Amended and Restated Deferral Plan


 Exhibit 10.4 
 Lyondell Chemical Company 
  
 DEFERRAL PLAN 
 Amended and Restated, January 1, 2009 






 Lyondell Chemical Company 
 Deferral Plan 
 Table of Contents 
  

					
	ARTICLE I GENERAL PROVISIONS	  	1
			
	    Section 1.1	  	Purpose and Intent	  	1
	    Section 1.2	  	Effective Date	  	1
	    Section 1.3	  	Definitions	  	1
		
	ARTICLE II PARTICIPATION AND DEFERRAL ELECTIONS	  	5
			
	    Section 2.1	  	Eligibility and Participation	  	5
	    Section 2.2	  	Deferral Types	  	5
	    Section 2.3	  	Deferral Elections	  	5
	    Section 2.4	  	Deferral Limits	  	5
	    Section 2.5	  	Separation from Service	  	6
	    Section 2.6	  	Transfers	  	6
	    Section 2.7	  	Modification of Deferral Elections	  	6
		
	ARTICLE III DEFERRED COMPENSATION ACCOUNTS	  	7
			
	    Section 3.1	  	Accounts	  	7
	    Section 3.2	  	Deferred Compensation	  	7
	    Section 3.3	  	Interest Rate	  	7
	    Section 3.4	  	Account Value	  	7
	    Section 3.5	  	Vesting	  	8
	    Section 3.6	  	Account Statements	  	8
		
	ARTICLE IV PLAN BENEFITS	  	9
			
	    Section 4.1	  	Basic Plan Benefit	  	9
	    Section 4.2	  	Distribution Elections	  	9
	    Section 4.3	  	Amount and Form of Survivor Benefits	  	10
	    Section 4.4	  	Early Distribution	  	11
	    Section 4.5	  	Financial Hardship Distribution	  	11
	    Section 4.6	  	Valuation and Settlement	  	12
	    Section 4.7	  	Small Benefit	  	12
		
	ARTICLE V BENEFICIARY DESIGNATION	  	13
			
	    Section 5.1	  	Beneficiary Designation	  	13
	    Section 5.2	  	Failure to Designate a Beneficiary	  	13

  

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	ARTICLE VI ADMINISTRATION	  	14
			
	    Section 6.1	  	Interpretation	  	14
	    Section 6.2	  	Administrative Records	  	14
	    Section 6.3	  	Claims	  	14
	    Section 6.4	  	Committee Liability	  	15
		
	ARTICLE VII AMENDMENT AND TERMINATION	  	16
			
	    Section 7.1	  	Plan Amendment	  	16
	    Section 7.2	  	Termination	  	16
	    Section 7.3	  	Effect of Amendment or Termination	  	16
	    Section 7.4	  	Effect of Legislation	  	16
		
	ARTICLE VIII MISCELLANEOUS	  	17
			
	    Section 8.1	  	Unfunded Benefit Plan	  	17
	    Section 8.2	  	Unsecured General Creditor	  	17
	    Section 8.3	  	Grantor Trust	  	17
	    Section 8.4	  	Non-Assignment	  	17
	    Section 8.5	  	No Employment Right	  	18
	    Section 8.6	  	Adjustments	  	18
	    Section 8.7	  	Obligation to Company	  	18
	    Section 8.8	  	Protective Provisions	  	18
	    Section 8.9	  	Gender, Singular and Plural	  	18
	    Section 8.10	  	Governing Law	  	18
	    Section 8.11	  	Notice	  	19
	    Section 8.12	  	Successors and Assigns	  	19
	    Section 8.13	  	Incapacity	  	19

  

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 ARTICLE I 
 GENERAL PROVISIONS 
 Section 1.1 Purpose and Intent. 
 This Plan is intended to provide the opportunity for eligible Employees to accumulate supplemental funds for retirement or special needs before retirement
through deferral of portions of their regular Salary and Awards. 
 This Plan replaces the deferral provisions of the Lyondell Chemical
Company Executive Deferral Plan for amounts deferred before 2005 (“Prior Plan”) to conform to the requirements of Code Section 409A and any related regulation or other guidance promulgated by applicable governmental agencies
(“Code Section 409A”) and establishes the provisions of this Plan as intended to apply to deferrals of compensation earned or accrued in 2005 and thereafter. 
 Section 1.2 Effective Date. 
 This Plan document generally shall be effective as of
January 1, 2009 and shall apply to Plan Participants on or after January 1, 2009 unless certain provisions specify that they are effective on a different date. 
 Section 1.3 Definitions. 
 Account means a separate bookkeeping account maintained
by the Company for each Employee which measures and determines the amounts to be paid to the Employee under the Plan. An Account may be divided in subaccounts as needed to reflect particular Deferral Elections. 
 Awards means immediate cash awards made under the annual short-term incentive compensation plans for executives and senior managers or
awards under any other plan that the Remuneration Committee has approved as Awards under this Plan. 
 Beneficiary means a
person who is entitled to receive a Participant’s interest under this Plan when the Participant dies before his Account is totally distributed. 
 Benefits Administrative Committee means the Benefits Administrative Committee of Lyondell Chemical Company. 
 Benefits Finance Committee means the Benefits Finance Committee of Lyondell Chemical Company. 
  

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 Code means the Internal Revenue Code of 1986, as amended, including any successor
provisions and any regulations or other guidance promulgated by applicable governmental agencies. 
 Company means Lyondell
Chemical Company, a Delaware corporation, and any successor company. 
 Deferral Election means a Participant’s election
to defer Salary and/or Awards during a Deferral Period according to Article II. 
 Deferral Period means the particular
calendar year for which a Deferral Election is made. A new Deferral Period begins each January 1 and ends each December 31. 
 Deferred Compensation means the amount of Salary and/or Awards a Participant elects to defer by a Deferral Election. 
 Disability means a medically determinable physical or mental impairment which is expected to last for at least a continuous twelve (12) month period or is expected to result in death, where the Participant (i) either
cannot engage in any substantial gainful employment due to the impairment or (ii) is receiving disability benefits for at least three (3) months under the Company’s applicable disability plan. 
 Distribution means a distribution of a Participant’s Account as a result of a Separation from Service or other event specified under
this Plan and permitted by Code Section 409A. 
 Early Distribution means a Distribution before Separation from Service as
specified in Section 4.4 and permitted by Code Section 409A. 
 Effective Date means January 1, 2009.

 Employee means a regular salaried employee of the Company. 
 ERISA means the Employee Retirement Income Security Act of 1974, as amended, including any successor provisions and any regulations or
other guidance promulgated by applicable governmental agencies. 
 Financial Hardship means a condition of severe financial
difficulty due to an unforeseeable emergency resulting from (i) an illness or accident of the Participant, his spouse or dependent; (ii) a casualty causing a Participant’s property loss; or (iii) other similar or extraordinary
and unforeseeable circumstances created by events beyond the Participant’s control, as determined by the Benefits Administrative Committee, upon advice of counsel, based on written information supplied by the Participant and which is
sufficient, in counsel’s judgment, to justify a change in a Distribution election under the Plan without causing the Participant or any other Participant to receive taxable income from the Plan before the Participant actually receives his
benefit. 
  

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 Interest Rate means the interest rate determined by the Company before the Deferral Period
and applied to the Participant’s Account during that Plan Year. 
 Key Employee means an Employee who, at any time during
the prior Plan Year, was identified as (i) an officer of the Company with annual compensation greater than $130,000, as adjusted, (ii) a five percent (5%) owner of the Company, or (iii) a one percent (1%) owner of the
Company with annual compensation from the Company of more than $150,000, as adjusted, as determined according to the requirements of Code Sections 409A and 416(i). For Plan Distribution purposes, an Employee identified as a Key Employee during a
year ending on an identification date shall be considered a Key Employee for a twelve (12) month period beginning on the following April 1. December 31 of the prior Plan Year shall be used as the identification date to identify Key
Employees under Code Section 409A. 
 Participant means any Employee who is participating in this Plan under Article II,
and any former Employee who has not received the entire benefit to which he is entitled under this Plan. 
 Plan means this
Lyondell Chemical Company Deferral Plan. 
 Plan Year means each calendar year beginning on January 1 and ending on
December 31. 
 Remuneration Committee means Remuneration Committee of the Supervisory Board of LyondellBasell Industries,
AF S.C.A. 
 Salary means the Employee’s regular, biweekly salary, excluding Awards and any other special or additional
compensatory payments made by the Company. 
 Separation from Service means the Participant’s employment termination from
Lyondell Chemical Company, or any of its Subsidiaries and Affiliates, which complies with the requirements of Code Section 409A. A transfer to or from Lyondell Chemical Company and any of its Subsidiaries or Affiliates shall not be a Separation
from Service under this Plan. 
  

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 Subsidiaries or Affiliates means: 
 (a) All corporations that are members of a controlled group of corporations within the meaning of Code Section 414(b) and of which the Company is
then a member, and 
 (b) All trades or businesses, whether or not incorporated, that are then under common control with the Company within
the meaning of Code Section 414(c). 
 Survivor Benefit means the benefit under Section 4.3 provided when a
Participant dies before his Account is distributed. 
 Valuation Date means the last day of each month, or another date the
Benefits Administrative Committee determines, in its discretion, which may be either more or less frequent, used to value Participants’ Accounts. 
  

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 ARTICLE II 
 PARTICIPATION AND DEFERRAL ELECTIONS 
 Section 2.1 Eligibility and Participation. 
 (a) Eligibility. Eligibility to participate in this Plan shall be limited to Employees who eligible to participate in the LyondellBasell Industries
AF S.C.A. Mid-Term Incentive Plan during a Deferral Period. An Employee who becomes eligible to participate in this Plan after a Deferral Period begins shall not be eligible to participate until the following Deferral Period. 
 (b) Participation. An eligible Employee may elect to participate in the Plan by submitting a Deferral Election for a Deferral Period. 

Section 2.2 Deferral Types. 
 A Participant
may elect to defer Salary and/or Awards, subject to any limits, conditions or restrictions, such as minimum or maximum deferral amounts, as the Benefits Administrative Committee prescribes before the Deferral Period begins. A Participant may also
elect to defer an Early Distribution at the time and in the manner the Benefits Administrative Committee prescribes. 
 Section 2.3 Deferral
Elections. 
 Before each Deferral Period, at a time and in the manner the Benefits Administrative Committee prescribes, each eligible
Employee may elect to defer Salary and/or Awards. The time and form of Distribution of the deferred amount shall be elected when the Deferral Election is made. This Deferral Election shall be irrevocable after the Deferral Period begins, unless
modifications are authorized under Section 2.7. 
 Section 2.4 Deferral Limits. 
 Deferral Elections are subject to the following limits: 
 (a) A Participant may not defer more than fifty percent (50%) of his Salary. Benefits Administrative Committee shall establish a minimum amount that may be deferred before the Deferral Period begins. 

 

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 Section 2.5 Separation from Service. 
 Any outstanding Deferral Election relating to Awards payable after Separation from Service shall remain binding; otherwise, a Participant’s Deferral
Elections shall terminate on the Participant’s Separation from Service. 
 Section 2.6 Transfers. 
 A Participant’s Deferral Elections shall be irrevocable regardless of a transfer of employment among Lyondell Chemical Company or any of its
Subsidiaries or Affiliates. When a transfer occurs, the Participant’s Deferral Election shall continue to apply to Awards or Salary granted by the transferee company and the transferee company’s deferral plan shall assume responsibility
for the remainder of the Deferral Period, if any, subject to any Deferral Election that the Participant made under the transferor company’s plan. 
 Section 2.7 Modification of Deferral Elections. 
 The Benefits Administrative Committee may permit a Participant to
cease remaining deferrals under a Deferral Election upon finding that the Participant has suffered a Financial Hardship, to the extent that the Deferral Election may be revoked as a result of Financial Hardship under the Code Section 409A or a
hardship Distribution under Code Section 401(k). 
  

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 ARTICLE III 
 DEFERRED COMPENSATION ACCOUNTS 
 Section 3.1 Accounts. 
 Accounts shall be maintained for each Participant for record-keeping purposes only. A Participant’s Account may be divided into subaccounts if
necessary to determine how a Participant’s Distribution Elections shall apply to portions of the Account. 
 Section 3.2 Deferred Compensation.

 A Participant’s Deferred Compensation shall be credited to the Participant’s Account on the date when the corresponding
non-deferred portion of the compensation is paid or would have been paid but for the Deferral Election. The Company shall have the right to withhold from Salary (or otherwise to cause the Participant or the executor or administrator of his estate,
or his Beneficiary) to pay any federal, state, local and/or foreign taxes required to be withheld on any Deferred Compensation. 
 Section 3.3
Interest Rate. 
 Interest shall be credited monthly on the balance of the Account on each Valuation Date beginning on the date when
deferred amounts are credited to the Account. A Participant’s Account will be credited with interest monthly during each Plan Year before the full Distribution of the Participant’s Account at the Interest Rate previously determined by the
Benefits Finance Committee, with approval by the Remuneration Committee, to apply during the Plan Year. The Benefits Finance Committee, with approval by the Remuneration Committee, shall establish the applicable interest rate for the following Plan
Year by reference to the rate of return on a predetermined actual investment which is reflective of the general credit quality of LyondellBasell Industries, its affiliates or an investment or group of investments of similar credit quality.

 Section 3.4 Account Value. 
 A
Participant’s Account on each Valuation Date shall consist of the balance of the Participant’s Account on the immediately preceding Valuation Date, plus the amount of the Participant’s Deferred Compensation since the Valuation Date,
plus interest credited to the Account, and minus any Distributions or reductions made from the Account since the immediately preceding Valuation Date. 
  

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 Section 3.5 Vesting. 
 Each Participant shall be one hundred percent (100%) vested at all times in the amounts credited to the Participant’s Account. 
 Section 3.6 Account Statements. 
 The Company shall provide each Participant with periodic
statements setting forth the Participant’s Account balance. 
  

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 ARTICLE IV 
 PLAN BENEFITS 
 Section 4.1 Basic Plan Benefit. 
 Except as provided in Section 4.2, if a Participant has a Separation from Service, the Company shall pay a Plan benefit equal to the
Participant’s Account, including interest at the Interest Rate established in Section 3.3. Interest is payable on a Participant’s Account balance until the Account is fully distributed. 
 Section 4.2 Distribution Elections. 
 (a) Time
and Form of Distribution. If the Participant becomes entitled to a Distribution due to Separation from Service on or after attaining age fifty-five (55) with at least ten (10) years of service recognized by the Company or due to
Disability, Distribution shall be made at the time and form specified in the applicable Deferral Elections. 
 A Participant may elect one or
more of the following forms and commencement dates for all or portions of his Account. 
 (1) Lump Sum. A single
payment of all of the amount deferred under a Deferral Election. 
 (2) Installment Payments. Monthly installment
payments for five (5), ten (10) or fifteen (15) years of the amount deferred under a Deferral Election in substantially equal payments of principal and interest. The amount of each monthly installment shall be redetermined, effective
January 1 of each year, based on the remaining balance subject to the installment payment election and the remaining number of installment payments. 
 Notwithstanding the foregoing, a Participant’s Account may be distributed earlier under the Plan terms due to death or Financial Hardship, as provided in Sections 4.3 and 4.5, or for other reasons as may be
provided under Code Section 409A. 
 (b) Distribution Elections Inapplicable. If a Participant’s Account becomes
distributable due to Separation from Service before attaining age fifty-five (55) with at least ten (10) years of service recognized by the Company, the Participant’s Deferral Elections shall be disregarded and the Participant’s
Account will be paid in substantially equal payments of principal and interest over a three (3) year period. Distribution shall begin as soon as administratively possible, but no later than sixty (60) days after a Separation from Service
or as provided in (e) if the Participant is a Key Employee. The amount of each monthly installment shall be redetermined, effective January 1 of each year, based on the remaining number of installment payments. 
  

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 (c) Failure to Make a Distribution Election. If the Participant becomes entitled to a Distribution
on Separation from Service on or after attaining age fifty-five (55) with at least ten (10) years of service recognized by the Company or due to a Disability and has failed to make a Distribution election for an amount deferred for a
particular Deferral Period, that portion of the Participant’s Account balance will be distributed immediately in a single cash payment as soon as administratively possible, but no later than sixty (60) days following that distributable
event or as provided in (e) if the Participant is a Key Employee. 
 (d) Change in Time or Form of Distribution. A Participant
may elect to delay the commencement, or change the form, of a Plan Distribution, according to procedures adopted by the Benefits Administrative Committee, but (1) the election may not become effective until at least twelve (12) months
after the date the Distribution election is made, (2) the election must defer payment for a period of at least five (5) years after the original Distribution date and (3) the new Distribution election must be made at least twelve
(12) months before the date the original Distribution was scheduled to occur. 
 (e) Key Employees. If a Participant is a Key
Employee whose Account becomes distributable due to Separation from Service, a Distribution shall not begin until six (6) months following the Key Employee’s Separation from Service, whether in a lump sum or installment payment form. Lump
sum and installment payments shall be calculated on the Account value at the delayed Distribution date and shall commence as soon as administratively possible following the delayed Distribution date ; provided, however, that this Section 4.2
(e) shall apply only if the Company is a corporation any stock in which is publicly traded on an established securities market or otherwise. 
 Section 4.3 Amount and Form of Survivor Benefits. 
 If the Participant dies before his Account Distribution begins, the
Plan shall pay a Survivor Benefit equal to the value of the Participant’s Account balance, increased by the applicable Interest Rate on the unpaid Account balance during the period when Survivor Benefit payments are being made to the
Participant’s Beneficiary. A Participant may elect the form of Survivor Benefit payments and the election will apply to his entire Account balance. A Participant may elect Survivor Benefits payable in a lump sum or monthly installments for five
(5), ten (10) or fifteen (15) years in substantially equal payments of principal and interest. If the Participant has changed the Survivor Benefit election, the change shall not be effective until twelve (12) months after the date the
change was made. If the Participant fails to elect a form of Survivor Benefit payments, the Participant’s Account balance shall be distributed in a lump sum as soon as practical following the Participant’s death. 
 If the Participant dies after his Account Distribution begins, any Survivor Benefit payment elected under this Plan shall not apply and the
Participant’s Account balance shall 

  

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continue to be paid to the Beneficiary in the benefit form that was payable to the Participant, until all remaining payments that would have been made to the
Participant if the Participant had lived have been made. Payments shall be increased by the applicable Interest Rate credited on the deceased Participant’s unpaid Account balance during each year payment is made to the Beneficiary. 

Section 4.4 Early Distribution. 
 A
Participant may elect to receive an Early Distribution from his Account subject to the following restrictions: 
 (a) Election. The
election to take an Early Distribution for a particular Deferral Election must be made at the same time the Participant makes that Deferral Election. 
 (b) Amount. The amount which a Participant can elect to receive as an Early Distribution shall be the portion of the amounts deferred under a particular Deferral Election, as prescribed by the Benefits
Administrative Committee before the Deferral Period. If a previously elected amount exceeds the related Account balance when an Early Distribution is to be made, only the Account balance will be paid. 
 (c) Time of Early Distribution. The Early Distribution shall begin at a time elected by the Participant when the Deferral Election was made and
the date elected for an Early Distribution must be at least two (2) years after the Deferral Election becomes effective. If the Participant has a Separation from Service before the Early Distribution date, the Early Distribution election will
be canceled and Distribution will be made under Section 4.2. 
 (d) Distributions from Account. Amounts paid to a Participant
under this Section shall be treated as Distributions from the Participant’s Account. 
 Section 4.5 Financial Hardship Distribution.

 (a) Financial Hardship Distribution. When the Benefits Administrative Committee finds that a Participant has suffered a
Financial Hardship, following the Participant’s written application, the Benefits Administrative Committee shall distribute all or a portion of the Participant’s Account reasonably necessary to satisfy the Financial Hardship. The amount
necessary to satisfy the Financial Hardship shall be the amount determined according to the requirements of Code Section 409A. The Distribution shall be paid in a lump sum as soon as administratively practical following the Financial Hardship
finding. 
 (b) Review of the Request for Financial Hardship Distribution. Counsel for the Plan, on an ongoing basis, shall review
legal and tax developments to assure continuous compliance with the relevant authorities governing plan design to prevent constructive receipt of taxable income by any Participant, and shall advise the Benefits Administrative Committee of the
applicable law. 
  

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 Section 4.6 Valuation and Settlement. 
 The Settlement Date shall be the earlier of the date when a lump sum is paid or when installment payments commence. The Settlement Date for a Distribution
shall be no more than thirty (30) days after the last day of the month when the Participant or his Beneficiary becomes entitled to a Distribution, or six (6) months later, if the Participant is a Key Employee. The Settlement Date for an
Early Distribution shall be the month that the Participant has elected to commence payment. The amount of a lump sum and the initial amount of installment payments for a Participant’s Account shall be based on the value of the
Participant’s Account on the Valuation Date at the end of the immediately preceding month before the Settlement Date. 
 Section 4.7 Small
Benefit. 
 Notwithstanding any Distribution Election, the Benefits Administrative Committee, in its sole discretion, may pay any benefit
as a lump sum payment to the Participant or any Beneficiary, if the lump sum amount of the Account balance that remains in the Account, or which is payable to the Participant or Beneficiary in installments when payments to the Participant or
Beneficiary would otherwise commence, is less than $10,000. 
  

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 ARTICLE V 
 BENEFICIARY DESIGNATION 
 Section 5.1 Beneficiary Designation. 
 Each Participant has the right to designate a Beneficiary or Beneficiaries to receive his interest in his Account on his death. The designation shall be
made in the time and manner the Benefits Administrative Committee prescribes. The Participant has the right to change or revoke any designation from time to time by filing a new designation or notice of revocation, and no notice to any Beneficiary
nor consent by any Beneficiary shall be required to make any change or revocation. 
 Section 5.2 Failure to Designate a Beneficiary. 

If a Participant fails to designate a Beneficiary before his death, or if no designated Beneficiary survives the Participant, the Benefits
Administrative Committee shall direct the Company to pay his Account balance in a lump sum to the executor or administrator of his estate. 
  

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 ARTICLE VI 
 ADMINISTRATION 
 Section 6.1 Interpretation. 
 The Benefits Administrative Committee has the exclusive right and discretionary authority to interpret the Plan’s provisions and to decide questions
arising in its administration; provided that the Benefits Finance Committee has the exclusive right and discretionary authority to interpret Section 3.3 regarding establishing the applicable Interest Rate. The decisions and interpretations of
the Benefits Administrative Committee and the Benefits Finance Committee, as applicable, shall be final and binding on the Company, Participants, Employees and all other persons. 
 Section 6.2 Administrative Records. 
 The Benefits Administrative Committee shall keep records
reflecting Plan administration, which the Company may audit. 
 Section 6.3 Claims. 
 If a Participant makes a written request alleging a right to receive Plan benefits or alleging a right to receive an adjustment in Plan benefits being
paid, the Benefits Administrative Committee shall treat it as a benefit claim. All benefit claims under the Plan shall be sent to the Benefits Administrative Committee and must be received within thirty (30) days after Separation from Service.
The decision will be made within ninety (90) days after the Benefits Administrative Committee receives the claim unless the Benefits Administrative Committee determines additional time due to special circumstances is needed. If the Benefits
Administrative Committee determines that an extension to process a claim is required, the final decision may be deferred up to one hundred eighty (180) days after the claim is received, if the claimant is notified in writing of the need for the
extension and the anticipated date of a final decision before the end of the initial ninety (90) day period. 
 If the Benefits
Administrative Committee decides that any individual who has claimed a right to receive benefits, or different benefits, under the Plan is not entitled to receive all or any part of the benefits claimed, it will inform the claimant in writing or
electronically, in terms calculated to be understood by the claimant, of the specific reasons for the denial, the Plan provisions on which the denial is based, a description of additional material or information necessary to perfect the claim and an
explanation of why the material or information is needed, and an explanation of the Plan’s claim review procedures. If no action is taken on the claim within these time periods, the claim shall be deemed denied on the last day of the applicable
time period. The claimant is entitled to a full and fair review of the denied claim after actual or constructive notice of a denial. 
  

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 The claimant, or his authorized representative, must file a written request for review with the Benefits
Administrative Committee setting forth the grounds for the request and any supporting facts, comments or arguments he wishes to make, within sixty (60) days after actual or constructive notice. If a written request for review is not received
within this sixty (60) day period, the denial will be final. The claimant shall have reasonable access to all relevant documents pertaining to the claim. 
 The Benefits Administrative Committee or the persons responsible to conduct the review on the Benefits Administrative Committee’s behalf shall conduct a full review of the claim. Unless special circumstances
require an extension of the review period, the Benefits Administrative Committee will render its decision no later than the date of its next regularly scheduled meeting, unless the request is filed less than thirty (30) days before that
meeting. If the request is filed less than thirty (30) days before a regularly scheduled meeting, the Benefits Administrative Committee will render its decision no later than the date of the second regularly scheduled meeting after it receives
the request. However, if special circumstances require an extension of the review period, a final decision shall be rendered no later than the third regularly scheduled meeting after it receives the request for review, if the claimant is notified in
writing of the special circumstances and the date of the expected decision, before the time is extended due to special circumstances. If the decision on review is not furnished to the claimant within the applicable time period(s), the claim shall be
denied on the last day of the applicable period. Benefits Administrative Committee decisions shall be in writing and provided no later than five (5) days after the decision is made. The decision shall include specific reasons for the action
taken, including the specific Plan provisions on which the decision is based. The claimant shall be notified of the right to reasonable access, on request, to relevant documents or other information without charge. 
 Section 6.4 Committee Liability. 
 No member of
the Benefits Administrative Committee or the Benefits Finance Committee shall be liable for any action taken in good faith or for exercise of any power given the Benefits Administrative Committee or the Benefits Finance Committee, or for the actions
of other members of the Benefits Administrative Committee or the Benefits Finance Committee. 
  

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 ARTICLE VII 
 AMENDMENT AND TERMINATION 
 Section 7.1 Plan Amendment. 
 This Plan may be amended at any time and from time to time by a written instrument signed by an officer of the Company duly authorized by the Board of
Directors of the Company. 
 Section 7.2 Termination. 
 The Company intends to continue this Plan indefinitely, but reserves the right to terminate it at any time for any reason. 
 Section 7.3 Effect of Amendment or Termination. 
 No Plan amendment or termination may adversely affect the benefit
payable to any Participant receiving or entitled to receive Plan benefits before the effective date of the amendment or termination. However, the Company may amend the Plan to eliminate any form of payment or to comply with any law or regulation,
including but not limited to, reformation of any Plan provision that would result in an excise tax being imposed under Code Section 409A, and if so, that amendment or reformation will not be deemed to adversely affect any Participant’s
benefit entitlement. 
 Section 7.4 Effect of Legislation. 
 It is intended that the provisions of the Plan satisfy the requirements of Code Section 409A and that the Plan be operated in a manner consistent with such requirements to the extent applicable. Therefore, the
Benefits Administrative Committee may make adjustments to the Plan and may construe the provisions of the Plan in accordance with the requirements of Code Section 409A. If any Plan provision would result in imposition of an excise tax under
Code Section 409A, the terms of Code Section 409A shall apply and that Plan provision will be reformed to avoid the excise tax. 
  

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 ARTICLE VIII 
 MISCELLANEOUS 
 Section 8.1 Unfunded Benefit Plan. 
 This Plan is intended to constitute an unfunded plan which is maintained primarily to provide deferred compensation in the form of additional benefits to
a select group of management or highly compensated employees, as defined in ERISA Sections 201(a)(2), 301(a)(3) and 401(a)(1). 
 Section 8.2
Unsecured General Creditor. 
 Participants and their Beneficiaries shall have no legal or equitable rights, claims or interests in any
specific Company assets or property, nor are they the Beneficiaries of, or have any rights, claims or interests in, any life insurance policies, annuity contracts, or the proceeds of those policies or contracts which the Company owns or acquires
(“Policies”). Any Policies or other Company assets shall be and shall remain general, unpledged, unrestricted Company assets. The Company’s obligation under the Plan is merely an unfunded and unsecured Company promise to pay money in
the future. 
 Section 8.3 Grantor Trust. 
 Although the Company is responsible for all Plan benefits, the Company, in its discretion, may contribute funds to a grantor trust, as it deems appropriate, to pay Plan benefits. The trust may be irrevocable, but trust assets shall be
subject to the claims of creditors of Lyondell Chemical Company. To the extent any Plan benefits are actually paid from the trust, the Company shall have no further obligation for those benefits, but to the extent the benefit is not paid, benefits
shall remain the obligation of, and shall be paid by, the Company. Participants shall be unsecured creditors insofar as their legal claim for Plan benefits and Participants shall have no security interest in the grantor trust. 
 Section 8.4 Non-Assignment. 
 Payments to and
benefits under this Plan are not assignable, transferable or subject to alienation since they are primarily for the support and maintenance of the Participants and their Beneficiaries. Likewise, payments shall not be subject to attachments by
creditors of, or through legal process against, the Company, the Benefits Administrative Committee, the Benefits Finance Committee or any Participant. Payments may be offset by the Company as provided under Section 8.7. 
  

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 Section 8.5 No Employment Right. 
 The Plan provisions shall not give an Employee the right to be retained in Company service nor shall this Plan or any action taken under it be construed
as an employment contract. 
 Section 8.6 Adjustments. 
 At the Company’s request, the Benefits Administrative Committee may adjust a Participant’s Plan benefit or make other adjustments required to correct administrative errors or provide uniform treatment of
Participants, in a manner consistent with the Plan’s intent and purpose. 
 Section 8.7 Obligation to Company. 
 If a Participant becomes entitled to a Distribution of Plan benefits and the Participant has any debt, obligation, or other liability representing an
amount owed to the Company, or its Subsidiaries and Affiliates or any Company, Subsidiary or Affiliate benefit plan, then the Benefits Administrative Committee, in its sole discretion, may offset the amount owed against the amount of benefits
otherwise distributable under this Plan. 
 Section 8.8 Protective Provisions. 
 Each Participant shall cooperate with the Company by furnishing any and all information the Company requests to facilitate Plan benefit payments, taking
any physical examinations the Company deems necessary and taking other relevant action as the Company requests. If a Participant refuses to cooperate, the Company shall have no further obligation to the Participant under the Plan. If the Participant
makes any material misstatement of information or nondisclosure of medical history, no benefits will be payable to the Participant or his Beneficiary unless, at the Company’s sole discretion, benefits are payable in an amount reduced to
compensate the Company for any loss, cost, damage or expense suffered or incurred by the Company as a result in any way of any Participant action, misstatement or nondisclosure. 
 Section 8.9 Gender, Singular and Plural. 
 All pronouns and any variations are deemed to refer to
the masculine, feminine, or neuter, as the identity of the person or persons requires. The singular may be read as the plural and the plural as the singular, as the context may require. 
 Section 8.10 Governing Law. 
 This Plan shall be construed, regulated and administered under the
laws of the State of Texas, except to the extent that those laws are preempted by ERISA. 
  

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 Section 8.11 Notice. 
 Any notice or filing required or permitted to be given to the Benefits Administrative Committee under the Plan shall be sufficient if in writing and hand delivered, or sent by registered or certified mail, to the
Company’s principal office, directed to the attention of the Secretary of the Benefits Administrative Committee. Notice shall be deemed given on the delivery date or, if delivery is made by mail, on the date shown on the postmark on the receipt
for registration or certification. 
 Section 8.12 Successors and Assigns. 
 This Plan shall be binding on the Company and its successors and assigns. 
 Section 8.13 Incapacity. 
 If the Benefits Administrative Committee deems any person entitled to
receive any Plan payment is incapable of receiving or disbursing the payment because of minority, illness or infirmity, mental incompetence, or incapacity of any kind, the Benefits Administrative Committee, in its sole discretion, may take any one
or more of the following actions: it may apply the payment directly for the person’s comfort, support and maintenance; it may reimburse any person for any support supplied to the person entitled to receive any payment; or it may pay any other
person the Benefits Administrative Committee selects to disburse the payment for the person’s comfort, support and maintenance, including, without limit, to any relative who has undertaken, wholly or partially, the expense of the person’s
comfort, care and maintenance, or any institution in whose care or custody the person entitled to the payment may be. The Benefits Administrative Committee, in its sole discretion, may deposit any payment due to a minor to the minor’s credit in
any savings or commercial bank of the Benefits Administrative Committee’s choice. 
  

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