Document:

Exhibit
10.2

 

 

 

 

TRANSITION
SERVICES AGREEMENT

 

by and between

 

FMC CORPORATION

 

and

 

LIVENT CORPORATION

 

Dated as
of October 15, 2018

 

 

 

 

 

 

     

     

    

TABLE
OF CONTENTS

_______________________ 

Page

 

	ARTICLE I
	DEFINITIONS
	 
	Section 1.01.  Certain Definitions	1
	ARTICLE II
	SERVICES
	 
	Section 2.01.  Services	3
	Section 2.02.  Service Migration	4
	Section 2.03.  Standard of Performance; Third-Party Consents; Service Enhancements	4
	Section 2.04.  Term; Discontinuation or Extension of Services; Termination; Effect of Termination	5
	Section 2.05.  Service Levels	7
	Section 2.06.  Changes	8
	Section 2.07.  Maintenance	8
	Section 2.08.  Local Agreements	8
	Section 2.09.  Access to Systems	9
	Section 2.10.  Books and Records	9
	Section 2.11.  Independent Contractor	9
	 	 
	ARTICLE III
	SERVICE FEES
	 
	Section 3.01.  Service Fees	10
	Section 3.02.  Payment	10
	Section 3.03.  Finance Charge	10
	Section 3.04.  Taxes	10
	Section 3.05.  No Right to Setoff	11
	ARTICLE IV
	INDEMNITY
	 
	Section 4.01.  Suitability of the Services	11
	Section 4.02.  No Liability; Indemnity	11
	Section 4.03.  Limitation of Liability	11
	Section 4.04.  Consequential Damages	12
	Section 4.05.  Exclusive Remedy	12
	 	 

 

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	ARTICLE V
	INTELLECTUAL PROPERTY
	 
	Section 5.01.  Title to Intellectual Property	12
	 	 
	ARTICLE VI
	SHARED FACILITIES
	 
	Section 6.01.  Shared Facilities	12
	Section 6.02.  Use of Shared Facilities	13
	Section 6.03.  Expiration of the Shared Lease Term	13
	Section 6.04.  Indemnification	13
	 	 
	ARTICLE VII
	MISCELLANEOUS
	 
	Section 7.01.  Confidentiality	14
	Section 7.02.  Services Coordinators	14
	Section 7.03.  Joint Essential Systems and Services Working Group	15
	Section 7.04.  Dispute Resolution	15
	Section 7.05.  Other Property	15
	Section 7.06.  Notices	16
	Section 7.07.  Interpretation; Incorporation of Terms by Reference	16

 

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TRANSITION
SERVICES AGREEMENT

 

THIS TRANSITION
AGREEMENT, dated as of October 15, 2018, is by and between FMC CORPORATION, a Delaware corporation (“Parent”),
and LIVENT CORPORATION, a Delaware corporation (the “Company”).

 

R E C I T
A L S

 

WHEREAS,
on or about the date hereof, the parties have entered into that certain Separation and Distribution Agreement (as amended, modified
or supplemented from time to time, the “Separation and Distribution Agreement”), pursuant to which Parent has
transferred all of the assets and liabilities of the Lithium Business to the Company;

 

WHEREAS,
pursuant to the Separation and Distribution Agreement and in connection with the transactions contemplated thereby, the Company
and Parent have agreed to provide, or to cause one or more of the members of their respective Groups to provide, to each other,
for a limited period of time, certain transitional services pursuant to the terms and conditions of this Agreement in order to
facilitate the orderly transition of the Lithium Business from Parent and the members of the Parent Group to the Company and the
members of the Lithium Group; and

 

WHEREAS,
the Separation and Distribution Agreement requires the execution and delivery of this Agreement by Parent and the Company on or
prior to the Separation Date.

 

NOW, THEREFORE,
in consideration of the mutual agreements, provisions and covenants contained in this Agreement, the parties, intending to be
legally bound, hereby agree as follows:

 

Article
I

Definitions

 

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

 

“Additional
Services” has the meaning set forth in ‎Section
2.01(b).

 

“Agreement”
means this Transition Services Agreement, including all of the Schedules and exhibits hereto.

 

“Change”
has the meaning set forth in ‎Section 2.06.

 

“Change
Request” has the meaning set forth in ‎Section 2.06.

 

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

 

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“Company
ESS Designees” has the meaning set forth in ‎Section
7.03.

 

“Dispute”
has the meaning set forth in ‎Section 7.04.

 

“ESS
Committee” has the meaning set forth in ‎Section
7.03.

 

“ESS
Designees” has the meaning set forth in ‎Section
7.03.

 

“Improvements”
has the meaning set forth in ‎Section 5.01

 

“Invoice”
has the meaning set forth in ‎Section 3.02.

 

“IP”
has the meaning set forth in ‎Section 5.01.

 

“Other
Party” has the meaning set forth in ‎Section 2.04.

 

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

 

“Parent
ESS Designees” has the meaning set forth in ‎Section
7.03.

 

“Philadelphia
Sublease” has the meaning set forth in ‎Section
6.01.

 

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

 

“Provider
Indemnitee” has the meaning set forth in ‎Section
4.02(b).

 

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

 

“Recipient
Indemnitee” has the meaning set forth in ‎Section
4.02(c).

 

“Residual
Costs” means all documented internal or third-party costs, fees and expenses of Provider or any member of its Group,
including migration, transition or service exit costs, actually incurred by Provider (i) that arise as a direct result of the
early termination of any applicable Service Period in accordance with ‎Section
2.04 or a reduction in Services or any applicable Service Levels by Recipient in accordance with ‎Section
2.05, (ii) that do not constitute part of the Service Fees or expenses of an applicable Service as set forth in the Schedules,
(iii) that Provider and the applicable members of its Group cannot reasonably eliminate, obtain a refund for or obtain a reduction
for as a result of the early termination of any applicable Service Period in accordance with ‎Section
2.04 or the reduction in any Service or any applicable Service Levels in accordance with ‎Section
2.05, and (iv) to the extent the resources obtained as a result of such costs, fees and expenses cannot reasonably be allocated
for equal or greater consideration to the provision of other Services for Recipient or any member of its Group or, at the Provider’s
election acting in good faith, for the business of Provider or the members of its Group.

 

“Responsible
Officers” has the meaning set forth in ‎Section
7.04.

 

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

 

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

 

“Service
Fees” has the meaning set forth in ‎Section 3.01.

 

“Service
Levels” has the meaning set forth in ‎Section 2.05.

 

“Service
Period” has the meaning set forth in ‎Section 2.01(a).

 

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

 

“Services
Coordinator” has the meaning set forth in ‎Section
7.02.

 

“Shared
Facility” has the meaning set forth in ‎Section
6.01.

 

“Shared
Facility Lease” has the meaning set forth in ‎Section
6.04(a).

 

“Shared
Lease Term” has the meaning set forth in ‎Section
6.02.

 

“Systems”
has the meaning set forth in ‎Section 2.09(b).

 

“Taxes”
has the meaning set forth in ‎Section 3.04.

 

“Term”
has the meaning set forth in ‎Section 2.04(a).

 

“Terminating
Party” has the meaning set forth in ‎Section 2.04(c).

 

“Termination
Notice” has the meaning set forth in ‎Section 2.04(b).

 

“Third-Party
Service Provider” has the meaning set forth in ‎Section
2.01(a).

 

Article
II

Services

 

Section 2.01.Services.
(a) Subject to ‎Section 2.04, beginning on the Separation
Date and for the applicable durations specified on Schedule 1 under the heading “Service Period” (each such period,
a “Service Period”), Parent shall provide, or cause to be provided, to the Company and/or the members of the
Lithium Group the services set forth in Schedule 1 to this Agreement and the Company shall provide, or cause to be provided, to
Parent and/or the members of the Parent Group, the services set forth in Schedule 2 to this Agreement (Schedules 1 and 2, the
“Schedules”). Subject to ‎Section 2.04(b), upon the expiration of each applicable Service Period,
the obligation of Provider with respect to the provision of the applicable Service shall automatically and immediately terminate
(but, for the avoidance of doubt, the foregoing shall not waive or release Provider or any member of its Group from any liability
or obligation that accrued prior to the end of any applicable Service Period). For the purposes of this Agreement, “Services”
shall mean the services set forth on the Schedule to be provided, or caused to be provided, by Provider to Recipient pursuant
to this Agreement; “Provider” shall mean the party, or

 

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member
of such party’s Group, providing, or causing to be provided, Services to the other party or the members of such party’s
Group under this Agreement and “Recipient” shall mean the party, or member of such party’s Group, receiving,
directly or indirectly, Services from the other party or the members of such party’s Group under this Agreement. Recipient
acknowledges that Provider may provide the applicable Services directly, through any of its Affiliates or through one or more
third parties engaged by Provider to provide Services in accordance with the terms of this Agreement (each such third party, a
“Third-Party Service Provider”).

 

(b)       After
the date hereof, the parties may by mutual written agreement identify additional services that Provider will provide, or cause
to be provided, to Recipient in accordance with the terms of this Agreement (the “Additional Services”). If
the parties mutually agree to add any Additional Services pursuant to this ‎Section 2.01(b), the parties will amend
the Schedules to include each such Additional Service and all applicable terms in respect of such Additional Service in accordance
with the terms of this Agreement.

 

(c)       Recipient
shall, at the request of Provider in consultation with Recipient from time to time and without further consideration, execute
and deliver such powers of attorney, acknowledgments, assurances, consents and other documents as may be reasonably necessary
for Provider to satisfy and perform its obligations hereunder.

 

Section 2.02.Service
Migration. Each party to this Agreement acknowledges and agrees that the Services are being provided on a transition basis
in order to allow the applicable Recipient a period of time to obtain similar services for itself and the members of its Group,
and that no party hereto is a commercial provider of any such Services. Each party hereto agrees to use its commercially reasonable
efforts to end its use of each and every Service as soon as reasonably practicable, and each applicable Provider shall assist
the applicable Recipient in connection with the transition from the performance of Services by Provider to the performance of
such Services by Recipient, which may include assistance with the transfer of records, migration of historical data, the transition
of any such Service from the hardware, software, network and telecommunications equipment and internet-related information technology
infrastructure. In no event shall the applicable Provider be responsible for providing any services in connection with, or bearing
any costs of, any such migration, except in connection with the previous sentence or as set forth on any Schedule to this Agreement.

 

Section 2.03.Standard
of Performance; Third-Party Consents; Service Enhancements. (a) Subject to the terms and conditions of this Agreement, Provider
shall use commercially reasonable efforts to provide, or cause to be provided, the Services to Recipient at a quality level and
in the same manner as such Service has been provided to Recipient and the members of its Group immediately prior to the Separation
Date or, if any such Service was not provided during such period, Provider will provide such Services in a professional and workmanlike
manner, but in each case, exercising at least the same care and skill as Provider exercises in performing similar services for
itself or for the members of its Group; provided that nothing in this Agreement shall require Provider to perform, or caused
to be performed, any Service or to take, or refrain from

 

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taking, any
action, if the provision of such Service or the taking, or refraining from taking, of such action by Provider would be reasonably
likely to result in any breach or violation of any applicable Law or any license, lease, Contract or other agreement with any
third party (including any software or information technology license or service agreement); provided, however that
Provider shall use its commercially reasonable efforts to obtain the consent of any such third party (at Recipient’s sole
cost and expense) required for the provision of such Services to the Recipient or the members of its Group by the Provider; provided,
further that in the event such consent cannot be obtained, the parties shall work together in good faith and use their
respective commercially reasonable efforts to (in each case, at Recipient’s sole cost and expense) arrange for alternative
methods of delivery of such Service.

 

(b)       EACH
PARTY ACKNOWLEDGES AND AGREES THAT, EXCEPT AS OTHERWISE PROVIDED IN THIS AGREEMENT, ALL SERVICES ARE PROVIDED ON AN “AS
IS, WHERE IS” BASIS AND “WITH ALL FAULTS” AND THAT PROVIDER MAKES NO REPRESENTATIONS OR WARRANTIES, WHETHER
EXPRESS, IMPLIED OR STATUTORY, WITH RESPECT TO THE SERVICES TO BE PROVIDED HEREUNDER, INCLUDING, BUT NOT LIMITED TO, IMPLIED WARRANTIES
OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, AND NON-INFRINGEMENT WHICH ARE SPECIFICALLY DISCLAIMED.

 

(c)       It
is understood and agreed that Provider may from time to time modify, change or enhance the manner, nature, quality and/or standard
of care of any Service provided to Recipient or the members of its Group to the extent Provider is making a similar change in
the performance of services similar to such Services for Provider or the members of its Group or to the extent that such change
is in connection with the relocation of Provider’s employees; provided that any such modification, change or enhancement
will not reasonably be expected to have a material adverse effect on the provision of such Service in accordance with the standards
set forth in ‎Section 2.03(a).

 

Section 2.04.Term;
Discontinuation or Extension of Services; Termination; Effect of Termination. (a) The term of this Agreement (the “Term”)
will commence on the Separation Date and end on the earliest to occur of: (i) the last date on which a Provider is obligated to
provide any Service to a Recipient pursuant to this Agreement and the Schedules, and (ii) the mutual written agreement of the
parties to terminate this Agreement (and all Services hereunder) in its entirety.

 

(b)       Subject
to this ‎Section 2.04(b), any Service may be discontinued or extended upon the mutual written consent of the parties,
and, in such case, the applicable Schedule shall be amended in writing as soon as practicable to either delete such Service and
terminate the applicable Service Period as of such date (and this Agreement shall be of no further force and effect for such Service,
except as to obligations accrued prior to the date of discontinuation of such Service), or to extend the Service Period for the
duration of such extension, as applicable. Recipient may discontinue any Service by providing advance written notice to Provider
(a “Termination Notice”) either 90 days in advance of the proposed date of termination or in accordance with
the termination

 

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procedures
set forth with respect to such Service on the Schedules under the column entitled “Termination Notice Period”,
and in either case subject to Provider’s written consent (which consent shall not be unreasonably withheld) with respect
to such termination; provided that in the case in which an aggregate cost is set forth on any applicable Schedule for a
group of Services, no individual or line item Service within such group may be terminated without the termination of all of the
other Services within such group; provided, further that Recipient shall be responsible for any Residual Costs incurred
by reason of such termination. Upon any discontinuation in accordance with this ‎Section 2.04(b), (i) all accrued and
unpaid Service Fees or other amounts payable in respect of the applicable Services to be discontinued shall be due and payable
no later than sixty (60) days following the date of such discontinuation and shall be paid by Recipient to Provider in accordance
with ‎Article III and (ii) Recipient’s obligation to pay for such discontinued Service beyond the specified discontinuation
date will terminate (but, for the avoidance of doubt, the foregoing shall not waive or release the Recipient or any member of
its Group from any Liability that accrued prior to any applicable discontinuation).

 

(c)       Either
party (the “Terminating Party”) may terminate this Agreement with immediate effect by notice in writing to
the other party (the “Other Party”) on or at any time after the occurrence of any of the following events:

 

(i)       the
Other Party is in default of any of its material obligations (for the avoidance of doubt, all of a Recipient’s obligations
under ‎Section 3.01 of this Agreement shall be deemed material obligations) under this Agreement and (if the
breach is capable of being cured) has failed to cure the breach within thirty (30) calendar days after receipt of notice in writing
from the Terminating Party giving particulars of the breach and requiring the Other Party to cure such breach (provided
that the cure period for any breach of Recipient’s obligations under ‎Section 3.01 of this Agreement shall
be thirty (30) calendar days after the occurrence of such breach);

 

(ii)       the
Other Party commences a voluntary case or other proceeding seeking bankruptcy protection, liquidation, reorganization or similar
relief with respect to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect, or
seeks the appointment of a trustee, receiver, liquidator, custodian or other similar official of it or any substantial part of
its property, or consents to any such relief or to the appointment of or taking possession by any such official in an involuntary
case or other proceeding commenced against it, or makes a general assignment for the benefit of creditors, or fails generally
to pay its debts as they become due, or takes any corporate action to authorize any of the foregoing; or

 

(iii)       an
involuntary case or other proceeding is commenced against the Other Party seeking bankruptcy protection, liquidation, reorganization
or other relief with respect to it or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect,
or seeks the appointment of a trustee, receiver, liquidator, custodian or other similar official of it or any substantial part

 

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of
its property, and such involuntary case or other proceeding remains undismissed and unstayed for a period of sixty (60) calendar
days or an order for relief shall be entered against the Other Party.

 

(d)       In
the event of termination of this Agreement in its entirety pursuant to this ‎Section 2.04, or upon the expiration of
the Term, this Agreement shall cease to have further force or effect, and neither Party shall have any liability to the other
Party with respect to this Agreement; provided that:

 

(i)       termination
or expiration of this Agreement for any reason shall not release a party from any liability or obligation that already has accrued
as of the effective date of such termination or expiration, as applicable, and shall not constitute a waiver or release of, or
otherwise be deemed to adversely affect, any rights, remedies or claims which a Party may have hereunder at Law, in equity or
otherwise or which may arise out of or in connection with such termination or expiration;

 

(ii)       all
accrued and unpaid Service Fees or other amounts payable pursuant to this Agreement shall be due and payable as soon as practicable
upon, but in no event later than 60 days following, the termination of this Agreement and shall be paid by Recipient to Provider
in accordance with ‎Article III; and

 

(iii)       this
‎Section 2.04, ‎Section 2.10 (Books and Records), ‎Article IV (Indemnity)
and ‎Article VII (Miscellaneous) shall survive any termination or expiration of this Agreement and shall remain
in full force and effect.

 

Section 2.05.Service
Levels. Subject to any applicable service levels set out in the Schedules (the “Service Levels”), Provider
shall perform each Service in all material respects in accordance with past practice; provided that Provider will not be obligated
to perform any Service in a volume or quantity that exceeds in any material respect the level of use reasonably required to support
Recipient’s business in accordance with historical volumes (on an annualized basis) performed for Recipient’s business
during calendar year 2018 to date (taking into account the monthly and seasonal changes during the last twelve-month period prior
to the Separation Date). In no event shall Recipient be entitled to any increase in the level of its use of any of the Services
without providing to Provider at least sixty (60) days’ prior written notice for such request and obtaining the prior written
consent of Provider, which consent shall not be unreasonably withheld. Without limiting ‎Section 2.04 in any respect,
Recipient may not decrease, without Provider’s prior written consent, the level of its use of any of the Services if such
a decrease would have a material and adverse effect on Provider’s ability to provide the Services or would materially increase
the cost or expense to Provider to provide such Service; provided, however that Recipient must provide at least
three (3) months prior written notice to Provider for any decrease in the level of Services that would reasonably be expected
to result in reduction of force, require termination of any third-party agreements, or may require changes to Provider’s
IT systems operations (e.g., related to Recipient’s IT migration efforts); provided, further that, subject
to payment for Residual Costs, the applicable Service Fees shall be decreased in Provider’s reasonable discretion by the

 

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amount that
Provider’s costs associated with providing such Services have reduced as a result of such reduction of Services by Recipient
in the event that such cost reduction in the aggregate for all such related requests is at least ten (10%) percent of the applicable
Service Fee. Such reduced Service Fees shall take effect following the later of (i) the last day of the month that is three (3)
months following the receipt of such reduction of Services notice or (ii) the last day of the month in which Provider realizes
such reduction of costs.

 

Section 2.06.Changes.
Subject to ‎Section 2.04, no Recipient shall be entitled to any change, alteration, amendment or other modification
(a “Change”) without the prior written consent of Provider, which consent (in the case of Changes that are
not material or that are required by Law) shall not be unreasonably withheld. In the event that a Recipient desires a Change,
Recipient will deliver a change request (a “Change Request”) to Provider. The timing for Provider’s approval
or rejection of such Change Requests shall be within a commercially reasonable time period; provided, however, in
respect of any Change Requests that are required by Law then such period shall be within a period that is sufficient to meet with
any deadlines and requirements imposed by Law if Recipient has given Provider reasonable advance notice of such deadlines and
requirements. If a Change Request is approved, the applicable Recipient shall be responsible for all changes to associated Service
Fees and reasonable and documented expenses associated with such approved Change in a manner as shall be mutually agreeable to
Provider and Recipient.

 

Section 2.07.Maintenance.
Provider may temporarily shut down for maintenance purposes the facilities providing any Service to Recipient or any member of
its Group whenever such action is necessary in Provider’s reasonable discretion; provided that Provider will use
reasonable best efforts to (x) provide Recipient with reasonable advance written notice of any scheduled maintenance and (y) schedule
any such maintenance in consultation with Recipient so as not to unreasonably interfere in Recipient’s business. Provider
shall use its reasonable best efforts to minimize the length of time any facilities providing Services remain under maintenance.
During any period of shutdown of any of the facilities providing Services, Provider shall furnish to Recipient the same level
and priority of Services that Provider’s own business units receive during such shutdown.

 

Section 2.08.Local
Agreements. With respect to Services delivered in a particular country and to the extent required by applicable Law, the parties
will cause the members of their respective Group in such country to enter into one or more local services agreements for the purpose
of implementing this Agreement in that country.

 

Section 2.09.Access
to Systems.

 

(a)       Recipient
shall (i) make available on a timely basis to Provider and the members of its Group and applicable Third-Party Service Providers
all information and materials reasonably requested by them to enable them to provide the applicable Services to Recipient and
(ii) provide to Provider and the members of its Group and applicable Third-Party Service Providers reasonable access to its premises,
systems, assets, facilities

 

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and personnel
during regular business hours and at such other times as reasonably requested to the extent necessary for Provider and the members
of its Group and applicable Third-Party Service Providers (as applicable) to provide the applicable Services to Recipient.

 

(b)       If
as a result of the provision of the Services, employees of Provider or Recipient or any member of their respective Group or any
applicable Third-Party Service Provider thereof receive access to the computer systems or software (collectively, the “Systems”)
of the other Group, such persons shall access such Systems only for the limited purpose of supporting the provision of the Services
and shall abide by any and all access rules and restrictions applicable to such Systems, including with respect to security and
privacy, that are provided to such person in advance of such access or from time to time thereafter, and such persons shall not
circumvent or attempt to circumvent any security, privacy or audit measures of Provider, Recipient or any member of their respective
Group, as applicable. The parties will reasonably cooperate to ensure that only those persons who are specifically authorized
to have access to the Systems of Provider, Recipient or any of the members of their respective Group gain such access, and to
prevent unauthorized access, use, destruction, alteration or loss of information contained therein.

 

Section 2.10.Books
and Records. Each party agrees to maintain financial, accounting, and functional (including metering) records, data and other
supporting documentation consistent with its practices in the ordinary course of business to reflect the accuracy of invoiced
quantities and amounts for the Services provided under this Agreement. Each Party shall retain such data and records in accordance
with its respective control policies in the ordinary course of business existing from time to time and shall afford reasonable
access to the other party during normal business hours to such data and records.

 

Section 2.11.Independent
Contractor. In providing Services hereunder, Provider and its Affiliates and any Third-Party Service Providers acting on behalf
of Provider shall act solely as independent contractors. Nothing herein shall constitute or be construed to be or create in any
way or for any purpose a partnership, joint venture or principal-agent relationship between the parties. No party shall have any
power to control the activities and/or operations of the other party. No party shall have any power or authority to bind or commit
any other party. In providing the Services hereunder, Provider’s employees and agents shall not be considered employees
or agents of Recipient, nor shall Provider’s employees or agents be eligible or entitled to any compensation, benefits,
or perquisites (including severance) given or extended to Recipient’s employees. For the avoidance of doubt, Recipient shall
be solely responsible for the operation of its businesses and the decisions and actions taken in connection therewith, and nothing
contained herein shall impose any liability or responsibility on Provider with respect thereto.

 

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Article
III

Service Fees

 

Section 3.01.Service
Fees. During the Term, the Services set forth on the Schedules will be provided to Recipient and the members of its Group
during the applicable Service Period and the applicable Provider shall charge the applicable Recipient the service fees for each
Service as set forth in the applicable Schedule (the “Service Fees”). Without limiting the foregoing, the applicable
Recipient shall reimburse the applicable Provider for (i) any reasonable and documented expenses of Provider, including any expenditures
of any Third-Party Service Provider invoiced to Provider, in connection with the Services, (ii) any costs paid or payable associated
with securing the consent of any third party that is required in connection with the provision of the Services, and (iii) any
Residual Costs that arise from the early termination of any Service in accordance with ‎Section 2.04 or any reduction
in Services or Service Levels by Recipient in accordance with ‎Section 2.05.

 

Section 3.02.Payment.
Provider, or the applicable member of its Group, shall invoice Recipient, or the applicable member of its Group, each month for
Services delivered and expenses incurred during the preceding month (each, an “Invoice”). Recipient shall remit
payment for amounts specified in an applicable Invoice within sixty (60) calendar days after the date of the applicable Invoice.

 

Section 3.03.Finance
Charge. If Recipient fails to make any payment on the date such payment was due to Provider in accordance with ‎Section
3.02, a finance charge of one and a half percent (1.5%) per month or, if less, the maximum rate allowed by applicable Law, payable
from the date prior to which such payment was required to be made in accordance with ‎Section 3.02 to the date such
payment is received by Provider, unless the failure to make such payment is a result of the failure of Provider to provide any
applicable Service in respect of such payment. In addition, Recipient shall indemnify Provider for its costs, including reasonable
attorneys’ fees and disbursements, incurred to collect any unpaid amount.

 

Section 3.04.Taxes.
Except as expressly noted therein, the Service Fees set forth in the Schedules with respect to each Service do not include any
sales, use, value added, goods and services or similar taxes, duties, levies and similar charges (collectively, and together with
any interest, penalties or additions to tax imposed with respect thereto, “Taxes”). In addition to the amounts
required to be paid pursuant to this Agreement, Recipient shall pay and be responsible for any Taxes imposed with respect to the
fees or the provision of Services to Recipient hereunder, unless the applicable Law provides that the relevant Taxes are levied
directly on Provider; in such case Provider will pay the relevant Taxes directly to the Tax Authority in accordance with applicable
Law, and Recipient shall reimburse Provider for such Taxes. All payments by Recipient to Provider for Services will be increased
as necessary so that after Recipient has withheld any applicable Taxes, the amount received by Provider is equal to the amount
it would have received had no such withholding been required. The parties will cooperate with each other to minimize any of these
Taxes to the extent reasonable.

 

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Section 3.05.No
Right to Setoff. There shall be no right of setoff or counterclaim with respect to any claim, debt or obligation, against
payments to Provider under this Agreement.

 

Article
IV

Indemnity

 

Section 4.01.Suitability
of the Services. Determination of the suitability of any Services is the sole responsibility of Recipient, and neither Provider
nor any member of its Group will have any responsibility for such determination. Recipient assumes all risk and liability for
loss, damage or injury to persons or property arising out of such Services, however used, and Provider shall in no event be liable
to Recipient or those claiming by, through or under Recipient for any Losses suffered as a result of any Services provided hereunder,
regardless of whether due or alleged to be due to the negligence of Provider, except to the extent caused by Provider’s
gross negligence, willful misconduct or willful breach.

 

Section 4.02.No
Liability; Indemnity. (a) Subject to ‎Section 4.02(c), Provider and the members of its Group shall have no Liability
with respect to the furnishing of the Services or arising from or related to this Agreement except to the extent resulting from
Provider’s (or a member of its Group’s) gross negligence, willful misconduct or willful breach.

 

(b)       Recipient
agrees to indemnify and hold Provider, the members of the Parent Group and their respective employees, agents, officers and directors
(each, a “Provider Indemnitee”) harmless from and against any and all Losses of any Provider Indemnitee arising
out of, in connection with or by reason of the provision of any Services to Recipient or the members of its Group pursuant to
this Agreement or any breach of this Agreement by Recipient or any member of its Group, in each case regardless of whether due
or alleged to be due to the negligence of Provider or any member of its Group or any Third-Party Service Provider, except to the
extent such Losses are caused by gross negligence, willful misconduct or willful breach of Provider or any member of its Group.

 

(c)       Provider
agrees to indemnify and hold Recipient, the members of its Group and all of their respective employees, agents, officers and directors
(each, a “Recipient Indemnitee”) harmless from and against any Losses arising out of, in connection with or
by reason of the provision of the Services or any breach of this Agreement solely to the extent that it is determined by a court
of competent jurisdiction in a final and non-appealable judgment or order that Provider’s (or the applicable member of its
Group’s) actions in respect of such Losses constitute gross negligence, willful misconduct or willful breach of this Agreement.

 

Section 4.03.Limitation
of Liability. IN NO EVENT SHALL PROVIDER (OR ANY MEMBER OF ITS GROUP) BE LIABLE UNDER THIS ARTICLE ‎IV OR OTHERWISE
WITH RESPECT TO THIS AGREEMENT OR ANY BREACH HEREOF FOR ANY AMOUNT IN EXCESS OF THE AGGREGATE SERVICE FEES

 

    11 

     

    

PROVIDER RECEIVED
PURSUANT TO THIS AGREEMENT FOR THE SERVICE THAT IS THE SUBJECT OF THE DISPUTE.

 

Section 4.04.Consequential
Damages. IN NO EVENT SHALL EITHER PARTY BE LIABLE TO THE OTHER PARTY FOR ANY SPECIAL, INDIRECT, INCIDENTAL, CONSEQUENTIAL,
EXEMPLARY OR PUNITIVE DAMAGES WHATSOEVER WHICH IN ANY WAY ARISE OUT OF, RELATE TO, OR ARE A CONSEQUENCE OF, ITS PERFORMANCE OR
NONPERFORMANCE UNDER THIS AGREEMENT OR ANY OF THE SERVICES, WHETHER SUCH ACTION IS BASED ON WARRANTY, CONTRACT, TORT (INCLUDING
NEGLIGENCE OR STRICT LIABILITY) OR OTHERWISE, EVEN IF AN AUTHORIZED REPRESENTATIVE OF SUCH PARTY IS ADVISED OF THE POSSIBILITY
OR LIKELIHOOD OF THE SAME. SPECIAL DAMAGES UNDER THIS AGREEMENT INCLUDE, BUT ARE NOT LIMITED TO, LOSS OF PROFITS, BUSINESS INTERRUPTIONS
AND CLAIMS OF CUSTOMERS.

 

Section 4.05.Exclusive
Remedy. The provisions of this ‎Article IV shall be the sole and exclusive remedies of the Provider Indemnitees
and the Recipient Indemnitees, as applicable, for any claim, Loss, damage, expense or Liability, whether arising from statute,
principle of strict liability, tort, contract or any other theory of liability at law or in equity under this Agreement.

 

Article
V

Intellectual Property

 

Section 5.01.Title
to Intellectual Property. To the extent Provider uses any intellectual property, including know-how, proprietary processes,
software, technology and trade secrets, owned or controlled by Provider after giving effect to the transactions contemplated by
the Separation and Distribution Agreement (collectively, “IP”) in providing Services, such IP and any derivative
works or modifications thereof or improvements thereto (collectively, “Improvements”) shall be and will remain,
as between the parties, the sole and exclusive property of Provider. As between the parties, to the extent ownership of such IP
and Improvements does not vest in Provider, Recipient does hereby assign to Provider all of its right, title and interest in such
IP and Improvements. Recipient shall take all further actions reasonably requested by Provider to confirm Provider’s ownership
and interest in and to such IP and Improvements. Recipient acknowledges and agrees that it will not acquire any right, title or
interest in any IP or Improvements solely by reason of Provider’s provision of Services and Provider hereby reserves all
rights with respect thereto.

 

Article
VI

Shared Facilities

 

Section 6.01.Shared
Facilities. On or prior to the date hereof and in connection with the transactions contemplated by the Separation and Distribution
Agreement, the parties have agreed that Parent shall make available space at certain facilities mutually agreed upon by the parties
and described in the Schedules (each a “Shared Facility”).

 

    12 

     

    

For the avoidance
of doubt, with respect to the premises demised by that certain sublease for a portion of the facility located at FMC Tower, 2929
Walnut Street, Philadelphia, Pennsylvania 19104 (the “Philadelphia Sublease”), the terms and conditions of
the Philadelphia Sublease shall control and such premises shall not be a Shared Facility.

 

Section 6.02.Use
of Shared Facilities. For the period commencing on the Separation Date until the applicable date (the “Shared Lease
Term”) and on the terms and conditions set forth this Agreement, and subject to the terms thereof, each of the Company
or Parent, or the respective members of its Group, shall have the right to use and occupy that portion of the Shared Facilities
that it uses and occupies in connection with the Lithium Business or the Parent Businesses, respectively, as of the Separation
Date in substantially the same manner and on the same terms and conditions that it currently uses and occupies such space. In
the event that Recipient terminates its obligations with respect to any Shared Facility and vacates any such Shared Facility in
accordance with ‎Section 2.04, Recipient shall only be responsible for its pro rata portion of the Rental Costs relating
to such Shared Facility through the date of such termination; provided that Recipient shall be responsible for any Residual
Costs incurred by reason of such termination.

 

Section 6.03.Expiration
of the Shared Lease Term. Recipient shall vacate its portion of the Shared Facilities (i) on or prior to the expiration set
forth in the Schedules or earlier termination as provided in ‎Section 6.02 (provided with respect to the Shared Facility
located in Philadelphia, the expiration date set forth in the Schedules shall be the earlier of such date and the date of termination
of the Philadelphia Sublease), (ii) using commercially reasonable efforts to minimize business interruptions for all parties to
the extent reasonably possible and (iii) leaving its portion of such Shared Facility in broom clean condition.

 

Section 6.04.Indemnification.
(a) Not in limitation of any other provision of this Agreement, Recipient shall indemnify and hold harmless the Provider Indemnitees
from and against all Losses imposed upon or incurred by or asserted against any Provider Indemnitee, as the case may be, by reason
of (i) any accident, injury to or death of persons or loss of or damage to property occurring on or about any portion of the Shared
Facilities then used or occupied by Recipient or the members of its Group or any other Person (excluding the Provider or members
of its Group), to the extent such Person’s use or occupancy is authorized or permitted by the Recipient or any member of
its Group, during the Shared Lease Term, (ii) any failure on the part of the Recipient or any member of its Group to perform or
comply with any obligation of lessee under, or any other term of, any lease of any Shared Facility (each a “Shared Facility
Lease”) during the Shared Lease Term, (iii) performance of any labor or services or the furnishing of any materials
or other property in respect of any portion of the Shared Facilities then used or occupied by Recipient or the members of its
Group or any other Person (excluding Provider or members of its Group), to the extent such Person’s use or occupancy is
authorized or permitted by Recipient or any member of its Group, as the case may be or (iv) the use or occupancy of any of the
Shared Facilities by Recipient or any member of its Group or any other Person (excluding the Provider or the members of its Group),
to the extent such Person’s use or occupancy is authorized or permitted by Recipient or the members of its

 

    13 

     

    

Group, except
in each case to the extent any such Losses arise solely as the result of the gross negligence, willful misconduct or willful breach
of this Agreement or any Shared Facility Lease of or by Provider or any member of its Group.

 

(b)       Subject
to ‎Section 4.03, Provider shall indemnify, defend and hold harmless the Recipient Indemnitees from and against all
Losses imposed upon or incurred by or asserted against any Recipient Indemnitee, as the case may be, by reason of (i) any accident,
injury to or death of persons or loss of or damage to property occurring on or about any portion of the Shared Facilities then
used or occupied by Provider or the members of its Group or any other Person (excluding Recipient or the members of its Group),
to the extent such Person’s use or occupancy is authorized or permitted by Provider or any member of its Group, during the
Shared Lease Term, (ii) any failure on the part of Provider or any member of its Group to perform or comply with any obligation
thereof under, or any other term of, any Shared Facility Lease during the Shared Lease Term, (iii) performance of any labor or
services or the furnishing of any materials or other property in respect of any portion of the Shared Facilities then used or
occupied by Provider or the members of its Group or any other Person (excluding Recipient or the members of its Group), to the
extent such Person’s use or occupancy is authorized or permitted by Provider or any member of its Group, as the case may
be or (iv) the use or occupancy of any of the Shared Facilities by Provider or the members of its Group or any other Person (excluding
Recipient or the members of its Group), to the extent such Person’s use or occupancy is authorized or permitted by Provider
or any member of its Group, except in each case to the extent any such Losses arise solely as the result of the gross negligence,
willful misconduct or willful breach of this Agreement or any Shared Facility Lease of or by Recipient or any member of its Group.

 

(c)       If
it cannot be determined, acting reasonably, whether any accident, injury to or death of persons or loss of or damage to property
occurred on or about a portion of the Shared Facilities contemplated in ‎Section 6.04(a)(i) or on or about a portion
of the Shared Facilities contemplated in ‎Section 6.04(b)(i), then liability shall be apportioned between the Parties
(or the appropriate member of their respective Group) based on the percentage of the relevant Shared Facility used or occupied
by each of them.

 

Article
VII

Miscellaneous

 

Section 7.01.Confidentiality.
Each party to this Agreement acknowledges that any and all Information related to the Services or otherwise provided to any party
pursuant to this Agreement or in connection with the provision of the Services shall be subject to in all respects the confidentiality
obligations of Section 6.09 of the Separation, and Distribution Agreement and Section 6.09 of the Separation and Distribution
Agreement is hereby incorporated by reference, mutatis mutandis, as if set forth in full herein.

 

Section 7.02.Services
Coordinators. Provider and Recipient shall each select a services coordinator (a “Services Coordinator”)
for each Service. Such Services Coordinators will be identified with respect to each Service on the applicable Schedule,

 

    14 

     

    

and will
act as the primary contact person for the provision or receipt, as applicable, of such applicable Services. All communications
relating to the provision of the applicable Service will be directed to the Services Coordinator of the other party with respect
to such Service. Provider and Recipient shall each be permitted, upon notice to the other party, to select any new or additional
Services Coordinator with respect to any Service.

 

Section 7.03.Joint
Essential Systems and Services Working Group. A joint working committee comprised of representatives of Parent and the Company
set forth in Schedule 3 (respectively, the “Parent ESS Designees” and the “Company ESS Designees”)
is hereby established (the “ESS Committee”). From and after the date of this Agreement, the ESS Committee shall
consist of three Parent ESS Designees and three Company ESS Designees (together, the “ESS Designees”). From
and after the date of this Agreement, the ESS shall meet on a regular basis, in person or by telephone, without requirement for
any quorum, at a time and place agreed by a majority of the ESS Designees to discuss and coordinate the provision of the Services
pursuant to this Agreement and to perform such other roles and responsibilities as may delegated to the ESS Committee by the parties
from time to time. None of the ESS Designees shall have decision-making authority with respect to either party, except as otherwise
duly granted to any such ESS Designee by such party.

 

Section 7.04.Dispute
Resolution. In the event of any dispute or disagreement between the parties to this Agreement or the members of their respective
Groups as to the interpretation of any provision of the Agreement or in respect of the provision of the Services (a “Dispute”)
that is not capable of being resolved by the Services Coordinators, before initiating any legal action in respect of such Dispute,
such Dispute shall be first referred to the ESS Committee by the Services Coordinators of each Party and shall be subject to informal
good faith negotiation among the Services Coordinators and the ESS Designees for a period of thirty (30) Business Days. If the
ESS Committee and the Services Coordinators cannot resolve such Dispute within such thirty (30) Business Day period, the Dispute
shall be referred to the chief financial officer of each of the parties (provided that neither such Person is also an executive
or member of the board of directors of the other party, in which case to an Independent Director of such party) (the “Responsible
Officers”). The Responsible Officers will meet in person or by telephone as often as reasonably necessary to resolve
the Dispute in good faith. If the Responsible Officers are not able to resolve the Dispute within sixty (60) days after such initial
meeting, the parties shall be free to exercise all rights and remedies available under law or equity with respect to such Dispute.

 

Section 7.05.Other
Property. Unless otherwise specified in the Separation and Distribution Agreement, any and all equipment, Systems, tools,
facilities and any and all other resources used by Provider and any of its Affiliates in connection with the provision of Services
will remain, as between the parties, the sole and exclusive property of Provider.

 

Section 7.06.Notices.
All notices and other communications to be given to any party under this Agreement shall be sufficiently given for all purposes
hereunder if in writing and delivered by hand, courier or overnight delivery service, or five (5) days after

 

    15 

     

    

being mailed
by certified or registered mail, return receipt requested, with appropriate postage prepaid, or electronically mailed (with a
response confirming receipt), and shall be directed to the address set forth below (or at such other address as such party shall
designate by like notice) with a copy to the applicable ESS Designees at the addresses listed in Schedule 3 (which shall not constitute
notice):

 

If
to Parent, to:

 

FMC
Corporation

FMC Tower

2929 Walnut Street

Philadelphia, PA 19104

Attention:
Executive Vice President and General Counsel 

Email:
General.Counsel@fmc.com

 

If
to the Company to:

 

Livent
Corporation

FMC Tower

2929 Walnut Street

Philadelphia, PA 19104

Attention:
Executive Vice President and General Counsel 

Email:
LiventGeneral.Counsel@livent.com

 

Section 7.07.Interpretation;
Incorporation of Terms by Reference. This Agreement is an “Ancillary Agreement” as such term is defined
in the Separation and Distribution Agreement and shall be interpreted in accordance with the terms of the Separation and Distribution
Agreement in all respects; provided that in the event of any conflict or inconsistency between the terms of this Agreement
and the terms of the Separation and Distribution Agreement in respect of the subject matter of this Agreement, the terms of this
Agreement shall control in all respects. Sections 9.03, 9.04, 9.05, 9.06, 9.07 (other than 9.07(d)), 9.08, 9.09, 9.10, 9.12, 9.13,
9.15, 9.16 and 9.17 (subject to the immediately preceding sentence) of the Separation and Distribution Agreement shall each be
incorporated herein by reference, mutatis mutandis, as if set forth in full herein.

 

* * * * *

 

    16 

     

    

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

 

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

 

 

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

 

 

    17Exhibit
10.3

 

 

 

 

SHAREHOLDERS’
AGREEMENT

 

by and between

FMC CORPORATION

and

LIVENT CORPORATION

Dated as of October 15, 2018

 

 

 

 

     

     

    

TABLE
OF CONTENTS

_______________________

 PAGE

	ARTICLE I
	DEFINITIONS
	 
	Section 1.01.  Certain Definitions	1
	 	 
	ARTICLE II
	GOVERNANCE MATTERS
	 
	Section 2.01.  Charter; By-Laws	3
	Section 2.02.  Board Representation	3
	Section 2.03.  Exemption from Corporate Governance Rules	3
	 	 
	ARTICLE III
	MATTERS RELATED TO THE OPERATION OF THE LITHIUM BUSINESS
	 
	Section 3.01.  No Restriction on Competition	3
	Section 3.02.  Non-Solicitation; No-Hire	4
	Section 3.03.  Additional Covenants	4
	Section 3.04.  Directors’ and Officers’ Insurance	6
	 	 
	ARTICLE IV
	FINANCIAL COVENANTS AND INFORMATION RIGHTS
	 
	Section 4.01.  Disclosure and Financial Controls	6
	Section 4.02.  Information Rights	9
	Section 4.03.  Press Releases	10
	Section 4.04.  Cooperation on Parent Filings	10
	Section 4.05.  Auditors and Audits; Annual Statements and Accounting	11
	 	 
	ARTICLE V
	ADDITIONAL TERMS
	 
	Section 5.01.  Applicability of Rights in the Event of an Acquisition of the Company	13
	Section 5.02.  Termination	13
	Section 5.03.  Confidentiality	13
	Section 5.04.  Transfer of Parent’s Rights	15
	Section 5.05.  Interpretation; Incorporation of Terms by Reference	15

 

     

     

    

SHAREHOLDERS’
AGREEMENT

 

THIS
SHAREHOLDERS’ AGREEMENT, dated as of October 15, 2018, is by and between FMC CORPORATION, a Delaware corporation (“Parent”)
and LIVENT CORPORATION, a Delaware corporation (the “Company”).

 

R E C I T
A L S

 

WHEREAS,
Parent beneficially owns approximately [—] percent ([—]%) of the issued and outstanding Company Common Stock, and
the Company is a part of Parent’s “affiliated group” of companies for federal income tax purposes as of the
date hereof;

 

WHEREAS,
the Company has issued shares of Company Common Stock to the public in an initial public offering (the “IPO”)
pursuant to a registration statement on Form S-1 (the “IPO Registration Statement”) under the Securities Act;

 

WHEREAS,
after the IPO, Parent may transfer shares of Company Common Stock to stockholders of Parent by means of one or more distributions
by Parent to its stockholders of shares of Company Common Stock, one or more offers to stockholders of Parent to exchange their
Parent Common Stock for shares of Company Common Stock (any combination thereof, the “Distribution”), or, alternatively,
Parent may effect a disposition of its Company Common Stock pursuant to one or more public or private offerings, equity for debt
exchanges or other similar transactions, or Parent (or its transferees) may continue to hold its interest in shares of Company
Common Stock; and

 

WHEREAS,
the parties desire to enter into this Agreement to set forth their agreements regarding the relationship between Parent, the Company
and their respective Subsidiaries following the IPO.

 

NOW,
THEREFORE, in consideration of the mutual agreements, provisions and covenants contained in this Agreement, the parties, intending
to be legally bound, hereby agree as follows:

 

Article
I

Definitions

 

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

 

“Agreement”
means this Shareholders’ Agreement, including all of the schedules and exhibits hereto.

 

“Applicable
Period” has the meaning set forth in ‎Section 4.01.

 

“By-Laws”
has the meaning set forth in ‎Section 2.01.

 

    1 

     

    

“Charter”
has the meaning set forth in ‎Section 2.01.

 

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

 

“Company
Auditors” has the meaning set forth in ‎Section
4.05(a).

 

“Company
Directors” has the meaning set forth in ‎Section
2.02(a).

 

“Company
Public Documents” has the meaning set forth in ‎Section
4.02(a).

 

“Disclosing
Party” has the meaning set forth in ‎Section 5.03(a).

 

“Distribution”
has the meaning set forth in the recitals.

 

“Financial
Reporting Timeline” means Parent’s standard financial reporting timeline, as in effect as of the Separation Date
or as modified by Parent thereafter (with notice to the Company), for the provision of consolidated financial information and
financial statements to be included in Parent’s Form 10-Q, 10-K or other document to be filed with the SEC, as applicable.

 

“Financial
Statements” has the meaning set forth in ‎Section
4.01(d).

 

“IPO”
has the meaning set forth in the recitals.

 

“IPO
Registration Statement” has the meaning set forth in the recitals.

 

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

 

“Parent
Auditors” has the meaning set forth in ‎Section
4.05(b).

 

“Parent
Financial Statements” has the meaning set forth in ‎Section
4.01(f).

 

“Parent
Public Filings” has the meaning set forth in ‎Section
4.04.

 

“Parent
Transaction” has the meaning set forth in ‎Section
5.03(d).

 

“Parent
Transferee” has the meaning set forth in ‎Section
5.04.

 

“Receiving
Party” has the meaning set forth in ‎Section 5.03(a).

 

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

 

“Voting
Stock” has the meaning set forth in ‎Section 2.03.

 

    2 

     

    

Article
II

Governance Matters

 

Section
2.01.Charter; By-Laws. Prior to the effectiveness of the IPO Registration Statement, Parent and the Company will each
take all actions that may be required to provide for the adoption by the Company of an amended and restated certificate of incorporation
of the Company, substantially in the form approved by Parent in its sole discretion and attached as an exhibit to the IPO Registration
Statement (the “Charter”), and amended and restated by-laws of the Company, substantially in the form approved
by Parent in its sole discretion and attached as an exhibit to the IPO Registration Statement (the “By-Laws”).

 

Section
2.02.Board Representation. (a) The parties agree that the Company Board shall have no less than three (3) and no greater
than fifteen (15) members at any given time (as determined in the sole discretion of the Company Board in accordance with the
Charter and the By-Laws), and as of the Separation Date, the Company Board shall consist of seven (7) members (the “Company
Directors”), each of whom shall have been designated by Parent and duly elected prior to the Separation Date. In accordance
with the Charter and the By-Laws, the Company Board will consist of three (3) classes of directors and any vacancies on the Company
Board, including as a result of any increase in the number of Company Directors in accordance with the Charter, the By-Laws and
this ‎Section 2.02, shall be filled by the Company Board in accordance with the Charter and the By-Laws.

 

Section
2.03.Exemption from Corporate Governance Rules. For so long as the Parent Group beneficially owns a majority of the
total voting power of all classes of then-outstanding capital stock of the Company entitled to vote generally with respect to
the election of directors (“Voting Stock”), the Company shall use reasonable best efforts to exempt itself,
as applicable, from compliance with corporate governance requirements under any applicable Law or rule of any securities exchange
or otherwise that relates to director independence (including in respect of requirements to have independent directors on any
applicable committee of the Company Board).

 

Article
III

Matters Related to the Operation of the Lithium Business

 

Section
3.01.No Restriction on Competition. Without limiting any provision of the Charter or the By-Laws, it is the explicit
intent of each of the parties hereto that the provisions of this Agreement, the Separation and Distribution Agreement and the
Ancillary Agreements shall not include any non-competition or other similar restrictive arrangements with respect to the range
of business activities which may be conducted by the parties hereto or the members of their respective Groups. Accordingly, each
of the parties hereto acknowledges and agrees that nothing set forth in this Agreement, the Separation and Distribution Agreement
or any Ancillary Agreement shall be construed to create any explicit or implied restriction or other limitation on (i) the ability
of any party hereto or any member of its respective Group to engage in any business or other activity

 

    3 

     

    

which
competes with the business of any other party hereto or any members of its respective Group or (ii) the ability of any party hereto
or any member of its respective Group to engage in any specific line of business or engage in any business activity in any specific
geographic area.

 

Section
3.02.Non-Solicitation; No-Hire. Until the date that is the twelve- (12)-month anniversary of the date on which Parent
and its Affiliates cease to hold a majority of the Voting Stock, none of Parent, the Company or any member of their respective
Groups will, without the prior written consent of the other applicable party, either directly or indirectly, on their own behalf
or in the service of or on behalf of others, solicit, aid, induce or encourage any employee of the other party or any member of
its respective Group to leave his or her employment, or hire any such employee; provided that (a) following the Distribution
Date, the provisions of this ‎Section 3.02 shall not apply to any employee who was not an employee of either Group
on or prior to the Distribution Date, and (b) nothing in this ‎Section 3.02 shall restrict or preclude the rights of
Parent, the Company or any member of their respective Groups from soliciting or hiring (i) any employee who responds to a general
solicitation or advertisement that is not specifically targeted or focused on the employees employed by any other party’s
respective Group or the engagement of search firms to engage in such searches; provided however, that the applicable party
has not encouraged or advised such firm to approach any such employee; (ii) any employee whose employment has been terminated
by the other party or any member of its respective Group; or (iii) any employee whose employment has been terminated by such employee
after ninety (90) days from the date of termination of such employee’s employment.

 

Section
3.03.Additional Covenants. Without limiting any other covenants, undertakings or agreements contained in this Agreement,
the Separation and Distribution Agreement or any Ancillary Agreement, after the Separation Date and for so long as Parent owns
at least a majority of the Voting Stock, the Company shall not, and shall not permit any member of the Lithium Group to, without
Parent’s prior written consent:

 

(a)       take,
or cause to be taken, directly or indirectly, any action, including making or failing to make any election under any applicable
Law, which has the effect, directly or indirectly, of restricting or limiting the ability of Parent to freely sell, transfer,
assign, pledge or otherwise dispose of shares of Company Common Stock or would restrict or limit the rights of any transferee
of Parent as a holder of Company Common Stock, including, without limitation, (i) adopting or thereafter amending, supplementing,
restating, modifying or altering any stockholder rights plan in any manner that would result in (x) an increase in the ownership
of Company Common Stock by Parent causing the rights thereunder to detach or become exercisable and/or (y) Parent and its transferees
not being entitled to the same rights thereunder as other holders of Company Common Stock, or (ii) the taking of any action, or
the taking of any action to recommend to the Company’s stockholders any action, which would among other things, limit the
legal rights of, or deny any benefit to, Parent as a Company stockholder either (x) solely as a result of the amount of Company
Common Stock owned by Parent or (y) in a manner not applicable to Company stockholders generally;

 

    4 

     

    

(b)       to
the extent that Parent is or becomes a party to any Contract (including any Contract relating to any Parent Credit Facility) or
incurs any Indebtedness the terms of which, in either case, provide that certain actions or inactions of Affiliates of Parent
or any member of the Parent Group (which for purposes of such Contract or Indebtedness includes any member of the Lithium Group)
may result in Parent or any member of the Parent Group being in breach of or default under such Contract or Indebtedness and Parent
has advised the Company of the existence, and has furnished the Company with a copy, of such Contract (or the relevant portions
thereof) or of the terms (or the relevant portions thereof) of such Indebtedness, the Company will not take or fail to take, as
applicable, and the Company will cause the members of the Lithium Group not to take or fail to take, as applicable, any actions
that reasonably could result in Parent or any member of the Parent Group being in breach of or in default under any such Contract
or Indebtedness; provided that the parties acknowledge and agree that from time to time Parent or any member of the Parent
Group may in good faith (and not solely with the intention of imposing restrictions on the Company or any member of the Lithium
Group pursuant to this covenant) enter into additional Contracts (or amendments to existing Contracts) or incur any Indebtedness
the terms of which, in either case, provide that certain actions or inactions of Subsidiaries or Affiliates of Parent (including,
for purposes of this ‎Section 3.03(b), members of the Lithium Group) may result in Parent or a member of the Parent
Group being in breach of or in default under such Contract or Indebtedness, and in such event, the Company will not thereafter
take or fail to take, as applicable, and the Company will cause the members of the Lithium Group not to take or fail to take,
as applicable, any actions that reasonably could result in Parent or any member of the Parent Group being in breach of or in default
under any such additional Contracts (or amendments to existing Contracts) or Indebtedness (provided that Parent has notified
the Company of such additional Contracts (or amendments to existing Contracts) or the terms of any such Indebtedness); provided,
further that in the event that the Company or any member of the Lithium Group unknowingly takes any action, or fails to take
any action, that would require the Parent’s consent hereunder, such action or inaction shall not constitute a breach of
this ‎Section 3.03(b) so long as promptly upon written notice thereof by Parent, the Company remedies or cures such
breach of or default under such Contract or Indebtedness;

 

(c)       issue
any shares of the capital stock of the Company or of any member of the Lithium Group, including any Company Common Stock, or any
rights, warrants or options to acquire the Company capital stock (including, without limitation, securities convertible into or
exchangeable for the Company capital stock), or any other equity security of the Company, other than (i) Company Common Stock
issued in connection with the IPO (including in connection with the exercise by the Underwriters of any over-allotment option)
or (ii) any equity securities issued pursuant to any employee benefit or other plan approved in connection with the IPO or the
other Transactions;

 

(d)       dispose
of, or agree to dispose of, any of the assets, other than sales of inventory in the ordinary course of business, held by any member
of the Lithium Group with an aggregate value in excess of $5,000,000 in any one such disposition, or $25,000,000 in the aggregate;

 

    5 

     

    

(e)       acquire,
or agree to acquire, any businesses or assets for aggregate consideration in excess of $50,000,000;

 

(f)       acquire,
or agree to acquire, any equity securities, debt securities or other interest in any Person, whether by way of a purchase of stock
or securities, contributions to capital, or otherwise, for aggregate consideration in excess of $25,000,000 in any such acquisition,
or $50,000,000 in the aggregate;

 

(g)       incur
or make, or agree to incur or make, any capital expenditures in excess of $10,000,000, or $50,000,000 in the aggregate, other
than in accordance with any capital expenditure plan set forth on Schedule 3.03(g);

 

(h)       incur
any Indebtedness, other than (i) pursuant to the Company Financing Arrangements or (ii) as would not exceed $50,000,000, in the
aggregate with all other Indebtedness of the Company (excluding any Indebtedness of the Company incurred pursuant to the Company
Financing Arrangements as of the Separation Date);

 

(i)       settle,
discharge or otherwise propose to settle or discharge any Action (i) for which the amount in controversy is in excess of $25,000,000,
in the aggregate, (ii) that is seeking any equitable or injunctive relief or (iii) that relates to this Agreement, the Separation
and Distribution Agreement, any Ancillary Agreement or the Transactions; or

 

(j)       any
action the taking of which by the Company or any member of the Lithium Group would be restricted by, or otherwise require the
consent of any Person pursuant to, any Company Financing Agreement.

 

Section
3.04.Directors’ and Officers’ Insurance. Until the Trigger Time, each of the directors and officers of
the Company and the members of the Lithium Group shall be covered under Parent’s directors’ and officers’ insurance
program. The Company shall take commercially reasonable steps to secure, effective as of the Trigger Time, directors’ and
officers’ insurance coverage for the directors and officers of the Company and the members of the Lithium Group that is
substantially similar to the directors’ and officers’ insurance policies and programs of Parent as in effect as of
the Trigger Time, subject to such adjustments to such directors’ and officers’ insurance policies and programs as
the Board of Directors of the Company may determine, in its sole discretion, are appropriate for the market capitalization, revenues
and other characteristics of the Lithium Business following the Separation Date.

 

Article
IV

Financial Covenants and Information Rights

 

Section
4.01.Disclosure and Financial Controls. The Company agrees that, for so long as Parent is required to consolidate the
results of operations and financial position of the Company and any other members of the Lithium Group or to account for its investment
in the Company under the equity method of accounting (determined in accordance with GAAP and consistent with SEC reporting requirements)
(the “Applicable Period”):

 

    6 

     

    

(a)       The
Company will, and will cause each other member of the Lithium Group to, maintain, as of and after the Separation Date, disclosure
controls and procedures and internal control over financial reporting as defined in Exchange Act Rule 13a-15; the Company will
cause each of its principal executive and principal financial officers to sign and deliver certifications to the Company’s
periodic reports and will include the certifications in the Company’s periodic reports, as and when required pursuant to
Exchange Act Rule 13a-14 and Item 601 of Regulation S-K; the Company will cause its management to evaluate the Company’s
disclosure controls and procedures and internal control over financial reporting (including any change in internal control over
financial reporting) as and when required pursuant to Exchange Act Rule 13a-15; the Company will disclose in its periodic reports
filed with the SEC information concerning the Company management’s responsibilities for and evaluation of the Company’s
disclosure controls and procedures and internal control over financial reporting (including, without limitation, the annual management
report and attestation report of the Company’s independent auditors relating to internal control over financial reporting)
as and when required under Items 307 and 308 of Regulation S-K and other applicable SEC rules; and, without limiting the generality
of the foregoing, the Company will, and will cause each member of the Lithium Group to, maintain as of and after the Separation
Date disclosure controls and procedures that are consistent in all respects with (or more robust than) such disclosure controls
and procedures of Parent as in effect as of the Separation Date, in each case except as otherwise may be consented to by Parent
in its sole discretion.

 

(b)       The
Company will, and will cause each member of the Lithium Group organized in the U.S. to, maintain a fiscal year that commences
and ends on the same calendar days as Parent’s fiscal year commences and ends, and to maintain monthly and quarterly accounting
periods that commence and end on the same calendar days as Parent’s monthly and quarterly accounting periods commence and
end. The Company will cause each member of the Lithium Group organized in any jurisdiction outside the U.S. to maintain a fiscal
year that commences and ends on the same calendar days as the fiscal year of the members of the corresponding Parent Group organized
in such jurisdiction outside the U.S. commences and ends, and to maintain monthly and quarterly accounting periods that commence
and end on the same calendar days as the monthly and quarterly accounting periods of members of the corresponding Parent Group
organized in such jurisdiction outside the U.S. commence and end.

 

(c)       The
Company and each of its Subsidiaries and Affiliates will deliver to Parent an income statement and balance sheet on a monthly
basis for the Company for such period in such format and detail as Parent shall request. The Company will be responsible for reviewing
its results and data and for informing Parent immediately of any post-closing adjustments that come to its attention.

 

(d)       For
each annual and quarterly accounting period after the Separation Date, the Company shall deliver to Parent, in accordance with
the Financial Reporting Timeline, drafts of (A) the consolidated financial statements of the Company Group (and notes thereto)
for such periods and, in the case of each quarterly period, for the period from the beginning of the current fiscal year to the
end of such quarter, setting forth in each case in comparative form for each such fiscal year or quarter of the Company the

 

    7 

     

    

consolidated
figures (and notes thereto) for the corresponding year or quarter, as applicable, and other periods of the previous fiscal year
and all in reasonable detail and prepared in accordance with Article 10 of Regulation S-X and GAAP, and (B) a discussion and analysis
by management of the Lithium Group’s financial condition and results of operations for such fiscal period, including, without
limitation, an explanation of any material period-to-period change and any off-balance sheet transactions, all in reasonable detail
and prepared in accordance with Regulation S-K. The information set forth in (A) and (B) above is referred to in this Agreement
as the “Financial Statements.” In accordance with the Financial Reporting Timeline, the Company shall deliver
to Parent the final form of the applicable Financial Statements and certifications thereof by the principal executive officer
and the principal financial officer of the Company in substantially the forms required under SEC rules for periodic reports and
in form and substance satisfactory to Parent; provided, however, that the Company may continue to revise such Financial
Statements prior to the filing thereof in order to make corrections, updates and changes which corrections, updates and changes
shall (i) if substantive, be delivered by the Company to Parent as soon as practicable, and in any event not less than twenty-four
(24) hours prior to the filing of such Financial Statements with the SEC and (ii) in all other cases, be delivered by the Company
to Parent as soon as practicable after making any such corrections, updates or changes; provided, further, that
Parent’s and the Company’s financial representatives shall actively consult with each other regarding any changes
(whether or not substantive) which the Company may consider making to its Financial Statements and related disclosures prior to
any anticipated filing with the SEC, with particular focus on any changes that would have an effect upon Parent’s financial
statements or related disclosures.

 

(e)       Without
limiting the Company’s obligations with respect to the Financial Statements pursuant to ‎Section 4.01(d), each
annual and quarterly accounting period after the Separation Date, the Company shall deliver to Parent, in accordance with the
Financial Reporting Timeline, an income statement and balance sheet and supplemental data related to cash flows and other necessary
disclosures for such applicable period in such format and detail as Parent may request.

 

(f)       Without
limiting the Company’s obligations with respect to the Financial Statements pursuant to ‎Section 4.01(d), in
accordance with the Financial Reporting Timeline, the Company will deliver to Parent, not later than fifteen (15) Business Days
prior to the date Parent has notified the Company that it intends to file any applicable annual or quarterly financial statements
(the “Parent Financial Statements”), any financial and other information and data with respect to the Lithium
Group and its business, properties, financial position, results of operations and prospects as is reasonably requested by Parent
in connection with the preparation of the applicable Parent Financial Statements and annual and quarterly reports on Form 10-K
and Form 10-Q, as applicable.

 

(g)       The
Company will deliver to Parent all quarterly and annual financial statements of each Company Affiliate which is itself required
to file financial statements with the SEC or otherwise make such financial statements publicly available, with such financial
statements to be provided in the same manner and detail and on the same time

 

    8 

     

    

schedule
as Financial Statements required to be delivered to Parent pursuant to ‎Section 4.01(d).

 

(h)       All
information provided by any member of the Lithium Group to Parent or filed with the SEC pursuant to ‎Section 4.01(c)
through ‎(g) inclusive will be consistent in terms of format and detail and otherwise with Parent’s policies
with respect to the application of GAAP and practices in effect on the Separation Date with respect to the provision of such financial
information by such member of the Lithium Group to Parent (and, where appropriate, as presently presented in financial reports
to the Parent Board), with such changes therein as may be requested by Parent from time to time consistent with changes in such
accounting principles and practices. Notwithstanding anything to the contrary in this ‎Section 4.01, the Company will
not file any applicable Financial Statements with the SEC prior to the time that Parent files the corresponding Parent Financial
Statements with the SEC unless otherwise required by applicable Law.

 

(i)       No
later than ten (10) Business Days prior to the taking of any action, or the failure to take any action, or the date of occurrence
of any facts or circumstances known to the Company or any member of the Lithium Group, or as soon as practicable in the event
of any unplanned actions or circumstances, in each case that would be reasonably likely to give rise to an obligation of Parent
or any member of the Parent Group to file with the SEC a Current Report on Form 8-K, the Company shall deliver to Parent all information
and data with respect to such action, or such facts or circumstances, as Parent may reasonably request in connection with the
preparation of Parent’s Current Report on Form 8-K.

 

Section
4.02.Information Rights. For the Applicable Period and without limiting any of the rights and obligations of the parties
pursuant to ‎Section 4.01, the Company will deliver to Parent as soon as practicable such financial and other information
and data with respect to the Lithium Group and its business, properties, financial positions, results of operations and prospects
as from time to time may be reasonably requested by Parent. Without limiting the foregoing:

 

(a)       the
Company shall, and shall cause each member of the Lithium Group that files information with the SEC to, deliver to Parent (i)
substantially final drafts, as soon as the same are prepared, of (x) all reports, notices and proxy and information statements
to be sent or made available by such Lithium Group member to its respective security holders, (y) all regular, periodic and other
reports to be filed or furnished under Sections 13, 14 and 15 of the Exchange Act (including reports on Forms 10-K, 10-Q and 8-K
and annual reports to shareholders), and (z) all registration statements and prospectuses to be filed by the Company or any member
of the Lithium Group with the SEC or any securities exchange pursuant to the listed company manual (or similar requirements) of
such exchange (collectively, the documents identified in clauses (x), (y) and (z) are referred to in this Agreement as “Company
Public Documents”); and (ii) as soon as practicable, but in no event later than ten (10) Business Days (other than with
respect to Form 8-Ks) prior to the earliest of the dates the same are printed, sent or filed, current drafts of all such Company
Public Documents and, with respect to Form 8-Ks, as soon as practicable; provided, however, that the Company may
continue to revise such Company

 

    9 

     

    

Public
Documents prior to the filing thereof in order to make corrections and non-substantive changes which corrections and changes will
be delivered by the Company to Parent as soon as practicable; provided, further, that Parent and the Company financial
representatives will actively consult with each other regarding any changes (whether or not substantive) which the Company may
consider making to any of its Company Public Documents and related disclosures prior to any anticipated filing with the SEC, with
particular focus on any changes which would have an effect upon the Parent Financial Statements or related disclosures; and

 

(b)       the
Company shall, as promptly as practicable and in accordance with the Financial Reporting Timeline, deliver to Parent copies of
all annual budgets and financial projections (consistent in terms of format and detail mutually agreed upon by the parties) relating
to the Company on a consolidated basis and will provide Parent an opportunity to meet with management of the Company to discuss
such budgets and projections.

 

Section
4.03.Press Releases. For the Applicable Period, the Company and Parent will consult with each other as to the timing
of their annual and quarterly earnings releases and any interim financial guidance for a current or future period and will give
each other the opportunity to review the information therein relating to the Lithium Group and to comment thereon. Parent and
the Company will make reasonable efforts to issue their respective annual and quarterly earnings releases at approximately the
same time on the same date. Parent and the Company shall coordinate the timing of their respective earnings release conference
calls such that the Company shall be permitted to hold such calls prior to those of Parent. No later than 72 hours prior to the
time and date that a party intends to publish its regular annual or quarterly earnings release or any financial guidance for a
current or future period, such party will deliver to the other party copies of substantially final drafts of all related press
releases and other statements to be made available by any member of that party’s Group to employees of any member of that
party’s Group (other than, for the avoidance of doubt, employees participating in the preparation or review thereof) or
to the public concerning any matters that could be reasonably likely to have a material financial impact on the earnings, results
of operations, financial condition or prospects of any Lithium Group member. In addition, prior to the issuance of any such press
release or public statement that meets the criteria set forth in the preceding two sentences, the issuing party will consult with
the other party regarding any changes (other than typographical or other similar minor changes) to such substantially final drafts.
Immediately following the issuance thereof, the issuing party will deliver to the other party copies of final versions of all
press releases and other public statements. For the Applicable Period, the Company shall consult with Parent prior to issuing
any press releases or otherwise making public statements with respect to the Transactions and prior to making any filings with
any Governmental Authority with respect thereto.

 

Section
4.04.Cooperation on Parent Filings. For the Applicable Period, the Company will cooperate fully, and cause the Company
Auditors to cooperate fully, with Parent to the extent requested by Parent in the preparation of Parent’s public earnings
or other press releases, quarterly reports on Form 10-Q, annual reports to shareholders, annual reports on Form 10-K, any current
reports on Form 8-K and any other proxy,

 

    10 

     

    

information
and registration statements, reports, notices, prospectuses and any other filings made by Parent with the SEC, any national securities
exchange or otherwise made publicly available (collectively, the “Parent Public Filings”). The Company agrees
to provide to Parent all information that Parent reasonably requests in connection with any Parent Public Filings or that, in
the judgment of Parent, is required to be disclosed or incorporated by reference therein under any Law, rule or regulation. The
Company will provide such information in a timely manner on the dates requested by Parent (which may be earlier than the dates
on which the Company otherwise would be required hereunder to have such information available) to enable Parent to prepare, print
and release all Parent Public Filings on such dates as Parent may reasonably determine but in no event later than as required
by applicable Law. The Company will use its commercially reasonable efforts to cause the Company Auditors to consent to any reference
to them as experts in any Parent Public Filings required under any Law, rule or regulation. If and to the extent requested by
Parent, the Company will diligently and promptly review all drafts of such Parent Public Filings and prepare in a diligent and
timely fashion any portion of such Parent Public Filing pertaining to the Company. Unless required by Law, rule or regulation,
the Company will not publicly release any financial or other information which conflicts with the information with respect to
the Company or any member of the Lithium Group or the Lithium Business that is included in any Parent Public Filing without Parent’s
prior written consent. Prior to the release or filing thereof, Parent will provide the Company with a draft of any portion of
a Parent Public Filing containing information relating to the Lithium Group and will give the Company an opportunity to review
such information and comment thereon; provided that Parent will determine in its sole and absolute discretion the final
form and content of all Parent Public Filings.

 

Section
4.05.Auditors and Audits; Annual Statements and Accounting. For the Applicable Period (provided that the Company’s
obligations pursuant to ‎Section 4.05(d) and ‎Section 4.05(e) shall continue beyond the Applicable Period
to the extent any amendments to, or restatements or modifications of, Parent Public Filings are necessary with respect to the
Applicable Period):

 

(a)       Unless
required by Law, the Company will not select a different accounting firm than KPMG (or its affiliate accounting firms) (unless
so directed by Parent in accordance with a change by Parent in its accounting firm) to serve as its (and the Company Affiliates’)
independent certified public accountants (“Company Auditors”) without Parent’s prior written consent;
provided, however, that, to the extent any such Company Affiliates are currently using a different accounting firm
to serve as their independent certified public accountants, such Company Affiliates may continue to use such accounting firm provided
such accounting firm is reasonably satisfactory to Parent.

 

(b)       The
Company will use its reasonable best efforts to enable the Company Auditors to complete their audit or review (in the case of
Parent’s quarterly financial statements) such that they will date their opinion or review on the applicable Financial Statements
on the same date that Parent’s independent certified public accountants (“Parent Auditors”) date their
opinion or review on the corresponding Parent Financial Statements, and to enable Parent to meet its timetable for the printing,
filing and public

 

    11 

     

    

dissemination
of any Parent Financial Statements, all in accordance with ‎Section 4.01 hereof and as required by applicable Law.

 

(c)       The
Company shall provide to Parent on a timely basis all information reasonably required by Parent to meet Parent’s schedule
for the preparation, printing, filing, and public dissemination of the Parent Financial Statements in accordance with ‎Section
4.01 hereof and as required by applicable Law. Without limiting the generality of the foregoing, the Company will provide all
required financial information with respect to the Lithium Group to the Company Auditors in a sufficient and reasonable time and
in sufficient detail to permit the Company Auditors to take all steps and perform all reviews necessary to provide sufficient
assistance to the Parent Auditors with respect to information to be included or contained in the Parent Financial Statements.

 

(d)       The
Company will authorize the Company Auditors to make available to the Parent Auditors both the personnel who performed, or are
performing, the annual audit and quarterly reviews of the Company and work papers related to the annual audit and quarterly reviews
of the Company, in all cases within a reasonable time prior to the Company Auditors’ opinion date, so that the Parent Auditors
are able to perform the procedures they consider necessary to take responsibility for the work of the Company Auditors as it relates
to the Parent Auditors’ report on Parent’s statements, all within sufficient time to enable Parent to meet its timetable
for the printing, filing and public dissemination of the Parent Financial Statements.

 

(e)       At
Parent’s request, the Company will provide the Parent Auditors with access to the books and records of the Company and the
members of the Lithium Group so that Parent may conduct reasonable audits relating to the financial statements provided by the
Company under this Agreement as well as relating to the internal accounting controls and operations of the Lithium Group, including
in the event Parent determines in good faith that there may be some inaccuracy in any financial statements of the Company or any
member of the Lithium Group provided to Parent pursuant to this Agreement or any deficiency in the internal accounting controls
or operations of the Company or any member of the Lithium Group that could materially impact the Parent Financial Statements.

 

(f)       The
Company will give Parent as much prior notice as reasonably practicable of, and consult with Parent and, at Parent’s request,
the Parent Auditors concerning, any proposed determination of, or any significant change in, the Company’s accounting estimates
from those in effect on the Separation Date. The Company will not make any such determination or change without Parent’s
prior written consent if such a determination or change would be sufficiently material to be required to be disclosed in the Company’s
or Parent’s financial statements as filed with the SEC or otherwise publicly disclosed therein. Notwithstanding the foregoing,
the Company shall make any changes in its accounting estimates that are requested by Parent in order for the Company’s accounting
estimates to be consistent with those of Parent.

 

(g)       The
Company shall not, without Parent’s prior written consent, make, or cause to be made, any modification or change to the
accounting practices or principles of

 

    12 

     

    

the
Company as in effect as of the Separation Date; provided that the Company shall make any changes in its accounting practices
or principles that are requested by Parent in order for the Company’s accounting practices and principles to be consistent
with those of Parent.

 

(h)       The
Company will report in reasonable detail to Parent the following events or circumstances promptly after any executive officer
of the Company or any member of the Company Board becomes aware of such matter: (A) all significant deficiencies and material
weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect
the Company’s ability to record, process, summarize and report financial information; (B) any fraud, whether or not material,
that involves management or other employees who have a significant role in the Company’s internal control over financial
reporting; (C) any illegal act within the meaning of Section 10A(b) and (f) of the Exchange Act; and (D) any report of a material
violation of Law that an attorney representing any Lithium Group member has formally made to any officers or directors of the
Company pursuant to the SEC’s attorney conduct rules (17 C.F.R. Part 205).

 

Article
V

Additional Terms

 

Section
5.01.Applicability of Rights in the Event of an Acquisition of the Company. In the event the Company merges into, consolidates,
sells substantially all of its assets to or otherwise becomes an Affiliate of a Person (other than Parent), pursuant to a transaction
or series of related transactions in which Parent or any member of the Parent Group receives equity securities of such Person
(or of any Affiliate of such Person) in exchange for Company Common Stock held by Parent or any member of the Parent Group, all
of the rights of Parent set forth in this Agreement shall continue in full force and effect and shall apply to the Person the
equity securities of which are received by Parent pursuant to such transaction or series of related transactions (it being understood
that all other provisions of this Agreement will apply to the Company notwithstanding this ‎Article V). The Company
agrees that, without the consent of Parent, it will not enter into any Contract which will have the effect set forth in the first
clause of the preceding sentence, unless such Person agrees to be bound by the foregoing provision.

 

Section
5.02.Termination. This Agreement shall be effective as of the Separation Date and shall continue in full force and
effect until the earliest of (a) the date on which the parties hereto mutually agree in writing to terminate this Agreement and
(b) the date on which all of the rights of Parent (or any Parent Transferee) pursuant to this Agreement shall have expired in
accordance with the terms hereof. Notwithstanding the foregoing sentence, any breach of any of the terms of this Agreement shall
survive the time at which it would otherwise terminate pursuant to the preceding sentence, and shall continue to be in full force
and effect to the extent thereof for the applicable statute of limitations.

 

Section
5.03.Confidentiality. (a) Subject to ‎Section 5.03(b), each of Parent and the Company (each, a “Receiving
Party”), on behalf of itself and each Person in its

 

    13 

     

    

respective
Group, agree (x) to hold, and to cause its respective directors, officers, employees, agents, accountants, counsel and other advisors
and representatives to hold in strict confidence, with at least the same degree of care that applies to the confidential and proprietary
information of Parent pursuant to policies in effect as of the Separation Date, all Information furnished pursuant to this Agreement
by any party hereto or the members of its respective Group (such party, the “Disclosing Party”) to any Receiving
Party or that is otherwise accessible to, in the possession of, or furnished to the Receiving Party’s respective directors,
officers, employees, agents, accountants, counsel and other advisors and representatives at any time pursuant to this Agreement
or otherwise and (y) not to use any such Information for any purpose other than in accordance with this Agreement, including for
the purpose of trading in any securities of the Company or otherwise, except, in each case, to the extent that such Information
(i) is or becomes part of the public domain through no breach of this Agreement by the Receiving Party or any member of its Group,
its respective directors, officers, employees, agents, accountants, counsel and other advisors and representatives, (ii) was independently
developed following the Separation Date by employees or agents of the Receiving Party or any Person in its respective Group, its
respective directors, officers, employees, agents, accountants, counsel and other advisors and representatives who have not accessed
or otherwise received the applicable Information (provided that such independent development can be demonstrated by competent,
contemporaneous written records of the Receiving Party or any Person in its respective Group), or (iii) becomes available to the
Receiving Party or any Person in its respective Group following the Separation Date on a non-confidential basis from a third party
who is not bound directly or indirectly by a duty of confidentiality to the Disclosing Party.

 

(b)       In
the event that the Receiving Party or any Person in its Group either determines on the advice of its counsel that it is required
to disclose any Information pursuant to applicable Law (including the rules and regulations of the SEC or any national securities
exchange) or receives any request or demand from any Governmental Authority to disclose or provide Information of the Disclosing
Party (or any Person in the Disclosing Party’s Group) that is subject to the confidentiality provisions hereof, such party
shall notify the other party prior to disclosing or providing such Information and shall cooperate at the expense of such other
party in seeking any reasonable protective arrangements (including by seeking confidential treatment of such Information) requested
by such other party. Subject to the foregoing, the Person that received such a request or determined that it is required to disclose
Information may thereafter disclose or provide Information to the extent required by such Law (as so advised by counsel) or requested
or required by such Governmental Authority; provided, however, that such Person provides the other party, to the
extent legally permissible, upon request with a copy of the Information so disclosed.

 

(c)       Upon
the written request of a party, the other party shall promptly destroy any copies of such confidential or proprietary Information
(including any extracts therefrom) specifically identified by the requesting party to be destroyed. Upon the written request of
such requesting party, the other party shall cause one of its duly authorized officers to certify in writing to such requesting
party that the requirements of the preceding sentence have been satisfied in full.

 

    14 

     

    

(d)       Notwithstanding
the foregoing, no provision of this Agreement, including this ‎Section 5.03, shall be interpreted or construed to in
any manner limit or restrict the ability of Parent to disclose any Information concerning the Company or the members of the Lithium
Group or the Lithium Business, including Information in Parent’s possession or which Parent is entitled to receive or have
access to pursuant to the terms of this Agreement, to any third party in connection with (i) any potential transaction between
Parent and such third party with respect to Parent’s equity ownership of the Company (whether structured as a merger, sale
or transfer of equity securities, sale of assets or otherwise) or (ii) a potential transaction with respect to Parent and such
third party (whether structured as a merger, sale or transfer of equity securities, sale of assets or otherwise) (any such transaction
described in ‎(i) or ‎(ii), a “Parent Transaction”), or to use such Information described
herein in connection with any Parent Transaction, in each case subject to a customary confidentiality agreement between Parent
and such third party in respect of such Parent Transaction.

 

Section
5.04.Transfer of Parent’s Rights. Notwithstanding anything to the contrary in this Agreement, the Separation
Agreement or any Ancillary Agreement, Parent may transfer all or any portion of its rights under this Agreement to a transferee
of any Company Common Stock from any member of the Parent Group (a “Parent Transferee”) holding at least 10%
of the Voting Stock. Parent shall give written notice to the Company of its transfer of rights under this ‎Section
5.04 no later than thirty (30) days after Parent enters into a binding agreement for such transfer of rights. Such notice shall
state the name and address of the Parent Transferee and identify the amount of Voting Stock transferred and the scope of rights
being transferred under this ‎Section 5.04. In connection with any such transfer, the term “Parent” as
used in this Agreement shall, where appropriate to give effect to the assignment of rights and obligations hereunder to such Parent
Transferee, be deemed to refer to such Parent Transferee. Parent and any Parent Transferee may exercise the rights under this
Agreement in such priority, as among themselves, as they shall agree upon among themselves, and the Company shall observe any
such agreement of which it shall have notice as provided above.

 

Section
5.05.Interpretation; Incorporation of Terms by Reference. This Agreement is an “Ancillary Agreement” as
such term is defined in the Separation and Distribution Agreement and shall be interpreted in accordance with the terms of the
Separation and Distribution Agreement in all respects; provided that in the event of any conflict or inconsistency between
the terms of this Agreement and the terms of the Separation and Distribution Agreement in respect of the subject matter of this
Agreement, the terms of this Agreement shall control in all respects. Sections 9.03, 9.04, 9.05, 9.06, 9.07 (other than 9.07(d)),
9.08, 9.09 (without limiting ‎Section 5.04 in any respect), 9.10, 9.11, 9.12, 9.13, 9.15, 9.16 and 9.17 (subject to
the immediately preceding sentence) of the Separation and Distribution Agreement shall each be incorporated herein by reference,
mutatis mutandis, as if set forth in full herein.

 

*
* * * *

 

    15 

     

    

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

 

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

 

 

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

 

 

    16

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