Document:

EXECUTION VERSION

 

FOREIGN SECURITY AGREEMENT

 

Dated as of December 4, 2013

 

From

 

The Foreign Grantors referred to herein

 

as Foreign Grantors

 

to

 

BANK OF AMERICA, N.A.

 

as Foreign Administrative Agent

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	Section	Page
	 	 
	Section 1. Grant of Security	2
	 	 
	Section 2. Security for Obligations	7
	 	 
	Section 3. Foreign Grantors Remain Liable	7
	 	 
	Section 4. Delivery and Control of Security Collateral	8
	 	 
	Section 5. Maintaining the Account Collateral	9
	 	 
	Section 6. [Reserved]	9
	 	 
	Section 7. [Reserved]	9
	 	 
	Section 8. Representations and Warranties	9
	 	 
	Section 9. Further Assurances	14
	 	 
	Section 10. [Reserved]	16
	 	 
	Section 11. Insurance	16
	 	 
	Section 12. Post-Closing Changes; Collections on Receivables and Related Contracts	16
	 	 
	Section 13. As to Intellectual Property Collateral	17
	 	 
	Section 14. Voting Rights; Dividends; Etc.	19
	 	 
	Section 15. [Reserved]	20
	 	 
	Section 16. As to Letter-of-Credit Rights	20
	 	 
	Section 17. Commercial Tort Claims	21
	 	 
	Section 18. Transfers and Other Liens	21
	 	 
	Section 19. Foreign Administrative Agent Appointed Attorney in Fact	22
	 	 
	Section 20. Foreign Administrative Agent May Perform	22
	 	 
	Section 21. The Foreign Administrative Agent’s Duties	22
	 	 
	Section 22. Remedies	23
	 	 
	Section 23. Indemnity and Expenses	25
	 	 
	Section 24. Amendments; Waivers; Additional Foreign Grantors; Etc.	25
	 	 
	Section 25. Notices, Etc.	26

 

    	 	i	Chemtura (Revolving Facility) Foreign Security Agreement

    	 

    

 

	Section 26. Continuing Security Interest; Assignments under the Credit Agreement	26
	 	 
	Section 27. Release; Termination	26
	 	 
	Section 28. Execution in Counterparts	27
	 	 
	Section 29. Governing Law	27
	 	 
	Section 30. Intercreditor Agreement	27

 

	Schedules	 	 
	 	 	 
	Schedule I	-	Investment Property
	Schedule II	-	Initial Pledged Deposit Accounts
	Schedule III	-	[Intentionally Omitted]
	Schedule IV	-	Intellectual Property
	Schedule IV-A	-	Security Interests in Intellectual Property for Which a Release has Not  Been Filed
	Schedule V	-	Commercial Tort Claims
	Schedule VI	-	Location, Chief Executive Office, Type of Organization, Jurisdiction of
	 	 	Organization and Organizational Identification Number
	Schedule VII	-	Changes in Name, Location, Etc.
	Schedule VIII	-	[Intentionally Omitted]
	Schedule IX	-	Letters of Credit
	 	 	 
	Exhibits	 	 
	 	 	 
	Exhibit A	-	Form of Third Lien Intellectual Property Foreign Security Agreement
	Exhibit B	-	Form of Third Lien Intellectual Property Foreign Security Agreement  Supplement
	Exhibit C	-	Form of Foreign Security Agreement Supplement

 

    	 	ii	Chemtura (Revolving Facility) Foreign Security Agreement

    	 

    

 

FOREIGN SECURITY AGREEMENT

 

FOREIGN SECURITY AGREEMENT dated as of December
4, 2013 (as amended, amended and restated, supplemented or otherwise modified from time to time, this “Agreement”),
made by Chemtura Corporation, a Delaware corporation (the “Company”), the other US Borrowers (as defined
in the Credit Agreement referred to below) (together with the Company, the “Borrowers”) and each of
the other Persons listed on the signature pages hereof (the Borrowers and the Persons so listed being, collectively, the “Foreign
Grantors”), to Bank of America, N.A., as Foreign Administrative Agent (in such capacity, together with any successor
Foreign Administrative Agent appointed pursuant to Article VII of the Credit Agreement (as hereinafter defined), the “Foreign
Administrative Agent”) for the Foreign Secured Parties (as defined in the Credit Agreement).

 

PRELIMINARY STATEMENTS.

 

(1) The Company has entered into a Senior
Secured Revolving Facilities Credit Agreement dated as of November 10, 2010 (as amended and restated on December 4, 2013 and as
further amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”)
with the Foreign Administrative Agent, the other agents named therein, and the Lender Parties from time to time party thereto.

 

(2) As of the date hereof, each Foreign Grantor
is the owner of the shares of stock or other Equity Interests (the “Initial Pledged Equity”) set forth
opposite such Foreign Grantor’s name on and as otherwise described in Part I of Schedule I hereto and issued by the Persons
named therein and of the indebtedness (the “Initial Pledged Debt”) set forth opposite such Foreign Grantor’s
name on and as otherwise described in Part II of Schedule I hereto and issued by the obligors named therein.

 

(3) As of the date hereof, each Foreign Grantor
is the owner of the deposit accounts (the “Initial Pledged Deposit Accounts”) set forth opposite such
Foreign Grantor’s name on Schedule II hereto.

 

(4) As of the date hereof, each Foreign Grantor
is the owner of the securities accounts set forth in Part III of Schedule I (the “Securities Accounts”).

 

(5) It is a condition precedent to the making
of Foreign Revolving Credit Advances and the issuance of Foreign Letters of Credit by the Foreign Lender Parties under the Credit
Agreement and the entry into Foreign Secured Cash Management Agreements by the Foreign Cash Management Banks from time to time
that the Foreign Grantors shall have granted the security interest contemplated by this Agreement. Each Foreign Grantor will derive
substantial direct and indirect benefit from the transactions contemplated by the Loan Documents.

 

    	 	 	Chemtura (Revolving Facility) Foreign Security Agreement

    	 

    

 

(6) Terms defined in the Credit Agreement
or the Intercreditor Agreement (as defined below) and not otherwise defined in this Agreement are used in this Agreement as defined
in the Credit Agreement or the Intercreditor Agreement, as the context may require. Further, unless otherwise defined in this
Agreement or in the Credit Agreement or the Intercreditor Agreement, terms defined in Article 8 or 9 of the UCC (as defined below)
and/or in the Federal Book Entry Regulations (as defined below) are used in this Agreement as such terms are defined in such Article
8 or 9 and/or in the Federal Book Entry Regulations. “UCC” means the Uniform Commercial Code as in effect
from time to time in the State of New York; provided that, if perfection or the effect of perfection or non-perfection
or the priority of any security interest in any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction
other than the State of New York, “UCC” means the Uniform Commercial Code as in effect from time to
time in such other jurisdiction for purposes of the provisions hereof relating to such perfection, effect of perfection or non-perfection
or priority. “Federal Book-Entry Regulations” means (A) the federal regulations contained in Subpart
B (“Treasury/Reserve Automated Debt Entry System (TRADES)”) governing book-entry securities consisting
of U.S. Treasury notes, bills and bonds and Subpart D (“Additional Provisions”) of 31 C.F.R. Part 357,
31 C.F.R. § 357.10 through § 357.15 and § 357.40 through § 357.45, including related defined terms in 31 C.F.R.
§ 357.2); and (B) to the extent substantially identical to the federal regulations referred to in clause (A) above, the federal
regulations governing other book-entry securities.

 

NOW, THEREFORE, in consideration of the premises
and in order to induce the Foreign Lender Parties to make Foreign Revolving Credit Advances and issue Foreign Letters of Credit
under the Credit Agreement and to induce the Cash Management Banks to enter into Foreign Secured Cash Management Agreements from
time to time, each Foreign Grantor hereby agrees with the Foreign Administrative Agent for the ratable benefit of the Foreign
Secured Parties as follows:

 

Section 1. Grant of Security. Each
Foreign Grantor hereby grants to the Foreign Administrative Agent, for the ratable benefit of the Foreign Secured Parties, a security
interest in such Foreign Grantor’s right, title and interest in and to the following, in each case, as to each type of property
described below, whether now owned or hereafter acquired by such Foreign Grantor, wherever located, and whether now or hereafter
existing or arising (collectively, the “Collateral”):

 

(a) all “equipment”
as defined in the UCC (any and all such property being the “Equipment”);

 

(b) all “inventory”
as defined in the UCC (any and all such property being the “Inventory”);

 

(c) all “general intangibles”
as defined in the UCC (any and all such property being the “General Intangibles”);

 

(d) all “goods” as
defined in the UCC (any and all such property being the “Goods”);

 

(e) all “accounts”
as defined in the UCC (any and all such accounts and other obligations, to the extent not referred to in clause (d), (e) or (f)
below, being the “Receivables,” and any and all such supporting obligations, security agreements, mortgages,
Liens, leases, letters of credit and other contracts being the “Related Contracts”);

 

    	 	2	Chemtura (Revolving Facility) Foreign Security Agreement

    	 

    

 

(f) the following (the “Security
Collateral”):

 

(i)          the
Initial Pledged Equity and the certificates, if any, representing the Initial Pledged Equity, and all dividends, distributions,
return of capital, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect
of or in exchange for any or all of the Initial Pledged Equity and all warrants, rights or options issued thereon or with respect
thereto;

 

(ii)         the
Initial Pledged Debt and the instruments, if any, evidencing the Initial Pledged Debt, and all interest, cash, instruments and
other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of
the Initial Pledged Debt;

 

(iii)        all
additional shares of stock and other Equity Interests from time to time acquired by such Foreign Grantor in any manner (such shares
and other Equity Interests, together with the Initial Pledged Equity, being the “Pledged Equity”), and
the certificates, if any, representing such additional shares or other Equity Interests, and all dividends, distributions, return
of capital, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of
or in exchange for any or all of such shares or other Equity Interests and all warrants, rights or options issued thereon or with
respect thereto;

 

(iv)        all
additional indebtedness from time to time owed to such Foreign Grantor (such indebtedness, together with the Initial Pledged Debt,
being the “Pledged Debt”) and the instruments, if any, evidencing such indebtedness, and all interest,
cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange
for any or all of such indebtedness;

 

(v)         the
Securities Accounts, all security entitlements with respect to all financial assets from time to time credited to the Securities
Accounts, and all financial assets, and all dividends, distributions, return of capital, interest, cash, instruments and other
property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such security
entitlements or financial assets and all warrants, rights or options issued thereon or with respect thereto; and

 

(vi)        all
other investment property (including, without limitation, all (A) securities, whether certificated or uncertificated, (B) security
entitlements, (C) securities accounts, (D) commodity contracts and (E) commodity accounts) in which such Foreign Grantor has now,
or acquires from time to time hereafter, any right, title or interest in any manner, and the certificates or instruments, if any,
representing or evidencing such investment property, and all dividends, distributions, return of capital, interest, cash, instruments
and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all
of such investment property and all warrants, rights or options issued thereon or with respect thereto;

 

    	 	3	Chemtura (Revolving Facility) Foreign Security Agreement

    	 

    

 

(g) the following (collectively,
the “Account Collateral”):

 

(i)          all
deposit accounts (including the Initial Pledged Deposit Accounts) (the “Pledged Deposit Accounts”, it
being understood that the Pledged Deposit Accounts shall not include the Excluded Accounts (as defined below)), and all funds
and financial assets from time to time credited thereto (including, without limitation, all Cash Equivalents), and all certificates
and instruments, if any, from time to time representing or evidencing the Pledged Deposit Accounts;

 

(ii)         all
promissory notes, certificates of deposit, checks and other instruments from time to time delivered to or otherwise possessed
by the Foreign Administrative Agent, US Administrative Agent or the Term Facility Agent for or on behalf of such Foreign Grantor
in substitution for or in addition to any or all of the then existing Account Collateral; and

 

(iii)        all
interest, dividends, distributions, cash, instruments and other property from time to time received, receivable or otherwise distributed
in respect of or in exchange for any or all of the then existing Account Collateral;

 

(h) the following (collectively,
the “Intellectual Property Collateral”):

 

(i)          all
patents, patent applications, utility models and statutory invention registrations, together with all inventions claimed or disclosed
therein and all improvements thereto (“Patents”);

 

(ii)         all
trademarks, service marks, domain names, trade dress, logos, designs, slogans, trade names, business names, fictitious business
names, corporate names, certification marks, collective marks and other source identifiers, whether registered or unregistered
(provided that no security interest shall be granted in any United States intent-to-use trademark application for registration
of a trademark filed pursuant to Section 1(b) of the Lanham Act, 15 U.S.C. § 1051, prior to the filing of a “Statement
of Use” pursuant to Section 1(d) of the Lanham Act or an “Amendment to Allege Use” pursuant to Section 1(c)
of the Lanham Act with respect thereto, solely to the extent, if any, that, and solely during the period, if any, in which, the
grant of a security interest therein would impair the validity or enforceability, or result in the voiding, of such application
or any registration that issues from such application under applicable federal law), together, in each case, with the goodwill
symbolized thereby (“Trademarks”);

 

(iii)        all
copyrights (whether or not the underlying works of authorship have been published), including, without limitation, copyrights
in Computer Software (as hereinafter defined), internet web sites and the content thereof, whether registered or unregistered
(“Copyrights”);

 

    	 	4	Chemtura (Revolving Facility) Foreign Security Agreement

    	 

    

 

(iv)        all
computer software, programs and databases (including, without limitation, source code, object code and all related applications
and data files), firmware and documentation and materials relating thereto, together with any and all maintenance rights, service
rights, programming rights, hosting rights, test rights, improvement rights, renewal rights and indemnification rights and any
substitutions, replacements, improvements, error corrections, updates and new versions of any of the foregoing (“Computer
Software”);

 

(v)         all
confidential and proprietary information, including, without limitation, know-how, trade secrets, manufacturing and production
processes and techniques, inventions, research and development information, databases and data, including, without limitation,
technical data, financial, marketing and business data, pricing and cost information, business and marketing plans and customer
and supplier lists and information (collectively, “Trade Secrets”), and all other intellectual, industrial
and intangible property of any type, including, without limitation, industrial designs and mask works;

 

(vi)        all
registrations and applications for registration for any of the foregoing, including, without limitation, those registrations and
applications for registration set forth in Schedule IV hereto, together with all reissues, divisions, continuations, continuations-in-part,
extensions, renewals and reexaminations thereof;

 

(vii)       all
rights in the foregoing provided by international treaties or conventions, all rights corresponding thereto throughout the world
and all other rights of any kind whatsoever of such Foreign Grantor accruing thereunder or pertaining thereto;

 

(viii)      all
agreements, permits, consents, orders and franchises relating to the license, development, use or disclosure of any of the foregoing
to which such Foreign Grantor, now or hereafter, is a party or a beneficiary, including, without limitation, the agreements set
forth in Schedule IV hereto (“IP Agreements”);

 

(ix)         all
tangible embodiments of any of the foregoing; and

 

(x)          any
and all claims for damages and injunctive relief for past, present and future infringement, dilution, misappropriation, violation,
misuse or breach with respect to any of the foregoing, with the right, but not the obligation, to sue for and collect, or otherwise
recover, such damages;

 

(i) the commercial tort claims
described in Schedule V hereto (together with any commercial tort claims as to which the Foreign Grantors have complied with the
requirements of Section 17, the “Commercial Tort Claims Collateral”);

 

(j) all books and records (including,
without limitation, customer lists, credit files, printouts and other computer output materials and records) of such Foreign Grantor
pertaining to any of the Collateral; and

 

    	 	5	Chemtura (Revolving Facility) Foreign Security Agreement

    	 

    

 

(k) all proceeds of, collateral
for, income, royalties and other payments now or hereafter due and payable with respect to, and supporting obligations relating
to, any and all of the Collateral (including, without limitation, proceeds, collateral and supporting obligations that constitute
property of the types described in clauses (a) through (j) of this Section 1) and, to the extent not otherwise included, all (A)
payments under insurance (whether or not the Foreign Administrative Agent is the loss payee thereof), or any indemnity, warranty
or guaranty, payable by reason of loss or damage to or otherwise with respect to any of the foregoing Collateral, and (B) cash;

 

provided that:

 

(1) the Collateral shall not include any rights or interests
of a Foreign Grantor in any joint venture if, and to the extent that, under applicable law or the terms of the applicable contract
with respect thereto, the valid grant of a security interest or other Lien therein hereunder is prohibited and such prohibition
has not been or is not waived, or the consent of each other party to such contract has not been or is not otherwise obtained,
or under applicable law such prohibition cannot be waived, provided that the foregoing exclusion under this clause (1)
shall in no way be construed (i) to apply if any such prohibition is ineffective or unenforceable under the UCC (including Sections
9-406, 9-407, 9-408 or 9-409) or any other applicable law or (ii) so as to limit, impair or otherwise affect the Foreign Administrative
Agent’s unconditional continuing security interest in and Lien upon any rights or interests of any Foreign Grantor in or
to monies due or to become due under any such contract; provided further that, if, as a result of any change in
applicable law or the terms of the applicable contract with respect thereto or in any other circumstance, the grant of such a
security interest or other Lien is no longer so prohibited, then this clause (1) shall, immediately upon the change in such laws
or circumstance, no longer exclude such rights or interests from the Collateral;

 

(2) solely to the extent and only for so long as the pledge
by any Foreign Grantor of more than 65% of the Voting Foreign Stock in a CFC under this Agreement to the Foreign Administrative
Agent on behalf of the Foreign Secured Parties would result in material adverse tax consequences to the Company, the Collateral
shall not include any Equity Interests in any CFC (or any Equity Interests in any entity that is treated as a partnership or a
disregarded entity for United States federal income tax purposes and in each case whose assets are solely Equity Interests in
CFCs (a “Flow-Through Entity”) that own, directly or indirectly through one or more other Flow-Through
Entities, Equity Interests in any CFCs) owned or otherwise held by such Foreign Grantor which, when aggregated with all of the
other Equity Interests in such CFC (or Flow-Through Entity) pledged by any Foreign Grantor, would result (or would be deemed to
result for United States federal income tax purposes) in more than 65% of the total combined voting power of all classes of stock
in a CFC entitled to vote (within the meaning of Treasury Regulation Section 1.956-2(c)(2) promulgated under the Internal Revenue
Code) (the “Voting Foreign Stock”) (on a fully diluted basis) being pledged to the Foreign Administrative
Agent, on behalf of the Foreign Secured Parties, under this Agreement (provided that all of the shares of stock in a Foreign Subsidiary
not entitled to vote (within the meaning of Treasury Regulation Section 1.956-2(c)(2) promulgated under the Internal Revenue Code)
(the “Non-Voting Foreign Stock”) shall be Collateral pledged by each of the Foreign Grantors that owns
or otherwise holds any such Non-Voting Foreign Stock therein); provided further that, if, as a result of any change
in the tax laws of the United States of America after the date of this Agreement or in any other circumstance, the pledge by such
Foreign Grantor of any additional shares of stock in any such Foreign Subsidiary to the Foreign Administrative Agent, on behalf
of the Foreign Secured Parties, under this Agreement would not result in material adverse tax consequences to the Company, then
this clause (2) shall, immediately upon the change in such laws or circumstance, no longer exclude such additional shares of stock
from the Collateral;

 

    	 	6	Chemtura (Revolving Facility) Foreign Security Agreement

    	 

    

 

(3) the Collateral shall not include any property or asset
to the extent that the grant of a Lien hereunder in such property or asset is prohibited by applicable law or requires any consent
of any governmental authority not obtained pursuant to applicable law; provided that such property or asset will be excluded
from the Collateral only to the extent and for so long as the consequences specified above will result and will be included in
the Collateral and will become subject to the Lien granted hereunder, immediately and automatically, at such time as such consequences
will no longer result;

 

(4) the Collateral shall not include any lease, license, contract,
property right or agreement to which any Foreign Grantor is a party or any of its rights or interests thereunder only to the extent
and only for so long as the grant of a Lien hereunder will constitute or result in a breach, termination or default under or requires
any consent not obtained under any such lease, license, contract, agreement or property right (other than to the extent that any
such term would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the UCC (or any successor provision
or provisions) of any relevant jurisdiction or any other applicable law (including the Bankruptcy Code) or principles of equity);
provided that such lease, license, contract, property right or agreement will be excluded from the Collateral only to the
extent and for so long as the consequences specified above will result and will be included in the Collateral and will become
subject to the Lien granted hereunder, immediately and automatically, at such time as such consequences will no longer result;
and

  

(5) the Collateral shall not include any motor vehicles, vessels
and aircraft, or other property subject to a certificate of title statute of any jurisdiction.

 

Section 2. Security for Obligations.
This Agreement secures, in the case of each Foreign Grantor, the payment of all Foreign Obligations of each Foreign Loan Party
or Subsidiary of a Foreign Loan Party now or hereafter existing under or in respect of the Loan Documents (including, without
limitation, the Foreign Secured Cash Management Agreements, whether direct or indirect, absolute or contingent, and whether for
principal, reimbursement obligations, interest, fees, premiums, penalties, indemnifications, contract causes of action, costs,
expenses or otherwise (all such Foreign Obligations being the “Secured Obligations”). Without limiting
the generality of the foregoing, this Agreement secures, as to each Foreign Grantor, the payment of all amounts that constitute
part of the Secured Obligations and would be owed by any Foreign Loan Party or Subsidiary of a Foreign Loan Party to any Foreign
Secured Party under the Loan Documents but for the fact that they are unenforceable or not allowable due to the existence of a
bankruptcy, reorganization or similar proceeding involving a Foreign Loan Party or Subsidiary of a Foreign Loan Party.

 

    	 	7	Chemtura (Revolving Facility) Foreign Security Agreement

    	 

    

 

Section 3. Foreign Grantors Remain Liable.
Anything herein to the contrary notwithstanding, (a) each Foreign Grantor shall remain liable under the contracts and agreements
included in such Foreign Grantor’s Collateral to the extent set forth therein to perform all of its duties and obligations
thereunder to the same extent as if this Agreement had not been executed, (b) the exercise by the Foreign Administrative Agent
of any of the rights hereunder shall not release any Foreign Grantor from any of its duties or obligations under the contracts
and agreements included in the Collateral and (c) no Foreign Secured Party shall have any obligation or liability under the contracts
and agreements included in the Collateral by reason of this Agreement or any other Loan Document, nor shall any Foreign Secured
Party be obligated to perform any of the obligations or duties of any Foreign Grantor thereunder or to take any action to collect
or enforce any claim for payment assigned hereunder.

 

Section 4. Delivery and Control of Security
Collateral. (a) All certificates or instruments representing or evidencing Security Collateral (except any certificate or
instrument the principal amount evidenced thereby does not exceed $1,000,000 individually and $10,000,000 in the aggregate (for
any and all certificates and instruments held by any and all Foreign Grantors)) shall be delivered promptly to and held by or
on behalf of the Foreign Administrative Agent pursuant hereto (unless the Term Facility Agent or the US Administrative Agent (as
the case may be) is granted a prior security interest in such certificates and instruments and the same are required to be delivered
(and are so delivered) to the Term Facility Agent or the US Administrative Agent (as the case may be)) and shall be accompanied
by duly executed instruments of transfer or assignment in blank. The Foreign Administrative Agent shall have the right at any
time to exchange certificates or instruments representing or evidencing Security Collateral for certificates or instruments of
smaller or larger denominations to the extent the relevant Foreign Grantor can obtain such certificates with the exercise of commercially
reasonable efforts.

 

(b) From and after the date falling 60 days
after the date hereof (or such later date as the Foreign Administrative Agent may reasonably determine), with respect to any Securities
Account (other than any Excluded Account (as defined below)) and any Security Collateral that constitutes a security entitlement
as to which the financial institution acting as Foreign Administrative Agent hereunder is not the securities intermediary, the
relevant Foreign Grantor will cause the securities intermediary with respect to such Securities Account or security entitlement
either (i) to identify in its records the Foreign Administrative Agent as the entitlement holder thereof (unless the Term Facility
Agent or the US Administrative Agent (as the case may be) is granted a prior security interest in such security entitlement and
such Foreign Grantor is required to cause (and has so caused) such securities intermediary to identify in its records the Term
Facility Agent or the US Administrative Agent (as the case may be) as the entitlement holder thereof) or (ii) to execute and deliver
to the Foreign Administrative Agent a control agreement, such agreement to be in form and substance reasonably satisfactory to
the Foreign Administrative Agent (a “Securities Account Control Agreement”).

 

(c) Subject to the Intercreditor Agreement,
the Foreign Administrative Agent shall have the right, at any time after the occurrence and during the continuance of an Event
of Default, (i) in its discretion and without notice to any Foreign Grantor, to transfer to or to register in the name of the
Foreign Administrative Agent or any of its nominees any or all of the Security Collateral, subject only to the revocable rights
specified in Section 14(a) and (ii) to convert Security Collateral consisting of financial assets credited to any Securities Account
to Security Collateral consisting of financial assets held directly by the Foreign Administrative Agent, and to convert Security
Collateral consisting of financial assets held directly by the Foreign Administrative Agent to Security Collateral consisting
of financial assets credited to any Securities Account.

 

    	 	8	Chemtura (Revolving Facility) Foreign Security Agreement

    	 

    

 

(d) Upon the request of the Foreign Administrative
Agent following the occurrence and during the continuance of an Event of Default, each Foreign Grantor will notify each issuer
of Security Collateral granted by it hereunder that such Security Collateral is subject to the security interest granted hereunder.

 

Section 5. Maintaining the Account Collateral.
So long as Discharge shall not have occurred,

 

(a) From and after the date falling 60 days
after the date hereof (or such later date as the Foreign Administrative Agent may reasonably determine), each Foreign Grantor
(other than for the 30 days (or such later date as the Foreign Administrative Agent may reasonably determine) following the date
an entity becomes an Additional Foreign Grantor hereunder as referenced in Section 5.01(k) of the Credit Agreement) will maintain
deposit accounts (other than Excluded Accounts) only with the financial institution acting as Foreign Administrative Agent hereunder
or with a bank (a “Pledged Account Bank”) that has executed and delivered to the Foreign Administrative
Agent a control agreement, such agreement to be in form and substance reasonably satisfactory to the Foreign Administrative Agent
(a “Deposit Account Control Agreement”). “Excluded Accounts” means (i) payroll
accounts, (ii) trust accounts, (iii) escrow accounts or security deposits established pursuant to statutory obligations or for
the payment of taxes or holding funds in trust for third parties not affiliated with the Company in the ordinary course of business
or in connection with acquisitions, investments or dispositions permitted under the Credit Agreement, (iv) deposits in the ordinary
course of business in connection with workers’ compensation, unemployment insurance and other types of social security,
(v) reserve accounts expressly contemplated under the Plan and/or Disclosure Statement (including, but not limited to reserves
expressly contemplated under the Plan and/or Disclosure Statement for diacetyl claims and environmental claims, and escrow accounts
established pursuant to contractual obligations to third parties not affiliated with the Company for casualty payments and insurance
proceeds), and (vi) deposit accounts with an aggregate balance of no more than $500,000 at any time.

 

(b) Subject to the Intercreditor Agreement,
the Foreign Administrative Agent may, at any time and without notice to, or consent from, the Foreign Grantor, transfer, or direct
the transfer of, funds from the Pledged Deposit Accounts to satisfy the Secured Obligations then due and owing if an Event of
Default shall have occurred and be continuing.

 

Section 6. [Reserved].

 

Section 7. [Reserved].

 

Section 8. Representations and Warranties. Each Foreign Grantor represents and warrants as follows:

 

(a) As of the date hereof, such
Foreign Grantor’s exact legal name, chief executive office, type of organization, jurisdiction of organization and organizational
identification number is set forth in Schedule VI hereto.

 

    	 	9	Chemtura (Revolving Facility) Foreign Security Agreement

    	 

    

 

(b) Such Foreign Grantor is the
legal or beneficial owner of, or has a license or, to the knowledge of such Foreign Grantor, other right to use, the Collateral
granted or purported to be granted by it free and clear of any Lien, claim, option or, to the knowledge of such Foreign Grantor,
right of others, except for the security interest created under this Agreement and Liens, claims, options or rights of others
permitted under the Credit Agreement (including, without limitation, the Liens held by the Term Facility Secured Parties and the
US Secured Parties). Except as set forth on Schedule IV-A with respect to the filings at the U.S. Patent and Trademark Office
or the U.S. Copyright Office relating to Debt that has been discharged and repaid in full, no effective financing statement or
other instrument similar in effect covering all or any part of such Collateral or listing such Foreign Grantor as debtor is on
file in any recording office, except such as may have been filed in favor of the Foreign Administrative Agent relating to the
Loan Documents or as otherwise permitted under the Credit Agreement (including, without limitation, the Liens held by the Term
Facility Secured Parties and by the US Secured Parties).

 

(c) [Intentionally Omitted].

 

(d) None of the Receivables is
evidenced by a promissory note or other instrument that has not been delivered to the Foreign Administrative Agent (except to
the extent the principal amount of any such promissory note or instrument does not exceed $1,000,000 individually and $10,000,000
in the aggregate (for any and all such promissory notes and instruments held by any and all Foreign Grantors), and except for
any such promissory note or other instrument that is required to be delivered and has been so delivered to the Term Facility Agent
or the US Administrative Agent (as the case may be)).

 

(e) If such Foreign Grantor is
an issuer of Security Collateral, such Foreign Grantor confirms that it has received notice of the security interest granted hereunder.

 

(f) The Pledged Equity pledged
by such Foreign Grantor hereunder which is issued by a Subsidiary of such Foreign Grantor has been duly authorized and validly
issued and in the case of capital stock, is fully paid and non-assessable. With respect to any Pledged Debt evidenced by one or
more promissory notes, Foreign Grantor has complied with Section 4(a).

 

(g) As of the date hereof, the
Initial Pledged Equity pledged by such Foreign Grantor constitutes the percentage of the issued and outstanding Equity Interests
of the issuers thereof indicated on Schedule I hereto. As of the date hereof, to the knowledge of each Foreign Grantor, the Initial
Pledged Debt constitutes all of the outstanding indebtedness evidenced as of the date hereof by any promissory note or instrument
owed to such Foreign Grantor by the issuers thereof (except to the extent the principal amount of any such indebtedness does not
exceed $1,000,000 individually and $10,000,000 in the aggregate (for any and all such indebtedness owing to any and all Foreign
Grantors), as set forth in Schedule I hereto.

 

    	 	10	Chemtura (Revolving Facility) Foreign Security Agreement

    	 

    

 

(h) As of the date hereof, the
Initial Pledged Equity set forth on Schedule I hereto are all Equity Interests held by any Foreign Grantor in other Subsidiaries
or joint ventures.

 

(i) [Intentionally Omitted].

 

(j) [Intentionally Omitted].

 

(k) Such Foreign Grantor is not
a beneficiary or assignee under any letter of credit, other than the letters of credit described in Schedule IX hereto and additional
letters of credit as to which such Foreign Grantor has complied with the requirements of Section 16.

 

(l) This Agreement creates in
favor of the Foreign Administrative Agent for the benefit of the Foreign Secured Parties (i) a valid security interest in the
Collateral granted by such Foreign Grantor, securing the payment of the Secured Obligations; (ii) subject to the filing of the
financing statements under the UCC (including payment of any applicable fees in connection therewith) in the applicable filing
office, a perfected security interest in the Collateral in which a security interest may be perfected by filing, recording or
registering a financing statement pursuant to the UCC (such financing statements having been delivered to the Foreign Administrative
Agent in completed and duly authorized form); (iii) subject to the filing of the Intellectual Property Foreign Security Agreements
referred to in Section 13(f) (including payment of any applicable fees in connection therewith), a perfected security interest
in all Intellectual Property Collateral in which a security interest may be perfected upon the receipt and recording of such fully
executed agreements with the United States Copyright Office or the United States Patent and Trademark Office, as applicable; provided,
however, that additional filings may be required to perfect the Foreign Administrative Agent’s security interest
in any Intellectual Property Collateral acquired after the date hereof; and (iv) in the case of all certificated Pledged Equity
and Pledged Debt, subject to the delivery thereof to the Foreign Administrative Agent, the US Administrative Agent or the Term
Facility Agent of such consisting of instruments and certificates (in each case properly endorsed for transfer to the Foreign
Administrative Agent or in blank), a perfected security interest in such certificated Pledge Equity to the extent it is a certificated
security and Pledged Debt. All such perfected security interests are first priority, except (i) as otherwise specified in the
Intercreditor Agreement and (ii) for Permitted Liens.

 

(m) As of the date hereof, no
authorization or approval or other action by, and no notice to or filing with, any governmental authority or regulatory body or
any other third party is required for (i) the grant by such Foreign Grantor of the security interest granted hereunder or for
the execution, delivery or performance of this Agreement by such Foreign Grantor, (ii) the perfection or maintenance of the security
interest created hereunder (including the second priority nature of such security interest in the Revolving Facility Collateral
and the third priority nature of such security interest in the Term Facility Collateral, pursuant to the Intercreditor Agreement),
except for (A) the filing of financing and continuation statements under the UCC, which financing statements shall be duly filed
and are in full force and effect, (B) the recordation of the Intellectual Property Foreign Security Agreements referred to in
Section 13(f) with the U.S. Patent and Trademark Office and the U.S. Copyright Office and (C) the actions described in Section
4 with respect to the Security Collateral, which actions have been taken and are in full force and effect, or (iii) the exercise
by the Foreign Administrative Agent of its voting or other rights provided for in this Agreement or the remedies in respect of
the Collateral pursuant to this Agreement, except as may be required in connection with the disposition of any portion of the
Security Collateral by laws affecting the offering and sale of securities generally.

 

    	 	11	Chemtura (Revolving Facility) Foreign Security Agreement

    	 

    

 

(n) Each Foreign Grantor has
taken reasonable steps to assure that all Inventory has been produced in compliance in all material respects with the Fair Labor
Standards Act and, to the extent non-compliance therewith could reasonably be expected to have a Material Adverse Effect, all
other Applicable Laws.

 

(o) As to itself and its Intellectual
Property Collateral:

 

(i)          Except
where it would not reasonably be expected to have a Material Adverse Effect, the operation of such Foreign Grantor’s business
as currently conducted and the use of the Intellectual Property Collateral in connection therewith do not, to the knowledge of
such Foreign Grantor, conflict with, infringe, misappropriate, dilute, misuse or otherwise violate the intellectual property rights
of any third party.

 

(ii)         Except
where it would not reasonably be expected to have a Material Adverse Effect, such Foreign Grantor is the exclusive owner of all
right, title and interest in and to its Intellectual Property Collateral (other than IP Agreements), and is entitled to use all
such Intellectual Property Collateral in connection with its business as currently conducted subject only to the terms of the
IP Agreements and applicable law.

 

(iii)        The
Intellectual Property Collateral set forth on Schedule IV hereto includes all of the U.S. and non-U.S. patents, patent applications,
trademark and service mark registrations and applications, copyright registrations and applications and material IP Agreements
(other than off-the-shelf licenses for computer software) owned by such Foreign Grantor as of the date hereof.

 

(iv)        Except
where it would not reasonably be expected to have a Material Adverse Effect, (A) the Intellectual Property Collateral set forth
on Schedule IV hereto is subsisting and the Intellectual Property Collateral has not been adjudged invalid or unenforceable in
whole or part, and to such Foreign Grantor’s knowledge, is valid and enforceable, and (B) such Foreign Grantor is not aware
of any uses of any item of Intellectual Property Collateral that would reasonably be expected to lead to such item becoming invalid
or unenforceable.

 

    	 	12	Chemtura (Revolving Facility) Foreign Security Agreement

    	 

    

 

(v)         Except
for any Intellectual Property Collateral, the loss of which would not reasonably be expected to have a Material Adverse Effect,
such Foreign Grantor has made or performed all filings, recordings and other acts and has paid all required fees and taxes to
maintain and protect its interest in the material registered Intellectual Property Collateral in full force and effect, and to
protect and maintain its interest therein including, without limitation, recordations of any of its interests in the Patents and
Trademarks with the U.S. Patent and Trademark Office and in corresponding national and international trademark and patent offices,
and recordation of any of its interests in the Copyrights with the U.S. Copyright Office and in corresponding national and international
copyright offices. Except where it would not reasonably be expected to have a Material Adverse Effect, such Foreign Grantor has
used proper statutory notice in connection with its use of each patent, trademark and copyright included in the Intellectual Property
Collateral.

 

(vi)        No
claim, action, suit, investigation, litigation or proceeding has been asserted or is pending or, threatened in writing against
such Foreign Grantor (i) challenging such Foreign Grantor’s rights in or use of any of the Intellectual Property Collateral,
(ii) alleging that the Foreign Grantor’s rights in or use of the Intellectual Property Collateral or that any services provided
by, processes used by, or products manufactured or sold by, such Foreign Grantor infringe, misappropriate, dilute, misuse or otherwise
violate any patent, trademark, copyright or other proprietary or intellectual property right of any third party, or (iii) alleging
that the Intellectual Property Collateral is being licensed or sublicensed by such Foreign Grantor in violation or contravention
of the terms of any license or other agreement, which in each case would reasonably be expected to have a Material Adverse Effect.
Except where it would not reasonably be expected to have a Material Adverse Effect, to the knowledge of such Foreign Grantor,
no Person is engaging in any activity that infringes, misappropriates, dilutes, misuses or otherwise violates such Foreign Grantor’s
rights in any Intellectual Property Collateral. Except where it would not reasonably be expected to have a Material Adverse Effect,
such Foreign Grantor has not granted any license, release, covenant not to sue, non-assertion assurance, or other right to any
Person with respect to any part of the Intellectual Property Collateral. The consummation of the transactions contemplated by
the Transaction Documents will not result in the termination or impairment of any of the material Intellectual Property Collateral.

 

(vii)       Except
where it would not reasonably be expected to have a Material Adverse Effect, with respect to each IP Agreement: (A) such IP Agreement
is valid and binding and in full force and effect and represents the entire agreement between such Foreign Grantor and, to such
Foreign Grantor’s knowledge, the other parties thereto with respect to the subject matter thereof; (B) such IP Agreement
will not cease to be valid and binding and in full force and effect on terms identical to those currently in effect as a result
of the rights and interest granted herein, nor will the grant of such rights and interest constitute a breach or default under
such IP Agreement or otherwise give any party thereto a right to terminate such IP Agreement; (C) such Foreign Grantor has not
received any notice of termination or cancellation under such IP Agreement; (D) such Foreign Grantor has not received any notice
of a breach or default under such IP Agreement, which breach or default has not been cured; (E) such Foreign Grantor has not granted
to any other third party (other than the Term Facility Agent and the US Administrative Agent) any rights, adverse or otherwise,
under such IP Agreement, except duly authorized sublicenses and as permitted under the Loan Documents; and (F) neither such Foreign
Grantor nor, to such Foreign Grantor’s knowledge, any other party to such IP Agreement is in breach or default thereof in
any material respect, and no event has occurred that, with notice or lapse of time or both, would constitute such a breach or
default or permit termination, modification or acceleration under such IP Agreement.

 

    	 	13	Chemtura (Revolving Facility) Foreign Security Agreement

    	 

    

 

(viii)      Except
where it would not reasonably be expected to have a Material Adverse Effect, (A) none of the Trade Secrets of such Foreign Grantor
have been used, divulged, disclosed or appropriated to the detriment of such Foreign Grantor for the benefit of any other Person
other than such Foreign Grantor; (B) no employee, independent contractor or agent of such Foreign Grantor has misappropriated
any trade secrets of any other Person in the course of the performance of his or her duties as an employee, independent contractor
or agent of such Foreign Grantor; and (C) no employee, independent contractor or agent of such Foreign Grantor is in default or
breach of any term of any employment agreement, non-disclosure agreement, assignment of inventions agreement or similar agreement
or contract relating in any way to the protection, ownership, development, use or transfer of such Foreign Grantor’s rights
in any Intellectual Property Collateral.

 

(ix)         Except
where it would not reasonably be expected to have a Material Adverse Effect, no Foreign Grantor or Intellectual Property Collateral
is subject to any outstanding consent, settlement, decree, order, injunction, judgment or ruling restricting the use of any Intellectual
Property Collateral or that would impair the validity or enforceability of such Intellectual Property Collateral.

 

(p) Such Foreign Grantor has
no commercial tort claim which might reasonably be expected to result in awarded damages (except to the extent the amount thereof
(less any and all legal and other expenses incurred or in good faith expected to be incurred by such Foreign Grantor) does not
exceed $1,000,000 individually and $10,000,000 in the aggregate (for any and all such commercial tort claims held by any and all
Foreign Grantors)) other than those listed in Schedule V hereto and additional commercial tort claims as to which such Foreign
Grantor has complied with the requirements of Section 17.

 

    	 	14	Chemtura (Revolving Facility) Foreign Security Agreement

    	 

    

 

Section 9. Further Assurances. (a)
Except to the extent the obligation to take an action requested pursuant to this Section is contained in another provision of
the Loan Documents and such other provision contains an express time period for meeting such obligation and/or expressly limits
the scope of such obligation, each Foreign Grantor agrees that from time to time, at the expense of such Foreign Grantor, such
Foreign Grantor will promptly execute and deliver, or otherwise authenticate, all further instruments and documents, and take
all further action that may be necessary or desirable, or that the Foreign Administrative Agent may reasonably request, in order
to perfect and protect any pledge or security interest granted or purported to be granted by such Foreign Grantor hereunder in
the United States or to enable the Foreign Administrative Agent to exercise and enforce its rights and remedies hereunder with
respect to any Collateral of such Foreign Grantor; provided that no such action shall be required to the extent that the
Company and the Foreign Administrative Agent reasonably agree that the cost of such action is materially excessive in relation
to the benefit afforded the Foreign Secured Parties. Without limiting the generality of the foregoing (but subject to the proviso
in the preceding sentence), each Foreign Grantor will promptly with respect to Collateral of such Foreign Grantor: (i) at the
request of the Foreign Administrative Agent during the continuance of any Event of Default, mark conspicuously each document included
in Inventory, each chattel paper included in Receivables, each Related Contract and each of its records pertaining to such Collateral
with a legend, in form and substance reasonably satisfactory to the Foreign Administrative Agent, indicating that such document,
chattel paper, Related Contract or Collateral is subject to the security interest granted hereby; (ii) if any such Collateral
shall be evidenced by a promissory note or other instrument or chattel paper (except to the extent the principal face amount of
such promissory note or other instrument or chattel paper does not exceed $1,000,000 individually and $10,000,000 in the aggregate
(for any and all such promissory notes, instruments and chattel paper owing to any and all Foreign Grantors)), deliver and pledge
to the Foreign Administrative Agent (unless such promissory note or other instrument or chattel paper is required to be delivered
and has been so delivered to the Term Facility Agent or the US Administrative Agent pursuant to the Intercreditor Agreement) such
promissory note or instrument or chattel paper duly indorsed and accompanied by duly executed instruments of transfer or assignment,
all in form and substance reasonably satisfactory to the Foreign Administrative Agent; (iii) file such financing or continuation
statements, or amendments thereto, and such other instruments or notices, as may be necessary or desirable, or as the Foreign
Administrative Agent may reasonably request, in order to perfect and preserve the security interest granted or purported to be
granted by such Foreign Grantor hereunder in the United States; and (iv) deliver to the Foreign Administrative Agent evidence
that all other actions that the Foreign Administrative Agent may deem reasonably necessary or desirable in order to perfect and
protect the security interest granted or purported to be granted by such Foreign Grantor under this Agreement in the United States
has been taken; provided that no such action shall be required to the extent that the Company and the Foreign Administrative
Agent reasonably agree that the cost of such action is materially excessive in relation to the benefit afforded the Foreign Secured
Parties.

 

(b) Each Foreign Grantor hereby authorizes
the Foreign Administrative Agent to file one or more financing or continuation statements, and amendments thereto, including,
without limitation, one or more financing statements indicating that such financing statements cover all or any assets or all
or any personal property (or words of similar effect) of such Foreign Grantor, regardless of whether any particular asset described
in such financing statements falls within the scope of the UCC or the granting clause of this Agreement (it being understood that
the Foreign Administrative Agent may file separate financing statements covering the Revolving Facility Collateral and the Term
Facility Collateral to reflect the different priorities of its Liens thereon relative to the Liens held by the Foreign Secured
Parties and the Term Facility Secured Parties). A photocopy or other reproduction of this Agreement shall be sufficient as a financing
statement where permitted by law.

 

    	 	15	Chemtura (Revolving Facility) Foreign Security Agreement

    	 

    

 

(c) Each Foreign Grantor will furnish to
the Foreign Administrative Agent from time to time statements and schedules further identifying and describing the Collateral
of such Foreign Grantor and such other reports in connection with such Collateral as the Foreign Administrative Agent may reasonably
request, all in reasonable detail.

 

Section 10. [Reserved].

 

Section 11. Insurance. (a) Each policy
of each Foreign Grantor for liability insurance and property damage insurance shall provide for all losses to be paid on behalf
of the Foreign Administrative Agent and such Foreign Grantor as their interests may appear. Each such policy shall in addition
(i) name such Foreign Grantor and the Foreign Administrative Agent as insured parties or as loss payees thereunder (without any
representation or warranty by or obligation upon the Foreign Administrative Agent) as their interests may appear, (ii) provide
that at least 10 days’ prior written notice of cancellation or of lapse shall be given to the Foreign Administrative Agent
by the insurer and (iii) provide that there shall be no recourse against the Foreign Administrative Agent for payment of premiums
or other amounts with respect thereto.

 

(b) Reimbursement under any liability insurance
maintained by any Foreign Grantor pursuant to this Section 11 may be paid directly to the Person who shall have incurred liability
covered by such insurance.

 

Section 12. Post-Closing Changes; Collections
on Receivables and Related Contracts. (a) No Foreign Grantor will change its name, type of organization, jurisdiction of organization
or organizational identification number from those set forth in Section 8(a) of this Agreement without taking all action reasonably
required by the Foreign Administrative Agent for the purpose of perfecting or protecting the security interest granted by this
Agreement in the United States (and such Foreign Grantor shall provide notice to the Foreign Administrative Agent within 30 days
of any such change). Each Foreign Grantor will hold and preserve its material records relating to the Collateral, including, without
limitation, the Related Contracts, and will permit representatives of the Foreign Administrative Agent at any time subject to
reasonable notice and during normal business hours to inspect and make abstracts from such records and other documents. If any
Foreign Grantor does not have an organizational identification number and later obtains one, it will forthwith notify the Foreign
Administrative Agent of such organizational identification number.

 

    	 	16	Chemtura (Revolving Facility) Foreign Security Agreement

    	 

    

 

(b) Except as otherwise provided in this
subsection (b), each Foreign Grantor will be entitled to continue to collect, at its own expense, all amounts due or to become
due such Foreign Grantor under the Receivables and Related Contracts. In connection with such collections, such Foreign Grantor
may take such action as such Foreign Grantor may deem necessary or advisable to enforce collection of Receivables and Related
Contracts; provided, however, that, subject to the terms of the Intercreditor Agreement, the Foreign Administrative
Agent shall have the right at any time, upon the occurrence and during the continuance of an Event of Default and upon three (3)
Business Days’ prior written notice to such Foreign Grantor of its intention to do so, to notify the Obligors under any
Receivables and Related Contracts of the assignment of such Receivables and Related Contracts to the Foreign Administrative Agent
and to direct such Obligors to make payment of all amounts due or to become due to such Foreign Grantor thereunder directly to
the Foreign Administrative Agent and, upon such notification and at the expense of such Foreign Grantor, to enforce collection
of any such Receivables and Related Contracts, to adjust, settle or compromise the amount or payment thereof, in the same manner
and to the same extent as such Foreign Grantor might have done, and to otherwise exercise all rights with respect to such Receivables
and Related Contracts, including, without limitation, those set forth set forth in Section 9-607 of the UCC. After receipt by
any Foreign Grantor of the notice from the Foreign Administrative Agent referred to in the proviso to the preceding sentence and
so long as an Event of Default has occurred and is continuing, (i) all amounts and proceeds (including, without limitation, instruments)
received by such Foreign Grantor in respect of the Receivables and Related Contracts of such Foreign Grantor shall be received
in trust for the benefit of the Foreign Administrative Agent hereunder, shall be segregated from other funds of such Foreign Grantor
and shall be forthwith paid over to the Foreign Administrative Agent in the same form as so received (with any necessary indorsement)
to be deposited in the Foreign Administrative Agent’s Office and applied as provided in Section 22(b) and (ii) such Foreign
Grantor will not, other than in the ordinary course, adjust, settle or compromise the amount or payment of any Receivable or amount
due on any Related Contract, release wholly or partly any Obligor thereof or allow any credit or discount thereon. If any amounts
or proceeds shall have been deposited in the Foreign Administrative Agent’s Office pursuant to clause (i) of this subsection
(b) and shall not have been applied as provided in Section 22(b), at such time as no Event of Default shall then be continuing,
the Foreign Administrative Agent shall release such remaining amounts or proceeds to the applicable Foreign Grantor. No Foreign
Grantor will permit or consent, other than in the ordinary course, to the subordination of its right to payment under any of the
Receivables and Related Contracts to any other indebtedness or obligations of the Obligor thereof.

 

Section 13. As to Intellectual Property
Collateral. (a) Unless such Foreign Loan Party shall have previously determined that the loss of such Intellectual Property
would not reasonably be expected to have a Material Adverse Effect, with respect to each item of its Intellectual Property Collateral,
each Foreign Grantor agrees to take, at its expense, all commercially reasonable steps, including, without limitation, as such
Foreign Grantor deems appropriate under the circumstances in the U.S. Patent and Trademark Office, the U.S. Copyright Office and
any other United States governmental authority, to (i) maintain the validity and enforceability of such Intellectual Property
Collateral and maintain such Intellectual Property Collateral in full force and effect, and (ii) pursue the registration and maintenance
of each patent, trademark, or copyright registration or application, now or hereafter included in such Intellectual Property Collateral
of such Foreign Grantor, including, without limitation, the payment of required fees and taxes, the filing of responses to office
actions issued by the U.S. Patent and Trademark Office, the U.S. Copyright Office or other governmental authorities, the filing
of applications for renewal or extension, the filing of affidavits under Sections 8 and 15 of the U.S. Trademark Act, the filing
of divisional, continuation, continuation-in-part, reissue and renewal applications or extensions, the payment of maintenance
fees and the participation in interference, reexamination, opposition, cancellation, infringement and misappropriation proceedings.
Except to the extent permitted by the Credit Agreement, no Foreign Grantor shall, without the written consent of the Foreign Administrative
Agent, sell, assign, convey, transfer, discontinue use of, permit to lapse, or otherwise abandon any Intellectual Property Collateral,
or abandon any right to file an application for patent, trademark, or copyright, unless such Foreign Grantor shall have previously
determined that the loss of such Intellectual Property Collateral would not reasonably be expected to have a Material Adverse
Effect.

 

    	 	17	Chemtura (Revolving Facility) Foreign Security Agreement

    	 

    

 

(b) If the result of such abandonment, invalidity,
unenforceability, determination or any other action would reasonably be expected to have a Material Adverse Effect, each Foreign
Grantor agrees promptly to notify the Foreign Administrative Agent if such Foreign Grantor becomes aware (i) that any item of
the Intellectual Property Collateral may have become abandoned, placed in the public domain, invalid or unenforceable, or of any
adverse determination or development regarding such Foreign Grantor’s ownership of any item of Intellectual Property Collateral
or its right to register any patent, trademark or copyright included in the Intellectual Property Collateral or to keep and maintain
and enforce any issued patent or patent application or any registration or application for any trademark or copyright, or (ii)
of any adverse determination or the institution of any proceeding (including, without limitation, the institution of any proceeding
in the U.S. Patent and Trademark Office or any court) regarding any item of the Intellectual Property Collateral.

 

(c) In the event that any Foreign Grantor
becomes aware that any item of the Intellectual Property Collateral is being infringed, misappropriated, diluted or otherwise
violated by a third party, and such infringement or misappropriation would reasonably be expected to result in a Material Adverse
Effect, such Foreign Grantor shall promptly notify the Foreign Administrative Agent and shall take all commercially reasonable
actions, at its expense, to protect or enforce such Intellectual Property Collateral, including, without limitation, suing for
infringement or misappropriation and for an injunction against such infringement or misappropriation.

 

(d) Each Foreign Grantor shall use proper
statutory notice in connection with its use of registered trademarks, proper marking practices in connection with its use of patents,
and appropriate notice of copyright in connection with the publication of copyrights, in each case, that are included in the Intellectual
Property Collateral, except where the failure to do so would not reasonably be expected to result in a Material Adverse Effect.
No Foreign Grantor shall do or permit any act or knowingly omit to do any act whereby any of the Intellectual Property Collateral
may lapse or become invalid or unenforceable or placed in the public domain, except where such loss of rights in such Intellectual
Property Collateral would not reasonably be expected to result in a Material Adverse Effect.

 

(e) Each Foreign Grantor shall take all commercially
reasonable steps to preserve and protect each item of its Intellectual Property Collateral, including, without limitation, maintaining
the quality of any and all products or services used or provided in connection with any of the Trademarks, consistent with the
quality of the products and services as of the date hereof, and taking reasonable steps to ensure that all licensed users of any
of the Trademarks use such consistent standards of quality.

 

(f) Within 60 days of the date hereof, with
respect to the Intellectual Property Collateral set forth on Schedule IV(to the extent still owned by a US Grantor on such date),
each Foreign Grantor agrees to execute or otherwise authenticate an agreement, in substantially the form set forth in Exhibit
A hereto (an “Intellectual Property Foreign Security Agreement”), for recording the security interest
granted hereunder to the Foreign Administrative Agent in such Intellectual Property Collateral with the U.S. Patent and Trademark
Office and the U.S. Copyright Office.

 

    	 	18	Chemtura (Revolving Facility) Foreign Security Agreement

    	 

    

 

(g) Each Foreign Grantor agrees that should
it obtain or otherwise acquire an ownership interest in any item of the type set forth in Section 1(h) that is not on the date
hereof a part of the Intellectual Property Collateral (“After-Acquired Intellectual Property”) (i) the
provisions of this Agreement shall automatically apply thereto, and (ii) any such After-Acquired Intellectual Property and, in
the case of trademarks, the goodwill symbolized thereby, shall automatically become part of the Intellectual Property Collateral
subject to the terms and conditions of this Agreement with respect thereto. Within thirty (30) days of the end of each fiscal
quarter of the Company, each Foreign Grantor shall give written notice to the Foreign Administrative Agent identifying the After-Acquired
Intellectual Property that is the subject of registrations or applications for registration thereof acquired during such fiscal
quarter, and such Foreign Grantor shall execute and deliver to the Foreign Administrative Agent with such written notice, or otherwise
authenticate, an agreement substantially in the form of Exhibit B hereto (an “IP Foreign Security Agreement Supplement”)
covering such After-Acquired Intellectual Property, which IP Foreign Security Agreement Supplement shall be recorded with the
U.S. Patent and Trademark Office or the U.S. Copyright Office as necessary to perfect the security interest hereunder in such
After-Acquired Intellectual Property.

 

Section 14. Voting Rights; Dividends;
Etc.

 

(a) So long as no Event of Default shall
have occurred and be continuing:

 

(i)          Each
Foreign Grantor shall be entitled to exercise any and all voting and other consensual rights pertaining to the Security Collateral
of such Foreign Grantor or any part thereof for any purpose.

 

(ii)         Each
Foreign Grantor shall be entitled to receive and retain any and all dividends, interest and other distributions paid in respect
of the Security Collateral of such Foreign Grantor if and to the extent that the payment thereof is not otherwise prohibited by
the terms of the Loan Documents; provided, however, that if any Event of Default has occurred and is continuing,
any and all

 

(A) dividends, interest and other
distributions paid or payable other than in cash in respect of, and instruments and other property received, receivable or otherwise
distributed in respect of, or in exchange for, any Security Collateral,

 

(B) dividends and other distributions
paid or payable in cash in respect of any Security Collateral in connection with a partial or total liquidation or dissolution
or in connection with a reduction of capital, capital surplus or paid in surplus and

 

(C) cash paid, payable or otherwise
distributed in respect of principal of, or in redemption of, or in exchange for, any Security Collateral

 

shall be, and shall be forthwith delivered to the
Foreign Administrative Agent (unless such cash is required to be delivered and has been so delivered to the Term Facility Agent
or the US Administrative Agent pursuant to the Intercreditor Agreement) to hold as, Security Collateral and shall, if received
by such Foreign Grantor, be received in trust for the benefit of the Foreign Administrative Agent, be segregated from the other
property or funds of such Foreign Grantor and be forthwith delivered to the Foreign Administrative Agent (unless such cash is
required to be delivered and has been so delivered to the Term Facility Agent or the US Administrative Agent pursuant to the Intercreditor
Agreement) as Security Collateral in the same form as so received (with any necessary indorsement).

 

    	 	19	Chemtura (Revolving Facility) Foreign Security Agreement

    	 

    

 

(iii)        Subject
to the Intercreditor Agreement, the Foreign Administrative Agent will execute and deliver (or cause to be executed and delivered)
to each Foreign Grantor all such proxies and other instruments as such Foreign Grantor may reasonably request for the purpose
of enabling such Foreign Grantor to exercise the voting and other rights that it is entitled to exercise pursuant to paragraph
(i) above and to receive the dividends or interest payments that it is authorized to receive and retain pursuant to paragraph
(ii) above.

 

(b) Upon the occurrence and during the continuance
of an Event of Default and upon notice to the Foreign Grantors by the Foreign Administrative Agent under this Section 14(b):

 

(i)          All
rights of each Foreign Grantor (x) to exercise or refrain from exercising the voting and other consensual rights that it would
otherwise be entitled to exercise pursuant to Section 14(a)(i) shall, upon notice to such Foreign Grantor by the Foreign Administrative
Agent, cease and (y) to receive the dividends, interest and other distributions that it would otherwise be authorized to receive
and retain pursuant to Section 14(a)(ii) shall automatically cease, and all such rights shall thereupon become vested in the Foreign
Administrative Agent, which shall thereupon so long as an Event of Default shall have occurred and be continuing have the sole
right to exercise or refrain from exercising such voting and other consensual rights and to receive and hold as Security Collateral
such dividends, interest and other distributions.

 

(ii)         All
dividends, interest and other distributions that are received by any Foreign Grantor contrary to the provisions of paragraph (i)
of this Section 14(b) shall, so long as an Event of Default shall have occurred and be continuing, be received in trust for the
benefit of the Foreign Administrative Agent, shall be segregated from other funds of such Foreign Grantor and shall be forthwith
paid over to the Foreign Administrative Agent (unless such dividends, interest and other distributions are required to be delivered
and have been so delivered to the Term Facility Agent or the US Administrative Agent) as Security Collateral in the same form
as so received (with any necessary indorsement).

 

(c) Nothing in this Section 14 shall be construed
to prohibit any Foreign Grantor from taking any action with respect to any intra-group Debt owed among the Company and its Subsidiaries
after an Event of Default as permitted by Section 5.02(j) of the Credit Agreement.

 

Section 15. [Reserved].

 

    	 	20	Chemtura (Revolving Facility) Foreign Security Agreement

    	 

    

 

Section 16. As to Letter-of-Credit Rights.
(a) Each Foreign Grantor, by granting a security interest in its Receivables consisting of letter-of-credit rights to the
Foreign Administrative Agent, intends to (and hereby does) assign to the Foreign Administrative Agent its rights (including its
contingent rights) to the proceeds of all Related Contracts consisting of any letter of credit (except for any letter of credit
the face amount of which does not exceed $1,000,000 individually and $10,000,000 in the aggregate (for any and all such letters
of credit issued for the benefit of any and all Foreign Grantors)) of which it is or hereafter becomes a beneficiary or assignee.
Each Foreign Grantor will promptly use commercially reasonable efforts to cause the issuer of each letter of credit (except for
any letter of credit the face amount of which does not exceed $1,000,000 individually and $10,000,000 in the aggregate (for any
and all such letters of credit issued for the benefit of any and all Foreign Grantors)) of which any Foreign Grantor is or hereafter
becomes a beneficiary or assignee and each nominated person (if any) with respect thereto to consent to such assignment of the
proceeds thereof pursuant to a consent in form and substance reasonably satisfactory to the Foreign Administrative Agent (with
provisions necessary to reflect the Term Facility Agent’s or the US Administrative Agent’s prior security interest
therein pursuant to the Intercreditor Agreement if the Term Facility Agent or the US Administrative Agent is required to be assigned
(and has been assigned) the proceeds thereof pursuant to a prior security interest therein in accordance with the Intercreditor
Agreement) and deliver written evidence of such consent to the Foreign Administrative Agent.

 

(b) Upon the occurrence and during the continuance
of an Event of Default, each Foreign Grantor will, promptly upon request by the Foreign Administrative Agent, (i) notify (and
such Foreign Grantor hereby authorizes the Foreign Administrative Agent to notify) the issuer and each nominated person with respect
to each of the Related Contracts consisting of any letter of credit (except for any letter of credit the face amount of which
does not exceed $1,000,000 individually and $10,000,000 in the aggregate (for any and all such letters of credit issued for the
benefit of any and all Foreign Grantors)) of which it is or hereafter becomes a beneficiary or assignee that the proceeds thereof
have been assigned to the Foreign Administrative Agent hereunder and any payments due or to become due in respect thereof are
to be made directly to the Foreign Administrative Agent or its designee and (ii) use commercially reasonable efforts to arrange
for the Foreign Administrative Agent (unless the Term Facility Agent or the US Administrative Agent (as the case may be) is required
to become (and has become) the transferee beneficiary thereof pursuant to a prior security interest therein pursuant to the Intercreditor
Agreement) to become the transferee beneficiary of such letter of credit.

 

Section 17. Commercial Tort Claims.
Each Foreign Grantor will give notice to the Foreign Administrative Agent within forty-five (45) days of a Responsible Officer
obtaining knowledge that such Foreign Grantor has any commercial tort claim that such Responsible Officer believes would reasonably
be expected to result in awarded damages (except to the extent such Responsible Officer believes in good faith that the amount
thereof (less any and all legal and other expenses incurred or reasonably expected to be incurred by such Foreign Grantor) does
not exceed $1,000,000 individually and $10,000,000 in the aggregate (for any and all such commercial tort claims held by any and
all Foreign Grantors) that any Foreign Grantor may become aware of after the date hereof and will promptly thereafter execute
or otherwise authenticate a supplement to this Agreement, and otherwise take all necessary action, to subject such commercial
tort claim to the security interest created under this Agreement.

 

Section 18. Transfers and Other Liens. (a) Each Foreign Grantor agrees that it will not (i) sell, assign or otherwise dispose of, or grant any option with respect
to, any of the Collateral, other than sales, assignments and other dispositions of Collateral, and options relating to Collateral,
permitted under the terms of the Credit Agreement, or (ii) create or suffer to exist any Lien upon or with respect to any of the
Collateral of such Foreign Grantor except for the pledge, assignment and security interest created under this Agreement and Liens
permitted under the Credit Agreement.

 

    	 	21	Chemtura (Revolving Facility) Foreign Security Agreement

    	 

    

 

Section 19. Foreign Administrative Agent
Appointed Attorney in Fact. Each Foreign Grantor hereby irrevocably appoints the Foreign Administrative Agent such Foreign
Grantor’s attorney in fact, with full authority in the place and stead of such Foreign Grantor and in the name of such Foreign
Grantor or otherwise, from time to time, upon the occurrence and during the continuance of an Event of Default, in the Foreign
Administrative Agent’s discretion, to take any action and to execute any instrument that the Foreign Administrative Agent
may deem necessary or advisable to accomplish the purposes of this Agreement, including, without limitation:

 

(a) to obtain and adjust insurance
required to be paid to the Foreign Administrative Agent pursuant to Section 11,

 

(b) to ask for, demand, collect,
sue for, recover, compromise, receive and give acquittance and receipts for moneys due and to become due under or in respect of
any of the Collateral,

 

(c) to receive, indorse and collect
any drafts or other instruments, documents and chattel paper, in connection with clause (a) or (b) above, and

 

(d) to file any claims or take
any action or institute any proceedings that the Foreign Administrative Agent may deem necessary or desirable for the collection
of any of the Collateral or otherwise to enforce the rights of the Foreign Administrative Agent with respect to any of the Collateral.

 

Section 20. Foreign Administrative Agent
May Perform. If any Foreign Grantor fails to perform any agreement contained herein related to the Lien and security interest
granted hereunder in the Collateral, the Foreign Administrative Agent may, as the Foreign Administrative Agent deems reasonably
necessary to protect the security interest granted hereunder in the Collateral or to protect the value thereof, but without any
obligation to do so and without notice, itself perform, or cause performance of, such agreement, and the expenses of the Foreign
Administrative Agent incurred in connection therewith shall be payable by such Foreign Grantor under Section 23.

 

Section 21. The Foreign Administrative
Agent’s Duties. (a) The powers conferred on the Foreign Administrative Agent hereunder are solely to protect the Secured
Parties’ interest in the Collateral and shall not impose any duty upon it to exercise any such powers. Except for the safe
custody of any Collateral in its possession and the accounting for moneys actually received by it hereunder, the Foreign Administrative
Agent shall have no duty as to any Collateral, as to ascertaining or taking action with respect to calls, conversions, exchanges,
maturities, tenders or other matters relative to any Collateral, whether or not any Foreign Secured Party has or is deemed to
have knowledge of such matters, or as to the taking of any necessary steps to preserve rights against any parties or any other
rights pertaining to any Collateral. The Foreign Administrative Agent shall be deemed to have exercised reasonable care in the
custody and preservation of any Collateral in its possession if such Collateral is accorded treatment substantially equal to that
which it accords its own property.

 

    	 	22	Chemtura (Revolving Facility) Foreign Security Agreement

    	 

    

 

(b) Anything contained herein to the contrary
notwithstanding, the Foreign Administrative Agent may from time to time, when the Foreign Administrative Agent deems it to be
necessary, appoint one or more subagents (each a “Subagent”) for the Foreign Administrative Agent hereunder
with respect to all or any part of the Collateral. In the event that the Foreign Administrative Agent so appoints any Subagent
with respect to any Collateral, (i) the assignment and pledge of such Collateral and the security interest granted in such Collateral
by each Foreign Grantor hereunder shall be deemed for purposes of this Agreement to have been made to such Subagent, in addition
to the Foreign Administrative Agent, for the ratable benefit of the Foreign Secured Parties, as security for the Secured Obligations
of such Foreign Grantor, (ii) such Subagent shall automatically be vested, in addition to the Foreign Administrative Agent, with
all rights, powers, privileges, interests and remedies of the Foreign Administrative Agent hereunder with respect to such Collateral,
and (iii) the term “Foreign Administrative Agent,” when used herein in relation to any rights, powers, privileges,
interests and remedies of the Foreign Administrative Agent with respect to such Collateral, shall include such Subagent; provided,
however, that no such Subagent shall be authorized to take any action with respect to any such Collateral unless and except
to the extent expressly authorized in writing by the Foreign Administrative Agent.

 

Section 22. Remedies. Subject to the
Intercreditor Agreement, if any Event of Default shall have occurred and be continuing:

 

(a) The Foreign Administrative
Agent may exercise in respect of the Collateral, in addition to other rights and remedies provided for herein or otherwise available
to it, all the rights and remedies of a secured party upon default under the UCC (whether or not the UCC applies to the affected
Collateral) and also may: (i) require each Foreign Grantor to, and each Foreign Grantor hereby agrees that it will at its expense
and upon request of the Foreign Administrative Agent forthwith, assemble all or part of the Collateral as directed by the Foreign
Administrative Agent and make it available to the Foreign Administrative Agent at a place and time to be designated by the Foreign
Administrative Agent that is reasonably convenient to both parties; (ii) without notice except as specified below, sell the Collateral
or any part thereof in one or more parcels at public or private sale, at any of the Foreign Administrative Agent’s offices
or elsewhere, for cash, on credit or for future delivery, and upon such other terms as the Foreign Administrative Agent may deem
commercially reasonable; (iii) occupy any premises owned or leased by any of the Foreign Grantors where the Collateral or any
part thereof is assembled or located for a reasonable period in order to effectuate its rights and remedies hereunder or under
law, without obligation to such Foreign Grantor in respect of such occupation; and (iv) exercise any and all rights and remedies
of any of the Foreign Grantors under or in connection with the Collateral, or otherwise in respect of the Collateral, including,
without limitation, (A) any and all rights of such Foreign Grantor to demand or otherwise require payment of any amount under,
or performance of any provision of, the Receivables, the Related Contracts and the other Collateral, (B) withdraw, or cause or
direct the withdrawal, of all funds with respect to the Account Collateral and (C) exercise all other rights and remedies with
respect to the Receivables, the Related Contracts and the other Collateral, including, without limitation, those set forth in
Section 9-607 of the UCC. Each Foreign Grantor agrees that, to the extent notice of sale shall be required by law, at least ten
days’ notice to such Foreign Grantor of the time and place of any public sale or the time after which any private sale is
to be made shall constitute reasonable notification. The Foreign Administrative Agent shall not be obligated to make any sale
of Collateral regardless of notice of sale having been given. The Foreign Administrative Agent may adjourn any public or private
sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made
at the time and place to which it was so adjourned.

 

    	 	23	Chemtura (Revolving Facility) Foreign Security Agreement

    	 

    

 

(b) Any cash held by or on behalf
of the Foreign Administrative Agent and all cash proceeds received by or on behalf of the Foreign Administrative Agent in respect
of any sale of, collection from, or other realization upon all or any part of the Collateral may, in the discretion of the Foreign
Administrative Agent, be held by the Foreign Administrative Agent as collateral for, and/or then or at any time thereafter applied
(after payment of any amounts payable to the Foreign Administrative Agent pursuant to Section 23) in whole or in part by the Foreign
Administrative Agent for the ratable benefit of the Foreign Secured Parties against, all or any part of the Secured Obligations,
in the manner described in Section 6.03 of the Credit Agreement.

 

(c) [Intentionally Omitted].

 

(d) After the occurrence and
during the continuance of any Event of Default, the Foreign Administrative Agent may, without notice to any Foreign Grantor except
as required by law and at any time or from time to time, charge, set off and otherwise apply all or any part of the Secured Obligations
against any funds held with respect to the Account Collateral or in any other deposit account.

 

(e) In the event of any sale
or other disposition of any of the Intellectual Property Collateral owned by any Foreign Grantor, the goodwill symbolized by any
Trademarks subject to such sale or other disposition shall be included therein, and such Foreign Grantor shall supply to the Foreign
Administrative Agent or its designee such Foreign Grantor’s know-how and expertise, and documents and things relating to
any such Intellectual Property Collateral subject to such sale or other disposition, and such Foreign Grantor’s customer
lists and other records and documents relating to such Intellectual Property Collateral and to the manufacture, distribution,
advertising and sale of products and services of such Foreign Grantor.

 

(f) Upon the occurrence and during
the continuance of any Event of Default, for the purpose of enabling the Foreign Administrative Agent to exercise rights and remedies
under this Section 22, each Foreign Grantor hereby grants to the Foreign Administrative Agent an irrevocable, non-exclusive license
(exercisable without payment of royalty or other compensation to such Foreign Grantor), subject, in the case of Trademarks, to
reasonable rights of such Foreign Grantor to quality control and inspection to avoid the risk of invalidation of the applicable
Trademarks, to assign, use, license or sublicense any of the Intellectual Property Collateral now owned or hereafter developed,
created, or acquired by such Foreign Grantor, wherever the same may be located, subject to any restrictions contained in any IP
Agreements. The foregoing license includes access to all media in which any of the licensed items may be recorded or stored and
to all computer programs used for the compilation or printout thereof.

 

    	 	24	Chemtura (Revolving Facility) Foreign Security Agreement

    	 

    

 

Section 23. Indemnity and Expenses.
(a) Each Foreign Grantor agrees, to the fullest extent permitted by law, to indemnify and hold harmless each Foreign Secured Party
and each of their Affiliates and their respective officers, directors, employees, agents and advisors (each, an “Indemnified
Party”) from and against, and shall pay within ten (10) Business Days of written demand, any and all claims, damages,
losses, liabilities and reasonable out-of-pocket expenses (including, without limitation, reasonable fees and expenses of counsel)
that may be incurred by or asserted or awarded against any Indemnified Party, in each case arising out of or in connection with
or resulting from this Agreement (including, without limitation, enforcement of this Agreement), except to the extent such claim,
damage, loss, liability or expense is found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted
from such Indemnified Party’s gross negligence or willful misconduct. This Section 23(a) shall not apply with respect to
Taxes, other than Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.

 

(b) Each Foreign Grantor will upon demand
pay to the Foreign Administrative Agent the amount of any and all reasonable and documented out-of-pocket expenses, including,
without limitation, the reasonable fees and expenses of its counsel and of any experts and agents, that the Foreign Administrative
Agent may incur in connection with (i) the administration of this Agreement, (ii) the custody, preservation, use or operation
of, or the sale of, collection from or other realization upon, any of the Collateral of such Foreign Grantor, (iii) the exercise
or enforcement of any of the rights of the Foreign Administrative Agent or the other Foreign Secured Parties hereunder or (iv)
the failure by such Foreign Grantor to perform or observe any of the provisions hereof.

 

Section 24. Amendments; Waivers; Additional
Foreign Grantors; Etc. (a) No amendment or waiver of any provision of this Agreement, and no consent to any departure
by any Foreign Grantor herefrom, shall in any event be effective unless the same shall be in writing and signed by the Foreign
Grantors and the Foreign Administrative Agent, and then such waiver or consent shall be effective only in the specific instance
and for the specific purpose for which given. No failure on the part of the Foreign Administrative Agent or any other Foreign
Secured Party to exercise, and no delay in exercising any right hereunder, shall operate as a waiver thereof; nor shall any single
or partial exercise of any such right preclude any other or further exercise thereof or the exercise of any other right.

 

(b) Upon the execution and delivery by any
Person of a foreign security agreement supplement in substantially the form of Exhibit C hereto (each a “Foreign Security
Agreement Supplement”), such Person shall be referred to as an “Additional Foreign Grantor”
and shall be and become a Foreign Grantor hereunder, and each reference in this Agreement and the other Loan Documents to “Foreign
Grantor” shall also mean and be a reference to such Additional Foreign Grantor, each reference in this Agreement and the
other Loan Documents to the “Collateral” shall also mean and be a reference to the Collateral granted by such Additional
Foreign Grantor and each reference in this Agreement to a Schedule shall also mean and be a reference to the schedules attached
to such Foreign Security Agreement Supplement.

 

    	 	25	Chemtura (Revolving Facility) Foreign Security Agreement

    	 

    

 

Section 25. Notices, Etc. All notices
and other communications provided for hereunder shall be either (i) in writing (including telegraphic, telecopier or telex communication)
and mailed, telegraphed, telecopied, telexed or otherwise delivered or (ii) by electronic mail (if electronic mail addresses are
designated as provided below) confirmed immediately in writing, in the case of the Company or the Foreign Administrative Agent,
addressed to it at its address specified in the Credit Agreement and, in the case of each Foreign Grantor other than the Company,
addressed to it at its address set forth opposite such Foreign Grantor’s name on the signature pages hereto or on the signature
page to the Foreign Security Agreement Supplement pursuant to which it became a party hereto; or, as to any party, at such other
address as shall be designated by such party in a written notice to the other parties. All such notices and other communications
shall, when mailed, telecopied, sent by electronic mail or otherwise, be effective when deposited in the mails, telecopied, sent
by electronic mail and confirmed in writing, or otherwise delivered (or confirmed by a signed receipt), respectively, addressed
as aforesaid; except that notices and other communications to the Foreign Administrative Agent shall not be effective until received
by the Foreign Administrative Agent. Delivery by telecopier of an executed counterpart of any amendment or waiver of any provision
of this Agreement or of any Foreign Security Agreement Supplement or Schedule hereto shall be effective as delivery of an original
executed counterpart thereof.

 

Section 26. Continuing Security Interest;
Assignments under the Credit Agreement. This Agreement shall create a continuing security interest in the Collateral and shall
(a) remain in full force and effect until the latest of (i) the payment in full in cash of the Secured Obligations (other than
contingent indemnification obligations which are not then due and payable; provided that in the case of any such obligations
as to which the Foreign Administrative Agent or any Foreign Lender Party has made a claim which has not been satisfied, such obligations
have been cash collateralized in an amount sufficient in the reasonable judgment of the Foreign Administrative Agent or such Foreign
Lender Party to satisfy such claim), (ii) the termination or expiration of all Foreign Letters of Credit and Foreign Secured Cash
Management Agreements (or the date on which all Foreign L/C Obligations shall have been Cash Collateralized and all obligations
under Foreign Secured Cash Management Agreements shall have been cash collateralized in a manner reasonably satisfactory to each
applicable Foreign Cash Management Bank), and (iii) the termination or expiration of all Foreign Revolving Credit Commitments
(including the termination or expiration of the Borrowers’ rights under Section 2.19 of the Credit Agreement) (such latest
event, the “Discharge”), (b) be binding upon each Foreign Grantor, its successors and assigns and (c)
inure, together with the rights and remedies of the Foreign Administrative Agent hereunder, to the benefit of the Foreign Secured
Parties and their respective successors, transferees and assigns. Without limiting the generality of the foregoing clause (c),
any Foreign Lender Party may assign or otherwise transfer all or any portion of its rights and obligations under the Credit Agreement
(including, without limitation, all or any portion of its Foreign Revolving Credit Commitment, the Foreign Revolving Credit Advances
owing to it and the Note or Notes, if any, held by it in respect of such Foreign Revolving Credit Advances) to any other Person,
and such other Person shall thereupon become vested with all the benefits in respect thereof granted to such Foreign Lender Party
herein or otherwise, in each case as provided in Section 10.07 of the Credit Agreement.

 

    	 	26	Chemtura (Revolving Facility) Foreign Security Agreement

    	 

    

 

Section 27. Release; Termination.
(a) Upon any sale, lease, transfer or other disposition of any item of Collateral of any Foreign Grantor in accordance with the
terms of the Loan Documents (other than sales of Inventory in the ordinary course of business), the Foreign Administrative Agent
will, at such Foreign Grantor’s expense, execute and deliver to such Foreign Grantor such documents as such Foreign Grantor
shall reasonably request to evidence the release of such item of Collateral from the assignment and security interest granted
hereby; provided, however, that (i) at the time of such request and such release no Default shall have occurred
and be continuing, (ii) such Foreign Grantor shall have delivered to the Foreign Administrative Agent, at least two (2) Business
Days prior to the date of the proposed release, a written request for release describing the item of Collateral and the terms
of the sale, lease, transfer or other disposition in reasonable detail, including, without limitation, the price thereof and any
expenses in connection therewith, together with a form of release for execution by the Foreign Administrative Agent and a certificate
of such Foreign Grantor to the effect that the transaction is in compliance with the Loan Documents and as to such other matters
as the Foreign Administrative Agent may request and (iii) each Foreign Grantor shall comply with Section 2.07 of the Credit Agreement
with respect to any such sale, lease, transfer or other disposition.

 

(b) Upon the occurrence of the Discharge,
the pledge and security interest granted hereby shall terminate and all rights to the Collateral shall revert to the applicable
Foreign Grantor. Upon any such termination, the Foreign Administrative Agent will, at the Foreign Grantors’ expense, execute
and deliver to Foreign Grantors such documents as any Foreign Grantor shall reasonably request to evidence such termination.

 

Section 28. Execution in Counterparts.
This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original
and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature
page to this Agreement by telecopier or by electronic transmission (e.g. “.pdf” or “.tif”) shall be effective
as delivery of an original executed counterpart of this Agreement.

 

Section 29. Governing Law. This Agreement
shall be governed by, and construed in accordance with, the laws of the State of New York.

 

Section 30. Intercreditor Agreement. Reference
is made to the Intercreditor Agreement. Notwithstanding any other provision contained herein, this Agreement, the Liens created
hereby and the rights, remedies, duties and obligations provided for herein are subject in all respects to the provisions of the
Intercreditor Agreement and, to the extent provided therein, the applicable Senior Secured Obligations Security Documents. In
the event of any conflict or inconsistency between the provisions of this Agreement and the Intercreditor Agreement, the provisions
of the Intercreditor Agreement shall control.

 

    	 	27	Chemtura (Revolving Facility) Foreign Security Agreement

    	 

    

 

IN WITNESS WHEREOF, each Foreign Grantor
has caused this Agreement to be duly executed and delivered by its officer thereunto duly authorized as of the date first above
written.

 

	 	CHEMTURA CORPORATION
	 	 
	 	By	 
	 	 	Name:  Stephen C. Forsyth
	 	 	Title:  Executive Vice President and Chief Financial Officer
	 	 	 
	Address for Notices:	BIO-LAB, INC.
	199 Benson Rd.	 	 
	Middlebury, CT 06749	 	 
	 	By	 
	 	 	Name:  Arthur Fullerton
	 	 	Title:  Vice President
	 	 	 
	Address for Notices:	CROMPTON COLORS INCORPORATED
	199 Benson Rd.	 	 
	Middlebury, CT 06749	 	 
	 	By	 
	 	 	Name:  Arthur Fullerton
	 	 	Title:  Vice President
	 	 	 
	Address for Notices:	GLCC LAUREL, LLC
	199 Benson Rd.	 	 
	Middlebury, CT 06749	 	 
	 	By	 
	 	 	Name:  Arthur Fullerton
	 	 	Title:  Vice President
	 	 	 
	Address for Notices:	GREAT LAKES CHEMICAL CORPORATION
	199 Benson Rd.	 	 
	Middlebury, CT 06749	 	 
	 	By	 
	 	 	Name:  Arthur Fullerton
	 	 	Title:  Vice President

 

    	 	[Signature Page]	Chemtura (Revolving Facility) Foreign Security Agreement

    	 

    

 

	Address for Notices:	HOMECARE LABS, INC.
	199 Benson Rd.	 	 
	Middlebury, CT 06749	 	 
	 	By	 
	 	 	Name:  Arthur Fullerton
	 	 	Title:  Vice President
	 	 
	Address for Notices:	RECREATIONAL WATER PRODUCTS, INC.
	199 Benson Rd.	 	 
	Middlebury, CT 06749	 	 
	 	By	 
	 	 	Name:  Arthur Fullerton
	 	 	Title:  Secretary

 

    	 	[Signature Page]	Chemtura (Revolving Facility) Foreign Security Agreement

    	 

    

 

Schedule
I to the

Foreign Security Agreement

 

INVESTMENT PROPERTY

 

Part I

 

Initial Pledged Shares

 

	Foreign

Grantor	 	Issuer	 	Class of

    Equity

    Interest	 	Par Value	 	Certificate

    No(s)	 	Number
    of 

    Shares	 	Percentage
    

    of

    Outstanding

    Shares
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 

 

Part II

 

Initial Pledged Debt

 

	Foreign

Grantor	 	Debt

    Issuer	 	Description 

    of Debt	 	Debt 

    Certificate

    No(s)	 	Final

    Maturity	 	Outstanding 

    Principal

    Amount
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

 

Part III

 

Securities Accounts

 

	Foreign

Grantor	 	Type of
    Account	 	Name and

    Address

    of Bank	 	Account
    Number
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

    	 	I-1	Chemtura (Revolving Facility) Foreign Security Agreement

    	 

    

 

Part IV

 

Other Investment Property

 

	Foreign
Grantor	 	Issuer	 	Name of

    Investment	 	Certificate

    No(s)	 	Amount	 	Other 

    Identification
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

 

    	 	I-2	Chemtura (Revolving Facility) Foreign Security Agreement

    	 

    

 

Schedule
II to the

Foreign Security Agreement

 

INITIAL PLEDGED DEPOSIT ACCOUNTS

 

	Foreign Grantor	 	Type of Account	 	Name and

    Address

    of Bank	 	Account Number
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

    	 	II-1	Chemtura (Revolving Facility) Foreign Security Agreement

    	 

    

 

Schedule
III to the

Foreign Security Agreement

 

[INTENTIONALLY OMITTED]

 

    	 	III-1	Chemtura (Revolving Facility) Foreign Security Agreement

    	 

    

 

Schedule
IV to the

Foreign Security Agreement

 

INTELLECTUAL PROPERTY

 

I. Patents

 

	Foreign

Grantor	 	Patent

    Titles	 	Country	 	Patent
    No.	 	Application
    

    No.	 	Filing
    Date	 	Issue
    Date
	 	 	 	 	 	 	 	 	 	 	 	 	 

 

II. Trademarks

 

	Foreign

Grantor	 	Mark	 	Country	 	Mark	 	Reg.

    No.	 	Application

    No.	 	Filing

    Date	 	Reg.

    Date
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

III. Trade Names

 

	Foreign

Grantor	 	Names
	 	 	 

 

IV. Copyrights

 

	Foreign

Grantor	 	Title
    of

    Work	 	Country	 	Title	 	Reg.

    No.	 	Filing

    Date	 	Reg.

    Date
	 	 	 	 	 	 	 	 	 	 	 	 	 

 

 

V. IP Agreements

 

    	 	IV-1	Chemtura (Revolving Facility) Foreign Security Agreement

    	 

    

 

Schedule
V to the

Foreign Security Agreement

 

COMMERCIAL TORT CLAIMS

 

[Describe nature of claim(s)-see Comment
5 to UCC Section 9-108]

 

    	 	V-1	Chemtura (Revolving Facility) Foreign Security Agreement

    	 

    

 

Schedule
VI to the

Foreign Security Agreement

 

LOCATION, CHIEF EXECUTIVE OFFICE, TYPE
OF ORGANIZATION,

JURISDICTION OF ORGANIZATION AND ORGANIZATIONAL IDENTIFICATION NUMBER

 

	Foreign

Grantor	 	Location	 	Chief

    Executive

    Office	 	Type
    of

    Organization	 	Jurisdiction
    of

    Organization	 	Organizational

    I.D. No.
	 	 	 	 	 	 	 	 	 	 	 

 

    	 	VI-1	Chemtura (Revolving Facility) Foreign Security Agreement

    	 

    

 

Schedule
VII to the

Foreign Security Agreement

 

CHANGES IN NAME, LOCATION, ETC.

 

    	 	VII-1	Chemtura (Revolving Facility) Foreign Security Agreement

    	 

    

 

Schedule
VIII to the

Foreign Security Agreement

 

[INTENTIONALLY OMITTED]

 

    	 	VIII-1	Chemtura (Revolving Facility) Foreign Security Agreement

    	 

    

 

Schedule
IX to the

Foreign Security Agreement

 

LETTERS OF CREDIT

 

	Beneficiary

(Foreign

Grantor)	 	Issuer	 	Nominated
    

    Person

    (if any)	 	Account

    Party	 	Number	 	Maximum

    Available

    Amount	 	Date
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	 	IX-1	Chemtura (Revolving Facility) Foreign Security Agreement

    	 

    

 

Exhibit A to the

Foreign Security Agreement

 

FORM OF THIRD LIEN INTELLECTUAL PROPERTY
FOREIGN SECURITY AGREEMENT

 

This THIRD LIEN INTELLECTUAL PROPERTY FOREIGN
SECURITY AGREEMENT (as amended, amended and restated, supplemented or otherwise modified from time to time, the “IP
Foreign Security Agreement”) dated as of December [ ], 2013, is made by the Persons listed on the signature pages
hereof (collectively, the “Foreign Grantors”) in favor of BANK OF AMERICA, N.A., as Foreign Administrative
Agent (the “Administrative Agent”) for the Foreign Secured Parties (as defined in the Credit Agreement
referred to below).

 

WHEREAS, Chemtura Corporation, a Delaware
corporation (the “Company”) and the Subsidiary Borrowers referred to therein (together with the Company,
the “Borrowers”) have entered into a Senior Secured Revolving Facilities Credit Agreement dated as of
November 10, 2010 (as amended and restated on December 4, 2013 and as further amended, amended and restated, supplemented or otherwise
modified from time to time, the “Credit Agreement”), with Bank of America, N.A., as Foreign Administrative
Agent, and the Lender Parties and the other agents party thereto. Terms defined in the Credit Agreement and not otherwise defined
herein are used herein as defined in the Credit Agreement.

 

WHEREAS, as a condition precedent to the
making of Foreign Revolving Credit Advances and the issuance of Foreign Letters of Credit by the Foreign Lender Parties under
the Credit Agreement and the entry into Secured Cash Management Agreements by the Foreign Cash Management Banks from time to time,
each Foreign Grantor has executed and delivered that certain Foreign Security Agreement dated as of December 4, 2013 made by the
Foreign Grantors to the Foreign Administrative Agent (as amended, amended and restated, supplemented or otherwise modified from
time to time, the “Foreign Security Agreement”).

 

WHEREAS, under the terms of the Foreign Security
Agreement, the Foreign Grantors have granted to the Foreign Administrative Agent, for the ratable benefit of the Foreign Secured
Parties, a security interest in, among other property, certain intellectual property of the Foreign Grantors, and have agreed
as a condition thereof to execute this IP Foreign Security Agreement for recording with the U.S. Patent and Trademark Office,
the United States Copyright Office and other governmental authorities.

 

NOW, THEREFORE, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, each Foreign Grantor agrees as follows:

 

SECTION 1. Grant of Security. Each
Foreign Grantor hereby grants to the Administrative Agent for the ratable benefit of the Secured Parties a security interest in
all of such Foreign Grantor’s right, title and interest in and to the following (the “Collateral”):

 

(i)          all
patents and patent applications set forth in Schedule A hereto (the “Patents”);

 

    	 	A-1	Chemtura (Revolving Facility) Foreign Security Agreement

    	 

    

 

(ii)         all
trademark and service mark registrations and applications set forth in Schedule B hereto (provided that no security interest shall
be granted in any United States intent-to-use trademark application for registration of a trademark filed pursuant to Section
1(b) of the Lanham Act, 15 U.S.C. § 1051, prior to the filing of a “Statement of Use” pursuant to Section 1(d)
of the Lanham Act or an “Amendment to Allege Use” pursuant to Section 1(c) of the Lanham Act with respect thereto,
solely to the extent, if any, that, and solely during the period, if any, in which, the grant of a security interest therein would
impair the validity or enforceability or result in the voiding of such application or any registration that issues from such application
under applicable federal law), together, in each case, with the goodwill symbolized thereby (the “Trademarks”);

 

(iii)        all
copyright registrations and applications set forth in Schedule C hereto (the “Copyrights”);

 

(iv)        all
reissues, divisions, continuations, continuations-in-part, extensions, renewals and reexaminations of any of the foregoing, all
rights in the foregoing provided by international treaties or conventions and all rights corresponding thereto throughout the
world and all other rights of any kind whatsoever of such Foreign Grantor accruing thereunder or pertaining thereto;

 

(v)         any
and all claims for damages and injunctive relief for past, present and future infringement, dilution, misappropriation, violation,
misuse or breach with respect to any of the foregoing, with the right, but not the obligation, to sue for and collect, or otherwise
recover, such damages; and

 

(vi)        any
and all proceeds of, collateral for, income, royalties and other payments now or hereafter due and payable with respect to, and
supporting obligations relating to any of the foregoing.

 

SECTION 2. Security for Obligations.
The grant of a security interest in the Collateral by each Foreign Grantor under this IP Foreign Security Agreement secures the
payment of all Foreign Obligations of each Foreign Loan Party or Subsidiary of a Foreign Loan Party now or hereafter existing
under or in respect of the Loan Documents (including, without limitation, the Foreign Secured Cash Management Agreements), whether
direct or indirect, absolute or contingent, and whether for principal, reimbursement obligations, interest, premiums, penalties,
fees, indemnifications, contract causes of action, costs, expenses or otherwise. Without limiting the generality of the foregoing,
this IP Foreign Security Agreement secures, as to each Foreign Grantor, the payment of all amounts that constitute part of the
Secured Obligations and that would be owed by any Foreign Loan Party or Subsidiary of a Foreign Loan Party to any Foreign Secured
Party under the Loan Documents but for the fact that such Secured Obligations are unenforceable or not allowable due to the existence
of a bankruptcy, reorganization or similar proceeding involving a Foreign Loan Party or Subsidiary of a Foreign Loan Party.

 

SECTION 3. Recordation. Each Foreign
Grantor authorizes and requests that the Register of Copyrights, the Commissioner for Patents and the Commissioner for Trademarks
and any other applicable government officer record this IP Foreign Security Agreement.

 

    	 	A-2	Chemtura (Revolving Facility) Foreign Security Agreement

    	 

    

 

SECTION 4. Execution in Counterparts.
This IP Foreign Security Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed
to be an original and all of which taken together shall constitute one and the same agreement.

 

SECTION 5. Grants, Rights and Remedies.
This IP Foreign Security Agreement has been entered into in conjunction with the provisions of the Foreign Security Agreement.
Each Foreign Grantor does hereby acknowledge and confirm that the grant of the security interest hereunder to, and the rights
and remedies of, the Foreign Administrative Agent with respect to the Collateral are more fully set forth in the Foreign Security
Agreement. In the event of a conflict between the provisions of this IP Foreign Security Agreement and the provisions of the Foreign
Security Agreement, the provisions of the Foreign Security Agreement shall control.

 

SECTION 6. Governing Law. This IP
Foreign Security Agreement shall be governed by, and construed in accordance with, the laws of the State of New York.

 

SECTION 7. Intercreditor Agreement.
Reference is made to the Intercreditor Agreement. Notwithstanding any other provision contained herein, this IP Foreign Security
Agreement, the Liens created hereby and the rights, remedies, duties and obligations provided for herein are subject in all respects
to the provisions of the Intercreditor Agreement and, to the extent provided therein, the applicable Senior Secured Obligations
Security Documents (as defined in the Intercreditor Agreement). In the event of any conflict or inconsistency between the provisions
of this IP Foreign Security Agreement and the Intercreditor Agreement, the provisions of the Intercreditor Agreement shall control.

 

    	 	A-3	Chemtura (Revolving Facility) Foreign Security Agreement

    	 

    

 

IN WITNESS WHEREOF, each Foreign Grantor
has caused this IP Foreign Security Agreement to be duly executed and delivered by its officer thereunto duly authorized as of
the date first above written.

 

	 	CHEMTURA CORPORATION
	 	 	 
	 	By	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	[NAME OF FOREIGN GRANTOR]

	 	 	 
	 	By	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	[NAME OF FOREIGN GRANTOR]

	 	 	 
	 	By	 
	 	 	Name:
	 	 	Title:

 

    	 	A-4	Chemtura (Revolving Facility) Foreign Security Agreement

    	 

    

 

Exhibit B to the

Foreign Security Agreement

 

FORM OF THIRD LIEN INTELLECTUAL PROPERTY
FOREIGN SECURITY

AGREEMENT SUPPLEMENT

 

This THIRD LIEN INTELLECTUAL PROPERTY FOREIGN
SECURITY AGREEMENT SUPPLEMENT (this “IP Foreign Security Agreement Supplement”) dated as of __________,
201_, is made by the Person listed on the signature page hereof (the “Foreign Grantor”) in favor of
Bank of America, N.A., as Foreign Administrative Agent (the “Foreign Administrative Agent”) for the
Foreign Secured Parties (as defined in the Credit Agreement referred to below).

 

WHEREAS, Chemtura Corporation, a Delaware
corporation (the “Company”) and the Subsidiary Borrowers referred to therein (together with the Company,
the “Borrowers”) have entered into a Senior Secured Revolving Facilities Credit Agreement dated as of
November 10, 2010 (as amended and restated on December 4, 2013 and as further amended, amended and restated, supplemented or otherwise
modified from time to time, the “Credit Agreement”), with Bank of America, N.A., as foreign administrative
agent, and the Lender Parties and the other agents party thereto. Terms defined in the Credit Agreement and not otherwise defined
herein are used herein as defined in the Credit Agreement.

 

WHEREAS, pursuant to the Credit Agreement,
the Foreign Grantor and certain other Persons have executed and delivered that certain Foreign Security Agreement dated as of
December [   ], 2013 made by the Foreign Grantor and such other Persons to the Administrative Agent (as amended, amended and restated,
supplemented or otherwise modified from time to time, the “Foreign Security Agreement”) and that certain
Third Lien Intellectual Property Foreign Security Agreement dated as of December 4, 2013 (as amended, amended and restated, supplemented
or otherwise modified from time to time, the “IP Foreign Security Agreement”).

 

WHEREAS, under the terms of the Foreign Security
Agreement, the Foreign Grantor has granted to the Foreign Administrative Agent, for the ratable benefit of the Foreign Secured
Parties, a security interest in the Additional Collateral (as defined in Section 1 below) of the Foreign Grantor and has agreed
as a condition thereof to execute this IP Foreign Security Agreement Supplement for recording with the U.S. Patent and Trademark
Office, the United States Copyright Office and other governmental authorities.

 

NOW, THEREFORE, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Foreign Grantor agrees as follows:

 

SECTION 1. Grant of Security. Each
Foreign Grantor hereby grants to the Foreign Administrative Agent, for the ratable benefit of the Foreign Secured Parties, a security
interest in all of such Foreign Grantor’s right, title and interest in and to the following (the “Additional
Collateral”):

 

(i)          all
patents and patent applications set forth in Schedule A hereto (the “Patents”);

 

    	 	B-1	Chemtura (Revolving Facility) Foreign Security Agreement

    	 

    

 

(ii)         all
trademark and service mark registrations and applications set forth in Schedule B hereto (provided that no security interest shall
be granted in any United States intent-to-use trademark application for registration of a trademark filed pursuant to Section
1(b) of the Lanham Act, 15 U.S.C. § 1051, prior to the filing of a “Statement of Use” pursuant to Section 1(d)
of the Lanham Act or an “Amendment to Allege Use” pursuant to Section 1(c) of the Lanham Act with respect thereto,
solely to the extent, if any, that, and solely during the period, if any, in which, the grant of a security interest therein would
impair the validity or enforceability or result in the voiding of such application or any registration that issues from such application
under applicable federal law), together, in each case, with the goodwill symbolized thereby (the “Trademarks”);

 

(iii)        all
copyright registrations and applications set forth in Schedule C hereto (the “Copyrights”);

 

(iv)        all
reissues, divisions, continuations, continuations-in-part, extensions, renewals and reexaminations of any of the foregoing, all
rights in the foregoing provided by international treaties or conventions, and all rights corresponding thereto throughout the
world and all other rights of any kind whatsoever of such Foreign Grantor accruing thereunder or pertaining thereto;

 

(v)         all
any and all claims for damages and injunctive relief for past, present and future infringement, dilution, misappropriation, violation,
misuse or breach with respect to any of the foregoing, with the right, but not the obligation, to sue for and collect, or otherwise
recover, such damages; and

 

(vi)        any
and all proceeds of, collateral for, income, royalties and other payments now or hereafter due and payable with respect to, and
supporting obligations relating to, any and all of the foregoing or arising from any of the foregoing.

 

SECTION 2. Security for Obligations.
The grant of a security interest in the Additional Collateral by the Foreign Grantor under this IP Foreign Security Agreement
Supplement secures the payment of all Foreign Obligations of each Foreign Loan Party and Subsidiary of a Foreign Loan Party now
or hereafter existing under or in respect of the Loan Documents (including, without limitation, the Foreign Secured Cash Management
Agreements), whether direct or indirect, absolute or contingent, and whether for principal, reimbursement obligations, interest,
premiums, penalties, fees, indemnifications, contract causes of action, costs, expenses or otherwise. Without limiting the generality
of the foregoing, this IP Foreign Security Agreement Supplement and the IP Foreign Security Agreement secures the payment of all
amounts that constitute part of the Secured Obligations and that would be owed by a Foreign Loan Party or Subsidiary of a Foreign
Loan Party to any Foreign Secured Party under the Loan Documents but for the fact that such Secured Obligations are unenforceable
or not allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving a Foreign Loan Party or
Subsidiary of a Foreign Loan Party.

 

    	 	B-2	Chemtura (Revolving Facility) Foreign Security Agreement

    	 

    

 

SECTION 3. Recordation. The Foreign
Grantor authorizes and requests that the Register of Copyrights, the Commissioner for Patents and the Commissioner for Trademarks
and any other applicable government officer to record this IP Foreign Security Agreement Supplement.

 

SECTION 4. Grants, Rights and Remedies.
This IP Foreign Security Agreement Supplement has been entered into in conjunction with the provisions of the Foreign Security
Agreement. The Foreign Grantor does hereby acknowledge and confirm that the grant of the security interest hereunder to, and the
rights and remedies of, the Foreign Administrative Agent with respect to the Additional Collateral are more fully set forth in
the Foreign Security Agreement. In the event of a conflict between the provisions of this IP Foreign Security Agreement Supplement
and the provisions of the Foreign Security Agreement, the provisions of the Foreign Security Agreement shall control.

 

SECTION 5. Governing Law. This IP
Foreign Security Agreement Supplement shall be governed by, and construed in accordance with, the laws of the State of New York.

 

SECTION 6. Intercreditor Agreement.
Reference is made to the Intercreditor Agreement. Notwithstanding any other provision contained herein, this IP Foreign Security
Agreement Supplement, the Liens created hereby and the rights, remedies, duties and obligations provided for herein are subject
in all respects to the provisions of the Intercreditor Agreement and, to the extent provided therein, the applicable Senior Secured
Obligations Security Documents (as defined in the Intercreditor Agreement). In the event of any conflict or inconsistency between
the provisions of this IP Foreign Security Agreement Supplement and the Intercreditor Agreement, the provisions of the Intercreditor
Agreement shall control.

 

    	 	B-3	Chemtura (Revolving Facility) Foreign Security Agreement

    	 

    

 

IN WITNESS WHEREOF, the Foreign Grantor has
caused this IP Foreign Security Agreement Supplement to be duly executed and delivered by its officer thereunto duly authorized
as of the date first above written.

 

	 	[NAME OF FOREIGN GRANTOR]

	 	 	 
	 	By	 
	 	 	Name:
	 	 	Title:

 

    	 	B-4	Chemtura (Revolving Facility) Foreign Security Agreement

    	 

    

 

Exhibit C to the

Foreign Security Agreement

 

FORM OF FOREIGN SECURITY AGREEMENT SUPPLEMENT

 

[Date of Foreign Security Agreement Supplement]

 

Bank of America, N.A., as the Foreign Administrative Agent
for

the Foreign Secured Parties referred to in the

Credit Agreement referred to below

__________

__________

Attn: __________

 

Ladies and Gentlemen:

 

Reference is made to (i) the Senior Secured
Revolving Facilities Credit Agreement dated as of November 10, 2010 (as amended and restated on December 4, 2013 and as further
amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”),
among Chemtura Corporation, a Delaware corporation (the “Company”) and the Subsidiary Borrowers referred
to therein (together with the Company, the “Borrowers”), the Lender Parties and the other Agents party
thereto, and Bank of America, N.A., as foreign administrative agent (together with any successor administrative agent appointed
pursuant to Article VII of the Credit Agreement, the “Foreign Administrative Agent”), and (ii) the Foreign
Security Agreement dated December 4, 2013 (as amended, amended and restated, supplemented or otherwise modified from time to time,
the “Foreign Security Agreement”) made by the Foreign Grantors from time to time party thereto in favor
of the Foreign Administrative Agent for the Foreign Secured Parties. Terms defined in the Credit Agreement or the Foreign Security
Agreement and not otherwise defined herein are used herein as defined in the Credit Agreement or the Foreign Security Agreement.

 

SECTION 1. Grant of Security. The
undersigned hereby grants to the Foreign Administrative Agent, for the ratable benefit of the Foreign Secured Parties, a security
interest in all of its right, title and interest in and to the following, in each case whether now owned or hereafter acquired
by the undersigned, wherever located and whether now or hereafter existing or arising (collectively, the undersigned’s “Collateral”):
all Equipment, Inventory, General Intangibles, Goods, Receivables, Related Contracts, Security Collateral (including, without
limitation, the shares of stock and other Equity Interests set forth on Part I of Schedule I hereto, the indebtedness set forth
on Part II of Schedule I hereto and the securities accounts set forth on Part III of Schedule I hereto and deposit accounts set
forth on Schedule II hereto), Account Collateral, Intellectual Property Collateral, Commercial Tort Claims Collateral (including,
without limitation, the commercial tort claims described in Schedule V hereto), all books and records (including, without limitation,
customer lists, credit files, printouts and other computer output materials and records) of the undersigned pertaining to any
of the undersigned’s Collateral, and all proceeds of, collateral for, income, royalties and other payments now or hereafter
due and payable with respect to, and supporting obligations relating to, any and all of the undersigned’s Collateral (including,
without limitation, proceeds, collateral and supporting obligations that constitute property of the types described in this Section
1) and, to the extent not otherwise included, all (A) payments under insurance otherwise payable to the Foreign Administrative
Agent based on the terms hereof and the Credit Agreement, or any indemnity, warranty or guaranty, payable by reason of loss or
damage to or otherwise with respect to any of the foregoing Collateral, and (B) cash.

 

    	 	C-1	Chemtura (Revolving Facility) Foreign Security Agreement

    	 

    

 

SECTION 2. Security for Obligations.
The grant of a security interest in, the Collateral by the undersigned under this Foreign Security Agreement Supplement and the
Foreign Security Agreement secures the payment of all Foreign Obligations of each Foreign Loan Party or Subsidiary of a Foreign
Loan Party now or hereafter existing under or in respect of the Loan Documents (including, without limitation, the Foreign Secured
Cash Management Agreements), whether direct or indirect, absolute or contingent, and whether for principal, reimbursement obligations,
interest, premiums, penalties, fees, indemnifications, contract causes of action, costs, expenses or otherwise. Without limiting
the generality of the foregoing, this Foreign Security Agreement Supplement and the Foreign Security Agreement secures the payment
of all amounts that constitute part of the Secured Obligations and that would be owed by a Foreign Loan Party or Subsidiary of
a Foreign Loan Party to any Foreign Secured Party under the Loan Documents but for the fact that such Secured Obligations are
unenforceable or not allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving a Foreign
Loan Party or Subsidiary of a Foreign Loan Party.

 

SECTION 3. Representations and Warranties.
(a) The undersigned’s exact legal name, location, chief executive office, type of organization, jurisdiction of organization
and organizational identification number is set forth in Schedule VI hereto. Within the five years preceding the date hereof,
the undersigned has not changed its name, location, chief executive office, type of organization, jurisdiction of organization
or organizational identification number from those set forth in Schedule VI hereto except as set forth in Schedule VII hereto.

 

(b) The undersigned is not a beneficiary
or assignee under any letter of credit, other than the letters of credit described in Schedule IX hereto.

 

(c) The undersigned hereby makes each other
representation and warranty set forth in Section 8 of the Foreign Security Agreement with respect to itself and the Collateral
granted by it.

 

SECTION 4. Obligations Under the Foreign
Security Agreement. The undersigned hereby agrees, as of the date first above written, to be bound as a Foreign Grantor by
all of the terms and provisions of the Foreign Security Agreement to the same extent as each of the other Foreign Grantors. The
undersigned further agrees, as of the date first above written, that each reference in the Foreign Security Agreement to an “Additional
Foreign Grantor” or a “Foreign Grantor” shall also mean and be a reference to the undersigned, that each reference
to the “Collateral” or any part thereof shall also mean and be a reference to the undersigned’s Collateral or
part thereof, as the case may be, and that each reference in the Foreign Security Agreement to a Schedule shall also mean and
be a reference to the schedules attached hereto.

 

    	 	C-2	Chemtura (Revolving Facility) Foreign Security Agreement

    	 

    

 

SECTION 5. Governing Law. This Foreign
Security Agreement Supplement shall be governed by, and construed in accordance with, the laws of the State of New York.

 

SECTION 6. Intercreditor Agreement.
Reference is made to the Intercreditor Agreement. Notwithstanding any other provision contained herein, this Foreign Security
Agreement Supplement, the Liens created hereby and the rights, remedies, duties and obligations provided for herein are subject
in all respects to the provisions of the Intercreditor Agreement and, to the extent provided therein, the applicable Senior Secured
Obligations Security Documents (as defined in the Intercreditor Agreement). In the event of any conflict or inconsistency between
the provisions of this Foreign Security Agreement Supplement and the Intercreditor Agreement, the provisions of the Intercreditor
Agreement shall control.

 

	 	 	Very truly yours,
	 	 	 
	 	[NAME OF ADDITIONAL FOREIGN GRANTOR]
	 	 	 
	 	By	 
	 	 	Title:

 

	 	Address for notices:
	 	 
	 	 
	 	 

 

    	 	C-3	Chemtura (Revolving Facility) Foreign Security AgreementExhibit 10.1

 

ServiCes
Agreement

 

THIS SERVICES AGREEMENT
(this "Agreement"), is entered into effective as of December 5, 2013, by and between Net
Element International, Inc., a Delaware corporation ("Customer"), and K
1 Holding Limited, a company organized under the laws of British Virgin Islands (hereinafter, collectively "Consultant"):

 

 

 

R E C I T A L S

 

WHEREAS, the parties
hereto desire to hereby memorialize their agreement and understanding with respect to certain services (as described in this Agreement)
which Consultant has agreed to provide to Customer.

 

NOW, THEREFORE, in
consideration of the mutual representations, warranties, covenants and undertakings therein contained, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, Consultant and Customer agree as follows:

 

1.            Services. Consultant agrees
to provide, and Customer agrees to accept, the following services:

 

(i)           Investor relations
services to Customer and its affiliates outside the United States;

 

(ii)           assist Customer
and its affiliates in negotiations and maintaining their relationship with OJSC Mobile TeleSystems,
OJSC VimpelCom (a/k/a Beeline), OJSC Megafon or their
respective affiliates; and

 

(iii)          make introductions,
as reasonably requested by Customer, to further business development of Music1, LLC, a limited liability company organized under
the laws of the Russian Federation.

 

2.            Method of Performing Services.
Consultant shall have the right to determine the method, details, and means of performing the work to be performed for Customer.
Customer shall, however, be entitled to exercise general power of control over the results of work performed by Consultant to assure
satisfactory performance, including the right to inspect, the right to stop work, the right to make suggestions or recommendations
as to the details of the work, and the right to propose modifications to the work. Customer and Consultant shall develop appropriate
administrative procedures for coordinating with each other.

 

3.            Term. The term of this Agreement
shall commence on the date set forth above and shall continue through the second (2nd) anniversary of the date hereof.

 

4.            Consideration. As consideration
for Consultant's services hereunder, subject to Section 5 below, Consultant shall be entitled to such number of shares of (the
"Shares") of common stock of Customer and on such terms and conditions as set forth in that certain Letter Agreement,
dated as of the date hereof, among Consultant, Customer and TGR Capital, LLC, a Florida limited liability company.

 

5.            Taxes. As an independent
contractor, Consultant shall pay and report all U.S and foreign taxes applicable to Consultant.

 

6.            Restrictions. Consultant
acknowledges that in order to perform the services called for in this Agreement, it shall be necessary for Customer to disclose
to Consultant certain Trade Secret(s) of Customer. Consultant agrees that it shall not disclose, transfer, use, copy, or allow
access to any such Trade Secrets to any third parties, except as authorized by Customer. As used herein, the term "Trade
Secret(s)" shall mean any scientific, technical or market data, information, design, process, procedure, formula, or improvement
that is commercially valuable to Customer.

 

    	 

    	 

    

 

7.            Ownership of Work Product.
All Work Product shall be considered work(s) made by Consultant for hire for Customer and shall belong exclusively to Customer
and its designees. If by operation of law any of the Work Product, including all related information and/or intellectual property
rights, is not owned in its entirety by Customer automatically upon creation thereof, then Consultant agrees to assign, and hereby
assigns, to Customer and its designees the ownership of such Work Product, including all related information and/or intellectual
property rights. As used herein, the term "Work Product" shall mean any programming, documentation, data compilations,
reports, and any other media, materials, or other objects produced as a result of Consultant's work or delivered by Consultant
in the course of performing that work.

 

8.            Incidents and Further Assurances.
Customer may obtain and hold in its own name copyrights, registrations, and other protection that may be available to the Consultant.
Consultant agrees to provide any assistance required to perfect such protection. Consultant agrees to take sure further actions
and execute and deliver such further agreements and other instruments as Customer may reasonably request to give effect to this
Section.

 

9.            No Conflict. Consultant represents
and warrants that it has no obligations to any third party which will in any way limit or restrict its ability to perform consulting
services to Customer hereunder. Consultant agrees that it will not disclose to Customer, nor make use in the performance of any
work hereunder, any trade secrets or other proprietary information of any third party, unless Consultant may do so without Consultant
or Customer incurring any obligation (past or future) to such third party for such work or any future application thereof.

 

10.           Governing Law. This Agreement
shall be governed and construed in all respects in accordance with the laws of the State of Florida, without regard to its conflicts
or choice of laws.

 

11.           Independent Contractors.
The parties hereto are and shall be independent contractors to one another, and nothing herein shall be deemed to cause this Agreement
to create an agency, partnership, or joint venture between the parties hereto. Nothing in this Agreement shall be interpreted or
construed as creating or establishing the relationship of employer and employee between Customer and either Consultant or any employee
or agent of Consultant.

 

12.           Entire Agreement; Counterparts.
This Agreement constitutes the entire agreement of the parties hereto and supersedes all prior representations, proposals, discussions,
and communications, whether oral or in writing. This Agreement may be modified only in writing and shall be enforceable in accordance
with its terms when signed by the party sought to be bound. This Agreement may be executed and delivered by facsimile in counterparts,
each of which shall be an original, but all of which together shall constitute one and the same instrument.

 

[Signatures are on next page]

 

    	2

    	 

    

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be executed by their duly authorized representatives, on the date and year first
above-written.

 

 

CUSTOMER:

 

Net Element International,
Inc.

 

	By:	/s/ Oleg Firer	 
	Name:	Oleg Firer	 
	Title:	CEO	 

 

 

 

 

CONSULTANT:

 

 

K 1 Holding Limited,
a company organized under the laws of British Virgin Islands

 

	By:	/s/ Andreas Moustras	 	 	 
	Name:	Andreas Moustras	 	 	 
	Title:	Director	 	 	 

 

 

    	3

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