Document:

Exhibit 10.4

 

REGISTRATION RIGHTS AGREEMENT

 

This Registration Rights Agreement (this “Agreement”), dated as of August 8, 2017, is entered into by and between Venator Materials PLC, an England and Wales public limited company (the “Company”), Huntsman International LLC, a Delaware limited liability company, and Huntsman (Holdings) Netherlands B.V., a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of the Netherlands (the “Initial Holders” and, together with the Company, the “Parties”).

 

WHEREAS, in connection with, and in consideration of, the transactions contemplated by the Company’s Registration Statement on Form S-1 (File No. 333-217753), the Initial Holders have requested, and the Company has agreed to provide, registration rights with respect to the Registrable Securities (as hereinafter defined) as set forth in this Agreement.

 

NOW THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by each party hereto, the Parties hereby agree as follows:

 

1.                                      Definitions.  As used in this Agreement, the following terms have the meanings indicated:

 

“Affiliate” means, with respect to any specified Person, a Person that directly or indirectly Controls or is Controlled by, or is under common Control with, such specified Person.

 

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

 

“Automatic Shelf Registration Statement” means an “automatic shelf registration statement” as defined under Rule 405.

 

“Blackout Period” has the meaning set forth in Section 3(o).

 

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

 

“Business Day” means any day other than a Saturday, Sunday, any federal holiday or any other day on which banking institutions in the State of Texas or the State of New York are authorized or required to be closed by law or governmental action.

 

“Commission” means the Securities and Exchange Commission or any other federal agency then administering the Securities Act or Exchange Act.

 

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

 

“Company Securities” means any equity interest of any class or series in the Company.

 

“Control” (including the terms “Controls,” “Controlled by” and “under common Control with”) means the possession, direct or indirect, of the power to (a) direct or cause

 

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the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise or (b) vote 10% or more of the securities having ordinary voting power for the election of directors of a Person.

 

“Demand Notice” has the meaning set forth in Section 2(a)(i).

 

“Demand Registration” has the meaning set forth in Section 2(a)(i)

 

“Effective Date” means the time and date that a Registration Statement is first declared effective by the Commission or otherwise becomes effective.

 

“Effectiveness Period” has the meaning set forth in Section 2(a)(ii).

 

“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations of the Commission promulgated thereunder.

 

“Holder” means (a) each of the Initial Holders until the Initial Holders cease to hold any Registrable Securities, (b) any Affiliate of an Initial Holder if such Affiliate holds Registrable Securities and until such Affiliate ceases to hold any Registrable Securities and (c) any holder of Registrable Securities to whom registration rights conferred by this Agreement have been transferred in compliance with Section 8(e) hereof. For the avoidance of doubt, for purposes of this Agreement, the Company and the Initial Holders shall not be considered Affiliates of each other.

 

“Holder Indemnified Persons” has the meaning set forth in Section 6(a).

 

“Initial Holders” has the meaning set forth in the preamble.

 

“Initiating Holder” means the Holder delivering the Demand Notice or the Underwritten Offering Notice, as applicable.

 

“Lock-Up Agreements” means the lock-up agreements, described in Section 5(m) of the underwriting agreement entered into by the Company in connection with the initial public offering of Ordinary Shares, dated August 2, 2017, executed by Huntsman International LLC and Huntsman (Holdings) Netherlands B.V.

 

“Lock-Up Period” has the meaning set forth in the Lock-Up Agreements.

 

“Losses” has the meaning set forth in Section 6(a).

 

“Material Adverse Change” means (a) any general suspension of trading in, or limitation on prices for, securities on any national securities exchange or in the over-the-counter market in the United States; (b) the declaration of a banking moratorium or any suspension of payments in respect of banks in the United States; (c) a material outbreak or escalation of armed hostilities or other international or national calamity involving the United States or the declaration by the United States of a national emergency or war or a change in national or international financial, political or economic conditions; or (d) any event, change, circumstance or effect that is or is reasonably likely to be materially

 

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adverse to the business, properties, assets, liabilities, condition (financial or otherwise), operations, results of operations or prospects of the Company and its subsidiaries taken as a whole.

 

“Minimum Amount” has the meaning set forth in Section 2(a)(i).

 

“Ordinary Shares” means the ordinary shares, par value $0.001 per share, of the Company.

 

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

 

“Person” means an individual, corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, estate, trust, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Piggyback Registration” has the meaning set forth in Section 2(c)(i).

 

“Piggyback Registration Notice” has the meaning set forth in Section 2(c)(i).

 

“Piggyback Registration Request” has the meaning set forth in Section 2(c)(i).

 

“Proceeding” means any action, claim, suit, proceeding or investigation (including a preliminary investigation or partial proceeding, such as a deposition) pending or, to the knowledge of the Company, to be threatened.

 

“Prospectus” means the prospectus included in a Registration Statement (including a prospectus that includes any information previously omitted from a prospectus filed as part of an effective Registration Statement in reliance upon Rule 430A, Rule 430B or Rule 430C promulgated under the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by such Registration Statement and all other amendments and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus.

 

“Registration Expenses” has the meaning set forth in Section 5.

 

“Registrable Securities” means the Shares; provided, however, that Registrable Securities shall not include:  (a) any Shares that have been registered under the Securities Act and disposed of pursuant to an effective Registration Statement or otherwise transferred to a Person who is not entitled to the registration and other rights hereunder; (b) any Shares that have been sold or transferred by the Holder thereof pursuant to Rule 144 (or any similar provision then in force under the Securities Act) and the transferee thereof does not receive “restricted securities” as defined in Rule 144; and (c) any Shares that cease to be outstanding (whether as a result of repurchase and cancellation, conversion or otherwise).

 

“Registration Statement” means a registration statement of the Company in the

 

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form required to register under the Securities Act and other applicable law for the resale of the Registrable Securities in accordance with the intended plan of distribution of each Holder included therein, and including any Prospectus, amendments and supplements to each such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material incorporated by reference or deemed to be incorporated by reference in such registration statement.

 

“Requested Underwritten Offering” has the meaning set forth in Section 2(b).

 

“Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act.

 

“Rule 405” means Rule 405 promulgated by the Commission pursuant to the Securities Act.

 

“Rule 415” means Rule 415 promulgated by the Commission pursuant to the Securities Act.

 

“Rule 424” means Rule 424 promulgated by the Commission pursuant to the Securities Act.

 

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

 

“Selling Expenses” means all underwriting discounts and selling commissions applicable to the sale of Registrable Securities.

 

“Shares” means all Ordinary Shares held by the Holders (whether owned as of the date of this agreement or acquired after the date hereof) and any other equity interests of the Company or equity interests in any successor of the Company issued in respect of such shares by reason of or in connection with any share dividend, share split, combination, reorganization, recapitalization, conversion to another type of entity or similar event involving a change in the capital structure of the Company.

 

“Shelf Registration Statement” means a Registration Statement of the Company filed with the Commission on Form S-3 (or any successor form or other appropriate form under the Securities Act) for an offering to be made on a continuous or delayed basis pursuant to Rule 415 (or any similar rule that may be adopted by the Commission) covering the Registrable Securities, as applicable.

 

“Suspension Period” has the meaning set forth in Section 8(b).

 

“Trading Market” means the principal national securities exchange on which Registrable Securities are listed.

 

“Underwritten Offering” means an underwritten offering of Ordinary Shares for cash (whether a Requested Underwritten Offering or in connection with a public offering of Ordinary Shares by the Company, shareholders or both), excluding an offering relating solely to an employee benefit plan, an offering relating to a transaction on Form S-4 or S-

 

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8 or an offering on any registration statement form that does not permit secondary sales.

 

“Underwritten Offering Notice” has the meaning set forth in Section 2(b).

 

“Underwritten Offering Piggyback Notice” has the meaning set forth in Section 2(c)(ii).

 

“Underwritten Offering Piggyback Request” has the meaning set forth in Section 2(c)(ii).

 

“Underwritten Piggyback Offering” has the meaning set forth in Section 2(c)(ii).

 

“VWAP”  means, as of a specified date and in respect of Registrable Securities, the volume weighted average price for such security on the Trading Market for the five trading days immediately preceding, but excluding, such date.

 

“WKSI” means a “well known seasoned issuer” as defined under Rule 405.

 

Unless the context requires otherwise: (a) any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms; (b) references to Sections refer to sections of this Agreement; (c) the terms “include,” “includes,” “including” and words of like import shall be deemed to be followed by the words “without limitation”; (d) the terms “hereof,” “hereto,” “herein” or “hereunder” refer to this Agreement as a whole and not to any particular provision of this Agreement; (e) unless the context otherwise requires, the term “or” is not exclusive and shall have the inclusive meaning of “and/or”; (f) defined terms herein will apply equally to both the singular and plural forms and derivative forms of defined terms will have correlative meanings; (g) references to any law or statute shall include all rules and regulations promulgated thereunder, and references to any law or statute shall be construed as including any legal and statutory provisions consolidating, amending, succeeding or replacing the applicable law or statute; (h) references to any Person include such Person’s successors and permitted assigns; and (i) references to “days” are to calendar days unless otherwise indicated.

 

2.                                      Registration.

 

(a)                                 Demand Registration.

 

(i)                                     At any time after the expiration of the Lock-Up Period, or prior to the expiration of the Lock-Up Period with the written consent of three of the Representatives (as such term is defined in the Lock-Up Agreements), the Initial Holders (or any transferee to which an Initial Holder has transferred in accordance with Section 8(e) rights under this Section 2(a)(i)) shall have the option and right, exercisable by delivering a written notice to the Company (a “Demand Notice”), to require the Company to, pursuant to the terms of and subject to the limitations contained in this Agreement, prepare and file with the Commission a Registration Statement registering the offering and sale of the number and type of Registrable Securities on the terms and conditions specified in the Demand Notice, which may include sales on a delayed or

 

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continuous basis pursuant to Rule 415 pursuant to a Shelf Registration Statement (a “Demand Registration”).  The Demand Notice must set forth the number of Registrable Securities that the Initiating Holder intends to include in such Demand Registration and the intended methods of disposition thereof.  Notwithstanding anything to the contrary herein, in no event shall the Company be required to effectuate a Demand Registration unless the Registrable Securities of the Holders to be included therein after compliance with Section 2(a)(ii) have an aggregate value of at least $25 million based on the VWAP (the “Minimum Amount”) as of the date of the Demand Notice.

 

(ii)                                  Within five Business Days (or if the Registration Statement will be a Shelf Registration Statement, within two Business Days) after the receipt of the Demand Notice, the Company shall give written notice of such Demand Notice to all Holders and, as soon as reasonably practicable but in any event within 30 days after receipt of the Demand Notice (except if the Company is not then eligible to register for resale the Registrable Securities on Form S-3, in which case, as soon as reasonably practicable but in any event within 90 days thereof), shall, subject to the limitations of this Section 2(a), file a Registration Statement in accordance with the terms and conditions of the Demand Notice, which Registration Statement shall cover all of the Registrable Securities that the Holders shall in writing request to be included in the Demand Registration (such request to be given to the Company within three Business Days (or if the Registration Statement will be a Shelf Registration Statement, within one Business Day) after receipt of notice of the Demand Notice given by the Company pursuant to this Section 2(a)(ii)).  The Company shall use reasonable best efforts to cause such Registration Statement to become effective as soon as reasonably practicable and remain effective under the Securities Act until the earlier of (A) 180 days (or five years if a Shelf Registration Statement is requested) after the Effective Date or (B) the date on which all Registrable Securities covered by such Registration Statement have been sold (the “Effectiveness Period”); provided, however, that such period shall be extended for a period of time equal to the period the Holders refrain from selling any securities included in such Registration Statement at the request of an underwriter of the Company or the Company pursuant to this Agreement.

 

(iii)                               Subject to the other limitations contained in this Agreement, the Company is not obligated hereunder to effect (A) an Underwritten Offering within 90 days after the closing of any Underwritten Offering, (B) more than a total of eight Demand Registrations for which an Initial Holder (or any transferee thereof in accordance with Section 8(e)) is the Initiating Holder and (C) a subsequent Demand Registration pursuant to a Demand Notice if a Registration Statement covering all of the Registrable Securities held by the Initiating Holder shall have become and remains effective under the Securities Act and is sufficient to permit offers and sales of the number and type of Registrable Securities on the terms and conditions specified in the Demand Notice in accordance with the intended timing and method or methods of distribution thereof specified in the Demand Notice.  No Demand Registration shall be deemed to have occurred for purposes of this Section 2(a)(iii) if the Registration Statement relating thereto does not become effective or is not maintained effective for its entire Effectiveness Period, in which case the Initiating Holder shall be entitled to an additional Demand Registration in lieu thereof.  Further, a Demand Registration shall not

 

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constitute a Demand Registration of the Initiating Holder for purposes of this Section 2(a)(iii) if, as a result of Section 2(a)(vi), there is included in the Demand Registration less than the lesser of (x) Registrable Securities of the Initiating Holder having a VWAP measured on the effective date of the related Registration Statement of $25 million and (y) two-thirds of the number of Registrable Securities the Initiating Holder set forth in the applicable Demand Notice.

 

(iv)                              A Holder may withdraw all or any portion of its Registrable Securities included in a Demand Registration from such Demand Registration at any time prior to the effectiveness of the applicable Registration Statement.  Upon receipt of a notice from the Initiating Holder that the Initiating Holder is withdrawing all of its Registrable Securities from the Demand Registration or a notice from a Holder to the effect that the Holder is withdrawing an amount of its Registrable Shares such that the remaining amount of Registrable Shares to be included in the Demand Registration is below the Minimum Amount, the Company shall cease all efforts to secure effectiveness of the applicable Registration Statement.  Such registration nonetheless shall be deemed a Demand Registration with respect to the Initiating Holder for purposes of Section 2(a)(iii) unless (A) the Initiating Holder shall have paid or reimbursed the Company for its pro rata share of all reasonable and documented out-of-pocket fees and expenses incurred by the Company in connection with the withdrawn registration of such Registrable Securities (based on the number of securities the Initiating Holder sought to register, as compared to the total number of securities included in such Demand Registration) or (B) the withdrawal is made following the occurrence of a Material Adverse Change or pursuant to the Company’s request for suspension pursuant to Section 3(o).

 

(v)                                 The Company may include in any such Demand Registration other Company Securities for sale for its own account or for the account of any other Person, subject to Section 2(a)(vi) and Section 2(c)(iii).

 

(vi)                              In the case of a Demand Registration not being underwritten, if the Initiating Holder advises the Company that in its reasonable opinion the aggregate number of securities requested to be included exceeds the number that can be included without being likely to have a significant adverse effect on the price, timing or distribution of the securities offered or the market for the securities offered, the Company shall include in such Demand Registration only that number of securities that in the reasonable opinion of the Initiating Holder will not have such adverse effect, with such number to be allocated as follows: (A) first, pro-rata among all Holders (including the Initiating Holder) that have requested to participate in such Demand Registration based on the relative number of Registrable Securities then held by each such Holder, (B) second, if there remains availability for additional securities to be included in such Demand Registration, the Company, and (C) third, if there remains availability for additional securities to be included in such Demand Registration, any other holders entitled to participate in such Demand Registration, if applicable, based on the relative number of securities such holder is entitled to include in such Demand Registration.

 

(vii)                           Subject to the limitations contained in this Agreement, the Company shall effect any Demand Registration on such appropriate registration form of

 

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the Commission (A) as shall be selected by the Company and (B) as shall permit the disposition of the Registrable Securities in accordance with the intended method or methods of disposition specified in the Demand Notice; provided that if the Company becomes, and is at the time of its receipt of a Demand Notice, a WKSI, the Demand Registration for any offering and selling of Registrable Securities shall be effected pursuant to an Automatic Shelf Registration Statement, which shall be on Form S-3 or any equivalent or successor form under the Securities Act (if available to the Company).  If at any time a Registration Statement on Form S-3 is effective and a Holder provides written notice to the Company that it intends to effect an offering of all or part of the Registrable Securities included on such Registration Statement, the Company will amend or supplement such Registration Statement as may be necessary in order to enable such offering to take place.

 

(viii)                        Without limiting Section 3, in connection with any Demand Registration pursuant to and in accordance with this Section 2(a), the Company shall (A) promptly prepare and file or cause to be prepared and filed (1) such additional forms, amendments, supplements, prospectuses, certificates, letters, opinions and other documents, as may be necessary or advisable to register or qualify the securities subject to such Demand Registration, including under the securities laws of such jurisdictions as the Holders shall reasonably request; provided, however, that no such qualification shall be required in any jurisdiction where, as a result thereof, the Company would become subject to general service of process or to taxation or qualification to do business in such jurisdiction solely as a result of registration and (2) such forms, amendments, supplements, prospectuses, certificates, letters, opinions and other documents as may be necessary to apply for listing or to list the Registrable Securities subject to such Demand Registration on the Trading Market and (B) do any and all other acts and things that may be reasonably necessary or appropriate or reasonably requested by the Holders to enable the Holders to consummate a public sale of such Registrable Securities in accordance with the intended timing and method or methods of distribution thereof.

 

(ix)                              In the event a Holder transfers Registrable Securities included on a Registration Statement and such Registrable Securities remain Registrable Securities following such transfer, at the request of such Holder, the Company shall amend or supplement such Registration Statement as may be necessary in order to enable such transferee to offer and sell such Registrable Securities pursuant to such Registration Statement; provided that in no event shall the Company be required to file a post-effective amendment to the Registration Statement unless (A) such Registration Statement includes only Registrable Securities held by the Holder, Affiliates of the Holder or transferees of the Holder or (B) the Company has received written consent therefor from a Person for whom Registrable Securities have been registered on (but not yet sold under) such Registration Statement, other than the Holder, Affiliates of the Holder or transferees of the Holder.

 

(b)                                 Requested Underwritten Offering.  Any Holder then able to effectuate a Demand Registration pursuant to the terms of Section 2(a) (or who has previously effectuated a Demand Registration pursuant to Section 2(a) but has not engaged in an Underwritten Offering in respect of such Demand Registration) shall have the option and right, exercisable by

 

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delivering written notice to the Company of its intention to distribute Registrable Securities by means of an Underwritten Offering (an “Underwritten Offering Notice”), to require the Company, pursuant to the terms of and subject to the limitations of this Agreement, to effectuate a distribution of any or all of such Holder’s Registrable Securities by means of an Underwritten Offering pursuant to a new Demand Registration or pursuant to an effective Registration Statement covering such Registrable Securities (a “Requested Underwritten Offering”); provided, that if the Requested Underwritten Offering is pursuant to a new Demand Registration, then the Registrable Securities of such Initiating Holder requested to be included in such Requested Underwritten Offering have an aggregate value of at least equal to the Minimum Amount as of the date of such Underwritten Offering Notice, and if the Requested Underwritten Offering is pursuant to an effective Demand Registration, then the Registrable Securities of such Initiating Holder requested to be included in such Requested Underwritten Offering have an aggregate value at least equal to 25 percent of the Minimum Amount as of the date of such Underwritten Offering Notice.  The Underwritten Offering Notice must set forth the number of Registrable Securities that the Initiating Holder intends to include in such Requested Underwritten Offering. The managing underwriter or managing underwriters of a Requested Underwritten Offering shall be designated by the Company; provided, however, that such designated managing underwriter or managing underwriters shall be reasonably acceptable to the Holders.  Notwithstanding the foregoing, the Company is not obligated to effect a Requested Underwritten Offering within 90 days after the closing of an Underwritten Offering. Any Requested Underwritten Offering (other than the first Requested Underwritten Offering made in respect of a prior Demand Registration) shall constitute a Demand Registration of the Initiating Holder for purposes of Section 2(a)(iii) (it being understood that if requested concurrently with a  Demand Registration then, together, such Demand Registration and Requested Underwritten Offering shall count as one Demand Registration); provided, however, that a Requested Underwritten Offering shall not constitute a Demand Registration of the Initiating Holder for purposes of Section 2(a)(iii) if, as a result of Section 2(c)(iii)(A), the Requested Underwritten Offering includes less than the lesser of (i) Registrable Securities of the Initiating Holder having a VWAP measured on the effective date of the related Registration Statement of $25 million and (ii) two-thirds of the number of Registrable Securities the Initiating Holder set forth in the applicable  Underwritten Offering Notice.

 

(c)                                  Piggyback Registration and Piggyback Underwritten Offering.

 

(i)                                     If the Company shall at any time propose to file a registration statement under the Securities Act with respect to an offering of Ordinary Shares (other than a registration statement on Form S-4, Form S-8 or any successor forms thereto or filed solely in connection with an exchange offer or any employee benefit or dividend reinvestment plan and other than a Demand Registration), whether or not for its own account, then the Company shall promptly notify all Holders of such proposal reasonably in advance of (and in any event at least five Business Days, except if the registration statement will be a Shelf Registration Statement, at least two Business Days, before) the anticipated filing date (the “Piggyback Registration Notice”).  The Piggyback Registration Notice shall offer Holders the opportunity to include for registration in such registration statement the number of Registrable Securities as they may request in writing (a “Piggyback Registration”).  The Company shall use commercially reasonable efforts to include in each such Piggyback Registration such Registrable Securities for which the

 

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Company has received written requests for inclusion therein (“Piggyback Registration Request”) within three Business Days or, if the Piggyback Registration will be on a Shelf Registration Statement, within one Business Day, after sending the Piggyback Registration Notice.  Each Holder shall be permitted to withdraw all or part of such Holder’s Registrable Securities from a Piggyback Registration by giving written notice to the Company of its request to withdraw; provided that (A) such request must be made in writing prior to the effectiveness of such registration statement and (B) such withdrawal shall be irrevocable and, after making such withdrawal, a Holder shall no longer have any right to include Registrable Securities in the Piggyback Registration as to which such withdrawal was made.  Any withdrawing Holder shall continue to have the right to include any Registrable Securities in any subsequent registration statement or registration statements as may be filed by the Company with respect to offerings of Ordinary Shares, all upon the terms and conditions set forth herein.

 

(ii)                                  If the Company shall at any time propose to conduct an Underwritten Offering (including a Requested Underwritten Offering), whether or not for its own account, then the Company shall promptly notify all Holders of such proposal reasonably in advance of (and in any event at least five Business Days, except if the Underwritten Offering will be made pursuant to a Shelf Registration Statement, at least two Business Days, before) the commencement of the offering, which notice shall set forth the principal terms and conditions of the issuance, including the proposed offering price or range of offering prices (if known), the anticipated filing date of the related registration statement (if applicable) and the number of Ordinary Shares that are proposed to be registered (the “Underwritten Offering Piggyback Notice”).  The Underwritten Offering Piggyback Notice shall offer Holders the opportunity to include in such Underwritten Offering (and any related registration, if applicable) the number of Registrable Securities as they may request in writing (an “Underwritten Piggyback Offering”); provided, however, that in the event that the Company proposes to effectuate the subject Underwritten Offering pursuant to an effective Shelf Registration Statement other than an Automatic Shelf Registration Statement, only Registrable Securities of Holders which are subject to an effective Shelf Registration Statement may be included in such Underwritten Piggyback Offering.  The Company shall use commercially reasonable efforts to include in each such Underwritten Piggyback Offering such Registrable Securities for which the Company has received written requests for inclusion therein (“Underwritten Offering Piggyback Request”) within three Business Days or, if such Underwritten Piggyback Offering will be made pursuant to a Shelf Registration Statement, within one Business Day after sending the Underwritten Offering Piggyback Notice.  Each Holder shall be permitted to withdraw all or part of such Holder’s Registrable Securities from an Underwritten Piggyback Offering at any time prior to the effectiveness of the applicable registration statement, and such Holder shall continue to have the right to include any Registrable Securities in any subsequent Underwritten Offerings, all upon the terms and conditions set forth herein.

 

(iii)                               If the managing underwriter or managing underwriters of an Underwritten Offering advise the Company and the Holders that in their reasonable opinion that the inclusion of all of the Holders’ Registrable Securities requested for inclusion in the subject Underwritten Offering (and any related registration, if applicable)

 

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(and any other Ordinary Shares proposed to be included in such offering) exceeds the number that can be included without being likely to have a significant adverse effect on the price, timing or distribution of the securities offered or the market for the securities offered, the Company shall include in such Underwritten Offering (and any related registration, if applicable) only that number of Ordinary Shares proposed to be included in such Underwritten Offering (and any related registration, if applicable) that, in the reasonable opinion of the managing underwriter or managing underwriters, will not have such adverse effect, with such number to be allocated as follows:  (A) in the case of a Requested Underwritten Offering, (1) first, pro-rata among all Holders (including the Initiating Holder) that have requested to include Registrable Securities in such Underwritten Offering based on the relative number of Registrable Securities then held by each such Holder, (2) second, if there remains availability for additional Ordinary Shares to be included in such Underwritten Offering, the Company, and (3) third, if there remains availability for additional Ordinary Shares to be included in such Underwritten Offering, any other holders entitled to participate in such Underwritten Offering, if applicable, based on the relative number of Ordinary Shares then held by each such holder; and (B) in the case of any other Underwritten Offerings, (x) first, to the Company, (y) second, if there remains availability for additional Ordinary Shares to be included in such Underwritten Offering, pro-rata among all Holders desiring to include Registrable Securities in such Underwritten Offering based on the relative number of Registrable Securities then held by each such Holder, and (z) third, if there remains availability for additional Ordinary Shares to be included in such registration, pro-rata among any other holders entitled to participate in such Underwritten Offering, if applicable, based on the relative number of Ordinary Shares then held by each such holder.  If any Holder disapproves of the terms of any such Underwritten Offering, such Holder may elect to withdraw therefrom by written notice to the Company and the managing underwriter(s) delivered on or prior to the time of the commencement of such offering.  Any Registrable Securities withdrawn from such underwriting shall be excluded and withdrawn from the registration.

 

(iv)                              The Company shall have the right to terminate or withdraw any registration initiated by it under this Section 2(c) at any time in its sole discretion whether or not any Holder has elected to include Registrable Securities in such Registration Statement.  The Registration Expenses of such withdrawn registration shall be borne by the Company in accordance with Section 4 hereof.

 

3.                                      Registration and Underwritten Offering Procedures.  The procedures to be followed by the Company and each Holder electing to sell Registrable Securities in a Registration Statement pursuant to this Agreement, and the respective rights and obligations of the Company and such Holders, with respect to the preparation, filing and effectiveness of such Registration Statement and the effectuation of any Underwritten Offering, are as follows:

 

(a)                                 In connection with a Demand Registration, the Company will, at least three Business Days prior to the anticipated filing of the Registration Statement and any related Prospectus or any amendment or supplement thereto (other than, after effectiveness of the Registration Statement, any filing made under the Exchange Act that is incorporated by reference into the Registration Statement), (i) furnish to such Holders copies of all such documents prior to

 

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filing and (ii) use commercially reasonable efforts to address in each such document when so filed with the Commission such comments as such Holders reasonably shall propose prior to the filing thereof.

 

(b)                                 In connection with a Piggyback Registration, Underwritten Piggyback Offering or a Requested Underwritten Offering, the Company will, at least three Business Days (or in the case of a Shelf Registration Statement or an offering that will be made pursuant to a Shelf Registration Statement, at least one Business Day) prior to the anticipated filing of any initial Registration Statement that identifies the Holders and any related Prospectus or any amendment or supplement thereto (other than amendments and supplements that do not materially alter the previous disclosure or do nothing more than name Holders and provide information with respect thereto), as applicable, furnish to such Holders copies of any such Registration Statement or related Prospectus or amendment or supplement thereto that identify the Holders and any related Prospectus or any amendment or supplement thereto (other than amendments and supplements that do not materially alter the previous disclosure or do nothing more than name Holders and provide information with respect thereto).  The Company will also  use commercially reasonable efforts to address in each such document when so filed with the Commission such comments as such Holders reasonably shall propose prior to the filing thereof.

 

(c)                                  The Company will use commercially reasonable efforts to as promptly as reasonably practicable (i) prepare and file with the Commission such amendments, including post-effective amendments, and supplements to each Registration Statement and the Prospectus used in connection therewith as may be necessary under applicable law to keep such Registration Statement continuously effective with respect to the disposition of all Registrable Securities covered thereby for its Effectiveness Period and, subject to the limitations contained in this Agreement, prepare and file with the Commission such additional Registration Statements in order to register for resale under the Securities Act all of the Registrable Securities held by the Holders; (ii) cause the related Prospectus to be amended or supplemented by any required prospectus supplement, and as so supplemented or amended to be filed pursuant to Rule 424; and (iii) respond to any comments received from the Commission with respect to each Registration Statement or any amendment thereto and, as promptly as reasonably practicable provide such Holders true and complete copies of all correspondence from and to the Commission relating to such Registration Statement that pertains to such Holders as selling shareholders but not any comments that would result in the disclosure to such Holders of material and non-public information concerning the Company.

 

(d)                                 The Company will comply in all material respects with the provisions of the Securities Act and the Exchange Act with respect to the Registration Statements and the disposition of all Registrable Securities covered by each Registration Statement.

 

(e)                                  The Company will notify such Holders who are included in a Registration Statement as promptly as reasonably practicable: (i)(A) when a Prospectus or any prospectus supplement or post-effective amendment to a Registration Statement in which such Holder is included has been filed; (B) when the Commission notifies the Company whether there will be a “review” of the applicable Registration Statement and whenever the Commission comments in writing on such Registration Statement (in which case the Company shall provide true and complete copies thereof and all written responses thereto to each of such Holders that pertain to

 

12

 

such Holders as selling shareholders); and (C) with respect to each applicable Registration Statement or any post-effective amendment thereto, when the same has been declared effective; (ii) of any request by the Commission or any other federal or state governmental authority for amendments or supplements to such Registration Statement or Prospectus or for additional information that pertains to such Holders as sellers of Registrable Securities; (iii) of the issuance by the Commission of any stop order suspending the effectiveness of such Registration Statement covering any or all of the Registrable Securities or the initiation of any Proceedings for that purpose; (iv) of the receipt by the Company 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 (v) of the occurrence of any event or passage of time that makes any statement made in such Registration Statement or Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires any revisions to such Registration Statement, Prospectus or other documents so that, in the case of such Registration Statement or the Prospectus, as the case may be, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading (provided, however, that no notice by the Company shall be required pursuant to this clause (v) in the event that the Company either promptly files a prospectus supplement to update the Prospectus or a Form 8-K or other appropriate Exchange Act report that is incorporated by reference into the Registration Statement, which in either case, contains the requisite information that results in such Registration Statement no longer containing any untrue statement of material fact or omitting to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading).

 

(f)                                   The Company will use commercially reasonable efforts to avoid the issuance of or, if issued, obtain the withdrawal of (i) any order suspending the effectiveness of a Registration Statement, or (ii) any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction, as promptly as reasonably practicable, or if any such order or suspension is made effective during any Blackout Period or Suspension Period, as promptly as reasonably practicable after such Blackout Period or Suspension Period is over.

 

(g)                                  During the Effectiveness Period, the Company will furnish to each such Holder, without charge, at least one conformed copy of each Registration Statement and each amendment thereto and all exhibits to the extent requested by such Holder (including those incorporated by reference) promptly after the filing of such documents with the Commission; provided, that the Company will not have any obligation to provide any document pursuant to this clause that is available on the Commission’s EDGAR system.

 

(h)                                 The Company will promptly deliver to each Holder, without charge, as many copies of each Prospectus or Prospectuses (including each form of prospectus) authorized by the Company for use and each amendment or supplement thereto as such Holder may reasonably request during the Effectiveness Period.  Subject to the terms of this Agreement, including Section 8(b), the Company consents to the use of such Prospectus and each amendment or supplement thereto by each of the selling Holders in connection with the offering

 

13

 

and sale of the Registrable Securities covered by such Prospectus and any amendment or supplement thereto.

 

(i)                                     The Company will cooperate with such Holders to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be delivered to a transferee pursuant to a Registration Statement, which certificates shall be free of all restrictive legends indicating that the Registrable Securities are unregistered or unqualified for resale under the Securities Act, Exchange Act or other applicable securities laws, and to enable such Registrable Securities to be in such denominations and registered in such names as any such Holder may request in writing.  In connection therewith, if required by the Company’s transfer agent, the Company will promptly, after the Effective Date of the Registration Statement, cause an opinion of counsel as to the effectiveness of the Registration Statement to be delivered to and maintained with its transfer agent, together with any other authorizations, certificates and directions required by the transfer agent which authorize and direct the transfer agent to issue such Registrable Securities without any such legend upon sale by the Holder of such Registrable Securities under the Registration Statement.

 

(j)                                    Upon the occurrence of any event contemplated by Section 3(e)(v), as promptly as reasonably practicable, the Company will prepare a supplement or amendment, including a post-effective amendment, if required by applicable law, to the affected Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, and file any other required document so that, as thereafter delivered, no Registration Statement nor any Prospectus will contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.

 

(k)                                 With respect to Underwritten Offerings, (i) the right of any Holder to include such Holder’s Registrable Securities in an Underwritten Offering shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein, (ii) each Holder participating in such Underwritten Offering agrees to enter into an underwriting agreement in customary form and sell such Holder’s Registrable Securities on the basis provided in any underwriting arrangements approved by the Persons entitled to select the managing underwriter or managing underwriters hereunder and (iii) each Holder participating in such Underwritten Offering agrees to complete and execute all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents customarily and reasonably required under the terms of such underwriting arrangements.  The Company hereby agrees with each Holder that, in connection with any Underwritten Offering in accordance with the terms hereof, it will negotiate in good faith and execute all indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements, including using all commercially reasonable efforts to procure customary legal opinions, auditor “comfort” letters.

 

(l)                                     For a reasonable period prior to the filing of any Registration Statement and throughout the Effectiveness Period, the Company will make available, upon reasonable notice at the Company’s principal place of business or such other reasonable place, for inspection during normal business hours by a representative or representatives of the selling

 

14

 

Holders, the managing underwriter or managing underwriters and any attorneys or accountants retained by such selling Holders or underwriters, all such financial and other information and books and records of the Company, and cause the officers, employees, counsel and independent certified public accountants of the Company to respond to such inquiries, as shall be reasonably necessary (and in the case of counsel, not violate an attorney-client privilege in such counsel’s reasonable belief) to conduct a reasonable investigation within the meaning of Section 11 of the Securities Act; provided, however, that any information that is not generally publicly available at the time of delivery of such information shall be kept confidential by such Persons unless disclosure of such information is required by court or administrative order or, in the opinion of counsel to such Person, law, in which case, such Person shall be required to give the Company written notice of the proposed disclosure prior to such disclosure and, if requested by the Company, assist the Company in seeking to prevent or limit the proposed disclosure.

 

(m)                             In connection with any Requested Underwritten Offering, the Company will use commercially reasonable efforts to cause appropriate officers and employees to be available, on a customary basis and upon reasonable notice, to meet with prospective investors in presentations, meetings and road shows.

 

(n)                                 Each Holder agrees to furnish to the Company any other information regarding the Holder and the distribution of such securities as the Company reasonably determines is required to be included in any Registration Statement or any Prospectus or prospectus supplement relating to an Underwritten Offering.

 

(o)                                 Notwithstanding any other provision of this Agreement, the Company shall not be required to file a Registration Statement (or any amendment thereto) or effect a Requested Underwritten Offering (or, if the Company has filed a Shelf Registration Statement and has included Registrable Securities therein, the Company shall be entitled to suspend the offer and sale of Registrable Securities pursuant to such Registration Statement) for a period of up to 60 days if (i) the Board determines that a postponement is in the best interest of the Company and its shareholders generally due to a pending transaction involving the Company (including a pending securities offering by the Company), (ii) the Board determines such registration would render the Company unable to comply with applicable securities laws or (iii) the Board determines such registration would require disclosure of material information that the Company has a bona fide business purpose for preserving as confidential (any such period, a “Blackout Period”); provided, however, that in no event shall any Blackout Period together with any Suspension Period exceed an aggregate of 120 days in any 12-month period.

 

(p)                                 In connection with an Underwritten Offering, the Company shall use all commercially reasonable efforts to provide to each Holder named as a selling securityholder in any Registration Statement a copy of any auditor “comfort” letters or customary legal opinions, in each case that have been provided to the managing underwriter or managing underwriters in connection with the Underwritten Offering, not later than the Business Day prior to the effective date of such Registration Statement.

 

4.                                      No Inconsistent Agreements; Additional Rights.  The Company shall not hereafter enter into, and is not currently a party to, any agreement with respect to its securities

 

15

 

that is inconsistent in any material respect with, or superior to, the rights granted to the Holders by this Agreement.

 

5.                                      Registration Expenses.  All Registration Expenses incident to the Parties’ performance of or compliance with their respective obligations under this Agreement or otherwise in connection with any Demand Registration, Requested Underwritten Offering, Piggyback Registration or Underwritten Piggyback Offering (in each case, excluding any Selling Expenses) shall be borne by the Company, whether or not any Registrable Securities are sold pursuant to a Registration Statement.  “Registration Expenses” shall include, without limitation, (i) all registration and filing fees (including fees and expenses (A) with respect to filings required to be made with the Trading Market and (B) in compliance with applicable state securities or “Blue Sky” laws), (ii) any stamp and other duties and share and other transfer taxes, if any, payable in connection with the offer and sale of Ordinary Shares, (iii) printing expenses (including expenses of printing certificates for Company Securities and of printing Prospectuses if the printing of Prospectuses is reasonably requested by a Holder of Registrable Securities included in the Registration Statement), (iv) messenger, telephone and delivery expenses, (v) fees and disbursements of counsel, auditors and accountants for the Company, (vi) Securities Act liability insurance, if the Company so desires such insurance, (vii) fees and expenses of all other Persons retained by the Company in connection with the consummation of the transactions contemplated by this Agreement, (viii) the reasonable fees and expenses of one law firm of national standing selected by the Holders owning the majority of the Registrable Securities to be included in any such registration or offering and (ix) all expenses relating to marketing the sale of the Registrable Securities, including expenses related to conducting a “road show.”  In addition, the Company shall be responsible for all of its expenses incurred in connection with the consummation of the transactions contemplated by this Agreement (including expenses payable to third parties and including all salaries and expenses of their officers and employees performing legal or accounting duties), the expense of any annual audit and the fees and expenses incurred in connection with the listing of the Registrable Securities on the Trading Market.

 

6.                                      Indemnification.

 

(a)                                 The Company shall indemnify and hold harmless each Holder, its Affiliates and each of their respective officers and directors and any agent thereof (collectively, “Holder Indemnified Persons”), to the fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, joint or several, costs (including reasonable costs of preparation and reasonable attorneys’ fees) and expenses, judgments, fines, penalties, interest, settlements or other amounts arising from any and all claims, demands, actions, suits or proceedings, whether civil, criminal, administrative or investigative, in which any Holder Indemnified Person may be involved, or is threatened to be involved, as a party or otherwise, under the Securities Act or otherwise (collectively, “Losses”), as incurred, arising out of or relating to any untrue or alleged untrue statement of a material fact contained in any Registration Statement under which any Registrable Securities were registered, in any preliminary prospectus (if the Company authorized the use of such preliminary prospectus prior to the Effective Date), or in any summary or final prospectus or free writing prospectus (if such free writing prospectus was authorized for use by the Company) or in any amendment or supplement thereto (if used during the period the Company is required to keep the Registration

 

16

 

Statement current), or arising out of, based upon or resulting from the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements made therein, in the light of the circumstances in which they were made, not misleading; provided, however, that the Company shall not be liable to any Holder Indemnified Person to the extent that any such claim arises out of, is based upon or results from an untrue or alleged untrue statement or omission or alleged omission made in such Registration Statement, such preliminary, summary or final prospectus or free writing prospectus or such amendment or supplement, in reliance upon and in conformity with written information furnished to the Company by or on behalf of such Holder Indemnified Person or any underwriter specifically for use in the preparation thereof.  The Company shall notify the Holders promptly of the institution, threat or assertion of any Proceeding of which the Company is aware in connection with the transactions contemplated by this Agreement.  This indemnity shall be in addition to any liability the Company may otherwise have and shall remain in full force and effect regardless of any investigation made by or on behalf of such Holder Indemnified Person or any indemnified party and shall survive the transfer of such securities by such Holder.  Notwithstanding anything to the contrary herein, this Section 6 shall survive any termination or expiration of this Agreement indefinitely.

 

(b)                                 In connection with any Registration Statement in which a Holder participates, such Holder shall, severally and not jointly, indemnify and hold harmless the Company, its Affiliates and each of their respective officers, directors and any agent thereof, to the fullest extent permitted by applicable law, from and against any and all Losses as incurred, arising out of or relating to any untrue or alleged untrue statement of a material fact contained in any such Registration Statement, in any preliminary prospectus (if used prior to the Effective Date of such Registration Statement), or in any summary or final prospectus or free writing prospectus or in any amendment or supplement thereto (if used during the period the Company is required to keep the Registration Statement current), or arising out of, based upon or resulting from the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements made therein, in the light of the circumstances in which they were made, not misleading, but only to the extent that the same are made in reliance and in conformity with information relating to the Holder furnished in writing to the Company by such Holder for use therein.  This indemnity shall be in addition to any liability such Holder may otherwise have and shall remain in full force and effect regardless of any investigation made by or on behalf of the Company or any indemnified party. In no event shall the liability of any selling Holder hereunder be greater in amount than the dollar amount of the proceeds received by such Holder from the sale of the Registrable Securities giving rise to such indemnification obligation

 

(c)                                  Any Person entitled to indemnification hereunder shall (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim or there may be reasonable defenses available to the indemnified party that are different from or additional to those available to the indemnifying party, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party.  If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement made by the indemnified party without its consent (but such consent will not be

 

17

 

unreasonably withheld).  An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall 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, unless in the reasonable judgment of any indemnified party there may be one or more legal or equitable defenses available to such indemnified party that are in addition to or may conflict with those available to another indemnified party with respect to such claim.  Failure to give prompt written notice shall not release the indemnifying party from its obligations hereunder.

 

(d)                                 If the indemnification provided for in this Section 6 is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any Losses referred to herein, the indemnifying party, in lieu of indemnifying such indemnified party thereunder, shall to the extent permitted by applicable law contribute to the amount paid or payable by such indemnified party as a result of such Losses in such proportion as is appropriate to reflect the relative fault of the indemnifying party, on the one hand, and of the indemnified party, on the other, in connection with the untrue or alleged untrue statement of a material fact or the omission to state a material fact that resulted in such Losses, as well as any other relevant equitable considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by a court of law by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission; provided, that in no event shall any contribution by a Holder hereunder exceed the net proceeds from the offering received by such Holder.

 

7.                                      Facilitation of Sales Pursuant to Rule 144.  To the extent it shall be required to do so under the Exchange Act, the Company shall timely file the reports required to be filed by it under the Exchange Act or the Securities Act (including the reports under Sections 13 and 15(d) of the Exchange Act referred to in subparagraph (c)(1) of Rule 144), and shall take such further action as any Holder may reasonably request, all to the extent required from time to time to enable the Holders to sell Registrable Securities without registration under the Securities Act within the limitations of the exemption provided by Rule 144.  Upon the request of any Holder in connection with that Holder’s sale pursuant to Rule 144, the Company shall deliver to such Holder a written statement as to whether it has complied with such requirements.

 

8.                                      Miscellaneous.

 

(a)                                 Remedies.  In the event of actual or potential breach by the Company of any of its obligations under this Agreement, each Holder, in addition to being entitled to exercise all rights granted by law and under this Agreement, including recovery of damages, will be entitled to specific performance of its rights under this Agreement.  The Company agrees that monetary damages would not provide adequate compensation for any losses incurred by reason of a breach by it of any of the provisions of this Agreement and further agrees that, in the event of any action for specific performance in respect of such breach, it shall waive the defense that a remedy at law would be adequate.

 

18

 

(b)                                 Discontinued Disposition.  Each Holder agrees that, upon receipt of a notice from the Company of the occurrence of any event of the kind described in clauses (ii) through (v) of Section 3(e), such Holder will forthwith discontinue disposition of such Registrable Securities under the Registration Statement until such Holder’s receipt of the copies of the supplemental Prospectus or amended Registration Statement as contemplated by Section 3(j) or until it is advised in writing by the Company that the use of the applicable Prospectus may be resumed, and, in either case, has received copies of any additional or supplemental filings that are incorporated or deemed to be incorporated by reference in such Prospectus or Registration Statement (a “Suspension Period”).  The Company may provide appropriate stop orders to enforce the provisions of this Section 8(b).

 

(c)                                  Amendments and Waivers.  No provision of this Agreement may be waived or amended except in a written instrument signed by the Company and Holders that hold a majority of the Registrable Securities as of the date of such waiver or amendment; provided, that any waiver or amendment that would have a disproportionate adverse effect on a Holder relative to the other Holders shall require the consent of such Holder.  The Company shall provide prior notice to all Holders of any proposed waiver or amendment.  No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any Party to exercise any right hereunder in any manner impair the exercise of any such right.

 

(d)                                 Notices.  Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication is delivered via facsimile or electronic mail as specified in this Section 8(d) prior to 5:00 p.m. in the time zone of the receiving party on a Business Day, (ii) the Business Day after the date of transmission, if such notice or communication is delivered via facsimile or electronic mail as specified in this Agreement later than 5:00 p.m. in the time zone of the receiving party on any date, (iii) the Business Day following the date of mailing, if sent by nationally recognized overnight courier service or (iv) upon actual receipt by the Party to whom such notice is required to be given.  The address for such notices and communications shall be as follows:

 

	
If to the Company:
    	
Venator   Materials PLC
    
	
 
    	
Attention:  Russ R. Stolle

10001   Woodloch Forest Drive

The   Woodlands, TX 77380

E-mail:   russ_stolle@venatorcorp.com
    
	
 
    	
 
    
	
 
    	
With   copy to:

 

Vinson &   Elkins L.L.P.

Attention:  Jeffery B. Floyd

1001   Fannin Street, Suite 2500

Houston,   Texas  77002

E-mail: jfloyd@velaw.com
    

 

19

 

	
If to any Person who is then the registered   Holder:
    	
To   the address of such Holder as indicated on the signature page of this   Agreement or, if different, as it appears in the applicable register for the   Registrable Securities or as may be designated in writing by such Holder in   accordance with this Section 8(d).
    

 

(e)                                  Successors and Assigns.  This Agreement shall be binding upon and inure to the benefit of the Parties hereto and their respective heirs, executors, administrators, successors, legal representatives and permitted assigns.  Except as provided in this Section 8(e), this Agreement, and any rights or obligations hereunder, may not be assigned without the prior written consent of the Company and the Holders.  Notwithstanding anything in the foregoing to the contrary, the rights of a Holder pursuant to this Agreement with respect to all or any portion of its Registrable Securities may be assigned without such consent (but only with all related obligations) with respect to such Registrable Securities (and any Registrable Securities issued as a dividend or other distribution with respect to, in exchange for or in replacement of such Registrable Securities) by such Holder to a transferee of such Registrable Securities; provided (i) the Company is, within a reasonable time after such transfer, furnished with written notice of the name and address of such transferee or assignee and the Registrable Securities with respect to which such registration rights are being assigned and (ii) such transferee or assignee agrees in writing to be bound by and subject to the terms set forth in this Agreement.  The Company may not assign its rights or obligations hereunder without the prior written consent of the Holders.

 

(f)                                   No Third Party Beneficiaries.  Nothing in this Agreement, whether express or implied, shall be construed to give any Person, other than the parties hereto or their respective successors and permitted assigns, any legal or equitable right, remedy, claim or benefit under or in respect of this Agreement.

 

(g)                                  Execution and Counterparts.  This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same Agreement.  In the event that any signature is delivered by facsimile or electronic mail transmission, such signature shall create a valid binding obligation of the Party executing (or on whose behalf such signature is executed) the same with the same force and effect as if such signature delivered by facsimile or electronic mail transmission were the original thereof.

 

(h)                                 Governing Law; Consent to Jurisdiction; Waiver of Jury Trial. This Agreement shall be governed by, and construed in accordance with, the internal laws of the State of New York.  Each of the Parties irrevocably submits to the exclusive jurisdiction of the courts of the State of New York located in in the Borough of Manhattan in the City of New York and the United States District Court for the Southern District of New York for the purpose of any suit, action, proceeding or judgment relating to or arising out of this Agreement and the transactions contemplated hereby.  Service of process in connection with any such suit, action or proceeding may be served on each Party anywhere in the world by the same methods as are specified for the giving of notices under this Agreement.  Each of the Parties irrevocably waives any objection to the laying of venue of any such suit, action or proceeding brought in such courts and irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.  EACH OF THE PARTIES HEREBY

 

20

 

WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS AGREEMENT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS WAIVER.

 

(i)                                     Cumulative Remedies.  The remedies provided herein are cumulative and not exclusive of any remedies provided by law.

 

(j)                                    Severability.  If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the Parties shall use their reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction.  It is hereby stipulated and declared to be the intention of the Parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable.

 

(k)                                 Entire Agreement.  This Agreement constitutes the entire agreement among the Parties with respect to the subject matter hereof and supersedes all prior contracts or agreements with respect to the subject matter hereof and the matters addressed or governed hereby, whether oral or written.

 

(l)                                     Termination.  Except for Section 6, this Agreement shall terminate as to any Holder, when all Registrable Securities held by such Holder no longer constitute Registrable Securities.

 

[Signature page follows.]

 

21

 

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

 

	
 
    	
COMPANY:
    
	
 
    	
 
    
	
 
    	
VENATOR   MATERIALS PLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Russ R. Stolle
    
	
 
    	
Name:
    	
Russ   R. Stolle
    
	
 
    	
Title:
    	
Senior   Vice President, General Counsel and Chief Compliance Officer
    

 

Signature Page to Registration Rights Agreement

 

 

	
 
    	
HOLDER:
    
	
 
    	
 
    
	
 
    	
HUNTSMAN   INTERNATIONAL LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Sean Douglas
    
	
 
    	
Name:
    	
Sean   Douglas
    
	
 
    	
Title:
    	
Executive   Vice President and Chief Financial Officer
    
	
 
    	
 
    	
 
    
	
 
    	
Address   for notice:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
10003   Woodloch Forest Drive

The   Woodlands, TX 77380

Attention:   David Stryker

E-mail:   david_stryker @huntsman.com
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
HOLDER:
    
	
 
    	
 
    
	
 
    	
HUNTSMAN   (HOLDINGS) NETHERLANDS B.V.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Sean Douglas
    
	
 
    	
Name:
    	
Sean   Douglas
    
	
 
    	
Title:
    	
Authorized   Officer
    
	
 
    	
 
    
	
 
    	
Address   for notice:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
10003   Woodloch Forest Drive

The   Woodlands, TX 77380

Attention:   David Stryker

E-mail:   david_stryker@huntsman.com
    

 

Signature Page to Registration Rights AgreementEXECUTED

 

TRANSITION
SERVICES AGREEMENT

 

by and between

 

ADMA BIOMANUFACTURING,
LLC

 

and

 

BIOTEST PHARMACEUTICALS
CORPORATION

 

Dated as of
June 6, 2017

 

 

_________________

*
Confidential treatment has been requested with respect to portions of this agreement as indicated by “[***]” and such
confidential portions have been deleted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2
of the Securities Exchange Act of 1934, as amended.

 

    

    

    

 

TABLE OF CONTENTS

 

	 	Page
	 	 
	ARTICLE I DEFINITIONS

	1
	 	 	 
	Section 1.1	Certain Defined Terms	1
	Section 1.2	General Interpretive Principles	4
	 	 	 
	ARTICLE II SERVICES 	5
	 	 
	Section 2.1	Services	5
	Section 2.2	Facility License	8
	Section 2.3	Fees & Costs	10
	Section 2.4	Transition	11
	Section 2.5	Computer and Books and Records Access	11
	 	 	 
	ARTICLE III TERM AND TERMINATION 	12
	 	 
	Section 3.1	Term	12
	Section 3.2	Termination by BPC or ADMA	12
	Section 3.3	Effect of Termination	13
	 	 	 
	ARTICLE IV CONFIDENTIALITY 	13
	 	 
	Section 4.1	General	13
	Section 4.2	Return or Destruction of Confidential Information	14
	Section 4.3	Survival	14
	Section 4.4	Ownership of Data	14
	 	 	 
	ARTICLE V INDEMNIFICATION 	15
	 	 	 
	Section 5.1	Indemnification	15
	Section 5.2	Procedures for Indemnification of Third Party Claims	16
	Section 5.3	Procedures for Indemnification for Direct Claims	18
	Section 5.4	Indemnification Payments	19
	Section 5.5	Limitation on Damages	19
	Section 5.6	Disclaimer of Warranties	19
	Section 5.7	Survival	20

	 	 	 
	ARTICLE VI MISCELLANEOUS 	20
	 	 	 
	Section 6.1	Cooperation	20
	Section 6.2	Negotiation	20
	Section 6.3	Consent to Jurisdiction; Forum; Service of Process; Waiver of Jury Trial	20
	Section 6.4	Notices	22
	Section 6.5	Entire Agreement	23
	Section 6.6	Waivers and Amendments	23
	Section 6.7	Governing Law	23

 

_________________

*
Confidential treatment has been requested with respect to portions of this agreement as indicated by “[***]” and such
confidential portions have been deleted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2
of the Securities Exchange Act of 1934, as amended.

 

    -i-

    

    

 

	 	 	Page
	 	 	 
	Section 6.8	Binding Effect; Assignment	24
	Section 6.9	Monetary Amounts	24
	Section 6.10	Articles and Sections	24
	Section 6.11	Interpretation	24
	Section 6.12	Severability of Provisions	24
	Section 6.13	Counterparts	24
	Section 6.14	No Personal Liability	25
	Section 6.15	No Third Party Beneficiaries	25
	Section 6.16	Force Majeure	25
	Section 6.17	Independent Contractors	25
	Section 6.18	Injunctive Relief	26
	Section 6.19	Employees	26
	Section 6.20	No Set-Off	26
	Section 6.21	Further Assurances	26
	Section 6.22	Master Purchase and Sale Agreement; Commercial Agreements	26

 

Service Schedules

 

Schedule 1 – BPC Transition
Services

Schedule 2 – ADMA Transition Services

Schedule 3 – Office
and Laboratory Space

Schedule 4 – Warehouse
and Freezer/Refrigerator (Cold) Storage

Schedule 5 – Records Maintained in Offsite Secure Storage

Exhibit A – Transition
Services Fee Schedule

 

_________________

*
Confidential treatment has been requested with respect to portions of this agreement as indicated by “[***]” and such
confidential portions have been deleted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2
of the Securities Exchange Act of 1934, as amended.

 

    -ii-

    

    

 

TRANSITION SERVICES AGREEMENT

 

TRANSITION
SERVICES AGREEMENT (this “Agreement”), dated as of June 6, 2017, by and between ADMA BioManufacturing, LLC,
a Delaware limited liability company (“ADMA”), and Biotest Pharmaceuticals Corporation, a Delaware corporation
(“BPC”). ADMA and BPC shall be separately referred to herein as a “Party” and together as
the “Parties.”

 

WHEREAS,
ADMA Biologics, Inc. (“ADMA Biologics”), ADMA, BPC, Biotest US Corporation and Biotest AG have entered into
a Master Purchase and Sale Agreement, dated as of January 21, 2017 (as the same may be amended, supplemented, restated and/or modified
from time to time, the “Master Purchase and Sale Agreement”), pursuant to which, among other things, (i) BPC
has agreed to sell and ADMA has agreed to purchase the assets of BPC used exclusively in the operation of the Biotest Therapy Business
(as defined below) and certain other assets used both in the Biotest Therapy Business and the Biotest Plasma Business (as defined
below) mutually agreed by the Parties and (ii) BPC and ADMA have agreed to enter into certain ancillary transactions related thereto
as more fully described in the Master Purchase and Sale Agreement and the Commercial Agreements (as defined below) (collectively,
the “Transaction”); and

 

WHEREAS,
the Master Purchase and Sale Agreement requires that BPC and ADMA enter into this Agreement at the Effective Time (as defined in
the Master Purchase and Sale Agreement) to properly document the transition services to be provided by ADMA, BPC and/or Third Party
Service Providers (as defined below) to the applicable Service Recipients (as defined below) in connection with the Transaction.

 

NOW,
THEREFORE, in consideration of the mutual covenants, representations, warranties and agreements entered into herein and in the
Master Purchase and Sale Agreement, and intending to be legally bound hereby, ADMA and BPC agree as follows:

 

ARTICLE
I

 

DEFINITIONS

 

Section 1.1Certain Defined
Terms.  For all purposes of this Agreement:

 

“Access Party”
has the meaning assigned to such term in Section 2.2(a).

 

“Action”
means any claim, action, demand, suit, arbitration, hearing, charge, complaint, inquiry, audit, proceeding, investigation, examination,
litigation, notice or review by or before any Governmental Authority, arbitrator or arbitral panel.

 

“ADMA” has the
meaning assigned to such term in the Preamble hereto.

 

_________________

*
Confidential treatment has been requested with respect to portions of this agreement as indicated by “[***]” and such
confidential portions have been deleted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2
of the Securities Exchange Act of 1934, as amended.

 

    

    

    

 

“ADMA
Group” means ADMA Biologics, ADMA and each Person that is or becomes a direct or indirect Subsidiary of ADMA after the
Closing Date, including any Person that is or was merged into ADMA or any such direct or indirect Subsidiary.

 

“Affiliate”
means, with respect to any Person, any other Person directly or indirectly Controlling or Controlled by, or under direct or indirect
common Control with, such Person; provided, however, that for purposes of this Agreement, no member of either Group shall
be deemed to be an Affiliate of any member of the other Group. For purposes of this definition, the term “Control,”
when used with respect to any specified Person, means the power to direct or cause the direction of the management or policies
of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms
“Controlling” and “Controlled” have correlative meanings.

 

“Agreement”
has the meaning assigned to such term in the Preamble hereto, as such Agreement is amended, restated, supplemented or otherwise
modified from time to time.

 

“Biotest
Group” means BPC and each Person that is or becomes a direct or indirect Subsidiary of BPC after the Closing Date, including
any Person that is or was merged into BPC or any such direct or indirect Subsidiary.

 

“Biotest Plasma Business”
means all businesses and operations of the Biotest Group, other than the Biotest Therapy Business.

 

“BiotestTherapyBusiness”meansthedevelopment,testing,
manufacturing, contract services manufacturing, distribution, marketing and sale of Products (as defined in the Master Purchase
and Sale Agreement) that comprise the therapy business unit of BPC immediately prior to the consummation of the Transaction.

 

“BPC” has the
meaning assigned to such term in the Preamble hereto.

 

“Business” means
the Biotest Plasma Business and/or the Biotest Therapy Business, as the context requires.

 

“Business
Day(s)” means any day other than a Saturday, a Sunday or a day on which banks in New York, New York, or Boca Raton, Florida,
United States of America are authorized or obligated by Law to be closed.

 

“Closing
Date” has the meaning assigned to such term in the Master Purchase and Sale Agreement.

 

“Commercial Agreements”
has the meaning assigned to such term in the Master Purchase and Sale Agreement.

 

“Dispute Escalation Notice”
has the meaning assigned to such term in Section 6.2.

 

_________________

*
Confidential treatment has been requested with respect to portions of this agreement as indicated by “[***]” and such
confidential portions have been deleted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2
of the Securities Exchange Act of 1934, as amended.

 

    -2-

    

    

 

“Fees” has the
meaning assigned to such term in Section 2.3(a).

 

“FINRA” means
the Financial Industry Regulatory Authority.

 

“Force Majeure”
has the meaning assigned to such term in Section 6.16.

 

“Governmental
Authority” means any nation or government, any federal, national, provincial, state, regional, local or other political
subdivision thereof, any supranational organization of sovereign states, and any entity, department, commission, bureau, agency,
authority, board, court, official or officer, domestic or foreign, exercising executive, judicial, regulatory or administrative
functions of or pertaining to government.

 

“Group” means the
ADMA Group and/or the Biotest Group, as the context requires.

 

“Indemnified Party”
has the meaning assigned to such term in Section 5.1.

 

“Indemnifying Party”
has the meaning assigned to such term in Section 5.1.

 

“Information”
means all information of either the ADMA Group or the Biotest Group, as the context requires, whether or not patentable or copyrightable,
in written, oral, electronic or other tangible or intangible forms, stored in any medium, including non-public financial information,
studies, reports, records, books, accountants’ work papers, contracts, instruments, surveys, discoveries, ideas, concepts,
know-how, techniques, designs, specifications, drawings, blueprints, diagrams, models, prototypes, samples, flow charts, data,
computer data, disks, diskettes, tapes, computer programs or other software, marketing plans, customer data, communications by
or to attorneys, memos and other materials prepared by attorneys and accountants or under their direction (including attorney work
product), and other technical, financial, legal, employee or business information or data.

 

“Law”
means each provision of any applicable federal, provincial, state, local or foreign law, statute, ordinance, order, code, requirement,
rule or regulation, promulgated or issued by any Governmental Authority, as well as any judgments, decrees, injunctions or agreements
issued or entered into by any Governmental Authority.

 

“Licensed Space”
has the meaning assigned to such term in Section 2.2(a).

 

“Losses” has the
meaning assigned to such term in Section 5.1.

 

“Master Purchase and Sale
Agreement” has the meaning assigned to such term in the Recitals hereto.

 

“Parties” has
the meaning assigned to such term in the Preamble hereto.

 

_________________

*
Confidential treatment has been requested with respect to portions of this agreement as indicated by “[***]” and such
confidential portions have been deleted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2
of the Securities Exchange Act of 1934, as amended.

 

    -3-

    

    

 

“Person”
means any individual, corporation, partnership, joint venture, limited liability company, trust or unincorporated organization
or Governmental Authority.

 

“Service Provider”
means (i) with respect to Service Schedule 1 and 5, BPC, and (ii) with respect to Service Schedules 2-4, ADMA.

 

“Service
Recipient” means (i) with respect to Service Schedules 2-4, any member of the Biotest Group or its permitted assignees
under the Master Purchase and Sale Agreement and (ii) with respect to Service Schedule 1 and 5, any member of the ADMA Group or
its permitted assignees under the Master Purchase and Sale Agreement.

 

“Service Schedule”
has the meaning assigned to such term in Section 2.1(a).

 

“Services” has
the meaning assigned to such term in Section 2.1(a).

 

“Subsidiary”
means, with respect to any Person, any and all corporations, partnerships, limited liability companies, joint ventures, associations
and other entities of which such Person owns, directly or indirectly, more than 50% of the voting securities or other ownership
interests having ordinary voting power to elect a majority of the board of directors or other persons performing similar functions
of such entity.

 

“Term” has the
meaning assigned to such term in Section 3.1(a).

 

“Third
Party Service Providers” shall mean third parties which are or will be engaged by a Service Provider or its Affiliates
to assist in the delivery of its obligations under this Agreement.

 

“Transaction” has
the meaning assigned to such term in the Recitals hereto.

 

“Transition”
means the transition of the Services provided by a Service Provider or a Third Party Service Provider to such Services being performed
by a Service Recipient or provided by or obtained from such Service Recipient’s own third party service providers.

 

Section 1.2       General Interpretive
Principles.

 

(a)       When
a reference is made in this Agreement to an Article, Section, Exhibit, Schedule, Recital or Preamble, such reference is to an
Article, Section, Exhibit, Schedule, Recital or Preamble of or to this Agreement unless otherwise indicated.

 

(b)       The
words “hereof,” “herein,” “hereto” and “hereunder” and words of similar import,
when used in this Agreement, shall refer to this Agreement as a whole and not to any particular provision of this Agreement.

 

_________________

*
Confidential treatment has been requested with respect to portions of this agreement as indicated by “[***]” and such
confidential portions have been deleted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2
of the Securities Exchange Act of 1934, as amended.

 

    -4-

    

    

 

(c)       A
term defined in the singular has a comparable meaning when used in the plural, and vice versa.

 

(d)       Words of one gender include each other gender.

 

(e)      
References to a Person are also to such Person’s heirs, executors, personal representatives, administrators, successors
and permitted assigns; provided, however, that nothing contained in this clause (e) is intended to authorize any assignment
or transfer not otherwise permitted by this Agreement.

 

(f)       
The term “dollars” and “$” mean United States dollars.

 

(g)      
The word “including” means “including without limitation” and the words “include” and
“includes” have corresponding meanings.

 

(h)      
References herein to a Person in a particular capacity or capacities shall exclude such Person in any other capacity.

 

(i)        
With respect to the determination of any period of time, the word “from” means “from and including”
and each of the words “to” and “until” means “to but excluding”.

 

(j)        
The word “or” shall be disjunctive but not exclusive.

 

(k)      
References herein to any Law shall be deemed to refer to such Law as amended, reenacted, supplemented or superseded in whole
or in part and in effect from time to time and also to all rules and regulations promulgated thereunder.

 

(l)        
“Extent” in the phrase “to the extent” means the degree to

 

which a subject or other thing extends,
and such phrase does not mean simply “if”.

 

(m)      
If the last day for the giving of any notice or the performance of any action required or permitted under this Agreement
is a day that is not a Business Day, then the time for the giving of such notice or the performance of such action shall be extended
to the next succeeding Business Day.

 

ARTICLE
II SERVICES

 

Section 2.1       Services.

 

(a)       The term “Services” shall mean and refer solely to those services the scope of which are described in
Schedules 1-5 (each, a “Service Schedule”). References herein to this Agreement shall include the Service Schedules.
To the extent there is a conflict between the terms of this Agreement and a Service Schedule, the Service Schedule shall control.

 

_________________

*
Confidential treatment has been requested with respect to portions of this agreement as indicated by “[***]” and such
confidential portions have been deleted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2
of the Securities Exchange Act of 1934, as amended.

 

    -5-

    

    

 

(b)      
At any time during the Term, subject to the other terms of this Agreement, the Parties may agree to subtract from/add to
the Services being performed under a Service Schedule without violating this Agreement. Any agreed changes shall be in writing
and signed by an authorized representative of each Party (a “Change Order”). Any additional work required as a result
of a Change Order shall be done at the rate specified in the applicable Service Schedule unless otherwise provided in the applicable
Change Order.

 

(c)      
Commencing on the Closing Date and continuing throughout the applicable Term, subject to changes in applicable Law, each
Service Provider agrees to provide through its Group and/or Third Party Service Providers, the Services in accordance with the
applicable Service Schedules. Except as otherwise set forth in the Service Schedules, (i) BPC, if it is the Service Provider, shall
provide the Services set forth on Schedules 1 and 5 to ADMA in a commercially reasonable manner and to the same extent and with
at least the same level of service and degree of quality that services of a similar kind were provided by BPC to the applicable
Business immediately prior to the Closing Date and (ii) ADMA, if it is the Service Provider, shall provide the Services set forth
on Schedules 2–4 to BPC in a commercially reasonable manner comparable to how ADMA provides similar services to its own business
or, if such Services were not provided by ADMA prior to the date hereof, in a manner consistent with reasonable industry standards.
Such Service Provider shall use commercially reasonable efforts to cause its Third Party Service Providers to provide to the Service
Recipient to the same extent and with at least the same level of service and degree of quality that services of a similar kind
were provided by such Third Party Service Providers to the applicable Business immediately prior to the Closing Date.

 

(d)      
To the extent that any of the assets required by a Party (as Service Provider hereunder) to provide any Services are the
property of the applicable Service Recipient following the Transaction, such Service Recipient hereby grants to the applicable
Service Provider a limited, non-exclusive license and right to use such assets, for a period not to exceed the applicable Term,
for the purpose of providing such Services and aiding the Transition on the terms and subject to the conditions set forth in this
Agreement.

 

(e)      
Each Service Provider shall, and shall cause its respective employees to, comply with all applicable Laws in connection
with the provision of the Services.

 

(f)        The
Parties shall use their respective commercially reasonable efforts to complete the Transition as soon as practicable and in
no event later than the expiration of the applicable Term and shall commit and provide sufficient and appropriate
resources to timely complete the Transition. During the applicable Term, each Service Provider shall also use its
commercially reasonable efforts to assist the applicable Service Recipient in obtaining licenses and/or consents or other
necessary approvals with or from any of such Third Party Service Providers who are providing Services to such Service
Recipient, or to such Service Provider for the benefit of such Service Recipient; provided that, except as expressly
set forth on a Service Schedule, in no event shall such assistance by such Service Provider require or be deemed to require
such Service Provider to incur any additional costs or make any additional payments to any such Third Party Service
Providers, in each case other than any required immaterial third-party documentation and/or processing fees and expenses; provided,
further, that Service Recipient may, at its option, make such payments in order to maintain or secure the services of
such Third Party Service Provider. After the expiration of the applicable Term, each Party shall be responsible for obtaining
for its own benefit such licenses, consents or other necessary approvals from such Third Party Service Providers.

 

_________________

*
Confidential treatment has been requested with respect to portions of this agreement as indicated by “[***]” and such
confidential portions have been deleted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2
of the Securities Exchange Act of 1934, as amended.

 

    -6-

    

    

 

(g)       Each
Service Recipient acknowledges and agrees that, other than complying with the applicable efforts obligations under Section
2.1(f) above, (i)   a Service
Provider has no obligation to actually obtain licenses or consents with any Third Party Service Provider in connection with
the Services and (ii) any failure by a Service Provider to actually obtain any such license or consent will not constitute a
breach of this Agreement or the negligence or willful misconduct of such Service Provider; provided that failure to
obtain any such license or consent shall not relieve such Service Provider of its obligations to provide the applicable
Services set forth herein, unless providing such Services without such license or consent would violate applicable Law or
cause such Service Provider to be in breach of or default under such Service Provider’s Contract with such Third Party
Service Provider (other than in a de minimis respect), in which case such Service Provider will not be obligated to provide
such Services.A Service Recipient shall not have any liability resulting from a Service Provider’s failure to
obtain any such license or consent; provided that such Service Recipient has complied with the applicable efforts
obligations under Section 2.1(f) above.

 

(h)      
Notwithstanding anything to the contrary herein, this Agreement does not apply to the services that are expressly agreed
to be provided by, or the other obligations of, a particular Service Provider (or any of its Subsidiaries) to a particular Service
Recipient (or any of its Subsidiaries) pursuant to the Master Purchase and Sale Agreement or any Commercial Agreement.

 

(i)        
If, after the execution of this Agreement, the Parties reasonably determine that a service that (i) was provided by a Service
Provider or a Third Party Service Provider to a Business prior to the Closing Date and (ii) is reasonably necessary to the conduct
of such Business after the Closing Date, was unintentionally omitted from the Service Schedules, then subject to the terms and
conditions of this Agreement, such Service Provider shall provide (or shall use commercially reasonable efforts to cause such Third
Party Service Provider to provide) such additional service to the applicable Service Recipient (with such service becoming a contracted
Service for purposes of this Agreement) and a Service Schedule shall be created for such Service, it being agreed by the Parties
that the charges for such additional Services shall be determined in accordance with Exhibit A.

 

(j)         The
Parties hereby agree that each Service Provider is under no obligation to enter into any engagements with additional Third
Party Service Providers in connection with this Agreement unless (i) such Service Provider is entering into such new
engagements with respect to its own internal business or in its ordinary course of business and (ii) the applicable Service
Recipient is not able to engage its own third party service providers with respect to the same subject matter within the
applicable timing needs of such Service Recipient. Each Party shall use its commercially reasonable efforts to transition
from the other Group and the Third Party Service Providers to itself or its own third party service providers as promptly as
practicable and, in any event, prior to the expiration of the applicable Term.

 

_________________

*
Confidential treatment has been requested with respect to portions of this agreement as indicated by “[***]” and such
confidential portions have been deleted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2
of the Securities Exchange Act of 1934, as amended.

 

    -7-

    

    

 

(k)       Prior to accessing any property of the Service Provider or any members of its respective Group, including the Licensed Space,
Service Recipient shall have or obtain, and during the period of such access shall maintain, at its expense, commercial general
liability insurance, on an “occurrence” basis, in the case of ADMA, and on an “claims-made” basis, in the
case of BPC, in each case including a contractual liability endorsement, and personal injury liability coverage, with the Service
Provider named as additional insured, from an insurer reasonably acceptable to the Service Provider, which insurance policies must
have limits for bodily injury and death of not less than [***] for any one occurrence and not less
than [***] for property damage liability for any one occurrence. Prior to making entry upon any property
of the Service Provider, including the Licensed Space, the Service Recipient shall furnish to the Service Provider certificates
of insurance evidencing the foregoing coverages.

 

Section 2.2       Facility License.

 

(a)      
ADMA hereby grants BPC and each of its employees, agents, representatives and contractors (each, an “Access Party”),
at no cost to BPC (other than any costs required to be paid by BPC as set forth in Service Schedules 3 and 4), an irrevocable,
limited, non-exclusive (subject to the last sentence of this Section 2.2(a)) license, subject to the terms, covenants and
conditions of this Section 2.2 and to Service Schedules 2-4, for the reasonable use of, and access to, the facilities (including
the furnishings, fixtures, equipment and assets contained therein) described on Service Schedules 3 and 4 (collectively, the “Licensed
Space”) for the Term.The Parties understand that ADMA, ADMA Biologics and their respective employees, agents, representatives
and contractors will also be using the Licensed Space during the Term; provided, that during the Term, ADMA may not further
license or lease the Licensed Space to any party other than BPC.

 

(b)      
BPC shall use the Licensed Space for substantially the same purposes as the Licensed Space was used immediately prior to
the Closing Date and for no other purposes. BPC and each Access Party shall have the right to access the Licensed Space in connection
with BPC’s operation of the Biotest Plasma Business. BPC and each Access Party shall have access to the common areas of
the applicable real property in which the Licensed Space is located to the extent reasonably necessary in connection with and
in furtherance of its use of the Licensed Space as set forth on Schedules 3 and 4. BPC shall at its sole expense maintain the
Licensed Space in as good order and condition as the same was on the Closing Date, reasonable wear and tear excepted, and repair
any damage to the Licensed Space caused by BPC (or an Access Party) during the Term.

 

_________________

*
Confidential treatment has been requested with respect to portions of this agreement as indicated by “[***]” and such
confidential portions have been deleted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2
of the Securities Exchange Act of 1934, as amended.

 

    -8-

    

    

 

(c)      
Upon the expiration or earlier termination, pursuant to this Agreement, of the license granted under this Section 2.2,
BPC shall, at its sole cost and expense, (i) remove (and cause each Access Party to remove) its personal property, equipment and
other goods and effects from the Licensed Space, (ii) repair any damage to the Licensed Space caused by BPC (or an Access Party)
during the Term, reasonable wear and tear excepted, and (iii) otherwise vacate (and cause each Access Party to vacate) the Licensed
Space peaceably and quietly and in as good order and condition as the same were in on the Closing Date, reasonable wear and tear
excepted. In the event BPC fails to make the aforementioned repairs as set forth above, ADMA shall have the right to make said
reasonable repairs and charge BPC the reasonable costs of such repairs, and BPC shall reimburse ADMA within [***] days of
receipt of an invoice therefor. ADMA shall notify BPC regarding any property of BPC (or of an Access Party) left at the Licensed
Space after the expiration or earlier termination of the license granted under this Section 2.2, and BPC shall have the
right to access during regular business hours and at reasonable agreed-upon times the Licensed Space to remove such property within
[***] days of receipt of such notice. Any property of BPC not so removed shall be deemed to have been abandoned and the property
of ADMA, to be disposed of as ADMA deems expedient, and BPC shall reimburse ADMA for the reasonable third party costs and expenses
incurred in connection with such disposition within [***] days of receipt of an invoice therefor.

 

(d)      
The rights granted in favor of BPC under this Section 2.2 are in the nature of a license in respect of the Licensed
Space and shall not create any leasehold or other estate or possessory rights in such Licensed Space. Any occupancy of the Licensed
Space by BPC (or an Access Party) after the date of the expiration of the Term (or any earlier termination of the license granted
under this Section 2.2 pursuant to this Agreement) shall be deemed a trespass (other than with respect to the removal by
BPC of any of its property in accordance with Section 2.2(c)).

 

(e)      
BPC hereby accepts the Licensed Space in its “as is” “where is” “with all faults” condition
as of the Closing Date. ADMA shall not be obligated to perform any work or furnish any materials in, to or about the Licensed Space
in order to prepare the Licensed Space for use or occupancy by BPC, any other Access Party or otherwise.

 

(f)       
During the term of the license granted under this Section 2.2, ADMA shall at its sole expense use commercially reasonable
efforts to maintain the Licensed Space in substantially comparable condition (reasonable wear and tear excepted) as the Licensed
Space is on the date hereof and in compliance with all applicable Laws, including (i) maintaining the roof, systems and common
areas of such real property, and (ii) repairing damages to the Licensed Space not caused by BPC (or an Access Party), in each case
in the ordinary course of business consistent with past practice at the Licensed Space.

 

(g)      
BPC shall not make any alterations, additions or improvements to the Licensed Space without the prior written consent of
ADMA.

 

_________________

*
Confidential treatment has been requested with respect to portions of this agreement as indicated by “[***]” and such
confidential portions have been deleted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2
of the Securities Exchange Act of 1934, as amended.

  

    -9-

    

    

 

(h)      
Notwithstanding anything herein to the contrary, the Parties acknowledge and agree that the license granted by ADMA to BPC
pursuant to this Section 2.2 is and shall at all times, unless Oxford (as defined below) shall otherwise elect in writing, be subject
and subordinate to that certain Mortgage, Assignment of Rents, and Fixture Filing (the “Mortgage”), between
ADMA, as mortgagor and debtor and Oxford Finance LLC, a Delaware limited liability company (“Oxford”), as “Collateral
Agent” for the ratable benefit of itself and the Lenders (as defined in the Mortgage) now or hereafter parties to the Loan
Agreement (as defined in the Mortgage), dated as of the date hereof, affecting the fee title of the Licensed Space and to all amendments,
renewals, modifications, consolidations, participations, replacements and extensions thereof. The aforesaid provision shall be
self-operative and no further instrument of subordination shall be necessary unless requested by Oxford in which event the Parties
shall execute any additional documentation reasonably requested by Oxford to effectuate such subordination.

 

Section 2.3       Fees & Costs.

 

(a)      
Each Service Schedule shall, in addition to the Services to be delivered by a Service Provider, set forth the fees to be
paid by the Service Recipient for such Services (collectively, the “Fees”). If not set forth in any Service
Schedule, the Parties agree that the Fees for each of the Services are intended to be equal to the Service Provider’s applicable
allocated costs (without markup) to the applicable Business prior to the Transaction.

 

(b)      
Not more than [***] days following the end of each calendar month during the Term, each Service Provider (directly
or through one or more of its Affiliates) shall issue a monthly invoice to the Service Recipient, setting forth the Fees (itemized
by Service) and any applicable taxes payable by such Service Recipient for such calendar month.

 

(c)      
Except as otherwise provided herein or in the applicable Service Schedules, the aggregate undisputed Fees under the Service
Schedules shall be paid in full by each Service Recipient within [***] days following receipt of an invoice from the Service
Provider, unless such Service Recipient in good faith disputes the amount of Fees contained in any such invoice, as provided in
Section 2.3(d) below. Each Party may charge the other a late fee of one percent (1%) per month for any undisputed Fees not
paid when due.

 

(d)       If
a Service Recipient, in good faith, disputes any Fees, it shall promptly submit to the Service Provider written notice of
such dispute and may withhold from its payment of the relevant invoice only such disputed amounts (except for applicable
taxes), subject to resolution in accordance with Section 6.2; provided, however, that in no event shall
any Service Recipient dispute any Fees with respect to Services provided to such Service Recipient by a Third Party Service
Provider to the extent such Fees are documented by an invoice of such Third Party Service Provider and a copy of such invoice
is delivered to such Service Recipient. Pending resolution of such disputed Fees, a Service Provider shall be obligated to
continue providing Services in accordance with this Agreement.

 

_________________

*
Confidential treatment has been requested with respect to portions of this agreement as indicated by “[***]” and such
confidential portions have been deleted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2
of the Securities Exchange Act of 1934, as amended.

 

    -10-

    

    

 

(e)      
Each Service Recipient understands that prior to the date of this Agreement, the Service Provider may have contracted with
Affiliates or Third Party Service Providers to provide services in connection with all or any portion of the Services. In providing
Services hereunder, each Service Provider may subcontract with its present and future Affiliates or Third Party Service Providers
to provide such Services (and may increase the scope of such engagement of Affiliates or Third Party Service Providers).

 

(f)       
Promptly after receiving written notice thereof, each Service Provider shall use its commercially reasonable efforts to
correct any errors or omissions in any of the Services that it has provided to a Service Recipient hereunder.

 

Section
2.4       Transition.During the period of the applicable Term hereunder, each of ADMA and BPC shall cooperate with each
other with respect to the Transition and shall use their respective commercially reasonable efforts to timely complete the Transition
during such applicable Term.

 

Section
2.5       Computer and Books and Records Access.Each Party shall keep complete
and accurate records in all material respects in connection with the provision of Services and such records shall be kept in sufficient
detail to permit independent audit of such records in accordance with this Section 2.5. Subject to the confidentiality
restrictions set forth herein, during the applicable Term, each Party shall, and shall cause the other members of its Group to,
provide reasonable access to the other Party and its legal representatives or independent accountants or auditors to all of its
respective computer equipment and software and historical and current books and records as is reasonably necessary for the performance
of the Services hereunder and for the continued business operation of the applicable Business of the other Party. To the extent
that in providing Services hereunder a Party will (i) host the data, books, records or other confidential information of the other
Party, (ii) maintain personally identifiable information collected by the other Party or (iii) otherwise host personal or confidential
information covering the business or employees of the other Party, such Party agrees to, and to cause the other members of its
Group to, abide by the written data security and privacy policies of the other Party; provided that such policies have
been made available to such Party in advance. Neither Party shall use its access to the confidential information of the other
Party for anything other than the receipt or provision of the Services hereunder. Notwithstanding anything to the contrary in
this Agreement, no Party shall be required to disclose any information to the other Party, its legal representatives, independent
accountants or auditors if doing so would (a) contravene any Law to which such Party is subject or any agreement by which such
Party is bound or (b) result in the waiver of any attorney-client privilege or work product protection of such Party.

 

_________________

*
Confidential treatment has been requested with respect to portions of this agreement as indicated by “[***]” and such
confidential portions have been deleted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2
of the Securities Exchange Act of 1934, as amended.

 

    -11-

    

    

  

ARTICLE
III

 

TERM AND TERMINATION

 

Section
3.1       Term. Subject to the last sentence of this Section 3.1, the initial term of this Agreement shall commence
on the date hereof and end on the second anniversary thereof, unless earlier terminated in accordance with Section 3.2 below;
provided, however, that if the Parties wish to extend the term for which either Party will receive any of the Services
hereunder beyond the initial term, the Parties shall enter into good faith negotiations at least six (6) months prior to the termination
of the applicable initial term and following such negotiation may enter into a written agreement at least ninety (90) days prior
to the termination of the applicable initial term, which term may then be extended for such Service for an additional period not
to exceed twelve (12) months from the scheduled initial expiration of the applicable initial term for such Service (the foregoing
time periods, as the case may be, including any applicable extension, referred to herein as the applicable “Term”).
If the Parties agree (or if required by applicable Law), the Service Schedules will set forth any shorter periods for which particular
Services will be provided.

 

Section 3.2       Termination by
BPC or ADMA.

 

(a)      
Except as otherwise provided by Law, this Agreement may be terminated by either BPC or ADMA at any time upon written notice
to the other Party, if (i) the other Party is adjudicated as bankrupt, (ii) any insolvency, bankruptcy or reorganization proceeding
is commenced by the other Party under any insolvency, bankruptcy or reorganization act, (iii) any action is taken by others against
the other Party under any insolvency, bankruptcy or reorganization act and such Party fails to have such proceeding stayed or vacated
within ninety (90) days or (iv) if the other Party makes an assignment for the benefit of creditors, or a receiver is appointed
for the other Party which is not discharged within thirty (30) days after the appointment of the receiver.

 

(b)      
Any Service provided hereunder may be terminated by either ADMA or BPC at any time upon written notice to the other Party
if the other Party fails to pay the amount of any undisputed Fees payable by it for such Service in accordance with Section
2.3 hereof and such failure is not cured within thirty (30) days after written notice from ADMA or BPC, as applicable.

 

(c)      
Any Service provided hereunder may also be terminated by either ADMA or BPC at any time upon written notice to the other
Party if the other Party is in material breach of any of its obligations under this Agreement with respect to such Service (other
than the obligation to pay the amount of any undisputed Fees payable by it for such Service in accordance with Section 2.3
hereof); provided, that in the event that BPC or ADMA, as the case may be, desires to terminate any Service pursuant to
this Section 3.2(c), the Party that wishes to terminate such Service shall provide a Dispute Escalation Notice to the other Party
and termination of such Service shall be permitted only after the Parties have complied with the dispute resolution procedures
set forth in the first three sentences of Section 6.2.

 

(d)       Any
Service provided hereunder may also be terminated by either ADMA or BPC, in each case in its capacity as Service
Recipient, at the end of any calendar month; provided, that except as otherwise provided in the Service Schedules,
ADMA or BPC shall give the other Party at least fifteen (15) Business Days prior written notice specifying the date that such
termination is to be effective (or such shorter notice as may be agreed upon by BPC and ADMA). Notwithstanding the foregoing,
no prior notice is required to terminate any Service for which the Transition of such Service has been completed, which
termination shall be effective immediately upon receipt of such notice by the applicable Service Provider.

 

_________________

*
Confidential treatment has been requested with respect to portions of this agreement as indicated by “[***]” and such
confidential portions have been deleted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2
of the Securities Exchange Act of 1934, as amended.

 

    -12-

    

    

 

Section
3.3       Effect of Termination.  In the event this Agreement or any Services are validly terminated as provided herein, each
of the Parties shall be relieved of its duties and obligations arising with respect thereto after the date of such termination;
provided, however, that (i) the provisions set forth in Articles IV, V and VI hereof shall survive
any termination of this Agreement, (ii) such termination in and of itself shall not relieve a Party of liability for a breach prior
to the date of such termination and (iii) such termination shall not relieve a Party of its obligation to pay accrued and unpaid
Fees through the date of such termination which shall be paid within 30 days of such termination. For the avoidance of doubt, in
the event of any termination of one or more Services, the Fees applicable to such Services, in accordance with Section 2.3
above, shall no longer be charged or due after the effective date of such termination and in the event of a material reduction
by a Service Recipient of the amount of the Services it elects to continue to receive, the Fees applicable to such Services shall
be appropriately reduced thereafter if costs to the Service Provider are correspondingly reduced as a result of such reduction.
All terminated Services will be wound up per the Service Schedules.

 

ARTICLE
IV

 

CONFIDENTIALITY

 

Section
4.1       General. The Parties agree to maintain the confidentiality of the
contents of this Agreement and the dealings between the Parties with the same degree of care as they use to protect their own
proprietary, confidential or trade secret information (provided, that in no event shall either Party use less than a
reasonable degree of care). Subject to the last sentence of this Section 4.1, neither Party shall disclose to any
third party any Information received from the other hereunder without such other Party’s prior written consent and
shall use such Information only for the purpose of this Agreement. The Parties agree to hold the name and location of any and
all testing labs and facilities as well as names of key personnel at the testing labs as Information hereunder. This Section
4.1 shall not apply to any Information which (i) was in the public domain at the time of its disclosure or thereafter
becomes part of the public domain by publication or otherwise subsequent to the time of disclosure under this Agreement other
than as a result of disclosure by the receiving party or its representatives in breach of this Agreement or any other duty of
confidentiality; (ii) is independently developed by the receiving party without use of the other Party’s Information;
(iii) is disclosed with the written approval of the disclosing party; (iv) is furnished to the receiving party by a third
party having the authority to disclose such Information and, to the knowledge of the receiving party, the disclosure of such
Information by the third party to the receiving party is not subject to a confidentiality obligation; (v) is disclosed by Law
or in response to a valid order of a court or other governmental body of competent jurisdiction, but only to the extent
legally required on the advice of outside legal counsel and for the purpose of such Law, and only if the receiving party
first notifies the disclosing party of the required disclosure and permits the disclosing party, at its sole expense, to seek
an appropriate legal remedy to maintain the Information in secret (and if the disclosing party seeks such a legal remedy, the
receiving party agrees to, and to cause its representatives to, cooperate as the disclosing party shall reasonably request at
the disclosing party’s expense); or (vi) is required to be included in any filings made with the U.S. Securities
and Exchange Commission pursuant to the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as
amended (which, for the avoidance of doubt, shall include filing a copy of this Agreement with the U.S. Securities and
Exchange Commission); provided, however, that the Parties shall use commercially reasonable efforts to obtain
confidential treatment of any Information that is disclosed pursuant to this clause (iv).

 

_________________

*
Confidential treatment has been requested with respect to portions of this agreement as indicated by “[***]” and such
confidential portions have been deleted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2
of the Securities Exchange Act of 1934, as amended.

 

    -13-

    

    

 

Section
4.2       Return or Destruction of Confidential Information. Upon the expiration of the applicable Term, upon the disclosing
party’s request, the receiving party shall promptly either return, destroy or erase (including expunging all Information
from any computer, server or other device containing such information) all Information (including all copies, reproductions, summaries,
analyses or extracts thereof or based thereon) in the possession or control of the receiving party or any of its representatives
(and, in the case of destruction or erasure, provide to the disclosing party a certificate addressedtothedisclosingpartyconfirmingsuchdestructionorerasure).
Notwithstanding any such return, destruction or erasure of the Information, the receiving party and its representatives shall continue
to be bound by the obligations of confidentiality hereunder.Notwithstanding the foregoing, the receiving party and its representatives
(a) may retain the Information to comply with applicable Law or bona fide internal record-keeping policies and (b) shall not be
required to erase or expunge any Information residing on the receiving party’s automatic electronic backup or archival systems
to the extent impracticable; provided, that the receiving party and its representatives shall continue to be bound by the
obligations of confidentiality and use hereunder until the sooner of the time such Information is returned or destroyed in accordance
herewith or the two year anniversary of the expiration of the applicable Term.

 

Section
4.3       Survival. The obligations of confidentiality in this Article IV shall survive the termination of this Agreement
and shall continue with respect to donor information without limit of time and in respect of other confidential information for
a period of [***] years.

 

Section
4.4Ownership of Data. To the extent related to a particular Business, the related Service Recipient shall own all right,
title and interest in and to all data generated for such Service Recipient by the Service Provider, its Affiliates and any Third
Party Service Providers in providing the applicable Services.

 

_________________

*
Confidential treatment has been requested with respect to portions of this agreement as indicated by “[***]” and such
confidential portions have been deleted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2
of the Securities Exchange Act of 1934, as amended.

 

    -14-

    

    

 

ARTICLE
V

 

INDEMNIFICATION

 

Section 5.1       Indemnification.

 

(a)      
From and after the Closing Date, ADMA shall indemnify BPC, BPC’s Affiliates and each of their respective officers,
directors, stockholders, employees, agents, representatives, successors and permitted assigns (each, a “BPC Indemnified
Party”) against and hold them harmless from any and all liabilities, losses, damages, claims, costs, expenses, interest,
awards, judgments and penalties (including reasonable and documented fees for outside counsel, accountants and other outside consultants)
(collectively, “Losses”) suffered or incurred by such BPC Indemnified Party in connection with (1) a breach
of this Agreement by ADMA, (2) the negligence or willful misconduct of ADMA in its performance of its obligations hereunder, (3)
in the case of Financial Services provided by BPC as described in Schedule 1.1, the calculation of prices by ADMA that are, or
are required to be, reported by ADMA or its Affiliates or BPC to any government program, (4) the failure by ADMA or its Affiliates
to remain in compliance in all material respects with licenses of BPC used by ADMA in the conduct of the Biotest Therapy Business
and (5) BPC’s continuing on as tenant under either (i) that certain Standard Industrial Lease - Boca Industrial Park, by
and between BOCA INDUSTRIAL PARK, LTD. (“Landlord”) and ADMA (as successor-in-interest to BPC), dated November
8, 2012, as amended by that certain First Amendment to Standard Industrial Lease, dated April 25, 2013, that certain Second Amendment
to Standard Industrial Lease, dated as of April 25, 2013, that certain Third Amendment to Standard Industrial Lease, dated as of
July 1, 2013, and that certain Fourth Amendment to Standard Industrial Lease dated as of May 30, 2017, and/or (ii) that certain
Standard Industrial Lease - Holland Drive Industrial Park, dated December 15, 2010, by and between Landlord and ADMA (as successor-in-interest
to BPC), as amended by that certain First Amendment to Standard Industrial Lease, dated December 20, 2012, and that certain Second
Amendment to Standard Industrial Lease, dated as of October 22, 2014, and any additional amendments entered into with ADMA’s
prior written consent and with respect to the foregoing leases after the date hereof.

 

(b)      
BPC shall indemnify ADMA, ADMA’s Affiliates and each of their respective officers, directors, stockholders, employees,
agents, representatives, successors and permitted assigns (each, an “ADMA Indemnified Party” and any ADMA Indemnified
Party or BPC Indemnified Party, an “Indemnified Party”) against and hold them harmless from any and all Losses
suffered or incurred by such ADMA Indemnified Party in connection with (1) a breach of this Agreement by BPC and (2) the negligence
or willful misconduct of BPC in its performance of its obligations hereunder.

 

(c)       Notwithstanding
anything to the contrary in Section 5.1(a) or 5.1(b), the Party against whom an indemnification claim is made
under this Agreement (the “Indemnifying Party”) shall not be deemed to have breached this Agreement, to
have been negligent or to have engaged in willful misconduct, to the extent that Losses arise as a result of information
provided by or on behalf of the Indemnified Party to the Indemnifying Party or any actions taken or omitted to be taken by
the Indemnifying Party upon the written direction or instruction of such Indemnified Party. Notwithstanding the generality of
the foregoing or anything else contained in this Article V to the contrary, BPC shall indemnify the ADMA Indemnified
Parties against and hold them harmless from any and all Losses suffered or incurred by such ADMA Indemnified Party resulting
directly from BPC’s or any Access Party’s use of the Licensed Space to the extent such Losses are not the result
of the negligence or willful misconduct of, or breach hereof by, such ADMA Indemnified Party.

 

_________________

*
Confidential treatment has been requested with respect to portions of this agreement as indicated by “[***]” and such
confidential portions have been deleted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2
of the Securities Exchange Act of 1934, as amended.

 

    -15-

    

    

 

(d)      
For avoidance of doubt, this Article V applies solely to the specific matters and activities covered by this Agreement
(and not to matters specifically covered by the Master Purchase and Sale Agreement or the Commercial Agreements). Nothing in this
Agreement shall limit the indemnification rights of the Parties under the Master Purchase and Sale Agreement or the Commercial
Agreements and shall not be taken into account for purposes of determining or calculating Losses thereunder, nor shall this Agreement
or the Services to be provided hereunder modify the Parties’ obligations under the Master Purchase and Sale Agreement with
respect to Assumed Liabilities and Excluded Liabilities.

 

(e)      
The amount of any Losses payable under Section 5.1 by the Indemnifying Party shall be net of any amounts actually
recovered by the Indemnified Party from any other Person alleged to be responsible therefor. If the Indemnified Party receives
any amounts from any other Person alleged to be responsible for any Losses subsequent to an indemnification payment by the Indemnifying
Party, then the Indemnified Party shall promptly reimburse the Indemnifying Party for the amount actually paid by the Indemnifying
Party to the Indemnified Party in respect of such indemnification payment up to the amount received by the Indemnified Party, net
of any expenses incurred by the Indemnified Party in collecting such amount.

 

Section 5.2       Procedures for
Indemnification of Third Party Claims.

 

(a)      
In order for any Indemnified Party to be entitled to any indemnification provided for under this Agreement in respect of,
arising out of or involving an Action by any third Person against the Indemnified Party (a “Third-Party Claim”),
such Indemnified Party must notify the Indemnifying Party of such Third-Party Claim in writing (and stating in reasonable detail
in light of circumstances then known to such Indemnified Party the basis of such Third-Party Claim) promptly after receipt by such
Indemnified Party of notice of the Third-Party Claim; provided, however, that failure by such Indemnified Party to
give such notification shall not relieve the Indemnifying Party of its obligations hereunder, except to the extent the Indemnifying
Party (i) demonstrates that it has been actually and materially prejudiced as a result of such failure or (ii) forfeits any rights
or defenses that would otherwise have been available to the Indemnifying Party but for such failure. Thereafter, to the extent
legally permissible, the Indemnified Party shall deliver to the Indemnifying Party, within five (5) Business Days after the Indemnified
Party’s receipt thereof, copies of all notices and documents (including court papers) received by the Indemnified Party relating
to the Third-Party Claim.

 

_________________

*
Confidential treatment has been requested with respect to portions of this agreement as indicated by “[***]” and such
confidential portions have been deleted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2
of the Securities Exchange Act of 1934, as amended.

 

    -16-

    

    

 

(b)       If
a Third-Party Claim is made against an Indemnified Party, the Indemnifying Party shall be entitled (i) to participate in the
defense thereof, and (ii) if it so chooses, upon written notice delivered to the Indemnified Party within thirty (30)
days after receipt of notice of such Third-Party Claim from the Indemnified Party, to assume the defense thereof, in each
case, with counsel selected by the Indemnifying Party, which counsel shall be reasonably satisfactory to the Indemnified
Party; provided, that the Indemnifying Party shall not be entitled to assume the defense of any Third-Party Claim if
any of the conditions set forth in Section 5.2(c) is not satisfied. Should the Indemnifying Party so elect to assume
the defense of a Third-Party Claim, and is permitted to do so under Section 5.2(c), (x) the Indemnifying Party shall
not be liable to the Indemnified Party for any legal expenses subsequently incurred by the Indemnified Party in connection
with the defense thereof, and (y) the Indemnified Party shall have the right to participate in the defense thereof and to
employ counsel, at its own expense, separate from the counsel employed by the Indemnifying Party, it being understood that
the Indemnifying Party shall control such defense (subject to Section 5.2(c)).The Indemnifying Party shall be
liable for the fees and expenses of counsel employed by the Indemnified Party for any period during which the Indemnifying
Party has not assumed the defense thereof; provided, however, that the Indemnifying Party will not be required
to pay the fees and expenses of more than one counsel for all Indemnified Parties in any jurisdiction in any single
Third-Party Claim. The Indemnifying Party or the Indemnified Party, as the case may be, shall at all times use reasonable
efforts to keep the Indemnifying Party or the Indemnified Party, as the case may be, reasonably apprised of the status of any
matter the defense of which they are maintaining. If the Indemnifying Party chooses to defend or prosecute a Third-Party
Claim, all the Indemnified Parties shall reasonably cooperate in the defense or prosecution thereof. Such cooperation shall
include the retention and (upon the Indemnifying Party’s request) the provision to the Indemnifying Party of records
and information that are reasonably relevant to such Third- Party Claim, and making employees available on a mutually
convenient basis to provide additional information and explanation of any material provided hereunder. Whether or not the
Indemnifying Party assumes the defense of a Third-Party Claim, the Indemnified Party shall not admit any liability with
respect to, or settle, compromise or discharge, such Third-Party Claim without the Indemnifying Party’s prior written
consent (which consent shall not be unreasonably withheld). If the Indemnifying Party assumes the defense of a Third-Party
Claim, the Indemnified Party shall agree to any settlement, compromise or discharge of such Third-Party Claim if (I) the
Indemnifying Party recommends such settlement, compromise or discharge, (II) the Indemnifying Party would be obligated to pay
the full amount of the Losses in connection with such Third- Party Claim under the terms of this Agreement and (III) such
settlement, compromise or discharge completely and unconditionally releases the Indemnified Party from all Losses in
connection with such Third-Party Claim, does not entail any admission of liability on the part of the Indemnified Party and
would not otherwise adversely affect the Indemnified Party. Any consent to be given by an Indemnified Party under this Section
5.2(b) shall be given by ADMA or BPC, as applicable.

 

_________________

*
Confidential treatment has been requested with respect to portions of this agreement as indicated by “[***]” and such
confidential portions have been deleted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2
of the Securities Exchange Act of 1934, as amended.

 

    -17-

    

    

 

(c)      
Notwithstanding Section 5.2(b), the Indemnifying Party shall not be entitled to control the defense or settlement
of any Third-Party Claim if any of the following conditions are not satisfied:

 

 

(i)         the Indemnifying Party must diligently defend such Third-Party Claim;

 

(ii)     
the Indemnifying Party must furnish the Indemnified Party with evidence reasonably satisfactory to the Indemnified Party
that the financial resources of the Indemnifying Party, in the Indemnified Party’s reasonable judgment, are and will be sufficient
(when considering Losses in respect of all other outstanding claims by the applicable Indemnified Parties under this ARTICLE
V) to satisfy any Losses relating to such Third-Party Claim;

 

(iii)    
such Third-Party Claim shall not involve criminal actions or allegations of criminal conduct by the Indemnified Party, and
shall not involve Actions for specific performance or other equitable relief against the Indemnified Party;

 

(iv)    
such Third-Party Claim would not reasonably be expected to have a material adverse effect on the Indemnified Party’s
business and does not relate to its customers, suppliers, vendors or other service providers; and

 

(v)      
there does not exist, in the Indemnified Party’s good faith judgment based on the advice of outside legal counsel,
a conflict of interest which, under applicable principles of legal ethics, would reasonably be expected to prohibit a single legal
counsel from representing both the Indemnified Party and the Indemnifying Party in such Third-Party Claim.

 

(d)      
In the event of payment by or on behalf of any Indemnifying Party to any Indemnified Party in connection with any Third
Party Claim, such Indemnifying Party shall be subrogated to and shall stand in the place of such Indemnified Party as to any events
or circumstances in respect of which such Indemnified Party may have any right, defense or claim relating to such Third Party Claim
against any claimant or plaintiff asserting such Third Party Claim or against any other Person. Such Indemnified Party shall cooperate
with such Indemnifying Party in a reasonable manner, and at the cost and expense of such Indemnifying Party, in prosecuting any
subrogated right, defense or claim.

 

Section
5.3       Procedures for Indemnification for Direct Claims. In the event any
Indemnified Party should have a claim against any Indemnifying Party under Section 5.1 that does not involve a Third
Party Claim being asserted against or sought to be collected from such Indemnified Party, the Indemnified Party shall deliver
written notice of such claim with reasonable promptness to the Indemnifying Party. Such notice shall describe the claim in
reasonable detail, and shall indicate the estimated amount, if reasonably practicable, of the Losses that have been or may be
sustained by the Indemnified Party in respect of such claim. Notwithstanding the foregoing, the failure of any Indemnified
Party or other Person to give notice as provided in this Section 5.3 shall not relieve the related Indemnifying Party
of its obligations under this Article V, except to the extent that the Indemnifying Party (a) demonstrates that it has
been actually and materially prejudiced by such failure or (b) forfeits any rights or defenses that would otherwise have been
available to the Indemnifying Party but for such failure. The Indemnifying Party shall have thirty (30) calendar days after
its receipt of such notice to respond in writing to such claim. If the Indemnifying Party does not respond in writing within
thirty (30) days after its receipt of such notice, such claim specified by the Indemnified Party in such notice shall be
conclusively deemed a liability of the Indemnifying Party under Section 5.1, and the Indemnifying Party shall pay the
amount of such Losses to the Indemnified Party on demand or, in the case of any written notice in which the amount of the
claim (or any portion thereof) is estimated, on such later date when the amount of such claim (or such portion thereof)
becomes finally determined. If the Indemnifying Party responds within thirty (30) days and in such response disputes its
obligation to indemnify the Indemnified Party with respect to all or part of such claim, the Indemnifying Party and the
Indemnified Party shall proceed in good faith to negotiate a resolution of such dispute and, if not resolved through
negotiations within thirty (30) days of notice of such dispute from the Indemnifying Party, such dispute shall be resolved in
accordance with Section 6.3.

 

_________________

*
Confidential treatment has been requested with respect to portions of this agreement as indicated by “[***]” and such
confidential portions have been deleted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2
of the Securities Exchange Act of 1934, as amended.

 

    -18-

    

    

 

Section
5.4       Indemnification Payments. All amounts required to be paid pursuant to this Article V shall be paid promptly
in immediately available funds by wire transfer to a bank account designated by the Indemnified Party.

 

Section 5.5       Limitation on Damages.

 

(a)      
IN NO EVENT SHALL EITHER PARTY AND/OR ITS AFFILIATES OR ANY OF THEIR DIRECTORS, OFFICERS, EMPLOYEES, STOCKHOLDERS, AGENTS,
REPRESENTATIVES OR SUBCONTRACTORS BE LIABLE REGARDLESS OF THE FORM OF ACTION OR LEGAL THEORY FOR INDIRECT, SPECIAL, PUNITIVE, EXEMPLARY,
INCIDENTAL OR CONSEQUENTIAL DAMAGES OF ANY KIND RELATED TO THE PERFORMANCE OR NON-PERFORMANCE OF THIS AGREEMENT, INCLUDING LOST
PROFITS, LOSS OF DATA OR BUSINESS INTERRUPTION (EXCEPT TO THE EXTENT SUCH EXCLUDED DAMAGES ARE AWARDED TO A THIRD PARTY IN A FINAL,
NON-APPELABLE ORDER BY A COURT OF COMPETENT JURISDICTION IN CONNECTION WITH A THIRD PARTY CLAIM).

 

(b)       NOTWITHSTANDING ANYTHING TO THE CONTRARY HEREIN, THE AGGREGATE LOSSES FOR WHICH EACH PARTY IS OBLIGATED TO INDEMNIFY THE
APPLICABLE INDEMNIFIED PARTIES UNDER SECTION 5.1 SHALL IN NO EVENT EXCEED [***];
PROVIDED THAT THE CAP SHALL NOT APPLY TO LOSSES AWARDED IN ANY THIRD PARTY CLAIM FINALLY DETERMINED BY A COURT OF COMPETENT JURISDICTION.

 

Section
5.6       Disclaimer of Warranties.EXCEPT AS EXPRESSLY SET FORTH IN THIS
AGREEMENT, NEITHER PARTY MAKES, AND EACH PARTY EXPRESSLY DISCLAIMS, ANY AND ALL REPRESENTATIONS OR WARRANTIES WHATSOEVER,
WHETHER EXPRESS, IMPLIED OR STATUTORY, WRITTEN OR ORAL, WITH RESPECT TO THE SERVICES TO BE PROVIDED UNDER THIS AGREEMENT,
INCLUDING WARRANTIES WITH RESPECT TO MERCHANTABILITY, OR SUITABILITY OR FITNESS FOR A PARTICULAR PURPOSE, AND ANY WARRANTIES
ARISING FROM COURSE OF DEALING, COURSE OF PERFORMANCE OR TRADE USAGE.

 

_________________

*
Confidential treatment has been requested with respect to portions of this agreement as indicated by “[***]” and such
confidential portions have been deleted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2
of the Securities Exchange Act of 1934, as amended.

 

    -19-

    

    

 

Section
5.7       Survival.The provisions of Article V shall survive termination of this Agreement.

 

ARTICLE
VI

 

MISCELLANEOUS

 

Section
6.1       Cooperation. Each Party shall, and shall cause its Affiliates to, use
commercially reasonable efforts to cooperate with the other Party in all matters relating to the provision and receipt of
Services, including providing information and documentation sufficient for the other Party to provide the Services and making
available, as reasonably requested by the other Party, timely decisions, approvals and acceptances in order that the other
Party and its Affiliates may perform their respective obligations under this Agreement in a timely manner.

 

Section
6.2       Negotiation. In the event that any dispute arises between the Parties that cannot be resolved, either Party shall
have the right to refer the dispute for resolution to the chief financial officers of the Parties by delivering to the other Party
a written notice of such referral (a “Dispute Escalation Notice”). Following receipt of a Dispute Escalation
Notice, the chief financial officers of the Parties shall negotiate in good faith to resolve such dispute. In the event that the
chief financial officers of the Parties are unable to resolve such dispute within fifteen (15) Business Days after receipt of the
Dispute Escalation Notice, either Party shall have the right to refer the dispute to the chief executive officers of the Parties,
who shall negotiate in good faith to resolve such dispute for an additional fifteen (15) Business Days. In the event that the Parties
are unable to resolve such dispute within thirty (30) Business Days after the date of the Dispute Escalation Notice, either Party
shall have the right to commence litigation in accordance with Section 6.3.The Parties agree that all discussions, negotiations
and other information exchanged between the Parties during the foregoing escalation proceedings shall be without prejudice to the
legal position of a Party in any subsequent Action.

 

Section 6.3       Consent to Jurisdiction;
Forum; Service of Process; Waiver of
Jury Trial.

 

_________________

*
Confidential treatment has been requested with respect to portions of this agreement as indicated by “[***]” and such
confidential portions have been deleted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2
of the Securities Exchange Act of 1934, as amended.

 

    -20-

    

    

 

(a)      
Subject to the prior exhaustion of the procedures set forth in Section 6.2, each of the Parties irrevocably agrees
that any Action with respect to this Agreement and the rights and obligations arising hereunder, or for recognition and enforcement
of any judgment in respect of this Agreement and the rights and obligations arising hereunder brought by the other Party hereto
or its successors or assigns, shall in the case of all Parties, be brought and determined exclusively in the Delaware Court of
Chancery and any state appellate court therefrom within the State of Delaware (or, if the Delaware Court of Chancery declines
to accept jurisdiction over a particular matter, any state or federal court within the State of Delaware). Each of the Parties
irrevocably submits with regard to any such Action for itself and in respect of its property, generally and unconditionally, to
the personal jurisdiction of the aforesaid courts and agrees that it will not bring any Action relating to this Agreement or any
of the transactions contemplated hereby in any court other than the aforesaid courts. Each of the Parties irrevocably waives,
and agrees not to assert as a defense, counterclaim or otherwise, in any Action with respect to this Agreement, (i) any claim
that it is not personally subject to the jurisdiction of the above named courts for any reason other than the failure to serve
in accordance with this Section 6.3, (ii) any claim that it or its property is exempt or immune from jurisdiction of any
such court or from any legal process commenced in such courts (whether through service of notice, attachment prior to judgment,
attachment in aid of execution of judgment, execution of judgment or otherwise) and (iii) to the fullest extent permitted by applicable
Law, any claim that (A) the Action in such court is brought in an inconvenient forum, (B) the venue of such Action is improper
or (C) this Agreement, or the subject matter hereof, may not be enforced in or by such courts. The Parties consent to and grant
any of the aforesaid courts’ jurisdiction over the person of such Parties and over the subject matter of such dispute. Each
of the Parties irrevocably appoints Corporation Service Company as its agent for the sole purpose of receiving service of process
or other legal summons in connection with any such Action brought in such courts and agrees that it will maintain Corporation
Service Company at all times as its duly appointed agent in the State of Delaware for the service of any process or summons in
connection with any such Action brought in such courts and, if it fails to maintain such an agent during any period, any such
process or summons may be served on it by mailing a copy of such process or summons to it in accordance with, and in the manner
provided in, Section 6.4 hereof, with such service deemed effective on the fifth (5th)
day after the date of such mailing. The Parties agree that a final judgment in any such action or proceeding shall be conclusive
and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by applicable Law.

 

(b)      
EACH PARTY (I) ACKNOWLEDGES AND AGREES THAT ANY ACTION THAT MAY ARISE UNDER OR RELATE TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND (II) HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES,
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY ACTION ARISING OUT
OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY (A) CERTIFIES AND ACKNOWLEDGES THAT NO REPRESENTATIVE
OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF ANY ACTION, SEEK
TO ENFORCE THE FOREGOING WAIVER, (B) CERTIFIES AND ACKNOWLEDGES THAT IT AND THE OTHER PARTY HAVE BEEN INDUCED TO ENTER INTO THIS
AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION OF THIS AGREEMENT, (C) UNDERSTANDS AND
HAS CONSIDERED THE IMPLICATIONSOFTHISWAIVERAND(D) MAKESTHISWAIVER VOLUNTARILY.

 

_________________

*
Confidential treatment has been requested with respect to portions of this agreement as indicated by “[***]” and such
confidential portions have been deleted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2
of the Securities Exchange Act of 1934, as amended.

 

    -21-

    

    

 

(c)      
The covenant of each Service Provider to provide the applicable Services is independent of each Service Recipient’s
covenants under this Agreement and the Master Purchase and Sale Agreement and Commercial Agreements, and each Service Provider,
during any dispute or otherwise, shall continue to provide the Services to the applicable Service Recipient so long as such Service
Recipient is not in material and ongoing breach of its obligations under Section 4.1 hereof for which breach such Service
Recipient, after becoming aware of or receiving notice of such breach, has not promptly commenced and continued commercially reasonable
efforts to remedy.

 

Section
6.4Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall
be deemed to have been duly given (a) when received, if delivered personally, (b) when transmitted by facsimile (with confirmation
of transmission) or by e-mail (upon confirmation of receipt), (c) upon receipt, if sent by registered or certified mail (postage
prepaid, return receipt requested) and (d) the day after it is sent, if sent for next-day delivery to a domestic address by overnight
mail or courier, to the Parties at the following addresses:

 

		(a)	if to BPC or any member of the Biotest Group, to:

 

Biotest Pharmaceuticals
Corporation

c/o Biotest AG

Landsteinerstr. 5

63303 Dreieich Germany

Attention: Dr. Michael Ramroth
and Dr. Martin Reinecke

Facsimile:

Email:
[***]

   [***]

 

and to:

 

Biotest Pharmaceuticals
Corporation

5800 Park of Commerce

Blvd. NW Boca Raton, FL 33487

Attention: Ileana Carlisle,
CEO; and Donna Quinn, General Counsel

Facsimile:

Email:[***]

[***]

 

_________________

*
Confidential treatment has been requested with respect to portions of this agreement as indicated by “[***]” and such
confidential portions have been deleted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2
of the Securities Exchange Act of 1934, as amended.

 

    -22-

    

    

 

with
a copy to (which will not constitute notice):

 

Greenberg Traurig, LLP

3333 Piedmont Road, NE

Suite 2500 

Atlanta, Georgia 30305

Attention: Wayne H. Elowe, Esq.

Facsimile: 678.553.2453

Email:
[***]

 

if to
ADMA or any member of the ADMA Group, to:

 

ADMA Biologics, Inc.

456 Route 17 South 

Ramsey, NJ 07446

Attention:
Adam Grossman

Facsimile: 201.478.5553

Email: [***]

 

with a copy to (which will not
constitute notice):

 

Paul, Weiss, Rifkind, Wharton
& Garrison LLP

1285 Avenue of the Americas

New York, NY 10019-6064 

Attention: Ariel J. Deckelbaum,
Esq.

Facsimile: 212.757.3990

Email: [***]

 

provided, however, that
if any Party shall have designated a different address by notice to the others, then to the last address so designated.

 

Section
6.5       Entire Agreement. This Agreement, together with the Service Schedules hereto, constitutes the entire agreement between
the Parties with respect to the subject matter hereof and shall supersede all negotiations, prior discussions and prior agreements,
both written and oral, made prior to the date hereof.

 

Section
6.6       Waivers and Amendments.This Agreement may not be amended, supplemented or otherwise modified except by an instrument
in writing signed by BPC and ADMA. Waiver of any term or condition of this Agreement (including any of the Service Schedules) by
any Party shall only be effective if in writing and shall not be construed as a waiver of any subsequent breach or failure of the
same term or condition or a waiver of any other term or condition of this Agreement. Neither course of conduct nor the failure
or delay of any Party to exercise or enforce any right, remedy, condition or part of this Agreement at any time shall be construed
as a waiver of that right, remedy, condition or part, nor shall it forfeit any rights to future exercise or enforcement thereof.

 

Section
6.7       Governing Law. This Agreement (including any Action or controversy arising out of or relating to this Agreement)
shall be governed by the Law of the State of Delaware without regard to conflict of law principles that would result in the application
of any Law other than the Laws of the State of Delaware.

 

_________________

*
Confidential treatment has been requested with respect to portions of this agreement as indicated by “[***]” and such
confidential portions have been deleted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2
of the Securities Exchange Act of 1934, as amended.

 

    -23-

    

    

 

Section
6.8       Binding Effect; Assignment. This Agreement shall be binding upon and inure to the benefit of the Parties and their
respective successors and permitted assigns. This Agreement is not assignable by either Party without the prior written consent
of the other Party; provided, that BPC, on the one hand, or ADMA, on the other hand, as the case may be, may assign any
of its rights under this Agreement to any of its respective Affiliates (it being understood that no such assignment shall effect
a novation or otherwise relieve the assigning Party of any of its obligations hereunder nor in any way increase the obligations
of the non-assigning Party under this Agreement); provided, further, that either Party may assign its rights and
obligations under this Agreement upon 30 days’ prior written notice to the non-assigning Party in connection with a sale
of all or substantially all of its business, whether by sale of assets, merger or otherwise; provided that the acquiring
party agrees in writing with the non-assigning Party to fulfill all of the remaining obligations of the assigning Party.

 

Section
6.9       Monetary Amounts. Unless otherwise expressly provided, monetary amounts are in U.S. dollars.

 

Section
6.10      Articles and Sections.The headings of the Articles, Sections and subsections of this Agreement are inserted
for convenience only and shall not be deemed to constitute a part of or to in any way affect the meaning or interpretation of this
Agreement.

 

Section
6.11      Interpretation. The language in all parts of this Agreement shall be construed, in all cases, according to its fair
meaning. The Parties acknowledge that each Party and its counsel have reviewed and revised this Agreement and that any rule of
construction to the effect that any ambiguities are to be resolved against the drafting Party shall not be employed in the interpretation
of this Agreement.

 

Section
6.12      Severability of Provisions. If any term, provision, covenant or restriction of this Agreement is held by a court
of competent jurisdiction or other authority to be invalid, void, unenforceable or against its regulatory policy such determination
shall not affect the enforceability of any other term, provision, covenant or restriction of this Agreement or of the remainder
of this Agreement which shall remain in full force and effect and shall in no way be affected, impaired or invalidated so long
as the economic or legal substance of the transactions contemplated by this Agreement is not affected in any manner materially
adverse to any Party. Upon such determination that any term, provision, covenant or restriction of this Agreement is invalid, void,
unenforceable or against regulatory policy, ADMA and BPC shall negotiate in good faith to modify this Agreement so as to effect
the original intent of the Parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated
by this Agreement be consummated as originally contemplated to the fullest extent possible.

 

Section
6.13      Counterparts.This Agreement may be executed by the Parties manually,
by facsimile or by-email as a pdf attachment, in any number of counterparts, each of which shall be deemed an original but
all of which together shall constitute one and the same instrument. This Agreement, any and all agreements and instruments
executed and delivered in accordance herewith, along with any amendments hereto or thereto, to the extent signed and
delivered by means of a facsimile machine or other means of electronic transmission, shall be treated in all manner and
respects and for all purposes as an original signature, agreement or instrument and shall be considered to have the same
binding legal effect as if it were the original signed version thereof delivered in person.

 

_________________

*
Confidential treatment has been requested with respect to portions of this agreement as indicated by “[***]” and such
confidential portions have been deleted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2
of the Securities Exchange Act of 1934, as amended.

 

    -24-

    

    

 

Section
6.14      No Personal Liability. This Agreement (and each agreement, certificate and instrument delivered pursuant hereto)
shall not create or be deemed to create or permit any personal liability or obligation on the part of any officer, director, employee,
agent, representative or investor of either Party.

 

Section
6.15      No Third Party Beneficiaries.Except as otherwise provided in Article V, this Agreement is solely for the benefit
of the Parties hereto and their respective Affiliates and permitted assignees, and no provision of this Agreement shall be deemed
to confer upon any Person, other than the Parties, and their respective Affiliates and permitted assignees any remedy, claim, liability,
reimbursement, cause of action or other right in excess of those existing without reference to this Agreement.

 

Section
6.16      Force Majeure. Neither Party shall be liable for any expense, loss or damage whatsoever arising out of any delay
or failure in the performance of its obligations pursuant to this Agreement to the extent such delay or failure results from events
beyond the reasonable control of that Party (“Force Majeure”), including acts of God, acts or regulations of
any Governmental Authority, war, riots, insurrection, terrorism or other hostilities, accident, fire, flood, strikes, lockouts,
labor disputes, pandemics or shortages of fuel; provided, that: (a) each Service Provider gives the applicable Service
Recipient, as soon as reasonably practicable, written notice describing the occurrence, including, to the extent reasonably possible,
a non-binding estimation of its expected duration and probable impact on the performance of its obligations hereunder, (b) the
suspension of performance is of a scope and duration reasonably related to the Force Majeure and (c) each Service Provider uses
commercially reasonable efforts to mitigate the effects of the Force Majeure. Neither Party shall be entitled to terminate this
Agreement due to a Force Majeure or any delay or failure to perform by the Party experiencing such Force Majeure.

 

Section
6.17      Independent Contractors.Except as otherwise agreed in writing by the Parties, in the performance of the Services
to be rendered hereunder, each Service Provider and its Affiliates shall at all times act as independent contractors, and none
is in any respect an agent, attorney, employee, representative, joint venturer or fiduciary of a Service Recipient, and no Service
Recipient shall declare or represent to any third party that such Service Provider or any of its Affiliates is acting in any respect
as agent, attorney, employee, representative, joint venturer or fiduciary of such Service Recipient. Neither ADMA or its Affiliates,
on the one hand, nor BPC or its Affiliates, on the other hand, shall have any power or authority to negotiate or conclude any agreement,
or to make any representation or to give any understanding on behalf of the other in any way whatsoever.

 

_________________

*
Confidential treatment has been requested with respect to portions of this agreement as indicated by “[***]” and such
confidential portions have been deleted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2
of the Securities Exchange Act of 1934, as amended.

 

    -25-

    

    

 

Section
6.18      Injunctive Relief. In the event of a breach or threatened breach of any provision of this Agreement relating to
confidentiality, data security privacy or related issues, the non-breaching Party will have no adequate remedy at law and the damages
to be suffered by such Party will not be fully compensable in money damages alone. In such event, the non-breaching Party shall,
in addition to any other rights under this Agreement or under applicable law, be entitled to seek an injunction or other equitable
relief against such breach or threatened breach without any requirement to post bond as a condition of such relief.

 

Section
6.19      Employees. Individuals employed by a Service Provider or its Affiliates who provide Services pursuant to this Agreement
shall in no respect be considered employees of the applicable Service Recipient. Each Service Provider or one of its Affiliates
shall act as the sole employer of the individuals it employs and shall not delegate any employment functions to the Service Recipient.

 

Section
6.20      No Set-Off. Each Party’s obligation to pay fees or make any other required payments under this Agreement shall
not be subject to any right of offset, set-off, deduction or counterclaim, however arising, including pursuant to any claims under
the Master Purchase and Sale Agreement or any of the Commercial Agreements.

 

Section
6.21      Further Assurances. Each Party shall execute and deliver such additional instruments and other documents and use
all commercially reasonable efforts to take or cause to be taken, all actions and to do, or cause to be done, all things necessary
under applicable Law to consummate the transactions contemplated hereby.

 

Section
6.22      Master Purchase and Sale Agreement; Commercial Agreements. Except as specifically agreed herein, nothing in this
Agreement is intended, or shall be construed, to amend, modify, limit, augment or decrease in any respect, or constitute a waiver
of, any of the rights, remedies or obligations of the Parties under the Master Purchase and Sale Agreement or Commercial Agreements.

 

[Remainder of page intentionally
left blank]

 

_________________

*
Confidential treatment has been requested with respect to portions of this agreement as indicated by “[***]” and such
confidential portions have been deleted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2
of the Securities Exchange Act of 1934, as amended.

 

    -26-

    

    

 

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

 

	 	ADMA BIOMAUFACTURING, LLC

                            

                           By: /s/ Adam Grossman

                           Name: Adam Grossman

                           Title: Chief Executive Officer

  

[Signature
page to Transition Services Agreement]

 

_________________

*
Confidential treatment has been requested with respect to portions of this agreement as indicated by “[***]” and such
confidential portions have been deleted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2
of the Securities Exchange Act of 1934, as amended.

 

    

    

    

 

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

 

	 	BIOTEST PHARMACEUTICALS CORPORATION

                            

                           By: /s/ Ileana Carlisle

                           Name: Ileana Carlisle

                           Title: Chief Executive Officer

   

[Signature
page to Transition Services Agreement]

 

_________________

*
Confidential treatment has been requested with respect to portions of this agreement as indicated by “[***]” and such
confidential portions have been deleted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2
of the Securities Exchange Act of 1934, as amended.

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