer, General Counsel
	 	 	E-mail: _________________
	 	 	 
	 	Licensor:	Honeywell International Inc.
	 	 	21925 Field Parkway, Suite 220
	 	 	Deer Park, IL  60010
	 	 	Attention.: Richard J. Kriva, Vice President, Global Real Estate
	 	 	E-mail: rick.kriva@honeywell.com
	 	 	 
	 	With copy to:	Honeywell International Inc.
	 	 	115 Tabor Road
	 	 	Morris Plains, NJ 07950
	 	 	Attention.: Senior Vice President and General Counsel
	 	 	E-mail: katherine.adams@honeywell.com

 

All such notices shall be sent by (i) certified
or registered mail, return receipt requested, and shall be effective three (3) days after the date of mailing; (ii) Federal Express
or similar overnight courier and shall be effective one (1) day after delivery to Federal Express or similar overnight courier;
(iii) e-mail transmission (with confirmation of receipt) and shall be effective on the date of transmission; or (iv)
personal service and shall be effective on the same day as service. Any such address may be changed from time to time by either
party serving notices as provided above.

    	13

    	

    

Notwithstanding anything in the foregoing to
the contrary, notices under Article 12 or notices in the event of emergency or site evacuation, shall be given, orally or in writing,
by Licensor to Licensee’s designated Site Leader or Plant Manager as designated on Exhibit G by personal service or
facsimile or e-mail transmission (with confirmation of receipt).

 

Article 17. Authority. Licensor
warrants that it has the full right and authority to execute and perform pursuant to this Agreement. Licensee warrants that
it has the full right and authority to execute and perform pursuant to this Agreement.

 

Article 18. Alterations
and Trade Fixtures. Licensee shall have the right, at its own cost and expense, to make alterations, additions, installations
and changes (hereinafter collectively called “Alterations”) in, on and to the Premises as it shall deem expedient or
necessary for its business purposes, however to the extent that such Alterations shall impair the structural integrity of the Building
or cause a material interruption in facility/building systems or the use of Common Areas, Licensee must first obtain Licensor’s
written consent thereto, Licensor agreeing that it will not unreasonably withhold or delay such consent. All such work shall be
done in a good and workmanlike manner and in accordance with all applicable laws. Licensee may remove any or all Alterations and
any signage from the Premises at any time prior to the expiration of the Term, provided that any damage caused by such removal
shall be repaired by Licensee. Licensee shall remove, prior to expiration of the Term, all such Alterations which required Licensor’s
prior consent and which consent was granted upon the condition that such Alterations be so removed. Alterations not so removed
shall become the property of Licensor upon Licensee’s surrender of the Premises.

 

Prior to the commencement of any work on any
Alterations approved by Licensor, Licensee shall supply Licensor with satisfactory evidence of the following items: (a) the procurement
of all necessary licenses, permits and approvals from the various governmental departments having jurisdiction over the Premises,
and (b) worker’s compensation insurance, public liability insurance and property damage insurance in amounts, form and content,
and with companies reasonably satisfactory to Licensor.

 

Article 19. Mechanic’s
Liens. Licensee shall keep the Premises free from any liens arising out of any work performed, material furnished or obligation
incurred by or for Licensee or any person or entity claiming through or under Licensee. In the event that Licensee shall not, within
sixty (60) days following the imposition of any such lien, cause the same to be released of record by payment or posting of a bond,
Licensor shall have the right, but not the obligation, to cause such lien to be released by such means as Licensor deems reasonably
proper, including payment of the claim giving rise to such lien. All such reasonable sums paid and all reasonable expenses incurred
by Licensor in connection therewith shall be due and payable to Licensor by Licensee within thirty (30) days of receipt of invoice,
along with appropriate back-up documentation.

 

Article 20. Security.
The Parties shall work together to ensure that in satisfying their respective obligations and responsibilities described
herein (“Obligations”) they are each able to maintain the level of physical and electronic security in effect as of the date of this Agreement during
the Term.

    	14

    	

    

Licensor may take physical or information security
measures that affect the manner in which obligations are provided, so long as the substance or overall functionality of any affected
obligations remains the same as it was prior to the Commencement Date; provided, that Licensee shall be given reasonable, prior
written notice of any such physical or information security measures that are material. If there is a security breach that relates
to the obligations, the parties shall, subject to any applicable law, cooperate with each other regarding the timing and manner
of (a) notification to their respective customers, potential customers, employees and/or agents concerning a breach or potential
breach of security and (b) disclosures to appropriate Governmental Authorities.

 

If either party or its personnel will be given
access to any of the computer systems or software of the other party or any party performing the obligations on its behalf (“Systems”)
in connection with the performance of the obligations, the accessing party and its personnel shall comply with all system security
policies, procedures and requirements related to the Systems (as amended from time to time, the “Security Regulations”)
in effect as of the Commencement Date and of which such accessing party or its personnel has been reasonably informed, and will
not tamper with, compromise or circumvent any security or audit measures employed by such the party granting such access and its
personnel. Each party and its affiliates shall use commercially reasonable efforts to ensure that only those of their respective
personnel who are specifically authorized to have access to the Systems of the other party gain such access, and to prevent unauthorized
access, use, destruction, alteration or loss of information contained therein, including notifying its personnel regarding the
restrictions set forth in this Agreement and establishing appropriate policies designed to effectively enforce such restrictions.
If, at any time, either party determines that any personnel of the other party or its affiliates has sought to circumvent, or has
circumvented, its Security Regulations, that any unauthorized personnel of the other party or its affiliates has accessed its Systems
or that any personnel of the other party or its affiliates has engaged in activities that may lead to the unauthorized access,
use, destruction, alteration or loss of data, information or software, such party shall immediately terminate any such personnel’s
access to the Systems and immediately notify the other party.

 

Licensor, Licensee and their respective personnel,
shall access and use only those Systems, and only such data and information within such Systems to which it has been granted the
right to access and use. Any party shall have the right to deny the personnel of the other party access to such party’s Systems,
after prior written notice and consultation with the other party, in the event the party reasonably believes that such personnel
pose a security concern.

 

Article 21. Surrender
of Premises. Upon the expiration or termination of this Agreement, Licensee shall, at Licensee’s expense, (i) remove
Licensee’s personal property, equipment and trade fixtures (including without limitation, any Hazardous Substances (as such
term is defined below), and (ii) vacate the Premises peaceably and quietly and in as good order and condition as the same were
in on the Commencement Date or were thereafter replaced by either Licensor or Licensee, reasonable wear and tear, damage by fire
or other casualty, condemnation, acts of God and the elements excepted. Any property left in the Premises after the expiration
or termination of this Agreement shall be deemed to have been abandoned and the property of Licensor to dispose of, remove or store,
as Licensor deems expedient at Licensee’s expense, and Licensee waives all claims against Licensor for any damages resulting
from Licensor’s retention and disposition of such property.

    	15

    	

    

Article 22. Holding
Over. Should Licensee continue to occupy the Premises after expiration of the Term, such occupancy shall be on a month-to-month
license upon the terms, covenants or conditions herein specified, but at a monthly fee equal to one hundred twenty-five percent
(125%) of the monthly installment of Base Annual Fee paid for the last month of the Term of this Agreement, plus any Additional
Fees.

 

Article 23. Subordination.
This Agreement is subject and subordinate to all ground or underlying leases and to all mortgages and deeds of trust which
may now or hereafter affect the Property of which the Premises form a part, and to all renewals, modifications, consolidations,
replacements and extensions thereof, provided that Licensee’s rights under this Agreement shall not be disturbed. Licensor
shall provide and obtain for Licensee a subordination, non-disturbance and attornment agreement from the holder of any ground or
underlying lease, mortgage or deed of trust whether affecting the Premises as of the Commencement Date or affecting the Premises
after the Commencement Date of this Agreement. Licensee shall from time to time upon request from Licensor execute and deliver
any documents or instruments that may be reasonably required to effectuate such subordination, subject to review by Licensee’s
legal counsel.

 

Article 24. Estoppel
Certificates. Each party agrees, from time to time, upon not less than thirty (30) days prior written request by the other
party (the “Requesting Party”), to deliver to the Requesting Party a statement in writing certifying (a) that this
Agreement is unmodified and in full force and effect (or if there have been modifications that the same is in full force and effect
as modified and identifying the modifications), (b) the date to which the monthly installments of Base Annual Fee and other charges
have been paid, (c) the Base Annual Fee and current estimate of Operating Expenses, if applicable, (d) the date on which the Term
commenced and ends, and the periods, if any, for which such Licensee has options to extend the Term, (e) that Licensee has accepted
the Premises and is in possession, (f) that, so far as the person making the certification knows, Requesting Party is not in default
under any provision of this Agreement and, if the Requesting Party is in default, specifying each such default of which the person
making the certification may have actual knowledge, without inquiry, and (g) including such other information as the prospective
purchaser, mortgagee or assignee may reasonably require.

 

Article 25. Signs. Licensee
and Licensor shall, acting reasonably, agree on where to place and construct sign(s) with respect to
Licensee’s occupancy of the Premises. The construction of such signage shall be at Licensee’s sole cost and
expense, and in accordance with all Legal Requirements (“Licensee’s Signs”). Licensor, at Licensee’s
sole cost and expense (provided that Licensor shall obtain Licensee’s prior written reasonable consent prior to
incurring any such costs and expenses), shall (i) maintain Licensee’s Signs, and (ii) upon the expiration or
termination of this Agreement, remove Licensee’s Signs and complete required repairs as the result of such removal.

 

Article 26. Licensor’s
Procedures. Licensor has procedures for the safety, care, maintenance and cleanliness of the Property, its facilities and
equipment and other assets, and access thereto and egress therefrom; for worker health and safety, manufacturing and other operations
at the Property; for the protection of confidential information; for compliance with Legal Requirements; for emergency response;
and for other Property activities; all of which

    	16

    	

    

Licensor may change, in its reasonable discretion,
from time to time (collectively, “Licensor’s Procedures”). Licensor shall make Licensor’s Procedures available
to Licensee and give Licensee prompt notice of any changes thereto and Licensor shall comply with Licensor’s Procedures.

 

Article 27. HSE
Matters.

 

(a) Definitions. For
purposes of this Agreement:

 

		(i)	The term “HSE Law” shall mean and refer to any Legal Requirements, or any standard used pursuant to Legal Requirements,
relating to (i) pollution, (ii) protection or restoration of the indoor or outdoor environment or natural resources, (iii) the
transportation, treatment, storage or release of, or exposure to, hazardous or toxic materials, (iv) the registration, manufacturing,
sale, labeling or distribution of hazardous or toxic materials or products containing such materials (including the REACH directive
and similar requirements), (v) process safety management or (vi) the protection of the public, worker health and safety or threatened
or endangered species.
	 	 	 

		(ii)	The terms “Hazardous Substance” and “Hazardous Substances” shall mean and refer to (i) any natural
or artificial substance (whether solid, liquid, gas or other form of matter, noise, microorganism or electromagnetic field) that
could cause harm to human health or the environment, including, without limitation, petroleum, petroleum products and byproducts,
asbestos-containing materials, perfluoroalkyl substances, urea formaldehyde foam insulation, carcinogens, endocrine disrupters,
lead-based paint, electronic, medical or infectious wastes, polychlorinated biphenyls, radon gas, radioactive substances, greenhouse
gases and ozone-depleting substances and (ii) any other chemical, material, substance or waste that could result in Liability under,
or that is prohibited, limited or regulated by or pursuant to, any HSE Law.
	 	 	 

(b) Permitting. Unless
otherwise agreed by the Parties, Licensor shall, at its sole cost and expense:

 

		(i)	hold and maintain in good standing all permits and other governmental authorizations (“Permits”) required by HSE
Laws governing air emissions, water discharges, water supplies and waste treatment, storage and disposal;
	 	 	 

		(ii)	at Licensee’s request, modify the Permits to accommodate an alteration, change or expansion of Licensee’s use of
the Premises, in each case consistent with Article 6(a), at Licensee’s sole cost and expense;
	 	 	 

		(iii)	refrain from modifying the Permits in any manner that would prevent Licensee from using the Premises for the Allowed Uses unless
a

    	17

    	

    

	 	 	governmental authority directs Licensor
to do so in order to meet the requirements of HSE Laws; and
	 	 	 
		(iv)	submit to governmental authorities all reports, documents and other correspondence that may be required by the Permits; provided,
that Licensee shall comply in a timely manner with Licensor’s reasonable requests for information and other cooperation in
connection with the Permits and required correspondence.

 

(c) Training. Licensee shall have the right to participate in training and other activities conducted by Licensor as may be required
for Licensee to comply with the Legal Requirements and Licensor’s Procedures applicable to Licensee’s use of the Premises.

 

(d) Hazardous
Substances.

 

		(i)	Licensee shall not discharge, release emit or create the threat of release of any Hazardous Substances at the Property except
in accordance with the Allowed Uses, and neither Licensee nor Licensor shall discharge, release, emit or create the threat of release
of any Hazardous Substances at the Property except in compliance with all applicable HSE Laws and Licensor’s Procedures.
	 	 	 

		(ii)	Licensor shall indemnify, defend and hold Licensee harmless against any and all actions, claims, demands, judgments, penalties,
liabilities, costs, damages, obligations, prohibitions and expenses, including court costs and attorney’s fees (but excluding
any consequential, incidental and special damages and lost profits) incurred by Licensee resulting from the existence of any Hazardous
Substances deposited in, upon, under, over or from the Property, or resulting from allegations that Licensee is liable for Hazardous
Substances originating from, transported from or otherwise related to the Property, unless and only to the extent such Hazardous
Substances are deposited in, upon, under, over or from the Property by Licensee, or Licensee has directly arranged for such Hazardous
Substances to originate from, be transported from or be otherwise related to the Property, in each case subsequent to the Commencement
Date. All of Licensor’s obligations under this subparagraph (d)(2) shall survive the expiration or termination of this Agreement.
	 	 	 

		(iii)	Licensee shall indemnify, defend and hold Licensor harmless against any and all actions, claims, demands, judgments, penalties,
liabilities, costs, damages, obligations, prohibitions and expenses, including court costs and attorney’s fees (but excluding
any consequential, incidental and special damages and lost profits) incurred by Licensor to the extent resulting from the existence
of any Hazardous Substance deposited in, upon, under, over or from the Property by Licensee, or resulting from allegations that
Licensor is liable for Hazardous Substances that, as a direct result of the actions of Licensee, originated from, were transported
from or were

    	18

    	

    

otherwise related to the Property, in
each case subsequent to the Commencement Date. The obligations of Licensee set forth within this subparagraph (c) shall expire
on the last day of the second year after the expiration or earlier termination date of this Agreement.

 

(e) Compliance
with HSE Laws. Each Party shall comply with all HSE Laws applicable to its respective activities at the Property. Without
limiting the generality of the foregoing, the Parties agree to allocate their compliance responsibilities as follows, and to reasonably
cooperate in the performance of these compliance responsibilities:

 

(i) Licensor’s
Responsibilities. Except for Licensee’s responsibilities pursuant to Article 6(b)(ii) below, Licensor, at Licensor’s
sole cost and expense and throughout the Term, shall ensure that the Property and operations and activities at the Property comply
with all HSE Laws.

 

(ii) Licensee’s
Responsibilities. Licensee, at Licensee’s sole cost and expense and throughout the Term, shall ensure that the Premises
comply with all HSE Laws to the extent such compliance is required solely as a result of Licensee’s business conducted within
the Premises.

 

(f) Conflicting
Terms. Licensor and Licensee hereby agree that, if there is conflict between the terms, covenants or conditions of this
Article 27 and the Separation and Distribution Agreement dated of even date herewith, by and between Honeywell International Inc.
and AdvanSix Inc., a Delaware corporation, the Separation and Distribution Agreement shall prevail.

 

Article 28. General
Conditions.

 

(a) Time
of Essence. TIME IS OF THE ESSENCE OF EACH PROVISION OF THIS AGREEMENT.

 

(b) Successors. This Agreement shall be binding upon and inure to the benefit of the parties and their permitted successors.

 

(c) Real
Estate Brokers; Finders. Each party represents that it has not had dealings with any real estate broker, finder or other
person with respect to this Agreement in any manner. Each party shall hold harmless the other party from all damages resulting
from any claims that may be asserted against the other party by any broker, finder or other person with whom the indemnifying party
has or purportedly has dealt. Licensor shall pay any commissions and/or fees that are payable to the above-named broker or finder
with respect to this Agreement.

 

(d) Exhibits. All exhibits referred to are attached to this Agreement and incorporated by reference.

 

(e) Interpretation
of Agreement. This Agreement shall be construed and interpreted in accordance with the laws of the state in which the Property
is located, without giving effect to the principles of conflicts of laws thereof.

    	19

    	

    

(f) Integrated
Agreement; Modification. This Agreement contains all the agreements of the parties and cannot be amended or modified except
by written agreement.

 

(g) Severability. The unenforceability, invalidity or illegality of any provision shall not render the other provisions unenforceable, invalid
or illegal.

 

(h) Exclusive
Use. Licensor covenants and agrees not to lease or license the use of space in the Property, without Licensee’s prior
written consent (which Licensee may grant or withhold in Licensee’s sole discretion), to any third party that operates a
“Competing Business”. For the purpose of this Article 28(h), a “Competing Business” shall be defined as
a business in competition with Licensee’s business.

 

(i) Counterparts;
Facsimile/E-mailed Signatures. This Agreement may be executed in two or more counterparts, each of which shall be deemed
an original, but all of which shall constitute one and the same Agreement. Licensor and Licensee agree that the delivery of an
executed copy of this Agreement by facsimile or by attachment to an e-mail shall be legal and binding on the transmitting party
and shall have the same full force and effect as if an original executed copy of this Agreement had been delivered.

 

(j) Confidentiality.

 

(i) Each
party covenants and agrees that it shall not, and that it shall take all reasonable steps to ensure that its shareholders, directors,
officers, managers, partners, employees, agents, advisors or independent contractors do not, directly or indirectly, either during
the term of this Agreement or at any time thereafter, disclose any of the financial terms of this Agreement or disclose or use
any information which it may acquire with respect to the business and affairs of the other party or its customers, clients, suppliers,
agents or contractors (“Confidential Information”) for any purpose, other than as required to carry out its duties
hereunder, without the consent of the other party or as required by applicable law, regulation or lawful requirement of a regulatory,
judicial or taxing authority. Before granting access to any Confidential Information of the other party to any person under this
Section, a party shall properly instruct that person about the confidentiality of it and the steps to be taken to protect it. Before
granting that access to any person other than an employee, except as provided in the next sentence, a party shall have that person
sign an agreement causing that person to be bound by terms substantially the same as those in this Section. Before granting access
to any Confidential Information of the other party to any legal, regulatory or taxing authority (other than Licensee examiners),
a party shall, unless it may not lawfully do so, promptly notify the other party and allow the other party reasonable time to oppose
such process.

 

(ii) Notwithstanding
anything to the contrary set forth herein or in any other agreement to which the parties are parties or by which they are bound,
the obligations of confidentiality contained herein and therein, as they relate to this Agreement, shall not apply to the tax structure
or tax treatment of this Agreement, and each party hereto (and any employee, representative, or agent of either party) may disclose
to any and all persons, without limitation of any kind, the tax structure and tax treatment of this Agreement and all materials
of any kind (including opinions or other tax analysis) that

    	20

    	

    

are provided to such party relating to
such tax treatment and tax structure; provided, however, that such disclosure shall not include the name (or other identifying
information not relevant to the tax structure or tax treatment) of any person and shall not include information for which nondisclosure
is reasonably necessary in order to comply with applicable securities laws.

 

(iii) Each
party will implement appropriate security measures to prevent a breach by it of this Section, including measures designed to (i)
ensure the confidentiality, security and integrity of the Confidential Information of the other; (ii) protect the Confidential
Information of the other against anticipated threats or hazards to its security or integrity; and (iii) protect the Confidential
Information of the other against unauthorized access to or use of it.

 

(iv) In
dealing with any Confidential Information of the disclosing party that is personal information of the disclosing party’s
customers or clients, the receiving party will comply with the reasonable privacy policies of the disclosing party communicated
to it in writing and with all applicable privacy laws and regulations.

 

(v) At
either party’s request but subject to applicable legal and regulatory record retention requirements, the other party shall
immediately return to that party or destroy (and, upon request, certify such destruction) all Confidential Information of that
party then in its possession or under its control.

 

(vi) If
any unauthorized disclosure of, loss of, or inability to account for, Confidential Information of a party occurs while it is in
the possession of the other party, the other party shall notify the affected party immediately upon becoming aware of such occurrence.

 

(vii) Each
party may monitor from time to time, activities to detect any security breach, unauthorized intrusions or suspicious activity involving
the Confidential Information and will immediately take steps to remedy any problem giving rise to that security breach or suspicious
activity.

 

(viii) For
the purposes of this Agreement, “Confidential Information” does not include information that (i) was or becomes generally
available to the public other than as a result of a disclosure by either party or its shareholders, directors, officers, managers,
partners, employees, advisors or agents in breach of this Agreement, (ii) was available to the disclosing party on a non-confidential
basis prior to its disclosure to such party by the other party pursuant to this Agreement, (iii) is obtained by the disclosing
party on a non-confidential basis from a source other than the other party or its agents, provided that, to the best of the disclosing
party’s knowledge, such source is not prohibited from transmitting the information by a confidentiality agreement with, or
other legal or fiduciary obligation to, the other party or its agents, or (iv) has been authorized by the providing party to be
disseminated on a non-confidential basis.

    	21

    	

    

WITNESS WHEREOF, the respective parties hereto
have executed this Colonial Heights Sharing and Services Agreement or caused this Agreement to be executed by their duly authorized
representatives the day and year set forth in Article 1 hereof.

 

[The remainder of this page left intentionally
blank.]

 

	LICENSOR:	 	LICENSEE: 
	 	 	 	 	 
	Honeywell International Inc., a Delaware corporation	 	AdvanSix Resins & Chemicals LLC, a Delaware limited liability company
	 	 	 	 	 	 	 
	By	 	 	By	 
	 	Its	         	 	 	Its	         

    	22

    	

    

Exhibit
A1

(Interim Premises)

 

The Premises, Common Areas and Parking shall be as designated on
the diagram attached to this Exhibit A1 captioned “Interim Premises.”

 

The Premises shall be deemed to be the portions of the Property
utilized by Licensee during the twelve-month period prior to the Date of this Agreement, subject to the following:

 

Areas restricted/excluded from Premises and the Common Areas (including
parking and shipping docks) available for use by Licensee:

 

Areas Restricted/Excluded

		-	Licensor Production Areas

		-	Licensor Office Areas

		-	Licensor Lab and R&D Areas

		-	Licensor Docks and Roads inside the security fence line

		-	Licensor Smoking Areas

		-	Licensor Stores, Maintenance, and Storage Areas

		-	Licensor Warehouse Areas (excludes Building 3 2nd Floor)

 

Common Areas

		-	Roads and Main Parking Lot (Large Lot) outside security fence line

		-	Front Lawn space between Buildings 1, 2, 4 and Interstate 95

		-	Building 2 Elevator

		-	Building 3 Elevator

 

Areas of exclusive use by Licensee:

		-	Licensee Area Outside the Building 6 and Building 8

		-	Building 4 2nd, 3rd, and 4th floors

		-	Building 3 2nd floor warehouse

		-	Building 2 2nd floor West Corridor near Elevator

 

The definition of Premises shall be revised in accordance with any
alteration and relocation activities performed with respect to the Premises in accordance with Exhibit E.

    	 

    	

    

EXHIBIT A1

 

		Common Areas
		Premises

Alt A1. SHORT-TERM SEPARATION PLAN. Premises:
54,440 SF

    	 

    	

    

Exhibit
A2

(Final Premises)

 

Alt B1. LONG-TERM SEPARATION PLAN. Premises: 54,440
SF

 

 

Access road drawn is schematic and represents a possible solution
for total separation. Long-term plan requires separate guard shack to be built.

    	 

    	

    

Exhibit
B

(Base Annual Fee)

 

For the Initial Term and, subject to Article 5(c), each subsequent
Renewal Period, the Base Annual Fee shall be Three Hundred Ninety-Six Thousand One Hundred Seventy-Eight and No/Dollars ($396,178.00),
payable in equal monthly installments of Thirty-Three Thousand Fourteen and 84/100 Dollars ($33,014.84).

    	 

    	

    

Exhibit
C

 

(Operating Expenses and
Licensee’s Proportionate Share)

 

The term “Operating Expenses” means the costs listed
on the spreadsheet attached to this exhibit and captioned “Colonial Heights Services.” It is the intent that throughout
the Term, unless otherwise specifically allocated to the account of Licensee, the Licensee’s Proportionate Share of the following costs will be Operating Expenses:

 

		-	costs of Real Property Taxes and reasonable fees payable to tax consultants and tax attorneys for consultation and contesting
such Real Property Taxes;

		-	maintenance, repair and replacement of all portions of the Property, including without limitation, paving and parking areas,
roads, roofs (including the roof membrane), alleys, and driveways, mowing, landscaping, snow removal, exterior painting, and utility
lines;

		-	to the extent not used in Licensee’s manufacturing activities, heating, ventilation and air conditioning systems, lighting, electrical systems and other mechanical and building systems;

		-	insurance not covered in Article 10;

		-	amounts paid to contractors and subcontractors for work or services performed in connection with any of the foregoing; charges
or assessments of any association to which the Property is subject; property management fees payable at market rates to a property
manager, security services, trash collection, sweeping and debris removal;

		-	that portion of additions or alterations made by Licensor to the Property or the Building which directly benefit Licensee which
are undertaken by Licensor in order to comply with Legal Requirements (other than those expressly required herein to be made by
Licensee or Licensor).

 

Costs which would under generally accepted accounting principles
be deemed capital costs or capital expenditures may be included within the definition of “Operating Expenses” only
the extent that such cost: relates to an expenditure which is incurred based upon a reasonable forecast that such expenditure
will reduce in future years another cost which would be deemed an Operating Expense, but then only to the extent in any one year
of the amount equal to the total expenditure divided by the useful life of the improvement which requires such cost.

    	 

    	

    

	Exhibit
    C:  Colonial Heights Operating Expenses	 	 	 	 
	Service/Scope	Method
    of Charging	Comments
    to Billing 

Method	Comments
    to Billing 

Method	Proration
    (if any)	 
	Steam
    & Condensate	usage
    based	billed
    separately as Nat Gas usage	based
    on usage reported from licensee	 	 
	City
    Water	Prorated	billed
    as operating expense	Pro
    Rata share based on footprint of site-water bill	8%	 
	Sanitary
    Sewer	Prorated	billed
    as operating expense	Pro
    Rata share based on footprint of site-sewer bill	8%	 
	Nitrogen	usage
    based	billed
    separately as Nitrogen usage	based
    on usage reported from licensee	 	 
	Electrical	usage
    based	billed
    separately as Electrical usage	based
    on usage reported from licensee	 	 
	maintenance
    of utilities systems	Prorated	billed
    as operating expense	Pro
    Rata share based on utilities share-utilities operations cc	5%	 
	Pilot
    Plant Wash Water Load Out	hourly
    charge	will
    be charged by the hour	charged
    by the hour	 	 
	Electrical
    site -non pilot plant	Prorated	billed
    as operating expense	Pro
    Rata share based on footprint of site- non mfg portion of elec bill	10%	 
	Natural
    Gas -non pilot plant	Prorated	billed
    as operating expense	Pro
    Rata share based on footprint of site- non mfg portion of nat gas	10%	 

    	 

    	

    

	Exhibit
    C:  Colonial Heights Operating Expenses	 	 	 	 
	Service/Scope	Method
    of Charging	Comments
    to Billing 

Method	Comments
    to Billing 

Method	Proration
    (if any)	 
	Security/
    Gate Access	Prorated	billed
    as operating expense	Pro
    Rata share based on footprint of site-security cost	19%	 
	Maintenance
    - Building/infrastructure	Prorated	billed
    as operating expense	Pro
    Rata share based on footprint of site - buildings CC	19%	 
	Janitorial	Prorated	billed
    as operating expense	Pro
    Rata share based on footprint of site-Janitorial CC	19%	 
	Grounds
    Keeping includes lawn care, parking lot, roads, sidewalks maintenance, snow removal and supplies	Prorated	billed
    as operating expense	Pro
    Rata share based on footprint of site-Yard CC	19%	 
	Bulk
    Shipping (Loading Dock)	hourly
    charge	will
    be charged by the hour	charged
    by the hour	 	 
	Trash
    Dispsal	Prorated	billed
    as operating expense	Pro
    Rata share based on footprint of site - Trash disposal cost	19%	 
	Real
    Estate Taxes	Prorated	billed
    as operating expense	Pro
    Rata share based on footprint of site - Real Estate Taxes	19%	 
	Leadership
    team services	hourly
    charge	billed
    as operating expense	billed
    by the hour based on availability 	 	 

    	 

    	

    

	Exhibit
    C:  Colonial Heights Operating Expenses	 	 	 	 
	Service/Scope	Method
    of Charging	Comments
    to Billing 

Method	Comments
    to Billing 

Method	Proration
    (if any)	 
	Service
    Fee	Prorated	billed
    as operating expense	percentage
    of total operating expense bill	10%	 

    	 

    	

    

Exhibit
D

 

(Intentionally Omitted)

    	 

    	

    

Exhibit
E

 

(Capital Improvements)

 

Licensee shall undertake to, the extent reasonably practical,
separate the operations of Licensor and Licensee in accordance with Exhibit A2. In furtherance of undertaking such separation,
Licensor and Licensee agree as follows:

 

		-	Licensee shall, as promptly as reasonably possible, construct a dedicated means of ingress and egress for its employees to
enter the Interim Premises from Licensee’s parking areas in accordance with Exhibit A1. It shall be Licensee’s
responsibility to insure that this means of ingress and egress is secure and well lit.

 

		-	Licensee shall undertake a study to determine the most commercially feasible means of constructing a separate entrance from
the public right-of-way to access the Property, along with separate drive isles, guard facilities and controlled access devices,
to provide Licensee, its employees, guests, and commercial vehicles, with access to and from Licensee’s designated parking
areas, in order to physically separate Licensor and Licensee’s activities at the Property. Licensee shall present the results
of its study to Licensor, and Licensor and Licensee shall mutually agree upon the configuration, design and construction of such
new entrance facilities and drive isles, the implementation of such design and construction to be part of the Capital Improvements.

 

Capital Improvements Types Required by Licensee

		-	Sidewalks, Walking Surfaces, or Stairs

		-	Roads and Parking Areas

		-	Security and Infrastructure

		-	R&D and Pilot Scale Equipment

		-	Equipment Relocation

		-	Lab Equipment

		-	Other Licensee Needs

		-	Pilot Plant Leacher Storage Tank

    	 

    	 

    

Exhibit
F

 

(Licensee’s and
Licensor’s Responsibilities)

 

Pursuant to Article 8 and Article 9, the following
is a non-exclusive list of the obligations and responsibilities of Licensor and Licensee with respect to repair and maintenance
responsibilities. The following lists are non-exhaustive and should be interpreted in conjunction with provisions of Article 8
and Article 9, respectively.

 

Licensee’s Responsibilities:

 

Licensee shall be responsible for the maintenance,
repair and replacement of all tangible personal property, equipment, machinery, utility lines, heating, ventilation and air conditioning
systems, lighting, electrical systems and other mechanical and building systems contained within the Premises. Such responsibilities
shall include, without limitation:

 

		-	Any cosmetic (painting, flooring, etc.) repairs or maintenance for offices, rooms, and equipment within the Premises

		-	Any maintenance of assets where title or the leasehold interest is held by Licensee

		-	Maintenance on any IT (information technology), wiring, or equipment used by Licensee

		-	Any maintenance of any portable assets used by Licensee

		-	Any compliance (Local, State, Federal, International, or other governing body) related cost or maintenance for assets where
title or the leasehold interest is held by Licensee

		-	Any consumable components (lights, filters, etc) related cost or maintenance

		-	Any leakage, stoppage of flow, or damage to piping within the premises and related to Licensee’s use of the Premises

 		-	Any modification to Licensor assets made by or at the request of Licensee

		-	Any modification to Licensor’s assets required for Licensee to satisfy its obligations under Article 21 (Surrender)

		-	Any maintenance of secondary electrical distribution control assets (panels, subpanels, MCCs) required for Licensee’s
occupancy of the Premises

		-	Any maintenance of secondary or ancillary piping, transfer, and distribution assets not considered to comprise the utility
header needed by Licensee in connection with its occupancy of the Premises

		-	Any maintenance of heating and air conditioning building assets where title or the leasehold interest is held by Licensee

		-	Any maintenance or repairs required to correct damage caused by Licensee

 

Licensor’s Responsibilities:

 

In addition to the responsibilities and obligations
described in Article 9, below are additional obligations and responsibilities to be assumed by Licensor:

 

		-	Any maintenance of building roofing not required as a result of damage caused by License

    	 

    	

    

		-	Any maintenance of access doorways to the Premises required for Licensor to perform maintenance otherwise required under Article
9

		-	Any maintenance of yard and grounds leading to and outside of the Premises

		-	Any maintenance of main electrical distribution control assets (MCCs) on the Property

    	 

    	

    

Exhibit
G

 

(Site Points of Contact)

 

Colonial Heights Plant

		-	Plant Manager of Colonial Heights

		-	Controller for Colonial Heights

		-	HSE Manager of Colonial Heights

 

AdvanSix RD&E Operations

		-	Site RD&E Lead of Colonial Heights

		-	Controller for Chesterfield

		-	HSE Manager of Chesterfield

		-	CTO of AdvanSix

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