Document:

The Company's Non-Employee Director Deferred Stock Plan, as further amended.

 Exhibit 10.6 
  
 BARNES GROUP INC. 
  
 NON-EMPLOYEE DIRECTOR DEFERRED STOCK PLAN 
 as Further Amended 
  
 Section 1: Establishment of Plan 
  
 The
purpose of this Plan is to provide a means through which Directors of the Company may share in its long-term growth by acquiring a common stock ownership in the Company. 
  
 Section 2: Definitions 
  
 When used in this Plan, the following terms shall have the definitions set forth in this section: 
  
 2.1 “AAA” shall have the meaning set forth in Section 6 hereof. 

 
 2.2 “Board of Directors” shall mean the Board of Directors of Barnes Group Inc.

  
 2.3 “Change-in-Control” shall have the meaning set forth in the
Barnes Group Inc. Employee Stock And Ownership Program, as amended and in effect from time to time. 
  
 2.4 “Committee” shall have the meaning set forth in Section 3.4 hereof. 
  
 2.5 “Company” shall mean Barnes Group Inc. 
  
 2.6 “Delivery Date” shall have the meaning set forth in Section 4.1 hereof. 
  
 2.7 “Director” shall mean a member of the Board of Directors who is not an executive officer of the Company. 
  
 2.8 “Disability” shall have the meaning set forth in the Company’s long-term
disability plan. 
  
 2.9 “Grant Date” shall have the meaning set forth
in Section 3.1 hereof. 
  
 2.10 “Shares” shall have the meaning set
forth in Section 3.1 hereof. 
  

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 Section 3: Deferred Stock Grant 
  
 3.1 Each Director shall be granted as of the date of election to the Board of Directors (the
“Grant Date”) the right to receive, without payment to the Company and at the applicable time or times provided by Section 4 hereof, 6,000 shares of the common stock of the Company (the “Shares”). A Director shall have no
rights as a stockholder of the Company with respect to any of the Shares until the Shares are delivered to the Director pursuant to Section 4 hereof. 
  
 3.2 If the number of outstanding shares of common stock of the Company is changed as a result of a stock dividend, stock split, reverse stock split or the like without
additional consideration to the Company, the number of Shares shall be adjusted to correspond to the change in the outstanding shares of common stock; and in the case of any reorganization or recapitalization of the Company (by reclassification of
its outstanding common stock or otherwise), or its consolidation or merger with or into another corporation, or the sale, conveyance, lease or other transfer by the Company of all or substantially all of its property, pursuant to any of which events
the then outstanding shares of common stock are combined, or are changed into or become exchangeable for other shares of stock or property, the Director shall be entitled to receive, in lieu of the Shares that s/he would otherwise be entitled to
receive and without any payment, the shares of stock or property which the Director would have received upon such reorganization, recapitalization, consolidation, merger, sale or other transfer, if immediately prior thereto s/he had owned the Shares
that s/he would otherwise be entitled to receive pursuant to this Plan and had exchanged such Shares in accordance with the terms of such reorganization, recapitalization, consolidation, merger, sale or other transfer. 
  
 3.3 In no event (a) may the Director sell, exchange, transfer, assign, pledge,
hypothecate, mortgage or dispose of the right to receive the Shares or any interest therein, nor (b) shall the right to receive the Shares or any interest therein be subject to anticipation, attachment, garnishment, levy, encumbrance or charge
of any nature, voluntary or involuntary, by operation of law or otherwise. Any attempt, whether voluntary or involuntary, to sell, exchange, transfer, assign, pledge, hypothecate, mortgage, dispose, anticipate, attach, garnish, levy upon, encumber
or charge the right to receive the Shares or any interest therein shall be null and void and the other party to the transaction shall not obtain any rights to or interest in the Shares. The foregoing sentences in this Section 3.3 shall not
prevent the assignment or transfer of the right to receive the Shares and any interest therein by will or applicable laws of descent and distribution, or prevent the Director from designating one or more beneficiaries to receive the Shares in the
event of his or her death; provided, that such designation shall have been received in writing by the Company before such death and the last such designation shall be controlling. 
  

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 3.4 Notwithstanding Section 3.1, if the Director’s service as a director of the Company continues until the
date on which a Change-in-Control occurs, the Director shall have the right immediately to receive the Shares. However, if such Change-in-Control occurs less than six months after the Grant Date and the Compensation and Management Development
Committee of the Board of Directors (the “Committee”) (other than the Director, if s/he is a member thereof) requests in writing before the date of such Change-in-Control that the Director agree in writing to remain a director of the
Company through the date which is six months after the Grant Date with substantially the same title, duties, authority, compensation and indemnification as on the day immediately preceding the Change-in-Control, then in that event the Director shall
have the right to receive the Shares pursuant to this Section 3.4 only if the Director executes such written agreement and delivers it to the Company not later than one week after the date of such Change-in-Control, in which case the Director
shall have the right to receive the Shares when the Director delivers such written agreement or, if later, on the date on which such Change-in-Control occurs. 
  

3.5 If the Director, at any time before the Shares are delivered: (i) directly or indirectly, whether as an owner, partner, shareholder, consultant, agent,
employee, investor or in any other capacity, accepts employment with, renders services to or otherwise assists any other business which competes with the business conducted by the Company or any of its subsidiaries, during the Director’s last
two years with the Company or any of its subsidiaries; (ii) directly or indirectly, hires or solicits or arranges for the hiring or solicitation of any employee of the Company or any of its subsidiaries on behalf of any business or enterprise
other than the Company or a subsidiary, or encourages any such employee to leave such employment; (iii) uses, discloses, misappropriates or transfers confidential or proprietary information concerning the Company or any of its subsidiaries
(except as required by the Director’s work responsibilities with the Company or any of its subsidiaries); (iv) is convicted of a crime against the Company or any of its subsidiaries; or (v) engages in any activity in violation of the
policies of the Company or any of its subsidiaries, including without limitation the Company’s Code of Business Ethics and Conduct, or, at any time, engages in conduct adverse to the best interests of the Company or any of its subsidiaries;
then should any of the foregoing events occur, the right to receive the Shares and any interest therein and any future dividend equivalents shall be forfeited unless the Committee (other than the Director, if s/he is a member thereof), in its sole
discretion, elects otherwise. The provisions of this Section 3.5 are in addition to any other agreements related to non-competition, non-solicitation and preservation of Company confidential and proprietary information entered into between the
Director and the Company, and nothing herein is intended to waive, modify, alter or amend the terms of any such other agreement. 
  
 Section 4: Delivery of the Shares 
  

4.1 The Shares shall be delivered to each Director by, at the Director’s election, issuance of a stock certificate for the Shares or entry of a credit for the
Shares in a book 

  

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entry account in the Director’s name either on the first business day of the month immediately following his/her termination as a Director (the
“Delivery Date”) or, at the election of the Director, on the fifth anniversary of the Delivery Date (or if such date is not a business day, on the first business day thereafter) or in five annual installments (as equal as practical,
rounded to the nearest whole share, and not more in the aggregate than the total number of Shares that the Director is entitled to receive) commencing on the Delivery Date. The aforesaid election shall be made by a newly elected Director within
thirty days after election to the Board of Directors. 
  
 4.2 A Director who is
first elected after July 16, 2003 shall meet a minimum service requirement of three continuous years as a member of the Board of Directors, beginning on the Grant Date and ending on the third anniversary thereof, in order to receive 6,000
Shares. If such Director’s service is terminated due to a reason other than death or Disability, before the expiration of such minimum service period, then a prorata portion of the Shares, based on the Director’s period of service and
rounded to the nearest number of whole shares, shall be delivered in accordance with this Section 4. Such prorata portion shall be the number of Shares equal to 6,000 multiplied by a fraction which shall not exceed the number one (1), the
numerator of which shall be the number of months elapsed from the Grant Date until the date of such termination of service and the denominator of which fraction shall be the number 36. 
  
 4.3 In the event of the death of a Director prior to earning 6,000 Shares, 6,000 Shares shall be delivered to the beneficiary designated by
the Director or, in the absence of such designation, to the Director’s estate. In the event of the Disability of a Director prior to earning 6,000 Shares, 6,000 Shares shall be delivered to such Director. 
  
 4.4 Regardless of any election by a Director to defer delivery of the Shares, the Committee
may in its sole discretion deliver to the Director all of the Shares that the Director is entitled to receive at any time on or after the Delivery Date. 
  
 4.5 The Shares shall be Treasury shares. 
  
 Section 5: Dividend Equivalents 
  
 5.1 The grant of the right to receive the Shares shall also entitle the Director to receive Dividend Equivalents. On each date on which a dividend (other than a common
stock dividend) is paid to the holders of common stock the record date of which falls during the period commencing on the Grant Date and ending on the date when the Shares are delivered pursuant to Section 4 hereof, the Company shall pay the
Director an amount of money determined by multiplying (a) the number of the Shares that the Director is entitled to receive, times (b) the dividend per share paid on such dividend payment date. However, if the dividend is paid in property
other than cash or common stock, the amount of money to be paid to the Director in respect of such dividend shall 

  

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be determined by multiplying (i) the number of the Shares that the Director is entitled to receive, times (ii) the fair market value on such dividend payment
date of the property that was paid per share of common stock as a dividend on such dividend payment date. Notwithstanding anything to the contrary herein, the Director shall not be required to reimburse the Company for any dividend equivalents
previously paid to the Director with respect to Shares that are not delivered to the Director pursuant to Section 4.2 hereof. 
  
 5.2 At the election of a Director, which election may be changed from time to time, the Dividend Equivalents may be paid in cash or invested in the Company’s common
stock through an arrangement similar to the Company’s plan for dividend investment. 
  
 5.3 A Director who subsequently becomes an employee of the Company before the Delivery Date shall be entitled to continue to receive Dividend Equivalents. 
  
 Section 6: Interpretation 
  
 The Committee (other than the Director, if s/he is a member thereof) shall interpret and construe this Plan and make all
determinations thereunder, and any such interpretation, construction or determination by the Committee shall be binding and conclusive on the Company and the Director and on any person or entity claiming under or through either of them. 

 
 Any claim, demand or controversy arising from such interpretation,
construction or determination by the Committee shall be submitted first to a mediator in accordance with the rules of the American Arbitration Association (“AAA”) by submitting a mediation request to the Corporate Secretary of the Company
within thirty (30) days of the date of the Committee’s interpretation or construction. The mediation process shall conclude upon the earlier of: (a) the resolution of the dispute; (b) a determination by either the mediator or one
or more of the parties that all settlement possibilities have been exhausted and there is no possibility of resolution; or (c) thirty (30) days have passed since the filing of a request to mediate with the AAA. A party who has previously
submitted a dispute to mediation, and which dispute has not been resolved, may submit such dispute to binding arbitration pursuant to the rules of the AAA. Any arbitration proceeding for such dispute must be initiated within fourteen (14) days
from the date that the mediation process has concluded. The prevailing party shall recover its costs and reasonable attorney’s fees incurred in such arbitration proceeding. The Director and the Company specifically understand and agree that the
failure of a party to timely initiate a proceeding hereunder shall bar the party from any relief or other proceeding and any such dispute shall be deemed to have been finally and completely resolved. All mediation and arbitration proceedings shall
be conducted in Bristol, Connecticut or such other location as the Company may determine and the Director agrees that no objection shall be made to such jurisdiction or venue, as a forum non conveniens or otherwise. The arbitrator’s
authority shall be limited to resolution of the 

  

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legal disputes between the parties and the arbitrator shall not have authority to modify or amend this Plan or the Committee’s interpretation or
construction thereof, or abridge or enlarge rights available under applicable law. Any court with jurisdiction over the parties may enforce any award made hereunder. 
  
 Section 7: Amendment and Termination; Term 
  
 7.1 The Committee may at any time terminate this Plan and it may, at any time, or from time
to time, amend or suspend and, if suspended, reinstate, this Plan in whole or in part; provided, that any such amendment of this Plan shall be contingent on obtaining the approval of the stockholders of the Company if the Committee determines that
such approval is necessary to comply with any requirement of law, including the rules of any stock exchange, stock market or automated quotation system on which the Company’s equity securities are traded or quoted. 
  
 7.2 The expiration of this Plan, after which no rights to Shares may be granted hereunder,
shall be December 15, 2005; provided, that the administration of this Plan shall continue in effect until all matters have been settled relating to the delivery of Shares for which rights have been previously granted. 
  
 Section 8: General 
  
 8.1 The Company will make reasonable efforts to comply with all applicable federal and state
securities laws. However, the Company will not issue any Shares pursuant to this Plan if their issuance would result in a violation of any such law. If at any time the Committee (other than the Director, if s/he is a member thereof) shall determine,
in its discretion, that the listing, registration or qualification of any Shares subject to this Plan upon any securities exchange or under any state or Federal law, or the consent or approval of any government regulatory body, is necessary or
desirable as a condition of, or in connection with, the granting of rights under this Plan or the issue of the Shares, no rights under the Plan may be exercised and the Shares may not be delivered, in whole or in part, unless such listing,
registration, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the Committee and any delay caused thereby shall in no way affect the minimum service requirement described in
Section 4.2. 
  
 8.2 By accepting the right to receive the Shares and
Dividend Equivalents, the Director recognizes and agrees that the Company, its stockholders and its subsidiaries, and each of their officers, directors, agents and employees, including but not limited to the Board and the Committee, in their
oversight or conduct of the business and affairs of the Company and its subsidiaries, or, in the exercise by the Company’s stockholders of their voting rights, may in good faith act or omit to act, or cause the Company and/or a subsidiary to
act or omit to act, in a manner that will, directly or indirectly, prevent all or part of the Shares or Dividend Equivalents from becoming deliverable. No provision 

  

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of this Plan shall be interpreted or construed to impose any liability upon the Company, any stockholder of the Company, any subsidiary, or any officer,
director, agent or employee of the Company or any subsidiary, or the Board or the Committee, for any forfeiture of the Shares or Dividend Equivalents or any interest therein that may result, directly or indirectly, from any such action or omission,
or shall be interpreted or construed to impose any obligation on the part of any such entity or person to refrain from any such action or omission. 
  
 8.3 This Plan shall be governed by and construed in accordance with the internal laws of the State of Delaware, without regard to the principles of conflicts of laws
thereof. 
  
 Adopted by the Board of Directors

 on 5/18/1989 
 Amended on 2/18/1994 and 7/16/2003 
  
 Amended by the Board of Directors: 2/16/06 
  

 7Lyondell Chemical Company Executive Severance Pay Plan

 Exhibit 10.1 
 INSTRUMENT AMENDING 
 LYONDELL CHEMICAL COMPANY 
 EXECUTIVE SEVERANCE PAY PLAN 
 LYONDELL
CHEMICAL COMPANY hereby amends and restates the Lyondell Chemical Company Executive Severance Pay Plan, to read in its entirety as the document entitled “Lyondell Chemical Company Executive Severance Pay Plan”, attached hereto. 

IN WITNESS WHEREOF, LYONDELL CHEMICAL COMPANY, acting by and through its duly authorized officer, has caused this Instrument to be executed on this
23rd day of February , 2006. 
  

									
	ATTEST:	 		 	LYONDELL CHEMICAL COMPANY
					
	BY:	 	 /s/ Janna Sewell
	 		 	BY:	 	 /s/ Dan F. Smith

		 	Assistant Secretary	 		 		 	Dan F. Smith
		 		 		 		 	President and Chief Executive Officer

 LYONDELL CHEMICAL COMPANY 
 EXECUTIVE SEVERANCE PAY PLAN 
 As Amended and Restated Effective February 23, 2006 

 LYONDELL CHEMICAL COMPANY 
 EXECUTIVE SEVERANCE PAY PLAN 
 (As Amended and Restated Effective
February 23, 2006) 
 1. Purpose. This Lyondell Chemical Company Executive Severance Pay Plan (the “Plan”)
is intended to assure Lyondell Chemical Company (the “Company”) that it will have the continued dedication of specified executives and eliminate the distractions of personal uncertainties associated with potential transactions that the
Company may undertake in the future by providing for certain severance benefit payments to those executives on employment termination within a specified period following a Change in Control, as defined below. 
 2. Definitions. The terms set forth below have the following meanings: 
 “Act” means Code Section 409A, as enacted by the American Jobs Creation Act of 2004, as it may be amended, and all applicable
regulations and guidelines issued or promulgated by the appropriate government agency or regulatory body. 
 “Applicable Annual
Earnings” means the sum of a Participant’s annual base salary in effect on the last day of employment with the Employer (or if greater, annual base salary in effect on the date of the Change in Control) and the Participant’s
Target Award (whether or not paid) for personal services on the Employer’s behalf. The “Target Award” shall be the actual bonus compensation target for the calendar year when the Change in Control occurs, or if none has been
established, the bonus compensation target for the immediately preceding calendar year. Applicable Annual Earnings shall include the Participant’s current annual base salary and Target Award whether paid or deferred, including without limit,
amounts contributed by or on behalf of the Participant under any Employer-sponsored plan, such as (i) a plan described in Code Sections 125 or 401(k), or (ii) the Company’s Executive Deferral Plan. This definition of Applicable Annual
Earnings excludes any income attributable to stock options, stock appreciation rights, performance awards other than awards under an executive bonus plan described above, dividend credits, and restricted stock granted under, and dividends on shares
acquired pursuant to, any stock option plan, restricted stock plan or performance unit plan. 
 “Board” means the Board of
Directors of the Company. 
 “Change in Control” shall be deemed to have occurred as of the date that one or more of the
following occurs: 
 (i) Individuals who constitute the entire Board on the date of this amendment (“Incumbent Directors”)
then cease to constitute at least a Board majority for any reason; provided, however, that any individual after the date of this amendment also shall be considered an Incumbent Director if the individual’s election or nomination
for election by the Company’s shareholders was approved by a vote of at least a majority of the then Incumbent Directors, but an individual shall not be considered an Incumbent Director if the individual’s initial assumption of office
occurs as a result of either an actual or threatened election contest, as those terms are used in Rule 14a-11 under the Securities Exchange Act of 1934, as amended, or as a result of other actual or threatened solicitation of proxies or consents by
or on behalf of any Person (as defined below) other than the Board; 
  

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 (ii) The consummation of any merger, consolidation, amalgamation, reorganization, share exchange or
recapitalization of the Company (or, if the Company’s capital stock is affected, any Company subsidiary), or any sale, lease, exchange or other transfer (in one transaction of a series of transactions contemplated or arranged by any party as a
single plan) of all or substantially all of the Company’s assets (each of the foregoing being an “Acquisition Transaction”) where: 
 (1) the Company’s shareholders immediately before that Acquisition Transaction do not beneficially own, directly or indirectly, immediately after that Acquisition Transaction shares or other ownership interests
representing in the aggregate fifty percent (50%) or more of (a) the then outstanding common stock or other equity interests of the corporation or other entity surviving or resulting from the merger, consolidation, amalgamation,
reorganization, share exchange or recapitalization or acquiring such assets of the Company, as the case may be, or of its ultimate parent corporation or other entity, if any (the “Surviving Entity”), and (b) the Combined Voting
Power of the Surviving Entity’s then outstanding Voting Securities, or 
 (2) the Incumbent Directors who initially
approved the Acquisition Transaction do not constitute a majority of the Board of Directors, or similar managing group, of the Surviving Entity immediately after that Acquisition Transaction, or 
 (3) any Person directly or indirectly becomes the Beneficial Owner of the Surviving Entity’s securities representing, in the
aggregate, more than twenty percent (20%) of either (A) the Surviving Entity’s then outstanding shares of common stock (“Common Shares”) or (B) the Combined Voting Power of all the Surviving Entity’s then
outstanding Voting Securities, and that Person’s direct or indirect Beneficial Ownership of the Combined Voting Power of the outstanding Voting Securities of the Surviving Entity immediately after the Acquisition Transaction is more than five
percentage points greater than that Person’s Beneficial Ownership in the Combined Voting Power of the outstanding Voting Securities of the Company immediately before the Acquisition Transaction was initially approved; 
 (iii) The Company’s stockholders approve any plan or proposal to liquidate or dissolve the Company; or 
 (iv) Any Person becomes, directly or indirectly, the Beneficial Owner, of Company securities representing, in the aggregate, more than twenty percent
(20%) of either (A) the then outstanding Common Shares or (B) the Combined Voting Power of all of the Company’s then outstanding Voting Securities; provided, however, that notwithstanding the foregoing, no Change in
Control shall be deemed to occur under this Subsection (iv): 
 (1) Solely as a result of the Company acquiring securities in
an transaction that reduces the outstanding number of Common Shares or other Voting Securities and thereby increases (a) the proportion of Common Shares beneficially owned by any Person to more than twenty percent (20%) of the then
outstanding Common Shares, or (b) the proportionate voting power represented by the Voting Securities beneficially owned by any Person to more than twenty percent (20%) of the Combined Voting Power of all then outstanding Voting
Securities; 
  

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 (2) Solely as a result of a Person acquiring securities directly from the Company,
excluding any conversion of a security not acquired directly from the Company; 
 provided, further, that a Change in Control shall be deemed to occur if any
Person referred to in paragraph (1) or (2) of this Subsection (iv) thereafter becomes the Beneficial Owner of additional shares or other ownership interests representing one percent (1%) or more of the Company’s outstanding
Common Shares or one percent (1%) or more of the Combined Voting Power (other than as a result of (x) a stock split, stock dividend or similar transaction or (y) an event described in paragraph (1) or (2) of this Subsection
(iv)). 
 (v) For purposes of this Change in Control definition, the following capitalized terms have the following meanings: 
 (1) “Affiliate” means, as to a specified person, another person that directly or indirectly through one or more intermediaries,
controls or is controlled by, or is under common control with, the specified person, within the meaning of terms used in Rule 405 under the Securities Act of 1933, as amended, or any successor rule. 
 (2) “Beneficial Owner” has the meaning set forth in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, as amended.

 (3) “Combined Voting Power” means the aggregate votes entitled to be cast generally by holders of then
outstanding Voting Securities of a corporation or other entity to elect the Board of Directors, or similar managing group, of that corporation or entity. 
 (4) “Person” means any individual, entity (including, without limit, any corporation, partnership, trust, joint venture, association or governmental body) or group (as defined in Sections 14(d)(3) or
15(d)(2) of the Exchange Act and the rules and regulations thereunder); provided, however, that Person excludes the Company, any of its subsidiaries or affiliates or LYONDELL-CITGO Refining LP (“LCR”), any employee benefit
plan of the Company or LCR or any of their subsidiaries or any entity organized, appointed or established for or under the terms of any employee benefit plan by the Company, LCR, or their subsidiaries. 
 (5) “Voting Securities” means all securities of a corporation or other entity with the right, under ordinary circumstances, to
vote to elect the Board of Directors or similar managing group of that corporation or other entity. 
 “Cause” means:
(i) the Participant’s continued and willful refusal to substantially perform his duties (other than a willful refusal to perform a duty which constitutes Constructive Termination for Good Reason or refusal resulting from the
Participant’s incapacity due to physical or mental illness), after the Governing Body delivers a demand for substantial performance that specifically identifies the Governing Body’s determination of the manner in which the Participant has
not substantially performed his duties, where the Participant’s performance is not cured to the Governing Body’s reasonable satisfaction within thirty (30) days from that demand; (ii) the Participant’s engagement in willful
misconduct or dishonesty that is materially injurious, monetarily or otherwise to the Employer; or (iii) a Participant’s final 
  

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 conviction of a felony. Notwithstanding the foregoing, a Participant shall not be deemed terminated for Cause by an
Employer without (i) the Employer’s reasonable written notice to a Participant setting forth the reasons the Employer intends to terminate the Participant for Cause and (ii) the Participant’s opportunity, together with his
counsel, to be heard before the Governing Body. It is specifically agreed that Cause shall exclude any act or omission by a Participant in the good faith exercise of the Participant’s business judgment as an officer of the Employer. 

“Chief Executive Officer” means the Chief Executive Officer of the Company. 
 “Code” means the United States Internal Revenue Code of 1986, as amended from time to time. 
 “Committee” means the Compensation and Human Resources Committee of the Board or any person or persons appointed by the Board to
administer the Plan. 
 “Common Stock” means the Company’s common stock, par value $1.00 per share. 
 “Company” means Lyondell Chemical Company. 
 “Constructive Termination for Good Reason” means: 
 (i) the Participant is assigned to any
duties or responsibilities that are not comparable to the Participant’s position, offices, duties, responsibilities or status with the Employer at the time of the Change in Control, or the Participant’s reporting responsibilities or titles
are changed and the change results in a reduction of the Participant’s responsibilities or position with the Employer; 
 (ii) the
Participant’s level of benefits (qualified and executive) or compensation (individual base compensation and short and long-term incentive opportunity) is reduced below the comparable level payable to similarly situated executives at the
Employer; or 
 (iii) the Participant is actually transferred, or offered a proposed transfer, as evidenced in the Employer’s written
communication to the Participant, to a location other than the location where he was primarily employed immediately preceding the Change in Control, unless that new location is a major operating unit or facility of the Employer that is located
within 50 miles of the Participant’s primary location on the date immediately preceding a transfer; provided, however, (1) the Participant shall provide the Committee or the Board with written notice, within thirty
(30) days from the date that he is given the Employer’s written notice of an actual or proposed transfer, that the transfer shall constitute a Constructive Termination for Good Reason, (2) the Employer fails to provide the Participant
with written notice rescinding the actual or proposed transfer within twenty (20) days of the date the Employer receives the Participant’s notice and (3) if the Employer does not rescind the transfer, the Participant must terminate
his employment due to Constructive Termination for Good Reason within forty (40) days after that twenty (20)-day rescission period so, in any event, the Participant shall have terminated his employment with the Employer within ninety
(90) days after the Participant first receives the Employer’s written notice of the actual or proposed transfer. 
  

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 “Disability” means a permanent and total disability as defined in the Employer-sponsored
long-term disability plan applicable to the affected Participant. 
 “Effective Date” means February 23, 2006.

 “Employee” means an individual employed by the Company or a Subsidiary. 
 “Employer” means the Company or any Subsidiary that employs a Participant. 
 “Governing Body” means (i) the Board, if the Employer is the Company, or (ii) the applicable governing body of any other
Employer. 
 “Key Employee” means a Participant who at any time during the prior Plan Year was identified as (i) an
officer or the Company with annual compensation greater than $130,000, as adjusted, (ii) a five percent (5%) owner of the Company, or (iii) a one percent (1%) owner of the Company with annual compensation from the Company of more
that $150,000, as adjusted, as determined according to the requirements of Code Sections 409A and 416(i). For Plan distribution purposes, an Employee identified as a Key Employee during a year ending on the identification date shall be considered a
Key Employee for a twelve month period beginning on the following April 1. December 31 of the prior Plan Year shall be used as the identification date to identify Key Employees under the Act. 
 “Level One” means the Company’s Chief Executive Officer and those elected officers of the Company recommended by the Chief
Executive Officer and approved by the Committee. 
 “Level One Participant” means a Participant who is employed in a Level
One capacity by the Company during the relevant eligibility period under Section 3; 
 “Level Two” means an elected
officer of the Company who does not serve in a Level One capacity, an officer of a Subsidiary or an Employee in a senior management position of the Company or any Subsidiary who the Chief Executive Officer designates as eligible to participate.

 “Level Two Participant” means a Participant employed in a Level Two position during the relevant eligibility period under
Section 3. 
 “Level Three” means an Employee in a senior management position of the Company or any Subsidiary who the
Chief Executive Officer designates as eligible to participate. 
 “Level Three Participant” means a Participant employed in
a Level Three position during the relevant eligibility period under Section 3. 
 “Participant” means an Employee
eligible for a Plan benefit under Section 3 as a Level One Participant, Level Two Participant, or Level Three Participant. 
 “Plan” means the Lyondell Chemical Company Executive Severance Pay Plan, as amended from time to time. 
  

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 “Subsidiary” means (i) any corporation, limited liability company or similar entity
of which the Company directly or indirectly owns shares representing more than 50% of the voting power of all classes or capital stock of such corporation which have the right to vote generally on matters submitted to a vote of the shareholders of
that entity, (ii) LYONDELL-CITGO Refining, LP so long as the Company maintains an equity ownership interest equal to at least 25% in that entity, or (iii) any other entity in which the Company has an equity ownership interest of at least
25%, so long as the Committee designates that entity as a Subsidiary for Plan purposes. 
 3. Administration and Eligibility.

 (a) Administration. The Plan shall be administered by the Committee, which shall have full and exclusive power to interpret this
Plan and to adopt rules, regulations and guidelines to carry out this Plan as it deems necessary or appropriate. The Committee, in its discretion, may retain the services of an outside administrator to perform any of its Plan functions. Any
Committee decision in interpreting and administering this Plan shall lie within its sole and absolute discretion and shall be final, conclusive and binding on all parties concerned. Notwithstanding the foregoing, on or before a Change in Control,
the Board shall designate a successor plan administrator which, in all events, shall be independent of the Company and any Company affiliate. The successor plan administrator shall have all the powers given under the Plan to the Committee to
(i) determine all questions relating to Plan benefits; (ii) adopt rules and procedures to administer the Plan; and (iii) interpret Plan provisions. 
 (b) Eligibility to Participate. Employees, who, at any time in the two (2) year period before a Change in Control, occupied a position classified as Level One or Level Two, shall be eligible to receive
Plan benefits and those individuals shall be Level One Participants and Level Two Participants, respectively. In addition, the Chief Executive Officer may designate Employees in Level Two or Level Three, individually or by employee classification,
as Level Two or Level Three Participants under the Plan. The Chief Executive Officer must notify an Employee of designation as a Level Two or Level Three Participant in writing, with notice delivered to the Participant and a copy sent to
Committee members. Notwithstanding the foregoing, an Employee will not be eligible to become a Participant so long as that Employee is currently eligible for a severance benefit upon termination of employment with the Company pursuant to a plan or
agreement established by Millennium Chemicals, Inc. or any of its former subsidiaries or affiliates. 
 (c) Eligibility for Severance
Benefits. If a Participant’s employment is terminated within two years following a Change in Control, (i) by the Participant within ninety (90) days after any event occurs which constitutes a Constructive Termination for Good
Reason, or (ii) by the Employer for reasons other than (A) Cause, or (B) the Participants’ death or Disability, then the Company will provide or cause to be provided to the Participant the rights and benefits in Section 4.
No event which occurs on or after the date an Employer ceases to be a Subsidiary shall entitle a Participant employed by that former Subsidiary to receive any severance benefits pursuant to Section 4. 
  

 8 

 4. Severance Benefits. If a Participant is eligible for Severance Benefit under
Section 3(c), then the Company shall provide or cause to be provided to the Participant benefits as follows: 
 (a) Salary and Other
Payment at Termination. The Company shall pay to the Participant a cash lump-sum payment in the amount of: 
 (i) for
Level One Participants, three (3) times the Participant’s Applicable Annual Earnings; 
 (ii) for Level Two
Participants, two (2) times the Participant’s Applicable Annual Earnings; and 
 (iii) for Level Three Participants,
one (1) times the Participant’s Applicable Annual Earnings. 
 (b) Stock Options. All non-vested stock options which have
been granted to the Participant under any of the Company’s incentive plans (a “Stock Option Plan”) shall become 100% vested and fully exercisable as of the date of the Change in Control, notwithstanding any provision of the Stock
Option Plans or the Participant’s associated stock option agreements, if any, to the contrary. 
 If the Company is the surviving entity
following a Change in Control, to the extent compliant with the Act, all stock options owned by a Participant shall be freely exercisable for the remainder of their existing terms without regard to any earlier date in any Stock Option Plan or
associated stock option agreement, including, without limit, an earlier expiration date on a Participant’s employment termination. 
 (c) Minimum Retirement Benefits. If a Participant is not fully vested when he becomes eligible for Severance Benefits, the Company shall cause the Participant to be treated as if fully vested in the Employer’s qualified defined
benefit retirement plan, and to be fully vested in the Company’s Supplementary Executive Retirement Plan (or its successor), and any Subsidiary plan comparable to the Company’s Supplementary Executive Retirement Plan. If the Participant
has not satisfied the minimum age and service requirements for early retirement eligibility under these plans, the Company shall also cause the Participant to be treated as having satisfied or to have satisfied the minimum age and service
requirements for early retirement eligibility to determine the Participant’s eligibility to commence benefit payments under these plans. To determine the amount of benefits payable under the Employer’s qualified defined benefit plan and
Supplementary Executive Retirement Plan (or its successor) or comparable Subsidiary plan, benefits shall be calculated for a Participant who has attained age 55 when benefit payments commence as if the Participant met the plans’ early
retirement eligibility requirements. Benefits for a Participant who has not attained age 55 when benefit payments commence shall be calculated as if the Participant had met early retirement eligibility requirements, and then shall be actuarially
adjusted to reflect early commencement of the benefit. Payments attributable to these calculations which exceed any amount actually payable under the Employer’s qualified defined benefit retirement plan under this Section 4(c) shall be
paid in a lump sum cash payment on employment termination. If the Participant is covered under a Subsidiary’s qualified defined benefit plan or a Subsidiary plan comparable to the Company’s Supplementary Executive Retirement Plan, the
Company will cause the Subsidiary to provide a lump-sum cash payment on employment termination equal to the excess (if any) of the amount payable under this Section 4(c) and the present value of the amount payable under the Subsidiary’s
plans. No payment under this Section shall be deemed to be any part of the Participant’s benefit vested on or before December 31, 2004 under any Employer Supplementary Executive Retirement Plan. 
  

 9 

 The Participant shall be eligible for coverage under the retiree medical plan of the Company (or its
successor) on employment termination, regardless of attained age and service. Excluding eligibility requirements, coverage shall be provided for the Participant and the Participant’s dependents on the same terms and conditions, as that provided
to other retired executives or senior managers of the Company (or its successor) in the same class or category of position as the Participant held before the Change in Control; provided, however, that the medical coverage in Section 4(d) shall
govern for the first twenty-four (24) months following termination if that coverage is more favorable to the Participant. 
 (d)
Insurance and Other Benefits. For a period of twenty-four (24) months following termination, the Participant (and his or her dependents, as applicable) shall be covered at the Company’s expense by the Company’s life insurance,
medical, dental, accident and disability plans or any successor to a plan or program in effect at employment termination for active employees in the same class or category as the Participant, or who would be in the same class or category if employed
by the Company (hereafter individually and collectively referred to as “Welfare Plan”), subject to the terms of the Welfare Plan and to the Participant’s continued contributions, if required, which contributions shall not exceed those
charged to active employees in the same class or category in which the Participant was employed by the Company. If the Participant is ineligible to continue to be covered under the terms of any Welfare Plan, or if the Participant is eligible but the
benefits applicable to the Participant (and his dependents, as applicable) are not substantially equivalent to those benefits immediately before employment termination, then, the Company, at its expense, shall provide to the Participant (and his or
dependents, as applicable) benefits substantially equivalent to those in effect immediately before employment termination through other sources for a period of twenty-four (24) months following employment termination,. Any continuation coverage
required under the Consolidated Omnibus Budget Reconciliation Act of 1985 as amended (“COBRA”) under any Company group health plan shall be in addition to the coverage provided under this Section and shall not begin until the twenty-four
(24) month period ends. 
 If the Company is unable to make monthly payments for these benefits under the Act, the Company shall
calculate the cost of the benefits, at the rate in effect at employment termination, for the twenty-four (24) month period and shall pay that amount to the Participant at the same time other Severance Benefits are paid. The Participant then
shall be responsible for any payment required to provide these benefits. 
 (e) Outplacement. The Company, at its expense, shall
provide reasonable outplacement assistance to the Participant for a period not to exceed one (1) year from a professional outplacement assistance firm which is reasonably suitable to the Participant and commensurate with his position and
responsibilities. In no event will the amount expended for outplacement assistance for the Participant exceed $40,000 USD. 
 (f) Certain
Tax Payments. If the Participant becomes entitled to one or more payments (with a “payment” including, without limit, an increase in pension benefits and the vesting of an option or other non-cash benefit or property) under the terms
of any plan, arrangement or agreement with the Employer (the “Change in Control Payments”), which are or 
  

 10 

 become subject to the tax imposed by Code Section 4999 of the Code (or any similar tax that may be imposed) (the
“Excise Tax”), the Company shall pay to the Participant an additional cash amount (the “Additional Gross-up Payment”) such that the net amount retained by the Participant after reduction for (i) any Excise Tax on the Change
in Control Payments and (ii) any federal, state and local income or employment tax and Excise Tax payable with respect to the Additional Gross-up Payment, shall equal the Change in Control Payments. To determine the amount of the Additional
Gross-up Payment, the Participant shall be deemed (i) to pay federal income taxes at the highest stated rate of federal income taxation (including surtaxes, if any) for the calendar year in which the Additional Gross-up Payment is to be made;
and (ii) to pay any applicable state and local income taxes at the highest stated rate of taxation (including surtaxes, if any) for the calendar year in which the Additional Gross-up Payment is to be made. Any Additional Gross-up Payment
required hereunder shall be made to the Participant at the same time any Change in Control Payment subject to the Excise Tax is paid or deemed received by the Participant. The Additional Gross-up Payment shall not be paid under this Plan if an
Additional Gross-up Payment which is identical to or greater than the amount calculated in this Section 4(f) is paid under any plan, arrangement or agreement with the Employer. 
 If, in connection with the examination of a Participant’s tax return, the Internal Revenue Service asserts that any amount payable or benefit
provided hereunder is a “parachute payment” as defined in the Code and that amount or benefit was not treated as a parachute payment in determining an Additional Gross-up Payment, the Company, at its cost, shall assume the defense of any
controversy involving this issue and shall indemnify and hold the Participant harmless for all liabilities, costs, taxes, interest and penalties attributable to this issue and, to the extent necessary (without duplication), shall increase the
Additional Gross-up Payment to give effect to any additional amount or benefit determined to be a parachute payment. The Participant shall cooperate with the Company so the Company will be able to challenge any adverse determination by the Internal
Revenue Service through administrative proceedings and, if the Company decides, through litigation. 
 (g) No Duty to Mitigate;
Offsets. A Participant’s Severance Benefit entitlement shall not be governed by any duty to mitigate the Participant’s damages by seeking further employment nor offset by any compensation which the Participant may receive from future
employment. However, a Participant’s payment under Section 4(a) shall be reduced by any payment required by law, regulation, custom, contract, agreement or other Company or Employer severance plan related to the Participant’s
employment termination, including but not limited to, any salary continuation during any notice period required by law, other than the notice period applicable to a Constructive Termination for Good Reason. 
 (h) Time of Payments. Any cash payment under this Section shall be paid to a Participant within thirty (30) days of the Participant’s
employment termination, unless the Participant is a Key Employee. Cash payments and benefits to a Participant who is a Key Employee shall be made six (6) months after that Participant’s severance from service, to the extent required by the
Act. 
 5. Company Benefit Plans. The specific arrangements referred to in this Plan are not intended (i) to exclude or
limit a Participant’s participation in other benefit plans or programs in which the Participant currently participates or may participate including, without limit, retiree benefits, or benefits which are available to executive personnel
generally in the same class or 
  

 11 

 category as the Participant or (ii) to preclude or limit other compensation or benefits as may be authorized by the
Committee or the Governing Body from time to time. If not otherwise paid or provided, the Company shall timely pay or provide to the Participants and/or the Participant’s dependents any other amounts or benefits required to be paid or provided
or which the Participant or the Participant’s dependents are eligible to receive under this Plan and under any plan program, policy or practice or contract or agreement of the Company as in effect and applicable generally to executive personnel
in the same class or category of a Participant. 
 6. Payment Obligations Absolute. The Company’s obligation to pay or
provide, or to cause to be paid or provided, to Participants the amounts and benefits and to make the arrangements provided in this Plan shall be absolute and unconditional and shall not be affected by any circumstances (including, without limit,
any claim, counterclaim, recoupment, defense or other right, which the Employer may have against a Participant or anyone else, other than an offset provided under Section 4(g)). All amounts payable by or on behalf of the Company shall be paid
without notice or demand. Each and every payment made by or on behalf of the Company shall be final and the Company and its subsidiaries or affiliates, for any reason whatsoever, shall not seek to recover all or any part of that payment from a
Participant or from whomever shall be entitled to it. In no event shall an asserted violation of any Plan provision constitute a basis to defer or withhold any amount payable to, or on behalf of, a Plan Participant. 
 7. Confidentiality and Cooperation. 
 (a) Cooperation. Following termination, Participants will furnish information and render assistance and cooperation as reasonably requested in connection with any litigation or legal proceedings concerning the Company, any of its
Subsidiaries (other than any legal proceedings arising out of or concerning Participant’s employment or Participant’s termination). The Company will pay or reimburse Participants for reasonable expenses in connection with this cooperation.

 (b) Release of Liability. Each Participant, as a further eligibility condition for Plan benefits under Section 4, must execute
and deliver to the Company, in a form acceptable to the Company, a separate release and waiver, which, without limiting the generality of the foregoing, shall include a release and discharge of the Company, its Subsidiaries, and its and their
directors, board of directors, officers, employees, owners, agents, successors and assigns from any and all suits, causes of action, demands, claims, charges, complaints, liabilities, costs, losses, damages, injuries, bonds, judgments,
attorneys’ fees and expenses, in any form whatsoever, in law or in equity, whether known or unknown, whether suspect or unsuspected, arising out of the Participant’s employment with Company or any Subsidiary through his termination.

 8. Plan Term. If a Change in Control occurs, this Plan shall continue in full force and effect and shall not
terminate or expire until all Participants who become entitled to any Plan payments shall have received those payments in full. The Committee may amend, substitute, revoke or terminate the Plan at any time before a Change in Control; provided,
however, that no amendment, substitution, revocation or termination shall occur without consent of the affected Participants if a third party has submitted a proposal to the Board that is reasonably calculated, in the Committee’s judgment to
effect a Change in Control. After a Change in Control, the Plan shall not be amended, substituted, revoked or terminated in any respect which adversely affects a Participant’s rights of a Participant without the Participant’s consent.

  

 12 

 Notwithstanding the above, if any Plan provision would result in an additional tax under the Act, that
provision will be reformed to avoid the additional tax and no action taken to comply with the Act shall be deemed to adversely affect a Participant’s rights. Without limiting this general provision, the Plan may be amended to modify
(i) the definition of “Constructive Termination for Good Reason,” (ii) the conditions for eligibility under Section 3(c), (iii) the time to pay or provide benefits under Section 4, and (iv) eligibility for
insurance coverage under Section 4, including retiree medical coverage, to the extent necessary to avoid imposition of an additional tax under the Act. 
 9. Notices. All notices, requests, demands and other communications required or permitted to be given under this Plan (“notices”) shall be in writing and shall be deemed to have been given if
delivered by-hand, given by facsimile or telegram, or mailed via certified or registered U.S. mail, to the party to receive the notice at the party’s address set forth below; provided that either party may change its address for notice by
giving the other party written notice of that change. 
 If to the Company: 
 Lyondell Chemical Company 
 1221 McKinney,
Suite 700, 
 Houston, TX 77010 
 Attn: Chairman of the Board of Directors 
 If to a Participant: 
 Last address on the books of the Employer. 
 Any notice given under this Plan shall be deemed received (i) when delivered if delivered by-hand or mailed and; (ii) 24 hours after sending, if sent by facsimile or telegram. 
 10. Claims Procedure. If a Participant or his authorized representative (“claimant”) makes a written request alleging a right to
receive Plan benefits or alleging a right to receive an adjustment in Plan benefits being paid, the Committee shall treat it as a benefit claim. All benefit claims under the Plan shall be sent to the Committee and must be received within thirty
(30) days after employment termination. The decision will be made within ninety (90) days after the Committee receives the claim unless the Committee determines additional time due to special circumstances is needed. If the Committee
determines that an extension to process a claim is required, the final decision may be deferred up to one hundred eight (180) days after the claim is received, if the claimant is notified in writing of the need for the extension and the
anticipated date of a final decision before the end of the initial ninety (90) day period. 
 If the Committee decides that any
individual who has claimed a right to receive benefits, or different benefits, under the Plan is not entitled to receive all or any part of the benefits claimed, it will inform the claimant in writing, in terms calculated to be understood by the
claimant, of the specific reasons for the denial, the Plan provisions on which the denial is based, a description of additional material of information necessary to perfect the claim and an explanation of why the material or information is needed,
and an explanation of the Plan’s claim 
  

 13 

 review procedures. If no action is taken on the claim within the time periods shown above, the claim shall be deemed
denied on the last day of the applicable time period. The claimant is entitled to a full and fair review of the denied claim after actual or constructive notice of a denial. 
 The claimant must file a written request for review with the Committee, setting forth the grounds for the request and any supporting facts, comments or
arguments he wishes to make, within sixty (60) days after actual or constructive notice. If a written request for review is not received within this sixty (60) day period, the denial will be final. The claimant shall have reasonable access
to all relevant documents pertaining to the claim. 
 The Committee or the persons responsible to conduct the review on the Committee’s
behalf shall conduct a full and review the claim. Unless special circumstances require an extension of the review period, the Committee will render its decision no later than the date of its next regularly scheduled meeting, unless the request is
filed less than thirty (30) days before that meeting. If the request is filed less than thirty (30) days before a regularly scheduled meeting, the Committee will render its decision no later than the date of the second regularly scheduled
meeting after it receives the request. However, if special circumstances require an extension of the review period, a final decision shall be rendered no later than the third regularly scheduled meeting after it receives the request for review, if
the claimant is notified in writing of the special circumstances and the date of the expected decision, before the time is extended due to special circumstances. If the decision on review is not furnished to the claimant within the applicable time
period(s), the claim shall be denied on the last day of the applicable period. Committee decisions shall be in writing and provided no later than five (5) days after the decision is made. The decision shall include specific reasons for the
action taken, including the specific Plan provisions on which the decision is based. The claimant shall be notified of the right to reasonable access, on request, to relevant documents or other information without charge. 
 11. Arbitration of Disagreements. Any dispute, controversy or claim arising out of or relating to Plan obligations (after exhaustion of the
claims procedure remedies under Section 10), shall be settled by final and binding arbitration according to the American Arbitration Association Employment Dispute Resolution Rules. The arbitrator shall be selected by mutual agreement of the
parties, if possible. If the parties fail to reach agreement upon appointment of an arbitrator within thirty (30) days after one party receives the other party’s notice of desire to arbitrate, the arbitrator shall be selected from a panel
or panels submitted by the American Arbitration Association (the “AAA”). The selection process to be used is set forth in the AAA Employment Dispute Resolution Rules, but if the parties fail to select an arbitrator from one or more panels,
AAA shall not have the power to appoint and arbitrator, but shall continue to submit additional panels until an arbitrator has been selected. All fees and expenses of the arbitration, including a transcript if requested, will be borne by the parties
equally. 
 12. Miscellaneous. 
 (a) Assignment. No right, benefit or interest hereunder shall be subject to assignment, anticipation, alienation, sale, encumbrance, charge, pledge, hypothecation or set-off for any claim, debt or obligation,
or subject to execution, attachment, levy or similar process; but a Participant may assign any right, benefit or interest if the assignment is permitted under the terms of any plan or insurance policy, or annuity contract governing that right,
benefit or interest. 
  

 14 

 (b) Construction. Nothing in this Plan shall be construed to amend any provision of any plan or
policy of the Company or any Subsidiary except as otherwise expressly noted herein. This Plan is not, and shall not, be deemed to create any commitment by the Company or any Subsidiary to continue a Participant’s employment. The captions of
this Plan are not part of the provisions and shall have no force or effect. Whenever the context requires, the masculine gender includes the feminine gender, and words used in the singular or plural will include the other. 
 (c) Successors. A Participant’s rights under this Plan are personal to the Participant and shall not be assignable by a Participant other
than by will or the laws of descent and distribution without the Company’s prior written consent. This Plan shall inure to the benefit of and be enforceable by a Participant’s legal representatives. The Company will require any successor
to assume this Plan, and to agree to perform this Plan in the same manner and to the same extent that the Company would be required to perform this Plan if no succession had taken place. The Company’s failure to obtain the successor’s
assumption and agreement shall entitle a Participant to compensation from the Company in the same amount and on the same terms as he would be entitled under this Plan as if a Constructive Termination for Good Reason had occurred. 
 This Plan shall be binding upon and inure to the benefit of the Company and any successor organization or organizations which shall succeed to
substantially all of the Company’s business and/or assets (whether directly or indirectly by merger, consolidation, acquisition of substantially all the Company’s assets or otherwise, including by operation of law). 
 (d) Taxes. Any payment or delivery required under this Plan shall be subject to all legal requirements regarding tax withholding, filing,
reporting and other obligations. 
 (e) Governing Law. TO THE EXTENT THIS PLAN IS NOT GOVERNED BY FEDERAL LAW, THIS PLAN SHALL BE
GOVERNED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS, WITHOUT GIVING EFFECT TO ITS CONFLICTS OF LAW PRINCIPLES. 
  

	
	 LYONDELL CHEMICAL COMPANY

  

 15

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