Document:

EX-10.1

 Exhibit 10.1 

Execution Version 

JOINDER AGREEMENT dated as of October 14, 2021 (this “Joinder Agreement”) to that certain INTERCREDITOR AGREEMENT dated
as of August 7, 2013, as amended by that certain Amendment No. 1 to Intercreditor Agreement dated as of April 25, 2018 (the “Existing Intercreditor Agreement” and, as supplemented by this Joinder Agreement as may be
further amended, supplemented or modified from time to time, the “Intercreditor Agreement”), by and among WELLS FARGO CAPITAL FINANCE, LLC, in its capacity as agent under the ABL Loan Documents (the “ABL Agent”),
and WILMINGTON TRUST, NATIONAL ASSOCIATION, in its capacity as collateral agent under the Notes Documents (the “Existing Notes Agent”). Capitalized terms used herein but not otherwise defined herein shall have the meanings assigned
to such terms in the Existing Intercreditor Agreement. 
 RECITALS 

A. WHEREAS, LSB Industries, Inc., a Delaware corporation (the “Company”) entered into that certain indenture dated as of
April 25, 2018 (as amended, supplemented, amended and restated or otherwise modified from time to time prior to the date hereof, the “Existing Indenture”) among, inter alios, Company and Wilmington Trust, National
Association, as the Existing Notes Agent, pursuant to which the Company issued 9.625% senior secured notes due 2023 (the “2023 Secured Notes”). 

B. WHEREAS, the Company intends to Refinance the 2023 Secured Notes and enter into a new indenture, dated as of the date hereof (the
“New Indenture” and, together with the other Note Documents (as defined therein), the “New Notes Documents”), among, inter alios, the Company and Wilmington Trust, National Association, as trustee and as
collateral agent thereunder (in such capacity, the “New Notes Agent”) pursuant to which the Company will issue 6.250% senior secured noted due 2028 (the “2028 Secured Notes”). 

C. WHEREAS, as a condition to the ability of the Company to Refinance and replace the 2023 Secured Notes with the 2028 Secured Notes pursuant
to the New Indenture and to secure the Obligations (as defined in the new Indenture) (collectively, the “New Notes Obligations”) with the Liens and security interests created by the applicable New Notes Documents, and to have such
New Notes Obligations guaranteed by the Grantors on a senior basis, in each case under and pursuant to the New Notes Documents, the New Notes Agent is required to become an Agent under, and such New Notes Obligations and the holders of the 2028
Secured Notes (together with the New Notes Agent, collectively, the “New Notes Claimholders”) in respect thereof are required to become subject to and bound by, the Existing Intercreditor Agreement, pursuant to and in accordance
with the terms of the Existing Intercreditor Agreement (including Section 5.3(b) thereof). 
 D. WHEREAS, the New Notes Agent is
executing this Joinder Agreement in accordance with the requirements of the Existing Intercreditor Agreement (including Section 5.3(b) thereof) and the New Notes Documents and, after giving effect hereto, the New Notes Agent will replace the
Existing Notes Agent as the “Notes Agent” for all purposes of the Intercreditor Agreement. 
 Accordingly, the Existing Notes
Agent, and the New Notes Agent agree as follows: 
 SECTION 1. (A) In accordance with Section 5.3(b) and Section 9.3 of the
Existing Intercreditor Agreement, the New Notes Agent by its signature below hereby becomes the “Notes Agent” under and as defined in, and the related New Notes Obligations and New Notes Claimholders hereby become subject to and bound by,
in each case, the Intercreditor Agreement with the same force and effect as if the New Notes Agent had originally been named as the Notes Agent under the Existing Intercreditor Agreement, and the New Notes Agent, on behalf of itself and such New
Notes Claimholders, hereby agrees to all the terms and provisions of the Existing Intercreditor Agreement applicable to it as the Notes Agent and to the New Notes Claimholders that it represents as the Notes Claimholders, in each case thereunder.
The Existing Intercreditor Agreement is hereby incorporated herein by reference. 
  

 (B) The incurrence of the New Notes Obligations referred to herein constitutes a Refinancing
of, and the New Notes Obligations are intended to replace, the existing Notes Obligations and following such Refinancing and effective from and after the date hereof, (i) the Existing Indenture (x) shall no longer be secured, and is no
longer required to be secured, by any of the Collateral, and (y) has been discharged, (ii) the 2023 Secured Notes are no longer outstanding, (iii) all references to the “Indenture” in the Intercreditor Agreement shall be
deemed to mean and refer to the New Indenture, (iv) all references to the “Notes Agent” in the Intercreditor Agreement shall be deemed to mean and refer to the New Notes Agent, (v) all references to the “Notes
Claimholders” in the Intercreditor Agreement shall be deemed to include the New Notes Claimholders, (vi) all references to the “Notes Security Agreement” in the Intercreditor Agreement shall be deemed to mean and refer to that
certain Security Agreement, dated as of October 14, 2021, by and among the Company, the Note Guarantors and the New Notes Agent, (vii) all references to the “Notes” in the Intercreditor Agreement shall be deemed to mean and refer
to the 2028 Secured Notes, and (viii) the parties to the Intercreditor Agreement, including the New Notes Agent (in its capacity as the Notes Agent thereunder), will maintain their priority and relationships under, and will have the same rights
and obligations as set forth in, the Existing Intercreditor Agreement. 
 SECTION 2. (A) The New Notes Agent represents and warrants to the
other Claimholders that (i) it has full power and authority to enter into this Joinder Agreement, in its capacity as the New Notes Agent, (ii) this Joinder Agreement has been duly authorized, executed and delivered by it and constitutes
its legal, valid and binding obligation, enforceable against it in accordance with the terms hereof (subject to the effect of (1) bankruptcy, insolvency or similar laws affecting generally the enforcement of creditors’ rights as such laws
would apply in the event of any bankruptcy, receivership, insolvency or similar event applicable to it and (2) to general equitable principles (whether enforceability of such principles is considered in a proceeding at law or in equity)), and
(iii) the New Notes Documents provide that, upon the New Notes Agent’s entry into this Joinder Agreement, the New Notes Claimholders will be subject to and bound by the provisions of the Intercreditor Agreement as the Notes Claimholders
thereunder. 
 (B) The Existing Notes Agent hereby confirms and agrees that, following the Refinancing referred to herein and effective from
and after the date hereof, it is not a party to the Intercreditor Agreement and shall not have any rights, duties or benefits thereunder except those that, by their terms expressly survive (if any). 

SECTION 3. This Joinder Agreement may be executed in counterparts, each of which shall constitute an original, but all of which when taken
together shall constitute a single contract. This Joinder Agreement shall become effective when each Agent shall have received a counterpart of this Joinder Agreement that bears the signature of the each other Agent. Delivery of an executed
signature page to this Joinder Agreement by facsimile transmission shall be effective as delivery of a manually signed counterpart of this Joinder Agreement. 

SECTION 4. Except as expressly supplemented hereby, the Existing Intercreditor Agreement shall remain in full force and effect. 

SECTION 5. THIS JOINDER AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

 SECTION 6. In case any one or more of the provisions contained in this Joinder Agreement
should be held invalid, illegal or unenforceable in any respect, no party hereto shall be required to comply with such provision for so long as such provision is held to be invalid, illegal or unenforceable, but the validity, legality and
enforceability of the remaining provisions contained herein and in the Intercreditor Agreement shall not in any way be affected or impaired. The parties hereto shall endeavor in good-faith negotiations to replace the invalid, illegal or
unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

SECTION 7. All communications and notices hereunder shall be in writing and given as provided in Section 9.7 of the Intercreditor
Agreement. All communications and notices hereunder to the New Notes Agent shall be given to it at the address set forth below its signature hereto. 

SECTION 8. The Company agrees to reimburse each Agent for its reasonable
out-of-pocket expenses in connection with this Joinder Agreement, including the reasonable fees, other charges and disbursements of counsel for the Agents. 

 

 IN WITNESS WHEREOF, the New Notes Agent has duly executed this Joinder Agreement as of the
day and year first above written. 
  

			
	WILMINGTON TRUST, NATIONAL ASSOCIATION, as New Notes Agent,
		
	By:	 	/s/ Nedine P. Sutton

 
			
	Name:	 	Nedine P. Sutton
	Title:	 	Vice President
		
		 	Wilmington Trust, National Association
		 	246 Goose Lane, Suite 105
		
		 	Guilford, CT 06437
		 	Telephone: 203-453-4094
		 	Facsimile: 203-453-1183
		 	Attention: LSB Industries, Inc., Administrator

  

  
 [Signature Page to
Joinder to Intercreditor Agreement] 

 
			
	 Acknowledged and Agreed (solely for purposes of Section 2(B) of the Joinder Agreement):

 
 WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Existing Note Agent,

		
	By:	 	/s/ Nedine P. Sutton

 
			
	Name:	 	Nedine P. Sutton
	Title:	 	Vice President

  

  
 [Signature Page to
Joinder to Intercreditor Agreement] 

 Acknowledgement: 

WELLS FARGO CAPITAL FINANCE, LLC, 
 as ABL
Agent, 
  

			
	By:	 	/s/ Becky Rountree

			
	Name:	 	Becky Rountree
	Title:	 	Vice President

  

  
 [Signature Page to
Joinder to Intercreditor Agreement] 

 Acknowledgement: 
  

			
	 LSB INDUSTRIES, INC.

		
	By:	 	/s/ Kristy Carver

			
	Name:	 	Kristy Carver
	Title:	 	Senior Vice President and Treasurer

 CHEROKEE NITROGEN L.L.C. 

LSB CHEMICAL L.L.C. 
 EL DORADO CHEMICAL COMPANY

 CHEMEX I CORP. 
 TRISON CONSTRUCTION, INC.

 PRYOR CHEMICAL COMPANY 
 EL DORADO NITROGEN
L.L.C. 
 EL DORADO AMMONIA L.L.C. 
 EDC AG
PRODUCTS COMPANY L.L.C. 
  

			
	By:	 	/s/ Kristy Carver

			
	Name:	 	Kristy Carver
	Title:	 	Senior Vice President and Treasurer

  

  
 [Signature Page to
Joinder to Intercreditor Agreement] 
 -15-Collaboration Agreement
	 
	Dr. Foods Co., Ltd., (hereafter, “Partner A”) and Next Meats Co., Ltd., (hereafter, “Partner B”) agree on a basis of mutual trust to the following collaboration concerning the process of development (hereafter, “Development Process”) of new artificial meat products (hereafter, “New Products”).
	 
	(Objectives)
	Article 1: The purpose of this agreement is to enable Partner A and Partner B to cooperate in advancing the Development Process of new artificial meat products by collaborating and contributing towards development of new products and technologies. Partner A and Partner B will discuss and confirm in writing the respective allotment of tasks as it relates to the development process(es) of any and all New Products/technologies.
	 
	(Scope of Tasks)
	
    Article 2: The scope of the tasks in which Partner
    A and Partner B will cooperate under this agreement will be research and development and distribution. Partner A will primarily, although
    not exclusively, contribute to Research and Development, and Partner B will primarily, although not exclusively, contribute to distribution
    of New Products/technologies. Costs pursuant to the collaborative efforts of the partners, will be the respective responsibility of the
    party responsible for fulfilling such tasks. Partner A and Partner B mutually affirm that this agreement will not regulate development
    or other activities that either party is able to accomplish independently.

    

 

	(Provision of Data and Materials)
	
    Article 3: Upon the execution of this agreement,
Partner A and Partner B will promptly provide each other with existing materials and information required for the research and development
covered by the Collaboration Agreement.

 

	(Reporting of Progress)
	
    Article 4: During the term of this agreement, Partner
    A and Partner B will hold ongoing and regular reporting conferences, submit reports reciprocally as to progress on the Development Process,
    and will discuss progress on any other relevant processes.

    

 

	(Confidentiality)
	Article 5: Neither Partner A nor Partner B will disclose confidential information to any third party without prior consent in writing by the counterpart from which this information has been obtained. This article will apply to information and materials disclosed by the counterpart and confidential information pertaining to the counterpart’s business or technology obtained in relation to the formation or execution of this agreement. This article will not apply to information to which the following items apply:
	 
	(1) Information already known by the partner prior to disclosure by the counterpart;
	(2) Information already publicly known prior to disclosure by the counterpart;
	(3) Information that has been made public for reasons not attributable to the partner prior to disclosure by the counterpart.
	
     

    (Possession of Results)

	Article 6: The term “results”, as it pertains to the Development Process, will cover all technical results including discoveries, concepts, designs, and know-how directly related to the objective of the Development Process. In principle, the results of the Development Process will be shared between Partner A and Partner B. However, results obtained independently by a partner without the use of any information, materials, advice, or other support provided by the counterpart will belong to the partner performing the development.

 

	
    (Possession of Industrial Property Rights)

	
    Article 7: Discoveries, concepts, and designs developed
    by employees of Partner A or Partner B during the Development Process will be referred to as “Discoveries”. Industrial property
    rights covering such Discoveries (such as patent rights, utility model rights, and design rights; including rights to receive registrations
    for discoveries, concepts, and designs; this stipulation will apply hereafter) will belong to the party, or parties, responsible in whole,
    or in part, to the Discovery.

     

	When a Discovery is completed by employees of both Partner A and Partner B in collaboration, Partner A and Partner B will jointly apply for and maintain industrial property rights to the Discovery. Partner A and Partner B will give notice in advance to their counterpart when applying for industrial property rights. Expenses incurred in application for, and maintenance of, industrial property rights will be borne by Partner A and Partner B according to the ownership ratio in said rights.

 

	
    (Maintenance of Industrial Property Rights
and Infringement by Third Parties)

	Article 8: If a third party challenges, seeks judgment, or initiates litigation concerning the acquisition or maintenance of industrial property rights described in Paragraph 3 of the previous article, Partner A and Partner B will cooperate fully. If a third party infringes on the industrial property rights described in the previous article, Partner A and Partner B will cooperate to respond to such infringement. Costs incurred in any response will be shared by Partner A and Partner B in proportion to the ownership ratio in said rights.
	 
	(Discovery of Improvements)
	Article 9: If the employees of either Partner A or Partner B perform improvements to the New Product within three years following the completion of the term of this agreement, the partner in question will promptly notify their counterpart and will determine the disposition of said improvements through discussion with the counterpart.
	 
	(Publication of Results)
	Article 10: Partner A and Partner B must obtain prior written consent when making results of the Development Process available to other parties.
	
     

    (Profit Sharing)

    Article 11: Profit sharing will be determined on a
    case-by-case basis, and will depend upon the respective contributions of each Partner to any and all collaborative development process(es).
    At present, Partner A is in development regarding an alternative meat product known as “Dr. Foie Gras”, which is a Foie Gras
    created from a mix of cashew nuts, coconut oil, yeast or miso extract and other proprietary ingredients. In the case of “Dr. Foie
    Gras”, revenue will be credited 100% to Partner A.

     

    (Termination of Agreement)

	Article 12: Partner A or Partner B may terminate this agreement, and any separate agreements based on this agreement, without prior notice in whole, or in part, if any of the following items are applicable to their counterpart:
	(1) If the partner has breached any clause in this agreement or its separate agreements;
	(2) If the partner fails to cooperate in the Development Process without reasonable justification;
	(3) If the partner acts improperly or unreasonably in the execution of this agreement;
	(4) If the partner acts to suspend banking transactions;
	(5) If a third party causes the compulsory execution of a claim;
	(6) If a petition is made for bankruptcy, civil rehabilitation, corporate reorganization, or equivalent process.
	
     

    Partner A and Partner B accept the obligation to compensate
    any damages incurred by their counterpart due to the termination of this agreement.

     

    (Involvement in Certain Legal Proceedings)

    Article 13: The officers and directors of Partner
    A and Partner B have not been involved in any of the following events during the past ten years:

     

    1.       bankruptcy
    petition filed by or against any business of which such person was a general partner or executive officer either at the time of the bankruptcy
    or within two years prior to that time;

    2.       any conviction
    in a criminal proceeding or being subject to a pending criminal proceeding (excluding traffic violations and other minor offenses);

    3.       being
    subject to any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently
    or temporarily enjoining, barring, suspending or otherwise limiting his/her involvement in any type of business, securities or banking
    activities; or

    4.       being
    found by a court of competent jurisdiction (in a civil action), the Commission or the Commodity Futures Trading Commission to have violated
    a federal or state securities or commodities law, and the judgment has not been reversed, suspended, or vacated.

    5.       Such person
    was found by a court of competent jurisdiction in a civil action or by the Commission to have violated any Federal or State securities
    law, and the judgment in such civil action or finding by the Commission has not been subsequently reversed, suspended, or vacated;

    6.       Such person
    was found by a court of competent jurisdiction in a civil action or by the Commodity Futures Trading Commission to have violated any Federal
    commodities law, and the judgment in such civil action or finding by the Commodity Futures Trading Commission has not been subsequently
    reversed, suspended or vacated;

    7.       Such person
    was the subject of, or a party to, any Federal or State judicial or administrative order, judgment, decree, or finding, not subsequently
    reversed, suspended or vacated, relating to an alleged violation of:(i) Any Federal or State securities or commodities law or regulation;
    or(ii) Any law or regulation respecting financial institutions or insurance companies including, but not limited to, a temporary or permanent
    injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and-desist order, or removal or
    prohibition order; or(iii) Any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity; or

    8.       Such person
    was the subject of, or a party to, any sanction or order, not subsequently reversed, suspended or vacated, of any self-regulatory organization
    (as defined in Section 3(a)(26) of the Exchange Act (15 U.S.C. 78c(a)(26))), any registered entity (as defined in Section 1(a)(29) of
    the Commodity Exchange Act (7 U.S.C. 1(a)(29))), or any equivalent exchange, association, entity or organization that has disciplinary
    authority over its members or persons associated with a member.

     

	 	 	 	 

 

	(Exclusion of Organized Crime)
	Article 14: Partner A and Partner B affirm that neither they, their representatives, nor their intermediaries currently are, or employ, criminal organizations, members of criminal organizations, persons who have ceased to be members of criminal organizations in the last five years, associate members of criminal organizations, businesses or organizations affiliated with criminal organizations, shareholder meeting extortionists, social movements acting as fronts for organized crime, political organizations acting as fronts for organized crime, or criminal organizations specializing in intellectual property crimes (hereafter, “Organized Crime”). Partner A and Partner B affirm that none of the following items is currently applicable to them, nor will it be applicable in the future.
	(1) The existence of any relationships deemed to support the operation of Organized Crime;
	(2) The existence of any relationships deemed to be substantially involved in the operation of Organized Crime;
	(3) The existence of any relationships deemed to improperly utilize Organized Crime to seek unfair advantage for oneself, one’s company or a third party; or to seek to incur losses upon a third party;
	(4) The existence of any relationships deemed to be involved in Organized Crime, such as by contributing funds or furnishing accommodations;
	(5) The employment of company officers or others substantially involved in operations who have relationships to Organized Crime or that are otherwise objectionable to society.
	
     

    If Partner A or Partner B finds their counterpart,
    their counterpart’s representative(s), or their counterpart’s intermediary(intermediaries) to be in violation of the preceding
    article or finds any of the preceding items to be applicable, said partner may terminate this agreement without notice. If this agreement
    is terminated in accordance with the preceding paragraph, the partner subject to termination will not claim any compensation for damages
    resulting from termination.

	 
	(Forces Beyond Control)
	Article 15: Neither partner will be deemed in breach of this agreement, nor will they be held liable, in the event that its execution of the duties specified within are delayed or made impossible by forces beyond control as specified below:
	(1) Natural disasters;
	(2) Societal disorder such as war, civil war, riots, revolutions, or national division;
	(3) Revision of laws or regulations by government institutions;
	(4) Other circumstances corresponding with the items above.
	
     

    If a situation corresponding to any of the items above
    occurs, the affected partner will promptly inform their counterpart that a force beyond its control has arisen and must give notice as
    to the period of time it is expected to continue. If the force beyond control continues for 100 days or longer, Partner A or Partner B
    may terminate this agreement by notifying their counterpart in writing.

	 
	(Term of Agreement)
	Article 16: The term of this agreement will be approximately two years starting on October 11th, 2021, and concluding on September 30th, 2023. If neither partner makes a separate declaration of intent up to three months prior to the conclusion of this agreement, it will be extended under the same provisions for a period of one year. This provision will remain in effect thereafter.
	Article 4, Article 7, and Article 8 will remain in effect following the conclusion of this agreement.

 

	
     

    (Security of Personal Information)

	Article 17: Partner A and Partner B will securely manage personal information belonging to their counterpart and must not disclose such information to outside parties.

 

	
     

    (Prohibition of Transference)

	Article 18: Neither Partner A nor Partner B may transfer, lend, or convey as collateral, to any third party the rights or duties, in whole or in part, based on this agreement or their position under this agreement.

 

	
     

    (Conferences)

	Article 19: Matters not specified in this agreement or questions arising from this agreement will be settled separately via discussion between Partner A and Partner B.

 

	
     

    (Court of Jurisdiction)

	Article 20: In the event that a dispute arises concerning this agreement, the Tokyo District Court will have jurisdiction.

 

	 
	In testament to the above agreement, two copies will be created, and Partner A and Partner B will sign, seal, and retain one copy each.

 

	 
	October 11th, 2021

 

	 
	Partner A: Shimizu Building 2F, 34-16 1-chome, Shinjuku, Tokyo

 

	
    Dr. Foods Co., Ltd.

     

    Signature: /s/ Koichi Ishizuka

	Representative Director: Koichi Ishizuka 
	 

 

	Partner B: Shimizu Building 2F, 34-16 1-chome, Shinjuku, Tokyo
	
    Next Meats Co., Ltd.

     

    Signature: /s/ Hideyuki Sasaki

 

	Representative Director: Hideyuki Sasaki

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