Document:

Consent Agreement (Russell T. Crockett)

 Exhibit 10.4 
 CONSENT AGREEMENT 
 This CONSENT AGREEMENT (“Consent”) is made by and
between TPC Group Inc. (the “Company”) and the undersigned individual (“Grantee”), effective as of the date this Consent is fully executed as indicated below. 

WHEREAS, effective May 24, 2010, the Company awarded to Grantee an award of units representing shares of Company common stock
pursuant to a Performance Share Award Agreement under the Company’s 2009 Long-Term Incentive Plan (the “Performance Award”); and 
 WHEREAS, pursuant to the terms of the Performance Award, the number of units earned will be determined based on the achievement of the “Performance Goal” specified in Exhibit A of the
Performance Award; and 
 WHEREAS, the Company and Grantee wish to enter into this Consent in order to clarify the calculation
of the Performance Goals and amend the Performance Award; 
 NOW, THEREFORE, the parties hereto agree as follows: 

1. Exhibit A of the Performance Award is hereby amended in its entirety and replaced with a new “Exhibit A” as attached to this
Consent. 
 2. In all other respects, the Performance Award shall remain unchanged and in full force and effect. 

 

									
	TPC GROUP INC.	 		 	GRANTEE
				
	By:	 	 /s/ Michael T. McDonnell
	 		 	 /s/ Russell T. Crockett 

		 	Michael T. McDonnell	 		 	Russell T. Crockett
		 	President and Chief Executive Officer	 		 	
					
	Date:	 	May 23, 2011	 		 	Date:	 	May 23, 2011

 Exhibit A 
 Performance Goal 
  

	1.	Performance Goal. The Performance Goal with respect to the January 1, 2010 through December 31, 2012 Performance Period is Return on Invested Capital
for calendar years 2010, 2011 and 2012. Average “Return on Invested Capital” or “ROIC” for each calendar year will be calculated by the Company as follows: 

[(Earnings Before Interest and Taxes)*(1-Marginal Tax Rate)] divided by the quarterly average of [Shareholders’ Equity + (Long
Term Debt - Cash)] 
  

	2.	Calculation of Performance Shares Earned. Based on the level of achievement of ROIC, the following chart indicates the percentage of the target Performance
Shares specified in the Performance Share Award which will become vested: 

  

													
	 	  	Threshold
Performance	 	 	Target
Performance	 	 	Maximum
Performance	 
				
	 Average ROIC for calendar years during the Performance Period
	  	 	9	% 	 	 	10	% 	 	 	11	% 
				
	 Percentage of Target Performance Shares Becoming Vested
	  	 	50	% 	 	 	100	% 	 	 	200	% 

 The percentage of target
Performance Shares becoming vested between Threshold Performance and Target Performance, or between Target Performance and Maximum Performance, shall be determined by linear interpolation between the values listed in the chart above. For purposes of
clarity, if the Threshold Performance condition is not satisfied, the percentage of target Performance Shares becoming vested shall be 0%.Consent Agreement (Luis E. Batiz)

 Exhibit 10.5 
 CONSENT AGREEMENT 
 This CONSENT AGREEMENT (“Consent”) is made by and
between TPC Group Inc. (the “Company”) and the undersigned individual (“Grantee”), effective as of the date this Consent is fully executed as indicated below. 

WHEREAS, effective May 24, 2010, the Company awarded to Grantee an award of units representing shares of Company common stock
pursuant to a Performance Share Award Agreement under the Company’s 2009 Long-Term Incentive Plan (the “Performance Award”); and 
 WHEREAS, pursuant to the terms of the Performance Award, the number of units earned will be determined based on the achievement of the “Performance Goal” specified in Exhibit A of the
Performance Award; and 
 WHEREAS, the Company and Grantee wish to enter into this Consent in order to clarify the calculation
of the Performance Goals and amend the Performance Award; 
 NOW, THEREFORE, the parties hereto agree as follows: 

1. Exhibit A of the Performance Award is hereby amended in its entirety and replaced with a new “Exhibit A” as attached to this
Consent. 
 2. In all other respects, the Performance Award shall remain unchanged and in full force and effect. 

 

									
	TPC GROUP INC.	 		 	GRANTEE
				
	By:	 	 /s/ Michael T. McDonnell
	 		 	 /s/ Luis E. Batiz

		 	Michael T. McDonnell	 		 	Luis E. Batiz
		 	President and Chief Executive Officer	 		 		 	
					
	Date:	 	May 23, 2011	 		 	Date:	 	May 23, 2011

 Exhibit A 
 Performance Goal 
  

	1.	Performance Goal. The Performance Goal with respect to the January 1, 2010 through December 31, 2012 Performance Period is Return on Invested Capital
for calendar years 2010, 2011 and 2012. Average “Return on Invested Capital” or “ROIC” for each calendar year will be calculated by the Company as follows: 

[(Earnings Before Interest and Taxes)*(1-Marginal Tax Rate)] divided by the quarterly average of [Shareholders’ Equity + (Long
Term Debt - Cash)] 
  

	2.	Calculation of Performance Shares Earned. Based on the level of achievement of ROIC, the following chart indicates the percentage of the target Performance
Shares specified in the Performance Share Award which will become vested: 

  

													
	 	  	Threshold
Performance	 	 	Target
Performance	 	 	Maximum
Performance	 
				
	 Average ROIC for calendar years during the Performance Period
	  	 	9	% 	 	 	10	% 	 	 	11	% 
				
	 Percentage of Target Performance Shares Becoming Vested
	  	 	50	% 	 	 	100	% 	 	 	200	% 

 The percentage of target
Performance Shares becoming vested between Threshold Performance and Target Performance, or between Target Performance and Maximum Performance, shall be determined by linear interpolation between the values listed in the chart above. For purposes of
clarity, if the Threshold Performance condition is not satisfied, the percentage of target Performance Shares becoming vested shall be 0%.Amendment to Executive Employment Agreement

 Exhibit 10.7 
 AMENDMENT TO 
 EXECUTIVE EMPLOYMENT AGREEMENT 

THIS AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT, dated as of May 23, 2011 (the “Amendment Date”) by and between
TPC Group Inc., a Delaware corporation (the “Company”), and Miguel A. Desdin (the “Executive”). 

Recitals 

The Company and the Executive have entered into an Executive Employment Agreement effective as of June 1, 2010 (the “Employment
Agreement”). The Company and the Executive wish to enter into this amendment to the Employment Agreement, effective as of the Amendment Date (the “Amendment”). 
 Agreement 
 For good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, and intending to be legally bound, the Executive and the Company agree as follows: 
 1. A new Paragraph 3(b)(xi) is hereby added to the Employment Agreement to read as follows: 
 “(xi) Relocation Benefits. The Executive shall receive relocation benefits consistent with the Company’s standard relocation practices for the Company’s executive employees, which
shall include temporary housing expenses, for the period beginning on the Effective Date and ending on August 31, 2011. 

2. A new Paragraph 3(b)(xii) is hereby added to the Employment Agreement to read as follows: 

“(xii) Housing Reimbursement. The Executive owns a single family residence located at 1708 Buckingham Drive,
Roanoke, Texas, 76262 (the ‘Residence’). If the Residence is sold prior to December 31, 2011, the Company agrees to reimburse the Executive for an amount (if positive) equal to (1) the sum of the Executive’s purchase price
for the Residence and capital improvements, less (2) the sales price of the Residence net of commissions, closing costs and required repairs; provided, that in no event shall such reimbursement exceed $200,000. Notwithstanding the foregoing, if
the Executive is terminated by the Company for Cause or if the Executive voluntarily resigns without Good Reason, either of which events occur within the one-year period after the date of the closing of the sale of the Residence, then, as
applicable, (1) the Executive agrees to repay to the Company, within 30 days of the Date of Termination, any reimbursement made by the Company under this Paragraph 3(b)(xii) (including any payment made pursuant to Paragraph 3(b)(xiii) relating
to such reimbursement) or (2) the Company shall not be obligated to make any reimbursement payment as otherwise provided in this Paragraph 3(b)(xii).” 
 3. A new Paragraph 3(b)(xiii) is hereby added to the Employment Agreement to read as follows: 
 “(xiii) Gross-Up for Taxes. To the extent any payments are made by the Company to the Executive pursuant to Paragraph 3(b)(xi) or Paragraph 3(b)(xii), the Company shall pay to the Executive,
no later than thirty (30) days after such payment pursuant to Paragraph 3(b)(xi) or Paragraph 3(b)(xii), an additional payment (the ‘Benefit Gross-Up Payment’) in an amount such that, after payment of all taxes imposed on any

 
payments pursuant to Paragraph 3(b)(xi) or Paragraph 3(b)(xii), including the Benefit Gross-Up Payment, (assuming, for this purpose, that the entire amount of any such payments pursuant to
Paragraph 3(b)(xi) or Paragraph 3(b)(xii) are taxable at a flat tax rate of 28%) (the ‘Taxes’), Executive retains an amount of the Benefit Gross-Up Payment equal to the amount of the Taxes.” 

4. A new Paragraph 3(b)(xiv) is hereby added to the Employment Agreement to read as follows: 

“(xiv) Retention Payment. As reflected in the offer letter described in Paragraph 12(i) below, provided that
the Executive is employed by the Company on June 1, 2011, the Company shall pay to the Executive a lump sum retention payment of $50,000.” 
 5. A new Paragraph 3(b)(xv) is hereby added to the Employment Agreement to read as follows: 
 “(xv) Performance Awards. As reflected in the offer letter described in Paragraph 12(i) below, during the Employment Period, to the extent the Company’s executives are eligible for such
awards, the Executive shall be eligible for equity-based performance awards under the LTIP subject to such conditions and restrictions as the Company shall determine that, upon achievement of Company targets set by the Compensation Committee of the
Board of Directors, would have a target value of 65% of the Executive’s Annual Base Salary.” 
 6. The first sentence
of Paragraph 5(b) of the Employment Agreement is hereby amended to read as follows: 
 “Notwithstanding any severance plan
or policy generally in effect during the Employment Period for employees of the Company or its subsidiaries, if, during the Employment Period, the Company terminates the Executive’s employment without Cause, or the Executive terminates his
employment for Good Reason, then, in addition to the Obligations to be paid or provided to the Executive as provided in Paragraph 5(a) above, but conditioned upon the Executive’s execution (and, if applicable, non-revocation) of Exhibit A (the
‘Release’) the Company shall provide the Executive with the payments and benefits described below in this Paragraph 5(b). Notwithstanding the foregoing, the Company’s obligation to pay or provide the payments and benefits in this
Paragraph 5(b) shall cease immediately on the sixtieth (60th) day after the Executive’s Date of Termination unless the Executive has executed (and, if applicable, does not subsequently revoke) the Release and returned the executed Release
to the Company on or before the fiftieth (50th) day after the Date of Termination.” 
 7. Paragraph 5(b)(ii) of the
Employment Agreement is hereby amended to read as follows: 
 “(ii) for the period commencing on the Date of Termination and
concluding twelve (12) months after the Date of Termination (the ‘Coverage Period’), the Company shall pay to the Executive, on a monthly basis, a cash amount equal to the full cost of COBRA continuation coverage with respect to the
medical and dental benefits described in Paragraph 3(b)(vi) covering the Executive and his spouse and eligible dependents (collectively, the ‘Welfare Benefits’); provided, however, that the Coverage Period shall cease when the Executive
becomes eligible for medical and/or dental coverage benefits from a subsequent employer.” 

 8. A new Paragraph 12(i) is hereby added to the Employment Agreement to read as follows:

 “(i) This Agreement, as amended from time to time, constitutes the entire agreement of the parties with
respect of the subject matter hereof and supersedes any prior agreements regarding the subject matter hereof, including, but not limited to, the offer letter from the Company to the Executive dated May 14, 2010.” 

9. The last sentence of Paragraph 1 of Exhibit B is hereby amended to read as follows: 

“For purposes of reducing the Payments to the Safe Harbor Cap, the Payments that shall be reduced shall be those that
provide Employee the best economic benefit, and to the extent any Payments are economically equivalent, each shall be reduced pro rata.” 
 10. Except as otherwise set forth in this Amendment, the terms of the Employment Agreement shall continue in effect. 
 11. This Amendment may be executed in one or more parts, including by electronic mail or facsimile, each of which shall be deemed to be an original, but all of which together will constitute one and the
same Agreement. 
  

									
	EXECUTIVE	 		 	TPC GROUP INC.
					
	Signed:	 	 /s/ Miguel A. Desdin
	 		 	By:	 	 /s/ Michael T. McDonnell

	Date: May 23, 2011	 		 		 	Title: President and Chief Executive Officer
		 		 		 		 	Date: May 23, 2011

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