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Exhibit 2.1

        EXECUTION VERSION


AGREEMENT AND PLAN OF MERGER

by and among

CLARIANT LTD

HURRICANECYCLONE CORPORATION

and

HUNTSMAN CORPORATION

dated as of May 21, 2017



TABLE OF CONTENTS

 
   
  Page  

ARTICLE I. THE MERGER; CERTAIN GOVERNANCE MATTERS

    2  

Section 1.1

 

The Merger

   
2
 

Section 1.2

 

Closing

    2  

Section 1.3

 

Effective Time

    3  

Section 1.4

 

Governing Documents of the Surviving Corporation

    3  

Section 1.5

 

Directors and Officers of the Surviving Corporation

    3  

Section 1.6

 

Governing Documents of HurricaneCyclone

    3  

Section 1.7

 

Name and Trading Symbol

    4  

Section 1.8

 

Directors and Officers of HurricaneCyclone

    4  

Section 1.9

 

Registered Offices and Headquarters Locations of HurricaneCyclone

    5  

ARTICLE II. TREATMENT OF SECURITIES

   
5
 

Section 2.1

 

Treatment of Capital Stock

   
5
 

Section 2.2

 

Payment for Securities; Surrender of Certificates

    6  

Section 2.3

 

Treatment of Hurricane Equity Awards

    9  

Section 2.4

 

Withholding

    11  

Section 2.5

 

Fractional Shares

    11  

ARTICLE III. REPRESENTATIONS AND WARRANTIES OF HURRICANE

   
12
 

Section 3.1

 

Qualification, Organization, Subsidiaries, etc. 

   
12
 

Section 3.2

 

Capitalization

    12  

Section 3.3

 

Corporate Authority Relative to this Agreement; No Violation

    14  

Section 3.4

 

Reports and Financial Statements

    15  

Section 3.5

 

Internal Controls and Procedures

    16  

Section 3.6

 

No Undisclosed Liabilities

    16  

Section 3.7

 

Compliance with Laws; Permits

    16  

Section 3.8

 

Environmental Laws and Regulations

    17  

Section 3.9

 

Employee Benefit Plans

    17  

Section 3.10

 

Absence of Certain Changes or Events

    19  

Section 3.11

 

Investigation; Litigation

    19  

Section 3.12

 

[Reserved]

    19  

Section 3.13

 

Tax Matters

    19  

Section 3.14

 

Labor Matters

    21  

Section 3.15

 

Intellectual Property

    21  

Section 3.16

 

Real Property

    22  

Section 3.17

 

Opinions of Financial Advisors

    23  

Section 3.18

 

Required Vote; State Takeover Statutes

    23  

Section 3.19

 

Material Contracts

    23  

Section 3.20

 

Insurance

    25  

Section 3.21

 

Finders and Brokers

    25  

Section 3.22

 

FCPA and Anti-Corruption

    25  

Section 3.23

 

Sanctions

    26  

Section 3.24

 

No Other Representations

    26  

ARTICLE IV. REPRESENTATIONS AND WARRANTIES OF CYCLONE AND MERGER SUB

   
26
 

Section 4.1

 

Qualification, Organization, Subsidiaries, etc. 

   
26
 

Section 4.2

 

Share Capital

    27  

Section 4.3

 

Corporate Authority Relative to this Agreement; No Violation

    28  

Section 4.4

 

Reports and Financial Statements

    29  

 
   
  Page  

Section 4.5

 

Internal Controls and Procedures

    30  

Section 4.6

 

No Undisclosed Liabilities

    30  

Section 4.7

 

Compliance with Laws; Permits

    30  

Section 4.8

 

Environmental Laws and Regulations

    31  

Section 4.9

 

Employee Benefit Plans

    31  

Section 4.10

 

Absence of Certain Changes or Events

    33  

Section 4.11

 

Investigation; Litigation

    33  

Section 4.12

 

[Reserved]

    33  

Section 4.13

 

Tax Matters

    33  

Section 4.14

 

Labor Matters

    34  

Section 4.15

 

Intellectual Property

    35  

Section 4.16

 

Real Property

    36  

Section 4.17

 

Opinions of Financial Advisors

    36  

Section 4.18

 

Required Vote

    37  

Section 4.19

 

Material Contracts

    37  

Section 4.20

 

Insurance

    38  

Section 4.21

 

Finders and Brokers

    38  

Section 4.22

 

Anti-Corruption

    39  

Section 4.23

 

Sanctions

    39  

Section 4.24

 

Stock Ownership

    39  

Section 4.25

 

No Merger Sub Activity

    39  

Section 4.26

 

No Other Representations

    39  

ARTICLE V. COVENANTS RELATING TO CONDUCT OF BUSINESS PENDING THE CLOSING

   
40
 

Section 5.1

 

Conduct of Business by Hurricane Pending the Closing

   
40
 

Section 5.2

 

Conduct of Business by Cyclone Pending the Closing

    44  

Section 5.3

 

Solicitation by Hurricane

    49  

Section 5.4

 

Solicitation by Cyclone

    52  

Section 5.5

 

Preparation of the Form F-4, the Proxy Statement/Prospectus, the Cyclone EGM Materials and the Swiss Listing Prospectus; Hurricane Special Meeting and Cyclone EGM

    55  

Section 5.6

 

Voting and Support Agreements

    58  

ARTICLE VI. ADDITIONAL AGREEMENTS

   
58
 

Section 6.1

 

Access; Confidentiality; Notice of Certain Events

   
58
 

Section 6.2

 

Reasonable Best Efforts

    60  

Section 6.3

 

Publicity

    61  

Section 6.4

 

Directors' and Officers' Insurance and Indemnification

    62  

Section 6.5

 

Takeover Statutes

    63  

Section 6.6

 

Obligations of Merger Sub and the Surviving Corporation

    63  

Section 6.7

 

Employee Benefits Matters

    63  

Section 6.8

 

Rule 16b-3

    66  

Section 6.9

 

Transaction Litigation; Notices

    66  

Section 6.10

 

Delisting

    66  

Section 6.11

 

Cyclone Board Actions

    66  

Section 6.12

 

Stock Exchange Listings; Future Financial Reporting and Dividends

    67  

Section 6.13

 

Integration Planning

    67  

Section 6.14

 

Income Tax Rulings

    67  

Section 6.15

 

Swiss Tax Rulings

    67  

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  Page  

Section 6.16

 

Financing Cooperation

    68  

Section 6.17

 

Transaction Structure

    68  

Section 6.18

 

Vortex Matters

    69  

Section 6.19

 

U.S. Tax Matters

    69  

Section 6.20

 

Employment Agreements

    69  

ARTICLE VII. CONDITIONS TO CONSUMMATION OF THE MERGER

   
69
 

Section 7.1

 

Conditions to Each Party's Obligations to Effect the Merger

   
69
 

Section 7.2

 

Conditions to Obligations of Cyclone and Merger Sub

    70  

Section 7.3

 

Conditions to Obligations of Hurricane

    71  

Section 7.4

 

Frustration of Closing Conditions

    71  

ARTICLE VIII. TERMINATION

   
71
 

Section 8.1

 

Termination

   
71
 

Section 8.2

 

Effect of Termination

    73  

ARTICLE IX. MISCELLANEOUS

   
76
 

Section 9.1

 

Amendment and Modification; Waiver

   
76
 

Section 9.2

 

Non-Survival of Representations and Warranties

    77  

Section 9.3

 

Expenses

    77  

Section 9.4

 

Notices

    77  

Section 9.5

 

Certain Definitions

    78  

Section 9.6

 

Terms Defined Elsewhere

    90  

Section 9.7

 

Interpretation

    93  

Section 9.8

 

Counterparts

    94  

Section 9.9

 

Entire Agreement; Third-Party Beneficiaries

    94  

Section 9.10

 

Severability

    94  

Section 9.11

 

Governing Law; Jurisdiction

    94  

Section 9.12

 

Waiver of Jury Trial

    95  

Section 9.13

 

Assignment

    95  

Section 9.14

 

Enforcement; Remedies

    96  

Exhibit A—Hurricane Voting and Support Agreement

       

Exhibit B—Cyclone Voting and Support Agreement

       

Exhibit C—Pre-Closing Structuring Steps

       

Exhibit D—Certificate of Incorporation of the Surviving Corporation

       

Exhibit E—HurricaneCyclone Articles of Association

       

Exhibit F—HurricaneCyclone Bylaws

       

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AGREEMENT AND PLAN OF MERGER

        This AGREEMENT AND PLAN OF MERGER (this "Agreement"), dated May 21, 2017, is entered into by and among Clariant Ltd, a Swiss corporation ("Cyclone"), HurricaneCyclone Corporation, a Delaware corporation and wholly owned Subsidiary of Cyclone ("Merger Sub"), and Huntsman Corporation, a Delaware corporation ("Hurricane"). Cyclone, Merger Sub and Hurricane are each sometimes referred to as a "Party" and collectively as the "Parties."


RECITALS

        WHEREAS, the Parties wish to effect a business combination through the merger of Merger Sub with and into Hurricane, with Hurricane being the surviving corporation (the "Merger");

        WHEREAS, each outstanding share of common stock, par value $0.01 per share, of Hurricane (the "Hurricane Common Stock" or "Hurricane Shares") issued and outstanding immediately prior to the Effective Time (other than Hurricane Shares to be cancelled in accordance with Section 2.1(b) ) will be automatically converted into the right to receive the Merger Consideration upon the terms and subject to the conditions set forth in this Agreement and in accordance with the General Corporation Law of the State of Delaware (the "DGCL");

        WHEREAS, the board of directors of Hurricane (the "Hurricane Board of Directors") has unanimously adopted resolutions (a) declaring that this Agreement and the consummation of the transactions contemplated hereby (the "Transactions"), including the Merger, are advisable and fair to, and in the best interests of, Hurricane and its stockholders, (b) approving this Agreement and the Merger, (c) authorizing the execution of this Agreement, (d) directing that the "agreement of merger" (as such term is defined in Section 251 of the DGCL) contained herein (the "Agreement of Merger") be submitted for consideration at the Hurricane Special Meeting and (e) recommending that Hurricane's stockholders adopt the Agreement of Merger (the "Hurricane Board Recommendation");

        WHEREAS, the board of directors of Cyclone (the "Cyclone Board of Directors") has unanimously adopted resolutions (a) declaring that this Agreement and consummation of the Transactions, including the Merger, are advisable and fair to, and in the best interests of Cyclone and its shareholders, (b) approving this Agreement and the Transactions, including the Merger, (c) authorizing the execution of this Agreement, (d) directing that (i) this Agreement, (ii) the Merger, (iii) the election of the initial members of the HurricaneCyclone Board of Directors effective as of the Effective Time, (iv) the election of the initial members of the Compensation Committee of HurricaneCyclone effective as of the Effective Time, (v) the increase in the share capital of Cyclone with exclusion of the subscription rights of existing holders of Cyclone Shares and the issuance of Cyclone Shares to be delivered to Hurricane stockholders in connection with the Merger (the "Capital Increase"), (vi) the amendment and restatement of the Cyclone Articles of Association contemplated by Section 1.6, (vii) the approval of total compensation of the Executive Committee of HurricaneCyclone for 2018 in an amount determined to be sufficient by Cyclone and Hurricane, (viii) the approval of the total compensation of the Board of Directors of HurricaneCyclone until the 2018 annual general meeting of shareholders of HurricaneCyclone in an amount determined to be sufficient by Cyclone and Hurricane, and (ix) any other matters relating to the Transactions which are required by applicable Law to be voted on by Cyclone's shareholders, whether in a binding or advisory vote (the matters in the foregoing clauses, other than those in clauses (i) and (ii), the "Binding Cyclone Approval Matters", and, collectively with the matters in clauses (i) and (ii), the "Cyclone Approval Matters") be submitted for consideration at the Cyclone EGM and (e) recommending that Cyclone's shareholders vote to approve the Cyclone Approval Matters (the "Cyclone Board Recommendation");

        WHEREAS, the board of directors of Merger Sub has unanimously approved this Agreement and the Merger, and determined that this Agreement and the Transactions, including the Merger, are advisable and fair to, and in the best interests of, Merger Sub and its sole stockholder;

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        WHEREAS, for U.S. federal income Tax purposes, it is the intent of the parties that (i) the Merger qualify as a "reorganization" under Section 368(a) of the Internal Revenue Code of 1986 (the "Code") and (ii) that the Merger not result in gain being recognized under Section 367(a)(1) of the Code (other than for any stockholder that would be a "five-percent transferee shareholder" (within the meaning of United States Treasury Regulation Section 1.367(a)-3(c)(5)(ii)) of Cyclone following the Merger that does not enter into a five-year gain recognition agreement in the form provided in United States Regulation Section 1.367(a)-8(c)) (clauses (i) and (ii), collectively, the "Intended Tax Treatment"), and that this Agreement constitutes, and is adopted as, a "plan of reorganization" within the meaning of Treasury Regulation Section 1.368-2(g);

        WHEREAS, concurrently with the execution and delivery of this Agreement, and as a condition and inducement to Cyclone's willingness to enter into this Agreement, certain stockholders of Hurricane have simultaneously herewith entered into a voting and support agreement, substantially in the form attached as Exhibit A (the "Hurricane Voting and Support Agreement") in connection with the Merger;

        WHEREAS, concurrently with the execution and delivery of this Agreement, and as a condition and inducement to Hurricane's willingness to enter into this Agreement, certain shareholders of Cyclone have simultaneously herewith entered into a voting and support agreement, substantially in the form attached as Exhibit B (the "Cyclone Voting and Support Agreement" and together with the Hurricane Voting and Support Agreement, the "Voting and Support Agreements") in connection with the Merger; and

        WHEREAS, the Parties desire to make certain representations, warranties, covenants and agreements in connection with the Merger and also prescribe various conditions to the Merger.

        NOW, THEREFORE, in consideration of the mutual covenants and agreements contained in this Agreement and for other good and valuable consideration, the receipt and adequacy of which are acknowledged, the Parties agree as follows:


AGREEMENT

ARTICLE I.

THE MERGER; CERTAIN GOVERNANCE MATTERS

        Section 1.1    The Merger.     Upon the terms and subject to the satisfaction or, to the extent permitted by Law, waiver of the conditions set forth in this Agreement, and in accordance with the DGCL, at the Effective Time, Merger Sub shall be merged with and into Hurricane, whereupon the separate existence of Merger Sub will cease, with Hurricane continuing as the surviving corporation (Hurricane, as the surviving corporation in the Merger, sometimes being referred to herein as the "Surviving Corporation"), such that immediately following the Merger, the Surviving Corporation will be a wholly owned subsidiary of Cyclone. The Merger shall have the effects provided in this Agreement and as specified in the DGCL.


        Section 1.2
    Closing.     The closing of the Merger (the "Closing") will take place at 9:00 a.m., Eastern Time, at the offices of Cleary Gottlieb Steen & Hamilton LLP, One Liberty Plaza, New York, New York 10006, on the third (3rd) business day after the satisfaction or, to the extent permitted by Law, waiver of the conditions set forth in Article VII (other than any such conditions that by their nature are to be satisfied at the Closing) subject to the satisfaction or, to the extent permitted by Law, waiver of all of the conditions set forth in Article VII at the Closing, unless another date or place is agreed to in writing by Hurricane and Cyclone; provided, that in the event the date on which all of the conditions set forth in Article VII (other than any such conditions that by their nature are to be satisfied at the Closing) are satisfied or, to the extent permitted by Law, waived (the "Conditions Satisfaction Date") occurs on or after the tenth (10th) business day prior to the end of the calendar

2


month that includes the Conditions Satisfaction Date, the Parties shall use commercially reasonable efforts to agree in writing to effect the Closing on the last business day of such calendar month. The date on which the Closing actually takes place is referred to as the "Closing Date". At and in anticipation of the Closing, the Parties will cooperate to effectuate the transactions set forth in Exhibit C consistent with the timeframe set forth in such exhibit.


        Section 1.3
    Effective Time.     As promptly as practicable on the Closing Date (or as otherwise set forth in Exhibit C), the Parties shall (a) cause a certificate of merger with respect to the Merger (the "Certificate of Merger") to be duly executed and filed with the Secretary of State of the State of Delaware as provided under the DGCL and make any other filings, recordings or publications required to be made by Hurricane or Merger Sub under the DGCL in connection with the Merger and (b) cause the HurricaneCyclone Articles of Association to be filed with the Commercial Register of the Canton of Basel-Landschaft. The Merger shall become effective at such time as the Certificate of Merger is duly filed with the Secretary of State of the State of Delaware or on such later date and time as shall be agreed to by Hurricane and Cyclone and specified in the Certificate of Merger in accordance with the DGCL (the date and time at which the Merger becomes effective being hereinafter referred to as the "Effective Time").


        Section 1.4
    Governing Documents of the Surviving Corporation.     The Hurricane Certificate shall, by virtue of the Merger, be amended and restated so as to read in its entirety in the form attached hereto as Exhibit D and, as so amended and restated, shall be the certificate of incorporation of the Surviving Corporation until thereafter changed or amended as provided therein or by applicable Law, but subject to Section 6.4. The Hurricane Bylaws shall be amended and restated to conform to the bylaws of Merger Sub, as in effect immediately prior to the Effective Time (except that all references therein to Merger Sub shall be references to the Surviving Corporation), and as such shall be the bylaws of the Surviving Corporation until thereafter changed or amended as provided therein or by applicable Law, but subject to Section 6.4.


        Section 1.5
    Directors and Officers of the Surviving Corporation.     The Parties shall take all actions necessary so that (a) the persons who are to become officers of HurricaneCyclone as of the Effective Time pursuant to Section 1.8(d)(i) shall, from and after the Effective Time, be the directors of the Surviving Corporation until their successors shall have been duly elected or appointed and qualified, or until their earlier death, resignation or removal in accordance with the certificate of incorporation and bylaws of the Surviving Corporation, and (b) the officers of Hurricane at the Effective Time shall, from and after the Effective Time, be the officers of the Surviving Corporation until their successors shall have been duly elected or appointed and qualified, or until their earlier death, resignation or removal in accordance with the certificate of incorporation and bylaws of the Surviving Corporation.


        Section 1.6
    Governing Documents of HurricaneCyclone.     

3



        Section 1.7
    Name and Trading Symbol.     The HurricaneCyclone Articles of Association shall provide, among other things, that the name of Cyclone shall be changed at the time the Cyclone Articles of Association are amended and restated in accordance with Section 1.6(a) to "HuntsmanClariant" (Cyclone, following such time, sometimes being referred to herein as "HurricaneCyclone"). The Parties shall cause the ticker symbol of HurricaneCyclone on the New York Stock Exchange (the "NYSE"), as shall be mutually agreed between Cyclone and Hurricane prior to the Effective Time, to be reserved prior to or as of the Effective Time.


        Section 1.8
    Directors and Officers of HurricaneCyclone.     

4



        Section 1.9
    Registered Offices and Headquarters Locations of HurricaneCyclone.     Following the Effective Time, (a) the registered offices of HurricaneCyclone will continue to be located in Muttenz, Switzerland, (b) the global headquarters (including the offices of the members of the Executive Committee of HurricaneCyclone) and the corporate center of HurricaneCyclone and its Subsidiaries will be located in Pratteln, Switzerland and (c) the operational headquarters of HurricaneCyclone will be located in The Woodlands, Texas.


ARTICLE II.

TREATMENT OF SECURITIES

        Section 2.1    Treatment of Capital Stock.     

5



        Section 2.2
    Payment for Securities; Surrender of Certificates.     

6


7


8



        Section 2.3
    Treatment of Hurricane Equity Awards.     

9


10



        Section 2.4
    Withholding.     Cyclone and the Surviving Corporation shall be entitled to deduct and withhold, or cause the Exchange Agent to deduct and withhold, from the consideration otherwise payable pursuant to this Agreement any amounts as are required to be withheld or deducted with respect to such consideration under the Code, or any applicable provisions of state, local or foreign Tax Law. To the extent that amounts are so withheld and timely remitted to the appropriate Governmental Entity, such withheld amounts shall be treated for all purposes of this Agreement as having been paid to the Person in respect of which such deduction and withholding was made.


        Section 2.5
    Fractional Shares.     No fractional Cyclone Shares shall be issued in connection with the Merger, no certificate or scrip representing fractional Cyclone Shares shall be issued upon the surrender for exchange of Certificates or Book-Entry Shares and such fractional share interests shall not entitle the owner thereof to vote or to any other rights of a shareholder of Cyclone. Notwithstanding any other provision of this Agreement, each holder of Hurricane Shares converted pursuant to the Merger who would otherwise have been entitled to receive a fraction of a Cyclone Share (after aggregating all Hurricane Shares represented by the Certificates and Book-Entry Shares delivered by such holder) shall receive, in lieu thereof and upon surrender thereof, cash, without interest, in an amount equal to the product of such fractional part of a Cyclone Share (rounded to the nearest one thousandth when expressed in decimal form) and the Cyclone VWAP.

11



ARTICLE III.

REPRESENTATIONS AND
WARRANTIES OF HURRICANE

        Except as disclosed in the Hurricane SEC Documents filed or furnished with the SEC since December 31, 2016 (including exhibits and other information incorporated by reference therein) and publicly available prior to the date hereof (but excluding any forward looking disclosures set forth in any "risk factors" section, any disclosures in any "forward looking statements" section and any other disclosures included therein to the extent they are predictive or forward-looking in nature) or in the applicable section of the disclosure letter delivered by Hurricane to Cyclone immediately prior to the execution of this Agreement (the "Hurricane Disclosure Letter") (it being agreed that disclosure of any item in any section of the Hurricane Disclosure Letter shall be deemed disclosure with respect to any other section of this Article III to which the relevance of such item is reasonably applicable), Hurricane represents and warrants to Cyclone and Merger Sub as set forth below.


        Section 3.1
    Qualification, Organization, Subsidiaries, etc..     


        Section 3.2
    Capitalization.    

12


13



        Section 3.3
    Corporate Authority Relative to this Agreement; No Violation.     

14



        Section 3.4
    Reports and Financial Statements.     

15



        Section 3.5
    Internal Controls and Procedures.     Hurricane has established and maintains disclosure controls and procedures and internal control over financial reporting (as such terms are defined in paragraphs (e) and (f), respectively, of Rule 13a-15 under the Exchange Act) sufficient to comply in all material respects with all legal and accounting requirements applicable to Hurricane and its Subsidiaries and as otherwise as required by Rule 13a-15 under the Exchange Act. Hurricane's disclosure controls and procedures are reasonably designed to ensure that all material information required to be disclosed by Hurricane in the reports that it files or furnishes under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC, and that all such material information is accumulated and communicated to Hurricane's management as appropriate to allow timely decisions regarding required disclosure and to make the certifications required pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 (the "Sarbanes-Oxley Act"). Hurricane, each Hurricane Subsidiary and each of their respective officers and directors in their capacities as such are in material compliance with, and, since December 31, 2014, have materially complied with the applicable provisions of Sarbanes-Oxley Act and the Exchange Act. Based on its most recent evaluation of internal controls over financial reporting prior to the date hereof, Hurricane's management has disclosed to Hurricane's auditors and the audit committee of the Hurricane Board of Directors (i) any significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting that are reasonably likely to adversely affect in any material respect Hurricane's ability to report financial information and (ii) any fraud, whether or not material, that involves management or other employees who have a significant role in Hurricane's internal control over financial reporting, and each such deficiency, weakness and fraud so disclosed to auditors, if any, has been disclosed to Cyclone prior to the date hereof.


        Section 3.6
    No Undisclosed Liabilities.     Except (a) as disclosed, reflected or reserved against in Hurricane's consolidated balance sheet (or the notes thereto) as of December 31, 2016 included in the Hurricane SEC Documents filed or furnished and publicly available prior to the date hereof, (b) for liabilities incurred in the ordinary course of business since December 31, 2016, (c) as expressly permitted or contemplated by this Agreement and (d) for liabilities which have been discharged or paid in full in the ordinary course of business, neither Hurricane nor any Hurricane Subsidiary has any liabilities of any nature, whether or not accrued, contingent or otherwise, to the extent required by GAAP to be reflected on a consolidated balance sheet of Hurricane and its consolidated Subsidiaries (or in the notes thereto), other than those which, individually or in the aggregate, would not reasonably be expected to have a Hurricane Material Adverse Effect.


        Section 3.7
    Compliance with Laws; Permits.     

16



        Section 3.8
    Environmental Laws and Regulations.     Except for such matters as would not, individually or in the aggregate, reasonably be expected to have a Hurricane Material Adverse Effect: (a) Hurricane and its Subsidiaries are now and have been since January 1, 2012 in compliance with all Environmental Laws; (b) there has been no Release or presence of or exposure to any Hazardous Substance, whether on or off the property currently or formerly owned or operated by Hurricane or any of its Subsidiaries, that would reasonably be expected to result in Environmental Liability or a requirement for notification, investigation or remediation by Hurricane or any of its Subsidiaries or any third party whose liability Hurricane or any of its Subsidiaries has retained or assumed (either contractually or by operation of law), in each case under any Environmental Law; (c) since January 1, 2012 (or earlier to the extent unresolved), neither Hurricane nor any of its Subsidiaries has received any notice, demand letter, claim or request for information alleging that Hurricane or any of its Subsidiaries may be in violation of or subject to liability under any Environmental Law or are allegedly subject to any Removal, Remedial or Response actions; (d) neither Hurricane nor any of its Subsidiaries is subject to any order, decree, injunction or agreement with any Governmental Entity, imposing liability or obligations relating to any Environmental Law or any Hazardous Substance; (e) there is no claim, action, suit, proceeding, demand, lien, investigation or information request pending or, to the knowledge of Hurricane, threatened against Hurricane or any of its Subsidiaries or any third party whose liability Hurricane or any of its Subsidiaries has retained or assumed (either contractually or by operation of law) either pursuant to Environmental Law or arising from the Release or presence of or exposure to Hazardous Substances; (f) Hurricane and its Subsidiaries have and are, and since January 1, 2012, have been in compliance with, all of the material Environmental Permits necessary for the conduct and operation of its business (including the construction, modification, operation and maintenance of any facilities) as now being conducted, and all such Environmental Permits are in good standing and all applications as necessary for renewal of such Environmental Permits have been timely filed; and (g) with respect to Hurricane, each of its Subsidiaries and any Hurricane Owned Real Property or Hurricane Leased Real Property, neither the execution of this Agreement nor the consummation of the transactions contemplated hereby will require any investigation or remediation activities or notice to or consent of any Governmental Entity or third parties pursuant to any Environmental Law, including with respect to the New Jersey Industrial Site Recovery Act.


        Section 3.9
    Employee Benefit Plans.     

17


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        Section 3.10
    Absence of Certain Changes or Events.     


        Section 3.11
    Investigation; Litigation.     (a) There is no investigation or review pending (or, to the knowledge of Hurricane, threatened) by any Governmental Entity with respect to Hurricane or any Hurricane Subsidiary or any of their respective properties, rights or assets, and (b) there are no claims, actions, suits or proceedings pending (or, to the knowledge of Hurricane, threatened) against Hurricane or any Hurricane Subsidiary or any of their respective properties, rights or assets before, and there are no orders, judgments or decrees of, any Governmental Entity, which, in the case of clause (a) or (b), would reasonably be expected to have, individually or in the aggregate, a Hurricane Material Adverse Effect.


        Section 3.12
    [Reserved].     


        Section 3.13
    Tax Matters.     

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        Section 3.14
    Labor Matters.     


        Section 3.15
    Intellectual Property.     Except as would not reasonably be expected to have, individually or in the aggregate, a Hurricane Material Adverse Effect: (a) Hurricane or a Hurricane Subsidiary owns or otherwise possesses a valid and legally enforceable right to use all Intellectual Property used in or necessary for their respective businesses as currently conducted, free and clear of all Liens; (b) there are no pending or, to the knowledge of Hurricane, threatened claims, actions or proceedings against Hurricane or its Subsidiaries by any Person (i) alleging infringement, misappropriation or other violations by Hurricane or its Subsidiaries of any third party's Intellectual Property or (ii) challenging the ownership, validity or enforceability of any Intellectual Property owned by Hurricane or a Hurricane Subsidiary; (c) to the knowledge of Hurricane, (i) the conduct of the

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businesses of Hurricane and its Subsidiaries does not infringe, misappropriate or otherwise violate any third party's Intellectual Property and (ii) no third party has infringed, misappropriated or violated or is infringing, misappropriating or violating any Intellectual Property owned by Hurricane or a Hurricane Subsidiary; (d) the Intellectual Property owned by Hurricane or a Hurricane Subsidiary is not subject to any outstanding settlement or order restricting the use, registration, ownership or disposition thereof; (e) Hurricane and the Hurricane Subsidiaries have taken commercially reasonable efforts to maintain and protect all material Intellectual Property owned by Hurricane or a Hurricane Subsidiary that is registered with any Governmental Entity; (f) Hurricane and the Hurricane Subsidiaries have taken commercially reasonable measures to maintain and protect the confidentiality of Hurricane's and the Hurricane Subsidiaries' material trade secrets and the integrity and security of Hurricane's and the Hurricane Subsidiaries' material information technology systems, including data stored or contained therein and, to the knowledge of Hurricane, there has been no theft or loss of any confidential or personally identifiable data held by Hurricane or the Hurricane Subsidiaries; and (g) neither Hurricane nor any of its Subsidiaries are bound by any Contract that, upon consummation of the Transactions, will cause or require Hurricane or Cyclone or any of their affiliates (other than Hurricane or any of the Hurricane Subsidiaries, to the extent so bound prior to the Closing Date) to grant, or cause to be granted, to any third party any right to or with respect to any Intellectual Property owned by any of them prior to the Closing.


        Section 3.16
    Real Property.     

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        Section 3.17
    Opinions of Financial Advisors.     The Hurricane Board of Directors has received the separate opinion of each of Bank of America Merrill Lynch and Moelis & Company LLC, each dated the date on which the Hurricane Board of Directors approved the Merger and subject to the assumptions made, matters considered and limits on the review undertaken set forth therein, as to the fairness, from a financial point of view and as of the date of such opinion, of the Exchange Ratio to the stockholders of Hurricane pursuant to this Agreement. Hurricane shall, promptly following the execution of this Agreement by the Parties, furnish an accurate and complete copy of each such opinion to Cyclone (it being understood and agreed that such written opinions are for the benefit of the Hurricane Board of Directors and may not be relied upon by Cyclone or Merger Sub).


        Section 3.18
    Required Vote; State Takeover Statutes.     


        Section 3.19
    Material Contracts.     

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        Section 3.20
    Insurance.     Except as would not reasonably be expected to have, individually or in the aggregate, a Hurricane Material Adverse Effect, as of the date hereof, (a) all current, material insurance policies (or replacements thereof) and Contracts of Hurricane and its Subsidiaries are in full force and effect and are valid and enforceable and cover against the risks as are customary in all material respects for companies of similar size in the same or similar lines of business and (b) all premiums due thereunder have been paid. Neither Hurricane nor any of its Subsidiaries has received notice of cancellation or termination with respect to any material third party insurance policies or Contracts (other than in connection with normal renewals of any such insurance policies or Contracts) where such cancellation or termination would reasonably be expected to have, individually or in the aggregate, a Hurricane Material Adverse Effect.


        Section 3.21
    Finders and Brokers.     Neither Hurricane nor any Hurricane Subsidiary has employed, nor has any Person employed on behalf of Hurricane or a Hurricane Subsidiary, any investment banker, broker, finder or similar Person in connection with the Transactions, other than as set forth in Section 3.21 of the Hurricane Disclosure Letter, who might be entitled to any fee, commission or other payment in connection with or upon consummation of the Merger.


        Section 3.22
    FCPA and Anti-Corruption.     Except for those matters which, individually or in the aggregate, would not reasonably be expected to have a Hurricane Material Adverse Effect:

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        Section 3.23
    Sanctions.     Except for those matters which, individually or in the aggregate, would not reasonably be expected to have a Hurricane Material Adverse Effect, none of Hurricane or any Hurricane Subsidiary, nor any of their respective directors, managers or employees (a) is a Sanctioned Person, (b) has in the past five (5) years engaged in, has any plan or commitment to engage in, direct or indirect dealings with any Sanctioned Person or in any Sanctioned Country on behalf of Hurricane or any Hurricane Subsidiary in violation of applicable Sanctions Law or (c) has in the past five (5) years violated, or engaged in any conduct sanctionable under, any Sanctions Law, nor to the knowledge of Hurricane, been the subject of an investigation or allegation of such a violation or sanctionable conduct.


        Section 3.24
    No Other Representations.     Except for the representations and warranties contained in Article IV or in any certificates delivered by Hurricane in connection with the Closing, Hurricane acknowledges that neither Cyclone nor Merger Sub nor any Representative of Cyclone or Merger Sub makes, and Hurricane acknowledges that it has not relied upon or otherwise been induced by, any other express or implied representation or warranty with respect to Cyclone or any of its Subsidiaries or with respect to any other information provided or made available to Hurricane in connection with the Transactions, including any information, documents, projections, forecasts or other material made available to Hurricane or to Hurricane's Representatives in certain "data rooms" or management presentations in expectation of the Transactions.


ARTICLE IV.

REPRESENTATIONS AND WARRANTIES
OF CYCLONE AND MERGER SUB

        Except as disclosed in the Cyclone SIX Documents filed or published since December 31, 2016 (including exhibits and other information incorporated by reference therein) and publicly available prior to the date hereof (but excluding any forward looking disclosures set forth in any "risk factors" section, any disclosures in any "forward looking statements" section and any other disclosures included therein to the extent they are predictive or forward-looking in nature) or in the applicable section of the disclosure letter delivered by Cyclone to Hurricane immediately prior to the execution of this Agreement (the "Cyclone Disclosure Letter") (it being agreed that disclosure of any item in any section of the Cyclone Disclosure Letter shall be deemed disclosure with respect to any other section of Article IV to which the relevance of such item is reasonably applicable), Cyclone and Merger Sub jointly and severally represent and warrant to Hurricane as set forth below.


        Section 4.1
    Qualification, Organization, Subsidiaries, etc.     

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        Section 4.2
    Share Capital     

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        Section 4.3
    Corporate Authority Relative to this Agreement; No Violation.     

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        Section 4.4
    Reports and Financial Statements.     

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        Section 4.5
    Internal Controls and Procedures.     Cyclone has established and maintains disclosure controls and procedures and internal control over financial reporting sufficiently designed to ensure that all material information required to be disclosed by Cyclone in the reports that it files or publishes under the rules and regulations of the SIX is recorded, processed, summarized and reported within the time periods specified in the rules and forms of applicable Law (including the rules and regulations of the SIX), and that all such material information is accumulated and communicated to Cyclone's management as appropriate to allow timely decisions regarding required disclosure and to enable Cyclone's management to make such reports. Cyclone, each Cyclone Subsidiary and each of their respective officers and directors in their capacities as such are in material compliance with, and, since December 31, 2014, have materially complied with the applicable provisions of the requirements of the SIX.


        Section 4.6
    No Undisclosed Liabilities.     Except (a) as disclosed, reflected or reserved against in Cyclone's consolidated balance sheet (or the notes thereto) as of December 31, 2016 included in the Cyclone SIX Documents filed or furnished and publicly available prior to the date hereof, (b) for liabilities incurred in the ordinary course of business since December 31, 2016, (c) as expressly permitted or contemplated by this Agreement and (d) for liabilities which have been discharged or paid in full in the ordinary course of business, neither Cyclone nor any Cyclone Subsidiary has any liabilities of any nature, whether or not accrued, contingent or otherwise, to the extent required by IFRS to be reflected on a consolidated balance sheet of Cyclone and its consolidated Subsidiaries (or in the notes thereto), other than those which, individually or in the aggregate, would not reasonably be expected to have a Cyclone Material Adverse Effect.


        Section 4.7
    Compliance with Laws; Permits.     

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        Section 4.8
    Environmental Laws and Regulations.     Except for such matters as would not, individually or in the aggregate, reasonably be expected to have a Cyclone Material Adverse Effect: (a) Cyclone and its Subsidiaries are now and have been since January 1, 2012 in compliance with all Environmental Laws; (b) there has been no Release or presence of or exposure to any Hazardous Substance, whether on or off the property currently or formerly owned or operated by Cyclone or any of its Subsidiaries, that would reasonably be expected to result in Environmental Liability or a requirement for notification, investigation or remediation by Cyclone or any of its Subsidiaries or any third party whose liability the Cyclone or any of its Subsidiaries has retained or assumed (either contractually or by operation of law), in each case under any Environmental Law; (c) since January 1, 2012 (or earlier to the extent unresolved), neither Cyclone nor any of its Subsidiaries has received any notice, demand letter, claim or request for information alleging that Cyclone or any of its Subsidiaries may be in violation of or subject to liability under any Environmental Law or are allegedly subject to any Removal, Remedial or Response actions; (d) neither Cyclone nor any of its Subsidiaries is subject to any order, decree, injunction or agreement with any Governmental Entity, imposing liability or obligations relating to any Environmental Law or any Hazardous Substance; (e) there is no claim, action, suit, proceeding, demand, lien, investigation or information request pending or, to the knowledge of Cyclone, threatened against Cyclone or any of its Subsidiaries or any third party whose liability Cyclone or any of its Subsidiaries has retained or assumed (either contractually or by operation of law) either pursuant to Environmental Law or arising from the Release or presence of or exposure to Hazardous Substances; (f) Cyclone and its Subsidiaries have and are, and since January 1, 2012, have been in compliance with, all of the material Environmental Permits necessary for the conduct and operation of its business (including the construction, modification, operation and maintenance of any facilities) as now being conducted, and all such Environmental Permits are in good standing and all applications as necessary for renewal of such Environmental Permits have been timely filed; and (g) with respect to Cyclone, each of its Subsidiaries and any Cyclone Owned Real Property or Cyclone Leased Real Property, neither the execution of this Agreement nor the consummation of the transactions contemplated hereby will require any investigation or remediation activities or notice to or consent of any Governmental Entity or third parties pursuant to any Environmental Law, including with respect to the New Jersey Industrial Site Recovery Act.


        Section 4.9
    Employee Benefit Plans.     

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        Section 4.10
    Absence of Certain Changes or Events.     


        Section 4.11
    Investigation; Litigation.     (a) There is no investigation or review pending (or, to the knowledge of Cyclone, threatened) by any Governmental Entity with respect to Cyclone or any Cyclone Subsidiary or any of their respective properties, rights or assets, and (b) there are no claims, actions, suits or proceedings pending (or, to the knowledge of Cyclone, threatened) against Cyclone or any Cyclone Subsidiary or any of their respective properties, rights or assets before, and there are no orders, judgments or decrees of, any Governmental Entity, which, in the case of clause (a) or (b), would reasonably be expected to have, individually or in the aggregate, a Cyclone Material Adverse Effect.


        Section 4.12
    [Reserved].     


        Section 4.13
    Tax Matters.     

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        Section 4.14
    Labor Matters.     

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        Section 4.15
    Intellectual Property.     Except as would not reasonably be expected to have, individually or in the aggregate, a Cyclone Material Adverse Effect: (a) Cyclone or a Cyclone Subsidiary owns or otherwise possesses a valid and legally enforceable right to use all Intellectual Property used in or necessary for their respective businesses as currently conducted, free and clear of all Liens; (b) there are no pending or, to the knowledge of Cyclone, threatened claims, actions or proceedings against Cyclone or its Subsidiaries by any Person (i) alleging infringement, misappropriation or other violations by Cyclone or its Subsidiaries of any third party's Intellectual Property or (ii) challenging the ownership, validity or enforceability of any Intellectual Property owned by Cyclone or a Cyclone Subsidiary; (c) to the knowledge of Cyclone, (i) the conduct of the businesses of Cyclone and its Subsidiaries does not infringe, misappropriate or otherwise violate any third party's Intellectual Property and (ii) no third party has infringed, misappropriated or violated or is infringing, misappropriating or violating any Intellectual Property owned by Cyclone or a Cyclone Subsidiary; (d) the Intellectual Property owned by Cyclone or a Cyclone Subsidiary is not subject to any outstanding settlement or order restricting the use, registration, ownership or disposition thereof; (e) Cyclone and the Cyclone Subsidiaries have taken commercially reasonable efforts to maintain and protect all material Intellectual Property owned by Cyclone or a Cyclone Subsidiary that is registered with any Governmental Entity; (f) Cyclone and the Cyclone Subsidiaries have taken commercially reasonable measures to maintain and protect the confidentiality of Cyclone's and the Cyclone Subsidiaries' material trade secrets and the integrity and security of Cyclone's and the Cyclone Subsidiaries' material information technology systems, including data stored or contained therein and,

35


to the knowledge of Cyclone, there has been no theft or loss of any confidential or personally identifiable data held by Cyclone or the Cyclone Subsidiaries; and (g) neither Cyclone nor any of its Subsidiaries are bound by any Contract that, upon consummation of the Transactions, will cause or require Cyclone or Hurricane or any of their affiliates (other than Cyclone or any of its Subsidiaries, to the extent so bound prior to the Closing Date) to grant, or cause to be granted, to any third party any right to or with respect to any Intellectual Property owned by any of them prior to the Closing.


        Section 4.16
    Real Property.     


        Section 4.17
    Opinions of Financial Advisors.     The Cyclone Board of Directors has received the separate opinions of each of UBS AG and Citigroup Global Markets Limited, each dated the date on

36


which the Cyclone Board of Directors approved the Merger, and subject to the assumptions made, procedures followed, matters considered and limitations and qualifications on the review undertaken as set forth therein, as to the fairness, from a financial point of view and as of the date of such opinion, to Cyclone of the Exchange Ratio pursuant to this Agreement. Cyclone shall, promptly following the execution of this Agreement by the Parties, furnish an accurate and complete copy of each such opinion to Hurricane (it being understood and agreed that such written opinions are for the benefit of the Cyclone Board of Directors and may not be relied upon by Hurricane).


        Section 4.18
    Required Vote.     The Cyclone Shareholder Approval is the only vote of the holders of securities of Cyclone which is required for Cyclone to consummate the Transactions.


        Section 4.19
    Material Contracts.     

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        Section 4.20
    Insurance.     Except as would not reasonably be expected to have, individually or in the aggregate, a Cyclone Material Adverse Effect, as of the date hereof, (a) all current, material insurance policies (or replacements thereof) and Contracts of Cyclone and its Subsidiaries are in full force and effect and are valid and enforceable and cover against the risks as are customary in all material respects for companies of similar size in the same or similar lines of business and (b) all premiums due thereunder have been paid. Neither Cyclone nor any of its Subsidiaries has received notice of cancellation or termination with respect to any material third party insurance policies or Contracts (other than in connection with normal renewals of any such insurance policies or Contracts) where such cancellation or termination would reasonably be expected to have, individually or in the aggregate, a Cyclone Material Adverse Effect.


        Section 4.21
    Finders and Brokers.     Neither Cyclone nor any Cyclone Subsidiary has employed, nor has any Person employed on behalf of Cyclone or a Cyclone Subsidiary, any investment banker, broker, finder or similar Person in connection with the Transactions, other than as set forth in Section 4.21 of the Cyclone Disclosure Letter, who might be entitled to any fee, commission or other payment in connection with or upon consummation of the Merger.

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        Section 4.22
    Anti-Corruption.     Except for those matters which, individually or in the aggregate, would not reasonably be expected to have a Cyclone Material Adverse Effect:


        Section 4.23
    Sanctions.     Except for those matters which, individually or in the aggregate, would not reasonably be expected to have a Cyclone Material Adverse Effect, none of Cyclone or any Cyclone Subsidiary, nor any of their respective directors, managers or employees (a) is a Sanctioned Person, (b) has in the past five (5) years engaged in, has any plan or commitment to engage in, direct or indirect dealings with any Sanctioned Person or in any Sanctioned Country on behalf of Cyclone or any Cyclone Subsidiary in violation of applicable Sanctions Law, or (c) has in the past five (5) years violated, or engaged in any conduct sanctionable under, any Sanctions Law, nor to the knowledge of Cyclone, been the subject of an investigation or allegation of such a violation or sanctionable conduct.


        Section 4.24
    Stock Ownership.     Neither Cyclone, Merger Sub or any of their respective "affiliates" or "associates" (as defined in Section 203 of the DGCL) is, nor at any time during the past three (3) years has been, an "interested stockholder" of Hurricane as defined either in the Hurricane Certificate or in Section 203 of the DGCL. Neither Cyclone nor any Cyclone Subsidiaries directly or indirectly owns, and at all times for the past three years, neither Cyclone nor any Cyclone Subsidiaries has owned, beneficially or otherwise, in excess of 1% of the Hurricane Shares.


        Section 4.25
    No Merger Sub Activity.     Since the date of its formation, Merger Sub has not engaged in any activities other than in connection with this Agreement.


        Section 4.26
    No Other Representations.     Except for the representations and warranties contained in Article III or in any certificates delivered by Hurricane in connection with the Closing, Cyclone acknowledges that neither Hurricane nor any Representative of Hurricane makes, and Cyclone acknowledges that it has not relied upon or otherwise been induced by, any other express or implied representation or warranty with respect to Hurricane or any of its Subsidiaries or with respect to any other information provided or made available to Cyclone in connection with the Transactions, including any information, documents, projections, forecasts or other material made available to Cyclone or to

39


Cyclone's Representatives in certain "data rooms" or management presentations in expectation of the Transactions.


ARTICLE V.

COVENANTS RELATING TO CONDUCT
OF BUSINESS PENDING THE CLOSING

        Section 5.1    Conduct of Business by Hurricane Pending the Closing.     

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        Section 5.2
    Conduct of Business by Cyclone Pending the Closing.     

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45


46


47


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        Section 5.3
    Solicitation by Hurricane.     

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        Section 5.4
    Solicitation by Cyclone.     

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        Section 5.5
    Preparation of the Form F-4, the Proxy Statement/Prospectus, the Cyclone EGM Materials and the Swiss Listing Prospectus; Hurricane Special Meeting and Cyclone EGM.     

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        Section 5.6
    Voting and Support Agreements.     


ARTICLE VI.

ADDITIONAL AGREEMENTS

        Section 6.1    Access; Confidentiality; Notice of Certain Events.     

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        Section 6.2
    Reasonable Best Efforts.     

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        Section 6.3
    Publicity.     Subject to Section 6.7 (solely with respect to communications directed to the employees of the Parties in their capacity as such), so long as this Agreement is in effect, neither Hurricane nor Cyclone, nor any of their respective affiliates, shall issue or cause the publication of any press release or other public announcement with respect to the Merger, this Agreement or the other Transactions without the prior consent of the other Party, unless such Party determines, after consultation with outside counsel, that it is required by applicable Law or by any listing agreement with or the listing rules of a national securities exchange or trading market to issue or cause the publication of any press release or other public announcement with respect to the Merger, this Agreement or the other Transactions, in which event such Party shall endeavor, on a basis reasonable under the circumstances, to provide a meaningful opportunity to the other Party to review and comment upon such press release or other announcement as far in advance as practicable and shall give due

61


consideration to all reasonable additions, deletions or changes suggested thereto; provided, however, that (i) without limiting any of its obligations under Section 5.3, Hurricane shall not be required by this Section 6.3 to provide any such review or comment to Cyclone in connection with the receipt and existence of a Hurricane Competing Proposal or a Hurricane Change of Recommendation and matters related thereto and (ii) without limiting any of its obligations under Section 5.4, Cyclone shall not be required by this Section 6.3 to provide any such review or comment to Hurricane in connection with the receipt and existence of a Cyclone Competing Proposal or a Cyclone Change of Recommendation and matters related thereto; provided, further, each Party and their respective affiliates may make statements that substantially reiterate (and are not inconsistent with) previous press releases, public disclosures or public statements made by Cyclone and Hurricane in compliance with this Section 6.3.


        Section 6.4
    Directors' and Officers' Insurance and Indemnification.     

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        Section 6.5
    Takeover Statutes.     The Parties shall (a) take all action necessary so that no Takeover Statute or, in the case of Hurricane, any similar provision of the Hurricane Governing Documents, is or becomes applicable to the Merger or any of the other Transactions or the transactions contemplated by the Voting and Support Agreements and (b) if any such Takeover Statute or, in the case of Hurricane, any similar provision of the Hurricane Governing Documents, is or becomes applicable to the Merger, any of the other Transactions or any of the transactions contemplated by the Voting and Support Agreements, to take all action necessary so that the Merger, the other Transactions and the transactions contemplated by the Voting and Support Agreements may be consummated as promptly as practicable on the terms contemplated hereby and thereby and otherwise to eliminate or minimize the effect of such Takeover Statute on the Merger, the other Transactions and the transactions contemplated by the Voting and Support Agreements.


        Section 6.6
    Obligations of Merger Sub and the Surviving Corporation.     Cyclone shall take all action necessary to cause each of Merger Sub and the Surviving Corporation to perform their respective obligations under this Agreement and to cause Merger Sub to consummate the Transactions, including the Merger, upon the terms and subject to the conditions set forth in this Agreement.


        Section 6.7
    Employee Benefits Matters.     

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        Section 6.8
    Rule 16b-3.     Prior to the Effective Time, Hurricane and Cyclone shall, as applicable, take all such steps as may be reasonably necessary or advisable hereto to cause any dispositions of Hurricane equity securities (including derivative securities) and acquisitions of Cyclone equity securities pursuant to the Transactions by each individual who is a director or officer of Hurricane subject to the reporting requirements of Section 16(a) of the Exchange Act with respect to Hurricane to be exempt under Rule 16b-3 promulgated under the Exchange Act.


        Section 6.9
    Transaction Litigation; Notices.     


        Section 6.10
    Delisting.     Each of the Parties agrees to cooperate with the other Parties in taking, or causing to be taken, all actions necessary to delist the Hurricane Common Stock from the NYSE and terminate its registration under the Exchange Act; provided that such delisting and termination shall not be effective until after the Effective Time.


        Section 6.11
    Cyclone Board Actions.     Cyclone shall take all necessary action to cause, effective as of the Effective Time, (a) the size of the HurricaneCyclone Board of Directors to be increased so as to consist of twelve (12) members, (b) the HurricaneCyclone Board of Directors to be comprised of the members as set forth in Section 1.8(a), and (c) the composition of each committee of the HurricaneCyclone Board of Directors to be as set forth in Section 1.8(c).

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        Section 6.12
    Stock Exchange Listings; Future Financial Reporting and Dividends.     


        Section 6.13
    Integration Planning.     As promptly as practicable after the date hereof, Cyclone and Hurricane shall establish an integration planning committee (the "Integration Committee") which shall include the Chief Executive Officer of Cyclone and the Chief Executive Officer of Hurricane and such other individuals as shall be jointly designated by the Chief Executive Officer of Cyclone and the Chief Executive Officer of Hurricane. Cyclone and Hurricane shall each appoint one of its designees to serve as co-chairman of the Integration Committee. The activities of the Integration Committee shall, subject to applicable Law, include, among other things, coordinating the activities and obligations of Cyclone and Hurricane under this Agreement and developing a post-closing integration plan, subject to compliance with applicable merger control regulations. Notwithstanding anything in this Agreement to the contrary, nothing in this Agreement shall, directly or indirectly, give any Party control over any other Party's operations, business or decision-making before the Effective Time, and control over all such matters shall remain in the hands of the relevant party, subject to the terms and conditions of this Agreement.


        Section 6.14
    Income Tax Rulings.     Cyclone shall use reasonable best efforts in promptly obtaining, and Hurricane shall use reasonable best efforts in supporting Cyclone in promptly obtaining, on behalf of Cyclone, prior to the Effective Time, tax rulings from the Cantonal Tax Administration of the Canton of Basel-Landschaft and the Federal Tax Administration providing that the Merger does not result in income Taxes for Cyclone (and, in particular, the recording of the newly issued Cyclone Shares in the Merger is not subject to income Taxes) and determining the income Tax consequences of the Merger for any Swiss resident shareholders of Hurricane (the "Income Tax Rulings"). Cyclone shall promptly provide Hurricane with all information and documents necessary in connection with obtaining the Income Tax Rulings and in furtherance thereof shall promptly inform Hurricane of any developments which may affect the ruling process. The Parties shall closely cooperate in obtaining the Income Tax Rulings and shall take the other Party's reasonable comments into account.


        Section 6.15
    Swiss Tax Rulings.     Cyclone shall use reasonable best efforts in promptly obtaining, and Hurricane shall use reasonable best efforts to cooperate with Cyclone in promptly obtaining, on behalf of Cyclone, prior to the Effective Time, a Tax ruling from the Swiss Federal Tax Administration (the "SFTA Tax Ruling") relating to (i) the exemption of the Merger and the Capital Increase from the issuance stamp duty and the securities transfer stamp duty and (ii) the creation of paid-in capital (reserves from capital contribution) for purposes of Swiss dividend withholding tax. Cyclone shall promptly provide Hurricane with all information and documents necessary in connection with obtaining the SFTA Tax Ruling and in furtherance thereof shall promptly inform Hurricane of any developments

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which may affect the ruling process. Both Parties shall closely cooperate in obtaining the SFTA Tax Ruling and shall take the other Party's reasonable comments into account.


        Section 6.16
    Financing Cooperation.     


        Section 6.17
    Transaction Structure.     Either Cyclone or Hurricane may propose changes to the terms of this Agreement in order to change the method of effecting the business combination of Cyclone and Hurricane in order to (i) permit or expedite the satisfaction of the conditions to the Parties' obligations to effect the Merger set forth in Article VII, (ii) address the Tax consequences of the Transactions to Cyclone, Hurricane or their respective shareholders or stockholders, or (iii) achieve the Intended Tax Treatment, and the Parties shall consider such proposed changes in good faith and shall use their reasonable best efforts to enter into amendments to this Agreement to effect such changes as may be mutually agreed by the Parties; provided, that no such change shall (A) alter or change the amount, kind or allocation of the Merger Consideration provided for in this Agreement, (B) adversely affect the Tax treatment of the holders of Hurricane Shares as a result of receiving their portion of the Merger Consideration or the Tax treatment of any of the Parties pursuant to this Agreement, (C) materially impede or delay the receipt of any consents or approvals of or the completion of any

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filings or registrations with any Governmental Entity in connection with the Transactions, or (D) materially impede or delay consummation of the Transactions.


        Section 6.18
    Vortex Matters.     Hurricane shall consult with Cyclone, on a basis reasonable under the circumstances, on matters relating to the Vortex IPO, the Related IPO Activities, any Vortex Sell-Down or the Related Financing Amendments, including the timing and pricing of the Vortex IPO and any decision not to proceed with the Vortex IPO, and shall give due consideration to Cyclone's views with respect thereto.


        Section 6.19
    U.S. Tax Matters.     


        Section 6.20
    Employment Agreements.     The Parties intend to negotiate in good faith to have employment agreements in effect as of the Effective Time between HurricaneCyclone and those individuals who will be members of the Executive Committee of HurricaneCyclone, as is customary or required under Swiss Law.


ARTICLE VII.

CONDITIONS TO CONSUMMATION OF THE MERGER

        Section 7.1    Conditions to Each Party's Obligations to Effect the Merger.     The respective obligations of each Party to effect the Merger shall be subject to the satisfaction at the Effective Time of each of the following conditions, any and all of which may be waived in whole or in part by Cyclone and Hurricane, as the case may be, to the extent permitted by applicable Law:

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        Section 7.2
    Conditions to Obligations of Cyclone and Merger Sub.     The obligations of Cyclone and Merger Sub to effect the Merger are also subject to the satisfaction (or waiver (in writing) by Cyclone) at the Effective Time of each of the following additional conditions:

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        Section 7.3
    Conditions to Obligations of Hurricane.     The obligations of Hurricane to effect the Merger are also subject to the satisfaction (or waiver (in writing) by Hurricane) at the Effective Time of each of the following additional conditions:


        Section 7.4
    Frustration of Closing Conditions.     None of Hurricane, Cyclone or Merger Sub may rely on the failure of any condition set forth in Section 7.1, Section 7.2 or Section 7.3, as the case may be, to be satisfied if such failure was caused by such Party's (or (a) in the case of Cyclone, Merger Sub's, and (b) in the case of Merger Sub, Cyclone's) failure to perform any of its obligations under this Agreement.


ARTICLE VIII.

TERMINATION

        Section 8.1    Termination.     This Agreement may be terminated and the Merger and the other Transactions may be abandoned at any time prior to the Effective Time as follows:

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        Section 8.2
    Effect of Termination.     

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ARTICLE IX.

MISCELLANEOUS

        Section 9.1    Amendment and Modification; Waiver.     

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        Section 9.2
    Non-Survival of Representations and Warranties.     None of the representations and warranties in this Agreement or in any schedule, instrument or other document delivered pursuant to this Agreement shall survive the Effective Time, other than any representations and warranties contained in the annexes and exhibits hereto and including the HurricaneCyclone Articles of Association, the HurricaneCyclone Bylaws and the Voting and Support Agreements. This Section 9.2 shall not limit any covenant or agreement of the Parties which by its terms contemplates performance after the Effective Time.


        Section 9.3
    Expenses.     Except as set forth in this Section 9.3, all fees and expenses incurred in connection with the Merger, this Agreement and the other Transactions shall be paid by the Party incurring such expenses, whether or not the Merger is consummated, except that each of Cyclone and Hurricane shall bear and pay one-half the costs and expenses (other than the fees and expenses of each party's non-shared attorneys and accountants, which shall be borne by the Party incurring such expenses) incurred by the Parties hereto in connection with (i) the filing, printing and mailing of the Form F-4, the Proxy Statement/Prospectus (including SEC Filing Fees) and the Cyclone EGM Materials and the Swiss Law Prospectus, (ii) the filings of the premerger notification and report forms under the HSR Act and similar laws of other jurisdictions (including filing fees) and (iii) any jointly retained third parties, including attorneys, consultants, and economists.


        Section 9.4
    Notices.     All notices and other communications hereunder shall be in writing and shall be deemed given if delivered personally (notice deemed given upon receipt), by facsimile (notice deemed given upon confirmation of receipt), email (followed by overnight courier service) or sent by a nationally recognized overnight courier service, such as Federal Express (notice deemed given upon receipt of proof of delivery), to the Parties at the following addresses (or at such other address for a Party as shall be specified by like notice):

        if to Cyclone or Merger Sub, to:

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        Section 9.5
    Certain Definitions.     For the purposes of this Agreement, the term:

        "Acceptable Confidentiality Agreement" means a confidentiality agreement that contains terms that are no less favorable in the aggregate to Hurricane or Cyclone, as applicable, than those contained in the Confidentiality Agreement; provided that such agreement shall include standstill provisions (which shall permit private proposals to the respective board of directors) in favor of Hurricane or Cyclone, as applicable.

        "Adverse 7874 Tax Law Change" means any change in applicable Law (whether or not such change in Law is yet effective) with respect to Section 7874 of the Code (or any other U.S. Tax Law), or official interpretation thereof as set forth in published guidance by the IRS (other than IRS News Releases) (whether or not such change in official interpretation is yet effective), or any bill that would implement such a change which has been passed in identical (or substantially identical such that a conference committee is not required prior to submission of such legislation for the President's approval or veto) form by both the United States House of Representatives and the United States Senate and for which the time period for the President of the United States to sign or veto such bill has not yet elapsed, in each case, that, once effective, in the opinion of nationally recognized U.S. tax counsel, would cause Cyclone to be treated as a United States domestic corporation for U.S. federal income tax purposes.

        "Adverse Law or Order" means (i) any statute, rule, regulation or other Law (other than any Antitrust Law) shall have been enacted or promulgated by any Governmental Entity of competent

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jurisdiction which prohibits or makes illegal the consummation of the Merger or (ii) there shall be in effect any order or injunction of any Governmental Entity of competent jurisdiction preventing the consummation of the Merger.

        "Antitrust Laws" mean any antitrust, competition or trade regulation Laws that are designed or intended to prohibit, restrict or regulate actions having the purpose or effect of monopolization or restraint of trade or lessening competition through merger or acquisition, including the HSR Act.

        "Bribery Legislation" means all and any of the following: the FCPA; the Organization For Economic Co-operation and Development Convention on Combating Bribery of Foreign Public Officials in International Business Transactions and related implementing legislation; the relevant common law or legislation in England and Wales relating to bribery and/or corruption, including, the Public Bodies Corrupt Practices Act 1889; the Prevention of Corruption Act 1906 as supplemented by the Prevention of Corruption Act 1916 and the Anti-Terrorism, Crime and Security Act 2001; the Bribery Act 2010; the Proceeds of Crime Act 2002; and any anti-bribery or anti-corruption related provisions in criminal and anti-competition laws and/or anti-bribery, anti-corruption and/or anti-money laundering laws of any jurisdiction in which Cyclone or Hurricane operates.

        "business day" means any day other than (i) a Saturday or a Sunday or (ii) a day on which banking and savings and loan institutions are authorized or required by Law to be closed in New York, New York or Zurich, Switzerland.

        "CERCLA" means the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, and any regulations promulgated thereunder.

        "CFIUS" means the Committee on Foreign Investment in the United States.

        "CFIUS Approval" means (A) (1) CFIUS shall have determined that the transactions contemplated by this Agreement are not "covered transactions" under the DPA, (2) Cyclone and Hurricane shall have received a written notice issued by CFIUS that it has determined that there are no unresolved national security concerns with respect to the transactions contemplated by this Agreement and has concluded all action under the DPA or (3) if CFIUS has sent a report to the President of the United States requesting the President's decision pursuant to the DPA with respect to the transactions contemplated by this Agreement, then (x) the President has announced a decision not to take any action to suspend, prohibit or place any limitations on the transactions contemplated by this Agreement or (y) having received a report from CFIUS requesting the President's decision, the President has not taken any action after fifteen (15) days from the date the President received such report from CFIUS, and (B) neither CFIUS nor the President shall have imposed any Burdensome Condition pursuant to their authority under the DPA.

        "CO" means the Swiss Code of Obligations of March 30, 1911, as amended.

        "Confidentiality Agreement" means the Confidentiality Agreement, dated April 24, 2017, between Cyclone and Hurricane, as may be amended.

        "Contract" means any written or oral agreement, contract, subcontract, settlement agreement, lease, sublease, binding understanding, note, option, bond, mortgage, indenture, trust document, loan or credit agreement, license, sublicense, insurance policy or other legally binding commitment or undertaking of any nature, as in effect as of the date hereof or as may hereinafter be in effect.

        "Cyclone Benefit Plan" means each employee benefit or compensation plan, arrangement or agreement, whether or not written, including any "employee welfare benefit plan" within the meaning of Section 3(1) of ERISA (whether or not such plan is subject to ERISA), any "employee pension benefit plan" within the meaning of Section 3(2) of ERISA (whether or not such plan is subject to ERISA) and any bonus, incentive, deferred compensation, vacation, stock purchase, equity or equity-based, severance, retention, employment, change of control, pension, retirement, retention or other

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fringe benefit plan, policy, program or agreement that is sponsored, maintained or contributed to by Cyclone or any Cyclone Subsidiary or which Cyclone or any Cyclone Subsidiary is obligated to sponsor, maintain or contribute to or with respect to which Cyclone or any Cyclone Subsidiary has any obligation or liability (whether actual or contingent).

        "Cyclone Competing Proposal" means any proposal or offer made by a Person or group (other than a proposal or offer by Hurricane or any of its Subsidiaries) at any time, including any amendment or modification to any existing proposal or offer, (i) pursuant to which if consummated such Person or group would acquire ownership or beneficial ownership (as defined in Rule 13d-3 under the Exchange Act) of at least twenty percent (20%) of the assets of Cyclone (based on a fair market value on a consolidated basis), at least twenty percent (20%) of the outstanding registered shares of Cyclone, or businesses of Cyclone representing at least twenty percent (20%) of Cyclone's net income or net revenues (on a consolidated basis for the 12-month period ending on the last day of Cyclone's most recently completed fiscal year for which audited financial statements are available) (whether pursuant to a merger, consolidation or other business combination, sale of shares of capital stock, sale of assets, tender offer or exchange offer or otherwise, including any single or multi-step transaction or series of related transactions), in each case other than the Merger, or (ii) that is a merger, consolidation, recapitalization or other transaction that if consummated would result in the shareholders of Cyclone immediately preceding such transaction holding less than eighty percent (80%) of the equity interests of the surviving or resulting entity of such transaction, in each case other than the Merger.

        "Cyclone EGM" means the extraordinary general meeting of the holders of Cyclone Shares for the purpose of seeking the Cyclone Shareholder Approval.

        "Cyclone Entities" means Cyclone and Merger Sub.

        "Cyclone Equity Award" means any form of compensation (including deferred compensation) granted under a Cyclone Equity Plan that is or may be paid or settled in Cyclone Shares.

        "Cyclone Equity Plans" means the Clariant Performance Share Unit Plan, the Clariant Group Senior Management—Long-Term Incentive Plan (GSM-LTIP), the Clariant Board of Directors Plan set forth in the Cyclone Articles of Association and individual agreements or arrangements granting Cyclone Equity Awards to new hires.

        "Cyclone Governing Documents" means (a) the Cyclone Articles of Association as amended and in effect on the date of this Agreement and (b) the Cyclone Bylaws, as amended and in effect on the date of this Agreement.

        "Cyclone Intervening Event" means a material Effect relating to Cyclone that (a) was not known to or reasonably foreseeable by the Cyclone Board of Directors, or the material consequences of which (based on facts known or reasonably expected to be known to members of the Cyclone Board of Directors as of the date of this Agreement) were not reasonably foreseeable, as of the date of this Agreement and (b) does not relate to any Cyclone Competing Proposal.

        "Cyclone Material Adverse Effect" means any Effect that, individually or in the aggregate, has a material adverse effect on the assets, liabilities, condition (financial or otherwise), business or results of operations of Cyclone and the Cyclone Subsidiaries, taken as a whole; provided, however, that no Effects to the extent resulting or arising from the following, either alone or in combination, shall be deemed to constitute a Cyclone Material Adverse Effect or shall be taken into account when determining whether a Cyclone Material Adverse Effect exists or has occurred or is reasonably likely to exist or occur: (a) any changes in general Swiss or global economic conditions, (b) conditions (or changes therein) in any industry or industries in which Cyclone operates (including changes in commodity prices or general market prices affecting the chemical industry generally), (c) general legal, tax, economic, political and/or regulatory conditions (or changes therein), including any changes affecting financial, credit or capital market conditions, (d) any change or prospective changes in IFRS

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or interpretation thereof, (e) any adoption, implementation, promulgation, repeal, modification, amendment, reinterpretation, change or proposal of any applicable Law of and by any Governmental Entity (including with respect to Taxes), (f) the execution and delivery of this Agreement or the consummation of the Transactions or compliance with the terms of this Agreement (other than compliance with Section 5.2 and it being understood that this clause (f) shall not apply with respect to any representation or warranty contained in this Agreement to the extent the purpose of such representation or warranty is to address the consequences resulting from the execution and delivery of this Agreement or the consummation of the Transactions or the compliance with the terms of this Agreement), (g) changes in the price of Cyclone Shares, in and of itself (it being understood that the Effects giving rise or contributing to such changes that are not otherwise excluded from the definition of a "Cyclone Material Adverse Effect" may be taken into account), (h) any failure by Cyclone to meet any internal or published projections, estimates or expectations of Cyclone's revenue, earnings or other financial performance or results of operations for any period, in and of itself, or any failure by Cyclone to meet its internal budgets, plans or forecasts of its revenues, earnings or other financial performance or results of operations, in and of itself (it being understood that the Effects giving rise or contributing to such failure that are not otherwise excluded from the definition of a "Cyclone Material Adverse Effect" may be taken into account), (i) Effects arising out of changes in geopolitical conditions, acts of terrorism or sabotage, war (whether or not declared), the commencement, continuation or escalation of a war, acts of armed hostility, weather conditions or other similar force majeure events, including any material worsening of such conditions threatened or existing as of the date of this Agreement (other than any of the foregoing to the extent that it causes any direct damage or destruction, or renders physically unusable or inaccessible, any facility or property of Cyclone or any of its Subsidiaries), (j) the negotiation, public announcement, pendency or consummation of the Transactions, including any resulting litigation (other than compliance with Section 5.2 and it being understood that this clause (j) shall not apply with respect to any representation or warranty contained in this Agreement to the extent the purpose of such representation or warranty is to address the consequences resulting from the execution and delivery of this Agreement or the consummation of the Transactions or the compliance with the terms of this Agreement), (k) any action or failure to take any action that is expressly consented to or requested by Hurricane in writing, (l) any reduction in the credit rating of Cyclone or the Cyclone Subsidiaries, in and of itself (it being understood that the Effects giving rise or contributing to such reduction that are not otherwise excluded from the definition of a "Cyclone Material Adverse Effect" may be taken into account) or (m) Effects arising out of any conversion or reconciliation between IFRS and GAAP undertaken in connection with the Transactions; except, in the case of clauses (a)–(e) or (i) to the extent Cyclone and the Cyclone Subsidiaries, taken as a whole, are disproportionately impacted thereby relative to other entities operating in the same industry or industries in which Cyclone and the Cyclone Subsidiaries operate (in which case the incremental disproportionate impact or impacts may be taken into account in determining whether there has been a Cyclone Material Adverse Effect).

        "Cyclone Material Supplier" means the top fifteen (15) third party suppliers of Cyclone and the Cyclone Subsidiaries ranked by total spend by Cyclone and the Cyclone Subsidiaries during the fiscal year ended December 31, 2016.

        "Cyclone Senior Officers" means the executive officers of Cyclone having the titles identified in Section 9.5(a) of the Cyclone Disclosure Letter.

        "Cyclone Shareholder Approval" means the vote of holders of outstanding Cyclone Shares required by the Cyclone Governing Documents and Swiss Law to approve the Binding Cyclone Approval Matters as provided in this Agreement at the Cyclone EGM.

        "Cyclone Shares" means the registered shares, par value CHF 3.70 per share, of Cyclone.

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        "Cyclone Significant Subsidiary" means any Subsidiary of Cyclone that is listed as a "major subsidiary" on the 2016 annual report and any other Subsidiary acquired or formed after the date thereof that would have been listed as a "major subsidiary" on Cyclone's annual report if it had otherwise been a Cyclone Subsidiary as of December 31, 2016.

        "Cyclone Subsidiaries" means the Subsidiaries of Cyclone.

        "Cyclone Superior Proposal" means a bona fide, unsolicited, written Cyclone Competing Proposal (with references to 20% and 80% being deemed to be replaced with references to 50%), which the Cyclone Board of Directors determines in good faith after consultation with Hurricane's outside legal and financial advisors to be (a) more favorable to the shareholders of Cyclone from a financial point of view than the Merger and (b) reasonably capable of being completed as proposed on a timely basis, in the case of each of clauses (a) and (b), taking into account all financial, legal, regulatory and other aspects of this Agreement (including any changes to the terms of this Agreement proposed by Hurricane in response to such Cyclone Competing Proposal or otherwise) and such Cyclone Competing Proposal (including any termination fees, any expense reimbursement provisions, the terms and conditions to the consummation of such Cyclone Competing Proposal and whether such Cyclone Competing Proposal is fully financed and the identity of the Person making such Cyclone Competing Proposal).

        "Cyclone Superior Proposal Acquisition Agreement" shall mean a written definitive acquisition agreement providing for a Cyclone Superior Proposal entered into by and between Cyclone and the Person making a Cyclone Superior Proposal.

        "Cyclone Triggering Event" shall be deemed to have occurred if: (a) the Hurricane Board of Directors or any committee thereof shall have made a Hurricane Change of Recommendation or the Hurricane Board of Directors or any committee thereof has provided the written notice of its intent to make a Hurricane Change of Recommendation pursuant to Section 5.3(e); (b) Hurricane shall have failed to include in the Proxy Statement/Prospectus the Hurricane Board Recommendation; (c) a tender or exchange offer relating to Hurricane Shares shall have been commenced and (i) Hurricane shall not have publicly announced, within ten (10) business days after the commencement of such tender or exchange offer or, if earlier, at least five (5) business days prior to the Hurricane Special Meeting (and does not subsequently withdraw or modify such reaffirmation), a statement disclosing that Hurricane recommends rejection of such tender or exchange offer and reaffirming its recommendation of this Agreement, the Merger and the other Transactions or (ii) Hurricane Shares shall have been accepted for payment or exchange pursuant thereto; (d) a Hurricane Competing Proposal is publicly announced, and Hurricane fails to issue a press release that reaffirms its recommendation of this Agreement, the Merger and the other Transactions, within five (5) business days (or, if earlier, prior to the Hurricane Special Meeting) after such Hurricane Competing Proposal is publicly announced; or (e) Hurricane or any Representative of Hurricane shall have Willfully Breached any of the provisions set forth in Section 5.3 or Section 5.5(c) in any material respect.

        "Cyclone VWAP" means the volume weighted average price of Cyclone Shares for a ten (10) day trading period, starting with the opening of trading on the eleventh (11th) trading day prior to the Closing Date to the closing of trading on the second to last trading day prior to the Closing Date, as reported by Bloomberg.

        "DPA" means Section 721 of the Defense Production Act of 1950, as amended, including the implementing regulations thereof, codified at 31 C.F.R. Part 800.

        "Effect" means any change, effect, development, circumstance, condition, state of facts, event or occurrence.

        "Environmental Law" means any and all applicable Laws which (a) regulate or relate to pollution or the protection or clean-up of the environment; the use, treatment, storage, transportation, handling,

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disposal or Release of Hazardous Substances, the preservation or protection of waterways, groundwater, drinking water, air, wildlife, plants or other natural resources; or the health and safety of persons or property, including protection of the health and safety of employees, with respect to Hazardous Substances; or (b) impose liability or responsibility with respect to any of the foregoing, including the Comprehensive Environmental Response, Compensation and Liability Act (42 U.S.C. § 9601 et seq.), or any other Law of similar effect.

        "Environmental Liability" means any obligations or liabilities (including any notices, claims, complaints, suits or other assertions of obligations or liabilities) that are: (a) related to the environment (including on-site or off-site contamination by Hazardous Substances of surface or subsurface soil or water); and (b) based upon (i) any provision of Environmental Laws or (ii) any order, consent, decree, writ, injunction or judgment issued or otherwise imposed by any Governmental Entity and includes: fines, penalties, judgments, awards, settlements, losses, damages, costs, fees (including attorneys' and consultants' fees), expenses and disbursements relating to environmental matters; defense and other responses to any administrative or judicial action (including notices, claims, complaints, suits and other assertions of liability) relating to environmental matters; and financial responsibility for (x) clean-up costs and injunctive relief, including any Removal, Remedial or Response actions, and (y) compliance or remedial measures under Environmental Laws.

        "Environmental Permits" means any permit, license, consent, certificate, registration, variance, exemption, authorization or approval required under applicable Environmental Laws.

        "ERISA" means the Employee Retirement Income Security Act of 1974, as amended, and the regulations promulgated and rulings issued thereunder.

        "ERISA Affiliate" means, with respect to any Person or trade or business, any other Person or trade or business (i) that is a member of a group described in Section 414(b), (c), (m) or (o)  of the Code or Section 4001(b)(1) of ERISA that includes the first Person or trade or business, (ii) that together with the first Person or trade or business at any relevant time would be treated as a single employer under Section 414 of the Code, or (iii) that is a member of the same "controlled group" as the first Person or trade or business pursuant to Section 4001(a)(14) of ERISA.

        "Exchange Act" means the United States Securities Exchange Act of 1934, as amended.

        "FCPA" means the United States Foreign Corrupt Practices Act of 1977, as amended.

        "Form 10" means the registration statement on Form 10 filed by Vortex with the SEC to effect the registration of common stock of Vortex pursuant to the Exchange Act, as such registration statement may be amended or supplemented from time to time.

        "Form S-1" means the registration statement on Form S-1 filed by Vortex with the SEC on May 5, 2017 to effect the registration of common stock of Vortex pursuant to the Securities Act, as such registration statement may be amended or supplemented from time to time.

        "Government Official" means (a) any official, officer, employee, or representative of, or any Person acting in an official capacity for or on behalf of, any Governmental Entity, (b) any candidate for political office, or (c) any political party or party official.

        "Governmental Entity" means (a) any national, federal, state, county, municipal, local or foreign government or any entity exercising executive, legislative, judicial, regulatory, taxing or administrative functions of, or pertaining to, government, including any arbitral body (public or private), (b) any public international governmental organization, or (c) any agency, division, bureau, department, or other political subdivision of any government, entity or organization described in the foregoing clauses (a) or (b) of this definition.

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        "Hazardous Substances" means any pollutant, chemical, substance, or greenhouse gas (and any toxic, infectious, carcinogenic, reactive, corrosive, ignitable or flammable chemical, chemical compound, hazardous substance, material or waste, whether solid, liquid or gas) that is subject to regulation, control or remediation (or for which liability may be imposed) under any Environmental Laws, including any quantity of petroleum product or byproduct, flammable or explosive material, radioactive material, asbestos, lead paint, polychlorinated biphenyls (or PCBs), urea formaldehyde, dioxins, dibenzofurans, heavy metals, radon gas, mold, mold spores and mycotoxins.

        "HSR Act" means the United States Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the rules and regulations promulgated thereunder.

        "Hurricane Benefit Plan" means each employee benefit or compensation plan, arrangement or agreement, whether or not written, including any "employee welfare benefit plan" within the meaning of Section 3(1) of ERISA (whether or not such plan is subject to ERISA), any "employee pension benefit plan" within the meaning of Section 3(2) of ERISA (whether or not such plan is subject to ERISA) and any bonus, incentive, deferred compensation, vacation, stock purchase, equity or equity-based, severance, retention, employment, change of control, pension, retirement, retention or other fringe benefit plan, policy, program or agreement that is sponsored, maintained or contributed to by Hurricane or any Hurricane Subsidiary or which Hurricane or any Hurricane Subsidiary is obligated to sponsor, maintain contribute to or with respect to which Hurricane or any Hurricane Subsidiary has any obligation or liability (whether actual or contingent).

        "Hurricane Bylaws" means the bylaws of Hurricane, as amended and restated as of the date of this Agreement.

        "Hurricane Certificate" means the Certificate of Incorporation of Hurricane as amended, amended and restated and supplemented and in effect on the date hereof.

        "Hurricane Competing Proposal" means any proposal or offer made by a Person or group (other than a proposal or offer by Cyclone or any of its Subsidiaries) at any time, including any amendment or modification to any existing proposal or offer, (i) pursuant to which if consummated such Person or group would acquire ownership or beneficial ownership (as defined in Rule 13d-3 under the Exchange Act) of at least twenty percent (20%) of the assets of Hurricane (based on a fair market value on a consolidated basis), at least twenty percent (20%) of the outstanding common shares of Hurricane or businesses of Hurricane representing at least twenty percent (20%) of Hurricane's net income or net revenues (on a consolidated basis for the 12-month period ending on the last day of Hurricane's most recently completed fiscal year for which audited financial statements are available) (whether pursuant to a merger, consolidation or other business combination, sale of shares of capital stock, sale of assets, tender offer or exchange offer or otherwise, including any single or multi step transaction or series of related transactions), in each case other than the Merger and other than solely for Vortex (as contemplated by the Form S-1) or any of its Subsidiaries, assets or businesses, or (ii) that is a merger, consolidation, recapitalization or other transaction that if consummated would result in the stockholders of Hurricane immediately preceding such transaction holding less than eighty percent (80%) of the equity interests of the surviving or resulting entity of such transaction, in each case other than the Merger.

        "Hurricane Equity Plans" means the Huntsman Corporation Stock Incentive Plan and the Huntsman Corporation 2016 Stock Incentive Plan.

        "Hurricane Governing Documents" means the Hurricane Bylaws and the Hurricane Certificate.

        "Hurricane Intervening Event" means a material Effect relating to Hurricane that (a) was not known to or reasonably foreseeable by the Hurricane Board of Directors, or the material consequences of which (based on facts known or reasonably expected to be known to members of the Hurricane

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Board of Directors as of the date of this Agreement) were not reasonably foreseeable, as of the date of this Agreement and (b) does not relate to any Hurricane Competing Proposal.

        "Hurricane Material Adverse Effect" means any Effect that, individually or in the aggregate, has a material adverse effect on the assets, liabilities, condition (financial or otherwise), business or results of operations of Hurricane and the Hurricane Subsidiaries, taken as a whole; provided, however, that no Effects to the extent resulting or arising from the following, either alone or in combination, shall be deemed to constitute a Hurricane Material Adverse Effect or shall be taken into account when determining whether a Hurricane Material Adverse Effect exists or has occurred or is reasonably likely to exist or occur: (a) any changes in general United States or global economic conditions, (b) conditions (or changes therein) in any industry or industries in which Hurricane operates (including changes in commodity prices or general market prices affecting the chemical industry generally), (c) general legal, tax, economic, political and/or regulatory conditions (or changes therein), including any changes affecting financial, credit or capital market conditions, (d) any change or prospective changes in GAAP or interpretation thereof, (e) any adoption, implementation, promulgation, repeal, modification, amendment, reinterpretation, change or proposal of any applicable Law of and by any Governmental Entity (including with respect to Taxes), (f) the execution and delivery of this Agreement or the consummation of the Transactions or compliance with the terms of this Agreement (other than compliance with Section 5.1 and it being understood that this clause (f) shall not apply with respect to any representation or warranty contained in this Agreement to the extent the purpose of such representation or warranty is to address the consequences resulting from the execution and delivery of this Agreement or the consummation of the Transactions or the compliance with the terms of this Agreement), (g) changes in the price of Hurricane Shares, in and of itself (it being understood that the Effects giving rise or contributing to such changes that are not otherwise excluded from the definition of a "Hurricane Material Adverse Effect" may be taken into account), (h) any failure by Hurricane to meet any internal or published projections, estimates or expectations of Hurricane's revenue, earnings or other financial performance or results of operations for any period, in and of itself, or any failure by Hurricane to meet its internal budgets, plans or forecasts of its revenues, earnings or other financial performance or results of operations, in and of itself (it being understood that the Effects giving rise or contributing to such failure that are not otherwise excluded from the definition of a "Hurricane Material Adverse Effect" may be taken into account), (i) Effects arising out of changes in geopolitical conditions, acts of terrorism or sabotage, war (whether or not declared), the commencement, continuation or escalation of a war, acts of armed hostility, weather conditions or other similar force majeure events, including any material worsening of such conditions threatened or existing as of the date of this Agreement (other than any of the foregoing to the extent that it causes any direct damage or destruction, or renders physically unusable or inaccessible, any facility or property of Hurricane or any of its Subsidiaries), (j) the negotiation, public announcement, pendency or consummation of the Transactions, including any resulting litigation (other than compliance with Section 5.1 and it being understood that this clause (j) shall not apply with respect to any representation or warranty contained in this Agreement to the extent the purpose of such representation or warranty is to address the consequences resulting from the execution and delivery of this Agreement or the consummation of the Transactions or the compliance with the terms of this Agreement), (k) any action or failure to take any action that is expressly consented to or requested by Cyclone in writing, (l) any reduction in the credit rating of Hurricane or the Hurricane Subsidiaries, in and of itself (it being understood that the Effects giving rise or contributing to such reduction that are not otherwise excluded from the definition of a "Hurricane Material Adverse Effect" may be taken into account), (m) Effects arising out of any conversion or reconciliation between IFRS and GAAP undertaken in connection with the Transactions or (n) Effects arising from the Vortex IPO, including from the pricing thereof, any failure to consummate the Vortex IPO or reasonable actions taken by Hurricane not in breach of this Agreement in furtherance of the Vortex IPO (it being understood that, in each case of this clause (n), the Effects giving rise or contributing to such matters that are not otherwise excluded from the definition of a

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"Hurricane Material Adverse Effect" may be taken into account); except, in the case of clauses (a) - (e) or (i), to the extent Hurricane and the Hurricane Subsidiaries, taken as a whole, are disproportionately impacted thereby relative to other entities operating in the same industry or industries in which Hurricane and the Hurricane Subsidiaries operate (in which case the incremental disproportionate impact or impacts may be taken into account in determining whether there has been a Hurricane Material Adverse Effect).

        "Hurricane Material Supplier" means the top fifteen (15) third party suppliers of Hurricane and the Hurricane Subsidiaries ranked by total spend by Hurricane and the Hurricane Subsidiaries during the fiscal year ended December 31, 2016.

        "Hurricane Pre-Closing Dividends" means a dividend in respect of Hurricane Shares in an amount equal to $0.125 per share as declared by the Hurricane Board of Directors in its sole discretion (which may or may not be consistent with past practice in respect of the timing of such dividends) and payable between the date of this Agreement and the Closing Date.

        "Hurricane Senior Facility" means the Credit Agreement dated as of August 16, 2005 among Huntsman International LLC, JPMorgan Chase Bank, N.A., as Administrative Agent, the lenders party thereto and the agents party thereto, as amended from time to time (including the revolver facility contemplated thereby).

        "Hurricane Senior Officers" means the executive officers of Hurricane and/or its Subsidiaries that are subject to the reporting requirements of Section 16(a) of the Exchange Act.

        "Hurricane Significant Subsidiary" means any Subsidiary of Hurricane that is material or constitutes a "significant subsidiary" of Hurricane within the meaning of Rule 1-02 of Regulation S-X promulgated under the Securities Act.

        "Hurricane Special Meeting" means the meeting of the holders of Hurricane Shares for the purpose of seeking the Hurricane Stockholder Approval, including any postponement or adjournment thereof.

        "Hurricane Stockholder Approval" means the affirmative vote of the holders of a majority of the outstanding Hurricane Shares entitled to vote on the adoption of the Agreement of Merger at the Hurricane Special Meeting in favor of such adoption.

        "Hurricane Subsidiaries" means the Subsidiaries of Hurricane.

        "Hurricane Superior Proposal" means a bona fide, unsolicited, written Hurricane Competing Proposal (with references to 20% and 80% being deemed to be replaced with references to 50%), which the Hurricane Board of Directors determines in good faith after consultation with Hurricane's outside legal and financial advisors to be (a) more favorable to the stockholders of Hurricane from a financial point of view than the Merger and (b) reasonably capable of being completed as proposed on a timely basis, in the case of each of clauses (a) and (b), taking into account all financial, legal, regulatory and other aspects of this Agreement (including any changes to the terms of this Agreement proposed by Cyclone in response to such Hurricane Competing Proposal or otherwise) and such Hurricane Competing Proposal (including any termination fees, any expense reimbursement provisions, the terms and conditions to the consummation of such Hurricane Competing Proposal and whether such Hurricane Competing Proposal is fully financed and the identity of the Person making such Hurricane Competing Proposal).

        "Hurricane Superior Proposal Acquisition Agreement" shall mean a written definitive acquisition agreement providing for a Hurricane Superior Proposal entered into by and between Hurricane and the Person making a Hurricane Superior Proposal.

        "Hurricane Triggering Event" shall be deemed to have occurred if: (a) the Cyclone Board of Directors or any committee thereof shall have made a Cyclone Change of Recommendation or the

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Cyclone Board of Directors or any committee thereof has provided the written notice of its intent to make a Cyclone Change of Recommendation pursuant to Section 5.4(e); (b) Cyclone shall have failed to include in the Proxy Statement/Prospectus or the Cyclone EGM Materials the Cyclone Board Recommendation; (c) a tender or exchange offer relating to Cyclone Shares shall have been commenced and (i) Cyclone shall not have publicly announced, within ten (10) business days after the commencement of such tender or exchange offer or, if earlier, prior to the Cyclone EGM (and does not subsequently prior to the Cyclone EGM withdraw or modify such reaffirmation), a statement disclosing that Cyclone recommends rejection of such tender or exchange offer and reaffirming its recommendation of this Agreement, the Merger and the other Transactions, or (ii) the offer shall have been declared successful under Swiss law; (d) a Cyclone Competing Proposal is publicly announced, and Cyclone fails to issue a press release that reaffirms its recommendation of this Agreement, the Merger and the other Transactions, within five (5) business days or, if earlier, prior to the Cyclone EGM (and does not subsequently prior to the Cyclone EGM withdraw or modify such reaffirmation) after such Cyclone Competing Proposal is publicly announced; or (e) Cyclone or any Representative of Cyclone shall have Willfully Breached any of the provisions set forth in Section 5.4, or Section 5.5(d) in any material respect.

        "HurricaneCyclone Governing Documents" means (a) the HurricaneCyclone Articles of Association and (b) the Bylaws of the Board of Directors of HurricaneCyclone.

        "IFRS" means International Financial Reporting Standards.

        "Indebtedness" means with respect to any Person,

        "Intellectual Property" means all intellectual property and similar proprietary rights existing anywhere in the world, including with respect to: (a) patents, utility models, and any other governmental grant for the protection of inventions or industrial designs ("Patents"), (b) trademarks,

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service marks, trade dress, logos, slogans, brand names, trade names, corporate names and other similar designations of source or origin, together with the goodwill associated therewith and symbolized thereby, as well as any rights to domain names (c) copyrights (including such rights in software) and works of authorship, (d) trade secrets and confidential information, including know-how, inventions (whether or not patentable), concepts, methods, processes, apparatuses, designs, schematics, drawings, formulae, technical data, specifications, research and development information, technology, and business plans, (e) rights in databases and data collections (including knowledge databases, customer lists and customer databases), in each case of (a) through (e), whether registered or unregistered, and including all applications for any such rights as well as the right to apply for such rights.

        "IRS" means the United States Internal Revenue Service.

        "knowledge" will be deemed to be, as the case may be, the actual knowledge of (a) the Persons listed in Section 9.5(b) of the Cyclone Disclosure Letter with respect to Cyclone or Merger Sub, or (b) the Persons listed in Section 9.5 of the Hurricane Disclosure Letter with respect to Hurricane.

        "Law" means any law (including common law), statute, code, rule, regulation, order, ordinance, judgment or decree or other pronouncement of any Governmental Entity having the effect of law.

        "Lien" means any lien, pledge, hypothecation, mortgage, security interest, encumbrance, claim, option, right of first refusal, preemptive right, community property interest or restriction of any nature (including any restriction on the voting of any security, any restriction on the transfer of any security or other asset, or any restriction on the possession, exercise or transfer of any other attribute of ownership of any asset).

        "Person" means a natural person, partnership, corporation, limited liability company, business trust, joint stock company, trust, unincorporated association, joint venture, Governmental Entity or other entity or organization.

        "Pre-Merger Financing Documents" means the agreements, documents and certificates contemplated by the Pre-Merger Financing Transactions, including (a) all credit agreements, loan documents, purchase agreements, subscription agreements, underwriting agreements, indentures, debentures, notes, security documents, financing statements and intercreditor agreements in connection with the Pre-Merger Financing Transaction and (b) officer, secretary, solvency and perfection certificates, legal opinions and resolutions contemplated by or requested by the financing sources under the Pre-Merger Financing Transactions.

        "RCRA" means the Resource Conservation and Recovery Act, as amended, and any regulations promulgated thereunder.

        "Related Financing Amendments" means any amendments, modifications, or consents (including retirements or refinancings) of the Hurricane Senior Facility and/or the entering into of customary commitment letters, engagement letters and fee letters with respect to the same, in each case to the extent relating to and in furtherance of the Vortex IPO, the Related IPO Activities or any Vortex Sell-Down, which may also address the Transactions in connection therewith.

        "Related IPO Activities" means, with respect to the Vortex IPO, (i) any intercompany transactions, restructurings, or reorganizations necessary to effect such initial public offering, (ii) the transfer of the proceeds of such initial public offering among Hurricane and its Subsidiaries, and (iii) the use of such proceeds to repay Indebtedness of Hurricane and its Subsidiaries, or the taking of any reasonable actions in respect of any of the foregoing.

        "Release" means any spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, dumping, placing, discarding, abandonment or disposing into the environment (including the placing, discarding or abandonment of any barrel, container or other receptacle containing any Hazardous Substance).

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        "Removal, Remedial or Response" actions shall mean those types of activities covered by CERCLA, RCRA and other comparable Environmental Laws, whether such activities are those which might be taken by a Governmental Entity or those which a Governmental Entity or any other Person might seek to require of waste generators, handlers, distributors, processors, users, storers, treaters, owners, operators, transporters, recyclers, reusers, disposers or other Persons under "removal," "remedial" or other "response" actions.

        "Representatives" means, when used with respect to Cyclone, Merger Sub or Hurricane, the directors, officers, employees, consultants, financial advisors, accountants, legal counsel, investment bankers and other agents, advisors and representatives of Cyclone or Hurricane, as applicable, and its respective Subsidiaries.

        "Requisite Jurisdictions" means the jurisdictions set forth in Section 7.1(d) of the Hurricane Disclosure Letter and such other jurisdictions as may be determined by Cyclone and Hurricane in accordance with Section 7.1(d) of the Hurricane Disclosure Letter.

        "Sanctioned Country" means any of Crimea, Cuba, Iran, North Korea and Syria.

        "Sanctioned Person" means any Person with whom dealings are restricted or prohibited under the Sanctions Laws of the United States, the United Kingdom, the European Union or the United Nations, including (a) any Person identified in any list of sanctioned Persons maintained by (i) the United States Department of Treasury, Office of Foreign Assets Control, the United States Department of Commerce, Bureau of Industry and Security or the United States Department of State; (ii) Her Majesty's Treasury of the United Kingdom; (iii) any committee of the United Nations Security Council; or (iv) the European Union; (b) any Person located, organized, or resident in, organized in, or a Governmental Entity or government instrumentality of, any Sanctioned Country and (c) any Person directly or indirectly 50% or more owned or controlled by, or acting for the benefit or on behalf of, a Person described in (a) or (b).

        "Sanctions Laws" means all Laws concerning economic sanctions, including embargoes, export restrictions, the ability to make or receive international payments, the freezing or blocking of assets of targeted Persons, the ability to engage in transactions with specified persons or countries or the ability to take an ownership interest in assets of specified Persons or located in a specified country, including any Laws threatening to impose economic sanctions on any person for engaging in proscribed behavior.

        "SEC" means the United States Securities and Exchange Commission.

        "Securities Act" means the United States Securities Act of 1933, as amended.

        "Subsidiary" or "Subsidiaries" means with respect to any Person, any corporation, limited liability company, partnership or other organization, whether incorporated or unincorporated, of which (a) at least a majority of the outstanding shares of capital stock of, or other equity interests, having by their terms ordinary voting power to elect a majority of the board of directors or others performing similar functions with respect to such corporation or other organization is directly or indirectly owned or controlled by such Person or by any one or more of its Subsidiaries, or by such Person and one or more of its Subsidiaries or (b) with respect to a partnership, such Person or any other Subsidiary of such Person is a general partner of such partnership; provided, that, solely for the purposes of the covenants and agreements set forth in this Agreement applicable to Subsidiaries, (i) neither Cyclone India nor any of its Subsidiaries shall be deemed to be Subsidiaries of Cyclone hereunder and (ii) from and after the consummation of the Vortex IPO, neither Vortex nor any of its Subsidiaries shall be deemed to be Subsidiaries of Hurricane hereunder.

        "Takeover Statutes" mean any "business combination," "control share acquisition," "fair price," "moratorium" or other takeover or anti-takeover statute or similar Law.

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        "Tax" or "Taxes" means any and all taxes, levies, duties, tariffs, imposts and other similar charges and fees imposed by any Governmental Entity or domestic or foreign taxing authority, including, income, franchise, windfall or other profits, gross receipts, premiums, property, sales, use, net worth, capital stock, payroll, employment, social security, workers' compensation, unemployment compensation, excise, withholding, ad valorem, stamp, transfer, value-added, gains tax and license, registration and documentation fees, severance, occupation, environmental, customs duties, disability, real property, personal property, registration, alternative or add-on minimum or estimated tax, including any interest, penalty, additions to tax or additional amounts imposed with respect thereto, whether disputed or not.

        "Tax Counsel" shall mean Kirkland & Ellis LLP, Cleary Gottlieb Steen & Hamilton LLP or such other nationally recognized Tax counsel reasonably satisfactory to Hurricane.

        "Tax Return" means any report, return, certificate, claim for refund, election, estimated tax filing or declaration filed or required to be filed with any Governmental Entity or domestic or foreign taxing authority with respect to Taxes, including any schedule or attachment thereto, and including any amendments thereof.

        "Vortex" means Venator Materials PLC.

        "Vortex IPO" means an underwritten initial public offering of Vortex as described in the Form S-1.

        "Vortex Sell-Down" means a sale of shares of Vortex by Hurricane or one or more of its Subsidiaries from and after the consummation of the Vortex IPO.

        "Willful Breach" means with respect to any representation, warranty, agreement or covenant, an action or omission that the breaching party knows is or would constitute a breach, or would reasonably be expected to result in a breach, of such representation, warranty, agreement or covenant.


        Section 9.6
    Terms Defined Elsewhere.     The following terms are defined elsewhere in this Agreement, as indicated below:

"Agreement"   Preamble

"Agreement of Merger"

 

Recitals

"Binding Cyclone Approval Matters"

 

Recitals

"Book-Entry Shares"

 

Section 2.2(b)

"Burdensome Condition"

 

Section 6.2(c)

"Capital Increase"

 

Recitals

"Certificate of Merger"

 

Section 1.3

"Certificates"

 

Section 2.2(b)

"Closing"

 

Section 1.2

"Closing Date"

 

Section 1.2

"COBRA"

 

Section 3.9(b)

"Code"

 

Recitals

"Conditions Satisfaction Date"

 

Section 1.2

"Continuation Period"

 

Section 6.7(a)

"Continuing Employees"

 

Section 6.7(b)

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"Cyclone"   Preamble

"Cyclone Additional Shares"

 

Section 4.2(a)

"Cyclone Approval Matters"

 

Recitals

"Cyclone Articles of Association"

 

Section 4.1(a)

"Cyclone Board of Directors"

 

Recitals

"Cyclone Board Recommendation"

 

Recitals

"Cyclone Bylaws"

 

Section 4.1(a)

"Cyclone Capitalization Date"

 

Section 4.2(a)

"Cyclone Change of Recommendation"

 

Section 5.4(a)

"Cyclone Continuing Employees"

 

Section 6.7(a)

"Cyclone Disclosure Letter"

 

Article IV

"Cyclone EGM Materials"

 

Section 5.5(a)

"Cyclone Equity Schedule"

 

Section 4.2(c)

"Cyclone Foreign Plan"

 

Section 4.9(e)

"Cyclone Inquiry"

 

Section 5.4(d)

"Cyclone Leased Real Property"

 

Section 4.16(b)

"Cyclone Material Contracts"

 

Section 4.19(a)

"Cyclone No-Vote Fee"

 

Section 8.2(c)(iv)

"Cyclone Option"

 

Section 2.3(a)

"Cyclone Owned Real Property"

 

Section 4.16(a)

"Cyclone Permits"

 

Section 4.7(b)

"Cyclone Permitted Lien"

 

Section 4.16(a)

"Cyclone Phantom Shares"

 

Section 2.3(d)

"Cyclone Pre-Termination Competing Proposal"

 

Section 8.2(c)(vii)

"Cyclone Restricted Shares"

 

Section 2.3(c)

"Cyclone RSUs"

 

Section 2.3(b)

"Cyclone SIX Documents"

 

Section 4.4(a)

"Cyclone Termination Fee"

 

Section 8.2(c)(i)

"Cyclone Voting and Support Agreement"

 

Recitals

"D&O Insurance"

 

Section 6.4(c)

"DGCL"

 

Recitals

"DOJ"

 

Section 6.2(b)

"Effective Time"

 

Section 1.3

"Enforceability Exceptions"

 

Section 3.3(a)

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"Exchange Agent"   Section 2.2(a)

"Exchange Fund"

 

Section 2.2(a)

"Exchange Ratio"

 

Section 2.1(a)

"Form F-4"

 

Section 5.5(a)

"Fractional Share Consideration"

 

Section 2.1(a)

"FTC"

 

Section 6.2(b)

"GAAP"

 

Section 3.2(d)

"Hurricane"

 

Preamble

"Hurricane Board of Directors"

 

Recitals

"Hurricane Board Recommendation"

 

Recitals

"Hurricane Capitalization Date"

 

Section 3.2(a)

"Hurricane Change of Recommendation"

 

Section 5.3(a)

"Hurricane Common Stock"

 

Recitals

"Hurricane Continuing Employees"

 

Section 6.7(a)

"Hurricane Disclosure Letter"

 

Article III

"Hurricane Equity Awards"

 

Section 2.3(e)

"Hurricane Equity Schedule"

 

Section 3.2(c)

"Hurricane Foreign Plan"

 

Section 3.9(e)

"Hurricane Inquiry"

 

Section 5.3(c)

"Hurricane Leased Real Property"

 

Section 3.16(b)

"Hurricane Material Contracts"

 

Section 3.19(a)

"Hurricane No-Vote Fee"

 

Section 8.2(b)(iv)

"Hurricane Options"

 

Section 2.3(a)

"Hurricane Owned Real Property"

 

Section 3.16(a)

"Hurricane Permits"

 

Section 3.7(b)

"Hurricane Permitted Lien"

 

Section 3.16(a)

"Hurricane Phantom Shares"

 

Section 2.3(d)

"Hurricane Preferred Stock"

 

Section 3.2(a)

"Hurricane Restricted Shares"

 

Section 2.3(c)

"Hurricane RSUs"

 

Section 2.3(b)

"Hurricane SEC Documents"

 

Section 3.4(a)

"Hurricane Shares"

 

Recitals

"Hurricane Termination Fee"

 

Section 8.2(b)

"Hurricane Voting and Support Agreement"

 

Recitals

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"HurricaneCyclone"   Section 1.6

"HurricaneCyclone Articles of Association"

 

Section 1.6(a)

"HurricaneCyclone Board of Directors"

 

Section 1.8(a)

"HurricaneCyclone Bylaws"

 

Section 1.6(b)

"Income Tax Rulings"

 

Section 6.14

"Indemnified Parties"

 

Section 6.4

"Integration Committee"

 

Section 6.13

"Intended Tax Treatment"

 

Recitals

"Merger"

 

Recitals

"Merger Consideration"

 

Section 2.1(a)

"Merger Sub"

 

Preamble

"New Plans"

 

Section 6.7(b)

"NYSE"

 

Section 1.7

"Old Plans"

 

Section 6.7(b)

"Outside Date"

 

Section 8.1(c)

"Party"

 

Preamble

"Pre-Merger Financing Transactions"

 

Section 6.16

"Proxy Statement/Prospectus"

 

Section 5.5(a)

"Sarbanes-Oxley Act"

 

Section 3.5

"SFTA Tax Ruling"

 

Section 6.15

"SIX"

 

Section 4.2(d)

"Surviving Corporation"

 

Section 1.1

"Swiss Listing Prospectus"

 

Section 5.5(a)

"Transactions"

 

Recitals

"Voting and Support Agreements"

 

Recitals


        Section 9.7
    Interpretation.     When a reference is made in this Agreement to Sections, such reference shall be to a Section of this Agreement unless otherwise indicated. Whenever the words "include", "includes" or "including" are used in this Agreement they shall be deemed to be followed by the words "without limitation." As used in this Agreement, the term "affiliates" shall have the meaning set forth in Rule 12b-2 of the Exchange Act. The table of contents and headings set forth in this Agreement or in the Cyclone Disclosure Letter or the Hurricane Disclosure Letter are for convenience of reference purposes only and shall not affect or be deemed to affect in any way the meaning or interpretation of this Agreement or any term or provision hereof. When reference is made herein to a Person, such reference shall be deemed to include all direct and indirect Subsidiaries of such Person unless otherwise indicated or the context otherwise requires. All references herein to the Subsidiaries of a Person shall be deemed to include all direct and indirect Subsidiaries of such Person unless otherwise indicated or the context otherwise requires. The Parties agree that they have been represented by counsel during the negotiation and execution of this Agreement and, therefore, waive

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the application of any Law, holding or rule of construction providing that ambiguities in an agreement or other document will be construed against the party drafting such agreement or document. The words "hereof", "herein" and "hereunder" and word of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, unless the context requires otherwise. The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms. References in this Agreement to specific laws or to specific provisions of laws shall include all rules and regulations promulgated thereunder, and any statute defined or referred to herein or in any agreement or instrument referred to herein shall mean such statute as from time to time amended, modified or supplemented, including by succession of comparable successor statutes. The phrase "ordinary course of business" as used in this Agreement shall be deemed to mean "the ordinary course of business consistent with past practice". All references to "dollars" and "$" and "Swiss francs" and "CHF" will be deemed references to the lawful money of the United States of America or Switzerland, respectively.


        Section 9.8
    Counterparts.     This Agreement may be executed manually or by facsimile by the Parties, in any number of counterparts, each of which shall be considered one and the same agreement and shall become effective when a counterpart hereof shall have been signed by each of the Parties and delivered to the other Parties. Delivery of an executed counterpart of a signature page to this Agreement by facsimile transmission or by e-mail of a .pdf attachment shall be effective as delivery of a manually executed counterpart of this Agreement.


        Section 9.9
    Entire Agreement; Third-Party Beneficiaries.     


        Section 9.10
    Severability.     If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by rule of Law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the Merger is not affected in any manner adverse to any Party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner to the end that the Merger are fulfilled to the extent possible.


        Section 9.11
    Governing Law; Jurisdiction.     

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        Section 9.12
    Waiver of Jury Trial.     EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT AND ANY OF THE AGREEMENTS DELIVERED IN CONNECTION HEREWITH OR THE MERGER AND OTHER TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE EITHER OF SUCH WAIVERS, (B) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVERS, (C) IT MAKES SUCH WAIVERS VOLUNTARILY, AND (D) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 9.12.


        Section 9.13
    Assignment.     This Agreement shall not be assigned by any of the Parties (whether by operation of Law or otherwise) without the prior written consent of the other Parties, except Merger

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Sub may assign, in Cyclone and its sole discretion and without the consent of Hurricane, any or all of its rights, interests and obligations hereunder to (i) Cyclone, (ii) Cyclone and one or more direct or indirect wholly owned Subsidiaries of Cyclone or (iii) one or more direct or indirect wholly owned Subsidiaries of Cyclone; provided, that no such assignment shall be permitted without the prior written consent of Hurricane if such assignment could increase the risk that any of the conditions set forth in Article VII may not be timely satisfied, or result in a breach of any of covenants and agreements set forth in this Agreement or adversely affect Hurricane; provided, further, that no such assignment shall relieve Cyclone or Merger Sub of any obligation or liability under this Agreement. Subject to the preceding sentence, but without relieving any Party of any obligation hereunder, this Agreement will be binding upon, inure to the benefit of and be enforceable by the Parties and their respective successors and assigns.


        Section 9.14
    Enforcement; Remedies.     

(Remainder of Page Intentionally Left Blank)

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        IN WITNESS WHEREOF, Cyclone, Merger Sub and Hurricane have caused this Agreement to be signed by their respective officers thereunto duly authorized as of the date first written above.

    CLARIANT LTD

 

 

By

 

/s/ PATRICK JANY

        Name:   Patrick Jany
        Title:   Chief Financial Officer

 

 

By

 

/s/ ALFRED MÜNCH

        Name:   Alfred Münch
        Title:   General Counsel
    HURRICANECYCLONE CORPORATION

 

 

By

 

/s/ ALEXANDER GEHRT

        Name:   Alexander Gehrt
        Title:   President and Treasurer
    HUNTSMAN CORPORATION

 

 

By

 

/s/ PETER R. HUNTSMAN

        Name:   Peter R. Huntsman
        Title:   President and Chief Executive Officer

   

[Signature Page to Agreement and Plan of Merger]




QuickLinks

AGREEMENT AND PLAN OF MERGER by and among CLARIANT LTD HURRICANECYCLONE CORPORATION and HUNTSMAN CORPORATION dated as of May 21, 2017
TABLE OF CONTENTS
AGREEMENT AND PLAN OF MERGER
RECITALS
AGREEMENT ARTICLE I. THE MERGER; CERTAIN GOVERNANCE MATTERS
Section 1.1 The Merger .
Section 1.2 Closing .
Section 1.3 Effective Time .
Section 1.4 Governing Documents of the Surviving Corporation .
Section 1.5 Directors and Officers of the Surviving Corporation .
Section 1.6 Governing Documents of HurricaneCyclone .
Section 1.7 Name and Trading Symbol .
Section 1.8 Directors and Officers of HurricaneCyclone .
Section 1.9 Registered Offices and Headquarters Locations of HurricaneCyclone .
ARTICLE II. TREATMENT OF SECURITIES
Section 2.1 Treatment of Capital Stock .
Section 2.2 Payment for Securities; Surrender of Certificates .
Section 2.3 Treatment of Hurricane Equity Awards .
Section 2.4 Withholding .
Section 2.5 Fractional Shares .
ARTICLE III. REPRESENTATIONS AND WARRANTIES OF HURRICANE
Section 3.1 Qualification, Organization, Subsidiaries, etc. .
Section 3.2 Capitalization.
Section 3.3 Corporate Authority Relative to this Agreement; No Violation .
Section 3.4 Reports and Financial Statements .
Section 3.5 Internal Controls and Procedures .
Section 3.6 No Undisclosed Liabilities .
Section 3.7 Compliance with Laws; Permits .
Section 3.8 Environmental Laws and Regulations .
Section 3.9 Employee Benefit Plans .
Section 3.10 Absence of Certain Changes or Events .
Section 3.11 Investigation; Litigation .
Section 3.12 [Reserved] .
Section 3.13 Tax Matters .
Section 3.14 Labor Matters .
Section 3.15 Intellectual Property .
Section 3.16 Real Property .
Section 3.17 Opinions of Financial Advisors .
Section 3.18 Required Vote; State Takeover Statutes .
Section 3.19 Material Contracts .
Section 3.20 Insurance .
Section 3.21 Finders and Brokers .
Section 3.22 FCPA and Anti-Corruption .
Section 3.23 Sanctions .
Section 3.24 No Other Representations .
ARTICLE IV. REPRESENTATIONS AND WARRANTIES OF CYCLONE AND MERGER SUB
Section 4.1 Qualification, Organization, Subsidiaries, etc.
Section 4.2 Share Capital
Section 4.3 Corporate Authority Relative to this Agreement; No Violation.
Section 4.4 Reports and Financial Statements.
Section 4.5 Internal Controls and Procedures.
Section 4.6 No Undisclosed Liabilities.
Section 4.7 Compliance with Laws; Permits.
Section 4.8 Environmental Laws and Regulations.
Section 4.9 Employee Benefit Plans.
Section 4.10 Absence of Certain Changes or Events.
Section 4.11 Investigation; Litigation.
Section 4.12 [Reserved].
Section 4.13 Tax Matters.
Section 4.14 Labor Matters.
Section 4.15 Intellectual Property.
Section 4.16 Real Property.
Section 4.17 Opinions of Financial Advisors.
Section 4.18 Required Vote .
Section 4.19 Material Contracts .
Section 4.20 Insurance .
Section 4.21 Finders and Brokers .
Section 4.22 Anti-Corruption .
Section 4.23 Sanctions .
Section 4.24 Stock Ownership .
Section 4.25 No Merger Sub Activity .
Section 4.26 No Other Representations .
ARTICLE V. COVENANTS RELATING TO CONDUCT OF BUSINESS PENDING THE CLOSING
Section 5.1 Conduct of Business by Hurricane Pending the Closing .
Section 5.2 Conduct of Business by Cyclone Pending the Closing .
Section 5.3 Solicitation by Hurricane .
Section 5.4 Solicitation by Cyclone .
Section 5.5 Preparation of the Form F-4, the Proxy Statement/Prospectus, the Cyclone EGM Materials and the Swiss Listing Prospectus; Hurricane Special Meeting and Cyclone EGM .
Section 5.6 Voting and Support Agreements.
ARTICLE VI. ADDITIONAL AGREEMENTS
Section 6.1 Access; Confidentiality; Notice of Certain Events.
Section 6.2 Reasonable Best Efforts.
Section 6.3 Publicity.
Section 6.4 Directors' and Officers' Insurance and Indemnification.
Section 6.5 Takeover Statutes.
Section 6.6 Obligations of Merger Sub and the Surviving Corporation.
Section 6.7 Employee Benefits Matters.
Section 6.8 Rule 16b-3.
Section 6.9 Transaction Litigation; Notices.
Section 6.10 Delisting.
Section 6.11 Cyclone Board Actions.
Section 6.12 Stock Exchange Listings; Future Financial Reporting and Dividends.
Section 6.13 Integration Planning.
Section 6.14 Income Tax Rulings.
Section 6.15 Swiss Tax Rulings.
Section 6.16 Financing Cooperation .
Section 6.17 Transaction Structure.
Section 6.18 Vortex Matters.
Section 6.19 U.S. Tax Matters.
Section 6.20 Employment Agreements.
ARTICLE VII. CONDITIONS TO CONSUMMATION OF THE MERGER
Section 7.1 Conditions to Each Party's Obligations to Effect the Merger.
Section 7.2 Conditions to Obligations of Cyclone and Merger Sub.
Section 7.3 Conditions to Obligations of Hurricane.
Section 7.4 Frustration of Closing Conditions.
ARTICLE VIII. TERMINATION
Section 8.1 Termination.
Section 8.2 Effect of Termination .
ARTICLE IX. MISCELLANEOUS
Section 9.1 Amendment and Modification; Waiver .
Section 9.2 Non-Survival of Representations and Warranties.
Section 9.3 Expenses.
Section 9.4 Notices.
Section 9.5 Certain Definitions.
Section 9.6 Terms Defined Elsewhere.
Section 9.7 Interpretation.
Section 9.8 Counterparts.
Section 9.9 Entire Agreement; Third-Party Beneficiaries .
Section 9.10 Severability.
Section 9.11 Governing Law; Jurisdiction .
Section 9.12 Waiver of Jury Trial .
Section 9.13 Assignment.
Section 9.14 Enforcement; Remedies .