JOHNSONDIVERSEY INC
LEASE ASSIGNMENT AND ASSUMPTION AGREEMENT
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<DESCRIPTION>LEASE ASSIGNMENT AND ASSUMPTION AGREEMENT
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B><U>Exhibit 10.3 </U></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2">LEASE ASSIGNMENT AND ASSUMPTION AGREEMENT </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">THIS LEASE ASSIGNMENT AND ASSUMPTION AGREEMENT (this
&#147;<U>Agreement</U>&#148;) is made and entered into effective as of the first day of May 2006 (the &#147;<U>Effective Date</U>&#148;) by and among S.C.&nbsp;JOHNSON&nbsp;&amp; SON,&nbsp;INC., a Wisconsin corporation (&#147;<U>SCJ</U>&#148;),
JOHNSONDIVERSEY, INC., a Delaware corporation (&#147;<U>JDI</U>&#148;), and JOHNSON POLYMER,&nbsp;LLC, a Wisconsin limited liability company (&#147;<U>Johnson Polymer</U>&#148;). </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">RECITALS </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">A. Pursuant to an Asset and Equity Interest Purchase Agreement dated as of
May&nbsp;1,&nbsp;2006 by and among Johnson Polymer, JohnsonDiversey Holdings&nbsp;II&nbsp;B.V., a company organized under the laws of the Netherlands, and BASF Aktiengesellschaft, a company organized under the laws of Germany
(&#147;<U>Buyer&#148;</U>) (the &#147;<U>Purchase Agreement</U>&#148;), Buyer has purchased, among other things, (1)&nbsp;certain assets of Johnson Polymer which are used in the business of developing, manufacturing, and selling specialty polymers
for use in the industrial print and packaging industry, industrial paint and coatings industry, and industrial plastics industry and (2)&nbsp;the equity interests in certain subsidiaries of Johnson Polymer and JohnsonDiversey
Holdings&nbsp;II&nbsp;B.V. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">B. Pursuant to a Real Estate and Equipment Lease Agreement dated as of July&nbsp;3, 1999 by and between SCJ and
Johnson Polymer, Inc. (n/k/a Johnson Polymer), as amended by an Omnibus Lease Amendment dated as of November&nbsp;20, 2001 by and between SCJ, S.C. Johnson Commercial Markets, Inc. (n/k/a JohnsonDiversey, Inc.), and Johnson Polymer, Inc. (n/k/a
Johnson Polymer, LLC) (as amended, the &#147;<U>Lease Agreement</U>&#148;), Johnson Polymer leases from SCJ (1)&nbsp;portions of buildings 50, 57 and 59 at SCJ&#146;s Waxdale Facility located in Mt. Pleasant, Wisconsin, and (2)&nbsp;certain
equipment. The parties acknowledge that by notice of termination given by SCJ on December&nbsp;22, 2005, the Lease Agreement will expire on July&nbsp;2, 2006. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">C. The parties desire to confirm in writing the assignment and assumption of rights and obligations contemplated by this Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">NOW THEREFORE, in consideration of the recitals and the mutual covenants set forth herein, the parties agree as follows: </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2">AGREEMENT </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1. <U>Capitalized Terms</U>. All capitalized terms used herein and not otherwise defined herein
shall have the applicable meanings set forth in the Lease Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">2. <U>Assignment and Assumption of Rights and Obligations</U>.
Johnson Polymer hereby assigns and transfers to JDI, and JDI hereby assumes from Johnson Polymer, all rights, obligations and liabilities of Johnson Polymer set forth in or arising pursuant to the Lease Agreement (whether arising or accruing prior
to, on or after the date hereof), including, but not limited to, those rights, obligations and liabilities set forth in or arising pursuant to Section&nbsp;7 </FONT>
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<FONT FACE="Times New Roman" SIZE="2">thereof (Rentals), Section&nbsp;16 thereof (Environmental Matters), Section&nbsp;17 (Indemnification) and Section&nbsp;45 (Equipment Lease). SCJ hereby
consents to such assignment, transfer and assumption. The parties hereto acknowledge and agree that the transfer of assets and sale of equity interests contemplated by the Purchase Agreement do not constitute a Change in Control as defined in the
Lease Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">3. <U>Approval of Other Provisions</U>. The provisions of the Lease Agreement, as modified by this Agreement, are hereby
approved and ratified by the parties. The Lease Agreement, as modified by this Agreement, shall remain in full force and effect. The parties acknowledge that by notice of termination given by SCJ on December&nbsp;22, 2005, the Lease Agreement will
expire on July&nbsp;2, 2006. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">4. <U>Repair and Maintenance Payment</U>. JDI and Johnson Polymer acknowledge and agree that, as of the date
hereof, $2,200,000 (the &#147;<U>Repair and Maintenance Amount</U>&#148;) is due and owing to SCJ for currently identified repairs and maintenance of the Premises pursuant to Section&nbsp;9 of the Lease Agreement and that JDI and Johnson Polymer
shall pay SCJ the Repair and Maintenance Amount within three business days after the closing of the transactions contemplated by the Purchase Agreement or, if earlier, on June&nbsp;30, 2006. The Repair and Maintenance Amount shall be paid by JDI and
Johnson Polymer to SCJ by wire transfer of immediately available funds to an account designated by SCJ. That portion of the Repair and Maintenance Amount relating to the Johnson Polymer sewer overhaul project (at an estimated budgeted cost of
$500,000 for the current scope of that project) shall be subject to a future true-up by SCJ to take into account the actual versus budgeted expenditures for that portion of the Repair and Maintenance Amount. As to such true-up, SCJ shall pay to JDI
any excess of the budget ($500,000) over the actual cost of such Johnson Polymer sewer overhaul project and JDI shall pay to SCJ any excess of the actual cost of such project over such budgeted amount. Such payment obligation and true-up obligation
shall survive the expiration of the Lease. JDI and Johnson Polymer are jointly and severally responsible for payment of the Repair and Maintenance Amount. The parties acknowledge that the costs of any additional repair, maintenance and replacement
projects shall be payable in accordance with the terms of the Lease. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">5. <U>Toll Manufacturing Payment</U>. Subject to agreement between
the parties as to the terms of a definitive toll manufacturing agreement in relation to certain manufacturing to occur on the Premises, (a)&nbsp;$3,500,000 (the &#147;<U>Toll Manufacturing Amount</U>&#148;) is due and owing to SCJ as consideration
for SCJ entering into any such toll manufacturing agreement and (b)&nbsp;JDI shall pay SCJ the Toll Manufacturing Amount within three business days after the later of (i)&nbsp;July&nbsp;2, 2006, or (ii)&nbsp;the execution of the definitive toll
manufacturing agreement; provided, however, that if the closing of the transactions contemplated by the Purchase Agreement (the &#147;<U>Closing</U>&#148;) has not occurred by July&nbsp;2, 2006, then, subject to the parties&#146; agreement as to the
terms of a definitive toll manufacturing agreement, in lieu of an up-front payment of the entire Toll Manufacturing Amount, JDI and SCJ will in good faith agree upon increased tolling charges based on SCJ&#146;s actual budget (which would
effectively include the Toll Manufacturing Amount), provided further that if the Closing occurs at any time during the toll manufacturing agreement, then within three business days after the Closing JDI shall pay to SCJ an agreed revised Toll
Manufacturing Amount and thereafter the tolling charges would be appropriately reduced to reflect that up-front payment. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">6. <U>Integration</U>. This Agreement and the Lease Agreement and the schedules thereto contain the
entire agreement among the parties. In the event a provision of this Agreement and the Lease Agreement are in conflict, the provisions of this Agreement and then the Lease Agreement shall control, in that order. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">7. <U>Effective Date.</U> Except for Section&nbsp;4 (which shall be effective immediately) and Section&nbsp;5 (which shall be effective on the execution
of the toll manufacturing agreement referenced in such Section), this Agreement (including the assignment and assumption of the Lease Agreement) shall be effective upon the Closing. In the event the Closing does not occur on or before
December&nbsp;31, 2006, then either JDI or SCJ may by written notice given to the other two parties, terminate this Agreement and upon the giving of such notice, this Agreement (including the assignment and assumption of the Lease Agreement ), other
than Section&nbsp;4 and Section&nbsp;5, shall not be effective and this Agreement shall terminate. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">8. <U>Miscellaneous</U>. The Preamble
and the recitals set forth above shall be deemed incorporated herein by reference. This Agreement shall be governed by and construed in accordance with the internal laws of the State of Wisconsin, irrespective of any conflicts of law provisions.
This Agreement shall be binding upon and inure to the benefit of the parties hereto, their heirs, successors, assignees, and beneficiaries in interest. This Agreement may not be modified, amended or supplemented except by written agreement of the
parties hereto. This Agreement may be executed by facsimile and in counterparts. If executed in counterparts, each counterpart shall be deemed an original, but all of which taken together shall constitute one and the same agreement. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">* * * * * </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">S.C.&nbsp;JOHNSON&nbsp;&amp; SON,&nbsp;INC.</FONT></P></TD></TR>
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">/s/ H. Fisk Johnson</FONT></P></TD></TR>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Print Name: H. Fisk Johnson, Ph.D.</FONT></P></TD></TR>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Title: Chairman and CEO</FONT></P></TD></TR>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">JOHNSONDIVERSEY,&nbsp;INC.</FONT></P></TD></TR>
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">/s/ Joseph F. Smorada</FONT></P></TD></TR>
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<TD HEIGHT="8" COLSPAN="3"></TD></TR>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Print Name: Joseph F. Smorada</FONT></P></TD></TR>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Title: Executive Vice President and CFO</FONT></P></TD></TR>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">JOHNSON POLYMER, LLC</FONT></P></TD></TR>
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">/s/ JoAnne Brandes</FONT></P></TD></TR>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Print Name: JoAnne Brandes</FONT></P></TD></TR>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Title: Vice President</FONT></P></TD></TR>
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