Document:

Lease Assignment And Assumption Agreement

 Exhibit 10.3 
 LEASE ASSIGNMENT AND ASSUMPTION AGREEMENT 
 THIS LEASE ASSIGNMENT AND ASSUMPTION AGREEMENT (this
“Agreement”) is made and entered into effective as of the first day of May 2006 (the “Effective Date”) by and among S.C. JOHNSON & SON, INC., a Wisconsin corporation (“SCJ”),
JOHNSONDIVERSEY, INC., a Delaware corporation (“JDI”), aad JOHNSON POLYMER, LLC, a Wisconsin limited liability company (“Johnson Polymer”). 
 RECITALS 
 A. Pursuant to an Asset and Equity Interest Purchase Agreement dated as of
May 1, 2006 by and among Johnson Polymer, JohnsonDiversey Holdings II B.V., a company organized under the laws of the Netherlands, and BASF Aktiengesellschaft, a company organized under the laws of Germany
(“Buyer”) (the “Purchase Agreement”), Buyer has purchased, among other things, (1) certain assets of Johnson Polymer which are used in the business of developing, manufacturing, and selling specialty polymers
for use in the industrial print and packaging industry, industrial paint and coatings industry, and industrial plastics industry and (2) the equity interests in certain subsidiaries of Johnson Polymer and JohnsonDiversey
Holdings II B.V. 
 B. Pursuant to a Real Estate and Equipment Lease Agreement dated as of July 3, 1999 by and between SCJ and
Johnson Polymer, Inc. (n/k/a Johnson Polymer), as amended by an Omnibus Lease Amendment dated as of November 20, 2001 by and between SCJ, S.C. Johnson Commercial Markets, Inc. (n/k/a JohnsonDiversey, Inc.), and Johnson Polymer, Inc. (n/k/a
Johnson Polymer, LLC) (as amended, the “Lease Agreement”), Johnson Polymer leases from SCJ (1) portions of buildings 50, 57 and 59 at SCJ’s Waxdale Facility located in Mt. Pleasant, Wisconsin, and (2) certain
equipment. The parties acknowledge that by notice of termination given by SCJ on December 22, 2005, the Lease Agreement will expire on July 2, 2006. 
 C. The parties desire to confirm in writing the assignment and assumption of rights and obligations contemplated by this Agreement. 
 NOW THEREFORE, in consideration of the recitals and the mutual covenants set forth herein, the parties agree as follows: 
 AGREEMENT 
 1. Capitalized Terms. All capitalized terms used herein and not otherwise defined herein
shall have the applicable meanings set forth in the Lease Agreement. 
 2. Assignment and Assumption of Rights and Obligations.
Johnson Polymer hereby assigns and transfers to JDI, and JDI hereby assumes from Johnson Polymer, all rights, obligations and liabilities of Johnson Polymer set forth in or arising pursuant to the Lease Agreement (whether arising or accruing prior
to, on or after the date hereof), including, but not limited to, those rights, obligations and liabilities set forth in or arising pursuant to Section 7 

 thereof (Rentals), Section 16 thereof (Environmental Matters), Section 17 (Indemnification) and Section 45
(Equipment Lease). SCJ hereby consents to such assignment, transfer and assumption. The parties hereto acknowledge and agree that the transfer of assets and sale of equity interests contemplated by the Purchase Agreement do not constitute a Change
in Control as defined in the Lease Agreement. 
 3. Approval of Other Provisions. The provisions of the Lease Agreement, as modified
by this Agreement, are hereby approved and ratified by the parties. The Lease Agreement, as modified by this Agreement, shall remain in full force and effect. The parties acknowledge that by notice of termination given by SCJ on December 22,
2005, the Lease Agreement will expire on July 2, 2006. 
 4. Repair and Maintenance Payment. JDI and Johnson Polymer acknowledge
and agree that, as of the date hereof, $2,200,000 (the “Repair and Maintenance Amount”) is due and owing to SCJ for currently identified repairs and maintenance of the Premises pursuant to Section 9 of the Lease Agreement and
that JDI and Johnson Polymer shall pay SCJ the Repair and Maintenance Amount within three business days after the closing of the transactions contemplated by the Purchase Agreement or, if earlier, on June 30, 2006. The Repair and Maintenance
Amount shall be paid by JDI and Johnson Polymer to SCJ by wire transfer of immediately available funds to an account designated by SCJ. That portion of the Repair and Maintenance Amount relating to the Johnson Polymer sewer overhaul project (at an
estimated budgeted cost of $500,000 for the current scope of that project) shall be subject to a future true-up by SCJ to take into account the actual versus budgeted expenditures for that portion of the Repair and Maintenance Amount. As to such
true-up, SCJ shall pay to JDI any excess of the budget ($500,000) over the actual cost of such Johnson Polymer sewer overhaul project and JDI shall pay to SCJ any excess of the actual cost of such project over such budgeted amount. Such payment
obligation and true-up obligation shall survive the expiration of the Lease. JDI and Johnson Polymer are jointly and severally responsible for payment of the Repair and Maintenance Amount. The parties acknowledge that the costs of any additional
repair, maintenance and replacement projects shall be payable in accordance with the terms of the Lease. 
 5. Toll Manufacturing
Payment. Subject to agreement between the parties as to the terms of a definitive toll manufacturing agreement in relation to certain manufacturing to occur on the Premises, (a) $3,500,000 (the “Toll Manufacturing Amount”)
is due and owing to SCJ as consideration for SCJ entering into any such toll manufacturing agreement and (b) JDI shall pay SCJ the Toll Manufacturing Amount within three business days after the later of (i) July 2, 2006, or
(ii) the execution of the definitive toll manufacturing agreement; provided, however, that if the closing of the transactions contemplated by the Purchase Agreement (the “Closing”) has not occurred by July 2, 2006, then,
subject to the parties’ agreement as to the terms of a definitive toll manufacturing agreement, in lieu of an up-front payment of the entire Toll Manufacturing Amount, JDI and SCJ will in good faith agree upon increased tolling charges based on
SCJ’s actual budget (which would effectively include the Toll Manufacturing Amount), provided further that if the Closing occurs at any time during the toll manufacturing agreement, then within three business days after the Closing JDI shall
pay to SCJ an agreed revised Toll Manufacturing Amount and thereafter the tolling charges would be appropriately reduced to reflect that up-front payment.. 
  

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 6. Integration. This Agreement and the Lease Agreement and the schedules thereto contain the
entire agreement among the parties. In the event a provision of this Agreement and the Lease Agreement are in conflict, the provisions of this Agreement and then the Lease Agreement shall control, in that order. 
 7. Effective Date. Except for Section 4 (which shall be effective immediately) and Section 5 (which shall be effective on the execution
of the toll manufacturing agreement referenced in such Section), this Agreement (including the assignment and assumption of the Lease Agreement) shall be effective upon the Closing. In the event the Closing does not occur on or before
December 31, 2006, then either JDI or SCJ may by written notice given to the other two parties, terminate this Agreement and upon the giving of such notice, this Agreement (including the assignment and assumption of the Lease Agreement ), other
than Section 4 and Section 5, shall not be effective and this Agreement shall terminate. 
 8. Miscellaneous. The Preamble
and the recitals set forth above shall be deemed incorporated herein by reference. This Agreement shall be governed by and construed in accordance with the internal laws of the State of Wisconsin, irrespective of any conflicts of law provisions.
This Agreement shall be binding upon and inure to the benefit of the parties hereto, their heirs, successors, assignees, and beneficiaries in interest. This Agreement may not be modified, amended or supplemented except by written agreement of the
parties hereto. This Agreement may be executed by facsimile and in counterparts. If executed in counterparts, each counterpart shall be deemed an original, but all of which taken together shall constitute one and the same agreement. 
 *  *  *  *  * 
  

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

  

			
	S.C. JOHNSON & SON, INC.
		
	By:	 	 /s/ H. Fisk Johnson

	Print Name:	 	H. Fisk Johnson, Ph.D.
	Title:	 	Chairman and CEO
	
	JOHNSONDIVERSEY, INC.
		
	By:	 	 /s/ Joseph F. Smorada

	Print Name:	 	Joseph F. Smorada
	Title:	 	Executive Vice President and CFO
	
	JOHNSON POLYMER, LLC
		
	By:	 	 /s/ JoAnne Brandes

	Print Name:	 	JoAnne Brandes
	Title:	 	Vice President

  

 4Termination Agreement

 Exhibit 10.4 
 TERMINATION AGREEMENT 
 This Termination Agreement (this “Agreement”) is made and entered
into on May 1, 2006 by and among S.C. Johnson & Son, Inc., a Wisconsin corporation (“SCJ”), and Johnson Polymer, LLC, a Wisconsin limited liability company (“Polymer”). 
 RECITALS 
 A. Pursuant to an Asset and Equity
Interest Purchase Agreement dated as of May 1, 2006 (the “Purchase Agreement”) by and among Polymer, JohnsonDiversey Holdings II B.V., a company organized under the laws of the Netherlands (together with Polymer,
“Sellers”), and BASF Aktiengesellschaft, a company organized under the laws of Germany (“Buyer”), Buyer or its designated affiliate will purchase, among other things, (1) certain assets of Polymer which are
used in the business of developing, manufacturing, and selling specialty polymers for use in the industrial print and packaging industry, industrial paint and coatings industry, and industrial plastics industry and (2) the equity interests in
certain subsidiaries of the Sellers. 
 B. Pursuant to an Agreement dated effective as of May 3, 2002 by and between SCJ and Johnson
Polymer, Inc. (n/k/a Johnson Polymer, LLC) (the “License Agreement”), SCJ granted to Polymer a license to use certain SCJ brands and marks in connection with the sale of Polymer products. 
 C. In connection with the closing of the transactions contemplated by the Purchase Agreement (the “Closing”), (1) SCJ intends to
grant to Buyer a limited phase out license concerning the use of the name “Johnson Polymer” and certain other marks (the “Phase-Out License”), all as will be more specifically provided in the Phase-Out License, and
(2) SCJ and Polymer desire to terminate the License Agreement, in accordance with the terms and conditions set forth in this Agreement. 
 NOW, THEREFORE, for such good and valuable consideration, the receipt of which is acknowledged, the parties hereby agree as follows: 
 AGREEMENTS 
 1. Acknowledgement of Certain Actions in Connection with the Sale of the Business. 
 (a) SCJ and Polymer hereby agree that the execution of the Purchase Agreement, and the transfer of the assets, equity interests and liabilities as set
forth in the Purchase Agreement, shall not constitute “CONDUCT DEEMED DETRIMENTAL” as defined in the License Agreement and referenced in Section 15(g) thereof. 

 (b) SCJ and Polymer acknowledge that, subject to the execution and delivery of the Phase-Out License by
Buyer (in the form attached to the purchase agreement, with such changes, if any, as may be agreed by the parties to the Phase-Out License) on or prior to the Closing, (i) the failure of Polymer to change its name or the name of any of the
Sellers’ subsidiaries prior to the Closing to eliminate the use of the name “Johnson” and the failure of Polymer to adopt new house marks and trade names and cause its subsidiaries to do the same will not be a breach of, violation of
or default under Section 15(n) of the License Agreement or give rise to a right to convert a license or to terminate the License Agreement under such Section and (ii) subject to Polymer’s compliance with Section 2 of this
Agreement, the failure of Polymer to change its name or the name of any of the Sellers’ subsidiaries prior to the Closing to eliminate the use of the name “Johnson” and the failure of Polymer to adopt new house marks and trade names
and cause its subsidiaries to do the same will not constitute a breach of any of the following Sections of the License Agreement: Sections 15(p)(i), (vi), (vii) and (viii) and Section 15(s). SCJ further agrees that, subject to the
execution and delivery of the Phase-Out License by Buyer (in the form attached to the purchase agreement, with such changes, if any, as may be agreed by the parties to the Phase-Out License) on or prior to the Closing and to Polymer’s
compliance with Section 2 of this Agreement, (i) SCJ will not exercise its rights under Section 15(p)(v) of the License Agreement and (ii) for purposes of Section 15(u) of the License Agreement, the execution of the Purchase
Agreement, and the transfer of the assets, equity interests and liabilities as set forth in the Purchase Agreement, shall not constitute an event described in Section 15(g) or Section 15(n) of the License Agreement. 
 2. Termination of License Agreement. Effective as of the Closing, but subject to the execution and delivery of the Phase-Out License by Buyer (in
the form attached to the purchase agreement, with such changes, if any, as may be agreed by the parties to the Phase-Out License) on or prior to the Closing, SCJ and Polymer hereby terminate the License Agreement and, except as provided herein and
therein, the rights and obligations of the parties under the License Agreement shall terminate, provided that Polymer hereby agrees, in each case not later than 90 days after the Closing, to (a) change its name from “Johnson Polymer,
LLC” to a name that does not contain the word “Johnson” and (b) cease using any materials with the name “Johnson” and cease selling any products that bear a “HOUSE MARK” (as defined in the License Agreement
and referenced in Section 27 thereof). For the avoidance of doubt, Polymer shall, during the 90-day period after the Closing (but not after such 90-day period), (a) have the right to maintain in its company name the word
“Johnson” and (b) have the right to use materials with the name “Johnson” so long as such activities are in accordance with the terms of the License Agreement (as if such document was in effect during such 90-day period).
Polymer represents and covenants that it has no “SCJ LICENSED PRODUCTS” (as defined in the License Agreement and referenced in Section 27 thereof) and will not, at the time of the Closing, have any SCJ LICENSED PRODUCTS. In reliance
on the prior representation and the other agreements contained herein and in the License Agreement, SCJ agrees that upon the Closing, (i) Section 27 of the License Agreement shall be of no force and effect and (ii) Polymer and
Sellers’ subsidiaries will have no obligations under Section 27(a) of the License Agreement with respect to any raw materials or any finished goods. 
 3. Survival. Polymer acknowledges that, except as expressly provided herein with respect to Section 15(n), Sections 15(p)(i), (v), (vi), (vii) and (viii), Section 15(s), Section 15
(u)
  

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 and Section 27(a) of the License Agreement, any provisions of the License Agreement which by their terms survive
termination of the License Agreement shall survive execution of this Agreement in accordance with the terms of the License Agreement. 
 4.
Integration. This Agreement, the License Agreement and the schedules thereto contain the entire agreement between the parties with respect to the subject matter hereof. If a provision of this Agreement and a provision of the License Agreement
are in conflict, the applicable provision of this Agreement and then the applicable provision of the License Agreement shall control, in that order. 
 5. Effective Date. This Agreement shall be effective upon the Closing. If Closing does not occur on or before December 31, 2006, then either JP or SCJ may by written notice given to the other party,
terminate this Agreement and upon the giving of such notice, this Agreement shall not be effective and the License Agreement shall remain in full force and effect (provided that the Closing has not occurred prior to the giving of the notice
terminating this Consent). 
 6. Miscellaneous. The Preamble and the recitals set forth above shall be deemed incorporated herein by
reference. This Agreement shall be governed by and construed in accordance with the internal laws of the State of Wisconsin, irrespective of any conflicts of law provisions. This Agreement shall be binding upon and inure to the benefit of the
parties hereto, their heirs, successors, assignees, and beneficiaries in interest and may not be modified, amended or supplemented except by written agreement of the parties hereto. This Agreement may be executed in counterparts and be delivered by
facsimile transmission of signature pages. If executed in counterparts, each counterpart shall be deemed an original, but all of which taken together shall constitute one and the same agreement. 
 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first set forth above. 
  

			
	S.C. JOHNSON & SON, INC.
		
	By:	 	 /s/ H. Fisk Johnson

	Print Name:	 	H. Fisk Johnson, Ph.D.
	Title:	 	Chairman and CEO
	
	JOHNSON POLYMER, LLC
		
	By:	 	 /s/ JoAnne Brandes

	Print Name:	 	JoAnne Brandes
	Title:	 	Vice President

  

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