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Exhibit 10.48
 TRIPARTITE AGREEMENT
 BETWEEN THE UNDERSIGNED:
   hereinafter referred to as the Company,
 AND,
   hereinafter referred to as Kraton Polymers France,
 AND,
  hereinafter referred to as Mr. Dekker,




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WHEREAS:
    NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:
 Article 1  Definition
   (i)
    
    any sale, lease, exchange or other transfer (in one transaction or a series of related
transactions) of all of the assets of the Company, Polymer Holdings, or TJ Chemical
Holdings (together, the Entities) to any Person or group of related persons (a Group)
for purposes of Section 13(d) of the U.S. Securities Exchange Act of 1934 (the Exchange
Act), together with any affiliates thereof other than to TPG III Polymer Holdings LLC, TPG
IV Polymer Holdings LLC or J.P. Morgan Partners, LLC or any of their affiliates (the
Sponsors) ;(ii)
    
    the complete liquidation or dissolution of any of the Entities;(iii)
    
    (A) any Person or Group (other than the Sponsors) shall become the
beneficial owner (within the meaning of Section 13(d) of the Exchange Act), directly or
indirectly, of equity interests of an Entity representing more than 40% of the aggregate
outstanding voting equity interests of such Entity and such Person or Group actually has
the power to vote such equity interests in any such election and (B) the Sponsors
beneficially own (within the meaning of Section 13(d) of the
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Exchange Act), directly or indirectly, in the aggregate a lesser percentage of the
voting equity interests of an Entity than such other Person or Group;(iv)
    
    the replacement of a majority of the board of directors of an Entity
over a two-year period from the directors who constituted such board at the beginning of
such period, and such replacement shall not have been approved by a vote of at least a
majority of the board then still in office who either were members of such board at the
beginning of such period or whose election as a member of such board was previously so
approved or who were nominated by, or designees of, the Sponsors; or(v)
    
    a merger or consolidation of an Entity with another entity in which
holders of the equity interests of the Entity immediately prior to the consummation of the
transaction hold, directly or indirectly, immediately following the consummation of the
transaction, less than 50% of the common equity interest in the surviving corporation in
such transaction and the Sponsors do not hold a sufficient amount of voting equity
interests to elect a majority of the surviving entitys board of directors.
 Article 2  Termination of the French Contract by Mutual Agreement
   Article 3  Social Security Coverage and Pension Plans
 
    
    Affiliation to the U.S. Social Security system:
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
    
    Voluntary affiliation to the French social security system:
  
    
    Caisse des Français de lEtranger(social security system for expatriates):(a) old age, (b) work-related accidents and occupational diseases and/or (c) sickness,
maternity, disability;
    
    CRE-IRCAFEX: complementary pension plan;
    
    G.A.R.P.: Unemployment insurance scheme.
  
    
    French private pension plan with Arial:
  
    
    Payments for disability and life insurance:
  
    
    Kraton Polymers France will invoice the Company for all costs
associated with the provision of the above benefits on a monthly
basis.
    
    If above benefits may be provided by the Company in a form
acceptable to Mr. Dekker and in a form, which is equal or less
expensive to the Company, the Company has the right to provide
such benefit in this manner, subject to agreement by Mr. Dekker
and compliance with applicable regulations.
 Article 4  Expiration of the Employment Term of the U.S. Contract
  4




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convention collective nationale des industries
chimiques
  Article 5  Tax Equalization and Tax Preparation
  Article 6  Non-Competition and Confidentiality
  5




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Article 7  Governing Law
     The Company
 
 Kraton Polymers France SAS
 6