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Exhibit 4.66    
    

  

  

  

  

   

   

   

FORM of 

REGISTRATION
RIGHTS AGREEMENT 

by
and among 

HUNTSMAN
CORPORATION, 

HUNTSMAN
FAMILY HOLDINGS COMPANY LLC, 

MATLINPATTERSON
GLOBAL OPPORTUNITIES PARTNERS L.P., 

MATLINPATTERSON
GLOBAL OPPORTUNITIES PARTNERS B L.P., 

MATLINPATTERSON
GLOBAL OPPORTUNITIES PARTNERS (BERMUDA) L.P., 

CONSOLIDATED
PRESS (FINANCE) LIMITED 

And 

EACH
OF THE OTHER STOCKHOLDER SIGNATORIES 

  

  

Dated as of February    , 2005 

 
 

REGISTRATION RIGHTS AGREEMENT    
    

        This REGISTRATION RIGHTS AGREEMENT (this "Agreement") dated as of February    , 2005, by and among Huntsman Corporation, a Delaware corporation (the
"Corporation"), Huntsman Family Holdings Company LLC, a Utah limited liability company ("Family Holdings"), MatlinPatterson Global Opportunities Partners L.P., a Delaware limited partnership,
MatlinPatterson Global Opportunities Partners B, L.P., a Delaware limited partnership, MatlinPatterson Global Opportunities Partners (Bermuda), L.P., a Bermuda limited partnership, Consolidated Press
(Finance) Limited, a public company incorporated in the State of New South Wales ("CPF"), and each Stockholder of the Corporation listed on the signature pages of this Agreement. 

        NOW, THEREFORE, in consideration of the premises and the covenants and agreements
contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows: 

AGREEMENT: 

        The
parties hereby agree as follows: 

1.     Definitions.  

        As used in this Agreement, the following terms will have the following meanings: 

        "Affiliate"
means, with respect to any Person, a Person directly or indirectly Controlling, Controlled by, or under common Control with such Person;  provided, that in no event shall the Corporation be deemed an
Affiliate of Family Holdings or MatlinPatterson. 

        "Average
Share Price" means the quotient obtained by dividing (a) the sum of the volume-weighted average price per share of the Common Stock for each of the ten (10) days
of trading occurring immediately prior to the date of such determination, as reported by Bloomberg Professional Service for the period during each trading day beginning at 9:30 a.m., New York
City time and ending at 4:00 p.m., New York City time, by (b) ten (10) days. 

        "Common
Stock" means shares of the Corporation's common stock, par value $0.01 per share. 

        "Control"
means the possession, directly or indirectly, through one or more intermediaries, by any Person or group (within the meaning of Section 13(d)(3) under the Exchange Act)
of both of the following: (a) in the case of a corporation, more than 25% of the direct or indirect economic interest in the outstanding equity securities thereof; in the case of a limited
liability company, partnership, limited partnership or venture, the right to more than 25% of the distributions therefrom (including liquidating distributions); in the case of a trust or estate,
including a business trust, more than 25% of the beneficial interest therein; and in the case of any other entity, more than 25% of the economic or beneficial interest therein; and (b) in the
case of any entity, the power or authority, through ownership of voting securities, by contract or otherwise, to control or direct the management and policies of the entity. 

        "CPF
Registrable Securities" means shares of Common Stock owned directly or indirectly by CPF or any of its Affiliates, and securities issued in respect thereof by way of conversion,
dividend or stock split or stock issuance or in connection with a combination of shares, recapitalization, reclassification, merger, sale of assets, consolidation, reorganization or otherwise, to CPF;  provided, however, a Registrable Security shall cease to be a Registrable Security to the extent so
provided in Section 2. 

        "Demand
Registration" has the meaning set forth in Section 3(a). 

        "Earnout
Agreement" means that certain Earnout Agreement, dated as of June 29, 2002, by and among Consolidated Press Holdings Limited, Conpress International (Netherlands
Antilles) N.V., Jon M. Huntsman and Family Holdings, as amended from time to time. 

        "Exchange
Act" means the Securities Exchange Act of 1934, as amended from time to time. 

 

        "Exchange
Agreement" means that certain Agreement to Exchange LLC Interests, dated as of the date hereof, among the Corporation, CPF and Huntsman Holdings, LLC. 

        "Family
Holdings Registrable Securities" means shares of Common Stock owned directly or indirectly by Family Holdings or any of its Affiliates (including those shares owned directly by
HMP Equity Trust and allocable to the HMP Equity Trust Class B Units), and securities issued in respect thereof by way of conversion, dividend or stock split or stock issuance or in connection
with a combination of shares, recapitalization, reclassification, merger, sale of assets, consolidation or reorganization or otherwise, to Family Holdings;  provided, however, a Family Holdings Registrable Security shall cease to be a Family Holdings
Registrable Security to the extent so provided in Section 2. For avoidance of doubt, Family Holdings Registrable Securities shall include those shares of Common Stock held directly by HMP
Equity Trust other than those shares that constitute MatlinPatterson Registrable Securities; provided,  however, that for purposes of any allocation under
Section 3 or 4 hereof that is done on the basis of the number of Registrable Securities held
by any holder, to the extent any shares of Common Stock constitute the Escrowed Corporation Interest under the HMP Equity Trust, such shares will be deemed to be allocated equally between
MatlinPatterson and Family Holdings until such shares are actually allocated under the HMP Equity Trust. 

        "Governmental
Entity" means any federal, state, political subdivision or other governmental agency or instrumentality, foreign or domestic. 

        "HMP
Equity Trust" means HMP Equity Trust, a Delaware statutory trust, formed pursuant to a certificate of trust filed February 9, 2005. 

        "IPO"
means the initial offering of shares of Common Stock to the public in a transaction registered under the Securities Act. 

        "Majority"
means 50.1% or more. 

        "MatlinPatterson"
means MatlinPatterson Global Opportunities Partners L.P., MatlinPatterson Global Opportunities Partners B L.P., and MatlinPatterson Global Opportunities Partners
(Bermuda), L.P., collectively. 

        "MatlinPatterson
Registrable Securities" means shares of Common Stock owned directly or indirectly by MatlinPatterson or any of its Affiliates, (including those shares owned directly by
HMP Equity Trust and allocable to the HMP Equity Trust Class A Units) and securities issued in respect thereof by way of conversion, dividend or stock split or stock issuance or in connection
with a combination of shares, recapitalization, reclassification, merger, sale of assets, consolidation, reorganization or otherwise, to MatlinPatterson;  provided, however, a MatlinPatterson Registrable Security shall cease to be a MatlinPatterson
Registrable Security to the extent so provided in Section 2. For avoidance of doubt, MatlinPatterson Registrable Securities shall include those shares of Common Stock held by HMP Equity Trust
the economic interest in which is allocated to the membership interest in HMP Equity Trust owned by MatlinPatterson; provided,  however, that for purposes
of any allocation under Section 3 or 4 hereof that is done on the basis of the number of Registrable Securities held
by any holder, to the
extent any shares of Common Stock constitute the Escrowed Corporation Interest under the HMP Equity Trust, such shares will be deemed to be allocated equally between MatlinPatterson and Family
Holdings until such shares are actually allocated under the HMP Equity Trust. 

        "Other
Stockholder Registrable Securities" means shares of Common Stock owned directly or indirectly by Stockholders who are a party to this Agreement (other than MatlinPatterson, Family
Holdings or CPF) originally acquired in exchange for its interests in Huntsman Holdings or HH Preferred Member, and securities issued in respect thereof by way of conversion, dividend or stock split
or stock issuance or in connection with a combination of shares, recapitalization, reclassification, merger, sale of assets, consolidation or reorganization or otherwise,  provided, however, an Other 

2

 

Stockholder
Registrable Security shall cease to be an Other Stockholder Registrable Security to the extent so provided in Section 2. 

        "Person"
means any individual, partnership, corporation, limited liability company, firm, corporation, association, joint venture, trust or other entity, or any Governmental Entity. 

        "Piggyback
Registration" has the meaning set forth in Section 4(a). 

        "Registration
Expenses" has the meaning set forth in Section 8(a). 

        "Registrable
Securities" means the Family Holdings Registrable Securities, the MatlinPatterson Registrable Securities, the CPF Registrable Securities and the Other Stockholders
Registrable Securities. 

        "SEC"
means the Securities and Exchange Commission or any other federal agency at the time administering the Securities Act and the Exchange Act. 

        "Securities
Act" means the Securities Act of 1933, as amended from time to time. 

        "underwritten
registration" or "underwritten offering" means any registration in which securities of the Corporation are sold pursuant to a firm commitment underwriting. 

        "Warrants
Registration Rights Agreement" means that certain Registration Rights Agreement dated as of May 9, 2003 among HMP Equity Holdings Corporation, Huntsman Holdings LLC,
Huntsman Group Inc., Huntsman Family Holdings Company LLC, MatlinPatterson Global Opportunities Partners L.P. and Credit Suisse First Boston LLC and CIBC World Markets Corp., as Initial
Purchasers. 

        "Warrant
Related Registrable Securities" means "Registrable Securities" under the Warrant Registration Rights Agreement, including any Common Stock of the Corporation issued in exchange
for the Warrants of HMP Equity Holdings Corporation. 

2.     Securities Subject to this Agreement.  

        The securities entitled to the benefits of this Agreement are the Registrable Securities but, with respect to any particular Registrable Security, only so long as
such security continues to be a Registrable Security. A Registrable Security shall cease to be a Registrable Security when (i) it has been disposed of in a transaction registered under the
Securities Act, (ii) it has been sold pursuant to Rule 144 under the Securities Act, (iii) an opinion of counsel to the Corporation (the form and scope of which shall be
reasonably satisfactory to the holder of such Registrable Security) shall have been delivered to such holder, or an opinion of counsel to the holder of such Registrable Security (the form and scope of
which shall be reasonably satisfactory to the Corporation), shall have been delivered to the Corporation, in either case to the effect that such Registrable Security may be publicly offered for sale
in the United States without restriction as to manner of sale and amount of securities sold and without registration or other restriction under the Securities Act, and the Corporation shall have
offered to deliver replacement certificates for such securities that do not bear any restrictive legend, or (iv) it has been sold or transferred in a private transaction in which the
transferor's rights under this Agreement are not assigned to the transferee. 

3.     Demand Registration.  

        (a)   Requests for Registration. Subject to the provisions of Section 3(b), at any time after the closing of the IPO any
holder or holders of a Majority of the then outstanding MatlinPatterson Registrable Securities or Family Holdings Registrable Securities may request a registration by the Corporation under the
Securities Act of all or part of its or their MatlinPatterson Registrable Securities or Family Holdings Registrable Securities, as applicable, (a "Demand Registration");  provided, that the number of

3

 

MatlinPatterson
Registrable Securities or Family Holdings Registrable Securities requested to be registered represents at least 3% of the Corporation's then outstanding Common Stock. Within
15 days following receipt of any such request, the Corporation will provide written notice of such registration request to all holders of Registrable Securities and will, subject to the
provisions of Section 3(c) and Section 3(d), include in such registration all Registrable Securities with respect to which the Corporation has received written requests for inclusion
therein within 20 days after distribution to the applicable holder of the Corporation's notice. All Demand Registration requests made pursuant to this Section 3(a) will specify the
number of Registrable Securities to be registered and will also specify the intended method of disposition thereof, which may include the sale of securities on a continuous or delayed basis. 

        (b)   Number of Registrations. The holders of MatlinPatterson Registrable Securities and Family Holdings Registrable Securities
will be entitled to request an unlimited number of Demand Registrations; provided, however, that if a
requested registration could be effected pursuant to Section 5 hereof, it shall be deemed a registration requested under Section 5 rather than under this Section 3. 

        (c)   Limitation on Rights of Corporation or Other Securityholders to Piggyback on Demand Registrations. Neither the
Corporation nor any of its securityholders has any right to include any of the Corporation's securities in a registration statement initiated as a Demand Registration under this Section 3 if
such Demand Registration is an underwritten offering unless (i) such securities are of the same class as the Registrable Securities being registered and (ii) the Corporation, or the
selling securityholders, as applicable, agree to sell their securities on the same terms and conditions as apply to the Registrable Securities being registered and the holders thereof. If any
securityholders of the Corporation (other than the holders of Registrable Securities in such capacity and, if required by the Warrants Registration Rights Agreement holders, of Warrant Related
Registrable Securities) register securities of the Corporation in a Demand Registration (in accordance with the provisions of this Section 3(c)), such securityholders will pay the fees and
expenses of counsel to such securityholders and their pro rata share of the Registration Expenses if such pro rata share of the Registration Expenses for such registration are not paid by the
Corporation for any reason. The Corporation, any holder of Registrable Securities and any such other securityholder may withdraw their securities from a Demand Registration at any time prior to the
date such Demand Registration becomes effective with the SEC; provided, however, if the Demand
Registration is an underwritten offering and there is an underwriting agreement in place, they may do so only on the reasonable and customary terms agreed upon by the managing underwriters for such
offering. 

        (d)   Priority on Demand Registrations. If a Demand Registration is an underwritten offering and the managing underwriters
advise the Corporation and the selling holders of the Registrable Securities requested to be registered during the 20-day period set forth in Section 3(a) hereof in writing that in
their opinion the number of such Registrable Securities requested to be included exceeds the number of securities which can be sold in such offering without materially and adversely affecting the
proposed offering or the offering price, the Corporation will include in such registration only the number of such Registrable Securities (and, if required by the Warrants Registration Rights
Agreement, Warrant Related Registrable Securities) which in the opinion of such underwriters can be sold without materially and adversely affecting the proposed offering or the offering price, and
such securities will be allocated among the holders of such Registrable Securities (and, if required by the Warrants Registration Rights Agreement, the holders of Warrant Related Registrable
Securities) requesting to be included in the registration pro rata on the basis of the total number of Registrable Securities (and, if required by the Warrants Registration Rights Agreement, Warrant
Related Registrable Registrable Securities requested to be included in such registration) requested to be included therein by each such holder. If securities (other than Registrable Securities and, if
applicable, Warrant Related Registrable Securities) are proposed to be included by the Corporation or its other securityholders in a Demand Registration which is an underwritten offering (subject to
and in accordance with the provisions of 

4

 

Section 3(c))
and the managing underwriters advise the Corporation and the selling holders in writing that some but not all of said other securities can be sold without materially and adversely
affecting the proposed offering or the offering price in such underwritten offering, in addition to all of the Registrable Securities (and, if required by the Warrants Registration Rights Agreement,
Warrant Related Registrable Securities) being registered, those securities which are permitted to be included will be allocated (i) first, to the Corporation and (ii) second, to the
other securityholders, allocated among them in such proportions as such securityholders and the Corporation may agree. 

        (e)   Selection of Underwriters. If any Demand Registration is an underwritten offering or a best efforts underwritten
offering, the investment banker or investment bankers and manager or managers that will administer the offering will be selected by the holders of a Majority (by number of shares) of the
MatlinPatterson Registrable Securities and Family Holdings Registrable Securities requested to be included in such offering; provided,  however, that such
investment bankers and managers must be reasonably satisfactory to the Corporation. 

        (f)    Other Registration Rights Agreements. Without the prior written consent of the holders of a Majority of the
MatlinPatterson Registrable Securities and of a Majority of the Family Holdings Registrable Securities, the Corporation will not enter into any agreement with any holder or prospective holder of any
securities of the Corporation after the date hereof (except for the assumption of those certain registration obligations under the Warrants Registration Rights Agreement in connection with the
issuance of Common Stock in exchange for the warrants and warrant shares of HMP Equity Holdings Corporation) which grants to such holder or prospective holder any registration rights unless such
agreement and the rights granted thereunder are subject and subordinate to the rights of holders hereunder. As of the date hereof, the only agreements with any holder of any securities of the
Corporation which grant registration rights are this Agreement and the Warrants Registration Rights Agreement. 

        (g)   Withdrawal by Holders of Registrable Securities. The initiating holders of Registrable Securities may withdraw a Demand
Request at any time and under any circumstances. 

4.     Piggyback Registrations.  

        (a)   Right to Piggyback. If at any time after consummation of the IPO the Corporation proposes to register any equity
securities under the Securities Act in connection with the public offering of such securities (other than a registration relating to employee or director benefit plans or a corporate reorganization,
mergers or acquisition, or a registration on any form that does not permit inclusion of sales of Registrable Securities), whether such offering is a primary offering by the Corporation or a secondary
offering by holders of the Corporation's securities or both (a "Piggyback Registration"), the Corporation will give written notice to all holders of Registrable Securities of its intention to effect
such a registration as soon as practicable, but in no event less than 20 days prior to the anticipated filing date of the initial registration statement related thereto;  provided, that such notice
shall indicate the number of shares proposed to be registered, the proposed means of distribution of such securities and the
proposed managing underwriters of such offering, if any. Subject to the provisions of Sections 4(b) and (c), the Corporation will include in such Piggyback Registration all Registrable Securities with
respect to which the Corporation has received written requests for inclusion therein within 20 days after delivery of the Corporation's notice. The holders of Registrable Securities will be
permitted to withdraw all or any part of such holder's Registrable Securities from a Piggyback Registration at any time prior to the date such Piggyback Registration becomes effective with the SEC;  provided, however, if the Piggyback Registration is an underwritten offering and there is an
underwriting agreement in place, the holders of Registrable Securities may do so only on the reasonable and customary terms agreed upon by the managing underwriters for such offering. If a Piggyback
Registration is an underwritten offering effected (i) under Section 4(b), all Persons whose securities are included in the Piggyback Registration will be obligated to sell their
securities on the same terms and conditions as apply to the 

5

 

securities
being issued and sold by the Corporation or (ii) under Section 3(a) or 4(c), all Persons whose securities are included in the Piggyback Registration will be obligated to sell
their securities on the same terms and conditions as apply to the securities being sold by the Person or Persons who initiated the Piggyback Registration under Section 3(a) or 4(c). The
foregoing notwithstanding, if, at any time after giving written notice of a Piggyback Registration but prior to the effective date of the registration statement filed in connection therewith, the
Corporation shall determine for any reason not to register the securities described in its notice of its intention to file a registration statement, the Corporation shall give prompt written
notice of such determination to the holders of Registrable Securities and thereupon shall be relieved of its obligation to register any Registrable Securities in such registration. 

        (b)   Priority on Primary Registrations. If a Piggyback Registration is an underwritten primary registration on behalf of the
Corporation, and the managing underwriters advise the Corporation in writing that in their opinion the total number of securities requested to be included in such registration exceeds the number of
securities (the "Primary Limit") which can be sold in such offering without materially and adversely affecting the offering or the offering price, the Corporation will include in such registration
securities not in excess of the Primary Limit in the following order: (i) first, all securities the Corporation proposes to sell, (ii) second, up to the full number of Registrable
Securities and Warrant Related Registrable Securities requested to be included in such registration by holders of Registrable Securities and the holders of Warrant Related Registrable Securities (if
such number together with the securities included pursuant to clause (i) exceeds the Primary Limit, the securities to be registered shall be allocated among the holders of Registrable
Securities and the holders of Warrant Related Registrable Securities requesting to be included in the registration pro rata among them on the basis of the total number of Registrable Securities and
Warrant Related Registrable Registrable Securities requested to be included in such registration (provided that the number of Registrable Securities to be registered shall be allocated among the
holders of Registrable Securities requesting to be included in the registration pro rata on the basis of the total number of Registrable Securities held by their respective holders requesting
inclusion in the registration)), (iii) third, up to the full number of securities requested to be included in such registration by other holders of securities entitled to include securities in
such Piggyback Registration (if such number (together with the number of securities pursuant to clauses (i) and (ii)) exceeds the Primary Limit, the other securities to be registered shall be
allocated pro rata among such holders on the basis of the number of securities requested to be included therein by each such holder), and (iv) fourth, such additional securities (which together
with those securities included in (i), (ii) and (iii) do not exceed the Primary Limit) as may be agreed upon by the Corporation and any other securityholders;  provided, however, that in connection with any such registration that occurs within 180 days of
consummation of the IPO as among the holders of Registrable Securities the right to include such securities shall be allocated (A) first, to the holders of Family Holdings Registrable
Securities up to a number of shares determined by dividing (x) the difference between $150 million and the amount of proceeds previously received by holders of Family Holdings
Registrable Securities from registered sales by (y) the Average Share Price on the date of the notice from the Corporation provided for in Section 4(a), (B) second, to the holders
of MatlinPatterson Registrable Securities and CPF Registrable Securities (allocated among the holders of MatlinPatterson Registrable Securities and CPF Registrable Securities requesting to be included
in the registration pro rata on the basis of the total number of Registrable Securities held by holders requesting inclusion in the registration) up to a number of shares determined by dividing
(x) the difference between $400 million and the amount of proceeds previously received by holders of MatlinPatterson Registrable Securities and CPF Registrable Securities from registered
sales by (y) the Average Share Price on the date of the notice from the Corporation provided for in Section 3(a) and (C) third, pro rata among all holders of Registrable
Securities requesting inclusion in such Piggyback Registration on the basis of the total number of Registrable Securities requested to be included therein by each such holder. 

        (c)   Priority on Secondary Registrations. If a Piggyback Registration is an underwritten secondary registration on behalf of
holders of the Corporation's securities pursuant to the exercise of such 

6

 

holders'
demand registration rights or otherwise (other than a Demand Registration), and the managing underwriters advise the Corporation in writing that in their opinion the number of securities
requested to be included in such registration exceeds the number of securities which can be sold in such offering without materially and adversely affecting the offering or the offering price (the
"Secondary Limit"), the Corporation will include in such registration securities not in excess of the Secondary Limit in the following order: (i) first, up to the full number of Registrable
Securities and Warrant Related Registrable Securities proposed to be included therein (if such number exceeds the Secondary Limit, the securities to be registered shall be allocated among the holders
of Registrable Securities and the holders of Warrant Related Registrable Securities requesting to be included in the registration pro rata among them on the basis of the total number of Registrable
Securities and Warrant Related Registrable Securities, requested to be included in such registration (provided that the number of Registrable Securities to be registered shall be allocated among the
holders of Registrable Securities requesting to be included in the registration pro rata on the basis of the total number of Registrable Securities held by their respective holders requesting
inclusion in the registration)), (ii) up to the full number of securities the Corporation proposes to sell, (iii) up to the full number of securities requested to be included in such
registration by other holders of securities permitted to include securities in such Piggyback Registration, (if such number (together with the number of securities included pursuant to clauses
(i) and (ii)) exceeds the Secondary Limit, the other securities to be registered shall be allocated pro rata among such holders on the basis of the number of securities requested to be included
therein by each such holder) and (iv) any additional securities (which together with those securities included pursuant to clauses (i), (ii) and (iii) do not exceed the Secondary
Limit) as may be agreed upon by the Corporation and any other securityholders. 

        (d)   Selection of Underwriters. If any Piggyback Registration is a primary registration of an underwritten offering for the
Corporation, the Corporation will have the sole right to select the investment banker or bankers and manager or managers to administer the offering. If any Piggyback Registration is an underwritten
secondary registration on behalf of holders of the Corporation's securities pursuant to exercise of such holders' demand registration rights, the selection of the investment banker or bankers and
manager or managers shall be made in the manner agreed solely among the Corporation and such holders initiating the demand registration rights or otherwise causing such registration to occur. 

        (e)   Limitation. No Piggyback Registration effected under this Section 4 shall be deemed to constitute a Demand
Registration or to have been effected pursuant to Section 3 hereof or shall release the Corporation of its obligations to effect any Demand Registration upon request as provided under
Section 3 hereof. 

5.     Form S-3 Registrations.  

        (a)   After
its IPO, the Corporation shall use its commercially reasonable efforts to qualify for registration on Form S-3 or any comparable or successor
form or forms. After such qualification, in case the Corporation shall receive from any holder or holders of a Majority of the then outstanding (x) MatlinPatterson Registrable Securities or
(y) Family Holdings Registrable Securities, a written request or requests that the Corporation effect a registration on Form S-3 with respect to all or a part of the
Registrable Securities owned by such holder or holders, the Corporation agrees: 

        (i)    to
promptly (and in any event no more than 15 days following receipt of any such request) give notice of the proposed registration and any related qualification
or compliance, to the other holders of Registrable Securities; 

        (ii)   to
effect a registration and all qualifications and compliance as would permit or facilitate the sale and distribution on a continuous basis of such portion of the
requesting holders' Registrable Securities as are specified in such request plus any portion of the Registrable Securities 

7

 

of
holders who join in such request by written notice to the Corporation given within 20 days after receipt of notice pursuant to clause (i) from the Corporation;  provided, however, that the Corporation shall not be required to include more than $300 million
of MatlinPatterson Registrable Securities, $200 million of Family Holdings Registrable Securities, and $50 million of CPF Registrable Securities and Stockholder Registrable Securities;  provided, further, that the Corporation shall not be obligated to effect any such registration,
qualification, or compliance pursuant to this Section 5: (A) if Form S-3 is not available for such offering or (B) if the Corporation has within the six
(6) month period preceding the date of such request already effected a registration on Form S-3 pursuant to a request made under this Section 5. If the number of CPF
Registrable Securities and Other Stockholder Registrable Securities requested to be included exceeds the amount that the Corporation is required to include in such registration statement, then the
available space in such registration statement shall be allocated pro rata among the holders of such Registrable Securities requesting to be included in the registration on the basis of the total
number of Registrable Securities held by their respective holders. 

        (b)   Notwithstanding
Section 5(a)(ii)(B), the Corporation agrees that (i) if it did not include in such registration all of the MatlinPatterson Registrable
Securities requested to be included then at any time when the amount of MatlinPatterson Registrable Securities remaining unsold under the registration statement is less than $200 million, it
will promptly file a new or additional registration statement for additional sales of MatlinPatterson Registrable Securities as shall then permit sales of at least $300 million of
MatlinPatterson Registrable Securities in the aggregate, (ii) if it did not include in such registration all of the Family Holdings Registrable Securities requested to be included therein then
at any time when the amount of Family Holdings Registrable Securities remaining unsold under the registration statement is less than $135 million, it will promptly file a new or
additional registration statement for such additional sales of Family Holdings Registrable Securities as shall then permit sales of at least $200 million of Family Holdings Registrable
Securities in the aggregate, and (iii) if it did not include in such registration all of the CPF Registrable Securities requested to be included therein then at any time when the amount of CPF
Registrable Securities remaining unsold under the registration statement is less than $10 million, it will promptly file a new or
additional registration statement for such additional sales of CPF Registrable Securities as shall then permit sales of at least $50 million of CPF Registrable Securities and Other Stockholder
Registrable Securities in the aggregate. 

6.     Deferral of Filing; Preemption.  

        (a)   Deferral of Filing. Anything herein to the contrary notwithstanding, the Corporation may defer the filing of any
registration statement otherwise required to be filed by it pursuant to Section 3 for up to 90 days if the Corporation notifies each requesting holder promptly after such request that
the Corporation's Board of Directors has determined in its good faith judgment that the requested registration and offering would require disclosure of pending or contemplated matters or information,
the disclosure of which would likely be detrimental to the Corporation or materially interfere with its or its subsidiaries business or a pending or contemplated material transaction involving the
Corporation or any of its subsidiaries which period may be extended for up to an additional 90 days upon a subsequent determination by the Board of Directors in good faith that the conditions
for deferral still exist. In addition to the foregoing deferral rights, the Corporation shall not be required to file any registration statement pursuant to Section 3 (i) within
90 days after the effectiveness of a registration statement relating to a Demand Registration or (ii) within 180 days (or such shorter period as may be permitted by the
underwriters lock-up agreement, if any) after the effectiveness of a registration statement referred to in Section 4 unless the number of securities held by holders of Registrable
Securities included in such prior registration statement referred to in this clause (ii) was less than 80% of the number of shares such holders requested to include in which event the period of
delay under this clause (ii) shall be 90 days. 

8

 

        (b)   Preemption by the Corporation. Anything herein to the contrary notwithstanding, in the event the Corporation reasonably
expects to file, within 60 days of a demand for registration, a registration statement pertaining to securities for the account of the Corporation (except a registration statement relating to
employee or director benefit plans or a corporate reorganization, merger or acquisition, or a registration on any form that does not permit inclusion of sales of Registrable Securities) then such
request shall constitute a request made pursuant to Section 4 hereof to include in such registration statement all Registrable Securities subject to such request and the Corporation shall not
be obligated to file a separate registration statement for the Registrable Securities subject to such request; provided, that the Corporation is
actively employing good faith reasonable efforts to cause such registration statement to be filed and to become effective. 

        (c)   Termination of Deferral Period. In the case of a deferral pursuant to Section 6(a), the deferral period shall
terminate upon the earlier of the completion or abandonment of the relevant securities offering or sale, or other pending or contemplated material transaction. After the termination or expiration of
any deferral period and without further request from the holders of Registrable Securities, the relevant Demand Registration shall be reinstated, and the Corporation shall effect the filing of the
relevant Demand Registration unless the initiating holders shall have, prior to the filing of such registration, withdrawn the initial request. 

7.     Registration Procedures.  

        (a)   Subject
to the terms hereof, whenever the holders of Registrable Securities have requested that any Registrable Securities be registered in accordance with the terms and
conditions of this Agreement, the Corporation will use its reasonable best efforts to effect the registration and to permit the sale of such Registrable Securities in accordance with the intended
method of disposition thereof, and pursuant thereto the Corporation will promptly: 

        (i)    prepare
and file with the SEC, subject to the availability of all required consents of independent accountants (which the Corporation agrees to use all reasonable
efforts to obtain), not later than the later of 60 days after receipt of a request to file a registration statement with respect to such Registrable Securities a registration statement
with respect to such Registrable Securities and the business day after the date the lock-up agreement of the Corporation expires under the Underwriting Agreement related to the IPO, and
use its reasonable best efforts to cause such registration statement to become effective; provided, that each such registration statement will be on a
form for which the Corporation then qualifies, which is available for the sale of the Registrable Securities in accordance with the intended method of disposition thereof, and will provide for the
registration of at least such number of shares as shall have been demanded be registered; provided,  however, that before filing a registration statement or
prospectus or any amendments or supplements thereto, the Corporation will furnish to each of the
holders including shares therein, and the managing underwriters, if any, draft copies of all such documents proposed to be filed a reasonable period prior to such filing, which documents will be
subject to the reasonable review of each of such holders, and the managing underwriters, if any, and their respective agents and representatives and the Corporation will not
include in any registration statement information concerning or relating to the holders including shares therein to which any such affected holder shall reasonably object in writing (unless the
Corporation reasonably determines that the inclusion of such information is required by applicable law or the regulations of any securities exchange to which the Corporation may be subject or is
required to prevent a material omission or misstatement in the filing); 

        (ii)   notify
each seller of Registrable Securities of any stop order issued by the SEC and take all reasonable actions required to prevent the entry of such stop order or to
remove it at the earliest possible time if entered; 

9

 

        (iii)  prepare
and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection therewith as may be necessary to
keep such registration statement effective for a period of not less than 120 days, or such shorter period as may be required if all Registrable Securities covered by such registration statement
are sold prior to the expiration of such 120-day period (except in connection with an underwritten offering, in which case such registration statement shall be kept effective as long as
the underwriters reasonably request in the underwriting agreement); provided, however, that
(i) such 120-day period shall be extended for a period of time equal to the period the holder of such Registrable Securities refrains from selling any securities included in such
registration at the request of the underwriter under any other registration statement of the Corporation; and (ii) in the case of any registration of Registrable Securities under
Section 3 (if requested by the holder entitled to a Demand Registration thereunder) and/or under Section 5 hereof on Form S-3 that are intended to be offered on a
continuous or delayed basis, such 120-day period shall be extended, if necessary, to keep the registration statement effective until all such Registrable Securities are sold, provided that
Rule 415, or any successor rule under the Securities Act, permits an offering on a continuous or delayed basis, and provided further that applicable rules under the Securities Act governing the
obligation to file a post-effective amendment permit, in lieu of filing a post-effective amendment that (x) includes any prospectus required by
Section 10(a)(3) of the Act or (y) reflects facts or events representing a material or fundamental change in the information set forth in the registration statement, the incorporation by
reference of information required to be included in (x) and (y) above to be contained in periodic reports filed pursuant to Section 13 or 15(d) of the Exchange Act in the
registration statement; and comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement during such period in accordance
with the intended methods of disposition by the sellers thereof set forth in such registration statement; 

        (iv)  furnish
without charge to each seller and managing underwriters of Registrable Securities such number of copies of such registration statement, each amendment and
supplement thereto (in each case including all exhibits thereto), the prospectus included in such registration statement (including each preliminary, final, summary, amended or supplemented
prospectus) and such other documents as such seller and managing underwriters may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such seller; 

        (v)   use
its reasonable best efforts to register or qualify such Registrable Securities under such other securities or blue sky laws of such jurisdictions within the United
States as any seller reasonably requests, keep such registrations or qualifications in effect for so long as the registration statement remains in effect, and do any and all other acts and things
which may be reasonably necessary or advisable to enable such seller to consummate the disposition in such jurisdictions of the Registrable Securities owned by such seller;  provided, however, that the Corporation will not be required to (i) qualify generally to do
business in any jurisdiction where it would not otherwise be required to qualify but for this Section 7(a)(v), (ii) subject itself to taxation in any such jurisdiction or
(iii) consent to general service of process in any such jurisdiction; 

        (vi)  use
its reasonable best efforts to cause the Registrable Securities covered by such registration statement to be registered with or approved by such other Governmental
Entities within the United States as may be necessary to enable the seller or sellers thereof to consummate the disposition of such Registrable Securities in accordance with the intended methods of
disposition set forth in such registration statement; 

        (vii) notify
each seller of such Registrable Securities, at any time when a registration statement is effective or any prospectus to such Registrable Securities is required
to be delivered under the Securities Act, if such registration statement, prospectus or any document incorporated therein by reference contains an untrue statement of a material fact or omits to state
any material fact 

10

 

necessary
to make the statements therein not misleading in light of the circumstance then existing, and prepare and file promptly with the SEC a supplement or amendment to such prospectus or any such
document incorporated therein by reference so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus will not contain an untrue statement of a material fact or
omit to state any material fact necessary to make the statements therein not misleading in light of the circumstance then existing; 

        (viii) use
its reasonable best efforts to cause all such Registrable Securities to be listed on each securities exchange on which similar securities issued by the
Corporation are then listed or traded; 

        (ix)  provide
a transfer agent and registrar for all Registrable Securities and a CUSIP number for all such Registrable Securities, in each case not later than the effective
date of such registration statement; 

        (x)   enter
into such customary agreements (including an underwriting agreement in customary form with customary lock-up provisions not to exceed 90 days
from the date of the prospectus) and take such other customary actions in connection therewith as the holders of a Majority of the Registrable Securities being registered or the managing underwriters,
if any, reasonably request in order to expedite or facilitate the disposition of such Registrable Securities; and make such representations
and warranties and provide such indemnities with respect to the registration statement, post-effective amendment or supplement thereto, prospectus or any amendment or supplement thereto,
and documents incorporated by reference, if any, to the managing underwriters of the Registrable Securities, in form, substance and scope as are customarily made by the Corporation in connection with
offerings of Registrable Securities in transactions of such kind; 

        (xi)  make
available for inspection by any underwriter participating in any disposition pursuant to such registration statement, and any attorney, accountant or other agent
retained by any such underwriter, and counsel to the sellers of Registrable Securities all financial and other records, pertinent corporate documents and properties of the Corporation and its
subsidiaries, and cause the Corporation's officers, directors and employees and accountants to supply all information reasonably requested by any such underwriter, attorney, accountant or agent and
counsel to the sellers of Registrable Securities in connection with such registration statement or as may be necessary, in the opinion of such sellers' or underwriters' counsel to conduct a reasonable
investigation within the meaning of the Securities Act, in each case upon receipt of an appropriate confidentiality agreement; 

        (xii) in
the case of an underwritten offering (or, in the case of an offering that is not underwritten, upon the request of any holder of Registrable Securities covered by a
registration statement and at such holder's expense), obtain opinions of counsel to the Corporation and updates thereof (the form, scope and substance of which opinions shall be reasonably
satisfactory to the managing underwriters, if any, or the holder, as applicable, and addressed to each of the underwriters, if any, or the holder, as applicable) covering the matters customarily
covered in opinions requested in underwritten offerings; 

        (xiii) in
the case of an underwritten offering (or, in the case of an offering that is not underwritten, upon the request of any holder of Registrable Securities covered by
a registration statement and at such holder's expense), use their reasonable best efforts to obtain a "cold comfort" letter and updates thereto from the Corporation's independent public accountants
(and, if necessary, any other independent certified public accountants of any subsidiary of the Corporation or of any business acquired by the Corporation for which financial statements and financial
data is, or is required to be, included in the registration statement), in customary form and covering such matters of the type customarily covered by cold comfort letters, as the managing
underwriters, or the holder, as applicable, reasonably request; 

11

 

        (xiv) notify
each holder of Registrable Securities covered by a registration statement and the managing underwriters, if any, promptly, (i) (A) when a prospectus or
any prospectus supplement or post-effective amendment is proposed to be filed, and (B) with respect to a registration statement or any post-effective amendment, when the
same has become effective, (ii) of any request by the SEC or any other Governmental Entity for amendments or supplements to a registration statement or related prospectus or for additional
information, (iii) of the issuance by any state securities commission, any other Governmental Entity or any court of any order or injunction suspending or enjoining the use of a prospectus or
the effectiveness of a registration statement or the
initiation of any proceedings for that purpose, and (iv) of the receipt by the Corporation of any notification with respect to the suspension of the qualification or exemption from
qualification of any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose; and 

        (xv) otherwise
use its reasonable best efforts to comply with all applicable rules and regulations of the SEC, and generally make available to its security holders, as soon
as reasonably practicable, an earnings statement covering the period of at least twelve months, but not more than eighteen months, beginning with the first month after the effective date of the
registration statement, which earnings statement will satisfy the provisions of Section 11(a) of the Securities Act and may be prepared in accordance with Rule 158 under the Securities
Act. 

        (b)   The
Corporation may require each seller of Registrable Securities as to which any registration is being effected to furnish to the Corporation in writing such
information regarding the seller and the distribution of such securities as the Corporation may from time to time reasonably request. 

8.     Registration Expenses.  

        (a)   All
expenses incident to the Corporation's performance of or compliance with this Agreement, including without limitation all registration and filing fees, fees and
expenses of compliance with securities or blue sky laws (including reasonable fees and disbursements of counsel for the underwriters in connection with blue sky qualifications of the Registrable
Securities), messenger, telephone and delivery expenses, and fees and disbursements of counsel for the Corporation and of the Corporation's independent certified public accountants (including the
expenses of any special audit or "cold comfort" letters required by or incident to such performance), fees and expenses of underwriters customarily paid by issuers of securities (including liability
insurance if the Corporation so desires), all expenses relating to the preparation, printing, distribution and reproduction of the registration statement and prospectus and any amendment or supplement
to the foregoing, certificates representing the Registrable Securities and all other documents relating to any of the foregoing, the reasonable fees and expenses of any special experts retained by the
Corporation or at the request of the managing underwriters in connection with such registration and fees and expenses of other Persons retained by the Corporation, and the reasonable fees and
disbursements of one counsel for sellers of Registrable Securities; but excluding underwriting discounts, commissions, fees, discounts and commissions of brokers and dealers and capital gains, income
and transfer taxes, if any, relating to any sale of Registrable Securities and the fees and disbursements of counsel for the holders of Registrable Securities (other than as set forth above), will be
borne and paid promptly by the Corporation (all such expenses being herein called "Registration Expenses"). 

        (b)   Subject
to Section 8(a) above, in connection with each registration hereunder, the holders of Registrable Securities included therein shall be responsible for all
fees and disbursements of their counsel and for (i) all underwriting discounts or other commissions, fees, discounts and commissions of brokers and dealers payable by them as selling
securityholders and (ii) capital gains, income and transfer taxes, if any, relating to the sale of such Registrable Securities. 

12

 

9.     Indemnification; Contribution.  

        (a)   Indemnification by Corporation. In the event any Registrable Securities are included in a registration statement pursuant
to this Agreement, the Corporation shall indemnify and hold harmless each holder of such Registrable Securities, its employees, officers, directors, agents and constituent partners and each Person who
controls such holder (within the meaning of the Securities Act and the Exchange Act) against all losses, claims, damages, liabilities (joint or several) and expenses (or actions in respect thereof) in
connection with any sale of Registrable Securities pursuant to a registration statement arising out of or based upon (i) any violation or alleged violation of the Securities Act, the Exchange
Act or any state securities law, or any rule or regulation promulgated thereunder by the Corporation or any of its employees, officers, directors or agents or (ii) any untrue or alleged untrue
statement of a material fact contained in any registration statement or preliminary or final prospectus relating to the registration of such Registrable Securities or any amendment or supplement
thereto or any document incorporated by reference therein or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances in which they were made, not misleading, except insofar as the same are contained in any information furnished in writing to the Corporation by or on behalf of
such holder or other indemnified Person expressly for use therein or are caused by such holder's failure to deliver a copy of the registration statement or prospectus or any amendments or supplements
thereto after the Corporation has furnished such holder with a sufficient number of copies of the same. Subject to the provisions of Section 9(c), the Corporation will pay, indemnify, hold
harmless and reimburse each holder of Registrable Securities, its officers, directors, agents, constituent partners and controlling Persons for any reasonable legal and other expenses as incurred in
connection with investigating or defending any such losses, claims, damages, liabilities, expenses or actions for which such Person is entitled to indemnification hereunder. In connection with a firm
commitment or best efforts underwritten offering, the Corporation will indemnify the underwriters or agents, their officers, directors, constituent partners and each Person who controls such
underwriters (within the meaning of the Securities Act and the Exchange Act) or agents to the same extent as provided above (or such greater extent as may be customarily required by the managing
underwriters) with respect to the indemnification of the holders of Registrable Securities. 

        (b)   Indemnification by Holder of Registrable Securities. In connection with any registration statement in which a holder of
Registrable Securities is participating, such holder shall indemnify and hold harmless the Corporation, its employees, directors, agents and officers, each Person who controls the Corporation (within
the meaning of the Securities Act and the Exchange Act) and all other prospective sellers and their respective directors, officers, agents and controlling Persons (within the meaning of the Securities
Act and the Exchange Act) against any losses, claims, damages, liabilities (joint and several) and expenses (or actions in respect thereof) arising out of or based upon any untrue or alleged untrue
statement of a material fact or any omission or alleged omission of a material fact required to be stated in any registration statement or preliminary or final prospectus relating to the registration
of such Registrable Securities or any amendment thereof or supplement thereto or necessary to make the statements therein, in light of the circumstances in which they were made, not misleading, to the
extent, but only to the extent, that such untrue or alleged untrue statement or omission or alleged omission is contained in any written information or affidavit furnished by or on behalf of such
holder specifically for use in such registration statement or prospectus and then only to the extent of the total net proceeds received by such holder of Registrable Securities (after deducting any
discounts, commissions and similar fees applicable thereto) in consideration of the Registrable Securities sold by such holder in connection with such registration. Subject to the provisions of
Section 9(c), the holders of Registrable Securities participating in any registration will pay, indemnify, hold harmless and reimburse (without duplication), to the extent of the total net
proceeds received by the holders of Registrable Securities (after deducting any discounts, commissions and similar fees applicable thereto and after taking into account any indemnity payments pursuant
to the immediately 

13

 

preceding
sentence), the Corporation, its officers, directors and controlling Persons and all other prospective sellers and their respective directors, agents, officers and controlling Persons for any
reasonable legal and other expenses as incurred in connection with investigation or defending any such losses, claims, damages, liabilities, expenses or actions. 

        (c)   Conduct of Indemnification Proceedings. Any Person entitled to indemnification hereunder will (i) give prompt
notice to the indemnifying party of any claim with respect to which it seeks indemnification (but omission of such notice shall not relieve the indemnifying party from liability hereunder except to
the extent such indemnifying party is actually prejudiced by such failure to give notice) and (ii) unless in such indemnified party's reasonable judgment a conflict of interest may exist
between such indemnified and indemnifying parties with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified
party. The indemnifying party will not be subject to any liability for any settlement made without its consent. No indemnifying party will consent to entry of any judgment or enter into any settlement
which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of an unconditional release from all liability in respect to such claim or
litigation and does not subject the indemnified party to any material injunctive relief or other material equitable remedy. An indemnifying party who is not entitled to, or elects not to, assume the
defense of a claim will not be obligated to pay the fees and expenses of more than one counsel (in addition to any local counsel) for all parties indemnified by such indemnifying party with respect to
such claim. 

        (d)   Contribution. If the indemnification provided for in Section 9(a) or Section 9(b) is unavailable or
insufficient to hold harmless each of the indemnified parties against any losses, claims, damages, liabilities and expenses (or actions in respect thereof) to which such parties may become subject
under the Securities Act, then the indemnifying party shall, in lieu of indemnifying each party entitled to indemnification hereunder, contribute to the amount paid or payable by such party as a
result of such losses, claims, damages, liabilities or expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and such indemnified
parties on the other in connection with the statements or omissions or alleged statements or omissions that resulted in such losses, claims, damages, liabilities or expenses. The relative fault of
such parties shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact, or omission or alleged omission to state a material fact,
relates to information supplied by or concerning the indemnifying party on the one hand, or by such indemnified party on the other, and such party's relative intent, knowledge, access to information
and opportunity to correct or prevent such statement or omission. The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 9(d) were determined
by pro rata allocation or by any other allocation that does not take into account the equitable considerations referred to in this Section 9(d). The amount paid or payable by an indemnified
party as a result of the losses, claims, damages, liabilities or expenses referred to above shall be deemed to include (subject to the limitations set forth in Section 9(b) or 9(c) hereof) any
legal or other fees or expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action, proceeding or claim. Notwithstanding the provisions of this
Section 9(d), no seller of Registrable Securities shall be required to contribute any amount in excess of the amount by which the proceeds received by such seller from the sale of any
Registrable Securities (after deducting any fees, discounts and commissions applicable thereto) exceeds the amount of any damages which such seller has otherwise been required to pay by reason of such
untrue or alleged untrue statement or omission or alleged omission. No Person guilty of fraudulent misrepresentation within the meaning of the Act shall be entitled to contribution from any Person
that is not guilty of such fraudulent misrepresentation. 

        (e)   Priority of Indemnification. Notwithstanding the foregoing, to the extent that provisions on indemnification and
contribution contained in the underwriting agreement entered into in connection 

14

 

with
an underwritten offering are in conflict with the foregoing, the provisions of the underwriting agreement shall prevail (in respect of any party to this Agreement that also is a party to the
underwriting agreement). 

        (f)    Payment. The indemnification and contribution required by this Section 9 shall be made by periodic payments of the
amount thereof during the course of the investigation or defense, as and when bills are received or expense, loss, damage or liability is incurred. 

        (g)   Beneficiaries of Indemnification. The obligations of the Corporation and the holders of Registrable Securities under this
Section 9 shall be in addition to any liability that they may otherwise have. 

10.   Rule 144.  

        The Corporation covenants that after the consummation of the IPO it will use its reasonable best efforts to timely file the reports required to be filed by it
under the Securities Act and the Exchange Act and the rules and regulations adopted by the SEC thereunder (or, if the Corporation is not required to file such reports, it will, upon the request of any
holder of Registrable Securities, make publicly available such information), all to the extent required from time to time to enable such holder to sell Registrable Securities without registration
under the Securities Act within the limitation of the exemptions provided by (a) Rule 144 under the Securities Act, as such Rule may be amended from time to time, or (b) any
similar rule or regulation hereafter adopted by the SEC. Upon the request of any holder of Registrable Securities, the Corporation will deliver to such holder a written statement as to whether it has
complied with such requirements. 

11.   Participation in Underwritten Registrations; Market Stand-Off Agreement.  

        (a)   Participation in Underwritten Registration. No Person may participate in any underwritten registration hereunder unless
such Person (i) agrees to sell such Person's securities on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and
(ii) completes and executes all customary questionnaires, powers of attorney, underwriting agreements, lock-ups and other documents required under the terms of such underwriting
arrangements, provided, that in the case of any holder of CPF Registrable Securities, the terms of such underwriting arrangements, powers of attorney,
underwriting agreements, lock-ups and other documents shall be no less favorable to such holder than those applicable to any holder of Family Holdings Registrable Securities or
MatlinPatterson Registrable Securities participating in such registration. 

        (b)   Market Stand-Off Agreement. Each holder of Registrable Securities agrees, whether or not it is participating
in such registration statement, that it shall not, to the extent requested by an underwriter of Common Stock (or other securities of the Corporation), sell or otherwise transfer or dispose of any
securities of the Corporation (other than those included in the registration) during the 90 day period following the effective date of a registration statement filed under the Securities Act
relating to an underwritten offering by such underwriter with gross proceeds to the sellers in such offering of at least $100 million if such holder and it Affiliates, collectively, own,
directly or indirectly (including any shares which such holder or its Affiliate has the right to acquire) 5% or more of the outstanding Common Stock. In order to enforce the foregoing covenant, the
Corporation may impose stop-transfer instructions with respect to the securities of the Corporation owned by holders of Registrable Securities until the end of such 90 day period. 

12.   Miscellaneous.  

        (a)   Right to Suspend. The Corporation may, by notice in writing to each holder of Registrable Securities, require the holder
of Registrable Securities to suspend use of any prospectus included in a registration statement filed hereunder if the Corporation reasonably determines that it contains an 

15

 

untrue
statement of a material fact or omits to state any material fact necessary to make the statements therein not misleading or that any transaction in which the Corporation is engaged or proposes
to engage, or any event that has occurred or is expected to occur, would require an amendment to such registration statement or an amendment or supplement to such prospectus (including any such
amendment or supplement made through incorporation by reference to a report filed under Section 13 of the Exchange Act). Each holder of Registrable Securities agrees that, upon receipt of any
notice from the Corporation of the happening of any event of the kind described in this Section 12(a), such holder will forthwith discontinue disposition of Registrable Securities pursuant to
the registration statement covering such Registrable Securities until such holder's receipt of the copies of a properly supplemented or amended prospectus, and, if so directed by the Corporation, such
holder will deliver to the Corporation all copies, other than permanent file copies, then in such holder's possession, of the most recent prospectus covering such Registrable Securities at the time of
receipt of such notice. In the event the Corporation gives any such notice, the time period mentioned in Section 7(a)(iii), if applicable, will be extended by the number of days during the
period from and including the date of the giving of such notice to and including the date when each seller of Registrable Securities covered by such registration statement has received the copies of
such supplemented or amended prospectus. The Corporation agrees to use its reasonable best efforts to cause any suspension of use of any prospectus pursuant to this paragraph to be as short a period
of time as possible, including filing an amendment or supplement to such prospectus or registration statement to correct such untrue statement of material fact or material omission within
30 days following the date of the notice delivered to the holders of Registrable Securities pursuant to the first sentence of this Section 12(a). 

        (b)   Remedies. No holder of Registrable Securities shall have any right to take any action to restrain, enjoin or otherwise
delay any registration as a result of any controversy that might arise with respect to the interpretation or implementation of this Agreement. 

        (c)   Amendments and Waivers. The provisions of this Agreement may not be amended, modified or supplemented, unless the
Corporation has obtained the written consent of (i) the holders of at least a Majority of the outstanding Registrable Securities and if such amendment, modification or supplement adversely
affects the rights of the holders of MatlinPatterson Registrable Securities, the written consent of the holders of at least a Majority of the outstanding MatlinPatterson Registrable Securities,
(ii) if such amendment, modification or supplement adversely affects the rights of the holders of Family Holdings Registrable Securities, the consent of the holders of at least a Majority of
the outstanding Family Holdings Registrable Securities and (iii) if such amendment, modification or supplement adversely affects the rights of the holders of CPF Registrable Securities or Other
Stockholder Registrable Securities, the consent of the holders of at least a Majority of the outstanding CPF Registrable Securities and Other Stockholder Registrable Securities voting together. Each
holder of any Registrable Securities at the time or thereafter shall be bound by any consent authorized by this Section 12(b), whether or not such holder consented or whether or not such
Registrable Securities have been marked to indicate such consent. 

        (d)   Registrable Securities Held by the Corporation or its Subsidiaries. Whenever the consent or approval of holders of all or
any specified percentage of Registrable Securities is required hereunder, Registrable Securities held by the Corporation or any of its subsidiaries will not be counted in determining whether such
consent or approval was given by such holders. 

        (e)   Notices. All notices or other communications provided for hereunder shall be in writing and shall be effective
(i) on the day on which delivered if delivered personally or transmitted by telex or telegram or telecopier with evidence of receipt, (ii) one business day after the date on which the
same is delivered to a nationally recognized overnight courier service (or in the case of any notice to or from CPF, three business days after the date on which the same is delivered to an
internationally recognized courier service) with evidence of receipt, or (iii) other than any notice to or from CPF, five days after the date on which the same is deposited, postage prepaid, in
the U.S. mail, sent by certified or 

16

 

registered
mail, return receipt requested, and addressed to the party to be notified at the address indicated below for the Corporation, or at the address for the holder of the Registrable Securities
set forth in a registry maintained by the Corporation or in case of Family Holdings, MatlinPatterson and CPF the address set forth on the signature page of this Agreement, or at such other address
and/or telecopy or telex number and/or to the attention of such other person as the Corporation or the holder of the Registrable Securities may designate by ten-day advance written notice. 

        (f)    Successors and Assigns. This Agreement will inure to the benefit of and be binding upon the successors and permitted
assigns of each of the parties. The registration rights granted by this Agreement may not be transferred or assigned by operation of law or in connection with any transfer or assignment of Registrable
Securities except to (i) persons who after such transfer would own beneficially at least 3% of the outstanding Common Stock, (ii) charitable organizations and foundations who are
transferees of the Family Holdings Registrable Securities and (iii) Affiliate transferees of Family Holdings, MatlinPatterson or CPF who after such transfer would own beneficially at least 1%
of the outstanding Common Stock, then in each case only upon notification to the Corporation in writing and agreement by such transferee to the rights and obligations of this Agreement. Any assignment
by the Corporation of this Agreement shall not relieve the Corporation of its obligations hereunder. 

        (g)   Counterparts. This Agreement may be executed in one or more counterparts and by the parties hereto in separate
counterparts, all of which will constitute one and the same agreement and shall become effective when one or more counterparts have been signed by each of the parties hereto and delivered (including
by facsimile) to the other parties. 

        (h)   Headings. The headings in this Agreement are for convenience of reference only and will not limit or otherwise affect the
meaning hereof. 

        (i)    Governing Law; Jurisdiction. This Agreement will be governed by and construed in accordance with the laws of the State of
Delaware, without giving effect to conflict of law principles. Any holder of Registrable Securities may bring any action or proceeding to enforce or arising out of this Agreement or in the instruments
and agreements annexed hereto in any court of competent jurisdiction. 

        (j)    Severability. In the event that any one or more of the provisions contained herein, or the application thereof in any
circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein will
not be affected or impaired thereby. 

        (k)   Termination of Registration Rights. The rights of any holder hereunder to request a Demand Registration pursuant to
Section 3 with respect to any Registrable Securities shall terminate with respect to such holder at such time as the holder shall own less than 5% of the outstanding Common Stock. 

        (l)    Entire Agreement. This Agreement is intended by the parties as a final expression of their agreement and intended to be a
complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. There are no restrictions, promises, warranties or
undertakings, other than those set forth or referred to herein with respect to the registration rights granted by the Corporation with respect to the Registrable Securities. This Agreement supersedes
all prior agreements and understandings between the parties with respect to such subject matter. 

[Signature Pages Follow] 

17

        IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. 

	

 	
 	
HUNTSMAN CORPORATION
	

 	
 	

By:	

    

	 	 	Name:	 
	 	 	Title:	 
	

 	
 	

 	

 
	

 	
 	

 	

 
	

 	
 	
Corporation Address:
	

 	
 	

Huntsman Corporation

500 Huntsman Way

Salt Lake City, Utah 84108

Attention: Office of the General Counsel

Facsimile: (801) 584-5782

	

 	
 	
HUNTSMAN FAMILY HOLDINGS

COMPANY LLC
	

 	
 	

By:	

    

	 	 	Name:	 
	 	 	Title:	 
	

 	
 	

 	

 
	

 	
 	

 	

 
	

 	
 	
Family Holdings Address:
	

 	
 	

Huntsman Family Holdings Company LLC

c/o Office of the Chairman of the Board of

        Directors of Huntsman Corporation

500 Huntsman Way

Salt Lake City, Utah 84108

Attention: Jon M. Huntsman

Facsimile: (801) 584-5782

	

 	
 	
MATLINPATTERSON GLOBAL

OPPORTUNITIES PARTNERS L.P.
	

 	
 	
By:	

MatlinPatterson Global Advisors LLC,

    as its investment advisor
	

 	
 	

By:	

    

	 	 	Name:	 
	 	 	Title:	 
	

 	
 	

 	

 
	

 	
 	

 	

 
	

 	
 	
MatlinPatterson Address:
	

 	
 	

MatlinPatterson Global Opportunities Partners, L.P.

500 Madison Avenue

New York, New York 10022

Attention: David Matlin

Facsimile: (      )              
	

 	
 	
With a copy to:
	

 	
 	

Whalen LLP

600 Anton Boulevard, 18th Floor

Costa Mesa, California 92626

Attention: Michael P. Whalen

Facsimile: (714) 384-4341

	

 	
 	
MATLINPATTERSON GLOBAL

    OPPORTUNITIES PARTNERS B L.P.
	

 	
 	
By:	

MatlinPatterson Global Advisors LLC,

    as its investment advisor
	

 	
 	

By:	

    

	 	 	Name:	 
	 	 	Title:	 
	

 	
 	
MatlinPatterson Address:
	

 	
 	

MatlinPatterson Global Opportunities Partners, L.P.

500 Madison Avenue

New York, New York 10022

Attention: David Matlin

Facsimile: (      )              
	

 	
 	
With a copy to:
	

 	
 	

Whalen LLP

600 Anton Boulevard, 18th Floor

Costa Mesa, California 92626

Attention: Michael P. Whalen

Facsimile: (714) 384-4341

	

 	
 	
MATLINPATTERSON GLOBAL

    OPPORTUNITIES PARTNERS

    (BERMUDA) L.P.
	

 	
 	
By:	

MatlinPatterson Global Advisors LLC,

    as its investment advisor
	

 	
 	

By:	

    

	 	 	Name:	 
	 	 	Title:	 
	

 	
 	
MatlinPatterson Address:
	

 	
 	

MatlinPatterson Global Opportunities Partners, L.P.

500 Madison Avenue

New York, New York 10022

Attention: David Matlin

Facsimile: (      )              
	

 	
 	
With a copy to:
	

 	
 	

Whalen LLP

600 Anton Boulevard, 18th Floor

Costa Mesa, California 92626

Attention: Michael P. Whalen

Facsimile: (714) 384-4341

	

 	
 	
CONSOLIDATED PRESS (FINANCE) LIMITED
	

 	
 	

By:	

    

	 	 	Name:	 
	 	 	Title:	 
	

 	
 	

 	

 
	

 	
 	

 	

 
	

 	
 	
CPF Notice Address:
	

 	
 	

Consolidated Press (Finance) Limited

Third Level, 54-58 Park Street

Sydney NSW 2000, Australia

Attention: Graham A. Cubbin

Facsimile: 011 (612) 9267-4455
	

 	
 	
With a copy to:
	

 	
 	

Freehills

Level 32, MLC Centre

19-29 Martin Place

Sydney NSW 2000, Australia

Attention: John Nestel, Partner

Facsimile: 011 (612) 9322-4000

	

 	
 	
HUNTSMAN CANCER FOUNDATION
	

 	
 	

By:	

    

	 	 	Name:	 
	 	 	Title:	 
	

 	
 	

 	

 
	

 	
 	

 	

 
	

 	
 	
Foundation Address:
	

 	
 	

Huntsman Cancer Foundation

500 Huntsman Way

Salt Lake City, Utah 84108

Attention: Thomas Muir

Facsimile: (      )              

	

 	
 	

    
 Peter Huntsman
	

 	
 	

 	

 
	

 	
 	

Address:	

 
	

 	
 	

    

	

 	
 	

    

	

 	
 	

    
 Facsimile: (      )              

	

 	
 	

    
 J. Kimo Esplin
	

 	
 	

 	

 
	

 	
 	

Address:	

 
	

 	
 	

    

	

 	
 	

    

	

 	
 	

    
 Facsimile: (      )              

	

 	
 	

    
 Samuel D. Scruggs
	

 	
 	

 	

 
	

 	
 	

Address:	

 
	

 	
 	

    

	

 	
 	

    

	

 	
 	

    
 Facsimile: (      )              

	

 	
 	

    
 David S. Parkin
	

 	
 	

 	

 
	

 	
 	

Address:	

 
	

 	
 	

    

	

 	
 	

    

	

 	
 	

    
 Facsimile: (      )              

	

 	
 	

    
 L. Russell Healy
	

 	
 	

 	

 
	

 	
 	

Address:	

 
	

 	
 	

    

	

 	
 	

    

	

 	
 	

    
 Facsimile: (      )              

	

 	
 	

    
 Sean Douglas
	

 	
 	

 	

 
	

 	
 	

Address:	

 
	

 	
 	

    

	

 	
 	

    

	

 	
 	

    
 Facsimile: (      )              

	

 	
 	

    
 Kevin C. Hardman
	

 	
 	

 	

 
	

 	
 	

Address:	

 
	

 	
 	

    

	

 	
 	

    

	

 	
 	

    
 Facsimile: (      )              

	

 	
 	

    
 John R. Heskett
	

 	
 	

 	

 
	

 	
 	

Address:	

 
	

 	
 	

    

	

 	
 	

    

	

 	
 	

    
 Facsimile: (      )              

	

 	
 	

    
 Lou Adimare
	

 	
 	

 	

 
	

 	
 	

Address:	

 
	

 	
 	

    

	

 	
 	

    

	

 	
 	

    
 Facsimile: (      )              

QuickLinks

Exhibit 4.66

REGISTRATION RIGHTS AGREEMENTQuickLinks
 -- Click here to rapidly navigate through this document

 
 

Exhibit 4.5    
    

WARRANT AGREEMENT  

        Agreement made as of                        , 2004 between Coastal
Bancshares Acquisition Corp., a Delaware corporation, with offices at 9821 Katy Freeway, Suite 500,
Houston, Texas ("Company"), and Continental Stock Transfer & Trust Company, a New York corporation, with offices at Continental Stock Transfer & Trust Company, 17 Battery Place, 8th floor, New
York, NY, 10004 ("Warrant Agent"). 

        WHEREAS,
the Company is engaged in a public offering ("Public Offering") of Units ("Units") and, in connection therewith, has determined to issue and deliver up to (i) 9,600,000
Warrants ("Public Warrants") to the public investors, and (ii) 600,000 Warrants to Newbridge Securities Corporation and I-Bankers Securities Incorporated (collectively, the
"Representatives") or their designees ("Representative's Warrants" and, together with the Public Warrants, the "Warrants"), each of such Public Warrants evidencing the right of the holder thereof to
purchase one share of common stock, par value $0.01 per share, of the Company's Common Stock ("Common Stock") for $5.00, subject to adjustment as described herein; and 

        WHEREAS,
the Company has filed with the Securities and Exchange Commission a Registration Statement, No. 333-118294 on Form S-1 ("Registration
Statement") for the registration, under the Securities Act of 1933, as amended ("Act") of, among other securities, the Warrants and the Common Stock issuable upon exercise of the Warrants; and 

        WHEREAS,
the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance, registration, transfer,
exchange, redemption and exercise of the Warrants; and 

        WHEREAS,
the Company desires to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective rights, limitation of
rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and 

        WHEREAS,
all acts and things have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company and countersigned by or on behalf of the
Warrant
Agent, as provided herein, the valid, binding and legal obligations of the Company, and to authorize the execution and delivery of this Agreement. 

        NOW,
THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows: 

1.    Appointment of Warrant Agent.    The Company hereby appoints the Warrant Agent to act as agent for the Company for the
Warrants, and the Warrant Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions set forth in this Agreement. 

2.    Warrants.    

        2.1    Form of Warrant.    Each Warrant shall be issued in registered form only, shall be in substantially the form of
Exhibit A hereto, the provisions of which are incorporated herein and shall be signed by, or bear the facsimile signature of, the Chief Executive Officer, Chairman of the Board or President and
Treasurer, Secretary or Assistant Secretary of the Company and shall bear a facsimile of the Company's seal. In the event the person whose facsimile signature has been placed upon any Warrant shall
have ceased to serve in the capacity in which such person signed the Warrant before such Warrant is issued, it may be issued with the same effect as if he or she had not ceased to be such at the date
of issuance. 

        2.2    Effect of Countersignature.    Unless and until countersigned by the Warrant Agent pursuant to this Agreement,
a Warrant shall be invalid and of no effect and may not be exercised by the holder thereof. 

        2.3    Registration.    

        2.3.1    Warrant Register.    The Warrant Agent shall maintain books ("Warrant Register"), for the registration of
original issuance and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue and register the Warrants in the names of the respective
holders thereof in such denominations and otherwise in accordance with instructions delivered to the Warrant Agent by the Company. 

        2.3.2    Registered Holder.    Prior to due presentment for registration of transfer of any Warrant, the Company and
the Warrant Agent may deem and treat the person in whose name such Warrant shall be registered upon the Warrant Register ("registered holder"), as the absolute owner of such Warrant and of each
Warrant represented thereby (notwithstanding any notation of ownership or other writing on the Warrant Certificate made by anyone other than the Company or the Warrant Agent), for the purpose of any
exercise thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary. 

        2.4    Detachability of Warrants.    The securities comprising the Units will not be separately transferable until
90 days after the date hereof unless the Representatives inform the Company of their decision to allow earlier separate trading, but in no event will the Representatives allow separate trading
of the securities comprising the Units until the Company files a Current Report on Form 8-K which includes an audited balance sheet reflecting the receipt by the Company of the
gross proceeds of the Public Offering including the proceeds received by the Company from the exercise of the Underwriter's over-allotment option, if the over-allotment option
is exercised prior to the filing of the Form 8-K. 

        2.5    Warrants and Representative's Warrants.    The Representative's Warrants shall have the same terms and be in
the same form as the Public Warrants except with respect to the Warrant Price as set forth below in Section 3.1. 

3.    Terms and Exercise of Warrants    

        3.1    Warrant Price.    Each Public Warrant shall, when countersigned by the Warrant Agent, entitle the registered
holder thereof, subject to the provisions of such Public Warrant and of this Warrant Agreement, to purchase from the Company the number of shares of Common Stock stated therein, at the price of $5.00
per whole share, subject to the adjustments provided in Section 4 hereof and in the last sentence of this Section 3.1. Each Representative's Warrant shall, when countersigned by the
Warrant Agent, entitle the registered holder thereof, subject to the provisions of such Representative's Warrant and of this Warrant Agreement, to purchase from the Company the number of shares of
Common Stock stated therein, at the price of $6.00 per whole share, subject to the adjustments provided in Section 4 hereof. The term "Warrant Price" as used in this Warrant Agreement refers to
the price per share at which Common Stock may be purchased at the time a Warrant is exercised. The Company in its sole discretion may lower the Warrant Price at any time prior to the Expiration Date. 

        3.2    Duration of Warrants.    A Warrant may be exercised only during the period ("Exercise Period") commencing on
the later of the consummation by the Company of a merger, capital stock exchange, asset acquisition or other similar business combination ("Business Combination") (as described more fully in the
Company's Registration Statement) or                        , 2005, and terminating at 5:00 p.m., New York City time on the
earlier to occur of (i)                         , 2009 or (ii) the date
fixed for redemption of the Warrants as provided in Section 6 of this Agreement ("Expiration Date"). Except with respect to the right to receive the Redemption Price (as set forth in
Section 6 hereunder), each Warrant not exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights in respect thereof under this Agreement shall cease
at the close of business on the Expiration Date. The Company in its sole discretion may extend the duration of the Warrants by delaying the Expiration Date. 

        3.3    Exercise of Warrants.    

        3.3.1    Payment.    Subject to the provisions of the Warrant and this Warrant Agreement, a Warrant, when
countersigned by the Warrant Agent, may be exercised by the registered holder thereof by surrendering it, at the office of the Warrant Agent, or at the office of its successor as Warrant Agent, in the
Borough of Manhattan, City and State of New York, with the subscription form, as set forth in the Warrant, duly executed, and by paying in full, in lawful money of the United States, in good certified
check or good bank draft payable to the order of the Company (or as otherwise agreed to by the Company), the Warrant Price for each full share of Common Stock as to which the Warrant is exercised and
any and all applicable taxes due in connection with the exercise of the Warrant, the exchange of the Warrant for the Common Stock, and the issuance of the Common Stock. 

        3.3.2    Issuance of Certificates.    As soon as practicable after the exercise of any Warrant and the clearance of
the funds in payment of the Warrant Price, the Company shall issue to the registered holder of such Warrant a certificate or certificates for the number of full shares of Common Stock to which he is
entitled, registered in such name or names as may be directed by him, her or it, and if such Warrant shall not have been exercised in full, a new countersigned Warrant for the number of shares as to
which such Warrant shall not have been exercised. Notwithstanding the foregoing, the Company shall not be obligated to deliver any securities pursuant to the exercise of a Warrant unless a
registration statement under the Act with respect to the Common Stock is effective. Warrants may not be exercised by, or securities issued to, any registered holder in any state in which such exercise
would be unlawful. 

        3.3.3    Valid Issuance.    All shares of Common Stock issued upon the proper exercise of a Warrant in conformity with
this Agreement shall be validly issued, fully paid and nonassessable. 

        3.3.4    Date of Issuance.    Each person in whose name any such certificate for shares of Common Stock is issued
shall for all purposes be deemed to have become the holder of record of such shares on the date on which the Warrant was surrendered and payment of the Warrant Price was made, irrespective of the
date of delivery of such certificate, except that, if the date of such surrender and payment is a date when the stock transfer books of the Company are closed, such person shall be deemed to have
become the holder of such shares at the close of business on the next succeeding date on which the stock transfer books are open. 

        3.3.5    Warrant Solicitation and Warrant Solicitation Fee.    

        a.     The
Company has engaged the Representatives, on a non-exclusive basis, as its agents for the solicitation of the exercise of the Warrants. The Company, at its
cost, will (i) assist the Representatives with respect to such solicitation, if requested by the Representatives, and (ii) provide the Representatives, and direct the Company's transfer
agent and the Warrant Agent to deliver to the Representatives, lists of the record and, to the extent known, beneficial owners of the Company's Warrants. The Company hereby instructs the Warrant Agent
to cooperate with the Representatives in every respect in connection with the Representatives' solicitation activities, including, but not limited to, providing to the Representatives, at the
Company's cost, a list of record holders of the Warrants and circulating a prospectus or offering circular disclosing the compensation arrangements referenced in Section 3.3.5(b) below to
holders of the Warrants at the time of exercise of the Warrants. In addition to the conditions set forth in Section 3.3.5(b), the Representatives shall accept payment of the warrant
solicitation fee provided in Section 3.3.5(b) only if they have provided bona fide services to the Company in connection with the exercise of the Warrants and only to the extent that an
investor who exercises his Warrants specifically designates, in writing, that the Representatives solicited his exercise. In addition to soliciting, either orally or in writing, the exercise of
Warrants by a Warrant holder, such services may also include disseminating information, either orally or in writing, to Warrant holders about the Company or the market for the Company's securities, or
assisting in the processing of the exercise of Warrants. 

        b.     In
each instance in which a Warrant is exercised, the Warrant Agent shall promptly give written notice of such exercise to the Company and the Representatives ("Warrant
Agent's Exercise Notice"). If, upon the exercise of any Warrant more than one year from the effective date of the Registration Statement, (i) the market price of the Company's Common Stock is
greater than the Warrant Price, (ii) disclosure of compensation arrangements between the Company and the Representatives with respect to the solicitation of the exercise of the Warrants was
made both at the time of the Public Offering and at the time of exercise (by delivery of the Prospectus or as otherwise required by applicable law, rule or regulation), (iii) the holder of the
Warrant confirms in writing that the exercise of the Warrant was solicited by the Representatives, (iv) the Warrant was not held in a discretionary account, and (v) the solicitation of
the exercise of the Warrant was not in violation of Regulation M (as such rule or any successor rule may be in effect as of such time of exercise) promulgated under the Securities Exchange Act
of 1934, as amended, then the Warrant Agent, simultaneously with the distribution of the Common Stock underlying the Warrants so exercised in accordance with the instructions from the Company
following receipt of the proceeds to the Company received upon exercise of such Warrant(s), shall, on behalf of the Company, pay a fee of 5% of the Warrant Price to the Representatives, provided that
the Representatives deliver to the Warrant Agent within ten (10) business days from the date on which the Representatives have received the Warrant Agent's
Exercise Notice, a certificate that the conditions set forth the preceding clauses (iii), (iv) and (v) have been satisfied. Notwithstanding the foregoing, no fee will be paid to the
Representatives with respect to the exercise by the Underwriters or their affiliates or the Company's officers or directors of Warrants purchased by it or them upon exercise of the Representative's
Warrants and still held by any of the Underwriters or them for its or their own account. The Representatives and the Company may at any time during business hours, examine the records of the Warrant
Agent, including its ledger of original Warrant certificates returned to the Warrant Agent upon exercise of Warrants. 

        c.     The
provisions of this Section 3.3.5. may not be modified, amended or deleted without the prior written consent of the Representatives. 

4.    Adjustments.    

        4.1    Stock Dividends—Split-Ups.    If after the date hereof, and subject to the provisions
of Section 4.6 below, the number of outstanding shares of Common Stock is increased by a stock dividend payable in shares of Common Stock, or by a split-up of shares of Common
Stock, or other similar event, then, on the effective date of such stock dividend, split-up or similar event, the number of shares of Common Stock issuable on exercise of each Warrant
shall be increased in proportion to such increase in outstanding shares of Common Stock. 

        4.2    Aggregation of Shares.    If after the date hereof, and subject to the provisions of Section 4.6, the
number of outstanding shares of Common Stock is decreased by a consolidation, combination, reverse stock split or reclassification of shares of Common Stock or other similar event, then, on the
effective date of such consolidation, combination, reverse stock split, reclassification or similar event, the number of shares of Common Stock issuable on exercise of each Warrant shall be decreased
in proportion to such decrease in outstanding shares of Common Stock. 

        4.3    Adjustments in Exercise Price.    Whenever the number of shares of Common Stock purchasable upon the exercise
of the Warrants is adjusted, as provided in Section 4.1 and 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price immediately prior to such
adjustment by a fraction (x) the numerator of which shall be the number of shares of Common Stock purchasable upon the exercise of the Warrants immediately prior to such adjustment, and
(y) the denominator of which shall be the number of shares of Common Stock so purchasable immediately thereafter. 

        4.4    Replacement of Securities upon Reorganization, etc.    In case of any reclassification or reorganization of the
outstanding shares of Common Stock (other than a change covered by Section 4.1 

or
4.2 hereof or that solely affects the par value of such shares of Common Stock), or in the case of any merger or consolidation of the Company with or into another corporation (other than a
consolidation or merger in which the Company is the continuing corporation and that does not result in any reclassification or reorganization of the outstanding shares of Common Stock), or in the case
of any sale or conveyance to another corporation or entity of the assets or other property of the Company as an entirety or substantially as an entirety in connection with which the Company is
dissolved, the Warrant holders shall thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants and in lieu of the shares of Common
Stock of the Company immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares of stock or other securities or property
(including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the Warrant holder would have received
if such Warrant holder had exercised his, her or its Warrant(s) immediately prior to such event; and if any reclassification also results in a change in shares of Common Stock covered by
Section 4.1 or 4.2, then such adjustment shall be made pursuant to Sections 4.1, 4.2, 4.3 and this Section 4.4. The provisions of this Section 4.4 shall similarly apply to
successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers. 

        4.5    Notices of Changes in Warrant.    Upon every adjustment of the Warrant Price or the number of shares issuable
upon exercise of a Warrant, the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from such adjustment and the increase or decrease,
if any, in the number of shares purchasable at such price upon the exercise of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is
based. Upon the occurrence of any event specified in Sections 4.1, 4.2, 4.3 or 4.4, then, in any such event, the Company shall give written notice to the Warrant holder, at the last address set forth
for such holder in the warrant register, of the record date or the effective date of the event. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such
event. 

        4.6    No Fractional Shares.    Notwithstanding any provision contained in this Warrant Agreement to the contrary, the
Company shall not issue fractional shares upon exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 4, the holder of any Warrant would be entitled, upon the
exercise of such Warrant, to receive a fractional interest in a share, the Company shall, upon such exercise, round up to the nearest whole number the number of the shares of Common Stock to be issued
to the Warrant holder. 

        4.7    Form of Warrant.    The form of Warrant need not be changed because of any adjustment pursuant to this
Section 4, and Warrants issued after such adjustment may state the same Warrant Price and the same number of shares as is stated in the Warrants initially issued pursuant to this Agreement.
However, the Company may at any time in its sole discretion make any change in the form of Warrant that the Company may deem appropriate and that does not affect the substance thereof, and any
Warrant thereafter issued or countersigned, whether in exchange or substitution for an outstanding Warrant or otherwise, may be in the form as so changed. 

5.    Transfer and Exchange of Warrants.    

        5.1    Registration of Transfer.    The Warrant Agent shall register the transfer, from time to time, of any
outstanding Warrant upon the Warrant Register, upon surrender of such Warrant for transfer, properly endorsed with signatures properly guaranteed and accompanied by appropriate instructions for
transfer. Upon any such transfer, a new Warrant representing an equal aggregate number of Warrants shall be issued and the old Warrant shall be cancelled by the Warrant Agent. The Warrants so
cancelled shall be delivered by the Warrant Agent to the Company from time to time upon request. 

        5.2    Procedure for Surrender of Warrants.    Warrants may be surrendered to the Warrant Agent, together with a
written request for exchange or transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the registered holder of the Warrants so
surrendered, representing an equal aggregate number of Warrants; provided, however, that in the event that a Warrant surrendered for transfer bears a restrictive legend, the Warrant Agent shall not 

cancel
such Warrant and issue new Warrants in exchange therefor until the Warrant Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether
the new Warrants must also bear a restrictive legend. 

        5.3    Fractional Warrants.    The Warrant Agent shall not be required to effect any registration of transfer or
exchange which will result in the issuance of a warrant certificate for a fraction of a warrant. 

        5.4    Service Charges.    No service charge shall be made for any exchange or registration of transfer of Warrants. 

        5.5    Warrant Execution and Countersignature.    The Warrant Agent is hereby authorized to countersign and to
deliver, in accordance with the terms of this Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5, and the Company, whenever required by the Warrant
Agent, will supply the Warrant Agent with Warrants duly executed on behalf of the Company for such purpose. 

6.    Redemption.    

        6.1    Redemption.    Subject to Section 6.4 hereof, with the prior consent of the Representatives, not less
than all of the outstanding Warrants may be redeemed, at the option of the Company, at any time after they become exercisable and prior to their expiration, at the office of the Warrant Agent, upon
the notice referred to in Section 6.2., at the price of $.01 per Warrant ("Redemption Price"), provided that the last sales price of the Common Stock has been at least $8.50 per share, on each
of twenty (20) trading days within any thirty (30) trading day period ending on the third business day prior to the date on which notice of redemption is given. The provisions of this
Section 6.1 may not be modified, amended or deleted without the prior written consent of the Representatives. 

        6.2    Date Fixed for, and Notice of, Redemption.    In the event the Company shall elect to redeem all of the
Warrants, the Company shall fix a date for the redemption. Notice of redemption shall be mailed by first class mail, postage prepaid, by the Company not less than 30 days prior to the date
fixed for redemption to the registered holders of the Warrants to be redeemed at their last addresses as they shall appear on the registration books. Any notice mailed in the manner herein provided
shall be conclusively presumed to have been duly given whether or not the registered holder received such notice. 

        6.3    Exercise After Notice of Redemption.    The Warrants may be exercised in accordance with Section 3 of
this Agreement at any time after notice of redemption shall have been given by the Company pursuant to Section 6.2. hereof and prior to the time and date fixed for redemption. On and after the
redemption date, the record holder of the Warrants shall have no further rights except to receive, upon surrender of the Warrants, the Redemption Price. 

        6.4    Outstanding Warrants Only.    The Company understands that the redemption rights provided for by this
Section 6 apply only to outstanding Warrants. To the extent a person holds rights to purchase Warrants, such purchase rights shall not be extinguished by redemption. However, once such purchase
rights are exercised, the Company may redeem the Warrants issued upon such exercise provided that the criteria for redemption is met. The provisions of this Section 6.4 may not be modified,
amended or deleted without the prior written consent of the Representatives. 

7.    Other Provisions Relating to Rights of Holders of Warrants.    

        7.1    No Rights as Stockholder.    A Warrant does not entitle the registered holder thereof to any of the rights of a
stockholder of the Company, including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights to vote or to consent or to receive notice as
stockholders in respect of the meetings of stockholders or the election of directors of the Company or any other matter. 

        7.2    Lost, Stolen, Mutilated, or Destroyed Warrants.    If any Warrant is lost, stolen, mutilated, or destroyed, the
Company and the Warrant Agent may on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated Warrant, include the 

surrender
thereof), issue a new Warrant of like denomination, tenor, and date as the Warrant so lost, stolen, mutilated, or destroyed. Any such new Warrant shall constitute a substitute contractual
obligation of the Company, whether or not the allegedly lost, stolen, mutilated, or destroyed Warrant shall be at any time enforceable by anyone. 

        7.3    Reservation of Common Stock.    The Company shall at all times reserve and keep available a number of its
authorized but unissued shares of Common Stock that will be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Agreement. 

        7.4    Registration of Common Stock.    The Company agrees that prior to the commencement of the Exercise Period, it
shall file with the Securities and Exchange Commission a post-effective amendment to the Registration Statement, or a new registration statement, for the registration, under the Act, of,
and it shall take such action as is necessary to qualify for sale, in those states in which the Warrants were initially offered by the Company, the Common Stock issuable upon exercise of the Warrants.
In either case, the Company will use its best efforts to cause the same to become effective and to maintain the effectiveness of such registration statement until the expiration of the Warrants in
accordance with the provisions of this Agreement. The provisions of this Section 7.4 may not be modified, amended or deleted without the prior written consent of the Representatives. 

8.    Concerning the Warrant Agent and Other Matters.    

        8.1    Payment of Taxes.    The Company will from time to time promptly pay all taxes and charges that may be imposed
upon the Company or the Warrant Agent in respect of the issuance or delivery of shares of Common Stock upon the exercise of Warrants, but the Company shall not be obligated to pay any transfer taxes
in respect of the Warrants or such shares. 

        8.2    Resignation, Consolidation, or Merger of Warrant Agent.    

        8.2.1    Appointment of Successor Warrant Agent.    The Warrant Agent, or any successor to it hereafter appointed, may
resign its duties and be discharged from all further duties and liabilities hereunder after giving sixty (60) days' notice in writing to the Company. If the office of the Warrant Agent becomes
vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such
appointment within a period of 30 days after it has been notified in writing of such resignation or
incapacity by the Warrant Agent or by the holder of the Warrant (who shall, with such notice, submit his Warrant for inspection by the Company), then the holder of any Warrant may apply to the Supreme
Court of the State of New York for the County of New York for the appointment of a successor Warrant Agent at the Company's cost. Any successor Warrant Agent, whether appointed by the Company or by
such court, shall be a corporation organized and existing under the laws of the State of New York, in good standing and having its principal office in the Borough of Manhattan, City and State of New
York, and authorized under such laws to exercise corporate trust powers and subject to supervision or examination by federal or state authority. After appointment, any successor Warrant Agent shall be
vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent with like effect as if originally named as Warrant Agent hereunder, without any
further act or deed; but if for any reason it becomes necessary or appropriate, the predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an instrument transferring to
such successor Warrant Agent all the authority, powers, and rights of such predecessor Warrant Agent hereunder; and upon request of any successor Warrant Agent the Company shall make, execute,
acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting in and confirming to such successor Warrant Agent all such authority, powers, rights, immunities,
duties, and obligations. 

        8.2.2    Notice of Successor Warrant Agent.    In the event a successor Warrant Agent shall be appointed, the Company
shall give notice thereof to the predecessor Warrant Agent and the transfer agent for the Common Stock not later than the effective date of any such appointment. 

        8.2.3    Merger or Consolidation of Warrant Agent.    Any corporation into which the Warrant Agent may be merged or
with which it may be consolidated or any corporation resulting from any merger or consolidation to which the Warrant Agent shall be a party shall be the successor Warrant Agent under this Agreement
without any further act. 

        8.3    Fees and Expenses of Warrant Agent.    

        8.3.1    Remuneration.    The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such
Warrant Agent hereunder and will reimburse the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably incur in the execution of its duties hereunder. 

        8.3.2    Further Assurances.    The Company agrees to perform, execute, acknowledge, and deliver or cause to be
performed, executed, acknowledged, and delivered all such further and other acts, instruments, and assurances as may reasonably be required by the Warrant Agent for the carrying out or performing of
the provisions of this Agreement. 

        8.4    Liability of Warrant Agent.    

        8.4.1    Reliance on Company Statement.    Whenever in the performance of its duties under this Warrant Agreement, the
Warrant Agent shall deem it necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other
evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by a statement signed by the Chief Executive Officer, President or Chairman of
the Board of the Company and delivered to the Warrant Agent. The Warrant Agent may rely upon such statement for any action taken or suffered in good faith by it pursuant to the provisions of this
Agreement. 

        8.4.2    Indemnity.    The Warrant Agent shall be liable hereunder only for its own negligence, willful misconduct or
bad faith. The Company agrees to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, costs and reasonable counsel fees, for anything done or omitted
by the Warrant Agent in the execution of this Agreement except as a result of the Warrant Agent's negligence, willful misconduct, or bad faith. 

        8.4.3    Exclusions.    The Warrant Agent shall have no responsibility with respect to the validity of this Agreement
or with respect to the validity or execution of any Warrant (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or condition contained in
this Agreement or in any Warrant; nor shall it be responsible to make any adjustments required under the provisions of Section 4 hereof or responsible for the manner, method, or amount of any
such adjustment or the ascertaining of the existence of facts that would require any such adjustment; nor shall it by any act hereunder be deemed to make any representation or warranty as to the
authorization or reservation of any shares of Common Stock to be issued pursuant to this Agreement or any Warrant or as to whether any shares of Common Stock will when issued be valid and fully paid
and nonassessable. 

        8.5    Acceptance of Agency.    The Warrant Agent hereby accepts the agency established by this Agreement and agrees
to perform the same upon the terms and conditions herein set forth and among other things, shall account promptly to the Company with respect to Warrants exercised and concurrently account for, and
pay to the Company, all moneys received by the Warrant Agent for the purchase of shares of the Company's Common Stock (less any warrant solicitation fee due to the Representatives pursuant to
Section 3.3.5 herein) through the exercise of Warrants. 

9.    Miscellaneous Provisions.    

        9.1    Successors.    All the covenants and provisions of this Agreement by or for the benefit of the Company or the
Warrant Agent shall bind and inure to the benefit of their respective successors and assigns. 

        9.2    Notices.    Any notice, statement or demand authorized by this Warrant Agreement to be given or made by the
Warrant Agent or by the holder of any Warrant to or on the Company shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier
service within five days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Company with the Warrant Agent), as follows: 

Coastal
Bancshares Acquisition Corp.

9821 Katy Freeway

Suite 500

Houston, TX 77024

Attn: Chief Executive Officer 

Any
notice, statement or demand authorized by this Agreement to be given or made by the holder of any Warrant or by the Company to or on the Warrant Agent shall be sufficiently given when so delivered
if by hand or overnight delivery or if sent by certified mail or private courier service within five days after deposit of such notice, postage prepaid, addressed (until another address is filed in
writing by the Warrant Agent with the Company), as follows: 

Continental
Stock Transfer & Trust Co

17 Battery Place, 8th floor

New York, NY 10004

Tel: (212) 845-3201

Fax: (212) 509-5150

Attn: Compliance Department 

with
a copy in each case to: 

Dilworth
Paxson LLP

1818 N. Street, N.W.

Suite 4000

Washington, DC 20003

Attn: Ralph V. DeMartino, Esq. 

and 

Jenkens &
Gilchrist, P.C.

1445 Ross Avenue

Suite 3200

Dallas, Texas 75202

Attn: Ronald J. Frappier, Esq. 

and 

Newbridge
Securities Corporation

1451 West Cypress Creek Road

Fort Lauderdale, Florida 33309

Attn: Guy S. Amico 

I-Bankers
Securities Incorporated

3340 Indian Creek Ct.

Fort Worth, Texas 76180

Attn: Michael McCrory 

        9.3    Applicable law.    The validity, interpretation, and performance of this Agreement and of the Warrants shall be
governed in all respects by the laws of the State of New York, without giving effect to conflict of laws. The Company hereby agrees that any action, proceeding or claim against it arising out of or
relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and irrevocably
submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any 

objection
to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any such process or summons to be served upon the Company may be served by transmitting a copy thereof by
registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 9.2 hereof. Such mailing shall be deemed personal service and shall
be legal and binding upon the Company in any action, proceeding or claim. 

        9.4    Persons Having Rights under this Agreement.    Nothing in this Agreement expressed and nothing that may be
implied from any of the provisions hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto and the registered holders of the
Warrants and, for the purposes of Sections 3.3.5, 6.1, 6.4, 7.4 and 9.2 hereof, the Representatives, any
right, remedy, or claim under or by reason of this Warrant Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. The Representatives shall be deemed to be a third-party
beneficiary of this Agreement with respect to Sections 3.3.5, 6.1, 6.4, 7.4 and 9.2 hereof. All covenants, conditions, stipulations, promises, and agreements contained in this Warrant Agreement shall
be for the sole and exclusive benefit of the parties hereto (and the Representatives with respect to the Sections 3.3.5, 6.1, 6.4, 7.4 and 9.2 hereof) and their successors and assigns and of the
registered holders of the Warrants. 

        9.5    Examination of the Warrant Agreement.    A copy of this Agreement shall be available at all reasonable times at
the office of the Warrant Agent in the Borough of Manhattan, City and State of New York, for inspection by the registered holder of any Warrant. The Warrant Agent may require any such holder to submit
his Warrant for inspection by it. 

        9.6    Counterparts.    This Agreement may be executed in any number of counterparts and each of such counterparts
shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 

        9.7    Effect of Headings.    The Section headings herein are for convenience only and are not part of this Warrant
Agreement and shall not affect the interpretation thereof. 

        IN
WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto as of the day and year first above written. 

	Attest:	 	COASTAL BANCSHARES ACQUISITION CORP.
	

 
	
 	

By:	
 	

 
 Cary M. Grossman,
 Co-Chief Executive Officer
	

Attest:	
 	

CONTINENTAL STOCK TRANSFER & TRUST COMPANY
	

 
	
 	

By:	
 	

 

	 	 	Name:	 	 

	 	 	Title:	 	 

QuickLinks

Exhibit 4.5

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