Document:

Exhibit 10.3

Exhibit 10.3

DEED OF POSSESSORY LIEN ON STOCK

THE UNDERSIGNED:

	 	1.	 	The private company with limited liability Constar International Holland (Plastics)
B.V. (Company number 09046375), with its registered office at and its principal place of
business at in (6902 PA) Zevenaar at Hengelder 42, hereinafter to be referred to as
“Client”:

	 
	 	2.	 	The private company with limited liability ING Commercial Finance B.V. (Company number
30201094), incorporated and existing under the laws of the Netherlands, with statutory seat
in Amsterdam, the Netherlands, and principal place of business in (3981 AZ) Bunnik, the
Netherlands, at Runnenburg 30, hereinafter to be referred to as: “ING ComFin”;

WHEREAS:

	(i)	 	ING ComFin has established with Client inter alia an agreement, on the basis of which
agreement, or on the basis of any other reason whatsoever, ING ComFin has acquired or shall
acquire claims against Client or both;

	 
	(ii)	 	For the purposes of surety of the fulfilment by Client of his obligations vis-à-vis ING
ComFin, ING ComFin wishes to acquire a right of lien or dormant right of lien upon stock owned
by Client, to be further defined, under the conditions as described in this agreement;

	 
	(iii)	 	Client is prepared to grant to ING ComFin the right of lien or dormant right of lien desired
by ING ComFin under the conditions as described in this agreement;

DECLARE THAT THEY HAVE AGREED AS FOLLOWS:

Article 1 — Definitions

	1.1	 	In this agreement the following definitions shall apply:

	 
	 	 	“Company”:

	 
	 	 	the business conducted by Client, this to include all possible branch offices as well as all
lots of ground and business accommodations where the business of Client is conducted or
shall be conducted at any time, all of these in the broadest sense of the word.

	 
	 	 	“Agreement”:

	 
	 	 	the agreement between ING ComFin and Client, as well as all agreements connected thereby or
resulting therefrom, including this agreement and all others established between ING ComFin
and Client, whether or not such shall concern the provision of credit or financing;

	 
	 	 	“Stock”:

	 
	 	 	all business or company stock or both presently owned by the Company and all business or
company stock or both to be received or acquired or both by the Company in the future, as
well as all stock in the form of raw materials, semi-manufactured goods, end product or any
or all of these, all of these in the broadest sense of the terms, as well as every share of
Client in a community of similar items;

Article 2 — Creation of a right of lien or dormant right of lien upon Stock

	2.1	 	Client creates hereby, in advance insofar as is necessary, a right of lien or dormant right
of lien for the benefit and in favour of ING ComFin upon Stock, which right or dormant right
of lien ING ComFin hereby irrevocably accepts provisionally in advance insofar as is
necessary.

	 
	 	 	Creation of right or dormant right of lien upon the Stock takes place with all of the deeds,
rights and collateral rights associated with that Stock.

Initials:                     

pandakte voorraden/versie 1/2009

 

 

 

	2.2	 	The creation of the right or dormant right of lien specified in section 1 upon the Stock
takes place for purposes set forth in Article 14.2 of the Financing and Service Agreement (and
Master Instrument of Pledge) between ING ComFin and Company.

	 
	2.3	 	The creation of the right or dormant right of lien upon the Stock presently the property of
the Company takes place by way of Client hereby declaring that commencing upon this date the
specified Stock shall be maintained for ING ComFin as pledgee.

	 
	2.4	 	The creation of the right or dormant right of lien upon Stock to become the property of the
Company in the future hereby takes place in advance, by means of Client declaring
provisionally and in advance that in each case at the moment of his receipt of such Stock, he
shall retain such in his capacity as pledgor as pledgee vis-à-vis ING ComFin.

	 
	2.5	 	The Client currently already possesses and is using the following property or properties:

	 
	 	 	(6902 PA) Zevenaar at Hengelder 42

	 
	2.6	 	With regard to the grant of the right or dormant of lien, whether or not in advance, Client
states that he is authorized with regard to the Stock, as well as that the Stock is not
already, whether or not in advance, alienated to any third party nor has it been alienated in
favour of any third party with any limited rights, such to include any right of lien.

	 
	2.7	 	ING ComFin and ING ComFin alone is at all times authorized to present for registration this
deed, as well as any other deed on the power of which a right or dormant right of lien upon
the Stock is being attached for the benefit and in favour of ING ComFin, to any office of the
Inspectorate for Registration and Succession, or to any notary, such at the discretion of ING
ComFin. Client hereby grants to ING ComFin — insofar as is necessary — an irrevocable power of
attorney with regard to stated deeds to be presented for registration jointly in the name of
Client at the specified office or to cause such to be executed by a notary jointly in the name
of Client.

	 
	 	 	At the request of ING ComFin, Client is hereby obliged to grant provisionally in advance all
authorizations required for the execution of the aforementioned authentic notarial deeds to
ING ComFin or to a third party to be specified by ING ComFin, or both, and to grant all
cooperation considered necessary for the execution of this authentic deed.

	 
	2.8	 	ING ComFin is at all times authorized to re-pledge the Stock pledged to itself. Client is
hereby obliged, provisionally in advance, to grant at all times his cooperation with regard to
the above-mentioned re-pledging, and to recognize such re-pledging in writing and
unconditionally.

Article 3 — Obligation to further specification of Stock

	3.1	 	As often as ING ComFin so demands, Client is obliged to furnish ING ComFin with a signed list
which contains a precise statement of all Stock which Client retains as pledgor in accordance
with this agreement for ING ComFin as pledgee.

	3.2	 	The absence of any list as specified in section 1, or the absence of mention of the Stock or
any part thereof upon such a list can at no time be presented as proof that no right or
dormant right of lien for the benefit of and in favour of ING ComFin has been created upon
such Stock not specified.

Article 4 — Authorities and obligations of Client with regard to the Stock

	4.1	 	Client shall treat the stock with the utmost care and maintain same in good condition. Any
costs so incurred are at the Client’s expense.

	 
	4.2	 	Within the context of the normal proceedings of the Company, Client is authorized to process
the Stock, treat it, utilize it, alienate it or any or all of these, on condition that after
such processing, treatment, utilization or alienation Client shall maintain the Stock at a
proper level. Client is obliged to comply without delay with any instructions from ING ComFin
in this respect.

	 
	4.3	 	Insofar as Client may utilize the Stock pledged to ING ComFin in lien or dormant right of
lien, so as to use it to manufacture other goods or cause such to be manufactured under
contract to third parties, and such manufactured goods are considered as capital according to
the regulations of the Dutch capital laws as being other goods than those from which or with
the aid of which such new goods have been manufactured, Client hereby alienates these goods
obtained as a result of accession, company formation, combination or any other manner of
acquisition of property under the conditions of this agreement to ING ComFin provisionally in
advance. Client declares and guarantees that he has not transferred such goods to third
parties in ownership in advance, nor has he encumbered such with a limited right of ownership
in favour of any third party.

 

2

 

	4.4	 	Client is at all times obliged to grant to ING ComFin or any person to be specified by ING
ComFin access to the locations where the Stock is located, in order to enable ING ComFin to
inspect said Stock, to check it and possibly to value it or have it valued.

	 
	 	 	If it becomes apparent that Client is not fulfilling his obligations as specified in section
1, such to be ascertained solely by ING ComFin, then ING ComFin shall have the right to take
immediately such measures as may be deemed necessary by ING ComFin or to carry out such
activities as may be specified by ING ComFin or cause them to be carried out, or both. The
costs of such measures or activities are at the Client’s expense.

Article 5 — Insurance of Stock

	5.1	 	Client is obliged to insure the Stock at his own expense and in the name of ING ComFin or in
the name of the Client, with the usual addendum “or such person as it may otherwise entirely
or partially concern” or similar addendum, such at the sole discretion of ING ComFin, against
fire, theft and possibly against other risks against which ING ComFin may find insurance
desirable to the satisfaction of ING ComFin and to maintain such insurance as long as the
right or dormant right of lien is created upon the Stock in the name and for the benefit of
ING ComFin.

	 
	5.2	 	At the request of ING ComFin, Client is obliged to make available to ING ComFin the policies
as well as the receipts for the paid premiums with regard to the damage insurance agreements
as specified in section 1. If these specified documents are not made available to ING ComFin
at ING ComFin’s request, ING ComFin shall have the right at its discretion to insure the Stock
or the interest that ING ComFin holds therein, or have it insured at the Client’s expense in
the name of ING ComFin as insured party/beneficiary.

	 
	5.3	 	ING ComFin is at all times authorized to make known its legally held right of lien upon
claims with regard to reductions in or recreation of the pledged Stock or both, on the basis
of any damage insurance agreement as specified in section 1 or 2, to the debtor of these
claims.

	 
	5.4	 	If any damage is caused to the Stock, in whatever manner such may occur, Client is obliged to
inform ING ComFin immediately with regard to such damage by registered letter. If any damage
is caused against which the Stock is insured, ING ComFin is authorized, without the
requirement of prior consultation with Client:

	 	(a)	 	to inform the insurance company of ING ComFin’s right of lien upon the claim
for damages compensation;

	 
	 	(b)	 	to make adjustments with the insurance company with regard to the damages on
behalf of the Client;

	 
	 	(c)	 	to make known to the insurance company its rights to payment of any
compensation for damages;

	 
	 	(d)	 	to receive any compensations for damage from the insurance company and to give
the insurance company a receipt for such payments.

	5.5	 	If ING ComFin has received compensation for damages with regard to the Stock, the right or
dormant right of lien of ING ComFin with regard to the relevant Stock shall remain in force.

	 
	 	 	ING ComFin is authorized to set off the amount of the compensation for damages against that
which Client owes to ING ComFin on the basis of the Agreement or to pay partially or
entirely the damages compensation to the Client, or both. Such a payment shall take place
under the condition that the Stock is repaired or replaced, or both, to the satisfaction of
ING ComFin.

Article 6 — Information obligation of Client

	6.1	 	In the case of:

	 	(a)	 	the occurrence of any changes to the Stock or its composition, whether or not
such are due to actions on the part of the Client, or in any other situation which may
be of influence upon the nature or the value of the Stock of both;

	 
	 	(b)	 	the filing of a personal petition leading to declaration of bankruptcy of
Client;

	 
	 	(c)	 	the filing by Client of a petition for obtaining of a moratorium;

	 
	 	(d)	 	seizure of the Stock or part of it;

	 
	 	(e)	 	any claims from any quarter whatsoever which third parties may believe that
they hold on the Stock or part of it;

	 
	 	(f)	 	the suspension or liquidation of the Company of the Client:

	 	 	Client is obliged to inform ING ComFin with regard thereto immediately and to take all
measures which may be necessary for the retention of the rights of ING ComFin to the Stock.

	 
	 	 	ING ComFin is authorized at all times to take measures itself or cause such measures to be
taken, and to charge to Client any costs thus incurred, these to include the costs which ING
ComFin may incur in order to arrive at a lifting of the bankruptcy, the moratorium or the
seizure.

 

Initials:                     

pandakte voorraden/versie 1/2009

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	6.2	 	At first request of ING ComFin, Client is obliged to furnish all available forms of evidence
which may be considered necessary by ING ComFin for the exercise of its rights, and also to
grant to ING ComFin all necessary cooperation in order to make it possible for ING ComFin to
exercise such rights.

Article 7 — Release of Stock by Client

	7.1	 	If the Client fails to fulfil any obligation vis-à-vis ING ComFin, or ING ComFin has good
reason to fear that Client shall fail to fulfil such obligation or obligations, irrespective
of whether or not such fulfilment is or is not permanently impossible, ING ComFin is
authorized to demand that the Stock be placed under its control or the control of a third
party to be specified by ING ComFin.

	 
	7.2	 	If a situation such as specified in section 1 occurs, Client is obliged to grant ING ComFin
all cooperation considered necessary by ING ComFin in order to place the Stock under the
control of ING ComFin or a third party to be specified by ING ComFin or to have it so placed
and the Client shall refrain from any disposal action with regard to the Stock, through which
this could be or become in any way hindered or limited. Client hereby grants an irrevocable
power of attorney to ING ComFin, to store the Stock at a location which ING ComFin shall
consider suitable for the purpose or to have same stored, such jointly on behalf of the
Client.

	 
	7.3	 	On the release of the Stock to ING ComFin, the Client is obliged to hand over to ING ComFin
immediately all proofs and documents (including but not restricted to property, insurance, or
registration documents) which may be required by ING ComFin for the exercise of its right to
sale of the Stock.

	 
	7.4	 	In an eventuality as specified in section 1, Client hereby grants provisionally in advance to
ING ComFin irrevocable permission to incur all necessary costs for the retention, maintenance
and proper storage of the Stock, which costs shall be at the Client’s expense.

Article 8 — Default of Client and sale of Stock by ING ComFin

	8.1	 	If the Client is in default with regard to any obligation vis-à-vis ING ComFin on the basis
of the Agreement, ING ComFin is authorized, without the need for legal intervention, to sell
the Stock or cause it to be sold and to obtain that owed on the basis of the Agreement from
the returns of such sale.

	 
	8.2	 	The existence and the course of the Client’s payment obligations on the basis of the
Agreement shall be proven by an excerpt from the records of ING ComFin.

	 
	8.3	 	In the case of the intended sale of the Stock by ING ComFin, ING ComFin is at no time obliged
to make such notification of intended sale as specified in Section 249 sub-section 1 and
Section 252 Book 3 of the Dutch Civil Code known to the persons specified therein.

	 
	8.4	 	ING ComFin and ING ComFin alone is authorized to file a petition to the relevant authorized
Presiding Judge of the Court leading to the sale of the Stock in a manner departing from that
specified in Section 250 Book 3 of the Dutch Civil Code, or leading to a specification that
the Stock shall be retained by ING ComFin as purchaser for an amount to be ascertained by the
relevant Presiding Judge. Client hereby grants provisionally in advance to ING ComFin the
irrevocable authorization to act jointly in the name of Client to present the petition
specified in this section to the relevant Presiding Judge of the Court.

	 
	8.5	 	If after Client has completely fulfilled his obligations toward ING ComFin on the basis of
this Agreement and ING ComFin has at that moment retained Stock in its possession, ING ComFin
shall immediately make said Stock available to Client.

Article 9 — Costs

	9.1	 	All costs of maintenance of the Stock, all taxes to which the Stock is or shall become
subject, as well as all costs connected with the alienation of the Stock, these to include the
costs of registration, notarial execution, sales, and denunciation, are at Client’s expense.

Article 10 — Acceptance of irrevocable authorities by ING ComFin

	10.1	 	ING ComFin accepts all irrevocable authorizations granted in this Agreement by client to ING
ComFin, which authorizations shall be considered to comprise an indissoluble part of these
Agreement.

 

4

 

Article 11 — Applicable law

	11.1	 	The laws of the Kingdom of the Netherlands alone apply to this agreement, as well as to any
disputes resulting from or connected to this agreement between ING ComFin and Client.

So drawn up in duplicate and signed in Bunnik, on 14-04-2010

CONSTAR INTERNATIONAL HOLLAND (PLASTICS) B.V.

It’s managing director

A. Bloemendal

/s/ A. Bloemendal

ING COMMERCIAL FINANCE B.V.

/s/ Mark Putter and /s/ Sandy Brouwer

Initials:                     

pandakte voorraden/versie 1/2009

 

5Exhibit 10.4

Exhibit 10.4

(MASTER) INSTRUMENT OF PLEDGE RELATING TO ORDERS ON HAND

THE UNDERSIGNED:

	1.	 	The private company with limited liability Constar International Holland (Plastics) B.V.
(Company number 09046375), having its registered office and its principal place of business at
(6902 PA) Zevenaar at Hengelder 42, to be referred to as: “the Client”;

	2.	 	The private company with limited liability ING Commercial Finance B.V. (Company number
30201094), incorporated and existing under the laws of the Netherlands, with statutory seat in
Amsterdam, the Netherlands and actual place of business in (3981 AZ) Bunnik, at Runnenburg 30,
below to be referred to as: “ING ComFin”;

CONSIDERING:

	(i)	 	ING ComFin concluded amongst others a Financing and Service Agreement (and Master Instrument
of Pledge to be referred to as: “FSA” with the Client, under which ING ComFin provided or will
provide the Client with i.a. monies and/or financing and/or credit facilities;

	(ii)	 	ING ComFin desires to obtain a right of (concealed) pledge on the Client’s Accounts
Receivable from and rights against Customers as security for the performance by Client of his
obligations vis-à-vis ING ComFin on the terms and conditions laid down by this Agreement;

DECLARE TO HAVE AGREED AS FOLLOWS:

Article 1 — (Obligation to) deliver Accounts Receivable from and rights against Customers in
(concealed) pledge

	1.1	 	Herewith the Client undertakes to deliver to ING ComFin in (concealed) pledge, to the extent
required in advance, all rights and Accounts Receivable, which the Client may now have or at
any time acquire under agreements of sale and delivery of goods, contracts of services or any
other agreements, in each such case concluded with Customers, below to be jointly referred to
as: “the Accounts Receivable”.

	1.2	 	Herewith the Client undertakes vis-à-vis ING ComFin to deliver in (concealed) pledge all
Client’s rights and Accounts Receivable under agreements of sale and delivery and/or contracts
of services in each such case to be concluded with Customers in the future, below also to be
jointly referred to as: “the Accounts Receivable”, at the moment they come into being.

	1.3	 	The Accounts Receivable as referred to above in 1 and 2 shall be delivered in (concealed)
pledge as set forth in Article 14.2 of the FSA.

	1.4	 	The delivery of the Accounts Receivable in (concealed) pledge shall include all rights of
actions, privileges and other rights inherent in the Accounts Receivable.

	1.5	 	Herewith the Client declares and warrants that he is (will be) authorised to deliver the
above Accounts Receivable in pledge, that the said Accounts Receivable have not already been
disposed of to any third party, that they have not been encumbered with any limited ownership
right to the benefit of any third party, subject to the subordination by lender as referred to
in Section 4.5 of the FSA.

Furthermore, the Client shall not sell or dispose of the Accounts Receivable to any third
party nor encumber them with any limited ownership rights to the benefit of any third party,
subject to Section 4.5 of the FSA.

	1.6	 	ING ComFin shall at all times be authorised to repledge any Account Receivable delivered to
ING ComFin in (concealed) pledge. The Client now undertakes to cooperate in such later
repledging and unconditionally to acknowledge such repledging in writing.

Article 2 — Pledge Schedule Orders on Hand

	2.1	 	The Accounts Receivable under future agreements entered into by the Client with Customers
shall be delivered in (concealed) pledge by means of forms to be made available to the Client
by ING ComFin for that purpose, the “Pledge Schedule Orders on Hand”, below to be referred to
as: “the Pledge Schedule”.

			
	 	 	 
	Pandakte orderportefeuille/versie 2/2009
	 	Initials:                     

 

 

 

	2.2	 	ING ComFin accepts the (concealed) pledge of Accounts Receivable designated in the Pledge
Schedule by taking receipt of the Pledge Schedule and any annexes forming part thereof.

	2.3	 	The Client undertakes to send in to ING ComFin each week or, as requested by ING ComFin, more
often, a Pledge Schedule which has been truthfully and in full completed and signed by the
Client. This frequency may be altered after having obtained ING ComFin’s written consent.

When sending in the Pledge Schedule, the Client shall be obliged to attach to the Pledge
Schedule all documents relating to the Accounts Receivable (such as i.a. specifications,
agreement(s) and confirmation of orders), the said documents shall thereby be an inseparable
part of the Pledge Schedule and together with the Pledge Schedule shall effect the
(concealed) pledge to ING ComFin of the Accounts Receivable involved.

Furthermore, the Client shall at all times enable ING ComFin to gather from the Client’s books
and records any information deemed required by ING ComFin for exercising its rights under this
Agreement.

Article 3 — Registration

	3.1	 	ING ComFin alone shall at all times be authorised to file this instrument and each Pledge
Schedule with annexes forming part thereof which ING ComFin has taken receipt of, for
registration at any Office of the Inspection of Registration and Succession (Inspectie der
Registratie en Successie) or to cause the Pledge Schedule to be executed before a Dutch civil
law notary, as solely and exclusively determined by ING ComFin.

	3.2	 	The Client hereby grants ING ComFin an irrevocable and unconditional power of attorney to
deliver the Accounts Receivable designated in this instrument and in any Pledge Schedule, as
far as necessary, in pledge to ING ComFin on behalf of the Client and to take all measures
required for registration in connection with such pledging.

As far as necessary, the Client hereby grants ING ComFin an irrevocable and unconditional
power of attorney to file this instrument and any Pledge Schedule for registration at the
office referred to above, also on behalf of the Client. The Client now undertakes to grant
ING ComFin or a third party designated by ING ComFin all powers of attorney required for
later execution of the said notarial instrument.

Article 4 — Other obligations of the Client

	4.1	 	The Client shall insert clauses in all agreements referred to in Article 1.1 as required by
Article 7 of the FSA.

	4.2	 	ING ComFin may never be obliged by the Client (nor by the Client’s Customers) to perform the
work agreed on by the Client with Customers or effect delivery of personal property agreed on.

ING ComFin shall never be liable to the Client (nor to the Client’s Customers) to compensate
any damage of whatever nature and caused by whatever reason, which may arise from the
(partial) failure to accomplish the performance agreed on with Customers. The Client hereby
indemnifies ING ComFin irrevocably and unconditionally against any claims from third parties
in this connection.

Article 5 — Communication of (concealed) pledge to the Debtor

	5.1	 	ING ComFin may communicate with Debtors and take actions regarding the Accounts Receivable as
set forth in Article 14 of
the FSA.

	5.2	 	If ING ComFin desires to exercise the rights referred to above in 5.2 b), ING ComFin shall be
obliged to inform the Client hereof in good time.

The Client shall exclusively be able to prevent ING ComFin from exercising these rights by
payment in full of the relevant Account Receivable delivered in pledge as well as all costs
so far incurred by ING ComFin both in and out of Court in connection with collecting the
Account Receivable. If the Client wishes to avail himself of the authority conferred by this
provision, the Client shall inform ING ComFin hereof without delay.

Article 6 — Costs and documentary evidence of ING ComFin’s Accounts Receivable

	6.1	 	All costs relating to this instrument, including those relating to the (concealed) pledging
of the Accounts Receivable, and the costs incurred by ING ComFin in and out of Court for the
preservation and exercising of its rights arising under this instrument, will be charged to
the Client.

	6.2	 	The existence and extent of the Client’s payment obligations vis-à-vis ING ComFin which have
come into being on whatever account shall be evidenced by an extract from ING ComFin’s
accounts, signed as correct by the latter.

 

2

 

Article 7 — Irrevocable powers of attorney granted to ING ComFin

	7.1	 	By signing this instrument, ING ComFin accepts all powers of attorney granted by the Client
under this instrument, the said powers shall be considered to form an inseparable part of this
Agreement.

Article 8 — Applicable law

	8.1	 	This instrument as well as any disputes arising out of or relating to the performance hereof
between ING ComFin and the Client shall exclusively be governed by Dutch law.

This Agreement and all powers of attorney granted hereunder will terminate when all lending
agreements between ING ComFin and Client have been terminated and all amounts owing to ING under
such agreements have been paid.

Thus it has been drawn up and signed in duplicate at Bunnik on 29-4-2010

CONSTAR INTERNATIONAL HOLLAND (PLASTICS) B.V.

It’s managing director

A. Bloemendal

/s/ A. Bloemendal

ING COMMERCIAL FINANCE B.V.

/s/ Kim Muntz and /s/ Sandy Brouwer

			
	 	 	 
	Pandakte orderportefeuille/versie 2/2009
	 	Initials:                     

 

3

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