Document:

EX-10.4

 Exhibit 10.4 

Certain identified information has been excluded from this exhibit because it is both not material and 

is the type of information that the registrant treats as private or confidential. Information that 

was omitted has been noted in this document with a placeholder identified by the mark “[***]”. 

TRANSFER AGENCY AND REGISTRAR SERVICES AGREEMENT 

THIS TRANSFER AGENCY AND REGISTRAR SERVICES AGREEMENT (this “Agreement”), dated as of May 12, 2020 (the
“Effective Date”), is entered into by and between BITWISE INVESTMENT ADVISERS, LLC (the “Sponsor”) on behalf of BITWISE 10 CRYPTO INDEX FUND, a Delaware statutory trust (the “Fund”), and AMERICAN
STOCK TRANSFER & TRUST COMPANY, LLC, a New York limited liability trust company (“AST”; together with the Fund, the “Parties”; each, the “Party”). 

1. Appointment of AST as Transfer Agent and Registrar. 

(a) The Fund hereby appoints AST, and AST hereby accepts such appointment, to act as sole transfer agent and registrar (the “Transfer
Agent”) for the shares of the Fund and for any other securities of the Fund as requested in writing by the Fund from time to time (the “Shares”). AST shall perform only those duties and obligations that are specifically set
forth in this Agreement, including on Schedule 1, and no implied duties and obligations shall be read into this Agreement against AST. 
 (b)
On or immediately after the Effective Date, the Fund shall deliver to AST the following: (i) incumbency certificates of the officers of the Fund who are authorized to deliver written instructions and requests on behalf of the Fund to AST;
(ii) copies of the organizational documents of the Fund, certified by the corporate secretary or similar authorized officers of the Fund; (iii) a schedule that lists the class of the Shares, the par value of the Shares, and the number of
authorized Shares; and (iv) all documentation or information reasonably requested by AST that is required by bank regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including
without limitation the United and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, as amended (the “KYC/AML Requirements”). The Fund hereby acknowledges that it shall be
the sole responsibility of the Fund to ensure compliance with the all KYC/AML Requirements with respect to the Shareholders (as defined below) that make primary investments into the Fund. 

(c) The Fund shall promptly advise AST in writing of any change in the capital structure of the Fund, and the Fund shall promptly provide AST
with resolutions of Bitwise Asset Management, the Fund’s sponsor (the “Sponsor”) authorizing any recapitalization of the Shares or change in the number of issued Shares. Further, the Fund shall advise AST reasonably promptly of
any material amendment or supplement to any information or materials provided by the Fund to AST and shall provide such material amendment or supplement to AST as soon as reasonably practicable. 

(d) The Fund hereby authorizes AST to establish and AST agrees to establish a program (the “DRS Sale Program”), through which
the holders of one or more Shares (the “Shareholders”) may elect to sell any Shares held in book-entry form through the Direct Registration System operated by the Depository Trust & Clearing Corporation. The Fund shall not
be charged by AST for establishing or administering the DRS Sale Program, and AST shall be entitled to charge a transaction fee as set forth on Schedule 2 to any Shareholder that elects to sell Shares through the DRS Sale Program. The Fund
hereby appoints AST, and AST hereby accepts such appointment to act as the administrator of the DRS Sale Program. 
 2. Term. The
initial term of this Agreement shall be five (5) years from the date hereof, and this Agreement shall automatically renew for additional five-year successive terms (each, a “Term”) without further action of the Parties, unless
(i) written notice is provided by either Party at least ninety (90) days prior to the end of the initial or any subsequent five-year period or (ii) the Agreement is terminated pursuant to Section 9. 

 3. Fees; Expenses. 

(a) As consideration for the services listed on Schedule 1 (the “Services”), the Fund shall pay to AST the fees set
forth on Schedule 2 (the “Fees”). If the Fund requests that AST provide additional services not contemplated hereby, the Fund shall pay to AST fees for such services at AST’s reasonable and customary rates, such fees to
be governed by the terms of a separate agreement to be mutually agreed to and entered into by the Parties at such time (the “Additional Service Fee”; together with the Fees, the “Service Fees”). 

(b) The Fund shall reimburse AST for all reasonable and documented expenses incurred by AST (including, without limitation, reasonable and
documented fees and disbursements of outside counsel, but only to the extent that the Sponsor has provided prior written approval regarding the engagement by AST of such outside counsel) in connection with the Services (the
“Expenses”); provided, however, that AST reserves the right to request advance payment for any out-of-pocket expenses. The Fund agrees to
pay all Service Fees and Expenses within thirty (30) days following receipt of an invoice from AST. 
 (c) The Fund agrees and
acknowledges that AST may adjust the Service Fees annually, on or about each anniversary date of this Agreement, by five percent (5%). 
 (d)
Upon termination of this Agreement for any reason, AST shall assist the Fund with the transfer of records of the Fund held by AST. AST shall be entitled to record transfer services fee of $8,500 and reimbursement of any reasonable Expenses for the
preparation and delivery of such records to the successor agent or to the Fund, and for maintaining records that are received after the termination of this Agreement (the “Record Transfer Services”). 

4. Representations and Warranties of the Fund. 

(a) The Fund represents and warrants to AST that (i) it is duly organized and validly existing and in good standing under the laws of the
state of its organization; (ii) it has all requisite power and authority to enter into this Agreement and to perform the transactions contemplated hereby; (iii) the execution, delivery and performance of this Agreement and the transactions
contemplated hereby have been duly authorized by all necessary action on the part of the Fund; and (iv) this Agreement has been duly executed and delivered and is the legally valid and binding obligation of the Fund, enforceable against the
Fund in accordance with the Agreement’s terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally or by equitable principles (whether
enforcement is sought by proceeding in equity or at law). 
 (b) All Shares issued and outstanding as of the date hereof, or to be issued
during the Term, are or shall be duly authorized, validly issued, fully paid and non-assessable. Except as in accordance with Section 4(c), all such Shares are or shall be duly
registered under the Securities Act of 1933, as amended (the “Securities Act”), and the Securities Exchange Act of 1934, as amended (the “Exchange Act”). 

(c) Any Shares that are not registered under the Securities Act and the Exchange Act are or shall be issued or transferred in a transaction
that is, or a series of transactions that are, exempt from the registration provisions under the Securities Act and the Exchange Act, and such Shares bear or shall bear the applicable restrictive legends. Upon the Shares no longer being deemed
restricted securities pursuant to Rule 144, the Fund shall deliver to AST a blanket legal opinion in form and substance reasonably satisfactory to AST. In addition, upon any transfer of Shares subject to a transfer restriction, the Fund shall
deliver to AST a legal opinion in form and substance reasonably satisfactory to AST. 
  

  
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 5. Representations and Warranties of AST. 

(a) AST represents and warrants to the Fund that (i) it is duly organized and validly existing and in good standing under the laws of the
state of its organization; (ii) it has all requisite power and authority to enter into this Agreement and to perform the transactions contemplated hereby; (iii) the execution, delivery and performance of this Agreement and the transactions
contemplated hereby have been duly authorized by all necessary action on the part of AST; and (iv) this Agreement has been duly executed and delivered and is the legally valid and binding obligation of AST, enforceable against AST in accordance
with the Agreement’s terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally or by equitable principles (whether enforcement is sought by
proceeding in equity or at law). 
 (b) There is no pending or, to the best of its knowledge, threatened, action, suit or proceeding before
or by any court or other governmental body, or any regulatory investigation by the Securities and Exchange Commission or other regulatory authority, to which AST or its assets is subject, which might reasonably be expected to materially adversely
affect AST’s ability to perform under this Agreement. 
 (c) AST will comply with all applicable laws, rules, and regulations of any
jurisdiction in which it undertakes any activities under this Agreement in all material respects. 
 (d) AST has obtained and will maintain
all necessary consents, permits, licenses, and other authorizations (together, “Authorizations”) required to conduct AST’s business in any relevant jurisdiction or in order to perform its services hereunder. AST will provide to
the Fund, upon its request, a copy of any such Authorization. 
 6. Reliance. 

(a) AST shall be entitled to assume the validity of the issuance, presentation or transfer of Shares, the genuineness of any endorsement(s),
the authority of its presenter(s), or the collection or payment of charges or taxes incident to the issuance or transfer of Shares; provided, however, that AST may delay or decline to issue or transfer Shares if it determines in good
faith and in its sole discretion that it is in the Fund’s and/or AST’s best interests to receive evidence or written assurance of the validity of the issuance, presentation or transfer of Shares, the authority of its presenter(s) or the
collection or payment of any charges or taxes relating to the issuance or transfer. 
 (b) For the avoidance of doubt, AST shall not be
responsible for any transfer or issuance of Shares that has not been effected by AST. 
 (c) Except to the extent that AST has actual
knowledge to the contrary, AST may rely on, and shall be protected and incur no liability in acting or refraining from acting in good faith reliance upon: (i) any writing or other instruction, including, but not limited to, oral instruction,
certificate, instrument, opinion, notice, letter, stock power, affidavit or other document or security, received from any Person (as defined below) it believes in good faith to be an authorized officer, agent or employee of the Fund, unless the Fund
has advised AST in writing that AST must act and rely only on written instructions of certain authorized officers of the Fund; (ii) any statement of fact contained in any such writing or instruction which AST in good faith believes to be
accurate; (iii) other authenticity and genuineness of any signature (manual, facsimile or electronic) appearing on any writing, including, but not limited to, any certificate, instrument, opinion, notice, letter, stock power, affidavit or other
document or security; and (iv) the conformity to original of any copy. AST may act and rely on the advice, opinions or instructions received from the Fund’s legal counsel. In the event that the Fund or its legal counsel is unavailable or
does not respond to AST’s requests for legal advice, AST may seek the advice of AST’s own legal counsel (including its internal legal 
  

  
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counsel), and AST shall be entitled to act and rely in good faith on the advice, opinion or instruction of such counsel, which shall be full and complete authorization and protection in respect
of any action taken, suffered or omitted by AST pursuant to such advice, opinion or instruction. Without limiting the foregoing, AST shall be entitled to use and rely upon any instructions of the Fund without responsibility for independent
verification thereof and shall not assume responsibility for the accuracy or completeness of such instructions. 
 (d) Except to the extent
that AST has actual knowledge to the contrary, AST may rely on, and shall be protected and incur no liability in acting or refraining from acting in good faith in reliance upon: (i) any writing or other instruction believed by AST in good faith to
have been furnished by or on behalf of a Shareholder, including, but not limited to, any oral instruction, certificate, instrument, opinion, notice, letter, stock power, affidavit or other document or security; (ii) any statement of fact
contained in any such writing or instruction which AST in good faith believes to be accurate; (iii) the apparent authority of any Person to act on behalf of a Shareholder as having actual authority to the extent of such apparent authority; (iv)
the authenticity and genuineness of any signature (manual, facsimile or electronic) appearing on any writing, including, but not limited to, any certificate, instrument, opinion, notice, letter, stock power, affidavit or other document or security;
and (v) on the conformity to original of any copy. AST is authorized to reject any transfer request that fails to satisfy AST’s internal procedures relating to the transfer of Shares. Without limiting the foregoing, AST shall be entitled
to use and rely upon any instructions of a Shareholder or its representatives without responsibility for independent verification thereof and shall not assume responsibility for the accuracy or completeness of such instructions. 

(e) AST may rely on, and shall be protected and incur no liability in acting or refraining from acting in good faith in reliance upon:
(i) any guaranty of signature by an “eligible guarantor institution” that is a member or participant in the Securities Transfer Agents Medallion Program or other comparable signature guarantee program or insurance program; or
(ii) any instructions received through the Depository Trust Company’s Direct Registration System/Profile service. 
 7.
Unclaimed Property. 
 (a) To the extent required by applicable unclaimed property laws or if requested by the Fund, AST will provide,
or cause to be provided, unclaimed property reporting services for unclaimed property that may be are deemed abandoned or otherwise subject to unclaimed property law. Such services will include (without limitation) (i) identification of
unclaimed or abandoned property, (ii) preparation of unclaimed or abandoned property reports, (iii) delivery of unclaimed or abandoned property to the applicable state unclaimed property departments, (iv) completion of required due
diligence notifications, (v) responses to inquiries from Shareholders relating to unclaimed or abandoned property, and (vi) such other services as are reasonably be necessary to comply with unclaimed property laws or regulations. The Fund shall
assist and cooperate with AST as reasonably necessary in connection with the performance of the services described in this Section. AST shall assist the Fund in responding to (x) inquiries from state unclaimed property departments
regarding reports filed by or on behalf of the Fund or (y) requests for the confirmation of names of owners of unclaimed or abandoned property. 

(b) The Fund acknowledges and agrees that AST may use a shareholder locating service provider (the “Locating Service
Provider”) to locate and contact Shareholders (or their surviving relatives, joint tenants or heirs, as applicable) to assist them in preventing the escheatment of applicable Shares and related unclaimed or abandoned property. The Fund
shall not be charged by AST or the Locating Service Provider for such services. The Locating Service Provider shall inform the Shareholders that they may elect (x) to contact AST at no charge other than at AST’s applicable fees or
(y) to utilize the services of the Locating Service Provider for a fee, which shall not exceed the maximum fee allowed under the applicable state’s unclaimed property rules. 

 

  
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 8. Confidentiality. 

(a) “Confidential Information” means, as to the Disclosing Party (as defined below) and, if applicable, its Affiliates:
(i) information concerning the business of the Disclosing Party and, if applicable, its Affiliates (including, without limitation, business, financial, technical, and other information marked or designated by such Party as
“confidential” or “proprietary”, historical financial statements, financial projections and budgets, audits, tax returns and accountants’ materials, historical, current and projected sales, capital spending budgets and
plans, business plans, strategic plans, marketing and advertising plans, publications, and customer agreements); (ii) information that, by the nature of the circumstances surrounding the disclosure, ought in good faith to be treated as confidential;
(iii) information, including account information, relating to the shareholders of the Disclosing Party; and (iv) all notes, analyses, compilations, studies, summaries and other material prepared by the Receiving Party (as defined below),
its Affiliates, employees, agents, and representatives containing or based, in whole or in part, on any or all of the foregoing; provided that Confidential Information shall not include any information that (x) is or becomes (through no
improper action or inaction of the Receiving Party) generally available to the public; (y) was rightfully disclosed to the Receiving Party by a third party without a breach of any confidentiality obligations hereunder; or (z) was independently
developed by the Receiving Party without reference to or use of any Confidential Information. 
 (b) “Affiliates” means, as
to a specified Person, another Person that directly, or indirectly, controls or is controlled or is under common control with the specified Person; “Person” means any corporation, limited liability company, partnership or other
legal entity; and “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or
otherwise. “Controlling” and “controlled” shall have corresponding meanings. 
 (c) Each Party (the
“Receiving Party”) acknowledges that it may acquire or have access to Confidential Information of the other Party (the “Disclosing Party”) in connection with the Services or this Agreement. The Receiving Party shall
not disclose Confidential Information to any other Person, and shall not use Confidential Information for any purposes other than in connection with the performance of its obligations under this Agreement; provided that the Receiving Party
shall be permitted to disclose Confidential Information (i) pursuant to the order of any court or administrative agency or in any pending legal, judicial or administrative proceeding, or otherwise as required by applicable law or compulsory
legal process based on the advice of counsel (in which case the Receiving Party agrees, to the extent practicable and not prohibited by applicable law, to inform the Disclosing Party promptly thereof prior to disclosure; provided,
however, that this clause shall not require AST to notify the Fund of its receipt of any subpoena, summons, or other legal process relating to wage garnishment, tax levy or domestic matter proceedings filed against or by a
Shareholder); (ii) upon the request or demand of any regulatory authority having jurisdiction over the Receiving Party (in which case the Receiving Party agrees, to the extent practicable and not prohibited by applicable law, to inform the
Disclosing Party promptly thereof prior to disclosure); or (iii) upon reasonable determination by the Receiving Party’s counsel that such disclosure is required in order to fulfill public reporting obligations, including disclosure
obligations imposed by the OTC Markets Group and the SEC. The Receiving Party shall safeguard the Confidential Information to the same extent that it safeguards its own confidential information of a like nature and in any event with not less than a
reasonable degree of care. 
 (d) Upon the termination of this Agreement or upon the Disclosing Party’s written request, the Receiving
Party shall, at the Disclosing Party’s option, either destroy or return to the Disclosing Party any and all of the Confidential Information, written or other materials derived from the Confidential Information, and copies thereof, and shall
delete and purge permanently all copies and traces of the same from any storage location and/or media to the extent reasonably or technically possible. The Receiving 
  

  
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Party shall, within fifteen (15) days from the termination of this Agreement or such request, provide the Disclosing Party with a certificate signed by an authorized officer of the Receiving
Party confirming that the Receiving Party has fulfilled its obligations under this clause. Notwithstanding the foregoing, upon notice to the Disclosing Party, the Receiving Party may keep a copy of the Confidential Information after
termination of this Agreement to the extent necessary for audit and/or regulatory purposes or to the extent required under applicable law. 

9. Termination. 
 (a)
Either Party may terminate this Agreement if the other Party breaches any material provision herein and either the breach cannot be cured or, if the breach can be cured, it is not cured by the breaching Party within 45 days after the breaching
Party’s receipt of written notice of such breach (the “Cure Period”). If the Fund is the breaching Party, then, during the Cure Period, upon written notice to the Fund, AST may suspend the Services without terminating the
Agreement. During the period of suspension of Services, AST shall have no obligation to act as Transfer Agent, it being understood that such suspension shall not affect AST’s rights and remedies hereunder. 

(b) Either Party may terminate this Agreement, effective upon written notice to the other Party, if the other Party (i) becomes insolvent
or admits its inability to pay its debts generally as they become due; (ii) becomes subject, voluntarily or involuntarily, to any proceeding under any domestic or foreign bankruptcy or insolvency law, which is not fully stayed within seven
(7) business days or is not dismissed or vacated within forty-five (45) business days after filing; (iii) is dissolved or liquidated or takes any corporate action for such purpose; (iv) makes a general assignment for the benefit
of creditors; or (v) has a receiver, trustee, custodian or similar agent appointed by order of any court of competent jurisdiction to take charge of or sell any material portion of its property or business. 

(c) The expiration or termination of this Agreement, for any reason, shall not release either Party from any obligation or liability to the
other Party, including any payment and delivery obligation, that (i) has already accrued hereunder; (ii) comes into effect due to the expiration or termination of the Agreement; or (iii) otherwise survives the expiration or termination of
this Agreement. Following the termination of this Agreement, AST shall promptly invoice the Fund for any outstanding Service Fees and Expenses due and owing under this Agreement, and the Fund shall pay all such Service Fees and Expenses to AST in
accordance with the payment terms set forth in this Agreement. 
 (d) If the Fund terminates this Agreement pursuant to
Section 2, then the Fund shall pay to AST (i) all amounts outstanding under this Agreement as of the date of such termination and (ii) AST’s then-customary fees for Record Transfer Services. If the Fund
terminates this Agreement pursuant to Sections 9(a) or 9(b), then the Fund shall pay to AST all amounts outstanding under this Agreement as of the date of such termination, and AST shall not be entitled to any fees for Record Transfer
Services. If AST terminates this Agreement pursuant to Sections 9(a) or 9(b) or the Fund terminates this Agreement for any reason other than pursuant to Sections 2, 9(a), or 9(b), then the Fund shall pay to AST
(x) all outstanding Service Fees and Expenses as of the date of such termination, (y) the Service Fees that would otherwise have accrued during the remainder of the then-current Term, and (z) AST’s fee for Record Transfer
Services. 
 10. Limitations on Liability. 

(a) To the fullest extent permitted by applicable law, no Party shall be liable to any other Party on any theory of liability for any special,
indirect, consequential or punitive damages (including, without limitation, any loss of profits, business or anticipated savings). 
  

  
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 (b) Except in connection with the indemnification obligations herein, neither Party’s
liability arising out of or in connection with the Services shall exceed the aggregate amount of all Service Fees paid under this Agreement during the twenty-four-month period immediately prior to the date of occurrence of the circumstances giving
rise to such liability. 
 11. Indemnity. 

(a) The Fund hereby agrees to indemnify and hold harmless AST and its Affiliates and its and their officers, directors, employees, advisors,
agents, other representatives and controlling persons (each, an “Indemnified Person”) from and against any and all losses, claims, damages, liabilities and expenses (“Losses”), joint or several, to which any such
Indemnified Person may become subject arising out of or in connection with this Agreement and the Services or any claim, litigation, investigation or proceeding relating to any of the foregoing (each, a “Proceeding”), regardless of
whether any such Indemnified Person is a party thereto or whether a Proceeding is brought by a third party or by the Fund or any of its Affiliates, and to reimburse each such Indemnified Person upon demand for any reasonable, documented legal or
other out-of-pocket expenses incurred in connection with investigating or defending any of the foregoing by one counsel to the Indemnified Persons taken as a whole and,
in the case of a conflict of interest, one additional counsel to the affected Indemnified Persons taken as a whole; provided that the foregoing indemnity shall not, as to any Indemnified Person, apply to Losses to the extent they have
resulted from the willful misconduct, bad faith or gross negligence of such Indemnified Person (as determined by a court of competent jurisdiction in a final and non-appealable decision). 

(b) AST hereby agrees to indemnify and hold harmless the Company from and against any and all Losses to which the Company may become subject
arising out of or in connection with this Agreement and the Services to the extent that such Losses have resulted from the willful misconduct, bad faith or gross negligence of AST (as determined by a court of competent jurisdiction in a final and non-appealable decision). 
 (c) The Party seeking indemnification hereunder (the “Indemnified
Party”) agrees to notify the other Party (the “Indemnifying Party”) promptly of the assertion of any Proceeding for which it is seeking indemnification. At the Indemnifying Party’s election, unless there is a conflict
of interest, the defense of the Indemnified Party shall be conducted by the Indemnifying Party’s counsel. Notwithstanding the foregoing, the Indemnified Party may employ separate counsel to represent it or defend the Indemnified Party in such
Proceeding, and the Indemnifying Party will pay any reasonable, documented legal or other out-of-pocket expenses of counsel if the Indemnified Party reasonably
determines, based on the advice of its legal counsel, that there are defenses available to the Indemnified Party that are different from, or in addition to, those available to the Indemnifying Party, or if an actual or potential conflict of interest
between the Indemnified Party and the Indemnifying Party makes representation by the Indemnifying Party’s counsel not advisable; provided that, unless there is an actual or potential conflict of interest, the Indemnifying Party will not
be required to pay the fees and expenses of more than one separate counsel for the Indemnified Party in any jurisdiction in any single Proceeding. In any Proceeding the defense of which the Indemnifying Party assumes, the Indemnified Party shall be
entitled to participate in such Proceeding and retain its own counsel at the Indemnified Party’s own expense. 
 (d) The Indemnifying
Party shall not be liable for any settlement of any Proceedings effected without its consent (which consent shall not be unreasonably withheld, conditioned or delayed), but if settled with the Indemnifying Party’s written consent or if there is
a final judgment for the plaintiff in any such Proceedings, the Indemnifying Party agrees to indemnify and hold harmless the Indemnified Party from and against any and all Losses by reason of such settlement or judgment in accordance with clause
(a) above. The Indemnifying Party shall not, without the prior written consent of the Indemnified Party (which consent shall not be unreasonably withheld, conditioned or delayed), effect any settlement or consent to the 

 

  
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entry of any judgment of any pending or threatened Proceedings in respect of which indemnity could have been sought hereunder by the Indemnified Party, unless (i) such settlement includes an
unconditional release of such Indemnified Person in form and substance satisfactory to the Indemnified Party from all liability on claims that are the subject matter of such Proceedings and (ii) does not include any statement as to or any
admission of fault, culpability or a failure to act by or on behalf of the Indemnified Party. 
 12. Force Majeure. AST shall not be
liable for failure or delay in the performance of the Services if such failure or delay is due to causes beyond its reasonable control, including but not limited to Acts of God (including fire, flood, earthquake, storm, hurricane or other natural
disaster), war, invasion, act of foreign enemies, hostilities (regardless of whether war is declared), civil war, rebellion, revolution, insurrection, military or usurped power or confiscation, terrorist activities, nationalization, government
sanction, blockage, embargo, labor dispute, strike, lockout or interruption or failure of electricity or telephone service or any other force majeure event. 

13. Notices. Any notice, report or payment required or permitted to be given or made under this Agreement by one Party to the other
shall be in writing and addressed to the other Party at the following address (or at such other address as shall be given in writing by one Party to the other): 

If to the Fund: 
 Bitwise 10
Crypto Index Fund 
 c/o Bitwise Investment Advisers, LLC 

300 Brannan Street, Suite 201 

San Francisco, CA 94107 

Attention: Teddy Fusaro 
 Email:
teddy@bitwiseinvestments.com 
 With a copy to: 

Wilson Sonsini Goodrich &Rosati 

1700 K Street, Fifth Floor,Washington, DC 20006 

Attention: Robert Rosenblum 

Email: rrosenblum@wsgr.com 
 If to
AST: 
 American Stock Transfer & Trust Company, LLC 

6201 15th Avenue 
 Brooklyn, NY
11219 
 Attention: Relationship Management 

With a copy to: 
 American Stock
Transfer & Trust Company, LLC 
 48 Wall Street, 22nd Floor 

New York, New York 10005 

Attention: Legal Department 

Email: legalteamAST@astfinancial.com 
  

  
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 14. Miscellaneous. 

(a) The Fund acknowledges and agrees that (i) nothing herein shall be construed as creating any agency, partnership, joint venture or
other form of joint enterprise, employment or fiduciary relationship between the Parties, and (ii) the Fund waives, to the fullest extent permitted by law, any claims that it may have against AST for breach of fiduciary duty or alleged breach
of fiduciary duty and agrees that AST shall have no liability (whether direct or indirect) to the Fund in respect of such a fiduciary duty claim. 

(b) This Agreement shall be construed and enforced in accordance with the laws of the State of New York, without reference to its conflicts of
law rules. It is agreed that any action, suit or proceeding arising out of or based upon this Agreement shall be brought in the United States District Court for the Southern District of New York or any court of the State of New York of competent
jurisdiction located in such District. Service of any process by registered mail addressed to each party at the respective address above shall be effective service of process against such party for any suit, action or proceeding brought in any such
court. Each Party (i) waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or
the Services in any New York State court or in any such Federal court; (ii) waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such suit, action or proceeding in any such court; and
(iii) agrees that a final judgment in any such suit, 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 law. EACH PARTY IRREVOCABLY WAIVES THE RIGHT
TO TRIAL BY JURY IN ANY ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM BROUGHT BY OR ON BEHALF OF ANY PARTY RELATED TO OR ARISING OUT OF THIS AGREEMENT OR THE PERFORMANCE OF ANY SERVICE HEREUNDER. 

(c) The compensation, reimbursement, confidentiality, indemnification, jurisdiction, governing law, and waiver of jury trial provisions
contained herein shall remain in full force and effect regardless of the termination of this Agreement. No amendment or waiver of any provision hereof shall be effective unless in writing and signed by the Parties and then only in the specific
instance and for the specific purpose for which given. This Agreement is the only agreement between the Parties with respect to the matters contemplated hereby and sets forth the entire understanding of the Parties with respect thereto. This
Agreement and the obligations hereunder of each Party shall not be assignable by such Party without the prior written consent of the other Party (such consent not to be unreasonably withheld, delayed or conditioned); provided that AST may
assign this Agreement or any rights granted hereunder, in whole or in part, to (i) its Affiliates in connection with a reorganization or (ii) a Person that acquires all or substantially all of the business or assets of AST whether by
merger, acquisition, or otherwise. 
 (d) This Agreement may be executed in any number of counterparts and by different Parties in separate
counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page of this Agreement by via email in
“.pdf” or “.tif” form shall be effective as delivery of a manually executed counterpart of this Agreement. If any provision of this Agreement shall be held illegal or invalid by any court, this Agreement shall be
construed and enforced as if such provision had not been contained herein and shall be deemed an agreement between the Parties to the fullest extent permitted by law. 

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 IN WITNESS WHEREOF, each Party has caused this Agreement to be duly executed as of the date
first above written. 
  

									
	AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC	 	            	 	BITWISE INVESTMENT ADVISERS, LLC on behalf of
		 		 		 	BITWISE 10 CRYPTO INDEX FUND
					
	By:	 	 /s/ Michael A. Nespoli
	 		 	By:	 	 /s/ Hunter Horsley

		 	Name: Michael A. Nespoli	 		 		 	Name: Hunter Horsley
		 	Title: Executive Director	 		 		 	Title: President and Treasurer

  

  
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 Schedule 1 

Services 

Capitalized terms used herein and not defined have the meaning ascribed to such terms in the Agreement. Unless otherwise noted, AST will
provide the following services: 
 ACCOUNT MAINTENANCE AND RECORDKEEPING 

 

	•	 Open new accounts, consolidate and close Shareholder accounts 

 

	•	 Annual record storage services (subject to an additional fee) 

 

	•	 Maintain all Shareholder accounts 

 

	•	 Process address changes, including seasonal addresses 

 

	•	 Place, maintain and remove stop transfers 

 

	•	 Post all debit and credit transactions 

 

	•	 Perform social security solicitation 

 

	•	 Handle shareholder and broker inquiries, including internet correspondence 

 

	•	 Respond to requests for audit confirmations 

 

	•	 Monthly report for all classes of securities in Microsoft Word and HTML formats (Excel format is subject to an
additional fee) 

 STOCK AUDIT / CONTROL BOOK FUNCTIONS 

 

	•	 Maintain accurate records of outstanding Shares 

 

	•	 Respond to requests for audit confirmations 

 

	•	 Provide web access to the total outstanding Unit balances 

SECURITY ISSUANCE FUNCTIONS 
  

	•	 Process all routine transfers 

 

	•	 Post all debit and credit transactions 

 

	•	 Create book entry Direct Registration System (“DRS”) positions 

 

	•	 Participate in the DRS profile system, allowing broker “sweeps” of registered positions

  

	•	 Interface electronically with DTC/CEDE & CO, including for all
DTC-eligible common shares 

  

	•	 Mail newly-issued DRS advices to Shareholders 

 

	•	 Replace lost or stolen Stock Certificates upon Shareholder request 

 

	•	 Process legal transfers and transactions requiring special handling 

 

	•	 Provide, upon request, access to daily reports of processed transfers 

 

	•	 Recording any restrictive legends provided by the Fund on records of the applicable Shares

 REPORTING 
  

	•	 Furnish, upon request, unlimited Shareholder list, sorted by Fund-designated criteria 

LISTS AND MAILINGS 
  

	•	 Enclose multiple proxy cards to same household in one envelope, if applicable (subject to additional fees)

  

	•	 Monitor and suppress undeliverable mail until correct address is located 

 

	•	 Furnish shareholder lists, in any sequence 

 

	•	 Provide geographical detail reports of all stocks issued/surrendered over a specific period

  

	•	 Provide mailing labels 

 

  
 -11- 

 WEB-BASED ORIGINAL ISSUANCE (OI) / DWAC SYSTEM 1 
  

	•	 Facilitate Deposit/Withdrawal At Custodian (“DWAC”) and original issuances initiated from the
Fund’s desktop via Internet 

  

	•	 Accept files for original issuances 

 

	•	 Allow multiple requests to be submitted on the same form at the same time 

 

	•	 Notify the Fund via email when matching broker instructions have not been received 

 

	•	 Provide designated brokers the ability for brokers to log into the system and track the status of
Fund-submitted items 

  

	•	 Report daily and monthly transactions via e-mail 

 

	•	 Enforce built-in security procedures 

TECHNOLOGY AND INTERNET ACCESS 
  

	•	 Retrieve account information (including checks) 24 hours a day, 7 days per week 

 

	•	 Review frequently asked questions, including transfer requirements and corporate actions data

  

	•	 Download forms (e.g., affidavit of domicile, form W-8/W-9, letters of transmittal and stock power) 

  

	•	 Change account addresses 

 

	•	 Replace lost, stolen or uncashed checks 

 

	•	 Obtain a duplicate Form 1099 

 

	•	 Sign up for electronic delivery (e.g., for proxy materials) 

 

	•	 Enroll to have dividends directed toward purchase of additional Shares 

 

	•	 Send e-mail inquiries concerning Shareholder’s account, or conduct
an online chat session with one of AST’s customer service representatives 

 SHAREHOLDERS VIA THE INTERACTIVE VOICE RESPONSE
(“IVR”) 
  

	•	 Obtain account-specific information, including account balance 

 

	•	 Execute plan transactions, including sales and certification requests 

 

	•	 Request a duplicate Form 1099, with delivery via mail or fax 

 

	•	 Request a transfer package via mail or fax 

 

	•	 Request forms to effect address changes, check replacements, and direct deposit enrollments

  

	•	 Obtain information pertaining to current corporate actions or other significant Fund events

 SHAREHOLDER (INQUIRIES) 
  

	•	 Distribute “welcome” material to new Shareholders (may incur reimbursable expenses)

  

	•	 Provide assistance to Shareholders related to their securities holdings as they initiate account inquiries or
perform transactions, including guidance through common transactions and explanations for transaction rejections and the corrective steps required to complete their request 

 

	•	 Provide 24/7 account access via the internet and IVR telephonic system 

 

	•	 Provide toll-free number for Shareholder-initiated telephone inquiries to AST’s call center

  

	•	 Oversee the fulfillment process for potential investors (if applicable) 

CLIENT-DESIGNATED PERSONNEL VIA THE INTERNET 
  

	•	 View and download detailed Shareholder data, including name, address of record, account number(s), number of
Shares held in book-entry form, historical dividend-related information and cost basis reporting information 

  

	•	 Obtain total outstanding Unit balances 

 

	1 	 Please note that AST does not charge a fee for DWAC processing but that the broker may charge fees incurred
from receipt of Shares. 

  

  
 -12- 

	•	 Utilize AST’s reporting tool to generate comprehensive reports in a real-time environment, with immediate e-mail delivery 

  

	•	 Issue stock options and effect delivery through the DWAC system 

 

	•	 Update company profile and corporate information 

CONTROL BOOKS TRACKING 
  

	•	 Receive daily emails of control books information 

 

	•	 Review current transactions affecting the number of outstanding Shares in a Fund-specified date range

 PROXY CENTRAL 
  

	•	 Proxy reports (either summarized or detailed) by proposal 

 

	•	 Voting status on the 50 largest accounts 

 

	•	 Shareholders attending the Fund annual meeting 

 

	•	 DTC position listing 

 

	•	 Broker voting detail 

ANNUAL SHAREHOLDER MEETING 
  

	•	 Process proxy votes for routine/non-routine meetings of the Fund

  

	•	 Imprint Shareholders’ name on proxy cards 

 

	•	 2Mail material to Shareholders 

 

	•	 Prepare and transmit daily proxy tabulation reports to the Fund by email 

 

	•	 Provide certified Shareholder list in hard copy if requested 

 

	•	 Facilitate proxy distribution mailing 

DIVIDEND DISBURSEMENT 
  

	•	 Confirm in writing that the dividend notice was received 

 

	•	 Prepare and calculate dividend payments 

 

	•	 Coordinate dividend checks and enclosures (if applicable) mailing to the Shareholders 

 

	•	 Furnish one copy of the dividend register, hard copy or CD-ROM (if
requested) 

  

	•	 Place stop payment orders on reported lost dividend checks 

 

	•	 Issue replacement dividend checks/sales checks 

 

	•	 Provide copies of paid dividend checks upon request (subject to additional fee) 

 

	•	 Report annual dividend income to Shareholders on applicable Form 1099 

 

	•	 File annual tax information electronically to the Internal Revenue Service 

 

	•	 Withhold and remit backup withholding taxes as required by the Internal Revenue Service 

 

	•	 Withhold foreign tax and file foreign tax reports as required by the Internal Revenue Service

  

	•	 Maintain custody and control of all undeliverable checks and forward returned items to Shareholders upon
confirmation of a current address 

  

	•	 Mail year-end tax information to plan participants and the Internal
Revenue Service 

 UNCLAIMED PROPERTY 
  

	•	 Analyze and identify unclaimed or abandoned property across each class of security (if applicable)

  

	•	 Prepare and distribute due diligence notices (may incur reimbursable expenses) 

 

	•	 Prepare unclaimed or abandoned property reports (including null or negative reports, if applicable)

  

	2 	 Please note that postage and processing fees will apply. 

 

	•	 Deliver all unclaimed property and reports to the applicable jurisdictions 

 

	•	 Respond to shareholder and state inquiries relating to unclaimed property filings 

 

  
 -13- 

 Schedule 2 

Fees 
  

					
	PRIVATE OFFFERING AND CONVERSION	  			
	 One-Time Fee
	  	$	[***]	 
	 Assignment of Private Offering Specialist
	  	 	Included	 
	 Conversion of existing Shareholder Data
	  	 	Included	 
	 Coordination of working group as part of the offering
	  	 	Included	 
	 Attendance at closing by telephone as requested
	  	 	Included	 
	 Electronic delivery of Shares at time of closing
	  	 	Included	 
	 Coordination of over-allotment of Shares (as needed)
	  	$	[***]	 
		
	 CUSTODIAN AND PAYING AGENT ADMINISTRATION (per selling Shareholder)
	  	$	[***]	 
		
	ISSUER CENTRAL PLATFORM (1 license)	  	 	Included	 
		
	ONGOING ADMINISTRATION OF TRANSFER AGENT AND REGISTRAR SERVICES	  			
	 *Monthly Administration Fee – up to 1,000 registered holders
	  	$	[***]	 
	
                   
                              – with 1,001-2,500
registered holders
	  	$	[***]	 
	 Annual Unclaimed Property Reporting (waived first two years of the initial term)
	  	$	[***]	 
	 *Each additional class of security shall be $250 per month
	  			
		
	TRANSFER AGENT SERVICES	  			
	 Account Maintenance per Account
	  	 	Included	 
	 Issuance and Registration of Shares
	  	 	Included	 
	 Restricted/Preferred Accounts
	  	 	Included	 
	 General Written Correspondence
	  	 	Included	 
	 Shareholder Address Changes
	  	 	Included	 
	 Customer Service – Telephone
	  	 	Included	 
	 Research and Responding to Shareholder Inquiries
	  	 	Included	 
	 Issuance of Restricted Transfers
	  	 	Included	 
	 3DWAC Transfers (broker fees may
apply)
	  	 	Included	 
	 Non-Routine Transfers (including removal of legends and
transfer of applicable Shares)
	  	 	Included	 
	 Shareholder Internet Access
	  	 	Included	 
	 Fund Internet Access
	  	 	Included	 
	 DRS Sale Program – Transaction Fee (to be paid by the Shareholder)
	  	 	Per transaction	 

  

	3 	 Please note that AST does not charge a fee for DWAC processing but that the broker may charge fees incurred
from receipt of Shares. 

  

  
 -14- 

					
		
	ANNUAL MEETING ADMINISTRATION SERVICES	  			
	 Prepare Full Shareholder List as of Record Date
	  	 	Included	 
	 Complete Reporting for Proxy Program
	  	 	Included	 
	 Enclose and Mail Proxy Materials (mailing costs applied as out-of-pocket)
	  	 	Included	 
	 Receive and Scan Returned Proxies
	  	 	Included	 
	 Tabulate Proxies (Registered and Beneficial Holders – per vote fee applicable)
	  	 	Included	 
	 Prepare and Verify Final Vote List
	  	 	Included	 
	 Online access for Fund to monitor voting
	  	 	Included	 
	 Omnibus Download of Proxy from DTC
	  	 	Included	 
	 Inspector of Election (travel fees will be applied as out-of-pocket)
	  	 	Available	 
	 Online & Telephonic Voting for Registered Shareholders
	  	 	Available	 
		
	MANAGEMENT REPORTING	  			
	 Standard Reporting Suite
	  	 	Included	 
	 Online Access to Management Reports
	  	 	Included	 
	 Report Requirements determined at Conversion
	  	 	Included	 

 SPECIAL SERVICES 

Services not included herein (including, without limitation, trustee and custodial services, exchange/tender offer services, stock dividend disbursement
services, voluntary disclosure agreements and audit administration services relating to abandoned or unclaimed property) but requested by the Fund may be subject to additional charges. 

OUT-OF-POCKET EXPENSES 

All customary out-of-pocket expenses will be billed in addition to the
foregoing fees. These charges include, but are not limited to, printing and stationery, freight and materials delivery, postage and handling. 
 The
foregoing fees apply to services ordinarily rendered by AST and are subject to reasonable adjustment based on final review of documents. 
  

  
 -15-Document

Exhibit 10.1

[Form of 2021 Executive Leadership Team Performance-Based RSU Agreement]

CELANESE CORPORATION
2018 GLOBAL INCENTIVE PLAN 

PERFORMANCE-BASED RESTRICTED STOCK UNIT AWARD AGREEMENT 
DATED [Grant Date]

Pursuant to the terms and conditions of the Celanese Corporation 2018 Global Incentive Plan, you have been awarded Performance-Based Restricted Stock Units, subject to the restrictions described in this Agreement.  In addition to the information included in this Award Agreement, the Participant's name and the number of Restricted Stock Units awarded can be found in the Grant Summary located in the electronic stock plan award administration system maintained by the Company or its designee that contains a link to this Agreement (which summary information is set forth in the appropriate records of the Company authorizing such award).

2021 Performance RSU Award

Target Award: [Number of Shares Granted] Units

This grant is made pursuant to the Performance-Based Restricted Stock Unit Award Agreement dated as of [Grant Date], between Celanese and [Participant Name], covering performance periods from January 1, 2021 through June 30, 2022 and January 1, 2021 through December 31, 2023, which Agreement is attached hereto and made a part hereof.

Page 1 of 15
                                                        © 2021 Celanese Corporation

CELANESE CORPORATION
2018 GLOBAL INCENTIVE PLAN

PERFORMANCE-BASED RESTRICTED STOCK UNIT AWARD AGREEMENT (EXECUTIVE LEADERSHIP TEAM FORM)

    This Performance-Based Restricted Stock Unit Award Agreement (the "Agreement") is made and entered into as of [Grant Date] (the "Grant Date"), by and between Celanese Corporation, a Delaware corporation ("Celanese" and together with the participating subsidiaries that are employers of the Participants, the "Company"), and [Participant Name] (the "Participant").  Capitalized terms used, but not otherwise defined, herein shall have the meanings ascribed to such terms in the Celanese Corporation 2018 Global Incentive Plan (as amended from time to time, the "2018 Plan").

1.    Performance RSU Award:  In order to encourage the Participant's contribution to the successful performance of the Company, Celanese hereby grants to the Participant as of the Grant Date, pursuant to the terms of the 2018 Plan and this Agreement, an award (the "Award") of [Number of Shares Granted] performance-based Restricted Stock Units ("Performance RSUs") representing the right to receive, subject to the attainment of the performance goals set forth in Appendix A, the number of Common Shares to be determined in accordance with the formula set forth in Appendix A. The Participant hereby acknowledges and accepts such Award upon the terms and subject to the performance requirements and other conditions, restrictions and limitations contained in this Agreement and the 2018 Plan.
2.    Performance-Based Adjustment and Vesting:  
(a)    Subject to Section 3 and Section 6 of this Agreement, fifty-percent (50%) of the Performance RSUs (the "First Tranche RSUs") are subject to adjustment for performance during the First Tranche Performance Period and fifty-percent (50%) of the Performance RSUs (the "Second Tranche RSUs") are subject to adjustment for performance during the Second Tranche Performance Period, in each case in accordance with the performance measures, targets and methodology set forth in Appendix A. The number of First Tranche Performance RSUs determined after the First Tranche Performance Period based on such performance is referred to as the "First Tranche Performance-Adjusted RSUs."  The number of Second Tranche Performance RSUs determined after the Second Tranche Performance Period based on such performance is referred to as the "Second Tranche Performance-Adjusted RSUs."  The First Tranche Performance-Adjusted RSUs and the Second Tranche Performance-Adjusted RSUs are collectively referred to as the "Performance-Adjusted RSUs."
(b)    Subject to Section 3 and Section 6 of this Agreement, the First Tranche Performance-Adjusted RSUs shall vest on August 15, 2022 (the "First Tranche Vesting Date") and the Second Tranche Performance-Adjusted RSUs shall vest on February 15, 2024 (the "Second Tranche Vesting Date").  The period between the Grant Date and the First Tranche Vesting Date shall be referred to as the "First Tranche Vesting Period" and the period between the Grant Date and the Second Tranche Vesting Date shall be referred to as the "Second Tranche Vesting Period."

Page 2 of 15
                                                        © 2021 Celanese Corporation

3.    Effects of Certain Events:
(a)    If the Participant's employment with the Company is terminated by the Company without Cause or due to the Participant's Retirement prior to the Second Tranche Vesting Date (other than as provided in Section 3(b)), then: 
(i) in all such cases the unvested Performance RSUs shall remain subject to adjustment for performance as provided in Section 2(a) above, including if such termination of employment occurs during the First Tranche Performance Period or Second Tranche Performance Period, as applicable; 
(ii) if such termination occurs prior to the First Tranche Vesting Date, a prorated number of the First Tranche Performance-Adjusted RSUs will vest on the First Tranche Vesting Date in an amount equal to (x) the unvested First Tranche Performance-Adjusted RSUs in the First Tranche Vesting Period multiplied by (y) a fraction, the numerator of which is the number of complete and partial calendar months from the Grant Date to the date of termination, and the denominator of which is the number of complete and partial calendar months in the First Tranche Vesting Period, such product to be rounded up to the nearest whole number; and
(iii) if such termination occurs after First Tranche Vesting Date, a prorated number of the Second Tranche Performance-Adjusted RSUs will vest on the Second Tranche Vesting Date in an amount equal to (x) the unvested Second Tranche Performance-Adjusted RSUs in the Second Tranche Vesting Period multiplied by (y) a fraction, the numerator of which is the number of complete and partial calendar months following the 18-month anniversary of the Grant Date to the date of termination, and the denominator of which is eighteen, such product to be rounded up to the nearest whole number.
Such prorated Performance-Adjusted RSUs will be settled following the First Tranche Vesting Date and/or Second Tranche Vesting Date, as applicable, in accordance with the provisions of Section 4, subject to any applicable taxes under Section 7 upon such vesting and settlement.  The remaining portion of the Award shall be immediately forfeited and cancelled without consideration as of the date of the Participant's termination of employment. To the extent permitted by applicable country, state or province law, as consideration for the vesting provisions upon Retirement contained in this Section 3(a), upon Retirement, the Participant shall enter into a departure and general release of claims agreement with the Company that includes two-year noncompetition and non-solicitation covenants in a form acceptable to the Company.
If at any time on or before the First Tranche Vesting Date or Second Tranche Vesting Date, as applicable, the Company determines, in its sole discretion, that the Participant engaged in an act constituting Cause, the Participant's employment shall be considered to have been terminated for Cause, and his or her Award shall be forfeited and cancelled without consideration pursuant to Section 3(d), regardless of whether the Participant's termination initially was considered to have been without Cause.  In each such case, the provisions of Section 3(a)(i) and (ii) are inapplicable.
(b)    Notwithstanding any provision herein to the contrary, if the Participant's employment with the Company is terminated by the Company in connection with a Qualifying Disposition, as determined by the Company in its sole discretion, other than for Cause, and regardless of whether the Participant is then eligible for Retirement or is offered employment with the acquiror or successor, then: 
Page 3 of 15
                                                        © 2021 Celanese Corporation

(i) a prorated number of the unvested Performance RSUs determined in accordance with the provisions of Section 3(a) had those provisions applied shall remain subject to adjustment for performance as provided in Section 2(a) above, including if such termination of employment occurs during the First Tranche Performance Period or Second Tranche Performance Period, and shall be settled in accordance with the provisions of Section 3(a); and 
(ii) the remaining number of the unvested Performance RSUs that would have otherwise been forfeited had the provisions of Section 3(a) applied shall remain subject to adjustment for performance as provided in Section 2(a) above, including if such termination of employment occurs during the First Tranche Performance Period or Second Tranche Performance Period, and any such Performance-Adjusted RSUs will vest and be settled in accordance with the provisions of Section 4, subject to any applicable taxes under Section 7 upon such vesting and settlement. 
Notwithstanding the foregoing, in case of a termination of employment covered by this Section 3(b), if the Committee determines that the Participant has been offered employment with the acquiror or successor and in connection with that employment will receive a substitute award from the acquiror or successor with an equivalent (or greater) economic value and no less favorable vesting conditions as this Award, the Committee, in its sole discretion, may determine not to provide for the additional vesting under clause (ii) of this Section 3(b).
(c)    If the Participant's employment with the Company is terminated due to the Participant's death or Disability prior to the Second Tranche Vesting Date, then a prorated number of the unvested Performance RSUs will vest in an amount equal to: 
(i) if such termination occurs prior to the First Tranche Vesting Date, (1) the Target number of First Tranche Performance RSUs granted hereby, multiplied by (2) a fraction, the numerator of which is the number of complete and partial calendar months from the Grant Date to the date of termination, and the denominator of which is the number of complete and partial calendar months in the First Tranche Vesting Period, such product to be rounded up to the nearest whole number; and 
(ii) if such termination occurs after First Tranche Vesting Date (1) the Target number of Second Tranche Performance RSUs granted hereby, multiplied by a fraction, the numerator of which is the number of complete and partial calendar months following the 18-month anniversary of the Grant Date to the date of termination, and the denominator of which is eighteen, such product to be rounded up to the nearest whole number. 
The prorated number of Performance RSUs shall immediately vest and a number of Common Shares equal to such prorated number of Performance RSUs described above shall be delivered to the Participant or beneficiary within thirty (30) days following the date of termination, subject to the provisions of Section 7.  The remaining portion of the Award shall be immediately forfeited and cancelled without consideration as of the date of the Participant's termination of employment for death or Disability.  
Page 4 of 15
                                                        © 2021 Celanese Corporation

(d)    Upon the termination of a Participant's employment with the Company for any other reason prior to the First Tranche Vesting Date, the entire Award shall be immediately forfeited and cancelled without consideration as of the date of the Participant's termination of employment.  Upon the termination of a Participant's employment with the Company for any other reason on or following the First Tranche Vesting Date and prior to the Second Tranche Vesting Date, the remaining unvested Award (i.e., the Second Tranche Performance RSUs) shall be immediately forfeited and cancelled without consideration as of the date of the Participant's termination of employment.
A Participant's employment will be considered to have been terminated for Cause, and the unvested portion of the Award forfeited and cancelled without consideration, if the Company determines, in its sole discretion, that the Participant engaged in an act constituting Cause at any time prior to the First Tranche Vesting Date or Second Tranche Vesting Date, as applicable, regardless of whether the Participant's termination initially was considered to have been without Cause.  
4.    Settlement of Performance RSUs:  The Committee shall determine the Performance-Adjusted RSUs as soon as administratively practicable following the computation of the Company's performance for the First Tranche Performance Period and Second Tranche Performance Period as applicable (but not later than 2 1⁄2 months after the end of the First Tranche Performance Period and the Second Tranche Performance Period as applicable (i.e., September 15, 2022 for the First Tranche RSUs and March 15, 2024 for the Second Tranche RSUs)).  The actual date of such determination is referred to as the "Performance Certification Date." Subject to Sections 2, 3, 5, 6 and 7 of this Agreement, the Company shall deliver to the Participant (or to a Company-designated brokerage firm or plan administrator) as soon as administratively practicable after the applicable Performance Certification Date (but not later than 2 1⁄2 months after the end of the First Tranche Performance Period and the Second Tranche Performance Period (i.e., September 15, 2022 for the First Tranche RSUs and March 15, 2024 for the Second Tranche RSUs)), in complete settlement of the Performance-Adjusted RSUs vesting on such First Tranche Vesting Date and Second Tranche Vesting Date, a number of Common Shares equal to the First Tranche Performance-Adjusted RSUs and Second Tranche Performance-Adjusted RSUs, as applicable, determined in accordance with this Agreement.
5.    Rights as a Stockholder:  The Participant shall have no voting, dividend or other rights as a stockholder with respect to the Award until the Performance RSUs have vested and Common Shares have been delivered pursuant to this Agreement.
6.    Change in Control; Dissolution:  
(a)    Notwithstanding any other provision of this Agreement to the contrary, upon the occurrence of a Change in Control, with respect to any unvested Performance RSUs granted pursuant to this Agreement that have not previously been settled or forfeited:
(i)    If (i) a Participant's rights to the unvested portion of the Award are not adversely affected in connection with the Change in Control, or, if adversely affected, a substitute award with an equivalent (or greater) economic value and no less favorable vesting conditions is granted to the Participant upon the occurrence of a Change in Control, and (ii) the Participant's employment is terminated by the Company (or its successor) without Cause within two years following the Change in Control, then Performance RSUs in an amount equal to the higher of (A) the Target number of Performance RSUs granted hereby (or, as applicable, the substitute award) less the Target 
Page 5 of 15
                                                        © 2021 Celanese Corporation

number of First Tranche Performance RSUs in the event the First Tranche Performance Adjusted RSUs have previously been settled or (B) the number of Performance RSUs payable based on estimated Company performance during the First Tranche Performance Period and Second Tranche Performance Period, as applicable, through the Change in Control as determined by the Committee in accordance with this Agreement, shall immediately vest and a number of Common Shares equal to the number of Performance RSUs so determined shall be delivered to the Participant within thirty (30) days following the date of termination, subject to the provisions of Section 7.
(ii)    If a Participant's right to the unvested portion of the Award is adversely affected in connection with the Change in Control and a substitute award is not made pursuant to Section 6(a)(i) above, then upon the occurrence of a Change in Control, a number of Performance RSUs equal to the higher of (A) the Target number of Performance RSUs granted hereby less the Target number of First Tranche Performance RSUs in the event the First Tranche Performance Adjusted RSUs have previously been settled or (B) the number of Performance RSUs payable based on estimated Company performance during the First Tranche Performance Period and Second Tranche Performance Period, as applicable, through the Change in Control as determined by the Committee in accordance with this Agreement, shall immediately vest and a number of Common Shares equal to the number of Performance RSUs so determined shall be delivered to the Participant within thirty (30) days following the occurrence of the Change in Control, subject to the provisions of Section 7. 
(b)    Notwithstanding any other provision of this Agreement to the contrary, in the event of a corporate dissolution of the Company that is taxed under Section 331 of the Internal Revenue Code of 1986, as amended, then in accordance with Treasury Regulation Section 1.409A-3(j)(4)(ix)(A), this Agreement shall terminate and any Performance RSUs granted pursuant to this Agreement that have not previously been forfeited shall immediately become Common Shares and shall be delivered to the Participant within thirty (30) days following such dissolution.
7.    Income and Other Taxes:  The Company shall not deliver Common Shares in respect of any vested Performance RSUs unless and until the Participant has made arrangements satisfactory to the Committee to satisfy applicable withholding tax obligations for U.S. federal, state, and local income taxes (or the foreign counterpart thereof) and applicable employment taxes.  Unless otherwise permitted by the Committee, withholding shall be effectuated by withholding Common Shares in connection with the vesting and/or settlement of Performance-Adjusted RSUs.  Withholding shall be effected using a rate or method chosen by the Company consistent with ASC Topic 718 (or any successor applicable equity accounting standard applicable to this Award) and the U.S. Internal Revenue Service withholding regulations or other applicable tax requirements, not to exceed maximum statutory rates.  The Participant acknowledges that the Company shall have the right to deduct any taxes required to be withheld by law in connection with the vesting or settlement of Performance-Adjusted RSUs from any amounts payable by it to the Participant (including, without limitation, future cash wages).  The Participant acknowledges and agrees that amounts withheld by the Company for taxes may be less than amounts actually owed for taxes by the Participant in respect of the Award.  Any vested Performance-Adjusted RSUs shall be reflected in the Company's records as issued on the respective dates of issuance set forth in this Agreement, irrespective of whether delivery of such Common Shares is pending the Participant's satisfaction of his or her withholding tax obligations.

Page 6 of 15
                                                        © 2021 Celanese Corporation

8.    Securities Laws:  The Company may impose such restrictions, conditions or limitations as it determines appropriate as to the timing and manner of any resales by the Participant or other subsequent transfers by the Participant of any Common Shares issued as a result of the vesting or settlement of the Performance RSUs, including without limitation (a) restrictions under an insider trading policy, and (b) restrictions as to the use of a specified brokerage firm for such resales or other transfers.  Upon the acquisition of any Common Shares pursuant to the vesting or settlement of the Performance-Adjusted RSUs, the Participant will make or enter into such written representations, warranties and agreements as the Company may reasonably request in order to comply with applicable securities laws or with this Agreement and the 2018 Plan.  All accounts in which such Common Shares are held or any certificates for Common Shares shall be subject to such stop transfer orders and other restrictions as the Company may deem advisable under the rules, regulations and other requirements of the Securities and Exchange Commission, any stock exchange or quotation system upon which the Common Shares are then listed or quoted, and any applicable federal or state securities law, and the Company may cause a legend or legends to be put on any such certificates (or other appropriate restrictions and/or notations to be associated with any accounts in which such Common Shares are held) to make appropriate reference to such restrictions.
9.    Non-Transferability of Award:  The Performance RSUs may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Participant other than by will or by the laws of descent and distribution, and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company; provided, that the Participant may designate a beneficiary, on a form provided by the Company, to receive any portion of the Award payable hereunder following the Participant's death.
10.    Other Agreements; Release of Claims:  Subject to Sections 10(a), 10(b) and 10(c) of this Agreement, this Agreement and the 2018 Plan constitute the entire understanding between the Participant and the Company regarding the Award, and any prior and/or contemporaneous agreements, understandings, representations, discussions, commitments or negotiations concerning the Award, whether written or oral, are superseded.  No oral statements or other prior written material not specifically incorporated into this Agreement, other than the 2018 Plan, shall be of any force or effect.
(a)    The Participant acknowledges that as a condition to the receipt of the Award, the Participant: 
(1)    shall have delivered to the Company an executed copy of this Agreement; 
(2)    shall be subject to the Company's stock ownership guidelines, to the extent applicable to the Participant; 
(3)    shall be subject to policies and agreements adopted by the Company from time to time, and applicable laws and regulations, requiring the repayment by the Participant of incentive compensation under certain circumstances, including that certain Celanese Corporation Incentive Compensation Recoupment Policy adopted by the Committee on October 16, 2019 (collectively, "Clawback Policies"), without any further act or deed or consent of the Participant; and
(4)    shall have delivered to the Company an executed copy of the current form of Long-Term Incentive Claw-Back Agreement, as determined by the Committee in its sole discretion.  For purposes hereof, "Long-Term Incentive Claw-Back Agreement" means an agreement between the Company and the Participant associated with the grant 
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                                                        © 2021 Celanese Corporation

of long-term incentives of the Company, which contains terms, conditions, restrictions and provisions regarding one or more of (i) noncompetition by the Participant with the Company, and its customers and clients; (ii) non-solicitation and non-hiring by the Participant of the Company's employees, former employees or consultants; (iii) maintenance of confidentiality of the Company's and/or clients' information, including intellectual property; (iv) nondisparagement of the Company; and (v) such other matters deemed necessary, desirable or appropriate by the Company for such an agreement in view of the rights and benefits conveyed in connection with an award.
(b)    The Participant acknowledges that if the Participant violates any of the terms or provisions of the Clawback Policies or the Long-Term Incentive Claw-Back Agreement, whether before or after termination of employment, then the Company will, to the fullest extent permitted by applicable law, (i) terminate the Participant's rights in any unvested Performance RSUs under this Award, and (ii) claw back (i.e., recover) all Common Shares previously issued under this Award.
(c)    If the Participant is a non-resident of the U.S., there may be an addendum containing special terms and conditions applicable to awards in the Participant's country.  The issuance of the Award to any such Participant is contingent upon the Participant executing and returning any such addendum in the manner directed by the Company.
11.    Not a Contract for Employment; No Acquired Rights; Agreement Changes: This Agreement and the Award evidenced hereby are not an employment agreement, and nothing in this Agreement, the International Supplement, if applicable, or the 2018 Plan shall alter the Participant's status as an "at-will" employee of the Company or your employment status at the Company.  None of this Agreement, the International Supplement, if applicable, or the 2018 Plan shall be construed as guaranteeing your employment by the Company, or as giving you any right to continue in the employ of the Company, during any period (including without limitation the period between the Date of the Agreement and the First Tranche Vesting Date and Second Tranche Vesting Date, or any portion of such period), nor shall they be construed as giving you any right to be reemployed by the Company following any termination of employment. This Agreement and the Award evidenced hereby, and all other long-term incentive awards and other equity-based awards, are discretionary. This Award does not confer on the Participant any right or entitlement to receive another Award or any other equity-based award at any time in the future or in respect of any future period.  The Company has made this Award to you in its sole discretion. This Award does not confer on you any right or entitlement to receive compensation in any specific amount for any future year, and does not diminish in any way the Company's discretion to determine the amount, if any, of your compensation. This Award is not part of your base salary or wages and will not be taken into account in determining any other employment-related rights you may have, such as rights to pension or severance pay.  The Company has the right, at any time and for any reason, to amend, suspend or terminate the 2018 Plan; provided, however, that no such amendment, suspension, or termination shall adversely affect the Participant's rights hereunder.
12.    Severability:  Should any provision of this Agreement be declared or held to be illegal, invalid or otherwise unenforceable, (a) such provision shall either be reformed, if possible, to the extent necessary to render it legal, valid and enforceable, or otherwise severed, (b) the remainder of this Agreement shall not be affected except to the extent necessary to reform or sever such illegal, invalid or unenforceable provision, and (c) in no event should such partial invalidity affect the remainder of this Agreement, which shall still be enforced.

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                                                        © 2021 Celanese Corporation

13.    Further Assurances:  Each party shall cooperate and take such action as may be reasonably requested by either party hereto in order to carry out the provisions and purposes of this Agreement.
14.    Binding Effect:  The Award and this Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective permitted heirs, beneficiaries, successors and assigns.
15.    Electronic Delivery:  By executing this Agreement, the Participant hereby consents to the delivery of any and all information (including, without limitation, information required to be delivered to the Participant pursuant to applicable securities laws), in whole or in part, regarding the Company and its subsidiaries, the 2018 Plan, and the Award via electronic mail, the Company's or a plan administrator's web site, or other means of electronic delivery.
16.    Personal Data:  By accepting the Award under this Agreement, the Participant hereby consents to the Company's use, dissemination and disclosure of any information pertaining to the Participant that the Company determines to be necessary or desirable for the implementation, administration and management of the 2018 Plan.
17.    Miscellaneous:  
(a)    Governing Law.  Notwithstanding the place where this Agreement may be executed by any of the parties hereto, the parties expressly agree that all the terms and provisions hereof shall be governed by, construed under and interpreted in accordance with the laws of the State of Delaware, without regard to its conflicts of laws rules. 
(b)    Notice. The Participant is reminded to read the following carefully and after consulting with counsel of their choice: 
The Participant agrees that the following provisions requiring arbitration, prohibiting recovery of attorneys' fees, waiving class actions and mass actions, waiving the right to a jury trial, waiving any right to seek punitive damages, limiting actual damages, and limiting remedies by waiving any right to injunctive or other equitable or legal relief are and were an important part of the Company's decision to adopt the Operative Documents and for Participant to be offered this Agreement.  The Participant understands and agrees that absent the foregoing provisions, the Operative Documents would not have been offered or entered into or would have materially changed.  The Participant acknowledges the benefits of receiving potential incentive awards.  In reliance on the Participant's intent to abide by and enter into the following provisions, the parties have entered into the Operative Documents.
(c)    MANDATORY ARBITRATION.  All disputes arising out of or related in any manner to the Operative Documents shall be resolved exclusively by arbitration to be conducted only in the county and state of Dallas, Texas in accordance with the rules of the International Institute for Conflict Prevention and Resolution Rules for Non-Administered Arbitration ("CPR") applying the laws of Delaware and by a sole arbitrator.  Within 45 days of the service of any demand for arbitration, the parties shall attempt to mutually agree on the appointment of an arbitrator and may seek names of potential arbitrators from CPR for their consideration. Failing agreement on selection of an agreed arbitrator, upon written request of either party, CPR shall appoint a single arbitrator in accordance with its rules, with the parties expressing a contractual preference for the selection of a retired judge with at least 10 years of judicial experience. Discovery shall be as provided by the CPR rules. The arbitration award shall be in writing and shall include a reasoned opinion by the Arbitrator. Consistent with the waiver of 
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all claims to punitive or exemplary damages, the Arbitrator shall have no authority to award such damages. The parties understand that their right to appeal or to seek modification of any ruling or award of the arbitrator is severely limited, if any. Awards issued by the arbitrator shall be final and binding, and judgment may be entered on it in any court of competent jurisdiction. All parties shall keep confidential the fact of the arbitration, the dispute being arbitrated, and the decision of the arbitrator. Any and all disputes regarding this arbitration provision and its enforceability shall be exclusively submitted to the United States District Court for the District of Delaware, if it has jurisdiction, and failing that, to the Delaware state court in Wilmington, Delaware.  
(d)    NO RECOVERY OF ATTORNEYS' FEES AND COSTS.  Each party agrees that in any litigation or proceeding between the parties arising out of, connected with, related to, or incidental to the relationship between them in connection with the Operative Documents, each party shall bear all of its own attorneys' fees and costs regardless of which party prevails, except when prohibited by applicable law. 
(e)    CLASS ACTION AND MASS ACTION WAIVER. As part of this provision of arbitration as the contracted method of all dispute resolution under this Agreement, any claim, whether brought in a court of law or in arbitration, must be brought in the Participant's individual capacity, and not as a representative of any purported class or as a "mass action" (involving multiple plaintiffs) ("Class/Mass Action").  The parties expressly waive any ability to maintain any Class/Mass Action in any forum.  The arbitrator shall not have authority to combine or aggregate similar claims or conduct any Class/Mass Action nor make an award to any person or entity not a party to the arbitration.  Any claim that all or part of this Class/Mass Action waiver is unenforceable, unconscionable, void, or voidable may be determined only by a court of competent jurisdiction and not by an arbitrator.  The Participant understands that but for this Agreement, he or she would have had a right to litigate through a court, to have a judge or jury decide the case and to be party to a Class/Mass Action.  However, in exchange for the potential incentive awards provided herein and the receipt of the benefit of arbitration, the Participant understands and chooses to have only his or her individual claims decided, each in a separate case, by an arbitrator.
(f)    WAIVER OF JURY TRIAL.  To the extent permitted by applicable law and expressly because of the complexity of the matters in the Operative Documents, each party waives any right to have a jury participate in resolving any dispute arising out of or relating to the Operative Documents.  
(g)    WAIVER OF PUNITIVE AND EXEMPLARY DAMAGE CLAIMS. The Participant waives, to the fullest extent allowed by law, any claims or rights to recover punitive, exemplary or similar damages.
(h)    LIMIT ON ACTUAL DAMAGES. In no event may the actual damages awarded to the Participant in a dispute arising out of or relating to the Operative Documents exceed the Fair Market Value of the Performance RSU Target Award set forth on the first page of this Agreement as of the vesting date, reduced by the value of any shares or payments previously received under this Agreement (the "Damages Limit").  The Participant knowingly, voluntarily and irrevocably waives and releases any claim to damages in excess of this Damages Limit.
(i)    LIMITATION OF REMEDIES.  Except when prohibited by applicable law, the procedures and remedies set forth in this Agreement shall constitute the sole remedies available to the Participant.  In no event shall the Participant seek equitable relief, injunctive 
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relief, or otherwise bring claims directly or derivatively for ultra vires, corporate waste, breach of fiduciary duty, or any other claim or cause of action, whether legal or equitable, sounding in contract or tort.  Nothing in this clause is intended to waive or limit any claim brought pursuant to any federal or state statute related to the protection of civil rights. Should any provision in this Agreement be found by a court of competent jurisdiction, after all appellate rights are exhausted, to be unenforceable or void, the Parties expressly agree to sever such provision and to otherwise proceed to dispute resolution with the remaining provisions in the Mandatory Arbitration provisions.
18.    Performance RSUs Subject to Plan:  By entering into this Agreement the Participant agrees and acknowledges that the Participant has received and read a copy of the 2018 Plan and the 2018 Plan's prospectus.  The Performance RSUs and the Common Shares issued upon settlement of such Performance RSUs are subject to the 2018 Plan, which is hereby incorporated by reference.  In the event of any conflict between any term or provision of this Agreement and a term or provision of the 2018 Plan, the applicable terms and provisions of the 2018 Plan shall govern and prevail. 
19.    Validity of Agreement:  This Agreement shall be valid, binding and effective upon the Company on the Grant Date.  The Participant must accept this Agreement electronically pursuant to the online acceptance procedure established by the Company within ninety (90) days; otherwise the Company may, in its sole discretion, rescind the Award in its entirety.
20.    Headings:  The headings preceding the text of the sections hereof are inserted solely for convenience of reference, and shall not constitute a part of this Agreement, nor shall they affect its meaning, construction or effect.
21.    Compliance with Section 409A of the Internal Revenue Code:  Notwithstanding any provision in this Agreement to the contrary, this Agreement will be interpreted and applied so that the Agreement does not fail to meet, and is operated in accordance with, the requirements of Section 409A of the Code.  The Company reserves the right to change the terms of this Agreement and the 2018 Plan without the Participant's consent to the extent necessary or desirable to comply with the requirements of Code Section 409A.  Further, in accordance with the restrictions provided by Treasury Regulation Section 1.409A-3(j)(2), any subsequent amendments to this Agreement or any other agreement, or the entering into or termination of any other agreement, affecting the Performance RSUs provided by this Agreement shall not modify the time or form of issuance of the Performance RSUs set forth in this Agreement. In addition, if the Participant is a "specified employee" within the meaning of Code Section 409A, as determined by the Company, any payment made in connection with the Participant's separation from service shall not be made earlier than six (6) months and one day after the date of such separation from service to the extent required by Code Section 409A.
22.    Definitions:  The following terms shall have the following meanings for purposes of this Agreement, notwithstanding any contrary definition in the 2018 Plan:
(a)    "Adjusted Earnings Per Share" or "Adjusted EPS" means a measure used by the Company's management to measure performance, defined as earnings (loss) from continuing operations attributable to Celanese Corporation, adjusted for income tax (provision) benefit, certain items, refinancing and related expenses, divided by the number of basic common shares and dilutive restricted stock units and stock options calculated using the treasury method and further adjusted for certain items as determined by the Company (consistent with the provisions of Section 13(b) of the 2018 Plan) and as approved by the Committee.
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                                                        © 2021 Celanese Corporation

Note: The income tax rate used for adjusted earnings per share approximates the midpoint in a range of forecasted tax rates for the year. This range may include certain partial or full-year forecasted tax opportunities, where applicable, and specifically excludes changes in uncertain tax positions, discrete items and other material items adjusted out of our GAAP earnings for adjusted earnings per share purposes, and changes in management's assessments regarding the ability to realize deferred tax assets. In determining the adjusted earnings per share tax rate, we reflect the impact of foreign tax credits when utilized, or expected to be utilized, absent discrete events impacting the timing of foreign tax credit utilization. We analyze this rate quarterly and adjust if there is a material change in the range of forecasted tax rates; an updated forecast would not necessarily result in a change to our tax rate used for adjusted earnings per share. The adjusted tax rate is an estimate and may differ from the actual tax rate used for GAAP reporting in any given reporting period. It is not practical to reconcile our prospective adjusted tax rate to the actual GAAP tax rate in any given future period.
(b)    "Adjusted EBIT" means net earnings (loss) attributable to Celanese Corporation, plus (earnings) loss from discontinued operations, less interest income, plus interest expense, refinancing expense and taxes, and further adjusted for certain items attributable to Celanese Corporation as determined by the Company (consistent with the provisions of Section 13(b) of the 2018 Plan) and as approved by the Committee.  
(c)    "Cause" means, as determined by the Company in its sole discretion, (i) the Participant's willful failure to perform the Participant's duties to the Company (other than as a result of total or partial incapacity due to physical or mental illness) for a period of 30 days following written notice by the Company to the Participant of such failure, (ii) the Participant's conviction of, or a plea of nolo contendere to, (x) a felony under the laws of the United States or any state thereof or any similar criminal act in a jurisdiction outside the United States or (y) a crime involving moral turpitude, (iii) the Participant's willful malfeasance or willful misconduct which is demonstrably injurious to the Company or its affiliates, (iv) any act of fraud by the Participant, (v) any violation of the Company's business conduct policy, (vi) any violation of the Company's policies concerning harassment or discrimination by the Participant, (vii) the Participant's conduct that causes harm to the business reputation of the Company or its affiliates, or (viii) the Participant's breach of any confidentiality, intellectual property, noncompetition or non-solicitation provisions applicable to the Participant under the Long-Term Incentive Claw-Back Agreement or any other agreement between the Participant and the Company. "Cause" shall be determined by the Company in its sole discretion, and such determination shall be final, binding, and conclusive on the Participant.

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                                                        © 2021 Celanese Corporation

(d)    "Change in Control" means:
(i)    any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the "Exchange Act")) (a "Person") becomes the beneficial owner (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 30% or more of either (A) the then-outstanding shares of common stock of the Company (the "Outstanding Company Common Stock") or (B) the combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of directors (the "Outstanding Company Voting Securities"); provided, however, that, for purposes of this subparagraph, the following acquisitions shall not constitute a Change of Control:  (i) any acquisition directly from the Company, (ii) any acquisition by the Company, (iii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Affiliate, or (iv) any acquisition pursuant to a transaction that complies with clauses (A), (B) or (C) in paragraph (iii) of this definition; or
(ii)    individuals who, as of the effective date of this Agreement, constitute the Board (the "Incumbent Board") cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the effective date of this Agreement whose election, or nomination for election by the Company's stockholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual was a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; or
(iii)    consummation of a reorganization, merger, statutory share exchange or consolidation or similar transaction involving the Company or any of its subsidiaries, a sale or other disposition of all or substantially all of the assets of the Company, or the acquisition of assets or stock of another entity by the Company or any of its subsidiaries (each, a "Business Combination"), in each case unless, following such Business Combination, (A) all or substantially all of the individuals and entities that were the beneficial owners of the Outstanding Company Common Stock and the Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the then-outstanding shares of common stock (or, for a non-corporate entity, equivalent securities) and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors (or, for a non-corporate entity, equivalent governing body), as the case may be, of the entity resulting from such Business Combination (including, without limitation, an entity that, as a result of such transaction, owns the Company or all or substantially all of the Company's assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership immediately prior to such Business Combination of the Outstanding Company Common Stock and the Outstanding Company Voting Securities, as the case may be, (B) no Person (excluding any corporation resulting from such Business Combination or any employee benefit plan (or related trust) of the Company or such corporation resulting from such Business Combination) beneficially owns, directly or indirectly, 30% or more of, respectively, the then-outstanding shares of common stock of the corporation resulting from such Business Combination or the combined voting power of the then-outstanding voting securities of such corporation, 
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except to the extent that such ownership existed prior to the Business Combination, and (C) at least a majority of the members of the board of directors (or, for a non-corporate entity, equivalent governing body) of the entity resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement or of the action of the Board providing for such Business Combination; or
(iv)    approval by the stockholders of the Company of a complete liquidation or dissolution of the Company.
Notwithstanding the foregoing, if it is determined that an Award hereunder is subject to the requirements of Section 409A and the Change in Control is a "payment event" under Section 409A for such Award, the Company will not be deemed to have undergone a Change in Control unless the Company is deemed to have undergone a "change in control event" pursuant to the definition of such term in Section 409A.
(e)    "Disability" has the same meaning as "Disability" in the Celanese Corporation 2008 Deferred Compensation Plan or such other meaning as determined by the Committee in its sole discretion, provided that in all events a "Disability" under this Agreement shall constitute a "disability" within the meaning of Treasury Regulation Section 1.409A-3(i)(4).
(f)    "First Tranche Performance Period" means the 18-month period from January 1, 2021 through June 30, 2022.
(g)    "Operative Documents" means the 2018 Plan and this Agreement.
(h)    "Peer Group" means, subject to the provisions below, entities included in the S&P 500 as of December 31, 2020. This is a "closed group"; therefore, changes in the Peer Group during the period specified in the definition of Total Stockholder Return, shall be handled as follows:
(1)    Closed Group: The composition of the Peer Group will be determined on the date specified above, and "frozen" as of that date; subsequent changes to the composition of the index will not change the Peer Group.  Companies will not be market capitalization weighted.
(2)    Multiple Class Companies:  If a company in the S&P500 has more than one class of shares trading, only the "Class A" shares will be included in the Peer Group.
(3)    Acquisitions: If a company in the Peer Group is acquired during the Performance Period, such company is excluded from the Peer Group for purposes of the TSR calculation.
(4)    Spinoffs: The surviving parent entity will be retained in the Peer Group, by treating the value of the spinco as a reinvested dividend in parent stock.
(5)    Bankruptcy: If a company in the Peer Group files for bankruptcy protection or is otherwise insolvent during the Performance Period, such company shall remain in the Peer Group but shall be assigned the lowest ranked TSR.
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(6)    No Trading: If a company is in the S&P500 but is not trading as of December 31, 2020, then it will be excluded from the Peer Group.  If a company in the Peer Group is otherwise no longer publicly traded on the last day of the Performance Period, such company shall remain in the Peer Group but shall be assigned the lowest possible ranking for TSR.
(i)    "Qualifying Disposition" means a sale or other disposition by the Company or one or more subsidiaries of all or part of a business, business unit, segment or subsidiary in a stock, asset, merger or other similar transaction or combination thereof, and determined by the Committee to be a Qualifying Disposition.
(j)     "Relative Total Stockholder Return" or "Relative TSR" is assessed in comparison of the percentile rank in TSR to the Peer Group. The lowest ranked company will be the 0% rank, the middle ranked company will be the 50th percentile rank and the top ranked company will be the 100th percentile rank.
(k)    "Retirement" of the Participant shall mean a voluntary separation from service on or after the date when the Participant is both fifty-five (55) years of age and has ten years of service with the Company, as determined by the Company in its discretion based on payroll records.  Retirement shall not include voluntary separation from service in which the Company could have terminated the Participant's employment for Cause.
(l)    "Return on Capital Employed" or "ROCE" means a measure used by the Company's management to measure performance and is defined as Adjusted EBIT divided by capital employed, which is the beginning and end-of-year average of the sum of property, plant and equipment, net; trade working capital (calculated as trade receivables, net plus inventories less trade payables – third party and affiliates); goodwill; intangible assets, and  investments in affiliates, adjusted to eliminate noncontrolling interests, and certain items as determined by the Company (consistent with the provisions of Section 13(b) of the 2018 Plan) and as approved by the Committee.
(m)    "Second Tranche Performance Period" means the three-year period from January 1, 2021 through December 31, 2023.
(n)    "Settlement Date" means the date that Common Shares are delivered to the Participant following the First Tranche Vesting Date and Second Tranche Vesting Date, as applicable.
(o)    "Total Stockholder Return" or "TSR" measures the percent change in share price from the beginning of the Performance Period to the end of the Performance Period and assumes immediate reinvestment of dividends when declared at the closing share price on the date declared. The beginning share price will be calculated as an average of 60 data points: the closing share price on December 31, 2020 and the closing share price for each of the -59 trading days from such date. The ending share price will be calculated as an average of 60 data points: (i) for the First Tranche Performance Period, the closing share price on June 30, 2022 and the closing share price for each of the -59 trading days from June 30, 2022 and (ii) for the Second Tranche Performance Period, the closing share price on December 31, 2023 and the closing share price for each of the -59 trading days from December 31, 2023.
[signatures appear on following page]

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                                                        © 2021 Celanese Corporation

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed on its behalf by its duly authorized officer.
CELANESE CORPORATION

/s/ Lori J. Ryerkerk                    
By:   Lori J. Ryerkerk    
         Chairman, Chief Executive Officer and President

APPENDIX A
CALCULATION OF THE PERFORMANCE-BASED VESTING
Performance-Based Vesting Calculations
The Performance RSUs are subject to adjustment based on the achievement of specified levels of:
(i) the Company's Adjusted EPS during the First Tranche Performance Period or Second Tranche Performance Period, as applicable, weighted 70% and, subject to potential adjustment based on the Company's Relative TSR during the First Tranche Performance Period or Second Tranche Performance Period, as applicable*; and
(ii) the Company's ROCE during the First Tranche Performance Period or Second Tranche Performance Period, as applicable, weighted 30%.
Each metric will be calculated separately for each of the First Tranche Performance RSUs and Second Tranche Performance RSUs based on the targets set forth below.  The results of each metric will determine the number of Performance RSUs earned for that metric. The total award will be the addition of the total number of Performance RSUs earned for each of the two performance metrics.  The number of Performance RSUs determined after such adjustments (and subject further to the additional vesting requirements of Section 2(b) of the Agreement) are referred to as the "Performance-Adjusted RSUs." Fractional shares earned based on the Adjusted EPS goal and the ROCE goal will be added together and rounded up to the nearest whole share. No fractional shares will be issued.

* Note: The provisions that relate to Relative TSR shall apply to certain of the Company's Executive Officers and such other Participants as the Committee shall determine.  Other Participants shall have the same Performance RSU without the Relative TSR feature.  Definitions germane only to the Relative TSR feature will be removed from the award agreement for such Participants.
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                                                       © 2021 Celanese Corporation

A.  Calculation of Performance Adjustment based on the Adjusted EPS Results 
The following table outlines the percentage of the First Tranche Performance RSUs and Second Tranche Performance RSUs that may become earned based on Adjusted EPS performance during the First Tranche Performance Period and Second Tranche Performance Period as applicable.
															
	Adjusted EPS
(70% weighting)
	Result	Goal Achievement for First Tranche Performance Period1
	Goal Achievement for Second Tranche Performance Period1
	Performance Adjustment Percentage2

	Below Threshold	Less than $[●]	Less than $[●]	0
	Threshold	$[●]	$[●]	0.5
	Target	$[●]	$[●]	1
	Superior	$[●]or more	$[●] or more	2
	________________________________			

1 To the extent not otherwise included as an adjustment to Adjusted EPS (as defined) or ROCE (as defined), if
(a) the historic financial statements of the Company for period(s) ending prior to the First Tranche Performance Period or Second Tranche Performance Period, as applicable, are retrospectively recast in connection with a change in accounting principle or method adopted during the First Trance Performance Period or Second Tranche Performance Period, as applicable,
(b) the Company effects a material acquisition, disposition, merger, spin-off or other similar transaction, or enters/exits a joint venture, affecting the Company or any subsidiary or any portion thereof, during the First Tranche Performance Period or Second Tranche Performance Period, as applicable,
(c) the Company suffers or incurs items of gain, loss or expense determined to be unusual in nature, or charges for restructurings, discontinued operations, or any other unusual or infrequent items, or any other event materially outside the scope of those anticipated in the Company’s operating plans,
(d) there are changes in tax law or other such laws or provisions affecting reported results,
(e) the Company establishes accruals or reserves, or impairs assets, for reorganization or restructuring programs, and/or
(f) the Company incurs or is adversely affected by any other eventuality contemplated by the last sentence of Section 13(b) of the 2018 Plan,
then in each such case where the amount is significant to the Company, the Committee shall adjust the performance goals or level of assessed performance as described in this Appendix A to ensure that the Participant is not unfairly advantaged or disadvantaged by any of the events described in items (a)-(f).
2 For the First Tranche Performance RSUs, if the Company’s Relative TSR for the First Tranche Performance Period is in the bottom half (i.e., <50th percentile), then the Performance Adjustment Percentage will be limited to 100%.  In such event the resulting Performance Adjustment Percentage will be the lower of [i] the actual amount earned (without reference to this Relative TSR adjustment) or [ii] 100%.  For the Second Tranche Performance RSUs, if the Company's Relative TSR for the Second Tranche Performance Period is in the bottom quartile (i.e., <25th percentile), then the Performance Adjustment Percentage will be limited to 150%. In such event the resulting Performance Adjustment Percentage will be the lower of [i] the actual amount earned (without reference to this Relative TSR adjustment) or [ii] 150%.
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                                                       © 2021 Celanese Corporation

The Performance Adjustment Percentage for Adjusted EPS for the First Tranche Performance Period and Second Tranche Performance Period shall be calculated by straight-line interpolation for results achieved between Threshold and Target, or for results achieved between Target and Superior.  No Performance RSUs will be earned for the Adjusted EPS component for the First Tranche Performance Period or Second Tranche Performance Period if Goal Achievement is Below Threshold.
 
B. Calculation of Performance Adjustment based on the ROCE Results 
The following table outlines the percentage of the First Tranche Performance RSUs and Second Tranche Performance RSUs that may become earned based on ROCE performance during the First Tranche Performance Period and Second Tranche Performance Period, as applicable.
															
	ROCE
(30% weighting)
	Result	Goal Achievement for First Tranche Performance Period1
	Goal Achievement for Second Tranche Performance Period1
	Performance Adjustment Percentage
	Below Threshold	Less than [●]%	Less than [●]%	0
	Threshold	[●]%	[●]%	0.5
	Target	[●]% - [●]%	[●]% - [●]%	1
	Superior	[●]% or more	[●]% or more	2

The Performance Adjustment Percentage for ROCE for the First Tranche Performance Period and Second Tranche Performance Period shall be calculated by straight-line interpolation for results achieved between Threshold and Target, or for results achieved between Target and Superior.  No Performance RSUs will be earned for the ROCE component for the First Tranche Performance Period or Second Tranche Performance Period, as applicable, if Goal Achievement is Below Threshold.
 
C. Adjustments In Case of Certain Dispositions 
In the event of a sale or other disposition by the Company or one or more subsidiaries of all or part of a business, business unit, segment or subsidiary in a stock, asset, merger or other similar transaction or combination thereof, if such transaction is determined by the Committee to constitute a "change in ownership or control" within the meaning of Section 280G of the Code (and regardless of whether such transaction also constitutes a "Change in Control" as defined in this Agreement) (e.g., a sale or other disposition of assets of the Company that have a gross fair market value equal to or more than one-third of the total gross fair market value of all assets of the Company immediately before such transaction), the Committee may, in addition to or in lieu of any permitted adjustments to the performance goals or performance provided above, in its discretion take any action as determined to be equitable to reflect the closing of the transaction, including, but not limited to: (i) adjust the performance vesting conditions in any manner, including substituting new or additional performance goals, over the remaining First Tranche Performance Period or Second Tranche Performance Period, as applicable, (ii) cease the measurement of performance as of the closing of the transaction and adjust the Award to a time-vesting Award over the remainder of the First Tranche Performance Period or Second Tranche Performance Period, as applicable (at target, based on actual or projected performance at the time of the transaction, or on any other basis as the Committee may determine), or (iii) accelerate the vesting of all or any portion of the Award.
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                                                       © 2021 Celanese Corporation

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