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Exhibit 10.17    
  

[ON ASSIGNMENT LETTERHEAD]  

February 28,
2002 

Mr. Michael
Tatum

9255 E. Mountain Springs Road

Scottsdale, AZ 85255 

Dear
Mike: 

        We
are pleased to offer you the position of Senior Vice President, Sales & Marketing in our corporate office reporting to Joe
Peterson, our Chief Executive Officer. Your start date will be Monday, March 4, 2002. This letter explains the compensation structure for your position and the other terms and conditions of
your employment. Your primary responsibilities include the management of our field organization through providing leadership and strategic direction in order to ensure that the sales division achieves
the target goals set in place for fiscal 2002. Within this we have agreed that the position and pace by which the business must evolve requires a clear prioritization of effort and attention. 

Base Salary  

        Your annualized base salary will be $240,000. Your annualized base salary will be reviewed at the end of each year in conjunction with establishing a performance
based incentive compensation plan for the next calendar year. You are classified as an exempt employee and therefore you are not entitled to overtime pay. Certain components of your compensation are
expressed by dividing the annualized amounts by 26. Salary will be pro-rated to reflect the actual beginning and ending dates of employment as necessary. 

        Your
performance will be reviewed based on but not limited to such performance factors as: 

	•
	Revenue
growth

	•
	P&L
Management

	•
	Defined
Objectives & Goals 

Incentive Compensation Plan  

        As discussed, you will be responsible for providing Joe Peterson and the Board of Directors your plan and outline for meeting clear objectives that meet both
company and personal target goals in order to be considered for a change in your incentive compensation other than outlined within this letter. You will be given 60 days to evaluate the
business and provide said objectives in order to change the outline below. It is our intention to have a lucrative incentive target be a majority of your income and this current plan is built as a
minimum goal for you at this time. For fiscal year 2002, you will be eligible to earn up to 50% of your base salary as a minimum to your incentive compensation. Your incentive program will be based
specifically on attaining the Board approved Q4 2002 budget numbers for the North American divisions of Lab Support and Healthcare Financial Staffing. The Q4 goal set in place is defined as reaching
through internal growth and maintaining for two weeks a working employee number of 2,813 for LS and a HFS goal of 1,492. 

        Revenue
growth with preservation of gross margins is one of our primary goals at On Assignment and so you should expect that performance beyond projections will result in substantial
discretionary incentive bonus compensation. 

Payment of Incentive Compensation  

        Incentive compensation will be paid on an annual basis, not later than January 15th, following year-end. You must be employed on
December 31st to be eligible to earn incentive payments for that year. 

Stock Options  

        You have been provided with an initial grant option to purchase 50,000 shares of On Assignment, Inc. Common Stock in accordance with the Company's stock
option plan. Such options will be subject to all of the terms and conditions of the Company's 1987 Restated Stock Option Plan, including the vesting over a four-year period, such that
25 percent of the options vest after one year from your hire date, with the remainder vesting in monthly installments during the 36 successive months of service thereafter. This is a
potentially significant component of your overall compensation package and differentiates On Assignment from other temporary staffing companies, which generally do not offer new employees a share in
the overall success of the Company. Detailed information regarding your Stock Option Grant will be provided at a later date. 

Employee Stock Purchase Plan ("ESPP")  

        After one year of service and 1000 hours worked you will be eligible for the next (March or September) enrollment opportunity to participate in the
Company's ESPP. This plan allows you to purchase On Assignment common stock through payroll deductions of up to 10% of your base salary and at a price which reflects a 15 percent discount from
the lower of the beginning or ending price for the six month purchase period. 

Relocation  

        As agreed, you will commute from Arizona to Calabasas weekly until your relocation to California within the next 90 days. You will be given full
reimbursement for reasonable expenses for hotel, air travel and subsistence while commuting as long as your expenses fall within our travel policy guidelines. For your convenience and in adherence to
company policy, your travel will be booked through the Human Resources Department. 

        Upon
relocation you will either be reimbursed for, or On Assignment, Inc. will pay directly on your behalf, reasonable and customary expenses as follows subject to approval by our
CFO, Ron Rudolph: 1) closing costs, including real estate agent fees, in connection with the sale of your Scottsdale, Arizona residence and your purchase of a new home in California, not
including points; 2) Moving costs from Arizona, including up to two automobiles. 

        If
your employment is terminated by On Assignment, Inc. without cause within 12 months of your start date, your bi-weekly salary (and related benefits) will
continue to be paid for 12 weeks from your date of termination. In the event of change of control, this 12-week provision would terminate and would be replaced by our existing "Change in
Control Severance Plan". Under this plan, following an acquisition of the Company, the Sr. Vice President level receives a lump sum payment of 100% of base salary and
100% of target bonus in the event of termination without cause or voluntary termination following a reduction in compensation, a relocation of more than 35 miles in place of employment or a change in
position which would materially reduce the level of authority or responsibility. A copy of the full plan is being provided to you concurrently herewith. 

Car Allowance  

        Once you have relocated to the area from Arizona you will be eligible to receive the car allowance. The car allowance is provided to cover the costs of operating
your personal automobile while carrying out your job related responsibilities within your normal geographic area of coverage. This eliminates the need to account for mileage in the normal course of
conducting your business. Your annualized auto allowance is $5,400 and paid on a bi-weekly basis. 

Group Medical, Dental, Life & Disability Insurance  

        On Assignment provides you with a complete package of health and other insurance benefits. The company pays over 70% of the premium for medical and dental
insurance and 100% of the premium for life and long-term disability insurance. Your benefits will become effective April 1, 2002. 

Personal Time Off—Vacation, Holiday and Sick Pay  

        On Assignment provides 8 paid holidays and a personal time off policy (PTO). Personal time off is accrued based on your length of service and accrued days can be
used for any purpose. Wherever possible PTO should be requested in advance and approved by your supervisor. You will receive 20 days of personal time off annually. PTO is available for use at
any time, however the use of PTO in excess of that already accrued will not be authorized without approval of a Senior Officer or above. PTO will continue to accrue until the total amount accrued is
three days above the annual allowed amount. For example: employees with five years of service or more can accrue up to a total of 200 hours. Once the maximum accrual has been reached, the
accrual will cease until such time that PTO hours are taken bringing the total below the maximum. 

Deferred Compensation Plan  

        On Assignment, Inc. has a Deferred Compensation Plan, which allows through payroll deductions to make a pre-tax deferral of base salary and
incentive compensation. The plan offers a variety of investment vehicles for these deferred funds. Details and enrollment forms are included with this offer letter. 

Section 125 "Cafeteria" Plan  

        You are also able to participate in the Company's Section 125 "Cafeteria" Plan, which allows you to make contributions on a pre-tax basis to
fund health insurance premiums; out-of-pocket medical expenses and child/dependent care expenses. 

Employment At-Will  

        Employment with the Company is not for a specific term and can be terminated by yourself or the Company at any time for any reason with or without cause or
advance notice. Any contrary representations which may have been made or which may be made to you are superseded by this offer. This is the full and complete agreement between you and the Company
regarding your at-will employment. Although your title, compensation, benefits and other Company policies may change at the Company's sole discretion, your at-will employment
relationship may only be changed in an express written document signed by you and the Company's President or its Chief Financial Officer. We request that all of our employees, to the extent possible,
give us advance notice if they intend to resign. 

        Your
employment pursuant to this offer is contingent on you executing the enclosed Proprietary Information and Inventions Agreement and on you providing the Company with the legally
required proof of your identity and authorization to work in the United States. Your employment is also contingent upon the satisfactory conclusion of the Company's
pre-employment drug testing and credit, criminal and motor vehicle investigation as well as previous salary verification, education and past employment
verification.

        This
letter sets forth the terms of your employment with us and supersedes any prior representations or agreements, whether written or oral. Any such changes to the plan may only be in
writing and must be approved by the Company's President or its Chief Financial Officer. A duplicate original of this offer and the Proprietary Information and Inventions Agreement is enclosed for your
records. To accept this offer, please sign and return this letter and the executed Proprietary Information and Inventions Agreement to our Human Resources Department. 

        Mike,
please excuse the formality of this letter. We are excited about having you on the On Assignment, Inc. team. If you have any questions, please do not hesitate to call me. 

Very
truly yours, 

/s/  RON RUDOLPH      

Ron
Rudolph

Executive Vice President Finance and Chief Financial Officer 

I
HAVE READ AND ACCEPT THIS EMPLOYMENT OFFER: 

	/s/  MICHAEL TATUM      
 Michael Tatum	 	3/4/2002
 Date	 	 

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Exhibit 10.29    
  

 
 

EXECUTION COPY    
  

 
 

FIFTH AMENDMENT

        This
FIFTH AMENDMENT (this "Amendment"), dated as of February 7, 2003, is entered into by and among Huntsman International LLC
(f/k/a Huntsman ICI Chemicals LLC), a Delaware limited liability company (the "Borrower"), Huntsman International Holdings LLC (f/k/a Huntsman ICI
Holdings LLC), a Delaware limited liability company ("Holdings"), the undersigned financial institutions, including Deutsche Bank Trust Company Americas
(formerly named Bankers Trust Company), in their capacities as lenders hereunder (collectively, the "Lenders," and each individually, a
"Lender"), Deutsche Bank Trust Company Americas (formerly named Bankers Trust Company), as Lead Arranger, Administrative Agent
("Administrative Agent") for the Lenders and Sole Book Manager, Goldman Sachs Credit Partners L.P., as Syndication Agent and Co-Arranger and
The Chase Manhattan Bank and UBS Warburg LLC (as successor to Warburg Dillon Read), as Co-Arrangers and as Co-Documentation Agents (collectively, the
"Agents" and each individually, an "Agent"). Terms used herein and not otherwise defined herein shall
have the same meanings as specified in the Credit Agreement (as defined below). 

 
 

RECITALS:    
  

        A.    The
Borrower, Holdings, the Lenders, the Agents and the Administrative Agent have heretofore entered into that certain Credit Agreement dated as of June 30, 1999,
as amended by that certain First Amendment dated as of December 21, 2000, that certain Second Amendment dated as of March 5, 2001, that certain Third Amendment dated as of
November 30, 2001, and that certain Fourth Amendment dated as of March 15, 2002 (as amended, restated, supplemented or otherwise modified from time to time, the
"Credit Agreement"). 

        B.    The
Borrower and Holdings wish, and the Lenders signatory hereto and the Agents and Administrative Agent are willing, to amend the Credit Agreement subject to the terms
and conditions of this Agreement. 

        C.    This
Agreement constitutes a Loan Document and these Recitals shall be construed as part of this Agreement. 

        NOW,
THEREFORE, in consideration of the recitals herein contained and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties
hereto agree as follows: 

        SECTION 1.    Amendment of Credit Agreement.    

        The
Credit Agreement is hereby amended as of the Fifth Amendment Effective Date as follows: 

        (a)  Section 1.1 of the Credit Agreement is hereby amended by adding the following definitions
in their proper alphabetical order:  

        "Fifth Amendment" means that certain Fifth Amendment to this Agreement dated as of February 7, 2003. 

        "Fifth Amendment Effective Date" has the meaning set forth in Section 2 of the
Fifth Amendment. 

        (b)  Effective as of the Fifth Amendment Effective Date, the definition of "Applicable Base Rate Margin" in  Section 1.1. of the Credit Agreement is hereby amended
by adding 25 basis points to each percentage found in the chart therein.  

 

         (c)  Effective as of the Fifth Amendment Effective Date, the definition of "Applicable Eurocurrency Margin" in  Section 1.1. of the Credit Agreement is hereby amended by adding 25 basis points to each percentage found in the chart therein.
  

         (d)  The definition of "Consolidated Net Worth" in Section 1.1 of the Credit Agreement is hereby amended
by adding the
following new language immediately prior to the first proviso therein:  

        "plus, to the extent deducted in determining the foregoing, amounts permitted by  clause (ii) of the definition of Permitted Restructuring Charges;" 

        (e)  The definition of "Consolidated Net Worth" in Section 1.1 of the Credit Agreement is
hereby further amended by adding the following new proviso immediately at the end thereof:  

        "provided, further, however, solely for
purposes of the calculations required by Section 9.2, there shall be excluded from the calculation of Consolidated Net Worth the cumulative
effect of the recognition of additional minimum pension liability as a component of other comprehensive income required to be recognized by the Statement of Financial Accounting Standards
No. 87." 

        (f)    The definition of "Permitted Restructuring Charges" in Section 1.1 of the Credit Agreement
is hereby deleted and replaced with the following new definition:  

        "Permitted Restructuring Charges" means (i) for any period of four consecutive fiscal quarters that includes the fourth quarter of
Fiscal Year 2001, any actual restructuring charges recorded by the Borrower and its Subsidiaries during such period in an aggregate amount for all such restructuring charges not to exceed $40,000,000
in connection with the restructuring of certain Affiliates of the Borrower and its Subsidiaries as described on Schedule 1.1(d) hereto; and
(ii) any actual restructuring charges recorded by the Borrower and its Subsidiaries during Fiscal Year 2003 in an aggregate amount for all such restructuring charges not to exceed $65,000,000
of which no more than $40,000,000 may be cash charges in connection with the restructuring of certain Affiliates of the Borrower and its Subsidiaries as described on  Schedule 1.1(e) hereto.

        (g)  The definition of "Receivables Subsidiary" in Section 1.1 of the Credit Agreement is
hereby amended by adding the following proviso after the words "Permitted Accounts Receivable Securitization" found in the first sentence of such definition:  

        ";
provided, however, that if the law of a jurisdiction in which the Borrower proposes to
create a Receivables Subsidiary does not provide for the creation of a bankruptcy remote entity, the Administrative Agent may in its discretion permit the Borrower to form another type of entity in
such jurisdiction to serve as a Receivables Subsidiary as is reasonable under the circumstances". 

        (h)  Section 4.5(e)(ii) of the Credit Agreement is hereby amended by deleting such section in
its entirety and by replacing it with the following new Section 4.5(e)(ii):  

        "(ii)
Any prepayment of principal required to be made by the Borrower pursuant to Section 4.4(m)(ii) shall be applied, subject to a
waiver of prepayments pursuant to Section 4.5(c), first to the Scheduled Term A Dollar Repayments, the Dollar Equivalent amount of the Scheduled
Term A Euro Repayments, the Scheduled Term B Repayments and the Scheduled Term C Repayments due within the 12 month period following the date of such prepayment in direct order of maturity and,
thereafter, subject to Section 4.5(c), shall be applied in proportional amounts equal to the Term A Dollar Percentage, the Term A Euro
Percentage, Term B Percentage and Term C Percentage (in each case, after giving effect to the prepayments made to the Scheduled Term A Dollar Repayments, the Scheduled Term A Euro 

2

 

Repayments, Scheduled Term B Repayments and Scheduled Term C Repayments due within such twelve month period as specified above), as the case may be, of such remaining prepayment, if any, and within
each Term Loan, shall be applied to reduce the remaining Scheduled Term A Repayments, Scheduled Term B Repayments and Scheduled Term C Repayments on a pro rata basis (based upon the then remaining
principal amount of such Scheduled Term A Dollar Repayments, Scheduled Term A Euro Repayments, Scheduled Term B Repayments and Scheduled Term C Repayments, respectively)." 

        (i)    Section 4.4(k)(iii) of the Credit Agreement is amended by deleting the reference to
"$280 million" therein and replacing it with a reference to "$310 million".  

         (j)    Section 6.10 of the Credit Agreement is amended by (i) adding an "(a)" immediately
at the beginning of such
section, (ii) deleting the language "the aggregate fair market value of the assets of each Plan equals or exceeds the aggregate present value of the accrued benefits under such Plan" and
(iii) by adding the following new language immediately at the end thereof:  

        "(b)
(i) Each Foreign Pension Plan is in compliance and in good standing (to the extent such concept exists in the relevant jurisdiction) in all material respects with all laws,
regulations and rules applicable thereto, including all funding requirements, and the respective requirements of the governing documents for such Foreign Pension Plan; (ii) with respect to each
Foreign Pension Plan maintained or contributed to by Holdings or any Subsidiary, (x) that is required by applicable law to be funded in a trust or other funding vehicle is in material
compliance with applicable law regarding funding requirements, and (y) that is not required by applicable law to be funded in a trust or other funding vehicle, reasonable reserves have been
established in accordance with prudent business practice or where required by ordinary accounting practices in the jurisdiction in which such Foreign Pension Plan is maintained; (iii) all
material contributions required to have been made by Holdings or any Subsidiary to any Foreign Pension Plan have been made within the time required by law or by the terms of such Foreign Pension Plan;
and (iv) to the knowledge of Holdings and its Subsidiaries, no actions or proceedings have been taken or instituted to terminate or wind-up a Foreign Pension Plan with respect to
which Holdings or any of its Subsidiaries could have any material liability." 

        (k)  Section 7.7 of the Credit Agreement is hereby amended by (i) adding an "(a)"
immediately at the beginning thereof and (ii) by adding the following new language immediately at the end thereof:  

        "(b)
Holdings shall, and shall cause each of its Subsidiaries to, establish, maintain and operate all Foreign Pension Plans in compliance in all material respects with all laws,
regulations and rules applicable thereto and the respective requirements of the governing documents for such Plans." 

        (l)    Section 8.2(o) of the Credit Agreement is hereby amended by deleting such section in its
entirety and by replacing it with the following new Section 8.2(o):  

        "(o)
Indebtedness of the Borrower and of its Subsidiaries (other than UK Holdco 1) and Guarantee Obligations with respect thereto by the Borrower and/or its Subsidiaries pursuant
to over-draft or similar lines of credit (including unsecured back-to-back lines of credit relating thereto among Foreign Subsidiaries, an
"Overdraft Facility") such that the aggregate amount of such Indebtedness permitted thereunder or outstanding under this clause (o) at any one
time does not exceed (without duplication) (x) $30,000,000 (or the Dollar Equivalent thereof) for more than one (1) consecutive Business Day, with respect to such Indebtedness incurred
by a Foreign Subsidiary; and (y) $20,000,000, with respect to such Indebtedness incurred by the Borrower and its Domestic Subsidiaries, provided,  further, however, that the 

3

 

aggregate principal amount of Indebtedness outstanding under each such line shall be reduced to the Dollar Equivalent of $10,000,000 during at least one day during each calendar month;" 

        (m)  Section 8.7(c) of the Credit Agreement is hereby amended by deleting the amount
"$2,000,000" found therein and inserting the amount "$5,000,000" in its place.  

         (n)  Section 9.3 of the Credit Agreement is hereby amended by deleting such section in its entirety and by
replacing it
with the following new Section 9.3:  

        "9.3
Interest Coverage Ratio

        Neither
Holdings nor the Borrower will permit the Interest Coverage Ratio calculated for any Test Period ending at the following dates or during the follow periods to be less than the
ratio set forth opposite such period: 

	Period
 
	 	Ratio
	 
	January 1, 2003 to March 31, 2003	 	1.60 to 1.0	 
	April 1, 2003 to June 30, 2003	 	1.65 to 1.0	 
	July 1, 2003 to September 30, 2003	 	1.75 to 1.0	 
	October 1, 2003 to December 31, 2003	 	1.85 to 1.0	 
	January 1, 2004 to March 31, 2004	 	2.00 to 1.0	 
	April 1, 2004 to June 30, 2004	 	2.50 to 1.0	 
	July 1, 2004 to September 30, 2004 and each period thereafter	 	2.75 to 1.0	"

        (o)  Section 9.4 of the Credit Agreement is hereby amended by deleting such Section in its
entirety and by replacing it with the following new Section 9.4:  

        "9.4
Leverage Ratio. 

        The
Borrower will not permit for any Test Period ending on a date set forth during any period described below, the Leverage Ratio to exceed the ratio set forth opposite such period: 

	Period
 
	 	Ratio
	 
	January 1, 2003 to March 31, 2003	 	6.75 to 1.0	 
	April 1, 2003 to June 30, 2003	 	6.75 to 1.0	 
	July 1, 2003 to September 30, 2003	 	6.25 to 1.0	 
	October 1, 2003 to December 31, 2003	 	6.00 to 1.0	 
	January 1, 2004 to March 31, 2004	 	5.50 to 1.0	 
	April 1, 2004 to June 30, 2004	 	4.75 to 1.0	 
	July 1, 2004 to September 30, 2004 and each period thereafter	 	3.75 to 1.0	"

        (p)  Section 10.1(l) of the Credit Agreement is hereby amended by (i) adding an "(a)"
immediately at the beginning thereof and (ii) adding the following new language thereto:  

        "(b)
Either (i) a foreign governmental authority has instituted proceedings to terminate a Foreign Pension Plan or a foreign governmental authority has appointed a trustee to
administer any Foreign Pension Plan in place of the existing administrator, in each case by reason of a distress termination within the meaning of Section 4041(c) of ERISA, treating such
Foreign Pension Plan as if it were subject to ERISA; or (ii) any Foreign Pension Plan that is required by applicable law to be funded in a trust or other funding vehicle has failed to comply
with such funding requirements; if, as of the date thereof or as of any subsequent date, the sum of each of Holdings' and its Subsidiaries' various liabilities to any Foreign Pension Plan solely as a
result of such events listed in subclauses (i) and (ii) of this clause (b) exceeds the Dollar Equivalent of $7,500,000; or" 

4

 

        (q)  A new Schedule 1.1(e) shall be added to the Credit Agreement in substantially the form
attached hereto as Annex A.  

        SECTION 2.    Conditions to Effectiveness of the
Amendment.    The provisions of this Amendment shall become effective upon the date of the satisfaction of all of the conditions set forth in this  Section 2 (the "Fifth Amendment Effective Date"):
 

        2.1    Proper Execution and Delivery of Amendment.    Borrower, Holdings, the Administrative
Agent and the Required Lenders shall have duly executed and delivered to Administrative Agent this Amendment. 

        2.2    Delivery of Credit Party Documents.    On or before the date hereof, Borrower shall
deliver or cause to be delivered to Administrative Agent the following with respect to each of Borrower and Holdings, each, unless otherwise noted, dated the Fifth Amendment Effective Date: 

        (a)  Certified
copies of its Certificate of Formation, together with a good standing certificate from the Secretary of State of the jurisdiction of its incorporation and each
other state in which it is qualified as a foreign corporation to do business and where failure to be so qualified would have a Material Adverse Effect and, to the extent generally available, a
certificate or other evidence of good standing as to payment of any applicable franchise or similar taxes from the appropriate taxing authority of each of such states, each dated a recent date prior
to the Fifth Amendment Effective Date or, in the event that any such document has been previously delivered by the Borrower to the Administrative Agent, a certificate executed by a Responsible Officer
of the Borrower indicating that no change has occurred with respect to such document; 

        (b)  Copies
of its operating agreement or limited liability company agreement, certified by its corporate secretary or an assistant secretary or a certificate of the lack of
any change thereto since the Initial Borrowing Date or, in the event that any such document has been previously delivered by the Borrower to the Administrative Agent, a certificate executed by a
Responsible Officer of the Borrower indicating that no change has occurred with respect to such document; 

        (c)  Resolutions
of its members, manager or board of managers (i) approving and authorizing the execution, delivery and performance of this Amendment, and
(ii) approving and authorizing the execution, delivery and performance of the other Loan Documents to which it is a party and all transactions related thereto, in each case certified as of the
Fifth Amendment Effective Date by its corporate secretary or an assistant secretary as being in full force and effect without modification or amendments; 

        (d)  Signature
and incumbency certificates of its officers executing this Amendment; and 

        (e)  Such
other instruments and documents in respect of such matters as Administrative Agent shall reasonably request. 

        2.3    Representations and Warranties; Default; Officer's Certificate.    After giving effect
to this Amendment, the representations and warranties set forth in Article VI of the Agreement shall be true and correct, except to the extent
such representations and warranties are expressly made as of a specified date in which event such representations and warranties shall be true and correct as of such specified date, and no Event of
Default or Unmatured Event of Default shall have occurred or be continuing and Administrative Agent shall have received a certificate executed by a Responsible Officer on behalf of Borrower, dated the
Fifth Amendment Effective Date stating that, after giving effect to this Amendment, the representations and warranties set forth in Article VI of
the Agreement are true and correct as of the date of the certificate, except to the extent such representations and warranties are expressly made as of a specified date in which event 

5

 

such representations and warranties shall be true and correct as of such specified date, that no Event of Default or Unmatured Event of Default has occurred and is continuing, and that the conditions
of this Section 2 hereof have been fully satisfied or waived. 

        2.4    Fees.    Borrower shall have paid to Administrative Agent and the Lenders all costs,
fees and expenses (including, without limitation, reasonable legal fees and expenses) payable to Administrative Agent and the Lenders to the extent then due, including, without limitation, pursuant to  Section 4 of this Amendment. 

        2.5    Corporate Proceedings.    All corporate and legal proceedings and all instruments and
agreements in connection with the execution and delivery of this Amendment shall be satisfactory in form and substance to Administrative Agent and the Required Lenders and Administrative Agent and all
Lenders shall have received all information and copies of all documents and papers, including records of corporate proceedings, governmental approvals, good standing certificates and
bring-down telegrams or certificates, if any, which Administrative Agent or such Lender reasonably may have requested in connection therewith, such documents and papers where appropriate
to be certified by proper corporate or Governmental Authorities. 

        Each
Lender and the Administrative Agent hereby agrees that by its execution and delivery of its signature page hereto, such Person approves of and consents to each of the matters set
forth in Section 2 which must be approved by, or which must be satisfactory to, the Required Lenders or such Person, as the case may be;  provided that,
 in the case of any agreement or document which must be approved by, or which must be satisfactory to, the Required Lenders,
Administrative Agent or Borrower shall have delivered a copy of such agreement or document to such Person if so requested on or prior to the Fifth Amendment Effective Date. 

        SECTION 3.    References to and Effect on the Credit Agreement.    On
and after the date hereof each reference in the Credit Agreement to "this Agreement," "hereunder," "hereof," "herein," or words of like import, and each reference to the Credit Agreement, as the case
may be, in the Loan Documents and all other documents (the "Ancillary Documents") delivered in connection with the Credit Agreement shall mean and be a reference to the Credit Agreement as amended
hereby. 

        Except
as specifically amended above, the Credit Agreement, and the other Loan Documents and all other Ancillary Documents shall remain in full force and effect and are hereby ratified
and confirmed. 

        The
execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of the Lenders or
Administrative Agent under the Credit Agreement, the Loan Documents or the Ancillary Documents. 

        SECTION 4.    Fees, Costs and Expenses.    (a) Borrower agrees to pay
a fee to the Administrative Agent on or prior to the Fifth Amendment Effective Date on behalf of each Lender which has executed and delivered this Amendment on or prior to 5:00 p.m. E.S.T. on
February 7, 2003 equal to .125% times the sum of the Domestic Revolving Commitment, Multicurrency Revolving Commitment and outstanding Term Loans of such Lender as in effect under the Credit
Agreement on the Fifth Amendment Effective Date, such fee to be due and payable on the Fifth Amendment Effective Date; and (b) Borrower also agrees to pay all reasonable costs and expenses of
the Administrative Agent in connection with the negotiation, preparation, printing, typing, reproduction, execution and delivery of this Amendment and all other documents furnished pursuant hereto or
in connection herewith, including without limitation, the reasonable fees and out-of-pocket expenses of Winston & Strawn, special counsel to Administrative Agent and any
local counsel retained by Administrative Agent relative thereto or the reasonable allocated costs of staff counsel as well as the fees and out-of-pocket expenses of counsel,
independent public accountants and other outside experts retained by Administrative Agent in connection with the administration of this Amendment. 

6

 

        SECTION 5.    Miscellaneous.    

        5.1    Execution in Counterparts.    This Amendment may be executed in one or more
counterparts, each of which, when executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same document with the same
force and effect as if the signatures of all of the parties were on a single counterpart, and it shall not be necessary in making proof of this Amendment to produce more than one (1) such
counterpart. Delivery of an executed signature page to this Amendment by telecopy shall be deemed to constitute delivery of an originally executed signature page hereto. 

        5.2    Governing Law.    THIS AMENDMENT SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS
OF THE STATE OF NEW YORK, AND FOR ALL PURPOSES SHALL BE CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF SAID STATE WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS. 

        5.3    Headings.    Headings used in this Amendment are for convenience of reference only and
shall not affect the construction of this Amendment. 

        5.4    Integration.    This Amendment, the other agreements and documents executed and
delivered pursuant to this Amendment and the Credit Agreement constitute the entire agreement among the parties hereto with respect to the subject matter hereof. 

        5.5    Binding Effect.    This Amendment shall be binding upon and inure to the benefit of and
be enforceable by the Borrower, the Administrative Agent and the Lenders and their respective successors and assigns. Except as expressly set forth to the contrary herein, this Agreement shall not be
construed so as to confer any right or benefit upon any Person other than the Borrower, the Administrative Agent and the Lenders and their respective successors and permitted assigns. 

[signature page follows]

7

 

        IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their duly authorized officers as of the day and year first above written. 

8

 
 
 

ANNEX A

 
 

Schedule 1.1(e)    
  

 
  Explanation of Permitted Restructuring Charges*
  (figures in $millions)    
  

	 
	 	Polyurethanes
	 	Surface

Sciences

	Cash Costs	 	25	 	15
	

Non Cash Costs	
 	

9	
 	

16
	

Total	
 	

34	
 	

31

	*
	The
amounts set forth above are estimates and are not intended to restrict the Borrowers ability to allocate Permitted Restructuring Charges between the above listed categories provided
that during Fiscal Year 2003 the aggregate amount for all such restructuring charges do not exceed $65, of which no more than $40 may be cash or payable in cash. 

9

QuickLinks

Exhibit 10.29

EXECUTION COPY

FIFTH AMENDMENT

RECITALS

ANNEX A

Schedule 1.1(e)

Explanation of Permitted Restructuring Charges* (figures in $millions)

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