Document:

EXECUTION
COPY

    

    CONTRIBUTION
AND EXCHANGE AGREEMENT

    

    Dated as
of January 12, 2010

    

    by and
among

    

    ICAHN
ENTERPRISES L.P.,

     

    BECKTON
CORP.,

     

    BARBERRY
CORP.,

     

    MODAL
LLC

     

    and

     

    CABOOSE
HOLDING LLC

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Table of
Contents

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        	 
      	 
      	
                                                Page

                                              
	 
	
                                                ARTICLE I

                                              
	 
      
	
                                                Terms of the Transaction

                                              
	 
      
	
                                                Section
      1.1

                                              	
                                                Contribution
      of Contribution Stock

                                              	
                                                1

                                              
	
                                                Section
      1.2

                                              	
                                                Consideration.

                                              	
                                                1

                                              
	
                                                Section
      1.3

                                              	
                                                Closing

                                              	
                                                2

                                              
	
                                                Section
      1.4

                                              	
                                                Actions
      at the Closing

                                              	
                                                2

                                              
	
                                                Section
      1.5

                                              	
                                                Adjustments

                                              	
                                                3

                                              
	
                                                Section
      1.6

                                              	
                                                Tax
      Treatment

                                              	
                                                3

                                              
	
                                                Section
      1.7

                                              	
                                                704(c)
      Methods

                                              	
                                                3

                                              
	 
      	 
      	 
      
	
                                                ARTICLE II

                                              
	 
      
	
                                                Representations and Warranties of Contributing
      Parties Relating to Contributing Parties

                                              
	 
      
	
                                                Section
      2.1

                                              	
                                                Organization
      of Contributing Parties

                                              	
                                                4

                                              
	
                                                Section
      2.2

                                              	
                                                Authority

                                              	
                                                4

                                              
	
                                                Section
      2.3

                                              	
                                                Title

                                              	
                                                4

                                              
	
                                                Section
      2.4

                                              	
                                                No
      Conflicts

                                              	
                                                4

                                              
	
                                                Section
      2.5

                                              	
                                                Governmental
      Consents and Approvals

                                              	
                                                5

                                              
	
                                                Section
      2.6

                                              	
                                                Brokers

                                              	
                                                5

                                              
	
                                                Section
      2.7

                                              	
                                                No
      Purchases or Sales

                                              	
                                                5

                                              
	 	 	 
	
                                                ARTICLE III

                                              
	 
      
	
                                                Representations and Warranties of Barberry
      Relating to Barberry

                                              
	 
      	 
      	 
      
	
                                                Section
      3.1

                                              	
                                                Net
      Worth of Barberry

                                              	
                                                6

                                              
	 
      
	
                                                ARTICLE IV

                                              
	 
      
	
                                                Representations and Warranties of Beckton Relating
      to Beckton

                                              
	 
      	 
      	 
      
	
                                                Section
      4.1

                                              	
                                                Organization

                                              	
                                                6

                                              
	
                                                Section
      4.2

                                              	
                                                Authority

                                              	
                                                6

                                              
	
                                                Section
      4.3

                                              	
                                                No
      Conflicts

                                              	
                                                6

                                              
	
                                                Section
      4.4

                                              	
                                                Governmental
      Consents and Approvals

                                              	
                                                7

                                              
	
                                                Section
      4.5

                                              	
                                                Brokers

                                              	
                                                7

                                              
	
                                                Section
      4.6

                                              	
                                                No
      Purchases or Sales

                                              	
                                                7

                                              

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      
         

      

      
        i

        
          

        

      

      
         

      

    

    Table
of Contents

    (continued)

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          	 
      	 
      	
                                  Page

                                
	 
      	 
      	 
      
	
                                  ARTICLE V

                                
	 
      
	
                                  Representations and Warranties of Contributing
      Parties Relating to the Corporation and its
      Subsidiaries

                                
	 
      	 
      	 
      
	
                                  Section
      5.1

                                	
                                  Due
      Organization.

                                	
                                  8

                                
	
                                  Section
      5.2

                                	
                                  Capitalization.

                                	
                                  8

                                
	
                                  Section
      5.3

                                	
                                  SEC
      Filings.

                                	
                                  8

                                
	
                                  Section
      5.4

                                	
                                  Governmental
      Approvals; No Violations

                                	
                                  9

                                
	
                                  Section
      5.5

                                	
                                  No
      Material Adverse Effects or Changes

                                	
                                  9

                                
	
                                  Section
      5.6

                                	
                                  Title
      to Properties

                                	
                                  10

                                
	
                                  Section
      5.7

                                	
                                  Taxes.

                                	
                                  10

                                
	
                                  Section
      5.8

                                	
                                  Employee
      Matters/Employee Benefit Plans

                                	
                                  10

                                
	
                                  Section
      5.9

                                	
                                  Litigation

                                	
                                  12

                                
	
                                  Section
      5.10

                                	
                                  Claims
      Against Officers and Directors

                                	
                                  13

                                
	
                                  Section
      5.11

                                	
                                  Insurance

                                	
                                  13

                                
	
                                  Section
      5.12

                                	
                                  Compliance
      with Law

                                	
                                  13

                                
	
                                  Section
      5.13

                                	
                                  Undisclosed
      Liabilities

                                	
                                  13

                                
	
                                  Section
      5.14

                                	
                                  Related
      Parties

                                	
                                  13

                                
	
                                  Section
      5.15

                                	
                                  Intellectual
      Property.

                                	
                                  14

                                
	
                                  Section
      5.16

                                	
                                  Environmental
      Matters.

                                	
                                  14

                                
	
                                  Section
      5.17

                                	
                                  Contracts.

                                	
                                  15

                                
	
                                  Section
      5.18

                                	
                                  Accuracy
      of Statements

                                	
                                  15

                                
	
                                  Section
      5.19

                                	
                                  Investor
      Representation

                                	
                                  16

                                
	 
      	 
      	 
      
	
                                  ARTICLE VI

                                
	 
      
	
                                  Representations and Warranties of
      IEP

                                
	 
      	 
      	 
      
	
                                  Section
      6.1

                                	
                                  Organization
      of IEP

                                	
                                  16

                                
	
                                  Section
      6.2

                                	
                                  Authority

                                	
                                  16

                                
	
                                  Section
      6.3

                                	
                                  No
      Conflicts

                                	
                                  16

                                
	
                                  Section
      6.4

                                	
                                  Consents
      and Approvals

                                	
                                  17

                                
	
                                  Section
      6.5

                                	
                                  Brokers

                                	
                                  17

                                
	
                                  Section
      6.6

                                	
                                  Investor
      Representation

                                	
                                  17

                                
	
                                  Section
      6.7

                                	
                                  Title

                                	
                                  17

                                
	
                                  Section
      6.8

                                	
                                  Tax.

                                	
                                  18

                                
	 
      	 
      	 
      
	
                                  ARTICLE VII

                                
	 
      
	
                                  Covenants

                                
	 
      	 
      	 
      
	
                                  Section
      7.1

                                	
                                  Maintenance
      of Business Prior to Closing.

                                	
                                  18

                                
	
                                  Section
      7.2

                                	
                                  Efforts
      to Consummate Transaction.

                                	
                                  20

                                

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      
         

      

      
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    Table
of Contents

    (continued)

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            	 
      	 
      	
                                    Page

                                  
	 
      	 
      	 
      
	
                                    ARTICLE VIII

                                  
	 
      
	
                                    Conditions to Closing

                                  
	 
      	 
      	 
      
	
                                    Section
      8.1

                                  	
                                    Conditions
      to Obligations of Parties

                                  	
                                    21

                                  
	
                                    Section
      8.2

                                  	
                                    Conditions
      to Obligations of the Contributing Parties

                                  	
                                    21

                                  
	
                                    Section
      8.3

                                  	
                                    Conditions
      to Obligations of IEP

                                  	
                                    21

                                  
	 
      	 
      	 
      
	
                                    ARTICLE IX

                                  
	 
      
	
                                    Indemnification

                                  
	 
      	 
      	 
      
	
                                    Section
      9.1

                                  	
                                    Indemnification
      by Barberry.

                                  	
                                    22

                                  
	
                                    Section
      9.2

                                  	
                                    Claims

                                  	
                                    23

                                  
	
                                    Section
      9.3

                                  	
                                    Notice
      of Third Party Claims; Assumption of Defense

                                  	
                                    24

                                  
	
                                    Section
      9.4

                                  	
                                    Settlement
      or Compromise

                                  	
                                    24

                                  
	
                                    Section
      9.5

                                  	
                                    Failure
      of Barberry to Act

                                  	
                                    25

                                  
	
                                    Section
      9.6

                                  	
                                    Tax
      Character

                                  	
                                    25

                                  
	
                                    Section
      9.7

                                  	
                                    Sole
      and Exclusive Remedy

                                  	
                                    25

                                  
	 
      	 
      	 
      
	
                                    ARTICLE X

                                  
	 
      
	
                                    Definitions

                                  
	 
      	 
      	 
      
	
                                    Section
      10.1

                                  	
                                    Defined
      Terms

                                  	
                                    25

                                  
	 
      	 
      	 
      
	
                                    ARTICLE XI

                                  
	 
      
	
                                    Miscellaneous

                                  
	 
      	 
      	 
      
	
                                    Section
      11.1

                                  	
                                    Investigation

                                  	
                                    32

                                  
	
                                    Section
      11.2

                                  	
                                    Survival
      of Representations and Warranties

                                  	
                                    32

                                  
	
                                    Section
      11.3

                                  	
                                    Entire
      Agreement

                                  	
                                    32

                                  
	
                                    Section
      11.4

                                  	
                                    Waiver

                                  	
                                    32

                                  
	
                                    Section
      11.5

                                  	
                                    Amendment

                                  	
                                    33

                                  
	
                                    Section
      11.6

                                  	
                                    No
      Third Party Beneficiary

                                  	
                                    33

                                  
	
                                    Section
      11.7

                                  	
                                    Assignment;
      Binding Effect

                                  	
                                    33

                                  
	
                                    Section
      11.8

                                  	
                                    Headings

                                  	
                                    33

                                  
	
                                    Section
      11.9

                                  	
                                    Invalid
      Provisions

                                  	
                                    33

                                  
	
                                    Section
      11.10

                                  	
                                    Governing
      Law

                                  	
                                    33

                                  
	
                                    Section
      11.11

                                  	
                                    Counterparts

                                  	
                                    33

                                  
	
                                    Section
      11.12

                                  	
                                    Waiver
      of Jury Trial

                                  	
                                    34

                                  
	
                                    Section
      11.13

                                  	
                                    Consent
      to Jurisdiction

                                  	
                                    34

                                  

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      
         

      

      
        iii

        
          

        

      

      
         

      

    

    Table
of Contents

    
      (continued)

    

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            	 
      	 
      	
                                    Page

                                  
	 
      	 
      	 
      
	
                                    Section
      11.14

                                  	
                                    Expenses

                                  	
                                    34

                                  
	
                                    Section
      11.15

                                  	
                                    Notices

                                  	
                                    34

                                  
	
                                    Section
      11.16

                                  	
                                    Further
      Assurances

                                  	
                                    36

                                  
	 	 	 
	
                                    Schedules 

                                  	 
      	 

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
        
          	
                  Schedule
      1.1

                	
                  Contribution
      and Exchange

                
	
                  Schedule
      3.1

                	
                  Net
      Worth of Barberry

                
	
                  Schedule
      7.1(c)

                	
                  Permitted
      Actions of the
Corporation

                

        

      

    

    

    Corporation
Disclosure Schedule

    IEP
Disclosure Schedule

    
      
         

      

      
        iv

        
          

        

      

      
         

      

    

     

    
      CONTRIBUTION
AND EXCHANGE AGREEMENT

       

      THIS
CONTRIBUTION AND EXCHANGE AGREEMENT (this “Agreement”), dated as
of January 12, 2010, is by and among Icahn Enterprises L.P., a Delaware limited
partnership (“IEP”), Beckton Corp.,
a Delaware corporation (“Beckton”), Barberry
Corp., a Delaware corporation (“Barberry”), Modal
LLC, a Delaware limited liability company (“Modal”), and Caboose
Holding LLC, a Delaware limited liability company (“Caboose” and,
together with Barberry and Modal, each a “Contributing Party”,
and collectively, the “Contributing
Parties”).  Capitalized terms not otherwise defined herein have
the meanings set forth in Article
X.

       

      RECITALS:

       

      WHEREAS,
the Contributing Parties collectively own 11,564,145 shares of common stock of
American Railcar Industries, Inc., a North Dakota corporation (the “Corporation”), which
shares currently represent approximately 54.3% of the total issued and
outstanding shares of capital stock of the Corporation (the “ARI Stock”);
and

       

      WHEREAS,
the Contributing Parties desire to contribute to IEP, and IEP desires to receive
from the Contributing Parties, 11,564,145 shares of ARI Stock (the “Contribution Stock”)
upon the terms and subject to the conditions in this Agreement;

       

      NOW,
THEREFORE, the parties hereto agree as follows:

       

      ARTICLE
I

       

      Terms of the
Transaction

       

      Section
1.1        Contribution of Contribution
Stock.  At the Closing, and on the terms set forth in this
Agreement, the Contributing Parties shall cause the Contribution Stock to be
contributed, assigned, transferred, conveyed and delivered to IEP in the number
of shares of ARI Stock set forth opposite each Contributing Party’s name on
Schedule 1.1,
and IEP shall receive and accept the Contribution Stock.

       

      Section
1.2        Consideration.

       

      (a)                 The
consideration to be issued, transferred, conveyed and delivered by IEP to the
Contributing Parties at the Closing in exchange for the contribution of the
Contribution Stock to IEP shall equal 0.2695 fully paid and non-assessable IEP
Units for each share of Contribution Stock, for an aggregate consideration of
3,116,537 IEP Units (the “Exchange
Units”).  The Exchange Units shall be allocated among the
Contributing Parties as set forth on Schedule
1.1.

      
        
           

        

        
          1

          
            

          

        

        
           

        

      

       

      (b)                 If
the VWAP of the ARI Stock over the period starting on the first trading day of
the month immediately following the Closing Date and ending on (and including)
the 180th day
thereafter (such price, the “Six-Month VWAP”, and
such date, the “Measurement Date”)
exceeds $11.69, IEP will issue to each Contributing Party a number of IEP Units,
rounded to the nearest whole IEP Unit, equal to the quotient obtained by
dividing (i) the product of the lesser of (x) the amount by
which the Six-Month VWAP exceeds $10.63 and (y) $4.25, and the
number of shares of Contribution Stock contributed by such Contributing Party at
the Closing, by (ii)
$39.45.  In the event of any issuance of IEP Units pursuant to this
Section 1.2(b),
Beckton shall cause Icahn Enterprises GP Holdings LP (“IEGP”), the general
partner of IEP, to make such contribution to IEP as is necessary for IEGP to
maintain a 1% general partnership interest in IEP.

       

      (c)                 If
the Six-Month VWAP is less than $9.57, each Contributing Party will contribute
to IEP a number of IEP Units, rounded to the nearest whole IEP Unit, equal to
the quotient obtained by dividing (i) the product of the
lesser of (x)
the amount by which $10.63 exceeds the Six-Month VWAP and (y) $4.25, and the
number of shares of Contribution Stock contributed by such Contributing Party at
the Closing, by (ii)
$39.45.

       

      (d)                 Prior
to and including the Measurement Date, neither Beckton, any Contributing Entity
nor any of their respective Affiliates will directly or indirectly acquire or
dispose of any ARI Stock or IEP Units (other than purchases or issuances of IEP
Units or purchases of ARI Shares by IEP in the ordinary course of business)
without the prior consent of the Audit Committee; provided, however, that each
party shall be permitted to undertake or engage in any transaction contemplated
by the offering memorandum relating to the offering by IEP and Icahn Enterprises
Finance Corp., as co-issuers, of Senior Notes due 2016 and Senior Notes due
2018.

       

      Section
1.3        Closing.  The
closing of the transactions contemplated by Section 1.1 and Section 1.2 hereof
(the “Closing”)
shall take place (a) at the
offices of IEP, located at White Plains Plaza, 445 Hamilton Avenue – Suite 1210,
White Plains, NY 10601, immediately after all the conditions set forth in Article VIII are
satisfied or waived (other than those conditions that by their terms are to be
satisfied at the Closing, but subject to the satisfaction or waiver of those
conditions at the Closing), or (b) at such other
time, date or place as Barberry and IEP may agree.  The date on which
the Closing occurs is herein referred to as the “Closing
Date”.  The Closing shall be deemed effective for all
accounting, financial and reporting purposes as of the close of business on the
Closing Date.

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

       

      Section
1.4        Actions at the
Closing.  At the Closing:  (i) IEP shall
issue and deliver to each Contributing Party a certificate or certificates
representing the Exchange Units to be received by such Contributing Party
pursuant to Section
1.2, or, in the case of any Exchange Units that are held in book-entry
form, IEP shall cause such Exchange Units to be transferred to the account
designated in writing by such Contributing Party; (ii) each
Contributing Party shall deliver to IEP the Contribution Stock it is
contributing pursuant to Section 1.1, together
with instruments of transfer satisfactory to IEP or, in the case of any
Contribution Stock that is held in book-entry form, such Contributing Party
shall cause such Contribution Stock to be transferred to the account designated
in writing by IEP; (iii) each
Contributing Party shall deliver to IEP a statement, meeting the requirements of
section 1.1445-2(b)(2) of the Treasury regulations, to the effect that such
Contributing Party is not a foreign person; (iv) IEP and the
Contributing Parties shall enter into the ARI Registration Rights Assignment
Agreement in connection with the ARI Registration Rights Agreement; (v) pursuant to
Section 5.1 of the IEP Registration Rights Agreement, each Contributing Party
shall deliver to IEP an executed signature page to the IEP Registration Rights
Agreement (the “IEP
Registration Rights Joinder”); (vi) IEP shall
acknowledge, by signing the IEP Registration Rights Joinder, that, as a result
of the Contributing Parties’ delivery of the IEP Registration Rights Joinder,
the Contributing Parties shall be and shall be deemed to be each a “Holder”
under the IEP Registration Rights Agreement for all purposes thereunder; (vii) IEP shall
deliver or cause to be delivered to the Contributing Parties evidence that the
NYSE has approved the Exchange Units for listing, subject only to official
notice of issuance, in form and substance reasonably acceptable to Contributing
Parties; and (viii) Beckton
shall cause IEGP to make such contribution to IEP as is necessary for IEGP to
maintain a 1% general partnership interest in IEP.

       

      Section
1.5        Adjustments.  In
the event that the number of shares of ARI Stock or IEP Units, or securities
convertible or exchangeable into or exercisable for ARI Stock or IEP Units,
issued and outstanding prior to (and including) the Measurement Date changes as
a result of a reclassification, stock or unit split (including a reverse stock
or unit split), stock or unit dividend or stock or unit distribution,
recapitalization, merger, subdivision, issuer tender or exchange offer, or other
similar transaction, the ARI Stock and/or IEP Units to be delivered as
consideration hereunder, as applicable, shall be proportionately and equitably
adjusted to account for such change.

       

      Section
1.6        Tax
Treatment.  The parties agree and acknowledge that the
contribution of the Contribution Stock to IEP in exchange for the Exchange Units
is intended to qualify as a tax-free contribution to a partnership under Code
Section 721(a) and no party, on a Tax Return or otherwise, shall, except to the
extent required by Law, take any position inconsistent with such
treatment.

       

      Section
1.7        704(c)
Methods.  Beckton will cause IEGP, to the extent possible, to
take such action as is necessary, including selecting methods under Code Section
704(c), to cause each Exchange Unit to have the same economic and tax
characteristics to any purchaser or acquiror thereof as each other IEP Unit,
provided that
Beckton consults with the Audit Committee with respect to all Code Section
704(c) elections relating to this transaction.

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

       

      ARTICLE
II

       

      Representations and
Warranties of Contributing Parties Relating to Contributing
Parties

       

      Each
Contributing Party hereby makes the following representations and warranties
contained in this Article II to
IEP.

       

      Section
2.1        Organization of Contributing
Parties.  Such Contributing Party is a limited liability
company duly organized or a corporation duly incorporated, as applicable,
validly existing and in good standing under the Laws of the State of
Delaware.  Such Contributing Party has full organizational power and
authority to execute and deliver this Agreement and to perform its obligations
hereunder and to consummate the transactions contemplated
hereby.  Such Contributing Party is an Affiliate (as defined under the
IEP Registration Rights Agreement) of a Holder (as defined under the IEP
Registration Rights Agreement).

       

      Section
2.2        Authority.  The
execution and delivery by such Contributing Party of this Agreement, and the
performance by such Contributing Party of its obligations hereunder, have been
duly and validly authorized by all requisite limited liability company or
corporate action on the part of such Contributing Party and no other action on
the part of such Contributing Party or its managing members or shareholders is
necessary for such execution, delivery or performance.  This Agreement
has been duly and validly executed and delivered by such Contributing Party and
constitutes a legal, valid and binding obligation of such Contributing Party,
enforceable against such Contributing Party in accordance with its
terms.

       

      Section
2.3        Title.  Such
Contributing Party is the sole owner of the Contribution Stock set forth
opposite its name on Schedule 1.1 and has
good and valid title to such Contribution Stock, free and clear of all
Liens.  The delivery of such Contribution Stock and other instruments
of transfer delivered by such Contributing Party to IEP at the Closing will
transfer to IEP good and valid title to the Contribution Stock owned by such
Contributing Party immediately prior to the Closing, free and clear of all
Liens.

       

      Section
2.4        No
Conflicts.  The execution and delivery by such Contributing
Party of this Agreement do not, and the performance by such Contributing Party
of its obligations under this Agreement and the consummation of the transactions
contemplated hereby will not:

       

      (a)                 conflict
with or result in a violation or breach of any of the terms, conditions or
provisions of the organizational documents of such Contributing
Party;

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

       

      (b)                 conflict
with or result in a violation or breach of any term or provision of any Law or
Order applicable to such Contributing Party;

       

      (c)                 (i) conflict with or
result in a violation or breach of, (ii) constitute
(with or without notice or lapse of time or both) a default under, (iii) require
such Contributing Party to obtain any consent, approval or action of, make any
filing (other than with the SEC pursuant to Section 13 and Section 16 of the
Exchange Act) with or give any notice to any Person, as a result or under the
terms of, or (iv) result in or
give to any Person any right of termination, cancellation, acceleration or
modification in or with respect to, any Contract or License to which such
Contributing Party is a party; or

       

      (d)                 result
in the creation or imposition of any Lien upon the Contribution
Stock.

       

      Section
2.5        Governmental Consents and
Approvals.  Other than (i) compliance
with any applicable foreign or state securities or blue sky Laws and (ii) the filings
or notices that are required and customary pursuant to any state environmental
transfer statutes, no consent, authorization or approval of, filing (other than
with the SEC pursuant to Section 13 and Section 16 of the Exchange Act) or
registration with, or cooperation from, any Governmental or Regulatory Authority
is necessary in connection with the execution, delivery and performance by such
Contributing Party of this Agreement or the consummation of the transactions
contemplated hereby.

       

      Section
2.6        Brokers.  Such
Contributing Party has not used any broker or finder in connection with the
transactions contemplated hereby, and neither IEP nor any of its Affiliates has
or shall have any liability or otherwise suffer or incur any Loss as a result of
or in connection with any brokerage or finder’s fee or other commission of any
Person retained or purporting to be retained by such Contributing Party in
connection with any of the transactions contemplated by this
Agreement.

       

      Section
2.7        No Purchases or
Sales.  Other than the acquisition or disposition of ARI Stock
or IEP Units from or to Affiliates, no Contributing Party nor any of its
Affiliates has directly or indirectly acquired or disposed of any ARI Stock or
IEP Units during the 60 days preceding the date hereof.

       

      ARTICLE
III

       

      Representations and
Warranties of Barberry Relating to Barberry

       

      Barberry
hereby makes the following representations and warranties contained in this
Article III to
IEP.

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

       

      Section
3.1        Net Worth of
Barberry.  Schedule 3.1 sets
forth the net worth of Barberry as of the date hereof.

       

      ARTICLE
IV

       

      Representations and
Warranties of Beckton Relating to Beckton

       

      Beckton
hereby makes the following representations and warranties contained in this
Article IV to
IEP.

       

      Section
4.1        Organization.  Beckton
is a corporation duly incorporated, validly existing and in good standing under
the Laws of the State of Delaware.  Beckton has full organizational
power and authority to execute and deliver this Agreement and to perform its
obligations hereunder and to consummate the transactions contemplated
hereby.

       

      Section
4.2        Authority.  The
execution and delivery by Beckton of this Agreement, and the performance by
Beckton of its obligations hereunder, has been duly and validly authorized by
Beckton’s board of directors and no other action on the part of Beckton or its
shareholders is necessary for such execution, delivery or
performance.  This Agreement has been duly and validly executed and
delivered by Beckton and constitutes a legal, valid and binding obligation of
Beckton, enforceable against Beckton in accordance with its terms.

       

      Section
4.3        No
Conflicts.  The execution and delivery by Beckton of this
Agreement does not, and the performance by Beckton of its obligations under this
Agreement and the consummation of the transactions contemplated hereby will
not:

       

      (a)              conflict
with or result in a violation or breach of any of the terms, conditions or
provisions of the organizational documents of Beckton;

       

      (b)              conflict
with or result in a violation or breach of any term or provision of any Law or
Order applicable to Beckton; or

       

      (c)               (i) conflict with or
result in a violation or breach of, (ii) constitute
(with or without notice or lapse of time or both) a default under, (iii) require
Beckton to obtain any consent, approval or action of, make any filing (other
than with the SEC pursuant to Section 13 and Section 16 of the Exchange Act)
with or give any notice to any Person, as a result or under the terms of, or
(iv) result in or
give to any Person any right of termination, cancellation, acceleration or
modification in or with respect to, any Contract or License to which Beckton is
a party.

      
        
           

        

        
          6

          
            

          

        

        
           

        

      

       

      Section
4.4        Governmental Consents and
Approvals.  Other than (i) compliance
with any applicable foreign or state securities or blue sky Laws and (ii) the filings
or notices that are required and customary pursuant to any state environmental
transfer statutes, no consent, authorization or approval of, filing (other than
with the SEC pursuant to Section 13 and Section 16 of the Exchange Act) or
registration with, or cooperation from, any Governmental or Regulatory Authority
is necessary in connection with the execution, delivery and performance by
Beckton of this Agreement or the consummation of the transactions contemplated
hereby.

       

      Section
4.5        Brokers.  Beckton
has not used any broker or finder in connection with the transactions
contemplated hereby, and neither IEP nor any of its Affiliates has or shall have
any liability or otherwise suffer or incur any Loss as a result of or in
connection with any brokerage or finder’s fee or other commission of any Person
retained or purporting to be retained by Beckton in connection with any of the
transactions contemplated by this Agreement.

       

      Section
4.6        No Purchases or
Sales.  Other than the acquisition or disposition of ARI Stock
or IEP Units from or to Affiliates, neither Beckton nor any of its Affiliates
has directly or indirectly acquired or disposed of any ARI Stock or IEP Units
during the 60 days preceding the date hereof.

       

      ARTICLE
V

       

      Representations and
Warranties of Contributing Parties Relating to the
Corporation

      and its
Subsidiaries

       

      Except as
(i) disclosed in
the Current ARI SEC Documents (other than any disclosures set forth in any risk
factor section or in any section relating to forward-looking statements, and any
other disclosures included therein to the extent they are forward-looking in
nature, whether or not appearing in such sections), provided that no
disclosure in the Current ARI SEC Documents shall be deemed to qualify the
representations or warranties of the Contributing Parties that are contained in
Section 5.7(b),
and (ii) set forth on
the Corporation disclosure schedule delivered by the Contributing Parties to IEP
concurrently with the execution and delivery of this Agreement (the “Corporation Disclosure
Schedule”), the Contributing Parties hereby make the following
representations and warranties contained in this Article V to
IEP.  The Corporation Disclosure Schedule is arranged and numbered to
correspond to the numbered and lettered paragraphs contained in this Article
V.  Unless otherwise specified herein, disclosure made in any
particular Section of the Corporation Disclosure Schedule shall be deemed made
in any other Section or Sections of the Corporation Disclosure Schedule to which
the relevance of such disclosure is readily apparent on its face from the text
of such disclosure.

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

      Section
5.1        Due
Organization.

       

      (a)                 The
Corporation is duly incorporated and validly existing under the laws of its
jurisdiction of incorporation, with all requisite power and authority to own,
lease and operate its properties and to carry on its business as it is now being
owned, leased, operated and conducted.  The Corporation is licensed or
qualified to do business and is in good standing (where the concept of “good
standing” is applicable) as a foreign corporation in each jurisdiction where the
nature of its Assets and Properties require such licensing or qualification,
except where the failure to be so licensed or qualified would not, individually
or in the aggregate, be reasonably likely to have a Material Adverse Effect on
the Corporation.

       

      (b)                 Each
Subsidiary of the Corporation that was required to be listed in Exhibit 21 to
the Corporation’s most recent Annual Report on Form 10-K was so
listed.  Each Subsidiary of the Corporation has been duly incorporated
or organized and is validly existing under the laws of the jurisdiction of its
incorporation or organization, with all requisite power and authority to own,
lease and operate its properties and to carry on its business as it is now being
owned, leased, operated and conducted, except where the failure to be so duly
incorporated or organized or validly existing, or to have all such requisite
power or authority, would not, individually or in the aggregate, be reasonably
likely to have a Material Adverse Effect.  Each Subsidiary is licensed
or qualified to do business as a foreign corporation and is in good standing
(where the concept of “good standing” is applicable) as a foreign corporation in
each jurisdiction where the nature of its Assets and Properties require such
licensing or qualification, except where the failure to be so licensed or
qualified would not, individually or in the aggregate, be reasonably likely to
have a Material Adverse Effect.

       

      Section
5.2        Capitalization.

       

      (a)                 As
of the date hereof, the authorized capital stock of the Corporation consists of
50,000,000 shares of common stock, of which 21,302,296 shares of common stock
are issued and outstanding as of the date hereof.  As of the date
hereof, the 21,302,296 shares referenced in the preceding sentence represent all
of the issued and outstanding capital stock of the Corporation.  All
of the shares of Contribution Stock have been duly authorized and are validly
issued, fully paid and nonassessable.

       

      (b)                 No
Person holds any option, warrant, convertible security or other right to acquire
any capital stock or other securities of the Corporation.  There are
no obligations, contingent or otherwise, of the Corporation to repurchase,
redeem or otherwise acquire any ownership interests of the Corporation or to
provide funds to or make any material investment (in the form of a loan, capital
contribution or otherwise) in any Person.

       

      Section
5.3        SEC
Filings.

       

      (a)                 The
Corporation has timely filed all Required ARI SEC Documents.

      
        
           

        

        
          8

          
            

          

        

        
           

        

      

       

      (b)                 As
of their respective filing dates, the Current ARI SEC Documents complied in all
material respects with the requirements of the Securities Act, the Exchange Act
and the Sarbanes-Oxley Act of 2002 applicable to such Current ARI SEC
Documents.

       

      (c)                 The
Current ARI SEC Documents, when filed pursuant to the Securities Act or Exchange
Act, as the case may be, did not contain any untrue statement of a material fact
or omit to state any material fact necessary in order to make the statements
therein, in light of the circumstances under which they were made, not
misleading.

       

      (d)                 Each
of the financial statements (including the related notes) of the Corporation
included in the Current ARI SEC Documents complied at the time it was filed as
to form in all material respects with the applicable accounting requirements and
the published rules and regulations of the SEC with respect thereto in effect at
the time of such filing, had been prepared in accordance with GAAP (except, in
the case of unaudited statements, as permitted by the rules and regulations of
the SEC) applied on a consistent basis during the periods involved (except as
may be indicated in the notes thereto) and fairly presented in all material
respects the consolidated financial position of the Corporation and its
consolidated Subsidiaries as of the dates thereof and the consolidated results
of their operations and cash flows for the periods then ended (subject, in the
case of unaudited statements, to normal year-end audit
adjustments).

       

      Section
5.4        Governmental Approvals; No
Violations.  Other than (i) compliance
with any applicable foreign or state securities or blue sky Laws and (ii) the filings
or notices that are required and customary pursuant to any state environmental
transfer statutes, no notices, reports or other filings are required to be made
by the Corporation with, nor are any consents, registrations, approvals, permits
or authorizations required to be obtained by the Corporation from, any
Governmental or Regulatory Authority or any other Person in connection with the
execution, delivery and performance of this Agreement by the Corporation and the
consummation of the transactions contemplated hereby.

       

      Section
5.5        No Material Adverse Effects
or Changes.  To the Contributing Parties’ Knowledge, since
September 30, 2009, (i) the
Corporation and its Subsidiaries, taken as a whole, have not suffered any
Material Adverse Effect; (ii) there has
been no change, event, development, damage or circumstance affecting the
Corporation and its Subsidiaries, taken as a whole, that, individually or in the
aggregate would reasonably be expected to have a Material Adverse Effect on the
Corporation and its Subsidiaries, taken as a whole; (iii) there has
not been any material change by the Corporation in its accounting methods,
principles or practices, or any material revaluation by the Corporation of any
of its assets, including material writing down the value of inventory or
material writing off notes or accounts receivable; and (iv) each of the
Corporation and its Subsidiaries has conducted its business only in the ordinary
course of business consistent with past practice, except as would not,
individually or in the aggregate, be reasonably likely to have a Material
Adverse Effect.

      
        
           

        

        
          9

          
            

          

        

        
           

        

      

       

      Section
5.6        Title to
Properties.  Each of the Corporation and its Subsidiaries has
good and marketable title to, and each of them is the lawful owner of, all of
their property (real and personal) owned by each of them, free and clear of all
Liens, except where the failure to possess good and marketable title would not,
individually or in the aggregate, adversely affect in any material respect the
ability of the Corporation and its Subsidiaries, taken as a whole, to conduct
their business in the ordinary course, consistent with past practice; all the
property held under lease by the Corporation and its Subsidiaries is held
thereby under valid, subsisting and enforceable leases, assuming the due and
valid execution by the lessors thereto, except where the failure to have valid,
subsisting and enforceable leases would not, individually or in the aggregate,
adversely affect in any material respect the ability of the Corporation and its
Subsidiaries to conduct their business in the ordinary course, consistent with
past practice.

       

      Section
5.7        Taxes.

       

      (a)                 The
Corporation and each Subsidiary has duly and timely filed with the appropriate
taxing authorities all material Tax Returns required to have been
filed.  Such Tax Returns are complete and accurate in all material
respects.  All Taxes shown as due and payable on such Tax Returns have
been paid and all other material Taxes for which either the Corporation or any
Subsidiary is liable that are due and payable have been paid or adequately
reserved for on the financial statements of the Corporation.

       

      (b)                 Neither
the IRS nor any other taxing authority (whether domestic or foreign) has
asserted in writing against the Corporation or any Subsidiary any material
deficiency or material claim for Taxes in excess of the reserves established
therefor.

       

      (c)                 The
contribution of the Contribution Stock by the Contributing Parties to IEP in
exchange for the Exchange Units has not and will not result in any material
income Taxes payable by the Corporation or any Subsidiary, other than as a
result of the loss, reduction, or limitation of any net operating losses,
credits, deductions, carryforwards of such or other items, or other Tax
attributes.

       

      Section
5.8        Employee Matters/Employee
Benefit Plans.  Except for matters which would not,
individually, or in the aggregate, be reasonably likely to have a Material
Adverse Effect:

      
        
           

        

        
          10

          
            

          

        

        
           

        

      

       

      (a)                 Except
as accrued thereafter in accordance with the terms of the Plans as of the date
hereof, neither the Corporation nor any of its Subsidiaries has incurred any
material liability, and no event, transaction or condition has occurred or
exists that could result in any material liability, on account of any Plans,
including but not limited to liability for (i) additional
contributions required to be made under the terms of any Plan or its related
trust, insurance contract or other funding arrangement with respect to periods
ending on or prior to the date hereof which are not reflected, reserved against
or accrued in the Corporation’s financial statements; or (ii) breaches by
the Corporation, or, to the Contributing Parties’ Knowledge, the trustees under
the trusts created under the Plans, or any other Persons under ERISA or any
other applicable Law.  Each of the Plans has been operated and
administered in material compliance with its terms, all applicable Laws and, if
applicable, collective bargaining agreements.  Since January 1, 2008,
neither the Corporation nor any of its Subsidiaries has communicated to any
current or former director, officer, employee or consultant thereof any
intention or commitment to amend or modify any Plan, or to establish or
implement any other employee or retiree benefit or compensation plan or
arrangement, which would materially increase the cost to the Corporation and the
Subsidiaries, taken as a whole.

       

      (b)                 Each
Plan which is intended to be “qualified” within the meaning of Section 401(a) of
the Code, and the trust (if any) forming a part thereof has received or
requested a favorable determination letter or is covered by an opinion letter
from the Internal Revenue Service and, to the Contributing Parties’ Knowledge,
no event has occurred and no condition exists which could reasonably be expected
to result in the revocation of any such determination.  All amendments
and actions required to bring each Plan into conformity with the applicable
provisions of ERISA, the Code, and any other applicable Laws have been made or
taken.

       

      (c)                 There
are no pending or threatened claims by or on behalf of any participant in any of
the Plans, or otherwise involving any such Plan or the assets of any Plan, other
than routine claims for benefits in the ordinary course.  The Plans
are not presently under audit or examination (nor has notice been received of a
potential audit or examination) by the Internal Revenue Service or the
Department of Labor.

       

      (d)                 None
of the Plans provides benefits of any kind with respect to current or former
employees, officers, or directors (or their beneficiaries) of the Corporation or
any of its Subsidiaries beyond their retirement or other termination of
employment, other than (i) coverage for
benefits mandated by Section 4980B of the Code, (ii) death
benefits or retirement benefits under an employee pension benefit plan (as
defined by Section 3(2) of ERISA), or (iii) benefits,
the full cost of which is borne by such current or former employees, officers,
directors, or beneficiaries.

      
        
           

        

        
          11

          
            

          

        

        
           

        

      

       

      (e)                 No
Plan sponsored by the Corporation is a “multiemployer plan” within the meaning
of Section 4001(a)(3) of ERISA or a “multiple employer plan” as addressed in
section 4063 or 4064 of ERISA.  No Plan sponsored by the Corporation
is subject to Title IV of ERISA.

       

      (f)                 The
consummation of the transactions contemplated by this Agreement will not (alone
or in combination with any other event, including, without limitation, the
passage of time) result in (i) any payment
(including, without limitation, severance, unemployment compensation, golden
parachute, bonus payments or otherwise) becoming due under any agreement or oral
arrangement to any current or former director, officer, employee or consultant
of the Corporation or any of its Subsidiaries, (ii) any increase
in the amount of salary, wages or other benefits payable to any director,
officer, employee or consultant of the Corporation or any of its Subsidiaries,
or (iii) any
acceleration of the vesting or timing of payment of any benefits or compensation
(including, without limitation, any increased or accelerated funding obligation)
payable to any director, officer, employee or consultant of the Corporation or
any of its Subsidiaries.

       

      (g)                 There
is, and since January 1, 2008 there has been, to the Contributing Parties’
Knowledge, (i) (A) no unfair labor
practice complaint pending or threatened against the Corporation before the
National Labor Relations Board, and no grievance or arbitration proceeding
arising out of or under collective bargaining agreements is pending or
threatened, (B) no strike,
labor dispute, slowdown or stoppage pending or threatened against the
Corporation or any of its Subsidiaries and (C) no union
representation dispute currently existing concerning the employees of the
Corporation or any of its Subsidiaries, and (ii) (A) no union
organizing activities are currently taking place concerning the employees of the
Corporation or any of its Subsidiaries and (B) there has
been no violation of any federal, state, local or foreign law relating to
discrimination in the hiring, promotion or pay of employees, any applicable wage
or hour laws.

       

      Section
5.9        Litigation.  There
are no material actions, suits, arbitrations, regulatory proceedings or other
litigation, proceedings or governmental investigations pending or, to the
Contributing Parties’ Knowledge, threatened against or affecting any of the
Corporation or its Subsidiaries or any of their respective officers, directors,
employees or agents in their capacity as such, or any of the Corporation’s or
any of its Subsidiaries’ respective Assets and Properties or the respective
businesses of the Corporation or its Subsidiaries that, if determined adversely
to the Corporation or such Subsidiary or any of their officers, directors,
employees or agents in their capacity as such would be reasonably expected to be
material to the Corporation and its Subsidiaries, and to the Contributing
Parties’ Knowledge, there are no facts or circumstances which may give rise to
any of the foregoing.  Neither the Corporation nor any of its
Subsidiaries is subject to any order, judgment, decree, injunction, stipulation
or consent order of or with any court or other Governmental or Regulatory
Authority.

      
        
           

        

        
          12

          
            

          

        

        
           

        

      

       

      Section
5.10      Claims Against Officers and
Directors.  There are no pending or, to the Contributing
Parties’ Knowledge, threatened claims against any current or former director,
officer, employee or agent of the Corporation, any of its Subsidiaries or any
other Person, which could give rise to any material claim for indemnification
against the Corporation or any of its Subsidiaries or cause the Corporation or
any of its Subsidiaries to incur any liability or otherwise suffer or incur any
Loss.

       

      Section
5.11      Insurance.  The
Corporation and its Subsidiaries, as the case may be, maintain insurance
policies that provide adequate and suitable insurance coverage for their
respective businesses and are on such terms, cover such risks and are in such
amounts as the insurance customarily carried by comparable companies of
established reputation similarly situated and carrying on the same or similar
business.  All such insurance is fully in force on the date hereof
except where the failure to maintain such insurance would not, individually or
in the aggregate, be reasonably likely to have a Material Adverse
Effect.

       

      Section
5.12      Compliance with
Law.  To the Contributing Parties’ Knowledge, each of the
Corporation and its Subsidiaries is in material compliance and, at all times
since January 1, 2008, has been in compliance in all material respects with all
applicable Laws relating to each of them or their respective Assets and
Properties or business.  No investigation or review by any
Governmental or Regulatory Authority or self-regulatory authority is pending or,
to the Contributing Parties’ Knowledge, threatened, nor has any such authority
indicated in writing to any Contributing Party or the Corporation or any of its
Subsidiaries an intention to conduct an investigation or review of the
Corporation or any of its Subsidiaries.

       

      Section
5.13      Undisclosed
Liabilities.  To the Contributing Parties’ Knowledge, neither
the Corporation nor any of its Subsidiaries has any material liabilities or
obligations of any nature, whether known or unknown, absolute, accrued,
contingent or otherwise and whether due or to become due, other than liabilities
and obligations incurred after September 30, 2009 in the ordinary course of
business consistent with past practice (including as to amount and
nature).

       

      Section
5.14      Related
Parties.  Since January 1, 2008, there have been no
transactions with “related persons” (as such term is defined by Item 404 of
Regulation S-K promulgated under the Securities Act (“Item 404”)) of the
Corporation that would be required to be disclosed pursuant to Item 404 that
have not been disclosed as required by Item 404.

       

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

       

      Section
5.15      Intellectual
Property.

       

      (a)                 The
Corporation and its Subsidiaries own or have obtained valid and enforceable
licenses for, or other rights to use, the inventions, patent applications,
patents, trademarks (both registered and unregistered), tradenames, service
names, copyrights, trade secrets and other proprietary information
(collectively, “Intellectual
Property”) owned or licensed by them or which are necessary for the
conduct of their respective businesses, except where the failure to own, license
or have such rights would not, individually or in the aggregate, adversely
affect the ability of the Corporation and its Subsidiaries to conduct their
business in the ordinary course, consistent with past practice; (i) to the
Contributing Parties’ Knowledge, there are no third parties who have, or will be
able to establish, rights to any Intellectual Property, except for the ownership
rights of the owners of the Intellectual Property which is licensed to the
Corporation or any of its Subsidiaries; (ii) to the
Contributing Parties’ Knowledge, there is no infringement by third parties of
any Intellectual Property; (iii) there is no
pending or, to the Contributing Parties’ Knowledge, threatened action, suit,
proceeding or claim by others challenging the Corporation’s or any of its
Subsidiaries’ rights in or to any Intellectual Property; (iv) there is no
pending or, to the Contributing Parties’ Knowledge, threatened action, suit,
proceeding or claim by others challenging the validity or scope of any
Intellectual Property, and to the Contributing Parties’ Knowledge, there are no
facts which could form a reasonable basis for any such claim; and (v) there is no
pending or, to the Contributing Parties’ Knowledge, threatened action, suit,
proceeding or claim by others that the Corporation or any of its Subsidiaries
infringes or otherwise violates any patent, trademark, copyright, trade name,
service name, trade secret or other proprietary rights of others, and to the
Contributing Parties’ Knowledge there are no facts which could form a reasonable
basis for any such action, suit, proceeding or claim;

       

      (b)                 All
Intellectual Property has been duly registered with, filed in or issued by the
relevant filing offices, domestic or foreign, to the extent necessary or
desirable to ensure full protection under any applicable Law, and such
registrations, filings or issuances remain in full force and effect, other than
as would not, individually or in the aggregate, adversely affect the ability of
the Corporation and its Subsidiaries to conduct their business in the ordinary
course, consistent with past practice.

       

      Section
5.16      Environmental
Matters.

       

      (a)                 To
the Contributing Parties’ Knowledge, the Corporation and its Subsidiaries and
their Assets and Properties and operations are and have been in compliance with,
and hold all permits, authorizations and approvals required under, Environmental
Laws, except to the extent that failure to so comply or to hold such permits,
authorizations or approvals would not, individually or in the aggregate,
adversely affect the ability of the Corporation and it Subsidiaries to conduct
their business in the ordinary course, consistent with past
practice.

       

      (b)                 To
the Contributing Parties’ Knowledge, except as would not, individually or in the
aggregate, adversely affect the ability of the Corporation and its Subsidiaries
to conduct their business in the ordinary course, consistent with past practice,
there are no past, present or reasonably anticipated future events, conditions,
circumstances, activities, practices, actions, omissions or plans that could
reasonably be expected to give rise to any material costs or material
liabilities to the Corporation or any of its Subsidiaries under, or to
materially interfere with or materially prevent compliance by the Corporation or
any of its Subsidiaries with, Environmental Laws.

      
        
           

        

        
          14

          
            

          

        

        
           

        

      

       

      (c)                 To
the Contributing Parties’ Knowledge, except as would not, individually or in the
aggregate, adversely affect the ability of the Corporation and its Subsidiaries
to conduct their business in the ordinary course, consistent with past practice,
none of the Corporation or any of its Subsidiaries (i) is the subject of any
investigation, (ii) has received any written notice or claim, (iii) is a party
to or affected by any pending or threatened action, suit or proceeding, (iv) is
bound by any judgment, decree or order or (v) has entered into any agreement, in
each case relating to any alleged material violation of any Environmental Law or
any actual or alleged material release or threatened material release or cleanup
at any location of any Hazardous Materials.

       

      Section
5.17      Contracts.

       

      (a)                 The
agreements, contracts or instruments filed with the SEC as exhibits to the
Current ARI SEC Documents (the “Material Contracts”)
are the only material agreements, contracts or instruments that are binding upon
the Corporation and its Subsidiaries that are material to the operation of the
business of the Corporation and its Subsidiaries, taken as a
whole.  The Material Contracts filed with the SEC as exhibits to the
Current ARI SEC Documents are the only agreements, contracts or instruments
required to be disclosed by the Corporation under Item 601 of Regulation S-K
promulgated under the Securities Act.

       

      (b)                 To
the Contributing Parties’ Knowledge, prior to the date hereof, true, correct and
complete copies of each Material Contract have been delivered or made available
to IEP.  Each such Contract is in full force and effect and
constitutes a legal, valid and binding agreement, enforceable in accordance with
its terms, of the Corporation or any of the Subsidiaries, as the case may be,
and, to the Contributing Parties’ Knowledge, of each other party thereto; and
neither the Corporation nor any of the Subsidiaries nor, to the Contributing
Parties’ Knowledge, any other party to such Contract, is in violation or breach
of or default under any such Contract (or with notice or lapse of time or both,
would be in violation or breach of or default under any such
Contract).

       

      Section
5.18      Accuracy of
Statements.  To the Contributing Parties’ Knowledge, neither
this Agreement nor any schedule, exhibit, statement, list, document, certificate
or other information furnished or to be furnished by or on behalf of any
Contributing Party to IEP or any of its representatives or Affiliates in
connection with this Agreement or any of the transactions contemplated hereby,
nor any of the matters disclosed in the Current ARI SEC Documents, contains or
will contain any untrue statement of a material fact or omits or will omit to
state a material fact necessary to make the statements contained herein or
therein, in light of the circumstances in which they are made, not
misleading.

      
        
           

        

        
          15

          
            

          

        

        
           

        

      

       

      Section
5.19      Investor
Representation.  Each Contributing Party will acquire the IEP
Units for its own account, for investment purposes only and not with a view
toward, or for sale in connection with, any distribution thereof, nor with any
present intention of distributions or selling the IEP Units in violation of the
federal securities Laws or any applicable foreign or state securities Laws, and
understands that the IEP Units will be sold without registration under the
federal and applicable state securities Laws in reliance upon such
representation.  No Contributing Party will offer to sell or otherwise
dispose of the IEP Units acquired by it hereunder in violation of any of the
registration requirements of the Securities Act or any comparable state
Laws.

       

      ARTICLE
VI

       

      Representations and
Warranties of IEP

       

      Except as
set forth on the IEP disclosure schedule delivered by IEP to the Contributing
Parties concurrently with the execution and delivery of this Agreement (the
“IEP Disclosure
Schedule”), IEP hereby makes the following representations and warranties
contained in this Article VI to the
Contributing Parties.  The IEP Disclosure Schedule is arranged and
numbered to correspond to the numbered and lettered paragraphs contained in this
Article
VI.  Unless otherwise specified herein, disclosure made in any
particular Section of the IEP Disclosure Schedule shall be deemed made in any
other Section or Sections of the IEP Disclosure Schedule to which the relevance
of such disclosure is readily apparent on its face from the text of such
disclosure.

       

      Section
6.1        Organization of
IEP.  IEP is a limited partnership duly formed, validly
existing and in good standing under the Laws of the State of
Delaware.  IEP has full organizational power and authority to execute
and deliver this Agreement and to perform its respective obligations hereunder
and to consummate the transactions contemplated hereby.

       

      Section
6.2        Authority.  The
execution and delivery by IEP of this Agreement, and the performance by IEP of
its obligations hereunder, have been duly and validly authorized and no other
action on the part of IEP or IEP’s general partner is necessary.  This
Agreement has been duly and validly executed and delivered by IEP and
constitutes a legal, valid and binding obligation of IEP enforceable against IEP
in accordance with its terms.

       

      Section
6.3        No
Conflicts.  The execution and delivery by IEP of this Agreement
do not, and the performance by IEP of its obligations under this Agreement and
the consummation of the transactions contemplated hereby, will not:

       

      (a)                 conflict
with, or result in a violation or breach of, any of the terms, conditions or
provisions of the organizational documents of IEP;

      
        
           

        

        
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      (b)                 conflict
with, or result in a violation or breach of, any term or provision of any Law or
Order applicable to IEP; or

       

      (c)                 (i) conflict with, or
result in a violation or breach of, (ii) constitute
(with or without notice or lapse of time or both) a default under, (iii) require IEP
to obtain any consent, approval or action of, make any filing (other than with
the SEC pursuant to Section 13 and Section 16 of the Exchange Act) with or give
any notice to any Person as a result or under the terms of, (iv) result in or
give to any Person any right of termination, cancellation, acceleration or
modification in or with respect to, or (v) result in the
creation or imposition of any Lien upon IEP or any of its Assets and Properties
under, any Contract or License to which IEP is a party or by which any of its
Assets and Properties are bound.

       

      Section
6.4        Consents and
Approvals.  No consent, authorization or approval of, filing
(other than with the SEC pursuant to Section 13 and Section 16 of the Exchange
Act) or registration with, or cooperation from, any Governmental or Regulatory
Authority or any other Person not a party to this Agreement is necessary in
connection with the execution, delivery and performance by IEP of this Agreement
or the consummation of the transactions contemplated hereby.

       

      Section
6.5        Brokers.  IEP
has not used any broker or finder in connection with the transactions
contemplated hereby, and neither the Contributing Parties nor the Corporation
nor any Affiliate of the Contributing Parties or the Corporation has or shall
have any liability or otherwise suffer or incur any Loss as a result of or in
connection with any brokerage or finder’s fee or other commission of any Person
retained or purporting to be retained by IEP in connection with any of the
transactions contemplated by this Agreement.

       

      Section
6.6        Investor
Representation.  IEP will acquire the Contribution Stock for
its own account, for investment purposes only and not with a view toward, or for
sale in connection with, any distribution thereof, nor with any present
intention of distributions or selling the Contribution Stock in violation of the
federal securities Laws or any applicable foreign or state securities Laws, and
understands that the Contribution Stock will be sold without registration under
the federal and applicable state securities Laws in reliance upon such
representation.  IEP will not offer to sell or otherwise dispose of
the Contribution Stock acquired by it hereunder in violation of any of the
registration requirements of the Securities Act or any comparable state
Laws.

       

      Section
6.7        Title.  The
Exchange Units have been duly authorized by all required action on the part of
IEP.  The delivery of the Exchange Units delivered by IEP to the
Contributing Parties at the Closing will transfer to the Contributing Parties
good and valid title to the Exchange Units free and clear of all Liens, other
than any Liens created by any Contributing Party.

      
        
           

        

        
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      Section
6.8        Tax.

       

      (a)           IEP
is classified as a partnership and not an association taxable as a corporation
for U.S. federal income Tax purposes.

       

      (b)           IEP
has timely filed all material Tax Returns required to be filed through the date
of this Agreement with respect to the income, properties or operations of IEP
and its Subsidiaries.  All such returns are true, correct and complete
in all material respects under applicable U.S. federal, state, local or foreign
Tax Laws.

       

      ARTICLE
VII

      

      Covenants

       

      Section
7.1        Maintenance of Business
Prior to Closing.

       

      (a)           The
Contributing Parties shall cause the Corporation from the date hereof through
the Closing Date to:

       

      (i)           conduct
its operations and business in the ordinary course consistent with past
practice;

       

      (ii)          use
all commercially reasonable efforts to maintain its business and properties,
including its physical facilities, working conditions, insurance policies, and
relationships with lessors, licensors, suppliers, customers and
employees;

       

      (iii)         maintain
its corporate existence;

       

      (iv)         maintain
its books and records and accounts in the ordinary course of business in
compliance with all applicable laws and governmental orders;

       

      (v)          pay
and discharge when due all taxes, assessments and governmental charges imposed
upon it or any of its properties, or upon the income or project therefrom in the
ordinary course of business consistent with past practice;

       

      (vi)         promptly
notify IEP of any Material Adverse Change; and

       

      (vii)        permit
representatives of IEP to have full access at all reasonable times, and in a
manner so as not to interfere with the normal business operations of the
Corporation, to all premises, properties, personnel, books, records (including
tax records), contracts, and documents of or pertaining to the
Corporation.

      
        
           

        

        
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      (b)           Without
limiting the generality of the foregoing, from the date hereof through the
Closing, the Contributing Parties shall not authorize or permit the Corporation
directly or indirectly to do, or propose to do, any of the following without the
prior written consent of IEP:

       

      (i)           engage
in any transaction or take or omit to take any action that would result in a
breach of any representation or warranty in Articles II, III, IV or V of this
Agreement;

       

      (ii)         declare,
set aside, or pay any dividend, other than intercompany dividends by a
Subsidiary to the Corporation or to another Subsidiary;

       

      (iii)         declare
or pay any increase in compensation to any officer, director, employee or agent
of the Corporation or any Subsidiary, except in the ordinary course of business
consistent with past practice;

       

      (iv)         enter
into any Contract that, had it been in effect on the date hereof, would have
been required to be disclosed by the Corporation under Item 601 of Regulation
S-K promulgated under the Securities Act, except for those Contracts entered
into in the ordinary course of business consistent with past
practice;

       

      (v)          permit,
allow or suffer any of its properties, assets or rights to be subject to any
Lien;

       

      (vi)         incur
any long-term indebtedness;

       

      (vii)        make
any material capital expenditure or commitment, other than for emergency repairs
or replacement, except for those capital expenditures or commitments made in the
ordinary course of business consistent with past practice; or

       

      (viii)       terminate,
materially modify, assign, or materially amend any Material Contract, except in
the ordinary course of business consistent with past practice.

       

      (c)           Notwithstanding
the foregoing or any other provision of this Agreement, the parties hereto agree
that the Corporation may, and the Contributing Parties may permit the
Corporation to, take any of the actions set forth on Schedule
7.1(c).

       

      
        
          
          

        

        
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      Section
7.2        Efforts to Consummate
Transaction.

      (a)           From
the date hereof through the Closing Date, upon the terms and subject to the
conditions set forth in this Agreement, each of the parties hereto shall use its
commercially reasonable efforts to take, or cause to be taken, all actions, and
to do, or cause to be done, and to assist and cooperate with the other parties
in doing, all things necessary, proper or advisable under applicable Laws and
regulations to consummate and make effective the transactions contemplated by
this Agreement.  The parties will use their commercially reasonable
efforts and cooperate with one another (i) in promptly
determining whether any filings are required to be made or consents, approvals,
waivers, licenses, permits or authorizations are required to be obtained (or,
which if not obtained, would result in a Material Adverse Effect or an event of
default, termination or acceleration of any agreement or any put right under any
agreement) under any applicable Law or regulation or from any Governmental or
Regulatory Authority or third parties, and (ii) in promptly
making any such filings, in furnishing information required in connection
therewith and in timely seeking to obtain any such consents, approvals, permits
or authorizations.

       

      (b)           From
the date hereof through the Closing Date, the Contributing Parties shall give
prompt written notice to IEP of: (i) any occurrence, or
failure to occur, of any event whose occurrence or failure to occur would
reasonably be expected to cause any representation or warranty of the
Contributing Parties contained in this Agreement, if made on or as of the date
of such event or as of the Closing Date, to be untrue or inaccurate, except for
changes permitted by this Agreement and except to the extent that any
representation and warranty is made as of a specified date, in which case, such
representation and warranty shall be true, complete and accurate as of such
date; or (ii)
any failure of the Contributing Parties or of any officer, member, director,
employee, consultant or agent of the Contributing Parties, to comply with or
satisfy any covenant, condition or agreement to be complied with or satisfied by
it or them under this Agreement; provided, however, that no such
notification shall affect the representations or warranties of the Contributing
Parties or the conditions to the obligations of IEP hereunder.  From
the date hereof through the Closing Date, IEP shall give prompt written notice
to the Contributing Parties of:  (i) any occurrence, or
failure to occur, of any event whose occurrence or failure to occur would
reasonably be expected to cause any representation or warranty of IEP contained
in this Agreement, if made on or as of the date of such event or as of the
Closing Date, to be untrue or inaccurate, except for changes permitted by this
Agreement and except to the extent that any representation and warranty is made
as of a specified date, in which case, such representation and warranty shall be
true, complete and accurate as of such date; or (ii) any failure of
IEP or any officer, general partner, director, employee, consultant or agent of
IEP, to comply with or satisfy any covenant, condition or agreement to be
complied with or satisfied by it or them under this Agreement; provided, however, that no such
notification shall affect the representations or warranties of IEP or the
conditions to the obligations of the Contributing Parties
hereunder.

      
        
           

        

        
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      ARTICLE
VIII

       

      Conditions to
Closing

       

      Section
8.1        Conditions to Obligations of
Parties.  The respective obligations of the parties hereto to
consummate the transactions contemplated by this Agreement shall be subject to
the fulfillment or waiver, at or prior to the Closing, of the following
condition:

       

      (a)           Closing of IEP Bond
Offering.  The offering by IEP and Icahn Enterprises Finance
Corp., as co-issuers, of Senior Notes due 2016 and Senior Notes due 2018 shall
have been consummated.

       

      Section
8.2        Conditions to Obligations of
the Contributing Parties.  The obligation of the Contributing
Parties to consummate the transactions contemplated by this Agreement shall be
subject to the fulfillment or waiver, at or prior to the Closing, of each of the
following conditions:

       

      (a)           Representations and
Warranties; Covenants.  (i) Each of the
representations and warranties of IEP contained in this Agreement shall have
been accurate, true and correct on and as of the date hereof, and shall also be
accurate, true and correct in all material respects on and as of the Closing
Date with the same force and effect as though made by IEP as of the Closing Date
(other than the representations and warranties made as of a specific date, which
representations and warranties shall have been true and correct only as of such
date); (ii) the
covenants contained in this Agreement that are to be complied with by IEP on or
before the Closing shall have been complied with in all material respects; and
(iii) the
Contributing Parties shall have received a certificate dated the Closing Date of
IEP signed by a duly authorized representative of IEP stating that the
conditions specified in clauses (i) and (ii) of this Section 8.2(a) have
been satisfied.

       

      (b)           No IEP Material Adverse
Effect.  Since the date of this Agreement, no event, fact or
circumstance shall have occurred or exist that would constitute, or would
reasonably be expected to have, a Material Adverse Effect on IEP.

       

      Section
8.3                                Conditions to Obligations of
IEP.  The obligations of IEP to consummate the transactions
contemplated by this Agreement shall be subject to the fulfillment or waiver, at
or prior to the Closing, of each of the following conditions:

      
        
           

        

        
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      (a)           Representations and
Warranties; Covenants.  (i) Each of the
representations and warranties contained in Articles II, III, IV or V of this Agreement
shall have been accurate, true and correct on and as of the date hereof, and
shall also be accurate, true and correct in all material respects on and as of
the Closing Date with the same force and effect as though made as of the Closing
Date (other than the representations and warranties made as of a specific date,
which representations and warranties shall have been true and correct only as of
such date); (ii) the covenants
contained in this Agreement that are to be complied with by the Contributing
Parties on or before the Closing shall have been complied with in all material
respects; and (iii) IEP shall have
received a certificate dated the Closing Date of the Contributing Parties and
Beckton, signed by a duly authorized representative of each Contributing Party
and Beckton, stating that the conditions specified in clauses (i) and (ii) of
this Section
8.3(a) have been satisfied.

       

      (b)           No Material Adverse
Effect.  Since the date of this Agreement, no event, fact or
circumstance shall have occurred or exist that would constitute, or would
reasonably be expected to have, a Material Adverse Effect.

       

      ARTICLE
IX

       

      Indemnification

       

      Section
9.1        Indemnification by
Barberry.

       

      (a)           Barberry
agrees to indemnify IEP, its Affiliates and their respective officers,
directors, employees, independent contractors, stockholders, principals,
partners, agents, or representatives (other than Carl C. Icahn and his
Affiliates other than Icahn Enterprises G.P. Inc. and its controlled Affiliates;
provided, however, that for all
purposes of this Article IX, neither
the Corporation nor any of its controlled Affiliates shall be deemed to be
Affiliates of Icahn Enterprises G.P. Inc.) (each an “Indemnified Person”
and collectively, the “Indemnified Persons”)
against, and to hold each Indemnified Person harmless from, any and all Losses
incurred or suffered by any Indemnified Person relating to or arising out of or
in connection with (i) any breach of
or any inaccuracy in any representation or warranty made by any Contributing
Party in this Agreement, (ii) any breach
of or failure by any Contributing Party to perform any of its covenants or
obligations set out or contemplated in this Agreement or (iii) any material
deficiency or material claim for Taxes set forth in Section 5.7(b) of the
Corporation Disclosure Schedule, but, in the case of this Section 9.1(a)(iii)
only to the extent that the Losses incurred or suffered by any Indemnified
Person relating to or arising out of any such deficiency or claim exceeds the
amount of the reserves established for such deficiency or claim.

       

      (b)           Notwithstanding
any provisions to the contrary contained herein, (x) indemnification
for Losses under Section 9.1(a) shall
be payable by Barberry only if the aggregate amount of all Losses incurred by
the Indemnified Persons shall exceed the Basket Amount, at which time all such
Losses, including any Losses comprising the Basket Amount, shall be recoverable
and (y) the aggregate
liability of Barberry for indemnification of IEP under Section 9.1(a) shall
in no event exceed the Cap Amount.

      
        
           

        

        
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      (c)           For
purposes of this Article
IX, (i) any inaccuracy in
or breach of any representation or warranty shall be determined without regard
to any materiality, “Material Adverse Effect”, “Material Adverse Change” or
similar qualification, and without regard to any qualification or requirement
that a matter be or not be “reasonably expected” to occur, contained in or
otherwise applicable to such representation or warranty and (ii) any
qualification of any representations and warranties by reference to the
Contributing Parties’ Knowledge in Sections 5.5, 5.13, 5.16 and 5.18 (other than any
references to threatened, anticipated, or foreseeable) shall be disregarded in
determining whether any such representations or warranties have been breached
and in the calculation of the amount of any Losses resulting
therefrom.

       

      Section
9.2        Claims.  As
promptly as is reasonably practicable after becoming aware of a claim for
indemnification under this Agreement, the Indemnified Person shall promptly give
notice to Barberry of such claim and the amount the Indemnified Person will be
entitled to receive hereunder from Barberry; provided that the
failure of the Indemnified Person to promptly give notice shall not relieve
Barberry of its obligations except to the extent (if any) that Barberry shall
have been prejudiced thereby.  If Barberry does not object in writing
to such indemnification claim within thirty (30) days of receiving notice
thereof, the Indemnified Person shall be entitled to recover, on the
thirty-fifth day after such notice was given, from Barberry the amount of such
claim, and no later objection by Barberry shall be permitted; if Barberry agrees
that it has an indemnification obligation but objects that it is obligated to
pay only a lesser amount, the Indemnified Person shall nevertheless be entitled
to recover, on the thirty-fifth day after such notice was given, from Barberry
the lesser amount, without prejudice to the Indemnified Person’s claim for the
difference.  In addition to the amounts recoverable by the Indemnified
Person from Barberry pursuant to the foregoing provisions, the Indemnified
Person shall also be entitled to recover from Barberry interest on such amounts
at the rate of Two Times Prime from, and including, the thirty-fifth day after
such notice of an indemnification claim is given to, but not including, the date
such recovery is actually made by the Indemnified Person.

      
        
           

        

        
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      Section
9.3        Notice of Third Party
Claims; Assumption of Defense.  The Indemnified Person shall
give notice as promptly as is reasonably practicable to Barberry of the
assertion of any claim, or the commencement of any suit, action or proceeding,
by any Person not a party hereto (a “Third Party Claim”)
in respect of which indemnity may be sought under this Agreement; provided that the
failure of the Indemnified Person to promptly give notice shall not relieve
Barberry of its obligations except to the extent (if any) that Barberry shall
have been prejudiced thereby.  Barberry may, at its own expense,
participate in the defense of any Third Party Claim, suit, action or proceeding
(a) upon
notice to the Indemnified Person and (b) upon delivery
by Barberry to the Indemnified Person a written agreement that the Indemnified
Person is entitled to indemnification for all Losses arising out of such Third
Party Claim, suit, action or proceeding and that Barberry shall be liable for
the entire amount of any Loss, at any time during the course of any such Third
Party Claim, suit, action or proceeding, assume the defense thereof; provided, however, that (i) Barberry’s
counsel is reasonably satisfactory to the Indemnified Person, and (ii) Barberry
shall thereafter consult with the Indemnified Person upon the Indemnified
Person’s reasonable request for such consultation from time to time with respect
to such Third Party Claim, suit, action or proceeding.  If Barberry
assumes such defense, the Indemnified Person shall have the right (but not the
duty) to participate in the defense thereof and to employ counsel, at its own
expense, separate from the counsel employed by Barberry.  If, however,
the Indemnified Person reasonably determines in its judgment that representation
by Barberry’s counsel of both Barberry and the Indemnified Person would present
such counsel with a conflict of interest, then such Indemnified Person may
employ separate counsel to represent or defend it in any such Third Party Claim,
action, suit or proceeding and Barberry shall pay all of the fees and
disbursements in connection with the retention of such separate
counsel.  If Barberry fails to promptly notify the Indemnified Party
that Barberry desires to defend the Third Party Claim pursuant, or if Barberry
gives such notice but fails to prosecute vigorously and diligently or settle the
Third Party Claim, then the Indemnified Party will have the right to defend, at
the sole cost and expense of Barberry, the Third Party Claim by all appropriate
proceedings, which proceedings will be prosecuted by the Indemnified Person in
good faith or will be settled at the discretion of the Indemnified Person (with
the consent of Barberry, which consent will not be unreasonably
withheld).  The Indemnified Person will have full control of such
defense and proceedings, including any compromise or settlement
thereof.  Whether or not Barberry chooses to defend or prosecute any
such Third Party Claim, suit, action or proceeding, all of the parties hereto
shall cooperate in the defense or prosecution thereof.

       

      Section
9.4        Settlement or
Compromise.  Any settlement or compromise made or caused to be
made by the Indemnified Person or Barberry, of any claim, suit, action or
proceeding shall also be binding upon Barberry or the Indemnified Person, as the
case may be, in the same manner as if a final judgment or decree had been
entered by a court of competent jurisdiction in the amount of such settlement or
compromise thereof; provided, however, that no
obligation, restriction or Loss shall be imposed on the Indemnified Person as a
result of such settlement without its prior written consent.  The
Indemnified Person will give Barberry at least thirty (30) days notice of
any proposed settlement or compromise of any Third Party Claim, suit, action or
proceeding it is defending, during which time Barberry may reject such proposed
settlement or compromise; provided, however, that from
and after such rejection, Barberry shall be obligated to assume the defense of
and full and complete liability and responsibility for such Third Party Claim,
suit, action or proceeding and any and all Losses in connection therewith in
excess of the amount of unindemnifiable Losses which the Indemnified Person
would have been obligated to pay under the proposed settlement or
compromise.

      
        
           

        

        
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      Section
9.5        Failure of Barberry to
Act.  In the event that Barberry does not assume the defense of
any Third Party Claim, suit, action or proceeding brought against an Indemnified
Person, then any failure of the Indemnified Person to defend or to participate
in the defense of any such Third Party Claim, suit, action or proceeding or to
cause the same to be done, shall not relieve Barberry of any of its obligations
under this Agreement.

       

      Section
9.6        Tax
Character.  The parties agree that any payments made to IEP
pursuant to this Article IX will be
treated for federal and state income tax purposes as a tax-free contribution to
IEP in exchange for the Exchange Units under Code Section 721(a) and no party,
on a Tax Return or otherwise, shall, except to the extent required by Law, take
any position inconsistent with such treatment.

       

      Section
9.7        Sole and Exclusive
Remedy.  The indemnification remedy provided by Barberry to the
Indemnified Persons under this Article IX shall be
the sole and exclusive remedy to which IEP and each other Indemnified Person
shall be entitled after the Closing under this Agreement.  Any amounts
owed by Barberry to an Indemnified Person under this Article IX may be
paid by Barberry, in its sole discretion, in cash, IEP Units, or a combination
of cash and IEP Units.  For purposes of determining the number of IEP
Units which are to be delivered to an Indemnified Person upon settlement of an
indemnification claim in whole or in part with IEP Units, the value of each IEP
Unit shall be deemed to be the lower of (i) $39.45 and (ii) the 30-day VWAP
for the 30-day period immediately prior to the date any payment is
due.

       

      ARTICLE
X

       

      Definitions

       

      Section
10.1      Defined
Terms.  As used in this Agreement, the following defined terms
have the meanings indicated below:

       

      “Affiliate” means,
with respect to any specified Person, any other Person that, directly or
indirectly, owns or controls, is under common ownership or control with, or is
owned or controlled by, such specified Person.

       

      “Agreement” has the
meaning ascribed to it in the recitals.

       

      “ARI Registration Rights
Agreement” means the Registration Rights Agreement, dated as of January
18, 2006, by and among the Corporation, Hopper Investments, LLC, Barberry and
certain other parties.

       

      “ARI Stock” has the
meaning ascribed to it in the recitals.

       

      “Assets and
Properties” of any Person means all assets and properties of every kind,
nature, character and description (whether real, personal or mixed, whether
tangible or intangible, and wherever situated), including the goodwill related
thereto, operated, owned or leased by such Person.

      
        
           

        

        
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      “Audit Committee”
means the Audit Committee of the Board of Directors of the general partner of
IEP, as the same may be constituted from time to time.

       

      “Barberry” has the
meaning ascribed to it in the recitals.

       

      “Basket Amount” means
$1,800,000.

       

      “Beckton” has the
meaning ascribed to it in the recitals.

       

      “Business Day” means
any day of the year other than (i) any Saturday
or Sunday or (ii) any other
day on which commercial banks located in New York City are generally closed for
business.

       

      “Business or
Condition” of any Person means the business, condition (financial or
otherwise), properties, assets or results of operations or prospects of such
Person, taken as a whole.

       

      “Caboose” has the
meaning ascribed to it in the recitals.

       

      “Cap Amount” shall be
equal to (a)
$123,000,000; plus (b) the product of
(i) the number
of IEP Units, if any, to be issued pursuant to Section 1.2(b) and
(ii) $39.45;
minus (c) the
product of (i)
the number of IEP Units, if any, to be contributed pursuant to Section 1.2(c) and
(ii)
$39.45.

       

      “CERCLA” means the
Comprehensive Environmental Response, Compensation and Liability Act of 1980, as
amended, or any successor statutes and any regulations promulgated
thereunder.

       

      “CERCLIS” means the
Comprehensive Environmental Response, Compensation and Liability Information
System List.

       

      “Closing” has the
meaning ascribed to it in Section
1.4.

       

      “Closing Date” has the
meaning ascribed to it in Section
1.4.

       

      “Code” means the
Internal Revenue Code of 1986, as amended.

       

      “Contract” means any
contract, lease, commitment, understanding, sales order, purchase order,
agreement, indenture, mortgage, note, bond, right, warrant, instrument, plan,
permit or license, whether written or oral, which is intended or purports to be
binding and enforceable and to which either the Corporation or any of its
Subsidiaries is a party.

      
        
           

        

        
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      “Contributing Party”
or “Contributing
Parties” have the respective meanings ascribed to them in the
recitals.

       

      “Contribution Stock”
has the meaning ascribed to it in the recitals.

       

      “control” (including
the terms “controlled
by” and “under
common control with”) means the possession, directly or indirectly, of
the power to direct or cause the direction of the management and policies of a
Person, whether through the ownership of voting securities, by contract or
otherwise.

       

      “Corporation” has the
meaning ascribed to it in the recitals.

       

      “Corporation Disclosure
Schedule” has the meaning ascribed to it in the introductory paragraph of
Article
V.

       

      “Current ARI SEC
Documents” means, when taken as a whole: (i) all reports,
schedules, forms, statements and other documents (including exhibits and other
information incorporated therein) filed by the Corporation with the SEC since
January 1, 2008; and (ii) any
documents (including exhibits and other information incorporated therein)
furnished by the Corporation with the SEC since January 1, 2008 on a voluntary
basis on Current Reports on Form 8-K.

       

      “Dollars” or numbers
proceeded by the symbol “$” means amounts in United States Dollars.

       

      “Environmental Claim”
means any action, lawsuit, claim or proceeding (including, without limitations,
actions, lawsuits, claims or proceedings by private individuals, Governmental or
Regulatory Authorities and employees) arising under any Environmental
Law.  An Environmental Claim includes, but is not limited to, a common
law action, as well as a proceeding to issue, modify or terminate an
Environmental Permit.

       

      “Environmental Law”
means all applicable foreign, federal, state, district, and local civil and
criminal laws (including common law), regulations, rules, ordinances, codes,
decrees, judgments, injunctions, judicial or administrative orders, and
contractual obligations relating to public health, welfare and the environment,
or for the safety and health of employees or individuals, including, without
limitation, those requirements relating to the storage, handling and use of
chemicals and other Hazardous Materials, those relating to the generation,
processing, treatment, storage, transport, investigation and remediation, or
other management of waste materials of any kind, and those relating to the
protection of environmentally sensitive species or
areas.  Environmental Laws include but are not limited to OSHA,
CERCLA, the Clean Air Act, as amended, the Federal Water Pollution Control Act,
as amended, the Rivers and Harbors Act of 1899, as amended, the Safe Drinking
Water Act, as amended, the Superfund Amendments and Reauthorization Act of 1986
(“SARA”), as amended, the Resource Conservation and Recovery Act of 1976
(“RCRA”), as amended, the Hazardous and Solid Waste Amendments Act of 1984, as
amended, the Toxic Substances Control Act, as amended, the Oil Pollution Act of
1990 (“OPA”), as amended, the Hazardous Materials Transportation Act, as
amended, the Endangered Species Act of 1973, and the state analogs to
these.

      
        
           

        

        
          27

          
            

          

        

        
           

        

      

       

      “Environmental Permit”
means any permit, license, approval, registration or other authorization
required under any Environmental Law.

       

      “ERISA” means the
Employee Retirement Income Security Act of 1974, as amended.

       

      “Exchange Act” means
the Securities Exchange Act of 1934, as amended, including the rules and
regulations promulgated thereunder.

       

      “Exchange Units” has
the meaning ascribed to it in Section
1.2(a).

       

      “GAAP” means U.S.
generally accepted accounting principles at the time in effect.

       

      “Governmental or Regulatory
Authority” means any court, tribunal, arbitrator, authority,
administrative or other agency, commission, authority, licensing board official
or other instrumentality of the United States or any state, county, city or
other political subdivision thereof, or of any foreign government having
competent jurisdiction over the Business or Condition of any
Person.

       

      “Hazardous Material”
means “hazardous substance” and “pollutant or contaminant,” as those terms are
defined or used in Section 101 of CERCLA and any other substances or chemicals
regulated because of their effect or potential effect on public health and the
environment, or the health and safety of employees or individuals, including,
without limitation, (i) petroleum,
petroleum hydrocarbons, or any fraction or byproduct thereof, (ii) natural gas
liquids, (iii) polychlorinated
byphenyls in any form or condition, (iv) lead paint,
(v) asbestos
containing materials in any form or condition, (vi) urea
formaldehyde, (vi) radioactive
materials, including any naturally occurring radioactive material, and any
source, special or byproduct material, and (vii) putrescible
and infectious materials.

       

      “IEGP” has the meaning
ascribed to it in Section
1.2(b).

       

      “IEP” has the meaning
ascribed to it in the recitals.

      
        
           

        

        
          28

          
            

          

        

        
           

        

      

       

      “IEP Disclosure
Schedule” has the meaning ascribed to it in the introductory paragraph of
Article
VI.

       

      “IEP Registration Rights
Agreement” means that certain Registration Rights Agreement dated as
of  June 30, 2005 by and among American Real Estate Partners, L.P.
(now known as IEP), Highcrest Investors Corp., Arnos Corp., Cyprus, LLC and
Gascon Partners, as amended by Amendment No. 1 thereto, dated as of August 8,
2007.

       

      “IEP Registration Rights
Joinder” has the meaning ascribed to it in Section
1.4.

       

      “IEP Units” means the
depositary units representing limited partner interests of IEP.

       

      “Indemnified Person”
or “Indemnified
Persons” have the respective meanings ascribed to them in Section
9.1(a).

       

      “Intellectual
Property” has the meaning ascribed to it in Section
5.15(a).

       

      “Item 404” has the
meaning ascribed to it in Section
5.14.

       

      “Knowledge” means,
with respect to (i) the
Contributing Parties, the actual knowledge of Vincent J. Intrieri and (ii) IEP, the
actual knowledge of the persons listed in Section 10.1 of the
IEP Disclosure Schedule under “IEP’s Knowledge Parties”.

       

      “Laws” means all laws,
statutes, rules, regulations, ordinances and other pronouncements having the
effect of law of the United States or any state, county, city or other political
subdivision or of any Governmental or Regulatory Authority.

       

      “License” means
licenses, permits, certificates of authority, authorizations, approvals,
registrations, findings of suitability, variances, exemptions, certificates of
occupancy, orders, franchises and similar consents granted or issued by any
Governmental or Regulatory Authority.

       

      “Lien” means any
mortgage, lien (except for any lien for Taxes not yet due and payable), charge,
restriction, pledge, security interest, option, lease or sublease, claim, right
of any third party, easement, encroachment, encumbrance or other adverse claim
of any kind or description.

      
        
           

        

        
          29

          
            

          

        

        
           

        

      

      “Loss” or “Losses” means any and
all liabilities, losses, costs, claims, obligations, damages (including
consequential damages if and to the extent actually paid to a third party in
connection with a Third Party Claim, amounts paid in settlement, and reasonable
expenses of investigation, enforcement and collection), penalties and expenses
(including attorneys’ and accountants’ fees and expenses and costs of
investigation and litigation), whether absolute, accrued, conditional or
otherwise; provided, however, that the
Losses for which any Indemnified Person shall be entitled to indemnification
with respect to any claim hereunder shall be net of any (i) tax benefit, (ii)
insurance proceeds and (iii) other amounts to the extent actually realized or
received, as applicable, at any time and from time to time by such Indemnified
Person by reason of or in connection with the same matters, facts or
circumstances giving rise to such claim for indemnification hereunder (including
without limitation any future such recoveries).

       

      “Material Adverse
Effect” or “Material Adverse
Change,” as to any Person, means a material adverse change (or
circumstance involving a prospective change) in the Business or Condition of
such Person.  Unless the context otherwise indicates or requires, any
reference herein to a “Material Adverse Effect” or “Material Adverse Change”
shall mean a “Material Adverse Effect” or “Material Adverse Change” with respect
to the Corporation and its Subsidiaries, taken as a whole.

       

      “Material Contracts”
have the meaning ascribed to it in Section
5.17(a).

       

      “Measurement Date” has
the meaning ascribed to it in Section
1.2(b).

       

      “Modal” has the
meaning ascribed to it in the recitals.

       

      “NYSE” means the New
York Stock Exchange.

       

      “Order” means any
writ, judgment, decree, injunction or similar order of any Governmental or
Regulatory Authority (in each such case whether preliminary or
final).

       

      “OSHA” means the
Occupational Safety and Health Act, as amended, or any successor statute, and
any regulations promulgated thereunder.

       

      “Person” means any
natural person, corporation, limited liability company, general partnership,
limited partnership, proprietorship, other business organization, trust, union,
association or Governmental or Regulatory Authority.

       

      “Plans” shall mean all
material pension and profit sharing, retirement and post retirement welfare
benefit, health insurance benefit (medical, dental and vision), disability, life
and accident insurance, sickness benefit, vacation, bonus, incentive, deferred
compensation, workers compensation, stock purchase, stock option, phantom stock
and other equity-based, severance, employment, change of control or fringe
benefit plans, programs, arrangements or agreements, whether written or oral,
including any employee benefit plans defined in Section 3(3) of ERISA,
maintained or contributed to by the Corporation or any of its
Subsidiaries.

      
        
           

        

        
          30

          
            

          

        

        
           

        

      

       

      “Required ARI SEC
Documents” means all reports, schedules, forms, statements and other
documents (including exhibits and other information incorporated therein)
required to be filed by the Corporation with the SEC since January 1,
2008.

       

      “Securities Act” means
the Securities Act of 1933, as amended, including the rules and regulations
promulgated thereunder.

       

      “SEC” means the
Securities and Exchange Commission.

       

      “Six-Month VWAP” has
the meaning ascribed to it in Section
1.2(b).

       

      “Subsidiary” means,
with respect to any Person at any date, any corporation, limited or general
partnership, limited liability company, trust, association or other entity
(i) the
accounts of which would be consolidated with those of such Person in such
Person’s consolidated financial statements if such financial statements were
prepared in accordance with GAAP or (ii) of which
more than 50% of (A) the
outstanding capital stock having (in the absence of contingencies) ordinary
voting power to elect a majority of the board of directors of such corporation,
(B) the
interest in the capital or profits of such partnership or limited liability
company or (C) the
beneficial interest in such trust or estate is, at the time of determination,
owned or controlled directly or indirectly through one or more intermediaries,
by such Person.

       

      “Tax” or “Taxes” means any and
all taxes, charges, fees, levies, duties, liabilities, impositions or other
assessments, including, without limitation, income, gross receipts, profits,
excise, real or personal property, environmental, recapture, sales, use,
value-added, withholding, social security, retirement, employment, unemployment,
occupation, service, license, net worth, payroll, franchise, gains, stamp,
transfer and recording taxes, fees and charges, imposed by a Tax Authority,
whether computed on a separate, consolidated, unitary, combined or any other
basis; and such term shall include any interest whether paid or received, fines,
penalties or additional amounts attributable to, or imposed upon, or with
respect to, any such taxes, charges, fees, levies, duties, liabilities,
impositions or other assessments.

       

      “Tax Authority” means
the U.S. Internal Revenue Service or any other taxing authority (whether
domestic or foreign including, without limitation, any state, county, local or
foreign government or any subdivision or taxing agency thereof (including a
United States possession)).

      
        
           

        

        
          31

          
            

          

        

        
           

        

      

       

      “Tax Return” means any
report, return, document, declaration or other information or filing required to
be supplied to any taxing authority or jurisdiction (foreign or domestic) with
respect to Taxes, including attachments thereto and amendments thereof, and
including, without limitation, information returns, any documents with respect
to or accompanying payments of estimated Taxes, or with respect to or
accompanying requests for the extension of time in which to file any such
report, return, document, declaration or other information.

       

      “Third Party Claim”
has the meaning ascribed to it in Section
9.3.

       

      “Two Times Prime”
means two times the prime rate published by Citibank, N.A.

       

      “VWAP” means the
arithmetic mean of the volume-weighted average price per share as listed on
Bloomberg Page ARII or Bloomberg Page IEP, as applicable, for the hours 9:30
a.m. to 4:00 p.m. New York time of each day during the applicable
period.

       

      ARTICLE
XI

       

      Miscellaneous

       

      Section
11.1      Investigation.  It
shall be no defense to an action for breach of this Agreement that IEP or any of
its agents have (or have not) made investigations into the affairs of the
Corporation or have Knowledge of a misrepresentation or breach of warranty or
that the Corporation or any Contributing Party could not have known of the
misrepresentation or breach of warranty.

       

      Section
11.2      Survival of Representations
and Warranties.  The representations and warranties of the
parties hereunder shall survive the Closing for the shorter of (i) a period of
six (6) years from the Closing Date or (ii) for so long
as any claim may be made in respect of such matters under any applicable statute
of limitations, as it may be extended.

       

      Section
11.3      Entire
Agreement.  This Agreement, including the schedules and
exhibits hereto, which are incorporated herein and made an integrated part
hereof, constitutes the entire agreement between the parties hereto and
supersedes any and all prior discussions and agreements between the parties
relating to the subject matter hereof.

       

      Section
11.4      Waiver.  Any
term or condition of this Agreement may be waived at any time by the party that
is entitled to the benefit thereof, but no such waiver shall be effective unless
set forth in a written instrument duly executed by or on behalf of the party
waiving such term or condition.  No waiver by any party of any term or
condition of this Agreement, in any one or more instances, shall be deemed to be
or construed as a waiver of the same or any other term or condition of this
Agreement on any future occasion.  All remedies, either under this
Agreement or by Law or otherwise afforded, will be cumulative and not
alternative.

       

      
        
           

        

        
          32

          
            

          

        

        
           

        

      

       

      Section
11.5      Amendment.  This
Agreement may be amended, supplemented or modified only by a written instrument
duly executed by or on behalf of each party hereto.

       

      Section
11.6      No Third Party
Beneficiary.  The terms and provisions of this Agreement are
intended solely for the benefit of each party hereto and their respective
successors or permitted assigns, and it is not the intention of the parties to
confer third party beneficiary rights upon any other Person, except that each
Indemnified Person shall be a third party beneficiary of Article
IX.

       

      Section
11.7      Assignment; Binding
Effect.  No party may assign this Agreement or any right,
interest or obligation hereunder without the prior written consent of the other
Parties.  This Agreement is binding upon, inures to the benefit of and
is enforceable by the parties hereto and their respective successors and
assigns.

       

      Section
11.8      Headings.  The
headings used in this Agreement have been inserted for convenience of reference
only and do not define or limit the provisions hereof.

       

      Section
11.9      Invalid
Provisions.  If any provision of this Agreement is held to be
illegal, invalid or unenforceable under any present or future Law, and if the
rights or obligations of any party hereto under this Agreement will not be
materially and adversely affected thereby, (a) such
provision will be fully severable, (b) this
Agreement will be construed and enforced as if such illegal, invalid or
unenforceable provision had never comprised a part hereof, and (c) the remaining
provisions of this Agreement will remain in full force and effect and will not
be affected by the illegal, invalid or unenforceable provision or by its
severance herefrom.

       

      Section
11.10    Governing
Law.  This Agreement shall be governed by and construed in
accordance with the laws of the State of New York without giving effect to the
conflicts of laws principles thereof, except as to matters relating to the
internal affairs of the parties, which shall be governed by the respective law
of their organization or incorporation, as the case may be.

       

      Section
11.11    Counterparts.  This
Agreement may be executed in any number of counterparts, each of which will be
deemed an original, but all of which together will constitute one and the same
instrument.

      
        
           

        

        
          33

          
            

          

        

        
           

        

      

      Section
11.12    Waiver of Jury
Trial.  EACH PARTY HERETO HEREBY WAIVES TRIAL BY JURY IN ANY
ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY ANY OF THEM AGAINST ANY OTHER
ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS AGREEMENT, OR ANY OTHER
AGREEMENTS EXECUTED IN CONNECTION HEREWITH OR THE ADMINISTRATION THEREOF OR ANY
OF THE TRANSACTIONS CONTEMPLATED HEREIN OR THEREIN.  No party to this
Agreement shall seek a jury trial in any lawsuit, proceeding, counterclaim, or
any other litigation procedure based upon, or arising out of, this Agreement or
any related instruments or the relationship between the parties.  No
party will seek to consolidate any such action in which a jury trial has been
waived with any other action in which a jury trial cannot be or has not been
waived.  THE PROVISIONS OF THIS SECTION HAVE BEEN FULLY DISCUSSED BY
THE PARTIES HERETO, AND THESE PROVISIONS SHALL BE SUBJECT TO NO
EXCEPTIONS.  NO PARTY HAS IN ANY WAY AGREED WITH OR REPRESENTED TO ANY
OTHER PARTY THAT THE PROVISIONS OF THIS SECTION WILL NOT BE FULLY ENFORCED IN
ALL INSTANCES.

       

      Section
11.13    Consent to
Jurisdiction.  Each party irrevocably submits to the exclusive
jurisdiction of any New York State Court in the County of New York or any courts
of the United States of America located in the Southern District of New York,
and each party hereby agrees that all suits, actions and proceedings brought by
such party hereunder shall be brought in any such court.  Each party
irrevocably waives, to the fullest extent permitted by law, any objection which
it may now or hereafter have to the laying of the venue of any such suit, action
or proceeding brought in any such court, any claim that any such suit, action or
proceeding brought in such a court has been brought in an inconvenient forum and
the right to object, with respect to any such suit, action or proceeding brought
in any such court, that such court does not have jurisdiction over such party or
the other party.  In any such suit, action or proceeding, each party
waives, to the fullest extent it may effectively do so, personal service of any
summons, complaint or other process and agrees that the service thereof may be
made by any means permitted by Section 11.15 (other
than facsimile transmission).  Each party agrees that a final
non-appealable judgment in any such suit, action or proceeding brought in such a
court shall be conclusive and binding.

       

      Section
11.14    Expenses.  All
expenses, costs and fees in connection with the transactions contemplated hereby
(including fees and disbursements of counsel, consultants and accountants)
incurred by (a) the
Contributing Parties shall be paid and borne exclusively by the Contributing
Parties and (b) IEP shall be
paid and borne exclusively by IEP.  All transfer, documentary, sales,
use, stamp and registration Taxes imposed with respect to the contribution and
exchange of the Contribution Stock shall be borne by the Contributing
Parties.

       

      Section
11.15     Notices.  All
notices, request, demands and other communications hereunder shall be in writing
and shall be delivered personally, by certified or registered mail, return
receipt requested, and postage prepaid, by courier, or by facsimile
transmission, addressed as follows:

      
        
           

        

        
          34

          
            

          

        

        
           

        

      

       

      If to any
Contributing Party:

       

      White
Plains Plaza

      445
Hamilton Avenue - Suite 1210

      White
Plains, NY 10601

      Attn:  Keith
Cozza

       

      With a
copy to:

       

      Icahn
Associates Corp.

      767 Fifth
Avenue

      New York,
NY  10153

      Attn:  Jordan
Bleznick

       

      If to
IEP:

       

      c/o Icahn
Enterprises L.P.

      White
Plains Plaza

      445
Hamilton Avenue - Suite 1210

      White
Plains, NY 10601

      Attn:  Dominick
Ragone

       

      With a
copy to:

       

      Debevoise
& Plimpton LLP

      919 Third
Avenue

      New York,
NY 10022

      Attn:  William
D. Regner

       

      And
to:

       

      Proskauer
Rose LLP

      1585
Broadway

      New York,
NY 10036

      Attn:  Julie
M. Allen

       

      or to
such other address as a party may from time to time designate in writing in
accordance with this Section
11.15.  Each notice or other communication given to any party
hereto in accordance with the provisions of this Agreement shall be deemed to
have been received (a) on the
Business Day it is sent, if sent by personal delivery, (b) the earlier
of receipt of three (3) Business Days after having been sent by certified or
registered mail, return receipt requested and postage prepaid, (c) on the
Business Day it is sent, if sent by facsimile transmission and an activity
report showing the correct facsimile number of the party on whom notice is
served and the correct number of pages transmitted is obtained by the sender
(provided,
however, that
such notice or other communication is also sent by some other means permitted by
this Section
11.15), or (d) on the first
Business Day after sending, if sent by courier or overnight
delivery.

      
        
           

        

        
          35

          
            

          

        

        
           

        

      

       

      Section
11.16    Further
Assurances.  Each of the parties hereto covenants and agrees
that, from time to time subsequent to Closing, it will, at the request of the
other party, execute and deliver  all such documents, including,
without limitation, all such additional conveyances, transfers, consents and
other assurances and do all such other acts and things as such other party may
from time to time request be executed or done in order to better evidence,
perfect or effect any provision of this Agreement, or of any agreement or other
document executed pursuant to this Agreement, or any of the respective
obligations intended to be created hereby or thereby.

      
        
           

        

        
          36

          
            

          

        

        
           

        

      

      IN
WITNESS WHEREOF, this Agreement has been duly executed and delivered by the duly
authorized officer of each party hereto as of the date first above
written.

       

      
        
          
            
              
                
                  
                    
                      	
                              BARBERRY
      CORP.

                            
	 
      	 
      	 
      
	
                              By:

                            	 
      
	 
      	
                              Name:     

                            	
                              Keith
      Cozza

                            
	 
      	
                              Title:

                            	
                              Secretary;
      Treasurer

                            
	 
	
                              BECKTON
      CORP.

                            
	 
      	 
      	 
      
	
                              By:

                            	 
      
	 
      	
                              Name:

                            	
                              Keith
      Cozza

                            
	 
      	
                              Title:

                            	
                              Secretary;
      Treasurer

                            
	 
	
                              MODAL
      LLC

                            
	 
      	 
      	 
      
	
                              By:

                            	 
      
	 
      	
                              Name:

                            	
                              Keith
      Cozza

                            
	 
      	
                              Title:

                            	
                              Treasurer

                            
	 
      	 
      	 
      
	
                              CABOOSE
      HOLDING, LLC

                            
	 
      	 
      	 
      
	
                              By:

                            	 
      
	 
      	
                              Name:

                            	
                              Keith
      Cozza

                            
	 
      	
                              Title:

                            	
                              Treasurer

                            

                    

                  

                

              

            

          

        

      

      

      [Signature Page to the Contribution
and Exchange Agreement]

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      
        
          
            
              
                
                  	
                          ICAHN
      ENTERPRISES L.P.

                        
	
                          By:    

                        	
                          Icahn
      Enterprises G.P. Inc., its general

                        
	 
      	
                          partner

                        
	 
      	 
      	 
      
	
                          By:

                        	 
      	 
      
	 
      	
                          Name:     

                        	
                          Dominick
      Ragone

                        
	 
      	
                          Title:

                        	
                          Chief
      Financial
Officer

                        

                

              

            

          

        

      

      

      [Signature Page to the Contribution
and Exchange Agreement]

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Schedule
1.1

       

      Contribution
and Exchange

       

      

      
        
          
            
              	
                      Contributing Party

                    	 	
                      Number of Shares of ARI

                      Stock Contributed

                    	 	 	
                      Number of Units of IEP

                      Units Received

                    	 
	
                      Modal
      LLC

                    	 	 	1,590,918	 	 	 	428,752	 
	
                      Barberry
      Corp.

                    	 	 	2,157,909	 	 	 	581,557	 
	
                      Caboose
      Holding LLC

                    	 	 	7,815,318	 	 	 	2,106,228	 
	
                      Total

                    	 	 	11,564,145	 	 	 	3,116,537	 

            

          

        

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Schedule
3.1

       

      Net
Worth of Barberry

       

      As of the
date hereof, the net worth of Barberry is approximately $450
million.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Schedule
7.1(c)

       

      Permitted
Actions of the Corporation

       

      Enter
into an Asset Purchase Agreement between ACF Industries LLC and the Corporation
relating to the purchase by the Corporation of certain railcar parts
manufacturing equipment.

       

      Enter
into an Operating Agreement and related documents related to a joint venture
between the Corporation and US Railcar, LLC to design, manufacture and sell
passenger railcars commonly known as diesel multiple units.

       

      Enter
into an agreement with SAP, and other service providers, to provide an ERP
system.EXECUTION
VERSION

     

    CONTRIBUTION
AND EXCHANGE AGREEMENT

     

    Dated as
of January 12, 2010

     

    by and
among

     

    ICAHN
ENTERPRISES L.P.,

     

    BECKTON
CORP.,

     

    BARBERRY
CORP.

     

    KOALA
HOLDING LIMITED PARTNERSHIP,

     

    HIGH
RIVER LIMITED PARTNERSHIP

     

    and

     

    MEADOW
WALK LIMITED PARTNERSHIP

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    Table of
Contents

     

    
      
        
          
            
              	 
      	 
      	
                      Page

                    
	 
      	 
      	 
      
	
                      ARTICLE
      I

                    
	 
      
	
                      Terms
      of the Transaction

                    
	 
      
	
                      Section
      1.1

                    	
                      Contribution
      of Contribution Stock

                    	
                      1

                    
	
                      Section
      1.2

                    	
                      Consideration

                    	
                      1

                    
	
                      Section
      1.3

                    	
                      Closing

                    	
                      2

                    
	
                      Section
      1.4

                    	
                      Actions
      at the Closing

                    	
                      2

                    
	
                      Section
      1.5

                    	
                      Tax
      Treatment

                    	
                      2

                    
	
                      Section
      1.6

                    	
                      704(c)
      Methods

                    	
                      3

                    
	 
      
	
                      ARTICLE
      II

                    
	 
      	 
      	 
      
	
                      Representations
      and Warranties of Contributing Parties Relating to Contributing
      Parties

                    
	 
      
	
                      Section
      2.1

                    	
                      Organization
      of Contributing Parties

                    	
                      3

                    
	
                      Section
      2.2

                    	
                      Authority

                    	
                      3

                    
	
                      Section
      2.3

                    	
                      Title

                    	
                      3

                    
	
                      Section
      2.4

                    	
                      No
      Conflicts

                    	
                      4

                    
	
                      Section
      2.5

                    	
                      Governmental
      Consents and Approvals

                    	
                      4

                    
	
                      Section
      2.6

                    	
                      Brokers

                    	
                      4

                    
	
                      Section
      2.7

                    	
                      No
      Purchases or Sales

                    	
                      4

                    
	 
      	 
      	 
      
	
                      ARTICLE
      III

                    
	 
      	 
      	 
      
	
                      Representations
      and Warranties of Barberry Relating to Barberry

                    
	 
      
	
                      Section
      3.1

                    	
                      Net
      Worth of Barberry

                    	
                      5

                    
	 
      
	
                      ARTICLE
      IV

                    
	 
      	 
      	 
      
	
                      Representations
      and Warranties of Beckton Relating to Beckton

                    
	 
      
	
                      Section 4.1

                    	
                      Organization

                    	
                      5

                    
	
                      Section 4.2

                    	
                      Authority

                    	
                      5

                    
	
                      Section 4.3

                    	
                      No
      Conflicts

                    	
                      5

                    
	
                      Section 4.4

                    	
                      Governmental
      Consents and Approvals

                    	
                      6

                    
	
                      Section 4.5

                    	
                      Brokers

                    	
                      6

                    
	
                      Section 4.6

                    	
                      No
      Purchases or Sales

                    	
                      6

                    

            

          

        

      

    

    
      
         

      

      
        i

        
          

        

      

      
         

      

    

    

    Table of
Contents

    (continued)

    

    
      
        
          
            	 
      	 
      	
                    Page

                  
	 
      	 
      	 
      
	
                    ARTICLE
      V

                  
	 
      
	
                    Representations
      and Warranties of Contributing Parties Relating to
      the  Corporation and its Subsidiaries

                  
	 
      
	
                    Section 5.1

                  	
                    Due
      Organization.

                  	
                    7

                  
	
                    Section 5.2

                  	
                    Capitalization.

                  	
                    7

                  
	
                    Section 5.3

                  	
                    Financial
      Statements.

                  	
                    8

                  
	
                    Section 5.4

                  	
                    Governmental
      Approvals; No Violations

                  	
                    8

                  
	
                    Section 5.5

                  	
                    No
      Material Adverse Effects or Changes

                  	
                    9

                  
	
                    Section 5.6

                  	
                    Title
      to Properties

                  	
                    9

                  
	
                    Section 5.7

                  	
                    Taxes.

                  	
                    9

                  
	
                    Section 5.8

                  	
                    Employee
      Matters/Employee Benefit Plans

                  	
                    10

                  
	
                    Section 5.9

                  	
                    Litigation

                  	
                    11

                  
	
                    Section 5.10

                  	
                    Claims
      Against Officers and Directors

                  	
                    12

                  
	
                    Section 5.11

                  	
                    Insurance

                  	
                    12

                  
	
                    Section 5.12

                  	
                    Compliance
      with Law

                  	
                    12

                  
	
                    Section 5.13

                  	
                    Undisclosed
      Liabilities

                  	
                    12

                  
	
                    Section 5.14

                  	
                    Related
      Parties

                  	
                    12

                  
	
                    Section 5.15

                  	
                    Intellectual
      Property.

                  	
                    13

                  
	
                    Section 5.16

                  	
                    Environmental
      Matters.

                  	
                    13

                  
	
                    Section 5.17

                  	
                    Contracts.

                  	
                    14

                  
	
                    Section 5.18

                  	
                    Accuracy
      of Statements

                  	
                    15

                  
	
                    Section 5.19

                  	
                    Investor
      Representation

                  	
                    15

                  
	 
      	 
      	 
      
	
                    ARTICLE
      VI

                  
	 
      
	
                    Representations
      and Warranties of IEP

                  
	 
      
	
                    Section 6.1

                  	
                    Organization
      of IEP

                  	
                    15

                  
	
                    Section 6.2

                  	
                    Authority

                  	
                    15

                  
	
                    Section 6.3

                  	
                    No
      Conflicts

                  	
                    16

                  
	
                    Section 6.4

                  	
                    Consents
      and Approvals

                  	
                    16

                  
	
                    Section 6.5

                  	
                    Brokers

                  	
                    16

                  
	
                    Section 6.6

                  	
                    Investor
      Representation

                  	
                    16

                  
	
                    Section 6.7

                  	
                    Title

                  	
                    17

                  
	
                    Section 6.8

                  	
                    Tax.

                  	
                    17

                  

          

        

      

    

    
      
         

      

      
        ii

        
          

        

      

      
         

      

    

    

    Table of
Contents

    (continued)

    

    
      
        
          
            	 
      	 
      	
                    Page

                  
	 
      	 
      	 
      
	
                    ARTICLE
      VII

                  
	 
      
	
                    Covenants

                  
	 
      
	
                    Section 7.1

                  	
                    Maintenance
      of Business Prior to Closing.

                  	
                    17

                  
	
                    Section 7.2

                  	
                    Efforts
      to Consummate Transaction.

                  	
                    19

                  
	 
      	 
      	 
      
	
                    ARTICLE
      VIII

                  
	 
      
	
                    Conditions
      to Closing

                  
	 
      
	
                    Section
      8.1

                  	
                    Conditions
      to Obligations of Parties

                  	
                    20

                  
	
                    Section
      8.2

                  	
                    Conditions
      to Obligations of the Contributing Parties

                  	
                    20

                  
	
                    Section
      8.3

                  	
                    Conditions
      to Obligations of the Acquiror

                  	
                    21

                  
	 
      
	
                    ARTICLE
      IX

                  
	 
      
	
                    Indemnification

                  
	 
      	 
      	 
      
	
                    Section 9.1

                  	
                    Indemnification
      by Barberry.

                  	
                    21

                  
	
                    Section 9.2

                  	
                    Claims

                  	
                    22

                  
	
                    Section 9.3

                  	
                    Notice
      of Third Party Claims; Assumption of Defense

                  	
                    23

                  
	
                    Section 9.4

                  	
                    Settlement
      or Compromise

                  	
                    23

                  
	
                    Section 9.5

                  	
                    Failure
      of Barberry to Act

                  	
                    24

                  
	
                    Section 9.6

                  	
                    Tax
      Character

                  	
                    24

                  
	
                    Section 9.7

                  	
                    Sole
      and Exclusive Remedy

                  	
                    24

                  
	 
      
	
                    ARTICLE
      X

                  
	 
      
	
                    Definitions

                  
	 
      	 
      	 
      
	
                    Section 10.1

                  	
                    Defined
      Terms

                  	
                    24

                  
	 
      	 
      	 
      
	
                    ARTICLE
      XI

                  
	 
      
	
                    Miscellaneous

                  
	 
      	 
      	 
      
	
                    Section 11.1

                  	
                    Investigation

                  	
                    31

                  
	
                    Section 11.2

                  	
                    Survival
      of Representations and Warranties

                  	
                    32

                  
	
                    Section 11.3

                  	
                    Entire
      Agreement

                  	
                    32

                  
	
                    Section 11.4

                  	
                    Waiver

                  	
                    32

                  
	
                    Section 11.5

                  	
                    Amendment

                  	
                    32

                  
	
                    Section 11.6

                  	
                    No
      Third Party Beneficiary

                  	
                    32

                  

          

        

      

    

    
      
         

      

      
        iii

        
          

        

      

      
         

      

    

    

    Table of
Contents

    (continued)

    

    
      
        
          
            	 
      	 
      	
                    Page

                  
	 
      	 
      	 
      
	
                    Section
      11.7

                  	
                    Assignment;
      Binding Effect

                  	
                    32

                  
	
                    Section
      11.8

                  	
                    Headings

                  	
                    32

                  
	
                    Section
      11.9

                  	
                    Invalid
      Provisions

                  	
                    32

                  
	
                    Section
      11.10

                  	
                    Governing
      Law

                  	
                    33

                  
	
                    Section
      11.11

                  	
                    Counterparts

                  	
                    33

                  
	
                    Section
      11.12

                  	
                    Waiver
      of Jury Trial

                  	
                    33

                  
	
                    Section
      11.13

                  	
                    Consent
      to Jurisdiction

                  	
                    33

                  
	
                    Section
      11.14

                  	
                    Expenses

                  	
                    34

                  
	
                    Section
      11.15

                  	
                    Notices

                  	
                    34

                  
	
                    Section
      11.16

                  	
                    Further
      Assurances

                  	
                    35

                  

          

        

      

    

     

    
      
        
          
            
              
                	
                        Schedules

                      	 	 
	 	 	 
	
                        Schedule
      1.1

                      	
                        Contribution
      and Exchange

                      	 
	
                        Schedule
      3.1

                      	
                        Net
      Worth of Barberry

                      	 
	
                        Schedule
      7.1(c)

                      	
                        Permitted
      Actions of the Corporation

                      	 

              

            

          

        

      

    

    

    Corporation
Disclosure Schedule

    IEP
Disclosure Schedule

    
      
         

      

      
        iv

        
          

        

      

      
         

      

    

    CONTRIBUTION
AND EXCHANGE AGREEMENT

     

    THIS
CONTRIBUTION AND EXCHANGE AGREEMENT (this “Agreement”), dated as
of January 12, 2010, is by and among Icahn Enterprises L.P., a Delaware limited
partnership (“IEP”), Beckton Corp.,
a Delaware corporation (“Beckton”), Barberry
Corp., a Delaware corporation (“Barberry”), Koala
Holding Limited Partnership, a Delaware limited partnership (“Koala”), High River
Limited Partnership, a Delaware limited partnership (“High River”), and
Meadow Walk Limited Partnership, a Delaware limited partnership (“Meadow Walk” and,
together with Barberry, Koala and High River, each a “Contributing
Party”).  Capitalized terms not otherwise defined herein have
the meanings set forth in Article
X.

     

    RECITALS:

     

    WHEREAS,
the Contributing Parties collectively own 25,560,929 shares of common stock of
Viskase Companies, Inc., a Delaware corporation (the “Corporation”), which
shares currently represent approximately 71.4% of the total issued and
outstanding shares of capital stock of the Corporation (the “Viskase Stock”);
and

     

    WHEREAS,
the Contributing Parties desire to contribute to IEP, and IEP desires to receive
from the Contributing Parties, 25,560,929 shares of Viskase Stock (the “Contribution Stock”)
upon the terms and subject to the conditions in this Agreement;

     

    NOW,
THEREFORE, the parties hereto agree as follows:

     

    ARTICLE
I

     

    Terms of the
Transaction

     

    Section
1.1         Contribution of Contribution
Stock.  At the Closing, and on the terms set forth in this
Agreement, the Contributing Parties shall cause the Contribution Stock to be
contributed, assigned, transferred, conveyed and delivered to IEP by
contributing, assigning, transferring, conveying and delivering the number of
shares of Viskase Stock set forth opposite each Contributing Party’s name on
Schedule 1.1,
and IEP shall receive and accept the Contribution Stock.

     

    Section
1.2         Consideration.  The
consideration to be issued, transferred, conveyed and delivered by IEP to the
Contributing Parties at the Closing in exchange for the contribution of the
Contribution Stock to IEP shall equal 0.1141 fully paid and non-assessable IEP
Units for each share of Contribution Stock, for an aggregate consideration of
2,915,695 IEP Units (the “Exchange
Units”).  The Exchange Units shall be allocated among the
Contributing Parties as set forth on Schedule
1.1.

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

     

    Section
1.3         Closing.  The
closing of the transactions contemplated by Section
1.1 and
Section
1.2 hereof (the “Closing”) shall take
place (a) at the
offices of IEP, located at White Plains Plaza, 445 Hamilton Avenue – Suite 1210,
White Plains, NY 10601, immediately after all the conditions set forth in Article VII are
satisfied or waived (other than those conditions that by their terms are to be
satisfied at the Closing, but subject to the satisfaction or waiver of those
conditions at the Closing), or (b) at such other
time, date or place as Barberry and IEP may agree.  The date on which
the Closing occurs is herein referred to as the “Closing
Date”.  The Closing shall be deemed effective for all
accounting, financial and reporting purposes as of the close of business on the
Closing Date.

     

    Section
1.4         Actions at the
Closing.  At the Closing:  (i) IEP shall
issue and deliver to each Contributing Party a certificate or certificates
representing the Exchange Units to be received by such Contributing Party
pursuant to Section
1.2, or, in the case of any Exchange Units that are held in book-entry
form, IEP shall cause such Exchange Units to be transferred to the account
designated in writing by such Contributing Party; (ii) each
Contributing Party shall deliver to IEP the Contribution Stock it is
contributing pursuant to Section 1.1, together
with instruments of transfer satisfactory to IEP or, in the case of any
Contribution Stock that is held in book-entry form, such Contributing Party
shall cause such Contribution Stock to be transferred to the account designated
in writing by IEP; (iii) each
Contributing Party shall deliver to IEP a statement, meeting the requirements of
section 1.1445-2(b)(2) of the Treasury regulations, to the effect that such
Contributing Party is not a foreign person; (iv) IEP and
Arnos Corp. (the “Lender”) shall enter
into an Assignment and Assumption Agreement, in a form reasonably acceptable to
IEP and the Lender, for the assignment by Lender, and assumption by Icahn
Enterprises Holdings L.P., of all of Lender’s rights and obligations under the
Viskase Loan and Security Agreement; (v) pursuant to
Section 5.1 of the IEP Registration Rights Agreement, each Contributing Party
shall deliver to IEP an executed signature page to the IEP Registration Rights
Agreement (the “IEP
Registration Rights Joinder”); (vi) IEP shall
acknowledge, by signing the IEP Registration Rights Joinder, that, as a result
of the Contributing Parties’ delivery of the IEP Registration Rights Joinder,
the Contributing Parties shall be and shall be deemed to be each a “Holder”
under the IEP Registration Rights Agreement for all purposes thereunder; (vii) IEP shall
deliver or cause to be delivered to the Contributing Parties evidence that the
NYSE has approved the Exchange Units for listing, subject only to official
notice of issuance, in form and substance reasonably acceptable to Contributing
Parties; and (viii) Beckton
shall cause IEGP to make such contribution to IEP as is necessary for IEGP to
maintain a 1% general partnership interest in IEP.

     

    Section
1.5         Tax
Treatment.  The parties agree and acknowledge that the
contribution of the Contribution Stock to IEP in exchange for the Exchange Units
is intended to qualify as a tax-free contribution to a partnership under Code
Section 721(a) and no party, on a Tax Return or otherwise, shall, except to the
extent required by Law, take any position inconsistent with such
treatment.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    Section
1.6         704(c)
Methods.  Beckton will cause IEGP, to the extent possible, to
take such action as is necessary, including selecting methods under Code Section
704(c), to cause each Exchange Unit to have the same economic and tax
characteristics to any purchaser or acquiror thereof as each other IEP Unit,
provided that Beckton consults with the Audit Committee with respect to all Code
Section 704(c) elections relating to this transaction.

     

    ARTICLE
II

     

    Representations and
Warranties of Contributing Parties Relating to Contributing
Parties

     

    Each
Contributing Party hereby makes the following representations and warranties
contained in this Article II to
IEP.

     

    Section
2.1         Organization of Contributing
Parties.  Such Contributing Party is a limited partnership duly
formed or a corporation duly incorporated, as applicable, validly existing and
in good standing under the Laws of the State of Delaware.  Such
Contributing Party has full organizational power and authority to execute and
deliver this Agreement and to perform its obligations hereunder and to
consummate the transactions contemplated hereby.  Such Contributing
Party is an Affiliate (as defined under the IEP Registration Rights Agreement)
of a Holder (as defined under the IEP Registration Rights
Agreement).

     

    Section
2.2         Authority.  The
execution and delivery by such Contributing Party of this Agreement, and the
performance by such Contributing Party of its obligations hereunder, have been
duly and validly authorized by all requisite limited liability company or
corporate action on the part of such Contributing Party and no other action on
the part of such Contributing Party or its general partner or shareholders is
necessary for such execution, delivery or performance.  This Agreement
has been duly and validly executed and delivered by such Contributing Party and
constitutes a legal, valid and binding obligation of such Contributing Party,
enforceable against such Contributing Party in accordance with its
terms.

     

    Section
2.3         Title.  Such
Contributing Party is the sole owner of the Contribution Stock set forth
opposite its name on Schedule 1.1 and has
good and valid title to such Contribution Stock, free and clear of all
Liens.  The delivery of such Contribution Stock and other instruments
of transfer delivered by such Contributing Party to IEP at the Closing will
transfer to IEP good and valid title to the Contribution Stock owned by such
Contributing Party immediately prior to the Closing, free and clear of all
Liens.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    Section
2.4         No
Conflicts.  The execution and delivery by such Contributing
Party of this Agreement do not, and the performance by such Contributing Party
of its obligations under this Agreement and the consummation of the transactions
contemplated hereby will not:

     

    (a)                 conflict
with or result in a violation or breach of any of the terms, conditions or
provisions of the organizational documents of such Contributing
Party;

     

    (b)                 conflict
with or result in a violation or breach of any term or provision of any Law or
Order applicable to such Contributing Party;

     

    (c)                 (i) conflict with or
result in a violation or breach of, (ii) constitute
(with or without notice or lapse of time or both) a default under, (iii) require
such Contributing Party to obtain any consent, approval or action of, make any
filing (other than with the SEC pursuant to Section 13 and Section 16 of the
Exchange Act) with or give any notice to any Person, as a result or under the
terms of, or (iv) result in or
give to any Person any right of termination, cancellation, acceleration or
modification in or with respect to, any Contract or License to which such
Contributing Party is a party; or

     

    (d)                 result
in the creation or imposition of any Lien upon the Contribution
Stock.

     

    Section
2.5         Governmental Consents and
Approvals.  Other than (i) compliance
with any applicable foreign or state securities or blue sky Laws and (ii) the filings
or notices that are required and customary pursuant to any state environmental
transfer statutes, no consent, authorization or approval of, filing (other than
with the SEC pursuant to Section 13 and Section 16 of the Exchange Act) or
registration with, or cooperation from, any Governmental or Regulatory Authority
is necessary in connection with the execution, delivery and performance by such
Contributing Party of this Agreement or the consummation of the transactions
contemplated hereby.

     

    Section
2.6         Brokers.  Such
Contributing Party has not used any broker or finder in connection with the
transactions contemplated hereby, and neither IEP nor any of its Affiliates has
or shall have any liability or otherwise suffer or incur any Loss as a result of
or in connection with any brokerage or finder’s fee or other commission of any
Person retained or purporting to be retained by such Contributing Party in
connection with any of the transactions contemplated by this
Agreement.

     

    Section
2.7         No Purchases or
Sales.  Other than the acquisition or disposition of Viskase
Stock or IEP Units from or to Affiliates, no Contributing Party nor any of its
Affiliates has directly or indirectly acquired or disposed of any Viskase Stock
or IEP Units during the 60 days preceding the date hereof.

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    ARTICLE
III

     

    Representations and
Warranties of Barberry Relating to Barberry

     

    Barberry
hereby makes the following representations and warranties contained in this
Article III to
IEP.

     

    Section
3.1         Net Worth of
Barberry.  Section 3.1 sets
forth the net worth of Barberry as of the date hereof.

     

    ARTICLE
IV

     

    Representations
and Warranties of Beckton Relating to Beckton

     

    Beckton
hereby makes the following representations and warranties contained in this
Article IV
to IEP.

     

    Section
4.1         Organization.  Beckton
is a corporation duly incorporated, validly existing and in good standing under
the Laws of the State of Delaware.  Beckton has full organizational
power and authority to execute and deliver this Agreement and to perform its
obligations hereunder and to consummate the transactions contemplated
hereby.

     

    Section
4.2         Authority.  The
execution and delivery by Beckton of this Agreement, and the performance by
Beckton of its obligations hereunder, has been duly and validly authorized by
Beckton’s board of directors and no other action on the part of Beckton or its
shareholders is necessary for such execution, delivery or
performance.  This Agreement has been duly and validly executed and
delivered by Beckton and constitutes a legal, valid and binding obligation of
Beckton, enforceable against Beckton in accordance with its terms.

     

    Section
4.3         No
Conflicts.  The execution and delivery by Beckton of this
Agreement does not, and the performance by Beckton of its obligations under this
Agreement and the consummation of the transactions contemplated hereby will
not:

     

    (a)                 conflict
with or result in a violation or breach of any of the terms, conditions or
provisions of the organizational documents of Beckton;

     

    (b)                 conflict
with or result in a violation or breach of any term or provision of any Law or
Order applicable to Beckton; or

     

    (c)                 (i) conflict with or
result in a violation or breach of, (ii) constitute
(with or without notice or lapse of time or both) a default under, (iii) require
Beckton to obtain any consent, approval or action of, make any filing (other
than with the SEC pursuant to Section 13 and Section 16 of the Exchange Act)
with or give any notice to any Person, as a result or under the terms of, or
(iv) result in or
give to any Person any right of termination, cancellation, acceleration or
modification in or with respect to, any Contract or License to which Beckton is
a party.

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    Section
4.4         Governmental Consents and
Approvals.  Other than (i) compliance
with any applicable foreign or state securities or blue sky Laws and (ii) the filings
or notices that are required and customary pursuant to any state environmental
transfer statutes, no consent, authorization or approval of, filing (other than
with the SEC pursuant to Section 13 and Section 16 of the Exchange Act) or
registration with, or cooperation from, any Governmental or Regulatory Authority
is necessary in connection with the execution, delivery and performance by
Beckton of this Agreement or the consummation of the transactions contemplated
hereby.

     

    Section
4.5         Brokers.  Beckton
has not used any broker or finder in connection with the transactions
contemplated hereby, and neither IEP nor any of its Affiliates has or shall have
any liability or otherwise suffer or incur any Loss as a result of or in
connection with any brokerage or finder’s fee or other commission of any Person
retained or purporting to be retained by Beckton in connection with any of the
transactions contemplated by this Agreement.

     

    Section
4.6         No Purchases or
Sales.  Other than the acquisition or disposition of Viskase
Stock or IEP Units from or to Affiliates, neither Beckton nor any of its
Affiliates has directly or indirectly acquired or disposed of any Viskase Stock
or IEP Units during the 60 days preceding the date hereof.

     

    ARTICLE
V

     

    Representations
and Warranties of Contributing Parties Relating to the

    Corporation
and its Subsidiaries

     

    Except as
(i) disclosed in
the Current Viskase Financial Documents (other than any disclosures set forth in
any risk factor section or in any section relating to forward-looking
statements, and any other disclosures included therein to the extent they are
forward-looking in nature, whether or not appearing in such sections), provided that no
disclosure in the Current Viskase Financial Documents shall be deemed to qualify
the representations or warranties of the Contributing Parties that are contained
in Section
5.7(b), and (ii) set forth on
the Corporation disclosure schedule delivered by the Contributing Parties to IEP
concurrently with the execution and delivery of this Agreement (the “Corporation Disclosure
Schedule”), the Contributing Parties hereby make the following
representations and warranties contained in this Article V to
IEP.  The Corporation Disclosure Schedule is arranged and numbered to
correspond to the numbered and lettered paragraphs contained in this Article
V.  Unless otherwise specified herein, disclosure made in any
particular Section of the Corporation Disclosure Schedule shall be deemed made
in any other Section or Sections of the Corporation Disclosure Schedule to which
the relevance of such disclosure is readily apparent on its face from the text
of such disclosure.

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    Section
5.1         Due
Organization.

     

    (a)                 The
Corporation is duly incorporated and validly existing under the laws of its
jurisdiction of incorporation, with all requisite power and authority to own,
lease and operate its properties and to carry on its business as it is now being
owned, leased, operated and conducted.  The Corporation is licensed or
qualified to do business and is in good standing (where the concept of “good
standing” is applicable) as a foreign corporation in each jurisdiction where the
nature of its Assets and Properties require such licensing or qualification,
except where the failure to be so licensed or qualified would not, individually
or in the aggregate, be reasonably likely to have a Material Adverse Effect on
the Corporation.

     

    (b)                 The
Corporation Disclosure Schedule lists each Subsidiary of the Corporation that
would be required to be listed in Exhibit 21 to the Corporation’s most recent
Annual Report on Form 10-K if the Corporation were a SEC Filer.  Each
Subsidiary of the Corporation has been duly incorporated or organized and is
validly existing under the laws of the jurisdiction of its incorporation or
organization, with all requisite power and authority to own, lease and operate
its properties and to carry on its business as it is now being owned, leased,
operated and conducted, except where the failure to be so duly incorporated or
organized or validly existing, or to have all such requisite power or authority,
would not, individually or in the aggregate, be reasonably likely to have a
Material Adverse Effect.  Each Subsidiary is licensed or qualified to
do business as a foreign corporation and is in good standing (where the concept
of “good standing” is applicable) as a foreign corporation in each jurisdiction
where the nature of its Assets and Properties require such licensing or
qualification, except where the failure to be so licensed or qualified would
not, individually or in the aggregate, be reasonably likely to have a Material
Adverse Effect.

     

    Section
5.2         Capitalization.

     

    (a)                 As
of the date hereof, the authorized capital stock of the Corporation consists of
(i) 50,000,000
shares of common stock, of which 35,787,071 shares of common stock are issued
and outstanding as of the date hereof, and (ii) 50,000,000 shares
of preferred stock, of which no shares of preferred stock are issued and
outstanding as of the date hereof.  As of the date hereof, the
35,787,071 shares referenced in the preceding sentence represent all of the
issued and outstanding capital stock of the Corporation.  All of the
shares of Contribution Stock have been duly authorized and are validly issued,
fully paid and nonassessable.

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    (b)                 No
Person holds any option, warrant, convertible security or other right to acquire
any capital stock or other securities of the Corporation.  There are
no obligations, contingent or otherwise, of the Corporation to repurchase,
redeem or otherwise acquire any ownership interests of the Corporation or to
provide funds to or make any material investment (in the form of a loan, capital
contribution or otherwise) in any Person.

     

    Section
5.3         Financial
Statements.

     

    (a)                 The
Corporation has timely prepared all Required Viskase Financial
Documents.

     

    (b)                 As
of their respective dates, the Current Viskase Financial Documents complied in
all material respects with the requirements of the Viskase
Indenture.

     

    (c)                 The
Current Viskase Financial Documents, when prepared in accordance with the
Viskase Indenture, did not contain any untrue statement of a material fact or
omit to state any material fact necessary in order to make the statements
therein, in light of the circumstances under which they were made, not
misleading.

     

    (d)                 Each
of the financial statements (including the related notes) of the Corporation
included in the Current Viskase Financial Documents had been prepared in
accordance with GAAP (except, in the case of unaudited statements, as permitted
by the rules and regulations of the SEC) applied on a consistent basis during
the periods involved (except as may be indicated in the notes thereto) and
fairly presented in all material respects the consolidated financial position of
the Corporation and its consolidated Subsidiaries as of the dates thereof and
the consolidated results of their operations and cash flows for the periods then
ended (subject, in the case of unaudited statements, to normal year-end audit
adjustments).

     

    Section
5.4         Governmental Approvals; No
Violations.  Other than (i) compliance
with any applicable foreign or state securities or blue sky Laws and (ii) the filings
or notices that are required and customary pursuant to any state environmental
transfer statutes, no notices, reports or other filings are required to be made
by the Corporation with, nor are any consents, registrations, approvals, permits
or authorizations required to be obtained by the Corporation from, any
Governmental or Regulatory Authority or any other Person in connection with the
execution, delivery and performance of this Agreement by the Corporation and the
consummation of the transactions contemplated hereby.

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

    Section
5.5         No Material Adverse Effects
or Changes.  To the Contributing Parties’ Knowledge, since
September 30, 2009, (i) the
Corporation and its Subsidiaries, taken as a whole, have not suffered any
Material Adverse Effect; (ii) there has
been no change, event, development, damage or circumstance affecting the
Corporation and its Subsidiaries, taken as a whole, that, individually or in the
aggregate would reasonably be expected to have a Material Adverse Effect on the
Corporation and its Subsidiaries, taken as a whole; (iii) there has
not been any material change by the Corporation in its accounting methods,
principles or practices, or any material revaluation by the Corporation of any
of its assets, including material writing down the value of inventory or
material writing off notes or accounts receivable; and (iv) each of the
Corporation and its Subsidiaries has conducted its business only in the ordinary
course of business consistent with past practice, except as would not,
individually or in the aggregate, be reasonably likely to have a Material
Adverse Effect.

     

    Section
5.6         Title to
Properties.  Each of the Corporation and its Subsidiaries has
good and marketable title to, and each of them is the lawful owner of, all of
their property (real and personal) owned by each of them, free and clear of all
Liens, except where the failure to possess good and marketable title would not,
individually or in the aggregate, adversely affect in any material respect the
ability of the Corporation and its Subsidiaries, taken as a whole, to conduct
their business in the ordinary course, consistent with past practice; all the
property held under lease by the Corporation and its Subsidiaries is held
thereby under valid, subsisting and enforceable leases, assuming the due and
valid execution by the lessors thereto, except where the failure to have valid,
subsisting and enforceable leases would not, individually or in the aggregate,
adversely affect in any material respect the ability of the Corporation and its
Subsidiaries to conduct their business in the ordinary course, consistent with
past practice.

     

    Section
5.7         Taxes.

     

    (a)                 The
Corporation and each Subsidiary has duly and timely filed with the appropriate
taxing authorities all material Tax Returns required to have been
filed.  Such Tax Returns are complete and accurate in all material
respects.  All Taxes shown as due and payable on such Tax Returns have
been paid and all other material Taxes for which either the Corporation or any
Subsidiary is liable that are due and payable have been paid or adequately
reserved for on the financial statements of the Corporation.

     

    (b)                 Neither
the IRS nor any other taxing authority (whether domestic or foreign) has
asserted in writing against the Corporation or any Subsidiary any material
deficiency or material claim for Taxes in excess of the reserves established
therefor.

     

    (c)                 The
contribution of the Contribution Stock by the Contributing Parties to IEP in
exchange for the Exchange Units has not and will not result in any material
income Taxes payable by the Corporation or any Subsidiary, other than as a
result of the loss, reduction, or limitation of any net operating losses,
credits, deductions, carryforwards of such or other items, or other Tax
attributes.

    
      
         

      

      
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    Section
5.8         Employee Matters/Employee
Benefit Plans.  Except for matters which would not,
individually, or in the aggregate, be reasonably likely to have a Material
Adverse Effect:

     

    (a)                 Except
as accrued thereafter in accordance with the terms of the Plans as of the date
hereof, neither the Corporation nor any of its Subsidiaries has incurred any
material liability, and no event, transaction or condition has occurred or
exists that could result in any material liability, on account of any Plans,
including but not limited to liability for (i) additional
contributions required to be made under the terms of any Plan or its related
trust, insurance contract or other funding arrangement with respect to periods
ending on or prior to the date hereof which are not reflected, reserved against
or accrued in the Corporation’s financial statements; or (ii) breaches by
the Corporation, or, to the Contributing Parties’ Knowledge, the trustees under
the trusts created under the Plans, or any other Persons under ERISA or any
other applicable Law.  Each of the Plans has been operated and
administered in material compliance with its terms, all applicable Laws and, if
applicable, collective bargaining agreements.  Since January 1, 2008,
neither the Corporation nor any of its Subsidiaries has communicated to any
current or former director, officer, employee or consultant thereof any
intention or commitment to amend or modify any Plan, or to establish or
implement any other employee or retiree benefit or compensation plan or
arrangement, which would materially increase the cost to the Corporation and the
Subsidiaries, taken as a whole.

     

    (b)                 Each
Plan which is intended to be “qualified” within the meaning of Section 401(a) of
the Code, and the trust (if any) forming a part thereof has received or
requested a favorable determination letter or is covered by an opinion letter
from the Internal Revenue Service and, to the Contributing Parties’ Knowledge,
no event has occurred and no condition exists which could reasonably be expected
to result in the revocation of any such determination.  All amendments
and actions required to bring each Plan into conformity with the applicable
provisions of ERISA, the Code, and any other applicable Laws have been made or
taken.

     

    (c)                 There
are no pending or threatened claims by or on behalf of any participant in any of
the Plans, or otherwise involving any such Plan or the assets of any Plan, other
than routine claims for benefits in the ordinary course.  The Plans
are not presently under audit or examination (nor has notice been received of a
potential audit or examination) by the Internal Revenue Service or the
Department of Labor.

    
      
         

      

      
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    (d)                 None
of the Plans provides benefits of any kind with respect to current or former
employees, officers, or directors (or their beneficiaries) of the Corporation or
any of its Subsidiaries beyond their retirement or other termination of
employment, other than (i) coverage for
benefits mandated by Section 4980B of the Code, (ii) death
benefits or retirement benefits under an employee pension benefit plan (as
defined by Section 3(2) of ERISA), or (iii) benefits,
the full cost of which is borne by such current or former employees, officers,
directors, or beneficiaries.

     

    (e)                 No
Plan sponsored by the Corporation is a “multiemployer plan” within the meaning
of Section 4001(a)(3) of ERISA or a “multiple employer plan” as addressed in
section 4063 or 4064 of ERISA.  No Plan sponsored by the Corporation
is subject to Title IV of ERISA.

     

    (f)                 The
consummation of the transactions contemplated by this Agreement will not (alone
or in combination with any other event, including, without limitation, the
passage of time) result in (i) any payment
(including, without limitation, severance, unemployment compensation, golden
parachute, bonus payments or otherwise) becoming due under any agreement or oral
arrangement to any current or former director, officer, employee or consultant
of the Corporation or any of its Subsidiaries, (ii) any increase
in the amount of salary, wages or other benefits payable to any director,
officer, employee or consultant of the Corporation or any of its Subsidiaries,
or (iii) any
acceleration of the vesting or timing of payment of any benefits or compensation
(including, without limitation, any increased or accelerated funding obligation)
payable to any director, officer, employee or consultant of the Corporation or
any of its Subsidiaries.

     

    (g)                 There
is, and since January 1, 2008 there has been, to the Contributing Parties’
Knowledge, (i) (A) no unfair labor
practice complaint pending or threatened against the Corporation before the
National Labor Relations Board, and no grievance or arbitration proceeding
arising out of or under collective bargaining agreements is pending or
threatened, (B) no strike,
labor dispute, slowdown or stoppage pending or threatened against the
Corporation or any of its Subsidiaries and (C) no union
representation dispute currently existing concerning the employees of the
Corporation or any of its Subsidiaries, and (ii) (A) no union
organizing activities are currently taking place concerning the employees of the
Corporation or any of its Subsidiaries and (B) there has
been no violation of any federal, state, local or foreign law relating to
discrimination in the hiring, promotion or pay of employees, any applicable wage
or hour laws.

     

    Section
5.9         Litigation.  There
are no material actions, suits, arbitrations, regulatory proceedings or other
litigation, proceedings or governmental investigations pending or, to the
Contributing Parties’ Knowledge, threatened against or affecting any of the
Corporation or its Subsidiaries or any of their respective officers, directors,
employees or agents in their capacity as such, or any of the Corporation’s or
any of its Subsidiaries’ respective Assets and Properties or the respective
businesses of the Corporation or its Subsidiaries that, if determined adversely
to the Corporation or such Subsidiary or any of their officers, directors,
employees or agents in their capacity as such would be reasonably expected to be
material to the Corporation and its Subsidiaries, and to the Contributing
Parties’ Knowledge, there are no facts or circumstances which may give rise to
any of the foregoing.  Neither the Corporation nor any of its
Subsidiaries is subject to any order, judgment, decree, injunction, stipulation
or consent order of or with any court or other Governmental or Regulatory
Authority.

    
      
         

      

      
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    Section
5.10       Claims Against Officers and
Directors.  There are no pending or, to the Contributing
Parties’ Knowledge, threatened claims against any current or former director,
officer, employee or agent of the Corporation, any of its Subsidiaries or any
other Person, which could give rise to any material claim for indemnification
against the Corporation or any of its Subsidiaries or cause the Corporation or
any of its Subsidiaries to incur any liability or otherwise suffer or incur any
Loss.

     

    Section
5.11       Insurance.  The
Corporation and its Subsidiaries, as the case may be, maintain insurance
policies that provide adequate and suitable insurance coverage for their
respective businesses and are on such terms, cover such risks and are in such
amounts as the insurance customarily carried by comparable companies of
established reputation similarly situated and carrying on the same or similar
business.  All such insurance is fully in force on the date hereof
except where the failure to maintain such insurance would not, individually or
in the aggregate, be reasonably likely to have a Material Adverse
Effect.

     

    Section
5.12       Compliance with
Law.  To the Contributing Parties’ Knowledge, each of the
Corporation and its Subsidiaries is in material compliance and, at all times
since January 1, 2008, has been in compliance in all material respects with all
applicable Laws relating to each of them or their respective Assets and
Properties or business.  No investigation or review by any
Governmental or Regulatory Authority or self-regulatory authority is pending or,
to the Contributing Parties’ Knowledge, threatened, nor has any such authority
indicated in writing to any Contributing Party or the Corporation or any of its
Subsidiaries an intention to conduct an investigation or review of the
Corporation or any of its Subsidiaries.

     

    Section
5.13       Undisclosed
Liabilities.  To the Contributing Parties’ Knowledge, neither
the Corporation nor any of its Subsidiaries has any material liabilities or
obligations of any nature, whether known or unknown, absolute, accrued,
contingent or otherwise and whether due or to become due, other than liabilities
and obligations incurred after September 30, 2009 in the ordinary course of
business consistent with past practice (including as to amount and
nature).

     

    Section
5.14       Related
Parties.  Since January 1, 2008, there have been no
transactions with “related persons” (as such term is defined by Item 404 of
Regulation S-K promulgated under the Securities Act (“Item 404”)) of the
Corporation that would be required to be disclosed pursuant to Item 404 if the
Corporation were a SEC Filer that have not been disclosed in the Current Viskase
Financial Documents.

    
      
         

      

      
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    Section
5.15       Intellectual
Property.

     

    (a)                 The
Corporation and its Subsidiaries own or have obtained valid and enforceable
licenses for, or other rights to use, the inventions, patent applications,
patents, trademarks (both registered and unregistered), tradenames, service
names, copyrights, trade secrets and other proprietary information
(collectively, “Intellectual
Property”) owned or licensed by them or which are necessary for the
conduct of their respective businesses, except where the failure to own, license
or have such rights would not, individually or in the aggregate, adversely
affect the ability of the Corporation and its Subsidiaries to conduct their
business in the ordinary course, consistent with past practice; (i) to the
Contributing Parties’ Knowledge, there are no third parties who have, or will be
able to establish, rights to any Intellectual Property, except for the ownership
rights of the owners of the Intellectual Property which is licensed to the
Corporation or any of its Subsidiaries; (ii) to the
Contributing Parties’ Knowledge, there is no infringement by third parties of
any Intellectual Property; (iii) there is no
pending or, to the Contributing Parties’ Knowledge, threatened action, suit,
proceeding or claim by others challenging the Corporation’s or any of its
Subsidiaries’ rights in or to any Intellectual Property; (iv) there is no
pending or, to the Contributing Parties’ Knowledge, threatened action, suit,
proceeding or claim by others challenging the validity or scope of any
Intellectual Property, and to the Contributing Parties’ Knowledge, there are no
facts which could form a reasonable basis for any such claim; and (v) there is no
pending or, to the Contributing Parties’ Knowledge, threatened action, suit,
proceeding or claim by others that the Corporation or any of its Subsidiaries
infringes or otherwise violates any patent, trademark, copyright, trade name,
service name, trade secret or other proprietary rights of others, and to the
Contributing Parties’ Knowledge there are no facts which could form a reasonable
basis for any such action, suit, proceeding or claim;

     

    (b)                 All
Intellectual Property has been duly registered with, filed in or issued by the
relevant filing offices, domestic or foreign, to the extent necessary or
desirable to ensure full protection under any applicable Law, and such
registrations, filings or issuances remain in full force and effect, other than
as would not, individually or in the aggregate, adversely affect the ability of
the Corporation and its Subsidiaries to conduct their business in the ordinary
course, consistent with past practice.

     

    Section
5.16       Environmental
Matters.

     

    (a)           To
the Contributing Parties’ Knowledge, the Corporation and its Subsidiaries and
their Assets and Properties and operations are and have been in compliance with,
and hold all permits, authorizations and approvals required under, Environmental
Laws, except to the extent that failure to so comply or to hold such permits,
authorizations or approvals would not, individually or in the aggregate,
adversely affect the ability of the Corporation and it Subsidiaries to conduct
their business in the ordinary course, consistent with past
practice.

    
      
         

      

      
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    (b)           To
the Contributing Parties’ Knowledge, except as would not, individually or in the
aggregate, adversely affect the ability of the Corporation and its Subsidiaries
to conduct their business in the ordinary course, consistent with past practice,
there are no past, present or reasonably anticipated future events, conditions,
circumstances, activities, practices, actions, omissions or plans that could
reasonably be expected to give rise to any material costs or material
liabilities to the Corporation or any of its Subsidiaries under, or to
materially interfere with or materially prevent compliance by the Corporation or
any of its Subsidiaries with, Environmental Laws.

     

    (c)                 To
the Contributing Parties’ Knowledge, except as would not, individually or in the
aggregate, adversely affect the ability of the Corporation and its Subsidiaries
to conduct their business in the ordinary course, consistent with past practice,
none of the Corporation or any of its Subsidiaries (i) is the subject of any
investigation, (ii) has received any written notice or claim, (iii) is a party
to or affected by any pending or threatened action, suit or proceeding, (iv) is
bound by any judgment, decree or order or (v) has entered into any agreement, in
each case relating to any alleged material violation of any Environmental Law or
any actual or alleged material release or threatened material release or cleanup
at any location of any Hazardous Materials.

     

    Section
5.17       Contracts.

     

    (a)                 The
Corporation Disclosure Schedule lists all agreements, contracts or instruments
that would be required to be disclosed by the Corporation under Item 601 of
Regulation S-K promulgated under the Securities Act if the Corporation were a
SEC Filer (the “Material
Contracts”).  The Material Contracts are the only material
agreements, contracts or instruments that are binding upon the Corporation and
its Subsidiaries that are material to the operation of the business of the
Corporation and its Subsidiaries, taken as a whole.  

     

    (b)                 To
the Contributing Parties’ Knowledge, prior to the date hereof, true, correct and
complete copies of each Material Contract have been delivered or made available
to IEP.  Each such Contract is in full force and effect and
constitutes a legal, valid and binding agreement, enforceable in accordance with
its terms, of the Corporation or any of the Subsidiaries, as the case may be,
and, to the Contributing Parties’ Knowledge, of each other party thereto; and
neither the Corporation nor any of the Subsidiaries nor, to the Contributing
Parties’ Knowledge, any other party to such Contract, is in violation or breach
of or default under any such Contract (or with notice or lapse of time or both,
would be in violation or breach of or default under any such
Contract).

    
      
         

      

      
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    Section
5.18       Accuracy of
Statements.  To the Contributing Parties’ Knowledge, neither
this Agreement nor any schedule, exhibit, statement, list, document, certificate
or other information furnished or to be furnished by or on behalf of any
Contributing Party to IEP or any of its representatives or Affiliates in
connection with this Agreement or any of the transactions contemplated hereby,
nor any of the matters disclosed in the Current Viskase Financial Documents,
contains or will contain any untrue statement of a material fact or omits or
will omit to state a material fact necessary to make the statements contained
herein or therein, in light of the circumstances in which they are made, not
misleading.

     

    Section
5.19       Investor
Representation.  Each Contributing Party will acquire the IEP
Units for its own account, for investment purposes only and not with a view
toward, or for sale in connection with, any distribution thereof, nor with any
present intention of distributions or selling the IEP Units in violation of the
federal securities Laws or any applicable foreign or state securities Laws, and
understands that the IEP Units will be sold without registration under the
federal and applicable state securities Laws in reliance upon such
representation.  No Contributing Party will offer to sell or otherwise
dispose of the IEP Units acquired by it hereunder in violation of any of the
registration requirements of the Securities Act or any comparable state
Laws.

     

    ARTICLE
VI

     

    Representations and
Warranties of IEP

     

    Except as
set forth on the IEP disclosure schedule delivered by IEP to the Contributing
Parties concurrently with the execution and delivery of this Agreement (the
“IEP Disclosure
Schedule”), IEP hereby makes the following representations and warranties
contained in this Article VI to the
Contributing Parties.  The IEP Disclosure Schedule is arranged and
numbered to correspond to the numbered and lettered paragraphs contained in this
Article VI.  Unless
otherwise specified herein, disclosure made in any particular Section of the IEP
Disclosure Schedule shall be deemed made in any other Section or Sections of the
IEP Disclosure Schedule to which the relevance of such disclosure is readily
apparent on its face from the text of such disclosure.

     

    Section
6.1         Organization of
IEP.  IEP is a limited partnership duly formed, validly
existing and in good standing under the Laws of the State of
Delaware.  IEP has full limited partnership power and authority to
execute and deliver this Agreement and to perform its respective obligations
hereunder and to consummate the transactions contemplated hereby.

     

    Section
6.2         Authority.  The
execution and delivery by IEP of this Agreement, and the performance by IEP of
its obligations hereunder, have been duly and validly authorized and no other
action on the part of IEP or IEP’s general partner is necessary.  This
Agreement has been duly and validly executed and delivered by IEP and
constitutes a legal, valid and binding obligation of IEP enforceable against IEP
in accordance with its terms.

    
      
         

      

      
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    Section
6.3         No
Conflicts.  The execution and delivery by IEP of this Agreement
do not, and the performance by IEP of its obligations under this Agreement and
the consummation of the transactions contemplated hereby, will not:

     

    (a)                 conflict
with, or result in a violation or breach of, any of the terms, conditions or
provisions of the organizational documents of IEP;

     

    (b)                 conflict
with, or result in a violation or breach of, any term or provision of any Law or
Order applicable to IEP; or

     

    (c)                 (i) conflict with, or
result in a violation or breach of, (ii) constitute
(with or without notice or lapse of time or both) a default under, (iii) require IEP
to obtain any consent, approval or action of, make any filing (other than with
the SEC pursuant to Section 13 and Section 16 of the Exchange Act) with or give
any notice to any Person as a result or under the terms of, (iv) result in or
give to any Person any right of termination, cancellation, acceleration or
modification in or with respect to, or (v) result in the
creation or imposition of any Lien upon IEP or any of its Assets and Properties
under, any Contract or License to which IEP is a party or by which any of its
Assets and Properties are bound.

     

    Section
6.4         Consents and
Approvals.  No consent, authorization or approval of, filing
(other than with the SEC pursuant to Section 13 and Section 16 of the Exchange
Act) or registration with, or cooperation from, any Governmental or Regulatory
Authority or any other Person not a party to this Agreement is necessary in
connection with the execution, delivery and performance by IEP of this Agreement
or the consummation of the transactions contemplated hereby.

     

    Section
6.5         Brokers.  IEP
has not used any broker or finder in connection with the transactions
contemplated hereby, and neither the Contributing Parties nor the Corporation
nor any Affiliate of the Contributing Parties or the Corporation has or shall
have any liability or otherwise suffer or incur any Loss as a result of or in
connection with any brokerage or finder’s fee or other commission of any Person
retained or purporting to be retained by IEP in connection with any of the
transactions contemplated by this Agreement.

     

    Section
6.6         Investor
Representation.  IEP will acquire the Contribution Stock for
its own account, for investment purposes only and not with a view toward, or for
sale in connection with, any distribution thereof, nor with any present
intention of distributions or selling the Contribution Stock in violation of the
federal securities Laws or any applicable foreign or state securities Laws, and
understands that the Contribution Stock will be sold without registration under
the federal and applicable state securities Laws in reliance upon such
representation.  IEP will not offer to sell or otherwise dispose of
the Contribution Stock acquired by it hereunder in violation of any of the
registration requirements of the Securities Act or any comparable state
Laws.

    
      
         

      

      
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    Section
6.7         Title.  The
Exchange Units have been duly authorized by all required action on the part of
IEP.  The delivery of the Exchange Units delivered by IEP to the
Contributing Parties at the Closing will transfer to the Contributing Parties
good and valid title to the Exchange Units free and clear of all Liens, other
than any Liens created by any Contributing Party.

     

    Section
6.8         Tax.

     

    (a)                 IEP
is classified as a partnership and not an association taxable as a corporation
for U.S. federal income Tax purposes.

     

    (b)                 IEP
has timely filed all material Tax Returns required to be filed through the date
of this Agreement with respect to the income, properties or operations of IEP
and its Subsidiaries.  All such returns are true, correct and complete
in all material respects under applicable U.S. federal, state, local or foreign
Tax Laws.

     

    ARTICLE
VII

     

    Covenants

     

    Section
7.1         Maintenance of Business
Prior to Closing.

     

    (a)                 The
Contributing Parties shall cause the Corporation from the date hereof through
the Closing Date to:

     

    (i)           conduct
its operations and business in the ordinary course consistent with past
practice;

     

    (ii)      
   use all commercially reasonable efforts to maintain its
business and properties, including its physical facilities, working conditions,
insurance policies, and relationships with lessors, licensors, suppliers,
customers and employees;

     

    (iii)         maintain
its corporate existence;

     

    (iv)         maintain
its books and records and accounts in the ordinary course of business in
compliance with all applicable laws and governmental orders;

     

    (v)          pay
and discharge when due all taxes, assessments and governmental charges imposed
upon it or any of its properties, or upon the income or project therefrom in the
ordinary course of business consistent with past practice;

    
      
         

      

      
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    (vi)         promptly
notify IEP of any Material Adverse Change; and

     

    (vii)        permit
representatives of IEP to have full access at all reasonable times, and in a
manner so as not to interfere with the normal business operations of the
Corporation, to all premises, properties, personnel, books, records (including
tax records), contracts, and documents of or pertaining to the
Corporation.

     

    (b)                 Without
limiting the generality of the foregoing, from the date hereof through the
Closing, the Contributing Parties shall not authorize or permit the Corporation
directly or indirectly to do, or propose to do, any of the following without the
prior written consent of IEP:

    
       

      (i)           engage
in any transaction or take or omit to take any action that would result in a
breach of any representation or warranty in Articles II, III, IV or V of this
Agreement;

    

     

    (ii)          declare,
set aside, or pay any dividend, other than intercompany dividends by a
Subsidiary to the Corporation or to another Subsidiary;

     

    (iii)         declare
or pay any increase in compensation to any officer, director, employee or agent
of the Corporation or any Subsidiary, except in the ordinary course of business
consistent with past practice;

     

    (iv)         enter
into any Contract that, had it been in effect on the date hereof, would have
been required to be disclosed by the Corporation under Item 601 of Regulation
S-K promulgated under the Securities Act if the Corporation were a SEC Filer,
except for those Contracts entered into in the ordinary course of business
consistent with past practice;

     

    (v)          permit,
allow or suffer any of its properties, assets or rights to be subject to any
Lien;

     

    (vi)         incur
any long-term indebtedness;

     

    (vii)        make
any material capital expenditure or commitment, other than for emergency repairs
or replacement, except for those capital expenditures or commitments made in the
ordinary course of business consistent with past practice; or

    
      
         

      

      
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    (viii)       terminate,
materially modify, assign, or materially amend any Material Contract, except in
the ordinary course of business consistent with past practice.

     

    (c)                 Notwithstanding
the foregoing or any other provision of this Agreement, the parties hereto agree
that the Corporation may, and the Contributing Parties may permit the
Corporation to, take any of the actions set forth on Schedule
7.1(c).

     

    Section
7.2         Efforts to Consummate
Transaction.

     

    (a)                 From
the date hereof through the Closing Date, upon the terms and subject to the
conditions set forth in this Agreement, each of the parties hereto shall use its
commercially reasonable efforts to take, or cause to be taken, all actions, and
to do, or cause to be done, and to assist and cooperate with the other parties
in doing, all things necessary, proper or advisable under applicable Laws and
regulations to consummate and make effective the transactions contemplated by
this Agreement.  The parties will use their commercially reasonable
efforts and cooperate with one another (i) in promptly
determining whether any filings are required to be made or consents, approvals,
waivers, licenses, permits or authorizations are required to be obtained (or,
which if not obtained, would result in a Material Adverse Effect or an event of
default, termination or acceleration of any agreement or any put right under any
agreement) under any applicable Law or regulation or from any Governmental or
Regulatory Authority or third parties, and (ii) in promptly
making any such filings, in furnishing information required in connection
therewith and in timely seeking to obtain any such consents, approvals, permits
or authorizations.

     

    (b)                 From
the date hereof through the Closing Date, the Contributing Parties shall give
prompt written notice to IEP of: (i) any occurrence, or
failure to occur, of any event whose occurrence or failure to occur would
reasonably be expected to cause any representation or warranty of the
Contributing Parties contained in this Agreement, if made on or as of the date
of such event or as of the Closing Date, to be untrue or inaccurate, except for
changes permitted by this Agreement and except to the extent that any
representation and warranty is made as of a specified date, in which case, such
representation and warranty shall be true, complete and accurate as of such
date; or (ii)
any failure of the Contributing Parties or of any officer, member, director,
employee, consultant or agent of the Contributing Parties, to comply with or
satisfy any covenant, condition or agreement to be complied with or satisfied by
it or them under this Agreement; provided, however, that no such
notification shall affect the representations or warranties of the Contributing
Parties or the conditions to the obligations of IEP hereunder.  From
the date hereof through the Closing Date, IEP shall give prompt written notice
to the Contributing Parties of:  (i) any occurrence, or
failure to occur, of any event whose occurrence or failure to occur would
reasonably be expected to cause any representation or warranty of IEP contained
in this Agreement, if made on or as of the date of such event or as of the
Closing Date, to be untrue or inaccurate, except for changes permitted by this
Agreement and except to the extent that any representation and warranty is made
as of a specified date, in which case, such representation and warranty shall be
true, complete and accurate as of such date; or (ii) any failure of
IEP or any officer, general partner, director, employee, consultant or agent of
IEP, to comply with or satisfy any covenant, condition or agreement to be
complied with or satisfied by it or them under this Agreement; provided, however, that no such
notification shall affect the representations or warranties of IEP or the
conditions to the obligations of the Contributing Parties
hereunder.

    
      
         

      

      
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    ARTICLE
VIII

     

    Conditions
to Closing

     

    Section
8.1         Conditions to Obligations of
Parties.  The respective obligations of the parties hereto to
consummate the transactions contemplated by this Agreement shall be subject to
the fulfillment or waiver, at or prior to the Closing, of the following
condition:

     

    (a)                 Closing of IEP Bond
Offering.  The offering by IEP and Icahn Enterprises Finance
Corp., as co-issuers, of Senior Notes due 2016 and Senior Notes due 2018 shall
have been consummated.

     

    Section
8.2         Conditions to Obligations of
the Contributing Parties.  The obligation of the Contributing
Parties to consummate the transactions contemplated by this Agreement shall be
subject to the fulfillment or waiver, at or prior to the Closing, of each of the
following conditions:

     

    (a)                 Representations and
Warranties; Covenants.  (i) Each of the
representations and warranties of IEP contained in this Agreement shall have
been accurate, true and correct on and as of the date hereof, and shall also be
accurate, true and correct in all material respects on and as of the Closing
Date with the same force and effect as though made by IEP as of the Closing Date
(other than the representations and warranties made as of a specific date, which
representations and warranties shall have been true and correct only as of such
date); (ii) the
covenants contained in this Agreement that are to be complied with by IEP on or
before the Closing shall have been complied with in all material respects; and
(iii) the
Contributing Parties shall have received a certificate dated the Closing Date of
IEP signed by a duly authorized representative of IEP stating that the
conditions specified in clauses (i) and (ii) of this Section
8.2(a) have been satisfied.

     

    (b)                 No IEP Material Adverse
Effect.  Since the date of this Agreement, no event, fact or
circumstance shall have occurred or exist that would constitute, or would
reasonably be expected to have, a Material Adverse Effect on
IEP.

    
      
         

      

      
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    Section
8.3         Conditions to Obligations of
the Acquiror.  The obligations of IEP to consummate the
transactions contemplated by this Agreement shall be subject to the fulfillment
or waiver, at or prior to the Closing, of each of the following
conditions:

     

    
      (a)                 Representations and
Warranties; Covenants.  (i) Each of the
representations and warranties contained in Articles II, III, IV and V of this Agreement
shall have been accurate, true and correct on and as of the date hereof, and
shall also be accurate, true and correct in all material respects on and as of
the Closing Date with the same force and effect as though made as of the Closing
Date (other than the representations and warranties made as of a specific date,
which representations and warranties shall have been true and correct only as of
such date); (ii) the covenants
contained in this Agreement that are to be complied with by the Contributing
Parties on or before the Closing shall have been complied with in all material
respects; and (iii) IEP shall have
received a certificate dated the Closing Date of the Contributing Parties and
Beckton, signed by a duly authorized representative of each Contributing Party
and Beckton, stating that the conditions specified in clauses (i) and (ii) of
this Section
8.3(a) have been satisfied.

    

     

    (b)                 No Material Adverse
Effect.  Since the date of this Agreement, no event, fact or
circumstance shall have occurred or exist that would constitute, or would
reasonably be expected to have, a Material Adverse Effect.

     

    ARTICLE
IX

     

    Indemnification

     

    Section
9.1         Indemnification by
Barberry.

    
       

      (a)                 Barberry
agrees to indemnify IEP, its Affiliates and their respective officers,
directors, employees, independent contractors, stockholders, principals,
partners, agents, or representatives (other than Carl C. Icahn and his
Affiliates other than Icahn Enterprises G.P. Inc. and its controlled Affiliates;
provided,
however, that for all purposes of this Article IX, neither
the Corporation nor any of its controlled Affiliates shall be deemed to be
Affiliates of Icahn Enterprises G.P. Inc.) (each an “Indemnified Person”
and collectively, the “Indemnified Persons”)
against, and to hold each Indemnified Person harmless from, any and all Losses
incurred or suffered by any Indemnified Person relating to or arising out of or
in connection with (i) any breach of
or any inaccuracy in any representation or warranty made by any Contributing
Party in this Agreement, (ii) any breach
of or failure by any Contributing Party to perform any of its covenants or
obligations set out or contemplated in this Agreement or (iii) any material
deficiency or material claim for Taxes set forth in Section 5.7(b) of the
Corporation Disclosure Schedule, but, in the case of this Section 9.1(a)(iii)
only to the extent that the Losses incurred or suffered by any Indemnified
Person relating to or arising out of any such deficiency or claim exceeds the
amount of the reserves established for such deficiency or
claim.

    

    
      
         

      

      
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      (b)                 Notwithstanding
any provisions to the contrary contained herein, (x) indemnification
for Losses under Section 9.1(a) shall
be payable by Barberry only if the aggregate amount of all Losses incurred by
the Indemnified Persons shall exceed the Basket Amount, at which time all such
Losses, including any Losses comprising the Basket Amount, shall be recoverable
and (y) the aggregate
liability of Barberry for indemnification of IEP under Section 9.1(a) shall
in no event exceed the Cap Amount.

       

      (c)                 For
purposes of this Article
IX, (i) any inaccuracy in
or breach of any representation or warranty shall be determined without regard
to any materiality, “Material Adverse Effect”, “Material Adverse Change” or
similar qualification, and without regard to any qualification or requirement
that a matter be or not be “reasonably expected” to occur, contained in or
otherwise applicable to such representation or warranty and (ii) any
qualification of any representations and warranties by reference to the
Contributing Parties’ Knowledge in Sections 5.5, 5.13, 5.16 and 5.18 (other than any
references to threatened, anticipated, or foreseeable) shall be disregarded in
determining whether any such representations or warranties have been breached
and in the calculation of the amount of any Losses resulting
therefrom.

    

     

    Section
9.2         Claims.  As
promptly as is reasonably practicable after becoming aware of a claim for
indemnification under this Agreement, the Indemnified Person shall promptly give
notice to Barberry of such claim and the amount the Indemnified Person will be
entitled to receive hereunder from Barberry; provided that the
failure of the Indemnified Person to promptly give notice shall not relieve
Barberry of its obligations except to the extent (if any) that Barberry shall
have been prejudiced thereby.  If Barberry does not object in writing
to such indemnification claim within thirty (30) days of receiving notice
thereof, the Indemnified Person shall be entitled to recover, on the
thirty-fifth day after such notice was given, from Barberry the amount of such
claim, and no later objection by Barberry shall be permitted; if Barberry agrees
that it has an indemnification obligation but objects that it is obligated to
pay only a lesser amount, the Indemnified Person shall nevertheless be entitled
to recover, on the thirty-fifth day after such notice was given, from Barberry
the lesser amount, without prejudice to the Indemnified Person’s claim for the
difference.  In addition to the amounts recoverable by the Indemnified
Person from Barberry pursuant to the foregoing provisions, the Indemnified
Person shall also be entitled to recover from Barberry interest on such amounts
at the rate of Two Times Prime from, and including, the thirty-fifth day after
such notice of an indemnification claim is given to, but not including, the date
such recovery is actually made by the Indemnified Person.

    
      
         

      

      
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    Section
9.3         Notice of Third Party
Claims; Assumption of Defense.  The Indemnified Person shall
give notice as promptly as is reasonably practicable to Barberry of the
assertion of any claim, or the commencement of any suit, action or proceeding,
by any Person not a party hereto (a “Third Party Claim”)
in respect of which indemnity may be sought under this Agreement; provided that the
failure of the Indemnified Person to promptly give notice shall not relieve
Barberry of its obligations except to the extent (if any) that Barberry shall
have been prejudiced thereby.  Barberry may, at its own expense,
participate in the defense of any Third Party Claim, suit, action or proceeding
(a) upon
notice to the Indemnified Person and (b) upon delivery
by Barberry to the Indemnified Person a written agreement that the Indemnified
Person is entitled to indemnification for all Losses arising out of such Third
Party Claim, suit, action or proceeding and that Barberry shall be liable for
the entire amount of any Loss, at any time during the course of any such Third
Party Claim, suit, action or proceeding, assume the defense thereof; provided, however,
that (i) Barberry’s
counsel is reasonably satisfactory to the Indemnified Person, and (ii) Barberry
shall thereafter consult with the Indemnified Person upon the Indemnified
Person’s reasonable request for such consultation from time to time with respect
to such Third Party Claim, suit, action or proceeding.  If Barberry
assumes such defense, the Indemnified Person shall have the right (but not the
duty) to participate in the defense thereof and to employ counsel, at its own
expense, separate from the counsel employed by Barberry.  If, however,
the Indemnified Person reasonably determines in its judgment that representation
by Barberry’s counsel of both Barberry and the Indemnified Person would present
such counsel with a conflict of interest, then such Indemnified Person may
employ separate counsel to represent or defend it in any such Third Party Claim,
action, suit or proceeding and Barberry shall pay all of the fees and
disbursements in connection with the retention of such separate
counsel.  If Barberry fails to promptly notify the Indemnified Party
that Barberry desires to defend the Third Party Claim pursuant, or if Barberry
gives such notice but fails to prosecute vigorously and diligently or settle the
Third Party Claim, then the Indemnified Party will have the right to defend, at
the sole cost and expense of Barberry, the Third Party Claim by all appropriate
proceedings, which proceedings will be prosecuted by the Indemnified Person in
good faith or will be settled at the discretion of the Indemnified Person (with
the consent of Barberry, which consent will not be unreasonably
withheld).  The Indemnified Person will have full control of such
defense and proceedings, including any compromise or settlement
thereof.  Whether or not Barberry chooses to defend or prosecute any
such Third Party Claim, suit, action or proceeding, all of the parties hereto
shall cooperate in the defense or prosecution thereof.

     

    Section
9.4         Settlement or
Compromise.  Any settlement or compromise made or caused to be
made by the Indemnified Person or Barberry, of any claim, suit, action or
proceeding shall also be binding upon Barberry or the Indemnified Person, as the
case may be, in the same manner as if a final judgment or decree had been
entered by a court of competent jurisdiction in the amount of such settlement or
compromise thereof; provided, however,
that no obligation, restriction or Loss shall be imposed on the Indemnified
Person as a result of such settlement without its prior written
consent.  The Indemnified Person will give Barberry at least thirty
(30) days notice of any proposed settlement or compromise of any Third
Party Claim, suit, action or proceeding it is defending, during which time
Barberry may reject such proposed settlement or compromise; provided, however,
that from and after such rejection, Barberry shall be obligated to assume the
defense of and full and complete liability and responsibility for such Third
Party Claim, suit, action or proceeding and any and all Losses in connection
therewith in excess of the amount of unindemnifiable Losses which the
Indemnified Person would have been obligated to pay under the proposed
settlement or compromise.

    
      
         

      

      
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    Section
9.5         Failure of Barberry to
Act.  In the event that Barberry does not assume the defense of
any Third Party Claim, suit, action or proceeding brought against an Indemnified
Person, then any failure of the Indemnified Person to defend or to participate
in the defense of any such Third Party Claim, suit, action or proceeding or to
cause the same to be done, shall not relieve Barberry of any of its obligations
under this Agreement.

     

    Section
9.6         Tax
Character.  The parties agree that any payments made to IEP
pursuant to this Article IX will be
treated for federal and state income tax purposes as a tax-free contribution to
IEP in exchange for the Exchange Units under Code Section 721(a) and no party,
on a Tax Return or otherwise, shall, except to the extent required by Law, take
any position inconsistent with such treatment.

     

    Section
9.7         Sole and Exclusive
Remedy.  The indemnification remedy provided by Barberry to the
Indemnified Persons under this Article IX shall be
the sole and exclusive remedy to which IEP and each other Indemnified Person
shall be entitled after the Closing under this Agreement.  Any amounts
owed by Barberry to an Indemnified Person under this Article IX may be
paid by Barberry, in its sole discretion, in cash, IEP Units, or a combination
of cash and IEP Units.  For purposes of determining the number of IEP
Units which are to be delivered to an Indemnified Person upon settlement of an
indemnification claim in whole or in part with IEP Units, the value of each IEP
Unit shall be deemed to be the lower of (i) $39.45 and (ii) the 30-day VWAP
for the 30-day period immediately prior to the date any payment is
due.

     

    ARTICLE
X

     

    Definitions

     

    Section
10.1       Defined
Terms.  As used in this Agreement, the following defined terms
have the meanings indicated below:

     

    “Affiliate” means,
with respect to any specified Person, any other Person that, directly or
indirectly, owns or controls, is under common ownership or control with, or is
owned or controlled by, such specified Person.

     

    “Agreement” has the
meaning ascribed to it in the recitals.

    

    
      
        
           

        

        
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    “Assets and
Properties” of any Person means all assets and properties of every kind,
nature, character and description (whether real, personal or mixed, whether
tangible or intangible, and wherever situated), including the goodwill related
thereto, operated, owned or leased by such Person.

     

    “Audit Committee”
means the Audit Committee of the Board of Directors of the general partner of
IEP, as the same may be constituted from time to time.

     

    “Barberry” has the
meaning ascribed to it in the recitals.

     

    “Basket Amount” means
$1,600,000.

     

    “Beckton” has the
meaning ascribed to it in the recitals.

     

    “Business Day” means
any day of the year other than (i) any Saturday
or Sunday or (ii) any other
day on which commercial banks located in New York City are generally closed for
business.

     

    “Business or
Condition” of any Person means the business, condition (financial or
otherwise), properties, assets or results of operations or prospects of such
Person, taken as a whole.

     

    “Cap Amount” shall be
equal to (a)
$115,000,000.

     

    “CERCLA” means the
Comprehensive Environmental Response, Compensation and Liability Act of 1980, as
amended, or any successor statutes and any regulations promulgated
thereunder.

     

    “CERCLIS” means the
Comprehensive Environmental Response, Compensation and Liability Information
System List.

    
       

      “Closing” has the
meaning ascribed to it in Section
1.4.

       

      “Closing Date” has the
meaning ascribed to it in Section
1.4.

    

     

    “Code” means the
Internal Revenue Code of 1986, as amended.

     

    “Contract” means any
contract, lease, commitment, understanding, sales order, purchase order,
agreement, indenture, mortgage, note, bond, right, warrant, instrument, plan,
permit or license, whether written or oral, which is intended or purports to be
binding and enforceable and to which either the Corporation or any of its
Subsidiaries is a party.

     

    “Contributing Party”
or “Contributing
Parties” have the respective meanings ascribed to them in the
recitals.

    

    
      
        
           

        

        
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    “Contribution Stock”
has the meaning ascribed to it in the recitals.

     

    “control” (including
the terms “controlled
by” and “under
common control with”) means the possession, directly or indirectly, of
the power to direct or cause the direction of the management and policies of a
Person, whether through the ownership of voting securities, by contract or
otherwise.

     

    “Corporation” has the
meaning ascribed to it in the recitals.

     

    “Corporation Disclosure
Schedule” has the meaning ascribed to it in the introductory paragraph of
Article V.

     

    “Current Viskase Financial
Documents” means, when taken as a whole: (i) all reports,
schedules, forms, statements and other documents (including exhibits and other
information incorporated therein) prepared by the Corporation in accordance with
the Viskase Indenture since January 1, 2008.

     

    “Dollars” or numbers
proceeded by the symbol “$” means amounts in United States Dollars.

     

    “Environmental Claim”
means any action, lawsuit, claim or proceeding (including, without limitations,
actions, lawsuits, claims or proceedings by private individuals, Governmental or
Regulatory Authorities and employees) arising under any Environmental
Law.  An Environmental Claim includes, but is not limited to, a common
law action, as well as a proceeding to issue, modify or terminate an
Environmental Permit.

     

    “Environmental Law”
means all applicable foreign, federal, state, district, and local civil and
criminal laws (including common law), regulations, rules, ordinances, codes,
decrees, judgments, injunctions, judicial or administrative orders, and
contractual obligations relating to public health, welfare and the environment,
or for the safety and health of employees or individuals, including, without
limitation, those requirements relating to the storage, handling and use of
chemicals and other Hazardous Materials, those relating to the generation,
processing, treatment, storage, transport, investigation and remediation, or
other management of waste materials of any kind, and those relating to the
protection of environmentally sensitive species or
areas.  Environmental Laws include but are not limited to OSHA,
CERCLA, the Clean Air Act, as amended, the Federal Water Pollution Control Act,
as amended, the Rivers and Harbors Act of 1899, as amended, the Safe Drinking
Water Act, as amended, the Superfund Amendments and Reauthorization Act of 1986
(“SARA”), as amended, the Resource Conservation and Recovery Act of 1976
(“RCRA”), as amended, the Hazardous and Solid Waste Amendments Act of 1984, as
amended, the Toxic Substances Control Act, as amended, the Oil Pollution Act of
1990 (“OPA”), as amended, the Hazardous Materials Transportation Act, as
amended, the Endangered Species Act of 1973, and the state analogs to
these.

    

    
      
        
           

        

        
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    “Environmental Permit”
means any permit, license, approval, registration or other authorization
required under any Environmental Law.

     

    “ERISA” means the
Employee Retirement Income Security Act of 1974, as amended.

     

    “Exchange Act” means
the Securities Exchange Act of 1934, as amended, including the rules and
regulations promulgated thereunder.

     

    “Exchange Units” has
the meaning ascribed to it in Section
1.2.

     

    “GAAP” means U.S.
generally accepted accounting principles at the time in effect.

     

    “Governmental or Regulatory
Authority” means any court, tribunal, arbitrator, authority,
administrative or other agency, commission, authority, licensing board official
or other instrumentality of the United States or any state, county, city or
other political subdivision thereof, or of any foreign government having
competent jurisdiction over the Business or Condition of any
Person.

     

    “Hazardous Material”
means “hazardous substance” and “pollutant or contaminant,” as those terms are
defined or used in Section 101 of CERCLA and any other substances or chemicals
regulated because of their effect or potential effect on public health and the
environment, or the health and safety of employees or individuals, including,
without limitation, (i) petroleum,
petroleum hydrocarbons, or any fraction or byproduct thereof, (ii) natural gas
liquids, (iii) polychlorinated
byphenyls in any form or condition, (iv) lead paint,
(v) asbestos
containing materials in any form or condition, (vi) urea
formaldehyde, (vi) radioactive
materials, including any naturally occurring radioactive material, and any
source, special or byproduct material, and (vii) putrescible
and infectious materials.

     

    “High River” has the
meaning ascribed to it in the recitals.

     

    “IEGP” has the meaning
ascribed to it in Section
1.2(b).

     

    “IEP” has the meaning
ascribed to it in the recitals.

     

    “IEP Disclosure
Schedule” has the meaning ascribed to it in the introductory paragraph of
Article
VI.

    

    
      
        
           

        

        
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    “IEP Registration Rights
Agreement” means that certain Registration Rights Agreement dated as
of  June 30, 2005 by and among American Real Estate Partners, L.P.
(now known as IEP), Highcrest Investors Corp., Arnos Corp., Cyprus, LLC and
Gascon Partners, as amended by Amendment No. 1 thereto, dated as of August 8,
2007.

    
       

      “IEP Registration Rights
Joinder” has the meaning ascribed to it in Section
1.4.

       

      “IEP Units” means the
depositary units representing limited partner interests of IEP.

       

      “Indemnified Person”
or “Indemnified
Persons” have the respective meanings ascribed to them in Section
9.1(a).

       

      “Intellectual
Property” has the meaning ascribed to it in Section
5.15(a).

       

      “Item 404” has the
meaning ascribed to it in Section
5.14.

    

     

    “Knowledge” means,
with respect to (i) the
Contributing Parties, the actual knowledge of Vincent J. Intrieri and (ii) IEP, the
actual knowledge of the persons listed in Section 10.1 of the
IEP Disclosure Schedule under “IEP’s Knowledge Parties”.

     

    “Koala” has the
meaning ascribed to it in the recitals.

     

    “Laws” means all laws,
statutes, rules, regulations, ordinances and other pronouncements having the
effect of law of the United States or any state, county, city or other political
subdivision or of any Governmental or Regulatory Authority.

     

    “Lender” has the
meaning ascribed to it in Section
1.4.

     

    “License” means
licenses, permits, certificates of authority, authorizations, approvals,
registrations, findings of suitability, variances, exemptions, certificates of
occupancy, orders, franchises and similar consents granted or issued by any
Governmental or Regulatory Authority.

     

    “Lien” means any
mortgage, lien (except for any lien for Taxes not yet due and payable), charge,
restriction, pledge, security interest, option, lease or sublease, claim, right
of any third party, easement, encroachment, encumbrance or other adverse claim
of any kind or description.

    

    
      
        
           

        

        
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    “Loss” or “Losses” means any and
all liabilities, losses, costs, claims, obligations, damages (including
consequential damages if and to the extent actually paid to a third party in
connection with a Third Party Claim, amounts paid in settlement, and reasonable
expenses of investigation, enforcement and collection), penalties and expenses
(including attorneys’ and accountants’ fees and expenses and costs of
investigation and litigation), whether absolute, accrued, conditional or
otherwise; provided,
however, that the Losses for which any Indemnified Person shall be entitled to
indemnification with respect to any claim hereunder shall be net of any (i) tax
benefit, (ii) insurance proceeds and (iii) other amounts to the extent actually
realized or received, as applicable, at any time and from time to time by such
Indemnified Person by reason of or in connection with the same matters, facts or
circumstances giving rise to such claim for indemnification hereunder (including
without limitation any future such recoveries).

     

    “Material Adverse
Effect” or “Material Adverse
Change,” as to any Person, means a material adverse change (or
circumstance involving a prospective change) in the Business or Condition of
such Person.  Unless the context otherwise indicates or requires, any
reference herein to a “Material Adverse Effect” or “Material Adverse Change”
shall mean a “Material Adverse Effect” or “Material Adverse Change” with respect
to the Corporation and its Subsidiaries, taken as a whole.

     

    “Material Contracts”
have the meaning ascribed to it in Section
5.17(a).

     

    “Meadow Walk” has the
meaning ascribed to it in the recitals.

     

    “NYSE” means the New
York Stock Exchange.

     

    “Order” means any
writ, judgment, decree, injunction or similar order of any Governmental or
Regulatory Authority (in each such case whether preliminary or
final).

     

    “OSHA” means the
Occupational Safety and Health Act, as amended, or any successor statute, and
any regulations promulgated thereunder.

     

    “Person” means any
natural person, corporation, limited liability company, general partnership,
limited partnership, proprietorship, other business organization, trust, union,
association or Governmental or Regulatory Authority.

     

    “Plans” shall mean all
material pension and profit sharing, retirement and post retirement welfare
benefit, health insurance benefit (medical, dental and vision), disability, life
and accident insurance, sickness benefit, vacation, bonus, incentive, deferred
compensation, workers compensation, stock purchase, stock option, phantom stock
and other equity-based, severance, employment, change of control or fringe
benefit plans, programs, arrangements or agreements, whether written or oral,
including any employee benefit plans defined in Section 3(3) of ERISA,
maintained or contributed to by the Corporation or any of its
Subsidiaries.

    

    
      
        
           

        

        
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    “Required Viskase Financial
Documents” means all reports, schedules, forms, statements and other
documents (including exhibits and other information incorporated therein)
required to be prepared by the Corporation pursuant to the Viskase Indenture
since January 1, 2008.

     

    “Securities Act” means
the Securities Act of 1933, as amended, including the rules and regulations
promulgated thereunder.

     

    “SEC” means the
Securities and Exchange Commission.

     

    “SEC Filer” means a
company required to file annual reports on Form 10-K, quarterly reports on Form
10-Q, current reports on Form 8-K and other required filings with the SEC
pursuant to Sections 13 and 15(d) of the Exchange Act.

     

    “Subsidiary” means,
with respect to any Person at any date, any corporation, limited or general
partnership, limited liability company, trust, association or other entity
(i) the
accounts of which would be consolidated with those of such Person in such
Person’s consolidated financial statements if such financial statements were
prepared in accordance with GAAP or (ii) of which
more than 50% of (A) the
outstanding capital stock having (in the absence of contingencies) ordinary
voting power to elect a majority of the board of directors of such corporation,
(B) the
interest in the capital or profits of such partnership or limited liability
company or (C) the
beneficial interest in such trust or estate is, at the time of determination,
owned or controlled directly or indirectly through one or more intermediaries,
by such Person.

     

    “Tax” or “Taxes” means any and
all taxes, charges, fees, levies, duties, liabilities, impositions or other
assessments, including, without limitation, income, gross receipts, profits,
excise, real or personal property, environmental, recapture, sales, use,
value-added, withholding, social security, retirement, employment, unemployment,
occupation, service, license, net worth, payroll, franchise, gains, stamp,
transfer and recording taxes, fees and charges, imposed by a Tax Authority,
whether computed on a separate, consolidated, unitary, combined or any other
basis; and such term shall include any interest whether paid or received, fines,
penalties or additional amounts attributable to, or imposed upon, or with
respect to, any such taxes, charges, fees, levies, duties, liabilities,
impositions or other assessments.

     

    “Tax Authority” means
the U.S. Internal Revenue Service or any other taxing authority (whether
domestic or foreign including, without limitation, any state, county, local or
foreign government or any subdivision or taxing agency thereof (including a
United States possession)).

    

    
      
        
           

        

        
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    “Tax Return” means any
report, return, document, declaration or other information or filing required to
be supplied to any taxing authority or jurisdiction (foreign or domestic) with
respect to Taxes, including attachments thereto and amendments thereof, and
including, without limitation, information returns, any documents with respect
to or accompanying payments of estimated Taxes, or with respect to or
accompanying requests for the extension of time in which to file any such
report, return, document, declaration or other information.

     

    “Third Party Claim”
has the meaning ascribed to it in Section
9.3.

     

    “Two Times Prime”
means two times the prime rate published by Citibank, N.A.

     

    “Viskase Indenture”
means the Indenture, dated as of June 29, 2004, among the Corporation and U.S.
Bank National Association, as successor trustee as of January 1, 2009 and as
collateral agent, as amended by the First Supplemental Indenture, dated as of
November 7, 2006, between Viskase and the trustee.

     

    “Viskase Loan and Security
Agreement” means the Loan and Security Agreement, by and between Viskase
and the Lender, dated as of November 14, 2007, as amended.

     

     “Viskase Stock” has
the meaning ascribed to it in the recitals.

     

    “VWAP” means the
arithmetic mean of the volume-weighted average price per share as listed on
Bloomberg Page ARII or Bloomberg Page IEP, as applicable, for the hours 9:30
a.m. to 4:00 p.m. New York time of each day during the applicable
period.

     

    ARTICLE
XI

     

    Miscellaneous

     

    Section
11.1       Investigation.  It
shall be no defense to an action for breach of this Agreement that IEP or any of
its agents have (or have not) made investigations into the affairs of the
Corporation or have Knowledge of a misrepresentation or breach of warranty or
that the Corporation or any Contributing Party could not have known of the
misrepresentation or breach of warranty.

    

    
      
        
           

        

        
          31

          
            

          

        

        
           

        

      

    

    

    Section
11.2       Survival of Representations
and Warranties.  The representations and warranties of the
parties hereunder shall survive the Closing for the shorter of (i) a period of
six (6) years from the Closing Date or (ii) for so long
as any claim may be made in respect of such matters under any applicable statute
of limitations, as it may be extended.

     

    Section
11.3       Entire
Agreement.  This Agreement, including the schedules and
exhibits hereto, which are incorporated herein and made an integrated part
hereof, constitutes the entire agreement between the parties hereto and
supersedes any and all prior discussions and agreements between the parties
relating to the subject matter hereof.

     

    Section
11.4       Waiver.  Any
term or condition of this Agreement may be waived at any time by the party that
is entitled to the benefit thereof, but no such waiver shall be effective unless
set forth in a written instrument duly executed by or on behalf of the party
waiving such term or condition.  No waiver by any party of any term or
condition of this Agreement, in any one or more instances, shall be deemed to be
or construed as a waiver of the same or any other term or condition of this
Agreement on any future occasion.  All remedies, either under this
Agreement or by Law or otherwise afforded, will be cumulative and not
alternative.

     

    Section
11.5       Amendment.  This
Agreement may be amended, supplemented or modified only by a written instrument
duly executed by or on behalf of each party hereto.

     

    Section
11.6       No Third Party
Beneficiary.  The terms and provisions of this Agreement are
intended solely for the benefit of each party hereto and their respective
successors or permitted assigns, and it is not the intention of the parties to
confer third party beneficiary rights upon any other Person, except that each
Indemnified Person shall be a third party beneficiary of Article
IX.

     

    Section
11.7       Assignment; Binding
Effect.  No party may assign this Agreement or any right,
interest or obligation hereunder without the prior written consent of the other
Parties.  This Agreement is binding upon, inures to the benefit of and
is enforceable by the parties hereto and their respective successors and
assigns.

     

    Section
11.8       Headings.  The
headings used in this Agreement have been inserted for convenience of reference
only and do not define or limit the provisions hereof.

     

    Section
11.9       Invalid
Provisions.  If any provision of this Agreement is held to be
illegal, invalid or unenforceable under any present or future Law, and if the
rights or obligations of any party hereto under this Agreement will not be
materially and adversely affected thereby, (a) such
provision will be fully severable, (b) this
Agreement will be construed and enforced as if such illegal, invalid or
unenforceable provision had never comprised a part hereof, and (c) the remaining
provisions of this Agreement will remain in full force and effect and will not
be affected by the illegal, invalid or unenforceable provision or by its
severance herefrom.

    

    
      
        
           

        

        
          32

          
            

          

        

        
           

        

      

    

    

    Section
11.10     Governing
Law.  This Agreement shall be governed by and construed in
accordance with the laws of the State of New York without giving effect to the
conflicts of laws principles thereof, except as to matters relating to the
internal affairs of the parties, which shall be governed by the respective law
of their organization or incorporation, as the case may be.

     

    Section
11.11     Counterparts.  This
Agreement may be executed in any number of counterparts, each of which will be
deemed an original, but all of which together will constitute one and the same
instrument.

     

    Section
11.12     Waiver of Jury
Trial.  EACH PARTY HERETO HEREBY WAIVES TRIAL BY JURY IN ANY
ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY ANY OF THEM AGAINST ANY OTHER
ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS AGREEMENT, OR ANY OTHER
AGREEMENTS EXECUTED IN CONNECTION HEREWITH OR THE ADMINISTRATION THEREOF OR ANY
OF THE TRANSACTIONS CONTEMPLATED HEREIN OR THEREIN.  No party to this
Agreement shall seek a jury trial in any lawsuit, proceeding, counterclaim, or
any other litigation procedure based upon, or arising out of, this Agreement or
any related instruments or the relationship between the parties.  No
party will seek to consolidate any such action in which a jury trial has been
waived with any other action in which a jury trial cannot be or has not been
waived.  THE PROVISIONS OF THIS SECTION HAVE BEEN FULLY DISCUSSED BY
THE PARTIES HERETO, AND THESE PROVISIONS SHALL BE SUBJECT TO NO
EXCEPTIONS.  NO PARTY HAS IN ANY WAY AGREED WITH OR REPRESENTED TO ANY
OTHER PARTY THAT THE PROVISIONS OF THIS SECTION WILL NOT BE FULLY ENFORCED IN
ALL INSTANCES.

     

    Section
11.13     Consent to
Jurisdiction.  Each party irrevocably submits to the exclusive
jurisdiction of any New York State Court in the County of New York or any courts
of the United States of America located in the Southern District of New York,
and each party hereby agrees that all suits, actions and proceedings brought by
such party hereunder shall be brought in any such court.  Each party
irrevocably waives, to the fullest extent permitted by law, any objection which
it may now or hereafter have to the laying of the venue of any such suit, action
or proceeding brought in any such court, any claim that any such suit, action or
proceeding brought in such a court has been brought in an inconvenient forum and
the right to object, with respect to any such suit, action or proceeding brought
in any such court, that such court does not have jurisdiction over such party or
the other party.  In any such suit, action or proceeding, each party
waives, to the fullest extent it may effectively do so, personal service of any
summons, complaint or other process and agrees that the service thereof may be
made by any means permitted by Section
11.15 (other than facsimile transmission).  Each
party agrees that a final non-appealable judgment in any such suit, action or
proceeding brought in such a court shall be conclusive and binding.

    

    
      
        
           

        

        
          33

          
            

          

        

        
           

        

      

    

    

    Section
11.14     Expenses.  All
expenses, costs and fees in connection with the transactions contemplated hereby
(including fees and disbursements of counsel, consultants and accountants)
incurred by (a) the
Contributing Parties shall be paid and borne exclusively by the Contributing
Parties and (b) IEP shall be
paid and borne exclusively by IEP.  All transfer, documentary, sales,
use, stamp and registration Taxes imposed with respect to the contribution and
exchange of the Contribution Stock shall be borne by the Contributing
Parties.

     

    Section
11.15     Notices.  All
notices, request, demands and other communications hereunder shall be in writing
and shall be delivered personally, by certified or registered mail, return
receipt requested, and postage prepaid, by courier, or by facsimile
transmission, addressed as follows:

     

    If to any
Contributing Party:

     

    White
Plains Plaza

    445
Hamilton Avenue - Suite 1210

    White
Plains, NY 10601

    Attn:  Keith
Cozza

     

    With a
copy to:

     

    Icahn
Associates Corp.

    767 Fifth
Avenue

    New York,
NY  10153

    Attn:  Jordan
Bleznick

     

    If to
IEP:

     

    c/o Icahn
Enterprises L.P.

    White
Plains Plaza

    445
Hamilton Avenue - Suite 1210

    White
Plains, NY 10601

    Attn:  Dominick
Ragone

     

    With a
copy to:

     

    Debevoise
& Plimpton LLP

    919 Third
Avenue

    New York,
NY 10022

    Attn:  William
D. Regner

    

    
      
        
           

        

        
          34

          
            

          

        

        
           

        

      

    

    

    And
to:

     

    Proskauer
Rose LLP

    1585
Broadway

    New York,
NY 10036

    Attn:  Julie
M. Allen

    
       

      or to
such other address as a party may from time to time designate in writing in
accordance with this Section
11.15.  Each notice or other communication given to any party
hereto in accordance with the provisions of this Agreement shall be deemed to
have been received (a) on the
Business Day it is sent, if sent by personal delivery, (b) the earlier
of receipt of three (3) Business Days after having been sent by certified or
registered mail, return receipt requested and postage prepaid, (c) on the
Business Day it is sent, if sent by facsimile transmission and an activity
report showing the correct facsimile number of the party on whom notice is
served and the correct number of pages transmitted is obtained by the sender
(provided,
however, that such notice or other communication is also sent by some other
means permitted by this Section 11.15), or
(d) on the
first Business Day after sending, if sent by courier or overnight
delivery.

    

     

    Section
11.16     Further
Assurances.  Each of the parties hereto covenants and agrees
that, from time to time subsequent to Closing, it will, at the request of the
other party, execute and deliver  all such documents, including,
without limitation, all such additional conveyances, transfers, consents and
other assurances and do all such other acts and things as such other party may
from time to time request be executed or done in order to better evidence,
perfect or effect any provision of this Agreement, or of any agreement or other
document executed pursuant to this Agreement, or any of the respective
obligations intended to be created hereby or thereby.

    

    
      
        
           

        

        
          35

          
            

          

        

        
           

        

      

    

     

    IN
WITNESS WHEREOF, this Agreement has been duly executed and delivered by the duly
authorized officer of each party hereto as of the date first above
written.

     

    
      
        
          
            
              
                
                  	 
      	
                          BARBERRY
      CORP.

                        
	 
      	 
      	 
      	 
      
	 
      	
                          By:

                        	 
      
	 
      	 
      	
                          Name:

                        	
                          Keith
      Cozza

                        
	 
      	 
      	
                          Title:

                        	
                          Secretary;
      Treasurer

                        
	 
      	 
      
	 
      	
                          BECKTON
      CORP.

                        
	 
      	 
      	 
      	 
      
	 
      	
                          By:

                        	 
      
	 
      	 
      	
                          Name:

                        	
                          Keith
      Cozza

                        
	 
      	 
      	
                          Title:

                        	
                          Secretary;
      Treasurer

                        
	 
      	 
      
	 
      	
                          KOALA
      HOLDING LIMITED PARTNERSHIP

                        
	 
      	
                          By:

                        	
                          Barberry
      Corp., its general partner

                        
	 
      	 
      	 
      	 
      
	 
      	
                          By:

                        	 
      
	 
      	 
      	
                          Name:

                        	
                          Keith
      Cozza

                        
	 
      	 
      	
                          Title:

                        	
                          Secretary;
      Treasurer

                        
	 
      	 
      
	 
      	
                          HIGH
      RIVER LIMITED PARTNERSHIP

                        
	 
      	
                          By:

                        	
                          Barberry
      Corp., its general partner

                        
	 
      	 
      	 
      	 
      
	 
      	
                          By:

                        	 
      
	 
      	 
      	
                          Name:

                        	
                          Keith
      Cozza

                        
	 
      	 
      	
                          Title:

                        	
                          Secretary;
      Treasurer

                        
	 
      	 
      
	 
      	
                          MEADOW
      WALK LIMITED PARTNERSHIP

                        
	 
      	
                          By:

                        	
                          Barberry
      Corp., its general partner

                        
	 
      	 
      	 
      	 
      
	 
      	
                          By:

                        	 
      
	 
      	 
      	
                          Name:

                        	
                          Keith
      Cozza

                        
	 
      	 
      	
                          Title:

                        	
                          Secretary;
      Treasurer

                        

                

              

            

          

        

      

    

     

    
      [Signature
Page to the Contribution and Exchange Agreement]

    

    
      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

    

     

    
      
        
          	 
      	
                  ICAHN
      ENTERPRISES L.P.

                
	 
      	
                  By:

                	
                  Icahn
      Enterprises G.P. Inc., its general partner

                
	 
      	 
      	 
      	 
      
	 
      	
                  By:

                	 
      
	 
      	 
      	
                  Name:

                	
                  Dominick
      Ragone

                
	 
      	 
      	
                  Title:

                	
                  Chief
      Financial Officer

                

        

      

    

     

    
      [Signature
Page to the Contribution and Exchange Agreement]

    

    
 

    
      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

    

    

    Schedule
1.1

     

    Contribution
and Exchange

     

    
      
        
          
            
              	
                      Contributing Party

                    	 	
                      Number of Shares of Viskase

                      Stock Contributed

                    	 	 	
                      Number of Units of

                      IEP Units Received

                    	 
	
                      Barberry
      Corp.

                    	 	 	1,236,537	 	 	 	141,050	 
	
                      Koala
      Holding Limited Partnership

                    	 	 	22,692,924	 	 	 	2,588,546	 
	
                      High
      River Limited Partnership

                    	 	 	1,331,656	 	 	 	151,900	 
	
                      Meadow
      Walk Limited Partnership

                    	 	 	299,812	 	 	 	34,199	 
	
                      Total

                    	 	 	25,560,929	 	 	 	2,915,695	 

            

          

        

      

    

    

    
      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

    

    

    Schedule
3.1

     

    Net
Worth of Barberry

     

    As of the
date hereof, the net worth of Barberry is approximately $450
million.

    

    
      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

    

    

    Schedule
7.1(c)

     

    Permitted
Actions of the Corporation

     

    None.

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