Document:

Polymer Holdings Cash Incentive Plan

 Exhibit 10.49 
 KRATON POLYMERS LLC CASH INCENTIVE PLAN 
 (EFFECTIVE
[—], 2009) 
 Section 1. Purpose. 
 The purpose of the Kraton Polymers LLC Cash Incentive Plan (the “Plan”) is to promote the interests of Kraton Polymers LLC
(“Kraton Polymers”) and its subsidiaries (together with Kraton Polymers, the “Company”) by providing eligible key employees of the Company with incentives to assist the Company in meeting and exceeding its business
goals. 
 Section 2. Administration. 
 (a) The Plan shall be administered by the Compensation Committee (the “Committee”) of the Board of Directors of Kraton Polymers (the “Board”), which Committee shall be
comprised of not fewer than two members of the Board who shall be “outside directors” within the meaning of Section 162(m) of the Internal Revenue Code of 1986 and the regulations thereunder (the “Code”). 

(b) The Committee may, subject to the provisions of the Plan, establish, adopt or revise rules and regulations relating to the Plan or
take such actions as it deems necessary or advisable for the proper administration of the Plan. The Committee shall have the authority to interpret the Plan in its discretion. Each interpretation made or action taken by the Committee pursuant to the
Plan shall be final and conclusive for all purposes and binding upon all Participants (as defined in Section 3) or former Participants and their successors in interest. 
 (c) Neither the Committee nor any member of the Committee shall be liable for any act, omission, interpretation, construction or
determination made in good faith in connection with the Plan, and the members of the Committee shall be entitled to indemnification and reimbursement by Kraton Polymers in respect of any claim, loss, damage or expense (including, without limitation,
reasonable attorneys’ fees) arising or resulting therefrom to the fullest extent permitted by law. 
 Section 3. Eligibility.

 Awards may be granted to key employees of the Company who are selected for participation in the Plan by the Committee. A
qualifying employee selected by the Committee to participate in the Plan shall be a “Participant” in the Plan. Participants may or may not be “Covered Employees” as defined under Section 162(m) of the Code.

 Section 4. Award Criteria. 
 The Committee may grant performance-based awards (“Awards”) to Participants with respect to any performance period (each, a “Performance Period”), subject to the terms
and

 
conditions of the Plan. All Awards shall be settled in cash. Performance Periods may be equal to or longer than, but not less than, one fiscal year of the Company and the Performance Periods
applicable to Outstanding Awards may be overlapping. Within 90 days after the beginning of a Performance Period the Committee shall establish (a) individual and/or Company performance goals and objectives (“Performance
Targets”) for each Award relating to such Performance Period, (b) target awards (“Target Awards”) for each Participant, and (c) performance schedules (“Performance Schedules”) which set forth the
objective methods for determining the applicable performance percentage for each Performance Target (“Performance Percentage”) to be applied to each Target Award to which a Performance Target relates in arriving at the actual Award
payout amount. 
 Section 5. Performance Targets. 
 The Committee shall establish Performance Targets for each Performance Period. Such Performance Targets shall be based on one or more of the following business criteria: EBITDA; profit; safety
performance; innovation as a percent of total revenue; cost out and pricing initiatives before or after tax net income; earnings per share; book value per share; stock price; return on stockholder’s equity; expense management; improvements in
capital structure; profitability of an identifiable business unit or product (including return on investment on new business acquisitions or growth and expansion activities for the year); business growth (percent increase in revenue from year to
year); before or after tax profit margins; budget comparisons; total return to stockholders; market share (percent shares the Company has captured in the market); increase in production volume (percent of increase from year to year); increase in
productivity yield per acreage; percent of decrease in production costs; customer satisfaction based on a third party survey; decrease costs of delivery of service (e.g. freight costs, costs of loans, reduction of inventory); decrease turnaround
time for servicing requests or processing information (e.g. number of days closing, numbers of days accounts payables turnaround time); identification of ways to cut down costs on a long term basis; implementation of new systems, processes,
procedures to accomplish better efficiency, reduce current costs, or provide better management information reports; implementation of improvements in area of accountability and responsibility that has great impact on the management of the business;
the relative performance of the Company against a peer group of companies on any of the measures above. Performance goals may relate to individual performance, Company performance or business unit performance. 
 The measurement of any Performance Target(s) may exclude the impact of charges for asset write-downs, any impact of using the LIFO or FIFO
method of inventory accounting, litigation or claim judgments or settlements, restructurings, discontinued operations, mergers, acquisitions, divestitures, foreign exchange gains and losses, extraordinary items, and other unusual or non-recurring
items, and the cumulative effects of changes in tax laws, accounting principles or regulations, or other laws or provisions affecting reporting results, each as defined by generally accepted accounting principles and as identified in the
Company’s audited financial statements, including the notes thereto. Such inclusions or exclusions shall be prescribed in a form that meets the requirements of Section 162(m) of the Code for deductibility. Any Performance Target may be
used to measure the performance of Kraton Polymers or a subsidiary of Kraton Polymers as a whole or any business unit of Kraton Polymers or any subsidiary or any combination thereof, as the Committee may deem appropriate, or any of the above
Performance

  

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Targets as compared to the performance of a group of comparator companies, or a published or special index that the Committee, in its discretion, deems appropriate. 
 Section 6. Awards. 
 (a) Calculation. In the manner required by Section 162(m) of the Code, the Committee shall, promptly after the date on which the necessary financial and other information for a particular Performance Period becomes available,
certify the extent to which Performance Targets have been achieved. Using the Performance Schedule, the Committee shall determine the Performance Percentage applicable to each Performance Target and multiply the portion of the Target Award to which
the Performance Target relates by such Performance Percentage in order to arrive at the actual Award payout for such portion. 
 (b) Discretionary Adjustments. The Committee may, in its discretion, reduce or eliminate the amount of any Award payable to any Participant based on such factors as the Committee may deem relevant. The Committee may not increase the
amount of any Award payable to any Covered Employee above the amount established in accordance with the relevant Performance Targets. However, the Committee may increase the amount of any Award to any Participant who is not a Covered Employee. For
purposes of clarity, the Committee may exercise the discretion provided for by the foregoing in a non-uniform manner among Participants. 
 (c) Limitation. The amount paid under the Plan to any Participant with respect to any Award that relates to a Performance Period of one year shall not exceed $3,000,000. The amount paid under the
Plan to any Participant with respect to any Award that relates to a Performance Period of more than one year shall not exceed $9,000,000. No Participant shall be eligible to earn Awards for more than three Performance Periods that end within any
single fiscal year of the Company. 
 (d) Effect of Termination of Employment. In no event shall an individual receive
payment for an Award if his or her employment is terminated prior to the date such Awards are paid. 
 (e) Certification and
Payment. The Company shall pay Awards as soon as administratively practical following written certification by the Committee of the extent to which the applicable Performance Targets have been achieved and the determination of the actual Awards
in accordance with Section 5 and this Section 6, and in no event more than two and one half months following the end of the Performance Period to which such certification relates. For purposes of written certification by the Committee,
approved minutes of the Committee meeting in which the certification is made are treated as written. 
 Section 7. General Provisions.

 (a) No Rights to Awards or Continued Employment. No employee of the Company shall have any claim or right to
receive Awards under the Plan. Neither the Plan nor any action taken under the Plan shall be construed as giving any employee any right to be retained by the Company. 
  

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 (b) No Limits on Other Awards and Plans. Nothing contained in this Plan shall
prohibit the Company from establishing other special awards or incentive compensation plans providing for the payment of incentive compensation to employees of the Company, including any Participants. 
 (c) Withholding Taxes. The Company may deduct from all payments and distributions under the Plan any required federal, state or local
government tax withholdings. 
 (d) Unfunded Status of Plan. The Company shall not have any obligation to establish any
separate fund or trust or other segregation of assets to provide for payments under the Plan. To the extent any person acquires any rights to receive payments hereunder from the Company, such rights shall be no greater than those of an unsecured
creditor. 
 (e) Effective Date; Amendment. The Plan is effective as of [—
], 2009, subject to approval by the shareholders of Kraton Polymers. The Committee may at any time and from time to time alter, amend, suspend or terminate the Plan in whole or in part; provided that, no such alteration or amendment shall be
effective until approval by the Company’s shareholders has been obtained, if such approval is required by applicable law or required by applicable stock exchange listing requirements. Unless terminated sooner, the Plan shall automatically
terminate immediately before the first meeting of the Company’s shareholders at which directors are to be elected that occurs in the calendar year 2013. Any termination, whether in whole or in part, shall not affect any then outstanding Awards.

 (f) Governing Law. The Plan and the rights of all persons under the Plan shall be construed and administered in
accordance with the laws of the State of New York without regard to its conflict of law principles. 
 (g)
Interpretation. The Plan is designed and intended to comply with Section 162(m) of the Code and all provisions hereof shall be construed in a manner so to comply. 
 (h) 409A. The Awards granted hereunder are not intended to be subject to Section 409A of the Code pursuant to the short term
deferral exception provided in the regulations thereunder. 
 (i) Return of or Reduction in the Award. In the event that
following the end of the Performance Period, it is determined by the Committee and ratified by the Board that an Award was, in whole or in part, based on incorrect data (including financial results which pursuant to applicable laws, rules,
regulations or applicable accounting principles are required to be restated), the Participant shall return to the Company the overpayment amount, where the overpayment amount shall be equal to the Award distributed to the Participant, reduced by the
Award the Participant would have received had the correct data been used in the calculation of the Award. The determinations made by the Committee and ratified by the Board pursuant to this Section shall be conclusive and binding on the Participant
unless reached in an arbitrary and capricious manner. 
 (j) Participants Based Outside of the United States.
Notwithstanding any provision of the Plan to the contrary, in order to comply with the laws in other countries in which the Company operates or has employees, the Committee, in its sole discretion, shall have the power

  

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and authority to: (i) Determine which affiliates and Subsidiaries shall be covered by the Plan; (ii) Determine which employees outside the United States are eligible to participate in
the Plan; (iii) Modify the terms and conditions of any Award granted to employees outside the United States to comply with applicable foreign laws; (iv) Establish subplans and modify exercise procedures and other terms and procedures, to
the extent such actions may be necessary or advisable. Any subplans and modifications to Plan terms and procedures established under this Section (7)(j) by the Committee shall be attached to the Plan document as appendices; and (v) Take
any action, before or after an Award is made, that it deems advisable to obtain approval or comply with any necessary local government regulatory exemptions or approvals. Notwithstanding the above, the Committee may not take any actions hereunder,
and no Awards shall be granted, that would violate applicable law, including Section 409A of the Code. 
  

 5Amendment No. 1 to Amended and Restated Belpre Facility Sharing & Operating Agmt

 Exhibit 10.69 
 

 
 January 23, 2007 
 Via UPS Overnight Delivery         
 Attn:
Ms. Sara Lefcourt, Global Procurement Manager 
 Infineum USA L.P. 
 1900 East Linden Avenue 
 Linden, NJ 07036 
  

	Re:	Amended and Restated Facilities Sharing and Operating Agreement dated as of July 1, 1999 (the “FSO”) by and among Infineum USA L.P.
(“Infineum”), Shell Oil Company (“SOC”) and Kraton Polymers U.S. LLC, formerly Shell Elastomers LLC (“Kraton”) 

 Dear Ms. Lefcourt: 
 Reference is hereby made to the FSO. This agreement, when countersigned
by Infineum, shall constitute Amendment No. 1 to the FSO. The parties acknowledge that by virtue of Section 1.1 of the FSO, SOC assigned all of its rights under the FSO to Kraton, and that SOC no longer has an interest in the FSO such that
SOC need be a party to this Amendment No. 1. Capitalized terms used and otherwise not defined herein have the meanings given to such terms in the FSO. 
 By way of background, Sections 3.1.5 (j), (k) and (1) of the FSO allow Kraton, as Operator of the Facilities, to arrange for the packaging and on-site storage of Infineum Product, and the
transportation of Infineum Product to off-site locations, all as directed by Infineum. During the course of managing their relationship under the FSO and performing its duties as Operator of the Facilities, Kraton has, in conjunction with entering
into third party arrangements in connection with Shell Product, historically arranged for all of the foregoing on Infineum’s behalf, as well as off-site storage of Infineum Product, and other tolling, grinding and repackaging of Infineum
Product. Infineum and Kraton desire to enter into this Amendment No. 1 to clarify the terms and conditions pursuant to which Kraton shall perform the foregoing duties on behalf of Infineum with respect to Infineum Product. 
 In consideration of the foregoing, the mutual covenants and agreements set forth herein, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, Kraton and Infineum hereby agree that the FSO shall be amended as follows: 
  

	 	1.	Anything in the FSO to the contrary notwithstanding, Infineum hereby authorizes Kraton to enter into contractual arrangements (“Third Party Contracts”) with
third party service providers (“Third Parties”), on Infineum’s behalf, with respect to the following handling functions incidental to the Infineum Product: on-site or off-site warehouse storage, transportation, packaging, repackaging
and grinding (collectively, the “Third Party Services”). Infineum further ratifies all actions taken by Kraton prior to the date hereof under the FSO in connection with entering into Third Party Contracts for the Third Party Services.
Subject to Section 2 hereof, Kraton shall be solely 

 Kraton Polymers US LLC 
 15710 John F Kennedy Blvd, Suite 300 Houston, Texas 77032 
 phone: 281.504.4700    fax: 281.504.4953    www.kraton.com 

 Infineum USA L.P. 
 January 23, 2007 
 Page 2 
  

 responsible for negotiating any amendments and/or terminations of Third Party Contracts, in
Kraton’s discretion. 
  

	 	2.	Kraton shall use a reasonable and prudent degree of care, and exercise reasonable and prudent judgment, in negotiating, entering into, amending and/or terminating the
Third Party Contracts, but not less than the degree of care and judgment exercised by Kraton in handling similar agreements for its own products. Kraton will provide Infineum with copies of all Third Party Contracts entered into by Kraton for Third
Party Services affecting Infineum Product promptly (including any amendments thereto), and will provide Infineum with notice of termination of any Third Party Contract. In addition, prior to execution of each Third Party Contract, Kraton will
provide Infineum with a reasonable opportunity to review a pre-execution finalized version of the Third Party Contract in order that Infineum may ensure that the terms and conditions thereof, including the obligations Infineum will be required to
undertake thereunder, are acceptable to Infineum. If any such terms and conditions are not acceptable to Infineum, Infineum will so notify Kraton. In Kraton’s discretion, Kraton will cooperate with Infineum and the Third Party to attempt to
address Infineum’s concerns in a manner reasonably acceptable to Infineum, Kraton and the Third Party. If Kraton elects not to negotiate with Infineum and the Third Party regarding such concerns, or the results of such negotiation are
unacceptable to Infineum, Infineum shall have the right not to participate in such Third Party Contract. Infineum acknowledges that such Third Party Contracts will normally also provide for the handling of Kraton products, including product falling
within the definition of Shell Product in the FSO. Accordingly, Infineum agrees to treat as confidential all information contained in the Third Party Contracts in accordance with Section 4.3 of the FSO. 

  

	 	3.	As between Kraton and Infineum, on the one hand, and the Third Party, on the other, Kraton will ensure that the Third Party Contract treats Infineum Product no less
favorably than Kraton product. If Infineum has any questions, concerns or claims regarding the methods or manner pursuant to which Infineum Product is handled under any Third Party Contract, Infineum will communicate such questions, concerns or
claims by and through Kraton, in Kraton’s role as Operator. As between Kraton and Infineum, Infineum will be solely responsible for insuring Infineum Product at all times while Infineum Product is subject to handling or performance of Third
Party Services by a Third Party pursuant to a Third Party Contract, such that any losses of Infineum Product while under the care, custody or control of a Third Party will be for Infineum’s account, rather than Kraton’s account.

  

	 	4.	 Infineum shall indemnify, defend and hold Kraton and its affiliates, and each of their officers, directors, shareholders and employees, harmless from
and against any and all claims, liability, damages, suits, expenses (including, without limitation, reasonable attorneys’ fees and expenses and claims of third parties), judgments, or other losses (collectively, “Losses”) incurred by
any of the foregoing parties, arising out of or related to: (i) Infineum Product placed with a Third Party on Infineum’s behalf pursuant to a Third Party Contract; (ii) instructions provided by Infineum (either directly or through
Kraton) to a Third Party with respect to: (A) the handling of Infineum Product, (B) the performance by a Third Party of the Third Party Services, and (C) shipment of Infineum Product to a third party; and (iii) as long as the
Infineum Product was manufactured by

  

 Kraton Polymers US LLC 
 15710 John F Kennedy Blvd, Suite 300 Houston, Texas 77032 
 phone: 281.504.4700    fax: 281.504.4953    www.kraton.com 

 Infineum USA L.P. 
 January 23, 2007 
 Page 2 
  

	 	 
Kraton within the agreed process and product definitions, damages to a Third Party’s facility based on the nature and characteristics of the Infineum Product. 

 

	 	5.	In order to obtain the Third Party Services, Kraton may need to make certain minimum commitments relative to the amount of products (including Infineum Product and
Kraton products) subject to handling under the Third Party Contract, and Kraton may also have to issue certain indemnification protection on behalf of both Kraton and Infineum in favor of a Third Party. Kraton will make volume commitments based on
Kraton’s reasonable expectations of the amount of Infineum Product and Kraton product Kraton expects to be available for handling during the term of the Third Party Contract. The amount of Infineum product expected to be available for handling
will be based on information provided by Infineum with respect to such amounts. Kraton will not provide to Third Parties indemnification protection on behalf of Infineum or Infineum Product, which indemnification protection is more stringent than
the indemnification protection provided on behalf of Kraton or Kraton product. Infineum shall indemnify, defend and hold Kraton and its affiliates, and each of their officers, directors, shareholders and employees, harmless from and against any and
all Losses incurred by any of the foregoing parties, arising out of or related to any failure to meet any minimum quantity commitments made to a Third Party pursuant to a Third Party Contract or any indemnity protection provided by Kraton to Third
Parties on behalf of Infineum or Infineum Product; provided, that in order to determine Infineum’s share of liability associated with failure to meet minimum quantity commitments, if such Third Party Contract also provides for the handling of
Kraton product, Infineum will only be required to meet its pro rata share of such volume commitment, based on the proportion that Infineum Product bears to all products handled under such Third Party Contract. 

  

	 	6.	Section 4.17 of the FSO is amended to provide the following address for notices to be sent to Kraton pursuant to the FSO: Kraton Polymers U.S. LLC, 15710 John F.
Kennedy Blvd, Suite 300, Houston, TX 77032, Attn: General Counsel, facsimile number, 281/504-4741, with a copy to Kraton Polymers U.S. LLC, Belpre Plant, 2982 Washington Blvd.,
 PO Box 235, Belpre, OH 45714, Attn: Plant Manager, facsimile number:
(740) 423-2614. 

  

	 	7.	Except as otherwise set forth herein, the FSO remains unmodified and in full force and effect. 

  

 Kraton Polymers US LLC 
 15710 John F Kennedy Blvd, Suite 300 Houston, Texas 77032 
 phone: 281.504.4700    fax: 281.504.4953    www.kraton.com 

 Infineum USA L.P. 
 January 23, 2007 
 Page 2 
  

 If you are in agreement with the foregoing, please sign where indicated below and return a copy of this
letter to the undersigned. 
 

 
  

 Kraton Polymers US LLC 
 15710 John F Kennedy Blvd, Suite 300 Houston, Texas 77032 
 phone: 281.504.4700    fax: 281.504.4953    www.kraton.com

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