Document:

Exhibit 4.3

 

[FORM OF FACE OF EXCHANGE EURO NOTE]

[Global Notes Legend]

 

UNLESS THIS CERTIFICATE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE BANK OF NEW YORK DEPOSITORY
(NOMINEES) LIMITED, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN A NAME AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF THE BANK OF NEW YORK DEPOSITORY (NOMINEES)
LIMITED (AND ANY PAYMENT IS MADE TO SUCH ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF THE BANK OF NEW YORK DEPOSITORY (NOMINEES)
LIMITED), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF HAS AN
INTEREST HEREIN.

 

TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE,
BUT NOT IN PART, TO THE COMMON DEPOSITORY, TO NOMINEES OF THE COMMON DEPOSITORY
OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS
OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE
RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.

 

 

	
  No.

  	
  €__________

  

83⁄4% Senior Subordinated Note
due 2012

CUSIP No. [144A:______]/[REG S:_______] 

ISIN No. [144A: ______]/[REG S: _______]

Common Code [144A:______]/[REG S:_______]

 

POLYPORE, INC., a Delaware corporation, promises to pay to
[                   ],
or registered assigns, the principal sum [of                 Euros]
[listed on the Schedule of Increases or Decreases in Global Euro Note attached
hereto]1 on May 15, 2012.

 

Interest Payment Dates:  May 15 and November 15.

Record Dates:  May 1 and November 1.

Additional provisions of
this Euro Note are set forth on the other side of this Note.

IN WITNESS WHEREOF, the
parties have caused this instrument to be duly executed.

	
  POLYPORE, INC.

  
	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

Dated:

TRUSTEE’S CERTIFICATE OF
   AUTHENTICATION

THE BANK OF NEW YORK,
   as Trustee, certifies that this is
   one of the Euro Notes referred to
   in the Indenture.

	
  By:

  	
   

  
	
   

  	
    Authorized Signatory

  

 

*/                     If the Euro
Note is to be issued in global form, add the Global Notes Legend and the attachment
from Exhibit A captioned “TO BE ATTACHED TO GLOBAL NOTES—SCHEDULE OF INCREASES
OR DECREASES IN GLOBAL NOTE”.

1                                            Use the Schedule of Increases and Decreases
language if Euro Note is in Global Form.

 

2

 

[FORM OF REVERSE SIDE OF EXCHANGE EURO NOTE]

83⁄4% Senior Subordinated Note due 2012

1.             Interest

POLYPORE, INC.,
a Delaware corporation (such corporation, and its successors and assigns
under the Indenture hereinafter referred to, being herein called the “Company”),
promises to pay interest on the principal amount of this Euro Note at the rate
per annum shown above.  The Company
shall pay interest semiannually on May 15 and November 15 of each year,
commencing November 15, 2004.  Interest
on the Euro Notes shall accrue from the most recent date to which interest has
been paid or duly provided for or, if no interest has been paid or duly
provided for, from May 13, 2004 until the principal hereof is due.  Interest shall be computed on the basis of a
360-day year of twelve 30-day months. 
The Company shall pay interest on overdue principal at the rate borne by
the Euro Notes, and it shall pay interest on overdue installments of interest
at the same rate to the extent lawful.

2.             Method of Payment

The Company shall pay
interest on the Euro Notes (except defaulted interest and Additional Interest,
if any) to the Persons who are registered Holders at the close of business on
May 1 and November 1 next preceding the interest payment date even if Dollar
Notes are canceled after the record date and on or before the interest payment
date.  Holders must surrender Euro Notes
to a Paying Agent to collect principal payments.  The Company shall pay principal, premium, if any, and interest in
money of a member state of the European Union that at the time of payment is
legal tender for payment of public and private debts.  Payments in respect of the Euro Notes represented by a Global
Note (including principal, premium, if any, interest and Additional Interest,
if any) shall be made by wire transfer of immediately available funds to the
accounts specified by The Depository Trust Company or any successor
depositary.  The Company will make all
payments in respect of a certificated Euro Note (including principal, premium,
if any, interest and Additional Interest, if any), at the office of a Paying
Agent, except that, at the option of the Company, payment of interest and
Additional Interest, if any, may be made by mailing a check to the registered
address of each Holder thereof; provided,
however, that payments on
the Euro Notes may also be made, in the case of a Holder of at least €1,000,000
aggregate principal amount of Euro Notes, by wire transfer to a Euro account
maintained by the payee with a bank in member state of the European Union if
such Holder elects payment by wire transfer by giving written notice to the
Trustee or a Paying Agent to such effect designating such account no later than
30 days immediately preceding the relevant due date for payment (or such
other date as the Trustee may accept in its discretion).

3.             Paying Agent and Registrar

Initially, The Bank of New
York, will act as Euro Paying Agent. 
The Company may appoint and change any Paying Agent or Registrar without
notice.  The Company or any of its
domestically incorporated Wholly-Owned Subsidiaries may act as Paying Agent or
Registrar.

3

 

4.             Indenture

The Company issued the Euro
Notes under an Indenture dated as of May 13, 2004 (the “Indenture”), among PP
Acquisition Corporation, the predecessor of the Company, the Guarantors and The
Bank of New York, a New York banking corporation (the
“Trustee”).  The terms of the Euro Notes
include those stated in the Indenture and those made part of the Indenture by
reference to the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb)
as in effect on the date of the Indenture (the “TIA”).  Terms defined in the Indenture and not
defined herein have the meanings ascribed thereto in the Indenture.  The Euro Notes are subject to all terms and
provisions of the Indenture, and the Holders (as defined in the Indenture) are
referred to the Indenture and the TIA for a statement of such terms and
provisions.

The Euro Notes are senior
subordinated unsecured obligations of the Company.  This Euro Note is one of the Exchange Euro Notes referred to in
the Indenture.  The Euro Notes include
the Initial Euro Notes and any Exchange Euro Notes issued in exchange for
Initial Euro Notes pursuant to the Indenture. 
The Initial Euro Notes and any Exchange Euro Notes together with the
Initial Dollar Notes and the Exchange Dollar Notes are treated as a single
class of securities under the Indenture. 
The Indenture imposes certain limitations on the ability of the Company
and its Restricted Subsidiaries to, among other things, make certain
Investments and other Restricted Payments, pay dividends and other distributions,
incur Indebtedness, sell or otherwise dispose of assets including capital
stock, enter into or permit certain transactions with Affiliates, create or
incur Liens and engage in other business activities. The Indenture also imposes
limitations on the ability of the Company and each Guarantor to consolidate or
merge with or into any other Person or convey, transfer or lease all or substantially
all of its property.

To guarantee the due and
punctual payment of the principal of, premium, if any, or interest on in
respect of the Euro Notes and all other amounts payable by the Company under
the Indenture and the Euro Notes when and as the same shall be due and payable,
whether at maturity, by acceleration or otherwise, according to the terms of
the Euro Notes and the Indenture, each of the Guarantors have, jointly and
severally, unconditionally and irrevocably guaranteed the Guaranteed
Obligations on a senior subordinated basis pursuant to the terms of the Indenture.

5.             Optional Redemption; Special Redemption

Except as set forth in the
following paragraphs, the Euro Notes shall not be redeemable at the Company’s
option prior to May 15, 2008. Thereafter, the Euro Notes shall be subject to
redemption at any time at the option of the Company, in whole or in part, upon
not less than 30 nor more than 60 days’ notice, at the redemption prices
(expressed as percentages of principal amount thereof) set forth below plus
accrued and unpaid interest to the applicable redemption date, if redeemed
during the twelve month period commencing on May 15 of the year set forth
below:

 

4

 

	
  Year

  	
   

  	
  Redemption
  Price

  
	
   

  	
   

  	
   

  
	
  2008

  	
   

  	
  104.375%

  
	
  2009

  	
   

  	
  102.188%

  
	
  2010 and thereafter

  	
   

  	
  100.000%

  

 

In addition, prior to May
15, 2008, the Company may redeem the Euro Notes, at its option, in whole at any
time or in part from time to time, upon not less than 30 nor more than
60 days’ prior notice mailed by first-class mail to each Holder’s
registered address, at a redemption price equal to 100% of the principal amount
of the Euro Notes redeemed plus the Applicable Premium as of, and accrued and
unpaid interest to, the applicable redemption date (subject to the right of the
Holders of record on the relevant record date to receive interest due on the
relevant interest payment date).

Notwithstanding the
foregoing, prior to May 15, 2007, the Company may at its option on one or more
occasions redeem the Euro Notes (which includes Additional Euro Notes, if any)
in an aggregate principal amount not to exceed 35% of the aggregate principal
amount of the Euro Notes (which includes Additional Dollar Notes, if any)
originally issued at a redemption price (expressed as a percentage of principal
amount) of 108.75% plus accrued and unpaid interest to the redemption date,
with the net cash proceeds from one or more Equity Offerings; provided, however, that (i) at
least 65% of such aggregate principal amount of Dollar Notes (which includes
Additional Dollar Notes, if any) remains outstanding immediately after the
occurrence of each such redemption (other than Notes held, directly or
indirectly, by the Company or its Affiliates); and (ii) each such redemption
occurs within 60 days after the date of the related Equity Offering.

Notwithstanding the
foregoing, in the event that the Transactions have not been consummated on or
prior to May 20, 2004, then the Company shall mandatorily redeem all the Notes
on or prior to May 21, 2004, at a redemption price in cash equal to 100% of the
issue price of the Notes plus accrued and unpaid interest to the date of
redemption.  Notice of such redemption
shall be given to the Trustee no later than the close of business on May 20,
2004.

6.             Sinking Fund

The Euro Notes are not
subject to any sinking fund.

7.             Notice of Redemption

Notice of redemption will be
mailed by first-class mail at least 30 days but not more than 60 days
before the redemption date to each Holder of Euro Notes to be redeemed at his,
her or its registered address.  Euro
Notes in denominations larger than €1,000 may be redeemed in part but only in
whole multiples of €1,000.  If money
sufficient to pay the redemption price of and accrued and unpaid interest on
all Euro Notes (or portions thereof) to be redeemed on the redemption date is
deposited with a Paying Agent on or before the redemption date and certain
other conditions are satisfied, on and after such date interest ceases to
accrue on such Euro Notes (or such portions thereof) called for redemption.

 

5

 

8.             Repurchase of Euro Notes at the
Option of the Holders upon Change of Control and Asset Sales

If a Change of Control
occurs, each Holder shall have the right, subject to certain conditions
specified in the Indenture, to require the Company to repurchase all or a
portion of such Holder’s Euro Notes at a purchase price equal to 101% of the
principal amount thereof plus accrued interest to the date of repurchase
(subject to the right of the Holders of record on the relevant record date to
receive interest due on the relevant interest payment date), as provided in,
and subject to the terms of, the Indenture.

In accordance with
Section 4.10 of the Indenture, the Company will be required to offer to
purchase Euro Notes upon the occurrence of certain events.

9.             Subordination

The Euro Notes and
Guarantees are subordinated to Senior Indebtedness, as defined in the
Indenture.  To the extent provided in
the Indenture, Senior Indebtedness must be paid before the Euro Notes and
Guarantees may be paid.  The Company and
each Guarantor agrees, and each Holder by accepting a Euro Note agrees, to the
subordination provisions contained in the Indenture and authorizes the Trustee
to give it effect and appoints the Trustee as attorney-in-fact for such purpose.

10.           Denominations; Transfer; Exchange

The Euro Notes are in
registered form, without coupons, in denominations of €1,000 and integral
multiples of €1,000.  A Holder shall
register the transfer of or exchange of Euro Notes in accordance with the Indenture.  Upon any registration of transfer or
exchange, the Registrar and the Trustee may require a Holder, among other
things, to furnish appropriate endorsements or transfer documents and to pay
any taxes required by law or permitted by the Indenture.  The Registrar need not register the transfer
of or exchange any Euro Notes selected for redemption in whole or in part,
except the unredeemed portion of any Euro Note being redeemed in part.  The Company shall not be required (i) to
issue, to register the transfer of or to exchange any Euro Notes during a
period beginning at the opening of business 15 days before the day of the
mailing of notice of redemption and ending at the close of business on such
day, (ii) to register the transfer of or to exchange any Euro Note so selected
for redemption in whole or in part, except the unredeemed portion of any Euro
Note being redeemed in part or (iii) to register the transfer of or to exchange
a Euro Note between a record date and the next succeeding Interest Payment Date

11.           Persons Deemed Owners

The registered Holder of
this Euro Note shall be treated as the owner of it for all purposes.

 

6

 

12.           Unclaimed Money

If money for the payment of
principal or interest remains unclaimed for two years, the Trustee and a Paying
Agent shall pay the money back to the Company at its written request unless an
abandoned property law designates another Person.  After any such payment, the Holders entitled to the money must
look to the Company for payment as general creditors and the Trustee and a
Paying Agent shall have no further liability with respect to such monies.

13.           Discharge and Defeasance

Subject to certain
conditions, the Company at any time may terminate some of or all its obligations
under the Notes and the Indenture if the Company deposits with the Trustee cash
in euros or EU Government Obligations, or a combination of euros and EU
Government Obligations, in such amounts as will be sufficient, in the opinion
of a nationally recognized firm of public accountants to pay the principal
amount at maturity of, premium, if any, and interest on the Notes on the stated
date for payment thereof or on the applicable redemption date, as the case may
be.

14.           Amendment, Waiver

Subject to certain
exceptions set forth in the Indenture, (i) the Indenture, the Guarantees
or the Notes may be amended with the written consent of the Holders of at least
a majority in principal amount of the Notes then outstanding voting as a single
class and (ii) any past default or compliance with any provisions of the
Indenture, the Guarantees or the Notes may be waived with the consent of the
Holders of a majority in principal amount of the then outstanding Notes voting
as a single class; provided,
however, that if any
amendment, waiver or other modification will only affect the Dollar Notes or
the Euro Notes, only the consent of the Holders of at least a majority in
principal amount of the then outstanding Dollar Notes or Euro Notes, as the
case may be, (and not the consent of the majority of all Notes) shall be
required.  Subject to certain exceptions
set forth in the Indenture, without the consent of any Holder, the Company, the
Guarantors and the Trustee may amend the Indenture, the Guarantees or the Notes
(i) to cure any ambiguity, omission, defect or inconsistency; (ii) to
provide for uncertificated Notes in addition to or in place of certificated
Notes (provided that the
uncertificated Notes are issued in registered form for purposes of Section
163(f) of the Code, or in a manner such that the uncertificated Notes are
described in Section 163(f)(2)(B) of the Code) or to alter the provisions of
Article 2 of the Indenture or the Appendix hereof relating to the form of the
Notes (including the related definitions) in a manner that does not adversely
affect any Holder; (iii) to provide for the assumption of the Company’s or a
Guarantor’s obligations to Holders of the Notes by a successor to the Company
or a Guarantor in case of a merger or consolidation; (iv) to make any change
that would provide any additional rights or benefits to the Holders of the
Notes or that does not adversely affect the legal rights under the Indenture of
any such Holder; (v) to comply with the requirements of the SEC in order to
effect or maintain the qualification of the Indenture under the Trust Indenture
Act; (vi) to provide for the issuance of Notes issued after the Issue Date in
accordance with the limitations set forth in the Indenture; (vii) to release
any Guarantor from its Guarantee in accordance with the Indenture; (viii) or to
allow any Guarantor to execute a supplemental indenture to the Indenture and/or
a Guarantee with respect to the Notes; or (ix) make any change in Article 10
and Article 12 of the Indenture that would limit or terminate the

 

7

 

benefits available to any
holder of Senior Debt of the Company or a holder of Guarantor Senior Debt (or
any Representative thereof) under such Article 10 and Article 12.

15.           Defaults and Remedies

Events of Default include:
(i) the failure to pay interest or Additional Interest, if any, on any Notes
when the same becomes due and payable if the default continues for a period of
30 days (whether or not such payment shall be prohibited by Article 10 or
Article 12 of the Indenture); (ii) the failure to pay the principal of or
premium, if any, on any Notes when such principal or premium, if any, becomes
due and payable, at maturity, upon redemption or otherwise (including the
failure to make a payment to purchase Notes tendered pursuant to a Change of
Control Offer or a Net Proceeds Offer on the date specified for such payment in
the applicable offer to purchase) (whether or not such payment shall be
prohibited by Article 10 or Article 12 of the Indenture); (iii) a default in
the observance or performance of any other covenant or agreement contained in
the Indenture if the default continues for a period of 30 days after the
Company receives written notice specifying the default (and demanding that such
default be remedied) from the Trustee or the Holders of at least 25% of the
outstanding principal amount of the Notes (except in the case of a default with
respect to Section 5.01 or Section 11.06 of the Indenture, which will
constitute an Event of Default with such notice requirement but without such
passage of time requirement); (iv) the failure to pay at final stated maturity
(giving effect to any applicable grace periods and any extensions thereof) the
principal amount of any Indebtedness of the Company or any Significant
Subsidiary of the Company (other than a Securitization Entity) or the
acceleration of the maturity of any such Indebtedness, if the aggregate
principal amount of such Indebtedness, together with the principal amount of
any other such Indebtedness, whether such Indebtedness now exists, or is
created after the date of the Indenture, in default for failure to pay
principal at final maturity or which has been accelerated, aggregates $20.0
million or more at any time; (v) one or more judgments in an aggregate amount
in excess of $20.0 million (which are not covered by insurance or indemnity as
to which the insurer or a creditworthy indemnitor has not disclaimed coverage)
shall have been rendered against the Company or any of its Significant Subsidiaries
or group of Restricted Subsidiaries that, taken together (as of the latest
audited consolidated financial statements for the Company and its Restricted
Subsidiaries), would constitute a Significant Subsidiary, and such judgments
remain undischarged, unpaid or unstayed for a period of 60 days after such
judgment or judgments become final and non-appealable; (vi) certain events of
bankruptcy, insolvency or reorganization affecting the Company or any of its
Significant Subsidiaries or group of Restricted Subsidiaries that taken
together (as of the latest audited consolidated financial statements for the
Company and its Restricted Subsidiaries), would constitute a Significant
Subsidiary; and (vii) any Guarantee of a Significant Subsidiary, or group of
Restricted Subsidiaries that, taken together (as of the latest audited
consolidated financial statements for the Company and its Restricted
Subsidiaries) would constitute a Significant Subsidiary, ceases to be in full
force and effect (except as contemplated by the terms of the Indenture) or is
declared null and void in a judicial proceeding or any Guarantor that is a
Significant Subsidiary or group of Guarantors that taken together (as of the
latest audited consolidated financial statements of the Company and its
Restricted Subsidiaries) would constitute a Significant Subsidiary denies or
disaffirms its obligations under the Indenture or its Guarantee. If any Event
of Default occurs and is continuing, the Trustee or the Holders of at least 25%
in principal amount of the then outstanding Notes may declare all the Notes to
be due and payable. Notwithstanding the

 

8

 

 foregoing, in the case of an Event of Default arising from certain
events of bankruptcy with respect to the Company, all outstanding Notes will
become due and payable without further action or notice. Holders may not
enforce the Indenture or the Notes except as provided in the Indenture. Subject
to certain limitations, Holders of a majority in principal amount of the then
outstanding Notes may direct the Trustee in its exercise of any trust or power.
The Trustee may withhold from Holders of the Notes notice of any continuing
Default or Event of Default (except a Default or Event of Default relating to
the payment of principal or interest or Additional Interest) if it determines
that withholding notice is in their interest. The Holders of a majority in
aggregate principal amount of the Notes then outstanding by notice to the
Trustee may on behalf of the Holders of all of the Notes waive any existing
Default or Event of Default and its consequences under the Indenture except a
continuing Default or Event of Default in the payment of interest (including
Additional Interest, if any) on, or the principal of, the Notes. The Company is
required to deliver to the Trustee annually a statement regarding compliance
with the Indenture, and the Company is required upon becoming aware of any
Default or Event of Default, to deliver to the Trustee a statement specifying
such Default or Event of Default.

16.           Trustee Dealings with the Company

Subject to certain
limitations imposed by the TIA, the Trustee under the Indenture, in its
individual or any other capacity, may become the owner or pledgee of Notes and
may otherwise deal with the Company or its Affiliates with the same rights it
would have if it were not Trustee.

17.           Authentication

This Euro Note shall not be
valid until an authorized signatory of the Trustee (or an authenticating agent)
manually signs the certificate of authentication on the other side of this Euro
Note.

18.           Abbreviations

Customary abbreviations may
be used in the name of a Holder or an assignee, such as TEN COM (=tenants in
common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants with
rights of survivorship and not as tenants in common), CUST (=custodian), and
U/G/M/A (=Uniform Gift to Minors Act).

19.           Governing Law

THIS NOTE
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE
OF NEW YORK.

20.           CUSIP Numbers, ISINs and Common Codes

The Company has caused CUSIP
numbers and ISINs and, in the case of the Euro Notes, Common Codes, to be
printed on the Notes and has directed the Trustee to use CUSIP numbers and
ISINs and, in the case of the Euro Notes, Common Codes, in notices of
redemption as a convenience to the Holders. 
No representation is made as to the accuracy of such numbers

 

9

either as printed on the
Notes or as contained in any notice of redemption and reliance may be placed
only on the other identification numbers placed thereon.

The Company will furnish to
any Holder of Notes upon written request and without charge to the Holder a
copy of the Indenture which has in it the text of this Note.

 

10

 

ASSIGNMENT FORM

To assign this Note, fill in
the form below:

I or we assign and transfer
this Note to:

	
   

  
	
  (Print
  or type assignee’s name, address and zip code)

  

 

	
   

  
	
  (Insert
  assignee’s soc. sec. or tax I.D. No.)

  

 

and irrevocably
appoint                           agent
to transfer this Note on the books of the Company.  The agent may substitute another to act for him.

 

	
   

  	
   

  

 

	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  	
  Your Signature:

  	
   

  

 

	
   

  
	
  Sign exactly as your name appears on the other side of this Note.

  

 

	
  Signature Guarantee:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  	
   

  
	
  Signature must be
  guaranteed by a participant in a recognized signature guaranty medallion
  program or other signature guarantor program reasonably acceptable to the
  Trustee

  	
   

  	
  Signature of Signature
  Guarantee

  
	
   

  	
   

  	
   

  	
   

  
					

 

 

 

11

 

 [TO BE ATTACHED TO GLOBAL EURO NOTES]

 

SCHEDULE OF INCREASES OR
DECREASES IN GLOBAL EURO NOTE

The initial principal amount
of this Global Euro Note is €______________. 
The following increases or decreases in this Global Euro Note have been
made:

	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Date of Exchange

  	
   

  	
  Amount of decrease in Principal Amount of this Global
  Euro Note

  	
   

  	
  Amount of increase in Principal Amount of this Global
  Euro Note

  	
   

  	
  Principal amount of this Global Euro Note following
  such decrease or increase

  	
   

  	
  Signature of authorized signatory of Trustee or Notes
  Custodian

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 

 

12

 

OPTION
OF HOLDER TO ELECT PURCHASE

If you want
to elect to have this Euro Note purchased by the Company pursuant to
Section 4.10 (Asset Sale) or 4.15 (Change of Control) of the Indenture,
check the box:

	
   

  	
  Asset Sale  o

  	
  Change of Control  o

  

 

If you want
to elect to have only part of this Euro Note purchased by the Company pursuant
to Section 4.10 (Asset Sale) or 4.15 (Change of Control) of the Indenture,
state the amount (€1,000 or an integral
multiple thereof):

$

	
  Date:

  	
   

  	
   

  	
  Your
  Signature:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (Sign exactly as your name appears on the other side of
  this Note)

  

 

 

	
   

  	
   

  	
   

  
	
  Signature
  Guarantee:

  	
   

  	
   

  

 

Signature
must be guaranteed by a participant in a recognized signature guaranty
medallion program or other signature guarantor program reasonably acceptable to
the Trustee

 

 

13Exhibit 4.4

PP HOLDING
CORPORATION II

REGISTRATION
RIGHTS AGREEMENT

REGISTRATION RIGHTS
AGREEMENT (this “Agreement”), dated as of May 13, 2004, among the
institutional investors whose names and addresses are listed from time to time
on Schedule I hereto (collectively, the “Institutional Investors”),
those employees of Polypore Inc., a Delaware corporation (“Polypore”),
and certain employees of Polypore’s subsidiaries whose names and addresses are
listed on Schedule II hereto (the “Management Investors” and together
with the Institutional Investors, the “Investors”), and PP Holding
Corporation II, a Delaware corporation (the “Company”).

R E C I T A L S

WHEREAS, on January 30,
2004, PP Acquisition Corporation (“PP Acquisition”), a Delaware
corporation and a wholly owned subsidiary of PP Holding Corporation, a Delaware
corporation (“PP Holding”), entered into a Stock Purchase Agreement (the
“Purchase Agreement”) with Polypore and the stockholders of Polypore
party thereto, pursuant to which PP Acquisition agreed to purchase 100% of the
capital stock (the “Stock Purchase”) of Polypore;

WHEREAS, PP Holding is a
wholly owned subsidiary of the Company;

WHEREAS, upon or shortly
following the closing of the Stock Purchase, PP Acquisition will be merged with
and into Polypore, resulting in Polypore being a direct wholly owned subsidiary
of PP Holding and an indirect wholly owned subsidiary of the Company;

WHEREAS, in connection with
the transactions contemplated by the Purchase Agreement, the Institutional
Investors have entered into a Securities Purchase Agreement (the “Subscription
Agreement”) with the Company pursuant to which the Company has agreed to
sell and each Institutional Investor has agreed to purchase from the Company,
among other things, shares of common stock, par value $0.01 per share (the “Common
Stock”); and

WHEREAS, the Company and the
Investors desire to define the registration rights of the Investors on the
terms and subject to the conditions herein set forth.

NOW, THEREFORE, in
consideration of the foregoing premises and for other good and valuable
consideration, the parties hereby agree as follows:

SECTION 1.         DEFINITIONS.

As used in this Agreement,
the following terms have the respective meanings set forth below:

Commission:  shall mean the Securities and Exchange
Commission or any other federal agency at the time administering the Securities
Act;

 

Exchange Act:  shall mean the Securities Exchange Act of
1934, as amended (or any successor act), and the rules and regulations
promulgated thereunder;

Holder:  shall mean any holder of Registrable
Securities;

Initial Public Offering:  shall mean the initial public offering of
shares of Common Stock pursuant to a registration under the Securities Act;

Person:  shall mean an individual, partnership,
joint-stock company, corporation, limited liability company, trust or
unincorporated organization, and a government or agency or political
subdivision thereof;

register, registered
and registration:  shall mean a
registration effected by preparing and filing a registration statement in
compliance with the Securities Act (and any post-effective amendments filed or
required to be filed) and the declaration or ordering of effectiveness of such
registration statement;

Registrable Securities:  shall mean (A) the shares of Common Stock
acquired by the Institutional Investors pursuant to the terms of the
Subscription Agreement, (B) any additional shares of Common Stock acquired by
the Institutional Investors after the date hereof,  including any shares of Common Stock issuable upon conversion or
exchange of convertible or exchangeable securities acquired by the
Institutional Investors after the date hereof, (C) the shares of Common Stock
issuable to the Management Investors upon exercise of any option to acquire
shares of Common Stock granted to them by the Company pursuant to the Company’s
2004 Stock Option Plan; (D) the shares of Common Stock, if any, distributed to
the Management Investors pursuant to the terms of that certain Amended and
Restated Limited Liability Company Agreement of PP Holding, LLC, a Delaware
limited liability company, as the same may be amended from time to time and (E)
any stock of the Company issued as a dividend or other distribution with
respect to, or in exchange for or in replacement of, the shares of Common Stock
referred to in clauses (A), (B), (C) or (D) above;

Registration Expenses:  shall mean all expenses incurred by the
Company in compliance with Section 2(a), (b) and (c) hereof, including, without
limitation, all registration and filing fees, printing expenses, fees and
disbursements of counsel for the Company, all of the reasonable fees and
expenses of one counsel for all of the Holders, blue sky fees and expenses and
any expenses associated with any special audits incident to or required by any
such registration (but excluding the compensation of regular employees of the
Company, which shall be paid in any event by the Company);

Securities Act:  shall mean the Securities Act of 1933, as
amended (or any successor act), and the rules and regulations promulgated
thereunder;

Selling Expenses:  shall mean all underwriting discounts and
selling commissions applicable to the sale of Registrable Securities and all
fees and disbursements of counsel for each of the Holders other than the
reasonable fees and expenses of one counsel for all of the Holders; and

2

 

Warburg Pincus:  shall mean Warburg Pincus Private Equity
VIII, L.P., a Delaware limited partnership, or Warburg Pincus International
Partners, L.P., a Delaware limited partnership.

SECTION 2.         REGISTRATION RIGHTS.

(a)           Requested Registration.

(i)            Request for Registration.  If the Company shall receive from Warburg
Pincus, at any time, a written request that the Company effect any registration
with respect to all or a part of the Registrable Securities, the Company will:

(1)           promptly give written notice of the
proposed registration, qualification or compliance to all other Holders; and

(2)           as soon as practicable, use its
reasonable best efforts to effect such registration (including, without
limitation, the execution of an undertaking to file post-effective
amendments, appropriate qualification under applicable blue sky or other state
securities laws and appropriate compliance with applicable regulations issued
under the Securities Act) as may be so requested and as would permit or
facilitate the sale and distribution of all or such portion of such Registrable
Securities as are specified in such request, together with all or such portion
of the Registrable Securities of any Holder or Holders joining in such request
as are specified in a written request received by the Company within ten (10)
business days after written notice from the Company is given under Section
2(a)(i)(1) above; provided that the Company shall not be obligated to
effect, or take any action to effect, any such registration pursuant to this
Section 2(a):

(A)          In any particular jurisdiction in which the Company would
be required to execute a general consent to service of process in effecting
such registration, qualification or compliance, unless the Company is already
subject to service in such jurisdiction and except as may be required by the
Securities Act or applicable rules or regulations thereunder;

(B)           After the Company has effected three (3) such
registrations pursuant to this Section 2(a) and such registrations have been
declared or ordered effective and the sales of such Registrable Securities
shall have closed;

(C)           If the Registrable Securities requested by all Holders to
be registered pursuant to such request do not have an anticipated aggregate
public offering price (before deduction of Selling Expenses) of at least
$15,000,000 (or $25,000,000 if such requested registration is the Initial
Public Offering); or

(D)          During the period starting with the date sixty (60) days
prior to the Company’s good faith estimate of the date of filing of, and ending
on the date six (6) months immediately following the effective date of, any 

3

 

registration statement
pertaining to securities of the Company (other than a registration of
securities in a Rule 145 transaction, with respect to an employee benefit plan
or with respect to the Company’s first registered public offering of its
stock), provided that the Company is actively employing in good faith all
reasonable efforts to cause such registration statement to become effective; provided,
however, that the Company may only delay an offering pursuant to this
Section 2(a)(i)(2)(D) for a period of not more than sixty (60) days, if a
filing of any other registration statement is not made within that period and
the Company may only exercise this right once in any twelve (12) month period.

The registration statement
filed pursuant to the request of Warburg Pincus may, subject to the provisions
of Section 2(a)(ii) below, include other securities of the Company which are
held by Persons who, by virtue of agreements with the Company, are entitled to
include their securities in any such registration (“Other Stockholders”).  In the event any Holder requests a
registration pursuant to this Section 2(a) in connection with a distribution of
Registrable Securities to its partners or members, the registration shall
provide for the resale by such partners or members, if requested by such
Holder.

The registration rights set
forth in this Section 2 may be assigned, in whole or in part, to any transferee
of Registrable Securities (who shall be bound by all obligations of this
Agreement).

(ii)           Underwriting.  If Warburg Pincus intends to distribute the
Registrable Securities covered by its request by means of an underwriting, it
shall so advise the Company as a part of its request made pursuant to Section
2(a).  If Other Stockholders request
inclusion in any such registration, the Holders shall offer to include the
securities of such Other Stockholders in the underwriting and may condition
such offer on their acceptance of the further applicable provisions of this
Section 2.  The Holders whose shares of
Common Stock are to be included in such registration and the Company shall
(together with all Other Stockholders proposing to distribute their securities
through such underwriting) enter into an underwriting agreement in customary
form with the representative of the underwriter or underwriters selected for
such underwriting by Warburg Pincus and reasonably acceptable to the
Company.  Notwithstanding any other
provision of this Section 2(a), if the representative advises the Holders in
writing that marketing factors require a limitation on the number of shares of
Common Stock to be underwritten, the securities of the Company held by Other
Stockholders, including, without limitation, the Management
Investors, shall be excluded from such registration to the extent so required by
such limitation.  If, after the
exclusion of such shares, further reductions are still required, the number of
shares included in the registration by each Holder shall be reduced on a pro
rata basis (based on the number of shares requested to be registered by such
Holder), by such minimum number of shares as is necessary to comply with such
request.  No Registrable Securities or
any other securities excluded from the underwriting by reason of the
underwriter’s marketing limitation shall be included in such registration.  If any Holder who has requested inclusion in
such registration as provided above disapproves of the terms of the
underwriting, such Person may elect to withdraw therefrom by providing written
notice to the Company, the underwriter and Warburg Pincus.  The securities so withdrawn shall also be
withdrawn 

4

 

from registration.  If the underwriter has not limited the
number of Registrable Securities or other securities to be underwritten, the Company
and officers and directors of the Company (to the extent such persons are not
otherwise Holders) may include its or their securities for its or their own
account in such registration if the representative so agrees and if the number
of Registrable Securities and other securities which would otherwise have been
included in such registration and underwriting will not thereby be limited.

(b)           Company Registration.

(i)            If the Company shall determine to
register any of its equity securities either for its own account or for the
account of Warburg Pincus, any Holder or any Other Stockholder, other than a
registration relating solely to employee benefit plans, or a registration
relating solely to a Rule 145 transaction, or a registration on any
registration form which does not permit secondary sales or does not include
substantially the same information as would be required to be included in a
registration statement covering the sale of Registrable Securities, the Company
will:

(1)           promptly give to each of the Holders
a written notice thereof (which shall include a list of the jurisdictions in
which the Company intends to attempt to qualify such securities under the
applicable blue sky or other state securities laws); and

(2)           include in such registration (and any
related qualification under blue sky laws or other compliance), and in any
underwriting involved therein, all the Registrable Securities specified in a
written request or requests, made by the Holders within fifteen (15) days after
receipt of the written notice from the Company described in clause (1) above,
except as set forth in Section 2(b)(ii) below. 
Such written request may specify all or a part of the Holders’
Registrable Securities.  In the event
any Holder requests inclusion in a registration pursuant to this Section 2(b)
in connection with a distribution of Registrable Securities to its partners or
members, the registration shall provide for the resale by such partners or
members, if requested by such Holder.

(ii)           Underwriting.  If the registration of which the Company
gives notice is for a registered public offering involving an underwriting, the
Company shall so advise each of the Holders as a part of the written notice
given pursuant to Section 2(b)(i)(1). 
In such event, the right of each of the Holders to include its
Registrable Securities in such registration pursuant to this Section 2(b) shall
be conditioned upon such Holders’ participation in such underwriting and the
inclusion of such Holders’ Registrable Securities in the underwriting to the
extent provided herein.  The Holders
whose Registrable Securities are to be included in such registration shall
(together with the Company and the Other Stockholders distributing their
securities through such underwriting) enter into an underwriting agreement in
customary form with the representative of the underwriter or underwriters
selected for underwriting by the Company. 
Notwithstanding any other provision of this Section 2(b), if the
representative determines that marketing factors require a limitation on the
number of shares to be underwritten, and (x) if such registration is the
Initial Public Offering, the representative may (subject to the allocation
priority set forth below) exclude from such registration and underwriting some
or all of the Registrable Securities which would otherwise be 

5

 

underwritten pursuant
hereto, and (y) if such registration is other than the Initial Public Offering,
the representative may (subject to the allocation priority set forth below)
limit the number of Registrable Securities to be included in the registration
and underwriting to not less than twenty five percent (25%) of the shares
included therein (based on the number of shares); provided, however,
without limiting the foregoing, the Company shall have no obligation to include
any such registration any Registrable Securities held by the Management
Investors if the underwriters determine, in their sole discretion, that
marketing factors require the Registrable Securities held by such Management
Investors to be excluded from the registration.  The Company shall immediately so advise all holders of securities
requesting registration of such limitation, and the number of shares of
securities that are entitled to be included in the registration and
underwriting shall be allocated in the following manner:  The securities of the Company held by
officers, directors and Other Stockholders of the Company (other than
Registrable Securities and other than securities held by holders who by
contractual right demanded such registration (“Demanding Holders”))
shall be excluded from such registration and underwriting to the extent
required by such limitation, and, if a limitation on the number of shares is
still required, the number of shares that may be included in the registration
and underwriting by each of the Holders and Demanding Holders shall be reduced,
on a pro rata basis (based on the number of shares held by such Holder or
Demanding Holder), by such minimum number of shares as is necessary to comply
with such limitation.  If any of the
Holders or any officer, director or Other Stockholder disapproves of the terms
of any such underwriting, he, she or it may elect to withdraw therefrom by
providing written notice to the Company and the underwriter.  Any Registrable Securities or other
securities excluded or withdrawn from such underwriting shall be withdrawn from
such registration.

(c)           Form S-3.  Following the Initial Public Offering, the
Company shall use its best efforts to qualify for registration on Form S-3 for
secondary sales.  After the Company has
qualified for the use of Form S-3, Warburg Pincus shall have the right to
request an unlimited number of registrations on Form S-3 (such requests shall
be in writing and shall state the number of shares of Registrable Securities to
be disposed of and the intended method of disposition of shares by Warburg
Pincus), provided, that the Company shall not be obligated to effect, or
take any action to effect, any such registration pursuant to this Section 2(c):

(i)            Unless the Holders who join in such
registration pursuant to the terms hereof propose to dispose of shares of
Registrable Securities having an aggregate price to the public (before
deduction of Selling Expenses) of more than $5,000,000;

(ii)           Within 180 days of the effective date
of the most recent registration pursuant to this Section 2(c) in which
securities held by such Holders could have been included for sale or
distribution;

(iii)          In any particular jurisdiction in which
the Company would be required to execute a general consent to service of
process in effecting such registration, qualification or compliance, unless the
Company is already subject to service in such jurisdiction and 

6

 

except as may be required by
the Securities Act or applicable rules or regulations thereunder; or

(iv)          During the period starting with the
date sixty (60) days prior to the Company’s good faith estimate of the date of
filing of, and ending on the date six (6) months immediately following the
effective date of, any registration statement pertaining to securities of the
Company (other than a registration of securities in a Rule 145 transaction or
with respect to an employee benefit plan), provided that the Company is
actively employing in good faith all reasonable efforts to cause such
registration statement to become effective; provided, however,
that the Company may only delay an offering pursuant to this Section 2(c)(iv)
for a period of not more than sixty (60) days, if a filing of any other
registration statement is not made within that period and the Company may only
exercise this right once in any twelve (12) month period.

The Company shall give
written notice to all Holders of the receipt of a request for registration
pursuant to this Section 2(c) and shall provide a reasonable opportunity for
other Holders to participate in the registration, provided that if the
registration is for an underwritten offering, the terms of Section 2(a)(ii) shall
apply to all participants in such offering. 
Subject to the foregoing, the Company will use its best efforts to
effect promptly the registration of all shares of Registrable Securities on
Form S-3 to the extent requested by Warburg Pincus for purposes of
disposition.  In the event Warburg
Pincus requests a registration pursuant to this Section 2(c) in connection with
a distribution of Registrable Securities to its partners or members, the
registration shall provide for the resale by such partners or members, if
requested by Warburg Pincus.

(d)           Expenses of Registration.  All registration Expenses incurred in connection with any
registration, qualification or compliance pursuant to this Section 2 shall be
borne by the Company, and all Selling Expenses shall be borne by the Holders of
the securities so registered pro rata on the basis of the number of their
shares so registered.

(e)           Registration Procedures.  In the case of each registration effected by the Company pursuant
to this Section 2, the Company will keep the Holders, as applicable, advised in
writing as to the initiation of each registration and as to the completion
thereof.  At its expense, the Company
will:

(i)            keep such registration effective for
a period of one hundred twenty (120) days or until the Holders (or in the case
of a distribution to the partners or members of such Holder, such partners or
members), as applicable, have completed the distribution described in the
registration statement relating thereto, whichever first occurs; provided,
however, that (A) such 120-day period shall be extended for a period of
time equal to the period during which the Holders, partners or members, as
applicable, refrain from selling any securities included in such registration
in accordance with provisions in Section 2(i) hereof; and (B) in the case of
any registration of Registrable Securities on Form S-3 which are intended to be
offered on a continuous or delayed basis, such 120-day period shall be extended
until all such Registrable Securities are sold, provided that Rule 415, or any
successor rule under the Securities Act, permits an offering on a continuous or
delayed basis, and provided  further, that applicable rules under
the Securities Act 

7

 

governing the obligation to
file a post-effective amendment permit, in lieu of filing a post-effective
amendment which (y) includes any prospectus required by Section 10(a) of the
Securities Act or (z) reflects facts or events representing a material or
fundamental change in the information set forth in the registration statement,
the incorporation by reference of information required to be included in (y)
and (z) above to be contained in periodic reports filed pursuant to Section 12
or 15(d) of the Exchange Act in the registration statement;

(ii)           furnish such number of prospectuses
and other documents incident thereto as each of the Holders, as applicable,
from time to time may reasonably request;

(iii)          notify each Holder of Registrable
Securities covered by such registration at any time when a prospectus relating
thereto is required to be delivered under the Securities Act of the happening
of any event as a result of which the prospectus included in such registration
statement, as then in effect, includes an untrue statement of a material fact
or omits to state a material fact required to be stated therein or necessary in
order to make the statements therein, in the light of the circumstances under
which they were made, not misleading; and

(iv)          furnish, on the date that such
Registrable Securities are delivered to the underwriters for sale, if such
securities are being sold through underwriters or, if such securities are not
being sold through underwriters, on the date that the registration statement
with respect to such securities becomes effective, (1) an opinion, dated as of
such date, of the counsel representing the Company for the purposes of such
registration, in form and substance as is customarily given to underwriters in
an underwritten public offering and reasonably satisfactory to a majority in
interest of the Holders participating in such registration, addressed to the
underwriters, if any, and to the Holders participating in such registration and
(2) a letter, dated as of such date, from the independent certified public
accountants of the Company, in form and substance as is customarily given by
independent certified public accountants to underwriters in an underwritten
public offering and reasonably satisfactory to a majority in interest of the
Holders participating in such registration, addressed to the underwriters, if
any, and if permitted by applicable accounting standards, to the Holders
participating in such registration.

(f)            Indemnification.

(i)            The Company will indemnify each of
the Holders, as applicable, each of its officers, directors, partners and
members, and each Person controlling each of the Holders, with respect to each
registration which has been effected pursuant to this Section 2 in which such
Holder includes Registrable Securities, and each underwriter, if any, and each
Person who controls any underwriter, against all claims, losses, damages and
liabilities (or actions in respect thereof) arising out of or based on any
untrue statement (or alleged untrue statement) of a material fact contained in
any prospectus, offering circular or other document (including any related
registration statement, notification or the like) incident to any such
registration, qualification or compliance, or based on any omission (or alleged
omission) to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, or any violation by
the 

8

 

Company of the Securities
Act or the Exchange Act or any rule or regulation thereunder applicable to the
Company and relating to action or inaction required of the Company in
connection with any such registration, qualification or compliance, and will
reimburse each of the Holders, each of its officers, directors, partners and
members, and each Person controlling each of the Holders, each such underwriter
and each Person who controls any such underwriter, for any legal and any other
expenses reasonably incurred in connection with investigating and defending any
such claim, loss, damage, liability or action, provided that the Company will
not be liable in any such case to the extent that any such claim, loss, damage,
liability or expense arises out of or is based on any untrue statement or
omission based upon written information furnished to the Company by the Holders
or underwriter and stated to be specifically for use therein.

(ii)           Each of the Holders will, if
Registrable Securities held by it are included in the securities as to which
such registration, qualification or compliance is being effected, indemnify the
Company, each of its directors and officers and each underwriter, if any, of
the Company’s securities covered by such a registration statement, each Person
who controls the Company or such underwriter, each other Holder and each Other
Stockholder and each of their respective officers, directors, partners and
members, and each Person controlling such other Holder or Other Stockholder
against all claims, losses, damages and liabilities (or actions in respect
thereof) arising out of or based on any untrue statement (or alleged untrue
statement) of a material fact contained in any such registration statement,
prospectus, offering circular or other document made by such Holder in writing,
or any omission (or alleged omission) to state therein a material fact required
to be stated therein or necessary to make the statements by such Holder therein
not misleading, and will reimburse the Company, the underwriters and such other
Holders and Other Stockholders and their respective directors, officers,
members, partners, Persons or control Persons for any legal or any other
expenses reasonably incurred in connection with investigating or defending any
such claim, loss, damage, liability or action, in each case to the extent, but only
to the extent, that such untrue statement (or alleged untrue statement) or
omission (or alleged omission) is made in such registration statement,
prospectus, offering circular or other document in reliance upon and in
conformity with written information furnished to the Company by such Holder and
stated to be specifically for use therein; provided, however,
that the obligations of each of the Holders hereunder shall be limited to an
amount equal to the net proceeds to such Holder of securities sold in such
registration as contemplated herein.

(iii)          Each party entitled to indemnification
under this Section 2(f) (the “Indemnified Party”) shall give notice to
the party required to provide indemnification (the “Indemnifying Party”)
promptly after such Indemnified Party has actual knowledge of any claim as to
which indemnity may be sought, and shall permit the Indemnifying Party to
assume the defense of any such claim or any litigation resulting therefrom; provided,
that counsel for the Indemnifying Party, who shall conduct the defense of such
claim or any litigation resulting therefrom, shall be approved by the
Indemnified Party (whose approval shall not unreasonably be withheld) and the
Indemnified Party may participate in such defense at such party’s expense (unless
the Indemnified Party shall have reasonably concluded that there may be a
conflict of interest between the Indemnifying Party and the Indemnified Party
in such action, in which case the fees and 

9

 

expenses of counsel shall be
at the expense of the Indemnifying Party), and provided  further,
that the failure of any Indemnified Party to give notice as provided herein
shall not relieve the Indemnifying Party of its obligations under this Section
2 unless the Indemnifying Party is materially and adversely prejudiced
thereby.  No Indemnifying Party, in the
defense of any such claim or litigation shall, except with the prior written
consent of each Indemnified Party, consent to entry of any judgment or enter
into any settlement which does not include as an unconditional term thereof the
giving by the claimant or plaintiff to such Indemnified Party of a release from
all liability in respect to such claim or litigation.  Each Indemnified Party shall furnish such information regarding
itself or the claim in question as an Indemnifying Party may reasonably request
in writing and as shall be reasonably required in connection with the defense
of such claim and litigation resulting therefrom.

(iv)          If the indemnification provided for in
this Section 2(f) is held by a court of competent jurisdiction to be
unavailable to an Indemnified Party with respect to any loss, liability, claim,
damage or expense referred to herein, then the Indemnifying Party, in lieu of
indemnifying such Indemnified Party hereunder, shall contribute to the amount
paid or payable by such Indemnified Party as a result of such loss, liability,
claim, damage or expense in such proportion as is appropriate to reflect the
relative fault of the Indemnifying Party on the one hand and of the Indemnified
Party on the other in connection with the statements or omissions (or alleged
statements or omissions) which resulted in such loss, liability, claim, damage
or expense, as well as any other relevant equitable considerations.  The relative fault of the Indemnifying Party
and of the Indemnified Party shall be determined by reference to, among other
things, whether the untrue (or alleged untrue) statement of a material fact or
the omission (or alleged omission) to state a material fact relates to
information supplied by the Indemnifying Party or by the Indemnified Party and
the parties’ relative intent, knowledge, access to information and opportunity
to correct or prevent such statement or omission.

(v)           Notwithstanding the foregoing, to the
extent that the provisions on indemnification and contribution contained in the
underwriting agreement entered into in connection with any underwritten public
offering contemplated by this Agreement are in conflict with the foregoing
provisions, the provisions in such underwriting agreement shall be controlling.

(vi)          The foregoing indemnity agreement of
the Company and Holders is subject to the condition that, insofar as they
relate to any loss, claim, liability or damage arising out of a statement made
in or omitted from a preliminary prospectus but eliminated or remedied in the
amended prospectus on file with the Commission at the time the registration
statement in question becomes effective or the amended prospectus filed with
the Commission pursuant to Commission Rule 424(b) (the “Final Prospectus”),
such indemnity or contribution agreement shall not inure to the benefit of any
underwriter or Holder if a copy of the Final Prospectus was furnished to the
underwriter and was not furnished to the Person asserting the loss, liability,
claim or damage at or prior to the time such action is required by the
Securities Act.

(g)           Information by the Holders.

10

 

(i)            Each of the Holders holding
securities included in any registration shall furnish to the Company such
information regarding such Holder and the distribution proposed by such Holder
as the Company may reasonably request in writing and as shall be reasonably
required in connection with any registration, qualification or compliance
referred to in this Section 2.

(ii)           In the event that, either immediately
prior to or subsequent to the effectiveness of any registration statement, any
Holder shall distribute Registrable Securities to its partners or members, such
Holder shall so advise the Company and provide such information as shall be
necessary to permit an amendment to such registration statement to provide
information with respect to such partners or members, as selling securityholders.  Promptly following receipt of such
information, the Company shall file an appropriate amendment to such
registration statement reflecting the information so provided.  Any incremental expense to the Company
resulting from such amendment shall be borne by such Holder.

(h)           Rule 144 Reporting.

With a view to making
available the benefits of certain rules and regulations of the Commission which
may permit the sale of restricted securities to the public without
registration, the Company agrees to:

(i)            make and keep public information
available as those terms are understood and defined in Rule 144 under the
Securities Act (“Rule 144”), at all times from and after ninety (90)
days following the effective date of the first registration under the
Securities Act filed by the Company for an offering of its securities to the
general public;

(ii)           use its best efforts to file with the
Commission in a timely manner all reports and other documents required of the
Company under the Securities Act and the Exchange Act at any time after it has
become subject to such reporting requirements; and

(iii)          so long as the Holder owns any
Registrable Securities, furnish to the Holder upon request, a written statement
by the Company as to its compliance with the reporting requirements of Rule 144
(at any time from and after ninety (90) days following the effective date of
the first registration statement filed by the Company for an offering of its
securities to the general public), and of the Securities Act and the Exchange
Act (at any time after it has become subject to such reporting requirements), a
copy of the most recent annual or quarterly report of the Company, and such
other reports and documents so filed as the Holder may reasonably request in
availing itself of any rule or regulation of the Commission allowing the Holder
to sell any such securities without registration.

(i)            “Market Stand-off” Agreement.  Each of the Holders agrees, if requested by
the Company or an underwriter of equity securities of the Company, not to sell
or otherwise transfer or dispose of any Registrable Securities held by such
Holder, unless such shares are sold, transferred or otherwise disposed of
pursuant to a registered offering, during the twelve (12) month period
immediately following the effective date of a registration statement of the
Company filed under the Securities Act, provided that:

 

11

 

(i)            such agreement only applies to the
Initial Public Offering;

(ii)           all executive officers and directors
of the Company and all stockholders who own in excess of one percent (1%) of
the Common Stock on a fully diluted basis enter into similar agreements; and

(iii)          the Company shall not be permitted to
waive or release the terms of this Section 2(i) with respect to any Holder
unless the Company shall have waived or released the terms of this Section 2(i)
with respect to each other Holder.

If requested by the
underwriters, the Holders shall execute a separate agreement to the foregoing
effect.  The Company may impose stop-transfer
instructions with respect to the shares (or securities) subject to the
foregoing restriction until the end of said twelve (12) month period.  The provisions of this Section 2(i) shall be
binding upon any transferee who acquires Registrable Securities.

(j)            Termination. 
The registration rights set forth in this Section 2 shall not be
available to any Holder if, (i) in the written opinion of counsel to the
Company, all of the Registrable Securities then owned by such Holder could be
sold in any 90-day period pursuant to Rule 144 (without giving effect to the
provisions of Rule 144(k)) or (ii) all of the Registrable Securities held by
such Holder have been sold in a registration pursuant to the Securities Act or
pursuant to Rule 144.

SECTION 3.         MISCELLANEOUS.

(a)           Directly or Indirectly.  Where any provision in this Agreement refers to action to be
taken by any Person, or which such Person is prohibited from taking, such
provision shall be applicable whether such action is taken directly or indirectly
by such Person.

(b)           Governing Law. 
This Agreement shall be governed by and construed in accordance with the
laws of the State of Delaware applicable to contracts made and to be performed
entirely within such State, without regard to conflict of law principles.

(c)           Section Headings. 
The headings of the sections and subsections of this Agreement are
inserted for convenience only and shall not be deemed to constitute a part
thereof.

(d)           Notices.

(i)            All notices, requests, demands,
waivers and other communications required or permitted to be given under this
Agreement shall be in writing and shall be deemed to have been duly given if
(1) delivered personally, (2) mailed, certified or registered mail with postage
prepaid, (3) sent by next-day or overnight mail or delivery or (4) sent by
telecopy (including facsimile) or telegram, as follows:

(1)           if to the Company, to c/o Warburg
Pincus LLC, 466 Lexington Avenue, New York, NY 10017, Attention: Kewsong Lee
and David Barr (facsimile: (212) 878-9100), or at such other address or
facsimile number as it may have furnished in writing to the Holders in
accordance with the terms hereof, with a copy (which shall not constitute

12

 

notice) to Willkie Farr
& Gallagher LLP, 787 Seventh Avenue, New York, NY 10019, Attention: Steven
J. Gartner, Esq. (facsimile: (212) 728-9222); and

(2)           if to the Holders, at the address or
facsimile number listed on Schedule I hereto, or at such other address
or facsimile number as may have been furnished the Company in writing in
accordance with the terms hereof.

(ii)           Any notice so addressed shall be
deemed to be given: if delivered personally or by telecopy (including
facsimile) or telegram, on the date of such delivery, if a business day,
otherwise on the first business day thereafter; if mailed by certified or
registered mail with postage prepaid, on the third business day after the date
of such mailing, and if sent by next-day or overnight mail or delivery, on the
first business day following the date of such mailing or delivery.

(e)           Reproduction of Documents.  This Agreement and all documents relating
thereto, including, without limitation, any consents, waivers and
modifications which may hereafter be executed may be reproduced by the Company
and the Holders by any photographic, photostatic, microfilm, microcard,
miniature photographic or other similar process and the Holders and the Company
may destroy any original document so reproduced.  The parties hereto agree and stipulate that any such reproduction
shall be admissible in evidence as the original itself in any judicial or
administrative proceeding (whether or not the original is in existence and
whether or not such reproduction was made by the Company or the Holders in the
regular course of business) and that any enlargement, facsimile or further
reproduction of such reproduction shall likewise be admissible in evidence.

(f)            Successors and Assigns.  This Agreement shall inure to the benefit of and be binding upon
the successors and assigns of each of the parties.  No transferee of Registrable Securities shall have any rights
under this Agreement unless (i) the transferee is expressly granted rights
under this Agreement and such rights are set forth in a writing executed by the
transferor and the Company and (ii) such transferee’s Registrable Securities
represent at least five percent (5%) of the outstanding Common Stock on a
fully-diluted basis.

(g)           Entire Agreement; Amendment and Waiver.  This Agreement constitutes the entire understanding
of the parties hereto with respect to the subject matter hereof and supersedes
all prior understanding among such parties with respect to such subject
matter.  Subject to the terms of Section
2(i) hereof, this Agreement may be amended, and the observance of any term of
this Agreement may be waived, with (and only with) the written consent of the
Company and the Holders holding a majority of the then outstanding Registrable
Securities.

(h)           Severability. 
In the event that any part or parts of this Agreement shall be held
illegal or unenforceable by any court or administrative body of competent
jurisdiction, such determination shall not affect the remaining provisions of
this Agreement which shall remain in full force and effect.

(i)            Counterparts. 
This Agreement may be executed in two or more counterparts (including by
facsimile), each of which shall be deemed an original and all of which together
shall be considered one and the same agreement.

 

13

 

 

14

 

IN WITNESS WHEREOF, the
undersigned have executed this Registration Rights Agreement as of the date
first set forth above.

 

	
   

  	
  PP HOLDING CORPORATION II

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Lynn Amos

  
	
   

  	
   

  	
  Name:
  Lynn Amos

  
	
   

  	
   

  	
  Title: Chief Financial Officer, Treasurer & Secretary

  

 

	
  WARBURG
  PINCUS PRIVATE EQUITY

  
	
  VIII,
  L.P.

  
	
   

  
	
  By:

  	
  Warburg Pincus & Co., its

  
	
   

  	
  General Partner

  
	
   

  	
   

  
	
  By:

  	
  /s/ David Barr

  	
   

  
	
   

  	
  Name: David Barr

  
	
   

  	
  Title: Partner

  

 

	
  WARBURG
  PINCUS PRIVATE EQUITY

  
	
  PARTNERS, L.P.

  
	
   

  
	
  By:

  	
  Warburg Pincus & Co., its

  
	
   

  	
  General Partner

  
	
   

  	
   

  
	
  By:

  	
  /s/ David Barr

  	
   

  
	
   

  	
  Name: David Barr

  
	
   

  	
  Title: Partner

  

 

[Signature
Page to Registration Rights Agreement]

 

IN
WITNESS WHEREOF, the undersigned have executed this Registration Rights
Agreement as of the date first set forth above.

 

	
   

  	
  PP HOLDING CORPORATION II

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Lynn Amos

  
	
   

  	
   

  	
  Name:
  Lynn Amos

  
	
   

  	
   

  	
  Title: Chief Financial Officer, Treasurer & Secretary

  

 

 

	
  PP
  HOLDING, LLC

  	
   

  
	
   

  	
   

  
	
  By:

  	
  Warburg Pincus Private Equity VIII, L.P., and

  
	
   

  	
  Warburg Pincus International Partners, L.P.,

  
	
   

  	
  its Managing Members

  
	
   

  	
   

  	
   

  
	
  By:

  	
  Warburg Pincus & Co., the General Partner

  
	
   

  	
  for each of Warburg Pincus Private Equity VIII, L.P., and

  
	
   

  	
  Warburg Pincus International Partners, L.P.

  

 

	
  By:

  	
  /s/ David Barr

  	
   

  
	
   

  	
  Name: David Barr

  
	
   

  	
  Title: Partner

  

 

[Signature
Page to Registration Rights Agreement]

 

 

IN
WITNESS WHEREOF, the undersigned have executed this Registration Rights
Agreement as of the date first set forth above.

 

	
   

  	
  PP HOLDING CORPORATION II

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Lynn Amos

  
	
   

  	
   

  	
  Name:
  Lynn Amos

  
	
   

  	
   

  	
  Title: Chief Financial Officer, Treasurer & Secretary

  

 

	
  /s/ Frank Nasisi

  	
   

  
	
  Frank Nasisi

  

 

[Signature
Page to Registration Rights Agreement]

 

IN
WITNESS WHEREOF, the undersigned have executed this Registration Rights
Agreement as of the date first set forth above.

 

	
   

  	
  PP HOLDING CORPORATION II

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Frank Nasisi

  
	
   

  	
   

  	
  Name:
  Frank Nasisi

  
	
   

  	
   

  	
  Title:
  President and Chief Executive Officer

  

 

	
  /s/ Lynn Amos

  	
   

  
	
  Lynn Amos

  	
   

  	
   

  
			

 

[Signature
Page to Registration Rights Agreement]

 

IN WITNESS WHEREOF, the
undersigned have executed this Registration Rights Agreement as of the date
first set forth above.

 

	
   

  	
  PP HOLDING CORPORATION II

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Lynn Amos

  
	
   

  	
   

  	
  Name:
  Lynn Amos

  
	
   

  	
   

  	
  Title: Chief Financial Officer, Treasurer & Secretary

  

 

	
  /s/ Stefan Geylar

  	
   

  
	
  Stefan Geylar

  

 

[Signature
Page to Registration Rights Agreement]

 

IN WITNESS WHEREOF, the
undersigned have executed this Registration Rights Agreement as of the date
first set forth above.

 

	
   

  	
  PP HOLDING CORPORATION II

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Lynn Amos 

  
	
   

  	
   

  	
  Name:
  Lynn Amos

  
	
   

  	
   

  	
  Title: Chief Financial Officer, Treasurer & Secretary

  

 

	
  /s/ Brad Reed

  	
   

  
	
  Brad Reed

  

 

 

[Signature
Page to Registration Rights Agreement]

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