Document:

Exchange and Registration Rights Agreement

 Exhibit 4.3 
  
 EXECUTION COPY 
  
 KRATON Polymers LLC 
 KRATON Polymers
Capital Corporation 
  
 8.125% Senior Subordinated Notes due
2014 
  
 unconditionally guaranteed as to the

 payment of principal, premium, 
 if any, and interest by the Guarantors named on Schedule I hereto 
  

  
 Exchange and Registration Rights Agreement 
  
 December 23, 2003 
  
 Goldman, Sachs & Co., 
 UBS Securities LLC 
     As representatives of the several Purchasers 
     named in Schedule I
to the Purchase Agreement 
 c/o Goldman, Sachs & Co. 
 85
Broad Street 
 New York, New York 10004 
  
 Ladies and Gentlemen: 
  
 KRATON Polymers LLC, a Delaware limited liability company (the “Company”) and KRATON Polymers Capital Corporation, a Delaware corporation
(“KRATON Capital” and together with the Company, the “Issuers”) propose to issue and sell to the Purchasers (as defined herein) upon the terms set forth in the Purchase Agreement (as defined herein) its 8.125% Senior Subordinated
Notes due 2014, which are unconditionally guaranteed by the Guarantors (as defined herein). As an inducement to the Purchasers to enter into the Purchase Agreement and in satisfaction of a condition to the obligations of the Purchasers thereunder,
the Issuers agree with the Purchasers for the benefit of holders (as defined herein) from time to time of the Registrable Securities (as defined herein) as follows: 
  
 1. Certain Definitions. For purposes of this Exchange and Registration Rights Agreement, the following terms shall
have the following respective meanings: 
  
 “Base Interest” shall mean the interest that would otherwise accrue on the Securities under the terms thereof and the Indenture, without giving effect to the provisions of this Agreement. 
  

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 The term “broker-dealer” shall mean any broker or dealer registered with
the Commission under the Exchange Act. 
  
 “Closing Date” shall mean the date on which the Securities are initially issued. 
  
 “Commission” shall mean the United States Securities and Exchange Commission, or any other federal agency at the time
administering the Exchange Act or the Securities Act, whichever is the relevant statute for the particular purpose. 
  
 “Effective Time,” in the case of (i) an Exchange Registration, shall mean the time and date as of which the Commission
declares the Exchange Registration Statement effective or as of which the Exchange Registration Statement otherwise becomes effective and (ii) a Shelf Registration, shall mean the time and date as of which the Commission declares the Shelf
Registration Statement effective or as of which the Shelf Registration Statement otherwise becomes effective. 
  
 “Electing Holder” shall mean any holder of Registrable Securities that has returned a completed and signed Notice and
Questionnaire to the Issuers in accordance with Section 3(d)(ii) or 3(d)(iii) hereof. 
  
 “Exchange Act” shall mean the Securities Exchange Act of 1934, or any successor thereto, as the same shall be amended
from time to time. 
  
 “Exchange
Offer” shall have the meaning assigned thereto in Section 2(a) hereof. 
  
 “Exchange Registration” shall have the meaning assigned thereto in Section 3(c) hereof. 
  
 “Exchange Registration Statement” shall
have the meaning assigned thereto in Section 2(a) hereof. 
  
 “Exchange Securities” shall have the meaning assigned thereto in Section 2(a) hereof. 
  
 “Guarantor” shall have the meaning assigned thereto in the Indenture. 
  
 The term “holder” shall mean each of the
Purchasers and other persons who acquire Registrable Securities from time to time (including any successors or assigns), in each case for so long as such person owns any Registrable Securities. 
  
 “Indenture” shall mean the Indenture, dated
as of December 23, 2003, by and among the Issuers, the Guarantors and Wells Fargo Bank Minnesota, N.A., as Trustee, as the same shall be amended from time to time. 
  
 “Notice and Questionnaire” means a Notice of Registration Statement and Selling
Securityholder Questionnaire substantially in the form of Exhibit A hereto. 
  
 The term “person” shall mean a corporation, association, limited liability company, partnership, organization, business, individual, government or political subdivision thereof or governmental agency.

  
 “Purchase Agreement” shall
mean the Purchase Agreement, dated as of December 11, 2003, between the Purchasers, the Guarantors and the Issuers relating to the Securities. 
  

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 “Purchasers” shall mean the Purchasers named in Schedule I to the
Purchase Agreement. 
  
 “Registrable
Securities” shall mean the Securities; provided, however, that a Security shall cease to be a Registrable Security when (i) in the circumstances contemplated by Section 2(a) hereof, the Security has been exchanged for an Exchange
Security in an Exchange Offer as contemplated in Section 2(a) hereof (provided that any Exchange Security that, pursuant to the last two sentences of Section 2(a), is included in a prospectus for use in connection with resales by
broker-dealers shall be deemed to be a Registrable Security with respect to Sections 5, 6 and 9 until resale of such Registrable Security has been effected within the 180-day period referred to in Section 2(a)); (ii) in the circumstances
contemplated by Section 2(b) hereof, a Shelf Registration Statement registering such Security under the Securities Act has been declared or becomes effective and such Security has been sold or otherwise transferred by the holder thereof pursuant to
and in a manner contemplated by such effective Shelf Registration Statement; (iii) such Security is sold pursuant to Rule 144 under circumstances in which any legend borne by such Security relating to restrictions on transferability thereof, under
the Securities Act or otherwise, is removed by the Issuers or pursuant to the Indenture; (iv) such Security is eligible to be sold pursuant to paragraph (k) of Rule 144; or (v) such Security shall cease to be outstanding. 
  
 “Registration Default” shall have the
meaning assigned thereto in Section 2(c) hereof. 
  
 “Registration Expenses” shall have the meaning assigned thereto in Section 4 hereof. 
  
 “Resale Period” shall have the meaning assigned thereto in Section 2(a) hereof. 
  
 “Restricted Holder” shall mean (i) a holder
that is an affiliate of the either of the Issuers within the meaning of Rule 405, (ii) a holder who acquires Exchange Securities outside the ordinary course of such holder’s business, (iii) a holder who has arrangements or understandings with
any person to participate in the Exchange Offer for the purpose of distributing Exchange Securities and (iv) a holder that is a broker-dealer, but only with respect to Exchange Securities received by such broker-dealer pursuant to an Exchange Offer
in exchange for Registrable Securities acquired by the broker-dealer directly from either of the Issuers. 
  
 “Rule 144,” “Rule 405” and “Rule 415” shall mean, in each case, such rule promulgated under the
Securities Act (or any successor provision), as the same shall be amended from time to time. 
  
 “Securities” shall mean, collectively, the 8.125% Senior Subordinated Notes due 2014 of the Issuers to be issued and sold
to the Purchasers, and securities issued in exchange therefor or in lieu thereof pursuant to the Indenture. Each Security is entitled to the benefit of the guarantee provided for in the Indenture (the “Guarantee”) and, unless the context
otherwise requires, any reference herein to a “Security,” an “Exchange Security” or a “Registrable Security” shall include a reference to the related Guarantee. 
  
 “Securities Act” shall mean the Securities
Act of 1933, or any successor thereto, as the same shall be amended from time to time. 
  
 “Shelf Registration” shall have the meaning assigned thereto in Section 2(b) hereof. 
  

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 “Shelf Registration Statement” shall have the meaning assigned thereto
in Section 2(b) hereof. 
  
 “Special
Interest” shall have the meaning assigned thereto in Section 2(c) hereof. 
  
 “Trust Indenture Act” shall mean the Trust Indenture Act of 1939, or any successor thereto, and the rules, regulations
and forms promulgated thereunder, all as the same shall be amended from time to time. 
  
 Unless the context otherwise requires, any reference herein to a “Section” or “clause” refers to a Section or clause, as the case may be, of this Exchange and Registration Rights Agreement, and the
words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Exchange and Registration Rights Agreement as a whole and not to any particular Section or other subdivision. 
  
 2. Registration Under the Securities Act. 
  
 (a) Except as set forth in Section 2(b) below, the Issuers
agree to file under the Securities Act on or prior to April 1, 2005, a registration statement relating to an offer to exchange (such registration statement, the “Exchange Registration Statement”, and such offer, the “Exchange
Offer”) any and all of the Securities for a like aggregate principal amount of debt securities issued by the Issuers and guaranteed by the Guarantors, which debt securities and guarantees are substantially identical to the Securities and the
related Guarantees, respectively (and are entitled to the benefits of a trust indenture which is substantially identical to the Indenture or is the Indenture and which has been qualified under the Trust Indenture Act), except that they have been
registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest contemplated in Section 2(c) below (such new debt securities hereinafter called “Exchange
Securities”). The Issuers agree to use all commercially reasonable efforts to cause the Exchange Registration Statement to become effective under the Securities Act on or prior to July 1, 2005. The Exchange Offer will be registered under the
Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. Unless the Exchange Offer would not be permitted by applicable law or SEC policy, the Issuers further agree to use
all commercially reasonable efforts to commence and complete the Exchange Offer promptly, but no later than 45 business days after such registration statement has become effective, hold the Exchange Offer open for at least 30 business days and
exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer. The Exchange Offer will be deemed to have been “completed” only if the debt
securities and related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange
Act and without material restrictions under the blue sky or securities laws of a substantial majority of the States of the United States of America. The Exchange Offer shall be deemed to have been completed upon the earlier to occur of (i) the
Issuers having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (ii) the Issuers having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that
have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 30 business days following the commencement of the Exchange Offer. The Issuers agree (x) to include in the 

  

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Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (y) to use all
commercially reasonable effects to keep such Exchange Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the
expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, such holders shall have the benefit of the
rights of indemnification and contribution set forth in Sections 6(a), (c), (d) and (e) hereof. 
  
 (b) If (i) on or prior to the time the Exchange Offer is completed existing Commission interpretations are changed such that the Issuers
and the Guarantors are not permitted to conduct or consummate the Exchange Offer because the Exchange Offer is not permitted by applicable law or SEC policy, (ii) the Exchange Offer has not been completed on or prior to the date that is 45 days
after July 1, 2005 or (iii) any holder of Registrable Securities notifies the Issuer prior the 20th business day
following completion of the Exchange Offer that (A) it is prohibited by law or SEC policy from participating in the Exchange Offer; (B) it may not resell the Exchange Securities acquired by it to the public without a prospectus and the prospectus
contained in the Exchange Offer Registration Statement is not appropriate or available for such resales; or (C) it is a broker-dealer and owns notes acquired directly from the Issuers or an affiliate of either Issuer, the Issuers shall, in lieu of
(or, in the case of clause (iii), in addition to) conducting the Exchange Offer contemplated by Section 2(a), file under the Securities Act on or prior to the date that is the later of 30 days after the time such obligation to file arises, a
“shelf” registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the
Commission (such filing, the “Shelf Registration” and such registration statement, the “Shelf Registration Statement”). The Issuers agree to use all commercially reasonable efforts (x) to cause the Shelf Registration Statement to
become or be declared effective no later than 90 days after such Shelf Registration Statement is filed and to keep such Shelf Registration Statement continuously effective for a period ending on the earlier of the second anniversary of the Effective
Time or such time as there are no longer any Registrable Securities outstanding, provided, however, that no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus
forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder, and (y) after the Effective Time of the Shelf Registration Statement, promptly upon the request of any holder of Registrable Securities that is
not then an Electing Holder, to take any action reasonably necessary to enable such holder to use the prospectus forming a part thereof for resales of Registrable Securities, including, without limitation, any action necessary to identify such
holder as a selling securityholder in the Shelf Registration Statement, provided, however, that nothing in this Clause (y) shall relieve any such holder of the obligation to return a completed and signed Notice and Questionnaire to the
Issuers in accordance with Section 3(d)(iii) hereof. The Issuers further agree to supplement or make amendments to the Shelf Registration Statement, as and when required by the rules, regulations or instructions applicable to the registration form
used by the Issuers for such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf registration, and the Issuers agree to furnish to each Electing Holder copies of any such supplement or amendment prior
to its being used or promptly following its filing with the Commission. 
  

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 (c) In the event that (i) the Issuers have not filed the Exchange Registration Statement
or Shelf Registration Statement on or before the date on which such registration statement is required to be filed pursuant to Section 2(a) or 2(b), respectively, (ii) such Exchange Registration Statement or Shelf Registration Statement has not
become effective or been declared effective by the Commission on or before the date on which such registration statement is required to become or be declared effective pursuant to Section 2(a) or 2(b), respectively (the “Effectiveness Target
Date”), (iii) the Exchange Offer has not been completed within 30 business days after the Effectiveness Target Date of the Exchange Registration Statement relating to the Exchange Offer (if the Exchange Offer is then required to be made) or
(iv) any Exchange Registration Statement or Shelf Registration Statement required by Section 2(a) or 2(b) hereof is filed and declared effective but shall thereafter either be withdrawn by the Issuers or shall become subject to an effective stop
order issued pursuant to Section 8(d) of the Securities Act suspending the effectiveness of such registration statement (except as specifically permitted herein) without being succeeded immediately by an additional registration statement filed and
declared effective (each such event referred to in clauses (i) through (iv), a “Registration Default” and each period during which a Registration Default has occurred and is continuing, a “Registration Default Period”), then, as
liquidated damages for such Registration Default, subject to the provisions of Section 9(b), special interest (“Special Interest”), in addition to the Base Interest, shall accrue on the outstanding principal amount of the Registrable
Securities at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the
Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period. A Registration Default shall be deemed not to be continuing, (A) for any Registration Default pursuant to Section
2(c)(i), upon the filing of the Exchange Registration Statement or Shelf Registration Statement, (B) for any Registration Default pursuant to Section 2(c)(ii), upon the effectiveness of such Exchange Registration Statement or Shelf Registration
Statement, (C) for any Registration Default pursuant to Section 2(c)(iii), upon the completion of the Exchange Offer, and (D) for any Registration Default pursuant to Section 2(c)(iv), upon such Exchange Registration Statement or Shelf Registration
Statement (or any successor registration statement) being declared effective or the removal of any stop order giving rise to such Registration Default. 
  
 (d) The Issuers shall take, and shall cause the Guarantors to take, all actions necessary or advisable to be taken by them to ensure that
the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantee under the registration statement contemplated in Section 2(a) or 2(b) hereof, as applicable. 
  
 (e) Any reference herein to a registration statement as of
any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement as of any time shall be deemed to
include any document incorporated, or deemed to be incorporated, therein by reference as of such time. 
  
 3. Registration Procedures. 
  
 If the Issuers file a registration statement pursuant to Section 2(a) or Section 2(b), the following provisions shall apply: 
  
 (a) At or before the Effective Time of the Exchange Offer or
the Shelf Registration, as the case may be, the Issuers shall qualify the Indenture under the Trust Indenture Act of 1939. 
  

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 (b) In the event that such qualification would require the appointment of a new trustee
under the Indenture, the Issuers shall appoint a new trustee thereunder pursuant to the applicable provisions of the Indenture. 
  
 (c) In connection with the Issuers’ obligations with respect to the registration of Exchange Securities as contemplated by Section
2(a) (the “Exchange Registration”), if applicable, the Issuers shall: 
  
 (i) prepare and file with the Commission, on or prior to April 1, 2005, an Exchange Registration Statement on any form which may be
utilized by the Issuers and which shall permit the Exchange Offer and resales of Exchange Securities by broker-dealers during the Resale Period to be effected as contemplated by Section 2(a), and use all commercially reasonable efforts to cause such
Exchange Registration Statement to become effective on or prior to July 1, 2005; 
  
 (ii) prepare and file with the Commission such amendments and supplements to such Exchange Registration Statement and the prospectus
included therein as may be necessary to effect and maintain the effectiveness of such Exchange Registration Statement for the periods and purposes contemplated in Section 2(a) hereof and as may be required by the applicable rules and regulations of
the Commission and the instructions applicable to the form of such Exchange Registration Statement, and promptly provide each broker-dealer holding Exchange Securities with such number of copies of the prospectus included therein (as then amended or
supplemented), in conformity in all material respects with the requirements of the Securities Act and the Trust Indenture Act and the rules and regulations of the Commission thereunder, as such broker-dealer reasonably may request prior to the
expiration of the Resale Period, for use in connection with resales of Exchange Securities; 
  
 (iii) promptly notify each broker-dealer that has requested or received copies of the prospectus included in such registration statement,
and confirm such advice in writing, (A) when such Exchange Registration Statement or the prospectus included therein or any prospectus amendment or supplement or post-effective amendment has been filed, and, with respect to such Exchange
Registration Statement or any post-effective amendment, when the same has become effective, (B) of the issuance by the Commission of any stop order suspending the effectiveness of such Exchange Registration Statement or the initiation or threatening
of any proceedings for that purpose, (C) of the receipt by the Issuers of any notification with respect to the suspension of the qualification of the Exchange Securities for sale in any jurisdiction, or (D) at any time during the Resale Period when
a prospectus is required to be delivered under the Securities Act, that such Exchange Registration Statement, prospectus, prospectus amendment or supplement or post-effective amendment does not conform in all material respects to the applicable
requirements of the Securities Act and the Trust Indenture Act and the rules and regulations of the Commission thereunder or contains an untrue statement of a material fact or omits to 

  

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state any material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing;

  
 (iv) in the event that the Issuers would be
required, pursuant to Section 3(e)(iii)(D) above, to notify any broker-dealers holding Exchange Securities, without delay prepare and furnish to each such holder a reasonable number of copies of a prospectus supplemented or amended so that, as
thereafter delivered to purchasers of such Exchange Securities during the Resale Period, such prospectus shall conform in all material respects to the applicable requirements of the Securities Act and the Trust Indenture Act and the rules and
regulations of the Commission thereunder and shall not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the
circumstances then existing; 
  
 (v) use all
commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of such Exchange Registration Statement or any post-effective amendment thereto at the earliest practicable date; 
  
 (vi) use all commercially reasonable efforts to (A) register
or qualify the Exchange Securities under the securities laws or blue sky laws of such jurisdictions as are contemplated by Section 2(a) no later than the commencement of the Exchange Offer, (B) keep such registrations or qualifications in effect and
comply with such laws so as to permit the continuance of offers, sales and dealings therein in such jurisdictions until the expiration of the Resale Period and (C) take any and all other actions as may be reasonably necessary to enable each
broker-dealer holding Exchange Securities to consummate the disposition thereof in such jurisdictions; provided, however, that neither the Issuers nor the Guarantors shall be required for any such purpose to (1) qualify as a foreign
corporation in any jurisdiction wherein it would not otherwise be required to qualify but for the requirements of this Section 3(c)(vi), (2) consent to general service of process in any such jurisdiction or (3) make any changes to its certificate of
formation, certificate of incorporation, limited liability company agreement or by-laws or any agreement between it and its stockholders; 
  
 (vii) use all commercially reasonable efforts to obtain the consent or approval of each governmental agency or authority, whether federal,
state or local, which may be required to effect the Exchange Registration, the Exchange Offer and the offering and sale of Exchange Securities by broker-dealers during the Resale Period; 
  
 (viii) provide a CUSIP number for all Exchange Securities, not later than the applicable Effective Time; and

  
 (ix) comply with all applicable rules and
regulations of the Commission, and make generally available to its securityholders as soon as practicable but no later than eighteen months after the effective date of such Exchange Registration Statement, an earning statement of the Company and its
subsidiaries complying with Section 11(a) of the Securities Act (including, at the option of the Issuers, Rule 158 thereunder). 
  

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 (d) In connection with the Issuers’ obligations with respect to the Shelf
Registration, if applicable, the Issuers shall: 
  
 (i) prepare and file with the Commission within the time periods specified in Section 2(b), a Shelf Registration Statement on any form which may be utilized by the Issuers and which shall register all of the Registrable Securities for
resale by the holders thereof in accordance with such method or methods of disposition as may be specified by such of the holders as, from time to time, may be Electing Holders and use all commercially reasonable efforts to cause such Shelf
Registration Statement to become effective within the time periods specified in Section 2(b); 
  
 (ii) not less than 30 calendar days prior to the Effective Time of the Shelf Registration Statement, mail the Notice and Questionnaire to
the holders of Registrable Securities; no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement as of the Effective Time, and no holder shall be entitled to use the prospectus forming a part thereof for
resales of Registrable Securities at any time, unless such holder has returned a completed and signed Notice and Questionnaire to the Issuers by the deadline for response set forth therein; provided, however, holders of Registrable Securities
shall have at least 28 calendar days from the date on which the Notice and Questionnaire is first mailed to such holders to return a completed and signed Notice and Questionnaire to the Issuers; 
  
 (iii) after the Effective Time of the Shelf Registration
Statement, upon the request of any holder of Registrable Securities that is not then an Electing Holder, promptly send a Notice and Questionnaire to such holder; provided that the Issuers shall not be required to take any action to name such
holder as a selling securityholder in the Shelf Registration Statement or to enable such holder to use the prospectus forming a part thereof for resales of Registrable Securities until such holder has returned a completed and signed Notice and
Questionnaire to the Issuers; 
  
 (iv) prepare
and file with the Commission such amendments and supplements to such Shelf Registration Statement and the prospectus included therein as may be necessary to effect and maintain the effectiveness of such Shelf Registration Statement for the period
specified in Section 2(b) hereof and as may be required by the applicable rules and regulations of the Commission and the instructions applicable to the form of such Shelf Registration Statement, and furnish to the Electing Holders copies of any
such supplement or amendment simultaneously with or prior to its being used or filed with the Commission; 
  
 (v) comply with the provisions of the Securities Act with respect to the disposition of all of the Registrable Securities covered by such
Shelf Registration Statement in accordance with the intended methods of disposition by the Electing Holders provided for in such Shelf Registration Statement; 
  

(vi) provide (A) the Electing Holders, (B) the underwriters (which term, for purposes of this Exchange and Registration Rights
Agreement, shall include a person deemed to be an underwriter within the meaning of Section 2(a)(11) of the Securities Act), if any, thereof, (C) any sales or placement agent therefor, (D) counsel for any such underwriter or agent and (E) not more
than one counsel for all the Electing Holders the opportunity to participate in the preparation of such Shelf 

  

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Registration Statement, each prospectus included therein or filed with the Commission and each amendment or supplement thereto; 
  
 (vii) for a reasonable period prior to the filing of such
Shelf Registration Statement, and throughout the period specified in Section 2(b), make available at reasonable times at the Issuers’ principal place of business or such other reasonable place for inspection by the persons referred to in
Section 3(d)(vi) who shall certify to the Issuers that they have a current intention to sell the Registrable Securities pursuant to the Shelf Registration such financial and other information and books and records of the Issuers, and cause the
officers, employees, counsel and independent certified public accountants of the Issuers to respond to such inquiries, as shall be reasonably necessary, in the judgment of the respective counsel referred to in such Section, to conduct a reasonable
investigation within the meaning of Section 11 of the Securities Act; provided, however, that each such party shall be required to maintain in confidence and not to disclose to any other person any information or records reasonably designated
by the Issuers as being confidential, until such time as (A) such information becomes a matter of public record (whether by virtue of its inclusion in such registration statement or otherwise), or (B) such person shall be required so to disclose
such information pursuant to a subpoena or order of any court or other governmental agency or body having jurisdiction over the matter (subject to the requirements of such order, and only after such person shall have given the Issuers prompt prior
written notice of such requirement), or (C) such information is required to be set forth in such Shelf Registration Statement or the prospectus included therein or in an amendment to such Shelf Registration Statement or an amendment or supplement to
such prospectus in order that such Shelf Registration Statement, prospectus, amendment or supplement, as the case may be, complies with applicable requirements of the federal securities laws and the rules and regulations of the Commission and does
not contain an untrue statement of a material fact or omit to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing; 
  
 (viii) promptly notify each of the Electing Holders, any
sales or placement agent therefor and any underwriter thereof (which notification may be made through any managing underwriter that is a representative of such underwriter for such purpose) and confirm such advice in writing, (A) when such Shelf
Registration Statement or the prospectus included therein or any prospectus amendment or supplement or post-effective amendment has been filed, and, with respect to such Shelf Registration Statement or any post-effective amendment, when the same has
become effective, (B) of any comments by the Commission and by the blue sky or securities commissioner or regulator of any state with respect thereto or any request by the Commission for amendments or supplements to such Shelf Registration Statement
or prospectus or for additional information, (C) of the issuance by the Commission of any stop order suspending the effectiveness of such Shelf Registration Statement or the initiation or threatening of any proceedings for that purpose, (D) if at
any time the representations and warranties of the Issuers contemplated by Section 3(d)(xvii) or Section 5 cease to be true and correct in all material respects, (E) of the receipt by the Issuers of any notification with respect to the suspension of
the qualification of the Registrable Securities for sale in any 

  

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jurisdiction or the initiation or threatening of any proceeding for such purpose, or (F) if at any time when a prospectus is required to be delivered under
the Securities Act, that such Shelf Registration Statement, prospectus, prospectus amendment or supplement or post-effective amendment does not conform in all material respects to the applicable requirements of the Securities Act and the Trust
Indenture Act and the rules and regulations of the Commission thereunder or contains an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading
in light of the circumstances then existing; 
  
 (ix) use all commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of such registration statement or any post-effective amendment thereto at the earliest practicable date; 
  
 (x) if requested by any managing underwriter or
underwriters, any placement or sales agent or any Electing Holder, promptly incorporate in a prospectus supplement or post-effective amendment such information as is required by the applicable rules and regulations of the Commission and as such
managing underwriter or underwriters, such agent or such Electing Holder specifies should be included therein relating to the terms of the sale of such Registrable Securities, including information with respect to the principal amount of Registrable
Securities being sold by such Electing Holder or agent or to any underwriters, the name and description of such Electing Holder, agent or underwriter, the offering price of such Registrable Securities and any discount, commission or other
compensation payable in respect thereof, the purchase price being paid therefor by such underwriters and with respect to any other terms of the offering of the Registrable Securities to be sold by such Electing Holder or agent or to such
underwriters; and make all required filings of such prospectus supplement or post-effective amendment promptly after notification of the matters to be incorporated in such prospectus supplement or post-effective amendment; 
  
 (xi) furnish to each Electing Holder, each placement or
sales agent, if any, therefor, each underwriter, if any, thereof and the respective counsel referred to in Section 3(d)(vi) an executed copy (or, in the case of an Electing Holder, a conformed copy) of such Shelf Registration Statement, each such
amendment and supplement thereto (in each case including all exhibits thereto (in the case of an Electing Holder of Registrable Securities, upon request) and documents incorporated by reference therein) and such number of copies of such Shelf
Registration Statement (excluding exhibits thereto and documents incorporated by reference therein unless specifically so requested by such Electing Holder, agent or underwriter, as the case may be) and of the prospectus included in such Shelf
Registration Statement (including each preliminary prospectus and any summary prospectus), in conformity in all material respects with the applicable requirements of the Securities Act and the Trust Indenture Act and the rules and regulations of the
Commission thereunder, and such other documents, as such Electing Holder, agent, if any, and underwriter, if any, may reasonably request in order to facilitate the offering and disposition of the Registrable Securities owned by such Electing Holder,
offered or sold by such agent or underwritten by such underwriter and to permit such Electing Holder, agent and underwriter to satisfy the prospectus delivery requirements of the Securities Act; and the Issuers hereby consent to the use of such
prospectus (including such preliminary 

  

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and summary prospectus) and any amendment or supplement thereto by each such Electing Holder and by any such agent and underwriter, in each case in the form
most recently provided to such person by the Issuers, in connection with the offering and sale of the Registrable Securities covered by the prospectus (including such preliminary and summary prospectus) or any supplement or amendment thereto;

  
 (xii) use commercially reasonable efforts to
(A) register or qualify the Registrable Securities to be included in such Shelf Registration Statement under such securities laws or blue sky laws of such jurisdictions as any Electing Holder and each placement or sales agent, if any, therefor and
underwriter, if any, thereof shall reasonably request, (B) keep such registrations or qualifications in effect and comply with such laws so as to permit the continuance of offers, sales and dealings therein in such jurisdictions during the period
the Shelf Registration is required to remain effective under Section 2(b) above and for so long as may be necessary to enable any such Electing Holder, agent or underwriter to complete its distribution of Securities pursuant to such Shelf
Registration Statement and (C) take any and all other actions as may be reasonably necessary or advisable to enable each such Electing Holder, agent, if any, and underwriter, if any, to consummate the disposition in such jurisdictions of such
Registrable Securities; provided, however, that neither the Issuers nor the Guarantors shall be required for any such purpose to (1) qualify as a foreign corporation in any jurisdiction wherein it would not otherwise be required to qualify
but for the requirements of this Section 3(d)(xii), (2) consent to general service of process in any such jurisdiction or (3) make any changes to its certificate of incorporation, certification of formation, limited liability company agreement or
by-laws or any agreement between it and its stockholders; 
  
 (xiii) use all commercially reasonable efforts to obtain the consent or approval of each governmental agency or authority, whether federal, state or local, which may be required to effect the Shelf Registration or the
offering or sale in connection therewith or to enable the selling holder or holders to offer, or to consummate the disposition of, their Registrable Securities; 
  
 (xiv) unless any Registrable Securities shall be in book-entry only form, cooperate with the Electing
Holders and the managing underwriters, if any, to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold, which certificates, if so required by any securities exchange upon which any Registrable
Securities are listed, shall be penned, lithographed or engraved, or produced by any combination of such methods, on steel engraved borders, and which certificates shall not bear any restrictive legends; and, in the case of an underwritten offering,
enable such Registrable Securities to be in such denominations and registered in such names as the managing underwriters may request at least two business days prior to any sale of the Registrable Securities; 
  
 (xv) provide a CUSIP number for all Registrable Securities,
not later than the applicable Effective Time; 
  
 (xvi) enter into one or more underwriting agreements, engagement letters, agency agreements, “best efforts” underwriting agreements or similar agreements, as appropriate, including customary provisions relating to indemnification
and contribution, and take such other actions in connection therewith as any Electing Holders 

  

 12 

 
aggregating at least 20% in aggregate principal amount of the Registrable Securities at the time outstanding shall request in order to expedite or facilitate
the disposition of such Registrable Securities; 
  
 (xvii) whether or not an agreement of the type referred to in Section 3(d)(xvi) hereof is entered into and whether or not any portion of the offering contemplated by the Shelf Registration is an underwritten offering or is made through a
placement or sales agent or any other entity, (A) make such representations and warranties to the Electing Holders and the placement or sales agent, if any, therefor and the underwriters, if any, thereof in form, substance and scope as are
customarily made in connection with an offering of debt securities pursuant to any appropriate agreement or to a registration statement filed on the form applicable to the Shelf Registration; (B) obtain an opinion of counsel to the Issuers in
customary form and covering such matters, of the type customarily covered by such an opinion, as the managing underwriters, if any, or as any Electing Holders of at least 20% in aggregate principal amount of the Registrable Securities at the time
outstanding may reasonably request, addressed to such Electing Holder or Electing Holders and the placement or sales agent, if any, therefor and the underwriters, if any, thereof and dated the effective date of such Shelf Registration Statement (and
if such Shelf Registration Statement contemplates an underwritten offering of a part or all of the Registrable Securities, dated the date of the closing under the underwriting agreement relating thereto) (it being agreed that the matters to be
covered by such opinion shall include the good standing of the Company and its subsidiaries; the qualification of the Company and its subsidiaries to transact business as foreign corporations; the due authorization, execution and delivery of the
relevant agreement of the type referred to in Section 3(d)(xvi) hereof; the due authorization, execution, authentication and issuance, and the validity and enforceability, of the Securities to the knowledge of such counsel, the absence of material
legal or governmental proceedings involving the Issuers; the absence of a breach by the Company or any of its subsidiaries of, or a default under, material agreements binding upon the Company or any subsidiary of the Company; the absence of
governmental approvals required to be obtained in connection with the Shelf Registration, the offering and sale of the Registrable Securities, this Exchange and Registration Rights Agreement or any agreement of the type referred to in Section
3(d)(xvi) hereof, except such approvals as may be required under state securities or blue sky laws; the material compliance as to form of such Shelf Registration Statement and any documents incorporated by reference therein and of the Indenture with
the requirements of the Securities Act and the Trust Indenture Act and the rules and regulations of the Commission thereunder, respectively; and, as of the date of the opinion and of the Shelf Registration Statement or most recent post-effective
amendment thereto, as the case may be, the absence from such Shelf Registration Statement and the prospectus included therein, as then amended or supplemented, and from the documents incorporated by reference therein (in each case other than the
financial statements and other financial information contained therein) of an untrue statement of a material fact or the omission to state therein a material fact necessary to make the statements therein not misleading (in the case of such
documents, in the light of the circumstances existing at the time that such documents were filed with the Commission under the Exchange Act)); (C) obtain a “cold comfort” letter or letters from the independent certified public accountants
of the Issuers addressed to the selling 

  

 13 

 
Electing Holders, the placement or sales agent, if any, therefor or the underwriters, if any, thereof, dated (i) the effective date of such Shelf
Registration Statement and (ii) the effective date of any prospectus supplement to the prospectus included in such Shelf Registration Statement or post-effective amendment to such Shelf Registration Statement which includes unaudited or audited
financial statements as of a date or for a period subsequent to that of the latest such statements included in such prospectus (and, if such Shelf Registration Statement contemplates an underwritten offering pursuant to any prospectus supplement to
the prospectus included in such Shelf Registration Statement or post-effective amendment to such Shelf Registration Statement which includes unaudited or audited financial statements as of a date or for a period subsequent to that of the latest such
statements included in such prospectus, dated the date of the closing under the underwriting agreement relating thereto), such letter or letters to be in customary form and covering such matters of the type customarily covered by letters of such
type; (D) deliver such customary documents and certificates, including officers’ certificates, as may be reasonably requested by any Electing Holders of at least 20% in aggregate principal amount of the Registrable Securities at the time
outstanding or the placement or sales agent, if any, therefor and the managing underwriters, if any, thereof to evidence the accuracy of the representations and warranties made pursuant to clause (A) above or those contained in Section 5(a) hereof
and the compliance with or satisfaction of any agreements or conditions contained in the underwriting agreement or other agreement entered into by the Issuers or the Guarantors; and (E) undertake such obligations relating to expense reimbursement,
indemnification and contribution as are provided in Section 6 hereof; 
  
 (xviii) notify in writing each holder of Registrable Securities of any proposal by the Issuers to amend or waive any provision of this Exchange and Registration Rights Agreement pursuant to Section 9(h) hereof and of
any amendment or waiver effected pursuant thereto, each of which notices shall contain the text of the amendment or waiver proposed or effected, as the case may be; 
  
 (xix) in the event that any broker-dealer registered under the Exchange Act shall underwrite any Registrable
Securities or participate as a member of an underwriting syndicate or selling group or “assist in the distribution” (within the meaning of the Conduct Rules (the “Conduct Rules) of the National Association of Securities Dealers, Inc.
(“NASD”) or any successor thereto, as amended from time to time) thereof, whether as a holder of such Registrable Securities or as an underwriter, a placement or sales agent or a broker or dealer in respect thereof, or otherwise, assist
such broker-dealer in complying with the requirements of such Conduct Rules, including by (A) if such Conduct Rules shall so require, engaging a “qualified independent underwriter” (as defined in such Conduct Rules) to participate in the
preparation of the Shelf Registration Statement relating to such Registrable Securities, to exercise usual standards of due diligence in respect thereto and, if any portion of the offering contemplated by such Shelf Registration Statement is an
underwritten offering or is made through a placement or sales agent, to recommend the yield of such Registrable Securities, (B) indemnifying any such qualified independent underwriter to the extent of the indemnification of underwriters provided in
Section 6 hereof (or to such other customary extent as may be requested by such underwriter), and (C) providing such information to such broker-dealer as may be 

  

 14 

 
required in order for such broker-dealer to comply with the requirements of the Conduct Rules; and 
  
 (xx) comply with all applicable rules and regulations of the
Commission, and make generally available to its securityholders as soon as practicable but in any event not later than eighteen months after the effective date of such Shelf Registration Statement, an earning statement of the Company and its
subsidiaries complying with Section 11(a) of the Securities Act (including, at the option of the Issuers, Rule 158 thereunder). 
  
 (e) In the event that the Issuers would be required, pursuant to Section 3(d)(viii)(F) above, to notify the Electing Holders, the
placement or sales agent, if any, therefor and the managing underwriters, if any, thereof, the Issuers shall without delay prepare and furnish to each of the Electing Holders, to each placement or sales agent, if any, and to each such underwriter,
if any, a reasonable number of copies of a prospectus supplemented or amended so that, as thereafter delivered to purchasers of Registrable Securities, such prospectus shall conform in all material respects to the applicable requirements of the
Securities Act and the Trust Indenture Act and the rules and regulations of the Commission thereunder and shall not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make
the statements therein not misleading in light of the circumstances then existing. Each Electing Holder agrees that upon receipt of any notice from the Issuers pursuant to Section 3(d)(viii)(F) hereof, such Electing Holder shall forthwith
discontinue the disposition of Registrable Securities pursuant to the Shelf Registration Statement applicable to such Registrable Securities until such Electing Holder shall have received copies of such amended or supplemented prospectus, and if so
directed by the Issuers, such Electing Holder shall deliver to the Issuers (at the Issuers’ expense) all copies, other than permanent file copies, then in such Electing Holder’s possession of the prospectus covering such Registrable
Securities at the time of receipt of such notice. 
  
 (f) In the event of a Shelf Registration, in addition to the information required to be provided by each Electing Holder in its Notice Questionnaire, the Issuers may require such Electing Holder to furnish to the Issuers such additional
information regarding such Electing Holder and such Electing Holder’s intended method of distribution of Registrable Securities as may be required in order to comply with the Securities Act. Each such Electing Holder agrees to notify the
Issuers as promptly as practicable of any inaccuracy or change in information previously furnished by such Electing Holder to the Issuers or of the occurrence of any event in either case as a result of which any prospectus relating to such Shelf
Registration contains or would contain an untrue statement of a material fact regarding such Electing Holder or such Electing Holder’s intended method of disposition of such Registrable Securities or omits to state any material fact regarding
such Electing Holder or such Electing Holder’s intended method of disposition of such Registrable Securities required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing,
and promptly to furnish to the Issuers any additional information required to correct and update any previously furnished information or required so that such prospectus shall not contain, with respect to such Electing Holder or the disposition of
such Registrable Securities, an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing. 
  

 15 

 (g) Until the expiration of two years after the Closing Date, the Issuers will not, and
will not permit any of its “affiliates” (as defined in Rule 144) to, resell any of the Securities that have been reacquired by any of them except pursuant to an effective registration statement under or an exemption from the registration
requirements of the Securities Act. 
  
 4. Registration
Expenses. 
  
 The Issuers agree to bear and to pay or cause
to be paid promptly all expenses incident to the Issuers’ performance of or compliance with this Exchange and Registration Rights Agreement, including (a) all Commission and any NASD registration, filing and review fees and expenses including
reasonable and documented fees and disbursements of counsel for the placement or sales agent or underwriters in connection with such registration, filing and review, (b) all fees and expenses in connection with the qualification of the Securities
for offering and sale under the State securities and blue sky laws referred to in Section 3(d)(xii) hereof and determination of their eligibility for investment under the laws of such jurisdictions as any managing underwriters or the Electing
Holders may designate, including any reasonable and documented fees and disbursements of counsel for the Electing Holders or underwriters in connection with such qualification and determination, (c) all expenses relating to the preparation,
printing, production, distribution and reproduction of each registration statement required to be filed hereunder, each prospectus included therein or prepared for distribution pursuant hereto, each amendment or supplement to the foregoing, the
expenses of preparing the Securities for delivery and the expenses of printing or producing any underwriting agreements, agreements among underwriters, selling agreements and blue sky or legal investment memoranda and all other documents in
connection with the offering, sale or delivery of Securities to be disposed of (including certificates representing the Securities), (d) messenger, telephone and delivery expenses relating to the offering, sale or delivery of Securities and the
preparation of documents referred in clause (c) above, (e) reasonable and documented fees and expenses of the Trustee under the Indenture, any agent of the Trustee and any reasonable and documented expenses of counsel for the Trustee and of any
collateral agent or custodian, (f) internal expenses (including all salaries and expenses of the Issuers’ officers and employees performing legal or accounting duties), (g) fees, disbursements and expenses of counsel and independent certified
public accountants of the Issuers (including the expenses of any opinions or “cold comfort” letters required by or incident to such performance and compliance), (h) fees, disbursements and expenses of any “qualified independent
underwriter” engaged pursuant to Section 3(d)(xix) hereof, incurred in its capacity as a “qualified independent underwriter,” (i) reasonable and documented fees, disbursements and expenses of one counsel for the Electing Holders
retained in connection with a Shelf Registration, as selected by the Electing Holders of at least a majority in aggregate principal amount of the Registrable Securities held by Electing Holders (which counsel shall be reasonably satisfactory to the
Issuers), (j) any fees charged by securities rating services for rating the Securities, and (k) fees, expenses and disbursements of any other persons, including special experts, retained by the Issuers in connection with such registration
(collectively, the “Registration Expenses”). To the extent that any Registration Expenses are incurred, assumed or paid by any holder of Registrable Securities or any placement or sales agent therefor or underwriter thereof, the Issuers
shall reimburse such person for the full amount of the Registration Expenses so incurred, assumed or paid promptly after receipt of a request therefor. Notwithstanding the foregoing, the holders of the Registrable Securities being registered shall
pay all agency fees and commissions and underwriting discounts and commissions attributable to the sale of such Registrable Securities and the fees 

  

 16 

 
and disbursements of any counsel or other advisors or experts retained by such holders (severally or jointly), other than the counsel and experts
specifically referred to above. 
  
 5. Representations and
Warranties. 
  
 The Issuers represent and warrant to, and
agree with, each Purchaser and each of the holders from time to time of Registrable Securities that: 
  
 (a) Each registration statement covering Registrable Securities and each prospectus (including any preliminary or summary prospectus)
contained therein or furnished pursuant to Section 3(d) or Section 3(c) hereof and any further amendments or supplements to any such registration statement or prospectus, when it becomes effective or is filed with the Commission, as the case may be,
and, in the case of an underwritten offering of Registrable Securities, at the time of the closing under the underwriting agreement relating thereto, will conform in all material respects to the requirements of the Securities Act and the Trust
Indenture Act and the rules and regulations of the Commission thereunder and will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not
misleading; and at all times subsequent to the Effective Time when a prospectus would be required to be delivered under the Securities Act, other than from (i) such time as a notice has been given to holders of Registrable Securities pursuant to
Section 3(d)(viii)(D) or Section 3(c)(iii)(D) hereof until (ii) such time as the Issuers furnish an amended or supplemented prospectus pursuant to Section 3(e) or Section 3(c)(iv) hereof, each such registration statement, and each prospectus
(including any summary prospectus) contained therein or furnished pursuant to Section 3(d) or Section 3(c) hereof, as then amended or supplemented, will conform in all material respects to the requirements of the Securities Act and the Trust
Indenture Act and the rules and regulations of the Commission thereunder and will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not
misleading in the light of the circumstances then existing; provided, however, that this representation and warranty shall not apply to any statements or omissions made in reliance upon and in conformity with information furnished in writing
to the Issuers by a holder of Registrable Securities or any underwriter expressly for use therein. 
  
 (b) Any documents incorporated by reference in any prospectus referred to in Section 5(a) hereof, when they become or became effective or
are or were filed with the Commission, as the case may be, will conform or conformed in all material respects to the requirements of the Securities Act or the Exchange Act, as applicable, and none of such documents will contain or contained an
untrue statement of a material fact or will omit or omitted to state a material fact required to be stated therein or necessary to make the statements therein not misleading; provided, however, that this representation and warranty shall not
apply to any statements or omissions made in reliance upon and in conformity with information furnished in writing to the Issuers by a holder of Registrable Securities or any underwriter expressly for use therein. 
  
 (c) The compliance by the Issuers with all of the provisions
of this Exchange and Registration Rights Agreement and the consummation of the transactions herein contemplated will not conflict with or result in a breach of any of the terms or provisions of, or constitute a default under, any indenture,
mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any subsidiary of the Company is a party or by which 

  

 17 

 
the Company or any subsidiary of the Company is bound or to which any of the property or assets of the Company or any subsidiary of the Company is subject,
except for any conflict, breach or default as would not reasonably be expected to have a material adverse effect on the Company or any subsidiary of the Company, nor will such action result in any violation of the provisions of the certification of
formation or certificate of incorporation, as amended, or the limited liability company agreement or by-laws of the Issuers or the Guarantors or any statute or any order, rule or regulation of any court or governmental agency or body having
jurisdiction over the Company or any subsidiary of the Company or any of their properties; and no consent, approval, authorization, order, registration or qualification of or with any such court or governmental agency or body is required for the
consummation by the Issuers and the Guarantors of the transactions contemplated by this Exchange and Registration Rights Agreement, except the registration under the Securities Act of the Securities, qualification of the Indenture under the Trust
Indenture Act and such consents, approvals, authorizations, registrations or qualifications as may be required under State securities or blue sky laws in connection with the offering and distribution of the Securities. 
  
 (d) This Exchange and Registration Rights Agreement has been
duly authorized, executed and delivered by the Issuers. 
  
 6.
Indemnification. 
  
 (a)
Indemnification by the Issuers and the Guarantors. The Issuers and the Guarantors, jointly and severally, will indemnify and hold harmless each of the holders of Registrable Securities included in an Exchange Registration Statement, each of
the Electing Holders of Registrable Securities included in a Shelf Registration Statement and each person who participates as a placement or sales agent or as an underwriter in any offering or sale of such Registrable Securities against any losses,
claims, damages or liabilities, joint or several, to which such holder, agent or underwriter may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out
of or are based upon an untrue statement or alleged untrue statement of a material fact contained in any Exchange Registration Statement or Shelf Registration Statement, as the case may be, under which such Registrable Securities were registered
under the Securities Act, or any preliminary, final or summary prospectus contained therein or furnished by the Issuers to any such holder, Electing Holder, agent or underwriter, or any amendment or supplement thereto, or arise out of or are based
upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and will reimburse such holder, such Electing Holder, such agent and such underwriter
for any reasonable and documented legal or other expenses incurred by them in connection with investigating or defending any such action or claim as such expenses are incurred; provided, however, that neither the Issuers nor the Guarantors
shall be liable to any such person in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in such registration
statement, or preliminary, final or summary prospectus, or amendment or supplement thereto, in reliance upon and in conformity with written information furnished to the Issuers by such person expressly for use therein. 
  
 (b) Indemnification by the Holders and any Agents and
Underwriters. The Issuers may require, as a condition to including any Registrable Securities in any registration statement filed pursuant to Section 2(b) hereof and to entering into any underwriting agreement with 

  

 18 

 
respect thereto, that the Issuers shall have received an undertaking reasonably satisfactory to it from the Electing Holder of such Registrable Securities
and from each underwriter named in any such underwriting agreement, severally and not jointly, to (i) indemnify and hold harmless the Issuers, the Guarantors, and all other holders of Registrable Securities, against any losses, claims, damages or
liabilities to which the Issuers, the Guarantors or such other holders of Registrable Securities may become subject, under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise
out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in such registration statement, or any preliminary, final or summary prospectus contained therein or furnished by the Issuers to any such Electing
Holder, agent or underwriter, or any amendment or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not
misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with written information furnished to the Issuers by
such Electing Holder or underwriter expressly for use therein, and (ii) reimburse the Issuers and the Guarantors for any legal or other expenses reasonably incurred by the Issuers and the Guarantors in connection with investigating or defending any
such action or claim as such expenses are incurred; provided, however, that no such Electing Holder shall be required to undertake liability to any person under this Section 6(b) for any amounts in excess of the dollar amount of the proceeds
to be received by such Electing Holder from the sale of such Electing Holder’s Registrable Securities pursuant to such registration. 
  
 (c) Notices of Claims, Etc. Promptly after receipt by an indemnified party under subsection (a) or (b) above of written notice of
the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against an indemnifying party pursuant to the indemnification provisions of or contemplated by this Section 6, notify such indemnifying party
in writing of the commencement of such action; but the omission so to notify the indemnifying party shall not relieve it from any liability which it may have to any indemnified party otherwise than under the indemnification provisions of or
contemplated by Section 6(a) or 6(b) hereof. In case any such action shall be brought against any indemnified party and it shall notify an indemnifying party of the commencement thereof, such indemnifying party shall be entitled to participate
therein and, to the extent that it shall wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified party (who shall not, except with the consent of the
indemnified party, be counsel to the indemnifying party), and, after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, such indemnifying party shall not be liable to such indemnified party
for any legal expenses of other counsel or any other expenses, in each case subsequently incurred by such indemnified party, in connection with the defense thereof other than reasonable costs of investigation. No indemnifying party shall, without
the written consent of the indemnified party, effect the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or threatened action or claim in respect of which indemnification or contribution may be
sought hereunder (whether or not the indemnified party is an actual or potential party to such action or claim) unless such settlement, compromise or judgment (i) includes an unconditional release of the indemnified party from all liability arising
out of such action or claim and (ii) does not include a statement 

  

 19 

 
as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party. 
  
 (d) Contribution. If for any reason the
indemnification provisions contemplated by Section 6(a) or Section 6(b) are unavailable to or insufficient to hold harmless an indemnified party in respect of any losses, claims, damages or liabilities (or actions in respect thereof) referred to
therein, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities (or actions in respect thereof) in such proportion as is appropriate to reflect
the relative fault of the indemnifying party and the indemnified party in connection with the statements or omissions which resulted in such losses, claims, damages or liabilities (or actions in respect thereof), as well as any other relevant
equitable considerations. The relative fault of such indemnifying party and indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission or alleged omission
to state a material fact relates to information supplied by such indemnifying party or by such indemnified party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or
omission. The parties hereto agree that it would not be just and equitable if contributions pursuant to this Section 6(d) were determined by pro rata allocation (even if the holders or any agents or underwriters or all of them were treated as one
entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to in this Section 6(d). The amount paid or payable by an indemnified party as a result of the losses, claims,
damages, or liabilities (or actions in respect thereof) referred to above shall be deemed to include any legal or other fees or expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or
claim. Notwithstanding the provisions of this Section 6(d), no holder shall be required to contribute any amount in excess of the amount by which the dollar amount of the proceeds received by such holder from the sale of any Registrable Securities
(after deducting any fees, discounts and commissions applicable thereto) exceeds the amount of any damages which such holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission, and
no underwriter shall be required to contribute any amount in excess of the amount by which the total price at which the Registrable Securities underwritten by it and distributed to the public were offered to the public exceeds the amount of any
damages which such underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The holders’ and any underwriters’ obligations in this Section 6(d) to contribute shall be several in proportion to
the principal amount of Registrable Securities registered or underwritten, as the case may be, by them and not joint. 
  
 (e) The obligations of the Issuers and the Guarantors under this Section 6 shall be in addition to any liability which the Issuers or the
Guarantors may otherwise have and shall extend, upon the same terms and conditions, to each officer, director and partner of each holder, agent and underwriter and each person, if any, who controls any holder, agent or underwriter within the meaning
of the Securities Act; and the obligations of the holders and any agents or underwriters contemplated by this Section 6 shall be in addition to any liability which the respective holder, agent or underwriter may otherwise have and shall extend,

  

 20 

 
upon the same terms and conditions, to each officer and director of the Issuers or the Guarantors (including any person who, with his consent, is named in
any registration statement as about to become a director of the Issuers or the Guarantor) and to each person, if any, who controls the Issuers within the meaning of the Securities Act. 
  
 7. Underwritten Offerings. 
  

(a) Selection of Underwriters. If any of the Registrable Securities covered by the Shelf Registration are to be sold pursuant to
an underwritten offering, the managing underwriter or underwriters thereof shall be designated by Electing Holders holding at least a majority in aggregate principal amount of the Registrable Securities to be included in such offering, provided that
such designated managing underwriter or underwriters is or are reasonably acceptable to the Issuers. 
  
 (b) Participation by Holders. Each holder of Registrable Securities hereby agrees with each other such holder that no such holder
may participate in any underwritten offering hereunder unless such holder (i) agrees to sell such holder’s Registrable Securities on the basis provided in any underwriting arrangements approved by the persons entitled hereunder to approve such
arrangements and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements. 
  
 8. Rule 144. 
  
 The Issuers covenant to the holders of Registrable Securities that to the
extent it shall be required to do so under the Exchange Act, the Issuers shall timely file the reports required to be filed by it under the Exchange Act or the Securities Act (including the reports under Section 13 and 15(d) of the Exchange Act
referred to in subparagraph (c)(1) of Rule 144 adopted by the Commission under the Securities Act) and the rules and regulations adopted by the Commission thereunder, and shall take such further action as any holder of Registrable Securities may
reasonably request, all to the extent required from time to time to enable such holder to sell Registrable Securities without registration under the Securities Act within the limitations of the exemption provided by Rule 144 under the Securities
Act, as such Rule may be amended from time to time, or any similar or successor rule or regulation hereafter adopted by the Commission. Upon the request of any holder of Registrable Securities in connection with that holder’s sale pursuant to
Rule 144, the Issuers shall deliver to such holder a written statement as to whether it has complied with such requirements. 
  
 9. Miscellaneous. 
  
 (a) No Inconsistent Agreements. The Issuers represent, warrant, covenant and agree that they have not granted, and shall not grant,
registration rights with respect to Registrable Securities which would be inconsistent with the terms contained in this Exchange and Registration Rights Agreement. 
  
 (b) Specific Performance. The parties hereto acknowledge that there would be no adequate remedy at
law if the Issuers fail to perform any of their obligations hereunder and that the Purchasers and the holders from time to time of the Registrable Securities may be irreparably harmed by any such failure, and accordingly agree that the Purchasers
and such holders, in addition to any other remedy to which they may be entitled at law or in equity, 

  

 21 

 
shall be entitled to compel specific performance of the obligations of the Issuers under this Exchange and Registration Rights Agreement in accordance with
the terms and conditions of this Exchange and Registration Rights Agreement, in any court of the United States or any State thereof having jurisdiction. 
  
 (c) Notices. All notices, requests, claims, demands, waivers and other communications hereunder shall be in writing and shall be
deemed to have been duly given when delivered by hand, if delivered personally or by courier, or three days after being deposited in the mail (registered or certified mail, postage prepaid, return receipt requested) as follows: If to the Issuers, to
it at 700 Milam Street, 13th Floor North Tower, Houston, Texas 77002, Attn: General Counsel, and if to a holder, to
the address of such holder set forth in the security register or other records of the Issuers, or to such other address as the Issuers or any such holder may have furnished to the other in writing in accordance herewith, except that notices of
change of address shall be effective only upon receipt. 
  
 (d) Parties in Interest. All the terms and provisions of this Exchange and Registration Rights Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable by the parties hereto and
the holders from time to time of the Registrable Securities and the respective successors and assigns of the parties hereto and such holders. In the event that any transferee of any holder of Registrable Securities shall acquire Registrable
Securities, in any manner, whether by gift, bequest, purchase, operation of law or otherwise, such transferee shall, without any further writing or action of any kind, be deemed a beneficiary hereof for all purposes and such Registrable Securities
shall be held subject to all of the terms of this Exchange and Registration Rights Agreement, and by taking and holding such Registrable Securities such transferee shall be entitled to receive the benefits of, and be conclusively deemed to have
agreed to be bound by all of the applicable terms and provisions of this Exchange and Registration Rights Agreement. If the Issuers shall so request, any such successor, assign or transferee shall agree in writing to acquire and hold the Registrable
Securities subject to all of the applicable terms hereof. 
  
 (e) Survival. The respective indemnities, agreements, representations, warranties and each other provision set forth in this Exchange and Registration Rights Agreement or made pursuant hereto shall remain in
full force and effect regardless of any investigation (or statement as to the results thereof) made by or on behalf of any holder of Registrable Securities, any director, officer or partner of such holder, any agent or underwriter or any director,
officer or partner thereof, or any controlling person of any of the foregoing, and shall survive delivery of and payment for the Registrable Securities pursuant to the Purchase Agreement and the transfer and registration of Registrable Securities by
such holder and the consummation of an Exchange Offer. 
  
 (f) Governing Law. This Exchange and Registration Rights Agreement shall be governed by and construed in accordance with the laws of the State of New York. 
  
 (g) Headings. The descriptive headings of the several
Sections and paragraphs of this Exchange and Registration Rights Agreement are inserted for convenience only, do not constitute a part of this Exchange and Registration Rights Agreement and shall not affect in any way the meaning or interpretation
of this Exchange and Registration Rights Agreement. 
  
 (h) Entire Agreement; Amendments. This Exchange and Registration Rights Agreement and the other writings referred to herein (including the Indenture and the form of 

  

 22 

 
Securities) or delivered pursuant hereto which form a part hereof contain the entire understanding of the parties with respect to its subject matter. This
Exchange and Registration Rights Agreement supersedes all prior agreements and understandings between the parties with respect to its subject matter. This Exchange and Registration Rights Agreement may be amended and the observance of any term of
this Exchange and Registration Rights Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively) only by a written instrument duly executed by the Issuers and the holders of at least a majority
in aggregate principal amount of the Registrable Securities at the time outstanding. Each holder of any Registrable Securities at the time or thereafter outstanding shall be bound by any amendment or waiver effected pursuant to this Section 9(h),
whether or not any notice, writing or marking indicating such amendment or waiver appears on such Registrable Securities or is delivered to such holder. 
  
 (i) Inspection. For so long as this Exchange and Registration Rights Agreement shall be in effect, this Exchange and Registration
Rights Agreement and a complete list of the names and addresses of all the holders of Registrable Securities shall be made available for inspection and copying on any business day by any holder of Registrable Securities for proper purposes only
(which shall include any purpose related to the rights of the holders of Registrable Securities under the Securities, the Indenture and this Agreement) at the offices of the Issuers at the address thereof set forth in Section 9(c) above and at the
office of the Trustee under the Indenture. 
  
 (j) Counterparts. This agreement may be executed by the parties in counterparts, each of which shall be deemed to be an original, but all such respective counterparts shall together constitute one and the same instrument. 

 

 23 

 If the foregoing is in accordance with your understanding, please sign and return to us five counterparts
hereof, and upon the acceptance hereof by you, on behalf of each of the Purchasers, this letter and such acceptance hereof shall constitute a binding agreement between each of the Purchasers, the Guarantors and the Issuers. It is understood that
your acceptance of this letter on behalf of each of the Purchasers is pursuant to the authority set forth in a form of Agreement among Purchasers, the form of which shall be submitted to the Issuers for examination upon request, but without warranty
on your part as to the authority of the signers thereof. 
  

			
	 Very truly yours,
 KRATON Polymers LLC

		
	By:	 	/s/ Joseph J. Waiter
	 	 	 Name: Joseph J. Waiter

	 	 	 Title: Authorized Person

	
	 KRATON Polymers Capital Corporation

		
	By:	 	/s/ Joseph J. Waiter
	 	 	 Name: Joseph J. Waiter

	 	 	 Title: Authorized Person

	
	 Elastomers Holding LLC

		
	By:	 	/s/ Joseph J. Waiter
	 	 	 Name: Joseph J. Waiter

	 	 	 Title: Authorized Person

	
	 KRATON Polymers U.S. LLC

		
	By:	 	/s/ Joseph J. Waiter
	 	 	 Name: Joseph J. Waiter

	 	 	 Title: Authorized Person

  

 24 

			
	 Accepted as of the date hereof:
 Goldman, Sachs & Co.

		
	 By:
	 	/s/ Goldman, Sachs & Co.
	 	 	 Name:

	 	 	 Title:

	
	 UBS Securities LLC

		
	 By:
	 	/s/ John C. Duggan
	 	 	 Name: John C. Duggan

	 	 	 Title: Director

		
	 By:
	 	/s/ Michael F. Newcomb II
	 	 	 Name: Michael F. Newcomb II

	 	 	 Title: High Yield Capital Markets

  

 25 

  
 Exhibit A 

 
 KRATON Polymers LLC 
 KRATON Polymers Capital Corporation 
  
 INSTRUCTION TO DTC PARTICIPANTS 
  
 (Date of Mailing) 
  
 URGENT - IMMEDIATE ATTENTION REQUESTED 
  
 DEADLINE FOR RESPONSE: [DATE] * 
  
 The Depository Trust Company (“DTC”) has identified you as a DTC Participant through which beneficial interests in KRATON Polymers LLC (the “Company”)
8.125% Senior Subordinated Notes due 2014 (the “Securities”) are held. 
  
 The Company is in the process of registering the Securities under the Securities Act of 1933 for resale by the beneficial owners thereof. In order to have their Securities included in the registration statement, beneficial owners must
complete and return the enclosed Notice of Registration Statement and Selling Securityholder Questionnaire. 
  
 It is important that beneficial owners of the Securities receive a copy of the enclosed materials as soon as possible as their rights to have the Securities included in the registration statement depend upon
their returning the Notice and Questionnaire by [Deadline For Response]. Please forward a copy of the enclosed documents to each beneficial owner that holds interests in the Securities through you. If you require more copies of the enclosed
materials or have any questions pertaining to this matter, please contact KRATON Polymers LLC, 700 Milam Street, 13th Floor, North Tower, Houston, Texas 77002, Attn: General Counsel. 
  

 A-1 

 KRATON Polymers LLC 
 KRATON Polymers Capital Corporation 
  
 Notice of Registration Statement 
 and  
 Selling Securityholder Questionnaire 
  
 (Date) 
  
 Reference is
hereby made to the Exchange and Registration Rights Agreement (the “Exchange and Registration Rights Agreement”) between KRATON Polymers LLC, KRATON Polymers Capital Corporation (the “Issuers”) and the Purchasers named therein.
Pursuant to the Exchange and Registration Rights Agreement, the Company has filed with the United States Securities and Exchange Commission (the “Commission”) a registration statement on Form      (the
“Shelf Registration Statement”) for the registration and resale under Rule 415 of the Securities Act of 1933, as amended (the “Securities Act”), of the Company’s 8.125% Senior Subordinated Notes due 2014 (the
“Securities”). A copy of the Exchange and Registration Rights Agreement is attached hereto. All capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Exchange and Registration Rights Agreement.

  
 Each beneficial owner of Registrable Securities (as defined below) is entitled
to have the Registrable Securities beneficially owned by it included in the Shelf Registration Statement. In order to have Registrable Securities included in the Shelf Registration Statement, this Notice of Registration Statement and Selling
Securityholder Questionnaire (“Notice and Questionnaire”) must be completed, executed and delivered to the Company’s counsel at the address set forth herein for receipt ON OR BEFORE
                    . Beneficial owners of Registrable Securities who do not complete, execute and return this Notice and Questionnaire by
such date (i) will not be named as selling securityholders in the Shelf Registration Statement and (ii) may not use the Prospectus forming a part thereof for resales of Registrable Securities. 
  
 Certain legal consequences arise from being named as a selling securityholder in the Shelf
Registration Statement and related Prospectus. Accordingly, holders and beneficial owners of Registrable Securities are advised to consult their own securities law counsel regarding the consequences of being named or not being named as a selling
securityholder in the Shelf Registration Statement and related Prospectus. 
  
 The
term “Registrable Securities” is defined in the Exchange and Registration Rights Agreement. 
  

 A-2 

 ELECTION 
  
 The undersigned holder (the “Selling Securityholder”) of Registrable Securities hereby elects to include in the Shelf Registration Statement the Registrable
Securities beneficially owned by it and listed below in Item (3). The undersigned, by signing and returning this Notice and Questionnaire, agrees to be bound with respect to such Registrable Securities by the terms and conditions of this Notice and
Questionnaire and the Exchange and Registration Rights Agreement, including, without limitation, Section 6 of the Exchange and Registration Rights Agreement, as if the undersigned Selling Securityholder were an original party thereto. 
  
 Upon any sale of Registrable Securities pursuant to the Shelf Registration Statement, the
Selling Securityholder will be required to deliver to the Company and Trustee the Notice of Transfer set forth in Appendix A to the Prospectus and as Exhibit B to the Exchange and Registration Rights Agreement. 
  
 The Selling Securityholder hereby provides the following information to the Company and
represents and warrants that such information is accurate and complete: 
  

 A-3 

 QUESTIONNAIRE 
  

	(1)	(a) Full Legal Name of Selling Securityholder: 

  

	 	(b)	Full Legal Name of Registered Holder (if not the same as in (a) above) of Registrable Securities Listed in Item (3) below: 

  

	 	(c)	Full Legal Name of DTC Participant (if applicable and if not the same as (b) above) Through Which Registrable Securities Listed in Item (3) below are Held: 

 

	(2)	Address for Notices to Selling Securityholder: 

  

			
	 ___________
	 	 
	 ___________
	 	 
	 ___________
	 	 
	 Telephone:
	 	___________________________
	 Fax:
	 	___________________________
	 Contact Person:
	 	___________________________

  

	(3)	Beneficial Ownership of Securities: 

  
 Except as set forth below in this Item (3), the undersigned does not beneficially own any Securities. 
  

	 	(a)	Principal amount of Registrable Securities beneficially owned:
                     

  
 CUSIP No(s). of such Registrable Securities:
                                        
           
  

	 	(b)	Principal amount of Securities other than Registrable Securities beneficially owned:
                             

  
 CUSIP No(s). of such other Securities:
                                        
                                        
                     
  

	 	(c)	Principal amount of Registrable Securities which the undersigned wishes to be included in the Shelf Registration Statement:
                                        
                                        
                                        
                                        
                                     

  
 CUSIP No(s). of such Registrable Securities to be included in the Shelf
Registration Statement:
                                        
  
                                       
                                        
                                        
                                        
                                         

  

	(4)	Beneficial Ownership of Other Securities of the Company: 

  
 Except as set forth below in this Item (4), the undersigned Selling Securityholder is not the beneficial or registered owner of any other securities of
the Company, other than the Securities listed above in Item (3). 
  

 A-4 

 State any exceptions here: 
  

	(5)	Relationships with the Company: 

  
 Except as set forth below, neither the Selling Securityholder nor any of its affiliates, officers, directors or principal equity holders (5% or more)
has held any position or office or has had any other material relationship with the Company (or its predecessors or affiliates) during the past three years. 
  
 State any exceptions here: 
  

	(6)	Plan of Distribution: 

  
 Except as set forth below, the undersigned Selling Securityholder intends to distribute the Registrable Securities listed above in Item (3) only as
follows (if at all): Such Registrable Securities may be sold from time to time directly by the undersigned Selling Securityholder or, alternatively, through underwriters, broker-dealers or agents. Such Registrable Securities may be sold in one or
more transactions at fixed prices, at prevailing market prices at the time of sale, at varying prices determined at the time of sale, or at negotiated prices. Such sales may be effected in transactions (which may involve crosses or block
transactions) (i) on any national securities exchange or quotation service on which the Registered Securities may be listed or quoted at the time of sale, (ii) in the over-the-counter market, (iii) in transactions otherwise than on such exchanges or
services or in the over-the-counter market, or (iv) through the writing of options. In connection with sales of the Registrable Securities or otherwise, the Selling Securityholder may enter into hedging transactions with broker-dealers, which may in
turn engage in short sales of the Registrable Securities in the course of hedging the positions they assume. The Selling Securityholder may also sell Registrable Securities short and deliver Registrable Securities to close out such short positions,
or loan or pledge Registrable Securities to broker-dealers that in turn may sell such securities. 
  
 State any exceptions here: 
  
 By signing below, the Selling Securityholder acknowledges that it understands its obligation to comply, and agrees that it will comply, with the provisions of the
Exchange Act and the rules and regulations thereunder, particularly Regulation M. 
  
 In the event that the Selling Securityholder transfers all or any portion of the Registrable Securities listed in Item (3) above after the date on which such information is provided to the Company, the Selling Securityholder agrees to
notify the transferee(s) at the time of the transfer of its rights and obligations under this Notice and Questionnaire and the Exchange and Registration Rights Agreement. 
  
 By signing below, the Selling Securityholder consents to the disclosure of the information contained herein in its answers to Items (1)
through (6) above and the inclusion of such information in the Shelf Registration Statement and related Prospectus. The Selling 

  

 A-5 

 
Securityholder understands that such information will be relied upon by the Company in connection with the preparation of the Shelf Registration Statement
and related Prospectus. 
  
 In accordance with the Selling Securityholder’s
obligation under Section 3(d) of the Exchange and Registration Rights Agreement to provide such information as may be required by law for inclusion in the Shelf Registration Statement, the Selling Securityholder agrees to promptly notify the Company
of any inaccuracies or changes in the information provided herein which may occur subsequent to the date hereof at any time while the Shelf Registration Statement remains in effect. All notices hereunder and pursuant to the Exchange and Registration
Rights Agreement shall be made in writing, by hand-delivery, first-class mail, or air courier guaranteeing overnight delivery as follows: 
  

					
	 (i)     To the Company:
	  	 	  	 
			
	 	  	 	  	 
			
	 	  	 	  	 
			
	 	  	 	  	 
			
	 	  	 	  	 
			
	 (ii)    With a copy to:
	  	 	  	 
			
	 	  	 	  	 
			
	 	  	 	  	 
			
	 	  	 	  	 
			
	 	  	 	  	 

  
 Once this Notice and Questionnaire is
executed by the Selling Securityholder and received by the Company’s counsel, the terms of this Notice and Questionnaire, and the representations and warranties contained herein, shall be binding on, shall inure to the benefit of and shall be
enforceable by the respective successors, heirs, personal representatives, and assigns of the Company and the Selling Securityholder (with respect to the Registrable Securities beneficially owned by such Selling Securityholder and listed in Item (3)
above. This Agreement shall be governed in all respects by the laws of the State of New York. 
  

 A-6 

 IN WITNESS WHEREOF, the undersigned, by authority duly given, has caused this Notice and Questionnaire to be executed and
delivered either in person or by its duly authorized agent. 
  
 Dated:
                             
  

			
	 
	 Selling Securityholder
 (Print/type full legal name of beneficial owner of Registrable Securities)

		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 

  
 PLEASE RETURN THE COMPLETED AND
EXECUTED NOTICE AND QUESTIONNAIRE FOR RECEIPT ON OR BEFORE [                        ] TO THE COMPANY’S COUNSEL AT:

  

 A-7 

  
 Exhibit B 

 
 NOTICE OF TRANSFER PURSUANT TO REGISTRATION STATEMENT 
  
 Wells Fargo Bank Minnesota, N.A. 
 KRATON Polymers LLC 
 KRATON Polymers Capital Corporation 
 c/o Wells Fargo Bank Minnesota, N.A. 
 Corporate Trust Services 
 213 Court Street, Suite 703 
 Middleton, Connecticut 06457 
  

	Attention:	Trust Officer 

  

	 	Re:	KRATON Polymers LLC (the “Company”) 

 8.125%
Senior Subordinated Notes due 2014 
  
 Dear Sirs: 
  
 Please be advised that
                                 has transferred
$                                 aggregate principal amount of the
above-referenced Notes pursuant to an effective Registration Statement on Form S-4 (File No. 333-        ) filed by the Company. 
  
 We hereby certify that the prospectus delivery requirements, if any, of the Securities Act of 1933, as amended, have been satisfied and that
the above-named beneficial owner of the Notes is named as a “Selling Holder” in the Prospectus dated                      or in
supplements thereto, and that the aggregate principal amount of the Notes transferred are the Notes listed in such Prospectus opposite such owner’s name. 
  

Dated: 
  

			
	 Very truly yours,

		
	 	 	 
	 	 	(Name)
		
	 By:
	 	 
	 	 	(Authorized Signature)

  

 B-1Pledge and Security Agreement

 Exhibit 4.4 
  

PLEDGE AND SECURITY AGREEMENT 
  
 dated as of December 23, 2003 
  
 between 
  
 EACH OF THE GRANTORS PARTY HERETO 
  
 and 
  
 UBS AG, STAMFORD
BRANCH, 
  
 as the Collateral Agent 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	PAGE

	 SECTION 1. DEFINITIONS; GRANT OF SECURITY
	  	1
	 1.1
	  	 General Definitions
	  	1
	 1.2
	  	 Definitions; Interpretation
	  	7
		
	 SECTION 2. GRANT OF SECURITY
	  	7
	 2.1
	  	 Grant of Security
	  	7
	 2.2
	  	 Certain Limited Exclusions
	  	8
		
	 SECTION 3. SECURITY FOR OBLIGATIONS; GRANTORS REMAIN LIABLE
	  	9
	 3.1
	  	 Security for Obligations
	  	9
	 3.2
	  	 Continuing Liability Under Collateral
	  	9
		
	 SECTION 4. REPRESENTATIONS AND WARRANTIES AND COVENANTS
	  	9
	 4.1
	  	 Generally
	  	9
	 4.2
	  	 Equipment and Inventory
	  	12
	 4.3
	  	 Receivables
	  	12
	 4.4
	  	 Investment Related Property
	  	13
	 4.5
	  	 Letter of Credit Rights
	  	18
	 4.6
	  	 Intellectual Property
	  	18
	 4.7
	  	 Commercial Tort Claims
	  	19
		
	 SECTION 5. ACCESS; RIGHT OF INSPECTION AND FURTHER ASSURANCES; ADDITIONAL GRANTORS
	  	19
	 5.1
	  	 Access; Right of Inspection
	  	19
	 5.2
	  	 Further Assurances
	  	19
	 5.3
	  	 Additional Grantors
	  	20
		
	 SECTION 6. COLLATERAL AGENT APPOINTED ATTORNEY-IN-FACT
	  	21
	 6.1
	  	 Power of Attorney
	  	21
	 6.2
	  	 No Duty on the Part of Collateral Agent or Secured Parties
	  	22
		
	 SECTION 7. REMEDIES
	  	22
	 7.1
	  	 Generally
	  	22
	 7.2
	  	 Application of Proceeds
	  	24
	 7.3
	  	 Sales on Credit
	  	24
	 7.4
	  	 Deposit Accounts
	  	24
	 7.5
	  	 Investment Related Property
	  	24
	 7.6
	  	 Intellectual Property
	  	25
		
	 SECTION 8. COLLATERAL AGENT
	  	26
		
	 SECTION 9. CONTINUING SECURITY INTEREST; TRANSFER OF LOANS
	  	27
		
	 SECTION 10. STANDARD OF CARE; COLLATERAL AGENT MAY PERFORM
	  	27

  

 i 

					
	 SECTION 11. MISCELLANEOUS
	  	28

  

					
	 SCHEDULE 4.1 — GENERAL INFORMATION

	
	 SCHEDULE 4.2 — LOCATION OF EQUIPMENT AND INVENTORY

	
	 SCHEDULE 4.4 — INVESTMENT RELATED PROPERTY

	
	 SCHEDULE 4.5 — DESCRIPTION OF LETTERS OF CREDIT

	
	 SCHEDULE 4.6 — INTELLECTUAL PROPERTY - EXCEPTIONS

	
	 SCHEDULE 4.7 — COMMERCIAL TORT CLAIMS

	
	 EXHIBIT A — PLEDGE SUPPLEMENT

	
	 EXHIBIT B — TRADEMARK SECURITY AGREEMENT

	
	 EXHIBIT C — COPYRIGHT SECURITY AGREEMENT

	
	 EXHIBIT D — PATENT SECURITY AGREEMENT

  

 ii 

 This PLEDGE AND SECURITY AGREEMENT, dated as of December 23, 2003 (this
“Agreement”), between EACH OF THE UNDERSIGNED, whether as an original signatory hereto or as an Additional Grantor (as herein defined) (each, a “Grantor”), and UBS AG, STAMFORD BRANCH, as collateral
agent for the Secured Parties (as herein defined) (in such capacity as collateral agent, the “Collateral Agent”). 
  
 RECITALS: 
  
 WHEREAS, reference is made to that certain Credit and Guaranty Agreement, dated as of the date hereof (as it may be amended, restated, supplemented
or otherwise modified from time to time, the “Credit Agreement”), by and among KRATON POLYMERS LLC (“Company”), POLYMER HOLDINGS LLC (“Holdings”) and CERTAIN SUBSIDIARIES OF
COMPANY, as Guarantors, the Lenders party thereto from time to time (the “Lenders”), GOLDMAN SACHS CREDIT PARTNERS L.P. and UBS SECURITIES LLC, as joint lead arrangers and joint bookrunners, GOLDMAN SACHS CREDIT
PARTNERS L.P., as syndication agent, UBS AG, STAMFORD BRANCH, as administrative agent and collateral agent and MORGAN STANLEY SENIOR FUNDING, INC., CREDIT SUISSE FIRST BOSTON, ACTING THROUGH ITS CAYMAN ISLANDS BRANCH and GENERAL
ELECTRIC CAPITAL CORPORATION, as documentation agents; 
  
 WHEREAS, subject to the terms and conditions of the Credit Agreement, certain Grantors may enter into one or more Hedge Agreements (as herein defined) with one or more Lender Counterparties; 
  
 WHEREAS, in consideration of the extensions of credit and other
accommodations of Lenders and Lender Counterparties as set forth in the Credit Agreement and the Hedge Agreements, respectively, each Grantor has agreed to secure such Grantor’s obligations under the Credit Documents and the Hedge Agreements as
set forth herein; and 
  
 NOW, THEREFORE, in consideration
of the premises and the agreements, provisions and covenants herein contained, each Grantor and the Collateral Agent agree as follows: 
  

	SECTION 	1. DEFINITIONS; GRANT OF SECURITY. 

  
 1.1 General Definitions. In this Agreement, the following terms shall have the following meanings: 
  
 “Account Debtor” shall mean each Person who
is obligated on a Receivable or any Supporting Obligation related thereto. 
  
 “Accounts” shall mean all “accounts” as defined in Article 9 of the UCC, including Health-Care Insurance Receivables. 
  
 “Agreement” shall have the meaning set forth in the preamble. 
  
 “Additional Grantors” shall have the
meaning assigned in Section 5.3. 
  
 “Assigned Agreements” shall mean all agreements and contracts to which such Grantor is a party as of the date hereof, or to which such Grantor becomes a party after the date 

  

 
hereof, including, without limitation, each Material Contract, as each such agreement may be amended, supplemented or otherwise modified from time to time.

  
 “Chattel Paper” shall mean
all “chattel paper” as defined in Article 9 of the UCC, including, without limitation, “electronic chattel paper” or “tangible chattel paper”, as each term is defined in Article 9 of the UCC. 
  
 “Collateral” shall have the meaning
assigned in Section 2.1. 
  
 “Collateral
Account” shall mean any account established by the Collateral Agent. 
  
 “Collateral Agent” shall have the meaning set forth in the preamble. 
  
 “Collateral Records” shall mean books, records, ledger cards, files, correspondence, customer lists, blueprints,
technical specifications, manuals, computer software, computer printouts, tapes, disks and related data processing software and similar items that at any time evidence or contain information relating to any of the Collateral or are otherwise
necessary or helpful in the collection thereof or realization thereupon. 
  
 “Collateral Support” shall mean all property (real or personal) assigned, hypothecated or otherwise securing any Collateral and shall include any security agreement or other agreement granting a lien
or security interest in such real or personal property. 
  
 “Commercial Tort Claims” shall mean all “commercial tort claims” as defined in Article 9 of the UCC, including, without limitation, all commercial tort claims listed on Schedule 4.7 (as such
schedule may be amended or supplemented from time to time), in each case if a complaint with respect thereto has been filed by any Grantor. 
  
 “Commodities Accounts” (i) shall mean all “commodity accounts” as defined in Article 9 of the UCC and (ii)
shall include, without limitation, all of the accounts listed on Schedule 4.4 under the heading “Commodities Accounts” (as such schedule may be amended or supplemented from time to time). 
  
 “Company” shall have the meaning set forth
in the preamble. 
  
 “Copyright
Licenses” shall mean any and all agreements to which any Grantor is a party providing for the granting of any right in or to Copyrights (whether such Grantor is licensee or licensor thereunder) including, without limitation, each agreement
referred to in Schedule 4.6(B) (as such schedule may be amended or supplemented from time to time). 
  
 “Copyrights” shall mean all United States, and foreign copyrights (including Community designs), including but not
limited to copyrights in software and databases, and all Mask Works (as defined under 17 U.S.C. 901 of the U.S. Copyright Act), whether registered or unregistered, and, with respect to any and all of the foregoing: (i) all registrations and
applications therefor including, without limitation, the registrations and applications referred to in Schedule 4.6(A) (as such schedule may be amended or supplemented from time to time), (ii) all extensions and renewals thereof, (iii) all rights
corresponding thereto throughout the world, (iv) all rights to sue for past, present and future infringements thereof, and (v) all Proceeds of the foregoing, including, without limitation, licenses, royalties, income, payments, claims, damages and
proceeds of suit. 
  

 2 

 “Credit Agreement” shall have the meaning set forth in the recitals.

  
 “Deposit Accounts” (i) shall
mean all “deposit accounts” as defined in Article 9 of the UCC and (ii) shall include, without limitation, all of the accounts listed on Schedule 4.4 under the heading “Deposit Accounts” (as such schedule may be amended or
supplemented from time to time). 
  
 “Documents” shall mean all “documents” as defined in Article 9 of the UCC. 
  
 “Equipment” shall mean: (i) all “equipment” as defined in Article 9 of the UCC, (ii) all machinery,
manufacturing equipment, data processing equipment, computers, office equipment, furnishings, furniture, appliances, fixtures and tools (in each case, regardless of whether characterized as equipment under the UCC) and (iii) all accessions or
additions thereto, all parts thereof, whether or not at any time of determination incorporated or installed therein or attached thereto, and all replacements therefor, wherever located, now or hereafter existing, including any fixtures. 

 
 “General Intangibles” (i) shall mean all
“general intangibles” as defined in Article 9 of the UCC, including “payment intangibles” also as defined in Article 9 of the UCC and (ii) shall include, without limitation, all interest rate or currency protection or hedging
arrangements, all tax refunds, all licenses, permits, concessions and authorizations, all Assigned Agreements and all Intellectual Property (in each case, regardless of whether characterized as general intangibles under the UCC). 
  
 “Goods” (i) shall mean all
“goods” as defined in Article 9 of the UCC and (ii) shall include, without limitation, all Inventory and Equipment (in each case, regardless of whether characterized as goods under the UCC). 
  
 “Grantors” shall have the meaning set forth
in the preamble. 
  
 “Health-Care
Insurance Receivables” shall mean all “health-care-insurance receivables” as defined in Article 9 of the UCC. 
  
 “Instruments” shall mean all “instruments” as defined in Article 9 of the UCC. 
  
 “Insurance” shall mean (i) all insurance
policies covering any or all of the Collateral (regardless of whether the Collateral Agent is the loss payee thereof) and (ii) any key man life insurance policies. 
  
 “Intellectual Property” shall mean, collectively, the Copyrights, the Copyright Licenses,
the Patents, the Patent Licenses, the Trademarks, the Trademark Licenses, the Trade Secrets, and the Trade Secret Licenses. 
  
 “Inventory” shall mean (i) all “inventory” as defined in Article 9 of the UCC and (ii) all goods held for sale
or lease or to be furnished under contracts of service or so leased or furnished, all raw materials, work in process, finished goods, and materials used or consumed in the manufacture, packing, shipping, advertising, selling, leasing, furnishing or
production of such inventory or otherwise used or consumed in any Grantor’s business; all goods in which any Grantor has an interest in mass or a joint or other interest or right of any kind; and all goods which are returned to or repossessed
by any Grantor, all computer programs embedded in any 

  

 3 

 
goods and all accessions thereto and products thereof (in each case, regardless of whether characterized as inventory under the UCC). 
  
 “Investment Accounts” shall mean the
Collateral Account, Securities Accounts, Commodities Accounts and Deposit Accounts. 
  
 “Investment Related Property” shall mean: (i) all “investment property” (as such term is defined in Article 9
of the UCC) and (ii) all of the following (regardless of whether classified as investment property under the UCC): all Pledged Equity Interests, Pledged Debt, the Investment Accounts and certificates of deposit. 
  
 “Lender” shall have the meaning set forth
in the recitals. 
  
 “Letter of Credit
Right” shall mean “letter-of-credit right” as defined in Article 9 of the UCC. 
  
 “Material Investment Related Property” means any Investment Related Property consisting of one or more investments in a
Person or an Investment Account, in either case, with a value in excess of $1,000,000. 
  
 “Money” shall mean “money” as defined in the UCC. 
  
 “Non-Assignable Contract” shall mean any
agreement, contract or license to which any the Grantor is a party that by its terms purport to restrict or prevent the assignment or granting of a security interest therein (either by its terms or by any federal or state statutory prohibition or
otherwise irrespective of whether such prohibition or restriction is enforceable under Section 9-406 through 409 of the UCC). 
  
 “Patent Licenses” shall mean all agreements to which any Grantor is a party providing for the granting of any right in or
to Patents (whether such Grantor is licensee or licensor thereunder) including, without limitation, each agreement referred to in Schedule 4.6(D) (as such schedule may be amended or supplemented from time to time). 
  
 “Patents” shall mean all United States and
foreign patents and certificates of invention, or similar industrial property rights, and applications for any of the foregoing, including, but not limited to: (i) each patent and patent application referred to in Schedule 4.6(C) hereto (as such
schedule may be amended or supplemented from time to time), (ii) all reissues, divisions, continuations, continuations-in-part, extensions, renewals, and reexaminations thereof, (ii) all rights corresponding thereto throughout the world, (ii) all
inventions and improvements described therein, (iv) all rights to sue for past, present and future infringements thereof, (v) all licenses, claims, damages, and proceeds of suit arising therefrom, and (v) all Proceeds of the foregoing, including,
without limitation, licenses, royalties, income, payments, claims, damages, and proceeds of suit. 
  
 “Permitted Sale” shall mean those sales, transfers or assignments permitted by the Credit Agreement. 
  
 “Pledge Supplement” shall mean any
supplement to this agreement in substantially the form of Exhibit A. 
  

 4 

 “Pledged Debt” shall mean all Indebtedness owed to such Grantor,
including, without limitation, all Indebtedness described on Schedule 4.4 under the heading “Pledged Debt” (as such schedule may be amended or supplemented from time to time), issued by the obligors named therein, the instruments
evidencing such Indebtedness, and all interest, cash, instruments and other property or proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such Indebtedness. 
  
 “Pledged Equity Interests” shall mean all
Pledged Stock, Pledged LLC Interests, Pledged Partnership Interests and Pledged Trust Interests. 
  
 “Pledged LLC Interests” shall mean all interests in any limited liability company including, without limitation, all
limited liability company interests listed on Schedule 4.4 under the heading “Pledged LLC Interests” (as such schedule may be amended or supplemented from time to time) and the certificates, if any, representing such limited liability
company interests and any interest of such Grantor on the books and records of such limited liability company or on the books and records of any securities intermediary pertaining to such interest and all dividends, distributions, cash, warrants,
rights, options, instruments, securities and other property or proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such limited liability company interests. 
  
 “Pledged Partnership Interests” shall mean
all interests in any general partnership, limited partnership, limited liability partnership or other partnership including, without limitation, all partnership interests listed on Schedule 4.4 under the heading “Pledged Partnership
Interests” (as such schedule may be amended or supplemented from time to time) and the certificates, if any, representing such partnership interests and any interest of such Grantor on the books and records of such partnership or on the books
and records of any securities intermediary pertaining to such interest and all dividends, distributions, cash, warrants, rights, options, instruments, securities and other property or proceeds from time to time received, receivable or otherwise
distributed in respect of or in exchange for any or all of such partnership interests. 
  
 “Pledged Stock” shall mean all shares of capital stock owned by such Grantor, including, without limitation, all shares
of capital stock described on Schedule 4.4 under the heading “Pledged Stock” (as such schedule may be amended or supplemented from time to time), and the certificates, if any, representing such shares and any interest of such Grantor in
the entries on the books of the issuer of such shares or on the books of any securities intermediary pertaining to such shares, and all dividends, distributions, cash, warrants, rights, options, instruments, securities and other property or proceeds
from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such shares. 
  
 “Pledged Trust Interests” shall mean all interests in a Delaware statutory trust or other trust including, without
limitation, all trust interests listed on Schedule 4.4 under the heading “Pledged Trust Interests” (as such schedule may be amended or supplemented from time to time) and the certificates, if any, representing such trust interests and any
interest of such Grantor on the books and records of such trust or on the books and records of any securities intermediary pertaining to such interest and all dividends, distributions, cash, warrants, rights, options, instruments, securities and
other property or proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such trust interests. 
  

 5 

 “Proceeds” shall mean: (i) all “proceeds” as defined in
Article 9 of the UCC, (ii) payments or distributions made with respect to any Investment Related Property and (iii) whatever is receivable or received when Collateral or proceeds are sold, exchanged, collected or otherwise disposed of, whether such
disposition is voluntary or involuntary. 
  
 “Receivables” shall mean all rights to payment, whether or not earned by performance, for goods or other property sold, leased, licensed, assigned or otherwise disposed of, or services rendered or to be rendered, including,
without limitation all such rights constituting or evidenced by any Account, Chattel Paper, Instrument, General Intangible or Investment Related Property, together with all of Grantor’s rights, if any, in any goods or other property giving rise
to such right to payment and all Collateral Support and Supporting Obligations related thereto and all Receivables Records. 
  
 “Receivables Records” shall mean (i) all original copies of all documents, instruments or other writings or electronic
records or other Records evidencing the Receivables, (ii) all books, correspondence, credit or other files, Records, ledger sheets or cards, invoices, and other papers relating to Receivables, including, without limitation, all tapes, cards,
computer tapes, computer discs, computer runs, record keeping systems and other papers and documents relating to the Receivables, whether in the possession or under the control of Grantor or any computer bureau or agent from time to time acting for
Grantor or otherwise, (iii) all evidences of the filing of financing statements and the registration of other instruments in connection therewith, and amendments, supplements or other modifications thereto, notices to other creditors or secured
parties, and certificates, acknowledgments, or other writings, including, without limitation, lien search reports, from filing or other registration officers, (iv) all credit information, reports and memoranda relating thereto and (v) all other
written or nonwritten forms of information related in any way to the foregoing or any Receivable. 
  
 “Record” shall have the meaning specified in Article 9 of the UCC. 
  
 “Secured Obligations” shall have the
meaning assigned in Section 3.1. 
  
 “Secured Parties” shall mean the Lenders and the Lender Counterparties and shall include, without limitation, all former Agents, Lenders and Lender Counterparties to the extent that any Obligations owing to such Persons
were incurred while such Persons were Agents, Lenders or Lender Counterparties and such Obligations have not been paid or satisfied in full. 
  
 “Securities Accounts” (i) shall mean all “securities accounts” as defined in Article 8 of the UCC and (ii)
shall include, without limitation, all of the accounts listed on Schedule 4.4 under the heading “Securities Accounts” (as such schedule may be amended or supplemented from time to time). 
  
 “Supporting Obligation” shall mean all
“supporting obligations” as defined in Article 9 of the UCC. 
  
 “Trademark Licenses” shall mean any and all agreements to which any Grantor is a party providing for the granting of any right in or to Trademarks (whether such Grantor is licensee or licensor
thereunder) including, without limitation, each agreement referred to in Schedule 4.6(F) (as such schedule may be amended or supplemented from time to time). 
  

“Trademarks” shall mean all United States and foreign trademarks, trade names, corporate names, company names,
business names, fictitious business names, Internet 

  

 6 

 
domain names, service marks, certification marks, collective marks, logos, other source or business identifiers, designs and general intangibles of a like
nature, all registrations and applications for any of the foregoing including, but not limited to: (i) the registrations and applications referred to in Schedule 4.6(E) (as such schedule may be amended or supplemented from time to time), (ii) all
extensions or renewals of any of the foregoing, (iii) all of the goodwill of the business connected with the use of and symbolized by the foregoing, (iv) the right to sue for past, present and future infringement or dilution of any of the foregoing
or for any injury to goodwill, and (v) all Proceeds of the foregoing, including, without limitation, licenses, royalties, income, payments, claims, damages, and proceeds of suit. 
  
 “Trade Secret Licenses” shall mean any and all agreements to which any Grantor is a party
providing for the granting of any right in or to Trade Secrets (whether such Grantor is licensee or licensor thereunder) including, without limitation, each agreement referred to in Schedule 4.6(G) (as such schedule may be amended or supplemented
from time to time). 
  
 “Trade
Secrets” shall mean all trade secrets and all other confidential or proprietary information and know-how whether or not such Trade Secret has been reduced to a writing or other tangible form, including all documents and things embodying,
incorporating, or referring in any way to such Trade Secret, including but not limited to: (i) the right to sue for past, present and future misappropriation or other violation of any Trade Secret, and (ii) all Proceeds of the foregoing, including,
without limitation, licenses, royalties, income, payments, claims, damages, and proceeds of suit. 
  
 “UCC” shall mean the Uniform Commercial Code as in effect from time to time in the State of New York. 
  
 “United States” shall mean the United
States of America. 
  
 1.2 Definitions;
Interpretation. All capitalized terms used herein (including the preamble and recitals hereto) and not otherwise defined herein shall have the meanings ascribed thereto in the Credit Agreement or, if not defined therein, in the UCC. References
to “Sections,” “Exhibits” and “Schedules” shall be to Sections, Exhibits and Schedules, as the case may be, of this Agreement unless otherwise specifically provided. Section headings in this Agreement are included
herein for convenience of reference only and shall not constitute a part of this Agreement for any other purpose or be given any substantive effect. Any of the terms defined herein may, unless the context otherwise requires, be used in the singular
or the plural, depending on the reference. The use herein of the word “include” or “including”, when following any general statement, term or matter, shall not be construed to limit such statement, term or matter to the specific
items or matters set forth immediately following such word or to similar items or matters, whether or not nonlimiting language (such as “without limitation” or “but not limited to” or words of similar import) is used with
reference thereto, but rather shall be deemed to refer to all other items or matters that fall within the broadest possible scope of such general statement, term or matter. If any conflict or inconsistency exists between this Agreement and the
Credit Agreement, the Credit Agreement shall govern. All references herein to provisions of the UCC shall include all successor provisions under any subsequent version or amendment to any Article of the UCC. 
  

	SECTION 2. 	GRANT OF SECURITY. 

  
 2.1 Grant of Security. Each Grantor hereby grants to the Collateral Agent a security interest in and continuing lien on all of such
Grantor’s right, title and interest in, to and 

  

 7 

 
under all personal property of such Grantor including, but not limited to the following, in each case whether now owned or existing or hereafter acquired by
such Grantor or arising and wherever located (all of which being hereinafter collectively referred to as the “Collateral”): 
  
 (a) Accounts; 
  
 (b) Chattel Paper; 
  
 (c) Documents; 
  
 (d) General Intangibles; 
  
 (e) Goods; 
  
 (f) Instruments; 
  
 (g) Insurance; 
  
 (h) Intellectual Property; 
  
 (i) Investment Related Property; 
  
 (j) Letter of Credit Rights; 
  
 (k) Money; 
  
 (l) Receivables and Receivable Records; 
  
 (m) Commercial Tort Claims; 
  
 (n) to the extent not otherwise included above, all Collateral Records, Collateral Support and Supporting Obligations relating to any of
the foregoing; and 
  
 (o) to the extent not
otherwise included above, all Proceeds, products, accessions, rents and profits of or in respect of any of the foregoing. 
  
 2.2 Certain Limited Exclusions. Notwithstanding anything herein to the contrary, in no event shall the security interest granted under
Section 2.1 hereof attach to (a) any lease, license, contract, property rights or agreement to which any Grantor is a party or any of its rights or interests thereunder (including any rights or interests under, or in assets governed by the Infineum
Agreement) if and for so long as the grant of such security interest shall constitute or result in (i) the abandonment, invalidation or unenforceability of any right, title or interest of any Grantor therein or (ii) in a breach or termination
pursuant to the terms of, or a default under, any such lease, license, contract property rights or agreement (other than to the extent that any such term would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the UCC (or
any successor provision or provisions) of any relevant jurisdiction or any other applicable law (including the Bankruptcy Code) or principles of equity), provided however that such security interest shall attach immediately at such time as the
condition causing such abandonment, invalidation or unenforceability shall be remedied and to the extent severable, shall attach immediately to any portion of such Lease, license, contract, property rights or agreement that does not result in any of
the consequences specified in (i) or (ii) above; or (b) any of the 

  

 8 

 
outstanding capital stock of any Foreign Subsidiary in excess of 65% of the voting power of all classes of capital stock of such Foreign Subsidiary entitled
to vote. 
  

	SECTION 3. 	SECURITY FOR OBLIGATIONS; GRANTORS REMAIN LIABLE. 

  
 3.1 Security for Obligations. This Agreement secures, and the Collateral is collateral security for, the prompt and complete payment or
performance in full when due, whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise (including the payment of amounts that would become due but for the operation of the automatic stay under Section 362(a)
of the Bankruptcy Code, 11 U.S.C. §362(a) (and any successor provision thereof)), of all Obligations with respect to every Grantor (the “Secured Obligations”). 
  
 3.2 Continuing Liability Under Collateral. Notwithstanding anything herein to the contrary, (i) each Grantor
shall remain liable for all obligations under the Collateral and nothing contained herein is intended or shall be a delegation of duties to the Collateral Agent or any Secured Party, (ii) each Grantor shall remain liable under each of the agreements
included in the Collateral, including, without limitation, any agreements relating to Pledged Partnership Interests or Pledged LLC Interests, to perform all of the obligations undertaken by it thereunder all in accordance with and pursuant to the
terms and provisions thereof and neither the Collateral Agent nor any Secured Party shall have any obligation or liability under any of such agreements by reason of or arising out of this Agreement or any other document related thereto nor shall the
Collateral Agent nor any Secured Party have any obligation to make any inquiry as to the nature or sufficiency of any payment received by it or have any obligation to take any action to collect or enforce any rights under any agreement included in
the Collateral, including, without limitation, any agreements relating to Pledged Partnership Interests or Pledged LLC Interests, and (iii) the exercise by the Collateral Agent of any of its rights hereunder shall not release any Grantor from any of
its duties or obligations under the contracts and agreements included in the Collateral. 
  

	SECTION 4. 	REPRESENTATIONS AND WARRANTIES AND COVENANTS. 

  
 4.1 Generally.  
  
 (a) Representations and Warranties. Each Grantor hereby represents and warrants, on the Closing Date and on each Credit Date, that:

  
 (i) it owns the Collateral purported to be
owned by it or otherwise has the rights it purports to have in each item of Collateral and, as to all Collateral whether now existing or hereafter acquired, will continue to own or have such rights in each item of the Collateral, in each case free
and clear of any and all Liens other than Permitted Liens; 
  
 (ii) it has indicated on Schedule 4.1(A)(as such schedule may be amended or supplemented from time to time): (w) the type of organization of such Grantor, (x) the jurisdiction of organization of such Grantor, (y) its
organizational identification number and (z) the jurisdiction where the chief executive office or its sole place of business is (or the principal residence if such Grantor is a natural person), and for the one-year period preceding the date hereof
has been, located. 
  
 (iii) the full legal name
of such Grantor is as set forth on Schedule 4.1(A) and it has not done in the last five (5) years, and does not do, business under any 

  

 9 

 
other name (including any trade-name or fictitious business name) except for those names set forth on Schedule 4.1(B) (as such schedule may be amended or
supplemented from time to time); 
  
 (iv) except
as provided on Schedule 4.1(C), it has not changed its name, jurisdiction of organization, chief executive office or sole place of business (or principal residence if such Grantor is a natural person) or its corporate structure in any way (e.g., by
merger, consolidation, change in corporate form or otherwise) within the past five (5) years; 
  
 (v) it has not within the last five (5) years become bound (whether as a result of merger or otherwise) as debtor under a security
agreement entered into by another Person, which has not heretofore been terminated other than the agreements identified on Schedule 4.1(D) hereof (as such schedule may be amended or supplemented from time to time); 
  
 (vi) with respect to each agreement identified on Schedule
4.1(D), it has indicated on Schedule 4.1 (A) and Schedule 4.1(B) the information required pursuant to Section 4.1(a)(ii), (iii) and (iv) with respect to the debtor under each such agreement; 
  
 (vii) (A) upon the filing of all UCC financing statements
naming each Grantor as “debtor” and the Collateral Agent as “secured party” and describing the Collateral in the filing offices set forth opposite such Grantor’s name on Schedule 4.1(E) hereof (as such schedule may be
amended or supplemented from time to time) and other filings delivered by each Grantor; (B) upon execution of an appropriate control agreement with respect to any deposit account; (C) upon consent of the issuer with respect to Letter of Credit
Rights; (D) upon possession of any Money; and (E) to the extent not subject to Article 9 of the UCC, upon recordation of the security interests granted hereunder in Patents, Trademarks and Copyrights in the applicable intellectual property
registries, including but not limited to the United States Patent and Trademark Office and the United States Copyright Office, the security interests granted to the Collateral Agent hereunder constitute valid and perfected first priority Liens
(subject in the case of priority only to Permitted Liens and to the rights of the United States government (including any agency or department thereof) with respect to United States government Receivables) on all of the Collateral, other than
insurance and Commercial Tort Claims not described on Schedule 4.7, to the extent such validity, perfection and priority are governed by the laws of the United States or any State or instrumentality thereof; 
  
 (viii) all actions and consents, including all filings,
notices, registrations and recordings necessary or desirable for the exercise by the Collateral Agent of the voting or other rights provided for in this Agreement or the exercise of remedies in respect of the Collateral have been made or obtained;

  
 (ix) other than the financing statements
filed in favor of the Collateral Agent, no effective UCC financing statement, fixture filing or other instrument similar in effect under any applicable law covering all or any part of the Collateral is on file in any filing or recording office
except for (x) financing statements for which proper termination statements have been delivered to the Collateral Agent for filing and (y) financing statements filed in connection with Permitted Liens; 
  

 10 

 (x) no authorization, approval or other action by, and no notice to or filing with, any
Governmental Authority or regulatory body of or within the United States is required, under the laws of the United States or any State or instrumentality thereof, for either (i) the pledge or grant by any Grantor of the Liens purported to be created
in favor of the Collateral Agent hereunder or (ii) the exercise by Collateral Agent of any rights or remedies in respect of any Collateral (whether specifically granted or created hereunder or created or provided for by applicable law), except (A)
for the filings contemplated by clause (vii) above and (B) as may be required, in connection with the disposition of any Investment Related Property, by laws generally affecting the offering and sale of Securities; 
  
 (xi) all information supplied by any Grantor with respect to
any of the Collateral (in each case taken as a whole with respect to any particular Collateral) is accurate and complete in all material respects; 
  
 (xii) none of the Collateral constitutes, or is the Proceeds of, “farm products” (as defined in the UCC); 
  
 (xiii) it does not own any “as extracted
collateral” (as defined in the UCC) or any timber to be cut; 
  
 (xiv) except as described on Schedule 4.1(D) and except for Permitted Liens, such Grantor has not become bound as a debtor, either by contract or by operation of law, by a security agreement previously entered into by
another Person; and 
  
 (xv) such Grantor has
been duly organized as an entity of the type as set forth opposite such Grantor’s name on Schedule 4.1(A) solely under the laws of the jurisdiction as set forth opposite such Grantor’s name on Schedule 4.1(A) and remains duly existing as
such. Such Grantor has not filed any certificates of domestication, transfer or continuance in any other jurisdiction. 
  
 (b) Covenants and Agreements. Each Grantor hereby covenants and agrees that: 
  
 (i) except for the security interest created by this
Agreement, it shall not create or suffer to exist any Lien upon or with respect to any of the Collateral, except Permitted Liens; 
  
 (ii) it shall not change such Grantor’s name, identity, corporate structure (e.g., by merger, consolidation, change in corporate form
or otherwise) sole place of business (or principal residence if such Grantor is a natural person), chief executive office, type of organization or jurisdiction of organization or establish any trade names unless it shall have (a) notified the
Collateral Agent in writing, by executing and delivering to the Collateral Agent a completed Pledge Supplement, substantially in the form of Exhibit A attached hereto, together with all Supplements to Schedules thereto, at least thirty (30) days
prior to any such change or establishment, identifying such new proposed name, identity, corporate structure, sole place of business (or principal residence if such Grantor is a natural person), chief executive office, jurisdiction of organization
or trade name and providing such other information in connection therewith as the Collateral Agent may reasonably request and (b) taken all actions necessary or advisable to maintain the continuous validity, perfection and the same or better
priority of 

  

 11 

 
the Collateral Agent’s security interest in the Collateral intended to be granted and agreed to hereby; 
  
 4.2 Equipment and Inventory. 
  
 (a) Representations and Warranties. Each Grantor
represents and warrants, on the Closing Date and on each Credit Date, that all of the Equipment and Inventory included in the Collateral (other than Equipment and Inventory in any one location with a value of $1,000,000 or less) is kept only at the
locations specified in Schedule 4.2 (as such schedule may be amended or supplemented from time to time). 
  
 (b) Covenants and Agreements. Each Grantor covenants and agrees that: 
  
 (i) it shall keep the Equipment, Inventory and any Documents
evidencing any Equipment and Inventory in the locations specified on Schedule 4.2 (as such schedule may be amended or supplemented from time to time) other than Equipment and Inventory in any one location with a value of less than $1,000,000 unless
it shall have (a) notified the Collateral Agent in writing, by executing and delivering to the Collateral Agent a completed Pledge Supplement, substantially in the form of Exhibit A attached hereto, together with all Supplements to Schedules
thereto, at least thirty (30) days prior to any change in locations, identifying such new locations and providing such other information in connection therewith as the Collateral Agent may reasonably request and (b) taken all actions necessary or
advisable to maintain the continuous validity, perfection and the same or better priority of the Collateral Agent’s security interest in the Collateral intended to be granted and agreed to hereby, or to enable the Collateral Agent to exercise
and enforce its rights and remedies hereunder, with respect to such Equipment and Inventory; 
  
 (ii) upon the reasonable request of Collateral Agent, if any Equipment or Inventory is in possession or control of any third party, each
Grantor shall join with the Collateral Agent in notifying the third party of the Collateral Agent’s security interest and obtaining an acknowledgment from the third party that it is holding the Equipment and Inventory for the benefit of the
Collateral Agent; and 
  
 (iii) with respect to
any item of Equipment which is covered by a certificate of title under a statute of any jurisdiction under the law of which indication of a security interest on such certificate is required as a condition of perfection thereof, upon the reasonable
request of the Collateral Agent, (A) provide information with respect to any such Equipment in excess of $250,000 individually or $1,000,000 in the aggregate, (B) execute and file with the registrar of motor vehicles or other appropriate authority
in such jurisdiction an application or other document requesting the notation or other indication of the security interest created hereunder on such certificate of title, and (C) deliver to the Collateral Agent copies of all such applications or
other documents filed during such calendar quarter and copies of all such certificates of title issued during such calendar quarter indicating the security interest created hereunder in the items of Equipment covered thereby. 
  
 4.3 Receivables.  
  
 (a) Covenants and Agreements: Each Grantor hereby
covenants and agrees that the Collateral Agent shall have the right at any time following the occurrence and during the 

  

 12 

 
continuation of an Event of Default, the Collateral Agent may: (1) direct the Account Debtors under any Receivables to make payment of all amounts due or to
become due to such Grantor thereunder directly to the Collateral Agent; (2) notify, or require any Grantor to notify, each Person maintaining a lockbox or similar arrangement to which Account Debtors under any Receivables have been directed to make
payment to remit all amounts representing collections on checks and other payment items from time to time sent to or deposited in such lockbox or other arrangement directly to the Collateral Agent; and (3) enforce, at the expense of such Grantor,
collection of any such Receivables and to adjust, settle or compromise the amount or payment thereof, in the same manner and to the same extent as such Grantor might have done. If the Collateral Agent notifies any Grantor that it has elected to
collect the Receivables in accordance with the preceding sentence, any payments of Receivables received by such Grantor shall be forthwith (and in any event within two (2) Business Days) deposited by such Grantor in the exact form received, duly
indorsed by such Grantor to the Collateral Agent if required, in the Collateral Account maintained under the sole dominion and control of the Collateral Agent, and until so turned over, all amounts and proceeds (including checks and other
instruments) received by such Grantor in respect of the Receivables, any Supporting Obligation or Collateral Support shall be received in trust for the benefit of the Collateral Agent hereunder and shall be segregated from other funds of such
Grantor and such Grantor shall not adjust, settle or compromise the amount or payment of any Receivable, or release wholly or partly any Account Debtor or obligor thereof, or allow any credit or discount thereon; and 
  
 (b) Delivery and Control of Receivables. With respect
to any Receivables in excess of $100,000 individually or $1,000,000 in the aggregate that is evidenced by, or constitutes, Chattel Paper or Instruments, each Grantor shall cause each originally executed copy thereof to be delivered to the Collateral
Agent (or its agent or designee) appropriately indorsed to the Collateral Agent or indorsed in blank: (i) with respect to any such Receivables in existence on the date hereof, on or prior to the date hereof and (ii) with respect to any such
Receivables hereafter arising, within ten (10) days of such Grantor acquiring rights therein. With respect to any Receivables in excess of $100,000 individually or $1,000,000 in the aggregate which would constitute “electronic chattel
paper” under Article 9 of the UCC, each Grantor shall take all steps necessary to give the Collateral Agent control over such Receivables (within the meaning of Section 9-105 of the UCC): (i) with respect to any such Receivables in existence on
the date hereof, on or prior to the date hereof and (ii) with respect to any such Receivables hereafter arising, within ten (10) days of such Grantor acquiring rights therein. Any Receivable not otherwise required to be delivered or subjected to the
control of the Collateral Agent in accordance with this subsection (c) shall be delivered or subjected to such control upon reasonable request of the Collateral Agent. 
  
 4.4 Investment Related Property. 
  
 4.4.1 Investment Related Property Generally 
  
 (a) Covenants and Agreements. Each Grantor hereby
covenants and agrees that: 
  
 (i) in the event
it acquires rights in any Material Investment Related Property after the date hereof, it shall deliver to the Collateral Agent a completed Pledge Supplement, substantially in the form of Exhibit A attached hereto, together with all Supplements to
Schedules thereto, reflecting such new Material Investment Related Property and all other Material Investment Related Property. Notwithstanding the foregoing, it is understood and agreed that the security interest of the Collateral Agent 

  

 13 

 
shall attach to all Investment Related Property immediately upon any Grantor’s acquisition of rights therein and shall not be affected by the failure of
any Grantor to deliver a supplement to Schedule 4.4 as required hereby; 
  
 (ii) except as provided in the next sentence, in the event such Grantor receives any dividends, interest or distributions on any Investment Related Property, or any securities or other property upon the merger,
consolidation, liquidation or dissolution of any issuer of any Investment Related Property, then (a) such dividends, interest or distributions and securities or other property shall be included in the definition of Collateral without further action
and (b) such Grantor shall immediately take all steps, if any, necessary or advisable to ensure the validity, perfection, priority and, if applicable, control of the Collateral Agent over such Investment Related Property (including, without
limitation, delivery thereof to the Collateral Agent) and pending any such action such Grantor shall be deemed to hold such dividends, interest, distributions, securities or other property in trust for the benefit of the Collateral Agent and shall
segregate such dividends, distributions, Securities or other property from all other property of such Grantor. Notwithstanding the foregoing, so long as no Event of Default shall have occurred and be continuing, the Collateral Agent authorizes each
Grantor to retain all ordinary cash dividends and distributions paid in the normal course of the business of the issuer and consistent with the past practice of the issuer and all scheduled payments of interest; and 
  
 (iii) each Grantor consents to the grant by each other
Grantor of a Security Interest in all Investment Related Property to the Collateral Agent. 
  
 (b) Delivery and Control. Each Grantor agrees that with respect to any Material Investment Related Property in which it currently
has rights it shall comply with the provisions of this Section 4.4.1(b) on or before the Credit Date and with respect to any Material Investment Related Property hereafter acquired by such Grantor it shall comply with the provisions of this Section
4.4.1(b) immediately upon acquiring rights therein, in each case in form and substance reasonably satisfactory to the Collateral Agent. With respect to any Material Investment Related Property that is represented by a certificate or that is an
“instrument” (other than any Investment Related Property credited to a Securities Account) it shall cause such certificate or instrument to be delivered to the Collateral Agent, indorsed in blank by an “effective indorsement” (as
defined in Section 8-107 of the UCC), regardless of whether such certificate constitutes a “certificated security” for purposes of the UCC. 
  
 (c) Voting and Distributions. So long as no Event of Default shall have occurred and be continuing: 
  
 (i) except as otherwise provided under the covenants and
agreements relating to investment related property in this Agreement or elsewhere herein or in the Credit Agreement, each Grantor shall be entitled to exercise or refrain from exercising any and all voting and other consensual rights pertaining to
the Investment Related Property or any part thereof for any purpose not inconsistent with the terms of this Agreement or the Credit Agreement; 
  
 (ii) the Collateral Agent shall promptly execute and deliver (or cause to be executed and delivered) to each Grantor all proxies, and
other instruments as such Grantor may from time to time reasonably request for the purpose of enabling such 

  

 14 

 
Grantor to exercise the voting and other consensual rights when and to the extent which it is entitled to exercise pursuant to clause (1) above; 

 
 (iii) upon the occurrence and during the continuation of
an Event of Default: 
  

	 	(A)	all rights of each Grantor to exercise or refrain from exercising the voting and other consensual rights which it would otherwise be entitled to exercise pursuant hereto shall cease
and all such rights shall thereupon become vested in the Collateral Agent who shall thereupon have the sole right to exercise such voting and other consensual rights; and 

  

	 	(B)	in order to permit the Collateral Agent to exercise the voting and other consensual rights which it may be entitled to exercise pursuant hereto and to receive all dividends and
other distributions which it may be entitled to receive hereunder: (1) each Grantor shall promptly execute and deliver (or cause to be executed and delivered) to the Collateral Agent all proxies, dividend payment orders and other instruments as the
Collateral Agent may from time to time reasonably request and (2) the each Grantor acknowledges that the Collateral Agent may utilize the power of attorney set forth in Section 6.1. 

  
 4.4.2 Pledged Equity Interests 
  
 (a) Representations and Warranties. Each Grantor
hereby represents and warrants, on the Closing Date and on each Credit Date, that: 
  
 (i) Schedule 4.4 (as such schedule may be amended or supplemented from time to time) sets forth under the headings “Pledged Stock,
“Pledged LLC Interests,” “Pledged Partnership Interests” and “Pledged Trust Interests,” respectively, all of the Pledged Stock, Pledged LLC Interests, Pledged Partnership Interests and Pledged Trust Interests owned by
any Grantor and such Pledged Equity Interests constitute the percentage of issued and outstanding shares of stock, percentage of membership interests, percentage of partnership interests or percentage of beneficial interest of the respective issuers
thereof indicated on such Schedule; 
  
 (ii) it
is the record and beneficial owner of the Pledged Equity Interests free of all Liens, rights or claims of other Persons other than Permitted Liens and there are no outstanding warrants, options or other rights to purchase, or shareholder, voting
trust or similar agreements outstanding with respect to, or property that is convertible into, or that requires the issuance or sale of, any Pledged Equity Interests; 
  
 (iii) without limiting the generality of Section 4.1(a)(v), no consent of any Person including any other
general or limited partner, any other member of a limited liability company, any other shareholder or any other trust beneficiary is necessary or desirable in connection with the creation, perfection or first priority status of the security interest
of the Collateral Agent in any Pledged Equity Interests or the exercise by the Collateral Agent of the voting or other rights provided for in this Agreement or the exercise of remedies in respect thereof; and 
  

 15 

 (iv) except as listed on Schedule 4.4, none of the Pledged LLC Interests nor Pledged
Partnership Interests are or represent interests in issuers that: (a) are registered as investment companies, (b) are dealt in or traded on securities exchanges or markets or (c) have opted to be treated as securities under the uniform commercial
code of any jurisdiction. 
  
 (b) Covenants
and Agreements. Each Grantor hereby consents to the grant by each other Grantor of a security interest in all Investment Related Property to the Collateral Agent and, without limiting the foregoing, consents to the transfer of any Pledged
Partnership Interest and any Pledged LLC Interest to the Collateral Agent or its nominee upon the occurrence and during the continuation of an Event of Default and to the substitution of the Collateral Agent or its nominee as a partner in any
partnership or as a member in any limited liability company with all the rights and powers related thereto. 
  
 4.4.3 Pledged Debt 
  
 Each Grantor hereby represents and warrants, on the Closing Date and each Credit Date, that Schedule 4.4 (as such schedule may be amended
or supplemented from time to time) sets forth under the heading “Pledged Debt” the Pledged Debt owned by any Grantor that qualifies as Material Investment Related Property and all of such Pledged Debt includes all of the issued and
outstanding Intercompany Indebtedness owned by the Grantors, which Intercompany Indebtedness shall at all times be evidenced by promissory notes that are endorsed in favor of, and otherwise held by, the Collateral Agent. 
  
 4.4.4 Investment Accounts 
  
 (a) Representations and Warranties. Each Grantor
hereby represents and warrants, on the Closing Date and each Credit Date, that: 
  
 (i) Schedule 4.4 hereto (as such schedule may be amended or supplemented from time to time) sets forth under the headings “Securities
Accounts” and “Commodities Accounts,” respectively, all of the Securities Accounts and Commodities Accounts in which each Grantor has an interest. Each Grantor is the sole entitlement holder of each such Securities Account and
Commodity Account, and such Grantor has not consented to, and is not otherwise aware of, any Person (other than the Collateral Agent pursuant thereto) having “control” (within the meanings of Sections 8-106 and 9-106 of the UCC) over, or
any other interest in, any such Securities Account or Commodity Account or securities or other property credited thereto; 
  
 (ii) Schedule 4.4 hereto (as such schedule may be amended or supplemented from time to time) sets forth under the headings “Deposit
Accounts” all of the Deposit Accounts in excess of $10,000 in which each Grantor has an interest. Each Grantor is the sole account holder of each such Deposit Account and such Grantor has not consented to, and is not otherwise aware of, any
Person (other than the Collateral Agent pursuant thereto) having “control” (within the meanings of Section 9-104 of the UCC) over, or any other interest in, any such Deposit Account or any money or other property deposited therein; and

  
 (iii) Each Grantor has taken all actions
necessary or desirable, including those specified in Section 4.4.4(c), to: (a) establish Collateral Agent’s “control” (within the meanings of Sections 8-106 and 9-106 of the UCC) over any portion of the 

  

 16 

 
Investment Related Property constituting Certificated Securities, Securities Accounts or Commodities Accounts (each as defined in the UCC) (in each case,
other than any such account(s) having a balance of $1,000,000 or less, individually or in the aggregate); (b) establish the Collateral Agent’s “control” (within the meaning of Section 9-104 of the UCC) over all Deposit Accounts having
a balance in excess of $250,000 (in the case of the Deposit Accounts held at JPMorgan Chase Bank as of the Closing Date, having a balance in excess of $1,000,000 at the end of any Business Day); and (c) deliver all Instruments to the Collateral
Agent. 
  
 (b) Covenant and Agreement.
Each Grantor hereby covenants and agrees with the Collateral Agent and each other Secured Party that it shall not close or terminate any Investment Account having a balance in excess of $1,000,000 without the prior consent of the Collateral Agent
and unless a successor or replacement account has been established with the consent of the Collateral Agent with respect to which successor or replacement account a control agreement has been entered into by the appropriate Grantor, Collateral Agent
and securities intermediary or depository institution at which such successor or replacement account is to be maintained in accordance with the provisions of Section 4.4.4(c). 
  
 (c) Delivery and Control. With respect to any Investment Related Property consisting of Securities
Accounts (other than any Securities Account(s) having a balance of less than $1,000,000, individually or in the aggregate), it shall cause the securities intermediary maintaining such Securities Account to enter into an agreement in form reasonably
acceptable to the Collateral Agent pursuant to which it shall agree to comply with the Collateral Agent’s “entitlement orders” without further consent by such Grantor. With respect to any Investment Related Property that is a
“Deposit Account” established after the Closing Date, it shall cause the depositary institution maintaining such account to enter into an agreement in form reasonably acceptable to the Collateral Agent, pursuant to which the Collateral
Agent shall have “control” (within the meaning of Section 9-104 of the UCC) over such Deposit Account; provided, however, that no such agreement shall be required with respect to any Deposit Account with a balance of $250,000 or less, and
which has not, in the reasonable judgment of the Collateral Agent, been established for the purpose of evading obligations under this Agreement. Subject to the terms of the post-closing letter, dated as of the Closing Date, executed by Company and
the other terms of this Section 4.4.4, each Grantor shall have entered, as of or prior to the Closing Date, into such control agreements with respect to such accounts as required in this clause (c) that exist on the Closing Date, and shall enter
into control agreements with respect to such accounts as are created or acquired after the Closing Date as of or prior to the deposit or transfer of any Securities Entitlements or funds, whether constituting moneys or investments, into such
accounts. 
  
 In addition to the foregoing, if any issuer of any
Investment Related Property is located in a jurisdiction outside of the United States, each Grantor shall take such additional actions, including, without limitation, causing the issuer to register the pledge on its books and records or making such
filings or recordings, in each case as may be necessary or advisable, under the laws of such issuer’s jurisdiction to insure the validity, perfection and priority of the security interest of the Collateral Agent. Upon the occurrence and
continuation of an Event of Default, the Collateral Agent shall have the right, without notice to any Grantor, to transfer all or any portion of the Investment Related Property to its name or the name of its nominee or agent. In addition, the
Collateral Agent shall have the right at any time, without notice to any Grantor, to exchange any certificates or instruments representing any Investment Related Property for certificates or instruments of smaller or larger denominations.

  

 17 

 4.5 Letter of Credit Rights. 
  
 (a) Representations and Warranties. Each Grantor hereby represents and warrants, on the Closing Date
and on each Credit Date, that: 
  
 (i) all
standby letters of credit with a face amount in excess of $1,000,000 to which such Grantor has rights is listed on Schedule 4.5 (as such schedule may be amended or supplemented from time to time) hereto; and 
  
 (ii) it has used its best efforts to obtain the consent of
each issuer of any standby letter of credit with a face amount in excess of $1,000,000 to the assignment of the proceeds of the letter of credit to the Collateral Agent. 
  
 (b) Covenants and Agreements. Each Grantor hereby covenants and agrees that with respect to any
standby letter of credit with a face amount of $1,000,000 or more hereafter arising it shall use its best efforts to obtain the consent of the issuer thereof to the assignment of the proceeds of such letter of credit to the Collateral Agent and
shall deliver to the Collateral Agent a completed Pledge Supplement, substantially in the form of Exhibit A attached hereto, together with all Supplements to Schedules thereto. 
  
 4.6 Intellectual Property. 
  
 (a) Representations and Warranties. Each Grantor hereby represents and warrants, on the Closing Date
and on each Credit Date, that Schedule 4.6(H) (as such schedule may be amended or supplemented from time to time) sets forth a true and complete list of (i) all United States, state and foreign registrations of and applications for Patents,
Trademarks, and Copyrights owned by each Grantor and (ii) all Patent Licenses, Trademark Licenses, Trade Secret Licenses and Copyright Licenses material to the business of such Grantor; 
  
 (b) Covenants and Agreements. Each Grantor hereby covenants and agrees as follows: 
  
 (i) it shall at the time of delivery of annual financial
statements with respect to the preceding Fiscal Year pursuant to Section 5.1(b) of the Credit Agreement, report to the Collateral Agent (i) the filing of any application to register any Intellectual Property with the United States Patent and
Trademark Office, the United States Copyright Office, or any state registry or foreign counterpart of the foregoing (whether such application is filed by such Grantor or through any agent, employee, licensee, or designee thereof) during such
preceding Fiscal Year and (ii) the registration of any Intellectual Property by any such office during such preceding Fiscal Year, in each case by executing and delivering to the Collateral Agent a completed Pledge Supplement, substantially in the
form of Exhibit A attached hereto, together with all Supplements to Schedules thereto; 
  
 (ii) it shall, promptly upon the reasonable request of the Collateral Agent, execute and deliver to the Collateral Agent any document
required to acknowledge, confirm, register, record, or perfect the Collateral Agent’s interest in any part of the Intellectual Property, whether now owned or hereafter acquired; 
  
 (iii) except with the prior consent of the Collateral Agent or as permitted under the Credit Agreement, each
Grantor shall not execute, and there will not be on file in any public office, any financing statement or other document or instruments purporting to evidence or create a Lien or security interest upon or with respect to the 

  

 18 

 
Intellectual Property, except financing statements or other documents or instruments filed or to be filed in favor of the Collateral Agent, and each Grantor
shall not suffer to exist any Lien upon or with respect to the Intellectual Property, except for the Lien created by and under this Agreement and the other Credit Documents; 
  
 4.7 Commercial Tort Claims 
  
 (a) Representations and Warranties. Each Grantor hereby represents and warrants, on the Closing Date
and on each Credit Date, that Schedule 4.7 (as such schedule may be amended or supplemented from time to time) sets forth all Commercial Tort Claims (along with descriptions thereof based upon the complaint filed by such Grantor in connection
therewith) of each Grantor in excess of $1,000,000 ; and 
  
 (b) Covenants and Agreements. Each Grantor hereby covenants and agrees that with respect to any Commercial Tort Claim in excess of $1,000,000 hereafter arising it shall deliver to the Collateral Agent a
completed Pledge Supplement, substantially in the form of Exhibit A attached hereto, together with all Supplements to Schedules thereto, identifying such new Commercial Tort Claims (and describing such claim based upon the complaint filed by such
Grantor in connection therewith). 
  
 4.8 Obligation to
Update Schedules. Notwithstanding anything in this Agreement to the contrary, each Grantor shall only be required to update any schedule to this Agreement at the time of delivery of annual financial statements with respect to the preceding
Fiscal Year pursuant to Section 5.1(b) of the Credit Agreement, and each representation, warranty and covenant herein made shall be qualified by this Section 4.8. 
  

	SECTION 5. 	ACCESS; RIGHT OF INSPECTION AND FURTHER ASSURANCES; ADDITIONAL GRANTORS. 

  
 5.1 Access; Right of Inspection. 
  
 The Collateral Agent shall have full and free access, upon reasonable notice and at reasonable times during normal business
hours, to all the books, correspondence and records of each Grantor, and the Collateral Agent and its representatives may examine the same, take extracts therefrom and make photocopies thereof, and each Grantor agrees to render to the Collateral
Agent, at such Grantor’s cost and expense, such clerical and other assistance as may be reasonably requested with regard thereto. The Collateral Agent and its representatives shall at all times also have the right to enter any premises of each
Grantor and inspect any property of each Grantor where any of the Collateral of such Grantor granted pursuant to this Agreement is located for the purpose of inspecting the same, observing its use or otherwise protecting its interests therein.
 
  
 5.2 Further Assurances. 
  
 (a) Each Grantor agrees that from time to time, at the
expense of such Grantor, that it shall promptly execute and deliver all further instruments and documents, and take all further action, that may be necessary or desirable, or that the Collateral Agent may reasonably request, in order to create
and/or maintain the validity, perfection or priority of and protect any security interest granted hereby or to enable the Collateral Agent to exercise and enforce its rights 

  

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and remedies hereunder with respect to any Collateral. Without limiting the generality of the foregoing, each Grantor shall: 
  
 (i) file such financing or continuation statements, or
amendments thereto, and execute and deliver such other agreements, instruments, endorsements, powers of attorney or notices, as may be necessary or desirable, or as the Collateral Agent may reasonably request, in order to perfect and preserve the
security interests granted or purported to be granted hereby; 
  
 (ii) take commercially reasonable actions necessary to ensure the recordation of appropriate evidence of the liens and security interest granted hereunder in the Intellectual Property with any intellectual property
registry in which said Intellectual Property is registered or in which an application for registration is pending including, without limitation, the United States Patent and Trademark Office, the United States Copyright Office, the various
Secretaries of State, and the foreign counterparts on any of the foregoing; and 
  
 (iii) at the Collateral Agent’s request, appear in and defend any action or proceeding that may affect such Grantor’s title to
or the Collateral Agent’s security interest in all or any part of the Collateral. 
  
 (b) Each Grantor hereby authorizes the Collateral Agent to file a Record or Records, including, without limitation, financing or
continuation statements, and amendments thereto, in any jurisdictions and with any filing offices as the Collateral Agent may determine, in its sole discretion, are necessary or advisable to perfect the security interest granted to the Collateral
Agent herein. Such financing statements may describe the Collateral in the same manner as described herein or may contain an indication or description of collateral that describes such property in any other manner as the Collateral Agent may
determine, in its sole discretion, is necessary, advisable or prudent to ensure the perfection of the security interest in the Collateral granted to the Collateral Agent herein, including, without limitation, describing such property as “all
assets” or “all personal property, whether now owned or hereafter acquired.” Each Grantor shall furnish to the Collateral Agent from time to time statements and schedules further identifying and describing the Collateral and such
other reports in connection with the Collateral as the Collateral Agent may reasonably request, all in reasonable detail. 
  
 (c) Each Grantor hereby authorizes the Collateral Agent to modify this Agreement after obtaining such Grantor’s written approval of
or signature to such modification by amending Schedule 4.6 (as such schedule may be amended or supplemented from time to time) to include reference to any right, title or interest in any existing Intellectual Property or any Intellectual Property
acquired or developed by any Grantor after the execution hereof or to delete any reference to any right, title or interest in any Intellectual Property in which any Grantor no longer has or claims any right, title or interest. 
  
 5.3 Additional Grantors. From time to time subsequent to the
date hereof, additional Persons may become parties hereto as additional Grantors (each, an “Additional Grantor”), by executing a Counterpart Agreement. Upon delivery of any such counterpart agreement to the Collateral Agent, notice
of which is hereby waived by Grantors, each Additional Grantor shall be a Grantor and shall be as fully a party hereto as if Additional Grantor were an original signatory hereto. Each Grantor expressly agrees that its obligations arising hereunder
shall not be affected or diminished by the addition or release of any other Grantor hereunder, nor by any election of Collateral Agent not to cause any Subsidiary of Company to become an 

  

 20 

 
Additional Grantor hereunder. This Agreement shall be fully effective as to any Grantor that is or becomes a party hereto regardless of whether any other
Person becomes or fails to become or ceases to be a Grantor hereunder. 
  
 SECTION 6. COLLATERAL AGENT APPOINTED ATTORNEY-IN-FACT. 
  
 6.1 Power of Attorney. Each Grantor hereby irrevocably appoints the Collateral Agent (such appointment being coupled with an interest) as such Grantor’s attorney-in-fact, with full authority in the place
and stead of such Grantor and in the name of such Grantor, the Collateral Agent or otherwise, from time to time in the Collateral Agent’s discretion to take any action and to execute any instrument that the Collateral Agent may deem reasonably
necessary or advisable to accomplish the purposes of this Agreement, including, without limitation, the following: 
  
 (a) upon the occurrence and during the continuance of any Event of Default, to obtain and adjust insurance required to be maintained by
such Grantor or paid to the Collateral Agent pursuant to the Credit Agreement; 
  
 (b) upon the occurrence and during the continuance of any Event of Default, to ask for, demand, collect, sue for, recover, compound,
receive and give acquittance and receipts for moneys due and to become due under or in respect of any of the Collateral; 
  
 (c) upon the occurrence and during the continuance of any Event of Default, to receive, endorse and collect any drafts or other
instruments, documents and chattel paper in connection with clause (b) above; 
  
 (d) upon the occurrence and during the continuance of any Event of Default, to file any claims or take any action or institute any proceedings that the Collateral Agent may deem necessary or desirable for the
collection of any of the Collateral or otherwise to enforce the rights of the Collateral Agent with respect to any of the Collateral; 
  
 (e) to prepare and file any UCC financing statements against such Grantor as debtor; 
  
 (f) to prepare, sign, and file for recordation in any
intellectual property registry, appropriate evidence of the lien and security interest granted herein in the Intellectual Property against such Grantor as debtor; 
  
 (g) upon the occurrence and during the continuance of any Event of Default, to take or cause to be taken all
actions necessary to perform or comply or cause performance or compliance with the terms of this Agreement, including, without limitation, access to pay or discharge taxes or Liens (other than Permitted Liens) levied or placed upon or threatened
against the Collateral, the legality or validity thereof and the amounts necessary to discharge the same to be determined by the Collateral Agent in its sole discretion, any such payments made by the Collateral Agent to become obligations of such
Grantor to the Collateral Agent, due and payable immediately without demand; and 
  
 (h) upon the occurrence and during the continuance of any Event of Default, generally to sell, transfer, pledge, make any agreement with
respect to or otherwise deal with any of the Collateral as fully and completely as though the Collateral Agent were the absolute owner thereof for all purposes, and to do, at the Collateral Agent’s option and such Grantor’s expense, at

  

 21 

 
any time or from time to time, all acts and things that the Collateral Agent deems reasonably necessary to protect, preserve or realize upon the Collateral
and the Collateral Agent’s security interest therein in order to effect the intent of this Agreement, all as fully and effectively as such Grantor might do. 
  
 6.2 No Duty on the Part of Collateral Agent or Secured Parties. The powers conferred on the Collateral Agent
hereunder are solely to protect the interests of the Secured Parties in the Collateral and shall not impose any duty upon the Collateral Agent or any Secured Party to exercise any such powers. The Collateral Agent and the Secured Parties shall be
accountable only for amounts that they actually receive as a result of the exercise of such powers, and neither they nor any of their officers, directors, employees or agents shall be responsible to any Grantor for any act or failure to act
hereunder, except for their own gross negligence or willful misconduct. 
  
 SECTION 7. REMEDIES. 
  
 7.1
Generally. 
  
 (a) If any Event of Default
shall have occurred and be continuing, the Collateral Agent may exercise in respect of the Collateral, in addition to all other rights and remedies provided for herein or otherwise available to it at law or in equity, all the rights and remedies of
the Collateral Agent on default under the UCC (and the Uniform Commercial Code as in effect from time to time in any jurisdiction in which any such rights or remedies are sought to be exercised) (whether or not such Uniform Commercial Code applies
to the affected Collateral) to collect, enforce or satisfy any Secured Obligations then owing, whether by acceleration or otherwise, and also may pursue any of the following separately, successively or simultaneously: 
  
 (i) require any Grantor to, and each Grantor hereby agrees
that it shall at its expense and promptly upon request of the Collateral Agent forthwith, assemble all or part of the Collateral as directed by the Collateral Agent and make it available to the Collateral Agent at a place to be designated by the
Collateral Agent that is reasonably convenient to both parties; 
  
 (ii) enter onto the property where any Collateral is located and take possession thereof with or without judicial process; 
  
 (iii) prior to the disposition of the Collateral, store, process, repair or recondition the Collateral or otherwise prepare the Collateral
for disposition in any manner to the extent the Collateral Agent deems appropriate; and 
  
 (iv) without notice except as specified below or under the UCC (or the Uniform Commercial Code as in effect from time to time in any other
applicable jurisdiction), sell, assign, lease, license (on an exclusive or nonexclusive basis) or otherwise dispose of the Collateral or any part thereof in one or more parcels at public or private sale, at any of the Collateral Agent’s offices
or elsewhere, for cash, on credit or for future delivery, at such time or times and at such price or prices and upon such other terms as the Collateral Agent may deem commercially reasonable. 
  
 (b) The Collateral Agent or any Secured Party may be the
purchaser of any or all of the Collateral at any public or private (to the extent to the portion of the Collateral being 

  

 22 

 
privately sold is of a kind that is customarily sold on a recognized market or the subject of widely distributed standard price quotations) sale in
accordance with the UCC (or the Uniform Commercial Code as in effect from time to time in any other applicable jurisdiction) and the Collateral Agent, as collateral agent for and representative of the Secured Parties, shall be entitled, for the
purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold at any such sale made in accordance with the UCC (or the Uniform Commercial Code as in effect from time to time in any other
applicable jurisdiction), to use and apply any of the Secured Obligations as a credit on account of the purchase price for any Collateral payable by the Collateral Agent at such sale. Each purchaser at any such sale shall hold the property sold
absolutely free from any claim or right on the part of any Grantor, and each Grantor hereby waives (to the extent permitted by applicable law) all rights of redemption, stay and/or appraisal which it now has or may at any time in the future have
under any rule of law or statute now existing or hereafter enacted. Each Grantor agrees that, to the extent notice of sale shall be required by law, at least ten (10) days notice to such Grantor of the time and place of any public sale or the time
after which any private sale is to be made shall constitute reasonable notification. The Collateral Agent shall not be obligated to make any sale of Collateral regardless of notice of sale having been given. The Collateral Agent may adjourn any
public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. Each Grantor agrees that it would not be
commercially unreasonable for the Collateral Agent to dispose of the Collateral or any portion thereof by using Internet sites that provide for the auction of assets of the types included in the Collateral or that have the reasonable capability of
doing so, or that match buyers and sellers of assets. Each Grantor hereby waives any claims against the Collateral Agent arising by reason of the fact that the price at which any Collateral may have been sold at such a private sale was less than the
price which might have been obtained at a public sale, even if the Collateral Agent accepts the first offer received and does not offer such Collateral to more than one offeree. If the proceeds of any sale or other disposition of the Collateral are
insufficient to pay all the Secured Obligations, Grantors shall be liable for the deficiency and the fees of any attorneys employed by the Collateral Agent to collect such deficiency. Each Grantor further agrees that a breach of any of the covenants
contained in this Section will cause irreparable injury to the Collateral Agent, that the Collateral Agent has no adequate remedy at law in respect of such breach and, as a consequence, that each and every covenant contained in this Section shall be
specifically enforceable against such Grantor, and such Grantor hereby waives and agrees not to assert any defenses against an action for specific performance of such covenants except for a defense that no default has occurred giving rise to the
Secured Obligations becoming due and payable prior to their stated maturities. Nothing in this Section shall in any way alter the rights of the Collateral Agent hereunder. 
  
 (c) The Collateral Agent may sell the Collateral without giving any warranties as to the Collateral. The
Collateral Agent may specifically disclaim or modify any warranties of title or the like. This procedure will not be considered to adversely affect the commercial reasonableness of any sale of the Collateral. 
  
 (d) The Collateral Agent shall have no obligation to marshal
any of the Collateral. 
  
 (e) Nothing in this
Agreement shall, or shall be deemed to, subject the Collateral Agent or any other Agent or any Lender to liability under any Environmental Law or otherwise for the actions, inactions, liabilities or obligations of Holdings, any of its Subsidiaries,
or any predecessor of any of them, relating to any Hazardous Materials, any Hazardous Materials Activity, any Release or any other circumstance pertaining to environmental matters or 

  

 23 

 
environmental conditions at, from or relating to any Facility or any other environmental liabilities of Holdings, its Subsidiaries or any of their
predecessors. 
  
 7.2 Application of Proceeds. Except as
expressly provided elsewhere in this Agreement, all proceeds received by the Collateral Agent in respect of any sale, any collection from, or other realization upon all or any part of the Collateral shall be applied in full or in part by the
Collateral Agent against, the Secured Obligations in the following order of priority: first, to the payment of all costs and expenses of such sale, collection or other realization, including reasonable compensation to the Collateral Agent and its
agents and counsel, and all other expenses, liabilities and advances made or incurred by the Collateral Agent in connection therewith, and all amounts for which the Collateral Agent is entitled to indemnification hereunder (in its capacity as the
Collateral Agent and not as a Lender) and all advances made by the Collateral Agent hereunder for the account of the applicable Grantor, and to the payment of all costs and expenses paid or incurred by the Collateral Agent in connection with the
exercise of any right or remedy hereunder or under the Credit Agreement, all in accordance with the terms hereof or thereof; second, to the extent of any excess of such proceeds, to the payment of all other Secured Obligations for the ratable
benefit of the Lenders and the Lender Counterparties; and third, to the extent of any excess of such proceeds, to the payment to or upon the order of such Grantor or to whosoever may be lawfully entitled to receive the same or as a court of
competent jurisdiction may direct. 
  
 7.3 Sales on
Credit. If Collateral Agent sells any of the Collateral upon credit, Grantor will be credited only with payments actually made by purchaser and received by Collateral Agent and applied to indebtedness of the purchaser. In the event the purchaser
fails to pay for the Collateral, Collateral Agent may resell the Collateral and Grantor shall be credited with proceeds of the sale. 
  
 7.4 Deposit Accounts. If any Event of Default shall have occurred and be continuing, the Collateral Agent may apply the balance from any
Deposit Account or instruct the bank at which any Deposit Account is maintained to pay the balance of any Deposit Account to or for the benefit of the Collateral Agent. 
  
 7.5 Investment Related Property. Each Grantor recognizes that, by reason of certain prohibitions contained in
the Securities Act and applicable state securities laws, the Collateral Agent may be compelled, with respect to any sale of all or any part of the Investment Related Property conducted without prior registration or qualification of such Investment
Related Property under the Securities Act and/or such state securities laws, to limit purchasers to those who will agree, among other things, to acquire the Investment Related Property for their own account, for investment and not with a view to the
distribution or resale thereof. Each Grantor acknowledges that any such private sale may be at prices and on terms less favorable than those obtainable through a public sale without such restrictions (including a public offering made pursuant to a
registration statement under the Securities Act) and, notwithstanding such circumstances, each Grantor agrees that any such private sale shall be deemed to have been made in a commercially reasonable manner and that the Collateral Agent shall have
no obligation to engage in public sales and no obligation to delay the sale of any Investment Related Property for the period of time necessary to permit the issuer thereof to register it for a form of public sale requiring registration under the
Securities Act or under applicable state securities laws, even if such issuer would, or should, agree to so register it. If the Collateral Agent determines to exercise its right to sell any or all of the Investment Related Property, upon written
request, each Grantor shall and shall cause each issuer of any Pledged Stock to be sold hereunder, each partnership and each limited liability company from time to time to furnish to the Collateral Agent all such 

  

 24 

 
information as the Collateral Agent may request in order to determine the number and nature of interest, shares or other instruments included in the
Investment Related Property which may be sold by the Collateral Agent in exempt transactions under the Securities Act and the rules and regulations of the Securities and Exchange Commission thereunder, as the same are from time to time in effect.

  
 7.6 Intellectual Property. 
  
 (a) Anything contained herein to the contrary
notwithstanding, upon the occurrence and during the continuation of an Event of Default: 
  
 (i) the Collateral Agent shall have the right (but not the obligation) to bring suit or otherwise commence any action or proceeding in the
name of any Grantor, the Collateral Agent or otherwise, in the Collateral Agent’s sole discretion, to enforce any Intellectual Property, in which event such Grantor shall, at the request of the Collateral Agent, do any and all lawful acts and
execute any and all documents required by the Collateral Agent in aid of such enforcement and such Grantor shall promptly, upon demand, reimburse and indemnify the Collateral Agent as provided in Section 10 hereof in connection with the exercise of
its rights under this Section; 
  
 (ii) upon
written demand from the Collateral Agent, each Grantor shall grant, assign, convey or otherwise transfer to the Collateral Agent an absolute assignment of all of such Grantor’s right, title and interest in and to the Intellectual Property and
shall execute and deliver to the Collateral Agent such documents as are necessary or appropriate to carry out the intent and purposes of this Agreement; 
  
 (iii) each Grantor agrees that such an assignment and/or recording shall be applied to reduce the Secured Obligations outstanding only to
the extent that the Collateral Agent (or any Secured Party) receives cash proceeds in respect of the sale of, or other realization upon, the Intellectual Property; 
  
 (iv) within five (5) Business Days after written notice from the Collateral Agent, each Grantor shall make
available to the Collateral Agent, to the extent within such Grantor’s power and authority, such personnel in such Grantor’s employ on the date of such Event of Default as the Collateral Agent may reasonably designate, by name, title or
job responsibility, to permit such Grantor to continue, directly or indirectly, to produce, advertise and sell the products and services sold or delivered by such Grantor under or in connection with the Trademarks, Trademark Licenses, such persons
to be available to perform their prior functions on the Collateral Agent’s behalf and to be compensated by the Collateral Agent at such Grantor’s expense on a per diem, pro-rata basis consistent with the salary and benefit structure
applicable to each as of the date of such Event of Default; and 
  
 (v) the Collateral Agent shall have the right to notify, or require each Grantor to notify, any obligors with respect to amounts due or to become due to such Grantor in respect of the Intellectual Property, of the
existence of the security interest created herein, to direct such obligors to make payment of all such amounts directly to the Collateral Agent, and, upon such notification and at the expense of such Grantor, to enforce collection of any such
amounts and to adjust, settle or compromise the amount or payment thereof, in the same manner and to the same extent as such Grantor might have done. 
  

 25 

 (b) If (i) an Event of Default shall have occurred and, by reason of cure, waiver,
modification, amendment or otherwise, no longer be continuing, (ii) no other Event of Default shall have occurred and be continuing, (iii) an assignment or other transfer to the Collateral Agent of any rights, title and interests in and to the
Intellectual Property shall have been previously made and shall have become absolute and effective, and (iv) the Secured Obligations shall not have become immediately due and payable, the Collateral Agent shall promptly execute and deliver to each
Grantor, at such Grantor’s sole cost and expense, such assignments or other transfer as may be necessary to reassign to such Grantor any such rights, title and interests as may have been assigned to the Collateral Agent as aforesaid, subject to
any disposition thereof that may have been made by the Collateral Agent; provided, after giving effect to such reassignment, the Collateral Agent’s security interest granted pursuant hereto, as well as all other rights and remedies of the
Collateral Agent granted hereunder, shall continue to be in full force and effect; and provided further, the rights, title and interests so reassigned shall be free and clear of any other Liens granted by or on behalf of the Collateral Agent and the
Secured Parties. 
  
 (c) Solely for the purpose
of enabling the Collateral Agent to exercise rights and remedies under this Section 7 and at such time as the Collateral Agent shall be lawfully entitled to exercise such rights and remedies, each Grantor hereby grants to the Collateral Agent, to
the extent it has the right to do so, an irrevocable, nonexclusive license (exercisable without payment of royalty or other compensation to such Grantor), subject, in the case of Trademarks, to sufficient rights to quality control and inspection in
favor of such Grantor to avoid the risk of invalidation of said Trademarks, to use, operate under, license, or sublicense any Intellectual Property now owned or hereafter acquired by such Grantor, and wherever the same may be located. 
  
 SECTION 8. COLLATERAL AGENT. 
  
 The Collateral Agent has been appointed to act as Collateral Agent hereunder
by Lenders and, by their acceptance of the benefits hereof, the other Secured Parties. The Collateral Agent shall be obligated, and shall have the right hereunder, to make demands, to give notices, to exercise or refrain from exercising any rights,
and to take or refrain from taking any action (including, without limitation, the release or substitution of Collateral), solely in accordance with this Agreement and the Credit Agreement; provided, the Collateral Agent shall, after payment in full
of all Obligations under the Credit Agreement and the other Credit Documents, exercise, or refrain from exercising, any remedies provided for herein in accordance with the instructions of the holders of a majority of the aggregate notional amount
(or, with respect to any Hedge Agreement that has been terminated in accordance with its terms, the amount then due and payable (exclusive of expenses and similar payments but including any early termination payments then due) under such Hedge
Agreement) under all Hedge Agreements. In furtherance of the foregoing provisions of this Section, each Secured Party, by its acceptance of the benefits hereof, agrees that it shall have no right individually to realize upon any of the Collateral
hereunder, it being understood and agreed by such Secured Party that all rights and remedies hereunder may be exercised solely by the Collateral Agent for the benefit of Secured Parties in accordance with the terms of this Section. Collateral Agent
may resign at any time by giving thirty (30) days’ prior written notice thereof to Lenders and the Grantors, and Collateral Agent may be removed at any time with or without cause by an instrument or concurrent instruments in writing delivered
to the Grantors and Collateral Agent signed by the Requisite Lenders holding more than 50% of the outstanding Commitments under the Credit Agreement. Upon any such notice of resignation or any such removal, Requisite Lenders shall have the right,
upon five (5) Business Days’ notice to the Collateral Agent, following receipt of the Grantors’ consent (which 

  

 26 

 
shall not be unreasonably withheld or delayed and which shall not be required while an Event of Default exists), to appoint a successor Collateral Agent.
Upon the acceptance of any appointment as Collateral Agent hereunder by a successor Collateral Agent, that successor Collateral Agent under this Agreement. Upon the acceptance of any appointment as Administrative Agent under the terms of the Credit
Agreement by a successor Administrative Agent, that successor Administrative Agent shall thereby also be deemed the successor Collateral Agent and such successor Collateral Agent shall thereupon succeed to and become vested with all the rights,
powers, privileges and duties of the retiring or removed Collateral Agent under this Agreement, and the retiring or removed Collateral Agent under this Agreement shall promptly (i) transfer to such successor Collateral Agent all sums, Securities and
other items of Collateral held hereunder, together with all records and other documents necessary or appropriate in connection with the performance of the duties of the successor Collateral Agent under this Agreement, and (ii) execute and deliver to
such successor Collateral Agent such amendments to financing statements, and take such other actions, as may be necessary or appropriate in connection with the assignment to such successor Collateral Agent of the security interests created
hereunder, whereupon such retiring or removed Collateral Agent shall be discharged from its duties and obligations under this Agreement. After any retiring or removed Collateral Agent’s resignation or removal hereunder as the Collateral Agent,
the provisions of this Agreement shall inure to its benefit as to any actions taken or omitted to be taken by it under this Agreement while it was the Collateral Agent hereunder. By their acceptance of the benefits hereof, each Secured Party hereby
authorizes the Collateral Agent to release any security interest created under this Agreement upon any item of Collateral pursuant to Section 9.8(a) of the Credit Agreement. 
  
 SECTION 9. CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. 
  
 This Agreement shall create a continuing security interest in the Collateral and shall remain in full force and effect until
the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, be binding upon each Grantor, its successors and assigns, and inure, together
with the rights and remedies of the Collateral Agent hereunder, to the benefit of the Collateral Agent and its successors, transferees and assigns permitted under the Credit Agreement. Without limiting the generality of the foregoing, but subject to
the terms of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person permitted under the Credit Agreement, and such other Person shall thereupon become vested with all the benefits in respect
thereof granted to Lenders herein or otherwise. Upon the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, the security interest
granted hereby shall terminate hereunder and of record and all rights to the Collateral shall revert to Grantors. Upon any such termination the Collateral Agent shall, at Grantors’ expense, execute and deliver to Grantors such documents as
Grantors shall reasonably request to evidence such termination. 
  
 SECTION 10. STANDARD OF CARE; COLLATERAL AGENT MAY PERFORM. 
  
 The powers conferred on the Collateral Agent hereunder are solely to protect its interest in the Collateral and shall not impose any duty upon it to exercise any such powers. Except for the exercise of reasonable care
in the custody of any Collateral in its possession and the accounting for moneys actually received by it hereunder, the Collateral Agent shall have no duty as to any Collateral or as to the taking of any necessary steps to preserve rights against
prior parties or any other rights pertaining to any Collateral. The Collateral Agent shall be deemed to have exercised reasonable care in the custody and preservation of Collateral in its possession if 

  

 27 

 
such Collateral is accorded treatment substantially equal to that which the Collateral Agent accords its own property. Neither the Collateral Agent nor any
of its directors, officers, employees or agents shall be liable for failure to demand, collect or realize upon all or any part of the Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any
Collateral upon the request of any Grantor or otherwise. If any Grantor fails to perform any agreement contained herein, the Collateral Agent may itself perform, or cause performance of, such agreement, and the expenses of the Collateral Agent
incurred in connection therewith shall be payable by each Grantor under Section 10.2 of the Credit Agreement. 
  
 SECTION 11. MISCELLANEOUS. 
  
 Any notice required or permitted to be given under this Agreement shall be given in accordance with Section 10.1 of the Credit Agreement. No failure or delay on the part of the Collateral Agent in the exercise of any power, right or
privilege hereunder or under any other Credit Document shall impair such power, right or privilege or be construed to be a waiver of any default or acquiescence therein, nor shall any single or partial exercise of any such power, right or privilege
preclude other or further exercise thereof or of any other power, right or privilege. All rights and remedies existing under this Agreement and the other Credit Documents are cumulative to, and not exclusive of, any rights or remedies otherwise
available. In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or
obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. All covenants hereunder shall be given independent effect so that if a particular action or condition is not permitted by any of such covenants, the fact
that it would be permitted by an exception to, or would otherwise be within the limitations of, another covenant shall not avoid the occurrence of a Default or an Event of Default if such action is taken or condition exists. This Agreement shall be
binding upon and inure to the benefit of the Collateral Agent and Grantors and their respective successors and assigns. No Grantor shall, without the prior written consent of the Collateral Agent given in accordance with the Credit Agreement, assign
any right, duty or obligation hereunder. This Agreement and the other Credit Documents embody the entire agreement and understanding between Grantors and the Collateral Agent and supersede all prior agreements and understandings between such parties
relating to the subject matter hereof and thereof. Accordingly, the Credit Documents may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements of the parties. There are no unwritten oral agreements between the
parties. This Agreement may be executed in one or more counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall
constitute but one and the same instrument; signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are physically attached to the same document. 
  
 THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER
SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
  

 28 

 IN WITNESS WHEREOF, each Grantor and the Collateral Agent have caused this Agreement to be duly executed
and delivered by their respective officers thereunto duly authorized as of the date first written above. 
  

			
	KRATON POLYMERS LLC
		
	By:	 	/s/ Joseph J. Waiter
	 	 	 Name: Joseph J. Waiter

	 	 	 Title: Authorized Person

	
	POLYMER HOLDINGS LLC
		
	By:	 	/s/ Joseph J. Waiter
	 	 	 Name: Joseph J. Waiter

	 	 	 Title: Authorized Person

	
	KRATON POLYMERS CAPITAL CORPORATION
		
	By:	 	/s/ Joseph J. Waiter
	 	 	 Name: Joseph J. Waiter

	 	 	 Title: Authorized Person

	
	ELASTOMER HOLDINGS LLC
		
	By:	 	/s/ Joseph J. Waiter
	 	 	 Name: Joseph J. Waiter

	 	 	 Title: Authorized Person

	
	KRATON POLYMERS U.S. LLC
		
	By:	 	/s/ Joseph J. Waiter
	 	 	 Name: Joseph J. Waiter

	 	 	 Title: Authorized Person

  

  
 PLEDGE AND SECURITY
AGREEMENT SCHEDULES 
  

 SCHEDULE 4.1(A) – GRANTOR INFORMATION 
  

									
	 Name of Grantor

	  	 Type of Organization

	  	 Jurisdiction of
Organization/
Formation

	  	Organizational
Identification
Number

	  	 Chief Executive Office

	Polymer Holdings LLC	  	Limited liability company	  	Delaware	  	3720516	  	 301 Commerce Street,
 Suite 3300
 Fort Worth, TX 76012

					
	KRATON Polymers LLC	  	Limited liability company	  	Delaware	  	3278530	  	 700 Milam Street,
 North Tower, 13th Floor
 Houston, TX
77002

					
	Elastomers Holdings LLC	  	Limited liability company	  	Delaware	  	3279942	  	 700 Milam Street,
 North Tower, 13th Floor
 Houston, TX
77002

					
	KRATON Polymers U.S. LLC	  	Limited liability company	  	Delaware	  	3039818	  	 700 Milam Street,
 North Tower, 13th Floor
 Houston, TX
77002

					
	KRATON Polymers Capital Corporation	  	Corporation	  	Delaware	  	3346789	  	 700 Milam Street,
 North Tower, 13th Floor
 Houston, TX
77002

  

 2 

 SCHEDULE 4.1(B) – OTHER NAMES 
  

					
	 Grantor

	  	Date of Change

	  	 Description of Change

	 Polymer Holdings LLC
	  	11/24/03	  	Name change from TPG Polymer Holdings LLC
			
	 KRATON Polymers LLC
	  	12/11/00	  	Name change from Ripplewood Chemical Acquisition LLC to RK Polymers LLC
			
	 	  	2/28/01	  	Name change from RK Polymers LLC to KRATON Polymers LLC
			
	 KRATON Polymers U.S. LLC
	  	2/28/01	  	Name change from Shell Elastomers LLC to KRATON Polymers U.S. LLC
			
	 KRATON Polymers Capital Corporation
	  	2/28/01	  	Name change from RK Polymers Capital Corporation to KRATON Polymers Capital Corporation

  

 3 

 SCHEDULE 4.1(C) – CHANGES IN NAME, ETC. 
  

	1.	See Schedule 4.1(B). 

  

	2.	The chief executive offices of KRATON Polymers LLC and KRATON Polymers Capital Corporation were formerly located at One Rockefeller Plaza, 32nd Floor, New York, New York 10022 (c/o Ripplewood Holdings LLC). 

  

	3.	The chief executive offices of Elastomers Holdings LLC and KRATON Polymers U.S. LLC were formerly located at 910 Louisiana, Houston, Texas 77002. 

  

 4 

 SCHEDULE 4.1(D) – CERTAIN SECURITY AGREEMENTS 
  
 None. 
  

 5 

 SCHEDULE 4.1(E) – FILING OFFICES 
  

			
	 Grantor

	  	 Filing Office

	 Polymer Holdings LLC
	  	Secretary of State of the State of Delaware
		
	 KRATON Polymers LLC
	  	Secretary of State of the State of Delaware
		
	 Elastomers Holdings LLC
	  	Secretary of State of the State of Delaware
		
	 KRATON Polymers Capital Corporation
	  	Secretary of State of the State of Delaware
		
	 KRATON Polymers U.S. LLC
	  	Secretary of State of the State of Delaware

  

 6 

 SCHEDULE 4.2 – LOCATION OF EQUIPMENT AND INVENTORY 
  

	1.	KRATON Belpre Plant 

	  	2982 Washington Boulevard 

	  	Belpre, Ohio 45714-0235 

  

	2.	KRATON Headquarters 

	  	700 Milam, North Tower, 13th Floor 

	  	Houston, Texas 77002 

  

	3.	Westhollow Technology Center 

	  	3333 Highway 6 South 

	  	Houston, Texas 77082 

  

	4.	People’s Cartage, Inc. 

	  	4301 Camden Avenue 

	  	Parkersburg, WV 26103 

  

	5.	Linden Warehouse & Distribution Co., Inc 

	  	1300 Lower Road 

	  	Linden, New Jersey 07036 

  

	6.	Dixie Warehouse Services, LLC 

	  	P.O. Box 36158 

	  	Louisville, KY 40233 

  

	7.	Curry Transfer & Storage Co. 

	  	Route 47 East 

	  	Parkersburg, WV 26101 

  

	8.	Katoen Natie Gulf Coast, Inc. 

	  	8790 Wallisville Road 

	  	Houston, TX 77029 

  

	9.	Katoen Natie North East 

	  	2960 Woodbridge Ave. 

	  	Edison, NJ 08837 

  

	10.	Transdistribution/WV, Inc. 

	  	5316 Rosmar Road 

	  	Parkersburg, WV 26181 

  

	11.	CSX Transflo 

	  	1000 Chattahoohee Ave. 

	  	Atlanta, GA 30318 

  

 7 

	12.	CSX Transflo 

	  	945 Freeman Ave. SW 

	  	Grand Rapids, MI 49503 

  

	13.	Liquid Intermodal 

	  	240 W. 3rd Street 

	  	Kansas City, MO 

  

	14.	CSX Savage Industries 

	  	PO Box 282 

	  	Lower Patterson St. Bld. 3 

	  	Odgensburg, NY 13669 

  

	15.	Adell Plastics 

	  	4530 Annapolis Road 

	  	Baltimore, MD 21227 

  

	16.	Bayshore Industrial 

	  	1300 McCabe Road 

	  	La Porte, TX 77571 

  

	17.	MIE 

	  	Route 4, Box 179-1A 

	  	Marietta, OH 45750 

  

	18.	Ametek 

	  	Route 33 and Cemetery Road 

	  	Wapakoneta, OH 45895 

  

	19.	Ametek 

	  	Greenacres Industrial Park 

	  	Nesquehoning, PA 18240 

  

	20.	Concepts West Corporation 

	  	22 Industrial Boulevard 

	  	Parkersburg, WV 26101 

  

	21.	White Dove Enterprises Inc. 

	  	835 Jeanette St. 

	  	Parkersburg, WV 26101 

  

	22.	West Virginia Polymer Corporation 

	  	128 Industrial Park Road 

	  	Millwood, WV 25262 

  

	23.	3M Company 

	  	GI Warehouse, 1508 Highway T15 

	  	Knoxville, IA 50138 

  

 8 

	24.	Sunland Distribution Inc 

	  	1515B Antioch Church Road 

	  	Greenville, SC 29605 

  

	25.	National Starch & Chemical Co. 

	  	14351 Highway 221 

	  	Enoree, SC 29335 

  

	26.	National Starch & Chemical Co. 

	  	1989 Old Naples Road 

	  	Meredosia, IL 62665 

  

	27.	Crompton Corporation 

	  	Route 268 

	  	Petrolia PA 16050 

  

	28.	3M Company 

	  	915 Adams Street 

	  	Hutchinson, MN 55350 

  

	29.	Kraiburg TPE Corporation 

	  	2625 North Berkeley Lake Road 

	  	Duluth, GA 30096 

  

	30.	3M Company 

	  	Donaldson Center 

	  	Greenville, SC 29605 

  

	31.	Adell Plastics 

	  	30128 Eden Church Road 

	  	Denham Springs, Louisiana 70726 

  

 9 

 SCHEDULE 4.4 – INVESTMENT RELATED PROPERTY 
  
 Pledged Stock 
  

	1.	KRATON Polymers Capital Corporation – 100% 

  

	2.	KRATON Polymers Holdings B.V. – 65% (*uncertificated) 

  
 Pledged LLC Interests 
  

	1.	KRATON Polymers LLC – 100% 

  

	2.	Elastomers Holdings LLC – 100% 

  

	3.	KRATON Polymers U.S. LLC – 100% 

  
 Pledged Partnership Interests 
  
 None. 
  
 Pledged Trust Interests 
  
 None. 
  
 Securities under UCC 
  

	1.	KRATON Polymers LLC, Elastomers Holdings LLC and KRATON Polymers U.S. LLC have elected to treat their equity interests as securities under the uniform commercial code.

  
 Pledged Debt 

 

						
	 Payor

	  	Payee

	  	 Principal Amount Outstanding
 as of 12/23/03

	 Kraton Polymers Holdings B.V.
	  	Kraton Polymers LLC	  	$	116,750,197
	 Kraton Polymers LLC
	  	Kraton Polymers U.S. LLC	  	$	180,828,045

  

 10 

 Securities Accounts 
  

	1.	See item #2 (Money Market Account of KRATON Polymers U.S. LLC, JP Morgan Chase Bank) listed under “Deposit Accounts” below. 

  
 Commodities Accounts 
  
 None. 
  
 Deposit Accounts 
  

	1.	Concentration Account of KRATON Polymers U.S. LLC, JP Morgan Chase Bank 

  

	2.	Money Market Account of KRATON Polymers U.S. LLC, JP Morgan Chase Bank 

  

	3.	Lockbox Account of KRATON Polymers U.S. LLC, Mellon Bank 

  

	4.	Management Equity Account of Kraton Polymers LLC, JP Morgan Chase Bank 

  

 11 

  
 SCHEDULE 4.5 –
LETTERS OF CREDIT 
  
 None. 
  

 12 

  
 SCHEDULE 4.6(A) –
COPYRIGHTS 
  
 None. 
  

 13 

  
 SCHEDULE 4.6(B) –
COPYRIGHT LICENSES 
  

	1.	Intellectual Property Transfer and License Agreement between Shell Oil Company and Kraton Polymers U.S. LLC, dated February 28, 2001 

  

	2.	Computer Software Program Agreement between E.P.I.C. Software Group Inc. and Shell Oil Company, dated December 1, 1992 

  

	3.	Structural Pavement Design Program License Agreement between SWK Pavement Engineering Ltd. and Shell Oil Company, dated March 1, 1993 

  

 14 

  
 SCHEDULE 4.6(C) –
PATENTS 
  

	1.	See Exhibit A to this Schedule 4.6(C). 

  

 15 

  
 SCHEDULE 4.6(D) –
PATENT LICENSES 
  

	1.	Intellectual Property Transfer and License Agreement between Shell Oil Company and Kraton Polymers U.S. LLC, dated February 28, 2001 

  

	2.	Part II (U.S.) Patent License Agreement between Shell Oil Company and Kraton Polymers U.S. LLC, dated February 28, 2001 

  

	3.	Part III (U.S.) Patent License Agreement between Shell Oil Company and Kraton Polymers U.S. LLC, dated February 28, 2001 

  

	4.	Settlement Agreement between Dow Chemical Co., Shell Oil Company and Kraton Polymers U.S. LLC, dated March 31, 2003 

  

	5.	Agreement between Shell Internationale Research Maatschappij B.V., Shell International Chemical Company Limited and Kraton Polymers U.S. LLC, dated February 14, 1992

  

	6.	License Agreement between Mobil Oil Corporation and Shell Chemical Company, dated January 31, 1995 

  

	7.	License Agreement between Applied Elastomerica Inc. and Shell Chemical Company, dated January 1, 1995 

  

	8.	Agreement between Avery Dennison Corp. and Shell Chemical Company, dated October 11, 1995 

  

	9.	License Agreement between Ralf Korpman Associates and Shell Chemical Company, dated May 12, 1994 

  

	10.	Cross-License Agreement between Dow Chemical Co., Exxon Chemical Co. and Shell Oil Company, dated November 1, 1993 

  

	11.	License Agreement between Findley Adhesives, Inc. and Shell Oil Company, dated June 8, 1994 

  

	12.	Agreement between General Electric Company and Shell Oil Company, dated October 7, 1991 

  

	13.	Agreement between Avery Dennison Corp and Shell Oil Company, dated March 28, 1994 

  

	14.	Agreement between Minnesota Mining and Manufacturing Company and Shell Chemical Company, dated April 26, 1988 

  

	15.	Joint Development Agreement between Avery International Corporation and Shell Oil Company, dated January 1, 1990 

  

	16.	Cooperative Development Agreement between Kimberly-Clark Corporation and Shell Chemical Company, dated January 1, 1997 

  

 16 

  
 SCHEDULE 4.6(E) –
TRADEMARKS 
  

	1.	See Exhibit A to this Schedule 4.6(E). 

  

 17 

  
 SCHEDULE 4.6(F) –
TRADEMARK LICENSES 
  

	1.	Compounder License Agreement between Multibase Incorporated and Shell Oil Company, dated January 1, 1994 

  

	2.	Compounder License Agreement between GLS Corporation and Shell Oil Company, dated April 1, 1993 

  

	3.	Compounder License Agreement between Teknor Apex Company and Shell Oil Company, dated July 1, 1993 

  

	4.	Compounder License Agreement between Teknor Apex Company and Shell Oil Company, dated December 19, 1991 

  

 18 

  
 TRADE SECRET LICENSES
– 4.6(G) 
  

	1.	Intellectual Property Transfer and License Agreement between Shell Oil Company and Kraton Polymers U.S. LLC, dated February 28, 2001 

  

	2.	Agreement between Minnesota Mining and Manufacturing Company and Shell Chemical Company, dated April 26, 1988 

  

	3.	Joint Development Agreement between Avery International Corporation and Shell Oil Company, dated January 1, 1990 

  

	4.	Cooperative Development Agreement between Kimberly-Clark Corporation and Shell Chemical Company, dated January 1, 1997 

  

	5.	Compounder License Agreement between GLS Corporation and Shell Oil Company, dated April 1, 1993 

  

	6.	Compounder License Agreement between GLS Corporation and Shell Oil Company, dated April 1, 1996 

  

	7.	Compounder License Agreement between Multibase Incorporated and Shell Oil Company, dated January 1, 1994 

  

	8.	Compounder License Agreement between Teknor Apex Company and Shell Oil Company, dated July 1, 1993 

  

	9.	Compounder License Agreement between Teknor Apex Company and Shell Oil Company, dated December 19, 1991 

  

 19 

  
 SCHEDULE 4.6(H) –
INTELLECTUAL PROPERTY 
  

	1.	See Schedules 4.6(A) – (G). 

  

 20 

  
 SCHEDULE 4.7 –
COMMERCIAL TORT CLAIMS 
  

	None.	

  

 21 

			
	 UBS AG, STAMFORD BRANCH
 as the Collateral Agent

		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

 EXHIBIT A-1 

  
 EXHIBIT A 
 TO PLEDGE AND SECURITY AGREEMENT 
  
 PLEDGE SUPPLEMENT 
  
 This PLEDGE SUPPLEMENT, dated [mm/dd/yy], is delivered by [NAME OF GRANTOR] a [NAME OF STATE OF INCORPORATION] [corporation]
[limited liability company] (the “Grantor”) pursuant to the Pledge and Security Agreement, dated as of December 23, 2003 (as it may be from time to time amended, restated, modified or supplemented, the “Security
Agreement”), among KRATON POLYMERS LLC, the other Grantors named therein, and UBS AG, STAMFORD BRANCH, as the Collateral Agent. Capitalized terms used herein not otherwise defined herein shall have the meanings ascribed thereto in
the Security Agreement. 
  
 Grantor hereby confirms the grant to
the Collateral Agent set forth in the Security Agreement of, and does hereby grant to the Collateral Agent, a security interest in all of Grantor’s right, title and interest in and to all Collateral to secure the Secured Obligations, in each
case whether now or hereafter existing or in which Grantor now has or hereafter acquires an interest and wherever the same may be located. Grantor represents and warrants that the attached Supplements to the Security Agreement Schedules (in form
substantially similar to the Security Agreement Schedules) accurately and completely set forth all additional information required pursuant to the Security Agreement and hereby agrees that such Supplements to the Security Agreement Schedules shall
constitute part of the Schedules to the Security Agreement. 
  
 IN WITNESS WHEREOF, Grantor has caused this Pledge Supplement to be duly executed and delivered by its duly authorized officer as of [mm/dd/yy]. 
  

			
	[NAME OF GRANTOR]
		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

 EXHIBIT A-1 

  
 EXHIBIT B 
 TO PLEDGE AND SECURITY AGREEMENT 
  
 TRADEMARK SECURITY AGREEMENT 
  
 See the executed Trademark Security Agreement, dated as of December 23, 2003, by and between 
 KRATON Polymers U.S. LLC, as Grantor and UBS AG, STAMFORD BRANCH, as Collateral Agent. 
  

 EXHIBIT B-1 

  
 EXHIBIT C 
 TO PLEDGE AND SECURITY AGREEMENT 
  
 COPYRIGHT SECURITY AGREEMENT 
  
 See the executed Copyright Security Agreement, dated as of December 23, 2003, by and between 
 KRATON Polymers U.S. LLC, as Grantor and UBS AG, STAMFORD BRANCH, as Collateral Agent. 
  

 EXHIBIT C-1 

  
 EXHIBIT D 
 TO PLEDGE AND SECURITY AGREEMENT 
  
 PATENT SECURITY AGREEMENT 
  
 See the executed Patent Security Agreement, dated as of December 23, 2003, by and between 
 KRATON Polymers U.S. LLC, as Grantor and UBS AG, STAMFORD BRANCH, as Collateral Agent. 
  

 EXHIBIT D-1

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