Document:

Exhibit
10.4

 

 

 

 

 

TAX
MATTERS AGREEMENT

 

between

FMC CORPORATION

and

LIVENT CORPORATION

Dated as of October 15, 2018

 

 

 

 

     

     

    

TABLE
OF CONTENTS

_______________________

 

Page

 

	Section 1.	Definitions	1
	Section 2.	Sole Tax Sharing Agreement	7
	Section 3.	Allocation of Taxes	7
	Section 4.	Preparation and Filing of Tax Returns	9
	Section 5.	Apportionment of Earnings and Profits and Tax Attributes	11
	Section 6.	Utilization of Tax Attributes	12
	Section 7.	Deductions and Reporting for Certain Awards	13
	Section 8.	Tax Benefits	13
	Section 9.	Certain Representations and Covenants	14
	Section 10.	Protective Section 336(e) Elections	18
	Section 11.	Indemnities	18
	Section 12.	Payments	19
	Section 13.	Guarantees	20
	Section 14.	Communication and Cooperation	20
	Section 15.	Audits and Contest	21
	Section 16.	Costs and Expenses	22
	Section 17.	Effectiveness; Termination and Survival	22
	Section 18.	Dispute Resolution	23
	Section 19.	Authorization, Etc	23
	Section 20.	Change in Tax Law	23
	Section 21.	Principles	23
	Section 22.	Interpretation; Incorporation of Terms by Reference	24

 

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TAX
MATTERS AGREEMENT

 

This TAX
MATTERS AGREEMENT (the “Agreement”) is entered into as of October 15, 2018 between FMC Corporation (“Parent”),
a Delaware corporation, on behalf of itself and the members of the Parent Group, and Livent Corporation (“Livent”),
a Delaware corporation, on behalf of itself and the members of the Lithium Group.

 

WITNESSETH:

 

WHEREAS,
pursuant to the Tax laws of various jurisdictions, certain members of the Lithium Group presently file certain Tax Returns on
an affiliated, consolidated, combined, unitary, fiscal unity or other group basis (including as permitted by Section 1501 of the
Code) with certain members of the Parent Group;

 

WHEREAS,
Parent and Livent have entered into a Separation and Distribution Agreement, dated as of the date hereof, as amended, modified
or supplemented from time to time (the “Separation and Distribution Agreement”), pursuant to which the Contribution,
the Distribution, the Separation Payment and other related transactions will be consummated;

 

WHEREAS,
the Pre-IPO Restructuring Transactions, together with the Contribution, the Distribution and the Separation Payment are intended
to qualify for the Intended Tax-Free Treatment; and

 

WHEREAS,
Parent and Livent desire to set forth their agreement on the rights and obligations of Parent, Livent and the members of the Parent
Group and the Lithium Group respectively, with respect to (A) the administration and allocation of federal, state, local and foreign
Taxes incurred in Taxable periods beginning prior to the Distribution Date, as defined below, (B) Taxes arising prior to, at the
time of, and subsequent to the IPO, or resulting from the Distribution and transactions effected in connection with the Distribution
and (C) various other Tax matters.

 

NOW, THEREFORE,
in consideration of the mutual covenants and agreements hereinafter set forth, the parties agree as follows:

 

Section 1.Definitions.

 

(a)       For
the purposes of this Agreement the following terms shall have the following meanings; provided that capitalized terms used
but not otherwise defined in this Section 1 shall have the respective meanings ascribed to such terms in the Separation and Distribution
Agreement:

 

“Active
Trade or Business” has the meaning ascribed to the Lithium Business in the Separation and Distribution Agreement.

 

“Affiliate”
has the meaning set forth in the Separation and Distribution Agreement.

 

“Agreement”
has the meaning set forth in the preamble.

 

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“Applicable
Law” (or “Applicable Tax Law,” as the case may be) means, with respect to any Person, any federal,
state, county, municipal, local, multinational or foreign statute, treaty, law, common law, ordinance, rule, regulation, order,
writ, injunction, judicial decision, decree, permit or other legally binding requirement of any Governmental Authority applicable
to such Person or any of its respective properties, assets, officers, directors, employees, consultants or agents (in connection
with such officer’s, director’s, employee’s, consultant’s or agent’s activities on behalf of such
Person).

 

“Business
Day” has the meaning set forth in the Separation and Distribution Agreement.

 

“Closing
of the Books Method” means the apportionment of items between portions of a Taxable period based on a closing of the
books and records on the close of the Distribution Date (in the event that the Distribution Date is not the last day of the Taxable
period, as if the Distribution Date were the last day of the Taxable period), subject to adjustment for items accrued on the Distribution
Date that are properly allocable to the Taxable period following the Distribution, as determined by Parent in accordance with
Applicable Law; provided that Taxes not based upon or measured by net or gross income or specific events shall be apportioned
between the Pre- and Post-Distribution Periods on a pro rata basis in accordance with the number of days in each Taxable
period.

 

“Code”
has the meaning set forth in the Separation and Distribution Agreement.

 

“Combined
Group” means any group that filed or was required to file (or will file or be required to file) a Tax Return on an affiliated,
consolidated, combined, unitary, fiscal unity or other group basis (including as permitted by Section 1501 of the Code) that includes
at least one member of the Parent Group and at least one member of the Lithium Group.

 

“Combined
Income Tax Return” means a Tax Return filed in respect of federal, state, local or foreign Income Taxes for a Combined
Group.

 

“Company”
means Parent or Livent (or the appropriate member of each of their respective Groups), as appropriate.

 

“Contribution”
has the meaning set forth in the Separation and Distribution Agreement.

 

“Distribution
Date” has the meaning set forth in the Separation and Distribution Agreement.

 

“Distribution
Effective Time” means the time established by Parent as the effective time of the Distribution, New York time, on the
Distribution Date.

 

“Distribution
Taxes” means any Taxes incurred solely as a result of the failure of the Intended Tax-Free Treatment of the Pre-IPO
Restructuring Transactions, Contribution, the Distribution or the Separation Payment.

 

“Distribution”
has the meaning set forth in the Separation and Distribution Agreement.

 

“Due
Date” has the meaning set forth in ‎Section 12(a).

 

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“Equity
Interests” means any stock or other securities treated as equity for Tax purposes, options, warrants, rights, convertible
debt, or any other instrument or security that affords any Person the right, whether conditional or otherwise, to acquire stock
or to be paid an amount determined by reference to the value of stock.

 

“Escheat
Payment” means any payment required to be made to a Governmental Authority pursuant to an abandoned property, escheat
or similar law.

 

“Existing
GRAs” has the meaning set forth on Schedule A to this Agreement.

 

“Final
Determination” means (i) a decision, judgment, decree, or other order by any court of competent jurisdiction, which
has become final, (ii) any final determination of liability in respect of a Tax that, under Applicable Tax Law, is not subject
to further appeal, review or modification through proceedings or otherwise, or (iii) the payment of any Tax by any member of the
Parent Group or any member of the Lithium Group, whichever is responsible for payment of such Tax under Applicable Tax Law, with
respect to any item disallowed or adjusted by a Taxing Authority; provided, that the provisions of ‎‎Section
15 hereof have been complied with, or, if such section is inapplicable, that the Company responsible under this Agreement for
such Tax is notified by the Company paying such Tax that it has determined that no action should be taken to recoup such disallowed
item, and the other Company agrees with such determination.

 

“Foreign
Livent Subsidiary” means any member of the Lithium Group that is a “controlled foreign corporation” (as
defined in Section 957 of the Code) with respect to which any member of the Parent Group is a “United States shareholder”
(as defined in Section 951(b) of the Code) during the Taxable year of Parent that includes the Distribution Date.

 

“Governmental
Authority” has the meaning set forth in the Separation and Distribution Agreement.

 

“Group”
has the meaning set forth in the Separation and Distribution Agreement.

 

“Income
Tax” means any U.S. federal, state, local or foreign Tax that is, in whole or in part, based on or measured by net income
or gains.

 

“Indemnifying
Party” means the party from which another party is entitled to seek indemnification pursuant to the provisions of ‎Section
11.

 

“Indemnitee”
means the party which is entitled to seek indemnification from another party pursuant to the provisions of ‎Section
11.

 

“Intended
Tax-Free Treatment” means the qualification of (i) the Contribution and the Distribution, taken together (a) as a reorganization
described in Sections 355(a) and 368(a)(1)(D) of the Code, (b) as a transaction in which the stock distributed thereby is “qualified
property” for purposes of Sections 355(c) and 361(c) of the Code, (c) as a transaction in which Parent will recognize no
income or gain for U.S. federal income tax purposes with respect to the Separation Payment by reason of Sections 355 and 361 of
the Code and (d) as a transaction in which Parent, the Company and the holders of Parent Common Stock recognize no income or gain
for U.S. federal income tax purposes pursuant to Sections 355, 361 and 1032 of the Code, other than, in

 

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the
case of Parent and the Company, intercompany items or excess loss accounts taken into account pursuant to the Treasury Regulations
promulgated pursuant to Section 1502 of the Code and (ii) the transactions described on Schedule A as being free from Tax
to the extent set forth therein.

 

“Interim
Period” means any Taxable period (or portion thereof) beginning after December 31, 2017 and ending on or before the
date that is the last date on which Livent qualifies as a member of the Parent Group.

 

“IPO”
has the meaning set forth in the Separation and Distribution Agreement.

 

“IRS”
means the United States Internal Revenue Service.

 

“Joint
Tax Return” means any (i) Combined Income Tax Return or (ii) Tax Return that includes Income Tax Items attributable
to both the Parent Business and the Lithium Business.

 

“Lithium
Business” has the meaning set forth in the Separation and Distribution Agreement.

 

“Lithium
Group” has the meaning set forth in the Separation and Distribution Agreement.

 

“Livent
Carried Item” means any Tax Attribute of the Lithium Group that may or must be carried from one Taxable period to another
prior Taxable period, or carried from one Taxable period to another subsequent Taxable period, under the Code or other Applicable
Tax Law.

 

“Livent
Common Stock” has the meaning set forth in the Separation and Distribution Agreement.

 

“Livent
Compensatory Equity Interests” means any options, stock appreciation rights, restricted stock, stock units or other
rights with respect to the capital stock of Livent that are granted on or prior to the Distribution Effective Time by any member
of the Lithium Group in connection with employee, independent contractor or director compensation or other employee benefits.

 

“Livent
Disqualifying Action” means (a) any action (or the failure to take any action) by any member of the Lithium Group after
the Distribution Effective Time (including entering into any agreement, understanding or arrangement or any negotiations with
respect to any transaction or series of transactions), (b) any event (or series of events) after the Distribution Effective Time
involving the capital stock of Livent or any assets of any member of the Lithium Group or (c) any breach by any member of the
Lithium Group after the Distribution Effective Time of any representation, warranty or covenant made by them in this Agreement
that, in each case, would affect the Intended Tax-Free Treatment; provided, however, that the
term “Livent Disqualifying Action” shall not include any action entered into pursuant to any Transaction Document
(other than this Agreement) or that is undertaken pursuant to the Contribution, the Distribution or the Separation Payment.

 

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“Livent
Separate Income Tax Return” means any Income Tax Return that is required to be filed by, or with respect to, any member
of the Lithium Group that is not a Combined Income Tax Return.

 

“Livent”
has the meaning set forth in the preamble.

 

“Non-Income
Tax” means any Tax that is not an Income Tax.

 

“Parent
Business” has the meaning set forth in the Separation and Distribution Agreement.

 

“Parent
Compensatory Equity Interests” means any options, stock appreciation rights, restricted stock, stock units or other
rights with respect to Parent stock that are granted on or prior to the Distribution Date by any member of the Parent Group in
connection with employee, independent contractor or director compensation or other employee benefits (including, for the avoidance
of doubt, options, stock appreciation rights, restricted stock, restricted stock units, performance share units or other rights
issued in respect of any of the foregoing by reason of the Distribution or any subsequent transaction).

 

“Parent
Group” has the meaning set forth in the Separation and Distribution Agreement.

 

“Parent
Separate Income Tax Return” means any Income Tax Return that is required to be filed by, or with respect to, a member
of the Parent Group that is not a Combined Income Tax Return.

 

“Parent”
has the meaning ascribed thereto in the preamble.

 

“Past
Practices” has the meaning set forth in ‎Section
4(c)(i).

 

“Person”
has the meaning set forth in Section 7701(a)(1) of the Code.

 

“Post-2017
Period” means any Taxable period beginning after December 31, 2017.

 

“Post-Distribution
Period” means any Taxable period (or portion thereof) beginning after the Distribution Date.

 

“Pre-2018
Period” means any Taxable period ending on or before December 31, 2017.

 

“Pre-Distribution
Period” means any Taxable period (or portion thereof) ending on or before the Distribution Date.

 

“Pre-IPO
Restructuring Transactions” has the meaning set forth in the Separation and Distribution Agreement.

 

“Section
336(e) Election” has the meaning set forth in ‎Section
10(a).

 

“Section
9(b)(iv)(F) Acquisition Transaction” has the meaning set forth in ‎Section
9(b)(iv)(F).

 

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“Separation
and Distribution Agreement” has the meaning set forth in the recitals.

 

“Separation
Date” has the meaning set forth in the Separation and Distribution Agreement.

 

“Separation
Payment” has the meaning set forth in the Separation and Distribution Agreement.

 

“Tax
Arbiter” has the meaning set forth in ‎Section 18.

 

“Tax
Attribute” means a net operating loss, net capital loss, unused investment credit, unused foreign tax credit, excess
charitable contribution, unused general business credit, alternative minimum tax credit or any other Tax Item that could reduce
a Tax liability.

 

“Tax
Benefit Recipient” has the meaning set forth in ‎Section
8(c).

 

“Tax
Benefit” means any refund, credit, offset or other reduction in otherwise required Tax payments.

 

“Tax
Counsel” means Davis Polk & Wardwell LLP.

 

“Tax
Item” means any item of income, gain, loss, deduction, credit, recapture of credit or any other item that can increase
or decrease Taxes paid or payable.

 

“Tax
Opinion” has the meaning set forth in the Separation and Distribution Agreement.

 

“Tax
Proceeding” means any Tax audit, dispute, examination, contest, litigation, arbitration, action, suits, claim, cause
of action, review, inquiry, assessment, hearing, complaint, demand, investigation or proceeding (whether administrative, judicial
or contractual).

 

“Tax
Representation Letters” means the representations provided by Livent and Parent to Tax Counsel in connection with the
rendering by Tax Counsel of the Tax Opinion.

 

“Tax
Return” means any Tax return, statement, report, form, election, bill, certificate, claim or surrender (including estimated
Tax returns and reports, extension requests and forms, and information returns and reports), or statement or other document or
written information filed or required to be filed with any Taxing Authority, including any amendment thereof, appendix, schedule
or attachment thereto.

 

“Tax”
(and the correlative meaning, “Taxes,” “Taxing” and “Taxable”) means
(i) any tax, including any net income, gross income, gross receipts, recapture, alternative or add-on minimum, sales, use, business
and occupation, value-added, trade, goods and services, ad valorem, franchise, profits, net wealth, license, business royalty,
withholding, payroll, employment, capital, excise, transfer, recording, severance, stamp, occupation, premium, property, asset,
real estate acquisition, environmental, custom duty, impost, obligation, assessment, levy, tariff or other tax, governmental fee
or other like assessment or charge of any kind whatsoever (including, but not limited to, any Escheat Payment), together with
any interest and any penalty, addition to tax or additional amount imposed by a Taxing Authority; or (ii) any

 

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liability of
any member of the Parent Group or the Lithium Group for the payment of any amounts described in clause (i) as a result of any
express or implied obligation to indemnify any other Person.

 

“Taxing
Authority” means any Governmental Authority (domestic or foreign), including, without limitation, any state, municipality,
political subdivision or governmental agency, responsible for the imposition, assessment, administration, collection, enforcement
or determination of any Tax.

 

“Tax-Related
Losses” means, with respect to any Taxes imposed pursuant to any settlement, determination, judgment or otherwise, (i)
all accounting, legal and other professional fees, and court costs incurred in connection with such Taxes, as well as any other
out-of-pocket costs incurred in connection with such Taxes and (ii) all damages, costs, and expenses associated with stockholder
litigation or controversies and any amount paid by any member of the Parent Group or any member of the Lithium Group in respect
of the liability of shareholders, whether paid to shareholders or to the IRS or any other Taxing Authority, in each case, resulting
from the failure of the Intended Tax-Free Treatment of the Pre-IPO Restructuring Transactions, the Contribution, the Distribution
or the Separation Payment.

 

“Transaction
Documents” has the meaning set forth in the Separation and Distribution Agreement.

 

“Transfer
Taxes” means all U.S. federal, state, local or foreign sales, use, privilege, transfer, documentary, stamp, duties,
real estate transfer, controlling interest transfer, recording and similar Taxes and fees (including any penalties, interest or
additions thereto) imposed upon any member of the Parent Group or any member of the Lithium Group in connection with the Pre-IPO
Restructuring Transactions, the Contribution, the Distribution or the Separation Payment.

 

(b)       Any
term used in this Agreement which is not defined in this Agreement or the Separation and Distribution Agreement shall, to the
extent the context requires, have the meaning assigned to it in the Code or the applicable Treasury Regulations thereunder (as
interpreted in administrative pronouncements and judicial decisions) or in comparable provisions of Applicable Tax Law.

 

Section 2.Sole
Tax Sharing Agreement. Any and all existing Tax sharing agreements or arrangements, written or unwritten, between any member
of the Parent Group, on the one hand, and any member of the Lithium Group, on the other hand, if not previously terminated, shall
be terminated as of the Separation Date without any further action by the parties thereto. Following the Separation Date, no member
of the Lithium Group or the Parent Group shall have any further rights or liabilities thereunder, and, except for Section 8.06(c)
of the Separation and Distribution Agreement, Section 9.02 of the Employee Matters Agreement, Section 3.04 of the Transition Services
Agreement, this Agreement shall be the sole Tax sharing agreement between the members of the Lithium Group on the one hand, and
the members of the Parent Group, on the other hand.

 

Section 3.Allocation
of Taxes.

 

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(a)       General
Allocation Principles. Except as provided in ‎‎Section
3(c), all Income Taxes shall be allocated as follows:

 

(i)       Allocation
of Income Taxes Reflected on Joint Tax Returns. Parent shall be allocated all Income Taxes reported, or required to be reported,
on any Joint Tax Return that any member of the Parent Group or Lithium Group files or is required to file under the Code or Applicable
Law; provided, however, that to the extent that any such Joint Tax Return includes any Tax Item attributable to (A) any
member of the Lithium Group or (B) the Lithium Business, in each case, for any Post-2017 Period (including any Interim Period),
Livent shall be allocated all Income Taxes attributable to such Tax Items.

 

(ii)       Allocation
of Income Taxes Reflected on Separate Income Tax Returns.

 

(A)       Parent
shall be allocated all Taxes attributable to members of the Parent Group and reported, or required to be reported, on a Parent
Separate Income Tax Return (other than a Parent Separate Income Tax Return that is a Joint Tax Return).

 

(B)       Livent
shall be allocated all Taxes attributable to members of the Lithium Group and reported, or required to be reported, on a Livent
Separate Income Tax Return (other than a Livent Separate Income Tax Return that is a Joint Tax Return).

 

(iii)       Allocation
of Non-Income Taxes. Livent shall be allocated all Non-Income Taxes attributable to the Lithium Business, and Parent shall
be allocated all Non-Income Taxes attributable to the Parent Business.

 

(iv)       Taxes
Not Reported on Tax Returns. Livent shall be allocated any Tax attributable to any member of the Lithium Group that is not
required to be reported on a Tax Return, and Parent shall be allocated any Tax attributable to any member of the Parent Group
that is not required to be reported on a Tax Return.

 

(b)       Allocation
Conventions.

 

(i)       Income
Taxes reported, or required to be reported, on any Joint Tax Return attributable to the Lithium Business for all Interim Periods
shall be allocated based on the hypothetical taxable income of the Lithium Group, determined as if it were a separate group from
the Parent Group and all of the Lithium Business were included in such Lithium Group.

 

(ii)       Any
Tax Item of Livent or any member of the Lithium Group arising from a transaction engaged in outside the ordinary course of business
on the Distribution Date after the Distribution Effective Time shall be allocable to Livent and any such transaction by or with
respect to Livent or any member of the Lithium Group occurring after the Distribution Effective Time shall be treated for all
Tax purposes (to the extent permitted

 

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by
Applicable Tax Law) as occurring at the beginning of the day following the Distribution Date in accordance with the principles
of Treasury Regulations Section 1.1502-76(b) (assuming no election is made under Treasury Regulations Section 1.1502-76(b)(2)(ii)
(relating to a ratable allocation of a year’s Tax Items)); provided that the foregoing shall not include any action
that is undertaken pursuant to the Contribution, the Distribution or the Separation Payment.

 

(c)       Special
Allocation Rules. Notwithstanding any other provision in this ‎‎Section
3, the following Taxes shall be allocated as follows:

 

(i)       Transfer
Taxes. Transfer Taxes shall be allocated 100% to Livent.

 

(ii)       Taxes
Relating to Parent Compensatory Equity Interests. Any Tax liability (including, for the avoidance of doubt, the satisfaction
of any withholding Tax obligation) relating to the issuance, exercise, vesting or settlement of any Parent Compensatory Equity
Interest shall be allocated in a manner consistent with ‎Section 9.02(b) of the Employee Matters Agreement.

 

(iii)       Distribution
Taxes and Tax-Related Losses. Any liability for Distribution Taxes and Tax-Related Losses resulting from a Livent Disqualifying
Action shall be allocated in a manner consistent with ‎Section 11(a)(ii).

 

(iv)       Section
965 Taxes. Any installment payments required to be made pursuant to the election made by a member of the Parent Group or a
member of the Lithium Group (that was a member of such Lithium Group prior to the Separation Date) under Section 965(h) of the
Code, and any adjustments thereto, shall be allocated to Parent.

 

Section 4.Preparation
and Filing of Tax Returns.

 

(a)       Responsibility
for Preparing Returns.

 

(i)       Parent
Prepared Returns. Parent shall prepare, or cause to be prepared, all (i) Joint Tax Returns and (ii) Parent Separate Income
Tax Returns. To the extent that any member of the Lithium Group is included in any Joint Tax Return for a Taxable period that
includes the Distribution Date, Parent shall include in such Joint Tax Return the results of such member of the Lithium Group
on the basis of the Closing of the Books Method to the extent permitted by Applicable Tax Law. If a member of the Lithium Group
is responsible for the filing of any such Tax Return under Applicable Tax Law, Parent shall, subject to the procedures set forth
in ‎Section 4(b), deliver such prepared Tax Return to Livent reasonably in advance of the applicable filing deadline.

 

(ii)       Livent
Prepared Returns. Livent shall prepare, or cause to be prepared, any Livent Separate Income Tax Return (other than a Livent
Separate Income Tax Return that is a Joint Tax Return) for any Interim Period.

 

(iii)       Transfer
Tax Returns. Livent shall prepare and file (or cause to be prepared and filed) all Transfer Tax Returns. If required by Applicable
Law, Parent shall, and shall cause its Affiliates to, cooperate in preparing and filing, and join in the execution of, any such
Tax Returns.

 

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(b)       Cooperation.

 

(i)       Determination
of Responsible Party. Parent, in consultation with Livent, shall determine which of them or their respective Affiliates is
required to file any Joint Tax Return or Separate Income Tax Return under Applicable Tax Law.

 

(ii)       Provision
of Information; Timing. Livent shall maintain all necessary information for Parent (or any of its Affiliates) to file any
Tax Return that Parent is required or permitted to file under this ‎Section 4, and shall provide to Parent all such
necessary information in accordance with the Parent Group’s past practice.

 

(iii)       Right
to Review Livent Separate Income Tax Returns. Parent shall submit to Livent, at Livent’s request, a draft of, and related
workpapers for, any Livent Separate Income Tax Return that is a Joint Tax Return. Livent shall submit to Parent a draft of, and
related workpapers for, any Livent Separate Income Tax Return prepared by Livent, to the extent Livent is required, or permitted
pursuant to ‎Section 6(c), to carry back a Livent Carried Item from a Post-Distribution Period to a Joint Tax Return
in respect of a Pre-2018 Period or an Interim Period. The party responsible for preparing (or causing to be prepared) the relevant
Tax Return shall (x) use its reasonable best efforts to make such portion of such Tax Return available for review as required
under this paragraph sufficiently in advance of the due date for filing of such Tax Return to provide the requesting party with
a meaningful opportunity to analyze and comment on such Tax Return and (y) use reasonable efforts to have such Tax Return modified
before filing, taking into account the Person responsible for payment of the Tax (if any) reported on such Tax Return and whether
the amount of Tax liability allocable to the requesting party with respect to such Return is material. The parties shall attempt
in good faith to resolve any issues arising out of the review of such Tax Return.

 

(c)       Special
Rules Relating to the Preparation of Tax Returns.

 

(i)       General
Rule. Except as provided in this ‎Section 4(c)(i), Livent shall prepare (or cause to be prepared) any Tax Return
for which it is responsible under this ‎Section 4‎Section 4 in accordance with past practices, accounting
methods, elections or conventions (“Past Practices”) used by the members of the Parent Group prior to the Distribution
Date with respect to such Tax Return, and to the extent any items, methods or positions are not covered by Past Practices, as
directed by Parent.

 

(ii)       Consistency
with Intended Tax-Free Treatment. All Tax Returns that include any member of the Parent Group or any member of the Lithium
Group shall be prepared in a manner that is consistent with the Intended Tax-Free Treatment.

 

(iii)       Livent
Separate Income Tax Returns. With respect to any Livent Separate Income Tax Return for which Livent is responsible pursuant
to this Agreement, Livent and the other members of the Lithium Group shall include such Tax Items in such Livent Separate Income
Tax Return in a manner that is consistent with the inclusion of such Tax Items in any related Tax Return for which Parent is responsible
to the extent such Tax Items are allocated in accordance with this Agreement.

 

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(iv)       Election
to File Joint Tax Returns. Parent shall have the sole discretion to file any Joint Tax Return if the filing of such Tax Return
is elective under Applicable Tax Law. Each member of the relevant Combined Group shall execute and file all applicable consents,
elections and other documents as may be required, appropriate or otherwise requested by Parent in connection with the filing of
such Joint Tax Returns.

 

(d)       Payment
of Taxes. Parent shall pay (or cause to be paid) to the proper Taxing Authority the Tax shown as due on any Tax Return for
which a member of the Parent Group is responsible under this ‎Section 4, and Livent shall pay (or cause
to be paid) to the proper Taxing Authority the Tax shown as due on any Tax Return for which a member of the Lithium Group is responsible
under this ‎‎Section 4. If any member of the Parent Group is required to make a payment to a Taxing Authority
for Taxes allocated to Livent under ‎Section 3, Livent shall pay the amount of such Taxes to Parent in accordance with
‎‎Section 11 and ‎‎Section 12. If any member of the Lithium Group is required to make
a payment to a Taxing Authority for Taxes allocated to Parent under ‎Section 3, Parent shall pay the amount
of such Taxes to Livent in accordance with ‎‎Section 11 and ‎‎Section 12.

 

Section 5.Apportionment
of Earnings and Profits and Tax Attributes.

 

(a)       Tax
Attributes arising in a Pre-Distribution Period will be allocated to (and the benefits and burdens of such Tax Attributes will
inure to) the members of the Parent Group and the members of the Lithium Group in accordance with Parent’s historical practice
(including historical methodologies for making corporate allocations), the Code, Treasury Regulations, and any applicable state,
local and foreign law, as determined by Parent in its sole discretion.

 

(b)       Parent
shall in good faith advise Livent as soon as reasonably practicable after the close of the relevant Taxable period in which the
Distribution occurs in writing of the portion, if any, of any earnings and profits, Tax Attributes, tax basis, overall foreign
loss or other consolidated, combined or unitary attribute which Parent determines shall be allocated or apportioned to the members
of the Lithium Group under Applicable Tax Law. All members of the Lithium Group shall prepare all Tax Returns in accordance with
such written notice. In the event of an adjustment to the earnings and profits, any Tax Attributes, tax basis, overall foreign
loss or other consolidated, combined or unitary attribute determined by Parent, Parent shall promptly notify Livent in writing
of such adjustment. For the avoidance of doubt, Parent shall not be liable to any member of the Lithium Group for any failure
of any determination under this ‎‎Section 5(b)‎Section 5(b) to be accurate under Applicable
Tax Law, provided such determination was made in good faith.

 

(c)       Except
as otherwise provided herein, to the extent that the amount of any earnings and profits, Tax Attributes, tax basis, overall foreign
loss or other consolidated, combined or unitary attribute allocated to members of the Parent Group or the Lithium Group pursuant
to ‎Section 5(b) is later reduced or increased by a Taxing Authority or as a result of a Tax Proceeding, such reduction
or increase shall be allocated to the Company to which such earnings and profits, Tax Attributes, tax basis, overall foreign loss
or other consolidated, combined or unitary attribute was allocated pursuant to this ‎‎Section 5, as determined
by Parent in good faith.

 

    11

     

    

Section 6.Utilization
of Tax Attributes.

 

(a)       Amended
Returns. Any amended Tax Return or claim for a refund with respect to any member of the Lithium Group may be made only by
the party responsible for preparing the original Tax Return with respect to such member of the Lithium Group pursuant to ‎Section
4.

 

(b)       Parent
Discretion. Livent hereby agrees that Parent shall be entitled to determine in its sole discretion whether to (x) file or
to cause to be filed any claim for a refund or adjustment of Taxes with respect to any Joint Tax Return in order to claim in any
Pre-Distribution Period any Livent Carried Item, (y) make or cause to be made any available elections to waive the right to claim
in any Pre-Distribution Period, with respect to any Combined Income Tax Return, any Livent Carried Item, and (z) make or cause
to be made any affirmative election to claim in any Pre-Distribution Period any Livent Carried Item. Subject to ‎Section
6(b), Livent shall submit a written request to Parent in order to seek Parent’s consent with respect to any of the actions
described in this ‎‎Section 6(a).

 

(c)       Livent
Carrybacks to Combined Income Tax Returns.

 

(i)       Each
member of the Lithium Group shall elect, to the extent permitted by Applicable Tax Law, to forgo the right to carry back any Livent
Carried Item from a Post-Distribution Period to any Joint Tax Return in respect of a Pre-2018 Period or an Interim Period, except
to the extent that (i) a member of the Lithium Group determines that it is required by Applicable Tax Law to carry back a Livent
Carried Item to a Tax Return in respect of a Pre-2018 Period or an Interim Period, in which case it shall notify Parent in writing
of such determination at least 90 days prior to filing the Tax Return on which such carryback will be reflected or (ii) Parent
consents to such carryback. If Parent disagrees with any determination made by a member of the Lithium Group in respect of clause
(i) of the preceding sentence, the parties shall resolve their disagreement pursuant to the procedures set forth in ‎Section
18. Parent shall consider in good faith any request by Livent to carry back a Livent Carried Item; provided, that Parent
shall have no obligation to consent to any carryback that would reasonably be expected to result in a Tax refund to the Lithium
Group that does not exceed $500,000.

 

(ii)       Any
Tax refund arising from any carryback of any Livent Carried Item to a Joint Tax Return for any Pre-2018 or Interim Period shall
be for Parent’s account, unless Parent consents otherwise, which consent may be subject to such conditions as Parent determines
in its good faith discretion (including, for example, Livent bearing all associated costs and expenses and retaining an accounting
firm that is acceptable to Parent in connection therewith).

 

(d)       Carryforwards
to Separate Income Tax Returns. If a portion or all of any Tax Attribute is allocated to a member of a Combined Group pursuant
to ‎Section 5‎‎Section 5, and is carried forward or back to a Livent Separate Income Tax Return, any Tax Benefits
arising from such carryforward shall be retained by the Lithium Group. If a portion or all of any Tax Attribute is allocated to
a member of a Combined Group pursuant to ‎‎Section 5, and is carried forward or back to a Parent Separate Income Tax Return,
any Tax Benefits arising from such carryforward or carryback shall be retained by the Parent Group.

 

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Section 7.Deductions
and Reporting for Certain Awards.

 

(a)       Deductions.
To the extent permitted by Applicable Tax Law, Income Tax deductions with respect to the issuance, exercise, vesting or settlement
after the Distribution Date of any Parent Compensatory Equity Interests or Livent Compensatory Equity Interests shall be claimed
(A) in the case of an active officer or employee, solely by the Group that employs such Person at the time of such issuance, exercise,
vesting, or settlement, as applicable; (B) in the case of a former officer or employee, solely by the Group that was the
last to employ such Person; and (C) in the case of a director or former director (who is not an officer or employee or former
officer or employee of a member of either Group), (x) solely by the Parent Group if such person was, at any time before or after
the Distribution, a director of any member of the Parent Group, and (y) in any other case, solely by the Lithium Group.

 

(b)       Withholding
and Reporting. All applicable withholding and reporting responsibilities (including all income, payroll or other Tax reporting
related to income to any current or former employees) with respect to the issuance, exercise, vesting or settlement of any Parent
Compensatory Equity Interests or Livent Compensatory Equity Interests shall be the responsibility of the party to which such responsibility
has been prescribed by Section 9.02(b) of the Employee Matters Agreement. Parent and Livent acknowledge and agree that the parties
shall cooperate with each other and with third-party providers to effectuate withholding and remittance of Taxes, as well as required
Tax reporting, in a timely manner.

 

Section 8.Tax
Benefits.

 

(a)       Parent
Tax Benefits. Parent shall be entitled to any Tax Benefits (including, in the case of any refund received, any interest thereon
actually received) received by any member of the Parent Group or any member of the Lithium Group, other than any Tax Benefits
(or any amounts in respect of Tax Benefits) to which Livent is entitled pursuant to ‎Section 8(a). Livent shall not
be entitled to any Tax Benefits received by any member of the Parent Group or the Lithium Group, except as set forth in ‎Section
8(a).

 

(b)       Livent
Tax Benefits. Livent shall be entitled to any Tax Benefits (including, in the case of any refund received, any interest thereon
actually received) received by any member of the Parent Group or any member of the Lithium Group after the Distribution Date with
respect to any Tax allocated to a member of the Lithium Group under this Agreement (including, for the avoidance of doubt, any
amounts allocated to Livent pursuant to ‎Section 3(c)(iii)), other than any Tax Benefits resulting from a Livent Carried
Item, which shall be governed by ‎Section 6(b).

 

(c)       A
Company receiving (or realizing) a Tax Benefit to which another Company is entitled hereunder (a “Tax Benefit Recipient”)
shall pay over the amount of such Tax Benefit (including interest received from the relevant Taxing Authority, but net of any
Taxes imposed with respect to such Tax Benefit and any other reasonable costs) within thirty (30) days of receipt thereof (or
from the due date for payment of any Tax reduced thereby); provided, however, that the other Company, upon the request
of such Tax Benefit Recipient, shall repay the amount paid to the other Company (plus any penalties, interest or other charges
imposed by the relevant Taxing Authority) in the event that, as a result of a subsequent Final Determination, a Tax Benefit that
gave rise to such payment is subsequently disallowed.

 

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Section 9.Certain
Representations and Covenants.

 

(a)       Representations.

 

(i)       Livent
and each other member of the Lithium Group represents that as of the date hereof, and covenants that as of the Distribution Date,
there is no plan or intention:

 

(A)       to
liquidate Livent or to merge or consolidate any member of the Lithium Group with any other Person subsequent to the Distribution;

 

(B)       to
sell or otherwise dispose of any material asset of any member of the Lithium Group, except in the ordinary course of business;

 

(C)       to
take or fail to take any action in a manner that is inconsistent with the written information and representations furnished by
Livent to Tax Counsel in connection with the Tax Representation Letters or Tax Opinion;

 

(D)       to
repurchase stock of Livent other than in a manner that satisfies the requirements of Section 4.05(1)(b) of IRS Revenue Procedure
96-30 (as in effect prior to the amendment of such Revenue Procedure by IRS Revenue Procedure 2003-48) and consistent with any
representations made to Tax Counsel in connection with the Tax Representation Letters;

 

(E)       to
take or fail to take any action in a manner that management of Livent knows, or should know, is reasonably likely to contravene
any Existing GRA or (ii) any agreement with a Taxing Authority entered into prior to the Distribution Date to which any member
of the Lithium Group is a party; or

 

(F)       to
enter into any negotiations, agreements, or arrangements with respect to transactions or events (including stock issuances, pursuant
to the exercise of options or otherwise, option grants, the adoption of, or authorization of shares under, a stock option plan,
capital contributions, or acquisitions, but not including the Distribution) that could reasonably be expected to cause the Distribution
to be treated as part of a plan (within the meaning of Section 355(e) of the Code) pursuant to which one or more Persons acquire
directly or indirectly Livent stock representing a 50% or greater interest within the meaning of Section 355(d)(4) of the Code.

 

(b)       Covenants.

 

(i)       Livent
shall not, and shall not permit any other member of the Lithium Group to, take or fail to take any action that constitutes a Livent
Disqualifying Action.

 

(ii)       Livent
shall not, and shall not permit any other member of the Lithium Group to, take or fail to take any action that is inconsistent
with the information and representations furnished by Livent to Tax Counsel in connection with the Tax Representation Letters
or Tax Opinion;

 

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(iii)       Livent
shall not, and shall not permit any other member of the Lithium Group to, take or fail to take any action in a manner that management
of Livent knows, or should know, is reasonably likely to contravene any agreement with a Taxing Authority entered into prior to
the Distribution Date to which any member of the Lithium Group or the Parent Group is a party;

 

(iv)       During
the two-year period following the Distribution Date:

 

(A)       Livent
shall (v) maintain its status as a company engaged in the Active Trade or Business for purposes of Section 355(b)(2) of the Code,
(w) not engage in any transaction that would result in it ceasing to be a company engaged in the Active Trade or Business for
purposes of Section 355(b)(2) of the Code, (x) cause each other member of the Lithium Group whose Active Trade or Business is
relied upon for purposes of qualifying the Distribution for the Intended Tax-Free Treatment to maintain its status as a company
engaged in such Active Trade or Business for purposes of Section 355(b)(2) of the Code and any such other Applicable Tax Law,
(y) not engage in any transaction or permit any other member of the Lithium Group to engage in any transaction that would result
in a member of the Lithium Group described in clause (x) hereof ceasing to be a company engaged in the relevant Active Trade or
Business for purposes of Section 355(b)(2) of the Code or such other Applicable Tax Law, taking into account Section 355(b)(3)
of the Code for purposes of each of clauses (v) through (y) hereof, and (z) not dispose of or permit a member of the Lithium Group
to dispose of, directly or indirectly, any interest in a member of the Lithium Group described in clause (x) hereof or permit
any such member of the Lithium Group to make or revoke any election under Treasury Regulation Section 301.7701-3;

 

(B)       Livent
shall not repurchase stock of Livent in a manner contrary to the requirements of Section 4.05(1)(b) of IRS Revenue Procedure 96-30
(as in effect prior to the amendment of such Revenue Procedure by IRS Revenue Procedure 2003-48) or inconsistent with any representations
made by Livent to Tax Counsel in connection with the Tax Representation Letters;

 

(C)       Livent
shall not, and shall not agree to, merge, consolidate or amalgamate with any other Person;

 

(D)       Livent
shall not, and shall not permit any other member of the Lithium Group to, or to agree to, sell or otherwise issue to any Person
any Equity Interests of Livent or of any other member of the Lithium Group (other than sales or issuances of Equity Interests
of a member of the Lithium Group other than Livent to another member of the Lithium Group); provided, however, that
Livent may issue Equity Interests to the extent such issuances satisfy Safe Harbor VIII (relating to acquisitions in connection
with a person’s performance of services) or Safe Harbor IX (relating to acquisitions by a retirement plan of an employer)
of Treasury Regulations Section 1.355-7(d);

 

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(E)       Livent
shall not, and shall not permit any other member of the Lithium Group to (I) solicit any Person to make a tender offer for, or
otherwise acquire or sell, the Equity Interests of Livent, (II) participate in or support any unsolicited tender offer for, or
other acquisition, issuance or disposition of, the Equity Interests of Livent or (III) approve or otherwise permit any proposed
business combination or any transaction which, in the cause of clauses (I) or (II), individually or in the aggregate, together
with any transaction occurring within the four-year period beginning on the date which is two years before the Distribution Date
and any other transaction which is part of a plan or series of related transactions (within the meaning of Section 355(e) of the
Code) that includes the Distribution, could result in one or more Persons acquiring (except for acquisitions that otherwise satisfy
Safe Harbor VIII (relating to acquisitions in connection with a person’s performance of services) or Safe Harbor IX (relating
to acquisitions by a retirement plan of an employer) of Treasury Regulation Section 1.355-7(d)) directly or indirectly stock representing
a 40% or greater interest, by vote or value, in Livent (or any successor thereto) (any such transaction, a “Proposed
Acquisition Transaction”); provided further that any clarification of, or change in, the statute or regulations
promulgated under Section 355(e) of the Code shall be incorporated in the restrictions in this clause (viii) and the interpretation
thereof;

 

(F)       if
any member of the Lithium Group proposes to enter into any transaction or series of transactions that is not a Proposed Acquisition
Transaction but would be a Proposed Acquisition Transaction if the percentage reflected in the definition of Proposed Acquisition
Transaction were 25% instead of 40% (a “Section 9(b)(iv)(F) Acquisition Transaction”) or, to the extent Livent
has the right to prohibit any Section 9(b)(iv)(F) Acquisition Transaction, proposes to permit any Section 9(b)(iv)(F) Acquisition
Transaction to occur, in each case, Livent shall provide Parent, no later than 10 Business Days following the signing of any written
agreement with respect to the Section 9(b)(iv)(F) Acquisition Transaction, a written description of such transaction (including
the type and amount of Equity Interests of Livent to be issued in such transaction) and a certificate of the board of directors
of Livent to the effect that the Section 9(b)(iv)(F) Acquisition Transaction is not a Proposed Acquisition Transaction.

 

(G)       Livent
shall not, and shall not permit any other member of the Lithium Group to, amend its certificate of incorporation (or other organizational
documents), or take any other action, whether through a stockholder vote or otherwise, affecting the voting rights of the Equity
Interests of Livent (including, without limitation, through the conversion of one class of Equity Interests of Livent into another
class of Equity Interests of Livent).

 

(v)       Livent
shall not take or fail to take, or permit any other member of the Lithium Group to take or fail to take, any action which prevents
or could reasonably be expected to result in Tax treatment that is inconsistent with the Intended Tax-Free Treatment.

 

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(vi)       With
respect to any Foreign Livent Subsidiary, Livent shall not, and shall not permit any other member of the Lithium Group to, for
the period after the Distribution Date through December 31, 2019:

 

(A)       make
or change any Tax election, amend any Tax Return, change any method of Tax accounting or change the Taxable period of any Foreign
Livent Subsidiary for any Tax year for U.S. or foreign tax reporting purposes that includes the Distribution Date;

 

(B)       cause
or permit a distribution (within the meaning of Section 301 of the Code) to be made with respect to the capital stock of any Foreign
Livent Subsidiary;

 

(C)       make
or cause to be made any investment in U.S. property within the meaning of Section 956 of the Code; or

 

(D)       restructure
the business of any Foreign Livent Subsidiary or engage in any extraordinary transaction;

 

in
each case, if such transaction would be reasonably likely to (i) generate earnings and profits of the Foreign Livent Subsidiary
(as determined under the Code) that is taxed at a rate materially lower than the statutory rate applicable to the Foreign Livent
Subsidiary in the applicable jurisdiction, (ii) give rise to any income to Parent or the Parent Group under Sections 951 or 951A
of the Code or (iii) would otherwise adversely impact the amount of Parent or the Parent Group’s associated deemed-paid
foreign tax credits within the meaning of Section 902 of the Code.

 

(vii)       Livent
shall, or shall cause the relevant Lithium Subsidiary to, enter into new gain recognition agreements with respect to the Existing
GRAs pursuant to Section 1.367(a)-8 of the Treasury Regulations so as to render an exception set forth in Section 1.367(a)-8(k)
available with respect to any “triggering event” arising by reason of the transactions contemplated by the Transaction
Documents. Each such new gain recognition agreement shall, to the extent consistent with the corresponding Existing GRA, contain
an election under Section 1.367(a)-8(c)(2)(vi) to report any gain recognized under Section 1.367(a)-8(c)(1)(i) in the taxable
year during which a gain recognition event occurs.

 

(c)       Livent
Covenants Exceptions. Notwithstanding the provisions of ‎Section 9(b), Livent and the other members of the Lithium
Group may take any action that would reasonably be expected to be inconsistent with the covenants contained in ‎‎(b),
if either: (i) Livent notifies Parent of its proposal to take such action and Livent and Parent obtain a ruling from the IRS to
the effect that such action will not affect the Intended Tax-Free Treatment; provided, that Livent agrees in writing to
bear any expenses associated with obtaining such a ruling and; provided, further, that the Lithium Group shall not
be relieved of any liability under ‎Section 11(a) of this Agreement by reason of seeking or having obtained such a
ruling; or (ii) Livent notifies Parent of its proposal to take such action and obtains an unqualified opinion of counsel (A) from
a Tax

 

    17

     

    

advisor recognized
as an expert in federal income Tax matters and acceptable to Parent in its sole discretion, (B) on which Parent may rely and (C)
to the effect that such action “will” not affect the Intended Tax-Free Treatment; provided, that the Lithium
Group shall not be relieved of any liability under ‎Section 11(a) of this Agreement by reason of having
obtained such an opinion.

 

Section 10.Protective
Section 336(e) Elections.

 

(a)       Section
336(e) Election. Pursuant to Treasury Regulations Sections 1.336-2(h)(1)(i) and 1.336-2(j), Parent and Livent agree that Parent
shall make a timely protective election under Section 336(e) of the Code and the Treasury Regulations issued thereunder for each
member of the Lithium Group that is a domestic corporation for U.S. federal income Tax purposes with respect to the Distribution
(a “Section 336(e) Election”). It is intended that a Section 336(e) Election will have no effect unless the
Distribution is a “qualified stock disposition,” as defined in Treasury Regulations Section 1.336(e)-1(b)(6), by reason
of the application of Treasury Regulations Section 1.336-1(b)(5)(i)(B) or Treasury Regulations Section 1.336-1(b)(5)(ii).

 

(b)       Parent
TRA. If any failure of the Intended Tax-Free Treatment of the Contribution, the Distribution or the Separation Payment results
in Taxes (including any Taxes attributable to the Section 336(e) Election) that are not allocated to Livent pursuant to Section
3, (i) Parent shall be entitled to periodic payments from Livent equal to the product of (x) 85% of the Tax savings arising from
the step-up in Tax basis resulting from the Section 336(e) Election and (y) the percentage of Taxes arising from such failure
that are not allocated to Livent pursuant to Section 3, and (ii) the parties shall negotiate in good faith the terms of a tax
receivable agreement to govern the calculation of such payments; provided, that any such tax savings in clause (i) shall
be determined using a “with and without” methodology (treating any deductions or amortization attributable to the
step-up in tax basis resulting from the Section 336(e) Election as the last items claimed for any taxable year, including after
the utilization of any carryforwards). Notwithstanding the foregoing, Parent may, at its sole discretion, waive its right to receive
any and all payments pursuant to this ‎Section 10(b).

 

Section 11.Indemnities.

 

(a)       Livent
Indemnity to Parent. Livent and each other member of the Lithium Group shall jointly and severally indemnify Parent and the
other members of the Parent Group against, and hold them harmless, without duplication, from:

 

(i)       any
Tax liability allocated to Livent pursuant to ‎Section 3;

 

(ii)       any
Tax liability and Tax-Related Losses attributable to a breach, after the Distribution Effective Time, by Livent or any other member
of the Lithium Group of any representation or covenant contained in this Agreement.

 

(iii)       any
Distribution Taxes and Tax-Related Losses attributable to a Livent Disqualifying Action (including, for the avoidance of doubt,
any Taxes and Tax-Related Losses resulting from any action for which the conditions set forth in ‎Section 9(c)
are satisfied); and

 

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(iv)       all
liabilities, costs, expenses (including, without limitation, reasonable expenses of investigation and attorneys’ fees and
expenses), losses, damages, assessments, settlements or judgments arising out of or incident to the imposition, assessment or
assertion of any Tax liability or damage described in ‎(i), (ii) or (iii), including those incurred in the contest
in good faith in appropriate proceedings relating to the imposition, assessment or assertion of any such Tax, liability or damage.

 

(b)       Parent
Indemnity to Livent. Except in the case of any liabilities described in ‎‎Section 11(a), Parent and
each other member of the Parent Group will jointly and severally indemnify Livent and the other members of the Lithium Group against,
and hold them harmless, without duplication, from:

 

(i)       any
Tax liability allocated to Parent pursuant to ‎Section 3; and

 

(ii)       all
liabilities, costs, expenses (including, without limitation, reasonable expenses of investigation and attorneys’ fees and
expenses), losses, damages, assessments, settlements or judgments arising out of or incident to the imposition, assessment or
assertion of any Tax liability or damage described in ‎(i), including those incurred in the contest in good faith in
appropriate proceedings relating to the imposition, assessment or assertion of any such Tax, liability or damage;

 

(c)       Discharge
of Indemnity. Livent, Parent and the members of their respective Groups shall discharge their obligations under ‎Section
11(a) or ‎‎Section 11(b) hereof, respectively, by paying the relevant amount in accordance with ‎‎Section
12, within 30 Business Days of demand therefor or, to the extent such amount is required to be paid to a Taxing Authority prior
to the expiration of such 30 Business Days, at least 10 Business Days prior to the date by which the demanding party is required
to pay the related Tax liability. Any such demand shall include a statement showing the amount due under ‎Section 11(a)
or ‎‎Section 11(b), as the case may be. Notwithstanding the foregoing, if any member of the Lithium Group
or any member of the Parent Group disputes in good faith the fact or the amount of its obligation under ‎‎Section
11(a) or ‎‎Section 11(b), then no payment of the amount in dispute shall be required until any such good faith
dispute is resolved in accordance with ‎Section 18 hereof; provided, however, that any amount not paid
within 30 Business Days of demand therefor shall bear interest as provided in ‎‎Section 12.

 

(d)       Tax
Benefits. If an indemnification obligation of any Indemnifying party under this ‎‎Section 11 arises in respect
of an adjustment that makes allowable to an Indemnitee any Tax Benefit which would not, but for such adjustment, be allowable,
then any such indemnification obligation shall be an amount equal to (i) the amount otherwise due but for this ‎Section
11(d), minus (ii) the reduction in actual cash Taxes payable by the Indemnitee in the taxable year such indemnification obligation
arises, determined on a “with and without” basis.

 

Section 12.Payments.

 

(a)       Timing.
All payments to be made under this Agreement (excluding, for the avoidance of doubt, any payments to a Taxing Authority described
herein) shall be made in immediately available funds. Except as otherwise provided, all such payments will be due 30

 

    19

     

    

Business Days
after the receipt of notice of such payment or, where no notice is required, 30 Business Days after the fixing of liability or
the resolution of a dispute (the “Due Date”). Payments shall be deemed made when received. Any payment that
is not made on or before the Due Date shall bear interest at the rate equal to the “prime” rate as published on such
Due Date in the Wall Street Journal, Eastern Edition, for the period from and including the date immediately following the Due
Date through and including the date of payment. With respect to any payment required to be made under this Agreement, Parent has
the right to designate, by written notice to Livent, which member of the Parent Group will make or receive such payment.

 

(b)       Treatment
of Payments. To the extent permitted by Applicable Tax Law, any payment made by Parent or any member of the Parent Group to
Livent or any member of the Lithium Group, or by Livent or any member of the Lithium Group to Parent or any member of the Parent
Group, pursuant to this Agreement, the Separation and Distribution Agreement or any other Transaction Document that relates to
Taxable periods (or portions thereof) ending on or before the Distribution Date shall be treated by the parties hereto for all
Tax purposes as a distribution by Livent to Parent, or a capital contribution from Parent to Livent, as the case may be; provided,
however, that any payment made pursuant to Section 2.08 of the Separation and Distribution Agreement shall instead be treated
as if the party required to make a payment of received amounts had received such amounts as agent for the other party; provided
further that any payment made pursuant to Sections 3.01, 3.02, 3.03 and 3.04 of the Transition Services Agreement shall instead
be treated as a payment for services. In the event that a Taxing Authority asserts that a party’s treatment of a payment
described in this ‎Section 12(b) should be other than as required herein, such party shall use its reasonable
best efforts to contest such assertion in a manner consistent with ‎‎‎Section 15 of this Agreement.

 

(c)       No
Duplicative Payment. It is intended that the provisions of this Agreement shall not result in a duplicative payment of any
amount required to be paid under the Separation and Distribution Agreement or any other Transaction Document, and this Agreement
shall be construed accordingly.

 

Section 13.Guarantees.
Parent or Livent, as the case may be, shall guarantee or otherwise perform the obligations of each other member of the Parent
Group or the Lithium Group, respectively, under this Agreement.

 

Section 14.Communication
and Cooperation.

 

(a)       Consult
and Cooperate. Parent and Livent shall consult and cooperate (and shall cause each other member of their respective Groups
to consult and cooperate) fully at such time and to the extent reasonably requested by the other party in connection with all
matters subject to this Agreement. Such cooperation shall include, without limitation:

 

(i)       the
retention, and provision on reasonable request, of any and all information including all books, records, documentation or other
information pertaining to Tax matters relating to the Lithium Group (or, in the case of any Tax Return of the Parent Group, the
portion of such return that relates to Taxes for which the Lithium Group may be liable pursuant to this Agreement), any necessary
explanations of

 

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information,
and access to personnel, until one year after the expiration of the applicable statute of limitation (giving effect to any extension,
waiver or mitigation thereof);

 

(ii)       the
execution of any document that may be necessary (including to give effect to ‎Section 15) or helpful in connection
with any required Tax Return or in connection with any audit, proceeding, suit or action; and

 

(iii)       the
use of the parties’ commercially reasonable efforts to obtain any documentation from a Governmental Authority or a third
party that may be necessary or helpful in connection with the foregoing.

 

(b)       Provide
Information. Except as set forth in ‎Section 15, Parent and Livent shall keep each other reasonably informed
with respect to any material development relating to the matters subject to this Agreement.

 

(c)       Tax
Attribute Matters. Parent and Livent shall promptly advise each other with respect to any proposed Tax adjustments that are
the subject of an audit or investigation, or are the subject of any proceeding or litigation, and that may affect any Tax liability
or any Tax Attribute (including, but not limited to, basis in an asset or the amount of earnings and profits) of any member of
the Lithium Group or any member of the Parent Group, respectively.

 

(d)       Confidentiality
and Privileged Information. Any information or documents provided under this Agreement shall be kept confidential by the party
receiving the information or documents, except as may otherwise be necessary in connection with the filing of required Tax Returns
or in connection with any audit, proceeding, suit or action. Without limiting the foregoing (and notwithstanding any other provision
of this Agreement or any other agreement), (i) no member of the Parent Group or Lithium Group, respectively, shall be required
to provide any member of the Lithium Group or Parent Group, respectively, or any other Person access to or copies of any information
or procedures other than information or procedures that relate solely to Livent, the business or assets of any member of the Lithium
Group, or matters for which Livent or Parent Group, respectively, has an obligation to indemnify under this Agreement, and (ii)
in no event shall any member of the Parent Group or the Lithium Group, respectively, be required to provide any member of the
Lithium Group or Parent Group, respectively, or any other Person access to or copies of any information if such action could reasonably
be expected to result in the waiver of any privilege. Notwithstanding the foregoing, in the event that Parent or Livent, respectively,
determines that the provision of any information to any member of the Lithium Group or Parent Group, respectively, could be commercially
detrimental or violate any law or agreement to which Parent or Livent, respectively, is bound, Parent or Livent, respectively,
shall not be required to comply with the foregoing terms of this ‎‎Section 14(d) except to the extent that it is
able, using commercially reasonable efforts, to do so while avoiding such harm or consequence (and shall promptly provide notice
to Parent or Livent, to the extent such access to or copies of any information is provided to a Person other than a member of
the Parent Group or Lithium Group (as applicable)).

 

Section 15.Audits
and Contest.

 

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(a)       Notice.
Each of Parent or Livent shall promptly notify the other in writing upon the receipt of any notice of Tax Proceeding from the
relevant Taxing Authority that may affect the liability of any member of the Lithium Group or the Parent Group, respectively,
for Taxes under Applicable Law or this Agreement; provided, that a party’s right to indemnification under this Agreement
shall not be limited in any way by a failure to so notify, except to the extent that the indemnifying party is prejudiced by such
failure

 

(b)       Parent
Control. Notwithstanding anything in this Agreement to the contrary but subject to ‎Section 15(d), Parent shall
have the right to control all matters relating to any Tax Return, or any Tax Proceeding, with respect to any Tax matters of a
Combined Group or any member of a Combined Group (as such). Parent shall have absolute discretion with respect to any decisions
to be made, or the nature of any action to be taken, with respect to any Tax matter described in the preceding sentence; provided,
however, that to the extent that any Tax Proceeding relating to such a Tax matter is reasonably likely to give rise to an
indemnity obligation of Livent under ‎‎Section 11 hereof, (i) Parent shall keep Livent informed of all material
developments and events relating to any such Tax Proceeding described in this proviso and (ii) at its own cost and expense, Livent
shall have the right to participate in (but not to control) the defense of any such Tax Proceeding.

 

(c)       Livent
Assumption of Control; Non-Distribution Taxes. If Parent determines that the resolution of any matter pursuant to a Tax Proceeding
(other than a Tax Proceeding relating to Distribution Taxes) is reasonably likely to have an adverse effect on the Lithium Group
with respect to any Post-Distribution Period, Parent, in its sole discretion, may permit Livent to elect to assume control over
disposition of such matter at Livent’s sole cost and expense; provided, however, that if Livent so elects, it will
(i) be responsible for the payment of any liability arising from the disposition of such matter notwithstanding any other provision
of this Agreement to the contrary and (ii) indemnify the Parent Group for any increase in a liability and any reduction of a Tax
asset of the Parent Group arising from such matter.

 

(d)       Livent
Participation; Distribution Taxes. Parent shall have the right to control any Tax Proceeding relating to Distribution Taxes;
provided, that Parent shall keep Livent fully informed of all material developments and shall permit Livent a reasonable
opportunity to participate in the defense of the matter.

 

Section 16.Costs
and Expenses. Except as expressly set forth in this Agreement, each party shall bear its own costs and expenses incurred pursuant
to this Agreement. For purposes of this Agreement, costs and expenses shall include, but not be limited to, reasonable attorneys’
fees, accountants’ fees and other related professional fees and disbursements. For the avoidance of doubt, unless otherwise
specifically provided in the Transaction Documents, all liabilities, costs and expenses incurred in connection with this Agreement
by or on behalf of Livent or any member of the Lithium Group in any Pre-Distribution Period shall be the responsibility of Parent
and shall be assumed in full by Parent.

 

Section 17.Effectiveness;
Termination and Survival. Except as expressly set forth in this Agreement, as between Parent and Livent, this Agreement shall
become effective upon the consummation of the Distribution. All rights and obligations arising hereunder shall survive until they
are fully effectuated or performed; provided that, notwithstanding anything in this

 

    22

     

    

Agreement to
the contrary, this Agreement shall remain in effect and its provisions shall survive for one year after the full period of all
applicable statutes of limitation (giving effect to any extension, waiver or mitigation thereof) and, with respect to any claim
hereunder initiated prior to the end of such period, until such claim has been satisfied or otherwise resolved. This agreement
shall terminate without any further action at any time before the Distribution upon termination of the Separation and Distribution
Agreement.

 

Section 18.Dispute
Resolution. In the event of any dispute relating to this Agreement, the parties shall work together in good faith to resolve
such dispute within 30 days. In the event that such dispute is not resolved, upon written notice by a party after such 30-day
period, the matter shall be referred to a U.S. Tax counsel or other Tax advisor of recognized national standing (the “Tax
Arbiter”) that will be jointly chosen by Parent and Livent; provided, however, that, if Parent and Livent do
not agree on the selection of the Tax Arbiter after five (5) days of good faith negotiation, the Tax Arbiter shall consist of
a panel of three U.S. Tax counsel or other Tax advisor of recognized national standing with one member chosen by Parent, one member
chosen by Livent, and a third member chosen by mutual agreement of the other members within the following ten (10)-day period.
Each decision of a panel Tax Arbiter shall be made by majority vote of the members. The Tax Arbiter may, in its discretion, obtain
the services of any third party necessary to assist it in resolving the dispute. The Tax Arbiter shall furnish written notice
to the parties to the dispute of its resolution of the dispute as soon as practicable, but in any event no later than ninety (90)
days after acceptance of the matter for resolution. Any such resolution by the Tax Arbiter shall be binding on the parties, and
the parties shall take, or cause to be taken, any action necessary to implement such resolution. All fees and expenses of the
Tax Arbiter shall be shared equally by the parties to the dispute. If the parties are unable to find a Tax Arbiter willing to
adjudicate the dispute in question and whom the parties, acting in good faith, find acceptable, then the dispute shall be resolved
in the manner set forth in Section 9.03 of the Separation and Distribution Agreement .

 

Section 19.Authorization,
Etc. Each of the parties hereto hereby represents and warrants that it has the power and authority to execute, deliver and
perform this Agreement, that this Agreement has been duly authorized by all necessary corporate action on the part of such party,
that this Agreement constitutes a legal, valid and binding obligation of each such party, and that the execution, delivery and
performance of this Agreement by such party does not contravene or conflict with any provision or law or of its charter or bylaws
or any agreement, instrument or order binding on such party.

 

Section 20.Change
in Tax Law. Any reference to a provision of the Code, Treasury Regulations or any other Applicable Tax Law shall include a
reference to any applicable successor provision of the Code, Treasury Regulations or other Applicable Tax Law.

 

Section 21.Principles.
This Agreement is intended to calculate and allocate certain Tax liabilities of the members of the Lithium Group and the members
of the Parent Group to Livent and Parent (and their respective Groups), and any situation or circumstance concerning such calculation
and allocation that is not specifically contemplated by this Agreement shall be dealt with in a manner consistent with the underlying
principles of calculation and allocation in this Agreement.

 

    23

     

    

Section 22.Interpretation;
Incorporation of Terms by Reference. This Agreement is an “Ancillary Agreement” as such term is defined
in the Separation and Distribution Agreement and shall be interpreted in accordance with the terms of the Separation and Distribution
Agreement in all respects; provided that in the event of any conflict or inconsistency between the terms of this Agreement
and the terms of the Separation and Distribution Agreement in respect of the subject matter of this Agreement, the terms of this
Agreement shall control in all respects. Sections 9.04, 9.05, 9.06, 9.07 (other than 9.07(d)), 9.08, 9.09, 9.10, 9.11, 9.12, 9.13,
9.15, 9.16 and 9.17 (subject to the immediately preceding sentence) of the Separation and Distribution Agreement shall each be
incorporated herein by reference, mutatis mutandis, as if set forth in full herein.

 

[SIGNATURE
PAGE FOLLOWS]

 

    24

     

    

IN WITNESS
WHEREOF, the parties have executed and delivered this Agreement as of the day and year first written above.

 

	 	FMC on its own behalf and on behalf of the members of the Parent Group	 
	 	 	 
	 	 	 
	 	By:	/s/ Pierre Brondeau	 
	 	Name: Pierre Brondeau	 
	 	Title:   Chief Executive Officer	 
	 	 	 	 

 

 

	 	Livent on its own behalf and on behalf of the members of the Lithium Group	 
	 	 	 
	 	 	 
	 	By:	/s/ Paul Graves	 
	 	Name: Paul Graves	 
	 	Title:   Chief Executive Officer
    and PresidentExhibit
10.5

 

 

 

 

REGISTRATION
RIGHTS AGREEMENT

 

by
and between

 

LIVENT
CORPORATION

 

and

 

THE
SHAREHOLDERS PARTY HERETO

 

Dated
as of October 15, 2018

 

 

 

 

     

     

    

TABLE
OF CONTENTS

___________________ 

Page

 

	Section 1.01.  Definitions	1
	Section 1.02.  Other Definitional and Interpretative Provisions	4
	 	 
	Article II
	Registration Rights
	 
	Section 2.01.  Demand Registration	5
	Section 2.02.  Piggyback Registration	7
	Section 2.03.  Shelf Registration	8
	Section 2.04.  Lock-Up Agreements	9
	Section 2.05.  Registration Procedures	9
	Section 2.06.  Participation in Public Offering	13
	Section 2.07.  Rule 144 Sales; Cooperation by the Company	13
	 	 
	Article III
	Indemnification and Contribution
	 
	Section 3.01.  Indemnification by the Company	13
	Section 3.02.  Indemnification by Participating Shareholders	14
	Section 3.03.  Conduct of Indemnification Proceedings	14
	Section 3.04.  Contribution	15
	Section 3.05.  Other Indemnification	16
	 	 
	Article IV
	Miscellaneous
	 
	Section 4.01.  Binding Effect; Assignability; Benefit	16
	Section 4.02.  Waiver; Amendment	16
	Section 4.03.  Independent Nature of Shareholders’ Obligations and Rights	17
	Section 4.04.  Interpretation; Incorporation of Terms by Reference	17
	 	 
	Exhibit A Joinder Agreement

 

    i 

     

    

REGISTRATION
RIGHTS AGREEMENT

 

THIS
REGISTRATION RIGHTS AGREEMENT, dated as of October 15, 2018, is by and between Livent Corporation, a Delaware corporation (the
“Company”), and FMC Corporation, including any Permitted Transferees (collectively, the “Shareholders”
and individually, a “Shareholder”). Capitalized terms used herein and not otherwise defined shall have the
respective meanings assigned to them in Article I hereof.

 

In
consideration of the mutual promises made herein and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto agree as follows:

 

Article
I

Definitions

 

Section
1.01.Definitions. For the purposes of this Agreement the following terms shall have the following meanings; provided
that capitalized terms used but not otherwise defined in this ‎Section 1.01 shall have the respective meanings
ascribed to such terms in the Separation and Distribution Agreement:

 

“Action”
means any demand, action, suit, countersuit, arbitration, inquiry, proceeding or investigation by or before any federal, state,
local, foreign or international Governmental Authority or any arbitration or mediation tribunal.

 

“Affiliate”
of any Person means a Person that controls, is controlled by, or is under common control with such Person. As used herein, “control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of
such entity, whether through ownership of voting securities or other interests, by contract or otherwise.

 

“Agreement”
means this Registration Rights Agreement, including all of the schedules and exhibits hereto.

 

“Board”
means the board of directors of the Company.

 

“Business
Day” means any day other than a Saturday, a Sunday or a day on which banking institutions are authorized or obligated
by Law to be closed in New York, New York.

 

“Company”
has the meaning set forth in the preamble hereto.

 

“Damages”
has the meaning set forth in ‎Section 3.01.

 

“Demand
Registration” has the meaning set forth in ‎Section
2.01(a).

 

“Effectiveness
Date” means the date upon which a Shareholder is no longer subject to underwriter lock up or other contractual restriction
entered into in connection with the First Public Offering.

 

     

     

    

“Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

“FINRA”
means the Financial Industry Regulatory Authority (formerly, the National Association of Securities Dealers, Inc.) and any successor
thereto.

 

“First
Public Offering” means the Company’s initial Public Offering.

 

“Governmental
Authority” means any nation or Government, any state, municipality or other political subdivision thereof, and any entity,
body, agency, commission, department, board, bureau, court, tribunal or other instrumentality, whether federal, state, local,
domestic, foreign or multinational, exercising executive, legislative, judicial, regulatory, administrative or other similar functions
of, or pertaining to, Government and any executive official thereof. As used in this definition, “Government”
is meant to include all levels and subdivisions of both U.S. and non-U.S. governments (i.e., local, regional or national, and
administrative, legislative or executive).

 

“Indemnified
Party” has the meaning set forth in ‎Section 3.03.

 

“Indemnifying
Party” has the meaning set forth in ‎Section 3.03.

 

“Inspectors”
has the meaning set forth in ‎Section 2.05(g).

 

“Law”
means any United States or non-United
States federal, national, supranational, state, provincial, local or similar law (including common law), statute, ordinance, regulation,
rule, code, order, treaty, license, permit, authorization, registration, approval, consent, decree, injunction, judgment, notice
of liability, request for information, binding judicial or administrative interpretation or other requirement, in each case, enacted,
promulgated, issued, entered or otherwise put into effect by a Governmental Authority.

 

“Lock-up
Agreement” has the meaning set forth in ‎Section
2.04(a).

 

“Maximum
Offering Size” has the meaning set forth in ‎Section
2.01(e).

 

“Permitted
Transferee” means in the case of any Shareholder, a Person to whom Registrable Securities are Transferred by such Shareholder;
provided that (i) such Transfer does not violate any agreements between such Shareholder and the Company or any of
the Company’s subsidiaries, (ii) such Transfer is not made in a registered offering or pursuant to Rule 144 and (iii) such
transferee shall only be a Permitted Transferee if and to the extent the transferor designates the transferee as a Permitted Transferee
entitled to rights hereunder pursuant to ‎Section 4.01(b).

 

“Person”
means an individual, a general or limited partnership, a corporation, a trust, a joint venture, an unincorporated organization,
a limited liability entity, any other entity and any Governmental Authority.

 

“Piggyback
Registration” has the meaning set forth in ‎Section
2.02(a).

 

    2 

     

    

“Public
Offering” means an underwritten public offering of Shares pursuant to an effective registration statement under the
Securities Act, other than pursuant to a registration statement on Form S-4 or Form S-8 or any similar or successor form.

 

“Records”
has the meaning set forth in ‎Section 2.05(g).

 

“Registering
Shareholders” has the meaning set forth in ‎Section
2.01(a).

 

“Registrable
Securities” means the Shares beneficially owned by a Shareholder on the date of this Agreement (including any such Shares
that are subsequently transferred to a Permitted Transferee) until (i) a registration statement with respect to the sale thereof
shall have become effective under the Securities Act and such securities shall have been disposed of in accordance with such registration
statement; (ii) such shares shall have been sold as permitted by Rule 144 (or any successor provision) under the Securities
Act; (iii) such shares shall have been otherwise transferred and subsequent public distribution of them shall not require
registration of such distribution under the Securities Act; or (iv) such shares shall have ceased to be outstanding.

 

“Registration
Expenses” means any and all expenses incident to the performance of, or compliance with, any registration or marketing
of securities, including all (i) registration and filing fees, and all other fees and expenses payable in connection with
the listing of securities on any securities exchange or automated interdealer quotation system, (ii) fees and expenses of
compliance with any securities or “blue sky” laws (including reasonable fees and disbursements of counsel in connection
with “blue sky” qualifications of the securities registered), (iii) expenses in connection with the preparation,
printing, mailing and delivery of any registration statements, prospectuses and other documents in connection therewith and any
amendments or supplements thereto, (iv) security engraving and printing expenses, (v) internal expenses of the Company
(including all salaries and expenses of its officers and employees performing legal or accounting duties), (vi) reasonable
fees and disbursements of counsel for the Company and customary fees and expenses for independent certified public accountants
retained by the Company (including the expenses relating to any comfort letters or costs associated with the delivery by independent
certified public accountants of any comfort letters requested pursuant to ‎Section
2.05(h)), (vii) reasonable fees and expenses of any special experts retained by the Company in connection with such registration,
(viii) reasonable fees, out-of-pocket costs and expenses of the Shareholders, including the reasonable fees and disbursements
of one counsel for all of the Shareholders participating in the offering selected by the Shareholders holding the majority of
the Registrable Securities to be sold for the account of all Shareholders in the offering, (ix) fees and expenses in connection
with any review by FINRA of the underwriting arrangements or other terms of the offering, and all fees and expenses of any “qualified
independent underwriter,” including the fees and expenses of any counsel thereto, (x) fees and disbursements of underwriters
customarily paid by issuers or sellers of securities, but excluding any underwriting fees, discounts and commissions attributable
to the sale of Registrable Securities, (xi) costs of printing and producing any agreements among underwriters, underwriting
agreements, any “blue sky” or legal investment memoranda and any selling agreements and other documents in connection
with the offering, sale or

 

    3 

     

    

delivery
of the Registrable Securities, (xii) transfer agents’ and registrars’ fees and expenses and the fees and expenses
of any other agent or trustee appointed in connection with such offering, (xiii) expenses relating to any analyst or investor
presentations or any “road shows” undertaken in connection with the registration, marketing or selling of the Registrable
Securities, and (xiv) all out-of-pocket costs and expenses incurred by the Company or its appropriate officers in connection
with their compliance with ‎Section 2.05(m). Except as set
forth in clause (viii) above, Registration Expenses shall not include any out-of-pocket expenses of the Shareholders (or
the agents who manage their accounts).

 

“Requesting
Shareholder” has the meaning set forth in ‎Section
2.01(a).

 

“Rule
144” means Rule 144 (or any successor or similar provisions) under the Securities Act.

 

“SEC”
means the Securities and Exchange Commission.

 

“Securities
Act” means the Securities Act of 1933, as amended.

 

“Separation
and Distribution Agreement” means the Separation and Distribution Agreement, dated on or about the date hereof, by and
between Parent and the Company, as amended, modified or supplemented from time to time.

 

“Shareholder”
has the meaning set forth in the preamble hereto.

 

“Shares”
means shares of common stock, par value $0.001 per share, of the Company and any shares into which such Shares may thereafter
be converted or changed.

 

“Shelf
Registration” has the meaning set forth in ‎Section
2.03.

 

“Transfer”
means, with respect to any Registrable Securities, (i) when used as a verb, to sell, assign, dispose of, exchange, pledge,
encumber, hypothecate or otherwise transfer such Registrable Securities or any participation or interest therein, whether directly
or indirectly, or agree or commit to do any of the foregoing and (ii) when used as a noun, a direct or indirect sale, assignment,
disposition, exchange, pledge, encumbrance, hypothecation, or other transfer of such Registrable Securities or any participation
or interest therein or any agreement or commitment to do any of the foregoing.

 

“Underwritten
Takedown” has the meaning set forth in ‎Section
2.03.

 

Section
1.02.Other Definitional and Interpretative Provisions. Words in the singular shall be held to include the plural and
vice versa and words of one gender shall be held to include the other genders as the context requires. The terms “hereof,”
“herein” and “herewith” and words of similar import shall, unless otherwise stated, be construed to refer
to this Agreement as a whole and not to any particular provision of this Agreement. Section and Exhibit references are to the
Sections and Exhibits to this Agreement unless otherwise specified. The word “including” and words of similar import
when used in this Agreement shall mean “including, without limitation,” unless otherwise specified.

 

    4 

     

    

Article
II

Registration Rights

 

Section
2.01.Demand Registration. (a) Following the Effectiveness Date, any Shareholder or group of Shareholders (the requesting
Shareholder(s) shall be referred to herein as the “Requesting Shareholder”) may request that the Company effect
the registration under the Securities Act of all or any portion of the Requesting Shareholder’s Registrable Securities and
specify the intended method of disposition thereof. The Company shall as promptly as reasonably practicable following the date
of receipt by the Company of such request give notice of such requested registration (each such request shall be referred to herein
as a “Demand Registration”) and, in any event, no later than five Business Days prior to the anticipated
filing date of the registration statement relating to such Demand Registration to any other Shareholders and thereupon shall use
all commercially reasonable efforts to effect, as expeditiously as possible, the registration under the Securities Act of:

 

(i)       subject
to the restrictions set forth in ‎Section 2.01(e), all Registrable Securities for which the Requesting Shareholder
has requested registration under this ‎Section 2.01, and

 

(ii)       subject
to the restrictions set forth in Sections ‎2.01(e) and ‎2.02, all other Registrable Securities
that any Shareholders (all such Shareholders, together with the Requesting Shareholder, the “Registering Shareholders”)
have requested the Company to register pursuant to ‎Section 2.02, by request received by the Company within
two Business Days after such Shareholders receive the Company’s notice of the Demand Registration,

 

all to the
extent necessary to permit the disposition (in accordance with the intended methods thereof as aforesaid) of the Registrable Securities
so to be registered, provided that the Company shall not be obligated to effect a Demand Registration unless the aggregate
proceeds expected to be received from the sale of the Registrable Securities requested to be included in such Demand Registration
equals or exceeds $50,000,000 or such lesser amount that constitutes all of the Requesting Shareholder’s Registrable Securities.
In no event shall the Company be required to effect more than one Demand Registration or Underwritten Takedown hereunder within
any ninety-day period or four or more Demand Registrations and Underwritten Takedowns, in the aggregate, in any period of twelve
consecutive months.

 

(b)       Promptly
after the expiration of the two-Business Day period referred to in ‎Section 2.01(a)(ii), the Company will notify all
Registering Shareholders of the identities of the other Registering Shareholders and the number of shares of Registrable Securities
requested to be included therein. At any time prior to the effective date of the registration statement relating to such registration,
the Requesting Shareholder may revoke such request, without liability to any of the other Registering Shareholders, by providing
a notice to the Company revoking such request. Notwithstanding clause (d) below, a request, so revoked, shall be considered
to be a Demand Registration unless (i) such revocation arose out of the fault of the Company (in which case the Company shall
be

 

    5 

     

    

obligated
to pay all Registration Expenses in connection with such revoked request), or (ii) the Requesting Shareholder reimburses the Company
for all Registration Expenses (other than the expenses set forth under clause (v) of the definition of the term Registration
Expenses) of such revoked request.

 

(c)       The
Company shall be liable for and shall pay all Registration Expenses in connection with any Demand Registration, regardless of
whether such Registration is effected, unless the Requesting Shareholder elects to pay such Registration Expenses as described
in the last sentence of ‎Section 2.01(b).

 

(d)       A
Demand Registration shall not be deemed to have occurred unless the registration statement relating thereto (A) has become effective
under the Securities Act and (B) has remained effective for a period of at least 30 days (or such shorter period in which all
Registrable Securities of the Registering Shareholders included in such registration have actually been sold thereunder), provided
that a Demand Registration shall not be deemed to have occurred if, after such registration statement becomes effective, (1)
such registration statement is interfered with by any stop order, injunction or other order or requirement of the SEC or other
governmental agency or court and (2) less than 75% of the Registrable Securities included in such registration statement have
been sold thereunder.

 

(e)       If
a Demand Registration involves a Public Offering and the managing underwriter advises the Company and the Requesting Shareholder
that, in its view, the number of shares of Registrable Securities requested to be included in such registration exceeds the largest
number of shares that can be sold without having an adverse effect on such offering, including the price at which such shares
can be sold (the “Maximum Offering Size”), the Company shall include in such registration up to the Maximum
Offering Size all Registrable Securities requested to be included in such registration by all Registering Shareholders (allocated,
if necessary for the offering not to exceed the Maximum Offering Size, pro rata among such Shareholders on the basis of the relative
number of Registrable Securities held by each such Shareholder).

 

(f)       Upon
notice to the Requesting Shareholder, the Company may postpone effecting a registration pursuant to this ‎Section 2.01
for a reasonable time specified in the notice but not exceeding, together with any suspension pursuant to Section 2.03(c) hereof,
60 days in the aggregate in any period of twelve consecutive months (which period may not be extended or renewed), if the Board
determines in good faith that: (i) upon the advice of an investment bank, effecting the registration could materially and adversely
affect an offering of securities of the Company the preparation of which had then been commenced, (ii) the Company is in possession
of material non-public information the disclosure of which during the period specified in such notice would not be in the best
interests of the Company or (iii) effecting the registration would impede, delay or interfere with any pending material acquisition,
corporate reorganiation or similar transaction of the Company.

 

    6 

     

    

(g)       In
no event shall any securities be registered by the Company (including for the benefit of any other Persons not party to this Agreement)
other than Registrable Securities in connection with a Demand Registration made pursuant to this Section 2.01.

 

Section
2.02.Piggyback Registration. (a) Following the Effectiveness Date, if the Company proposes to register any Shares under
the Securities Act (other than (i) a Demand Registration or a Shelf Registration, which will be subject to the provisions of ‎Section
2.03, respectively, or (ii)  a registration on Form S-8 or S-4, or any successor or similar forms, relating to Shares issuable
upon exercise of employee stock options or in connection with any employee benefit or similar plan of the Company or in connection
with a direct or indirect acquisition by the Company of another Person), whether or not for sale for its own account, the Company
shall each such time give prompt notice at least ten Business Days prior to the anticipated filing date of the registration statement
relating to such registration to each Shareholder, which notice shall set forth such Shareholder’s rights under this ‎Section
2.02 and shall offer such Shareholder the opportunity to include in such registration statement the number of Registrable Securities
as each such Shareholder may request (a “Piggyback Registration”), subject to the provisions of ‎Section
2.02(b). Upon the request of any such Shareholder made within five Business Days after the receipt of notice from the Company
(which request shall specify the number of Registrable Securities intended to be registered by such Shareholder), the Company
shall use all commercially reasonable efforts to effect the registration under the Securities Act of all Registrable Securities
that the Company has been so requested to register by all such Shareholders, to the extent required to permit the disposition
of the Registrable Securities so to be registered, provided that (A) if such registration involves a Public Offering,
all such Shareholders requesting to be included in the Company’s registration must sell their Registrable Securities to
the underwriters selected as provided in ‎Section 2.05(f) on the same terms and conditions as apply to the Company
or the Requesting Shareholders, as applicable, and (B) if, at any time after giving notice of its intention to register any
Registrable Securities pursuant to this ‎Section 2.02(a) and prior to the effective date of the registration statement
filed in connection with such registration, the Company shall determine for any reason not to register such securities, the Company
shall give notice to all such Shareholders and, thereupon, shall be relieved of its obligation to register any Registrable Securities
in connection with such registration. No registration effected under this ‎Section 2.02 shall relieve the Company of
its obligations to effect a Demand Registration to the extent required by ‎Section 2.01 or a Shelf Registration to
the extent required by ‎Section 2.03. The Company shall pay all Registration Expenses in connection with each Piggyback
Registration.

 

(a)       If
a Piggyback Registration involves a Public Offering and the managing underwriter advises the Company that, in its view, the number
of Shares that the Company and such Shareholders intend to include in such registration exceeds the Maximum Offering Size, the
Company shall include in such registration, in the following priority, up to the Maximum Offering Size:

 

(i)       first,
so much of the Registrable Securities proposed to be registered for the account of the Company (or, if such registration is pursuant
to a

 

    7 

     

    

demand
by a Person that is not a Shareholder, for the account of such other Person) as would not cause the offering to exceed the Maximum
Offering Size,

 

(ii)       second,
all Registrable Securities requested to be included in such registration by any Shareholders pursuant to this ‎Section
2.02 (allocated, if necessary for the offering not to exceed the Maximum Offering Size, pro rata among such Shareholders on the
basis of the relative number of shares of Registrable Securities so requested to be included in such registration by each), and

 

(iii)       third,
any securities proposed to be registered for the account of any other Persons with such priorities among them as the Company shall
determine.

 

Section
2.03.Shelf Registration. (a) (i) Following the Effectiveness Date, any Shareholder may request that the Company
effect the registration under the Securities Act of all or any portion of such Shareholder’s Registrable Securities under
a Registration Statement pursuant to Rule 415 under the Securities Act (or any successor or similar rule) (a “Shelf Registration”).
The Company shall file such Registration Statement as promptly as reasonably practicable and shall use reasonable best efforts
to cause such Shelf Registration to become effective. The Company shall only be required to effectuate one Public Offering from
any Shelf Registration (an “Underwritten Takedown”) within any ninety-day period and not more than four Public
Offerings pursuant to Underwritten Takedowns and Demand Registrations, in the aggregate, in any period of twelve consecutive months.
Underwritten Takedowns may only be requested by Shareholders where the aggregate proceeds expected to be received from the sale
of the Registrable Securities pursuant to such Underwritten Takedown equals or exceeds $50,000,000 or such lesser amount that
constitutes all of the Requesting Shareholder’s Registrable Securities. The provisions of ‎Section 2.01 shall
apply mutatis mutandis to each Underwritten Takedown, with references to “filing of the registration statement”
or “effective date” being deemed references to filing of a prospectus or supplement for such offering and references
to “registration” being deemed references to the offering; provided that Registering Shareholders shall only
include Shareholders whose Registrable Securities are included in such Shelf Registration or may be included therein without the
need for an amendment to such Shelf Registration (other than an automatically effective amendment). So long as the Shelf Registration
is effective, no Shareholder may request any Demand Registration pursuant to ‎Section 2.01 with respect to Registrable
Shares that are registered on such Shelf Registration but shall instead have the right to request an Underwritten Takedown as
set forth above.

 

(b)       The
Company shall be liable for and pay all Registration Expenses in connection with any Shelf Registration.

 

(c)       Upon
notice to the Shareholders, the Company may suspend usage of any such Shelf Registration on for a reasonable time specified in
the notice but not exceeding, together with any suspension pursuant to Section 2.01(f) hereof, 60 days in the aggregate in any
period of twelve consecutive months (which period may not be extended or

 

    8 

     

    

renewed),
if the Board determines in good faith that: (i) upon the advice of an investment bank, permitting usage of such Shelf Registration
could materially and adversely affect an offering of securities of the Company the preparation of which had then been commenced,
(ii) the Company is in possession of material non-public information the disclosure of which during the period specified in such
notice would not be in the best interests of the Company or (iii) permitting usage of such Shelf Registration would impede, delay
or interfere with any pending material acquisition, corporate reorganiation or similar transaction.

 

Section
2.04.Lock-Up Agreements. (a) If any registration of Registrable Securities shall be effected in connection with a Public
Offering after the First Public Offering, none of the Company, its directors or officers or any Shareholder participating in such
offering shall effect any public sale or distribution, including any sale pursuant to Rule 144, of any Shares or other equity
or equity-linked securities of the Company (except as part of such Public Offering) during the period beginning 14 days prior
to the effective date of the applicable registration statement or, in the case of a Shelf Registration, 14 days prior to launch
of the offering until the earlier of (x) such time as the Company and the lead managing underwriter shall agree and (y) 90
days following the pricing date of the offering, and each shall, upon request, execute a lock-up agreement containing such terms
in customary form (a “Lock-up Agreement”). In no event shall the duration of such restrictions imposed upon
any Shareholder be longer than those imposed upon the Company.

 

(b)       Whenever
the Company proposes to offer and sell shares of its common stock for its own account pursuant to a Public Offering, each Shareholder
shall, upon request, enter into a Lock-Up Agreement (other than with respect to any Registrable Securities included in such Public
Offering pursuant to Section 2.02 hereof) containing terms and of a duration consistent with those set forth in Section 2.04(a)
hereof. In no event shall the duration of such restrictions imposed upon the Company be longer than those imposed upon any Shareholder.

 

Section
2.05.Registration Procedures. Whenever Shareholders request that any Registrable Securities be registered pursuant
to Section ‎2.01 or ‎2.02, or the Company prepares a Shelf Registration pursuant to ‎Section
2.03, subject to the provisions of such Sections, the Company shall use all commercially reasonable efforts to effect the registration
and the sale of Registrable Securities covered thereby in accordance with the intended method of disposition thereof as quickly
as reasonably practicable, and, in connection with any such request:

 

(a)       The
Company shall as expeditiously as possible prepare and file with the SEC a registration statement on any form for which the Company
then qualifies or that counsel for the Company shall deem appropriate and which form shall be available for the sale of the Registrable
Securities to be registered thereunder in accordance with the intended method of distribution thereof, and use all commercially
reasonable efforts to cause such filed registration statement to become and remain effective for a period of not less than 30
days, or in the case of a Shelf Registration, three years (or such shorter period in which all of the Registrable Securities of
the Shareholders included in such

 

    9 

     

    

registration
statement shall have actually been sold thereunder or cease to be Registrable Securities), subject to ‎Section
2.03(c). Any such registration statement shall be an automatically effective registration statement to the extent permitted by
the SEC’s rules and regulations.

 

(b)       Prior
to filing a registration statement or prospectus or any amendment or supplement thereto (other than any report filed pursuant
to the Exchange Act that is incorporated by reference therein), the Company shall, if requested, furnish to each participating
Shareholder and each underwriter, if any, of the Registrable Securities covered by such registration statement copies of such
registration statement as proposed to be filed, and thereafter the Company shall furnish to such Shareholder and underwriter,
if any, such number of copies of such registration statement, each amendment and supplement thereto (in each case including all
exhibits thereto and documents incorporated by reference therein), the prospectus included in such registration statement (including
each preliminary prospectus and any summary prospectus) and any other prospectus filed under Rule 424, Rule 430A, Rule 430B or
Rule 430C under the Securities Act and such other documents as such Shareholder or underwriter may reasonably request in order
to facilitate the disposition of the Registrable Securities owned by such Shareholder.

 

(c)       After
the filing of the registration statement, the Company shall (i) cause the related prospectus to be supplemented by any required
prospectus supplement and, as so supplemented, to be filed pursuant to Rule 424 under the Securities Act, (ii) comply with the
provisions of the Securities Act with respect to the disposition of all Registrable Securities covered by such registration statement
during the applicable period in accordance with the intended methods of disposition by the Shareholders thereof set forth in such
registration statement or supplement to such prospectus and (iii) promptly notify each Shareholder holding Registrable Securities
covered by such registration statement of any stop order issued or threatened by the SEC or any state securities commission and
take all reasonable actions required to prevent the entry of such stop order or to remove it if entered.

 

(d)       The
Company shall use all commercially reasonable efforts to register or qualify the Registrable Securities covered by such registration
statement under such other securities or “blue sky” laws of such jurisdictions in the United States as any Registering
Shareholder holding such Registrable Securities reasonably (in light of such Shareholder’s intended plan of distribution)
requests, provided that the Company shall not be required to (A) qualify generally to do business in any jurisdiction where
it would not otherwise be required to qualify but for this ‎Section 2.05(d), (B) subject itself to taxation in any
such jurisdiction or (C) consent to general service of process in any such jurisdiction.

 

(e)       The
Company shall immediately notify each Shareholder holding Registrable Securities covered by such registration statement, at any
time when a prospectus relating thereto is required to be delivered under the Securities Act, of the occurrence of an event requiring
the preparation of a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of such Registrable
Securities,

 

    10 

     

    

such
prospectus will not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein
or necessary to make the statements therein not misleading and, subject to ‎Section
2.03(c), promptly prepare and make available to each such Shareholder and file with the SEC any such supplement or amendment.

 

(f)       The
Requesting Shareholder shall have the right to select an underwriter or underwriters in connection with any Public Offering resulting
from any exercise of a Demand Registration (including any Underwritten Takedown), which underwriter or underwriters shall be reasonably
acceptable to the Company. In connection with any Public Offering, the Company shall enter into customary agreements (including
an underwriting agreement in customary form) and take such all other actions as are reasonably required in order to expedite or
facilitate the disposition of such Registrable Securities in any such Public Offering, including the engagement of a “qualified
independent underwriter” in connection with the qualification of the underwriting arrangements with FINRA.

 

(g)       Upon
execution of confidentiality agreements in form and substance reasonably satisfactory to the Company, the Company shall, in connection
with any Public Offering, make available for inspection by any Shareholder and any underwriter participating in any disposition
pursuant to a registration statement being filed by the Company pursuant to this ‎Section 2.05 and any attorney, accountant
or other professional retained by any such Shareholder or underwriter (collectively, the “Inspectors”), all
financial and other records, pertinent corporate documents and properties of the Company (collectively, the “Records”)
as shall be reasonably necessary or desirable to enable any of the Inspectors to exercise its due diligence responsibility, and
cause the Company’s officers, directors and employees to supply all information reasonably requested by any Inspectors in
connection with such registration statement. Records that the Company determines, in good faith, to be confidential and that it
notifies the Inspectors are confidential shall not be disclosed by the Inspectors unless (i) the disclosure of such Records is
necessary to avoid or correct a material misstatement or omission in such registration statement or (ii) the release of such Records
is ordered pursuant to a subpoena or other order from a court of competent jurisdiction. Each Shareholder agrees that information
obtained by it as a result of such inspections shall be deemed confidential and shall not be used by it or its Affiliates as the
basis for any market transactions in the Registrable Securities unless and until such information is made generally available
to the public. Each Shareholder further agrees that, upon learning that disclosure of such Records is sought in a court of competent
jurisdiction, it shall give notice to the Company and allow the Company, at its expense, to undertake appropriate action to prevent
disclosure of the Records deemed confidential.

 

(h)       In
connection with any Public Offering, the Company shall use all commercially reasonable efforts to furnish to each underwriter,
if any, a signed counterpart, addressed to such underwriter, of (i) an opinion or opinions of counsel to the Company and (ii)
a comfort letter or comfort letters from the Company’s independent public accountants, each in customary form and covering
such matters of the kind customarily covered by opinions or comfort letters, as the case may be, as the managing underwriter therefor
reasonably requests.

 

    11 

     

    

(i)       The
Company shall otherwise use all commercially reasonable efforts to comply with all applicable rules and regulations of the SEC,
and make available to its security holders, as soon as reasonably practicable, an earnings statement or such other document covering
a period of 12 months, beginning within three months after the effective date of the registration statement, which earnings statement
satisfies the requirements of Rule 158 under the Securities Act.

 

(j)       The
Company may require each Shareholder promptly to furnish in writing to the Company such information regarding the distribution
of the Registrable Securities as the Company may from time to time reasonably request and such other information as may be legally
required in connection with such registration. In connection with a Shelf Registration, any Shareholder that does not provide
such information within five Business Days of a request by the Company (which request is made before filing of the Shelf Registration)
may have its Registrable Securities excluded from such Shelf Registration; provided that such securities shall be added
within fifteen Business Days after the Shareholder provides such information if the Company may add such securities to such Shelf
Registration without the need for a post-effective amendment (other than an automatically effective amendment) to the Shelf Registration.

 

(k)       Each
Shareholder agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in ‎Section
2.05(e), such Shareholder shall forthwith discontinue disposition of Registrable Securities pursuant to the registration statement
covering such Registrable Securities until such Shareholder’s receipt of the copies of the supplemented or amended prospectus
contemplated by ‎Section 2.05(e), and, if so directed by the Company, such Shareholder shall deliver to the Company
all copies, other than any permanent file copies then in such Shareholder’s possession, of the most recent prospectus covering
such Registrable Securities at the time of receipt of such notice. If the Company shall give such notice, the Company shall extend
the period during which such registration statement shall be maintained effective (including the period referred to in ‎Section
2.05(a)) by the number of days in the period from and including the date of the giving of notice pursuant to ‎Section
2.05(e) to the date when the Company shall make available to such Shareholder a prospectus supplemented or amended to conform
with the requirements of ‎Section 2.05(e).

 

(l)       The
Company shall use all commercially reasonable efforts to list all Registrable Securities covered by such registration statement
on any securities exchange or quotation system on which the Shares are then listed or traded.

 

(m)       In
any Public Offering pursuant to a Demand Registration or Underwritten Takedown, the Company shall have appropriate officers of
the Company (i) prepare and make presentations at any “road shows” and before analysts and (ii) otherwise use their
reasonable efforts to cooperate as reasonably requested by the underwriters in the offering, marketing or selling of the Registrable
Securities.

 

(n)       Each
Shareholder agrees that, in connection with any offering pursuant to this Agreement, it will not prepare or use or refer to, any
“free writing prospectus” (as defined in Rule 405 of the Securities Act) without the prior written authorization of
the

 

    12 

     

    

Company
(which authorization shall not be unreasonably withheld), and will not distribute any written materials in connection with the
offer or sale of the Registrable Securities pursuant to any registration statement hereunder other than the Prospectus and any
such free writing prospectus so authorized.

 

Section
2.06.Participation in Public Offering. No Shareholder may participate in any Public Offering hereunder unless such
Shareholder (a) agrees to sell such Shareholder’s Registrable Securities on the basis provided in any underwriting arrangements
approved by the Persons entitled hereunder to approve such arrangements and (b) completes and executes all questionnaires, powers
of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting
arrangements that are consistent for all similarly situated Shareholders and the provisions of this Agreement in respect of registration
rights.

 

Section
2.07.Rule 144 Sales; Cooperation by the Company. If any Shareholder shall transfer any Registrable Securities pursuant
to Rule 144, the Company shall cooperate, to the extent commercially reasonable, with such Shareholder and shall provide to such
Shareholder such information as such Shareholder shall reasonably request. Without limiting the foregoing, the Company shall at
any time after any of the Company’s shares of capital stock are registered under the Securities Act or the Exchange Act:
(i) make and keep available public information, as those terms are contemplated by Rule 144; (ii) timely file with the
SEC all reports and other documents required to be filed under the Securities Act and the Exchange Act; and (iii) furnish
to each Shareholder upon request a written statement by the Company as to its compliance with the reporting requirements of the
Securities Act and the Exchange Act, a copy of the most recent annual or quarterly report of the Company, and such other information
as such Shareholder may reasonably request in order to avail itself of any rule or regulation of the SEC allowing such Shareholder
to sell any Registrable Securities without registration.

 

Article
III

Indemnification and Contribution

 

Section
3.01.Indemnification by the Company. The Company agrees to indemnify and hold harmless each Shareholder beneficially
owning any Registrable Securities covered by a registration statement, its officers, directors, employees, partners and agents,
and each Person, if any, who controls such Shareholder within the meaning of Section 15 of the Securities Act or Section 20
of the Exchange Act from and against any and all losses, claims, damages, liabilities and expenses (including reasonable expenses
of investigation and reasonable attorneys’ fees and expenses) (collectively, “Damages”) caused by or
relating to any untrue statement or alleged untrue statement of a material fact contained in any registration statement or prospectus
relating to the Registrable Securities (as amended or supplemented if the Company shall have furnished any amendments or supplements
thereto) or any preliminary prospectus or free-writing prospectus (as defined in Rule 405 under the Securities Act), or caused
by or relating to any omission or alleged omission to state therein a material fact required to be stated therein or necessary
to make the statements therein not misleading, except insofar as such

 

    13 

     

    

Damages
are caused by or related to any such untrue statement or omission or alleged untrue statement or omission so made based upon information
furnished in writing to the Company by such Shareholder or on such Shareholder’s behalf expressly for use therein. The Company
also agrees to indemnify any underwriters of the Registrable Securities, their officers and directors and each Person who controls
such underwriters within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act on substantially
the same basis as that of the indemnification of the Shareholders provided in this ‎Section
3.01.

 

Section
3.02.Indemnification by Participating Shareholders. Each Shareholder holding Registrable Securities included in any
registration statement agrees, severally but not jointly, to indemnify and hold harmless the Company, its officers, directors
and agents and each Person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20
of the Exchange Act to the same extent as the indemnity from the Company to such Shareholder provided in ‎Section 3.01,
but only with respect to Damages caused by or relating to information furnished in writing by such Shareholder or on such Shareholder’s
behalf expressly for use in any registration statement or prospectus relating to the Registrable Securities, or any amendment
or supplement thereto, or any preliminary prospectus or free-writing prospectus. Each such Shareholder also agrees to indemnify
and hold harmless underwriters of the Registrable Securities, their officers and directors and each Person who controls such underwriters
within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act on substantially the same basis
as that of the indemnification of the Company provided in this ‎Section 3.02. As a condition to including Registrable
Securities in any registration statement filed in accordance with ‎Article II, the Company may require that it shall
have received an undertaking reasonably satisfactory to it from any underwriter to indemnify and hold it harmless to the extent
customarily provided by underwriters with respect to similar securities. No Shareholder shall be liable under this ‎Section
3.02 for any Damages in excess of the net proceeds realized by such Shareholder in the sale of Registrable Securities of such
Shareholder to which such Damages relate.

 

Section
3.03.Conduct of Indemnification Proceedings. If any proceeding (including any governmental investigation) shall be
brought or asserted against any Person in respect of which indemnity may be sought pursuant to this ‎Article III, such
Person (an “Indemnified Party”) shall promptly notify the Person against whom such indemnity may be sought
(the “Indemnifying Party”) in writing and the Indemnifying Party shall assume the defense thereof, including
the employment of counsel reasonably satisfactory to such Indemnified Party, and shall assume the payment of all reasonable fees
and expenses, provided that the failure of any Indemnified Party so to notify the Indemnifying Party shall not relieve
the Indemnifying Party of its obligations hereunder except to the extent that the Indemnifying Party is materially prejudiced
by such failure to notify. In any such proceeding, any Indemnified Party shall have the right to retain its own counsel, but the
fees and expenses of such counsel shall be at the expense of such Indemnified Party unless (a) the Indemnifying Party and
the Indemnified Party shall have mutually agreed to the retention of such counsel, (b) in the reasonable judgment of such Indemnified
Party representation of both parties by the same counsel would be

 

    14 

     

    

inappropriate
due to actual or potential differing interests between them, including one or more defenses or counterclaims that are different
from or in addition to those available to the Indemnifying Party, or (c) the Indemnifying Party shall have failed to assume
the defense within a reasonable time of notice pursuant to this ‎Section
3.03. It is understood that, in connection with any proceeding or related proceedings in the same jurisdiction, the Indemnifying
Party shall not be liable for the reasonable fees and expenses of more than one separate firm (in addition to one local counsel
per jurisdiction) at any time for all such Indemnified Parties, and that all such fees and expenses shall be reimbursed as they
are incurred. In the case of any such separate firm for the Indemnified Parties, such firm shall be designated in writing by the
Indemnified Parties. The Indemnifying Party shall not be liable for any settlement of any proceeding effected without its written
consent, but if settled with such consent, or if there be a final judgment for the plaintiff, the Indemnifying Party shall indemnify
and hold harmless such Indemnified Parties from and against any loss or liability (to the extent stated above) by reason of such
settlement or judgment. Without the prior written consent of the Indemnified Party, no Indemnifying Party shall effect any settlement
of any pending or threatened proceeding in respect of which any Indemnified Party is or could have been a party and indemnity
could have been sought hereunder by such Indemnified Party, unless such settlement (A) includes an unconditional release of such
Indemnified Party from all liability arising out of such proceeding, and (B) does not include any injunctive or other equitable
or non-monetary relief applicable to or affecting such Indemnified Person.

 

Section
3.04.Contribution. If the indemnification provided for in this ‎Article III is unavailable or unenforceable
to the Indemnified Parties in respect of any Damages, then each Indemnifying Party, in lieu of indemnifying the Indemnified Parties,
shall contribute to the amount paid or payable by such Indemnified Party, in such proportion as is appropriate to reflect the
relative fault of the Indemnifying Party and Indemnified Party in connection with the actions, statements or omissions that resulted
in such Damages as well as any other relevant equitable considerations. The relative fault of such Indemnifying Party and Indemnified
Party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged
untrue statement of a material fact or omission or alleged omission of a material fact, has been taken or made by, or relates
to information supplied by, such Indemnifying Party or Indemnified Party, and the parties’ relative intent, knowledge, access
to information and opportunity to correct or prevent such action, statement or omission. The amount paid or payable by a party
as a result of any Damages shall be deemed to include, subject to the limitations set forth in this Agreement, any reasonable
attorneys’ or other reasonable fees or expenses incurred by such party in connection with any proceeding to the extent such
party would have been indemnified for such fees or expenses if the indemnification provided for in this ‎Article III
was available to such party in accordance with its terms.

 

The
parties hereto agree that it would not be just and equitable if contribution pursuant to this ‎Section
3.04 were determined by pro rata allocation or by any other method of allocation that does not take into account the equitable
considerations referred to in the immediately preceding paragraph. Notwithstanding the provisions of this ‎Section
3.04, no Shareholder shall be required to contribute, in the aggregate, any amount

 

    15 

     

    

in
excess of the amount by which the proceeds actually received by such Shareholder from the sale of the Registrable Securities subject
to the proceeding exceeds the amount of any damages that such Shareholder has otherwise been required to pay by reason of such
untrue or alleged untrue statement or omission or alleged omission, except in the case of fraud by such Shareholder. Each Shareholder’s
obligation to contribute pursuant to this ‎Section 3.03 is
several in the proportion that the proceeds of the offering received by such Shareholder bears to the total proceeds of the offering
received by all such Shareholders and not joint.

 

No
Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled
to contribution from any Person who was not guilty of such fraudulent misrepresentation. The remedies provided for in this ‎Article
III are not exclusive and shall not limit any rights or remedies that may otherwise be available to any Indemnified Party at law
or in equity.

 

Section
3.05.Other Indemnification. Indemnification similar to that provided in this ‎Article III (with appropriate
modifications) shall be given by the Company and each Shareholder participating therein with respect to any required registration
or other qualification of securities under any foreign, federal or state law or regulation or governmental authority other than
the Securities Act.

 

Article
IV

Miscellaneous

 

Section
4.01.Binding Effect; Assignability; Benefit. (a) This Agreement shall inure to the benefit of and be binding upon the
parties hereto and their respective heirs, successors, legal representatives and permitted assigns. Any Shareholder that ceases
to own beneficially any Registrable Securities shall cease to be subject to the terms hereof (other than (i) the provisions of
‎Article III applicable to such Shareholder with respect to any offering of Registrable Securities completed before
the date such Shareholder ceased to own any Registrable Securities and (ii) this ‎Article IV).

 

(b)       Neither
this Agreement nor any right, remedy, obligation or liability arising hereunder or by reason hereof shall be assignable by any
party hereto pursuant to any Transfer of Registrable Securities or otherwise, except that each Shareholder may assign rights hereunder
to any Permitted Transferee of such Shareholder. Any such Permitted Transferee shall (unless already bound hereby) execute and
deliver to the Company an agreement to be bound by this Agreement in the form of Exhibit A hereto (a “Joinder Agreement”)
and shall thenceforth be a “Shareholder”.

 

(c)       Nothing
in this Agreement, expressed or implied, is intended to confer on any Person other than the parties hereto, and their respective
heirs, successors, legal representatives and permitted assigns, any rights, remedies, obligations or liabilities under or by reason
of this Agreement.

 

Section
4.02.Waiver; Amendment. Waiver by any party of any default by the other party of any provision of this Agreement shall
not be deemed a waiver by the

 

    16 

     

    

waiving
party of any subsequent or other default, nor shall it prejudice the rights of the other party. No provisions of this Agreement
shall be deemed waived, amended, supplemented or modified by any party, unless such waiver, amendment, supplement or modification
is in writing and signed by the Company and the holders of at least a majority of the Registrable Securities at the time of such
proposed waiver, amendment, supplement or modification, provided that no such waiver, amendment, supplement or modification
shall adversely affect the economic interests of any holder of Registrable Securities hereunder disproportionately to other holders
of Registrable Securities without the written consent of such holder.

 

Section
4.03.Independent Nature of Shareholders’ Obligations and Rights. The obligations of each Shareholder hereunder
are several and not joint with the obligations of any other Shareholder hereunder, and no Shareholder shall be responsible in
any way for the performance of the obligations of any other Shareholder hereunder. Nothing contained herein or in any other agreement
or document delivered at any closing, and no action taken by any Shareholder pursuant hereto or thereto, shall be deemed to constitute
the Shareholders as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the
Shareholders are in any way acting in concert with respect to such obligations or the transactions contemplated by this Agreement.
Each Shareholder shall be entitled to protect and enforce its rights, including the rights arising out of this Agreement, and
it shall not be necessary for any other Shareholder to be joined as an additional party in any proceeding for such purpose.

 

Section
4.04.Interpretation; Incorporation of Terms by Reference. This Agreement is an “Ancillary Agreement” as
such term is defined in the Separation and Distribution Agreement and shall be interpreted in accordance with the terms of the
Separation and Distribution Agreement in all respects; provided that in the event of any conflict or inconsistency between
the terms of this Agreement and the terms of the Separation and Distribution Agreement in respect of the subject matter of this
Agreement, the terms of this Agreement shall control in all respects. Sections 9.03, 9.04, 9.05, 9.06, 9.07 (other than 9.07(d)),
9.08, 9.09 (without limiting Section 4.01 in any respect), 9.10, 9.11 (provided that any Person that becomes a Shareholder after
the date hereof shall provide his or her notice information on Exhibit A), 9.12 and 9.13 of the Separation and Distribution Agreement
shall each be incorporated herein by reference, mutatis mutandis, as if set forth in full herein.

 

[Signature
pages follow]

 

    17 

     

    

IN
WITNESS WHEREOF, the parties have caused this Registration Rights Agreement to be executed by their duly authorized representatives.

 

	 	LIVENT CORPORATION	 
	 	 	 
	 	 	 
	 	By:	/s/ Paul Graves	 
	 	 	Name: Paul Graves	 
	 	 	Title:   Chief Executive Officer and President	 

 

 

	 	FMC CORPORATION	 
	 	 	 
	 	 	 
	 	By:	/s/ Pierre Brondeau	 
	 	 	Name: Pierre Brondeau	 
	 	 	Title:   Chief Executive Officer	 

 

 

 

 

[Signature
page to the Registration Rights Agreement]

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