Document:

EX-10.1

 Exhibit 10.1 

Execution Version 

FIRST AMENDMENT TO 

SECOND AMENDED AND RESTATED LOAN, SECURITY AND GUARANTEE AGREEMENT 

THIS FIRST AMENDMENT TO SECOND AMENDED AND RESTATED LOAN, SECURITY AND GUARANTEE AGREEMENT (this “Amendment”) is dated
as of December 3, 2020, among KRATON CORPORATION, a Delaware corporation (“Parent”), KRATON POLYMERS U.S. LLC, a Delaware limited liability company (“Kraton Polymers”), KRATON CHEMICAL,
LLC, a Delaware limited liability company (“Kraton Chemical”), and KRATON POLYMERS NEDERLAND B.V., a private company with limited liability (besloten vennootschap met beperkte
aansprakelijkheid) incorporated under the laws of the Netherlands, having its seat (statutaire zetel) in Rotterdam, the Netherlands and its registered office address at Transistorstraat 16, 1322CE Almere, registered
with the trade register of the Dutch Chamber of Commerce (Kamer van Koophandel) under number 24294675 (the “Initial Dutch Kraton Borrower” and together with Kraton Polymers, Kraton Chemical and
each other Subsidiary of the Parent that becomes a Borrower in accordance with Section 10.1.9 of the Loan Agreement (as defined below), the “Borrowers” and each, a “Borrower”), the other
Persons from time to time party to the Loan Agreement as Guarantors, the financial institutions from time to time party to the Loan Agreement as lenders (collectively, “Lenders”), and BANK OF AMERICA, N.A., a national
banking association, in its capacity as collateral agent, administrative agent and security trustee for itself and the other Secured Parties (together with any successor agent appointed pursuant to Section 12.9 of the Loan
Agreement, the “Agent”). 
 RECITALS 

A.    WHEREAS, on April 15, 2020, the Loan Parties, the Lenders and the Agent entered into that certain Second
Amended and Restated Loan, Security and Guarantee Agreement (as amended, amended and restated, extended, joined, supplemented and/or otherwise modified from time to time, the “Loan Agreement”); 

B.    WHEREAS, the Loan Parties desire to make certain amendments to the Loan Agreement; 

C.    WHEREAS, the Loan Parties have requested that the Agent and the Lenders amend the Loan Agreement as more
particularly set forth herein; and 
 D.    WHEREAS, the Agent and all of the Lenders are willing to approve the
amendments contained herein, subject to the terms and conditions hereinafter set forth herein. 
 NOW, THEREFORE, in consideration of the
premises herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties, intending to be legally bound, agree as follows: 

AGREEMENT 

ARTICLE I 

Definitions 

1.01    Certain Matters of Construction. All capitalized terms not defined herein shall have the meanings
given to such terms in the Loan Agreement. The provisions of Section 1.4 of the Loan Agreement are hereby incorporated by reference herein, mutatis mutandis. 

  
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 ARTICLE II 

Amendments 

Effective as of the First Amendment Effective Date (as defined below), the Loan Agreement is hereby amended as follows: 

2.01    Amendments to Schedules to the Loan Agreement.    Schedules
2.1.1(a) and (b) of the Loan Agreement are hereby replaced in their entirety with new Schedules 2.1.1(a) and (b) of the Loan Agreement attached hereto as Exhibit A. 

2.02    Amendments to Section 1.1 of the Loan Agreement. 

(a) Section 1.1 of the Loan Agreement is hereby amended by amending and restating the following definitions to read
as follows: 
 “Applicable Margin” means with respect to any Type of Loan and any other Obligations specified below, the
respective margin set forth below, based on the Borrowers’ Average Total Excess Availability for the most recent Fiscal Quarter determined as of the most recent determination date: 

 

							
	 Level
	  	 Average Total Excess

Availability
	  	 LIBOR Loans, European

Base Rate Loans and
 Letter
of Credit Fees
	  	 U.S. Base Rate Loans

	 I
	  	 3
$80,000,000
	  	 1.50%
	  	 0.50%

				
	 II
	  	 3 $40,000,000 but <

$80,000,000
	  	1.75%	  	0.75%
				
	 III
	  	< $40,000,000	  	2.00%	  	1.00%

 Until the delivery to the Agent, pursuant to Section 8.1, of a Borrowing Base
Certificate for each Borrowing Base covering the first calendar month ending after the First Amendment Effective Date, the Applicable Margin shall be determined as if Level I were applicable. Thereafter, (a) the Applicable Margin shall be
determined (i) on the first day of the calendar month until the end of the first Fiscal Quarter ended after the First Amendment Effective Date and (ii) as of the end of each Fiscal Quarter, in each case based upon the Borrowing Base
Certificates delivered pursuant to Section 8.1 and (b) each change in the Applicable Margin shall be effective during the period commencing on the first day of the calendar month following the receipt by the Agent of
the financial statements and Compliance Certificate for the Fiscal Quarter or, in the case of the last Fiscal Quarter of each year, the calendar year then ended pursuant to Section 10.1.2(a) or (b), as
applicable, and ending on the date immediately preceding the effective date of the next such change. Average Total Excess Availability shall be deemed to be in Level III at the option of the Agent or at the request of the Required Lenders if the
Loan Party Agents fail to deliver any Borrowing Base Certificate required to be delivered by any of them pursuant to Section 8.1, during the period from the expiration of the time for delivery thereof until such Borrowing
Base Certificate is delivered. 
 “Commitment” means for any Lender, the aggregate amount of such Lender’s Borrower
Group Commitments. “Commitments” means the aggregate amount of all Borrower Group Commitments (not to exceed the Maximum Facility Amount), which amount shall on the First Amendment Effective Date be equal to $300,000,000 consisting
of (a) $90,000,000 in respect of the Dutch Kraton Revolver Commitments, and (b) $210,000,000 in respect of the U.S. Revolver Commitments, in each case as such amount may be adjusted from time to time in accordance with the terms of this Agreement,
including pursuant to any applicable Revolver Commitment Increases or allocations. 

  
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 “European Base Rate” means, with respect to Euros, Sterling and Dollars
outside of the U.S. and Canada, as applicable, a fluctuating rate of interest per annum equal to the rate of interest in effect for such day as announced from time to time by the European Central Bank and used by the local branch of Bank of America
in the jurisdiction in which such currency is funded as its “base rate” with respect to such currency. Any change in such rate shall take effect at the opening of business on the day of such change. In no event shall the European Base Rate
be less than one quarter of one percent (0.25%). 
 “Facility Termination Date” means December 3, 2025, or such
earlier date on which the Commitments are terminated in whole pursuant to the provisions hereof, or, solely with respect to the Extended Commitments of each Lender, such later date as shall be agreed to pursuant to the provisions of
Section 14.1.1(f) hereof; provided, however, if (x) the Term Debt has not been refinanced on or prior to December 8, 2024 with Refinancing Debt that satisfies the Refinancing Conditions where such
Refinancing Debt has a maturity date on or after March 4, 2026 (which may be during such period one or more refinancings of such Refinancing Debt), or (y) the 2025 Senior Notes have not been refinanced on or prior to January 15, 2025
with Refinancing Debt that satisfies the Refinancing Conditions where such Refinancing Debt has a maturity date on or after March 4, 2026 (which may be during such period one or more refinancings of such Refinancing Debt), then, in the case of
either clause (x) or (y), the Facility Termination Date shall be deemed to be ninety (90) days prior to the maturity date (as in effect on the First Amendment Effective Date) of the Term Debt or the 2025 Senior Notes (or such Refinancing
Debt), as applicable, that has not been or have not been refinanced in accordance with the terms of this definition. 

“LIBOR” means the per annum rate of interest (in no event less than one quarter of one percent (0.25%)) determined by Agent
at or about 11:00 a.m. (London time) two Business Days prior to an interest period, for a term equivalent to such interest period, equal to the London Interbank Offered Rate, or comparable or successor rate approved by Agent, as published on the
applicable Reuters screen page (or other commercially available source designated by Agent from time to time); provided, that any comparable or successor rate shall be applied by Agent, if administratively feasible, in a manner consistent
with market practice. 
 “LIBOR Successor Rate” has the meaning specified in Section 3.6(b). 

“LIBOR Successor Rate Conforming Changes” means, with respect to any proposed LIBOR Successor Rate, any conforming changes to
the definition of Base Rate, Interest Period, timing and frequency of determining rates and making payments of interest and other technical, administrative or operational matters (including, for the avoidance of doubt, the definition of Business
Day, timing of borrowing requests or prepayment, conversion or continuation notices and length of lookback periods) as may be appropriate, in the discretion of the Agent, to reflect the adoption and implementation of such LIBOR Successor Rate and to
permit the administration thereof by the Agent in a manner substantially consistent with market practice (or, if the Agent determines that adoption of any portion of such market practice is not administratively feasible or that no market practice
for the administration of such LIBOR Successor Rate exists, in such other manner of administration as the Agent determines is reasonably necessary in connection with the administration of this Agreement and any other Loan Document). 

“Refinancing Conditions” means the following conditions for Refinancing Debt: (a) it is in an aggregate principal amount
that does not exceed the principal amount of the Debt being extended, renewed or refinanced (plus fees, premium, if any, or similar payment, expenses and accrued interest); (b) it has a final maturity no sooner than, and a weighted average life no
less than, the Debt being modified, extended, renewed, refunded, substituted, replaced or refinanced; (c) if the initial Debt is junior Debt, such 

  
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Refinancing Debt shall be subordinated in right of payment to the Obligations on terms at least as favorable to the Lenders as those contained in the documentation governing the Debt being
modified, extended, renewed, refunded, substituted, replaced or refinanced; (d) the terms and conditions of such Refinancing Debt are no more restrictive than the debt being refinanced in any material respect and taken as a whole or not adverse
to the Lenders in any material respect (excluding as to interest rate, fees, funding discount and prepayment or redemption premium); (e) the Liens to secure it shall not encumber any additional property other than property securing the Debt being
extended, renewed or refinanced; and (f) no additional Person is obligated on such Debt; provided that an officer’s certificate of the North American Loan Party Agent delivered to the Agent at least five (5) Business Days prior
to the incurrence of such Debt, together with a reasonably detailed description of the material terms and conditions of such Debt or drafts of the documentation relating thereto, stating that the North American Loan Party Agent has determined in
good faith that such terms and conditions satisfy the foregoing requirement shall be conclusive evidence that such terms and conditions satisfy the foregoing requirement unless the Agent notifies the Parent, as the case may be, within such five
(5) Business Day period that it disagrees with such determination (including a reasonable description of the basis upon which it disagrees). 

“Relevant Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee
officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York. 
 “SOFR” with
respect to any Business Day means the secured overnight financing rate published for such day by the Federal Reserve Bank of New York, as the administrator of the benchmark (or a successor administrator) on the Federal Reserve Bank of New
York’s website (or any successor source) at approximately 8:00 a.m. (New York City time) on the immediately succeeding Business Day and, in each case, that has been selected or recommended by the Relevant Governmental Body. 

“Term SOFR” means the forward-looking term rate for any period that is approximately (as determined by the Agent) as long as
any of the Interest Period options set forth in the definition of “Interest Period” and that is based on SOFR and that has been selected or recommended by the Relevant Governmental Body, in each case as published on an information service
as selected by the Agent from time to time in its reasonable discretion. 
 “U.S. Base Rate” means, for any day, a per
annum rate equal to the greatest of (a) the U.S. Prime Rate for such day; (b) the Federal Funds Rate for such day, plus 0.50%; or (c) Dollar LIBOR for a 30 day interest period as determined on such day, plus 1.0%. In no event shall
the U.S. Base Rate be less than one and one quarter of one percent (1.25%). 
 (b)    Section 1.1 of the Loan
Agreement is hereby amended by adding the following new definitions in their proper alphabetical order: 
 “First Amendment
Effective Date” means December 3, 2020. 
 “ISDA Definitions” means the 2006 ISDA Definitions published by
the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time by the International
Swaps and Derivatives Association, Inc. or such successor thereto. 
 “LIBOR Replacement Date” has the meaning specified in
Section 3.6(b). 

  
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 “LIBOR Screen Rate” means the LIBOR quote on the applicable screen page the
Agent designates to determine LIBOR (or such other commercially available source providing such quotations as may be designated by the Agent from time to time). 

“Pre-Adjustment Successor Rate” has the meaning specified in
Section 3.6(b). 
 “Related Adjustment” means, in determining any LIBOR Successor Rate, the first
relevant available alternative set forth in the order below that can be determined by the Agent applicable to such LIBOR Successor Rate: 

(A)    the spread adjustment, or method for calculating or determining such spread adjustment, that has
been selected or recommended by the Relevant Governmental Body for the relevant Pre-Adjustment Successor Rate (taking into account the interest period, interest payment date or payment period for interest
calculated and/or tenor thereto) and which adjustment or method (x) is published on an information service as selected by the Agent from time to time in its reasonable discretion or (y) solely with respect to Term SOFR, if not currently
published, which was previously so recommended for Term SOFR and published on an information service acceptable to the Agent; or 

(B)    the spread adjustment that would apply (or has previously been applied) to the fallback rate for a
derivative transaction referencing the ISDA Definitions (taking into account the interest period, interest payment date or payment period for interest calculated and/or tenor thereto). 

“Scheduled Unavailability Date” has the meaning specified in Section 3.6(b). 

2.03    Amendment to Section 2.1.7(c) of the Loan Agreement.
Section 2.1.7(c) of the Loan Agreement is hereby amended and restated to read as follows: 

“(c)    Terms of Revolver Commitment Increases. Each notice of an increase in any Borrower Group Commitment
shall specify the proposed date (each, an “Increase Date”) for the effectiveness of the Revolver Commitment Increase, which date shall be not less than ten (10) Business Days after the date on which such notice is delivered to
the Agent. Any such increase shall be subject to the following additional conditions: (i) no Default or Event of Default shall have occurred and be continuing as of the date of such notice or both immediately before and after giving effect to
such Revolver Commitment Increase as of the Increase Date; (ii) after giving effect to the proposed increase, the Dutch Kraton Revolver Commitment shall be no greater than $100,000,000, (iii) no Lender shall be obligated to participate in the
Revolver Commitment Increase by increasing its Commitment; (iv) the Revolver Commitment Increase shall be on the same terms and conditions as this Agreement, except with respect to closing fees; (v) the Revolver Commitment Increase, to the
extent arising from the admission of an Additional Lender, shall be effected pursuant to one or more joinder agreements executed and delivered by the applicable Borrowers, the Additional Lender(s) and the Agent, each of which shall be in form and
substance reasonably satisfactory to the Agent; (vi) the relevant Loan Party Agent shall deliver or cause to be delivered any officers’ certificates, board resolutions, legal opinions or other documents reasonably requested by the Agent in
connection with the Revolver Commitment Increase; (vii) the Borrowers shall pay all reasonable and documented fees and expenses in connection with the Revolver Commitment Increase, including payments required pursuant to
Section 3.10 in connection with the Revolver Commitment Increase and any applicable arrangement fees; (viii) the Agent shall have consented in writing to such Revolver Commitment Increase (which consent shall not be
unreasonably withheld); and (ix) such increase shall be in a minimum amount of $25,000,000 in the case of the U.S. Revolver Commitments or in a minimum amount of $10,000,000 in the case of each of the Foreign Revolver Commitments.
Notwithstanding the foregoing, in no event shall the aggregate amount of all Revolver Commitment Increases made under this Section 2.1.7 exceed the sum of $100,000,000.” 

  
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 2.04    Amendment to
Section 2.1.7(e) of the Loan Agreement. Section 2.1.7(e) of the Loan Agreement is hereby amended and restated to read as follows: 

“(e)    Reallocation Mechanism.    Subject to the terms and conditions of
Section 2.1.7(e) and (f), the North American Loan Party Agent may, effective as of the first day of a specified Fiscal Quarter, effective for such Fiscal Quarter, require that the Lenders to certain Borrower Groups
(and such Lenders shall be deemed to agree to) change the then current allocation of each such Lender’s (and, if applicable, its affiliate’s) Commitment among the Borrower Group Commitments in order to effect an increase or decrease in
particular Borrower Group Commitments, with any such increase or decrease in a Borrower Group Commitment to be accompanied by a concurrent and equal decrease or increase, respectively, in another Borrower Group Commitment (each, a
“Reallocation”). In addition to the conditions set forth in Section 2.1.7(f), any such Reallocation shall be subject to the following conditions: (i) the North American Loan Party Agent shall have
provided to the Agent a written notice (in reasonable detail) at least ten (10) Business Days prior to the requested effective date therefor (which effective date must be the first day of a Fiscal Quarter) (the “Reallocation
Date”) setting forth the Reallocation Date and the amounts of the proposed Borrower Group Commitment reallocations to be effected, (ii) any such Reallocation shall increase or decrease the applicable Borrower Group Commitments in an
amount equal to $5,000,000 and in increments of $1,000,000 in excess thereof, (iii) after giving effect to any such Reallocation, the Dutch Kraton Revolver Commitments shall be no greater than $100,000,000, (iv) no Default or Event of Default
shall have occurred and be continuing either as of the date of such notice or on the Reallocation Date (both immediately before and after giving effect to such Reallocation), (v) any increase in a Borrower Group Commitment shall result in a dollar-for-dollar decrease in another Borrower Group Commitment, (vi) in no event shall the sum of all the Borrower Group Commitments exceed the aggregate amount of the
Commitments then in effect, (vii) after giving effect to such Reallocation, no Overadvance would exist or would result therefrom, and (viii) at least three (3) Business Days prior to the proposed Reallocation Date, a Senior Officer of
the North American Loan Party Agent shall have delivered to the Agent a certificate certifying as to compliance with preceding clauses (iv), (vi) and (vii) and demonstrating (in reasonable detail) the calculations, if any, required in
connection therewith, which certificate shall be deemed recertified to the Agent by a Senior Officer of the North American Loan Party Agent on and as of the Reallocation Date.” 

2.05    Amendments to Section 3.2.1 of the Loan Agreement.
Section 3.2.1 of the Loan Agreement is hereby amended and restated as follows: 

“3.2.1.    Fees. 

(a)    Dutch Unused Line Fee. Dutch Kraton Borrowers shall pay to the Agent for the Pro Rata benefit of Dutch Kraton
Lenders, a fee equal to 0.250% per annum times the average daily amount by which the Dutch Kraton Revolver Commitments exceed the Dutch Kraton Revolver Exposure during any month. Notwithstanding anything to the contrary set forth herein, outstanding
Dutch Kraton Swingline Loans shall not be taken into account when determining Dutch Kraton Revolver Exposure for purposes of this Section 3.2.1(a). Such fee shall be payable in arrears, on the first day of each month and on
the Dutch Kraton Revolver Commitment Termination Date. 
 (b)    U.S. Unused Line Fee. U.S. Borrowers shall pay
to the Agent, for the Pro Rata benefit of U.S. Lenders, a fee equal to 0.250% per annum times the average daily amount by which the U.S. Revolver Commitments exceed the U.S. Revolver Exposure during any month. Notwithstanding anything to the
contrary set forth herein, outstanding U.S. Swingline Loans shall not be taken into account when determining U.S. Revolver Exposure for purposes of this Section 3.2.1(b). Such fee shall be payable in arrears, on the first
day of each month and on the U.S. Revolver Commitment Termination Date. 

  
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 (c)     First Amendment Fee. Borrowers shall pay to the Agent,
for the Pro Rata benefit of each Lender, a fee equal to 0.10% per annum times such Lender’s Revolver Commitment as in effect prior to the First Amendment Effective Date, such fee to be fully earned, due and payable on, and subject to the
occurrence of, the First Amendment Effective Date. 
 (d)    First Amendment Additional Revolver Commitment Fee.
Borrowers shall pay to the Agent, for the Pro Rata benefit of each Lender whose Revolver Commitment is being increased on the First Amendment Effective Date, a fee equal to 0.25% per annum times such increase in such Lender’s Revolving
Commitment, such fee to be fully earned, due and payable on, and subject to the occurrence of, the First Amendment Effective Date.” 

2.06    Amendments to Section 3.6 of the Loan Agreement.
Section 3.6 of the Loan Agreement is hereby amended and restated to read as follows: 

“3.6    Inability to Determine Rates. 

(a)    If Required Lenders notify the Agent for any reason in connection with a request for a Borrowing of, or conversion
to or continuation of, any LIBOR Loan that (a) deposits are not being offered to banks in the London interbank market, for the applicable amount and Interest Period of such Loan, (b) adequate and reasonable means do not exist for
determining LIBOR, for the requested Interest Period, or (c) LIBOR for the requested Interest Period does not adequately and fairly reflect the cost to such Lenders of funding such Loan, then the Agent will promptly so notify the applicable
Loan Party Agent and each Applicable Lender. Thereafter, the obligation of the Applicable Lenders to make or maintain affected LIBOR Loans shall be suspended until the Agent (upon instruction by Required Lenders) revokes such notice. Upon receipt of
such notice, the applicable Loan Party Agent may revoke any pending request for a Borrowing of, conversion to or continuation of an LIBOR Loan or, failing that, will be deemed to have submitted a request for a Base Rate Loan. If any Lender invokes
this Section 3.6, such Lender shall use reasonable efforts to notify the applicable Loan Party Agent and the Agent when the conditions giving rise to such action no longer exists; provided, however, that such
Lender shall have no liability to Borrowers or to any other Person for its failure to provide such notice. 

(b)    Notwithstanding anything to the contrary in this Agreement or any other Loan Document, if the Agent determines
(which determination shall be conclusive absent manifest error), or the Borrowers or Required Lenders notify the Agent (with, in the case of the Required Lenders, a copy to the Borrowers) that the Borrowers or Required Lenders (as applicable) have
determined, that: 
 (i)    adequate and reasonable means do not exist for ascertaining LIBOR for any
Interest Period hereunder or any other tenors of LIBOR, including, without limitation, because the LIBOR Screen Rate is not available or published on a current basis and such circumstances are unlikely to be temporary; or 

(ii)    the administrator of the LIBOR Screen Rate or a Governmental Authority having jurisdiction over the
Agent or such administrator has made a public statement identifying a specific date after which LIBOR or the LIBOR Screen Rate shall no longer be made available, or used for determining the interest rate of loans, provided that, at the time of such
statement, there is no successor administrator that is satisfactory to the Agent, that will continue to provide LIBOR after such specific date (such specific date, the “Scheduled Unavailability Date”); or 

  
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 (iii)    the administrator of the LIBOR Screen Rate or a
Governmental Authority having jurisdiction over such administrator has made a public statement announcing that all Interest Periods and other tenors of LIBOR are no longer representative; or 

(iv)    syndicated loans currently being executed, or that include language similar to that contained in
this Section 3.6, are being executed or amended (as applicable) to incorporate or adopt a new benchmark interest rate to replace LIBOR; 

then, in the case of clauses (i)-(iii) above, on a date and time determined by the Agent (any such date, the “LIBOR Replacement Date”), which
date shall be at the end of an Interest Period or on the relevant interest payment date, as applicable, for interest calculated and shall occur reasonably promptly upon the occurrence of any of the events or circumstances under clauses (i), (ii) or
(iii) above and, solely with respect to clause (ii) above, no later than the Scheduled Unavailability Date, LIBOR will be replaced hereunder and under any other Loan Document with, subject to the proviso below, the first available
alternative set forth in the order below for any payment period for interest calculated that can be determined by the Agent, in each case, without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan
Document (the “LIBOR Successor Rate”; and any such rate before giving effect to the Related Adjustment, the “Pre-Adjustment Successor Rate”): 

(x)    Term SOFR plus the Related Adjustment; and 

(y)     SOFR plus the Related Adjustment; 

and in the case of clause (iv) above, the Borrowers and Agent may amend this Agreement solely for the purpose of replacing LIBOR under this Agreement and
under any other Loan Document in accordance with the definition of “LIBOR Successor Rate” and such amendment will become effective at 5:00 p.m., on the fifth (5th) Business Day after the
Agent shall have notified all Lenders and the Borrowers of the occurrence of the circumstances described in clause (iv) above unless, prior to such time, Lenders comprising the Required Lenders have delivered to the Agent written notice that
such Required Lenders object to the implementation of a LIBOR Successor Rate pursuant to such clause; 
 provided that, if the Agent
determines that Term SOFR has become available, is administratively feasible for the Agent and would have been identified as the Pre-Adjustment Successor Rate in accordance with the foregoing if it had been so
available at the time that the LIBOR Successor Rate then in effect was so identified, and the Agent notifies the Borrowers and each Lender of such availability, then from and after the beginning of the Interest Period, relevant interest payment date
or payment period for interest calculated, in each case, commencing no less than thirty (30) days after the date of such notice, the Pre-Adjustment Successor Rate shall be Term SOFR and the LIBOR
Successor Rate shall be Term SOFR plus the relevant Related Adjustment. 
 The Agent will promptly (in one or more notices) notify
the Borrowers and each Lender of (x) any occurrence of any of the events, periods or circumstances under clauses (i) through (iii) above, (y) a LIBOR Replacement Date and (z) the LIBOR Successor Rate. 

Any LIBOR Successor Rate shall be applied in a manner consistent with market practice; provided that to the extent such market practice
is not administratively feasible for the Agent, such LIBOR Successor Rate shall be applied in a manner as otherwise reasonably determined by the Agent. 

Notwithstanding anything else herein, if at any time any LIBOR Successor Rate as so determined would otherwise be less than one quarter of one
percent (0.25%), the LIBOR Successor Rate will be deemed to be one quarter of one percent (0.25%) for the purposes of this Agreement and the other Loan Documents. 

  
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 In connection with the implementation of a LIBOR Successor Rate, the Agent will have the
right to make LIBOR Successor Rate Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such LIBOR Successor Rate Conforming Changes will become
effective without any further action or consent of any other party to this Agreement; provided that, with respect to any such amendment effected, the Agent shall post each such amendment implementing such LIBOR Successor Rate Conforming
Changes to the Borrowers and the Lenders reasonably promptly after such amendment becomes effective. 
 If the events or circumstances of
the type described in Section 3.6(b)(i)-(iii) have occurred with respect to the LIBOR Successor Rate then in effect, then the successor rate thereto shall be determined in accordance with the definition of “LIBOR
Successor Rate.” 
 (c)    Notwithstanding anything to the contrary herein, (i) after any such determination
by the Agent or receipt by the Agent of any such notice described under Section 3.6(b)(i)-(iii), as applicable, if the Agent determines that none of the LIBOR Successor Rates is available on or prior to the
LIBOR Replacement Date, (ii) if the events or circumstances described in Section 3.6(b)(iv) have occurred but none of the LIBOR Successor Rates is available, or (iii) if the events or circumstances of the type
described in Section 3.6(b)(i)-(iii) have occurred with respect to the LIBOR Successor Rate then in effect and the Agent determines that none of the LIBOR Successor Rates is available, then in each case, the
Agent and the Borrowers may amend this Agreement solely for the purpose of replacing LIBOR or any then-current LIBOR Successor Rate in accordance with this Section 3.6 at the end of any Interest Period, relevant interest
payment date or payment period for interest calculated, as applicable, with another alternate benchmark rate giving due consideration to any evolving or then existing convention for similar U.S. dollar denominated syndicated credit facilities for
such alternative benchmarks and, in each case, including any Related Adjustments and any other mathematical or other adjustments to such benchmark giving due consideration to any evolving or then existing convention for similar U.S. dollar
denominated syndicated credit facilities for such benchmarks, which adjustment or method for calculating such adjustment shall be published on an information service as selected by the Agent from time to time in its reasonable discretion and may be
periodically updated. For the avoidance of doubt, any such proposed rate and adjustments shall constitute a LIBOR Successor Rate. Any such amendment shall become effective at 5:00 p.m. on the fifth
(5th) Business Day after the Agent shall have posted such proposed amendment to all Lenders and the Borrowers unless, prior to such time, Lenders comprising the Required Lenders have delivered to
the Agent written notice that such Required Lenders object to such amendment. 
 (d)    If, at the end of any Interest
Period, relevant interest payment date or payment period for interest calculated, no LIBOR Successor Rate has been determined in accordance with Section 3.6(b) or (c) and the circumstances under clauses
(a)(i) or (a)(iii) above exist or the Scheduled Unavailability Date has occurred (as applicable), the Agent will promptly so notify the Borrowers and each Lender. Thereafter, (x) the obligation of the Lenders to make or maintain LIBOR Loans
shall be suspended (to the extent of the affected LIBOR Loans, Interest Periods, interest payment dates or payment periods), and (y) the LIBOR Rate component shall no longer be utilized in determining the Base Rate, until the LIBOR Successor
Rate has been determined in accordance with Section 3.6(b) or (c). Upon receipt of such notice, the Borrowers may revoke any pending request for a Borrowing of, conversion to or continuation of LIBOR Loans (to the
extent of the affected LIBOR Loans, Interest Periods, interest payment dates or payment periods) or, failing that, will be deemed to have converted such request into a request for a Borrowing of Base Rate Loans (subject to the foregoing clause (y))
in the amount specified therein. 
 (e)    Notwithstanding anything to the contrary in this Agreement, if, as at
June 30, 2021 (or such later date as elected by the Agent in consultation with the Loan Parties and approved by the Required Lenders) this Agreement provides that the rate of interest for a Loan in Euros or Sterling is to be determined by
reference to LIBOR then the Agent, the Required Lenders and the Loan Parties shall enter into negotiations in good faith with a view to agreeing to the use of a replacement benchmark in relation to Euros and Sterling in place of LIBOR from and
including a date no later than September 30, 2021 (or such 

  
 9 

 
later date as elected by the Agent in consultation with the Loan Parties and approved by the Required Lenders). In addition, the provisions of Section 3.6(b)-(d) shall
only apply to Revolver Loans denominated in Dollars.” 
 ARTICLE III 

Conditions Precedent 

3.01    Conditions to Effectiveness. The effectiveness of this Amendment is conditioned upon
the satisfaction of the following conditions precedent (the date on which the conditions have been satisfied or waived in writing by the Agent being the “First Amendment Effective Date”), with the form, substance and results of each
deliverable being reasonably satisfactory to the Agent: 
 (a)    the Agent (or its counsel) shall have
received copies of the following documents, duly executed by each party thereto: (i) this Amendment, (ii) to the extent requested by any Lender, Revolver Notes evidencing such Lenders’ Revolver Commitments as of the First Amendment
Effective Date, (iii) that certain letter by the Agent to the Term Agent, dated as of the date hereof, regarding this Amendment wherein Agent makes the acknowledgements set forth in such letter with respect to the ABL Intercreditor Agreement,
(iv) an opinion of King & Spalding LLP, as counsel to the Loan Parties for New York law matters and as counsel to the Loan Parties incorporated or otherwise organized in Delaware, substantially in the form of the opinion delivered on
the Closing Date, (v) an opinion of NautaDutilh N.V., as counsel to the Loan Parties for Dutch law matters, substantially in the form of the opinion delivered on the Closing Date and (vi) a closing certificate of each Dutch Kraton Dutch
Domiciled Loan Party, dated as of the date hereof, substantially in the form of the closing certificates delivered on the Closing Date and (A) attaching resolutions approving this Amendment, and (B) (1) attaching any Organization Document
of such Dutch Kraton Dutch Domiciled Loan Party that has been amended since the Closing Date, or (2) certifying that the Organization Documents of such Dutch Kraton Dutch Domiciled Loan Party have not been amended since the Closing Date, as
applicable. 
 (b)    all fees and expenses required to be paid by the Loan Parties to the Agent under
the Loan Agreement shall have been paid in full, including, without limitation, the fees described in Sections 3.2.1(c) and (d) of the Loan Agreement. 

(c)    the representations and warranties contained herein and in Section 9 of
the Loan Agreement and in the other Loan Documents, as each is amended hereby, shall be true and correct in all material respects (or, with respect to representations and warranties qualified by materiality, in all respects) as of the First
Amendment Effective Date, and upon giving effect to any Loans advanced on the date hereof (except for representations and warranties that expressly relate to an earlier date). 

(d)    after giving effect to this Amendment, no Default or Event of Default shall have occurred and be
continuing, unless such Default or Event of Default has been otherwise specifically waived in writing by the Agent and the Lenders. 

ARTICLE IV 

Ratifications, Confirmations, Representations and Warranties 

4.01    Ratifications and Confirmations. Except as expressly modified and superseded by, or
pursuant to, this Amendment, the terms and provisions of the Loan Agreement and the other Loan Documents (including, without limitation, the Fee Letter) are expressly incorporated herein, ratified and confirmed, and shall continue in full force and
effect, in each case as amended and modified by this 

  
 10 

 
Amendment. Each Loan Party, the Agent and each Lender agree that the Loan Agreement, as amended hereby, and the other Loan Documents, shall continue to be legal, valid, binding and enforceable in
accordance with their respective terms. Each Loan Party hereby agrees that all Liens against its assets pledged and/or granted as Collateral pursuant to the Security Documents continue in full force and effect in respect of, and to secure, the
payment and performance of the relevant Obligations under the Loan Agreement and the other Loan Documents (constituting secured obligations in the relevant Security Document). 

4.02    Confirmation of Continuing Security 

(a)    The Initial Dutch Kraton Borrower hereby: 

(i)    confirms to the Agent for and on behalf of the Dutch Facility Secured Parties that: 

(1) in particular with respect to the provisions of section 1210 paragraph 1 sentence 2 of the German Civil Code
(Bürgerliches Gesetzbuch), the account pledge agreement dated on 15 April 2020, governed under German law and entered into between the Initial Dutch Kraton Borrower as pledgor and Bank of America, N.A. as security trustee and
pledgee (the “Account Pledge Agreement”); 
 (2) the global assignment agreement dated on 15 April 2020, governed
under German law and entered into between the Initial Dutch Kraton Borrower as Assignor and Bank of America, N.A. as security trustee (the “Global Assignment Agreement”); and 

(3) the security transfer agreement dated on 15 April 2020 and entered into between the Initial Dutch Kraton Borrower as transferor
and Bank of America, N.A. as security trustee (the “Security Transfer Agreement” and, together with the Account Pledge Agreement and the Global Assignment Agreement, hereinafter, collectively, the “German Security
Documents”); 
 shall remain in full force and effect and the amendments made to the Loan Documents by this Agreement shall not
affect the validity (Wirksamkeit) and enforceability (Vollstreckbarkeit) of the German Security Documents in any way; and 

(ii)    agrees, that from the First Amendment Effective Date, the German Security Documents shall secure
any and all of the Obligations under the Loan Agreement and the other Loan Documents (including, without limitation, any such obligations owed to the Collateral Agent under the parallel debt undertaken under Section 12.2.13
of the Loan Agreement and any such other obligation or liability to pay damages) which are or may become payable or owing in accordance with the Loan Agreement as amended by this Agreement (including, but not limited to, any obligation based on
unjust enrichment (ungerechtfertigte Bereicherung) or tort (Delikt)) (the “Amended Secured Obligations”, regardless of the definition of “Secured Obligations” contained in the German Security Documents,
including any amounts which exceed the obligations secured by the German Security Documents prior to the date of this Agreement. 

  
 11 

 (b)    Each Dutch Facility Loan Party hereby agrees that
all Liens against its assets pledged and/or granted as Collateral pursuant to the Foreign Security Documents governed by French law, and the security created by virtue of the same, shall remain valid, binding, enforceable, and in full force and
effect, and its obligations under, and the security created by virtue of, such Foreign Security Documents, and the representations and undertakings therein contained, shall remain valid, binding, enforceable, and in full force and effect. Nothing in
this Section 4.02(c) shall constitute a novation of any such Liens. 

(c)    For the purpose of the Belgian Security Agreements, neither the amendments and restatements made
pursuant to this Amendment to the Loan Agreement, nor any confirmation included in this Amendment in relation to the existence and maintenance of the security interests created under and pursuant to the Belgian Security Agreements and the scope of
the Secured Obligations (as defined in the Belgian Security Documents) shall constitute a novation within the meaning of Article 1271 and seq. of the Belgian Civil Code. 

4.03    Representations and Warranties. Each Loan Party hereby represents and warrants to the
Agent and each Lender that, immediately before and after giving effect to this Amendment, (a) the execution, delivery and performance of this Amendment and any and all other Loan Documents executed and/or delivered in connection herewith have
been authorized by all requisite organizational action on the part of such Loan Party and will not violate the organizational or governing documents of such Loan Party; (b) the representations and warranties contained in
Section 9 of the Loan Agreement, as amended hereby, and in any other Loan Document are true and correct in all material respects (or, with respect to representations and warranties qualified by materiality, in all respects)
as of the First Amendment Effective Date, and upon giving effect to any Loans advanced on the date hereof (except for representations and warranties that expressly relate to an earlier date); (c) no Default or Event of Default under the Loan
Agreement, as amended hereby, has occurred and is continuing, unless such Default or Event of Default has been specifically waived in writing by the Agent and the Lenders; and (d) no Loan Party has amended its organizational or governing
documents since the date of execution of the Loan Agreement other than as has been previously disclosed to the Agent. 
 ARTICLE V

 Miscellaneous Provisions 

5.01    Reference to Loan Agreement. On and after the First Amendment Effective Date, each
reference in the Loan Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Loan Agreement, and each reference in each of the other Loan Documents to “the Loan
Agreement”, “thereunder”, “thereof” or words of like import referring to the Loan Agreement, shall mean and be a reference to the Loan Agreement, as amended and modified by this Amendment. On and after the First Amendment
Effective Date, this Amendment shall constitute a Loan Document for all purposes of the Loan Agreement (as specifically amended by this Amendment) and the other Loan Documents. 

5.02    Expenses of the Agent. The Loan Parties agree that all reasonable and documented out-of-pocket costs and expenses incurred by the Agent in connection with the preparation, negotiation and execution of this Amendment and the other Loan Documents executed
pursuant hereto, including, without limitation, the reasonable and documented fees, charges and disbursements of one legal counsel for the Agent, are expenses that the Loan Parties are required to pay or reimburse to
Section 3.4 of the Loan Agreement. 
 5.03    Severability.
Wherever possible, each provision of this Amendment shall be interpreted in such manner as to be valid under Applicable Law. If any provision is found to be invalid under Applicable Law, it shall be ineffective only to the extent of such invalidity
and the remaining provisions of this Amendment shall remain in full force and effect. 

  
 12 

 5.04    Successors and Assigns. This
Amendment is binding upon and shall inure to the benefit of the Agent, the Lenders, the Loan Parties and their respective successors and assigns, except that (i) no Loan Party may assign or transfer any of its rights or obligations hereunder
without the prior written consent of the Agent and the Lenders, and (ii) neither the Agent nor any Lender may assign any of its rights or obligations hereunder unless such assignee is an Eligible Assignee. 

5.05    Counterparts. This Amendment may be executed in one or more counterparts and by
different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original, but all of which when taken together shall constitute one and the same instrument. Delivery of a signature page of this Amendment by
telecopy, pdf or other electronic means shall be effective as delivery of a manually executed counterpart of such agreement. 

5.06    Effect of Waiver. No consent or waiver, express or implied, by the Agent or any Lender
to or for any breach of or deviation from any covenant or condition by any Loan Party shall be deemed a consent to or waiver of any other breach of the same or any other covenant, condition or duty. 

5.07    Applicable Law. THIS AMENDMENT (OTHER THAN SECTION 4.02) SHALL BE GOVERNED BY
THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY CONFLICT OF LAW PRINCIPLES (BUT GIVING EFFECT TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATION LAW AND FEDERAL LAWS RELATING TO NATIONAL
BANKS). SECTION 4.02(a) OF THIS AGREEMENT AND ANY NON-CONTRACTUAL OBLIGATIONS ARISING OUT OF OR IN CONNECTION WITH IT ARE GOVERNED BY GERMAN LAW. SECTION
4.02(b) OF THIS AGREEMENT SHALL BE GOVERNED BY THE LAWS OF FRANCE. 

5.08    Headings. The headings, captions, and arrangements used in this Amendment are for
convenience only and shall not limit or otherwise affect the interpretation of this Amendment. 

5.09    Final Agreement. This Amendment constitutes the entire agreement of the parties hereto with
respect to the subject matter hereof, and supersedes all previous and contemporaneous negotiations, promises, covenants, understandings, agreements, representations and warranties in respect thereof, whether oral or written, all of which have become
merged and fully integrated into this Amendment. 
 7.10    Release. BORROWERS EACH HEREBY ACKNOWLEDGE THAT IT
HAS NO DEFENSE, COUNTERCLAIM, OFFSET, CROSS COMPLAINT, CLAIM OR DEMAND OF ANY KIND OR NATURE WHATSOEVER THAT CAN BE ASSERTED TO REDUCE OR ELIMINATE ALL OR ANY PART OF ITS LIABILITY TO REPAY THE OBLIGATIONS OR TO SEEK AFFIRMATIVE RELIEF OR DAMAGES OF
ANY KIND OR NATURE FROM AGENT OR ANY LENDER. BORROWERS EACH HEREBY VOLUNTARILY AND KNOWINGLY RELEASES AND FOREVER DISCHARGES AGENT AND EACH LENDER AND THEIR RESPECTIVE PREDECESSORS, AGENTS, EMPLOYEES, SUCCESSORS AND ASSIGNS, FROM ALL POSSIBLE
CLAIMS, DEMANDS, ACTIONS, CAUSES OF ACTION, DAMAGES, COSTS, EXPENSES, AND LIABILITIES WHATSOEVER, KNOWN OR UNKNOWN, ANTICIPATED OR UNANTICIPATED, SUSPECTED OR UNSUSPECTED, FIXED, CONTINGENT, OR CONDITIONAL, AT LAW OR IN EQUITY, ORIGINATING IN WHOLE
OR IN PART ON OR BEFORE THE DATE THIS AMENDMENT IS EXECUTED, WHICH ANY BORROWER MAY NOW OR HEREAFTER HAVE AGAINST AGENT, ANY LENDER, THEIR RESPECTIVE PREDECESSORS, AGENTS, EMPLOYEES, SUCCESSORS AND ASSIGNS, IF

  
 13 

 
ANY, AND IRRESPECTIVE OF WHETHER ANY SUCH CLAIMS ARISE OUT OF CONTRACT, TORT, VIOLATION OF LAW OR REGULATIONS, OR OTHERWISE, AND ARISING FROM ANY LOANS” INCLUDING, WITHOUT LIMITATION, ANY
CONTRACTING FOR, CHARGING, TAKING, RESERVING, COLLECTING OR RECEIVING INTEREST IN EXCESS OF THE HIGHEST LAWFUL RATE APPLICABLE, THE EXERCISE OF ANY RIGHTS AND REMEDIES UNDER THE CREDIT AGREEMENT OR OTHER DOCUMENTS, AND NEGOTIATION FOR AND EXECUTION
OF THIS AMENDMENT. 
 [Signature pages follow.] 

  
 14 

 IN WITNESS WHEREOF, this Amendment has been executed and delivered as of the date set forth
above. 
  

			
	KRATON POLYMERS U.S. LLC 
KRATON CHEMICAL, LLC, 
each as a U.S. Borrower and a Guarantor
		
	By:	 	 /s/ James L. Simmons

	Name:	 	James L. Simmons
	Title:	 	Senior Vice President, General Counsel and Secretary

  

			
	 KRATON CORPORATION 
KRATON POLYMERS LLC 
KRATON POLYMERS CAPITAL CORPORATION 
ELASTOMERS
HOLDINGS LLC
 AZ CHEM US HOLDINGS INC. 
AZ CHEM US INC., 
each as a Guarantor

		
	By:	 	 /s/ James L. Simmons

	Name:	 	James L. Simmons
	Title:	 	Senior Vice President, General Counsel and Secretary

  

			
	 AZ CHEM HOLDINGS LP,
 as a
Guarantor

		
	By:	 	AZ Chem Partners II LLC, its general partner
	By:	 	Kraton Polymers LLC, its sole member
		
	By:	 	 /s/ James L. Simmons

	Name:	 	James L. Simmons
	Title:	 	Senior Vice President, General Counsel and Secretary

  

			
	AZ CHEM INTERMEDIATE LP,
	 as a Guarantor

		
	By:	 	AZ Chem Partners I LLC, its general partner
	By:	 	AZ Chem Holdings LP, its sole member
	By:	 	AZ Chem Partners II LLC, its general partner
	By:	 	Kraton Polymers LLC, its sole member
		
	By:	 	 /s/ James L. Simmons

	Name:	 	James L. Simmons
	Title:	 	Senior Vice President, General Counsel and Secretary

 [Signature Page to Second Amended and Restated Loan, Security and Guaranty Agreement] 

 
			
	AZ CHEM PARTNERS I LLC,
	as a Guarantor

 
			
		
	By:	 	AZ Chem Holdings LP, its sole member
	By:	 	AZ Chem Partners II LLC, its general partner
	By:	 	Kraton Polymers LLC, its sole member

 
			
		
	By:	 	 /s/ James L. Simmons

	Name:	 	James L. Simmons
	Title:	 	Senior Vice President, General Counsel and Secretary
	
	AZ CHEM PARTNERS II LLC,
	as a Guarantor
		
	By:	 	Kraton Polymers LLC, its sole member
		
	By:	 	 /s/ James L. Simmons

	Name:	 	James L. Simmons
	Title:	 	Senior Vice President, General Counsel and Secretary

 
			
	KRATON POLYMERS NEDERLAND B.V.,
	as a Dutch Kraton Borrower and a Dutch Kraton Facility Guarantor
		
	By:	 	 /s/ James L. Simmons

	Name:	 	James L. Simmons
	Title:	 	Authorised Signatory
	
	KRATON POLYMERS HOLDINGS B.V.,
	as a Dutch Kraton Facility Guarantor
		
	By:	 	 /s/ James L. Simmons

	Name: James L. Simmons
	Title:	 	Authorised Signatory
	
	KRATON POLYMERS RESEARCH B.V.,
	as a Dutch Kraton Facility Guarantor
		
	By:	 	 /s/ James L. Simmons

	Name:	 	James L. Simmons
	Title:	 	Authorised Signatory
	
	K.P. INVESTMENT B.V.,
	as a Dutch Kraton Facility Guarantor
		
	By:	 	 /s/ James L. Simmons

	Name: James L. Simmons
	Title:	 	Authorised Signatory

 [Signature Page to First Amendment to Second Amended and Restated Loan, Security and Guarantee Agreement]

 
			
	AGENT AND LENDERS:
	
	 BANK OF AMERICA, N.A., as Administrative Agent,

Collateral Agent, Security Trustee, Sole Lead Arranger,
 Sole Book
Manager and a U.S. Lender

		
	By:	 	 /s/ Hance VanBeber

	Name:	 	Hance VanBeber
	Title:	 	Senior Vice President
	
	BANK OF AMERICA, N.A., (acting through its London, England Branch), as a Dutch Kraton Lender
		
	By:	 	 /s/ Hance VanBeber

	Name:	 	Hance VanBeber
	Title:	 	Senior Vice President

 [Signature Page to First Amendment to Second Amended and Restated Loan, Security and Guarantee Agreement]

 
			
	JPMORGAN CHASE BANK, N.A.,
	as a U.S. Lender
		
	By:	 	 /s/ Kody J. Nerios

	Name:	 	Kody J. Nerios
	Title:	 	Authorized Officer

 [Signature Page to First Amendment to Amended and Restated Loan, Security and Guarantee Agreement] 

 
			
	 JPMORGAN CHASE BANK, N.A., London Branch,

as a Dutch Kraton Lender

		
	By:	 	 /s/ Kennedy A. Capin

	Name:	 	Kennedy A. Capin
	Title:	 	Authorized Officer

 [Signature Page to First Amendment to Amended and Restated Loan, Security and Guarantee Agreement] 

 
			
	 WELLS FARGO BANK NATIONAL ASSOCIATION,

as a U.S. Lender

		
	By:	 	 /s/ Chance Hausler

	Name:	 	Chance Hausler
	Title:	 	Director

 [Signature Page to First Amendment to Amended and Restated Loan, Security and Guarantee Agreement] 

 
			
	 WELLS FARGO BANK NATIONAL ASSOCIATION, London Branch,

as a Dutch Kraton Lender

 
			
		
	 By:
	 	 /s/ Patricia Del Busto

	 Name:
	 	 Patricia Del Busto

	 Title:
	 	 Authorized Signatory

 [Signature Page to First Amendment to Amended and Restated Loan, Security and Guarantee Agreement] 

 
			
	DEUTSCHE BANK AG NEW YORK BRANCH, as a Dutch Kraton Lender and a U.S. Lender
		
	 By:
	 	 /s/ Michael Strobel

	 Name:
	 	 Michael Strobel

	 Title:
	 	 Vice President

		
	 By:
	 	 /s/ Philip Tancora

	 Name:
	 	 Philip Tancora

	 Title:
	 	 Vice President

 [Signature Page to First Amendment to Amended and Restated Loan, Security and Guarantee Agreement] 

 
			
	 BANK OF MONTREAL, CHICAGO BRANCH,

as a U.S. Lender

 
			
		
	 By:
	 	 /s/ Mike Ehlert

	 Name:
	 	 Mike Ehlert

	 Title:
	 	 Managing Director

 [Signature Page to First Amendment to Amended and Restated Loan, Security and Guarantee Agreement] 

 
			
	BANK OF MONTREAL, LONDON BRANCH, as a Dutch Kraton Lender

 
			
		
	 By:
	 	 /s/ Tom Woolgar

	 Name:
	 	 Tom Woolgar

	 Title:
	 	 Managing Director

	
	 BANK OF MONTREAL, LONDON BRANCH,

as a Dutch Kraton Lender

 
			
		
	 By:
	 	 /s/ Scott Matthews

	 Name:
	 	 Scott Matthews

	 Title:
	 	 Managing Director

 [Signature Page to First Amendment to Amended and Restated Loan, Security and Guarantee Agreement] 

 Exhibit A 

See attached. 

 Schedule 2.1.1(a) 

DUTCH KRATON REVOLVER COMMITMENT 
  

			
	 Lender
	  	Revolver Commitment
	 Bank of America, N.A.
	  	$25,500,000.00
	 JPMorgan Chase Bank, N.A., London Branch
	  	$21,000,000.00
	 Wells Fargo Bank National Association, London Branch
	  	$15,000,000.00
	 Bank of Montreal, London Branch
	  	$18,000,000.00
	 Deutsche Bank AG New York Branch
	  	$10,500,000.00
	 Total
	  	$90,000,000.00

 Schedule 2.1.1(b) 

U.S. REVOLVER 
 COMMITMENT 

 

			
	 Lender
	  	Revolver Commitment
	 Bank of America, N.A.
	  	$59,500,000.00
	 JPMorgan Chase Bank, N.A.
	  	$49,000,000.00
	 Wells Fargo Bank National Association
	  	$35,000,000.00
	 Bank of Montreal, Chicago Branch
	  	$42,000,000.00
	 Deutsche Bank AG New York Branch
	  	$24,500,000.00
	 Total
	  	$210,000,000.00Exhibit 4.1

 

FOURTEENTH SUPPLEMENTAL INDENTURE

 

FOURTEENTH SUPPLEMENTAL
INDENTURE (this “Supplemental Indenture”), dated as of December 1, 2020, among Ocotillo Windpower Holdings
LLC (the “Guaranteeing Subsidiary”), a subsidiary of Clearway Energy Operating LLC (or its permitted successor),
a Delaware limited liability company (the “Company”), the Company, the other Guarantors (as defined in the Indenture
referred to herein) and Delaware Trust Company (as successor in interest to Law Debenture Trust Company of New York), as trustee
under the Indenture referred to below (the “Trustee”).

 

W I T N E S S E T H

 

WHEREAS, the Company
has heretofore executed and delivered to the Trustee an indenture (the “Indenture”), dated as of August 18,
2016 providing for the issuance of 5.000% Senior Notes due 2026 (the “Notes”);

 

WHEREAS, the Indenture
provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture
pursuant to which the Guaranteeing Subsidiary shall fully and unconditionally guarantee all of the Company’s Obligations
under the Notes and the Indenture on the terms and conditions set forth herein (the “Subsidiary Guarantee”);
and

 

WHEREAS, pursuant to
Sections 4.10 and 9.01 of the Indenture, the Trustee, the Company and the other Guarantors are authorized to execute and deliver
this Supplemental Indenture.

 

NOW, THEREFORE, in consideration
of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiary
and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows:

 

1.            CAPITALIZED
TERMS. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.

 

2.            AGREEMENT
TO GUARANTEE. The Guaranteeing Subsidiary hereby becomes a party to the Indenture as a Guarantor and as such will have all the
rights and be subject to all the Obligations and agreements of Guarantors under the Indenture. The Guaranteeing Subsidiary hereby
agrees to provide a full and unconditional Guarantee on the terms and subject to the conditions set forth in the Subsidiary Guarantee
and in the Indenture including but not limited to Article 10 thereof.

 

3.            NO
RECOURSE AGAINST OTHERS. No director, officer, employee, incorporator or stockholder of the Company or any Guarantor, as such,
will have any liability for any obligations of the Company or the Guarantors under the Notes, this Indenture, the Subsidiary Guarantees
or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting
a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes.
The waiver may not be effective to waive liabilities under the federal securities laws.

 

     

     

    

 

4.            NEW
YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE
WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION
WOULD BE REQUIRED THEREBY.

 

5.            COUNTERPARTS.
The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them
together represent the same agreement.

 

6.            EFFECT
OF HEADINGS. The Section headings herein are for convenience only and shall not affect the construction hereof.

 

7.            THE
TRUSTEE. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this
Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing
Subsidiary and the Company.

 

8.            RATIFICATION
OF INDENTURE; SUPPLEMENTAL INDENTURE FOR ADDITIONAL GUARANTEES PART OF INDENTURE. Except as expressly amended hereby, the
Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force
and effect. This Supplemental Indenture for Additional Guarantees shall form a part of the Indenture for all purposes, and every
Holder of Notes heretofore or hereafter authenticated and delivered shall by bound hereby.

 

9.            ELECTRONIC
SIGNATURES. Each of the transaction parties agrees on behalf of itself, and any Person acting or claiming by, under or through
such transaction party, that any written instrument delivered in connection with this Supplemental Indenture, the Indenture or
any related document, including without limitation any amendments or supplements to such documents, may be executed by electronic
methods (whether by .pdf scan or utilization of an electronic signature platform or application). Any electronic signature document
delivered via email from a person authorized on an incumbency certificate provided by the Company, any Guaranteeing Subsidiary
or any other Guarantor to the Trustee shall be considered signed or executed by such person on behalf of the Company, such Guaranteeing
Subsidiary, or such other Guarantor, as applicable. Each of the Company, the Guaranteeing Subsidiary, and the other Guarantors
agree to assume all risks arising out of the use of electronic methods for all purposes including the authorization, execution,
delivery, or submission of documents, instruments, notices, directions, instructions, reports, opinions and certificates to
the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk of interception
and misuse by third parties. Any electronic signature shall have the same legal validity and enforceability as a manually executed
signature to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National
Commerce Act, the New York State Electronic Signatures and Records Act, or any similar federal or state law, rule or regulation,
as the same may be in effect from time to time, and the parties hereby waive any objection to the contrary. Any document accepted,
executed or agreed to in conformity with such laws will be binding on all parties hereto to the same extent as if it were physically
executed and each party hereby consents to the use of any third party electronic signature capture service providers as may be
reasonably chosen by a signatory hereto.

 

    	 	 2	 

     

    

 

IN WITNESS WHEREOF, the
parties hereto have caused this Supplemental Indenture to be duly executed and attested, all as of the date first above written.

 

	 	OCOTILLO WINDPOWER HOLDINGS
    LLC
	 	 
	 	 
	 	By:	/s/ Chad Plotkin
	 	Name: Chad Plotkin
	 	Title: Vice President &
    Treasurer
	 	 
	 	CLEARWAY ENERGY OPERATING LLC
	 	CLEARWAY ENERGY LLC
	 	DGPV HOLDING LLC
	 	 
	 	 
	 	By:	 /s/ Chad Plotkin
	 	Name: Chad Plotkin
	 	Title: Senior Vice President,
    Chief Financial Officer & Treasurer  

 

[Signature Page to
Fourteenth Supplemental Indenture]

 

     

     

    

 

	 	ALTA WIND 1-5 HOLDING COMPANY,
    LLC
	 	ALTA WIND COMPANY, LLC
	 	CBAD HOLDINGS II, LLC
	 	CENTRAL CA FUEL CELL 1, LLC
	 	CLEARWAY SOLAR STAR LLC
	 	CWEN PINNACLE REPOWERING HOLDINGS LLC
	 	DG-CS HOLDINGS LLC
	 	DG SREC HOLDCO LLC
	 	ECP UPTOWN CAMPUS HOLDINGS LLC
	 	ENERGY CENTER CAGUAS HOLDINGS LLC
	 	ENERGY CENTER FAJARDO HOLDINGS LLC
	 	ENERGY CENTER HONOLULU HOLDINGS LLC
	 	FUEL CELL HOLDINGS LLC
	 	MESQUITE STAR HOLDINGS LLC
	 	NIMH SOLAR HOLDINGS LLC
	 	PORTFOLIO SOLAR I, LLC
	 	RPV HOLDING LLC
	 	SOLAR FLAGSTAFF ONE LLC
	 	SOLAR IGUANA LLC
	 	SOLAR LAS VEGAS MB 1 LLC
	 	SOLAR TABERNACLE LLC
	 	SOUTH TRENT HOLDINGS LLC
	 	SPP ASSET HOLDINGS, LLC
	 	SPP FUND II HOLDINGS, LLC
	 	SPP FUND II, LLC
	 	SPP FUND II-B, LLC
	 	SPP FUND III, LLC
	 	THERMAL CANADA INFRASTRUCTURE HOLDINGS
    LLC
	 	THERMAL HAWAII DEVELOPMENT HOLDINGS LLC
	 	THERMAL INFRASTRUCTURE DEVELOPMENT HOLDINGS
    LLC
	 	UB FUEL CELL, LLC
	 	UTAH SOLAR MASTER HOLDCO LLC

 

	 	By:	 /s/ Chad Plotkin

	 	Name: Chad Plotkin
	 	Title: Vice President &
    Treasurer 

 

[Signature Page to
Fourteenth Supplemental Indenture]

 

     

     

    

 

DELAWARE TRUST COMPANY

 

	By:	/s/
    Benjamin Hancock	 
		Authorized Signatory:	 

 

[Signature Page to
Fourteenth Supplemental Indenture]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00317-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00317-of-00352.parquet"}]]