Document:

Exhibit 10.5

 

Execution Version 

 

EARN-OUT AGREEMENT

 

This EARN-OUT AGREEMENT (this
 “Agreement”), dated as of December 20, 2021, is made by and among ITHAX Acquisition
Corp., an exempted company incorporated in the Cayman Islands with limited liability (and any successor entity, “Ithax”)
and the Persons listed on Schedule A attached hereto (the “Members”). Ithax and the Members shall be referred
to herein from time to time collectively as the “Parties”. Capitalized terms used but not otherwise defined herein
shall have the meanings ascribed to such terms in the Business Combination Agreement (as defined below).

 

WHEREAS, Ithax and certain
other Persons party thereto entered into that certain Business Combination Agreement, dated as of the date hereof (as it may be amended,
restated or otherwise modified from time to time in accordance with its terms, the “Business Combination Agreement”);
and

 

WHEREAS, the Business Combination
Agreement contemplates that the Parties will enter into this Agreement concurrently with the entry into the Business Combination Agreement,
pursuant to which 9,000,000 shares of Ithax Common Stock (such shares, the “Earn-Out Shares”) shall be issued to the
Members, on the terms and subject to the conditions set forth herein.

 

NOW, THEREFORE, in consideration
of the premises and the mutual promises contained herein and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the Parties, each intending to be legally bound, hereby agree as follows:

 

1.                  
Issuance of Earn-Out Shares. In connection with and upon the First Merger, Ithax shall issue to each Member a number of
Earn-Out Shares set forth opposite such Member’s name on Schedule A attached hereto. If, between the date of this Agreement
and the Closing or, in the case of Unallocated Shares (as defined below), prior to issuance of such Unallocated Shares, the outstanding
Ithax Common Stock shall have been changed into a different number of shares or a different class, by reason of any dividend, subdivision,
reclassification, recapitalization, split, combination or exchange, or any similar event shall have occurred (including any of the foregoing
in connection with the Domesticiation, First Merger or the Second Merger), then the number of Earn-Out Shares to be issued hereunder,
will be equitably adjusted to reflect such change. With respect to any Earn-Out Shares not issued as of the Closing as identified on Schedule
A (the “Unallocated Shares”) the then current Chief Executive Officer of the Ithax can allocate such Unallocated
Shares to one or more Persons following the Closing by notifying Ithax of such issuance, provided such Person sign a joinder to this Agreement
in a form and substance reasonably acceptable to Ithax. The Earn-Out Shares shall be subject to the following terms and conditions:

 

(a)               
If, at any time during the four (4) years following the Closing (the “Vesting Period”), the Ithax Common
Stock Price exceeds a VWAP of $12.50 per share for any twenty (20) trading days within any thirty (30) trading day period, one-third (1/3)
of the Earn-Out Shares shall immediately vest and no longer be subject to the forfeiture conditions provided for in Section 1(d).

 

(b)              
If, at any time during the Vesting Period, the Ithax Common Stock Price exceeds a VWAP of $15.00 per share for any twenty
(20) trading days within any thirty (30) trading day period, one-third (1/3) of the Earn-Out Shares shall immediately vest and no longer
be subject to the forfeiture conditions provided for in Section 1(d).

 

(c)               
If, at any time during the Vesting Period, the Ithax Common Stock Price exceeds a VWAP of $18.00 per share for any twenty
(20) trading days within any thirty (30) trading day period, one-third (1/3) of the Earn-Out Shares shall immediately vest and no longer
be subject to the forfeiture conditions provided for in Section 1(d).

 

    

     

    

 

(d)                The
Earn-Out Shares that do not vest in accordance with Section 1(a), Section 1(b) and Section 1(c) or Section 1(f)
during the Vesting Period shall be redeemed in view of their cancellation, for a consideration equal to their nominal value and without
further right, obligation or liability of any kind or nature on the part of Ithax.

 

(e)               
Subject to the limitations contemplated herein, the Members shall be entitled to the voting and dividend rights generally
granted to holders of Ithax Common Stock with regard to the Earn-Out Shares; provided that the Earn-Out Shares shall not entitle
the Members, without limiting Section 1(f), to any consideration in connection with any sale or other similar transaction and may
not be offered, sold, transferred, redeemed, assigned, pledged, hypothecated, encumbered or otherwise disposed of (whether by operation
of law or otherwise) by any Member or be subject to execution, attachment or similar process without the consent of Ithax, and shall bear
a customary legend with respect to such transfer restrictions. Any attempt to so sell, transfer, assign, pledge, hypothecate, encumber
or otherwise dispose of such Earn-Out Shares shall be null and void. Notwithstanding the foreging, transfers, assignments and sales by
a Member of the Earn-Out Shares are permitted (i) as a bonafide gift or charitable contribution; (ii) to a trust, or other entity formed
for estate planning purposes for the primary benefit of the spouse, domestic partner, parent, sibling, child or grandchild of such Member
or any other person with whom such Member has a relationship by blood, marriage or adoption not more remote than first cousin; (iii) by
will or intestate succession upon the death of the Member; (iv) pursuant to a qualified domestic order, court order or in connection with
a divorce settlement; (v) if such Member is a corporation, partnership (whether general, limited or otherwise), limited liability company,
trust or other business entity, (A) to another corporation, partnership, limited liability company, trust or other business entity that
controls, is controlled by or is under common control or management with the Member, or (B) to partners, limited liability company members,
Affiliates or stockholders of the Member, including, for the avoidance of doubt, where the Member is a partnership, to its general partner
or a successor partnership or fund, or any other funds managed by such partnership; (C) by virtue of the laws of the state or jurisdiction
of the entity’s organization and the entity’s organizational documents upon dissolution of the entity; (vi) pursuant to transactions
in the event of completion of a liquidation, merger, consolidation, stock exchange, reorganization, tender offer or other similar transaction
which results in all of the corporation’s securityholders having the right to exchange their shares of Common Stock for cash, securities
or other property; (vii) to satisfy tax withholding obligations in connection with the exercise of options or warrants to purchase shares
of Common Stock of the corporation or the vesting of stock-based awards; or (viii) in the case of an individual, for the purpose of providing
collateral security for a loan; provided, however, that in the case of clauses (i) through (iv) these permitted
transferees must enter into a written agreement agreeing to be bound by the restrictions herein.

 

(f)               
In the event that there is a Company Sale and during the Vesting Period that will result in the holders of Ithax Common
Stock receiving a Company Sale Price equal to or in excess of the applicable price per share set forth set forth in Section 1(a),
Section 1(b) and Section 1(c), then immediately prior to the consummation of the Company Sale any such vesting of Earn-Out
Shares set forth herein that has not previously occurred shall be deemed to have occurred and the holders of such Earn-Out Shares shall
be eligible to participate in such Company Sale. Notwithstanding anything to the contrary herein, (x) in the event of any merger, sale,
consolidation, recapitalization, equity transfer, restructuring, reorganization or other similar business transaction that does not constitute
a Company Sale, any remaining unvested Earn-Out Shares shall not be forfeited, shall remain outstanding, and shall remain subject to the
remaining applicable vesting triggering events set forth above in Section 1, and (y) any remaining unvested Earn-Out Shares (not
otherwise vested pursuant to Section 1(f)) shall not be forfeited and instead shall be converted into such equity securities of
the surviving Person and shall remain subject to the remaining applicable vesting triggering events set forth herein.

 

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(g)              
 The Parties acknowledge and agree that for U.S. federal income tax and other applicable tax purposes, the Earn-Out Shares
are treated as compensation for services. No Member shall take any position that is inconsistent with such treatment. Each Member will
promptly inform Ithax of any elections made by the Members under Section 83(b) of the Code with respect to the Earn-Out Shares received
by such Member pursuant to this Agreement.

 

(h)              
“Beneficially Own” and correlative terms such as “Beneficial Ownership” shall have the meaning
set forth in Rule 13d-3 under the Exchange Act and shall be calculated in accordance therewith.

 

(i)                
“Company Sale” means (i) any transaction or series of related transactions that results in any Person
or “group” (within the meaning of Section 13(d)(3) of the Exchange Act) acquiring equity securities that represent more than
50% of the total voting power of Ithax or (ii) a sale or disposition of all or substantially all of the assets of Ithax and its Subsidiaries
on a consolidated basis, in each case other than a transaction or series of related transactions which results in at least 50% of the
combined voting power of the then outstanding voting securities of Ithax (or any successor to Ithax) immediately following the closing
of such transaction (or series of related transactions) being Beneficially Owned, directly or indirectly, by individuals and entities
(or Affiliates of such individuals and entities) who were the Beneficial Owners, respectively, of at least 50% of the equity securities
of Ithax immediately prior to such transaction (or series of related transactions).

 

(j)                
“Company Sale Price” means the price per share for one (1) share of Ithax Common Stock in a Company Sale,
inclusive of any escrows, holdbacks or fixed deferred purchase price, but exclusive of any contingent deferred purchase price, earnouts
or the like. If and to the extent the price is payable in whole or in part with consideration other than cash, the price for such non-cash
consideration shall be determined as follows: (i) with respect to any securities: (A) the VWAP over a period of 21 days consisting of
the day as of which such value is being determined and the 20 consecutive business days prior to such day or (B) if at any time the securities
are not listed on any securities exchange or quoted on Nasdaq Capital Market or the over-the-counter market, the value of each such security
shall be equal to the fair value thereof as of the date of valuation as determined by an independent, nationally recognized investment
banking firm on the basis of an orderly sale to a willing, unaffiliated buyer in an arm’s-length transaction, taking into account
all factors determinative of value as the investment banking firm determines relevant and (ii) with respect to any other non-cash assets,
the fair value thereof as of the date of valuation as determined by an independent, nationally recognized investment banking firm on the
basis of an orderly sale to a willing, unaffiliated buyer in an arm’s-length transaction, taking into account all factors determinative
of value as the investment banking firm determines relevant.

 

(k)              
“Ithax Common Stock Price” means the closing sale price per share of Ithax Common Stock on Nasdaq Capital
Market (or successor U.S. exchange) reported as of 4:00 p.m., New York, New York time on such date by Bloomberg, or if not available on
Bloomberg, as reported by Morningstar.

 

(l)                
“VWAP” means the volume weighted average price of Ithax Common
Stock as defined by the industry standard.

 

2.                  
Termination. This Agreement shall terminate, and have no further force and effect, if the Business Combination Agreement
is validly terminated in accordance with its terms prior to the Closing.

 

3.                   Incorporation
by Reference. Sections 9.04 (Severability), 9.05 (Entire Agreement; Assignment), 9.06 (Parties in Interest), 9.07 (Governing
Law; Venue), 9.08 (Waiver of Jury Trial), 9.09 (Construction), 9.10 (Counterparts), 9.11 (Specific Performance) and 9.12 (No
Recourse) of the Business Combination Agreement apply to this Agreement mutatis mutandis.

 

*    *     *    *    *

 

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IN WITNESS WHEREOF, each of the Parties
has caused this Agreement to be duly executed on its behalf as of the day and year first above written.

 

	 	ITHAX ACQUISITION CORP.
	 	 
	 	By 	/s/Orestes Fintiklis
	 	Name: Orestes Fintiklis
	 	Title: Chief Executive Officer

 

[Signature Page - Earn-Out Agreement]

 

    

     

    

 

	 	NH CREDIT PARTNERS III HOLDINGS L.P.
	 	 
	 	By: MS Credit Partners III GP L.P., its general
    partner
	 	By: MS Credit Partners III GP Inc., its general
    partner
	 	 
	 	By 	/s/William Gassman
	 	Name:  William Gassman
	 	Title:  Executive Director

 

[Signature Page - Earn-Out Agreement]

 

    

     

    

 

	 	FLY OCP LLC
	 	 
	 	By: Origami Capital Partners, LLC, its Manager
	 	 
	 	By 	/s/Julie Klaff
	 	Name:  Julie Klaff
	 	Title:  Authorized Signatory

 

[Signature Page - Earn-Out Agreement]

 

    

     

    

 

	 	/s/Prasad Gundumogula
	 	Prasad Gundumogula

 

[Signature Page - Earn-Out Agreement]

 

    

     

    

 

Schedule
A

 

	Member	Number
    of Shares
	Prasad
    Gundumogula	6,000,000
	NH
    Credit Partners III Holdings L.P.	375,000
	Fly
    OCP LLC	125,000
	Unallocated
    Shares	2,500,000
	Total	9,000,000Exhibit 10.1 

 

SUPPORT AGREEMENT

 

SUPPORT AGREEMENT
(this “Agreement”), dated as of December 20, 2021 by and among Hexion Holdings Corporation, a Delaware corporation
(the “Company”), ASP Resins Intermediate, Inc., a Delaware corporation (“Buyer”) and the undersigned
(“Supporting Holder”). All capitalized terms used but not defined herein shall have the meanings assigned to them
in the Merger Agreement (defined below).

 

WHEREAS, in order
to induce the Company and Buyer to enter into an Agreement and Plan of Merger, dated as of the date hereof (the “Merger Agreement”),
by and among the Company, Buyer and ASP Resins Merger Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of Buyer, Supporting
Holder has agreed to enter into this Agreement with respect to the total number of Shares set forth on Exhibit A (the “Covered
Shares”) which are held beneficially by the Persons set forth on Exhibit A (“Beneficial Holders”)
as set forth next to such Beneficial Holder’s name on Exhibit A.

 

NOW, THEREFORE,
the parties hereto agree as follows:

 

Article
1

Voting

 

Section 1.01.
Voting.

 

(a)       Supporting
Holder hereby irrevocably and unconditionally agrees to consent to and vote (or cause to be voted), in person or by proxy, all Covered
Shares in favor of any proposal to approve and adopt the Merger Agreement, the Merger and the Contemplated Transactions and any actions
related thereto (including any proposal to adjourn or postpone the Stockholders Meeting) at the Stockholders Meeting (and at any adjournment
or postponement thereof).

 

(b)       As
promptly as practicable following the date hereof, Supporting Holder shall use reasonable best efforts to deliver to the Company a duly
executed Stockholder Written Consent with respect to the Covered Shares, which reasonable best efforts shall include (i) causing the
applicable brokerage firm to sign any relevant direction letters or other documentation and requesting Cede & Co. to duly execute
and deliver the Stockholder Written Consent with respect to the Covered Shares (or by responding to an issuer action with respect to
a request for a Stockholder Written Consent submitted by the Company to Cede & Co.) and/or (ii) causing such Covered Shares to be
held by the applicable Holder directly on the books of the Company in direct registration and causing the applicable Holder to duly execute
and deliver the Stockholder Written Consent with respect to the Covered Shares.

 

(c)       Supporting
Holder hereby agrees that it will not vote any Covered Shares in favor of, or consent to, and will vote against and not consent to, the
approval of any (i) Acquisition Proposal, (ii) reorganization, recapitalization, liquidation or winding-up of the Company or any other
extraordinary transaction involving the Company, (iii) action, proposal, transaction or agreement that would reasonably be expected to
result in a breach in any respect of any covenant, representation or warranty or any other obligation or agreement of the Company contained
in the Merger Agreement or Supporting Holder contained in this Agreement or (iv) action, proposal, transaction or agreement, the consummation
of which would frustrate the

 

    	 

    	 

    

purposes, or prevent,
delay or otherwise adversely affect the consummation of the transactions contemplated by the Merger Agreement.

 

(d)       Without
limiting any other rights or remedies of the Company, only in the event and in each case that such Supporting Holder fails to perform
or otherwise comply with the applicable covenants, agreements or obligations set forth in this Section 1.01, the Supporting
Holder hereby irrevocably and unconditionally appoints the Company or any individual designated by the Company, until the termination
of this Agreement (immediately after which time this proxy shall be automatically revoked), as the Supporting Holder’s agent, attorney-in-fact
and proxy (with full power of substitution and resubstituting), for and in the name, place and stead of the Supporting Holder, to attend
on behalf of the Supporting Holder any meeting of the stockholders of the Company (the “Company Stockholders”) with
respect to the matters described in this Section 1.01(a), Section 1.01(b) and Section 1.01(c) (including the
Stockholders Meeting and the Stockholders Written Consent), to cause the Supporting Holder’s Covered Shares to be counted as present
thereat in any computation for purposes of establishing a quorum at any such meeting of the Company Stockholders, to vote (or cause to
be voted) such Supporting Holder’s Covered Shares in favor of or consent (or withhold consent) with respect to any of the matters
described in this Section 1.01(a), Section 1.01(b) and Section 1.01(c) in connection with any meeting of the
Company Stockholders or any such action taken by Stockholder Written Consent; provided, that for the avoidance of doubt the proxy granted
pursuant to this Section 1.01(d) shall not apply to any of the actions described in Section 1.01(b)(i) or (ii) above.

 

(e)       The
proxy granted by the Supporting Holder pursuant to Section 1.01(d) is coupled with an interest sufficient at law to support an
irrevocable proxy (during the term of this Agreement) and is granted in consideration for Buyer and the Company entering into the Merger
Agreement and agreeing to consummate the transactions contemplated thereby. The proxy granted by the Supporting Holder pursuant to Section 1.01(d)
is also a durable proxy and shall survive the bankruptcy, insolvency, dissolution, death, incapacity or other inability to act by
the Supporting Holder and shall hereby revoke any and all prior proxies granted by the Supporting Holder with respect to its Covered
Shares. The vote or consent of the proxyholder in accordance with Section 1.01(d) and with respect to the matters in Section
1.01(a), Section 1.01(b) and Section 1.01(c) shall control in the event of any conflict between such vote or consent
by the proxyholder of the Covered Shares and a vote or consent by the Supporting Holder of the Covered Shares (or any other Person with
the power to vote the Covered Shares) with respect to the matters in Section 1.01(a), Section 1.01(b) and Section
1.01(c).

 

Section 1.02. Adverse
Recommendation Change. In the event of an Adverse Recommendation Change made in compliance with the terms of the Merger Agreement,
then during the pendency thereof, the aggregate number of Shares that shall be considered Covered Shares hereunder shall be reduced (with
such reduction applying to each Beneficial Holder on a pro rata basis in accordance with each Beneficial Holder’s relative Covered
Shares) without any action by the Company, Buyer, Supporting Holder or Beneficial Holders such that the Covered Shares in all Support
Agreements executed in respect of the Contemplated Transaction (including this Agreement) shall represent in the aggregate (after such
reduction) thirty three percent (33%) of the total number of outstanding Shares of the Company, and upon such

 

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occurrence, all references
to Covered Shares in this Agreement shall be deemed to be such reduced number of Shares.

 

Article
2

Supporting Holder Representations and Warranties

 

Supporting Holder
hereby represents and warrants to the Company and Buyer as follows:

 

Section 2.01.
Authorization. Supporting Holder is duly organized, validly existing and in good standing under the laws of the jurisdiction of its
organization. The execution, delivery and performance by Supporting Holder of this Agreement and the consummation by Supporting Holder
of the transactions contemplated hereby are within the powers of Supporting Holder and have been duly authorized by all necessary action.
This Agreement has been duly and validly executed and delivered by Supporting Holder and assuming due execution and delivery by the Company
and Buyer, this Agreement constitutes a valid and binding agreement of Supporting Holder enforceable against it in accordance with its
terms.

 

Section 2.02.
Non-Contravention. The execution, delivery and performance by Supporting Holder of this agreement and the consummation of the transactions
contemplated hereby do not and will not (i) violate the certificate of incorporation, bylaws or other similar organizational documents
of Supporting Holder, (ii) violate any Applicable Law, (iii) require any consent or other action by any Person under, constitute a default
under, or give rise to any right of termination, cancellation or acceleration or to a loss of any benefit to which Supporting Holder
is entitled under any provision of any agreement or other instrument binding on Supporting Holder or (iv) result in the imposition of
any Lien (other than pursuant to this Agreement) on any asset of Supporting Holder, except in the case of each of clauses (i) through
(iv) as would not, individually or in the aggregate, reasonably be expected to prevent, delay or otherwise adversely affect the performance
by Supporting Holder of its obligations hereunder or prevent, delay or otherwise adversely affect the consummation of the transactions
contemplated by this Agreement. For the avoidance of doubt, Supporting Holder makes no representation or warranty pursuant to this Section
2.02 with respect to the consummation of the Merger or any consequences thereof.

 

Section 2.03.
Ownership of Covered Shares. Supporting Holder (i) is the beneficial owner (or the investment manager, advisor, or subadvisor to
one or more beneficial owners) of the Covered Shares, (ii) has (A) sole investment or voting discretion with respect to the Covered Shares,
(B) full power and authority to vote on and consent to matters concerning the Covered Shares, or to exchange, assign, and transfer the
Covered Shares, and (C) full power and authority to bind or act on the behalf of, the Beneficial Holders with respect to the Covered
Shares and (iii) other than pursuant to this Agreement, the Covered Shares are free and clear of any Lien that would prevent in any way
Supporting Holder’s performance of its obligations contained in this Agreement at the time such obligations are required to be
performed. None of the Covered Shares is subject to any voting trust or other agreement or arrangement with respect to the voting of
such Covered Shares. Except pursuant to this Agreement, Supporting Holder has not entered into any contract granting another Person any
contractual right or obligation to purchase or otherwise acquire any of the Covered Shares. As of the date hereof and except as set forth
in

 

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Section 1.01,
no proxies have been given by Supporting Holder in respect of any or all of the Covered Shares other than proxies which have been validly
revoked prior to the date hereof.

 

Section 2.04.
Finder’s Fees. Except as provided in the Merger Agreement, no investment banker, broker, finder or other intermediary is entitled
to a fee or commission from the Company in respect of this Agreement based upon any arrangement or agreement made by or on behalf of
Supporting Holder or any Beneficial Holder.

 

Article
3

The Company and Buyer Representations and Warranties

 

Section 3.01.
Representations and Warranties of the Company. The Company represents and warrants to Buyer and Supporting Holder as follows: (i)
the Company is a corporation duly organized, validly existing and in good standing under the Laws of the State of Delaware; (ii) the
execution, delivery and performance by the Company of this Agreement and the consummation by the Company of the transactions contemplated
hereby are within the corporate powers of the Company and have been duly authorized by all necessary corporate action; and (iii) this
Agreement has been duly and validly executed and delivered by the Company and assuming due execution and delivery by Buyer and Supporting
Holder, this Agreement constitutes a valid and binding Agreement of the Company enforceable against it in accordance with its terms.

 

Section 3.02.
Representations and Warranties of Buyer. Buyer represents and warrants to the Company and Supporting Holder as follows: (i) Buyer
is a corporation duly organized, validly existing and in good standing under the Laws of the State of Delaware; (ii) the execution, delivery
and performance by Buyer of this Agreement and the consummation by Buyer of the transactions contemplated hereby are within the corporate
powers of Buyer and have been duly authorized by all necessary corporate action; and (iii) this Agreement has been duly and validly executed
and delivered by Buyer and assuming due execution and delivery by the Company and Supporting Holder, this Agreement constitutes a valid
and binding Agreement of Buyer enforceable against it in accordance with its terms.

 

Article
4

Covenants of Supporting Holder

 

Supporting Holder
hereby covenants and agrees that:

 

Section 4.01 No
Proxies for or Encumbrances on or Transfer of Covered Shares. Prior to the receipt of the Stockholder Approval, Supporting Holder
shall not, without the prior written consent of the Company, directly or indirectly, (i) grant any proxies or enter into any voting trust
or other agreement or arrangement with respect to the voting of any Covered Shares (except as contemplated by Section 1.01) or
(ii) sell, assign, transfer, encumber or otherwise dispose of, directly or indirectly, or enter into any contract, option or other arrangement
or understanding with respect to the direct or indirect sale, assignment, transfer, encumbrance or other disposition of (collectively,
“Transfer”), any Covered Shares; provided that, Supporting Holder may Transfer any Covered Shares to (i) any third
party so long as the transferee delivers to the Company prior to such Transfer a written undertaking, in a form reasonably satisfactory
to the

 

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Company, that it will
be bound by the terms of this Agreement or (ii) any third party that has executed a support agreement with the Company and Buyer in a
form substantially similar to this Agreement. For the avoidance of doubt, nothing in this Agreement will restrict Supporting Holder from
Transferring any Covered Shares following the receipt of the Stockholder Approval.

 

Section 4.02 Non-Solicitation.

 

(a)       Supporting
Holder shall not, and shall not authorize or permit the Beneficial Holders or any of its or their Representatives to, directly or indirectly,
(i) solicit, initiate or knowingly take any action to facilitate or encourage the submission of any Acquisition Proposal, (ii) enter
into or participate in any discussions or negotiations with, furnish any information relating to the Company or any of its Subsidiaries
or afford access to the business, properties, assets, books or records of the Company or any of its Subsidiaries to, or otherwise cooperate
in any way with any third party that is seeking to make, or has made, an Acquisition Proposal, or (iii) enter into any agreement in principle,
letter of intent, term sheet, merger agreement, acquisition agreement, option agreement or other similar instrument relating to an Acquisition
Proposal. For the avoidance of doubt, nothing herein shall restrict any action by Company or the Board of Directors of the Company permitted
under Section 5.04 of the Merger Agreement.

 

(b)       Supporting
Holder agrees that any Shares acquired after the date hereof by it or any Beneficial Holder (including any Shares acquired upon the exercise
of any Warrants) shall be deemed Covered Shares and Supporting Holder shall be subject to the terms and conditions of this Agreement
with respect to such Shares.

 

Section
4.03 Waiver of Certain Actions. Supporting Holder hereby agrees not to commence or participate in, and to take all reasonable
actions to opt out of any class in any class action with respect to, any Action, derivative or otherwise, against the Company or any
of its Affiliates, Subsidiaries or successors (a) challenging the validity of, or seeking to enjoin or delay the operation of, any provision
of this Agreement or the Merger Agreement (including any claim seeking to enjoin or delay the Closing or asserting any appraisal rights)
or (b) to the fullest extent permitted under Law, alleging a breach of any duty of the board of directors of the Company in connection
with the Merger Agreement, this Agreement or the transactions contemplated thereby or hereby. Notwithstanding the foregoing, this Section
4.03 shall not apply to limit in any respect the right or ability of a party hereto to enforce the provisions of this Agreement or the
Merger Agreement.

 

Article
5

Miscellaneous

 

Section
5.01. Further Assurances. The Company, Buyer and Supporting Holder will each execute and deliver, or cause to be executed and
delivered, all further documents and instruments and use its reasonable best efforts to take, or cause to be taken, all actions and to
do, or cause to be done, all things necessary, proper or advisable under applicable laws and regulations, to consummate and make effective
the transactions contemplated by this Agreement. In furtherance of the foregoing, Supporting Holder hereby authorizes the Company and
Buyer to publish and disclose in any announcement or disclosure and the Information Statement or Proxy Statement, as

 

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applicable,
Supporting Holder’s identity and the nature of Supporting Holder’s obligations under this Agreement.

 

Section 5.02.
Amendments; Termination. Any provision of this Agreement may be amended or waived if, but only if, such amendment or waiver is in
writing and is signed, in the case of an amendment, by each party to this Agreement or, in the case of a waiver, by the party against
whom the waiver is to be effective. This Agreement and all obligations of the parties hereunder shall automatically terminate upon the
earliest to occur of (a) the mutual written consent of the parties hereto, (b) the consummation of the Closing, (c) the effectiveness
of any amendment, modification or supplement to the Merger Agreement that decreases the amount of the Per-Share Merger Consideration,
changes the form of the Per-Share Merger Consideration or is otherwise materially adverse to the Company’s stockholders, (d) the
termination of the Merger Agreement in accordance with its terms and (e) the date that is 285 days after the date of this Agreement.

 

Section 5.03.
Expenses. All costs and expenses incurred in connection with this Agreement shall be paid by the party incurring such cost or expense;
provided that the Company shall reimburse Supporting Holder for its reasonable, out-of-pocket and documented expenses incurred by it
in connection with the Company’s evaluation of strategic alternatives (including reasonable, out-of-pocket and documented expenses
incurred by Supporting Holder in entering into this Agreement and in connection with its obligations pursuant to Section 1.01); provided,
that the expense reimbursement obligation of the Company under this Agreement and the other Support Agreements entered into shall not
exceed $150,000 in the aggregate.

 

Section 5.04.
Successors and Assigns; No Third-Party Rights. The provisions of this Agreement shall be binding upon and inure to the benefit of
the parties hereto and their respective successors and assigns; provided that no party may assign, delegate or otherwise transfer
any of its rights or obligations under this Agreement without the consent of the other parties hereto. Nothing in this Agreement is intended
to confer on any Person (other than the parties hereto and their respective successors and assigns) any rights or remedies of any nature.

 

Section 5.05.
Governing Law. This Agreement and any claim, controversy or dispute arising under or related thereto, the relationship of the parties
hereto, and/or the interpretation and enforcement of the rights and duties of the parties hereto, whether arising at law or in equity,
in contract, tort or otherwise, will be governed by, and construed and interpreted in accordance with, the laws of the State of Delaware,
without regard to its rules regarding conflicts of law to the extent that the application of the laws of another jurisdiction would be
required thereby.

 

Section 5.06.Notices.
All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given (and shall be deemed
to have been duly given) by delivery in person, by facsimile (having obtained electronic delivery confirmation thereof) if applicable,
e-mail (having obtained electronic delivery confirmation thereof (i.e., an electronic record of the sender that the email was sent to
the intended recipient thereof without an “error” or similar message that such email was not received by such intended recipient)),
or by overnight or two-day courier, registered or certified mail (postage prepaid, return receipt requested) (upon receipt thereof) to
the Buyer, the Company or Supporting Holder as follows:

 

    6 

     

    

To the Supporting Holder:

 

[SH]

 

with a copy (which shall not
constitute notice) to:

 

Akin Gump Strauss Hauer &
Feld LLP

One Bryant
Park

Bank of America
Tower

New York,
NY 10036

Attn: Daniel
I. Fisher; Zachary N. Wittenberg

Email: dfisher@akingump.com;
zwittenberg@akingump.com

 

To the Company:

 

Hexion Holdings Corporation

180 East Broad Street

Columbus, OH 43215

Attention:
Doug Johns

  Office
of General Counsel

Email: douglas.johns@hexion.com

 

with a copy (which shall not
constitute notice) to:

 

Davis Polk & Wardwell LLP

450 Lexington Avenue

New York, NY 10017

Attention: William H. Aaronson

Email: william.aaronson@davispolk.com

 

    7 

     

    

To Buyer:

 

c/o American Securities LLC

590 Madison Avenue, 38th Floor

New York, NY 10022

Attention: Scott Wolff and Eric
L. Schondorf

Email: swolff@american-securities.com;
eschondorf@american-securities.com

 

with a copy (which shall not
constitute notice) to:

 

Kirkland & Ellis LLP

601 Lexington Avenue

New York, NY 10022

Attention: Michael E. Weisser,
P.C.; Duncan Enista

Email: michael.weisser@kirkland.com;
duncan.enista@kirkland.com

 

or to such other address as the Buyer,
the Company or Supporting Holder to whom notice is given may have previously furnished to the others in writing in the manner set forth
above.

 

Section 5.07.
Counterparts; Effectiveness. This Agreement may be signed in any number of counterparts, each of which shall be an original, with
the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement shall become effective when each
party hereto shall have received counterparts hereof signed by all of the other parties hereto. Until and unless each party has received
a counterpart hereof signed by the other party hereto, this Agreement shall have no effect and no party shall have any right or obligation
hereunder (whether by virtue of any other oral or written agreement or other communication).

 

Section 5.08.
Severability. If any term, provision or covenant of this Agreement is held by a court of competent jurisdiction or other authority
to be invalid, void or unenforceable, the remainder of the terms, provisions and covenants of this Agreement shall remain in full force
and effect and shall in no way be affected, impaired or invalidated.

 

Section 5.09.
Specific Performance. The parties hereto agree that irreparable damage would occur in the event any provision of this Agreement is
not performed in accordance with the terms hereof and that the parties shall be entitled to specific performance of the terms hereof
in addition to any other remedy to which they are entitled at law or in equity.

 

    8 

     

    

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

 

	 	HEXION HOLDINGS CORPORATION
	 	 
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

    [Signature Page to Support Agreement]

     

    

	 	ASP RESINS INTERMEDIATE, INC.
	 	 
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

    [Signature Page to Support Agreement]

     

    

	 	[SUPPORTING HOLDER]
	 	 
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

    [Signature Page to Support Agreement]

     

    

Exhibit A

 

	Beneficial Holder	Covered
    Shares
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	Total
    Covered Shares:

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