Document:

Consulting Agreement between the Company and JMP Fam Holdings Inc.

 Exhibit 10.28 

CONSULTING AGREEMENT 

This Consulting Agreement (this “Agreement”), dated September
4th, 2009 is made between API Nanotronics Corp., a
Delaware corporation (the “Company”) and JMP Fam Holdings Inc. (“Consultco”). 
 Whereas the Company wishes to retain
Consultco to provide the services of Jonathan Pollack (“Pollack”) and Consultco wishes to perform services for the Company on the terms and conditions set out below. Now therefore, for good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the parties agree as follows: 
 1. Dedicated Personnel. Consultco undertakes to
provide the Company with the services of Pollack to perform the Services as hereinafter defined. Recognizing the highly specialized nature of the Services, Consultco agrees that those employees of Consultco that provide the Services must be
restricted and Consultco shall make certain that, in the course of performing the Services, Pollack shall be responsible for performing the functions set forth herein. For the purposes hereof, the “Consultant” shall refer collectively to
Consultco and Pollack. 
 2. Consulting Services. Commencing on
                     2009, the Consultant will perform such services as an independent contractor as may be requested or assigned by the Chairman of
the Board (“Chairman”) working together with the CEO and the other senior executives of the Company, including without limitation as follows: (i) advise the Company’s management on corporate development, including mergers and
acquisitions, joint ventures and other key corporate development initiatives, (ii) advise the Company’s management on capital markets interaction, including capital raises and relationships with analysts, investors and banking
institutions, (iii) be a liaison with the Board of Directors of the Company, (iv) perform functions customarily performed by persons in a position at the level of Executive Vice President of the Company or the equivalent, and
(v) coordinate with the CFO of the Company on the overall financial management of the Company, including financial statement reporting, budgeting and financial operations (collectively, the “Services”). 

Consultant shall devote such time and effort to the Company as is necessary to perform the foregoing services. Notwithstanding the foregoing, during the
Term (as defined below) of this Agreement, Consultant shall not accept any outside engagement or engage in any other business or occupation that will require more than an immaterial amount of Pollack’s time without the approval of one of the
Company’s CEO, Chairman or Board. Pollack shall not need approval to continue his charitable activities or responsibilities with KAB Distribution Inc. 

At the discretion of the Company’s Board of Directors (the “Board”), Pollack may be nominated to serve as a member of the Company’s
Board. 
 3. Independent Contractor Status. The Consultant is engaged as an independent contractor, and is not an employee of the
Company for any purpose whatsoever, including without limitation, for purposes relating to taxes, workers’ compensation or workplace safety 

 
insurance, payments required by statute or any other withholdings or remittances to any governmental agency or authority. Neither this Agreement, the relationship created between the parties
pursuant to this Agreement, nor any course of dealing between the parties is intended to create, or shall create, an employment relationship, a joint venture, partnership or any similar relationship. The Company is interested only in the results
obtained by the Consultant and the Consultant shall have sole control of the manner and means of performing under this Agreement consistent with the policies and practices of the Company and with the Company’s interests and in accordance with
all applicable laws, rules and regulations. 
 4. Binding Obligations. The Consultant does not have, nor shall the Consultant hold
itself or permit Pollack to hold himself out as having, any right, power or authority to create any material contract or material obligation, either express or implied, on behalf of, in the name of, or binding upon the Company, except as has been
previously approved by the Chairman, the CEO or the Board. 
 5. Fees. The Consultant shall receive fees for work performing the
Services (“Fees”) of Cnd $250,000 per year, plus GST, payable monthly on the last business day of each month. The Consultant shall be eligible to receive, at the sole discretion of the Board, an annual bonus payment of up to Cnd $100,000,
plus GST. The Company shall have no liability to the Consultant for any amounts other than as expressly set out in this Agreement. 
 6.
Stock Options. The Company acknowledges that the Consultant has been granted, pursuant to a separate stock option agreement, options to purchase 550,000 common shares of the Company. Such options vest in accordance with their terms at
the rate of 33 1/3% per year commencing one year after grant, provided that Consultant continues to serve as (i) a consultant to the Company under this Agreement or a modification thereof or (ii) a director of the Company. The options
expire ten (10) years after grant. 
 7. Medical Benefits. The Consultant shall receive appropriate medical and dental
insurance commensurate with other senior executives of the Company. 
 8. Expenses. The Consultant shall be reimbursed for
reasonable travel, entertainment, cellular and business expenses incurred by the Consultant related to the performance of the Services against provision of adequate supporting documentation. 

9. Term of Agreement. Unless the Consultant’s engagement for Services is terminated at an earlier date in accordance with this
Agreement, the Consultant shall be engaged to provide the Services for a term of one year (the “Term”), which Term is renewable by mutual agreement of the parties. The Consultant acknowledges that there will be no continuation or extension
of the Term of this Agreement without the written agreement of the Company. 
 10. Vacation. Pollack shall be entitled to take
four weeks of paid vacation annually. The taking and timing of vacation will be in accordance with the Company’s policies and practices for senior executives and the needs of the Company. 

11. Nature of the Consultant’s Relationship to the Company. The Consultant is engaged in the Consultant’s own business
independent of the Company. In this regard: 
 (i) Taxes and remittances. No taxes will be deducted or withheld from any amounts
payable by the Company to the Consultant under this Agreement. The Consultant shall be solely liable for all federal and provincial income taxes and other applicable statutory, withholdings and remittances in respect of all amounts payable under
this Agreement. 

 (ii) Benefits. Except as expressly provided in this Agreement, the Consultant shall receive
no fringe or other benefits from the Company whatsoever. The Consultant is responsible for obtaining the Consultant’s own appropriate workers’ compensation, general liability and other insurance coverage with adequate limits of liability.

 (iii) Records. The Consultant shall maintain the Consultant’s own books and records in whatever format the Consultant
elects provided such books and records conform to the requirements of federal and provincial laws and sufficiently document the work performing the Services. 

12. Confidential Information. In this agreement, the term “Confidential information” means any and all trade secrets,
confidential, private or secret information of the Company or any affiliate of the Company regardless of form and whether or not recorded, including without limitation, the following information: (i) business, financial or technical
information; (ii) compilations of data or information; (iii) business strategies, plans, methods and practices of the Company and its affiliates; (iv) information relating to actual or prospective services, products, activities,
know-how, research and development or commercial relationships of the Company or any of its affiliates; (v) information, data and software of third persons to whom the Company or any of its affiliates owes a duty of confidence; (vi) the
identity of the Company’s partners, licensors, licensees, customers, clients and employees, consultants, contractors and subcontractors of the Company and its affiliates; and (vii) such information as the Company may from time to time
designate as being included in the expression “Confidential Information”, but does not include (A) information that is in the public domain or that falls into the public domain, unless such information falls into the public
domain through disclosure or other acts by the Consultant; (B) information that was in the Consultant’s lawful possession prior to the disclosure and had not been obtained by the Consultant either directly or indirectly from the Company or
its affiliates; (C) information that is lawfully disclosed to the Consultant by a third party without restriction on disclosure; or (D) information that the Consultant is ordered by a court of competent jurisdiction to disclose, provided
that the Consultant provides, to the extent permitted by law, the Company with prior written notice of such disclosure and the opportunity to seek a protective order or similar remedy (and such information shall not be Confidential Information only
to the extent so ordered and only for the purpose of such order). The Consultant agrees that the Consultant shall not, during the Consultant’s engagement for Services with the Company or at any time thereafter, either directly or indirectly, in
any manner whatsoever to utilize on the Consultant’s own behalf or on behalf of any other person, or to divulge to any other person any of the Confidential Information, other than as authorized to do so by the Company in the ordinary course of
providing the Services under the Agreement and in accordance with the Company’s established policies. The Consultant will also make all reasonable efforts to prevent the unauthorized disclosure, use or publication of such information by any
other person. 

 13. Intellectual Property. 

 

	(a)	Interpretation. In this Agreement: 

(i) “Intellectual Property Rights” means all copyright, trade secret, patent and other proprietary or intellectual property
rights in or related to the Work Products that the Consultant has or may have anywhere in the world. 
 (ii) “Work
Product” means the results and proceeds (whether complete or not) of work or other activities performed by the Consultant, whether alone or in conjunction with others, during the course of the Consultant’s engagement for Services with the
Company or while working with one or more of the Company’s affiliates, whether made, authored, conceived, developed, created or reduced to practice (“Created”) by the Consultant within or outside of the Company’s facilities,
during or after regular business hours, including (but not limited to) any and all inventions, improvements, developments, discoveries, practices, processes, methods, software, programs, code, specifications, documentation, technical manuals,
help facility descriptions, code comments, white papers, technical notes, drawings, designs, layouts, formats, configurations, data, images, animations, cartoons or other characters, ideas and concepts Created by the Consultant. 

 

	(b)	Assignment and Transfer. All right, title and interest to all Work Products (including without limitation all Intellectual Property Rights thereto) shall be the
exclusive property of the Company (or of an affiliate designated by the Company) and the Consultant shall have no right, title or interest in any such Work Products. The Consultant agrees to assign and transfer, and does hereby assign and transfer,
to the Company (or to an affiliate designated by the Company) his/her entire, worldwide right, title and interest to all Work Products (including without limitation all Intellectual Property Rights thereto). 

 

	(c)	Moral Rights Waiver. The Consultant hereby waives unconditionally, for the benefit of the Company, its affiliates and their respective contractors and successors
and assigns, any and all moral rights and other like non-assignable rights that the Consultant may have in the Work Products in Canada, the United States and other jurisdictions, including but not limited to: the right to authorship, attribution or
anonymity in relation to any of the Work Products, the right to restrain or claim damages for any distortion, mutilation or other modification of any of the Work Products; the right to restrain use, display or reproduction or the Work Products; the
right to the integrity of any of the Work Products; and the right to be associated with any of the Work Products in any context and in connection with any product, service, cause or institution. 

 

	(d)	Further Assurances. At the request and expense of the Company, both during and after the Consultant’s engagement for Services with the Company, the
Consultant will, without further consideration, execute and deliver all further documents and papers and do all further acts and things pertaining to the Work Products and the Intellectual Property Rights as may be required or reasonably deemed by
the Company to be advisable to give full effect to the foregoing assignment and transfer and the foregoing waiver and to permit and assist the Company in enforcing the Intellectual Property Rights or applying for, obtaining and maintaining
applications, or to facilitate the prosecution of applications, for the protection of Intellectual Property Rights. 

	(e)	Use and disclosure of Work Products. All Work Products shall be disclosed and if in tangible form, turned over to the Company promptly at the Company’s
request or at the termination or expiration of the Consultant’s engagement for Services with the Company, whichever is first to occur. The Consultant, both during and after the Consultant’s engagement for Services with the Company, shall
not use or disclose any Work Products except in the course of providing services to or carrying out authorized activities on behalf of the Company or except as expressly authorized by the Company in writing. 

 

	(f)	Third Party Proprietary Information. To the extent that any trade secrets or other proprietary or confidential information of a third party was disclosed to or
otherwise acquired by the Consultant either prior to or during the course of the Consultant’s engagement for Services with the Company, the Consultant agrees not to make any unauthorized use or disclosure of any such trade secrets or other
proprietary or confidential information either during or after the Consultant’s engagement for Services with the Company. 

  

	(g)	No Unauthorized Use of Computer Systems, etc. The Consultant, both during and after the Consultant’s engagement for Services with the Company, shall not
make any unauthorized use of the computer systems, communications networks, databases or files of the Company or its affiliates and shall adhere to all the Company policies regarding the use of such computer systems, communication networks,
databases or files. The Consultant shall not use unauthorized software on the equipment of the Company or its affiliates, or incorporate any unauthorized code or other material into any Work Product. 

14. Non-Solicitation and Non-Competition. 
  

	(a)	Consultant acknowledges and recognizes the highly competitive nature of the businesses of the Company and its affiliates and accordingly agrees as follows:

 During the Term of this Agreement and, (A) for the period during which Severance is being paid to the
Consultant (the “Severance Period”) following the date the Consultant ceases to provide Services to the Company as a result of a termination of this Agreement by the Company without cause or (B) if the Consultant ceases to provide
Services under this Agreement for some other reason and the Consultant is not entitled to Severance as a result of such termination, then in such case, for the two years following termination of this Agreement (in each case, the “Restricted
Period”), the Consultant shall not, whether on the Consultant’s own behalf or on behalf of or in conjunction with any person, firm, partnership, joint venture, association, corporation or other business organization, entity or enterprise
whatsoever (“Person”), directly or indirectly: 
 (i) engage in any business that competes with the businesses of the
Company or its affiliates (including, without limitation, businesses which the Company or its affiliates have specific plans to conduct in the future and as to which plans the Consultant is aware) in any geographical area in which the Company or its
affiliates manufactures, produces, sells, leases, rents, licenses or otherwise provides its products or services, including without limitation the manufacture of electronic components for the U.S.

 
Department of Defense or any foreign equivalent and Department of Defense contractors or any foreign equivalent of the type manufactured by the Company’s affiliates (a “Competitive
Business”); 
 (ii) enter the employ of, or render any services to, any Person (or any division or controlled or controlling
affiliate of any Person) who or which engages in a Competitive Business; 
 (iii) acquire a financial interest in, or otherwise
become actively involved with, any Competitive Business, directly or indirectly, as an individual, partner, shareholder, officer, director, principal, agent, trustee or consultant; or 

(iv) interfere with, or attempt to interfere with, business relationships (whether formed before, on or after the date of this Agreement)
between the Company or any of its affiliates and customers, clients, licensors, licensees, agents, contractors, managers, consultants, suppliers or investors of the Company or its affiliates. 

 

	(b)	Notwithstanding anything to the contrary in this Agreement, the Consultant may, directly or indirectly, own, solely as an investment, securities of any Person engaged
in the business of the Company or its affiliates which are publicly traded on a national or regional stock exchange or on the over-the-counter market if the Consultant (i) is not a controlling person of, or a member of a group which controls,
such person and (ii) does not, directly or indirectly, own 5% or more of any class of securities of such Person. 

  

	(c)	During the Restricted Period, the Consultant will not, whether on the Consultant’s own behalf or on behalf of or in conjunction with any Person, directly or
indirectly: 

 (i) Solicit, encourage or attempt to solicit or encourage any employee of the Company or any of its
affiliates to leave the employment of the Company or its affiliates or reduce his or her responsibilities with the Company or its affiliates. 

(ii) Hire, engage or employ or encourage any third party to hire, engage or employ any such employee who was employed by the Company or
any of its affiliates as of the date of Consultant’s termination of his Services to the Company or who left the employment of the Company or its affiliates coincident with, or within one year prior to or after, the termination of the
Consultant’s Services to the Company. 
  

	(d)	During the Restricted Period, the Consultant will not, directly or indirectly, solicit, encourage or attempt to solicit or encourage any customer or prospective
customer of the Company or any of its affiliates or any independent contractors providing services to the Company or any of its affiliates, determined, in each case, as of the date of termination of the Consultant’s Services to the Company, to
terminate, modify or diminish its relationship with the Company or any of its affiliates or to seek to persuade any customer of the Company or any of its affiliates, determined as of the date of termination, to conduct with anyone else any business
or activity that such customer conducts or could conduct with the Company or any of its affiliates. 

  

	(e)	 Nondisparagement. During the Term and the Restricted Period, the Consultant will not knowingly disparage, criticize, or otherwise make any derogatory
statements regarding the 

 
Company, its directors, or its officers. Notwithstanding the foregoing, nothing contained in this agreement will be deemed to restrict the Consultant from providing information to any
governmental or regulatory agency (or in any way limit the content of any such information pursuant to applicable law or regulation). 
  

	(f)	It is expressly understood and agreed that although the Consultant and the Company consider the restrictions contained in this Section 14 to be reasonable, if a
final judicial determination is made by a court of competent jurisdiction that the time or territory or any other restriction contained in this Agreement is an unenforceable restriction against the Consultant, the provisions of this Agreement shall
not be rendered void but shall be deemed amended to apply as to such maximum time and territory and to such maximum extent as such court may judicially determine or indicate to be enforceable. Alternatively, if any court of competent jurisdiction
finds that any restriction contained in this Agreement is unenforceable, and such restriction cannot be amended so as to make it enforceable, such fording shall not affect the enforceability of any of the other restrictions contained herein. The
provisions of this Section 14 shall survive the termination of the Consultant’s employment for any reason. 

 15.
Specific Performance. The Consultant acknowledges that it is not practicable to more narrowly define the scope of the confidentiality and restrictive covenants contained in this Agreement. However, the Consultant acknowledges that said
covenants have been narrowly drawn to protect the Company’s legitimate interests, and will not unreasonably interfere with Consultant’s ability to earn a livelihood. The Consultant acknowledges that the Consultant’s compliance with
this Agreement is necessary to preserve and protect the business, goodwill, Confidential Information and relationships of the Company and that any failure by the Consultant to comply with the provisions of this Agreement will result in irreparable
and continuing injury to the Company for which there will be no adequate remedy at law. The Consultant acknowledges and agrees that if the Consultant fails to comply with this Agreement, that the Company’s remedies at law for a breach or
threatened breach of any of the provisions of Sections 12, 13 or 14 would be inadequate and the Company would suffer irreparable damages as a result of such a breach or threatened breach, in addition to any remedies at law, the Company, without
posting any bond, shall be entitled to obtain equitable relief in the form of specific performance, temporary restraining order, temporary or permanent injunction or any other equitable remedy which may then be available, including the reimbursement
of the Company’s attorneys’ fees incurred in seeking enforcement of the covenants in said sections of this Agreement. 
 16.
Termination. The Consultant’s engagement for Services may be terminated as follows: 
  

	(a)	The Consultant may terminate the Consultant’s engagement for Services under this Agreement by providing the Company with 4 weeks’ advance written notice.
Subject to sub-sections (c) and (d), other than any outstanding fee and expense payments that may be due to the Consultant up to and including the last day of this 4-week notice period, there will be no further liability or monies owed by the
Company to the Consultant under this Agreement. 

  

	(b)	The Company may terminate the Consultant’s engagement for Services under this Agreement without any notice or payment in the event of any breach of this Agreement.

 For the purposes of this Agreement, any of the following shall be deemed a breach of this
Agreement or Cause: 
 (i) theft, fraud, dishonesty, or other similar behavior by the Consultant; 

(ii) any material neglect of duty or material breach of this Agreement by the Consultant in connection with the discharge of the
Consultant’s duties and responsibilities hereunder that is not cured within 10 days of written notification thereof to the Consultant by the Company; 

(iii) any misconduct by the Consultant that results in a material detriment to the Company; 

(iv) any conduct of the Consultant which, in the reasonable opinion of the Board, is materially detrimental or embarrassing to the
Company; 
 (v) the Consultant’s acceptance of a gift or favours of any kind from any source directly or indirectly related
to the Consultant’s agreement with the Company of such value that might be reasonably regarded as placing the Consultant under actual or apparent obligation to a third party, unless prior approval by the CEO or the Board has been obtained,

 (vi) acts by Consultant attempting to secure or securing any personal profit not fully disclosed to and approved by the Board
in connection with any transaction entered into on behalf of the Company or any of its affiliates; 
 (vii) misappropriation of a
corporation opportunity of the Company; 
 (viii) any material violation of the Canadian federal or provincial or United States
federal or state securities statutes, laws, rules or regulations, as determined by the Board in its sole and good faith discretion; 

(ix) any failure of or refusal by the Consultant to comply with the policies, rules, codes and regulations of the Company that is not
cured by the Consultant within 10 days of written notification thereof to the Consultant by the Company; 
 (x) the breach by the
Consultant of the confidentiality, intellectual property, non competition or non-solicitation provisions of this Agreement; or 

(xi) any material misrepresentation by the Consultant regarding the Consultant’s background, educational, professional or other
qualifications that the Company becomes aware of at any time during the term of this Agreement. 
  

	(c)	 Subject to sub-section (d), in all circumstances other than those listed in sub-section (b), the Company may terminate the Consultant’s engagement
for Services under this Agreement at any time without Cause, by providing the Consultant with four weeks advance written notice and a termination payment equal to one year of the consulting fee

	 	
plus the maximum annual bonus (collectively, “Severance”). Other than any payments due in accordance with this paragraph and any other payments due and owing to the Consultant in
accordance with this Agreement at the time of termination, there will be no further liability or monies owed by the Company to the Consultant under this Agreement upon the termination of the Consultant’s engagement for Services. The payment of
Severance due to Consultant under this sub-section (c) will be subject to Consultant signing and not revoking a separation and release of claims agreement in the standard form then used by the Company. No severance will be paid or provided
until the separation agreement and release agreement becomes effective. Consultant shall have up to twenty-one (21) days (or such other period as required by law) following Consultant’s termination of Services to consider and deliver such
executed separation and release of claims agreement to the Company. The Company agrees that it will execute and deliver to Consultant said separation and release of claims agreement no later than five (5) days after it receives a copy of such
agreement executed by Consultant. The receipt of any Severance pursuant to sub-section (c) will also be subject to, during the term of this Agreement and the Restricted Period, Consultant complying with the non-solicitation and non-competition
requirements set forth in this Agreement. 

  

	(d)	If there is a Change of Control of the Company during the term of this Agreement and the Consultant resigns or is terminated without Cause within six months of the
Change of Control, the Consultant shall receive a termination payment equal to one year of the consulting fee plus the maximum annual bonus and all unvested options of the 550,000 options granted that are described above shall become vested. For the
purposes of this clause, “Change of Control” means: 

 (i) an event or series of events by which any
person or company is or becomes the “beneficial owner” (as defined in the Securities Act (Ontario)) directly or indirectly of 50% or more of the combined voting power of the then outstanding securities of the Company, excluding any
reincorporation, reorganization or recapitalization transaction in which the shareholders of the Company continue to possess all of the outstanding voting securities of the successor or surviving entity in the same relative proportions; or

 (ii) a transaction whereby property constituting all or substantially all of the assets of the Company are sold or
transferred, in one or more related transactions, to any “person” or “company” (as such terms are defined in the Securities Act (Ontario)) or to a combination of persons or companies, where the shareholders of the Company
immediately prior to such transaction do not own or have voting control over 50% or more of the entity acquiring such assets; or 

(iii) all required corporate and regulatory approvals shall have been obtained, including all required approvals from the board of
directors and the shareholders of the Company for: 
 (A) an amalgamation, consolidation or merger of the Company with any other
corporation or entity (other than a direct or indirect subsidiary) that results in the shareholders of the Company immediately prior to such transaction owning or having voting control over less than 50% of the entity acquiring the Company’s
business or the amalgamated or merged entity following the transaction; or 

 (B) a restructuring, reorganization, transfer of assets or like transaction involving all or
substantially all of the business of the Company (other than with a direct or indirect subsidiary) that results in the shareholders of the Company immediately prior to such transaction owning or having voting control over less than 50% of the entity
acquiring the Company’s business. 
 Notwithstanding the foregoing, for purposes of vesting the options, the definition of Change of
Control in the Company’s 2006 Equity Incentive Plan, as amended from time to time, shall apply to the options. 
  

	(e)	Promptly upon termination of the Consultant’s engagement for Services under this Agreement, the Consultant shall return to the Company all forms, documents and
other materials, including, without limitation, any Confidential Information and electronic materials and materials in any other media, which have been furnished to the Consultant by the Company, or that may otherwise be the Company’s property.
At the Company’s option, the Consultant shall destroy any electronic copies of such property and information in his or her possession and shall certify to the Company that such destruction has been completed. 

 

	(f)	It is the intention of the Consultant and the Company that the relationship between them be treated as a bona fide independent contractor arrangement. Pollack agrees
that he will not in any manner, or before any court, tribunal, administrative body or governmental agency or authority, assert or attempt to assert that he is an employee of the Company or any related or associated entity of the Company.

  

	(g)	The Consultant’s obligations under sections 12, 13, 14, and 15 shall survive the termination of this Agreement and the termination of the Consultant’s
engagement for Services. 

 17. Entire Agreement; Modification. This Agreement constitutes the entire agreement and
understanding of the parties with respect to the terms of the Consultant’s engagement for Services by the Company as an independent contractor, and supersedes all prior and contemporaneous agreements (written or otherwise) relating to the
subject matter hereof. This Agreement may be amended or otherwise modified only by a written agreement executed by the Consultant and the Company. 

18. Interpretation. In this agreement, words importing the singular include the plural and vice versa and words importing gender include
all genders. 
 19. Severability. Except as set forth in section 14 of this Agreement, if any provision of this Agreement shall be
unlawful, void or for any reason unenforceable, it shall be deemed severable from, and shall in no way affect the validity or enforceability of, the remaining provisions of this Agreement. 

 20. Governing Law. This Agreement shall be construed in accordance with, and governed by, the
laws of the Province of Ontario. The parties understand that each of Consultco and Pollack is a Canadian entity and citizen, respectively, and that substantially all the services to be provided by Consultant hereunder shall be provided in Canada.

 21. Assignment. The Consultant shall not assign or transfer, whether absolutely, by way of security or otherwise, all or
any part of the Consultant’s rights or obligations under this Agreement without the prior written consent of the Company. 

22. Review. The Consultant hereby acknowledges that the Consultant has had sufficient time to thoroughly review this Agreement and that
each of Consultco and Pollack enter into this Agreement voluntarily. 
 23. Successors; Binding Agreement. This Agreement
shall inure to the benefit of and be binding upon personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. 

24. Notice. For the purpose of this Agreement, notices and all other communications provided for in the Agreement shall be in writing and
shall be deemed to have been duly given when delivered by hand or overnight courier, one (1) day after being sent by e-mail with evidence of transmission and receipt or four (4) business days after it has been mailed by United States
registered mail, return receipt requested, postage prepaid, addressed to the respective addresses set forth below in this Agreement, or to such other address as either party may have furnished to the other in writing in accordance herewith, except
that notice of change of address shall be effective only upon receipt. 
 If to the Company: 

API Nanotronics Corp. 

2300 Yonge Street 

Toronto, Ontario 

M4P 1E4 

Canada 

Attention: Phillip DeZwirek 

If to Consultant: 

JMP Fam Holdings Inc. 

______________ 

______________ 

______________ 

______________ 

Attention: Jonathan Pollack 

 25. Prior Agreements. This Agreement supercedes all prior agreements and understandings
(including verbal agreements) between Consultant and the Company and/or its affiliates regarding the terms and conditions of Consultant’s employment with the Company and/or its affiliates. 

26. Cooperation. Consultant shall provide Consultant’s reasonable cooperation in connection with any action or proceeding (or any
appeal from any action or proceeding) which relates to events occurring during Consultant’s employment hereunder. This provision shall survive any termination of this Agreement. 

27. Counterparts. This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the
signatures thereto and hereto were upon the same instrument. 
 IN WITNESS whereof all parties have executed this
Agreement as of the day and year first above written. 
  

			
	API NANOTRONICS CORP.
		
	By:	 	 /s/ Phillip DeZwirek

	Title:	 	Chairman of the Board
	
	JMP FAM HOLDINGS INC.
		
	By:	 	 /s/ Jonathan Pollack

	Title:	 	President

 The undersigned, retained by
Consultco to perform the Services hereunder, hereby agrees to be bound by the terms of this Agreement, including in particular the provisions of sections 12, 13, 14 and 15. 

 

	
	 /s/ Jonathan Pollack

	JONATHAN POLLACKFirst Amendment to Term Loan Agreement

 Exhibit 4.6 

EXECUTION VERSION 

TPC GROUP LLC 

FIRST AMENDMENT 

TO TERM LOAN AGREEMENT 

This FIRST AMENDMENT TO TERM LOAN AGREEMENT (this “First Amendment”) is dated as of June 4, 2010 and entered
into by and among TPC Group LLC, a Texas limited liability company (“Company”), the financial institutions listed on the signature pages hereof and executing this First Amendment (“Lenders”) and Deutsche Bank Trust
Company Americas, as administrative agent for Lenders (“Administrative Agent”) and is made with reference to that certain Term Loan Agreement dated as of June 27, 2006 (the “Credit Agreement”), by and among
Company, Lenders (as defined in the Credit Agreement) and Administrative Agent. Capitalized terms used herein without definition shall have the same meanings herein as set forth in the Credit Agreement. 

RECITALS 

WHEREAS, Company and each Lender identified on the signature pages hereof desire to amend the Credit Agreement to allow Company to
change its fiscal year as provided herein; 
 WHEREAS, Company and Required Lenders desire to make certain other
amendments as set forth herein; 
 NOW, THEREFORE, in consideration of the premises and the agreements, provisions and
covenants herein contained, the parties hereto agree as follows: 
 Section 1. AMENDMENTS TO THE CREDIT AGREEMENT 

  

	1.1	Amendments to Article 1: Definitions and Accounting Terms 

A. Section 1.1 of the Credit Agreement is hereby amended by adding thereto the following definitions, which shall be
inserted in proper alphabetical order: 
 “First Amendment” means the First Amendment to Term Loan Agreement,
dated as of June 4, 2010 among Company, the Lenders party thereto, and the Administrative Agent. 
 “First
Amendment Effective Date” has the meaning provided in the First Amendment. 
 “Holdings” means TPC
Group Inc., a Delaware corporation. 
 B. Section 1.1 of the Credit Agreement is hereby further amended by
deleting each of the definitions of “Control Group”, “Fiscal Year” and “Revolving Credit Facility” therefrom in their entirety and substituting the following therefor: 

“Control Group” means Castlerigg Master Investments Ltd., QVT Financial LP, Ramius LLC and One East Partners Master LP.

 “Fiscal Year” means an accounting period that begins
July 1st and ends
June 30th; provided that, after any election
by Company in accordance with Section 8.11, “Fiscal Year” shall mean (a) initially, the accounting period that begins on July 1, 2010 and ends on December 31, 2010 and (b) thereafter, the accounting period
that begins on January 1st and ends on December 31st of each year. 
 “Revolving Credit Facility”
means the Amended and Restated Revolving Credit Agreement dated as of April 29, 2010 by and among Company, certain of its Subsidiaries, DB, as administrative agent, DB and Wells Fargo Capital Finance, LLC as co-collateral agents, and the
lenders from time to time party thereto, as amended, restated, supplemented or otherwise modified from time to time in accordance with the terms hereof. 

C. The Credit Agreement is hereby further amended by making the following amendments: 

i. The term “Holdings GP” and the term “Holdings LP” are hereby deleted and all references thereto in the Credit
Agreement and the other Loan Documents are hereby deemed to be references to the term “Holdings”. 
  

	1.2	Amendments to Article 4: Reduction of Commitments; Payments and Prepayments 

A. Mandatory Prepayments. Section 4.3(c) of the Credit Agreement is hereby amended by deleting the language “Fiscal Year
of Company” and replacing it with the language “calendar year” therein. 
  

	1.3	Amendments to Article 6: Representations and Warranties 

A. Environmental Matters. Section 6.19 of the Credit Agreement is hereby amended by inserting the language “and
except as set forth in Schedule 6.19 hereto” at the end of clauses (b) and (c) thereof. 
  

	1.4	Amendments to Article 7: Affirmative Covenants 

A. Financial Statements. Section 7.1(b) of the Credit Agreement is hereby amended by inserting the following text at
the end of such section: 
 “For the avoidance of doubt, if Company chooses to change its Fiscal Year as provided in
Section 8.11, no more than 12 months shall pass between the dates on which audited financial statements are due pursuant to this Section 7.1(b).” 

 

	1.5	Amendments to Article 8: Negative Covenants 

A. Indebtedness and Disqualified Stock. Section 8.2(m) of the Credit Agreement is hereby amended by replacing the
reference to “Section 4.3(e)” with “Section 4.3(b)”. 
 B. Fundamental Changes.
Section 8.3 of the Credit Agreement is hereby amended by deleting the last sentence thereof. 
  

 2 

 C. Asset Sales. Section 8.4(a) is hereby amended by deleting the
language “Fiscal Year of the Company” and replacing it with the language “calendar year” in clause (ii) of the proviso thereof. 

D. Restricted Payments. Section 8.5 of the Credit Agreement is hereby amended as follows: 

(i) Section 8.5(a) of the Credit Agreement is hereby amended by deleting the language “Fiscal Year” and replacing
it with the language “calendar year” in the proviso thereof. 
 (ii) Section 8.5(e) of the Credit
Agreement is hereby amended by deleting the language “Fiscal Year” in such clause and replacing it with the language “calendar year”. 

E. Loan Investments and Acquisitions. Section 8.7(j) of the Credit Agreement is hereby amended by deleting the text
“$50,000,000” and replacing it with the text “$5,000,000” therein. 
 F. Fiscal Year.
Section 8.11 of the Credit Agreement is hereby amended by deleting it and inserting the following text therefor: 

“8.11 Fiscal Year. Company will not, and will not permit any of its Subsidiaries to, change their
Fiscal Year; provided, that, at any time on or after July 1, 2010 and on or prior to December 31, 2010, Company may, in which case Company will also require each Subsidiary to, permanently change its Fiscal Year to an
accounting period that begins on January 1st (or
July 1st in the case of the initial Fiscal Year in
which such change occurs) and ends on
December 31st.” 

 

	1.6	Amendments to Article 12: Miscellaneous 

A. Costs and Expenses; Indemnification. Section 12.4(a) of the Credit Agreement is hereby amended by deleting the
language “Winston & Strawn LLP” and replacing it with the language “White & Case LLP” therein. 

B. Consent to Jurisdiction; Mutual Waiver of Jury Trial. Section 12.9 of the Credit Agreement is hereby amended by
replacing the language “NON-EXCLUSIVE” with the language “EXCLUSIVE” therein. 
  

	1.7	Amendments to Schedules 

A. Updated Schedules. Schedules 6.11(c), 6.14, and 7.8 of the Credit Agreement are hereby replaced in their entirety with
Schedules 6.11(c), 6.14, and 7.8 attached hereto. 
 B. New Schedule. Schedule 6.19 attached hereto is hereby added as
Schedule 6.19 to the Credit Agreement. 
 Section 2. CONDITIONS TO EFFECTIVENESS 

Section 1 of this First Amendment shall become effective only upon the satisfaction of all of the following conditions precedent
(the date of satisfaction of such conditions being referred to herein as the “First Amendment Effective Date”): 

A. Secretary’s Certificates. On or before the First Amendment Effective Date, each Credit Party shall deliver to Lenders (or
to Administrative Agent for Lenders) the following, each, unless otherwise noted, dated the First Amendment Effective Date: 
  

 3 

 1. A good standing certificate from the Secretary of State of its jurisdiction of
organization, each dated a recent date prior to the First Amendment Effective Date; 
 2. Copies of its Organizational
Documents, certified as of the First Amendment Effective Date by its corporate secretary or an assistant secretary as being in full force and effect without modification or amendment; 

3. Resolutions of its Board of Directors approving and authorizing the execution, delivery, and performance of this First Amendment,
certified as of the First Amendment Effective Date by its corporate secretary or an assistant secretary as being in full force and effect without modification or amendment; and 

4. Signature and incumbency certificates of its officers executing this First Amendment. 

B. Amendment. Company, Administrative Agent and the Required Lenders shall have signed a counterpart hereof (whether the same or
different counterparts) and Company and the Required Lenders shall have delivered (including by way of facsimile (or other electronic) transmission) their signed counterparts to the Administrative Agent. 

C. Amendment Fee. On or prior to the First Amendment Effective Date, Company shall have paid to Administrative Agent for the
ratable benefit of each Lender that shall have executed this First Amendment on or prior to 12:00 p.m. New York City time on June 1, 2010, the amendment fee of 0.05% of the sum of the outstanding aggregate principal amount of such Lenders’
Term B Loans, as of the First Amendment Effective Date. 
 D. Other Fees and Expenses. Company shall have paid all
invoiced costs, fees, expenses and other amounts due and payable pursuant to the Loan Documents and any other fee due and payable to Administrative Agent and any Lender as may be separately agreed by Company and such Lender in connection with this
First Amendment, including, to the extent invoiced, reimbursement or payment of reasonable out-of-pocket expenses in connection with this First Amendment and the transactions contemplated hereby and any other reasonable out-of-pocket expenses of
Administrative Agent required to be paid or reimbursed pursuant to the Credit Agreement, including the reasonable costs, fees, expenses, charges and disbursements of counsel for Administrative Agent. 

E. No Material Adverse Change. Since June 30, 2009, no event, change, occurrence, circumstance or condition, either
individually or in the aggregate, has had, or could reasonably be expected to have a Material Adverse Effect. 

Section 3. CREDIT PARTY REPRESENTATIONS AND WARRANTIES 

In order to induce Lenders to enter into this First Amendment and to amend the Credit Agreement in the manner provided herein, each
Credit Party represents and warrants to each Lender that the following statements are true, correct and complete: 
 A.
Corporate Power and Authority. Each Credit Party has all requisite corporate power and authority to enter into this First Amendment and to carry out the transactions contemplated by and perform its obligations under, the Credit Agreement as
amended by this First Amendment, (the “Amended Agreement”). 
  

 4 

 B. Authorization of Agreements. The execution and delivery of this First Amendment
has been duly authorized by all necessary corporate action on the part of each Credit Party thereto. 
 C. No Conflict.
The execution and delivery of this First Amendment by each Credit Party and the performance by each Credit Party of this First Amendment do not and will not (i) violate any provision of any law or any governmental rule or regulation applicable
to Company or any of its Subsidiaries, the Organizational Documents of Company or any of its Subsidiaries or any order, judgment or decree of any court or other agency of government binding on Company or any of its Subsidiaries, (ii) conflict
with, result in a breach of or constitute (with due notice or lapse of time or both) a default under any Contractual Obligation of Company or any of its Subsidiaries, (iii) result in or require the creation or imposition of any Lien upon any of
the properties or assets of Company or any of its Subsidiaries (other than Liens created under any of the Loan Documents), or (iv) require any approval of stockholders or any approval or consent of any Person under any Contractual Obligation of
Company or any of its Subsidiaries, except for such approvals or consents, if any, which have been obtained on or before the First Amendment Effective Date and disclosed in writing to Lenders. 

D. Governmental Consents. The execution and delivery of this First Amendment by each Credit Party and the performance of this
First Amendment by each Credit Party do not and will not require any registration with, consent or approval of, or notice to, or other action to, with or by, any federal, state or other governmental authority or regulatory body, except for
(i) such approvals or consents, if any, which have been obtained on or before the First Amendment Effective Date and disclosed in writing to Lenders, (ii) filings and recordings in connection with the Security Documents and
(iii) those required under applicable securities laws. 
 E. Binding Obligation. this First Amendment has been duly
executed and delivered by each Credit Party and is the legally valid and binding obligations of each Credit Party, enforceable against such Credit Party in accordance with its terms, except as may be limited by bankruptcy, insolvency,
reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally or by equitable principles relating to enforceability. 

F. Incorporation of Representations and Warranties From Credit Agreement. The representations and warranties contained in Article
6 of the Credit Agreement are and will be true, correct and complete in all material respects on and as of the First Amendment Effective Date to the same extent as though made on and as of that date, except to the extent such representations and
warranties specifically relate to an earlier date, in which case they were true, correct and complete in all material respects on and as of such earlier date. 

G. Absence of Default. No event has occurred and is continuing or will result from the consummation of the transactions
contemplated by this First Amendment that would constitute an Unmatured Event of Default or an Event of Default. 
  

 5 

 Section 4. ACKNOWLEDGMENT AND CONSENT 

Each Subsidiary Guarantor listed on the signature pages hereof has read this First Amendment and consents to the terms hereof and hereby
acknowledges and agrees that any Subsidiary Guaranty and Security Document to which it is a party or otherwise bound shall continue in full force and effect and that all of its obligations thereunder shall be valid and enforceable, except as
enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally and by equitable principles relating to enforceability, and shall not be impaired or limited
by the execution or effectiveness of this First Amendment. As of the date hereof, each Subsidiary Guarantor hereby acknowledges, confirms and agrees to its obligations under the Subsidiary Guaranty executed by it, all without offset, defense or
counterclaim of any kind, nature or description whatsoever. Company and each Subsidiary Guarantor hereby acknowledges, confirms and agrees that the Collateral Agent, on behalf of the Secured Creditors, has and shall continue to have valid,
enforceable and perfected liens upon and security interests in the Collateral heretofore granted to Collateral Agent pursuant to the Loan Documents or otherwise granted to or held by Collateral Agent. Each Subsidiary Guarantor represents and
warrants that all representations and warranties contained in this First Amendment and each Subsidiary Guaranty and Security Document to which it is a party or otherwise bound are true, correct and complete in all material respects on and as of the
First Amendment Effective Date to the same extent as though made on and as of that date, except to the extent such representations and warranties specifically relate to an earlier date, in which case they were true, correct and complete in all
material respects on and as of such earlier date. 
 Each Subsidiary Guarantor acknowledges and agrees that
(i) notwithstanding the conditions to effectiveness set forth in this First Amendment, such Subsidiary Guarantor is not required by the terms of the Credit Agreement or any other Loan Document to consent to the amendments to the Credit
Agreement effected pursuant to this First Amendment and (ii) nothing in the Credit Agreement, this Amendment or any other Loan Document shall be deemed to require the consent of such Subsidiary Guarantor to any future amendments to the Credit
Agreement as amended hereby. 
 Section 5. MISCELLANEOUS 

A. Reference to and Effect on the Credit Agreement and the Other Loan Documents. 

(i) On and after the First Amendment Effective Date, each reference in the Credit Agreement to “this Agreement”,
“hereunder”, “hereof”, “herein” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to the “Credit Agreement”, “thereunder”, “thereof”
or words of like import referring to the Credit Agreement shall mean and be a reference to the Amended Agreement. 

(ii) Except as specifically amended by this First Amendment, the Credit Agreement and the other Loan Documents shall
remain in full force and effect and are hereby ratified and confirmed. 
 (iii) The execution, delivery and
performance of this First Amendment shall not, except as expressly provided herein, constitute a waiver of any provision of, or operate as a waiver of any right, power or remedy of Administrative Agent or any Lender under, the Credit Agreement or
any of the other Loan Documents. 
  

 6 

 B. Fees and Expenses. Company acknowledges that all reasonable costs, fees and
expenses as described in Section 12.4 of the Credit Agreement and Section 2(E) hereof incurred by Administrative Agent and its counsel with respect to this First Amendment and the documents and transactions contemplated hereby shall
be for the account of Company. 
 C. Headings. Section and subsection headings in this First Amendment are
included herein for convenience of reference only and shall not constitute a part of this First Amendment for any other purpose or be given any substantive effect. 

D. Applicable Law. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE
CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING WITHOUT LIMITATION SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK), WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES.

 E. Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument; signature pages may be detached from multiple separate counterparts
and attached to a single counterpart so that all signature pages are physically attached to the same document. Any party delivering an executed counterpart of this First Amendment by telefacsimile or electronic mail also shall deliver an original
executed counterpart of this First Amendment but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this First Amendment. 

[Remainder of page intentionally left blank] 
  

 7 

 IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to be duly
executed and delivered by their respective officers thereunto duly authorized as of the date first written above. 
  

			
	TPC GROUP LLC
		
	By:	 	     /s/ Charles W. Shaver

	Name:	 	     Charles W. Shaver

	Title:	 	     President & CEO

	
	DEUTSCHE BANK TRUST COMPANY AMERICAS, in its individual capacity as a Lender and as Administrative Agent
		
	By:	 	     /s/ Omayra Laucella

	Name:	 	     Omayra Laucella

	Title:	 	     Vice President

		
	By:	 	     /s/ Paul O’Leary

	Name:	 	     Paul O’Leary

	Title:	 	     Director

-Signature Page- 

First Amendment to Term Loan 

Agreement 

 SIGNATURE PAGE TO THE FIRST AMENDMENT (the “First Amendment”), DATED AS OF THE DATE FIRST
WRITTEN ABOVE, TO THE TERM LOAN AGREEMENT (the “Credit Agreement”), DATED AS OF JUNE 27, 2006, AMONG TPC GROUP LLC (AS SUCCESSOR TO TEXAS PETROCHEMICALS, L.P.), DEUTSCHE BANK TRUST COMPANY AMERICAS, AS ADMINISTRATIVE AGENT AND
VARIOUS LENDERS PARTY THERETO 
 By executing this signature page as an existing Lender (a “Consenting Lender”), the
undersigned institution agrees to the terms of the First Amendment and the Credit Agreement (as amended by the First Amendment). 
  

			
	NAME OF LENDER:	 	 [various]

			
	
	Executing as a CONSENTING LENDER: 
		
	 By:
	 	 /s/ [various]

		 	Name:
		 	Title:
	
	For any Lender requiring a second signature line:
		
	 By:
	 	 /s/ [various]

		 	Name:
		 	Title:

 -Signature Page- 

First Amendment to Term Loan 

Agreement 

			
	TEXAS BUTYLENE CHEMICAL CORPORATION, as Subsidiary Guarantor
		
	By:	 	     /s/ Charles W. Shaver

	Name:	 	     Charles W. Shaver

	Title:	 	     President & CEO

	
	TP CAPITAL CORP., as Subsidiary Guarantor
		
	By:	 	     /s/ Charles W. Shaver

	Name:	 	     Charles W. Shaver

	Title:	 	     President & CEO

	
	TEXAS OLEFINS DOMESTIC-INTERNATIONAL SALES CORPORATION, as Subsidiary Guarantor
		
	By:	 	     /s/ Charles W. Shaver

	Name:	 	     Charles W. Shaver

	Title:	 	     President & CEO

	
	PORT NECHES FUELS, LLC, as Subsidiary Guarantor
		
	By:	 	     /s/ Charles W. Shaver

	Name:	 	     Charles W. Shaver

	Title:	 	     President & CEO

-Signature Page- 

First Amendment to Term Loan 

Agreement 

 Schedule 6.11(c) 

Owned or Leased Real Property 
  

									
	 	  	 Property Address
	  	 Owner/Lessee
	  	 Type of Interest
	  	 Subject to
Mortgage?

	1.	  	Louisiana, Calcasieu Parish, Louisiana, 3524 City Service Highway, Westlake	  	Fred & Juanita Vincent/ Texas Butylene Chemical Corporation	  	Lease	  	No
	2.	  	Texas, Harris County, 8600 Park Place Blvd., Houston	  	TPC Group LLC	  	Fee Title	  	Yes
	3.	  	Texas, Harris County, 4601 Baker Road, Baytown	  	TPC Group LLC	  	Fee Title	  	Yes
	4.	  	Texas, Harris County, 5151 San Felipe, Suite 800, Houston	  	 Sage Plaza One LTD/
 TPC Group
LLC
	  	Lease	  	No
	5.	  	Texas, Harris, Parking Lot adjacent to TPC Houston plant	  	 John Franze/
 TPC Group LLC

	  	Lease	  	No
	6.	  	Texas, Jefferson; C4 Plant Site in Port Neches	  	TPC Group LLC	  	Fee Title	  	Yes
	7.	  	Texas, Jefferson; Isoprene Unit Site in Port Neches	  	TPC Group LLC	  	Fee Title	  	Yes
	8.	  	Texas, Jefferson; Wedge Tract in Port Neches	  	TPC Group LLC	  	Fee Title	  	Yes
	9.	  	Texas, Jefferson; Flare Site in Port Neches	  	TPC Group LLC	  	Fee Title	  	Yes
	10.	  	Texas, Jefferson; Loading Rack Site in Port Neches	  	TPC Group LLC	  	Fee Title	  	Yes
	11.	  	Texas, Jefferson; Joint Wastewater Treatment Plant in Port Neches	  	 Huntsman Petrochemical Corporation/

TPC Group LLC
	  	16.01% undivided interest, in a tenancy in common with Huntsman Petrochemical Corporation	  	Yes
	12.	  	Texas, Jefferson; Land Farm Site in Port Neches	  	 Huntsman Petrochemical Corporation/

TPC Group LLC
	  	16.01% undivided interest, in a tenancy in common with Huntsman Petrochemical Corporation	  	Yes
	13.	  	Texas, Jefferson; Dock Site in Port Neches	  	 Huntsman Petrochemical Corporation/

TPC Group LLC
	  	50% undivided interest, in a tenancy in common with Huntsman Petrochemical Corporation	  	Yes
	14.	  	Texas, Jefferson; River Pump House Site in Port Neches	  	TPC Group LLC	  	Fee Title	  	Yes

 Schedule 6.14 

Capitalization of Company 
  

			
	 Owner
	  	 Type and Percentage of Interest

	TPC Group Inc.	  	100% membership interest

 Schedule 6.19 

Environmental Matters 

In January 2009, the Company signed an Agreed Corrective Action Order (“ACAO”) with the Texas Commission on Environmental Quality
(“TCEQ”) related to the Houston facility. The ACAO was approved by the TCEQ Commissioners in April 2009 following a public agenda hearing. The ACAO obligates the Company to undertake a five-year $20 million incremental spending program on
projects designed to enhance environmental performance that would not normally have been done as part of routine maintenance at the Houston facility. The Company expects to implement the required measures and incur the incremental spending through a
combination of (a) increases in annual maintenance and capital expenditures throughout the five-year period and (b) additional expenditures in connection with regularly scheduled turnarounds (typically occurring every three to four years).

 Schedule 7.8 

Insurance 
  

							
	TPC GROUP	  	 	  	 	  	 
	Executive Summary of	  	 	  	 	  	 
	Insurance	  	 	  	 	  	 
	For 2009-2010  
	  	 	  	 	  	 
	PROPERTY SUMMARY	  	  	  	  	  	  
				
	 Property & Business Interruption
	  	 Policy Numbers
(Various U.S. and European Companies)
	  	 Program Limits
	  	 Deductible

				
	 Lockton - Manuscript 

Participants:
	  	LME4613	  	 $400,000,000
	  	$250,000 - Property Damage except:
	 Underwriting Risk Services, Ltd.

Torus Insurance UK Ltd.
	  	 B0702JA010150Y
 B0702JA010150Y

	  	 Sublimits:

$150,000,000 Earth Movement
	  	$2,500,000 - Locations in Houston and Port Neches, TX
	 Lloyd’s Syn. No. 1084

Lloyd’s Syn. No. 1274
 Lloyd’s
Syn. No. 2987
	  	B0702JA010150Y
B0702JA010150Y
B0702JA010150Y	  	 $150,000,000 Flood - but not to exceed $10,000,000 for property not scheduled
	  	
	 Lloyd’s Syn. No. 609

Lloyd’s Syn. No. 958
 FM
Global
 Lloyd’s Syn. No. 2003
	  	B0702JA010150Y
B0702JA010150Y
LG6S3
B0702JA010151Y	  	 $400,000,000 - Wind & Flood but not to exceed $150,000,000 for Flood as part of and not in addition to Flood Limits of Liab
of this Policy.
	  	
	ACE American	  	EPRN0507017A	  		  	
	Lexington Ins. Co.	  	19946022	  	 Time Limits:
	  	
	 Partners Re
 Infrassure Ltd.

	  	B0702JA010260Y
B0702JA010121Y	  	 90 Day Period but not to exceed $50,000,000 - Automatic Coverage
	  	

							
	 Munich Re

National Union Fire Co. of Pittsburgh
	  	BO702JA010120Y
2638223	  	 90 Day Period - Extended Period of Liability

90 Day Period - Ordinary Payroll

30 Day Period but not to exceed $10,000,000 - Ingress / Egress

180 Day Period but not to exceed the lesser of a $5,000,000 limit or 200% of Normal Cost - Logistics Extra Cost

	  	
				
	 Lexington Insurance Co.
	  	2638224	  	 Based on Values: $1,337,860,563
	  	$2,500,000 Property Damage
		  		  	 Limits: $50,000,000
	  	30 Days Business Interruption

  

							
	TPC GROUP	  	 	  	 	  	 
	Executive Summary of	  	 	  	 	  	 
	For 2009-2010  
	  	 	  	 	  	 
	LIABILITY SUMMARY	  	  	  	  	  	  

								
				
	 Coverage
	  	 Policy Data
	  	Limits	  	 Remarks

	 General

Liability
	  	 Not Carried
	  	None	  	 Self-Insured

				
	Umbrella Excess Liability	  	Lexington Ins. Co.	  	$	25,000,000	  	Excess of primary limits
		  	Thru Southern Risk Specialists (AIG)	  	$	25,000,000	  	Annual Aggregate / Products / Comp. Oper.
		  	Policy No.
005629932	  	$	25,000,000	  	Annual Aggregate
		  	08-01-09 - 08-01-10	  	$	2,000,000	  	Self-Insured Retention CGL
		  		  	$	1,000,000	  	Self-Insured Retentino - All Other

								
	Follow Form Excess
Liability	  	 Lexington Ins. C. (London)

Thru R.K. Harrison
 Policy No. 2213972

08-01-09 - 08-01-10
	  	$
 $
	50,000,000
 50,000,000
	  	 Each occurrence
 Annual
Aggregate
  
 As Applicable

Excess of $25,000,000

				
	Follow Form Excess
Liability	  	 AWAC (Bermuda)
 Thru R.K.
Harrison
 Policy No. C008006/003

08-01-09 - 08-01-10
	  	$
 $
	25,000,000
 25,000,000
	  	 Each occurrence
 Annual
Aggregate
 As Applicable
  

Excess of $75,000,000

				
	Commercial Automobile Liability - Domestic (Includes All Owned, Non-Owned and Hired Vehicles)	  	 Zurich American Ins. Co.

Policy No. BAP 6549092-00
 08-01-09 - 08-01-10

	  	$	1,000,000	  	 Each Occurrence Combined

Single Limit BI & PD

	  	  	  
 $
	  
 1,000,000
	  	  
 Uninsured/Underinsured
Motorist Coverage

	  	  	$	2,500	  	 Personal Injury Protection Coverage

	  	  	$	1,000	  	 Collision Deductible - vehicles 2001 & newer

	  	  	$	1,000	  	 Comprehensive Deductible - vehicles 2001 & newer

				
	Worker’s Compensation & Employers Liability	  	 Zurich American Ins. Co.

Policy No. WC 6549093-00
 08-01-09 - 08-01-10

	  	$	1,000,000	  	Employers’ Lia - BI by Accident ea. accident
	  	  	$	1,000,000	  	Employers’ Lia - BI by Disease - policy limit
	  	  	  
 $
	  
 1,000,000
	  	  
 Employers’ Lia. - BI by Disease - ea.
Employee

	  	  	$	1,000,000	  	Each accident
				
	Marine Terminal Operators Legal Liability	  	 ACE Commercial Marine
 Policy
No. N04927886
 08-01-09 - 08-01-10
	  	$
 $

 
  
 $

$
	1,000,000
 1,000,000

 
  

25,000
 100,000

	  	 Any One Accident or Occur. CSL

Any One Accident or Occur. - Pollution
  

Deductible Per Accident
 Deductible Per Accident
as respects Pollution Claims

								
	Underground Storage Tank Liability	  	 (Commerce & Industry Ins. Co.) (AIG)

Policy No. 001926834
 08-01-09 -
08-01-10
	  	$	1,000,000	  	 Each Occurrence

	  	  	  
 $
	  
 1,000,000
	  	  

Aggregate

	  	  	  
 $
	  
 25,000
	  	  

Deductible

				
	Pollution and Remediation Legal Liability	  	 Indian Harbor Ins. Co.

Thru XL Insurance
 Policy No.
PEC001015603
 08-01-08 - 08-01-10
	  	$	25,000,000	  	 Each loss, Remediation Expense or Legal Defense Expense

	  	  	$	25,000,000	  	 Total for all Loss, Remediation Expense

	  	  	$	1,000,000	  	 Self-Insured Retention - Each Loss

	  	  	$	10,000,000	  	 Remediation Expense or Legal Defense - Non-Owned Disposal Sites

	  	  	$	10,000,000	  	 Pipelines

				
	Ocean Marine Open Cargo Policy	  	 Ascot Underwriting, Inc. and

Underwriters at Lloyd’s
 Thru Southern
Marine & Aviation
 Joint Policy No. SM4-1398
	  	$	20,000,000	  	 Any one vessel, connecting

		  		  	  
	             Annual Deposit
Premium

		  		  	$	2,500,000	  	 Goods in storage at 8600 Park Place Blvd., Houston, TX

		  		  	$	500,000	  	 Goods in storage at 4606 Baker Road, Baytown, TX

		  		  	$	250,000	  	 Goods in storage at 3524 Cities Service Terminal, Westlake, LA

		  		  	$	250,000	  	 Goods in storage at any one unnamed location

		  		  	 	NIL	  	 While Carried on Deck and Subject to an on deck bill of

		  		  			  	 lading on any one vessel (part of overall limit per vessel)

		  		  	 	NIL	  	 Any one aircraft or connecting conveyance

		  		  	 	NIL	  	 In respect of any one package shipped by mail

		  		  	 	NIL	  	 By any one land conveyance

				
		  		  			  	 Deductible Average:

		  		  			  	 8600 Park Place Blvd. - $25,000

		  		  			  	 All other locations - $10,000

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00174-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00174-of-00352.parquet"}]]