Document:

Employment Agreement dated December 31, 2008

 Exhibit 10.27 
 Execution Copy 
 AMENDED AND RESTATED EMPLOYMENT AGREEMENT

 LOTHAR FREUND 
 WHEREAS, Lothar Freund (the “Executive”) is an employee of KRATON Polymers LLC, (“KRATON” or the “Company”), a Delaware limited liability company, which is a wholly owned
subsidiary of Polymer Holdings LLC (“Parent”), a Delaware limited liability company; 
 WHEREAS, the Executive and the
Company entered into a letter agreement (the “Letter Agreement”) dated August 11, 2005 outlining the terms of Executive’s employment with the Company, and an amendment to the Letter Agreement on May 14, 2007 (“Amendment
No. 1”); 
 WHEREAS, the parties desire to amend and restate the terms of the current agreement; 
 NOW THEREFORE, in consideration of the premises and mutual covenants herein and for other good and valuable consideration, the parties agree
as follows: 
 1. Term of Employment. Subject to the provisions of Section 7 of this Amended and Restated Employment
Agreement (the “Agreement”), Executive shall continue to be employed by the Company for a period that commenced on August 11, 2005 (the “Effective Date”) and shall end on the day before the fifth anniversary of the Effective
Date (the “Employment Term”) on the terms and subject to the conditions set forth in this Agreement; provided, however, that commencing with the fifth anniversary of the Effective Date and on each anniversary thereafter (each an
“Extension Date”), the Employment Term shall be automatically extended for an additional one-year period, unless KRATON or Executive provides the other party hereto 30 days prior written notice before the next Extension Date that the
Employment Term shall not be so extended. 
 2. Position. 
 a. During the Employment Term, Executive shall serve as Vice President of Technology of KRATON. In such position, Executive shall have the
duties and authority commensurate with the position as shall be determined from time to time by the Company. During the Employment Term, the Executive shall be subject to, and shall act in accordance with, all reasonable instructions and directions
and all applicable policies and rules of the Company. 
 b. During the Employment Term, Executive will devote Executive’s
full business time and best efforts to the performance of Executive’s duties hereunder and will not engage in any other business, profession or occupation for compensation or otherwise which would conflict or interfere with the rendition of
such services either directly or indirectly, without the prior written consent of the Company; provided that nothing herein shall preclude Executive, subject to the prior approval of the Company, from accepting appointment to or continue to serve on
any board of directors or trustees of any business corporation or any charitable organization; provided in each case, and in the aggregate, that such activities do not conflict or interfere with the performance of Executive’s duties hereunder
or conflict with Section 8. 
  

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 3. Base Salary. Executive’s current base salary (the “Base
Salary”) is $250,000 per annum, payable in regular installments in accordance with the Company’s usual payment practices. During the Employment Term, Executive shall be entitled to such Base Salary and annual reviews and increases in
Executive’s Base Salary, if any, as may be determined in the sole discretion of the board of directors of KRATON (the “Board”). 
 4. Incentive Compensation. 
 a. During the Employment Term, Executive shall
be eligible to earn an annual bonus award (an “Annual Bonus”) equal to (i) up to fifty percent (50%) of Executive’s Base Salary (the “Target”) based upon the achievement of performance objectives established by the
Board, and (ii) up to 100% of the Target if such performance objectives are exceeded due to extraordinary performance, as determined by the Board. The “fiscal year” during the Employment Term shall be equal to the calendar year unless
otherwise established by the Board. The performance objectives for payment of the Annual Bonus shall be established in writing by the Board, on or before the end of the third month of the applicable fiscal year. 
 5. Employee Benefits. 
 a. General. During the Employment Term, Executive shall be entitled to participate in the Company’s employee benefit plans, as amended from time to time, (other than bonus, incentive or
severance plans) as in effect from time to time (collectively “Employee Benefits”), on the same basis as those benefits are generally made available to other senior executives of the Company. 
 b. Vacation. Executive shall be entitled to four (4) weeks of paid vacation each year in accordance with applicable Company
policies. 
 c. Travel. During the Employment Term, the Company shall reimburse Executive for one round trip business
class airline ticket to and from Germany for each of Executive, his spouse and up to two (2) of his dependents, provided that Executive must present the Company with receipts for such travel expenses in accordance with KRATON policy.

 d. Tax Preparation. During the Employment Term, the Company shall reimburse Executive for reasonable costs incurred in
connection with annual tax preparation provided that Executive must present the Company with receipts in accordance with KRATON policy. 
 e. Other. During the Employment Term, Executive shall be eligible to participate in the equity incentive plans of the Company, its Parent and TJ Chemical Holdings LLC. 
 6. Business Expenses. During the Employment Term, reasonable business expenses incurred by Executive in the performance of
Executive’s duties hereunder shall be reimbursed by the Company in accordance with KRATON policy. 
 7. Termination.
The Employment Term and Executive’s employment hereunder may be terminated by either party at any time and for any reason; provided that

  

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Executive will be required to give KRATON at least 60 days advance written notice of any resignation of Executive’s employment, subject to and in accordance with the provisions of this
Section 7 and subsections (a) through (f). Notwithstanding any other provision of this Agreement, subject to Sections 8, 9, 10, 11(j) and 11(m), the provisions of this Section 7 shall exclusively govern Executive’s and the
Company’s rights and obligations related to termination of this Agreement and the rights and remedies upon termination of employment with the Company and its affiliates. 
 a. By KRATON For Cause or By Executive Resignation without Good Reason. 
 (i) The Employment Term and Executive’s employment hereunder may be terminated by KRATON for Cause (as defined below)
and shall terminate automatically upon Executive’s resignation without Good Reason (as defined below), provided that Executive will be required to give KRATON at least 60 days advance written notice of any such resignation, and provided further
that KRATON may elect to waive such notice period and to pay Executive in lieu of such notice. 
 (ii) For
purposes of this Agreement “Cause” shall mean (A) Executive’s continued failure substantially to perform Executive’s duties hereunder (other than as a result of total or partial incapacity due to physical or mental illness)
for a period of 30 days following written notice by KRATON to Executive of such failure; provided that it is understood that this clause (A) shall not permit KRATON to terminate Executive’s employment for Cause because of dissatisfaction
with the quality of services provided by or disagreement with the actions taken by Executive in the good faith performance of Executive’s duties to KRATON, (B) failure of Executive to maintain his principal residence in the same
metropolitan area as KRATON’s principal headquarters, which is currently located in Houston, Texas, or elsewhere as mutually agreed to by Executive and Company, (C) theft or embezzlement of Company property, (D) Executive’s
conviction of or plea of guilty or no contest to (x) a felony or (y) a crime involving moral turpitude, (E) Executive’s willful malfeasance or willful misconduct in connection with Executive’s duties hereunder or any act or
omission which is materially injurious to the financial condition or business reputation of the Company or any of its subsidiaries or affiliates, or (F) Executive’s breach of the provisions of Sections 8 or 9 of this Agreement. 

(iii) If Executive’s employment is terminated by KRATON for Cause, or if Executive resigns without Good Reason,
Executive shall be entitled to receive, within 30 days following such termination with respect to (A)-(C) below and at such time, if any, as the Employee Benefits under (D) below become due in accordance with the applicable terms thereof:

 (A) the Base Salary through the date of termination, to the extent not already paid; 
  

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 (B) any Annual Bonus earned but unpaid as of the date of termination
for any previously completed fiscal year; 
 (C) reimbursement for any unreimbursed business expenses properly
incurred by Executive in accordance with KRATON policy prior to the date of Executive’s termination; and 
 (D) such vested Employee Benefits, if any, as to which Executive may be entitled under the employee benefit plans of the Company as described in Section 5(a) (including, without limitation, any retirement benefits, medical, life
insurance or disability benefits, accrued but unpaid vacation or other benefits Executive is entitled to pursuant to the terms of the applicable plans then in effect (the amounts described in clauses (A) through (D) hereof being referred
to as the “Accrued Obligations”)). 
 Following such termination of Executive’s employment by KRATON for Cause or
resignation by Executive without Good Reason, except as set forth in this Section 7(a)(iii), Executive shall have no further rights to any compensation or any other benefits in the nature of severance or termination pay or in connection with
the termination of his employment. 
 b. Disability or Death. 
 (i) The Employment Term and Executive’s employment hereunder shall terminate upon Executive’s death and may be
terminated by KRATON if Executive becomes physically or mentally incapacitated and is therefore unable for a period of six (6) consecutive months or for an aggregate of nine (9) months in any twenty-four (24) consecutive month period
to perform Executive’s duties (such incapacity is hereinafter referred to as “Disability”); provided that a termination of employment on the basis of a Disability must occur within 90 days of the date when Executive is subject to
termination due to Disability. Any question as to the existence of the Disability of Executive as to which Executive and KRATON cannot agree shall be determined in writing by a qualified independent physician mutually acceptable to Executive and
KRATON. If Executive and KRATON cannot agree as to a qualified independent physician, each shall appoint such a physician and those two physicians shall select a third who shall make such determination in writing. The determination of Disability
made in writing to the Company and Executive shall be final and conclusive for all purposes of the Agreement. 
 (ii) Upon termination of Executive’s employment hereunder for either Disability or death, Executive or Executive’s estate (as the case may be) shall be entitled to receive: 
 (A) at the times set forth in Section 7(a)(iii) hereof, the Accrued Obligations; 
  

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 (B) a pro rata portion of any Annual Bonus that Executive would have
been entitled to receive pursuant to Section 4(a) hereof in such year based upon the percentage of the fiscal year that shall have elapsed through the date of Executive’s termination of employment, payable when such Annual Bonus would have
otherwise been payable had Executive’s employment not terminated. 
 Following Executive’s termination of employment
due to death or Disability, except as set forth in this Section 7(b)(ii), Executive shall have no further rights to any compensation or any other benefits in the nature of severance or termination pay or in connection with the termination of
his employment. 
 c. By KRATON Without Cause or Resignation by Executive for Good Reason. 
 (i) The Employment Term and Executive’s employment hereunder may be terminated by KRATON without Cause or by
Executive’s resignation for Good Reason. 
 (ii) If Executive’s employment is terminated by KRATON
without Cause (other than by reason of death or Disability) or by Executive’s resignation for Good Reason, other than in the event such termination occurs within one (1) year following a Change in Control, which shall be governed
exclusively by Section 7(c) hereof, Executive shall be entitled to receive: 
 (A) At the times set forth
in Section 7(a)(iii) hereof, the Accrued Obligations; 
 (B) continuation of Executive’s annual Base
Salary for a period of 12 months following such termination (the “Severance Continuation Period”) which shall be paid at the same time and in the same manner as if Executive had remained employed by KRATON during such period; provided that
if, prior to such first anniversary, Executive begins to provide services (as an employee, consultant or otherwise) to another person or entity and such services are expected to continue or actually continue for more than 30 days, then the period of
continuation of Base Salary shall be reduced to the later of (A) 6 months following such termination of employment or (B) the date the Executive begins to provide such services (the “Severance Continuation Period”); and

 (C) medical benefits for Executive and his eligible dependents comparable to those medical benefits Executive
participated in on the date of termination during the Severance Continuation Period, provided in any case such medical benefits shall cease if Executive becomes entitled to medical benefits from a new employer. KRATON may provide such medical
benefits by paying the Executive’s COBRA continuation coverage through such Severance Continuation Period. 
  

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 (iii) For purposes of this Agreement, “Good Reason” shall
mean (A) the failure of the Company to pay or cause to be paid Executive’s Base Salary or Annual Bonus (if any) when due, (B) a material reduction in Executive’s Base Salary, the Target Annual Bonus opportunity described in
Section 4 herein, or Employee Benefits other than an across-the-board reduction in salary or bonus opportunity for all of the members of the Company’s management team and other than a decrease in Employee Benefits that applies to all
employees otherwise eligible to participate in the affected plan, (C) a relocation of Executive’s primary work location more than 50 miles from the work location on the date hereof, without written consent, or (D) a material reduction
in Executive’s duties and responsibilities as described in Section 2(a) of this Agreement; provided that none of these events shall constitute Good Reason unless the Company fails to cure such event within 30 days after receipt from
Executive of written notice specifying in reasonable detail the event which constitutes Good Reason; provided, further, that “Good Reason” shall cease to exist for an event on the 60th day following the later of its occurrence or
Executive’s knowledge thereof, unless Executive has given KRATON written notice thereof prior to such date. 
 The payments
and benefits described in subparagraphs 7(c)(ii)(B) - (C) above shall be subject to and conditioned upon the Executive’s execution and delivery of a valid and effective general release and waiver in a form satisfactory to the Company, waiving
all claims the Executive may have against the Company, its affiliates and their respective executives, directors, partners, members, shareholders, successors and assign. Such general release and waiver must be executed by the Executive within 30
days after the date of termination of the Executive’s employment and any payment that would otherwise have been made or any benefit that would have otherwise been provided shall not be made or provided until after the 40th day following the
date of such termination of employment, subject to the execution of the general release and waiver but without regard to the date upon which the general release and waiver was executed, except to the extent permitted by Section 409A of the
Internal Revenue Code of 1986, as amended (the “Code”). 
 Following Executive’s termination of employment by the
Company without Cause (other than by reason of Executive’s death or Disability) or by Executive’s resignation for Good Reason, except as set forth in Section 7(c)(ii), Executive shall have no further rights to any compensation or any
other benefits in the nature of severance or termination pay or in connection with the termination of his employment. 
 d.
By KRATON Without Cause or Resignation by Executive for Good Reason Following a Change In Control. 
 (i)
The Employment Term and Executive’s employment hereunder may be terminated by KRATON without Cause or by Executive’s resignation for Good Reason. 
 (ii) If the Executive’s employment is terminated by KRATON without Cause (other than by reason of death or disability)
or by Executive’s

  

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resignation for Good Reason, in each case, within one (1) year following a Change in Control, Executive shall be entitled to receive: 
 (A) at the times set forth in Section 7(a)(iii) hereof, the Accrued Obligations; 
 (B) continuation of Executive’s annual Base Salary for a period of twelve months following such termination (the
“Change in Control Severance Period”) which shall be paid at the same time and in the same manner as if Executive had remained employed by KRATON during such period; 
 (C) 1 times Annual Bonus calculated at the Target level payable as a lump sum; and a pro rata portion of any Annual Bonus
that Executive would have been entitled to receive pursuant to Section 4(a) hereof in such year calculated by taking the product of (a) his Target Annual Bonus multiplied by (b) a fraction, the numerator of which is the number of days
during which the Executive was employed by the Company in the year of his termination and the denominator of which is 365, as further adjusted to reflect the then-current bonus accrual as it exists on the Company’s books as of the date of
termination. All sums due under this sub-paragraph shall be payable within thirty (30) days of Executive’s termination of employment; and 
 (D) all health benefits including medical, dental and vision for Executive and his eligible dependents comparable to those health benefits Executive participated in on the date of termination during the
Change in Control Severance Continuation Period, provided in any case such health benefits shall cease if Executive becomes entitled to health benefits from a new employer. KRATON may provide such health benefits by paying the Executive’s COBRA
continuation coverage through such Change in Control Severance Continuation Period. 
 (iii) For purposes of
this Agreement, “Change in Control” shall mean the occurrence of any of the following events: 
 (A)
any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all of the assets of the Company, Polymer Holdings, or TJ Chemical Holdings (together, the “Entities”) to any Person or group of
related persons (a “Group”) for purposes of Section 13(d) of the Securities Exchange Act of 1934 (the “Exchange Act”), together with any affiliates thereof other than to TPG III Polymer Holdings LLC, TPG IV Polymer Holdings
LLC or J.P. Morgan Partners LLC or any of their affiliates (hereinafter the “Sponsors”); 
 (B) the
complete liquidation or dissolution of any of the Entities; 
  

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 (C) (1) any Person or Group (other than the Sponsors) shall become the
beneficial owner (within the meaning of Section 13(d) of the Exchange Act), directly or indirectly, of equity interests of an Entity representing more than 40% of the aggregate outstanding voting equity interests of such Entity and such Person
or Group actually has the power to vote such equity interests in any such election and (2) the Sponsors beneficially own (within the meaning of Section 13(d) of the Exchange Act), directly or indirectly, in the aggregate a lesser
percentage of the voting equity interests of an Entity than such other Person or Group; 
 (D) the replacement
of a majority of the board of directors of an Entity over a two-year period from the directors who constituted such board at the beginning of such period, and such replacement shall not have been approved by a vote of at least a majority of the
board then still in office who either were members of such board at the beginning of such period or whose election as a member of such board was previously so approved or who were nominated by, or designees of, the Sponsors; or 
 (E) a merger or consolidation of an Entity with another entity in which holders of the equity interests of the Entity
immediately prior to the consummation of the transaction hold, directly or indirectly, immediately following the consummation of the transaction, less than 50% of the common equity interest in the surviving corporation in such transaction and the
Sponsors do not hold a sufficient amount of voting equity interests to elect a majority of the surviving entity’s board of directors. 
 (F) The payments and benefits described in subparagraphs 7(d)(ii)(B) - (D) above shall be subject to and conditioned upon the Executive’s execution and delivery of a valid and effective general
release and waiver, in a form satisfactory to the Company, waiving all claims the Executive may have against the Company, its affiliates and their respective executives, directors, partners, members, shareholders, successors and assigns. Such
general release and waiver must be executed by the Executive within 30 days after the date of termination of the Executive’s employment and any payment that would otherwise have been made or any benefit that would have otherwise been provided
shall not be made or provided until after the 40th day following the date of such termination of employment, subject to the execution of the general release and waiver but without regard to the date upon which the general release and waiver was
executed, except to the extent permitted by Section 409A of the Code. Following Executive’s termination of employment by the Company as a result of a Change In Control, except as set forth in Section 7(d)(ii), Executive shall have no
further rights to any compensation or any other benefits in the nature of severance or termination pay or in connection with the termination of his employment. 
  

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 e. Expiration of Employment Term. 
 (i) Election Not to Extend the Employment Term. In the event either party elects not to extend the Employment Term
pursuant to Section 1, unless Executive’s employment is earlier terminated pursuant to paragraphs (a), (b), (c) or (d) of this Section 7, Executive’s termination of employment hereunder (whether or not Executive
continues as an employee of the Company thereafter) shall be deemed to occur on the close of business on the day immediately preceding the next scheduled Extension Date. If Executive’s employment is terminated due to Executive’s election
not to extend the Employment Term, Executive shall be entitled to receive the Accrued Obligations. If Executive’s employment is terminated by KRATON other than for Cause following KRATON’s election not to extend the Employment Term,
Executive shall be entitled to receive (1) at the times set forth in Section 7(a)(iii) hereof, the Accrued Obligations, (2) continuation of Executive’s annual Base Salary during the Severance Continuation Period at the same time
and in the same manner as if Executive had remained employed by KRATON during such period, and (3) medical benefits for Executive and his eligible dependents comparable to those medical benefits Executive participated in on the date of
termination during the Severance Continuation Period, provided in any case such medical benefits shall cease if Executive becomes entitled to medical benefits from a new employer. KRATON may provide such medical benefits by paying the
Executive’s COBRA continuation coverage through such Severance Continuation Period. 
 The payments and
benefits described in this subparagraph (i) shall be subject to and conditioned upon the Executive’s execution and delivery of a valid and effective general release and waiver, in a form satisfactory to the Company, waiving all claims the
Executive may have against the Company, its affiliates and their respective executives, directors, partners, members, shareholders, successors and assigns. Such general release and waiver must be executed by the Executive within 30 days after the
date of termination of the Executive’s employment and any payment that would otherwise have been made or any benefit that would have otherwise been provided shall not be made or provided until after the 40th day following the date of such
termination of employment, subject to the execution of the general release and waiver but without regard to the date upon which the general release and waiver was executed, except to the extent permitted by Section 409A of the Code. 

Following such termination of Executive’s employment hereunder as a result either party’s election not to
extend the Employment Term, except as set forth in this Section 7(e)(i), Executive shall have no further rights to any compensation or any other benefits in the nature of severance or termination pay or in connection with the termination of his
employment. 
 (ii) Continued Employment Beyond the Expiration of the Employment Term. Unless the parties
otherwise agree in writing, continuation of Executive’s employment with the Company beyond the expiration of the

  

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Employment Term shall be deemed an employment at-will and shall not be deemed to extend any of the provisions of this Agreement and Executive’s employment may thereafter be terminated at
will by either Executive or the Company; provided that the provisions of Sections 8, 9 and 10 of this Agreement (and the Company’s potential severance obligation under Section 7(e)(i) if applicable) shall survive any termination of this
Agreement or Executive’s termination of employment hereunder. 
 f. Notice of Termination. Any purported
termination of employment by the Company or by Executive (other than due to Executive’s death) shall be communicated by written Notice of Termination to the other party hereto in accordance with Section 11(h) hereof For purposes of this
Agreement, a “Notice of Termination” shall mean a notice which shall indicate the specific termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis
for termination of employment under the provision so indicated. 
 8. Non-Competition. 
 a. Executive acknowledges and recognizes the highly competitive nature of the businesses of the Company and accordingly agrees as follows:

 (i) During the Employment Term and, for a period of one year following the date Executive ceases to be
employed by the Company (the “Restricted Period”), Executive will not, whether on Executive’s own behalf or on behalf of or in conjunction with any person, company, business entity or other organization engaged in a Competitive
Business (as defined below), directly or indirectly solicit or assist in soliciting on behalf of any entity engaged in a Competitive Business, the business of any client or prospective client: 
 (A) with whom Executive had personal contact or dealings on behalf of the Company during the one year period preceding
Executive’s termination of employment; 
 (B) with whom employees reporting to Executive have had personal
contact or dealings on behalf of the Company during the one-year period immediately preceding the Executive’s termination of employment; or 
 (C) for whom Executive had direct or indirect responsibility during the one-year period immediately preceding Executive’s termination of employment. 
 (ii) During the Restricted Period, Executive will not directly or indirectly: 
 (A) engage in a Competitive Business; 
  

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 (B) enter the employ of, or render any services to, any person or
entity (or any division of any person or entity) who or which engages in a Competitive Business; provided that Executive shall not be prohibited from rendering any services to any company that derives less than 10% of its revenues from a Competitive
Business (a “Permitted Company”), if such services or employment relate solely to a business of the Company that is not in competition with a Competitive Business; 
 (C) acquire a financial interest in, or otherwise become actively involved with, any Competitive Business, directly or
indirectly, as an individual, partner, shareholder, officer, director, principal, agent, trustee or consultant; provided, however, a Competitive Business shall not include a Permitted Company, or 
 (D) interfere with, or attempt to interfere with, business relationships (whether formed before, on or after the date of
this Agreement) between the Company and customers, clients, suppliers partners, members or investors of the Company of which it is reasonable to expect that Executive is aware. 
 (iii) For purposes of this Agreement, “Competitive Business” means the development, manufacture, license, sale or
provision of products or services that the Company currently, or at any time during the Employment Term, sells, manufactures, licenses or provides, or has specific plans to do so, including without limitation styrenic block copolymers made by
anionic polymerization. 
 (iv) Notwithstanding anything to the contrary in this Agreement, Executive may,
directly or indirectly own, solely as an investment, securities of any person engaged in a Competitive Business which is publicly traded on a national or regional stock exchange or on the over-the-counter market if Executive (i) is not a
controlling person of, or a member of a group which controls, such person and (ii) does not, directly or indirectly, own 5% or more of any class of securities of such person. 
 (v) During the Restricted Period, Executive will not, whether on Executive’s own behalf or on behalf of or in
conjunction with any person, company, business entity or other organization whatsoever, directly or indirectly: 
 (A) solicit or encourage any employee of the Company to leave the employment of the Company; or 
 (B)
hire any such employee who was employed by the Company as of the date of Executive’s termination of employment with the Company or who left the employment of the Company coincident with, or within six months prior to or after, the termination
of Executive’s employment with the Company. Notwithstanding the foregoing, following a Change in Control, Executive will not be restricted from

  

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hiring any employee who is terminated without Cause following such Change in Control. 
 (vi) During the Restricted Period, Executive will not, directly or indirectly, solicit or encourage to cease to work with the Company any individual consultant then under contract with the Company.

 b. It is expressly understood and agreed that although Executive and the Company consider the restrictions contained in this
Section 8 to be reasonable, if a final judicial determination is made by a court of competent jurisdiction that the time or territory or any other restriction contained in this Agreement is an unenforceable restriction against Executive, the
provisions of this Agreement shall not be rendered void but shall be deemed amended to apply as to such maximum time and territory and to such maximum extent as such court may judicially determine or indicate to be enforceable. Alternatively, if any
court of competent jurisdiction finds that any restriction contained in this Agreement is unenforceable, and such restriction cannot be amended so as to make it enforceable, such finding shall not affect the enforceability of any of the other
restrictions contained herein. 
 9. Confidentiality; Inventions. 
 a. Confidentiality. During the Employment Term and thereafter, Executive will not disclose or use for Executive’s own benefit or
purposes or the benefit or purposes of any other person, firm, partnership, joint venture, association, corporation or other business organization, entity or enterprise other than the Company, any trade secrets, or other confidential information or
data of the Company relating to the Company’s customers, development programs, costs, marketing, trading, investment, sales activities, promotion, credit and financial data, manufacturing processes, financing methods, plans, or the business and
affairs of the Company generally; provided that the foregoing shall not apply to information which is not unique to the Company or which is generally known to the industry or the public other than as a result of Executive’s breach of this
covenant. Except as required by law, Executive will not disclose to anyone, other than his immediate family, legal or financial advisors or any subsequent employer, the contents of this Agreement. Executive agrees that upon termination of
Executive’s employment with the Company for any reason, he will return to the Company immediately all memoranda, books, papers, plans, information, letters and other data, and all copies thereof or therefrom, in any way relating to the business
of the Company, except that he may retain personal notes, notebooks and diaries and personally owned books, reference material or information of a similar nature, that do not contain confidential information of the type described in the preceding
sentence of this section. Executive further agrees that he will not retain or use for Executive’s account at any time any trade names, trademark or other proprietary business designation used or owned in connection with the business of the
Company. 
 b. Prior Inventions. Executive has attached hereto, as Exhibit A, a list describing all material creations,
inventions, and developments which were created or contributed to by Executive either solely or jointly with others prior to Executive’s employment with the Company which relate to the Company’ proposed or current business, services,
products or research and development (collectively referred to as “Prior Inventions”). If no such list is attached, Executive either will advise the Company that Prior Inventions exist but cannot be

  

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disclosed because of prior existing confidentiality obligations or, absent such advice, will be understood to represent that there are no such Prior Inventions. If in the course of
Executive’s employment with the Company, Executive uses or relies upon a Prior Invention, or any works of authorship (including software, related items, data bases, documentation, site content, text or graphics), developments, improvements or
trade secrets which were created or contributed to by Executive either solely or jointly with others prior to Executive’s employment with the Company (“Prior Intellectual Property”) in Executive’s creation or contribution to any
work of authorship, invention, product, service, process, machine or other property of the Company, Executive will inform the Company promptly and, upon request, use Executive’s best efforts to procure any consents of third parties necessary
for the Company’ use of such Prior Intellectual Property. To the fullest extent permissible by law, and to the extent not in contravention of any prior legal obligation of Executive to others all of which are disclosed to KRATON on Exhibit B,
attached hereto, Executive hereby grants the Company a non-exclusive royalty-free, irrevocable, perpetual, worldwide license under all of Executive’s Prior Inventions to make, have made, copy, modify, distribute, use and sell works of
authorship, products, services, processes and machines and to otherwise operate the Company’ current and future business. 
 c. Ownership of Inventions. Executive agrees that Executive will promptly make full written disclosure to the Company, and hereby assigns to the Company, or its designee, all of Executive’s right, title, and interest in and to
any and all creations, inventions or developments, whether or not patentable, which Executive may solely or jointly conceive or develop or reduce to practice, during the period of time Executive is in the employ of the Company (collectively referred
to as “the Company Inventions”), other than (and the Company Inventions shall not include) any such creations, inventions or developments which demonstrably bear no relationship whatsoever to the business of the Company, the chemical
industry, or the application of technologies, ideas, or processes directly or indirectly related to the business of the Company or the chemical industry to any other industries or disciplines. For the avoidance of doubt, the Company Inventions shall
include any creations, inventions or developments that relate directly or indirectly to a Competitive Business. Executive further acknowledges that all original works of authorship which are created or contributed to by Executive (solely or jointly
with others) within the scope of and during the period of Executive’s employment with the Company (“the Company Copyrights”) are to be deemed “works made for hire,” as that tenor is defined in the United States Copyright
Act, and the copyright and all intellectual property rights therein shall be the sole property of the Company. To the extent any of such works are deemed not to be “works made for hire,” Executive hereby assigns the copyright and all other
intellectual property rights in such works to the Company. 
 d. Contracts with the United States. Executive agrees to
execute any licenses or assignments of the Company Inventions or the Company Copyrights as required by any contract between the Company and the United States or any of its agencies. 
 e. Maintenance of Records. Executive agrees to keep and maintain adequate and current written records of all the Company Inventions
made by Executive (solely or jointly with others) during the term and within the scope of Executive’s employment with the Company. The records will be in the form of notes, sketches, drawings, and any other format that may be specified to
Executive or within the Company’ policies, manuals or procedures by

  

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the Company. The records will be available to and remain the sole property and intellectual property of the Company at all times. 
 f. Further Assurances. Executive covenants to take all requested actions and execute all requested documents to assist the Company,
or its designee, at the Company’ expense, in every way; consistent with applicable law, (1) to secure the Company’s above rights in the Prior Intellectual Property and Company Inventions and any of the Company’s Copyrights,
patents, mask work rights or other intellectual property rights relating thereto in any and all countries, and (2) to pursue any patents or registrations with respect thereto. This covenant shall survive the termination of this Agreement. If
the Company is unable for any reason, after reasonable efforts, to secure Executive’s signature on any document for this purpose, then Executive hereby irrevocably designates and appoints the Company and its duly authorized officers and agents
as Executive’s agent and attorney in fact, for the limited purpose of acting for and in Executive’s behalf and stead to execute such documents and to do all other lawfully permitted acts in connection with the execution of such documents.

 10. Specific Performance. Executive acknowledges and agrees that the Company’s remedies at law for a breach or
threatened breach of any of the provisions of Sections 8 and 9 would be inadequate and, in recognition of this fact, Executive agrees that, in the event of such a breach or threatened breach, in addition to any remedies at law, the Company, without
posting any bond, shall be entitled to obtain equitable relief in the form of specific performance, temporary restraining order, temporary or permanent injunction or any other equitable remedy which may then be available and in the event of a breach
of Sections 8 and 9, shall be entitled to cease making any payments or providing any benefit otherwise required by this Agreement. 
 11. Miscellaneous. 
 a. Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of Delaware, without regard to conflicts of laws principles thereof. 
 b. Entire
Agreement/Amendments. Except for the documents related to the Company and its affiliates’ equity incentive plans, this Agreement contains the entire understanding of the parties with respect to the employment of Executive by the Company,
there are no restrictions, agreements, promises, warranties, covenants or undertakings between the parties with respect to the subject matter herein other than those expressly set forth herein. This Agreement may not be altered, modified, or amended
except by written instrument signed by the parties hereto. 
 c. No Waiver. The failure of a party to insist upon strict
adherence to any term of this Agreement on any occasion shall not be considered a waiver of such party’s rights or deprive such party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement.

 d. Severability. In the event that any one or more of the provisions of this Agreement shall be or become invalid,
illegal or unenforceable in any respect, the validity,

  

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legality and enforceability of the remaining provisions of this Agreement shall not be affected thereby. 
 e. Assignment. This Agreement shall not be assignable by Executive. This Agreement may be assigned by the Company to a person or entity which is an affiliate or a successor in interest to
substantially all of the business operations of the Company. Upon such assignment, the rights and obligations of the Company hereunder shall become the rights and obligations of such affiliate or successor person or entity. 
 f. Set Off. The Company’s obligation to pay Executive the amounts provided and to make the arrangements provided hereunder
shall be subject to set-off, counterclaim or recoupment of amounts owed by Executive to the Company or its affiliates, to the extent permitted under Section 409A of the Code. 
 g. Successors; Binding Agreement. This Agreement shall inure to the benefit of and be binding upon personal or legal
representatives, executors, administrators, successors, heirs, distributes, devises and legatees. 
 h. Notice. For the
purpose of this Agreement, notices and all other communications provided for in the Agreement shall be in writing and shall be deemed to have been duly given when delivered by hand or overnight courier or three days after it has been mailed by
United States registered mail, return receipt requested, postage prepaid, addressed to the respective addresses set forth below Agreement, or to such other address as either party may have furnished to the other in writing in accordance herewith,
except that notice of change of address shall be effective only upon receipt. 
 If to the Company: 
 KRATON Polymers LLC 
 c/o Texas Pacific Group 
 301 Commerce Street, suite 3300 
 Fort Worth, Texas 76102 
 If to Executive: 
 To the most recent address of Executive set forth in the personnel records of the Company.

 i. Executive Representation. Executive hereby represents to the Company that the execution and delivery of this
Agreement by Executive and the Company and the performance by Executive of Executive’s duties hereunder shall not constitute a breach of, or otherwise contravene, the terms of any employment agreement or other agreement or policy to which
Executive is a party or otherwise bound. 
 j. Cooperation. Executive shall at the Company’s expense provide his
reasonable cooperation in connection with any action or proceeding (or any appeal from any

  

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action or proceeding) which relates to events occurring during Executive’s employment hereunder. This provision shall survive any termination of this Agreement. 
 k. Withholding Taxes. The Company may withhold from any amounts payable under this Agreement such Federal, state and local taxes as
may be required to be withheld pursuant to any applicable law or regulation. 
 l. Counterparts. This Agreement may be
signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 
 m. Insurance. Notwithstanding anything to the contrary herein: 
 (i) All rights the Executive has to indemnification as a director, officer or fiduciary pursuant to any agreement, applicable statue, Company bylaws or articles of organization as in effect from time to time shall not be impacted by the
provisions of this Agreement and all such rights, if any, shall survive the termination and/or expiration of this Agreement and/or the termination of the Executive’s employment with the Company; and 
 (ii) So long as the Executive is employed by the Company and for a period of six (6) years following the
Executive’s termination of employment, the Company agrees to purchase and maintain insurance for the Executive’s benefit, covering director, officer and fiduciary liability on the same basis as active directors, officers and/or
fiduciaries, as applicable, of the Company. 
 n. Reimbursements. Notwithstanding anything in this Agreement to the
contrary, (i) all reimbursement and in-kind benefits provided under this Agreement shall be made or provided in accordance with the requirements of Section 409A of the Code to the extent that such reimbursements or in-kind benefits are
subject to Section 409A of the Code; (ii) all expenses or other reimbursements paid pursuant to this Agreement that are taxable income to the Executive shall in no event be paid later than the end of the calendar year next following the
calendar year in which the Executive incurs such expense or pays such related tax; and (iii) with regard to any provision in this Agreement that provides for reimbursement of costs and expenses or provision of in-kind benefits, except as
permitted by Section 409A of the Code, (A) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit and (B) the amount of expenses eligible for reimbursement, or in-kind
benefits provided, during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year. 
 o. Section 409A. If the Company reasonably determines that certain provisions of the Agreement may result in a violation of Section 409A of the Code, then the Company may make reasonable
modifications to the Agreement without the Executive’s consent, to attempt to comply with Section 409A of the Code and avoid the excise taxes that may be imposed thereunder without giving rise to any claim that such modification adversely
affected Executive’s rights under the Agreement. This Agreement is intended to comply with Section 409A of the Code, and shall be construed accordingly. 
  

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 * * * * * 
  

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 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day
and year first above written. 
  

			
		 	KRATON POLYMERS LLC
	
	  

		 	By:
		 	Title:
		
		 	LOTHAR FREUND
	
	  

		 	By:
		 	Title:

  

 18Savings Deferred Compensation and Restoration Plan dated December 31, 2008

 Exhibit 10.28 
 The CORPORATEplan for RetirementSM 
 EXECUTIVE PLAN 
 BASIC PLAN DOCUMENT 
 IMPORTANT NOTE 
 This document has not been approved by the Department of Labor, the Internal Revenue Service or any other governmental entity. The Employer must
determine whether the plan is subject to the Federal securities laws and the securities laws of the various states. The Employer may not rely on this document to ensure any particular tax consequences or to ensure that the Plan is “unfunded and
maintained primarily for the purpose of providing deferred compensation to a select group of management or highly compensated employees” under the Employee Retirement Income Security Act with respect to the Employer’s particular situation.
Fidelity Management Trust Company, its affiliates and employees cannot and do not provide legal or tax advice or opinions in connection with this document. This document does not constitute legal or tax advice or opinions and is not intended or
written to be used, and it cannot be used by any taxpayer, for the purposes of avoiding penalties that may be imposed on the taxpayer. This document must be reviewed by the Employer’s attorney prior to adoption. 
  

					
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	© 2007 Fidelity Management & Research Company

 CORPORATEplan for Retirement EXECUTIVE 
 BASIC PLAN DOCUMENT 
  

	
	 ARTICLE 1

	 ADOPTION AGREEMENT

	
	 ARTICLE 2

	 DEFINITIONS

	
	 2.01 - Definitions

	
	 ARTICLE 3

	 PARTICIPATION

	
	 3.01 - Date of Participation

	 3.02 - Participation Following a Change in Status

	
	 ARTICLE 4

	 CONTRIBUTIONS

	
	 4.01 - Deferral Contributions

	 4.02 - Matching Contributions

	 4.03 - Employer Contributions

	 4.04 - Election Forms

	
	 ARTICLE 5

	 PARTICIPANTS’ ACCOUNTS

	
	 ARTICLE 6

	 INVESTMENT OF ACCOUNTS

	
	 6.01 - Manner of Investment

	 6.02 - Investment Decisions, Earnings and Expenses

	
	 ARTICLE 7

	 RIGHT TO BENEFITS

	
	 7.01 - Retirement

	 7.02 - Death

	 7.03 - Separation from Service

	 7.04 - Vesting after Partial Distribution

	 7.05 - Forfeitures

	 7.06 - Change in Control

	 7.07 - Disability

	 7.08 - Directors

	
	 ARTICLE 8

	 DISTRIBUTION OF BENEFITS

	
	 8.01 - Events Triggering and Form of Distributions

	 8.02 - Notice to Trustee

	 8.03 - Unforeseeable Emergency Withdrawals

  

					
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	 ARTICLE 9

	 AMENDMENT AND TERMINATION

	
	 9.01 - Amendment by Employer

	 9.02 - Termination

	
	 ARTICLE 10

	 MISCELLANEOUS

	
	 10.01 - Communication to Participants

	 10.02 - Limitation of Rights

	 10.03 - Nonalienability of Benefits

	 10.04 - Facility of Payment

	 10.05 - Plan Records

	 10.06 - USERRA

	 10.07 - Governing Law

	
	 ARTICLE 11

	 PLAN ADMINISTRATION

	
	 11.01 - Powers and Responsibilities of the Administrator

	 11.02 - Claims and Review Procedures

  

					
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 PREAMBLE 
 It is the intention of the Employer to establish herein an unfunded plan maintained solely for the purpose of providing deferred compensation for a select group of management or highly compensated
employees as provided in ERISA. The Employer further intends that this Plan comply with Code section 409A, and the Plan is to be construed accordingly. 
 If the Employer has previously maintained the Plan described herein pursuant to a previously existing plan document or description, the Employer’s adoption of this Plan document is an amendment
and complete restatement of, and supersedes, such previously existing document or description with respect to benefits accrued or to be paid on or after the effective date of this document (except to the extent expressly provided otherwise herein).

 Article 1. Adoption Agreement. 
 Article 2. Definitions. 
 2.01. Definitions. 
 (a) Wherever used herein, the following terms have the meanings set forth below, unless a different meaning is clearly required by the
context: 
  

	 	(1)	“Account” means an account established on the books of the Employer for the purpose of recording amounts credited to a Participant and any income, expenses,
gains, or losses attributable thereto. 

  

	 	(2)	“Active Participant” means a Participant who is eligible to accrue benefits under a plan (other than earnings on amounts previously deferred) within the
24-month period ending on the date the Participant becomes a Participant under Section 3.01. Notwithstanding the above, however, a Participant is not an Active Participant if he has been paid all amounts deferred under the plan, provided that
he was, on and before the date of the last payment, ineligible to continue or to elect to continue to participate in the plan for periods after such last payment (other than through an election of a different time and form of payment with respect to
the amounts paid). 

  

	 	(A)	For purposes of Section 4.01(d), as used in the first paragraph of the definition of “Active Participant” above, “plan” means an account
balance plan (or portion thereof) of the Employer or a Related Employer subject to Code section 409A pursuant to which the Participant is eligible to accrue benefits only if the Participant elects to defer compensation thereunder, and the “date
the Participant becomes a Participant under Section 3.01” refers only to the date the Participant becomes a Participant with respect to Deferral Contributions. 

  

	 	(B)	For purposes of Section 8.01(a)(2), as used in the first paragraph of the definition of “Active Participant” above, “plan” means an account
balance plan (or portion thereof) of the Employer or a Related Employer subject to Code section 409A pursuant to which the Participant is eligible to accrue benefits without any election by the Participant to defer compensation thereunder, and the
“date the Participant becomes a Participant under Section 3.01” refers only to the date the Participant becomes a Participant with respect to Matching or Employer Contributions. 

  

					
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	 	(3)	“Administrator” means the Employer adopting this Plan (but excluding Related Employers) or other person designated by the Employer in Section 1.01(c).

  

	 	(4)	“Adoption Agreement” means Article 1, under which the Employer establishes and adopts or amends the Plan and selects certain provisions of the Plan. The
provisions of the Adoption Agreement are an integral part of the Plan. 

  

	 	(5)	“Beneficiary” means the person or persons entitled under Section 7.02 to receive benefits under the Plan upon the death of a Participant.

  

	 	(6)	“Bonus” means any Performance-based Bonus or any Non-performance-based Bonus as listed and identified in the table in Section 1.05(a)(2) hereof.

  

	 	(7)	“Change in Control” means a change in control with respect to the applicable corporation, as defined in 26 CFR section 1.409A-3(i)(5). For purposes of this
definition “applicable corporation” means: 

  

	 	(A)	The corporation for which the Participant is performing services at the time of the change in control event; 

  

	 	(B)	The corporation(s) liable for payment hereunder (but only if either the accrued benefit hereunder is attributable to the performance of service by the Participant for
such corporation(s) or there is a bona fide business purpose for such corporation(s) to be liable for such payment and, in either case, no significant purpose of making such corporation(s) liable for such benefit is the avoidance of Federal income
tax); or 

  

	 	(C)	A corporate majority shareholder of one of the corporations described in (A) or (B) above or any corporation in a chain of corporations in which each
corporation is a majority shareholder of another corporation in the chain, ending in a corporation identified in (A) or (B) above. 

  

	 	(8)	“Code” means the Internal Revenue Code of 1986, as amended from time to time. 

  

	 	(9)	“Compensation” means for purposes of Article 4: 

  

	 	(A)	If the Employer elects Section 1.04(a), such term as defined in such Section 1.04(a). 

  

	 	(B)	If the Employer elects Section 1.04(b), wages as defined in Code section 3401(a) and all other payments of compensation to an Employee by the Employer (in the
course of the Employer’s trade or business) for which the Employer is required to furnish the Employee a written statement under Code sections 6041(d) and 6051(a)(3), excluding any items elected by the Employer in Section 1.04(b),
reimbursements or other expense allowances, fringe benefits (cash and non-cash), moving expenses, deferred compensation and welfare benefits, but including amounts that are not includable in the gross income of the Employee under a salary reduction
agreement by reason of the application of Code section 125, 132(f)(4), 402(e)(3), 402(h) or 403(b). Compensation shall be determined without regard to any rules under Code section 3401(a) that limit the remuneration included in wages based on the
nature or location of the employment or the services performed (such as the exception for agricultural labor in Code section 3401(a)(2)). 

  

					
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	 	(C)	If the Employer elects Section 1.04(c), any and all monetary remuneration paid to the Director by the Employer, including, but not limited to, meeting fees and
annual retainers, and excluding items listed in Section 1.04(c). 

 For purposes of this
Section 2.01(a)(9), Compensation shall also include amounts deferred pursuant to an election under Section 4.01. 
  

	 	(10)	“Deferral Contribution” means a hypothetical contribution credited to a Participant’s Account as the result of the Participant’s election to reduce
his Compensation in exchange for such credit, as described in Section 4.01. 

  

	 	(11)	“Director” means a person, other than an Employee, who is elected or appointed as a member of the board of directors of the Employer, with respect to a
corporation, or to an analogous position with respect to an entity that is not a corporation. 

  

	 	(12)	“Disability” is described in Section 1.07(a)(2). 

  

	 	(13)	“Employee” means any employee of the Employer. 

  

	 	(14)	“Employer” means the employer named in Section 1.02(a) and any Related Employers listed in Section 1.02(b). 

  

	 	(15)	“Employer Contribution” means a hypothetical contribution credited to a Participant’s Account under the Plan as a result of the Employer’s crediting
of such amount, as described in Section 4.03. 

  

	 	(16)	“Employment Commencement Date” means the date on which the Employee commences employment with the Employer. 

  

	 	(17)	“ERISA” means the Employee Retirement Income Security Act of 1974, as from time to time amended. 

  

	 	(18)	“Inactive Participant” means a Participant who is not an Employee or Director. 

  

	 	(19)	“Matching Contribution” means a hypothetical contribution credited to a Participant’s Account under the Plan as a result of the Employer’s crediting
of such amount, as described in Section 4.02. 

  

	 	(20)	“Non-performance-based Bonus” means any Bonus listed under the column entitled “non-performance based” in Section 1.05(a)(2).

  

	 	(21)	“Participant” means any Employee or Director who participates in the Plan in accordance with Article 3 (or formerly participated in the Plan and has an amount
credited to his Account). 

  

	 	(22)	“Performance-based Bonus” means any Bonus listed under the column entitled “performance based” in Section 1.05(a)(2), which constitutes
compensation, the amount of, or entitlement to, which is contingent on the satisfaction of pre-established organizational or individual performance criteria relating to a performance period of at least 12 consecutive months and which is further
defined in 26 CFR section 1.409A-1(e). 

  

	 	(23)	“Permissible Investment” means the investments specified by the Employer as available for hypothetical investment of Accounts. The Permissible Investments
under the Plan are listed in the Service Agreement, and the provisions of the Service Agreement listing the Permissible Investments are hereby incorporated herein. 

  

					
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	 	(24)	“Plan” means the plan established by the Employer as set forth herein as a new plan or as an amendment to an existing plan, such establishment to be evidenced
by the Employer’s execution of the Adoption Agreement, together with any and all amendments hereto. 

  

	 	(25)	“Related Employer” means any employer other than the Employer named in Section 1.02(a), if the Employer and such other employer are members of a
controlled group of corporations (as defined in Code section 414(b)) or trades or businesses (whether or not incorporated) under common control (as defined in Code section 414(c)). 

  

	 	(26)	“Separation from Service” means the date the Participant retires or otherwise has a termination of employment (or a termination of the contract pursuant to
which the Participant has provided services as a Director, for a Director Participant) with the Employer and all Related Employers, as further defined in 26 CFR section 1.409A-1(h); provided, however, that 

  

	 	(A)	For purposes of this paragraph (26), the definition of “Related Employer” shall be modified as follows: 

 (i) In applying Code section 1563(a)(1), (2) and (3) for purposes of determining a controlled group of corporations under Code
section 414(b), the phrase “at least 50%” shall be used instead of “at least 80 percent” each place “at least 80 percent” appears in Code section 1563(a)(1), (2) and (3); and 
 (ii) In applying 26 CFR section 1.414(c)-2 for purposes of determining trades or business (whether or not incorporated) under common control
for purposes of Code section 414(c), the phrase “at least 50%” shall be used instead of “at least 80 percent” each place “at least 80 percent” appears in 26 CFR section 1.414(c)-2. 
  

	 	(B)	In the event a Participant provides services to the Employer or a Related Employer as an Employee and a Director, 

 (i) The Employee Participant’s services as a Director are not taken into account in determining whether the Participant has a
Separation from Service as an Employee; and 
 (ii) The Director Participant’s services as an Employee are not taken into
account in determining whether the Participant has a Separation from Service as a Director 
 provided that this Plan is not
aggregated with a plan subject to Code section 409A in which the Director Participant participates as an employee of the Employer or a Related Employer or in which the Employee Participant participates as a director (or a similar position with
respect to a non-corporate entity) of the Employer or a Related Employer, as applicable, pursuant to 26 CFR section 1.409A-1(c)(2)(ii). 
  

	 	(27)	“Service Agreement” means the agreement between the Employer and Trustee regarding the arrangement between the parties for recordkeeping services with respect
to the Plan. 

  

	 	(28)	“Specified Employee,” (unless defined by the Employer in a separate writing, in which case such writing is hereby incorporated herein) means a Participant who
meets the requirements in 26 CFR section 1.409A-1(i) applying the default definition components provided in such regulation (those that would apply absent elections, as described in 26 CFR section 1.409A-1(i)(8)), including an identification date of
December 31. In the event that such default definition components are applicable, the Employer has elected Section 1.01(b)(2) and, immediately prior to the date in Section 1.01(b)(2), the Plan applied an identification date (the
“prior date”) other than the December 31, the prior date shall continue to apply, and December 31 shall not apply, until the date that is 12 months after the date in Section 1.01(b)(2). 

  

					
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	 	(29)	“Trust” means the trust created by the Employer, pursuant to the Trust agreement between the Employer and the Trustee, under which assets are held,
administered, and managed, subject to the claims of the Employer’s creditors in the event of the Employer’s insolvency, until paid to Participants and their Beneficiaries as specified in the Plan. 

  

	 	(30)	“Trust Fund” means the property held in the Trust by the Trustee. 

  

	 	(31)	“Trustee” means the individual(s) or entity appointed by the Employer under the Trust agreement. 

  

	 	(32)	“Unforeseeable Emergency” is as defined in 26 CFR section 1.409A-3(i)(3)(i). 

  

	 	(33)	“Year of Service” is as defined in Section 7.03(b) for purposes of the elapsed time method and in Section 7.03(c) for purposes of the class year
method. 

 (b) Pronouns used in the Plan are in the masculine gender but include the feminine gender unless the
context clearly indicates otherwise. 
 Article 3. Participation. 
 3.01. Date of Participation. An Employee or Director becomes a Participant on the date such Employee’s or Director’s participation becomes effective (as described in
Section 1.03).  
 3.02. Participation following a Change in Status. 
 (a) If a Participant ceases to be an Employee or Director and thereafter resumes the same status he had as a Participant during his
immediately previous participation in the Plan (as an Employee if previously a Participant as an Employee and as a Director if previously a Participant as a Director), he will again become a Participant immediately upon resumption of such status,
provided, however, that if such Participant is a Director, he is an eligible Director upon resumption of such status (as defined in Section 1.03(b)), and provided, further, that if such Participant is an Employee, he is an eligible Employee
upon resumption of such status (as defined in Section 1.03(a)). Deferral Contributions to such Participant’s Account thereafter, if any, shall be subject to (1) or (2) below. 
  

	 	(1)	If the Participant resumes such status during a period for which such Participant had previously made a valid deferral election pursuant to Section 4.01, he shall
immediately resume such Deferral Contributions. Deferral Contributions applicable to periods thereafter shall be made pursuant to the election and other rules described in Section 4.01. 

  

	 	(2)	If the Participant resumes such status after the period described in the first sentence of paragraph (1) of this Section 3.02, any Deferral Contributions with
respect to such Participant shall be made pursuant to the election and other rules described in Section 4.01. 

 (b) When an individual who is a Participant due to his status as an eligible Employee (as defined in Section 1.03(a)) continues in the employ of the Employer or Related Employer but ceases to be an eligible Employee, the individual
shall not receive an allocation of Matching or Employer Contributions for the period during which he is not an eligible Employee. Such Participant shall continue to make Deferral Contributions throughout the remainder of the applicable period (as
described in Section 4.01) in which such change in status occurs, if, and as, applicable. 
  

					
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 (c) When an individual who is a Participant due to his status as an eligible Director (as
defined in Section 1.03(b)) continues his directorship with the Employer or a Related Employer but ceases to be an eligible Director, the individual shall not receive an allocation of Matching or Employer Contributions for the period during
which he is not an eligible Director. Such Participant shall continue to make Deferral Contributions throughout the remainder of the applicable period (as described in Section 4.01) in which such change in status occurs, if, and as, applicable.

 Article 4. Contributions. 
 4. 01 Deferral Contributions. If elected by the Employer pursuant to Section 1.05(a) and/or 1.06(a), a Participant described in such applicable Section may elect to reduce his Compensation by a specified percentage
or dollar amount. The Employer shall credit an amount to the Participant’s Account equal to the amount of such reduction. Except as otherwise provided in this Section 4.01, such election shall be effective to defer Compensation relating to
all services performed in the calendar year beginning after the calendar year in which the Participant executes the election. Under no circumstances may a salary reduction agreement be adopted retroactively. If the Employer has elected to apply
Section 1.05(a)(2), no amount will be deducted from Bonuses unless the Participant has made a separate deferral election applicable to such Bonuses. A Participant’s election to defer Compensation may be changed at any time before the last
permissible date for making such election, at which time such election becomes irrevocable. Notwithstanding anything herein to the contrary, the conditions under which a Participant may make a deferral election as provided in the applicable salary
reduction agreement are hereby incorporated herein and supersede any otherwise inconsistent Plan provision. 
  

	 	(a)	Performance Based Bonus. With respect to a Performance-based Bonus, a separate election made pursuant to Section 1.05(a)(2) will be effective to
defer such Bonus if made no later than 6 months before the end of the period during which the services on which such Performance-based Bonus is based are performed. 

  

	 	(b)	Fiscal Year Bonus. With respect to a Bonus relating to a period of service coextensive with one or more consecutive fiscal years of the Employer, of which
no amount is paid or payable during the service period, a separate election pursuant to Section 1.05(a)(2) will be effective to defer such Bonus if made no later than the close of the Employer’s fiscal year next preceding the first fiscal
year in which the Participant performs any services for which such Bonus is payable. 

  

	 	(c)	Cancellation of Salary Reduction Agreement.  

 (1) The Administrator may cancel a Participant’s salary reduction agreement pursuant to the provisions of 26 CFR section 1.409A-3(j)(4)(viii) in connection with the Participant’s Unforeseeable
Emergency. To the extent required pursuant to the application of 26 CFR section 1.401(k)-1(d)(3) (or any successor thereto), a Participant’s salary reduction agreement shall be automatically cancelled. 
 (2) The Administrator may cancel a Participant’s salary reduction agreement pursuant to the provisions of 26 CFR section
1.409A-3(j)(4)(xii) in connection with the Participant’s disability. Such cancellation must occur by the later of the end of the Participant’s taxable year or the 15th day of the third month following the date the Participant incurs a
disability. For purposes of this paragraph (2), a disability is any medically determinable physical or mental impairment resulting in the Participant’s inability to perform the duties of his or her position or any substantially similar
position, where such impairment can be expected to result in death or can be expected to last for a continuous period of not less than six months. 
  

					
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 In no event may the Participant, directly or indirectly, elect such a cancellation. A
cancellation pursuant to this subsection (c) shall apply only to Compensation not yet earned. 
  

	 	(d)	Initial Deferral Election. Notwithstanding the above, if the Participant is not an Active Participant, the Participant may make an election to defer
Compensation within 30 days after the Participant becomes a Participant, which election shall be effective with respect to Compensation payable for services performed during the calendar year (or other deferral period described in (a) or
(b) above, as applicable) and after the date of such election. For Compensation that is earned based upon a specified performance period (e.g., an annual bonus) an election pursuant to this subsection (d) will be effective to defer an
amount equal to the total amount of the Compensation for the performance period multiplied by the ratio of the number of days remaining in the performance period after the election over the total number of days in the performance period.

 4.02. Matching Contributions. If so provided by the Employer in Section 1.05(b) and/or 1.06(b)(1), the
Employer shall credit a Matching Contribution to the Account of each Participant entitled to such Matching Contribution. The amount of the Matching Contribution shall be determined in accordance with Section 1.05(b) and/or 1.06(b)(1), as
applicable, provided, however, that the Matching Contributions credited to the Account of a Participant pursuant to Section 1.05(b)(2) shall be limited pursuant to (a) and (b) below: 
  

	 	(a)	The sum of Matching Contributions made on behalf of a Participant pursuant to Section 1.05(b)(2) for any calendar year and any other benefits the Participant
accrues pursuant to another plan subject to Code section 409A as a result of such Participant’s action or inaction under a qualified plan with respect to elective deferrals and other employee pre-tax contributions subject to the contribution
restrictions under Code section 401(a)(30) or 402(g) shall not result in an increase in the amounts deferred under all plans subject to Code section 409A in which the Participant participates in excess of the limit with respect to elective deferrals
under Code section 402(g)(1)(A), (B) and (C) in effect for the calendar year in which such action or inaction occurs; and 

  

	 	(b)	The Matching Contributions made on behalf of a Participant pursuant to Section 1.05(b)(2) shall never exceed 100% of the matching amounts that would be provided
under the qualified employer plan identified in Section 1.05(b)(2) absent any plan-based restrictions that reflect limits on qualified plan contributions under the Code. 

 4.03. Employer Contributions. If so provided by the Employer in Section 1.05(c)(1) and/or 1.06(b)(2), the Employer shall make an Employer
Contribution to be credited to the Account of each Participant entitled thereto in the amount provided in such Section(s). If so provided by the Employer in Section 1.05(c)(2) and/or 1.06(b)(3), the Employer may make an Employer Contribution to
be credited to the Account maintained on behalf of any Participant in such an amount as the Employer, in its sole discretion, shall determine, subject to the provisions of the applicable Section. 
 4.04. Election Forms. Notwithstanding anything herein to the contrary, the terms of an election form with respect to the conditions under
which a Participant may make any election hereunder, as provided in such form (whether electronic or otherwise) are hereby incorporated herein and supersede any otherwise inconsistent Plan provision. 
 Article 5. Participants’ Accounts. The Administrator will maintain an Account for each Participant, reflecting hypothetical contributions
credited to the Participant, along with hypothetical earnings, expenses, gains and losses, pursuant to the terms hereof. A hypothetical contribution shall be credited to the Account of a Participant on the date determined by the Employer and
accepted by the Plan recordkeeper. The Administrator will maintain such other accounts and records as it deems appropriate to the discharge of its duties under the Plan. 
  

					
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 Article 6. Investment of Accounts. 
 6.01. Manner of Investment. All amounts credited to the Accounts of Participants shall be treated as though invested and reinvested only in
Permissible Investments. 
 6.02. Investment Decisions, Earnings and Expenses. Investments in which the Accounts of Participants
shall be treated as invested and reinvested shall be directed by the Employer or by each Participant, or both, in accordance with Section 1.09. All dividends, interest, gains, and distributions of any nature that would be earned on a
Permissible Investment will be credited to the Account as though reinvested in additional shares of that Permissible Investment. Expenses that would be attributable to such investments shall be charged to the Account of the Participant.  

 Article 7. Right to Benefits. 
 7.01. Retirement. If provided by the Employer in Section 1.08(e)(1), the Account of a Participant or an Inactive Participant who attains retirement eligibility prior to a Separation from Service will be 100% vested.

 7.02. Death. If provided by the Employer in Section 1.08(e)(2), the Account of a Participant or former Participant who
dies before the distribution of his entire Account will be 100% vested, provided that at the time of his death he is earning Years of Service. 
 A Participant may designate a Beneficiary or Beneficiaries, or change any prior designation of Beneficiary or Beneficiaries, by giving notice to the Administrator on a form designated by the Administrator. If more than one person is
designated as the Beneficiary, their respective interests shall be as indicated on the designation form. 
 A copy of the death certificate or
other sufficient documentation must be filed with and approved by the Administrator. If upon the death of the Participant there is, in the opinion of the Administrator, no designated Beneficiary for part or all of the Participant’s Account,
such amount will be paid to his surviving spouse or, if none, to his estate (such spouse or estate shall be deemed to be the Beneficiary for purposes of the Plan). If a Beneficiary dies after benefits to such Beneficiary have commenced, but before
they have been completed, and, in the opinion of the Administrator, no person has been designated to receive such remaining benefits, then such benefits shall be paid to the deceased Beneficiary’s estate. 
 A distribution to a Beneficiary of a Specified Employee is not considered to be a payment to a Specified Employee for purposes of Sections 1.07 and 8.01(e).

 7.03. Separation from Service. 
  

	 	(a)	General. If provided by the Employer in Section 1.08, and subject to Section 1.08(e)(2), if a Participant has a Separation from Service, he will
be entitled to a benefit equal to (i) the vested percentage(s) of the value of the Matching and Employer Contributions credited to his Account, as adjusted for income, expense, gain, or loss, such percentage(s) determined in accordance with the
vesting schedule(s) and methodology selected by the Employer in Section 1.08, and (ii) the value of the Deferral Contributions to his Account as adjusted for income, expense, gain, or loss. The amount payable under this Section 7.03
will be distributed in accordance with Article 8. 

  

					
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	 	(b)	Elapsed Time Vesting. Unless otherwise provided by the Employer in Section 1.08, vesting shall be determined based on the elapsed time method. For
purposes of the elapsed time method, “Years of Service” means, with respect to any Participant or Inactive Participant, the number of whole years of his periods of service with the Employer and any Related Employers (as defined in
Section 2.01(a)(26)(A)), subject to any exclusion elected by the Employer in Section 1.08(c). A Participant or Inactive Participant will receive credit for the aggregate of all time period(s) commencing with his Employment Commencement
Date and ending on the date a break in service begins, unless any such years are excluded by Section 1.08(c). A Participant or Inactive Participant will also receive credit for any period of severance of less than 12 consecutive months.
Fractional periods of a year will be expressed in terms of days. 

 A break in service is a period of severance of
at least 12 consecutive months. A “period of severance” is a continuous period of time beginning on the date the Participant or Inactive Participant incurs a Separation from Service, or if earlier, the 12-month anniversary of the date on
which the Participant or Inactive Participant was otherwise first absent from service. 
 Notwithstanding the above, the Employer
shall comply with any service crediting rules to the extent required by applicable law. 
  

	 	(c)	Class Year Vesting. If provided by the Employer in Section 1.08, a Participant’s or Inactive Participant’s vested percentage in the
Matching Contributions and/or Employer Contributions portion(s) of his Account shall be determined pursuant to the class year method. Pursuant to such method, amounts attributable to the applicable contribution types are assigned to “class
years” established in the records of the Plan. Such class years are years (calendar or non-calendar) to which the contribution is assigned by the Administrator, as described in the Service Agreement between the Trustee and the Employer. The
Participant’s or Inactive Participant’s vested percentage in amounts attributable to a particular contribution is determined from the beginning of the applicable class year to the date the Participant or Inactive Participant incurs a
Separation from Service. For purposes of the class year method, a Participant or Inactive Participant is credited with a Year of Service on the first day of each such class year. 

 7.04. Vesting after Partial Distribution. If a distribution from a Participant’s Account has been made to him at a time when his Account
is less than 100% vested, the vesting schedule in Section 1.08 will thereafter apply only to amounts in his Account attributable to Matching Contributions and Employer Contributions credited after such distribution. The balance of his Account
attributable to Matching Contributions and Employer Contributions immediately after such distribution will be subject to the following for the purpose of determining his interest therein. 
 At any relevant time prior to a forfeiture of any portion thereof under Section 7.05, a Participant’s nonforfeitable interest in the portion of
his Account described in the sentence immediately above will be equal to P(AB + (RxD))-(RxD), where P is the nonforfeitable percentage at the relevant time determined under Section 1.08; AB is the account balance of such portion at the relevant
time; D is the amount of the distribution; and R is the ratio of the account balance of such portion at the relevant time to the account balance of such portion after distribution. Following a forfeiture of any portion of such portion under
Section 7.05 below, any balance with respect to such portion will remain fully vested and nonforfeitable. 
 7.05.
Forfeitures. Once payments are to commence to a Participant or Inactive Participant hereunder, the portion of such Account subject to the same payment commencement date but not yet vested, if any, (determined by his vested percentage at
such payment commencement date) will be forfeited by him 
 7.06. Change in Control. If the Employer has elected to apply
Section 1.07(a)(3)(D), then, upon a Change in Control, notwithstanding any other provision of the Plan to the contrary, all Participant Accounts shall be 100% vested.  
  

					
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 7.07. Disability. If the Employer has elected to apply Section 1.08(e)(3), then, upon the
date a Participant incurs a Disability, as defined in Section 1.07(a)(2), notwithstanding any other provision of the Plan to the contrary, all Accounts of such Participant shall be 100% vested.  
 7.08. Directors. Notwithstanding any other provision of the Plan to the contrary, all Accounts of a Participant who is a Director shall be
100% vested at all times, including Accounts attributable to the Participant’s service as an Employee, if any.  
 Article 8.
Distribution of Benefits. 
 8.01 Events Triggering, and Form of, Distributions. 
  

	 	(a)	Events triggering the distribution of benefits and the form of such distributions are described in Section 1.07(a), pursuant to the Employer’s election and/or
the Participant’s election, as applicable. 

  

	 	(1)	With respect to the form and time of distribution of amounts attributable to a Deferral Contribution, a Participant election must be made no later than the time by
which the Participant must elect to make a Deferral Contribution, as described in Section 4.01. 

  

	 	(2)	With respect to the form and time of distribution of amounts attributable to Matching or Employer Contributions, a Participant election must be made no later than the
time by which a Participant would be required to make a Deferral Contribution as described in Section 4.01 with respect to the calendar year for which the Matching and/or Employer Contributions are credited. For purposes of applying
Section 4.01(d) “Active Participant” shall have the meaning assigned in Section 2.01(a)(2)(B). 

  

	 	(3)	Notwithstanding anything herein to the contrary, an election choosing a distribution trigger and payment method pursuant to Section 1.07(a)(1) will only be
effective with respect to amounts attributable to contributions credited to the Participant’s Account for the calendar year (or other deferral period described in 4.01(a) or (b)) to which such election relates. Amounts attributable to
contributions credited to a Participant’s account prior to the effective date of any new election will not be affected and will be paid in accordance with the otherwise applicable election. 

  

	 	(b)	If the Employer elects to permit a distribution election change pursuant to Section 1.07(b), then any such distribution election change must satisfy
(1) through (3) below: 

  

	 	(1)	Such election may not take effect until at least 12 months after the date on which such election is made. 

  

	 	(2)	In the case of an election related to a payment not on account of Disability, death or the occurrence of an Unforeseeable Emergency, the payment with respect to which
such election is made must be deferred for a period of not less than five years from the date such payment would otherwise have been paid (or in the case of installment payments, five years from the date the first amount was scheduled to be paid).

  

					
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	 	(3)	Any election related to a payment at a specified time or pursuant to a fixed schedule may not be made less than 12 months prior to the date the payment is scheduled to
be paid (or in the case of installment payments, 12 months prior to the date the first amount was scheduled to be paid). 

 With respect to any initial distribution election, a Participant shall in no event be permitted to make more than one distribution election change. 
  

	 	(c)	A Participant’s entitlement to installments will not be treated as an entitlement to a series of separate payments. 

  

	 	(d)	If the Plan does not provide for Plan-level payment triggers pursuant to Section 1.07(a)(3), and the Participant does not designate in the manner prescribed by the
Administrator the method of distribution, and/or the distribution trigger (if and as required), such method of distribution shall be a lump sum at Separation from Service. 

  

	 	(e)	Notwithstanding anything herein to the contrary, with respect to any Specified Employee, if the applicable payment trigger is Separation from Service, then payment
shall not commence before the date that is six months after the date of Separation from Service (or, if earlier, the date of death of the Specified Employee, pursuant to Section 7.02). Payments to which a Specified Employee would otherwise be
entitled during the first six months following the date of Separation from Service are delayed by six months. 

  

	 	(f)	Notwithstanding anything herein to the contrary, the Administrator may, in its discretion, automatically pay out a Participant’s vested Account in a lump sum,
provided that such payment satisfies the requirements in (1) through (3) below: 

  

	 	(1)	Such payment results in the termination and liquidation of the entirety of the Participant’s interest under the plan (as defined in 26 CFR section 1.409A-1(c)(2)),
including all agreements, methods, programs, or other arrangements with respect to which deferrals of compensation are treated as having been deferred under a single nonqualified deferred compensation plan under 26 CFR section 1.409A-1(c)(2);

  

	 	(2)	Such payment is not greater than the applicable dollar amount under Code section 402(g)(1)(B); and 

  

	 	(3)	Such exercise of Administrator discretion is evidenced in writing no later than the date of such payment. 

  

	 	(g)	Notwithstanding anything herein to the contrary, the Administrator may, in its discretion, delay a payment otherwise required hereunder to a date after the designated
payment date due to any of the circumstances described in (1) through (4) below, provided that the Administrator treats all payments to similarly situated Participants on a reasonably consistent basis. 

  

	 	(1)	In the event the Administrator reasonably anticipates that, if the payment were made as scheduled, the Employer’s deduction with respect to such payment would not
be permitted due to the application of Code section 162(m), provided the delay complies with the conditions in 26 CFR section 1.409A-2(b)(7)(i). 

  

	 	(2)	In the event the Administrator reasonably anticipates that the making of such payment will violate Federal securities laws or other applicable law, provided the delay
complies with the conditions in 26 CFR section 1.409A-2(b)(7)(ii). 

  

	 	(3)	Upon such other events and conditions as the Commissioner of the Internal Revenue Service may prescribe in generally applicable guidance published in the Internal
Revenue Bulletin. 

  

					
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	 	(4)	Upon a change in control event, provided the delay complies with conditions in 26 CFR section 1.409A-3(i)(5)(iv). 

  

	 	(h)	Notwithstanding anything herein to the contrary, the Administrator may provide an election to change the time or form of a payment hereunder to satisfy the requirements
of the Uniformed Services Employment and Reemployment Rights Act of 1994, as amended, 38 USC sections 4301 through 4344. 

 8.02. Notice to Trustee. The Administrator will provide direction to the Trustee, as provided in the Trust agreement, whenever any Participant or Beneficiary is entitled to receive benefits under the Plan. The
Administrator’s notice shall indicate the form, amount and frequency of benefits that such Participant or Beneficiary shall receive. 
 8.03. Unforeseeable Emergency Withdrawals. Notwithstanding anything herein to the contrary, a Participant may apply to the Administrator to withdraw some or all of his Account if such withdrawal is made on account of an
Unforeseeable Emergency as determined by the Administrator in accordance with the requirements of and subject to the limitations provided in 26 CFR section 1.409A-3(i)(3). 
 Article 9. Amendment and Termination. 
 9.01 Amendment by Employer. The
Employer reserves the authority to amend the Plan in its discretion. Any such amendment notwithstanding, no Participant’s Account shall be reduced by such amendment below the amount to which the Participant would have been entitled if he had
voluntarily left the employ of the Employer immediately prior to the date of the change. 
 9.02. Termination. The Employer has no
obligation or liability whatsoever to maintain the Plan for any length of time and may terminate the Plan at any time by written notice delivered to the Trustee without any liability hereunder for any such discontinuance or termination. Such
termination shall comply with 26 CFR section 1.409A-3(j)(4)(ix) and other applicable guidance. 
 Article 10. Miscellaneous.

 10.01. Communication to Participants. The Plan will be communicated to all Participants by the Employer promptly after the
Plan is adopted. 
 10.02. Limitation of Rights. Neither the establishment of the Plan and the Trust, nor any amendment thereof,
nor the creation of any fund or account, nor the payment of any benefits, will be construed as giving to any Participant or other person any legal or equitable right against the Employer, Administrator or Trustee, except as provided herein; in no
event will the terms of employment or service of any individual be modified or in any way affected hereby. 
 10.03. Nonalienability of
Benefits. The benefits provided hereunder will not be subject to alienation, assignment, garnishment, attachment, execution or levy of any kind, either voluntarily or involuntarily, and any attempt to cause such benefits to be so subjected
will not be recognized, except to such extent as may be required by law and as provided pursuant to a domestic relations order (defined in Code section 414(p)(1)(B)), as determined by the Administrator. Pursuant to a domestic relations order,
payments may be accelerated to a time sooner, and pursuant to a schedule more rapid, than the time and schedule applicable in the absence of the domestic relations order, provided that such payment pursuant to such order is not made to the
Participant and provided further that this provision shall not be construed to provide the Participant discretion regarding whether such payment time or schedule will be accelerated. 
  

					
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 10.04. Facility of Payment. In the event the Administrator determines, on the basis of medical
reports or other evidence satisfactory to the Administrator, that the recipient of any benefit payments under the Plan is incapable of handling his affairs by reason of minority, illness, infirmity or other incapacity, the Administrator may disburse
such payments, or direct the Trustee to disburse such payments, as applicable, to a person or institution designated by a court which has jurisdiction over such recipient or a person or institution otherwise having the legal authority under State
law for the care and control of such recipient. The receipt by such person or institution of any such payments shall be complete acquittance therefore, and any such payment to the extent thereof, shall discharge the liability of the Trust for the
payment of benefits hereunder to such recipient. 
 10.05. Plan Records. The Administrator shall maintain the records of the Plan
on a calendar-year basis. 
 10.06. USERRA. Notwithstanding anything herein to the contrary, the Administrator shall permit any
Participant election and make any payments hereunder required by the Uniformed Services Employment and Reemployment Rights Act of 1994, as amended, 38 USC 4301-4334. 
 10.07. Governing Law. The Plan and the accompanying Adoption Agreement will be construed, administered and enforced according to ERISA, and to the extent not preempted thereby, the laws of
the State in which the Employer has its principal place of business, without regard to the conflict of laws principles of such State. 
 Article 11. Plan Administration. 
 11.01. Powers and Responsibilities of the Administrator. The
Administrator has the full power and the full responsibility to administer the Plan in all of its details, subject, however, to the applicable requirements of ERISA. The Administrator’s powers and responsibilities include, but are not limited
to, the following: 
  

	 	(a)	To make and enforce such rules and regulations as it deems necessary or proper for the efficient administration of the Plan; 

  

	 	(b)	To interpret the Plan, its interpretation thereof in good faith to be final and conclusive on all persons claiming benefits under the Plan; 

  

	 	(c)	To decide all questions concerning the Plan and the eligibility of any person to participate in the Plan; 

  

	 	(d)	To administer the claims and review procedures specified in Section 11.02; 

  

	 	(e)	To compute the amount of benefits which will be payable to any Participant, former Participant or Beneficiary in accordance with the provisions of the Plan;

  

	 	(f)	To determine the person or persons to whom such benefits will be paid; 

  

	 	(g)	To authorize the payment of benefits; 

  

	 	(h)	To appoint such agents, counsel, accountants, and consultants as may be required to assist in administering the Plan; and 

  

	 	(i)	By written instrument, to allocate and delegate its responsibilities, including the formation of an administrative committee to administer the Plan.

  

					
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 11.02. Claims and Review Procedures. 
  

	 	(a)	Claims Procedure. If any person believes he is being denied any rights or benefits under the Plan, such person may file a claim in writing with the Administrator. If
any such claim is wholly or partially denied, the Administrator will notify such person of its decision in writing. Such notification will contain (i) specific reasons for the denial, (ii) specific reference to pertinent Plan provisions,
(iii) a description of any additional material or information necessary for such person to perfect such claim and an explanation of why such material or information is necessary, and (iv) information as to the steps to be taken if the
person wishes to submit a request for review, including a statement of the such person’s right to bring a civil action under ERISA section 502(a) following as adverse determination upon review. Such notification will be given within 90 days
after the claim is received by the Administrator (or within 180 days, if special circumstances require an extension of time for processing the claim, and if written notice of such extension and circumstances is given to such person within the
initial 90-day period). 

 If the claim concerns disability benefits under the Plan, the Plan Administrator must
notify the claimant in writing within 45 days after the claim has been filed in order to deny it. If special circumstances require an extension of time to process the claim, the Plan Administrator must notify the claimant before the end of the
45-day period that the claim may take up to 30 days longer to process. If special circumstances still prevent the resolution of the claim, the Plan Administrator may then only take up to another 30 days after giving the claimant notice before the
end of the original 30-day extension. If the Plan Administrator gives the claimant notice that the claimant needs to provide additional information regarding the claim, the claimant must do so within 45 days of that notice. 
  

	 	(b)	Review Procedure. Within 60 days after the date on which a person receives a written notice of a denied claim (or, if applicable, within 60 days after the date on which
such denial is considered to have occurred), such person (or his duly authorized representative) may (i) file a written request with the Administrator for a review of his denied claim and of pertinent documents and (ii) submit written
issues and comments to the Administrator. This written request may include comments, documents, records, and other information relating to the claim for benefits. The claimant shall be provided, upon the claimant’s request and free of charge,
reasonable access to, and copies of, all documents, records, and other information relevant to the claim for benefits. The review will take into account all comments, documents, records, and other information submitted by the claimant relating to
the claim, without regard to whether such information was submitted or considered in the initial benefit determination. The Administrator will notify such person of its decision in writing. Such notification will be written in a manner calculated to
be understood by such person and will contain specific reasons for the decision as well as specific references to pertinent Plan provisions. The decision on review will be made within 60 days after the request for review is received by the
Administrator (or within 120 days, if special circumstances require an extension of time for processing the request, such as an election by the Administrator to hold a hearing, and if written notice of such extension and circumstances is given to
such person within the initial 60-day period). The extension notice shall indicate the special circumstances requiring an extension of time and the date by which the Plan expects to render the determination on review. 

 If the initial claim was for disability benefits under the Plan and has been denied by the Plan Administrator, the claimant will have 180
days from the date the claimant received notice of the claim’s denial in which to appeal that decision. The review will be handled completely independently of the findings and decision made regarding the initial claim and will be processed by
an individual who is not a subordinate of the individual who denied the initial claim. If the claim requires medical judgment, the individual handling the appeal will consult with a medical professional whom was not consulted regarding the initial
claim and who is not a subordinate of anyone consulted regarding the initial claim and identify that medical professional to the claimant. 
  

					
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 The Plan Administrator shall provide the claimant with written notification of a plan’s
benefit determination on review. In the case of an adverse benefit determination, the notification shall set forth, in a manner calculated to be understood by the claimant – the specific reason or reasons for the adverse determinations,
reference to the specific plan provisions on which the benefit determination is based, a statement that the claimant is entitled to receive, upon the claimant’s request and free of charge, reasonable access to, and copies of, all documents,
records, and other information relevant to the claim for benefits. 
  

					
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 The CORPORATEplan for RetirementSM  
 EXECUTIVE PLAN 
 Adoption Agreement 
 IMPORTANT NOTE 

This document has not been approved by the Department of Labor, the Internal Revenue Service or any other governmental entity. An Employer must
determine whether the plan is subject to the Federal securities laws and the securities laws of the various states. An Employer may not rely on this document to ensure any particular tax consequences or to ensure that the Plan is “unfunded and
maintained primarily for the purpose of providing deferred compensation to a select group of management or highly compensated employees” under the Employee Retirement Income Security Act with respect to the Employer’s particular situation.
Fidelity Management Trust Company, its affiliates and employees cannot and do not provide legal or tax advice or opinions in connection with this document. This document does not constitute legal or tax advice or opinions and is not intended or
written to be used, and it cannot be used by any taxpayer, for the purposes of avoiding penalties that may be imposed on the taxpayer. This document must be reviewed by the Employer’s attorney prior to adoption. 
  

					
	Plan Number: 44249	  		  	ECM NQ 2007 AA
	(07/2007)	  		  	12/02/2008

 © 2007 Fidelity Management & Research Company 

 ADOPTION AGREEMENT 
 ARTICLE 1 
  

											
	1.01	  	PLAN INFORMATION
			
		  	(a)	  	Name of Plan:
			
		  		  	This is the KRATON Polymers U.S. LLC Deferred Compensation and Restoration Plan (the “Plan”).
			
		  	(b)	  	Plan Status (Check one.):
				
		  		  	(1)	  	Adoption Agreement effective date: 12/31/2008.
				
		  		  	(2)	  	The Adoption Agreement effective date is (Check (A) or check and complete (B)):
						
		  		  		  	(A)	  	 ̈	  	A new Plan effective date.
						
		  		  		  	(B)	  	þ	  	An amendment and restatement of the Plan. The original effective date of the Plan was: 1/1/2002.
			
		  	(c)	  	Name of Administrator, if not the Employer:
			
		  		  	 The Pension Committee or such other committee as appointed by the board of directors of
the Employer.

		
	1.02	  	EMPLOYER
				
		  	(a)	  	Employer Name:	  	 KRATON Polymers U.S. LLC

			
		  	(b)	  	The term “Employer” includes the following Related Employer(s) (as defined in Section 2.01(a)(25)) participating in the Plan:
			
		  		  	  

			
		  		  	  

  

					
	Plan Number: 44249	  		  	ECM NQ 2007 AA
	(07/2007)	  		  	12/02/2008

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	1.03	  	COVERAGE
		
		  	(Check (a) and/or (b).)
				
		  	(a)	  	þ	  	The following Employees are eligible to participate in the Plan (Check (1) or (2)):
						
		  		  		  	(1)	  	 ̈	  	Only those Employees designated in writing by the Employer, which writing is hereby incorporated herein.
						
		  		  		  	(2)	  	þ	  	Only those Employees in the eligible class described below:
						
		  		  		  		  		  	In order to participate in the Plan, an individual must be among a select group of management or highly compensated employees, within the meaning of Sections 201(2), 301(a)(3)
and 401(a) of ERISA, who has been selected by the Employer to participate in the Plan and elected to defer amounts of compensation in excess of the limitations imposed by Sections 402(g), 401(a)(17) or 415(c) of the Code. Beginning in 2006, in order
to participate in the Plan, the individual must also: (1) qualify as an “accredited investor” for the purposes of U.S. Securities Act of 1933; and (2) submit a completed Election Form, as provided by the Administrator from time to time,
which specifies the maximum amount (expressed as a percentage of Base Compensation which may be capped by a specific dollar amount) to defer under both the Savings Plan and the Plan for the subsequent Plan Year. The individual must return the
Election Form to the Employer prior to the commencement of the applicable Plan Year.
				
		  	(b)	  	 ̈	  	The following Directors are eligible to participate in the Plan (Check (1) or (2)):
						
		  		  		  	(1)	  	 ̈	  	Only those Directors designated in writing by the Employer, which writing is hereby incorporated herein.
						
		  		  		  	(2)	  	 ̈	  	All Directors, effective as of the later of the date in 1.01(b) or the date the Director becomes a Director.
				
		  		  		  	(Note: A designation in Section 1.03(a)(1) or Section 1.03(b)(1) or a description in Section 1.03(a)(2) must include the effective date of such
participation.)
		
	1.04	  	COMPENSATION
		
		  	(If Section 1.03(a) is selected, select (a) or (b). If Section 1.03(b) is selected, complete (c))
		
		  	For purposes of determining all contributions under the Plan:
				
		  	(a)	  	þ	  	Compensation shall be as defined, with respect to Employees, in the KRATON Savings Plan maintained by the Employer:

  

					
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	 	  	 	  	 	  	(1)	  	þ	  	to the extent it is in excess of the limit imposed under Code section 401(a)(17).
						
		  		  		  	(2)	  	 ̈	  	notwithstanding the limit imposed under Code section 401(a)(17).
				
		  	(b)	  	 ̈	  	Compensation shall be as defined in Section 2.01(a)(9) with respect to Employees (Check (1), and/or (2) below, if, and as, appropriate):
						
		  		  		  	(1)	  	þ	  	but excluding the following:
						
		  		  		  		  		  	amounts paid for overtime, commissions, severance payments, bonuses, or the value of any qualified or non-qualified stock options granted to the extent the value of such option
is includable in income.
						
		  		  		  	(2)	  	 ̈	  	but excluding bonuses, except those bonuses listed in the table in Section 1.05(a)(2).
				
		  	(c)	  	 ̈	  	Compensation shall be as defined in Section 2.01(a)(9)(c) with respect to Directors, but excluding the following:
				
		  		  		  	  

		
	1.05	  	CONTRIBUTIONS ON BEHALF OF EMPLOYEES
				
		  	(a)	  		  	Deferral Contributions (Complete all that apply):
						
		  		  		  	(1)	  	þ	  	Deferral Contributions. Subject to any minimum or maximum deferral amount provided below, the Employer shall make a Deferral Contribution in accordance with, and subject to, Section
4.01 on behalf of each Participant who has an executed salary reduction agreement in effect with the Employer for the applicable calendar year (or portion of the applicable calendar year).

  

									
	 Deferral Contributions
 Type of Compensation
	 	Dollar Amount	 	% Amount
	 	Min	 	Max	 	Min	 	Max
	Compensation	 		 		 	0	 	100

  

											
		  		  		  	(Note: With respect to each type of Compensation, list the minimum and maximum dollar amounts or percentages as whole dollar amounts or whole number
percentages.)
						
		  		  		  	(2)	  	 ̈	  	Deferral Contributions with respect to Bonus Compensation only. The Employer requires Participants to enter into a special salary reduction agreement to make

  

					
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	 	Deferral Contributions with respect to one or more Bonuses, subject to minimum and maximum deferral limitations, as provided in the table below.

  

													
	 	  	Treated As	  	Dollar Amount	  	% Amount
	 Deferral Contributions
 Type of Bonus
	  	Performance
Based	  	Non-
Performance
Based	  	Min	  	Max	  	Min	  	Max
		  		  		  		  		  		  	
		  		  		  		  		  		  	
		  		  		  		  		  		  	

  

											
		 		  	(Note: With respect to each type of Bonus, list the minimum and maximum dollar amounts or percentages as whole dollar amounts or whole number percentages. In the event a
bonus identified as a Performance-based Bonus above does not constitute a Performance-based Bonus with respect to any Participant, such Bonus will be treated as a Non-Performance-based Bonus with respect to such Participant.)
			
		 	(b)	  	Matching Contributions (Choose (1) or (2) below, and (3) below, as applicable):
					
		 		  	(1)	  	þ	  	The Employer shall make a Matching Contribution on behalf of each Employee Participant in an amount described below:
						
		 		  		  	(A)	  	 ̈	  	    % of the Employee Participant’s Deferral Contributions for the calendar year.
						
		 		  		  	(B)	  	 ̈	  	The amount, if any, declared by the Employer in writing, which writing is hereby incorporated herein.
						
		 		  		  	(C)	  	þ	  	Other:
						
		 		  		  		  		  	 any contributions made by the Employer pursuant to the KRATON Savings Plan.

					
		 		  	(2)	  	 ̈	  	Matching Contribution Offset. For each Employee Participant who has made elective contributions (as defined in 26 CFR section 1.401(k)-6 (“QP Deferrals”)) of
the maximum permitted under Code section 402(g), or the maximum permitted under the terms of the
                                 Plan (the “QP”), to the QP, the Employer shall
make a Matching Contribution in an amount equal to (A) minus (B) below:
					
		 		  		  	(A)	  	The matching contributions (as defined in 26 CFR section 1.401(m)-1(a)(2) (“QP Match”)) that the Employee Participant would have received under the QP on the
sum of the Deferral Contributions and the Participant’s QP Deferrals, determined as though—
					
		 		  		  		  	 •     no limits otherwise imposed by the tax law applied to such QP match;
and

  

					
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		 		  		  		  	 •     the Employee Participant’s Deferral Contributions had been made to the QP.

					
		 		  		  	(B)	  	The QP Match actually made to such Employee Participant under the QP for the applicable calendar year.
			
		 		  	Provided, however, that the Matching Contributions made on behalf of any Employee Participant pursuant to this Section 1.05(b)(2) shall be limited as provided in Section
4.02 hereof.
					
		 		  	(3)	  	 ̈	  	Matching Contribution Limits (Check the appropriate box (es)):
						
		 		  		  	(A)	  	 ̈	  	Deferral Contributions in excess of     % of the Employee Participant’s Compensation for the calendar year shall not be considered for Matching
Contributions.
						
		 		  		  	(B)	  	 ̈	  	Matching Contributions for each Employee Participant for each calendar year shall be limited to $        .
			
		 	(c)	  	Employer Contributions
					
		 		  	(1)	  	 ̈	  	Fixed Employer Contributions. The Employer shall make an Employer Contribution on behalf of each Employee Participant in an amount determined as described
below:
					
		 		  	(2)	  	 ̈	  	Discretionary Employer Contributions. The Employer may make Employer Contributions to the accounts of Employee Participants in any amount (which amount may be zero), as
determined by the Employer in its sole discretion from time to time in a writing, which is hereby incorporated herein.
		
	1.06	 	CONTRIBUTIONS ON BEHALF OF DIRECTORS
				
		 	(a)	  	 ̈	  	Director Deferral Contributions
					
		 		  		  		  	The Employer shall make a Deferral Contribution in accordance with, and subject to, Section 4.01 on behalf of each Director Participant who has an executed deferral
agreement in effect with the Employer for the applicable calendar year (or portion of the applicable calendar year), which deferral agreement shall be subject to any minimum and/or maximum deferral amounts provided in the table
below.

  

					
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	 Deferral Contributions
 Type of Compensation
	  	Dollar Amount	  	% Amount
	  	Min	  	Max	  	Min	  	Max
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  

											
		 		  	(Note: With respect to each type of Compensation, list the minimum and maximum dollar amounts or percentages as whole dollar amounts or whole number percentages.)

			
		 	(b)	  	Matching and Employer Contributions:
					
		 		  	(1)	  	 ̈	  	Matching Contributions. The Employer shall make a Matching Contribution on behalf of each Director Participant in an amount determined as described
below:
					
		 		  		  		  	  

					
		 		  		  		  	  

					
		 		  	(2)	  	 ̈	  	Fixed Employer Contributions. The Employer shall make an Employer Contribution on behalf of each Director Participant in an amount determined as described
below:
					
		 		  		  		  	  

					
		 		  		  		  	  

					
		 		  	(3)	  	 ̈	  	Discretionary Employer Contributions. The Employer may make Employer Contributions to the accounts of Director Participants in any amount (which amount may be zero), as
determined by the Employer in its sole discretion from time to time, in a writing, which is hereby incorporated herein.

  

					
	Plan Number: 44249	  		  	ECM NQ 2007 AA
	(07/2007)	  		  	12/02/2008

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	1.07	DISTRIBUTIONS 

 The form
and timing of distributions from the Participant’s vested Account shall be made consistent with the elections in this Section 1.07. 
 (a) (1) Distribution options to be provided to Participants 
  

																	
	 	  	 (A) Specified
Date
	  	 (B) Specified
Age
	  	 (C) Separation
From Service
	  	 (D) Earlier of
Separation
 or Age
	  	 (E) Earlier of
Separation or
Specified Date
	  	 (F)
 Disability
	  	 (G) Change
in Control
	  	 (H) Death

	 Deferral
 Contribution
	  	  
  ̈ Lump Sum
	  	  
  ̈ Lump Sum
	  	  
 þ Lump Sum
	  	  
  ̈ Lump Sum
	  	  
  ̈ Lump Sum
	  	  
  ̈ Lump Sum
	  	  
  ̈ Lump Sum
	  	  
  ̈ Lump Sum

	  	  
  ̈ Installments
	  	 ̈ Installments	  	þ Installments	  	 ̈ Installments	  	 ̈ Installments	  	 ̈ Installments	  		  	 ̈ Installments
									
	 Matching
 Contribution
	  	 ̈ Lump Sum	  	 ̈ Lump Sum	  	þ Lump Sum	  	 ̈ Lump Sum	  	 ̈ Lump Sum	  	 ̈ Lump Sum	  	 ̈ Lump Sum	  	 ̈ Lump Sum
	  	  
  ̈ Installments
	  	 ̈ Installments	  	þ Installments	  	 ̈ Installments	  	 ̈ Installments	  	 ̈ Installments	  		  	 ̈ Installments
									
	 Employer
 Contribution
	  	 ̈ Lump Sum	  	 ̈ Lump Sum	  	þ Lump Sum	  	 ̈ Lump Sum	  	 ̈ Lump Sum	  	 ̈ Lump Sum	  	 ̈ Lump Sum	  	 ̈ Lump Sum
	  	  
  ̈ Installments
	  	 ̈ Installments	  	þ Installments	  	 ̈ Installments	  	 ̈ Installments	  	 ̈ Installments	  		  	 ̈ Installments

 (Note: If the Employer elects (F), (G), or (H) above, the Employer must also
elect (A), (B), (C), (D), or (E) above, and the Participant must also elect (A), (B), (C), (D), or (E) above. In the event the Employer elects only a single payment trigger and/or payment method above, then such single payment trigger
and/or payment method shall automatically apply to the Participant. If the employer elects to provide for payment upon a specified date or age, and the employer applies a vesting schedule to amounts that may be subject to such payment trigger(s),
the employer must apply a minimum deferral period, the number of years of which must be greater than the number of years required for 100% vesting in any such amounts. If the employer elects to provide for payment upon disability and/or death, and
the employer applies a vesting schedule to amounts that may be subject to such payment trigger, the employer must also elect to apply 100% vesting in any such amounts upon disability and/or death.) 
  

											
		 	(2)	 	   ̈     	 	A Participant incurs a Disability when the Participant (Check at least one if Section 1.07(a)(1)(F) or if Section 1.08(e)(3) is elected):
						
		 		 		 	(A)	  	 ̈	  	is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be
expected to last for a continuous period of not less than 12 months.
						
		 		 		 	(B)	  	 ̈	  	is, by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a

  

					
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	(07/2007)	  		  	12/02/2008

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		 		 		 		  		  	continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than 3 months under an accident and health plan covering employees of
the Employer.
						
		 		 		 	(C)	  	 ̈	  	is determined to be totally disabled by the Social Security Administration or the Railroad Retirement Board.
						
		 		 		 	(D)	  	 ̈	  	is determined to be disabled pursuant to the following disability insurance program:                 
the definition of disability under which complies with the requirements in regulations under Code section 409A.
				
		 		 		 	(Note: If more than one box above is checked, then the Participant will have a Disability if he satisfies at least one of the descriptions corresponding to one of
such checked boxes.)
				
		 	(3)	 	 ̈	 	Regardless of any payment trigger and, as applicable, payment method, to which the Participant would otherwise be subject pursuant to (1) above, the first to occur of
the following Plan-level payment triggers will cause payment to the Participant commencing pursuant to Section 1.07(c)(1) below in a lump sum, provided such Plan-level payment trigger occurs prior to the payment trigger to which the Participant
would otherwise be subject.
					
		 		 		 		  	Payment Trigger
					
		 		 		 		  	 (A)     ̈    Separation from Service prior
to:

					
		 		 		 		  	                                        
                            

		 		 		 		  	 (B)     ̈    Separation from
Service

		 		 		 		  	 (C)     ̈    Death

		 		 		 		  	 (D)     ̈    Change in Control

			
		 	(b)	 	Distribution Election Change
			
		 		 	A Participant
						
		 		 		 	(1)	  	 ̈	  	shall
		 		 		 	(2)	  	þ	  	shall not
			
		 		 	be permitted to modify a scheduled distribution election in accordance with Section 8.01(b) hereof.
			
		 	(c)	 	Commencement of Distributions
				
		 		 	(1)	 	Each lump sum distribution and the first distribution in a series of installment payments (if applicable) shall commence as elected in (A), (B) or (C)
below:

  

					
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		 		 		  		  	(A)	  	þ	  	Monthly on the 15th day of the month which day next follows the applicable triggering event described in 1.07(a).
							
		 		 		  		  	(B)	  	 ̈	  	Quarterly on the          day of the following months
                    ,                 ,
                , or                  (list one month in each calendar quarter) which day
next follows the applicable triggering event described in 1.07(a).
							
		 		 		  		  	(C)	  	 ̈	  	Annually on the          day of              (month) which day next follows the
applicable triggering event described in 1.07(a).
				
		 		 		  	(Note: Notwithstanding the above: a six-month delay shall be imposed with respect to certain distributions to Specified Employees; a Participant who chooses payment on a
Specified Date will choose a month, year or quarter (as applicable) only, and payment will be made on the applicable date elected in (A), (B) or (C) above that falls within such month, year or quarter elected by the Participant.)
				
		 		 	(2)	  	The commencement of distributions pursuant to the events elected in Section 1.07(a)(1) and Section 1.07(a)(3) shall be modified by application of the
following:
							
		 		 		  		  	(A)	  	 ̈	  	Separation from Service Event Delay – Separation from Service will be treated as not having occurred for          months after the date
of such event.
							
		 		 		  		  	(B)	  	 ̈	  	Plan Level Delay – all distribution events (other than those based on Specified Date or Specified Age) will be treated as not having occurred for
         days (insert number of days but not more than 30).
			
		 	(d)	 	Installment Frequency and Duration
			
		 		 	If installments are available under the Plan pursuant to Section 1.07(a), a Participant shall be permitted to elect that the installments will be paid (Complete 1 and
2 below):
				
		 		 	(1)	  	at the following intervals:
							
		 		 		  		  	(A)	  	 ̈	  	Monthly commencing on the day elected in Section 1.07(c)(1).
							
		 		 		  		  	(B)	  	 ̈	  	Quarterly commencing on the day elected in Section 1.07(c)(1) (with payments made at three-month intervals thereafter).
							
		 		 		  		  	(C)	  	þ	  	Annually commencing on the day elected in Section 1.07(c)(1).
				
		 		 	(2)	  	over the following term(s) (Complete either (A) or (B)):
							
		 		 		  		  	(A)	  	þ	  	Any term of whole years between 2 (minimum of 1) and 10 (maximum of 30).
							
		 		 		  		  	(B)	  	 ̈	  	Any of the whole year terms selected below.

  

					
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	 ̈ 1	  	 ̈ 2	  	 ̈ 3	  	 ̈ 4	  	 ̈ 5	  	 ̈ 6
	 ̈ 7	  	 ̈ 8	  	 ̈ 9	  	 ̈ 10	  	 ̈ 11	  	 ̈ 12
	 ̈ 13	  	 ̈ 14	  	 ̈ 15	  	 ̈ 16	  	 ̈ 17	  	 ̈ 18
	 ̈ 19	  	 ̈ 20	  	 ̈ 21	  	 ̈ 22	  	 ̈ 23	  	 ̈ 24
	 ̈ 25	  	 ̈ 26	  	 ̈ 27	  	 ̈ 28	  	 ̈ 29	  	 ̈ 30
	
	(Note: Only elect a term of one year if Section 1.07(d)(1)(A) and/or Section 1.07(d)(1)(B) is elected above.)

  

											
		 	(e)	  	Conversion to Lump Sum
				
		 		  	 ̈	  	Notwithstanding anything herein to the contrary , if the Participant’s vested Account at the time such Account becomes payable to him hereunder does not exceed
$     distribution of the Participant’s vested Account shall automatically be made in the form of a single lump sum at the time prescribed in Section 1.07(c)(1).
			
		 	(f)	  	Distribution Rules Applicable to Pre-effective Date Accruals
				
		 		  	 ̈	  	Benefits accrued under the Plan (subject to Code section 409A) prior to the date in Section 1.01(b)(1) above are subject to distribution rules not described in Section
1.07(a) through (e), and such rules are described in Attachment A Re: PRE EFFECTIVE DATE ACCRUAL DISTRIBUTION RULES.
		
	 1.08 
	 	VESTING SCHEDULE
				
		 	(a)	  	(1)	  	The Participant’s vested percentage in Matching Contributions elected in Section 1.05(b)shall be based upon the following schedule and unless Section 1.08(a)(2) is
checked below will be based on the elapsed time method as described in Section 7.03(b).
						
		 		  		  		  		  	     Years of Service                            Vesting
%
     0                                    
   100

				
		 		  	(2)	  	 ̈    Vesting shall be based on the class year method as described in Section
7.03(c).
				
		 	(b)	  	(1)	  	The Participant’s vested percentage in Employer Contributions elected in Section 1.05(c) shall be based upon the following schedule and unless Section 1.08(b)(2) is
checked below will be based on the elapsed time method as described in Section 7.03(b).
						
		 		  		  		  		  	     Years of Service                            Vesting
%
     0                                    
   100

  

					
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		 		  	(2)	 		  	 ̈    Vesting shall be based on the class year method as described in Section
7.03(c).
				
		 	(c)	  	 ̈	 	Years of Service shall exclude (Check one.):
						
		 		  		 		  	(1)     ̈	  	for new plans, service prior to the Effective Date as defined in Section 1.01(b)(2)(A).
						
		 		  		 		  	(2)     ̈	  	for existing plans converting from another plan document, service prior to the original Effective Date as defined in Section 1.01(b)(2)(B).
					
		 		  		 		  	(Note: Do not elect to apply this Section 1.08(c) if vesting is based only on the class year method.)
				
		 	(d)	  	 ̈	 	Notwithstanding anything to the contrary herein, a Participant will forfeit his Matching Contributions and Employer Contributions (regardless of whether vested) upon
the occurrence of the following event(s):
				
		 		  		 	
                                         
                                         
                                         
                                         
    
				
		 		  		 	
                                         
                                         
                                         
                                         
    
			
		 		  	(Note: Contributions with respect to Directors, which are 100% vested at all times, are subject to the rule in this subsection (d).)
			
		 	(e)	  	A Participant will be 100% vested in his Matching Contributions and Employer Contributions upon (Check the appropriate box(es)):
						
		 		  		 		  	(1)     ̈	  	Retirement eligibility is the date the Participant attains age 0 and completes 0 Years of Service, as defined in Section 7.03(b).
						
		 		  		 		  	(2)     ̈	  	Death.
						
		 		  		 		  	(3)     ̈	  	The date on which the Participant becomes disabled, as determined under Section 1.07(a)(2).
					
		 		  		 		  	(Note: Participants will automatically vest upon Change in Control if Section 1.07(a)(1)(G) is elected.)
				
		 	(f)	  	 ̈	 	Years of Service in Section 1.08 (a)(1) and Section 1.08 (b)(1) shall include service with the following employers:
				
		 		  		 	
                                         
                                         
                                         
                                         
    
				
		 		  		 	
                                         
                                         
                                         
                                         
    

  

					
	Plan Number: 44249	  		  	ECM NQ 2007 AA
	(07/2007)	  		  	12/02/2008

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	1.09	 	INVESTMENT DECISIONS
				
		 		 		 	A Participant’s Account shall be treated as invested in the Permissible Investments as directed by the Participant unless otherwise provided below:
				
		 		 		 	                                
                                         
                                         
                                         
             
				
		 		 		 	                                       
             
                                         
                                         
                                  
		
	1.10	 	ADDITIONAL PROVISIONS
			
		 		 	The Employer may elect Option below and complete the Superseding Provisions Addendum to describe overriding provisions that are not otherwise reflected in this Adoption
Agreement.
					
		 		 		 	 ̈	  	The Employer has completed the Superseding Provisions Addendum to reflect the provisions of the Plan that supersede provisions of this Adoption Agreement and/or the
Basic Plan Document.

  

					
	Plan Number: 44249	  		  	ECM NQ 2007 AA
	(07/2007)	  		  	12/02/2008

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 © 2007 Fidelity Management & Research Company 

 EXECUTION PAGE 
 (Fidelity’s Copy) 
 IN WITNESS WHEREOF, the Employer has caused this Adoption Agreement to be
executed this     day of                     , 20    . 
  

							
		  	Employer	  	  
	  	
				
		  	By	  	  
	  	
				
		  	Title	  	  
	  	

  

					
	Plan Number: 44249	  		  	ECM NQ 2007 AA
	(07/2007)	  		  	12/02/2008

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 © 2007 Fidelity Management & Research Company 

 EXECUTION PAGE 
 (Employer’s Copy) 
 IN WITNESS WHEREOF, the Employer has caused this Adoption Agreement to be
executed this     day of                     , 20    . 
  

							
		  	Employer	  	  
	  	
				
		  	By	  	  
	  	
				
		  	Title	  	  
	  	

  

					
	Plan Number: 44249	  		  	ECM NQ 2007 AA
	(07/2007)	  		  	12/02/2008

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 © 2007 Fidelity Management & Research Company 

 AMENDMENT EXECUTION PAGE 
 (Fidelity’s Copy) 
  

			
	Plan Name:	  	 KRATON Polymers U.S. LLC Deferred Compensation and Restoration Plan (the
“Plan”)

		
	Employer:	  	 KRATON Polymers U.S. LLC

 (Note: These execution pages are to be completed in the event the Employer modifies any prior
election(s) or makes a new election(s) in this Adoption Agreement. Attach the amended page(s) of the Adoption Agreement to these execution pages.) 
 The following section(s) of the Plan are hereby amended effective as of the date(s) set forth below: 
  

			
	 Section Amended
	  	 Effective Date

		  	
		  	
		  	
		  	

 IN WITNESS WHEREOF, the Employer has caused this Amendment to be executed on the date
below. 
  

			
	Employer:	 	  

		
	By:	 	  

		
	Title:	 	  

		
	Date:	 	  

  

					
	Plan Number: 44249	  		  	ECM NQ 2007 AA
	(07/2007)	  		  	12/02/2008

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 © 2007 Fidelity Management & Research Company 

 AMENDMENT EXECUTION PAGE 
 (Employer’s Copy) 
  

			
	Plan Name:	  	 KRATON Polymers U.S. LLC Deferred Compensation and Restoration Plan (the
“Plan”)

		
	Employer:	  	 KRATON Polymers U.S. LLC

 (Note: These execution pages are to be completed in the event the Employer modifies any prior
election(s) or makes a new election(s) in this Adoption Agreement. Attach the amended page(s) of the Adoption Agreement to these execution pages.) 
  

			
	 Section Amended
	  	 Effective Date

		  	
		  	
		  	
		  	

 IN WITNESS WHEREOF, the Employer has caused this Amendment to be executed on the date
below. 
  

			
	Employer:	 	  

		
	By:	 	  

		
	Title:	 	  

		
	Date:	 	  

  

					
	Plan Number: 44249	  		  	ECM NQ 2007 AA
	(07/2007)	  		  	12/02/2008

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 © 2007 Fidelity Management & Research Company 

 ATTACHMENT A 
 Re: PRE EFFECTIVE DATE ACCRUAL DISTRIBUTION RULES 
  

			
	Plan Name:	  	 KRATON Polymers U.S. LLC Deferred Compensation and Restoration Plan (the
“Plan”)

  

			
		  	  

		
		  	  

		
		  	  

		
		  	  

		
		  	  

		
		  	  

		
		  	  

  

					
	Plan Number: 44249	  		  	ECM NQ 2007 AA
	(07/2007)	  		  	12/02/2008

 Page 17 
 © 2007 Fidelity Management & Research Company 

 ATTACHMENT B 
 Re: SUPERSEDING PROVISIONS 
 for 
  

			
	Plan Name:	  	 KRATON Polymers U.S. LLC Deferred Compensation and Restoration Plan (the
“Plan”)

  

	 	(a)	Superseding Provision(s) – The following provisions supersede other provisions of this Adoption Agreement and/or the Basic Plan Document as described below:

  

	 	1.	Indemnification and Liability: 

 Indemnification. Each Participant, by executing an Election Form and becoming a Participant hereunder, acknowledges and agrees to indemnify and hold the Employer harmless from and against any damages, losses and expenses (including,
without limitation, litigation costs incurred by theEmployer in connection with the administration of the Plan) arising from third-party claims or disputes involving the Participant’s Plan interest (including, without limitation, tax liens and
levies, creditors’ claims, garnishment and bankruptcy proceedings, and proceedings in domestic relations court). 
 Liability. The Employer, and its directors, officers and employees, shall be free from liability, joint or several, for personal acts, omissions, and conduct, and for the acts, omissions and conduct of duly appointed agents, in the
administration of the Plan, except to the extent that the effects and consequences of such personal acts, omissions or conduct result from willful misconduct. 
  

	 	2.	Section 10.07 of the Basic Plan Document shall be replaced in its entirety with the following: 

 10.07. Governing Law. The Plan and the accompanying Adoption Agreement will be construed, administered and enforced according to ERISA, and
to the extent not preempted thereby, the laws of Ohio, without regard to the conflict of laws principles of such State. In the event that any one or more of the provisions of the Plan shall for any reason be held to be invalid, illegal, or
unenforceable, such invalidity, illegality or unenforceability shall not affect any other provision of the Plan; rather, the Plan shall be construed as if such invalid, illegal, or unenforceable provisions had never been contained herein, and there
shall be deemed substituted such other provision as will most nearly accomplish the intent of the parties to the extent permitted by applicable law. 
  

	 	3.	Notwithstanding anything herein to the contrary, in no event shall the Participant’s actions or inactions under the Employer’s Savings Plan result in an
increase in the amounts deferred under this Plan in excess of the annual limit with respect to elective deferrals under Section 402(g) if the Code in effect per the year in which such actions, or inactions occur. 

  

					
	Plan Number: 44249	  		  	ECM NQ 2007 AA
	(07/2007)	  		  	12/02/2008

 Page 18 
 © 2007 Fidelity Management & Research Company

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