Document:

First Supplemental Indenture

 Exhibit 4(bb) 
  
  
  
 FIRST SUPPLEMENTAL INDENTURE 
  
  
 BETWEEN 
  
  
 WELLS FARGO & COMPANY, AS ISSUER 
  
  
 AND 
  
  
 CITIBANK, N.A., AS TRUSTEE 
  
  
 Dated as of NOVEMBER 8, 2004 
  
  
 TO 
  
  
 INDENTURE 
  
  
 Dated as of April 15, 2003 
  
  
 FLOATING RATE CONVERTIBLE 
 SENIOR
DEBENTURES DUE 2033 
  

 FIRST SUPPLEMENTAL INDENTURE 
  
 THIS FIRST SUPPLEMENTAL INDENTURE (this “First Supplemental Indenture”) is made as of the 8th day of November,
2004, between Wells Fargo & Company (the “Company”), and Citibank, N.A., as trustee (the “Trustee”). 
  
 WHEREAS, the Company and the Trustee heretofore executed and delivered an Indenture dated as of April 15, 2003 (the “Indenture”); and

  
 WHEREAS, pursuant to the Indenture the Company issued, and the
Trustee authenticated and delivered, the Company’s Floating Rate Convertible Senior Debentures Due 2033 (the “Securities”); and 
  
 WHEREAS, Section 8.02 of the Indenture provides that the Company, with the consent of the Holders of at least a majority in Original Principal Amount of
the outstanding Securities, when authorized by a Board Resolution, and the Trustee may enter into an indenture or indentures supplemental thereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the
provisions of the Indenture or of modifying in any manner the rights of the Holders of the Securities to the extent set forth therein; and 
  
 WHEREAS, pursuant to its Consent Solicitation Statement dated October 27, 2004, the Company solicited consents of the Holders to the amendment set forth
in this First Supplemental Indenture (the “Amendment”); and 
  
 WHEREAS, the Holders of at least a majority in aggregate Original Principal Amount of the outstanding Securities have duly consented to the Amendment in accordance with Section 8.02 of the Indenture; and 
  
 WHEREAS, all conditions necessary to authorize the execution and delivery of
this First Supplemental Indenture and to make this First Supplemental Indenture valid and binding have been complied with or have been done or performed; 
  
 NOW, THEREFORE, in consideration of the foregoing and notwithstanding any provision of the Indenture which, absent this First Supplemental Indenture,
might operate to limit such action, the Company and the Trustee agree as follows for the equal and ratable benefit of the Holders of the Securities: 
  
 ARTICLE 1 
  
 DEFINITIONS 
  
 1.01 General. For all purposes of the Indenture and this First Supplemental Indenture, except as otherwise expressly provided or unless the context otherwise requires: 
  

	 	A.	 	the words “herein,” “hereof” and “hereunder” and other words of similar import refer to the Indenture and this First Supplemental Indenture as a whole
and not to any particular Article, Section or subdivision; and 

  

	 	B.	 	capitalized terms used but not defined herein shall have the meanings assigned to them in the Indenture. 

  
 ARTICLE 2 
  
 AMENDMENT 
  
 2.01 Amendment to Section 11.07 of the Indenture – Conversion Procedures. The last paragraph of Section 11.07 of the Indenture is
hereby amended and restated in its entirety as follows: 
  
 The Holders’ rights to convert Securities into Common Stock are subject to the Company’s right to elect instead to pay each such Holder the amount of cash determined pursuant to this Article (or an
equivalent amount in a combination of cash and shares of Common Stock), in lieu of delivering such Common Stock. Any cash paid by the Company to the Paying Agent or the Trustee in respect of converted Securities shall be segregated and held as a
separate trust fund for the benefit of the Holders of converted Securities. 
  
 ARTICLE 3 
  
 MISCELLANEOUS

  
 3.01 Effectiveness. This First Supplemental Indenture
shall become effective upon its execution and delivery by the Company and the Trustee. Upon the execution and delivery of this First Supplemental Indenture by the Company and the Trustee, the Indenture shall be supplemented in accordance herewith,
and this First Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of Securities heretofore or hereafter authenticated and delivered under the Indenture shall be bound hereby. 
  
 3.02 Indenture Remains in Full Force and Effect. Except as
supplemented hereby, all provisions in the Indenture shall remain in full force and effect. For the avoidance of doubt, the parties confirm that the Amendment, and the payment by the Company and the receipt by the Holders of the Securities of a fee
in respect of the consent of the Holders to such Amendment, are not intended by the parties to (i) discharge, rescind, cancel or extinguish all or any part of the indebtedness represented by the Securities, or (ii) effect a novation, reissuance or
disposition of the indebtedness represented by the Securities or to create new indebtedness in respect of the indebtedness represented by the Securities. 
  
 3.03 Indenture and First Supplemental Indenture Construed Together. This First Supplemental Indenture is an indenture supplemental to the
Indenture, and the Indenture and this First Supplemental Indenture shall henceforth be read and construed together. From and after the effectiveness of this First Supplemental Indenture, all references to the Indenture in the Indenture and the
Securities shall refer to the Indenture as supplemented hereby. 
  

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 3.04 Confirmation and Preservation of Indenture. The Indenture as supplemented by this First
Supplemental Indenture is in all respects confirmed and preserved. 
  
 3.05 Conflict with Trust Indenture Act. If any provision of this First Supplemental Indenture limits, qualifies or conflicts with any provision of the Trust Indenture Act of 1939, as amended (the “Trust Indenture
Act’”), that is required under the Trust Indenture Act to be part of and govern any provision of this First Supplemental Indenture, the provision of the Trust Indenture Act shall control. If any provision of this First Supplemental
Indenture modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded, the provision of the Trust Indenture Act shall be deemed to apply to the Indenture as so modified or to be excluded by this First
Supplemental Indenture, as the case may be. 
  
 3.06
Severability. In case any provision in this First Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

  
 3.07 Headings. The Article and Section headings of this
First Supplemental Indenture have been inserted for convenience of reference only, are not to be considered a part of this First Supplemental Indenture and shall in no way modify or restrict any of the terms or provisions hereof. 
  
 3.08 Benefits of Supplemental Indenture, etc. Nothing in this First
Supplemental Indenture or the Securities, express or implied, shall give to any person, other than the parties hereto and thereto and their successors hereunder and thereunder and the Holders of the Securities, any benefit of any legal or equitable
right, remedy or claim under the Indenture, this First Supplemental Indenture or the Securities. 
  
 3.09 Successors. All agreements of the Company in this First Supplemental Indenture shall bind its successors. All agreements of the Trustee in
this First Supplemental Indenture shall bind its successors. 
  
 3.10 Trustee Not Responsible for Recitals. The recitals contained herein shall be taken as the statements of the Company, and the Trustee assumes no responsibility for their correctness. The Trustee shall not be liable or responsible
for the validity or sufficiency of this First Supplemental Indenture or the due authorization of this First Supplemental Indenture by the Company. 
  
 3.11 Certain Duties and Responsibilities of the Trustee. In entering into this First Supplemental Indenture, the Trustee shall be entitled to the
benefit of every provision of the Indenture relating to the conduct of, affecting the liability of or affording protection to the Trustee, whether or not elsewhere herein so provided. 
  
 3.12 Governing Law. THE INTERNAL LAWS OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS FIRST
SUPPLEMENTAL INDENTURE. 
  

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 3.13 Counterpart Originals. The parties may sign any number of copies of this First Supplemental
Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 
  
 3.14 Further Assurances. The Company will, upon request by the Trustee, execute and deliver such further instruments and do such further acts as
may reasonably be necessary or proper to carry out more effectively the purposes of this First Supplemental Indenture. 
  

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 IN WITNESS WHEREOF, the undersigned, being duly authorized, have executed this First Supplemental
Indenture on behalf of the respective parties hereto as of the date first above written. 
  

					
	 	 	 WELLS FARGO & COMPANY, AS ISSUER

			
	 	 	 By:
	  	 /s/ Barbara S. Brett

	 	 	 	  	 Name: Barbara S. Brett

	 	 	 	  	 Title: Assistant Treasurer

		
	 	 	 CITIBANK, N.A., AS TRUSTEE

			
	 	 	 By:
	  	 /s/ Nancy Forte

	 	 	 	  	 Name: Nancy Forte

	 	 	 	  	 Title: Assistant Vice President

  

 5Executive Employment Agreement

 Exhibit 10.42 
  
 EXECUTIVE EMPLOYMENT AGREEMENT 
  
 This Executive Employment Agreement (this “Agreement”), dated as of August 13, 2004 (the “Effective
Date”), is made by and between Constar International Inc., a Delaware corporation, having its principal offices at One Crown Way, Philadelphia, Pennsylvania 19154 (the “Company”), and Mr. William S. Rymer (the “Executive”).

  
 Recitals 
  
 The Company desires to employ the Executive and the Executive desires to be
employed by the Company upon the terms and conditions set forth herein. 
  
 Agreement 
  
 NOW, THEREFORE, in consideration of
the premises and mutual covenants herein contained, and intending to be legally bound hereby, the Company and the Executive hereby agree as follows: 
  
 1. Definitions. 
  
 1.1. “Affiliate” means any person or entity controlling, controlled by or under common control with the Company. 
  
 1.2. “Board” means the Board of Directors of the Company.

  
 1.3. “Cause” means (a) the Executive, in
carrying out his duties under this Agreement, engages in gross misconduct or gross negligence resulting in a material adverse effect on the Company, (b) the Executive embezzles any amount of the Company’s assets, (c) the Executive is convicted
(including a plea of guilty or nolo contendere) of a felony involving moral turpitude, (d) the Executive’s breach of any covenant contained in Section 9 below, or (e) the Executive’s willful and material failure to follow the lawful
instructions of the Company’s Board (consistent with Section 4 below). For purposes of this Section 1.3, no act, or failure to act, on the Executive’s part shall be considered “willful” unless done, or omitted to be done, by him
in bad faith and without reasonable belief that his action or omission was in the best interest of the Company. Any act or omission to act by the Executive in reliance upon an opinion of counsel to the Company shall not be deemed to be willful.

  
 1.4. “Change in Control” shall mean:

  
 1.4.1. the acquisition after the
Effective Date by an individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934 (the “Exchange Act”)) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under
the Exchange Act) of more than 30% of the combined voting power of the voting securities of the Company entitled to vote generally in the election of directors (the “Voting Securities”); provided, however, that the following acquisitions
shall not constitute a Change in Control: (a) any acquisition, directly or indirectly by or from the Company or any subsidiary of the Company, or by any employee benefit plan 

 (or related trust) sponsored or maintained by the Company or any subsidiary of the Company, (b) any
acquisition by any underwriter in connection with any firm commitment underwriting of securities to be issued by the Company, or (c) any acquisition by any corporation if, immediately following such acquisition, 70% or more of the then outstanding
shares of common stock of such corporation and the combined voting power of the then outstanding voting securities of such corporation (entitled to vote generally in the election of directors), are beneficially owned, directly or indirectly, by all
or substantially all of the individuals and entities who, immediately prior to such acquisition, were the beneficial owners of the then outstanding common stock of the Company (“Common Stock”) and the Voting Securities in substantially the
same proportions, respectively, as their ownership, immediately prior to such acquisition, of the Common Stock and Voting Securities; or 
  
 1.4.2. The occurrence after the Effective Date of a reorganization, merger or consolidation, other than a reorganization, merger or
consolidation with respect to which all or substantially all of the individuals and entities who were the beneficial owners, immediately prior to such reorganization, merger or consolidation, of the Common Stock and Voting Securities, beneficially
own, directly or indirectly, immediately after such reorganization, merger or consolidation, 70% or more of the then outstanding common stock and voting securities (entitled to vote generally in the election of directors) of the corporation
resulting from such reorganization, merger or consolidation in substantially the same proportions as their respective ownership, immediately prior to such reorganization, merger or consolidation, of the Common Stock and Voting Securities; or

  
 1.4.3. The occurrence after the
Effective Date of (a) a complete liquidation or substantial dissolution of the Company, or (b) the sale or other disposition of all or substantially all of the assets of the Company, in each case other than to a subsidiary, wholly-owned, directly or
indirectly, by the Company or to a holding company of which the Company is a direct or indirect wholly owned subsidiary prior to such transaction; or 
  
 1.4.4. During any period of twenty-four (24) consecutive months commencing upon the Effective Date, the individuals at the
beginning of any such period who constitute the Board and any new director (other than a director designated by a person or entity who has entered into an agreement with the Company or other person or entity to effect a transaction described in
Sections 1.4.1, 1.4.2 or 1.4.3 above) whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors at
the beginning of any such period or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority of the Board. 
  
 Notwithstanding the above, a “Change in Control” shall not include any event, circumstance or transaction which results from the
action of any entity or group which includes, is affiliated with or is wholly or partially controlled by one or more executive officers of the Company and in which the Executive participates. 
  

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 1.5. “Disability” means the Executive’s inability to render, for a period of six
consecutive months, services hereunder by reason of physical or mental disability, as determined by the written medical opinion of an independent medical physician mutually acceptable to the Executive and the Company. If the Executive and the
Company cannot agree as to such an independent medical physician, each shall appoint one medical physician and those two physicians shall appoint a third physician who shall make such determination. In no event shall the Executive be considered
disabled for the purposes of this Agreement unless the Executive is deemed disabled pursuant to the Company’s long-term disability plan, if one is maintained by the Company. 
  
 1.6. “Good Reason” means and shall be deemed to exist if, without the prior express written consent of the
Executive, (a) the Executive suffers a material change in his reporting obligations, (b) the Executive suffers a material change in the duties, responsibilities or effective authority associated with his titles and positions, as set forth and
described in Section 4 of this Agreement; (c) a reduction by the Company of the Executive’s “Base Salary” (as increased from time to time in accordance with Section 5.1 below) or in the other compensation and benefits (except for
benefits payable under the Company’s equity, incentive or bonus plans) below a level which is substantially equivalent in the aggregate, to those payable to the Executive hereunder, or a material adverse change in the terms or conditions on
which any such compensation or benefits are payable as in effect on the date hereof or as the same may be increased from time to time during the term of this Agreement; (d) the Company fails to pay the accrued Executive’s compensation or to
provide for the Executive’s accrued benefits when due; (e) the Executive’s office location is moved to a location more than 30 miles from Philadelphia, Pennsylvania (excluding the initial relocation of the Company’s headquarters from
One Crown Way and thereafter such new location shall be the point from which this relocation restriction shall be applied); or (f) the failure or refusal of the “Company’s Successor” (as defined in Section 8.2 below) to expressly
assume this Agreement in writing, and all of the duties and obligations of the Company hereunder in accordance with Section 8.2. 
  
 2. Employment. Subject to the terms and provisions set forth in this Agreement and specifically as provided in Section 4.1, the
Company hereby agrees that the Executive shall during the “Term of Employment” (as defined in Section 3 below) be employed as the Executive Vice President and Chief Financial Officer of the Company, and the Executive hereby accepts such
employment. 
  
 3. Term of Employment. The
term of employment under this Agreement shall commence on the Effective Date and, unless earlier terminated under Section 6 below or extended pursuant to the next sentence, shall terminate on the third anniversary of the Effective Date (the
“Term of Employment”). The Term of Employment shall automatically be extended, subject to the same terms, conditions and limitations as provided herein, for an additional one year period on the first anniversary of the Effective Date and
on each such anniversary date thereafter unless, not later than 180 days prior to any such anniversary, either party to this Agreement shall have given notice to the other that the Term of Employment shall not be extended or further extended beyond
its then automatically extended term, if any.  
  

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 4. Positions, Responsibilities and Duties. 
  
 4.1. Positions. During the Term of Employment, the
Executive shall be employed and serve as the Executive Vice President and Chief Financial Officer of the Company. In such position, the Executive shall have the duties, responsibilities and authority normally associated with the office and position
of Executive Vice President and Chief Financial Officer of a publicly-traded corporation. The Executive shall report to the Board and the chief executive officer. All other accounting, finance and treasury personnel shall report to the Executive
and/or his designees. Notwithstanding the above, the Executive shall not be required to perform any duties and responsibilities which would be likely to result in a non-compliance with or violation of any applicable law or regulation. 
  
 4.2. Duties. During the Term of Employment, the
Executive shall have responsibility for and authority over all accounting, finance and treasury operations of the Company and its Affiliates. Additionally, during the Term of Employment, the Executive shall devote substantially all of his business
time, during normal business hours, to the business and affairs of the Company and the Executive shall use his reasonable best efforts to perform faithfully and efficiently the duties and responsibilities contemplated by this Agreement;
provided, however, that the Executive shall be allowed, to the extent such activities do not substantially interfere with the performance by the Executive of his duties and responsibilities hereunder, to (a) manage the Executive’s
personal, financial and legal affairs, and (b) serve on corporate, civic or charitable boards or committees. 
  
 5. Compensation and Other Benefits. 
  
 5.1. Base Salary. During the Term of Employment, the Executive shall receive a base salary per annum payable in accordance with the
Company’s normal payroll practices of no less than US $240,000, which the Board shall review annually and may, in its sole discretion, increase (but not decrease) (“Base Salary”). 
  
 5.2. Annual Bonus. During the Term of Employment, the
Executive shall participate in the Company’s Annual Incentive & Management Stock Purchase Plan (the “AIMSPP”) as maintained by the Company from time to time for the benefit of senior executives. In respect of each full or partial
calendar year during the Term of Employment, the Executive shall be eligible for an annual bonus (the “Bonus”) if the Executive and/or the Company achieves performance goals established by the Board in good faith and consistent with the
AIMSPP. 
  
 5.3. Retirement and Savings
Plans. During the Term of Employment, the Executive shall be eligible to participate in all pension, retirement, savings, 401(k) and other employee pension benefit plans, policies and programs (the “Retirement Plans”) maintained by
the Company from time to time for the benefit of senior executives and/or other employees. However, nothing in this Section 5.3 shall be construed to require the Company to establish or maintain any such Retirement Plans. 
  
 5.4. Supplemental Executive Retirement Plan. During the
Term of Employment, the Executive shall participate in the Company’s Supplemental Executive Retirement Plan (the “SERP”) as maintained by the Company from time to time for the benefit of senior executives. 
  

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 5.5. Welfare Benefit Plans. During the Term of Employment, the Executive, the
Executive’s spouse, if any, and his eligible dependents, if any, shall be eligible to participate in and be covered on the same basis as other senior executive officers of the Company under all the welfare benefit plans, policies and/or
programs maintained by the Company from time to time including, without limitation, all medical, hospitalization, dental, disability, life, accidental death and dismemberment and travel accident insurance plans, policies and/or programs (the
“Welfare Plans”). However, nothing in this Section 5.5 shall be construed to require the Company to establish or maintain any such Welfare Plans. The Welfare Plans and the Retirement Plans are sometimes referred to collectively herein as
the “Benefit Plans.” 
  
 5.6. Expense
Reimbursement. During and in respect of the Term of Employment, the Executive shall be entitled to receive prompt reimbursement for expenses incurred by the Executive in performing his duties and responsibilities hereunder in accordance with
the Company’s policy for senior executives of the Company. 
  
 5.7. Vacation and Fringe Benefits. During the Term of Employment, the Executive shall be entitled to at least four weeks paid vacation each calendar year, plus paid time off due to illness or personal reasons in
accordance, in all such cases, with Company policy. 
  
 5.8. Equity Compensation. During the Term of Employment, the Executive shall be eligible to participate in and receive awards under the Company’s 2002 Stock-Based Incentive Compensation Plan, and any other
equity-based incentive plans as maintained by the Company from time to time for the benefit of senior executives. 
  
 6. Termination. Upon the occurrence of any termination of the Executive’s employment as chief financial officer, the Executive
shall and shall be deemed to immediately resign from membership on the Board, if applicable, and from any committees thereof (and the Executive shall promptly tender to the Board a written resignation letter effecting the foregoing). 
  
 6.1. Termination Due to Death. In the event of the
Executive’s death, the Executive’s estate or his legal representative, as the case may be, shall be entitled to: (a) any Base Salary earned but unpaid as of the date of death and Base Salary continuation through the end of the month in
which the Executive’s death occurs; (b) a pro-rata payment for the year of the Executive’s death equal to the “target” Bonus plus the matching incentive under the AIMSPP (the “Total Award”) for such year multiplied by a
fraction, the numerator which is the number of days transpired in the calendar year up to and including the date of the death of the Executive, and the denominator of which is 365; (c) immediate payment of any unpaid expense reimbursements, deferred
compensation and unused accrued vacation days through the date of the Executive’s death; and (d) any other payments and/or benefits which the Executive, the Executive’s estate or the Executive’s legal representative is entitled to
receive under any of the Benefit Plans, the AIMSPP, the SERP or otherwise in accordance with the terms of such plan or arrangement. 
  

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 6.2. Termination Due to the Executive’s Disability. Upon 30 days prior written
notice to the Executive, the Company may terminate the Executive’s employment hereunder due to Disability. In such event, the Executive or his legal representative, as the case may be, shall be entitled to: (a) any Base Salary earned but unpaid
as of the date of the Executive’s termination due to Disability and Base Salary continuation through the end of the month in which such termination occurs; (b) a pro-rata payment for the year of termination equal to the Total Award under the
AIMSPP for such year multiplied by a fraction, the numerator of which is the number of days transpired in the calendar year up to and including the date on which the Executive is terminated by the Company due to Disability, and the denominator of
which is 365; (c) immediate payment of any unpaid expense reimbursements, deferred compensation and unused accrued vacation days through the date of termination; and (d) any other payments and/or benefits which the Executive or the Executive’s
legal representative is entitled to receive under any of the Benefit Plans, the AIMSPP, the SERP or otherwise in accordance with the terms of such plan or arrangement. 
  
 6.3. Termination Without Cause or by the Executive for Good Reason Prior to Change in Control. Prior to
a Change in Control and upon 30 days prior written notice to the Executive, the Company may terminate the Executive’s employment hereunder without Cause. Prior to a Change in Control and upon 30 days prior written notice to the Company the
Executive may terminate his employment hereunder with the Company for Good Reason. In either such event (unless the Executive has incurred a termination under Section 6.1 or 6.2 above), the Executive shall be entitled to, upon execution and
effectiveness of a general release in substantially the form attached as exhibit “A” and upon resignation by the Executive from his position, if any, on the Board: (a) (i) Base Salary earned but unpaid as of the date of the
Executive’s termination, (ii) Base Salary continuation for twenty-four months, and (iii) payment of two times the Total Award under the AIMSPP for the year in which any termination occurs paid in 24 substantially equal payments over the Base
Salary continuation period; (b) continuation of medical benefits in effect as of the date of termination for a period of two years following the date of termination at the Company’s sole expense and following the expiration of this coverage
period, COBRA continuation coverage under the Company’s medical plan for 18 months in accordance with applicable law at the Executive’s sole expense provided that the Executive is not enrolled in another group health plan; (c) immediate
payment of any unpaid expense reimbursements, deferred compensation and unused accrued vacation days through the date of termination; and (d) any other payments and/or benefits which the Executive is entitled to receive under any of the Benefit
Plans, the AIMSPP, the SERP or otherwise in accordance with the terms of such plan or agreement. In the event the Executive intends to terminate his employment with the Company for Good Reason such prior written notice shall specify the particular
act or acts, or failure to act, which is or are the basis for the Executive’s decision to so terminate his employment for Good Reason. The Company shall be given 30 days after such notice to correct such act or failure to act. Upon failure of
the Company, with such 30 day period, to correct such act or failure to act, the Executive may proceed to terminate his employment with the Company. 
  
 In the event that a Change in Control occurs within six months following the Executive’s termination of employment under this Section 6.3, the Executive shall be
entitled to receive the additional payments and benefits to which he would be entitled had his employment terminated following a Change in Control under Section 6.4 below. 
  

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 6.4. Termination Without Cause or by the Executive for Good Reason After a Change in
Control. After a Change in Control and upon 30 days prior written notice to the Executive, the Company may terminate the Executive’s employment hereunder without Cause. After a Change in Control and upon 30 days prior written notice to
the Company, the Executive may terminate his employment hereunder with the Company for Good Reason. In either such event (unless the Executive has incurred a termination under Section 6.1 or 6.2 above), the Executive shall be entitled to, upon
execution and effectiveness of a general release in substantially the form attached as exhibit “A” and upon resignation by the Executive from his position, if any, on the Board: (a) (i) Base Salary earned but unpaid as of the date of the
Executive’s termination, (ii) a lump sum payment equal to three times Base Salary plus three times the Total Award under the AIMSPP for the year in which any such termination occurs; (b) continuation of medical benefits in effect as of the date
of termination for a period of three years following the date of termination at the Company’s sole expense and following the expiration of this coverage period, COBRA continuation coverage under the Company’s medical plan for 18 months in
accordance with applicable law at the Executive’s sole expense provided that the Executive is not enrolled in another group health plan; (c) immediate payment of any unpaid expense reimbursements, deferred compensation and unused accrued
vacation days through the date of termination; and (d) any other payments and/or benefits to which the Executive is entitled to receive under any of the Benefit Plans, the AIMSPP, the SERP or otherwise in accordance with the terms of such plan or
arrangement. 
  
 6.5. Termination For Cause.
Subject to the provisions of this Section 6.5, the Company may terminate the Executive’s employment for Cause. In such event, the Executive shall be entitled to: (a) any Base Salary earned but unpaid through the date of termination; (b)
immediate payment of any unpaid expense reimbursements, deferred compensation and unused accrued vacation days through the date of termination; and (c) any other payments and/or benefits to which the Executive is entitled to receive under any of the
Benefit Plans, the AIMSPP, the SERP or otherwise in accordance with the terms of such plan or arrangement. In any case described in this Section 6.5, the Executive shall be given written notice authorized by a vote of at least a majority of the
members of the Board that the Company intends to terminate the Executive’s employment for Cause. Such written notice shall specify the particular act or acts, or failure to act, which is or are the basis for the decision to so terminate the
Executive’s employment for Cause. Executive shall be given 30 days after such notice to cure such act or failure to act to the satisfaction of the Board. Upon failure of the Executive, within such 30 day period, to correct such act or failure
to act, the Executive shall be deemed terminated for Cause. 
  
 6.6. Termination Without Good Reason. Upon 30 days prior written notice to the Company, the Executive shall have the right to terminate his employment hereunder without Good Reason or any reason at all. In such event,
the Executive shall be entitled to: (a) any Base Salary earned but unpaid through the date of termination; (b) immediate payment of any unpaid expense reimbursements, deferred compensation and unused accrued vacation days through the date of
termination; and (c) any other payments and/or benefits to which the Executive is entitled to receive under any of the Benefit Plans, the AIMSPP, the SERP or otherwise in accordance with the terms of such plan or arrangement. 
  

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 6.7. Certain Other Payments. If the Executive is liable for the payment of any
excise tax (the “Basic Excise Tax”) pursuant to Section 4999 of the Code, or any successor or like provision, with respect to any payment or property transfers received or to be received under this Agreement or otherwise, the Company shall
pay the Executive an amount (the “Special Reimbursement”) which, after payment to the Executive (or on the Executive’s behalf) of any federal, state and local taxes, including, without limitation, any further excise tax under said
Section 4999, with respect to or resulting from the Special Reimbursement, equals the net amount of the Basic Excise Tax. The Special Reimbursement shall be paid as soon as practicable after it is determined by the Company or the Executive and
reviewed for accuracy by the Company’s certified public accountants. 
  
 7. Non-exclusivity of Rights. Nothing in this Agreement shall prevent or limit the Executive’s continuing or future participation in any benefit, bonus, incentive or other plan, policy or
program provided or maintained by the Company and/or any Affiliate and for which the Executive may qualify, nor shall anything herein limit or otherwise prejudice such rights as the Executive may have under any other existing or future agreements
with the Company and/or any Affiliate, including, without limitation, any stock option agreements or plans. Amounts which are vested benefits or which the Executive is otherwise entitled to receive under any plans or programs of the Company and/or
any Affiliate at or subsequent to the date of termination shall be payable in accordance with such plans or programs. Notwithstanding the above, the Company shall be under no obligation to establish or maintain any such plan, policy or program.

  
 8. Successors. 
  
 8.1. The Executive. This Agreement is personal to the
Executive and, without the prior express written consent of the Company, shall not be assignable by the Executive, except that the Executive’s rights to receive any compensation or benefits under this Agreement may be transferred or disposed of
pursuant to testamentary disposition, intestate succession or pursuant to a domestic relations order. This Agreement shall inure to the benefit of and be enforceable by the Executive’s heirs, beneficiaries and/or legal representatives.

  
 8.2. The Company. This Agreement shall
inure to the benefit of and be binding upon the Company and its respective successors and assigns. The Company shall require any successor to all or substantially all of its business and/or assets, whether direct or indirect, by purchase, merger,
consolidation, acquisition of stock, or otherwise (the “Company’s Successor”), by an agreement in form and substance satisfactory to the Executive, expressly to assume and agree to perform this Agreement in the same manner and to the
same extent as the Company would be required to perform if no such succession had taken place. 
  
 9. Restrictive Covenants. 
  
 9.1. Non-Solicitation. If the Executive’s employment with the Company terminates for any reason, the Executive, for the greater of twelve months after any such termination or the period
during which the Executive receives Base Salary continuation after any such termination (for these purposes, the Executive shall be deemed to receive Base Salary continuation for three years if he has incurred a termination of service under Section
6.4), shall 
  

 8 

 not (except on the Company’s behalf), directly or indirectly, on his own behalf or on behalf of any other person,
firm, partnership, corporation or other entity, (a) solicit or service the business of any of the Company’s or its Affiliates’ clients, any of the Company’s or its Affiliates’ former clients which were clients within twelve
months prior to the termination of his employment or any of the prospective clients which were being actively solicited by the Company or its Affiliates at the time of the termination of his employment or (b) attempt to cause or induce any employee
of the Company or its Affiliates to leave the Company or the Affiliate. 
  
 9.2. Non-Competition. If the Executive’s employment with the Company terminates for any reason, except by non-renewal of this Agreement by the Company for reason other than for Cause, the Executive, for the greater
of: twelve months after any such termination or the period during which the Executive receives Base Salary continuation after any such termination (for these purposes, the Executive shall be deemed to receive Base Salary continuation for three years
if he has incurred a termination of service under Section 6.4), shall not, directly or indirectly, within or with respect to the United States of America engage, without the consent of the Company, in any business or activity, whether as an
employee, consultant, partner, principal, agent, representative, stockholder or in any other capacity, or render any services or provide any advice to any business, activity, person or entity which competes with any PET packaging business;
provided, however, that the Executive’s ownership of not more than 5% of the stock of any publicly-traded corporation shall not be a violation of this Section 9.2. By agreeing to this contractual modification prospectively at this
time, the parties intend to make this provision enforceable under the law(s) of all applicable states so that the entire agreement not to compete and/or this Agreement as prospectively modified shall remain in full force and effect and shall not be
rendered void or illegal. Such modifications shall not affect the payments made to the Executive under this Agreement. The Executive acknowledges that his skills are such that he can be gainfully employed in noncompetitive employment and that the
agreement not to compete will in no way prevent him from earning a living. The Executive understands and agrees that the rights and obligations set forth in this Section 9.2 shall extend beyond the Term of Employment. 
  
 9.3. Confidentiality. The Executive shall not, during
the Term of Employment and at any time thereafter, without the prior express written consent of the Company, directly or indirectly divulge, disclose or make available or accessible any Confidential Information (as defined below) to any person,
firm, partnership, corporation, trust or any other entity or third party (other than when required to do so in good faith to perform the Executive’s duties and responsibilities under this Agreement or when (a) required to do so by a lawful
order of a court of competent jurisdiction, any governmental authority or agency, or any recognized subpoena power, or (b) necessary to prosecute the Executive’s rights against the Company or its Affiliates’ or to defend himself against
any allegations). In addition, the Executive shall not create any derivative work or other product based on or resulting from any Confidential Information (except in the good faith performance of his duties under this Agreement). The Executive shall
also proffer to the Board’s designee, no later than the effective date of any termination of his employment with the Company for any reason, and without retaining any copies, notes or excerpts thereof, all memoranda, computer disks or other
media, computer programs, diaries, notes, records, data, customer or client lists, marketing plans and strategies, and any other documents consisting of or containing Confidential Information that are in the Executive’s actual or constructive
possession or which are subject to his control at such 
  

 9 

 time. For purposes of this Agreement, “Confidential Information” shall mean all information respecting the
business and activities of the Company, or any Affiliate of the Company, including, without limitation, the terms and provisions of this Agreement, the clients, customers, suppliers, employees, consultants, computer or other files, projects,
products, computer disks or other media, computer hardware or computer software programs, marketing plans, financial information, methodologies, know-how, processes, practices, approaches, projections, forecasts, formats, systems, data gathering
methods and/or strategies of the Company or any Affiliate. Notwithstanding the immediately preceding sentence, Confidential Information shall not include any information that is, or becomes, generally available to the public (unless such
availability occurs as a result of the Executive’s breach of any portion of this Section 9.3). 
  
 9.4. Ownership of Inventions. Each Invention (as defined below) made, conceived or first actually reduced to practice by the
Executive, whether alone or jointly with others, during the term of Executive’s employment with the Company and each Invention made, conceived or first actually reduced to practice by the Executive, whether alone or jointly with others, within
one year after the termination of Executive’s employment with the Company which relates in any way to work performed for the Company during the term of Executive’s employment, shall be promptly disclosed in writing to the Board. Such
report shall be sufficiently complete in technical detail and appropriately illustrated by sketch or diagram to convey to one skilled in the art of which the invention pertains, a clear understanding of the nature, purpose, operations, and, to the
extent known, the physical, chemical, biological or other characteristics of the Invention. As used in this Agreement, “Invention” means any invention, discovery or innovation with regard to any facet of the Company’s business whether
or not patentable, made, conceived, or first actually reduced to practice by Executive, alone or jointly with others, in the course of, in connection with, or as a result of service as an employee of the Company, including any art, method, process,
machine, manufacture, design or composition of matter, or any improvement thereof. Each Invention, as herein defined, shall be the sole and exclusive property of the Company. The Executive agrees to execute an assignment to the Company or its
nominee of the Executive’s entire right, title and interest in and to any Invention, without compensation beyond that provided in this Agreement. The Executive further agrees, upon the request of the Company and at its expense, that the
Executive will execute any other instrument and document necessary or desirable in applying for and obtaining patents in the United States and in any foreign country with respect to any Invention. The Executive further agrees, whether or not the
Executive is then an employee of the Company, to cooperate to the extent and in the manner reasonably requested by the Company in the prosecution or defense of any claim involving a patent covering any Invention or any litigation or other claim or
proceeding involving any Invention covered by this Agreement, but all expenses thereof shall be paid by the Company. 
  
 9.5. Injunctive Relief. The Executive acknowledges and agrees that the Company will have no adequate remedy at law, and would be irreparably
harmed, if the Executive breaches or threatens to breach any of the provisions of this Section 9 of this Agreement. The Executive agrees that the Company shall be entitled to equitable and/or injunctive relief to prevent any breach or threatened
breach of this Section 9, and to specific performance of each of the terms of such Section in addition to any other legal or equitable remedies that the Company may have. The Executive further agrees that he shall not, in any equity proceeding
relating to the enforcement of the terms of this Section 9, raise the defense that the Company has an adequate remedy at law. 
  

 10 

 9.6. Special Severability. The terms and provisions of this Section 9 are intended
to be separate and divisible provisions and if, for any reason, any one or more of them is held to be invalid or unenforceable, neither the validity nor the enforceability of any other provision of this Agreement shall thereby be affected. It is the
intention of the parties to this Agreement that the potential restrictions on the Executive’s future employment imposed by this Section 9 be reasonable in both duration and geographic scope and in all other respects. If for any reason any court
of competent jurisdiction shall find any provisions of this Section 9 unreasonable in duration or geographic scope or otherwise, the Executive and the Company agree that the restrictions and prohibitions contained herein shall be effective to the
fullest extent allowed under applicable law in such jurisdiction. 
  
 10. Miscellaneous. 
  
 10.1.
Applicable Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, applied without reference to principles of conflict of laws. Both the Executive and the Company agree to appear before
and submit exclusively to the jurisdiction of the state and federal courts located within Philadelphia, Pennsylvania with respect to any controversy, dispute, or claim arising out of or relating to this Agreement. The Executive further agrees that
the Company may serve him with judicial process via registered or certified mail and that the Chief Executive Officer of the Company shall at all times be the Executive’s agent for service of judicial process, and the Executive hereby appoints
the Chief Executive Officer of the Company as the Executive’s agent for that and any other related purpose. 
  
 10.2. Full Settlement. The Company’s obligation to make the payments provided for in this Agreement and otherwise to perform its
obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense or other claim, right or action which the Company may have against the Executive. In no event shall the Executive be obligated to seek other employment or
take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement. The Company agrees to pay, to the full extent permitted by law, all legal fees and expenses which the Executive may
reasonably incur as a result of any contest (regardless of the outcome thereof) by the Company or others of the validity or enforceability of, or liability under, any provision of this Agreement. 
  
 10.3. Amendments. This Agreement may not be amended or
modified otherwise than by a written agreement executed by the parties hereto or their respective successors and legal representatives. 
  
 10.4. Mutual Intent. Both parties participated in the drafting of the Agreement, and the language used in this Agreement is the
language chosen by the Executive and the Company to express their mutual intent. Both the Executive and the Company agree that in the event that any language, section, clause, phrase or word used in the Agreement is determined to be ambiguous, no
presumption shall arise against or in favor of either party and that no rule of strict construction shall be applied against either party with respect to such ambiguity. 
  

 11 

 10.5. Notices. All notices and other communications hereunder shall be in writing and shall
be given by hand-delivery to the other parties or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 
  

			
	 To the Company:
	  	Chairman of the Compensation Committee
	 	  	Constar International Inc.
	 	  	One Crown Way
	 	  	Philadelphia, PA 19154
		
	 and to
	  	Chief Executive Officer
	 	  	Constar International Inc.
	 	  	One Crown Way
	 	  	Philadelphia, PA 19154
		
	 With a copy to Company’s
	  	 
	 counsel at:
	  	William G. Lawlor, Esq.
	 	  	Dechert LLP
	 	  	4000 Bell Atlantic Tower
	 	  	1717 Arch Street
	 	  	Philadelphia, PA 19103
		
	 To the Executive:
	  	William S. Rymer
	 	  	6 Orchard Way
	 	  	Yardley PA, 19067

  
 or to such other address as any party
shall have furnished to the others in writing in accordance herewith. Notices and communications shall be effective when actually received by the addressee. 
  
 10.6. Withholding. The Company may withhold from any amounts payable under this Agreement such federal, state or local income taxes
to the extent the same required to be withheld pursuant to any applicable law or regulation. 
  
 10.7. Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement. 
  
 10.8. Captions. The captions of this Agreement are not
part of the provisions hereof and shall have no force or effect. 
  

 12 

 10.9. Counterparts. This Agreement may be executed in one or more counterparts each of
which shall be deemed an original instrument, but all of which together shall constitute but one and the same Agreement. 
  
 10.10. Beneficiaries/References. The Executive shall be entitled to select (and change) a beneficiary or beneficiaries to receive any
compensation or benefit payable hereunder following the Executive’s death, and may change such election, in either case by giving the Company written notice thereof. In the event of the Executive’s death or a judicial determination of his
incompetence, reference in this Agreement to the Executive shall be deemed, where appropriate, to refer to his beneficiary(ies), estate or other legal representative(s). 
  
 10.11. Entire Agreement. This Agreement contains the entire agreement between the parties concerning
the subject matter hereof and supersedes all prior agreements, understandings, discussions, negotiations and undertakings, whether written or oral, between the parties with respect thereto. 
  
 10.12. Representations. 
  
 10.12.1. Awards. The Company represents and
warrants to the Executive that all shares issued pursuant to any equity award granted to the Executive by the Company, upon issuance to the Executive, will be duly authorized, fully paid and non-assessable. A sufficient number of shares for each
such equity award will be properly reserved. 
  
 10.12.2. Authorization. The Company represents and warrants to the Executive that this Agreement will be authorized by all necessary action of the Company and will be the binding agreement of the Company, enforceable against
it in accordance with the terms thereof. The Company is not prevented from entering into or performing this Agreement by any law, order, rule or regulation, its certificate of incorporation, bylaws or any agreement to which it is a party.

  
 10.12.3. Duties of the Employee
The Executive represents and warrants that the performance by Executive of the Executive’s duties and obligations under this Agreement will not violate any agreement between the Executive and any other person, firm, partnership, corporation or
other organization. 
  
 10.13. Survivorship. The
respective rights and obligations of the parties hereunder shall survive any termination of this Agreement or the Executive’s Term of Employment hereunder for any reason to the extent necessary to the intended provision of such rights and the
intended performance of such obligations. 
  
 10.14. All
Prior Agreements Terminated. This Agreement terminates the prior Change in Control Agreement between the Company and the Executive entered into September 17, 2003. 
  

 13 

 IN WITNESS WHEREOF, the Executive has hereunto set the Executive’s hand and the Company has
caused this Agreement to be executed in its name on its behalf, all as of the day and year first above written. 
  

			
	 Constar International Inc.

		
	 By:
	 	 /s/ Michael Hoffman

		
	 	 	 William S. Rymer

	 	 	

	 	 	 William S. Rymer

  

 14 

 EXHIBIT A 
  

General Release 
  
 IN CONSIDERATION OF the payment of $10.00, and for other good and valuable consideration, the receipt of which is hereby acknowledged, and in
consideration of the terms and conditions contained in the Executive Employment Agreement, dated as of August 9, 2004, (the “Employment Agreement”) by and between William S. Rymer (the “Executive”) and Constar International Inc.
(the “Company”), the Executive on behalf of himself and his heirs, executors, administrators, and assigns, releases and discharges the Company and its past present and future subsidiaries, divisions, affiliates and parents (including
without limitation to the foregoing Crown Cork & Seal Company, Inc.), and their respective current and former officers, directors, employees, agents, and/or owners, and their respective successors, and assigns and any other person or entity
claimed to be jointly or severally liable with the Company or any of the aforementioned persons or entities (the “Released Parties”) from any and all manner of actions and causes of action, suits, debts, dues, accounts, bonds, covenants,
contracts, agreements, judgments, charges, claims, and demands whatsoever (“Losses”) which the Executive and his heirs, executors, administrators, and assigns have, had, or may hereafter have, against the Released Parties or any of them
arising out of or by reason of any cause, matter, or thing whatsoever from the beginning of the world to the date hereof, including without limitation, any and all matters relating to the Executive’s employment by the Company and the cessation
thereof, and any and all matters arising under any federal, state, or local statute, rule, or regulation, or principle of contract law or common law, including but not limited to, the Family and Medical Leave Act of 1993, as amended,
29 U.S.C. §§ 2601 et seq., Title VII of the Civil Rights Act of 1964, as amended, 42 U.S.C. §§ 2000 et seq., the Age Discrimination in Employment Act of 1967, as amended, 29
U.S.C. §§ 621 et seq. (the “ADEA”), the Americans with Disabilities Act of 1990, as amended, 42 U.S.C. §§ 12101 et seq., the Worker Adjustment and Retraining Notification Act of
1988, as amended, 29 U.S.C. §§2101 et seq., the Employee Retirement Income Security Act of 1974, as amended, 29 U.S.C. §§ 1001 et seq., the Pennsylvania Human Relations Act,
as amended, 43 P.S. §§ 955 et. seq., and any other equivalent or similar federal, state, or local statute; provided, however, that the Executive does not release or discharge the Released Parties from any of the
Company’s obligations to him under the Employment Agreement or Losses arising under the ADEA which arise after the date on which the Executive executes this general release. It is understood that nothing in this general release is to be
construed as an admission on behalf of the Released Parties of any wrongdoing with respect to the Executive, any such wrongdoing being expressly denied. 
  
 The Executive represents and warrants that he fully understands the terms of this general release, that he has been encouraged to seek, and has sought,
the benefit of advice of legal counsel, and that he knowingly and voluntarily, of his own free will, without any duress, being fully informed, and after due deliberation, accepts its terms and signs below as his own free act. Except as otherwise
provided herein, the Executive understands that as a result of executing this general release, he will not have the right to assert that the Company or any other of the Released Parties unlawfully terminated his employment or violated any of his
rights in connection with his employment or otherwise. 
  

 15 

 The Executive further represents and warrants that he has not filed, and will not initiate, or cause to
be initiated on his behalf any complaint, charge, claim, or proceeding against any of the Released Parties before any federal, state, or local agency, court, or other body relating to any claims barred or released in this General Release thereof,
and will not voluntarily participate in such a proceeding. However, nothing in this general release shall preclude or prevent the Executive from filing a claim, which challenges the validity of this general release solely with respect to the
Executive’s waiver of any Losses arising under the ADEA. The Executive shall not accept any relief obtained on his behalf by any government agency, private party, class, or otherwise with respect to any claims covered by this General Release.

  
 The Executive may take twenty-one (21) days to consider
whether to execute this General Release. Upon the Executive’s execution of this general release, the Executive will have seven (7) days after such execution in which he may revoke such execution. In the event of revocation, the Executive must
present written notice of such revocation to the Company’s Chief Executive Officer. If seven (7) days pass without receipt of such notice of revocation, this General Release shall become binding and effective on the eighth (8th) day after the
execution hereof (the “Effective Date’). 
  
 INTENDING TO BE LEGALLY BOUND, I hereby set my hand below: 
  
  

			
	

	 William S. Rymer

		
	 Dated:
	 	  

  

							
	 State of
	 	  

	  	 )
	  	 
	 County of
	 	
	  	 )
	  	 ss.

  
 On this
             day of                      in the year
200     before me, the undersigned, personally appeared William S. Rymer, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument,
and acknowledged to me that he executed the same in his capacity as an individual, and that by his signature on the instrument he executed such instrument, and that such individual made such appearance before the undersigned. 
  
  
  

	
	

	 Notary Public

  

 16

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