Document:

Form of Option Award Agreement under 2004 Stock Awards Plan

 Exhibit 10.11 
 TEXAS PETROCHEMICALS INC. 2004 STOCK AWARDS PLAN 
 STOCK OPTION AGREEMENT 
 THIS STOCK OPTION AGREEMENT (the “Agreement”) is made
by and between Texas Petrochemicals Inc., a Delaware corporation, (the “Company,”) and                     , an
Employee of the Company or its Subsidiaries (the “Participant”). 
 WHEREAS, the Company wishes
to afford the Participant the opportunity to purchase shares of its Stock at such price set forth herein (the “Option”); 
 WHEREAS, the Company wishes to carry out the Texas Petrochemicals Inc. 2004 Stock Awards Plan (the “Plan”) (the terms of which are hereby incorporated by reference and made a part of this
Agreement; capitalized terms herein which are defined in the Plan shall have the same meaning as in the Plan); and 
 WHEREAS, the Board has determined that it would be to the advantage and best interest of the Company and its stockholders to grant the Option provided for herein to the Participant as an inducement to enter into or remain in the service of
the Company or its Subsidiaries and as an incentive during such service, and has advised the Company thereof and instructed the undersigned officer to issue said Option. 
 NOW, THEREFORE, in consideration of the mutual covenants herein contained and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto
do hereby agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 1.1 ““Disability” shall
mean the failure of a Participant to perform his duties due to physical or mental incapacity as determined by the Board. 
 1.2 “Secretary” shall mean the Secretary of the Company. 
 ARTICLE II 
 GRANT OF OPTION 
 2.1 Grant of Option. In consideration of the Participant’s agreement to remain in Continuous Service with Company or its Subsidiaries and for other good and valuable
consideration, as of                     , the Company irrevocably grants to the Participant the Option to purchase any part or all of
                     shares of Stock upon the terms and conditions set forth in this Agreement. 
 2.2 Exercise Price. The exercise price of the shares of Stock subject to the Option per share shall be
$                 per share. 
 2.3 Consideration to the Company. In consideration of the grant of the Option by the Company, the Participant agrees to render faithful and efficient services to the Company or its Subsidiaries with such duties and responsibilities
as the Company shall from time to time

  

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prescribe. Nothing in the Plan or this Agreement shall confer upon the Participant any right to Continuous Service with the Company or its Subsidiaries or shall interfere with or restrict in any
way the rights of the Company and its Subsidiaries, which are hereby expressly reserved the right to discharge the Participant, at any time for any reason, including without limitation for Cause, except to the extent expressly provided otherwise in
a written agreement between the Company and the Participant. 
 ARTICLE III 
 PERIOD OF EXERCISABILITY 
 3.1 Commencement of Exercisability. 
 (a) Subject to
Sections 3.2, the Option shall become exercisable in such amounts equal to twenty percent (20%) per year on July 1 of each             ,
            ,             ,              and
            . 
 (b) Except as otherwise
provided by the Board, pursuant to Paragraph XIII of the Plan, the Option shall become 100% vested and exercisable upon a Change in Control in accordance with the terms of the Plan. 
 (c) Except as otherwise provided herein or as set forth in the Plan, no portion of the Option which has not become
exercisable upon termination of Continuous Service shall thereafter become exercisable. Notwithstanding the foregoing, in the event of a Participant’s termination of Continuous Service due to Retirement, the Board has discretion to provide for
accelerated vesting as specifically provided in Paragraph XV(n) of the Plan. 
 3.2 Expiration of the
Option. The unvested portion of the Option will terminate and be forfeited upon termination for Continuous Service for any reason. The vested portion of the Option shall terminate upon the first of the following events to occur: 
 (a) July 1,
                    ; 
 (b) One (1) year after the Participant’s termination of Continuous Service with the Company, except by reason of the Participant’s death, Disability or Retirement; or 
 (c) The date of the Participant’s termination of Continuous Service for Cause in accordance with Paragraph XIV(b) of
the Plan. 
 ARTICLE IV 
 EXERCISE OF OPTION 
 4.1 Person Eligible to
Exercise. Except as provided in Sections 5.3(b) and 5.3(c), during the lifetime of the Participant, only the Participant may exercise the Option or any portion thereof. After the death or Disability of the Participant, any exercisable portion of
the Option may, prior to the time when the Option becomes unexercisable under Section 3.2, be exercised by the Participant’s legal representative in accordance with Paragraph XV(h) of the Plan. 
  

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 4.2 Partial Exercise. Any exercisable portion of the Option or the
entire Option, if then wholly exercisable, may be exercised in whole or in part at any time prior to the time when the Option or portion thereof becomes unexercisable under Section 3.2 (a). Pursuant to Section 3.2(b) any portion of the
Option that is not vested and exercisable on the date of termination of Continuous Service shall be automatically terminated on such date. 
 4.3 Manner of Exercise. The Option, or any exercisable portion thereof, may be exercised solely by delivery to the Secretary or such other custodian as may be designated by the Company, all of the
following prior to the time when the Option or such portion thereof becomes unexercisable under Section 3.2: 
 (a) A notice in writing signed by the Participant or the other person then entitled to exercise the Option or portion thereof, stating that the Option or portion thereof is thereby exercised and one or more of the following: 
 (i) cash or immediately available funds (including wire transfer, personal check, cashier’s check, postal or express
money order or bank draft), or 
 (ii) shares of Stock already owned by the Participant for at least six
(6) months prior to the exercise (or whatever period as maybe required to avoid a charge to earnings for financial accounting purposes); or 
 (iii) in the discretion of the Board, payment for any shares of Stock subject to an Option may also be made by a “cashless exercise” which shall include the following: delivering a properly
executed exercise notice to the Company, together with a copy of irrevocable instructions to a broker to deliver promptly to the Company the amount of sale or loan proceeds necessary to pay the purchase price, and, if requested, the amount of any
federal, state, local or foreign withholding taxes. 
 (b) A bona fide written representation and agreement, in
such form as is prescribed by the Board, signed by the Participant or other person then entitled to exercise such Option or portion thereof, stating that the shares of Stock are being acquired for the Participant’s own account, for investment
and without any present intention of distributing or reselling said shares or any of them except as may be permitted under the Securities Act and then applicable rules and regulations thereunder, and that the Participant or other person then
entitled to exercise such Option or portion thereof will indemnify the Company against and hold it free and harmless from any loss, damage, expense or liability resulting to the Company if any sale or distribution of the shares by such person is
contrary to the representation and agreement referred to above. The Board may, in its absolute discretion, take whatever additional actions it deems appropriate to ensure the observance and performance of such representation and agreement and to
effect compliance with the Securities Act and any other federal or state securities laws or regulations. Without limiting the generality of the foregoing, the Board may require an opinion of counsel acceptable to it to the effect that any subsequent
transfer of shares acquired on an Option exercise does not violate the Securities Act, and may issue stop-transfer orders covering such shares. Share certificates evidencing Stock issued on exercise of the Option shall bear an appropriate legend
referring to the provisions of this subsection (b) and the agreements herein.

  

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The written representation and agreement referred to in the first sentence of this subsection (b) shall, however, not be required if the shares to be issued pursuant to such exercise have
been registered under the Securities Act, and such registration is then effective in respect of such shares; and 
 (c) If applicable, full payment to the Company (or other employer corporation) of all amounts which, under federal, state or local tax law, it is required to withhold upon exercise of the Option. With the consent of the Board,
(i) shares of Stock owned by the Participant for at least six (6) months duly endorsed for transfer or (ii) shares of Stock issuable to the Participant upon exercise of the Option, having a Fair Market Value at the date of Option
exercise equal to the statutory minimum sum required to be withheld, may be used to make all or part of such payment; and 
 4.4 Conditions to Issuance of Stock Certificates. The shares of Stock deliverable upon the exercise of the Option, or any portion thereof, may be either previously authorized but unissued shares or
issued shares which have then been reacquired by the Company. Such shares shall be fully paid and nonassessable. The Company shall not be obligated to issue any shares of Stock pursuant to any Award granted under the Plan at any time when the shares
covered by such Award have not been registered under the Securities Act of 1933 and such other state and federal laws, rules or regulations as the Board deems applicable and, in the opinion of legal counsel for the Company, there is no exemption
from the registration requirements of such laws, rules or regulations available for the issuance and sale of such shares. No fractional shares of Stock shall be delivered, nor shall any cash in lieu of fractional shares be paid. 
 In any case, the Company’s obligation to issue shares and deliver certificates thereof upon exercise of the Option
shall be subject to the following: 
 (x) If applicable, the receipt by the Company of full payment for such
shares, including payment of all amounts which, under federal, state or local tax law, the Company (or other employer corporation) is required to withhold upon exercise of the Option; and 
 (y) The lapse of such reasonable period of time following the exercise of the Option as the Committee may from time to time
establish for reasons of administrative convenience. 
 4.5 Rights as Stockholder. The holder of the
Option shall not be, nor have any of the rights or privileges of, a stockholder of the Company in respect of any shares purchasable upon the exercise of any part of the Option unless and until certificates representing such shares shall have been
issued by the Company to such holder. 
 ARTICLE V 
 OTHER PROVISIONS 
 5.1 Treatment of
Option. The Option granted hereunder is intended to be an Incentive Stock Option within the meaning of Section 422 of the Code to the maximum extent permitted thereunder, and any portion of the Option in excess of such maximum limitations
shall

  

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be automatically deemed to be a Nonqualified Stock Option. However, without limitation, the Company shall have no liability in the event it is determined that the Option fails to qualify as an
Incentive Stock Option for any reason. Should the Option remain exercisable after three months after employment terminates for any reason other than Disability or death, or after one year if employment terminates due to Disability, the Option shall
immediately be converted to a Nonqualified Stock Option. The Option will not be treated as an Incentive Stock Option if the Participant should sell or otherwise dispose of the shares purchased upon exercise of the Option at any time prior to the
later of (i) one year from the date of exercise of the Option or (ii) two years from the date of grant. If the Participant intends to dispose or does dispose (whether by sale, exchange, gift, transfer or otherwise) of any such shares
within said periods, the Participant shall immediately notify the Company in writing of such disposition and, if so requested, shall pay to the Company such amount as the Company deems necessary to satisfy its obligation to withhold federal, state
or local income or other taxes incurred by reason of the disqualifying disposition of the Option Shares. 
 5.2
Administration. Except as otherwise provided in Paragraph IV of the Plan, the Board shall have the power to interpret the Plan and this Agreement and to adopt such rules for the administration, interpretation and application of the Plan as
are consistent therewith and to interpret, amend or revoke any such rules. All actions taken and all interpretations and determinations made by the Board or the Committee, as provided in the Plan, shall be made in good faith and shall be final and
binding upon the Participant, the Company and all other interested persons. No member of the Board or the Committee shall be personally liable for any action, determination or interpretation made in good faith with respect to the Plan, this
Agreement or the Option. 
 5.3 Option Not Transferable. Subject to Section 5.3(b), the Option may
not be sold, pledged, assigned or transferred in any manner other than by will or the laws of descent and distribution unless and until the Option has been exercised, or the shares underlying such Option have been issued, and all restrictions
applicable to such shares have lapsed. Neither the Option nor any interest or right therein shall be liable for the debts, contracts or engagements of the Participant or his or her successors in interest or shall be subject to disposition by
transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings
(including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect, except to the extent that such disposition is permitted by the preceding sentence. 
 (a) Notwithstanding any other provision in this Agreement, with the consent of the Board, the Option may be transferred to,
and exercised by and paid to certain persons or entities related to the Participant, including but not limited to members of the Participant’s family, charitable institutions or trusts or other entities whose beneficiaries or beneficiary owners
are members of the Participant’s family or to such other persons or entities as may be expressly approved by the Board (each a “Permitted Transferee”), pursuant to such conditions and procedures as the Board may require.

  

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 (b) Unless transferred to a Permitted Transferee in accordance with
Section 5.3(b), during the lifetime of the Participant, only the Participant may exercise the Option (or any portion thereof). Subject to such conditions and procedures as the Board may require, a Permitted Transferee may exercise the Option or
any portion thereof during the Participant’s lifetime. After the death of the Participant, any exercisable portion of the Option may, prior to the time when the Option portion becomes unexercisable under Section 3.2, be exercised by the
Participant’s beneficiary designated in accordance with Paragraph XV(h) of the Plan. If no beneficiary has been designated or survives the Participant, the Option may be exercised by the person entitled to such exercise pursuant to the
Participant’s will or the laws of descent and distribution. 
 5.4 Restrictive Legends and Stop-Transfer
Orders. 
 (a) The share certificate or certificates evidencing the shares of Stock purchased hereunder
shall be endorsed with any legends that may be required by state or federal securities laws. 
 (b) The
Participant agrees that, in order to ensure compliance with the restrictions referred to herein, the Company may issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers its own
securities, it may make appropriate notations to the same effect in its own records. 
 (c) The Company shall
not be required: (i) to transfer on its books any shares of Stock that have been sold or otherwise transferred in violation of any of the provisions of this Agreement, or (ii) to treat as owner of such shares of Stock or to accord the
right to vote or pay dividends to any purchaser or other transferee to whom such shares shall have been so transferred. 
 5.5 Notices. Any notice to be given under the terms of this Agreement to the Company shall be addressed to the Company in care of the Secretary, and any notice to be given to the Participant shall
be addressed to the Participant at the address given beneath the Participant’s signature hereto. By a notice given pursuant to this Section 5.5, either party may hereafter designate a different address for notices to be given to that
party. Any notice which is required to be given to the Participant shall, if the Participant is then deceased, be given to the Participant’s designated beneficiary, if any, or the person otherwise entitled to exercise his or her Option pursuant
to Section 4.1 by written notice under this Section 5.5. Any notice shall be deemed duly given when sent enclosed in a properly sealed envelope addressed as aforesaid and deposited (with postage prepaid) in a post office or branch post
office regularly maintained by the United States Postal Service. 
 5.6 Titles. Titles are provided
herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement. 
 5.7 Construction. This Agreement shall be administered, interpreted and enforced under the laws of the State of Delaware without regard to conflicts of laws thereof. 
 5.8 Conformity to Securities Laws. The Participant acknowledges that the Plan is intended to conform to the extent
necessary with all provisions of the Securities Act and the Exchange Act and any and all regulations and rules promulgated by the Securities and Exchange Commission thereunder, and state securities laws and regulations. Notwithstanding

  

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anything herein to the contrary, the Plan shall be administered, and the Option is granted and may be exercised, only in such a manner as to conform to such laws, rules and regulations. To the
extent permitted by applicable law, the Plan and this Agreement shall be deemed amended to the extent necessary to conform to such laws, rules and regulations. Notwithstanding the exercisability of any Option, the Company shall be under no
obligation to issue any shares of Stock upon exercise of an Option unless and until the Company has on file with the Securities Exchange Commission an effective registration statement with respect to such shares of Stock or unless some other
exemption from the securities laws registration requirements is otherwise available. 
 5.9 Stock Option
Subject to the Plan. Notwithstanding anything in this Agreement to the contrary, the terms of this Agreement shall be subject to the terms of the Plan, a copy of which is attached hereto. 
 5.10 Amendments. This Agreement may not be modified, amended or terminated except by an instrument in writing, signed
by the Participant or such other person as may be permitted to exercise the Option pursuant to Section 4.1 and by a duly authorized representative of the Company. Notwithstanding the foregoing, no Key Terms may be amended, modified or waived,
except as provided in Paragraphs XIII (Change in Control) and XV(n) (Retirement) of the Plan. 
 IN WITNESS
WHEREOF, this Agreement has been executed and delivered by the parties hereto. 
 [SIGNATURE PAGE FOLLOWS] 

 

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	TEXAS PETROCHEMICALS INC.
		
	By:	 	 
	Name:	 	
	Title:	 	
	Date:	 	                                        
                 ,                 

  

	
	  
	Participant’s Signature
	  
	Date
	  
	Name
	  
	Address
	  
	City, State, ZIP

  

 8Form of Restricted Stock Award Agreement under 2004 Stock Awards Plan

 Exhibit 10.12 
 TEXAS PETROCHEMICALS INC. 2004 STOCK AWARDS PLAN 
 RESTRICTED STOCK AGREEMENT 
 THIS RESTRICTED STOCK AGREEMENT (the “Agreement”)
is made by and between Texas Petrochemicals Inc., a Delaware corporation (the “Company”) and
                     (the “Participant”). 
 WHEREAS, the Company maintains the 2004 Texas Petrochemicals Inc. Stock Awards Plan (the “Plan”) in order to attract and retain quality management personnel and
provide its officers, directors and other key Employees with incentives to achieve long-term corporate objectives, (the terms of which are hereby incorporated by reference and made a part of this Agreement; capitalized terms herein which are defined
in the Plan shall have the same meaning as in the Plan); and 
 WHEREAS, the Participant is an officer, director
or other key Employee of the Company or its Subsidiary with responsibility for the management or administration of the Company’s and/or such Subsidiary’s business; and 
 WHEREAS, the Company’s Board of Directors (the “Board”) has determined to grant Restricted Stock under
the Plan to the Participant on the terms and conditions set forth below. 
 NOW, THEREFORE, in consideration of
the various covenants and agreements herein contained, and intending to be legally bound hereby, the parties hereto agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 1.1 “Disability” shall mean the failure of a Participant to perform his duties due to physical or mental incapacity as determined by the Board. 
 1.2 “Secretary” shall mean the Secretary of the Company. 
 ARTICLE II 
 AWARDS 
 2.1 Grant Date. In consideration of the Participant’s agreement to remain
in Continuous Service with the Company or its Subsidiaries and for other good and valuable consideration, as of                 , the Company hereby grants to
Participant a total of                      shares of Company common stock, par value $.01 per share with a Fair Market Value equal to
$                 per share (the “Restricted Stock”), subject to the terms, restrictions and other conditions of this Agreement and the Plan.

 2.2 Consideration to the Company. In consideration of the grant of the Restricted Stock by the
Company, the Participant agrees to render faithful and efficient services to the Company or its Subsidiaries with such duties and responsibilities as the Company shall from time to time prescribe. Nothing in the Plan or this Agreement shall confer
upon the

  

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Participant any right to Continuous Service with the Company or its Subsidiaries or shall interfere with or restrict in any way the rights of the Company and its Subsidiaries, which are hereby
expressly reserved the right to discharge the Participant, at any time for any reason, including without limitation for Cause, except to the extent expressly provided otherwise in a written agreement between the Company and the Participant.

 ARTICLE III 
 STOCK CERTIFICATES 
 3.1 Stock Certificates. The
Company shall cause the Restricted Stock to be issued and a stock certificate or certificates representing the Restricted Stock to be registered in the name of Participant or held in book entry form promptly upon execution of this Agreement, but if
a stock certificate is issued, it shall be delivered to, and held in custody by, the Company until the applicable restrictions lapse or such Restricted Stock is forfeited at the times specified in Section 5 below. 
 ARTICLE IV 
 RESTRICTIONS 
 4.1 Restrictions. Participant shall have all rights and privileges of a
stockholder of the Company with respect to the Restricted Stock, including voting rights and the right to receive dividends paid with respect to such shares, provided, however, no Restricted Stock or any interest or right therein or
part thereof shall be liable for the debts, contracts or engagements of the Participant or his/her successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, hypothecation, encumbrance, assignment or any
other means, whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be
null and void and of no effect; provided further, however, that this Section 4.1(a) shall not prevent transfers by will or by the applicable laws of descent and distribution. 
 ARTICLE V 
 VESTING 
 5.1 Vesting Schedule. The restrictions on shares of Restricted Stock shall
lapse, and shares of Restricted Stock shall vest with respect to twenty percent (20%) of the shares on July 1, of each             ,
            ,             ,              and
             provided, that the Participant remains in Continuous Service on such date. 
 5.2 Other Events. 
 (a) Except as
otherwise provided by the Board, pursuant to Paragraph XIII of the Plan, upon the occurrence of a Change in Control, all restrictions on Restricted Stock shall lapse immediately. 
 (b) Upon termination of Continuous Service by reason of death or Disability, all restrictions on Restricted Stock shall
lapse immediately. 
  

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 (c) Upon termination of Continuous Service for any reason other than death,
Disability, or a Change in Control, except as otherwise provided herein or as set forth in the Plan, all shares of Restricted Stock for which restrictions have not lapsed as of the Participant’s termination of Continuous Service shall be
immediately forfeited to the Company. 
 (d) Upon termination of Continuous Service by reason of Retirement, the
Board shall have discretion to provide for the lapse of restriction of Restricted Stock as specifically provided in Paragraph XV(n) of the Plan. 
 ARTICLE VI 
 ISSUANCE OF STOCK CERTIFICATES FOR SHARES 
 6.1 Issuance of Stock Certificates for Shares. The stock certificate or certificates representing the Restricted
Stock shall be issued promptly following the execution of this Agreement, and shall be delivered to the Secretary or such other custodian as may be designated by the Company, to be held until their release as provided in Section 3. The
certificates representing the Restricted Stock will bear a legend in substantially the form set forth below: 
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS AND MAY BE SUBJECT TO REACQUISITION BY THE COMPANY UNDER THE TERMS OF THAT CERTAIN RESTRICTED STOCK AGREEMENT BY AND
BETWEEN TEXAS PETROCHEMICALS INC. (THE “COMPANY”) AND THE HOLDER OF THE SECURITIES. PRIOR TO LAPSE OF RESTRICTIONS AND VESTING OF OWNERSHIP IN THE SECURITIES, THEY MAY NOT BE, DIRECTLY OR INDIRECTLY, OFFERED, TRANSFERRED, SOLD, ASSIGNED,
PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF UNDER ANY CIRCUMSTANCES. A COPY OF THE ABOVE REFERENCED AGREEMENT IS ON FILE AT THE OFFICES OF THE COMPANY. 
 ARTICLE VII 
 WITHHOLDING 
 7.1 Tax Withholding. Whenever the restrictions on Participant’s rights to shares of Restricted Stock lapse
pursuant to Section 5 of this Agreement, the Company shall notify Participant of the amount of tax, if any, which must be withheld by the Company under all applicable federal, state and local tax laws. 
 ARTICLE VIII 
 SECURITIES LAWS 
 8.1 Securities Laws. In connection with the grant of Restricted Stock,
Participant covenants, represents and warrants to the Company that: 
 (a) The Restricted Stock to be acquired
by Participant pursuant to this Agreement will be acquired for Participant’s own account and not with a view to, or the intention of, distribution thereof in violation of the Securities Act of 1933, as amended (the “Securities Act”),
or any applicable state securities laws, and neither the Restricted Stock nor any other

  

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shares of capital stock of the Company issued or issuable directly or indirectly with respect to the Restricted Stock by way of dividend or split or in connection with a combination of
securities, recapitalization, merger, consolidation or other reorganization will be disposed of in contravention of the Securities Act, any applicable state securities laws and any procedures reasonably established by the Board to ensure compliance
with the foregoing. 
 (b) Participant is a key Employee of the Company or a member of the Board and is familiar
with the financial affairs of the Company, is sophisticated in financial matters and is able to evaluate the risks and benefits of the investment in the Restricted Stock. 
 (c) Participant is able to bear the economic risk of his investment in the Restricted Stock for an indefinite period of time because the Restricted Stock has not been registered
under the Securities Act and, therefore, cannot be sold unless subsequently registered under the Securities Act or an exemption from such registration is available. 
 (d) Participant has had an opportunity to ask questions and receive answers concerning the terms and conditions of the offering of Restricted Stock and has had access to such other
information concerning the Company as he has requested. 
 (e) This Agreement constitutes the legal, valid and
binding obligation of Participant, enforceable in accordance with its terms, and the execution, delivery and performance of this Agreement by Participant do not and will not conflict with, violate or cause a breach of any agreement, contract or
instrument to which Participant is a party or any judgment, order or decree to which Participant is subject. 
 (f) The shares of Stock are being acquired for the Participant’s own account, for investment and without any present intention of distributing or reselling said shares or any of them except as may be permitted under the Securities Act
and then applicable rules and regulations thereunder, and the Participant will indemnify the Company against and hold it free and harmless from any loss, damage, expense or liability resulting to the Company if any sale or distribution of the shares
by such person is contrary to the representations herein and this Agreement. Participant acknowledges that the Board may, in its absolute discretion, take whatever additional actions it deems appropriate to ensure the observance and performance of
such representations and this Agreement and to effect compliance with the Securities Act and any other federal or state securities laws or regulations. Without limiting the generality of the foregoing, the Board may require an opinion of counsel
acceptable to it to the effect that any subsequent transfer of shares granted hereunder does not violate the Securities Act, and may issue stop-transfer orders covering such shares. Certificates evidencing shares granted herewith shall bear an
appropriate legend referring to the provisions of this subsection (f) and this Agreement. The written representations referred to in the first sentence of this subsection (f) shall, however, not be required if the shares to be issued
pursuant to such exercise have been registered under the Securities Act, and such registration is then effective in respect of such shares. 
  

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 ARTICLE IX 
 CONDITIONS 
 9.1 Conditions to
Issuance of Stock Certificates. The shares of Stock deliverable upon the grant of Restricted Stock, or any portion thereof, may be either previously authorized but unissued shares or issued shares which have then been reacquired by the Company.
Such shares shall be fully paid and nonassessable. The Company shall not be obligated to issue any shares of Stock pursuant to any Award granted under the Plan at any time when the shares covered by such Award have not been registered under the
Securities Act of 1933 and such other state and federal laws, rules or regulations as the Board deems applicable and, in the opinion of legal counsel for the Company, there is no exemption from the registration requirements of such laws, rules or
regulations available for the issuance and sale of such shares. No fractional shares of Stock shall be delivered, nor shall any cash in lieu of fractional shares be paid. 
 ARTICLE X 
 NO RIGHT TO CONTINUOUS SERVICE 
 10.1 No Right to Continuous Service with the Company. Nothing in this Agreement or in the Plan shall confer upon the
Participant any right to Continuous Service with the Company or its Subsidiaries or shall interfere with or restrict in any way the rights of the Company, or its Subsidiaries, which are hereby expressly reserved, to discharge the Participant at any
time for any reasons whatsoever, with or without Cause. 
 ARTICLE XI 
 STOCK SUBJECT TO THE PLAN 
 11.1 Restricted Stock Subject to the Plan. Notwithstanding anything in this Agreement to the contrary, the terms of this Agreement shall be subject to the terms of the Plan, a copy of which is
attached hereto. 
 ARTICLE XII 
 MISCELLANEOUS 
 12.1 This Agreement may be executed in one
or more counterparts, all of which taken together will constitute one and the same instrument. 
 12.2 No Key
Terms may be amended, modified or waived, except as provided in Paragraph XIII and XV(n) of the Plan. 
 12.3
Except as provided in Section 12.2, this Agreement may only be amended, modified or waived by a written agreement executed by both of the parties hereto. 
 12.4 The validity, performance, construction and effect of this Agreement shall be governed by and construed in accordance with the laws of the State of Delaware. 
 12.5 This Agreement and the Plan constitute the entire agreement between the parties hereto with respect to the Restricted
Stock Award granted herein. 
  

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 12.6 Except as otherwise herein provided or in the Plan, this Agreement
shall be binding upon and shall inure to the benefit of the Company, its successors and assigns, and of Participant and Participant’s personal representatives. 
 IN WITNESS WHEREOF, the parties have executed this Agreement on the date set forth below. 
  

			
	TEXAS PETROCHEMICALS INC.
		
	By:	 	 
		
	Name:	 	 
		
	Title:	 	 
		
	Date:	 	 
	
	PARTICIPANT
	
	 
		
	Date:	 	 

  

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