Document:

Exhibit 10.6

 

 

 

 

 

 

 

EMPLOYEE MATTERS AGREEMENT

 

by and between

FMC CORPORATION

and

LIVENT CORPORATION

Dated as of October 15, 2018

 

 

 

     

     

    

TABLE
OF CONTENTS 

 

 

Page

 

Article
I 

 

	Definitions	1
	 	 
	Section 1.01.	Certain Definitions.	1

 

Article
II

 

	General Allocation of Liabilities; Indemnification	7
	 	 
	Section 2.01.	Allocation of Employee-Related Liabilities.	7
	Section 2.02.	Indemnification.	9

 

Article
III

Employees and Contractors; Employment and 

	Collective Bargaining Agreements	9
	 	 
	Section 3.01.	Transfers of Employment; Post-IPO Transfers	9
	Section 3.02.	Contractors.	12
	Section 3.03.	Assumption of Collective Bargaining Agreements; Labor Relations.	12
	Section 3.04.	Assumption of Individual Lithium Employee Agreements and Lithium
    Contractor Agreements.	12
	Section 3.05.	Assignment of Specified Rights.	13

 

Article
IV

 

	Plans	13
	 	 
	Section 4.01.	Plan Participation.	13
	Section 4.02.	Adoption and Administration of Lithium Plans; Service Credit.	13

 

Article
V

 

	Retirement Plans	14
	 	 
	Section 5.01.	401(k) Plan.	14
	Section 5.02.	Non-U.S. Defined Contribution Plans.	15
	Section 5.03.	Parent U.S. Qualified Pension Plan.	15
	Section 5.04.	Non-U.S. Pension Plans.	16
	Section 5.05.	Parent NQ Savings Plan.	16
	Section 5.06.	Parent NQ Pension Plan.	17

 

Article
VI

 

	Health and Welfare Plans; Paid Time Off and Vacation	18
	 	 
	Section 6.01.	Cessation of Participation in Parent H&W Plans; Participation
    in Lithium H&W Plans.	18
	Section 6.02.	Assumption of Health and Welfare Plan Liabilities.	18
	Section 6.03.	Post-Retirement Health and Welfare Benefits.	19
	Section 6.04.	Flexible Spending Account Plan Treatment.	19

   

 

    i 

     

    

	Section 6.05.	Workers’ Compensation Liabilities.	19
	Section 6.06.	Vacation and Paid Time Off.	20
	Section 6.07.	COBRA and HIPAA.	20

 

Article
VII

 

	Incentive Compensation	20
	 	 
	Section 7.01.	Cash Incentive and Cash Bonus Plans.	20

 

Article
VIII

 

	Treatment of Outstanding Equity Awards	21
	 	 
	Section 8.01.	No Adjustments at the IPO.	21
	Section 8.02.	RSU and Banked PRSU Distribution Adjustments.	21
	Section 8.03.	Unbanked PRSU Distribution Adjustments.	22
	Section 8.04.	Stock Option Distribution Adjustments.	23
	Section 8.05.	Equity Award Adjustment Illustrations.	24
	Section 8.06.	Miscellaneous Terms and Actions; Tax Reporting and Withholding.	24

 

Article
IX

 

	Personnel Records; Payroll and Tax Withholding	27
	 	 
	Section 9.01.	Personnel Records.	27
	Section 9.02.	Payroll; Tax Reporting and Withholding.	28

 

Article
    X

Non-U.S.
    Employees and Employee Plans

 

	Section 10.01.	Special Provisions for Employees and Employee Plans Outside
    of the United States.	28

 

Article
XI

 

	General and Administrative	29
	 	 
	Section 11.01.	Sharing of Participant Information.	29
	Section 11.02.	Cooperation.	29
	Section 11.03.	Notices of Certain Events.	29
	Section 11.04.	No Third Party Beneficiaries.	29
	Section 11.05.	Fiduciary Matters.	30
	Section 11.06.	Consent of Third Parties.	30
	Section 11.07.	Sponsored Employees.	30

 

Article
XII

 

	Dispute Resolution	31
	 	 
	Section 12.01.	General	31

 

    ii 

     

    

Article XIII

 

	Miscellaneous	31
	 	 
	Section 13.01.	General.	31
	 	 	 

    iii 

     

    

EMPLOYEE
MATTERS AGREEMENT

 

This
EMPLOYEE MATTERS AGREEMENT, dated as of October 15, 2018, is by and between FMC CORPORATION, a Delaware corporation (“Parent”),
and LIVENT CORPORATION, a Delaware corporation (the “Company”).

 

R
E C I T A L S

 

WHEREAS,
Parent and the Company have entered into the Separation and Distribution Agreement, dated as of even date herewith (the “Separation
and Distribution Agreement”), pursuant to which Parent and the Company will effectuate the Transactions;

 

WHEREAS,
as contemplated by the Separation and Distribution Agreement, Parent and the Company desire to enter into this Agreement for the
purpose of allocating between them the Assets, Liabilities and responsibilities with respect to certain employee matters (including
employee compensation and benefit plans and programs);

 

WHEREAS,
Parent and the Company have agreed that, except as otherwise specifically provided herein, the general approach and philosophy
underlying this Agreement is to (a) allocate Assets, Liabilities and responsibilities to the Lithium Group (as opposed to the
Parent Group) to the extent they relate to current or former employees and other service providers primarily related to the Lithium
Assets or the Lithium Business and (b) allocate Assets, Liabilities and responsibilities (other than those described in clause
(a) above) to the Parent Group (as opposed to the Lithium Group); and

 

WHEREAS,
except as expressly set forth herein, this Agreement is not intended to address the matters specifically and expressly covered
by the Plan of Reorganization (as defined in the Separation and Distribution Agreement).

 

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.      Certain Definitions.
For purposes of this Agreement, the following terms shall have the following meanings; provided that capitalized terms
used but not otherwise defined in this ‎Section 1.01 shall have the respective meanings ascribed to such terms in the
Separation and Distribution Agreement:

 

“2018
Cash Bonuses” has the meaning set forth in ‎Section
7.01 hereto.

 

“Adjusted
Banked Parent PRSU” means any Banked Parent PRSU adjusted pursuant to Error! Reference source not found. or ‎Section
8.02(c) hereto.

 

    

     

    

“Adjusted
Company Stock Value” means the product of (a) the Company Stock Value multiplied by (b) the Distribution Ratio.

 

“Adjusted
Parent Awards” means, collectively, the Adjusted Parent Options, the Adjusted Banked Parent PRSUs, the Adjusted Unbanked
Parent PRSUs and the Adjusted Parent RSUs.

 

“Adjusted
Parent Option” means any Parent Option adjusted pursuant to Error! Reference source not found. hereto.

 

“Adjusted
Parent RSU” means any Parent RSU adjusted pursuant to Error! Reference source not found. or ‎Section
8.02(c) hereto.

 

“Adjusted
Unbanked Parent PRSU” means any Unbanked Parent PRSU adjusted pursuant to ‎Section
8.03(b) or ‎Section 8.03(c) Error! Reference source not
found.hereto.

 

“Agreement”
means this Employee Matters Agreement, including all of the schedules and exhibits hereto.

 

“Banked
Parent PRSU” means any Parent PRSU (or portion thereof) for which the applicable performance period has been completed
as of the applicable date of determination.

 

“Benefits
Commencement Date” means (a) January 1, 2019 (in the case of U.S. Lithium Participants) and (b) the Separation Date
(in the case of Non-U.S. Lithium Participants).

 

“Benefits
Transition Period” has the meaning set forth in ‎Section
5.01(c) hereto.

 

“COBRA”
means the continuation coverage requirements for “group health plans” under Title X of the Consolidated Omnibus Budget
Reconciliation Act of 1985, as codified in Section 4980B of the Code and Sections 601 through 608 of ERISA.

 

“Collective
Bargaining Agreements” means any and all agreements, memorandums of understanding, contracts, letters, side letters
and contractual obligations of any kind, nature and description, oral or written, that have been entered into between or that
involve or apply to any employer and any labor organization, union, employee association, agency or employee committee or plan.

 

“Company”
has the meaning set forth in the preamble hereto.

 

“Company
Stock Value” means the closing price per share of Company Common Stock, trading “regular way”, immediately
prior to the Distribution Effective Time.

 

“Distribution
Effective Time” means the effective time of the Distribution.

 

    2

     

    

“Delayed
Transfer Employee” means any Lithium Inactive Employee, New Lithium Employee, Transferred Lithium Employee or Sponsored
Employee (to the extent applicable).

 

“Delayed
Transfer Period” has the meaning set forth in ‎Section
3.01(b) hereto.

 

“Distribution
Ratio” means the number of shares of Company Common Stock distributed in the Distribution in respect of one share of
Parent Common Stock.

 

“Employee
Plan” means any (a) “employee benefit plan” as defined in Section 3(3) of ERISA, (b) compensation,
employment, consulting, severance, termination protection, change in control, transaction bonus, retention or similar plan, agreement,
arrangement, program or policy or (c) other plan, agreement, arrangement, program or policy providing for compensation, bonuses,
profit-sharing, equity or equity-based compensation or other forms of incentive or deferred compensation, vacation benefits, insurance
(including any self-insured arrangement), medical, dental, vision, prescription or fringe benefits, life insurance, relocation
or expatriate benefits, perquisites, disability or sick leave benefits, employee assistance program, supplemental unemployment
benefits or post-employment or retirement benefits (including compensation, pension, health, medical or insurance benefits), in
each case whether or not written.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended, together with the rules and regulations promulgated thereunder.

 

“Former
Parent Employee” means each individual who, as of immediately prior to the Distribution Effective Time, is a former
employee of any member of the Parent Group (other than any individual who was last actively employed primarily with respect to
the Lithium Assets or the Lithium Business).

 

“H&W
Plan” means any Parent H&W Plan or Lithium H&W Plan.

 

“HIPAA”
means the health insurance portability and accountability requirements for “group health plans” under the Health Insurance
Portability and Accountability Act of 1996, as amended, together with the rules and regulations promulgated thereunder.

 

“Lithium
401(k) Plan” means any Lithium Plan that is a defined contribution plan intended to qualify under Section 401(a) of
the Code.

 

“Lithium
Awards” means, collectively, the Lithium Options, the Lithium PRSUs and the Lithium RSUs.

 

“Lithium
Assumed Employee Liabilities” has the meaning set forth in ‎Section
2.01(b) hereto.

 

“Lithium
CBA” means any Collective Bargaining Agreement covering Lithium Employees or Lithium Contractors, as applicable, as
listed on Schedule I hereto.

 

    3

     

    

“Lithium
Change in Control” has the meaning set forth in ‎Section
8.06(b) hereto.

 

“Lithium
Contractor” means each individual independent contractor or consultant who, as of the Separation Effective Time, primarily
provides or provided services with respect to the Lithium Assets or the Lithium Business.

 

“Lithium
Employee” means each (a) individual who, as of the Separation Effective Time, is (i) actively employed primarily with
respect to the Lithium Assets or the Lithium Business by any member of the Parent Group or the Lithium Group or (ii) (x) an
inactive employee (including any employee on short- or long-term disability leave or other authorized leave of absence) or (y)
a former employee and, in each case, who was last actively employed primarily with respect to the Lithium Assets or the Lithium
Business by any member of the Parent Group or the Lithium Group, (b) Transferred Lithium Employee or (c) New Lithium Employee.

 

“Lithium
Equity Plan” has the meaning set forth in ‎Section
8.06(a) hereto.

 

“Lithium
FSAs” has the meaning set forth in ‎Section 6.04
hereto.

 

“Lithium
H&W Plan” means any Lithium Plan that is (a) an “employee welfare benefit plan” or “welfare plan”
(as defined under Section 3(1) of ERISA) or (b) a similar plan that is sponsored, maintained, administered, contributed to or
entered into outside of the United States. For the avoidance of doubt, Lithium FSAs are Lithium H&W Plans.

 

“Lithium
Inactive Employee” has the meaning set forth in ‎Section
3.01(b) hereto.

 

“Lithium
NQ Savings Plan” has the meaning set forth in ‎Section
5.05(a) hereto.

 

“Lithium
Option” has the meaning set forth in ‎Section 8.04(a)
hereto.

 

“Lithium
Participant” means any individual who is a Lithium Employee or Lithium Contractor, and any beneficiary, dependent, or
alternate payee of such individual, as the context requires.

 

“Lithium
Plan” means any Employee Plan that (a) is or was sponsored, maintained, administered, contributed to or entered into
by any member of the Lithium Group, whether before, as of or after the Separation Date or (b) for which Liabilities transfer to
any member of the Lithium Group under this Agreement or pursuant to applicable Law as a result of the Distribution.

 

“Lithium
PRSU” means each award of restricted share units with respect to Company Common Stock granted under the Lithium Equity
Plan pursuant to ‎Section 8.03(b) that is subject to performance-based
vesting conditions.

 

“Lithium
RSU” has the meaning set forth in ‎Section 8.02(a)
hereto.

 

    4

     

    

“Lithium
Specified Rights” means any and all rights to enjoy, benefit from or enforce any and all restrictive covenants, including
covenants relating to non-disclosure, non-solicitation, non-competition, confidentiality or Intellectual Property, applicable
or related, in whole or in part, to the Lithium Assets or the Lithium Business pursuant to any Employee Plan covering or with
any Lithium Employee or Lithium Contractor and to which any member of the Lithium Group or Parent Group is a party; provided
that, with respect to any Intellectual Property existing, conceived, created, developed or reduced to practice prior to the
Separation Effective Time, the foregoing rights to enjoy, benefit from or enforce any restrictive covenants related to Intellectual
Property is limited to those restrictive covenants related to Intellectual Property included in the Lithium Assets.

 

“New
Lithium Employee” means any individual who is hired following the Separation Effective Time to primarily provide services
to the Lithium Assets or the Lithium Business.

 

“Non-U.S.
Lithium Participant” means any Lithium Participant who is not a U.S. Lithium Participant.

 

“Parent”
has the meaning set forth in the preamble hereto.

 

“Parent
401(k) Plan” means any Parent Plan that is a defined contribution plan intended to qualify under Section 401(a) of the
Code.

 

“Parent
Bonus Plan” has the meaning set forth in ‎Section
7.01 hereto.

 

“Parent
CBA” means any Collective Bargaining Agreement covering Parent Employees or Parent Contractors, as applicable.

 

“Parent
Change in Control” has the meaning set forth in ‎Section
8.06(b) hereto.

 

“Parent
Contractor” means each individual independent contractor or consultant (other than a Lithium Contractor) of any member
of the Parent Group, or solely for purposes of ‎Article VIII,
any non-employee director of the Parent Board.

 

“Parent
Employee” means each individual who, as of the Separation Effective Time, is (a) not a Lithium Employee and (b) either
(i) actively employed by any member of the Parent Group or (ii) (x) an inactive employee (including any employee on short- or
long-term disability leave or other authorized leave of absence) or (y) a former employee, in each case, of any member of the
Parent Group.

 

“Parent
Equity Plan” means the FMC Corporation Incentive Compensation and Stock Plan.

 

“Parent
Executive Severance Plan” means the FMC Corporation Executive Severance Plan.

 

“Parent
FSA” means any Parent Plan that is a flexible spending account for health and dependent care expenses.

 

    5

     

    

“Parent
H&W Plan” means any Parent Plan that is (a) an “employee welfare benefit plan” or “welfare plan”
(as defined under Section 3(1) of ERISA) or (b) a similar plan that is sponsored, maintained, administered, contributed to or
entered into outside of the United States. For the avoidance of doubt, Parent FSAs are Parent H&W Plans.

 

“Parent
NQ Pension Plan” means the FMC Corporation Salaried Employees’ Equivalent Retirement Plan.

 

“Parent
NQ Savings Plan” means the FMC Corporation Non-Qualified Savings and Investment Plan.

 

“Parent
Option” means each option to acquire Parent Common Stock granted under the Parent Equity Plan.

 

“Parent
Participant” means any individual who is a Parent Employee or Parent Contractor, and any beneficiary, dependent, or
alternate payee of such individual, as the context requires.

 

“Parent
Plan” means any Employee Plan (other than a Lithium Plan) sponsored, maintained, administered, contributed to or entered
into by any member of the Parent Group. For the avoidance of doubt, no Lithium Plan is a Parent Plan.

 

“Parent
Post-Distribution Stock Value” means the amount equal to the Parent Pre-Distribution Stock Value less the Adjusted
Company Stock Value.

 

“Parent
Pre-Distribution Stock Value” means the closing price per share of Parent Common Stock, trading “regular way”
with “due bills”, immediately prior to the Distribution Effective Time.

 

“Parent
PRSU” means each award of restricted share units with respect to Parent Common Stock granted under the Parent Equity
Plan subject to performance-based vesting conditions.

 

“Parent
Retained Employee Liabilities” has the meaning set forth in ‎Section
2.01(a) hereto.

 

“Parent
Retiree H&W Plan” means any Parent H&W Plan that provides or promises any post-retirement health, medical or
life insurance or similar benefits (whether insured or self-insured).

 

“Parent
RSU” means each award of restricted share units with respect to Parent Common Stock granted under the Parent Equity
Plan (other than Parent PRSUs).

 

“Parent
Specified Rights” means any and all rights to enjoy, benefit from or enforce any and all restrictive covenants, including
covenants relating to non-disclosure, non-solicitation, non-competition, confidentiality or Intellectual Property, pursuant to
any Employee Plan covering or with any Lithium Employee, Lithium Contractor, Parent

 

    6

     

    

Employee
or Parent Contractor and to which any member of the Lithium Group or Parent Group is a party (other than Lithium Specified Rights).

 

“Parent
U.S. Qualified Pension Plan” means the FMC Corporation Employees’ Retirement Program, Salaried and Nonunion Hourly
Employees’ Retirement Plan (Part I).

 

“Personnel
Records” has the meaning set forth in ‎Section 9.01
hereto.

 

“Separation
Date” has the meaning set forth in the Separation and Distribution Agreement.

 

“Separation
Effective Time” means the closing of the IPO.

 

“Separation
and Distribution Agreement” has the meaning set forth in the recitals hereto.

 

“Sponsored
Employee” means any Lithium Employee working on a visa or work permit sponsored by Parent or a Parent Group member as
of immediately prior to the Separation Effective Time.

 

“Transferred
Lithium Employee” means any individual who (a) did not become a Lithium Employee effective on or before the Separation
Effective Time and (b) Parent and the Company mutually agree following the Separation Effective Time should have his or her employment
transferred from the Parent Group to the Lithium Group.

 

“UK
Pension Plan” means the FMC Chemicals Pension Plan (together with all obligations related thereto, including obligations
associated with the winding-up of such plan). For the avoidance of doubt, the UK Pension Plan is a Lithium Plan.

 

“Unbanked
Parent PRSU” means any Parent PRSU (or portion thereof) for which the applicable performance period has not been completed
as of the applicable date of determination.

 

“UK
DC Plan” has the meaning set forth in ‎Section 5.02(a)
hereto.

 

“U.S.
Lithium Employee” means any Lithium Employee who is employed (or, in the case of former employees, last actively employed)
in the United States.

 

“U.S.
Lithium Participant” means any Lithium Participant employed or engaged (or, in the case of former employees, individual
independent contractors or consultants, last actively employed or engaged, as applicable) in the United States.

 

Article
II

General Allocation of Liabilities; Indemnification

 

Section
2.01.      Allocation of Employee-Related
Liabilities.

 

    7

     

    

(a)           
Subject to the terms and conditions of this Agreement, effective as of the Separation Effective Time, Parent shall, or
shall cause the applicable member of the Parent Group to, assume and retain, and no member of the Lithium Group shall have any
further obligation with respect to, any and all Liabilities (i) relating to, arising out of or in respect of any Parent Participant
or any Parent Plan, in each case, other than any Lithium Assumed Employee Liabilities, or (ii) attributable to actions expressly
specified to be taken by any member of the Parent Group under this Agreement, in each case, (x) whether arising before, on
or after the Separation Date, (y) whether based on facts occurring before, on or after the Separation Date and (z) irrespective
of which Person such Liabilities are asserted against or which Person such Liabilities attached to as a matter of applicable Law
or contract or (iii) expressly assumed or retained, as applicable, by any member of the Parent Group pursuant to this Agreement
(collectively, “Parent Retained Employee Liabilities”). For the avoidance of doubt, all Parent Retained Employee
Liabilities are Parent Liabilities for purposes of the Separation and Distribution Agreement.

 

(b)           
Subject to the terms and conditions of this Agreement, effective as of the Separation Effective Time, the Company shall,
or shall cause the applicable member of the Lithium Group to, assume, and no member of the Parent Group shall have any further
obligation with respect to, any and all Liabilities (i) relating to, arising out of or in respect of any Lithium Participant or
any Lithium Plan or (ii) attributable to actions expressly specified to be taken by any member of the Lithium Group under this
Agreement, in each case, (x) whether arising before, on or after the Separation Date, (y) whether based on facts occurring
before, on or after the Separation Date and (z) irrespective of which Person such Liabilities are asserted against or which
Person such Liabilities attached to as a matter of applicable Law or contract (collectively, “Lithium Assumed Employee
Liabilities”), including without limitation:

 

(i)           
employment, separation or retirement agreements or arrangements to the extent applicable to any Lithium Participant;

 

(ii)           
wages, salaries, incentive compensation, commissions, bonuses and other compensation payable to any Lithium Participants,
without regard to when such wages, salaries, incentive compensation, equity compensation, commissions, bonuses and other compensation
are or may have been earned;

 

(iii)           
severance or similar termination-related pay or benefits applicable to any Lithium Participant;

 

(iv)           
claims made by or with respect to any Lithium Participant in connection with any employee benefit plan, program or policy,
without regard to when such claim is in respect of;

 

(v)           
workers’ compensation and unemployment compensation benefits for all Lithium Participants;

 

    8

     

    

(vi)           
change in control, transaction bonus, retention and stay bonuses payable to any Lithium Participants;

 

(vii)           
the Lithium CBAs;

 

(viii)           
any applicable Law (including ERISA and the Code) to the extent related to participation by any Lithium Participant in
any Employee Plan;

 

(ix)           
any Actions, allegations, demands, assessments, settlements or judgments relating to or involving any Lithium Participant
(including, without limitation, those relating to labor and employment, wages, hours, overtime, employee classification, hostile
workplace, civil rights, discrimination, harassment, affirmative action, work authorization, immigration, safety and health, information
privacy and security, workers’ compensation, continuation coverage under group health plans, wage payment, hiring practice
and the payment and withholding of Taxes);

 

(x)           
any costs or expenses incurred in designing, establishing and administering any Lithium Plans or payroll or benefits administration
for Lithium Participants;

 

(xi)           
the employer portion of any employment, payroll or similar Taxes relating to any of the foregoing or any Lithium Participant;
and

 

(xii)           
any Liabilities expressly assumed or retained, as applicable, by any member of the Lithium Group pursuant to this Agreement.

 

For the avoidance of doubt, all
Lithium Assumed Employee Liabilities are Lithium Liabilities for purposes of the Separation and Distribution Agreement.

 

Section
2.02.      Indemnification. For
the avoidance of doubt, the provisions of Article VIII of the Separation and Distribution Agreement shall apply to and govern
the indemnification rights and obligations of the parties with respect to the matters addressed by this Agreement.

 

Article
III

Employees and Contractors; Employment and

Collective Bargaining Agreements

 

Section
3.01.      Transfers of Employment;
Post-IPO Transfers.

 

(a)           
Effective as of or prior to the Separation Effective Time, (i) the employment of each Lithium Employee, to the extent employed
at such time, will be transferred to or continued by, as applicable, a member of the Lithium Group and (ii) the employment of
each Parent Employee, to the extent employed at such time, will be continued by a member of the Parent Group. Following the Separation
Effective Time and prior to the Distribution Effective Time, Parent and the Company shall cooperate in good faith to

 

    9

     

    

transfer
the employment of each Transferred Lithium Employee from the Parent Group to the Lithium Group, and the parties shall use their
reasonable best efforts to cause all such transfers of employment to occur no later than the Distribution Effective Time; provided
however, that the parties agree and acknowledge that there may be a limited number of Transferred Lithium Employees whose
employment may not be transferred to the Lithium Group until on or after the Distribution Effective Time, in which case the parties
will mutually cooperate to transfer the employment of such individuals to the Lithium Group as soon as possible following the
Distribution Effective Time and, unless as otherwise contemplated in connection with the Transition Services Agreement, in no
event later than the expiration of the Delayed Transfer Period. For the avoidance of doubt, each Transferred Lithium Employee
shall be deemed to be a “Lithium Employee” for all purposes of the Agreement following the applicable date of transfer
of his or her employment from the Parent Group to the Lithium Group.

 

(b)           
Notwithstanding anything to the contrary in this Agreement, each U.S. Lithium Employee who, as of the Separation Effective
Time, is (i) on an approved leave of absence and (ii) receiving long-term or short-term disability benefits under a Parent H&W
Plan (each, a “Lithium Inactive Employee”) will continue to be employed by a member of the Parent Group until
such individual returns to active service. Upon a Lithium Inactive Employee’s return to active service, such Lithium Inactive
Employee will be transferred to a member of the Lithium Group (or, if such Lithium Inactive Employee returns to active service
following the Distribution Effective Time, the Company will make an offer of employment to such Lithium Inactive Employee on terms
and conditions of employment consistent with (A) this Agreement and (B) the terms and conditions of employment applicable to such
Lithium Inactive Employee at such time); provided, that such Lithium Inactive Employee returns to active service within
18 months following the Separation Date (such period, the “Delayed Transfer Period”). For the avoidance of
doubt, (x) effective on or before the Separation Effective Time, the employment of each Lithium Employee (other than any Lithium
Inactive Employee) who is on an approved leave of absence (including parental, military or other authorized leave of absence)
will continue with or be transferred to, as applicable, the Lithium Group in accordance with ‎Section 3.01‎(a)
and (y) all costs relating to any compensation, benefits, severance or other employment-related costs in respect of Lithium Inactive
Employees will constitute Lithium Assumed Employee Liabilities.

 

(c)           
Any New Lithium Employees will be hired by a member of the Lithium Group, and will be deemed to be a Lithium Employee for
all purposes of this Agreement from and after the applicable date of hire; provided that, to the extent any such individual
cannot be hired by a member of the Lithium Group prior to the Distribution Effective Time, the parties will cooperate in good
faith for such individual to be hired by a member of the Parent Group and thereafter transferred to a member of the Lithium Group,
effective as of no later than the Distribution Effective Time. For the avoidance of doubt, any New Lithium Employee will be deemed
to be a Lithium Employee for all purposes of this Agreement following his or her applicable hire date (regardless of whether hired
by a member of the Lithium Group or a member of the Parent Group).

 

    10

     

    

(d)           
Each of the parties hereto agrees to execute, and to use their reasonable best efforts to have the applicable employees
execute, any such documentation or consents as may be necessary or desirable to reflect or effectuate any such assignments or
transfers contemplated by this ‎Section 3.01.

 

(e)           
Effective as of the Separation Effective Time, (i) the Company shall adopt or maintain, and shall cause each member of
the Lithium Group to adopt or maintain, leave of absence programs and (ii) the Company shall honor, and shall cause each member
of the Lithium Group to honor, all terms and conditions of authorized leaves of absence which have been granted to any Lithium
Participant before the Separation Effective Time, including such leaves that are to commence on or after the Separation Effective
Time.

 

(f)            
In the event that the parties reasonably determine following the Separation Effective Time that (i) any individual employed
outside the United States who is not a Lithium Employee has inadvertently become employed by a member of the Lithium Group (due
to the operation of transfer of undertakings or similar applicable Law), the parties shall cooperate and take such actions as
may be reasonably necessary in order to cause the employment of such individual to be promptly transferred to a member of the
Parent Group, and Parent shall reimburse the applicable members of the Lithium Group for all compensation, benefits and other
employment-related costs incurred by the Lithium Group members in employing and transferring such individuals or (ii) any individual
employed outside the United States who was intended to transfer to, and become employed by, a member of the Lithium Group pursuant
to the operation of transfer of undertakings or similar applicable Law instead continues to be employed by the Parent Group, the
parties shall cooperate and take such actions as may be reasonably necessary in order to cause the employment of such individual
to be promptly transferred to a member of the Lithium Group, and the Company shall reimburse the applicable members of the Parent
Group for all compensation, benefits and other employment-related costs incurred by Parent Group members in employing and transferring
such individuals.

 

(g)           
With respect to any employment agreements or restrictive covenant agreements with Lithium Employees or Parent Employees
to which a member of the Lithium Group or a member of the Parent Group, respectively, is not a party, or which do not otherwise
transfer to a Lithium Group member or a Parent Group member, respectively, by operation of applicable Law, the parties shall use
reasonable best efforts to assign the applicable employment agreement to a member of the Lithium Group or a member of the Parent
Group, as applicable, in the applicable jurisdiction, and the Company or Parent, as applicable, shall, or shall cause a member
of the Lithium Group or a member of the Parent Group, respectively, to assume and perform such employment agreements in accordance
with their terms; provided, however, that this ‎Section 3.01(g) shall not apply to (i) any employment
agreements with any Lithium Participants who are employed in a jurisdiction outside of the United States in which the parties
do not intend for such agreements to be transferred to the Lithium Group or (ii) any executive severance agreements with any Lithium
Employees under the Parent Executive Severance Plan.

 

    11

     

    

(h)           
Neither the Separation, the Distribution nor any assignment, transfer or continuation of the employment of employees as
contemplated by this ‎Article III shall be deemed a termination of employment or service of any Lithium Participant
or Parent Participant for purposes of this Agreement or any Parent Plan or Lithium Plan (including, for the avoidance of doubt,
any individual employment, severance, change in control, independent contractor, consulting or similar agreements).

 

(i)            
Except as provided in ‎Section 8.06(h), with respect to any Delayed Transfer Employee, references to “Separation
Effective Time”, “Separation Date”, “Benefits Commencement Date”, “Distribution Effective
Time” and “Distribution Date” in this Agreement, as applicable, shall in each case be deemed to refer to the
date such Delayed Transfer Employee commences employment with the Lithium Group, mutatis mutandis, if later.

 

Section
3.02.      Contractors. With respect
to any independent contractor or consulting agreements with Lithium Contractors or Parent Contractors to which a Lithium Group
member or a Parent Group member, respectively, is not a party, or which do not otherwise transfer to a Lithium Group member or
a Parent Group member, respectively, by operation of applicable Law, the parties shall use reasonable best efforts to assign the
applicable agreements to a member of the Lithium Group or a member of the Parent Group, as applicable, in the applicable jurisdiction,
and the Company or Parent, as applicable, shall, or shall cause a member of the Lithium Group or a member of the Parent Group,
respectively, to assume and perform such independent contractor and consulting agreements.

 

Section
3.03.      Assumption of Collective
Bargaining Agreements; Labor Relations.

 

(a)           
From and after the Separation Effective Time, the Company hereby agrees to comply with and honor the Lithium CBAs and become,
and fulfill its obligations as, a successor employer to the applicable Parent Group member for all purposes under the Lithium
CBAs with respect to any Lithium Employee or Lithium Contractor, and the Company assumes responsibility for, and Parent or the
relevant member of the Parent Group hereby ceases to be responsible for or to otherwise have any Liability in respect of, the
Lithium CBAs to the extent they pertain to any Lithium Employee or Lithium Contractor.

 

(b)           
To the extent required by applicable Law, any Lithium CBA, Parent CBA or any other Collective Bargaining Agreement, the
parties shall cooperate and consult in good faith to provide notice, engage in consultation, and take any similar action which
may be required on its part in connection with the IPO or Distribution.

 

Section
3.04.      Assumption of Individual
Lithium Employee Agreements and Lithium Contractor Agreements. From and after the Separation Effective Time, the Company hereby
agrees to comply with and honor any employment or services agreement between any member of the Parent Group or the Lithium Group,
as the case may be, on the one hand, and any Lithium Employee or Lithium Contractor, on the other

 

    12

     

    

hand,
and assumes responsibility for, and, to the extent applicable, Parent or the relevant member of the Parent Group hereby ceases
to be responsible for or to otherwise have any Liability in respect of, such agreements. For the avoidance of doubt, this ‎Section
3.04 shall not apply to any executive severance agreements with any Lithium Employees under Parent’s Executive Severance
Plan.

 

Section
3.05.      Assignment of Specified
Rights. To the extent permitted by applicable Law and the applicable agreement, if any, effective as of the Separation Effective
Time, (i) Parent hereby assigns, to the maximum extent possible, on behalf of itself and the Parent Group, the Lithium Specified
Rights, to the Company and (ii) the Company hereby assigns, to the maximum extent possible, on behalf of itself and the Lithium
Group, the Parent Specified Rights, to Parent.

 

Article
IV

Plans

 

Section
4.01.      Plan Participation.
Except as otherwise expressly provided in this Agreement, effective as of immediately prior to the applicable Benefits Commencement
Date, (a) (i) all Lithium Participants shall cease any participation in, and benefit accrual under, Parent Plans and (ii) all
members of the Lithium Group shall cease to be participating employers under the Parent Plans and, (b) to the extent applicable,
(i) all Parent Participants shall cease any participation in, and benefit accrual under, Lithium Plans and (ii) all members of
the Parent Group shall cease to be participating employers under the Lithium Plans. Prior to the Separation Date, Parent and the
Company shall take all actions necessary to effectuate the actions contemplated by this ‎Section 4.01 and to
cause (A) the applicable Lithium Group member to assume or retain all Liabilities with respect to each Lithium Plan and the applicable
Parent Group member to assume or retain all Liabilities with respect to each Parent Plan, in each case, effective as of the Separation
Effective Time and (B) all Assets of any Lithium Plan to be transferred to or retained by the applicable Lithium Group member
in the applicable jurisdiction and all Assets of any Parent Plan to be transferred to or retained by the applicable Parent Group
member in the applicable jurisdiction, in each case, effective as of the Separation Effective Time.

 

Section
4.02.      Adoption and Administration
of Lithium Plans; Service Credit.

 

(a)           
To the extent necessary to comply with its obligations under this Agreement, the Company or a member of the Lithium Group
shall adopt, or cause to be adopted, at the Company’s expense, Lithium Plans to be effective from and after the applicable
Benefits Commencement Date. The Company expressly agrees to reimburse Parent for any and all costs and expenses incurred by the
Parent Group before the applicable Benefits Commencement Date to design, establish or administer any Lithium Plan.

 

(b)           
For the avoidance of doubt, from and after the applicable Benefits Commencement Date, the applicable member of the Lithium
Group shall be responsible for the administration of the applicable Lithium Plan, and no member of the Parent Group

 

    13

     

    

shall
have any Liability or obligation (including any administration obligation) with respect to any Lithium Plans.

 

(c)           
From and after the applicable Benefits Commencement Date, for purposes of determining eligibility to participate, vesting
and benefit accrual under any Lithium Plan in which a Lithium Participant is eligible to participate on and following the applicable
Benefits Commencement Date, such Lithium Participant’s service with any member of the Parent Group or the Lithium Group,
as the case may be, prior to the applicable Benefits Commencement Date shall be treated as service with the Lithium Group, to
the extent recognized by the Parent Group or the Lithium Group, as applicable, under an analogous Parent Plan or Lithium Plan,
as applicable, prior to the applicable Benefits Commencement Date; provided, however, that such service shall not
be recognized to the extent that such recognition would result in any duplication of benefits.

 

Article
V

Retirement Plans

 

Section
5.01.      401(k) Plan.

 

(a)           
Effective as of the Benefits Commencement Date, each Lithium Participant who participates in the Parent 401(k) Plan as
of immediately prior to the Benefits Commencement Date (i) will cease active participation in the Parent 401(k) Plan and (ii) will
become eligible to participate in the Lithium 401(k) Plan. For the avoidance of doubt, all employee pre-tax deferrals and employer
contributions with respect to the Lithium Participants will be made to the Lithium 401(k) Plan on and following the Benefits Commencement
Date.

 

(b)           
Effective as of the Distribution Effective Time, each Lithium Participant will become eligible to elect a distribution
of his or her account balance under the Parent 401(k) Plan, including a voluntary “rollover distribution” of such
Lithium Participant’s eligible account balance under the Parent 401(k) Plan (other than any participant loans) to either
the Lithium 401(k) Plan or an Individual Retirement Account (or, for the avoidance of doubt, such Lithium Participant may otherwise
continue to maintain his or her account under the Parent 401(k) Plan in accordance with the terms of the Parent 401(k) Plan),
as determined by each such Lithium Participant; provided that any portion of such Lithium Participant’s account balance
under the Parent 401(k) Plan to be “rolled over” to the Lithium 401(k) Plan must be done in the form of cash (i.e.,
no in-kind or Parent Common Stock transfers will be permitted). In the event that a Lithium Participant makes a voluntary election
to rollover such Lithium Participant’s account balance from the Parent 401(k) Plan to the Lithium 401(k) Plan, the Company
agrees to cause the Lithium 401(k) Plan to accept such rollover, to the extent permitted by applicable Law.

 

(c)           
Subject to participant rollovers as provided for in ‎Section 5.01(b) above, all Liabilities under the Parent
401(k) Plan (whether relating to Parent Participants or Lithium Participants), including with respect to participant loans, will
be retained by Parent and will constitute Parent Retained Employee Liabilities; provided that any and all costs, expenses
or Liabilities relating to participation by Lithium Participants in the

 

    14

     

    

Parent
401(k) Plan during the period, if any, between the Separation Date and the Benefits Commencement Date (the “Benefits
Transition Period”) shall be assumed by the Lithium Group and constitute Lithium Assumed Employee Liabilities, which
shall be reimbursed by the Company to the Parent Group in accordance with the terms of the Transition Services Agreement. For
the avoidance of doubt, there will be no trust-to-trust transfer of any Assets or Liabilities from the Parent 401(k) Plan to the
Lithium 401(k) Plan.

 

(d)           
From and after the Benefits Commencement Date, the applicable member of the Lithium Group shall be responsible for the
administration of the Lithium 401(k) Plan, and no member of the Parent Group shall have any Liability or obligation (including
any administration obligation) with respect to the Lithium 401(k) Plan.

 

Section
5.02.      Non-U.S. Defined Contribution
Plans.

 

(a)           
Effective as of the Separation Effective Time, the Lithium Plan that is a defined contribution plan maintained for the
benefit of Non-U.S. Lithium Participants in the United Kingdom (the “UK DC Plan”) will be retained by the Lithium
Group in accordance with its terms, and, for the avoidance of doubt, (i) all obligations in respect of the UK DC Plan will be
retained by the Lithium Group from and after the Separation Effective Time and (ii) any Liabilities relating to or arising from
the UK DC Plan will constitute Lithium Assumed Employee Liabilities.

 

(b)           
Effective on or before the Separation Effective Time, each Non-U.S. Lithium Participant who participates in a Parent Plan
that is a statutory India Provident Fund shall cease active participation in such plan and will become eligible to participate
in a Lithium Plan that is a statutory India Provident Fund.

 

Section
5.03.      Parent U.S. Qualified Pension
Plan.

 

(a)           
Effective as of the Benefits Commencement Date, each Lithium Participant who participates in the Parent U.S. Qualified
Pension Plan will cease active participation in the Parent U.S. Qualified Pension Plan (including the accrual of any additional
benefits under the Parent U.S. Qualified Pension Plan).

 

(b)           
On and following the Benefits Commencement Date, each Lithium Participant who participates in the Parent U.S. Qualified
Pension Plan as of immediately prior to the Benefits Commencement Date shall receive credit for his or her service with the Lithium
Group on and following the Benefits Commencement Date for purposes of attaining “early retirement” eligibility under,
and in accordance with the terms of, the Parent U.S. Qualified Pension Plan.

 

(c)           
From and after the Distribution Effective Time, the terms of the Parent U.S. Qualified Pension Plan will govern the terms
of distributions, if any, of any benefits payable under the Parent U.S. Qualified Pension Plan to any Lithium Participants.

 

(d)           
All Liabilities under the Parent U.S. Qualified Pension Plan (whether relating to Parent Participants or Lithium Participants)
will be retained by Parent and will

 

    15

     

    

constitute
Parent Retained Employee Liabilities; provided, however, that any and all costs, expenses or Liabilities relating
to participation by Lithium Participants in the Parent U.S. Qualified Pension Plan during the Benefits Transition Period shall
be assumed by the Lithium Group and constitute Lithium Assumed Employee Liabilities, which shall be reimbursed by the Company
to the Parent Group in accordance with the terms of the Transition Services Agreement.

 

Section
5.04.      Non-U.S. Pension Plans.

 

(a)           
Effective as of the Separation Effective Time, the UK Pension Plan will be retained by the Lithium Group in accordance
with its terms, and, for the avoidance of doubt, any Liabilities arising from or relating to the UK Pension Plan will constitute
Lithium Assumed Employee Liabilities. Without limiting the generality of Schedule 5.05 of the Separation Agreement, as of and
following the Separation Effective Time, the Bromborough Indemnity Deed will remain in full force and effect in accordance with
its terms; provided that any and all Liabilities related to or arising under the Bromborough Indemnity Deed shall constitute
Lithium Assumed Employee Liabilities.

 

(b)           
Effective on or before the Separation Effective Time, (i) each Non-U.S. Lithium Participant who participates in a Parent
Plan that is an India Gratuity Plan or Japan Retirement Allowance Plan will cease active participation in such plan and will become
eligible to participate in a corresponding Lithium Plan and (ii) (A) the Company shall, and shall cause the applicable member
of the Lithium Group to, assume all Liabilities under such India Gratuity Plan and Japan Retirement Plan with respect to Non-U.S.
Lithium Participants, (B) Parent shall, and shall cause the applicable member of the Parent Group to, transfer all such Liabilities
to the applicable member of the Lithium Group, and (C) the Parent Group shall have no further Liability or obligation (including
any administration obligation) with respect thereto.

 

Section
5.05.      Parent NQ Savings Plan.

 

(a)           
Effective as of the Benefits Commencement Date, each Lithium Participant who participates in the Parent NQ Savings Plan
as of immediately prior to the Benefits Commencement Date (i) will cease active participation in the Parent NQ Savings Plan and
(ii) will become eligible to participate in a corresponding Lithium non-qualified savings and investment plan (the “Lithium
NQ Savings Plan”). For the avoidance of doubt, from and after the Benefits Commencement Date, each Lithium Participant
shall not actively participate in or accrue any additional benefits under the Parent NQ Savings Plan.

 

(b)           
During the Benefits Transition Period, any and all costs, expenses or Liabilities relating to participation by Lithium
Participants in the Parent NQ Savings Plan shall be assumed by the Lithium Group and constitute Lithium Assumed Employee Liabilities,
which shall be reimbursed by the Company to the Parent Group in accordance with the terms of the Transition Services Agreement.
Effective as of the Benefits Commencement Date, (i) the Company shall, and shall cause the Lithium NQ Savings Plan to, accept
all Assets and assume all Liabilities under the Parent NQ Savings Plan

 

    16

     

    

with
respect to Lithium Participants, (ii) Parent shall, and shall cause the Parent NQ Savings Plan to, transfer all such Assets
and Liabilities to the Lithium NQ Savings Plan, and (iii) the Parent NQ Savings Plan and the Parent Group shall have no further
Liability or obligation (including any administration obligation) with respect thereto. The Parent NQ Savings Plan shall continue
to be responsible for Liabilities in respect of Parent Participants.

 

(c)           
On and following the Benefits Commencement Date, any effective deferral elections made by a Lithium Participant with respect
to amounts deferred by such Lithium Participant under, and in accordance with the terms of, the Parent NQ Savings Plan prior to
the Benefits Commencement Date, shall remain in effect with respect to such amounts in accordance with their terms.

 

(d)           
Lithium Participants shall receive credit under the Lithium NQ Savings Plan for vesting, eligibility and benefit service
for all service credited for those purposes under the Parent NQ Savings Plan as of the Benefits Commencement Date as if that service
had been rendered to the Lithium Group.

 

(e)           
To the maximum extent permitted by Section 409A of the Code, a Lithium Participant shall not be considered to have undergone
a “separation from service” for purposes of Section 409A of the Code and the Parent NQ Savings Plan solely by reason
of the Distribution, and, following the Distribution Effective Time, the determination of whether a Lithium Participant has incurred
a separation from service with respect to his or her benefit in the Lithium NQ Savings Plan shall be based solely upon his or
her performance of services for the Lithium Group.

 

Section
5.06.      Parent NQ Pension Plan.

 

(a)           
Effective as of the Benefits Commencement Date, each Lithium Participant who participates in the Parent NQ Pension Plan
as of immediately prior to the Distribution Effective Time will cease active participation in the Parent NQ Pension Plan and will
not accrue any additional benefits thereunder.

 

(b)           
At and following the Distribution Effective Time, the terms of the Parent NQ Pension Plan (and any applicable deferral
elections thereunder) will govern the terms of any distributions of account balances made to Lithium Participants participating
in the Parent NQ Pension Plan.

 

(c)           
All Liabilities under the Parent NQ Pension Plan (whether relating to Parent Participants or Lithium Participants) will
be retained by Parent and will constitute Parent Retained Employee Liabilities; provided, however, that any and
all costs, expenses or Liabilities relating to participation by Lithium Participants in the Parent NQ Pension Plan during the
Benefits Transition Period be assumed by the Lithium Group and constitute Lithium Assumed Employee Liabilities, which shall be
reimbursed by the Company to the Parent Group in accordance with the terms of the Transition Services Agreement.

 

    17

     

    

Article
VI

Health and Welfare Plans; Paid Time Off and Vacation

 

Section
6.01.      Cessation of Participation
in Parent H&W Plans; Participation in Lithium H&W Plans.

 

(a)           
Without limiting the generality of ‎Section 4.01, effective as of the applicable Benefits Commencement
Date, Lithium Participants shall cease to participate in the Parent H&W Plans; provided that any participation in,
and benefit accrual under, Parent H&W Plans by Lithium Participants during the Benefits Transition Period shall be in accordance
with, and pursuant to, the terms and conditions of the Transition Services Agreement.

 

(b)           
Effective as of the applicable Benefits Commencement Date, the Company shall cause Lithium Participants who participate
in a Parent H&W Plan immediately prior to the applicable Benefits Commencement Date to be automatically enrolled or offered
participation in a corresponding Lithium H&W Plan.

 

(c)           
To the extent applicable, the Company shall cause Lithium H&W Plans to recognize and maintain all coverage and contribution
elections made by Lithium Participants under the corresponding Parent H&W Plans as of the applicable Benefits Commencement
Date and apply such elections under the applicable Lithium H&W Plan for the remainder of the period or periods for which such
elections are by their terms applicable.

 

(d)           
Neither the transfer or other movement of employment or service from any member of the Parent Group to any member of the
Lithium Group at any time before the applicable Benefits Commencement Date nor the Distribution shall constitute or be treated
as a “status change” under the Parent H&W Plans or the Lithium H&W Plans.

 

(e)           
Subject to the terms of the applicable Lithium H&W Plan and applicable Law, the Company shall use its reasonable best
efforts to waive all limitations as to preexisting conditions, exclusions and waiting periods with respect to participation and
coverage requirements applicable to Lithium Participants under any Lithium H&W Plan in which such Lithium Participants may
be eligible to participate on or after the applicable Benefits Commencement Date.

 

Section
6.02.      Assumption of Health and
Welfare Plan Liabilities. Subject ‎Section 6.03, effective as of the Separation Effective Time, all Liabilities
relating to, arising out of, or resulting from health and welfare coverage or claims incurred prior to, on or after the Separation
Effective Time by each Lithium Participant under the Parent H&W Plans shall cease to be Liabilities of the Parent Group and
shall be assumed by the Lithium Group and deemed to be Lithium Assumed Employee Liabilities. Without limiting the generality of
the foregoing, subject to ‎Section 6.03, any and all costs, expenses or Liabilities relating to participation by Lithium
Participants in the Parent H&W Plans during the Benefits Transition Period shall be reimbursed by the Company to the Parent
Group in accordance with the terms of the Transition Services Agreement. For

 

    18

     

    

the
avoidance of doubt, subject to ‎Section 6.03, (a) all Liabilities arising under (i) any Parent H&W Plan (other
than a Parent Retiree H&W Plan) with respect to Lithium Participants or (ii) any Lithium H&W Plan and (b) all Liabilities
arising out of, relating to or resulting from the cessation of a Lithium Participant’s participation in any Parent H&W
Plan (other than a Parent Retiree H&W Plan) and transfer to a Lithium H&W Plan as set forth herein (including any Actions
or claims by any Lithium Participants related thereto) shall, in each case, be Lithium Assumed Employee Liabilities.

 

Section
6.03.      Post-Retirement Health
and Welfare Benefits. Notwithstanding anything to the contrary in ‎Section 6.01 or ‎Section 6.02, (a)
effective as of the applicable Benefits Commencement Date, all Lithium Participants shall cease to participate in, and earn benefit
service under, any Parent Retiree H&W Plan (provided that any Lithium Participant who has elected to receive benefits
under any applicable Parent Retiree H&W Plan in accordance with the terms of such plan prior to the applicable Benefits Commencement
Date shall continue to participate in, and receive benefits under, such Parent Retiree H&W Plan in accordance with the terms
of such plan) and (b) all Liabilities under the Parent Retiree H&W Plans (whether relating to Parent Participants or Lithium
Participants) will be retained by Parent and will constitute Parent Retained Employee Liabilities.

 

Section
6.04.      Flexible Spending Account
Plan Treatment. Effective as of the applicable Benefits Commencement Date, the Company shall establish or designate flexible
spending accounts for health and dependent care expenses (the “Lithium FSAs”). To the extent applicable, the
parties shall take all actions reasonably necessary or appropriate so that the account balances (positive or negative) under the
Parent FSAs of each Lithium Participant who has elected to participate therein in the year in which the applicable Benefits Commencement
Date occurs shall be transferred, effective as of the applicable Benefits Commencement Date, from the Parent FSAs to the corresponding
Lithium FSAs. The Lithium FSAs shall assume responsibility as of the applicable Benefits Commencement Date for all outstanding
dependent care and health care claims under the Parent FSAs of each Lithium Participant for the year in which the applicable Benefits
Commencement Date occurs and shall assume the rights of and agree to perform the obligations of the analogous Parent FSA from
and after the applicable Benefits Commencement Date. The parties shall cooperate in good faith to provide that the contribution
elections of each such Lithium Participant as in effect immediately before the applicable Benefits Commencement Date remain in
effect under the Lithium FSAs from and after the applicable Benefits Commencement Date.

 

Section
6.05.      Workers’ Compensation
Liabilities. Unless as otherwise expressly provided in the Separation and Distribution Agreement, effective as of the Separation
Effective Time, all workers’ compensation Liabilities relating to, arising out of, or resulting from any claim by any Lithium
Participant that result from an accident or from an occupational disease, regardless of whether incurred before, on or after the
Separation Date, shall be assumed by the Company and shall constitute Lithium Assumed Employee Liabilities. The parties shall
cooperate with respect to any notification to appropriate governmental agencies of the disposition and the issuance of new, or
the transfer of

 

    19

     

    

existing,
workers’ compensation insurance policies and contracts governing the handling of claims.

 

Section
6.06.      Vacation and Paid Time
Off. Effective as of the Separation Effective Time, the applicable Lithium Group member shall recognize and assume all Liabilities
with respect to vacation, holiday, sick leave, paid time off, floating holidays, personal days and other paid time off with respect
to Lithium Participants accrued on or prior to the Separation Effective Time, and the Company shall credit each such Lithium Participant
with such accrual; provided, that if any such vacation or paid time off is required under applicable Law to be paid out
to the applicable Lithium Participant in connection with the Distribution, such payment will be made by the Company as of the
Distribution Date, and the Company will credit such Lithium Participant with unpaid vacation time or paid time off in respect
thereof; it being understood that any amount of vacation or paid time off required to be paid out in connection with the Distribution
shall constitute Lithium Assumed Employee Liabilities.

 

Section
6.07.      COBRA and HIPAA.

 

(a)           
The Parent Group shall administer the Parent Group’s compliance with the health care continuation coverage requirements
of COBRA, the certificate of creditable coverage requirements of HIPAA and the corresponding provisions of the Parent H&W
Plans with respect to Lithium Participants who incur a COBRA “qualifying event” occurring on or before the applicable
Benefits Commencement Date entitling them to benefits under a Parent H&W Plan; provided that, for the avoidance of
doubt, any Liabilities related thereto shall constitute Lithium Assumed Employee Liabilities.

 

(b)           
The Company shall be solely responsible for all Liabilities incurred pursuant to COBRA and for administering, at the Company’s
expense, compliance with the health care continuation coverage requirements of COBRA, the certificate of creditable coverage requirements
of HIPAA, and the corresponding provisions of the Lithium H&W Plans with respect to Lithium Participants who incur a COBRA
“qualifying event” that occurs at any time after the applicable Benefits Commencement Date entitling them to benefits
under a Lithium Plan.

 

(c)           
The parties agree that neither the Separation, the Distribution nor any assignment or transfer of the employment or services
of any employee or individual independent contractor as contemplated under this Agreement shall constitute a COBRA “qualifying
event” for any purpose of COBRA.

 

Article
VII

Incentive Compensation

 

Section
7.01.      Cash Incentive and Cash
Bonus Plans. Each Lithium Participant participating in any Parent Plan that is a cash bonus or cash incentive plan with respect
to the 2018 performance year (each, a “Parent Bonus Plan”) will remain eligible to receive a cash bonus in
respect of the 2018 performance year (the “2018 Cash Bonuses”) in accordance with the terms of such applicable
Parent Bonus Plan. Any 2018 Cash

 

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Bonuses
payable to Lithium Participants under such Parent Bonus Plans will be paid by the Company on behalf of Parent in accordance with
the terms of the applicable Parent Bonus Plan (including terms relating to the timing of payment), which such amounts shall constitute
Lithium Assumed Employee Liabilities; provided that Parent will reimburse Lithium for the portion of the 2018 Cash Bonuses
paid by the Company to Lithium Participants that relates to the portion of the 2018 performance period that elapsed prior to the
Separation Date, which such amount to be reimbursed by Parent will constitute a Parent Retained Employee Liability.

 

Article
VIII

Treatment of Outstanding Equity Awards

 

Section
8.01.      No Adjustments at the IPO.
Except as may otherwise be provided pursuant to the express terms of any Parent RSU, Parent PRSU or Parent Option, no adjustments
shall be made to any Parent RSU, Parent PRSU or Parent Option in connection with the execution of this Agreement or the consummation
of the IPO.

 

Section
8.02.      RSU and Banked PRSU Distribution
Adjustments.

 

(a)           
Effective as of the Distribution Effective Time, each Parent RSU and Banked Parent PRSU that is outstanding as of immediately
prior to the Distribution Effective Time and held by a Lithium Participant shall be converted into an award of restricted share
units with respect to Company Common Stock (each, a “Lithium RSU”). The number of shares of Company Common
Stock subject to such Lithium RSU shall be determined by the Compensation and Organization Committee of the Parent Board (the
“Parent Compensation Committee”) in a manner intended to preserve the value of such Parent RSU or Banked Parent
PRSU, as applicable, by taking into account the relative values of the Parent Pre-Distribution Stock Value and the Company Stock
Value, with any fractional shares rounded down to the nearest whole number of shares. Each such Lithium RSU shall be subject to
the same terms and conditions (including vesting and payment schedules) as applicable to the corresponding Parent RSU or Banked
Parent PRSU, as applicable, as of immediately prior to the Distribution Effective Time.

 

(b)           
Effective as of the Distribution Effective Time, each Parent RSU and Banked Parent PRSU that is outstanding as of immediately
prior to the Distribution Effective Time and held by a Parent Participant who is not a Former Parent Employee shall be converted
into both an Adjusted Parent RSU or Adjusted Banked Parent PRSU, as applicable, and a Lithium RSU, and each such Adjusted Parent
RSU, Adjusted Banked Parent PRSU and Lithium RSU shall be subject to the same terms and conditions (including vesting and payment
schedules) as were applicable to the corresponding Parent RSU or Banked Parent PRSU as of immediately prior to the Distribution
Effective Time; provided that from and after the Distribution Effective Time:

 

(i)          
the number of shares of Parent Common Stock subject to such Adjusted Parent RSU or Adjusted Banked Parent PRSU, as applicable,
shall be equal to the number of shares of Parent Common Stock subject to the corresponding Parent RSU

 

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or
Banked Parent PRSU, as applicable, immediately prior to the Distribution Effective Time; and

 

(ii)       
the number of shares of Company Common Stock subject to such Lithium RSU shall be determined by the Parent Compensation
Committee in a manner intended, in combination with such Adjusted Parent RSU or Adjusted Banked Parent PRSU, as applicable, to
preserve the value of such Parent RSU or Banked Parent PRSU, as applicable, by taking into account the Distribution Ratio relative
to the number of Parent RSUs or Banked Parent PRSUs, as applicable, with any fractional shares rounded down to the nearest whole
number of shares.

 

(c)           
Effective as of the Distribution Effective Time, each Parent RSU and Banked Parent PRSU that is outstanding as of immediately
prior to the Distribution Effective Time and held by a Former Parent Employee shall be converted into an Adjusted Parent RSU or
Adjusted Banked Parent PRSU, as applicable. The number of shares of Parent Common Stock subject to such Adjusted Parent RSU or
Adjusted Banked Parent PRSU, as applicable, shall be determined by the Parent Compensation Committee in a manner intended to preserve
the value of such Parent RSU or Banked Parent PRSU, as applicable, by taking into account the relative values of the Parent Pre-Distribution
Stock Value and the Parent Post-Distribution Stock Value, with any fractional shares rounded down to the nearest whole number
of shares. Each such Adjusted Parent RSU or Adjusted Banked Parent PRSU, as applicable, shall be subject to the same terms and
conditions (including vesting and payment schedules) as applicable to the corresponding Parent RSU or Banked Parent PRSU, as applicable,
as of immediately prior to the Distribution Effective Time.

 

Section
8.03.      Unbanked PRSU Distribution
Adjustments.

 

(a)           
Effective as of the Distribution Effective Time, each Unbanked Parent PRSU that is outstanding as of immediately prior
to the Distribution Effective Time and held by a Lithium Participant shall be converted into a Lithium RSU. The number of shares
of Company Common Stock subject to such Lithium RSU shall be determined by the Parent Compensation Committee in a manner intended
to preserve the target value of such Unbanked Parent PRSU by taking into account the relative values of the Parent Pre-Distribution
Stock Value and the Company Stock Value, with any fractional shares rounded down to the nearest whole number of shares. Each such
Lithium RSU shall be subject to the same terms and conditions (including vesting and payment schedules) as applicable to the corresponding
Unbanked Parent PRSU as of immediately prior to the Distribution Effective Time; provided, that each such Lithium RSU shall
not be subject to any performance-based vesting conditions and shall vest solely based on the continuous service of the Lithium
Participant with the Lithium Group.

 

(b)           
Effective as of the Distribution Effective Time, each Unbanked Parent PRSU that is outstanding as of immediately prior
to the Distribution Effective Time and held by a Parent Participant who is not a Former Parent Employee shall be converted into
both an Adjusted Unbanked Parent PRSU and a Lithium PRSU, and each such Adjusted Unbanked Parent PRSU and Lithium PRSU shall be
subject to the same terms and

 

    22

     

    

conditions
(including vesting and payment schedules and performance-based vesting conditions) as were applicable to the corresponding Unbanked
Parent PRSU as of immediately prior to the Distribution Effective Time; provided that from and after the Distribution Effective
Time:

 

(i)          
the target number of shares of Parent Common Stock subject to such Adjusted Unbanked Parent PRSU shall be equal to the
target number of shares of Parent Common Stock subject to the corresponding Unbanked Parent PRSU immediately prior to the Distribution
Effective Time;

 

(ii)       
the number of shares of Company Common Stock subject to such Lithium PRSU shall be determined by the Parent Compensation
Committee in a manner intended, in combination with such Adjusted Unbanked Parent PRSU, to preserve the target value of such Unbanked
Parent PRSU by taking into account the Distribution Ratio relative to the number of Unbanked Parent PRSUs, with any fractional
shares rounded down to the nearest whole number of shares; and

 

(iii)     
the performance-based vesting conditions applicable to the Adjusted Unbanked Parent PRSU and the Lithium PRSUs may be equitably
adjusted by the Parent Compensation Committee in accordance with their terms to reflect the effect of the Distribution.

 

(c)           
Effective as of the Distribution Effective Time, each Unbanked Parent PRSU that is outstanding as of immediately prior
to the Distribution Effective Time and held by a Former Parent Employee shall be converted into an Adjusted Unbanked Parent PRSU.
The number of shares of Parent Common Stock subject to such Adjusted Unbanked Parent PRSU shall be determined by the Parent Compensation
Committee in a manner intended to preserve the target value of such Unbanked Parent PRSU by taking into account the relative values
of the Parent Pre-Distribution Stock Value and the Parent Post-Distribution Stock Value, with any fractional shares rounded down
to the nearest whole number of shares. Each such Adjusted Unbanked Parent PRSU shall be subject to the same terms and conditions
(including vesting and payment schedules and performance-based vesting conditions) as applicable to the corresponding Unbanked
Parent PRSU as of immediately prior to the Distribution Effective Time; provided that the performance-based vesting conditions
applicable to such Adjusted Unbanked Parent PRSUs may be equitably adjusted by the Parent Compensation Committee in accordance
with their terms to reflect the effect of the Distribution.

 

Section
8.04.      Stock Option Distribution
Adjustments.

 

(a)           
Effective as of the Distribution Effective Time, each Parent Option, whether vested or unvested, that is outstanding as
of immediately prior to the Distribution Effective Time and held by a Lithium Participant shall be converted into an option to
acquire Company Common Stock (each, a “Lithium Option”) and shall be subject to the same terms and conditions
(including vesting and expiration schedules) as applicable to the corresponding Parent Option as of immediately prior to the Distribution
Effective Time; provided that from and after the Distribution Effective Time, the number of shares

 

    23

     

    

of
Company Common Stock subject to, and the exercise price per share of, such Lithium Option shall be determined by the Parent Compensation
Committee in a manner intended to preserve the value of such Parent Option by taking into account (A) the exercise price per share
of such Parent Option and (B) the relative values of the Parent Pre-Distribution Stock Value and the Company Stock Value, with
any fractional shares rounded down to the nearest whole number of shares and any exercise price rounded up to the nearest whole
cent.

 

(b)           
Effective as of the Distribution Effective Time, each Parent Option, whether vested or unvested, that is outstanding as
of immediately prior to the Distribution Effective Time and held by a Parent Participant shall be converted into an Adjusted Parent
Option and shall be subject to the same terms and conditions (including vesting and expiration schedules) as applicable to the
corresponding Parent Option as of immediately prior to the Distribution Effective Time; provided that from and after the
Distribution Effective Time, the number of shares of Parent Common Stock subject to, and the exercise price per share of, such
Adjusted Parent Option shall be determined by the Parent Compensation Committee in a manner intended to preserve the value of
such Parent Option by taking into account (A) the exercise price per share of such Parent Option and (B) the relative values of
the Parent Pre-Distribution Stock Value and the Parent Post-Distribution Stock Value, with any fractional shares rounded down
to the nearest whole number of shares and any exercise price rounded up to the nearest whole cent.

 

Notwithstanding
anything to the contrary in this ‎Section 8.04, the exercise price, the number of shares of Parent Common
Stock or Company Common Stock, as applicable, and the terms and conditions of exercise applicable to any Adjusted Parent Option
or Lithium Option, as the case may be, shall be determined in a manner consistent with the requirements of Section 409A of the
Code.

 

Section
8.05.      Equity Award Adjustment
Illustrations. For an illustration of the transactions contemplated by ‎Section 8.02, ‎Section 8.03
and ‎Section 8.04, see Exhibit A hereto. For the avoidance of doubt, Exhibit A represents an illustration
only, and the principles set forth in ‎Section 8.02, ‎Section 8.03 and ‎Section 8.04 shall govern
the actual treatment of outstanding Parent RSUs, Banked Parent PRSUs, Unbanked Parent PRSUs and Parent Options.

 

Section
8.06.      Miscellaneous Terms and
Actions; Tax Reporting and Withholding.

 

(a)           
Effective as of the Separation Effective Time, the Company shall adopt an equity incentive compensation plan for the benefit
of eligible participants (the “Lithium Equity Plan”). Prior to the Distribution Effective Time, each of Parent
and the Company shall take any actions necessary to give effect to the transactions contemplated by this ‎Article VIII,
including, in the case of the Company, the reservation, issuance and listing of shares of Company Common Stock as is necessary
to effectuate the transactions contemplated by this ‎Article VIII. From and after the Distribution Effective Time,
(i) the Company shall retain the Lithium Equity Plan, and all Liabilities thereunder shall

 

    24

     

    

constitute
Lithium Assumed Employee Liabilities, and (ii) Parent shall retain the Parent Equity Plan, and all Liabilities thereunder shall
constitute Parent Retained Employee Liabilities. From and after the Distribution Effective Time, all Adjusted Parent Awards, regardless
of by whom held, shall be granted under and subject to the terms of the Parent Equity Plan and shall be settled by Parent, and
all Lithium Awards, regardless of by whom held, shall be granted under and subject to the terms of the Lithium Equity Plan and
shall be settled by the Company. Notwithstanding anything to the contrary in this Agreement (including ‎Section
2.02 or ‎Section 11.04), (i) each Parent Participant shall
have third-party beneficiary rights with respect to his or her Adjusted Parent Awards that are converted into Lithium Awards pursuant
to Error! Reference source not found., including the right to bring any Action against the Company relating to or arising
from such Lithium Awards and, other than pursuant to clause (ii) below, neither Parent nor any other member of the Parent Group
shall have any right or remedy with respect to any Parent Participant’s Adjusted Parent Awards that are converted into Lithium
Awards pursuant to Error! Reference source not found., and (ii) any and all Actions brought by or on behalf of any Parent
Participant, Lithium Participant (or any dependent or beneficiary thereof) or any other Person in respect of or relating to any
Adjusted Parent Awards that are converted into Lithium Awards pursuant to this ‎Article
VIII shall be the sole obligation and responsibility of the Company, and the Company shall indemnify, defend and hold the Parent
Group harmless from and against any and all such Actions and any Liabilities related thereto.

 

(b)           
From and after the Distribution Effective Time, for purposes of the Adjusted Parent Awards converted into Lithium Awards
pursuant to Error! Reference source not found., (i) a Parent Participant’s employment with or service to the Parent
Group shall be treated as employment with and service to the Lithium Group and (ii) any reference to “cause”, “good
reason”, “disability”, “willful” or other similar terms applicable to such Lithium Awards shall
be deemed to refer to the definitions of “cause”, “good reason”, “disability”, “willful”
or other similar terms set forth in the Parent Equity Plan. From and after the Distribution Effective Time, (x) any reference
to a “change in control,” “change of control” or similar term applicable to any Adjusted Parent Award
contained in any applicable award agreement, employment or services agreement or the Parent Equity Plan shall be deemed to refer
to a “change in control,” “change of control” or similar term as defined in such award agreement, employment
or services agreement or the Parent Equity Plan (a “Parent Change in Control”) and (y) any reference to a “change
in control,” “change of control” or similar term applicable to any Lithium Award contained in any applicable
award agreement, employment or services agreement or the Lithium Equity Plan shall be deemed to refer to a “change in control,”
“change of control” or similar term as defined in the Lithium Equity Plan (a “Lithium Change in Control”);
provided, however, with respect to any Adjusted Parent Awards converted into Lithium Awards pursuant to Error!
Reference source not found., a Parent Change in Control shall also be treated as a Lithium Change in Control. For the avoidance
of doubt, the Distribution shall not, in and of itself, be treated as either a Parent Change in Control or a Lithium Change in
Control. Neither the Separation, the Distribution nor any assignment, transfer or continuation of the employment of employees
as contemplated by ‎Article III shall be deemed a termination of employment or service of any Lithium Participant or
Parent Participant or a Parent Change in Control or Lithium Change in

 

    25

     

    

Control
for purposes of the Parent Equity Plan or the Lithium Equity Plan, or any Adjusted Parent Award or Lithium Award outstanding thereunder,
respectively, and, without limiting the generality of the foregoing, to the extent Parent determines it necessary or desirable,
each Parent RSU, Parent PRSU or Parent Option, as the case may be, shall be amended to expressly clarify the same.

 

(c)           
Unless otherwise required by applicable Law, (i) the applicable member of the Lithium Group shall be responsible for all
applicable income, payroll, employment and other similar tax withholding, remittance and reporting obligations in respect of Lithium
Participants relating to any Lithium Awards and (ii) the applicable member of the Parent Group shall be responsible for all applicable
income, payroll, employment and other similar tax withholding, remittance and reporting obligations in respect of Parent Participants
relating to any Adjusted Parent Awards or Lithium Awards. The parties shall facilitate performance by the other party of its obligations
hereunder by promptly remitting amounts withheld in respect of any Adjusted Parent Awards or Lithium Awards, as applicable, directly
to the applicable Governmental Authority on such other party’s behalf or to the other Party for remittance to such Governmental
Authority. The parties will cooperate and communicate with each other and with third-party providers to effectuate withholding
and remittance of taxes, as well as required tax reporting, in a timely, efficient and appropriate manner.

 

(d)           
The Company shall be responsible for the settlement of cash dividend equivalents on any Lithium Awards held by a Lithium
Participant, and Parent shall be responsible for the settlement of cash dividend equivalents on any Adjusted Parent Awards or
Lithium Awards held by a Parent Participant or Former Parent Employee; provided that, with respect to Lithium Awards held
by Parent Participants, prior to the date any such settlement is due, the Company shall pay Parent in cash amounts required to
settle any dividend equivalents accrued following the Distribution Effective Time.

 

(e)           
The Company shall prepare and file with the SEC a registration statement on an appropriate form with respect to the shares
of Company Common Stock subject to the Adjusted Parent Awards converted into Lithium Awards pursuant to this ‎Article
VIII and shall use its reasonable best efforts to have such registration statement declared effective as soon as practicable following
the Distribution Effective Time and to maintain the effectiveness of such registration statement covering such Lithium Awards
(and to maintain the current status of the prospectus contained therein) for so long as any Lithium Awards remain outstanding.

 

(f)            
Prior to the Distribution Effective Time, each party shall take all such steps as may be required to cause any dispositions
of Parent Common Stock (including Adjusted Parent Awards or any other derivative securities with respect to Parent Common Stock)
or acquisitions of Company Common Stock (including Lithium Awards or any other derivative securities with respect to Company Common
Stock) resulting from the Distribution or the transactions contemplated by this Agreement or the Separation and Distribution Agreement
by each individual who is subject to the reporting requirements of Section 16(a) of the Exchange Act with respect to Parent or
who are or will become subject to such reporting requirements with respect to the Company to be

 

    26

     

    

exempt
under Rule 16b-3 promulgated under the Exchange Act. With respect to those individuals, if any, who, subsequent to the Distribution
Effective Time, are or become subject to the reporting requirements under Section 16(a) of the Exchange Act, as applicable,
the Company shall administer any Adjusted Parent Award converted into a Lithium Award pursuant to this ‎Article VIII
in a manner that complies with Rule 16b-3 promulgated under the Exchange Act to the extent such converted Adjusted Parent Award
complied with such rule prior to the Distribution Effective Time.

 

(g)           
From and after the Distribution Effective Time, each of Parent and the Company shall cooperate in good faith to facilitate
the orderly administration of the Lithium Awards held by Parent Participants, including, without limitation, the sharing of information
relating to a Parent Participant’s employment or service status with the Parent Group, as well as other information relating
to the vesting and forfeiture of Lithium Awards, tax withholding and reporting and compliance with applicable Law.

 

(h)           
Notwithstanding anything to the contrary herein, with respect to any Delayed Transferred Employees whose employment is
not transferred to the Lithium Group on or prior to the Distribution Effective Time, any Adjusted Parent Awards held by such Delayed
Transferred Employees shall be adjusted as of the Distribution Effective Time in the manner set forth in Error! Reference source
not found. (and not in accordance with ‎Section 8.02), and such awards shall not be further adjusted upon the date
such Delayed Transferred Employee’s employment is transferred to the Lithium Group.

 

(i)            
Notwithstanding anything to the contrary herein, in the event the Distribution occurs as a result of a “split-off”,
then, solely to the extent necessary, the parties shall cooperate in good faith to make any necessary changes to the adjustment
and conversion mechanics set forth in Sections ‎8.02, ‎8.03 and ‎8.04 for the limited purpose
of preserving (i) the general approach, philosophy and economic intent of such provisions as set forth herein and (ii) the intended
U.S. federal income tax consequences of the Transactions to Parent, and the other terms set forth in this ‎Article
VIII shall apply mutatis mutandis.

 

Article
IX

Personnel Records; Payroll and Tax Withholding

 

Section
9.01.      Personnel Records.
To the extent permitted by applicable Law, each of the Lithium Group and the Parent Group shall be permitted by the other to access
and retain copies of such records, data and other personnel-related information in any form (“Personnel Records”)
as may be necessary or appropriate to carry out their respective obligations under applicable Law, the Separation and Distribution
Agreement or any of the Ancillary Agreements, and for the purposes of administering their respective employee benefit plans and
policies. All Personnel Records shall be accessed, retained, held, used, copied and transmitted in accordance with all applicable
Laws, policies and agreements between the parties hereto.

 

    27

     

    

Section
9.02.      Payroll; Tax Reporting
and Withholding.

 

(a)           
Subject to the obligations of the parties as set forth in the Transition Services Agreement, effective as of no later than
the Separation Date, (i) the members of the Lithium Group shall be solely responsible for providing payroll services (including
for any payroll period already in progress) to the Lithium Employees and for any Liabilities with respect to garnishments of the
salary and wages thereof and (ii) the members of the Parent Group shall be solely responsible for providing payroll services (including
for any payroll period already in progress) to the Parent Employees and for any Liabilities with respect to garnishments of the
salary and wages thereof.

 

(b)           
To the extent consistent with the terms of the Tax Matters Agreement, the party that is responsible for making a payment
hereunder shall be responsible for (i) making the appropriate withholdings, if any, attributable to such payments and (ii) preparing
and filing all related required forms and returns with the appropriate Governmental Authority.

 

(c)           
With respect to Lithium Employees, the parties shall (i) treat the Company (or the applicable member of the Lithium Group)
as a “successor employer” and Parent (or the applicable member of the Parent Group) as a “predecessor,”
within the meaning of Sections 3121(a)(1) and 3306(b)(1) of the Code, for purposes of taxes imposed under the U.S. Federal Unemployment
Tax Act or the U.S. Federal Insurance Contributions Act, and (ii) cooperate and use reasonable best efforts to implement the alternate
procedure described in Section 5 of Revenue Procedure 2004-53.

 

Article
X

Non-U.S. Employees and Employee Plans

 

Section
10.01.  Special Provisions for Employees and Employee
Plans Outside of the United States.

 

(a)           
From and after the date hereof, to the extent not addressed in this Agreement, the parties shall reasonably cooperate in
good faith to effect the provisions of this Agreement with respect to employees and employee-, compensation- and benefits-related
matters outside of the United States (including Employee Plans covering non-U.S. Parent Participants and Non-U.S. Lithium Participants),
which in all cases shall be consistent with the general approach and philosophy regarding the allocation of Assets and Liabilities
(as expressly set forth in the recitals to this Agreement).

 

(b)           
Without limiting the generality of ‎Section 3.03(a), to the extent required by applicable Law or the terms of
any Lithium CBA or similar employee representative agreement, Lithium or a member of the Lithium Group, as applicable, shall become
a party to the applicable collective bargaining, works council, or similar arrangements with respect to Lithium Employees or Lithium
Contractor located outside of the United States and shall comply with all obligations thereunder from and after the Separation
Effective Time.

 

    28

     

    

Article
XI

General and Administrative

 

Section
11.01.  Sharing of Participant Information. To the
maximum extent permitted under applicable Law, Parent and the Company shall share, and shall cause each member of its respective
Group to reasonably cooperate with the other party hereto to (i) share, with each other and their respective agents and vendors
all participant information reasonably necessary for the efficient and accurate administration of each of the Parent Plans and
the Lithium Plans (including notifications regarding the termination of employment or service of any Lithium Participant or Parent
Participant to the extent relevant to the administration of a Parent Plan or Lithium Plan, as the case may be), (ii) facilitate
the transactions and activities contemplated by this Agreement and (iii) resolve any and all employment-related claims regarding
Lithium Participants. The Company and its respective authorized agents shall, subject to applicable Laws, be given reasonable
and timely access to, and may make copies of, all information relating to the subjects of this Agreement in the custody of the
Parent Group, to the extent reasonably necessary for such administration. Parent Group members shall be entitled to retain copies
of all Company Books and Records relating to the subjects of this Agreement in the custody of the Parent Group, subject to the
terms of the Separation and Distribution Agreement and applicable Law.

 

Section
11.02.  Cooperation. Following the date of this Agreement,
the parties shall, and shall cause their respective Subsidiaries to, to cooperate in good faith 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 (including, without limitation, relating to any audits by any Governmental Authorities).

 

Section
11.03.  Notices of Certain Events. Each of the Company
and Parent shall promptly notify and provide copies to the other of: (a) written notice from any Person alleging that the
approval or consent of such Person is or may be required in connection with the transactions contemplated by this Agreement; (b) any
written notice or other communication from any Governmental Authority in connection with the transactions contemplated by this
Agreement or the Separation and Distribution Agreement; and (c) any actions, suits, claims, investigations or proceedings
commenced or, to its knowledge, threatened against, relating to or involving or otherwise affecting the Lithium Group or the Parent
Group, as the case may be, that relate to the consummation of the transactions contemplated by this Agreement or the Separation
and Distribution Agreement; provided that the delivery of any notice pursuant to this ‎Section 11.03 shall not
affect the remedies available hereunder to the party receiving such notice.

 

Section
11.04.  No Third Party Beneficiaries. Notwithstanding
anything to the contrary herein, nothing in this Agreement shall: (a) create any obligation on the part of any member of
the Lithium Group or any member of the Parent Group to retain the employment or services of any current or former employee, director,
independent contractor or other service provider; (b) be construed to create any right, or accelerate entitlement, to any compensation
or benefit whatsoever on the part of any future, present,

 

    29

     

    

or
former employee or service provider of any member of the Parent Group or the Lithium Group (or any beneficiary or dependent thereof)
under this Agreement, the Separation and Distribution Agreement, any Parent Plan or Lithium Plan or otherwise; (c) preclude the
Company or any Lithium Group member (or, in each case, any successor thereto), at any time after the Separation Effective Time,
from amending, merging, modifying, terminating, eliminating, reducing, or otherwise altering in any respect any Lithium Plan,
any benefit under any Lithium Plan or any trust, insurance policy, or funding vehicle related to any Lithium Plan (in each case
in accordance with the terms of the applicable arrangement); (d) preclude Parent or any Parent Group member (or, in each case,
any successor thereto), at any time after the Separation Effective Time, from amending, merging, modifying, terminating, eliminating,
reducing, or otherwise altering in any respect any Parent Plan, any benefit under any Parent Plan or any trust, insurance policy,
or funding vehicle related to any Parent Plan (in each case in accordance with the terms of the applicable arrangement); or (e)
except as otherwise expressly provided in ‎Section 8.06(a), confer any rights or remedies (including any third-party
beneficiary rights) on any current or former employee or service provider of any member of the Parent Group or the Lithium Group
or any beneficiary or dependent thereof or any other Person.

 

Section
11.05.  Fiduciary Matters. Parent and the Company
each acknowledge that actions required to be taken pursuant to this Agreement may be subject to fiduciary duties or standards
of conduct under ERISA or other applicable Law, and no party shall be deemed to be in violation of this Agreement if it fails
to comply with any provisions hereof based upon its good faith determination (as supported by advice from counsel experienced
in such matters) that to do so would violate such a fiduciary duty or standard. Each party shall be responsible for taking such
actions as are deemed necessary and appropriate to comply with its own fiduciary responsibilities and shall fully release and
indemnify the other party for any Liabilities caused by the failure to satisfy any such responsibility.

 

Section
11.06.  Consent of Third Parties. If any provision
of this Agreement is dependent on the consent of any third party (such as a vendor or Governmental Authority), the parties shall
cooperate in good faith and use reasonable best efforts obtain such consent, and if such consent is not obtained, to implement
the applicable provisions of this Agreement to the full extent practicable. If any provision of this Agreement cannot be implemented
due to the failure of such third party to consent, the parties shall negotiate in good faith to implement the provision in a mutually
satisfactory manner. A party’s obligation to use its “reasonable best efforts” shall not require such party
to take any action to the extent it would reasonably be expected to (i) jeopardize, or result in the loss or waiver of, any attorney-client
or other legal privilege, (ii) contravene any applicable Law or fiduciary duty, (iii) result in the loss of protection of any
Intellectual Property or other proprietary information or (iv) incur any non-routine or unreasonable cost or expense.

 

Section
11.07.  Sponsored Employees. The parties shall, and
shall cause their respective Group members, to cooperate in good faith with each other and the applicable Governmental Authorities
with respect to the process of obtaining work authorization for

 

    30

     

    

each
Sponsored Employee to work with the Company or a Lithium Group member, including but not limited to, petitioning the applicable
Governmental Authorities for the transfer of each Sponsored Employee’s (as well as any spouse or dependent thereof, as applicable)
visa or work permit, or the grant of a new visa or work permit, to any Lithium Group member. Any costs or expenses incurred with
the foregoing shall constitute Lithium Assumed Employee Liabilities. In the event that it is not legally permissible for a Sponsored
Employee to continue work with the Lithium Group from and after the Separation Effective Time, the parties shall reasonably cooperate
to provide for the services of such Sponsored Employee to be made available exclusively to the Lithium Group under an employee
secondment or similar arrangement, which any costs incurred by the Parent Group (including those relating to compensation and
benefits in respect of such Sponsored Employee) shall constitute Lithium Assumed Employee Liabilities.

 

Article
XII

Dispute Resolution

 

Section
12.01.  General. The provisions of Section 9.03 of
the Separation and Distribution Agreement shall apply, mutatis mutandis, to all disputes, controversies, or claims (whether
arising in contract, tort, or otherwise) that may arise out of or relate to, or arise under or in connection with, this Agreement
or the transactions contemplated hereby.

 

Article
XIII

Miscellaneous

 

Section
13.01.  General. The provisions of ‎Article
IXArticle IX of the Separation and Distribution Agreement (other than Section 9.10 of the Separation and Distribution Agreement)
are hereby incorporated by reference into and deemed part of this Agreement and shall apply, mutatis mutandis, as if fully
set forth in this Agreement.

 

[Signature
Page Follows]

 

    31

     

    

IN
WITNESS WHEREOF, the parties have caused this Agreement to be executed by their duly authorized representatives as of the date
first above written.

 

	 	FMC CORPORATION	 
	 	 	 
	 	 	 
	 	By:	/s/ Pierre Brondeau	 
	 	 	Name:Pierre Brondeau	 
	 	 	Title:  Chief Executive Officer	 

    

 

	 	LIVENT CORPORATION	 
	 	 	 
	 	 	 
	 	By:	/s/ Paul Graves	 
	 	 	Name:Paul Graves	 
	 	 	Title:  Chief Executive Officer and President	 

   

 

 

[Signature
Page to Employee Matters Agreement]Exhibit 10.7

 

 

 

 

 

TRADEMARK LICENSE AGREEMENT

 

by and between

FMC CORPORATION

and

LIVENT CORPORATION

Dated as of October 15, 2018

 

 

 

 

    

     

    

TABLE
OF CONTENTS

 

 

Page

 

Article
1

Definitions

 

	Section 1.01.  Certain
    Definitions	1
	Section
    1.02.  Other Definitional and Interpretative Provisions	4

 

Article
2

Grant of License

 

	Section 2.01.  Grant
    of License	4
	Section
    2.02.  Sublicense Rights	4
	Section
    2.03.  Permitted Domain Names	5
	Section
    2.04.  Disclaimers; Limitation of Liability	5

 

Article
3

Ownership and Use of Licensed Trademarks

 

	Section 3.01.  Ownership
    of Licensed Trademarks	6
	Section
    3.02.  Challenges to Licensed Trademarks	6
	Section
    3.03.  Applications and Registrations	6
	Section
    3.04.  Use of the Licensed Trademarks	6
	Section
    3.05.  Quality Standards and Inspection	7
	Section
    3.06.  Third Party Notices	8

 

Article
4

Infringement and Indemnification

 

	Section 4.01.  Infringement
    of Licensed Trademarks by Third Party	8
	Section
    4.02.  Third Party Actions	9
	Section
    4.03.  Indemnification	9

 

Article
5

Term and Termination

 

	Section 5.01.  Term	10
	Section
    5.02.  Termination by Licensee	10
	Section
    5.03.  Termination by Licensor	10
	Section
    5.04.  Effect of Termination	11
	Section
    5.05.  Domain Name Redirect	11
	Section
    5.06.  Survival	11

 

 

    i

     

    

Article
6

General

 

	Section 6.01.  Assignment	11
	Section
    6.02.  Interpretation; Incorporation of Terms by Reference	12

 

 

    ii

     

    

TRADEMARK
LICENSE AGREEMENT

 

This TRADEMARK
LICENSE AGREEMENT, dated as of October 15, 2018 (the “Effective Date”), is made by and between FMC CORPORATION,
a Delaware corporation (“Licensor”) and LIVENT CORPORATION, a Delaware corporation (“Licensee”).

 

WHEREAS,
pursuant to the Separation and Distribution Agreement between Licensor and Licensee of even date herewith (the “Separation
and Distribution Agreement”), Licensor has contributed, transferred and conveyed to Licensee certain of Licensor’s
assets, and Licensee has assumed certain of Licensor’s liabilities, in each case, related to the Lithium Business, and as
a result of such transactions, Licensee will operate separately from Licensor after the date hereof.

 

WHEREAS,
Licensor and Licensee have agreed that Licensor shall retain sole and exclusive ownership of the Licensed Trademarks (as defined
below);

 

WHEREAS Licensee
desires to obtain, and Licensor is willing to grant, certain rights and licenses to use the Licensed Trademarks in connection
with the Lithium Business (as defined below) solely as set forth in this Agreement; and

 

WHEREAS,
the Separation and Distribution Agreement requires the execution and delivery of this Agreement;

 

NOW, THEREFORE,
in consideration of the foregoing, and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties agree as follows:

 

Article
1

Definitions

 

Section 1.01.     
Certain Definitions. For the purposes of this Agreement the following terms shall have the following meanings; provided
that capitalized terms used but not otherwise defined in this ‎Section
1.01 shall have the respective meanings ascribed to such terms in the Separation and Distribution Agreement:

 

“Affiliate”
means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under common control
with such Person whether now or in the future. For the purpose of this Agreement, Licensee and its Subsidiaries shall not be considered
Affiliates of Licensor. The term “control”, as used with respect to any Person, means the power to direct or
cause the direction of the management and policies of such Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise. “Controlled” and “controlling” have meanings correlative
to the foregoing.

 

     

     

    

“Agreement”
means this Trademark License Agreement, including all of the schedules and exhibits hereto.

 

“Applicable
Law” means, with respect to any Person, any federal, state or local law (statutory, common or otherwise), constitution,
treaty, convention, ordinance, code, rule, regulation, order, injunction, judgment, decree, ruling or other similar requirement
enacted, adopted, promulgated or applied by a Governmental Authority that is binding upon or applicable to such Person, as amended
unless expressly specified otherwise.

 

“Business
Day” means any day other than Saturday, Sunday or any other day on which commercial banks in New York, New York are
authorized or required by Applicable Law to close.

 

“Business
Items” means any and all items on which any Licensed Trademark is used in connection with the Lithium Business as of
the Effective Date including signs, business cards, invoices, letterhead, agreements and other commercial documents, inventory,
labels, equipment, trailers, trucks and other vehicles.

 

“Corporate
Identity” means any business or corporate entity name, trade name or other business or corporate identifier (e.g., “d/b/a”).

 

“Damages”
has the meaning set forth in ‎Section 4.03.

 

“Effective
Date” has the meaning set forth in the preamble.

 

“Field
of Use” means any product or service developed, marketed, promoted, sold or provided by Licensee as of the Effective
Date in connection with the conduct of the Lithium Business.

 

“Governmental
Authority” means any transnational, domestic or foreign federal, state or local, governmental authority, department,
court, agency or official, including any political subdivision thereof.

 

“License”
has the meaning set forth in ‎Section 2.01.

 

“Licensed
Logos” means the “FMC” logos set forth on Exhibit A (as the same may be updated from time to time by Licensor).

 

“Licensed
Trademarks” means the Licensed Word Mark and Licensed Logos.

 

“Licensed
Word Mark” means the word mark “FMC”.

 

    2

     

    

“Licensee”
has the meaning set forth in the preamble.

 

“Licensor”
has the meaning set forth in the preamble.

 

“Lithium
Business” means all of the businesses and operations of Licensee and the members of the Lithium Group as described in
the IPO Registration Statement.

 

“Other
Licensor Marks” has the meaning set forth in ‎Section 5.04.

 

“Permitted
Domain Names” has the meaning set forth in ‎Section 2.03.

 

“Person”
means an individual, corporation, partnership, limited liability company, association, trust or other entity or organization,
including a Governmental Authority.

 

“Promotional
Material” means any and all material used in the promotion of, or otherwise in connection with, any products or services
within the Field of Use (whether written or recorded in any medium) as permitted in this Agreement, and includes artwork, advertising
materials (irrespective of the medium in which they are recorded), display materials, brochures, videos, broadcasts and posters
(including any internet or web-based materials).

 

“Seperation
and Distribution Agreement” has the meaning set forth in the recitals.

 

“Social
Media Identifier” means any name, mark or other identifier (either alone or in combination with any other name, mark
or other identifier) used to establish an account, screen name, nickname or “handle” on, or means to locate any, social
media product, service, application or tool (e.g., Twitter, Facebook, etc.) or similar service (now known or hereafter known),
including any of the foregoing that permits the exchange of user generated content on the internet (e.g., YouTube, Instagram,
etc.).

 

“Sublicense”
has the meaning set forth in ‎Section 2.02.

 

“Sublicense”
has the meaning set forth in ‎Section 2.02.

 

“Subsidiary”
means, with respect to any Person, any entity of which securities or other ownership interests having ordinary voting power to
elect a majority of the board of directors or other persons performing similar functions are at any time directly or indirectly
owned by such Person. For the purpose of this Agreement, Licensee and its Subsidiaries shall not be considered Subsidiaries of
Licensor.

 

    3

     

    

“Term”
has the meaning set forth in ‎Section 5.01.

 

Section 1.02.     
Other Definitional and Interpretative Provisions. The words “hereof,” “herein” and “hereunder”
and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of
this Agreement. The captions herein are included for convenience of reference only and shall be ignored in the construction or
interpretation hereof. References to Articles, Sections and Exhibits are to Articles, Sections and Exhibits of this Agreement
unless otherwise specified. All Exhibits annexed hereto or referred to herein are hereby incorporated in and made a part of this
Agreement as if set forth in full herein. Any capitalized terms used in any Exhibit but not otherwise defined therein, shall have
the meaning as defined in this Agreement. Any singular term in this Agreement shall be deemed to include the plural, and any plural
term the singular. Whenever the words “include,” “includes” or “including” are used in this
Agreement, they shall be deemed to be followed by the words “without limitation,” whether or not they are in fact
followed by those words or words of like import. “Writing,” “written” and comparable terms refer to printing,
typing and other means of reproducing words (including electronic media) in a visible form. References to any statute shall be
deemed to refer to such statute as amended from time to time and to any rules or regulations promulgated thereunder. References
to any agreement or contract are to that agreement or contract as amended, modified or supplemented from time to time in accordance
with the terms hereof and thereof. References to any Person include the successors and permitted assigns of that Person. References
from or through any date mean, unless otherwise specified, from and including or through and including such date, respectively.
References to “law,” “laws” or to a particular statute or law shall be deemed also to include any and
all Applicable Law.

 

Article
2

Grant of License

 

Section 2.01.     
Grant of License. Subject to the terms and conditions of this Agreement, Licensor hereby grants to Licensee, during
the Term, a worldwide, limited (as set forth in ‎Article
5), revocable (as set forth in ‎Section 5.03), royalty-free,
non-transferable (except as set forth in ‎Article 6), non-sublicensable (except as set forth in ‎Section
2.02) and non-exclusive license to use the Licensed Trademarks solely in connection with any product or service in the Field of
Use (the “License”).

 

Section 2.02.     
Sublicense Rights. Subject to Licensee’s ongoing compliance with the terms and conditions of this Agreement,
the License shall

 

    4

     

    

include the
right of Licensee to grant sublicenses to any (i) Subsidiary of Licensee and (ii) manufacturers, suppliers, distributors, contractors
or consultants but solely for the purpose of providing products and services to or otherwise acting on behalf of and at the direction
of Licensee (each sublicense granted under this ‎Section 2.02, a “Sublicense” and a sublicensee
under a Sublicense, a “Sublicensee”), provided that:

 

(a)           
each Sublicense shall be in writing and shall contain terms that bind the Sublicensee to the terms and conditions of this
Agreement;

 

(b)           
no Sublicensee shall have the right to assign or sublicense its rights or licenses under its Sublicense to any third party;

 

(c)           
each Sublicense shall automatically terminate upon the earlier of (i) the expiration or the termination of this Agreement
and/or (ii) with respect to any Sublicense granted to any Subsidiary of Licensee, the date on which such Subsidiary ceases to
be a Subsidiary of Licensee;

 

(d)           
all terms and obligations applicable to Licensee under this Agreement shall equally apply to each Sublicensee and any act
or omission of each Sublicensee shall be deemed an act or omission of Licensee (including any breach by any Sublicensee of the
terms and conditions of this Agreement related to the use of the Licensed Trademarks) and Licensee shall be liable for any such
acts or omissions; and

 

(e)           
Licensee shall at all times and at its own cost enforce compliance by each Sublicensee with the terms and conditions of
this Agreement.

 

Section 2.03.     
Permitted Domain Names. Subject to the terms and conditions of this Agreement, Licensee shall have the right and
worldwide, limited (as set forth in ‎Article 5), revocable
(as set forth in ‎Section 5.03), royalty-free, non-transferable
(except as set forth in ‎Article 6), non-sub-licensable (except as set forth in ‎Section 2.02) and non-exclusive
license during the Term to register solely as a domain name with the applicable domain name registrar (and not as a trademark
or service mark), maintain and use, at Licensee’s sole cost and expense, the domain names set forth on Exhibit B (the “Permitted
Domain Names”) solely for the purpose of directing internet traffic to web sites related to the Lithium Business. Upon
any expiration or termination of this Agreement, Licensee shall, at Licensee’s sole cost and expense, promptly and irrevocably
assign and transfer to Licensor the Permitted Domain Names and provide Licensor with any applicable passwords or other information
necessary to control and maintain the Permitted Domain Names.

 

Section 2.04.     
Disclaimers; Limitation of Liability. THE LICENSE AND ALL OTHER RIGHTS GRANTED HEREIN ARE MADE ON AN “AS IS”

 

    5

     

    

AND “WHERE
IS” BASIS, AND LICENSOR HEREBY DISCLAIMS ANY EXPRESS OR IMPLIED REPRESENTATIONS OR WARRANTIES OF ANY KIND, INCLUDING WITHOUT
LIMITATION, THOSE REGARDING MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR OF NON-INFRINGEMENT. TO THE EXTENT PERMITTED
BY APPLICABLE LAW, LICENSOR SHALL NOT BE LIABLE UNDER ANY LEGAL OR EQUITABLE THEORY FOR ANY INDIRECT, SPECIAL, INCIDENTAL, OR
CONSEQUENTIAL DAMAGES OF ANY KIND EVEN IF LICENSOR HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

 

Article
3

Ownership and Use of Licensed Trademarks

 

Section 3.01.     
Ownership of Licensed Trademarks. Neither this Agreement nor its performance confer on Licensee any right, title
or interest in or to any Licensed Trademark other than those rights expressly granted in this Agreement. Licensor shall have the
right to grant any other rights in and licenses of the Licensed Trademarks as it sees fit and nothing in this Agreement restricts
Licensor’s right to use the Licensed Trademarks on or in connection with any products or services. All goodwill associated
with any use of the Licensed Trademarks by Licensee or any Sublicensee shall inure to the sole and exclusive benefit of Licensor.

 

Section 3.02.     
Challenges to Licensed Trademarks. Licensee shall not (a) challenge the validity or ownership of any Licensed Trademark
or any other marks of Licensor or claim adversely or assist in any claim adverse to Licensor concerning any right, title or interest
in any Licensed Trademark or (b) do, or permit any Sublicensee to do, any act which may directly or indirectly (i) impair or prejudice
Licensor’s right, title or interest in or to any Licensed Trademark or (ii) be likely to adversely affect any Licensed Trademark
or otherwise be detrimental to the reputation and goodwill of Licensor, including any act which might assist or give rise to any
application to remove or de-register any Licensed Trademark or any other related marks of Licensor.

 

Section 3.03.     
Applications and Registrations. Licensee shall provide Licensor with such reasonable assistance, at Licensor’s
sole cost and expense, as Licensor may deem necessary or appropriate in order for Licensor to file, prosecute, defend and maintain
applications and registrations for the Licensed Trademarks, or any mark containing any Licensed Trademark, as Licensor deems appropriate
in its complete discretion, including providing all consents, other documents and specimens of use reasonably requested by Licensor.

 

Section 3.04.     
Use of the Licensed Trademarks.

 

    6

     

    

(a)           
Standards for Use of the Licensed Trademarks. Licensee’s use of the Licensed Trademarks shall conform to (a)
the standards of use of the Licensed Trademarks set forth on Exhibit C and (b) such other reasonable standards as Licensor
from time to time prescribes, including standards with respect to the font, design, size, position, appearance, marking and color
of the Licensed Trademarks, and the manner of use of the Licensed Trademarks and accompanying designations on or in connection
with any product, service, document or other media (including any Business Item or Promotional Material) of the Lithium Business.

 

(b)           
Use of the Licensed Trademarks. Subject to compliance with the terms and conditions of this Agreement, Licensee
may use the Licensed Trademarks on any Business Item or Promotional Material for products or services within the Field of Use.
Without limiting Licensee’s rights under this Agreement, Licensee shall exercise commercially reasonable efforts to always
use the Licensed Word Mark as part of “FMC Lithium” and not on a standalone basis.

 

(c)           
Prohibitions on Use and Registration. Licensee shall not, and shall cause its Affiliates not to, (i) register or
use or attempt to register or to use any trademark, design, Corporate Identity, URL, domain name, or Social Media Identifier that
may be similar to or contain any Licensed Trademark (except as expressly permitted in ‎Section 2.03 with respect to
the Permitted Domain Names); (ii) register or attempt to register any Licensed Trademark individually or as part of, in combination
with or otherwise in connection with, any mark, logo or other source identifier (including as part of “FMC Lithium”);
(iii) use any Licensed Trademark in connection with any product or service outside the Field of Use; (iv) use any Licensed Trademark
with any mark, logo or other source identifier in such close proximity as to form a composite mark (other than as part of “FMC
Lithium” as permitted under this Agreement) or (v) use any Licensed Trademark in any way that may imply that such Licensed
Trademark is a Corporate Identity of Licensee (other than as part of “FMC Lithium” as permitted under this Agreement).

 

Section 3.05.     
Quality Standards and Inspection.

 

(a)           
All products and services to which any Licensed Trademark is applied (and all Business Items and Promotional Materials
used in connection with any of the foregoing) shall be (a) in compliance with all Applicable Laws at all times, (b) provided in
a manner so as not to bring discredit or disrepute upon any Licensed Trademark and (c) of at least substantially the same quality
as those products and services sold or provided by Licensor and its Subsidiaries immediately prior to the Effective Date, which
quality shall be reasonably maintained on a consistent basis.

 

    7

     

    

(b)           
Licensor shall have the right to inspect any designation, document or other media including any Business Items and Promotional
Materials, and any facilities or records, used or maintained by Licensee or any Sublicensee in connection with the manufacture,
commercialization, supply or other exploitation of any product or service under any Licensed Trademark upon providing Licensee
with one (1) week prior written notice. Such inspection shall only be permitted during Licensee’s normal business hours.
Upon any such written request, Licensee shall furnish Licensor with representative samples of products and services bearing any
Licensed Trademark (including Business Items and Promotional Materials) in order for Licensor to ascertain that they conform to
such quality standards and other provisions of this Agreement. Such samples shall be furnished by Licensee either at the facility
at which they are ordinarily kept, or, upon request of Licensor, shipped to Licensor at Licensor’s expense. In the event
that Licensor determines that any sample does not meet such standards, Licensee shall have sixty (60) days after notification
by Licensor within which to make the changes required for compliance.

 

Section 3.06.     
Third Party Notices. Licensee shall ensure that, to the fullest extent practicable under the circumstances, any
Business Item, Promotional Material and any other item of the Lithium Business which includes a reference to any Licensed Trademark
contains a written statement to the effect that (a) such Licensed Trademark is owned by Licensor and used by Licensee under license
(or such other statement as Licensor may reasonably require from time to time) and (b) such Business Item, Promotional Material
or other item is being distributed by Licensee and not by Licensor; provided that the obligations set forth in this ‎Section
3.06 shall only apply to such Business Items, Promotional Materials or other item (as applicable) created at any time after the
date that is three (3) months after the Distribution Date.

 

Article
4

Infringement and Indemnification

 

Section 4.01.     
Infringement of Licensed Trademarks by Third Party.

 

(a)           
Licensee shall immediately notify Licensor of any infringement, misappropriation, dilution or other violation of any Licensed
Trademark by any Person and shall inform Licensor of all particulars that it may have regarding the foregoing.

 

(b)           
Licensor shall have the sole and exclusive right, but not the obligation, to take any action, legal or otherwise, in connection
with any infringement, misappropriation, dilution or other violation of any Licensed Trademark. Licensor may require Licensee
to, and Licensee shall (upon such request), lend its name to such proceedings and provide reasonable assistance. If

 

    8

     

    

Licensor declines
to take such action, then Licensee shall have the right to take such action on behalf of Licensor at Licensee’s cost and
expense, unless Licensor determines in its reasonable judgment that such action may adversely impact its rights in any Licensed
Trademark. In the event that Licensee initiates an action pursuant to this ‎Section 4.01(b), Licensee shall (i) keep
Licensor fully and promptly informed of the conduct and progress of such action; and (ii) indemnify Licensor for all Damages (as
defined in ‎Section 4.03) arising from such action or any claims or counterclaims asserted against Licensor; and provided,
further, that Licensee shall not settle any such action in a manner that would adversely affect any right, title or interest of
Licensor in and to any Licensed Trademark without Licensor’s prior written consent. Any damages or settlement amounts recovered
for any Licensed Trademark in any such action shall first be used to reimburse each party for its respective costs incurred in
such action, and then shall belong solely and exclusively to the party that initiated such action. Except as otherwise provided
in this ‎Section 4.01(b), Licensee shall not institute, commence or prosecute any claim, action or proceeding against
any Person alleging infringement, misappropriation, dilution or other violation of any Licensed Trademark without the prior written
consent of Licensor.

 

Section 4.02.     
Third Party Actions. Licensee shall immediately notify Licensor of any allegations, claims or demands (actual or
threatened) against Licensee or any Sublicensee for infringement, misappropriation, dilution or other violation of any trademark
rights of any Person by reason of Licensee’s or any Sublicensee’s use of any Licensed Trademark and shall inform Licensor
of all particulars that it may have regarding the foregoing. Licensee shall not, and shall cause each Sublicensee not to, enter
into any settlement, admit any liability or consent to any adverse judgment that would adversely affect any right, title or interest
of Licensor in and to any Licensed Trademark without the prior written consent of Licensor. Each party shall have the right to
employ separate counsel and participate in the defense of such action at its own expense.

 

Section 4.03.     
Indemnification. Licensee agrees to indemnify, defend and hold Licensor and its Affiliates (including their respective
officers, directors, employees and agents) harmless from and against all losses, claims, damages, liabilities, demands, proceedings
and costs (including legal costs and attorneys’ fees) (“Damages”) arising out of any third-party claim
relating to (a) any product or service of Licensee or any Sublicensee which bears any Licensed Trademark and/or (b) any breach
of any right of or obligation to Licensor under this Agreement, including any use of any Licensed Trademark in breach of the terms
and conditions of this Agreement.

 

    9

     

    

Article
5

Term and Termination

 

Section 5.01.     
Term. This Agreement is effective as of the Effective Date and continues in full force and effect until the second
(2nd) anniversary of the Distribution Date, unless terminated earlier in accordance with ‎Section
5.02 or ‎Section 5.03 (the “Term”).

 

Section 5.02.     
Termination by Licensee. Licensee may terminate this Agreement in its entirety at will upon thirty (30) days written
notice to Licensor.

 

Section 5.03.     
Termination by Licensor. Licensor may terminate this Agreement, and the rights of Licensee or any Sublicensee, by
written notice to Licensee immediately (or upon such other time period as indicated below) if any of the following events occur:

 

(a)           
Licensee or any Sublicensee has committed a material breach of this Agreement and fails to remedy such breach within sixty
(60) days of receipt of written notice of such breach;

 

(b)           
Licensee or any Sublicensee has materially altered any Licensed Trademark without Licensor’s prior express written
approval;

 

(c)           
Licensee or any Sublicensee uses, markets, promotes or sells products or services bearing any Licensed Trademark in any
manner that deceives or misleads the public or damages or impairs the reputation or value of any Licensed Trademark in any material
respect;

 

(d)           
Licensee or any Sublicensee challenges the validity or enforceability of, or Licensor’s right to use or license the
use of, any Licensed Trademark or assists a third party in such a challenge, and fails to withdraw such challenge within five
(5) days of Licensor’s written notice of its intent to terminate this Agreement due to such challenge;

 

(e)           
Licensee or any Sublicensee files a voluntary petition under the United States Bankruptcy Code or the insolvency laws of
any state or has an involuntary petition filed against it under the United States Bankruptcy Code or a receiver appointed for
its business, unless such petition or appointment of a receiver is dismissed within thirty (30) days;

 

(f)            
Licensee or any Sublicensee undergoes a sale, merger, consolidation, spin-off, public or private offering of securities
or other transaction or series of related transactions resulting in a third party (other than Licensor or any of its Affiliates)
obtaining control of Licensee or such Sublicensee; or

 

    10

     

    

(g)           
Licensee assigns or transfers or attempts to assign or transfer this Agreement in violation of ‎Article
6.

 

Section 5.04.     
Effect of Termination. Upon expiration or termination of this Agreement, Licensee shall, and shall cause each Sublicensee
to, immediately cease any and all use of the Licensed Trademarks or any derivation thereof in any form, including by removing
the Licensed Trademarks from any and all assets, inventories, advertisements, communications, website content, other internet
or electronic communication vehicles and other documents and materials of Licensee and all Sublicensees, including any and all
Business Items and Promotional Materials. In furtherance of the foregoing, promptly upon expiration or termination of this Agreement,
Licensee shall discontinue use of and change the Corporate Identity of Licensee and any and all of its Subsidiaries that include
any Licensed Trademark or any other trademark or service mark owned by Licensor or any of its Affiliates (such other marks, the
“Other Licensor Marks”) to a name that does not use or contain any Licensed Trademark or any Other Licensor
Mark and is not confusingly similar to any Licensed Trademark or any Other Licensor Mark. Licensee shall and shall cause its Subsidiaries
to discontinue any further use of any such Corporate Identity on any Business Item and Promotional Material. In the event that
Licensee or any Sublicensee fails to cease using the Licensed Trademarks, Licensee agrees and hereby specifically consents to
Licensor obtaining a decree of a court having jurisdiction over Licensee or any Sublicensee ordering Licensee and the Sublicensees
to stop the use of the Licensed Trademarks in any form.

 

Section 5.05.     
Domain Name Redirect. For twelve (12) months after the expiration or termination of this Agreement pursuant to this
‎Article 5, Licensor shall use commercially reasonable
efforts to include a hypertext and/or graphic link in form and substance reasonably and in good faith determined by Licensor to
redirect site visitors of the Permitted Domain Names to livent.com or another domain name related to the Lithium Business as designated
by Licensee in writing to Licensor.

 

Section 5.06.     
Survival. Notwithstanding anything in this Agreement to the contrary, Sections ‎2.04,
‎3.01, ‎3.02,
‎4.03, ‎5.04
and ‎5.06 and ‎Article
6 and all associated definitions and interpretative provisions of this Agreement shall survive any expiration or termination of
this Agreement.

 

Article
6

General

 

Section 6.01.     
Assignment. This Agreement, and the License, are personal to Licensee. Licensee shall not voluntarily or by operation
of law assign or otherwise transfer all or any part of Licensee’s interest in this Agreement, and any

 

    11

     

    

attempted assignment
or other transfer shall be null and void and may result in termination by Licensor pursuant to ‎Section 5.03(g).

 

Section 6.02.     
Interpretation; Incorporation of Terms by Reference. This Agreement is an “Ancillary Agreement”
as such term is defined in the Separation and Distribution Agreement and shall be interpreted in accordance with the terms of
the Separation and Distribution Agreement in all respects; provided that in the event of any conflict or inconsistency
between the terms of this Agreement and the terms of the Separation and Distribution Agreement in respect of the subject matter
of this Agreement, the terms of this Agreement shall control in all respects. Sections 9.03, 9.04, 9.05, 9.06, 9.07 (other than
9.07(d)), 9.08, 9.09, 9.10, 9.11, 9.12, 9.13, 9.15, 9.16 and 9.17 (subject to the immediately preceding sentence) of the Separation
and Distribution Agreement shall each be incorporated herein by reference, mutatis mutandis, as if set forth in full herein.

 

[The remainder
of this page has been intentionally left blank; the next page is the signature page.]

 

    12

     

    

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

 

	FMC Corporation
	 
	 
	By:	/s/ Pierre Brondeau
	 	Name:Pierre Brondeau
	 	Title:Chief Executive Officer

   

 

	Livent Corporation
	By:	/s/ Paul Graves
	 	Name:Paul Graves
	 	Title:Chief Executive Officer and President

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