Document:

EX-10.21

 Exhibit 10.21 

CONFIDENTIAL TREATMENT REQUESTED UNDER 
 C.F.R. SECTIONS
200.80(b)(4), 200.83 AND 230.406. 
 [*****] INDICATES OMITTED MATERIAL THAT IS THE 

SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST 
 FILED SEPARATELY
WITH THE COMMISSION. 
 THE OMITTED MATERIAL HAS BEEN FILED 

SEPARATELY WITH THE COMMISSION. 
  

 
  

STYRENE BASELOAD 
 SALE
AND PURCHASE AGREEMENT 
 between 

Dow Europe GmbH 
 and 

Jubail Chevron Phillips Company 

Dated: June 30, 2004 
  

 
  

  
 Project Confidential
Evaluation Material 

 Table of Contents 

 

					
	 ARTICLE I DEFINITIONS AND INTERPRETATION
	  	 	1	  
	 Section 1.1. Definitions
	  	 	1	  
	 Section 1.2. Interpretation
	  	 	5	  
	 ARTICLE II TERM AND TERMINATION
	  	 	6	  
	 Section 2.1. Term
	  	 	6	  
	 Section 2.2. Termination
	  	 	7	  
	 Section 2.3. Termination for Cause
	  	 	7	  
	 ARTICLE III STYRENE SALES AND QUANTITIES
	  	 	8	  
	 Section 3.1. Styrene Sales
	  	 	8	  
	 Section 3.2. Commencement Date Timing
	  	 	9	  
	 Section 3.3. Quantity
	  	 	9	  
	 Section 3.4. Monthly Shortfall
	  	 	9	  
	 Section 3.5. Alternative Sale of Monthly Shortfall Quantities
	  	 	10	  
	 Section 3.6. Annual Shortfall
	  	 	10	  
	 Section 3.7. Delayed Delivery
	  	 	10	  
	 ARTICLE IV FORECASTS
	  	 	10	  
	 Section 4.1. Rolling 3-Month Forecasts
	  	 	10	  
	 Section 4.2. Annual Nomination
	  	 	10	  
	 Section 4.3. Confirmation of Annual Nomination
	  	 	11	  
	 Section 4.4. Scheduled Shutdowns
	  	 	11	  
	 ARTICLE V PRICE AND PAYMENT TERMS
	  	 	11	  
	 Section 5.1. Pricing
	  	 	11	  
	 Section 5.2. Payment Terms
	  	 	13	  
	 Section 5.3. Suspending Shipments
	  	 	13	  
	 Section 5.4. Taxes
	  	 	13	  
	 Section 5.5. Published References
	  	 	14	  
	 Section 5.6. Price Adjustments
	  	 	14	  
	 Section 5.7. Most Favored Purchaser
	  	 	14	  
	 ARTICLE VI DELIVERY AND MEASUREMENT
	  	 	15	  
	 Section 6.1. Delivery Rate
	  	 	15	  
	 Section 6.2. Delivery Location
	  	 	15	  
	 Section 6.3. Title and Risk of Loss
	  	 	15	  
	 Section 6.4. Measurement
	  	 	15	  
	 Section 6.5. Shipping Details
	  	 	15	  
	 ARTICLE VII WARRANTIES
	  	 	16	  
	 Section 7.1. Sole Warranty
	  	 	16	  
	 Section 7.2. Disclaimer of Other Warranties
	  	 	16	  
	 ARTICLE VIII INSPECTION, CLAIMS AND LIMITATION OF LIABILITY
	  	 	16	  
	 Section 8.1. Inspection
	  	 	16	  
	 Section 8.2. Test Methods
	  	 	17	  
	 Section 8.3. Off-Spec Styrene
	  	 	17	  
	 Section 8.4. Maximum Liability
	  	 	17	  

  
  

			
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	 Section 8.5. Consequential Loss
	  	 	17	  
	 Section 8.6. Reporting
	  	 	18	  
	 ARTICLE IX FORCE MAJEURE 
	  	 	18	  
	 Section 9.1. Force Majeure
	  	 	18	  
	 Section 9.2. Reduction in Volumes
	  	 	18	  
	 Section 9.3. Notice Requirements
	  	 	19	  
	 Section 9.4. Remainder of Obligations Not Affected
	  	 	19	  
	 Section 9.5. Cessation of Force Majeure
	  	 	19	  
	 Section 9.6. Termination for Prolonged Force Majeure
	  	 	19	  
	 Section 9.7. General Limitations
	  	 	20	  
	 ARTICLE X SAFETY AND HEALTH COMMUNICATIONS 
	  	 	20	  
	 ARTICLE XI INDEMNIFICATION 
	  	 	20	  
	 Section 11.1. Indemnity
	  	 	20	  
	 Section 11.2. Notification of Claims
	  	 	21	  
	 ARTICLE XII DISPUTE RESOLUTION 
	  	 	22	  
	 Section 12.1. Dispute Negotiation
	  	 	22	  
	 Section 12.2. Alternate Dispute Resolution
	  	 	22	  
	 ARTICLE XIII ASSIGNMENT 
	  	 	23	  
	 Section 13.1. Assignment in General
	  	 	23	  
	 Section 13.2. Assignment to Successor in Interest
	  	 	23	  
	 Section 13.3. Assignment to Affiliate
	  	 	23	  
	 Section 13.4. Assignment to Lender
	  	 	24	  
	 ARTICLE XIV MISCELLANEOUS 
	  	 	24	  
	 Section 14.1. Public Announcements
	  	 	24	  
	 Section 14.2. Construction
	  	 	24	  
	 Section 14.3. Severability
	  	 	24	  
	 Section 14.4. Further Assurances
	  	 	25	  
	 Section 14.5. Survival of Representations, Warranties, Covenants, and Obligations
	  	 	25	  
	 Section 14.6. Expenses
	  	 	25	  
	 Section 14.7. Benefit
	  	 	25	  
	 Section 14.8. No Waiver of Rights
	  	 	25	  
	 Section 14.9. Governing Law and Precedence
	  	 	25	  
	 Section 14.10. Notices
	  	 	26	  
	 Section 14.11. Counterparts
	  	 	26	  
	 Section 14.12. English Language and Calendar
	  	 	26	  
	 Section 14.13. Relationship Between the Parties
	  	 	26	  
	 Section 14.14. Conflict of Interest
	  	 	26	  
	 Section 14.15. Certain Practices
	  	 	27	  
	 Section 14.16. Guarantee
	  	 	27	  
	 Section 14.17. Confidentiality
	  	 	27	  
	 Section 14.18. Entire Agreement and Modification
	  	 	27	  
	 Section 14.19. Amendment or Modification
	  	 	28	  
	 List of Exhibits
	  	 	29	  
	 Exhibit A Styrene Specification and Analytical Testing Methods 
	  	 	A-1	  

  
  

			
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	 Exhibit B Sample Calculations
	  	 	B-1	  
	 Exhibit C Form of Guarantee (Dow)
	  	 	C-1	  
	 Exhibit D Form of Guarantee (for SIIG and CPChem)
	  	 	D-1	  

  
  

			
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 STYRENE BASELOAD SALE AND PURCHASE AGREEMENT 

This Styrene Baseload Sale And Purchase Agreement (this “Agreement”) is entered into and effective between the parties on
June 30, 2004 A.D. by and between Jubail Chevron Phillips Company, a limited liability company holding Commercial Registration No. 2055005901, organized and existing under the laws and regulations of the Kingdom of Saudi Arabia with
its head office at Jubail, Kingdom of Saudi Arabia (“JCP” or “Seller”), and Dow Europe GmbH, a limited liability company organized and existing under the laws of Switzerland, having its principal office at Bachtobelstrasse
3, 8810 Horgen (“Dow Europe” or “Buyer”). 
 WHEREAS, JCP is developing a project for the construction of a facility in
Jubail, Kingdom of Saudi Arabia, for the anticipated production of styrene (among other things); and 
 WHEREAS, conditioned upon JCP
obtaining the necessary approvals and financing for such project and that such project proceeds to successful completion, JCP desires to sell Styrene to Dow Europe on a long-term basis, and Dow Europe similarly desires to purchase Styrene from JCP,
all in accordance with the terms and conditions contained herein; and 
 NOW, THEREFORE, in consideration of the above premises and the
mutual undertakings herein contained, the Parties hereto agree as follows: 
 ARTICLE I 

DEFINITIONS AND INTERPRETATION 

Section 1.1. Definitions. 

For the purposes of this Agreement, unless the context otherwise requires, capitalized terms used in this Agreement shall have the following
meanings: 
  

			
	“Affiliate”	  	means in relation to a person, any other person Controlled by such first person or which is controlled by or under common Control with such first person.
		
	“Annual Contract Quantity”	  	means [*****] per Contract Year, being pro-rated in respect of partial years, and except with respect to the Disengagement Period.
		
	“Annual Nomination”	  	has the meaning established in Section 4.2.
		
	“Annual Shortfall Quantities”	  	means the amount in metric tons by which the quantity of Styrene actually purchased by Buyer in a given Contract Year is less than the Annual Nomination.

  
  

			
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	 “Annual Shortfall
 Payment”
	  	means [*****] in affect for the Month in question times the Annual Shortfall Quantities, net of any Monthly Shortfall Payments for the Contract Year in question.
		
	“Business Day”	  	means a day in the capital city of the relevant country on which commercial banks are open for normal business excluding Thursday and Friday in the case of Seller, and excluding Saturday and Sunday in the case of Buyer.
		
	“Change of Control”	  	A change of control shall occur when there is a change of control of either Party by sale of stock or any other means, when the new controlling entity is one of the three largest global producers or the largest Asian producer of
polystyrene at the time of the change.
		
	“Commencement Date”	  	means the date on which Seller’s Plant is ready for commercial production of Styrene meeting Specification. This date shall be no earlier than April 1, 2007 and no later than April 1, 2008. Seller shall give Buyer 24 months
advance notice of the anticipated Commencement Date and shall update Buyer with any changes thereto.
		
	“Confidential Information”	  	means data, know-how, methods, processes, specifications or instructions that are not subject to the terms of other written agreements and shall include proprietary business information of a technical or non-technological nature,
including financial information. Such Confidential Information also may include, but is not limited to, physical, compositional and performance specifications, manufacturing conditions, machinery, chemical applications, laboratory instruments,
laboratory methods of analysis, interpretation of laboratory results, processes, techniques, technologies, and manufacturing methods, whether or not speculative or experimental in nature, including business and technical information, Such
information, if communicated orally, shall be considered Confidential Information if notice is given to the recipient that the information is confidential or if, due to the nature of the information, a reasonable person would understand the
information to be confidential.
		
	“Contract Period”	  	has the meaning established in Section 2.1.
		
	“Contract Year”	  	means the period beginning at 0000 hours (Greenwich Mean Time) on January 1st of any calendar year and ending at 2400 hours (Greenwich Mean Time) on December 31st of the same calendar year during the Contract
Period.

  
  

			
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	“Control”	  	means in relation to either Party, the right of a person or persons acting together, whether in law or in fact, to secure by means of the holding of shares bearing at least 50% of the voting rights attaching to all the voting
interests in that Party, or by having the power to control the composition of the board of directors of that Party so that all or a substantial proportion of the affairs of that Party are conducted in accordance with the wishes of that person or
persons and “Controlled” shall be construed accordingly.
		
	“Delivery Location”	  	means the ship’s rail at Jubail Industrial Port, Kingdom of Saudi Arabia, or at such other location or locations as may be mutually agreed between the Parties from time to time.
		
	 “Disengagement
 Period”
	  	means the period of [*****] starting at the conclusion of the notice period specified in Section 2.2, during which the Annual Contract Quantity will be reduced to [*****] metric tons plus or minus [*****] percent
([*****]%).
		
	“Excusing Conditions”	  	 means with respect to Buyer, Force Majeure events as provided in Article 9, Seller’s failure to deliver Styrene, Seller’s failure
to deliver Styrene meeting Specification, or other fault of Seller; and
  
 means with
respect to Seller, Force Majeure events as provided in Article 9, Buyer’s failure to purchase Styrene meeting Specification, or other fault of Buyer.

		
	“Firm Monthly Nomination”	  	has the meaning established in Section 4.1
		
	“FOB”	  	has the meaning ascribed to it in Incoterms 2000.
		
	“LIBOR”	  	means, in relation to any unpaid sum, the rate per annum calculated as the arithmetic mean (rounded to the nearest .0001 percentage point) of the offered rates for deposits in US Dollars for a one-month period that appear on the
Reuters Screen LIBOR Page as of 11:00 AM, London time, on the day that is two banking days preceding the payment due date.
		
	“Location Differential”	  	means the differential expressed in U.S. dollars per metric ton agreed upon annually for the Secondary Delivery Locations as defined in the Exchange Agreement.
		
	“Maximum Monthly Nomination”	  	means that amount which is equal to the Annual Nomination for the Contract Year in question divided by [*****] plus [*****]%, subject to any Excusing Conditions then
existing.

  
  

			
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	“Minimum Monthly Nomination”	  	means that amount which is equal to the Annual Nomination for the Contract Year in question divided by [*****] minus [*****]%, subject to any Excusing Conditions then existing. However, in calculating the Minimum Monthly Nomination,
the [*****]% reduction shall not apply to the extent that the cumulative purchases of Styrene for the Contract Year in question are [*****] or more Metric Tons less than the pro rata portion of the Annual Nomination for the Contact Year in question,
namely the quantity which results from multiplying the number of elapsed Months of the Contract Year by [*****] of the Annual Nomination times.
		
	“Month”	  	means the period beginning at 0000 hours (Greenwich Mean Time) on the first day in any calendar month and ending at 2400 hours (Greenwich Mean Time) on the last day of the same calendar month.
		
	“Monthly Nomination”	  	means the amount as nominated by Buyer for anticipated purchase of Styrene as further described in Section 4.1
		
	“Monthly Shortfall Payment”	  	means (i) [*****] in effect for the Month in question times the Monthly Shortfall Quantities or (ii) in the event Seller is able to sell the Monthly Shortfall Quantities in the same Month for which the Firm Monthly Nomination
applies, the difference between the Styrene Price times the Monthly Shortfall Quantities and the Net Realization obtained by Seller, up to a maximum amount equal to (i) hereinabove.
		
	“Monthly Shortfall Quantities”	  	means the amount in metric tons by which the quantity of Styrene actually purchased by Buyer in a given Contract Month is less than the Minimum Monthly Nomination. However, in the event that the Firm Monthly Nomination is greater
than the Minimum Monthly Nomination, then Monthly Shortfall Quantities shall mean the amount in metric tons by which the quantity of Styrene actually purchased by Buyer in a given Contract Month is less than the Firm Monthly Nomination.
		
	“Metric Ton(s)”	  	means 2204.62 pounds.
		
	“Net Realization”	  	means the net proceeds received by Seller in connection with the sale to third parties of Monthly Shortfall Quantities, after deduction of all costs of sale including freight, marketing fees, terminaling carrying cost of credit
terms [*****] and inspection fees.
		
	“Nominated Plants”	  	means the following plants of Buyer or its Affiliates located in the Asia Pacific region; Tsing Yi and Merak, plus any additional plants in the Asia Pacific region which Buyer may construct or acquire during the Contract Period,
which consume or transform styrene monomer.

  
  

			
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	“Nominated Plants Capacity”	  	means the total design capacity of the Nominated Plants, which is equal to [*****] per year as of the date of execution of this Agreement. However, this amount may be increased during the Contract Period as a result of any additions
or expansions to any of the Nominated Plants. In the event that the capacity of the Nominated Plants is reduced at any time during the Contract Period, the Nominated Plants Capacity shall be accordingly reduced for the same amount up to a maximum
reduction of [*****]% of the then current Nominated Plant Capacity, but in no event shall the number be reduced below [*****].
		
	“Off-Spec Styrene”	  	means Styrene which fails to meet Specification.
		
	“Party”	  	means either Seller or Buyer individually and “Parties” shall mean Seller and Buyer collectively.
		
	“Seller’s Plant”	  	means the facilities of Seller for the manufacture of styrene located in Jubail, Kingdom of Saudi Arabia, with an estimated effective capacity of [*****] of Styrene.
		
	“Styrene”	  	means styrene meeting Specification produced at Seller’s Plant.
		
	“Styrene Price”	  	has the meaning established in Section 5.1.
		
	“Specification”	  	means the Buyer’s quality specifications relating to Styrene as set forth in Exhibit A attached hereto and as modified from time to time by mutual agreement between the parties.

 Section 1.2. Interpretation. 

In this Agreement, unless the contrary is indicated: 
  

	 	1.2.1	“person” includes any individual, company, proprietorship, body corporate or unincorporated, or other juridical person, partnership (whether or not having separate legal personality), firm, joint venture or
trust or any federation, state or subdivision thereof or any government or agency of any of the foregoing and also includes a reference to that person’s legal personal representatives, successors and permitted assigns; 

 

	 	1.2.2	“Section” or “Exhibit” is a reference to a Section of or an Exhibit to this Agreement and the Recitals and Exhibits to this Agreement shall be deemed to form part of this Agreement;

  

	 	1.2.3	“includes” or “including” shall be without limitation; 

  

	 	1.2.4	an agreement or document is a reference to that agreement or document as from time to time supplemented, amended, substituted or novated (provided that Incoterms 2000 shall not be deemed to be so varied or replaced);

  
  

			
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	 	1.2.5	headings are inserted for convenience only and shall not affect the construction of this Agreement; words importing the singular include the plural and vice versa and words importing a gender include the other genders;

  

	 	1.2.6	a date or a period of time shall be deemed to be expressed in the Gregorian calendar; 

  

	 	1.2.7	the governing language of this Agreement is English; 

  

	 	1.2.8	in the event of any conflict between the express terms of this Agreement and the FOB Incoterm incorporated herein, the express terms of this Agreement shall apply; and 

 

	 	1.2.9	except insofar as this Agreement expressly provides that a third party may in his own right enforce a term of this Agreement, a person who is not a Party to this Agreement has no right under the Contracts (Rights of
Third Parties) Act 1999 (the “1999 Act”) to rely upon or enforce any term of this Agreement but this does not affect any right or remedy of a third party which exists or is available apart from the 1999 Act. 

ARTICLE II 
 TERM AND
TERMINATION 
 Section 2.1. Term. 

The period for the sale and purchase of Styrene under this Agreement shall consist of: (i) the period beginning on the Commencement Date
and ending ten (10) calendar years from that date (the “Primary Term”), plus any extension period thereafter (the “Extended Term”), followed by (ii) the Disengagement Period (the Primary Term, the Extended Term and the
Disengagement Period shall be referred to collectively as the “Contract Period”). This Agreement shall continue automatically at the end of the Primary Term until terminated pursuant to Section 2.2 below. Notwithstanding the
foregoing, Buyer has the option, exercisable in its sole discretion, to extend the Primary Term, in accordance with the following: 
  

	 	(i)	this option applies only in the event that circumstances arise (prior to the Seller’s Plant having achieved commercial production) under which the maximum loss provision of Section 3.2 has application and
where such maximum loss has been reached; 

  

	 	(ii)	Buyer must provide Seller with notice, by no later than twenty-four months prior to the time when the Primary Term otherwise would expire, that Buyer is exercising this option; 

 

	 	(iii)	the length of the extension, to be specified in such notice, can be for as long as the amount of time which elapses between the date when the maximum loss is reached and the date when Seller’s Plant achieves
commercial production; and 

  

	 	(iv)	Buyer may establish a new Annual Contract Quantity, to be specified in such notice and to be effective for the period of the extension, in any amount between [*****] and [*****] Metric Tons per year. 

  
  

			
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 Section 2.2. Termination. 

Except as expressly provided otherwise in this Agreement, neither Party has the right to terminate this Agreement prior to the end of the
Primary Term. Notwithstanding the foregoing. 
  

	 	(a)	Seller may terminate this Agreement without incurring cost or liability in favor of Buyer in the event Seller does not obtain financing for the construction of Seller’s Plant within the thirty (30) days following
the execution of this Agreement, or 

  

	 	(b)	if Seller determines not to proceed with constructing Seller’s PIant, Seller may terminate this Agreement upon the payment to Buyer of a [*****] provided that Seller gives written notice of such termination to
Buyer by no later than April 1, 2005. 

 Either Party may terminate this Agreement at the end of the Primary Term (followed by the
Disengagement Period) by giving the other Party written notice of the termination at least twenty-four (24) Months prior to the end of the Primary Term. Following the expiration of the Primary Term, either Party may terminate this Agreement by
giving the other Party written notice of the termination at least twenty-four (24) Months prior to the proposed commencement of the Disengagement Period. In either event, however, the Disengagement Period will commence at the end of the
twenty-four month notice period, and this Agreement will terminate only at the conclusion of the Disengagement Period. 

Section 2.3. Termination for Cause. 

Either Party (“the First Party”) may terminate this Agreement with immediate effect by notice in writing to the other Party on or at
any time after the occurrence of any of the following events in relation to any other Party (“the Second Patty”): 
  

	 	2.3.1	if the Second Party commits a material breach of any of its material obligations under this Agreement and, where such breach is remediable, fails to remedy the same within thirty (30) days of being required by the
First Party to do so, with the agreement between the Parties being that payment or performance by a guarantor of a Party pursuant to the guarantees attached hereto in Exhibit C shall not be construed to be a remedy of such Party’s breach; for
the purposes of this Section 2.3.1, a breach shall be considered capable of remedy if time is not of the essence in performance of the obligation and if the Second Party can comply with the obligation within the thirty (30) day period;

  

	 	2.3.2	if the Second Party becomes or is deemed to be insolvent or is unable to pay its debts (within the meaning of the Insolvency Act 1986); 

 

	 	2.3.3	if a petition is presented or meeting convened or resolution is passed for the purpose of winding up the Second Party or the Second Party enters into liquidation whether compulsorily or voluntarily or compounds with its
creditors generally or has a receiver, receiver and manager administrator or administrative receiver appointed over all or any part of its assets or any proposal is made for a company voluntary arrangement in respect of the Second Party;

  
  

			
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	 	2.3.4	if the Second Party suffers an event of Force Majeure and the other Party is entitled to terminate this Agreement under Section 9; 

 

	 	2.3.5	if the Second Party experiences a Change of Control; 

  

	 	2.3.6	if the Seller (as the Second Party) implements a change in manufacturing process (from that which is contemplated at the time of executing this Agreement) at Seller’s Plant which causes (as determined by an
arbitrator appointed pursuant to Section 12.2 hereof) the Styrene to infringe on the valid patents in effect in China, and Seller does not agree to hold Buyer harmless from the effects of such infringement; 

 

	 	2.3.7	if the Seller’s Plant has not reached commercial production by July 1, 2009 for any reasons other than Force Majeure as defined in Section 9.1, and Seller does not agree to supply styrene meeting
Specification to Buyer at the Contract Price, then Buyer may terminate this agreement; provided however that any termination by Buyer under this Section 2.3.7 will be without prejudice to any claims of Buyer arising under this Agreement,
subject to the express provisions of this Agreement relating to such claims; or 

  

	 	2.3.8	if the individual or cumulative effect of any Newly Imposed Tax(es) results in an increase in the Seller’s cost of production of at least two times the amount stated at the end of the first sentence of
Section 5.4 (hereinafter referred to as Seller’s Tax Limit Cost), and Buyer does not agree to pay half of the amount in excess of the Seller’s Tax Limit Cost of such Newly Imposed Tax(es) allocable to the Styrene sold pursuant to this
Agreement (in which case Seller shall have the termination option as the First Party). 

 In the event of a termination under
Section 2.3.1, the breaching Party shall reimburse the non-breaching Party for all costs and expenses related to pursuit of payment for any claim in any way arising from such breach, including but not limited to reasonable attorneys’ fees.

 ARTICLE III 
 STYRENE SALES
AND QUANTITIES 
 Section 3.1. Styrene Sales. 

With effect from the Commencement Date and continuing throughout the Contract Period, Seller agrees to sell and deliver and Buyer agrees to
purchase and receive Styrene in accordance with the terms and conditions of this Agreement. Prior to the Commencement Date (during the start-up of Seller’s Plant), certain quantities of Styrene may become available for sale to Buyer; in the
event that Buyer chooses to purchase any quantities available prior to the Commencement Date, such sales shall similarly be subject to the terms and conditions of this Agreement. However any such sales before the Commencement Date shall not affect
the Contract Period as specified in Section 2.1. 

  
  

			
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 Section 3.2. Commencement Date Timing. 

In the event that Seller’s Plant is ready for commercial production prior to April 1, 2007, the Commencement Date shall not be
earlier than April 1, 2007 unless otherwise agreed by the parties, and Buyer shall have the option to purchase Styrene produced prior to the Commencement Date pursuant to the terms defined in Section 3.1. If the Seller’s Plant is not
ready for commercial production by the nominated Commencement Date for any reasons other than Force Majeure as defined in Section 9.1 hereinbelow, Seller, if requested by Buyer, shall perform one of the following options, as Seller may elect in
its sole discretion: (i) supply to Buyer styrene meeting the Specifications (obtained from third-party sources) in accordance with the price and other terms agreed hereunder; or (ii) direct Buyer itself to obtain from third-party sources
the monthly quantities contemplated herein, in which case Seller shall pay Buyer an amount equal to the net difference between the Styrene Price (as specified under this Agreement) and any higher price of styrene which Buyer pays in obtaining such
styrene, net of Buyer incurred costs as defined in Net Realization, given that Buyer agrees to exercise its best efforts to obtain the lowest price achievable under the circumstances. In any event however, the Parties expressly agree that the
maximum loss which Seller shall be obliged to incur with respect to the provisions of this Section 3.2 shall be no greater than [*****]. Seller shall not be entitled to delay the achievement of commercial production on the basis of financial,
business or market reasons, or on the basis of Seller’s gross negligence or willful misconduct, and if Seller breaches this obligation then the provision as to limitation of loss which is contained in the preceding sentence shall not apply to
the extent of any delay which is attributable to such breach. In determining whether any delay is due to Seller’s willful misconduct, only the actions of the officers and directors of Seller (and of Seller’s Affiliates) will be considered.

 Section 3.3. Quantity. 

The quantity of sales on an annual basis shall be consistent with each Annual Nomination, in accordance with Section 4.2, which Annual
Nomination shall be equal to or greater than the Annual Contract Quantity, except to the extent that Excusing Conditions occur. With respect to sales on a monthly basis, the quantity of sales shall be consistent with each Monthly Nomination,
provided pursuant to Section 4.1. However, to the extent that a Monthly Nomination is more than the Maximum Monthly Nomination, such sales shall be at the Seller’s discretion. 

Section 3.4. Monthly Shortfall. 

If Buyer fails to purchase Styrene for any reason other than any applicable Excusing Conditions, such that there are resulting Monthly
Shortfall Quantities, then Buyer shall pay to Seller the Monthly Shortfall Payment in accordance with the provisions of Section 5.2. A sample calculation of a Monthly Shortfall Payment is included in Exhibit B. IT IS UNDERSTOOD AND AGREED
BETWEEN THE PARTIES HERETO THAT SELLER’S RIGHT TO COLLECT THE MONTHLY SHORTFALL PAYMENT CONSTITUTES SELLER’S EXCLUSIVE REMEDY FOR BUYER’S FAILURE TO PURCHASE THE MONTHLY NOMINATION, AND IN NO EVENT SHALL BUYER BE OBLIGATED TO PAY MORE
THAN THE MONTHLY SHORTFALL PAYMENT FOR ANY VOLUME OF STYRENE NOT ACTUALLY PURCHASED BY BUYER IN A GIVEN MONTH. THE MONTHLY SHORTFALL PAYMENT REPRESENTS A REASONABLE AND GENUINE PRE-ESTIMATE OF DAMAGES WHICH WOULD BE SUFFERED BY SELLER IF BUYER FAILS
TO PURCHASE THE MONTHLY NOMINATION AND DOES NOT CONSTITUTE A PENALTY. BUYER SHALL NOT BE REQUIRED TO PAY THE MONTHLY SHORTFALL PAYMENT TO THE EXTENT OF ANY APPLICABLE EXCUSING CONDITIONS. 

  
  

			
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 Section 3.5. Alternative Sale of Monthly Shortfall Quantities. 

If Buyer fails to purchase the Firm Monthly Nomination, Seller may undertake to effectuate an alternative sale of such Monthly Shortfall
Quantities. If and to the extent that the Seller endeavours to make spot sales of the Monthly Shortfall Quantities, Seller will use commercially reasonable efforts to sell it at the highest market price available in any region reasonably chosen by
Seller. 
 Section 3.6. Annual Shortfall. 

If Buyer fails to purchase the Annual Contract Quantity pursuant to Section 4,1 in a given Contract Year (for reasons other than any
applicable Excusing Conditions), then Buyer shall pay to Seller the Annual Shortfall Payment. In the event that the cumulative amount of any Monthly Shortfall Payments made by Buyer for the Contract Year in question cause the Annual Shortfall
Payment to be a negative number (after netting), then Seller shall reimburse the amount to Buyer. A sample calculation of an Annual Shortfall Amount is included in Exhibit B. 

Section 3.7. Delayed Delivery. 

In each Month, Buyer shall have the option to purchase Styrene without taking immediate delivery, upon providing written notice thereof to
Seller not later than the 20th of the prior month. Seller shall allow Buyer to keep up to a maximum of [*****] of Styrene stored at Seller’s facilities in Jubail for delayed delivery. This
maximum amount of [*****] of Styrene can be increased up to a maximum amount of [*****] for a period not exceeding [*****]. The price for such Styrene shall be determined in accordance with Section 5.1 as of the Month of the election. All
Styrene sold but not delivered under this Section shall be deemed by the Parties to have been purchased by Buyer at the Delivery Location as of the election date and then accounted for and held by Seller for subsequent delivery to Buyer, as Buyer
shall instruct. 
 ARTICLE IV 

FORECASTS 

Section 4.1. Rolling 3-Month Forecasts. 

No later than the 20th of each month during the Contract Period, Buyer shall provide
Seller with [*****] rolling forecast of Monthly Nominations, reflecting the Styrene Buyer intends to purchase and receive during the [*****] starting at the end of the month when the forecast is provided (the “Rolling Forecast”). With
respect to the initial month of each Rolling Forecast, the Monthly Nomination shall be provided on a firm and binding basis (the “Firm Monthly Nomination”), whereas the Monthly Nominations for the [*****] and [*****] of the Rolling
Forecast are understood merely to be good faith estimates. 
 Section 4.2. Annual Nomination. 

By no later than September 30th of the year preceding each Contract Year, Buyer shall provide to Seller in writing a nomination of
Buyer’s anticipated purchase levels for the upcoming Contract Year (the “Annual Nomination”). The amount of each Annual Nomination 

  
  

			
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shall be equal to or greater than the Annual Contract Quantity, except to the extent of applicable Excusing Conditions. However, Buyer acknowledges that to the extent requested sales under the
Annual Nomination are greater than the Annual Contract Quantity, such excess sales shall be at the discretion of Seller and the price applicable to such excess sales shall be a matter of negotiation between the Parties. In the event Buyer does not
provide the new Annual Nomination by the date specified, the Annual Nomination for the upcoming Contract Year shall be deemed to be [*****]. 

Section 4.3. Confirmation of Annual Nomination. 

By no later than thirty (30) days following receipt of an Annual Nomination, Seller shall provide Buyer with a response confirming
Seller’s receipt of the Annual Nomination for the Contract Year in question. In the event Seller does not provide the confirmation within the time period specified, Seller shall be deemed to confirm the Annual Nomination for the upcoming
Contract Year, subject to the provisions of Section 4.2 with respect to excess sales. 
 Section 4.4. Scheduled Shutdowns.

 Buyer and Seller will use reasonable endeavors to coordinate scheduled shut downs with each other and shall give the other Party twelve
(12) months advance notice of any scheduled shutdown which shall affect the ability of a Party to supply or receive product on a short-term basis. However, for the avoidance of doubt the Parties hereby acknowledge that scheduled shutdowns shall
not constitute an Excusing Condition and thus shall not reduce the purchase and sale obligations contained herein with respect to Annual Nominations unless otherwise mutually agreed. 

ARTICLE V 
 PRICE AND PAYMENT
TERMS 
 Section 5.1. Pricing 

The price for Styrene sold hereunder (the “Styrene Price”) shall be established in U.S. cents per pound (“cpp”) and
converted to U.S. dollars per Metric Ton and shall be determined each [*****] of delivery. The Styrene Price shall be based upon the following formula, as defined below, and shall be calculated in the following manner: 

Styrene Price = [*****] 
  

			
	Where:	  	B-price is the [*****]. In the absence of a timely pricing nomination from Buyer for any Contract Year after the first Contract Year, the pricing nomination which is then in effect shall apply for the Contract Year in
question.

 Where: 

Singapore Average Price is the [*****]. 

  
  

			
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 Korea Average Price is the [*****]; and 

E-price is the [*****]. In the absence of a timely pricing nomination from Buyer for any Contract Year after the first Contract Year,
the pricing nomination which is then in effect shall apply for the Contract Year in question. 
 Where: 

South East Asia Average Price is the [*****]. 

Korea Average Price is the [*****]. 

Vc = [*****] 
 Where: 

FG is the [*****]. FG shall not exceed the greater of [*****] or [*****]% USGC Ship Channel monthly 

EC is the [*****]. 

WC - is the [*****]. 

Fc is [*****] multiplied by [*****], subject to adjustment on an [*****] basis each [*****], commencing on [*****]. However, the Fc
shall not be subject to downward adjustment. 
 Fixed Cost Index is comprised of Cost of Living Index for all cities (“CLI”)
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Fixed Cost index shall be updated on a yearly basis based on the average of the preceding three years average. In no event shall the Fc Index be less than the prior year Fc Index, and the Index
shall not go above [*****]. 
 Fc Index =[*****] 

Where: 
 CLI2007 –
is the average of the CLI for the three years prior to the Commencement Date; and 
 CLIY – is the average of CLI for the three
prior Contract Years 
 See Exhibit C for an example of the Styrene Price calculations for January and February of 2003. 

Section 5.2. Payment Terms. 

On or about the 5th Business Day of each Month, a consolidated invoice will be issued to
Buyer for all Styrene sold during the preceding Month, as well as other amounts due and owing, including any outstanding Monthly Shortfall Payment and (each January following a Contract Year) any Annual Shortfall Payment owing for the Contract Year
in question. Buyer shall pay the invoice amount on the 15th day of each Month (or if such 15th day is not a Business Day for Buyer, then on the
next Business Day) via electronic funds transfer (“EFT”) to an account as specified by Seller; provided, however, that said payment date will be extended by the number of days by which Seller is delayed in issuing its invoice. All amounts
due under an invoice shall be due and payable in currency of the United Slates. If either Party disputes the amount due under an invoice, the Parties shall act promptly to resolve the dispute. However, Buyer will only be entitled to withhold payment
of that amount subject to bona fide dispute. If any amount is determined or agreed actually to be due and owing, the Party owing such amount shall promptly pay such amount plus interest at LIBOR + 1% for the period from the date of the invoice until
payment. 
 Section 5.3. Suspending Shipments. 

If Buyer is past due in payment of any amount owing to Seller or is unable to pay its debts as they fall due, Seller reserves the right,
without liability and without prejudice to any other remedies, to suspend performance, decline to ship, or stop any material or goods in transit, until Seller receives payment of all amounts owing to Seller, or otherwise receives adequate assurance
of payment for any amounts outstanding to Seller, in the form of a letter of credit, a parent guarantee or a bank guarantee. If Seller has committed a breach of its supply obligations (which Seller has failed promptly to cure in accordance with
Section 2.3.1 and any other provisions of this Agreement), Buyer reserves the right, without liability and without prejudice to any other remedies (including termination pursuant to Section 2.3), to suspend future purchases until
Seller’s breach is properly cured. 
 Section 5.4. Taxes. 

Any tax (other than on income or on gross receipts or measured by income or gross receipts), duty or other governmental charge now or
hereafter imposed (including “Superfund” taxes) on the delivery of Styrene to Buyer pursuant to this Agreement (or on 

  
  

			
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Seller, or required to be paid or collected by Seller, by reason of the manufacture of such Styrene), which would have application after the Commencement Date, hereinafter “Newly Imposed
Tax”, shall be apportioned equally between Seller and Buyer with respect to the Styrene sold under this agreement, in addition to the Styrene price; provided that under no circumstances shall Buyer be obliged to pay an amount in excess of
[*****] pursuant to the provisions of this section. It is the intent of the Parties for Buyer to pay only such Newly Imposed Tax as relates to Styrene delivered to Buyer, If a Newly Imposed Tax is calculated on any basis other than an amount per
metric ton delivered or as a percentage of purchase price, such as a periodic amount imposed on the manufacture of Styrene, the Newly Imposed Tax will be prorated between Buyer and Seller taking into account only the Styrene delivered to Buyer upon
which the Newly Imposed Tax is imposed. Buyer and Seller shall each be entitled to one-half (on a pro rata basis) of any tax credit, refund, or reduction in tax charge that may be available with respect to the taxes paid on delivery, manufacture,
sale, or use of such Styrene and Seller shall cooperate with Buyer if necessary to secure such credit, refund, or tax reduction. A Newly Imposed Tax shall not be payable by Buyer to the extent it results from Seller’s negligence or from any
actions or negotiations of Seller intending to allocate any Newly Imposed Tax on the supply of Styrene to Buyer. 
 Section 5.5.
Published References. 
 The Parties agree that they will negotiate an alternative reference price, pricing mechanism or index if any of the
published reference prices or indices used to establish a pricing formula are no longer published when no alternative published reference price is already specified in this Agreement. Further, it is recognized by both parties that the Styrene
Monomer purchased under this agreement is destined for the major markets in Asia and as such the raw material references are intended to be representative of the actual or prevailing prices impacting the valuation of Styrene Monomer in these
markets. The references currently applied in this contract meet this criterion. If any of such reference prices or indices no longer meets this criterion, then either Party has the right to propose to replace an existing reference price in this
Agreement with a new prevailing market reference price by communicating to the other Party not later than November 1 preceding any Contract Year. If the other Party does not agree on such alternative reference price within 60 days, then either
Party may refer the matter for resolution in accordance with the provisions of Section 12.2, with the new reference price to be applied retroactively to the beginning of the Contract Year in question in the event the disagreement is resolved in
favor of the new reference price. If there is a correction in any of the referenced publications within thirty (30) days of publication, the correction shall be applied to the price as applicable. 

Section 5.6. Price Adjustments. 

The Parties agree that there will not be any price adjustment made, whether due to publication error or calculation error, to an invoiced
amount more than twelve (12) Months after the date of the applicable invoice. 
 Section 5.7. Most Favored Purchaser. 

If Seller at any time during the term of this Agreement shall offer Styrene for sale to any third party for use in Asia or India (other than
an entity in which an Affiliate of Seller owns an equity (or similar) interest of 40% or more), in monthly quantities equal to or smaller than those established in this Agreement, on substantively equivalent or better terms and conditions for the
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years), and on a structured pricing basis substantively equivalent to that which is established in this Agreement, which results in a net price lower than that which is in effect under this
Agreement, then Seller shall, to the extent permitted by applicable law, offer Buyer the same lower price for the Styrene purchased hereunder, but only after the two initial years of the contract with the third party have elapsed and thereafter only
for the period of time in which such third party’s lower price is in effect. 
 ARTICLE VI 

DELIVERY AND MEASUREMENT 

Section 6.1. Delivery Rate. 

Seller shall endeavor to deliver and Buyer shall endeavor to take Styrene ratably throughout each Month, subject to the occurrence of any
Excusing Conditions and subject to any scheduled shutdowns which have been communicated between the Parties. 
 Section 6.2.
Delivery Location. 
 The Styrene purchased and sold under this Agreement shall be delivered at the Delivery Location. 

Section 6.3. Title and Risk of Loss. 

Title to the Styrene and all risk of damage or loss with respect thereto shall pass to Buyer at the moment when the Styrene passes through the
Delivery Location. 
 Section 6.4. Measurement. 

Styrene will be sold on a weight basis converted from volume measurements. The volume of Styrene delivered shall be determined by calibrated
shore tank gauges or other mutually agreed upon methods by an independent surveyor at the point of delivery. All deliveries shall be computed on the basis of volume adjusted to the standard temperature of 60 degrees Fahrenheit. Volume measurements
for Styrene shall be adjusted for temperature and converted to weight in metric tons using ASTM D1555M for volume measurements made in metric units. 

Section 6.5. Shipping Details. 

In respect of each shipment of Styrene which Buyer wishes Seller to deliver, Buyer shall give to Seller a written nomination setting out: 

 

	 	6.5.1	the quantity of Styrene which Buyer wishes to be delivered in that shipment, which quantity must be between [*****] and [*****] unless mutually agreed to; 

 

	 	6.5.2	a fifteen (15) day laycan in which the Buyer wishes the shipment to be loaded at Port of Shipment, the first day of which laycan may not be earlier than thirty (30) days after the day on which the order is
given to the Seller; and 

  

	 	6.5.3	 the details of the vessel nominated by Buyer to carry the shipment, such as the vessel’s name, age, deadweight, draft and prior cargo. In the
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be delayed or otherwise restricted, such Party shall promptly notify the other Party of the same, and Buyer shall then use all reasonable endeavors to mitigate the effects of such delay or
cancellation. 

  

	 	6.5.4	Buyer shall nominate a vessel with a laytime based on minimum 200 MT/hr reversible SHINC unless otherwise mutually agreed upon. 

ARTICLE VII 
 WARRANTIES

 Section 7.1. Sole Warranty. 

Seller warrants, and only warrants, that the Styrene shall meet Specification (except with respect to Off-Spec Styrene which Buyer agrees to
purchase), that Seller shall have the right to sell Styrene and that Seller shall convey the Styrene at the time of delivery at the Delivery Location with good and marketable title, 

 

	 	a.	free from any lawful security interest, lien, or encumbrance (or other similar claims); 

  

	 	b.	free from any patent claims establishing that the manufacture of the Styrene in Saudi Arabia infringes the valid patent of any third parties in Saudi Arabia; and 

 

	 	c.	free from any other third party claim impacting Buyer’s good and marketable title resulting from Seller’s lack of compliance with any applicable laws or contractual obligations. 

Section 7.2. Disclaimer of Other Warranties. 

EXCEPT AS EXPRESSLY SET OUT IN SECTION 7.1 ABOVE, SELLER DOES NOT MAKE, AND SELLER HEREBY EXPRESSLY DISCLAIMS (AND BUYER EXPRESSLY WAIVES),
ANY OTHER WARRANTIES INCLUDING WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, REGARDLESS OF WHETHER ORAL OR WRITTEN, EXPRESS OR IMPLIED, OR ALLEGEDLY ARISING FROM ANY USAGE OF ANY TRADE OR FROM ANY COURSE OF DEALING. 

ARTICLE VIII 
 INSPECTION,
CLAIMS AND LIMITATION OF LIABILITY 
 Section 8.1. Inspection. 

Buyer will cause the Styrene to be examined by an independent surveyor at the time of loading at the Delivery Point. Buyer has the right to
nominate such independent inspector, subject to the Seller’s mutual agreement, and all costs associated with the inspector shall be split equally between Buyer and Seller. The determinations of the independent surveyor as to both quantity and
quality shall be binding upon Buyer and Seller, unless either of them can prove that the determination of the independent surveyor was wrong. In the event such independent surveyor believes that there has been a shortfall in delivery of Styrene or
that the delivery contain Off-Spec Styrene, Buyer shall notify Seller as promptly as possible, and in the case of Off-Spec Styrene Buyer and Seller shall then enter into discussions pursuant to
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possible, using all reasonable diligence, but in no event later than at the date scheduled for the next delivery. Seller shall be responsible for any demurrage, ‘dead freight’ and costs
reasonably incurred by Buyer as a result of Seller’s delivery shortfall. 
 Section 8.2. Test Methods. 

Analytical procedures and test methods for product quality shall be in accordance with Exhibit A. Such procedures shall be no less rigorous
than standard industry procedures and shall be revised periodically by agreement between the Parties for this purpose. Seller shall provide Buyer with certification sheets in respect of the analysis and description of the properties of each lot of
Styrene part or all of which is to be delivered to Buyer hereunder. Such certification sheets shall be provided promptly following completion of final analysis of samples of such lot. 

Section 8.3. Off-Spec Styrene. 

In the event that Buyer is willing to consider purchasing Off-Spec Styrene which it has received, then the Parties shall commence discussions
with a view to agreeing terms on which Buyer may elect to accept such Off-Spec Styrene. If the Parties fail to reach agreement, then Buyer shall be entitled to reject the Off-Spec Styrene in which case Seller shall be responsible for the disposition
thereof and shall promptly, but in no event later than at the date scheduled for the next delivery, deliver to Buyer an equivalent quantity of Styrene (meeting Specification) in replacement therefor. Where Buyer has rejected such Off-Spec Styrene,
Seller shall be responsible for any ship cleaning, demurrage, and additional costs reasonably incurred by Buyer. The Buyer shall not be obliged to pay the Seller for the non-compliant product so rejected. However, in the event that an agreement is
reached with respect to the purchase of the Off-Spec Styrene, such quantities shall count towards satisfaction of the Monthly Nomination for the Month in question. 

In the event that Seller has Off-Spec Styrene which it desires to sell to Buyer, Seller shall notify the Buyer of the same, providing details
of the properties thereof, and if Buyer desires to purchase it, the Parties will discuss the pricing terms which will apply to such sale. The terms and conditions of this Agreement (other than the pricing provisions of Article V) shall apply to the
sales of Off-Spec Styrene. 
 Section 8.4. Maximum Liability. 

EXCEPT AS PROVIDED IN SECTION 8.6 BELOW, A PARTY’S TOTAL LIABILITY TO THE OTHER PARTY ARISING FROM THIS AGREEMENT FOR ANY CLAIMS OF ANY
NATURE WILL NOT EXCEED THE PURCHASE PRICE OF THE PORTION OF STYRENE IN RESPECT OF WHICH SUCH CLAIMS ARE MADE. 
 Section 8.5.
Consequential Loss. 
 WITHOUT PREJUDICE TO THE APPLICATION OF SECTION 3.4 ABOVE, IN NO EVENT WILL EITHER PARTY BE LIABLE HEREUNDER FOR ANY
LOST PROFITS OR ANY INDIRECT, CONSEQUENTIAL, SPECIAL, CONTINGENT, EXEMPLARY OR PUNITIVE DAMAGES WHETHER ARISING IN TORT, CONTRACT, OR OTHERWISE. 

  
  

			
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 Section 8.6. Reporting. 

NOTWITHSTANDING ANYTHING CONTAINED IN THIS AGREEMENT TO THE CONTRARY, THE PROVISIONS OF SECTIONS 8.4 AND 8.5 WILL NOT APPLY TO EITHER
PARTY’S INDEMNITY OBLIGATIONS SET FORTH IN ARTICLE XI. 
 ARTICLE IX 

FORCE MAJEURE 

Section 9.1. Force Majeure. 

No delay or failure of performance of any obligation under this Agreement by either Party shall constitute default hereunder or give rise to
any claims for damages (if any) to the extent that such delay or failure: (i) is beyond the Party’s reasonable control; or (ii) results from an event or condition which is unforeseeable or which if foreseeable cannot by the exercise
of reasonable diligence be prevented or avoided (“Force Majeure”). Force Majeure events shall include: 
  

	 	(i)	in relation to Seller’s Plant and Buyer’s Nominated Plants (the “Affected Plant”), any act of war (whether declared or undeclared), invasion, armed conflict or act of foreign enemy, blockade,
embargo, revolution, riot, civil commotion, act or campaign of terrorism, or sabotage; any government nationalization, sequestration or expropriation; strike, work to rule or go-slow; changes in any law applicable to the Affected Plant; adverse
weather conditions affecting production by an Affected Plant, lightning, fire, earthquake, tsunami, storm, cyclone, typhoon, or tornado; fire, epidemic or plague; radioactive contamination or ionizing radiation; explosion; or chemical contamination;

  

	 	(ii)	the lapse, termination or revocation of any consent, permit or license (to the extent beyond the reasonable control of the affected Party); and 

 

	 	(iii)	except to the extent caused by a failure of the affected Party to act in accordance with good industry practice in the Affected Plant; failure of any material piece of equipment at the Affected Plant; a delay or failure
in supply of fuel, feedstock, catalyst or any other raw material or any utility of any kind necessary for the operation of the Affected Plant; and a delay in the performance of any contractor or subcontractor; 

provided always that such event is not caused by the negligence or intentional action of a Party or their respective agents or employees, and provided further
that neither Party shall declare Force Majeure with respect to the other Party unless the declaring Party also declares Force Majeure with respect to its other purchasers and suppliers. 

Section 9.2. Reduction in Volumes. 

In the event of a Force Majeure event affecting one or more of Buyer’s Nominated Plants, Buyer’s purchase obligation shall be
reduced during the pendency of the Force Majeure event by the percentage amount which is calculated as a fraction, the numerator of which is the amount of reduction in capacity of Buyer’s Nominated Plants as a result of the Force Majeure and
the denominator of which is the Nominated Plants Capacity. 

  
  

			
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 In the event of a Force Majeure event affecting Seller’s Plant, Seller’s obligations
under this Agreement shall be excused or reduced, as the case may be, to the extent such performance is prevented or limited by the Force Majeure event. Nevertheless, to the extent that Seller’s Styrene production is simply reduced rather than
completely curtailed due to an event of Force Majeure, any available quantity of Styrene shall be allotted to Buyer on a pro rata basis. More specifically, Seller’s delivery obligation to Buyer shall be reduced during the pendency of the Force
Majeure event by the percentage amount which is calculated as a fraction, the numerator of which is the amount of Seller’s reduction in capacity as a result of the Force Majeure event and the denominator of which is the effective capacity of
Seller’s Styrene facilities, currently estimated to be [*****]. 
 Section 9.3. Notice Requirements. 

The Party asserting Force Majeure shall in each instance give the other Party notice thereof no later than three (3) days after the
beginning of each such occurrence. Such notice shall include a brief description of the event or circumstance of Force Majeure, the nature of the impact on the Party, and an estimate of the anticipated delay. No such delay or continuation thereof
shall be effective for a period of more than fifteen (15) days unless prior to the end of the initial fifteen (15) day period, the Party asserting the Force Majeure shall give the other Party notice of the continuation thereof. 

Section 9.4. Remainder of Obligations Not Affected. 

Nothing in this Article IX shall alter any obligations under this Agreement to the extent not affected by such Force Majeure event. The
affected Party shall make all reasonable efforts to minimize the effects of the Force Majeure event, and the Parties shall consult with each other with a view to agreeing on appropriate measures to be taken to mitigate the effects of the Force
Majeure event. 
 Section 9.5. Cessation of Force Majeure. 

Not Inter than seven (7) days after the cessation of any Force Majeure event, the Party that asserted it shall give the other Party
notice of the date of such cessation; provided that the Party that asserted the claim for Force Majeure shall resume performance of its obligations under this Agreement immediately upon cessation of the Force Majeure event. 

Section 9.6. Termination for Prolonged Force Majeure. 

If the cumulative duration of any period or periods of Force Majeure exceeds three hundred and sixty five (365) days, the Party other
than the Party asserting Force Majeure may terminate this Agreement forthwith. If the duration of any single period of Force Majeure exceeds one hundred and eighty (180) days, the Party other than the Party asserting Force Majeure shall be
entitled to terminate this Agreement unless the Party asserting Force Majeure can perform or cause somebody to perform at least 70% of its obligations under this Agreement. 

  
  

			
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 Section 9.7. General Limitations. 

Neither party shall be entitled to the benefits of the provisions of this Article IX to the extent that: 

 

	 	(1)	The failure to observe or perform was caused by the party claiming Force Majeure having failed to act reasonably to remedy the condition and remove the cause or circumstances of Force Majeure, or having failed to resume
with all reasonable dispatch the performance of such covenants or obligations. 

  

	 	(2)	The event of Force Majeure was caused by lack of finances, any change in the market price for Styrene or was related to the payment of any amount or amounts due under this Agreement. 

 

	 	(3)	The failure to observe or perform was caused by either party’s failure to use due diligence to maintain a permit, authorization or approval of any governmental authority. 

 

	 	(4)	The failure to observe or perform was caused by arrest or restraint of governments or governmental agencies or the order of any court and a such arrest, restraint or order was a result of a reckless or intentional
breach or violation by the party claiming Force Majeure of the term of a permit, license, certificate or of any applicable laws, regulations or orders. 

  

	 	(5)	The failure to observe or perform was caused by the party claiming Force Majeure failing to act in a reasonable and prudent manner under the circumstances. 

ARTICLE X 
 SAFETY AND HEALTH
COMMUNICATIONS 
 Seller shall furnish to Buyer Material Safety Data Sheets which include health, safety and other hazard communication
information on Styrene consistent with the Occupational Safety and Health Administration’s Hazard Communication. Buyer shall disseminate to third parties, as required by applicable law, Material Safety Data Sheets which include health, safety
and other hazard communication information on Styrene consistent with the Occupational Safety and Health Administration’s Hazard Communications. If Styrene is further processed, mixed or incorporated into another product, Buyer shall famish to
third parties, as required by applicable law, Material Safety Data Sheets which include health, safety and other hazard communication information on such product consistent with the Occupational Safety and Health Administration’s Hazard
Communications Standard. 
 ARTICLE XI 

INDEMNIFICATION 

Section 11.1. Indemnity. 

Personal Injury of Related Persons. Each of the Parties (as the “Indemnifying Party”) hereby agrees to defend, indemnify and
save harmless the other Party, its Affiliates, and their respective directors, officers, employees, servants, consultants and agents (collectively, the “Indemnified Parties”) from and against any and all actions, causes of actions, claims,
demands, costs, losses and expenses for personal injury to or death of any individual who is the employee, officer, servant, consultant, representative or agent of the Indemnifying Party, which 

  
  

			
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may be brought against or incurred or suffered by the Indemnified Parties, arising out of, connected with, or relating in any way to this Agreement. This indemnity will apply whether or not it is
alleged or proved that Indemnified Party was passively, concurrently, or actively negligent, and regardless of whether liability without fault is imposed or sought to be imposed on the Indemnified Party. However, this indemnity will not apply to the
extent such liabilities are the result of the sole negligence or willful misconduct of the Indemnified Party. 
 Personal Injury of
Non-Related Persons and Property Damage. Additionally, each of the Parties (as the “Indemnifying Party”) hereby agrees to defend, indemnify and save harmless the other Party, its Affiliates, and their respective directors, officers,
employees, servants, consultants and agents (collectively, the “Indemnified Parties”) from and against any and all actions, causes of actions, claims, demands, costs, losses and expenses 

 

	 	(i)	for personal injury to or death of any individual who is NOT the employee, officer, servant, consultant, representative or agent of either Party, and 

 

	 	(ii)	for damage to or loss of any physical property by a person other than the Parties or their respective Affiliates, 

which may be brought against or incurred or suffered by the Indemnified Parties by reason of, or which may be attributable to or arises out of any act or
omission of the Indemnifying Party in relation to this Agreement. If the action, cause of action, claim, demand, cost, loss or expense described hereunder is attributable to the acts or omissions of both the Indemnifying Party and the Indemnified
Parties, then they shall share liability in respect thereof in the proportions that their acts or omissions contributed to such liability. 

Section 11.2. Notification of Claims. 

The Parties covenant and agree that if one of the Parties (as the Indemnified Party) receives a demand or claim or receives notice of action,
proceeding or investigation having been commenced or threatened to be commenced (a “Claim”) that may result in the Indemnified Party claiming indemnity from the other Party (as the Indemnifying Party pursuant to Section 11.1), then
the Indemnified Party shall promptly give written notice of the Claim to the Indemnifying Party. Provided however, a failure of the Indemnified Party to notify the Indemnifying Party will not relieve the Indemnifying Party from any liability that
the Indemnifying Party may have to the Indemnified Party unless such failure to notify prejudices the Indemnifying Party’s ability to defend the Claim, or (ii) notice is given after the expiry of the one hundred and eighty (180) days
period following the date when the notifiable facts were discovered or should have reasonably been discovered. Upon receipt of notice of the Claim, the Indemnifying Party may elect to resist, compromise, settle or defend the Claim. If the
Indemnifying Party elects to resist, compromise, settle or defend the Claim, the Indemnifying Party shall notify the Indemnified Party in that regard and upon so notifying the Indemnified Party, the Indemnifying Party and the Indemnified Party shall
consult and cooperate in resisting, compromising, settling, or defending the Claim. Provided however, the Indemnifying Party shall control the settling or defending of any Claim but shall not settle any Claim without the prior written consent of the
Indemnified Party, such consent not to be unreasonably withheld. The Indemnified Party shall have the right to participate in the defense of any suit to which it is a party without relieving the Indemnifying Party of its obligations hereunder,
except that such participation shall be at the Indemnified Party’s own expense. If the Indemnifying Party elects not to resist, compromise, settle or defend the Claim, or does not give timely notice to the Indemnified Party, then the
Indemnified Party shall be entitled to deal with or defend the Claim in any manner it feels appropriate. 

  
  

			
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 ARTICLE XII 

DISPUTE RESOLUTION 

Section 12.1. Dispute Negotiation. 

Any and all disputes, claims, and controversies between the Parties concerning the validity, interpretation, performance, termination or
breach of this Agreement, that cannot promptly be resolved, shall be submitted within thirty (30) days after such dispute, claim or controversy arises to senior level managers of the Parties, who shall meet with one another in person and use
all reasonable efforts to find an amicable resolution of such dispute within thirty (30) days (or such longer period as may be mutually agreed upon) of submission of the matter to them. 

Section 12.2. Alternate Dispute Resolution. 

If the Parties are unable to resolve a dispute after exerting all reasonable efforts pursuant to Section 12.1, either Party may refer the
matter to, and such matter shall be resolved by, arbitration in accordance with the rules of conciliation and arbitration of the London Court of International Arbitration then in effect (the “Rules”), which Rules are deemed to be
incorporated herein by reference, on the following basis: 
  

	 	(i)	The number of arbitrators shall be three (3), to be appointed in accordance with the Rules. The parties to the dispute shall use their best efforts to agree in advance with the arbitrators to a budget and to time
schedules for the arbitration 

  

	 	(ii)	The place of arbitration shall be London, England. 

  

	 	(iii)	The language to be used in arbitrations shall be English. 

  

	 	(iv)	Any arbitrator may be of any nationality and need not be a lawyer or hold any other professional status or membership but shall be experienced in the commercial or business matters that are to be the subject of the
arbitration; provided that, except in cases where all parties to the dispute agree that the dispute is not resolvable by reference to applicable law and the terms and conditions of the various contracts among the parties and their Affiliates, the
third, presiding arbitrator selected pursuant to the Rules shall be a lawyer. 

  

	 	(v)	The arbitral award shall be rendered in writing and shall state the reasons for the award, and shall be final and binding upon the parties to the dispute. No arbitral award shall include punitive damages or
consequential damages. 

  

	 	(vi)	An award shall be subject to challenge or appeal only as provided under English law. If an award is confirmed by a final English court judgment, the parties will accept the award and will not resist its enforcement in
any country. Judgment on any award may be entered by any court of competent jurisdiction, or application may be made to such a court for judicial recognition or acceptance of the award and any appropriate order including recognition or enforcement.

  
  

			
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	 	(vii)	Each party to the dispute shall bear its own expenses and attorneys’ fees in connection with arbitrations. 

  

	 	(viii)	The fees of the arbitrators and the costs and expenses of the arbitration panel shall be shared equally by the parties to the dispute. 

ARTICLE XIII 
 ASSIGNMENT

 Section 13.1. Assignment in General. 

Neither this Agreement (including all rights, duties and obligations hereunder) nor any claim against Seller or Buyer arising directly or
indirectly out of or in connection with this Agreement shall be assignable by Seller or Buyer or by operation of law, without the prior written consent of the other Party. 

Section 13.2. Assignment to Successor in Interest. 

However, notwithstanding the provisions of Section 13,1 above, each of Seller and Buyer shall have the right to assign this Agreement to
a purchaser or other successor of 
  

	 	(i)	(in the case of Seller) substantially all of the assets involved in the manufacture of Styrene; or 

  

	 	(ii)	(in the case of Buyer) the assets of the Nominated Plants associated with a capacity of at least 240,000 MT; 

without the consent of the other Party, and provided further that the purchaser or other successor assumes in writing the obligations of Seller or Buyer
hereunder (as the case may be) and further, provided that the assigning or delegating Party shall not be released of its obligations under this Agreement unless a release is signed by the other Party. 

Section 13.3. Assignment to Affiliate. 

Furthermore, this Agreement may be assigned by either Party to an Affiliate without the consent of the other Party, provided that the
assigning Party shall not be released of its obligations under this Agreement unless a release is signed by the other Party. Except as otherwise expressly provided herein, the provisions of this Agreement shall inure to the benefit of, and be
binding upon, the successors, assigns, executors, and administrators of the parties hereto. 

  
  

			
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 Section 13.4. Assignment to Lender. 

The Buyer irrevocably consents to the assignment by the Seller from time to time of all of the Seller’s rights, benefits and interests
in, to, under and in respect of this Agreement in favor of any bank or financial institution (an “Assignee Bank”) acting as an agent or security agent for and on behalf of certain banks or other financial institutions that from time to
time provide finance to the Seller. The Buyer agrees that promptly following request by the Seller it will provide to the Assignee Bank an acknowledgement of assignment in which the Buyer will undertake, inter alia, 

 

	 	a)	to make all payments which fall due for payment by the Buyer under this Agreement to a specified bank account or otherwise as directed by the Assignee Bank; and 

 

	 	b)	to advise the Assignee Bank in the event that it becomes entitled to exercise any rights of termination or suspension or to take enforcement action or proceeding in relation to this Agreement and not to exercise any
such right for a period of thirty days if so requested by the Assignee Bank. 

 Notwithstanding any such assignment in favor of an Assignee
Bank the Seller shall remain solely liable to perform all of the obligations expressed to be assumed by it hereunder. 
 Furthermore, the Buyer will provide
all evidence as may be requested by the Seller and/or the Assignee Bank to confirm the Buyer’s power and authority to enter into this Agreement and to perform its obligations hereunder (including, without limitation, the provision of a legal
opinion of reputable counsel to that effect). 
 ARTICLE XIV 

MISCELLANEOUS 

Section 14.1. Public Announcements. 

Subject to any applicable requirements of the federal, state, or local laws or regulations of Bermuda, the United States, and the laws and
regulations of the Kingdom of Saudi Arabia, including without limitation, the securities laws or regulations of such jurisdictions, neither party will make or cause to be made, whether orally or in writing or otherwise, any public announcement or
statement to the news media or to investment or business communities with respect to the transactions contemplated by this Agreement or any of the provisions of this Agreement without the prior written approval of the other party as to the form,
content, and timing of such announcement or disclosure. 
 Section 14.2. Construction. 

In interpreting and applying the terms and provisions of this Agreement, no presumption shall be made against the party that drafted such
terms and provisions. In this Agreement, unless the contrary is indicated, any reference to an agreement or document is a reference to that agreement or document as from time to time supplemented, amended, substituted or novated. 

Section 14.3. Severability. 

If any part of this Agreement for any reason shall be declared invalid, such decision shall not affect the validity of any remaining portion,
which shall remain in full force and effect. The Parties agree, however, to negotiate in good faith concerning the invalid portion with the aim of replacing it with a valid provision that, insofar as possible, has the same economic effect
vis-à-vis the Parties. 

  
  

			
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 Section 14.4. Further Assurances. 

Each Party shall, furnish, execute, and deliver such documents, instruments, certificates, notices, or other further assurances as the other
party may reasonably require as necessary or appropriate to effect the purposes of this Agreement or to confirm the rights created or arising hereunder. 

Section 14.5. Survival of Representations, Warranties, Covenants, and Obligations. 

The representations and warranties and the covenants, agreements, and obligations of the parties contained in this Agreement shall be true and
correct in all material respects and have effect as of the effective date of this Agreement, except as expressly stated otherwise herein. The statements contained in any certificate or other instrument delivered by or on behalf of any party shall be
deemed representations and warranties or covenants and agreements hereunder, as the case may be. Representations, warranties, covenants, agreements, and, in accordance with their terms, obligations contained in or made pursuant to this Agreement
shall survive the expiration of this Agreement, irrespective of any investigation made by or on behalf of any party. Additionally, the obligations of the Parties under this Agreement which by their nature would continue beyond the termination,
cancellation or expiration of this Agreement will survive termination, cancellation or expiration of this Agreement. 

Section 14.6. Expenses. 

Each Party will pay its own expenses incident to this Agreement. 

Section 14.7. Benefit. 

No person who is not a party or an Affiliate of a party to this Agreement shall have any rights or derive any benefit hereunder. 

Section 14.8. No Waiver of Rights. 

Except as expressly provided in this Agreement, no delay or omission to exercise any right, power, or remedy accruing to a party hereunder,
upon any breach or default of any party under this Agreement, shall impair any such right, power, or remedy, nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or a waiver of or acquiescence in any
similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. 

Section 14.9. Governing Law and Precedence. 

This Agreement shall be subject to the laws of England. Nevertheless, Buyer acknowledges that the affairs of Seller must be conducted in
accordance with the applicable law of Saudi Arabia and any other countries in which it may operate. This Agreement shall take precedence over any other document which may be generated by either of the Parties in connection with the sales
contemplated hereunder, unless (i) the particular section of this Agreement which is intended to be superceded is expressly referenced therein and (ii) such superceding provision is signed by both Parties by individuals of the same or
higher level of authority as the signers of this Agreement. 

  
  

			
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 Section 14.10. Notices. 

All notices which are required to be exchanged between the Parties pursuant to this Agreement shall be in writing and shall be delivered by
personal service or by registered mail, facsimile with machine issued receipt, or express courier service, addressed as follows, or to such other address as may be notified to the other Party from time to time: 

If to Buyer: 
 Dow Europe GmbH 

Styrene Commercial Manager 

Bachtobelstrasse 3 
 CH-8810
Horgen 
 Switzerland 
 If to Seller: 

Jubail Chevron Phillips Company 

Styrene Commercial Manager 
 P.O.
Box 10806 
 Jubail Industrial City 31961 

Kingdom of Saudi Arabia 
 A
notice shall be deemed to have been made and received: (i) when delivered, if sent by registered mail or international courier or (ii) when dispatched and receipt is acknowledged by the receiving machine, if sent by facsimile. 

Section 14.11. Counterparts. 

This Agreement may be executed in one or more English counterparts, each of which shall constitute an original document. 

Section 14.12. English Language and Calendar. 

This Agreement and any other legally binding definitive agreements, notices and calendar correspondence in connection herewith shall be
written in the English language, and the English language shall control the interpretations of all such agreements, and be interpreted as such. The dates and calendar periods stated in this Agreement are Gregorian dates and time periods, except
where otherwise indicated. 
 Section 14.13. Relationship Between the Parties. 

Each representative of each Party shall be the agent solely of the Party that designated such representative. Accordingly, (a) each such
representative of a Party shall act (or refrain from acting) solely in accordance with the wishes of the Party that designated such representative; and (b) no Party (or representative of a Party) shall owe or be deemed to owe any duty, whether
fiduciary or otherwise, to the other Party. 
 Section 14.14. Conflict of Interest. 

Neither Party will give any director, employee, or representative of the other Party any commission, fee, rebate, gift, or entertainment of
significant cost or value in connection with this Agreement or enter into any other business arrangement with any director, employee, or representative of the other, without prior written notification to the other Party. Any representative(s)
authorized by either Party may audit, under appropriate provisions of confidentiality, all pertinent records of the other Party as reasonably necessary and proper to verify that there has been compliance with this paragraph. 

  
  

			
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 Section 14.15. Certain Practices. 

Neither Party nor its Affiliates, employees, agents, or subcontractors, or their employees or agents shall make any payment or give anything
of value to any government official (including any official, agent or employee or representative of any government department, agency, or instrumentality) to influence any of his or its decisions, or to gain any advantage for either Party in
connection with this Agreement or the Agreements stated or contemplated by this Agreement, which in any manner would violate any law applicable to either party hereto. Each Party shall immediately notify the other Party of any violation of this
section, and the offending party shall hold the other party harmless from all losses and all expenses arising out of such violation. Any representative(s) authorized by either Party may audit, under appropriate provisions of confidentiality, all
pertinent records of the other Party as reasonably necessary and proper to verify that there has been compliance with this paragraph 

Section 14.16. Guarantee. 

In consideration for Seller’s entering into this Agreement, Buyer’s ultimate parent company shall provide, concurrently with the
execution of this Agreement, a guarantee of Buyer’s performance hereunder in a form substantively equivalent to the form of guarantee attached hereto as Exhibit C. Similarly, in consideration for Buyer’s entering into this Agreement,
Seller’s parent companies (namely Chevron Phillips Chemical Company LLC and Saudi Industrial Investment Group) shall provide, concurrently with the execution of this Agreement and effective through the achievement of commercial production, a
guarantee of Seller’s performance obligations hereunder, on a several basis (not joint) in proportion to their respective ownership interests in Seller, in a form substantively equivalent to the form of guarantee attached hereto as Exhibit D.

 Section 14.17. Confidentiality. 

During the performance of this Agreement, it may become necessary or advisable for either Party (the “Disclosing Party”) to disclose
Confidential Information to the other Party (the “Receiving Party”), whether disseminated orally, in writing, or through observation. The Receiving Party shall treat all such information received as confidential and shall not disclose it
to any person or persons during or subsequent to the term of this Agreement, except to its employees and agents with a need to know as necessary to perform the obligations of this Agreement and except as is required by law. Excluded from the
Confidential Information is information that the Receiving Party can prove: (a) was in the public domain as of the execution of this Agreement; (b) has entered the public domain, without the Receiving Party’s fault, after execution
hereof; or (c) was in the Receiving Party’s possession without obligation of confidentiality, having been acquired from sources that neither had previously acquired it directly or indirectly from the Disclosing Party nor were bound by any
secrecy obligation. Additionally, the Parties agree that the pricing provisions of Section 5.1 constitute part of the Confidential Information and thus shall be subject to the confidentiality requirements hereof. 

Section 14.18. Entire Agreement and Modification. 

This Agreement constitutes the entire agreement between the parties and supersedes all prior oral or written agreements or understandings of
the parties with regard to the subject matter of this Agreement. Neither Party has relied on any agreement, understanding, arrangement, 

  
  

			
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representation, undertaking or warranty (whether written or spoken) not expressly set out or referred to in this Agreement and each Party irrevocably and unconditionally waives any right it may
have to rescind this Agreement. 
 Section 14.19. Amendment or Modification. 

No interpretation, modification, amendment, change, termination, or waiver of any provision of this Agreement shall be binding upon a party
unless in writing and executed by the other Party. No modification, waiver, termination, revision, discharge, or cancellation of any right or claim under this Agreement shall affect the right of any party hereto to enforce any other claim or right
hereunder. 
 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement with legal and binding effect as of the date and year
first-above written. 
  

									
	“Seller”	 		 	“Buyer”
			
	Jubail Chevron Phillips Company	 		 	Director, Dow Europe GmbH
					
	By:	 	 /s/ Elija Andjelich
	 		 	By:	 	 /s/ TH.H. Walchie

		 	 Elija Andjelich,
 Executive President
	 		 	  
 Name:

 
 Title:
	 	  
 TH.H. Walchie

 
 Global Bus. President

  
  

			
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 List of Exhibits 
  

			
	Exhibit A	  	Styrene Specification and Analytical Testing Methods
		
	Exhibit B	  	Sample Calculations – Styrene Price, Monthly Shortfall Payment and Annual Shortfall Payment
		
	Exhibit C	  	Form of Guarantee (Dow)
		
	Exhibit D	  	Form of Guarantee (for SIIG and CPChem)

  
  

			
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 Exhibit A 

Styrene Specification and Analytical Testing Methods 
  

											
	 	  	 	  	 	  	 	  	ASTM D ILLEGIBLE
	 Component
	  	 	  	Test Method	  	Specification	  	2000	  	2004
	 Styrene Purity
	  	wt %	  	ASTM D 5135	  	99.90 min	  	99.7	  	99.8
	 Benzene
	  	ppmw	  	ASTM D 5135M	  	1 max	  	—  	  	1(D6229)
	 Ethylbenzene
	  	ppmw	  	ASTM D 5135	  	100 max	  	—  	  	500
	 Phenylacetylene
	  	ppmw	  	ASTM D 5135	  	20 max	  		  	
	 Cumene
	  	ppmw	  	ASTM D 5135	  	350 Max	  		  	
	 Chlorides (as Cl)
	  	ppmw	  	ASTM D 5808	  	1 Max	  		  	
	 Total Sulfur
	  	ppmw	  	ASTM D 3961	  	1 Max	  		  	
	 Water
	  	ppmw	  	ASTM D 1364	  	200 Max	  		  	
	 Polymer
	  	ppmw	  	ASTM D 2121	  	5 max	  	10	  	10
	 TBC
	  	ppmw	  	ASTM D 4590	  	10 min-15 max	  	10-15	  	10-15
	 Aldehydes (as Benzaldehydes)
	  	ppmw	  	ASTM D 2119	  	20 max	  	200	  	100
	 Peroxides (as Benzoylperoxides)
	  	ppmw	  	ASTM D 2340	  	30 max	  	100	  	50
	 Color
	  	ppmw	  	ASTM D 1209	  	10 max	  	10	  	10

  
  

			
	Styrene Baseload Sale And Purchase Agreement	  	Page A - 1
	(between JCP and Dow Europe), effective June 30, 2004	  	
	Exhibit A	  	

 Project Confidential Evaluation Material 

 Exhibit B 

Sample Calculations 
 For
Styrene Price, Monthly Shortfall Payment and Annual Shortfall Payment 
 Styrene Price 

Example 1 – Calculation of Vc 
 FG –
$.75/MMBTU 
 EC - $.035/KWH 

WC - $.012 per cubic meter 

Vc        = (0.5*.75/1.1)+(0.2*.035/.032)+(0.25*.012/.014)+.25 

=1.0239 cents per pound 
 Example 2 –
Calculation of Fc 
 CLI for past three years - 112,116,117 

CLI 2007 for 2004,2005,2006 - 117,114,113 

CLI Average = (112+116+117)/3 = 115 

CLI 2007 Average = (117+114+113)/3 = 114.7 
  

			
	Fc Index	  	= 115/114.7
		  	= 1.0029
		
	Fc	  	= 1*1.0029 =1.0029 cents per pound

 Example 3 – Calculation of Styrene Price 

Benzene Reference Price(s) - $380/MT 

Ethylene Reference Price(s) - $480/MT 

Fc = 1.0020 cents per pound 
 Vc =
1.2170 cents per pound 
  

			
	Styrene Price	  	= (.792*380)+ (.286*480) + (.041+.01002+.01217)*2204.62
		  	= (300.96+137.28+139.30)
		  	= $577.55/MT

 Monthly Shortfall Payment 

Example 1: Buyer does not meet the shortfall quantity and Seller has not sold the product: 

 

			
	Firm Monthly Nomination	  	– 24,000 Metric Tons
	Styrene actually purchased	  	– 22,500 Metric Tons
	Fc in affect	  	- 1.0500 cpp
		
	Monthly Shortfall Payment	  	= (24,000-22,500)*$(.031+.0105)*2204.62
		  	= $137,237.60

 Example 2: Buyer does not meet the shortfall quantity and Seller has sold some of the shortfall product: 

Firm Monthly Nomination – 22,500 Metric Tons 

Styrene actually purchased – 17,500 Metric Tons 

JCP sales of Shortfall – 3000 Metric Tons 

  
  

			
	Styrene Baseload Sale And Purchase Agreement	  	Page B - 1
	(between JCP and Dow Europe), effective June 30, 2004	  	
	Exhibit B	  	

 Project Confidential Evaluation Material 

 JCP sales price of Shortfall – 28 cpp [Cost of Sales] 

Styrene Price – 30.2 cpp 
 Fc
in affect – 1.0200 cpp 
  

			
	Monthly Shortfall Quantity	  	= (22,500 – 17500) = 5000 Metric Tons
	Monthly Shortfall Payment	  	= (3000* $(.302-.28)+(5000-3000)*$(.031+.0102))*2204.62
		  	= $327,165.61

 Annual Shortfall Payment 

Example 1: Buyer falls short of Annual Nomination with no Monthly Shortfall Payments: 

Annual Nomination – 290,000 Metric Tons 

Quantity of Styrene actually purchased during year – 275,000 Metric Tons 

Fc in affect for the year – 1.1000 cpp 
  

			
	Annual Shortfall Quantity	  	= (290,000 – 275,000) = 15,000 Metric Tons
	Annual Shortfall Payment	  	= (15,000*($.031+.011))*2204.62 = $1,388,910.60

 Example 2: Buyer falls short Annual Nomination but has Monthly Shortfall Payments: 

Annual Nomination – 300,000 Metric Tons 

Quantity of Styrene actually purchased during year – 287,000 Metric Tons 

Fc in affect for the year – 1.1000 cpp 

			
	Monthly Shortfall Payments:	  	June - $468,000
		  	July - $350,000

  

			
	Annual Shortfall Quantity	  	= (300,000-287,000) = 13,000 Metric Tons
	Annual Shortfall Payment	  	= (13,000*(.031+.011)*2204.62)-468,000-350,000
		  	= $385,722.52

 Example 3: Buyer falls short of Annual Nomination but has credits due to Monthly Shortfall Payments: 

Annual Shortfall Quantity = 5285 Metric tons 

Fc = 1.2300 

			
	Monthly Shortfall Payments –	  	February - $228,729.33
		  	October - $327,165.61

  

			
	Annual Shortfall Payment	  	 = (5285 * (.031+.0123)*2204.62)-228,729.33-327,165.61

= -$51,388.60

 In this example JCP would credit Dow the $51,388 overpayment of the Annual Shortfall. 

  
  

			
	Styrene Baseload Sale And Purchase Agreement	  	Page B - 2
	(between JCP and Dow Europe), effective June 30, 2004	  	
	Exhibit B	  	

 Project Confidential Evaluation Material 

 Exhibit C 

Form of Guarantee (Dow) 
 [Date] 

Jubail Chevron Phillips Company 
 Attn: Mr. Elija Andjelich,
Executive President 
 P.O. Box 10806 
 Jubail Industrial City
31961, Saudi Arabia 
 Mr. Andjelich: 
  

	Re:	Guarantee 

 The Dow Chemical Company (the “Guarantor”) hereby irrevocably and unconditionally
guarantees the prompt payment when due by Dow Europe GmbH (“Dow Europe”), a Swiss company that is indirectly owned one hundred percent (100%) by Guarantor, of invoices relating to purchases of Styrene by Dow Europe from Jubail Chevron
Phillips Company (“JCP”) pursuant to the Styrene Baseload Sale and Purchase Agreement dated as of [date] (the “Agreement”) between Dow Europe and JCP; provided, however, that Guarantor’s total aggregate
liability hereunder is limited to Thirty Million U.S. Dollars (U.S. $30,000,000) (the “Cap”). 
 If Dow Europe fails to pay or otherwise discharge
any obligation it has when due with respect to invoices issued by JCP to Dow Europe for Styrene delivered to Dow Europe pursuant to the Agreement, Guarantor will, within 5 days of Guarantor’s receipt of your written demand, forthwith discharge
the same and will pay JCP the amount of any such unpaid invoices up to the amount of the Cap. All monies payable under this Guarantee shall be made to JCP in such manner and to such account as JCP may from time to time direct in writing and shall be
paid in full without any deduction or withholding of any kind including, without limitation, for any tax (save as required by law). Any notices required hereunder shall be sent as follows: if to JCP, to the address indicated above; and if to
Guarantor, to The Dow Chemical Company 2030 Dow Center, Midland MI 48674 USA, Attention: Treasurer, In addition, Guarantor agrees to pay JCP all reasonable and properly documented out-of-pocket legal fees and expenses incurred by JCP in connection
with the enforcement of this guarantee. 
 The Guarantor hereby agrees that it shall not be necessary, as a condition to enforce this guarantee, that suit
be first instituted against Dow Europe or that any rights or remedies against Dow Europe be first exhausted. Rather, it is understood and agreed, that the liability of the Guarantor hereunder shall be primary, direct and, subject to any valid
defenses of Dow Europe under the Agreement, unconditional. 
 This guarantee shall terminate upon the earlier of (a) the termination of the Agreement,
or (b) the payment by Guarantor of the Cap amount. Such termination under (a) above shall not, however, affect or reduce Guarantor’s obligation hereunder with respect to invoices related to Styrene delivered to Dow Europe under the
Agreement prior to such termination. 

  
  

			
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	Exhibit C	  	

 Project Confidential Evaluation Material 

 Neither party shall assign or otherwise transfer any of its respective duties or obligations under this Guarantee
without the prior written consent of the other party. The Guarantor agrees that this guarantee shall be construed under the laws of the State of New York, U.S.A. 

Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to such terms in the Agreement. 

 

	
	THE DOW CHEMICAL COMPANY
	
	 /s/ F. Ruiz

	F. Ruiz
	Vice President Treasurer

  
  

			
	Styrene Baseload Sale And Purchase Agreement	  	Page C - 2
	(between JCP and Dow Europe), effective June 30, 2004	  	
	Exhibit C	  	

 Project Confidential Evaluation Material 

 Exhibit D 

Form of Guarantee (for SIIG and CPChem) 

[Date] 
 Dow Europe GmbH 

Attn: Geoff Tegg,                      

                                         

                                         

Mr. Tegg: 
  

	Re:	Guarantee 

 Each of Chevron Phillips Chemical Company LLC (“Chevron Phillips”) and Saudi
Industrial Investment Group (“SIIG”) (individually, the “Guarantor” and collectively, the Guarantors) hereby irrevocably and unconditionally guarantee, on a several basis (not joint) apportioned in accordance with each
Guarantor’s respective percentage ownership in Jubail Chevron Phillips Company (“JCP”), the prompt payment when due by JCP, a Saudi Arabian company, of certain obligations (specified below) arising under the Styrene Baseload Sale
and Purchase Agreement dated as of [date] (the “Agreement”) between Dow Europe GmbH (“Dow Europe”) and JCP. 
 If JCP fails to pay
or otherwise discharge any obligation it has when due with respect to achievement of commercial production for Commencement Date, including Sections 2.2(b) or 3.2 of the Agreement, Guarantors will, within 5 days of each Guarantor’s receipt of
your written demand, forthwith discharge the same and will pay (on a several basis) Dow Europe the amount of any such unpaid obligation, but limited to the amount of any applicable cap set forth by the Agreement (“Cap”). All monies payable
under this Guarantee shall be made to Dow Europe in such manner and to such account as Dow Europe may from time to time direct in writing and shall be paid in full without any deduction or withholding of any kind including, without limitation, for
any tax (save as required by law). Any notices required hereunder shall be sent as follows: if to Dow Europe, to the address indicated above; if to Chevron Phillips, to Chevron Phillips Chemical Company LLC, Attn: Vice President and Treasurer, 10001
Six Pines Drive, The Woodlands Texas 77380; and if to SIIG, to Saudi Industrial Investment Group, Attn: Managing Director, Olaya, Mousa Ben Nussair St., P.O. Box 99833, Riyadh 11625, Saudi Arabia. In addition, Guarantors agree to pay Dow Europe all
reasonable and properly documented out-of-pocket legal fees and expenses incurred by Dow Europe in connection with the enforcement of this guarantee. 
 The
Guarantors hereby agree that it shall not be necessary, as a condition to enforce this guarantee, that suit be first instituted against JCP or that any rights or remedies against JCP be first exhausted. Rather, it is understood and agreed, that the
liability of the Guarantors hereunder shall be primary, direct and, subject to any valid defenses of JCP under the Agreement, unconditional. 
 This
guarantee shall terminate upon the earlier of (a) the achievement of commercial production of styrene by JCP in the event that any and all obligations guaranteed hereunder 

  
  

			
	Styrene Baseload Sale And Purchase Agreement	  	Page D - 1
	(between JCP and Dow Europe), effective June 30, 2004	  	
	Exhibit D	  	

 Project Confidential Evaluation Material 

 
have been either paid or discharged, or (b) the payment by each Guarantor of the respective Cap amount (except in situations where the Cap does not apply). Such termination under
(a) above shall not, however, affect or reduce Guarantors’ obligation hereunder with respect to obligations arising prior to such termination. 

Neither party shall assign or otherwise transfer any of its respective duties or obligations under this Guarantee without the prior written consent of the
other party. The Guarantors agree that this guarantee shall be construed under the laws of the State of New York, U.S.A. 
 Notwithstanding any other
provision of this guarantee, the rights and obligations of each Guarantor hereunder are several (not joint), apportioned in accordance with each Guarantor’s respective percentage ownership in JCP; provided however that the Guarantors’
combined respective percentages shall in all circumstances add up to 100%. Neither Guarantor is responsible for the obligations of the other Guarantor, and failure by one Guarantor to perform its obligations hereunder shall not affect the rights or
obligations of the other Guarantor. 
 Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to such terms in the
Agreement. 
  

			
	CHEVRON PHILLIPS CHEMICAL COMPANY LLC
		
	By:	 	 /s/ J. M. McKee

		 	J. M. McKee,
		 	Vice President and Treasurer
	
	SAUDI INDUSTRIAL INVESTMENT GROUP
		
	By:	 	 /s/ Abdul Aziz Zaid Al-Quraishi

		 	Abdul Aziz Zaid Al-Quraishi,
		 	Chairman

  
  

			
	Styrene Baseload Sale And Purchase Agreement	  	Page D - 2
	(between JCP and Dow Europe), effective June 30, 2004	  	
	Exhibit D	  	

 Project Confidential Evaluation MaterialEX-10.22

 Exhibit 10.22 

EXECUTION VERSION 
 CONFIDENTIAL TREATMENT
REQUESTED UNDER C.F.R. SECTIONS 200.80(b)(4), 200.83 AND 230.406. [*****] INDICATES OMITTED MATERIAL THAT IS THE SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST FILED SEPARATELY WITH THE COMMISSION. THE OMITTED MATERIAL HAS BEEN FILED SEPARATELY WITH
THE COMMISSION. 
 AMENDED AND RESTATED 

ETHYLENE SALES CONTRACT (EUROPE) 

BETWEEN 
 DOW EUROPE GMBH 

AND 
 STYRON EUROPE GMBH 

 Amended and Restated Sales Contract (this “Contract”) 

Date of Contract: June 17, 2010 
  

Seller agrees to sell and supply to Buyer the Product described in this Contract out of the production plants of Dow Benelux B.V. Terneuzen, the Netherlands
and Dow Olefinverbund GmbH Boehlen, Germany or any alternate source subject to qualification, and Buyer agrees to purchase and receive from Seller such Product into Buyer’s Product consuming plants in Terneuzen and Boehlen according to the
TERMS AND CONDITIONS set out below. 
  

			
		  	 Dow Europe GmbH
 Bachtobelstrasse 3

8810 Horgen – Switzerland
 (“Seller”)

		
		  	 Styron Europe GmbH
 Bachtobelstrasse 3

8810 Horgen – Switzerland
 (“Buyer”, each of Buyer
and Seller a “Party”, and collectively, the “Parties”)

		
	 1.      Product
	  	Ethylene
		
	 2.      Specification
	  	Dow standard sales specification attached hereto as Appendix A and made part of this Contract. (00031681-C001 for Terneuzen and 00031681-C002 for Boehlen).
		
	 3.      Quantity
	  	Terneuzen: Buyer shall buy a minimum quantity of [*****] (“Terneuzen Minimum Quantity”) and Seller shall sell a maximum quantity of [*****] (“Terneuzen Maximum Quantity”).
		
		  	Boehlen: Buyer shall buy a minimum quantity of [*****] (“Boehlen Minimum Quantity”) and Seller shall sell a maximum quantity of [*****] (“Boehlen Maximum Quantity”).
		
		  	Volume range is by mutual agreement.
		
		  	If Buyer requests additional volume above either the Terneuzen or Boehlen Maximum Quantity, Seller will use reasonable best efforts to provide such volumes, the Parties will negotiate in good faith, and such volumes may be
provided if the Parties can mutually agree upon terms of the additional supply.
		
	 4.      Price/Currency
	  	The following price formula shall apply, invoiced in EUR/MT for each (EXCLUSIVE OF VAT) location:
		
		  	Terneuzen: [*****]
		  	Boehlen: [*****]
		  	Fee of $30/MT converted at ECB average for the month prior to the month of delivery
		
		  	CP: [*****].
		
		  	N: [*****].
		
		  	LSFO: [*****].

  
 Page 2 of 16 

			
		 	 P: Actual percentage of Ethylene contained in the Product (percent)
  

The provisional price shall be based on [*****]% purity ex Terneuzen and [*****]% purity ex Boehlen. The price shall be adjusted monthly based on the actual
contained Ethylene delivered. When price is adjusted up or down, Dow will either provide a credit or debit to Buyer as applicable.
  

ECB: The conversion from USD into EUR will be carried out by using the arithmetic average of the European Central Bank daily foreign exchange rate as published
on the internet on page “www.ecb.int/ stats/eurofxref/”
  
 At the end of the
first eighteen (18) month period and each thirty-six (36) month period thereafter, upon at least twelve (12) months prior written notice by either Buyer or Seller, Seller and Buyer shall reserve the right to negotiate in good faith a mutually
agreeable alternative to the above price mechanism. In the event that the Parties are unable to agree upon an alternative price mechanism within thirty (30) days after initiating negotiations, then Buyer and Seller must elevate the negotiations to
senior management of each Party.
  
 If senior management cannot reach agreement within
thirty (30) days of elevation, then the pricing negotiation becomes a dispute to be arbitrated by a reputable industry consultant, such as CMAI, to be mutually agreed upon by Buyer and Seller; provided, however, that during periods of
such arbitration the price mechanism shall continue under the then current price mechanism until the resolution of such arbitration. Fees and costs for the arbitrator shall be shared equally between Buyer and Seller. The decision by the arbitrator
shall be the new price starting on the date the arbitrator issues the decision and shall continue for the next thirty-six (36) month period. For the avoidance of doubt, Section 13 of the Dow H&E GENERAL TERMS AND CONDITIONS shall not apply to a
pricing dispute pursuant to this section.
  
 In the event any of the indices referenced
above ceases publication, stops reporting on Ethylene, materially changes its format for price reporting, or modifies the fundamental basis for price reporting, Seller and Buyer reserve the right to negotiate in good faith a mutually agreeable
alternative to the above price mechanism. In the event that the Parties are unable to agree upon an alternative price mechanism within thirty (30) days after initiating negotiations, then Buyer and Seller must elevate the negotiations to senior
management of each Party. If senior management cannot reach agreement within thirty (30) days of elevation, then the pricing negotiation becomes a dispute arising under this Contract and is settled pursuant to the terms of Section 13 of the Dow
H&E GENERAL TERMS AND CONDITIONS.
  
 Upon ninety (90) days prior written notice to
Seller. [*****]; provided, that, Buyer has not already validly exercised its right to negotiate in good faith a mutually agreeable alternative price mechanism during the term of this Contract pursuant to this Section 4. Upon election
by Buyer of such Month of Delivery Pricing Basis, the minimum quantities of Product that Buyer shall buy and the maximum quantities of Product that Seller shall sell for the remaining term of this Contract will change to the following minimum and
maximum quantities as of the date of such election:
  
 Terneuzen Minimum Quantity: Buyer
shall buy a minimum quantity of [*****] and Seller shall sell a maximum quantity of [*****].

  
 Page 3 of 16 

			
		  	Boehlen Minimum Quantity: Buyer shall buy a minimum quantity of [*****] and Seller shall sell a maximum quantity of [*****].
		
	 5.      Period of Contract
	  	 This Contract is effective as of June 17, 2010 and shall continue to be in effect for ten (10) years and x months from this date (n.b.
termination should be at a year end), and shall continue for two (2) year periods thereafter until terminated by either Party with at least twelve (12) months prior written notice, unless previously terminated in writing in accordance with
Section 13 of this Contract, without prejudice to any other right of termination a Party may have in accordance with the terms hereof.
  

If Seller terminates this Contract pursuant to this Section 5, Seller will provide Buyer access to Seller’s infrastructure, including unloading, storage
and pipeline throughput, for a fee equal to the economic costs to be determined at the time of termination, of providing access and under commercially reasonable conditions including maximum capacity for storage and unloading consistent with such
capacity in use by Buyer at the time of termination.

		
	 6.      Delivery Terms

(INCOTERMS 2000)
	  	DDP Terneuzen / Boehlen
		
	 7.      Delivery schedule
	  	Each calendar month, Buyer shall purchase [*****] of the Terneuzen Minimum Quantity and the Boehlen Minimum Quantity for the corresponding plant of Product as set forth in Section 3 of this Contract (“Monthly Minimum”) and
Seller shall sell in each month up to [*****] of such Terneuzen Maximum Quantity and the Boehlen Maximum Quantity (“Monthly Maximum”). Buyer agrees to buy and accept and Seller agrees to sell and deliver Product throughout each month as is
commercially reasonable on this ratable basis. Buyer shall provide to Seller a forecast of Product demand for the next calendar year by the fourth quarter of the then-current year. Additionally, as further set out in Section 12 of this Contract,
Buyer shall provide to Seller a rolling [*****] forecast provided at least [*****] before the end of each [*****]. The provisions of this Section 7 are subject to reductions in the relevant quantities (a) as provided in Section 8 of the Dow H&E
GENERAL TERMS AND CONDITIONS, (b) a failure of Seller to deliver product in accordance with the quality specifications, (c) non-purchases of Product due to the fault of Seller, or (d) for any reasons set forth in Section 14 of this Contract. The
Seller acknowledges that Seller’s sole and exclusive remedy for breach by Buyer of this Section 7 is as set forth in Sections 11 and 12 of this Contract.
		
	 8.      Shipment Method
	  	Seller’s pipeline
		
	 9.      Terms of payment
	  	[*****]
		
	 10.    Product Analysis
	  	Seller will provide Buyer with the analysis of the measured content of Ethylene on a monthly basis.

  

	11.	Re-Marketing Fee 

 Should Buyer fail to purchase at least either the Terneuzen Minimum
Quantity or the Boehlen Minimum Quantity during any calendar year, then Seller’s sole remedy shall be to collect from Buyer [*****] as liquidated damages and not as a penalty, on a Product quantity equal to the difference between the Terneuzen
Minimum Quantity or the Boehlen Minimum Quantity, as applicable, and the quantity actually purchased by Buyer during such calendar year. In calculating Buyer’s purchases for purposes of this Section 11, the applicable Minimum Quantity
shall be deemed reduced by any quantities not purchased or delivered hereunder as a result of (a) as provided in Section 8 of the Dow H&E GENERAL TERMS AND CONDITIONS, (b) a failure of Seller to deliver product in accordance with
the quality specifications, (c) non-purchases of Product occurs at the fault of Seller, except in the case of a planned shutdown as provided for under Section 13.1 of this Contract, or (d) for any reasons set forth in Section 14
of this Contract, and (e) any amount of Product for which Buyer has made a payment under Section 12 of this Contract. 

  
 Page 4 of 16 

 The Re-Marketing Fee under this Section 11 is intended to permit Buyer to optimize
manufacturing operations in its consuming facilities, but is not intended to permit Buyer to replace the minimum quantities of Product required to be purchased from Seller under this Contract with other purchases of ethylene obtained from third
parties. 
  

	12.	Binding Forecast 

 Buyer shall provide Seller a rolling [*****] forecast for both
Terneuzen and Boehlen provided at least [*****] before the end of each [*****]. The first month of any rolling [*****] forecast is binding (“Binding Forecast”). If Buyer fails to purchase the volume of Product provided in the Binding
Forecast (for reasons other than (a) as provided in Section 8 of the Dow H&E GENERAL TERMS AND CONDITIONS, (b) a failure of Seller to deliver product in accordance with the quality specifications, (c) non purchases of Product occurs at the fault
of Seller, or (d) for any reasons set forth in Sections 13 or 14 of this Contract), then Buyer shall pay the Price of Product multiplied by the difference in metric tons between the Binding Forecast for Terneuzen or Boehlen, as applicable, and the
quantity of Product actually purchased by Buyer in the applicable calendar month. 
  

	13.	Planned Maintenance Turnarounds and Permanent Shutdown 

  

	 	13.1	Planned Maintenance Turnarounds 

  

	 	13.1.1	Seller Planned Maintenance Turnarounds 

 In the event of a planned Ethylene Cracker
turnaround, Seller reserves the option to cancel supply under this Contract at the affected site or sites in association with the shutdown period provided Seller gives Buyer at least twelve (12) months advance notification in writing of the
planned shutdown period. The Parties agree that any twelve (12) month notice provided under this section by Seller is not binding and the shutdown notice is for planning purposes only and subject to adjustment by Seller if it gives sixty
(60) days notice prior to the planned shutdown date. At Buyer’s request, Seller shall use reasonable best efforts to provide ethylene to Buyer during any shutdown from alternate sources at market prices, approved by Buyer; provided,
that such market purchase by Seller for Buyer may be effectuated by telephone conversation with the offer and acceptance constituting the agreement between Buyer and Seller. Any subsequent quantities not delivered in association with the shutdown
shall not be deducted from the annual quantity. In the event Seller and Buyer mutually agree to recover any lost volume, the Parties will develop a mutually acceptable schedule. 

 

	 	13.1.2	Buyer Planned Maintenance Turnarounds 

 In the event of a planned shutdown at
Buyer’s ethylene consuming facilities at Terneuzen and Boehlen, Buyer reserves the option to cancel supply under this Contract at the affected site or sites in association with the shutdown period; provided, that Buyer gives Seller at
least twelve (12) months advance notification in writing of the planned shutdown period. The Parties agree that any twelve (12) month notice provided under this section by Buyer is not binding and the shutdown notice is for planning
purposes only and subject to adjustment by Buyer if it gives sixty (60) days notice prior to the planned shutdown date. Any subsequent quantities not delivered in association with the shutdown shall not be deducted from the annual quantity. In
the event Seller and Buyer mutually agree to recover any lost volume, the Parties will develop a mutually acceptable schedule. 
  

	 	13.2	Permanent Shutdown 

  

	 	13.2.1	Seller Permanent Shutdown 

 In the event that Seller decides to permanently shutdown or
close, sell or liquidate Seller’s Ethylene Cracker(s) located at either Terneuzen or Boehlen, Seller reserves the option to unilaterally and permanently cancel supply under this Contract or terminate this Contract with no penalty upon three
(3) months advance written notice. In the event that Seller is no longer manufacturing or supplying, or selling Ethylene on a global basis due to the sale of the related business, cessation of operations or shutdown or sale of various assets,
Seller may terminate this Contract with no penalty upon three (3) 

  
 Page 5 of 16 

 
months advance written notice. If Seller gives three (3) months notice to terminate this Contract, as provided for under this paragraph, Seller agrees to provide twelve (12) months
supply support post shutdown by finding supply of Product for the affected site or sites in the market for Buyer to be purchased and supplied by Seller at market terms, approved by Buyer; provided, that such market purchase by Seller for Buyer may
be effectuated by telephone conversation with the offer and acceptance constituting the agreement between Buyer and Seller. In such a case that Seller terminates this Contract, as provided under this paragraph. Seller will provide Buyer access to
Seller’s ethylene terminal or pipeline, as applicable, at the affected site or sites for a fee to be equal to the economic costs to be determined at the time of shutdown unless this Contract is otherwise assigned to a buyer of Ethylene
Cracker(s) in the case Seller sells such Ethylene Cracker(s). 
  

	 	13.2.2	Buyer Permanent Shutdown 

 In the event that Buyer decides to permanently shutdown or
close Buyer’s ethylene consuming facilities located at either Terneuzen or Boehlen, Buyer reserves the option to unilaterally and permanently cancel supply under this Contract at the affected site or sites or terminate this Contract with no
penalty upon three (3) months advance written notice. If Buyer gives three (3) months notice to terminate this Contract, as provided for under this paragraph, Buyer agrees to provide twelve (12) months buyer support post shutdown to
either consume or pay the Re-Marketing Fee as described in Section 11 above for any volumes not purchased during this twelve (12) month period. 
  

	 	13.3	Seller and Buyer Cooperation 

 Seller and Buyer agree to use reasonable best efforts to
coordinate planned shutdowns of Seller’s Ethylene Cracker(s) and Buyer’s Product consuming facilities to optimize downtime and minimize the impact of shutdowns on the operations of Seller and Buyer. 

 

	14.	Excused Performance 

 The Parties agree that Seller’s inability to obtain raw
materials or energy at a cost consistent with the terms agreed hereunder shall reduce the quantities of Products to be delivered without liability, and be treated like a Force Majeure event. In the event of Force Majeure declared by Seller, the
reduced quantity of Product shall be apportioned at Seller’s reasonable discretion among Seller’s customers other than Seller’s Affiliates. During an event subject to this Section 14 and at Buyer’s request, Seller shall use
reasonable best efforts to provide ethylene to Buyer during the duration of such event from alternate sources at market prices, approved by Buyer; provided, that such market purchase by Seller for Buyer may be effectuated by telephone
conversation with the offer and acceptance constituting the agreement between Buyer and Seller. 
  

	15.	Assignment of Contract and/or claims 

 This Contract may not be assigned by Buyer by
operation of law or otherwise without the express written consent of Seller, which consent may only be withheld if assignee is determined by Seller to be a competitor of Seller or any of Seller Affiliates’ businesses that are located at the
sites subject to this Contract or if Seller deems, in its reasonable discretion, that the assignee’s financial responsibility is unsatisfactory. Any assignment by Buyer must include a prohibition on its assignee restricting any further
assignment of this Contract without the consent of Seller. Any attempted assignment without such consent from Seller shall be null and void; provided, however, that either Party hereto shall be permitted to assign this Contract, in
full or in part to any wholly-owned Affiliate (including assigning some or all of Seller’s obligations hereunder, in which case such Affiliate may effect delivery of the Product and invoice Buyer directly.) “Affiliate” means any
subsidiary, legal entity, or joint venture in which a Party hereto directly or indirectly holds an ownership interest of at least 50%. This Contract may not be otherwise assigned by Seller to any third party without the consent of Buyer, except any
assignment or partial assignment of this Contract does not require consent of Buyer when such assignment is in connection with a sale, conveyance, disposition, divestiture, contribution to a joint venture by Seller of, or a similar transaction,
including a merger, consolidation, reorganization or other business combination involving Seller and relating to, all or substantially all of the assets or properties of Seller to which the subject matter of this Contract relates. Upon the
assignment of this Contract and the express assumption by the assignee of the assigned obligations of Seller under this Contract through the execution of an assignment and assumption agreement, Seller shall be released from all obligations and
liabilities under this Contract. In addition, both Seller and Buyer may assign their respective claims under this Contract to third parties. Agreed quantities and other terms shall not be affected by an assignment. 

  
 Page 6 of 16 

 In the event Dow Europe GmbH, or its Affiliates, sell, convey, divest, or contribute to a joint
venture the Ethylene Crackers located at both Terneuzen and Boehlen, then Dow Europe GmbH is obligated to assign this Contract to the third party purchaser or the joint venture for which the assets were contributed, except that only Dow Europe GmbH
is subject to this assignment obligation and such obligation does not transfer to any subsequent assignee who is the third party purchaser or the joint venture for which the assets were contributed. 

 

	16.	Controlling Terms & Amendments 

 By ordering any of the Products detailed in
this Contract, Buyer agrees to all the terms and conditions contained in this document and in the Dow H&E GENERAL TERMS AND CONDITIONS as attached hereto, which override any additional or different terms or conditions included in Buyer’s
purchase order or other documents or referred to by Buyer. Any amendments or additions to this Sales Contract shall be valid only if agreed in writing by both Parties. 
  

	17.	Contact Persons 

 Seller: 

 

					
	 Planning/Logistic Coordinator

TERNEUZEN
	 	Commercial Coordinator	 	Commercial Manager
	 G. VAN DIJK / A. VAN OOSTEN
	 	P. WEILBAECHER	 	J. OBREGON
	 TEL 0031-115673077 / 2085
	 	HORGEN	 	HORGEN
	 FAX 0031-11567 3782
	 	TEL 0041-44 728 2973	 	TEL 0041-44 728 2640
	 EMAIL gvdijk@dow.com
	 	FAX 0041-44 728 3343	 	FAX 0041-44 728 3343
	 EMAIL avanoosten@dow.com
	 	EMAIL pwweilbaecher@dow.com	 	EMAIL jmobregon@dow.com
			
	 Planning/Logistic Coordinator

BOEHLEN
	 	Credit Manager	 	Accounts Receivable
	 K.H. FRITZE
	 	S. LAMAS, HORGEN	 	A. KRAMER-CAPPILLI, HORGEN
	 TEL 0049-3420688167
	 	TEL 0041-44 728 2833	 	TEL 0041-44 728 2651
	 FAX 0049-3420688258
	 	EMAIL slamas@dow.com	 	EMAIL acappilli@dow.com
	 EMAIL kffritze@dow.com
	 	FAX 041-44 728 2308	 	S. WOODS
		 		 	TEL 0041 44 728 2552
		 		 	EMAIL swoods2@dow.com

 Buyer: 
  

					
	 Planning/Logistic Coordinator
	 	Commercial Coordinator	 	Commercial Manager
	 C. ANTHEUNISSE
	 	P. CALLER	 	A. CIOANCA
	 TEL 0031-115672896
	 	HORGEN	 	HORGEN
	 EMAIL
	 	TEL 0041-44 728 3663	 	TEL 0041-44 728 2688
	 cantheunisse@dow.com
	 	EMAIL pcaller@dow.com	 	EMAIL acioanca@dow.com

  
 Page 7 of 16 

	18.	Amendment and General Release 

 The Ethylene Sales Contract (Europe), dated as of
April 1, 2010, between Dow Europe GmbH and Styron Europe GmbH (the “Initial Contract”), is hereby amended and restated in its entirety and shall no longer be in force and effect. Each of the Parties hereto hereby irrevocably,
unconditionally and completely releases and discharges the other Party hereto and its respective affiliates, directors, officers, employees, agents, successors and assigns from all current and future rights, claims, causes of action, liabilities and
obligations arising under or relating to the Initial Contract, including, without limitation, all claims and payments due thereunder. This release shall be effective as of 11:59p.m. Eastern Daylight Time on June 16, 2010. The Parties hereto
hereby agree and acknowledge that there are no payments or other obligations outstanding as of 11:59p.m. Eastern Daylight Time on June 16, 2010 pursuant to the Initial Contract. 

[SIGNATURE PAGE FOLLOWS] 

  
 Page 8 of 16 

									
	DOW EUROPE GMBH	 		 	STYRON EUROPE GMBH
					
	BY:	 	/s/ Stephen Doktycz	 		 	BY:	 	 
	NAME:	 	Stephen Doktycz	 		 	NAME:	 	
	TITLE:	 	Authorized Representative	 		 	TITLE:	 	
			
	Date Executed: June 17, 2010	 		 	Date Executed: June 17, 2010
			
		 		 	STYRON EUROPE GMBH
					
		 		 		 	BY:	 	 
		 		 		 	NAME:	 	
		 		 		 	TITLE:	 	
				
		 		 		 	Date Executed: June 17, 2010

  
 [Signature Page to
Amended and Restated Ethylene Sales Contract (Europe)] 

									
	DOW EUROPE GMBH	 		 	STYRON EUROPE GMBH
					
	BY:	 	 	 		 	BY:	 	/s/ Stephen Doktycz
	NAME:	 		 		 	NAME:	 	Stephen Doktycz
	TITLE:	 		 		 	TITLE:	 	Authorized Representative
			
	Date Executed: June 17, 2010	 		 	Date Executed: June 17, 2010
			
		 		 	STYRON EUROPE GMBH
					
		 		 		 	BY:	 	 
		 		 		 	NAME:	 	
		 		 		 	TITLE:	 	
				
		 		 		 	Date Executed: June 17, 2010

  
 [Signature Page to
Amended and Restated Ethylene Sales Contract (Europe)] 

									
	DOW EUROPE GMBH	 		 	STYRON EUROPE GMBH
					
	BY:	 	 	 		 	BY:	 	 
	NAME:	 		 		 	NAME:	 	
	TITLE:	 		 		 	TITLE:	 	
			
	Date Executed: June 17, 2010	 		 	Date Executed: June 17, 2010
			
		 		 	STYRON EUROPE GMBH
					
		 		 		 	BY:	 	/s/ Timothy King
		 		 		 	NAME:	 	Timothy King
		 		 		 	TITLE:	 	Authorized Representative
				
		 		 		 	Date Executed: June 17, 2010

  
 [Signature Page to
Amended and Restated Ethylene Sales Contract (Europe)] 

 DOW H&E GENERAL TERMS AND CONDITIONS 

 

	1.	Interpretation of Trade Terms 

 Trade terms shall be interpreted in accordance with
INCOTERMS 2000. Title shall pass to Buyer at the same time as the risks of loss or damage under INCOTERMS 2000. If this Contract does not specify trade terms as defined in INCOTERMS 2000, title and risk of loss shall pass to Buyer upon delivery into
the custody of the carrier. For pipeline deliveries, title to and risk of loss of Product will transfer from Seller to Buyer when Product passes the connecting flange of Seller’s pipeline to the inlet flange of Buyer’s receiving pipeline
at delivery point. 
  

	2.	Payment and Payment Value Date 

 (I) Payment shall be made in such a way that
Seller’s designated bank account will be credited for good value in accordance with the Payment terms specified in this Contract. Payment of the full amount invoiced does not constitute a waiver with respect to any claims Buyer may have against
Seller. (II) If payment due date falls on a Saturday or on a holiday other than a Monday, payment shall be made on the last preceding banking day. If payment due date falls on a Sunday or a holiday on a Monday, payment shall be made on the next
banking day. 
  

	3.	Determination of Invoice Quantity of Product 

 The quantity of the Product to be invoiced
shall be determined at load point in accordance with the methods and procedures applicable to deliveries of the Product and the Shipment Method defined in this Contract or in accordance to the results of an independent surveyor acceptable to both
Parties. An independent surveyor acting on behalf of Buyer, at Buyer’s expense, shall have the right to verify, under an appropriate secrecy agreement, Seller’s calibration procedures and measurement records of Seller’s meters. In
case of dispute, the results of an independent surveyor shall be final and binding to both Parties. 
  

	4.	Seller’s Commitments 

  

	 	4.1	Seller undertakes that the Product at the time of delivery meet the agreed Specifications. 

  

	 	4.2	Seller will supply Buyer with the current Material Safety Data Sheets (MSDS). 

  

	 	4.3	Seller will convey the Product with good title, free from any lawful lien or encumbrance. 

  

	5.	Responsible Practices 

 Buyer will (I) familiarize itself with any product
literature or information Seller provides under Seller’s product stewardship program, including MSDS, (II) follow safe handling, use, selling, storage, transportation and disposal practices, including special practices as Buyer’s use of
the Product requires and instruct its employees, contractors, agents and customers in these practices and (III) take appropriate action to avoid spills or other dangers to persons, property or the environment. If Buyer has failed to comply with any
of its commitments under this Section 5, Seller will provide Buyer with thirty (30) days written notice to cure such failure to comply. If Buyer does not cure such failure to comply within the thirty (30) day period, Seller may
suspend Product delivery without liability for thirty (30) days (“Suspension Period”). Upon the end of the Suspension Period, if Buyer has not cured such failure to comply, Seller may cancel this Contract on fifteen (15) days notice
unless Buyer agrees to indemnify Seller for all losses caused by such failure to comply. 
  

	6.	Documentary Instructions 

 Buyer shall inform Seller about any documentary and invoicing
instructions at least two (2) working days prior to loading date. 
  

	7.	Liability 

 In the event of any liability by either Party whether arising from breach of
Contract or from statutes it is agreed that the maximum amount of damages recoverable shall be limited to the Contract price for the Product with respect to which damages are claimed. In no event shall either Party be liable for indirect,
consequential, special, punitive or exemplary damages in connection with or arising out of this Contract. 
  

	8.	Force Majeure 

 In the event of accident, mechanical breakdown of facilities, fire,
flood, strike, labour trouble, riot, revolt, war, acts of governmental authority, acts of God, or contingencies beyond the reasonable control of the Party affected, all interfering with the performance of this Contract, the quantity of Product
provided for in this Contract shall be reduced by the amount so affected without liability, but this Contract shall otherwise remain unchanged. The affected Party shall decide at its reasonable discretion on the quantities of Product affected and
the allocation of the reduced quantities to be sold or purchased. The Parties agree to retain absolute discretion on relation to allocation with their respective affiliates, provided, however, that during an event subject to this
Section 8, Seller shall treat Buyer in the same manner as all other contract customers for Product. During an event subject to this Section 8 and at Buyer’s request, Seller shall use reasonable efforts to provide ethylene to Buyer
during the duration of such event from alternate sources at market prices, approved by Buyer; provided, that such market purchase by Seller for Buyer may be effectuated by telephone conversation with the offer and acceptance constituting the
agreement between Buyer and Seller. 
  

	9.	Default 

  

	 	9.1	 If Buyer fails to make a payment under this Contract within three (3) days following notice by Seller that payment is due, Buyer shall be in
default. Upon Buyer’s default Seller may, at its option and without further reminder, recall shipments, and/or decline to make further deliveries against this Contract, except for cash.

  
 Page 10 of 16 

	 	
If Buyer fails to make payment under this Contract following a thirty (30) day notice by Seller, then Seller may treat such failure to cure by Buyer as final refusal to accept further
shipments and may cancel this Contract. 

  

	 	9.2	Seller reserves the right, without prejudice to Buyer’s liability to pay on the due date and to any other rights Seller may have under this Contract, to charge as from the due date without further notice, interest
on any overdue balance of a rate equal to the [*****] LIBOR interest for the currency invoiced, as fixed by the British Bankers Association on the last [*****] preceding the [*****] plus [*****] percent ([*****]%) points. 

 

	 	9.3	If Buyer’s financial responsibility becomes unsatisfactory and Seller deems itself insecure (in each case in Seller’s commercially reasonable judgment), then Seller may, after three (3) days prior written
notice to Buyer (which shall include the basis for such determination in reasonable detail), defer shipments, accelerate the due dates on all amounts, and/or require cash payments or other security. 

 

	10.	Performance by Affiliates 

 At Seller’s option, any Contract obligation may be
performed by Seller or any of its affiliates. Any deliveries made under this condition may be invoiced by such affiliate and shall constitute performance of this Contract by Seller. 

 

	11.	Severability of Provisions 

 Should any provision of this Contract be held invalid or
unenforceable, the validity and enforceability of the remaining provisions shall not be affected. Any invalid or unenforceable provision shall be replaced with a new provision which will allow the Parties to this Contract to preserve the initial
intent and purpose of this Contract. 
  

	12.	Non-Waiver 

 Failure to exercise any rights under this Contract upon any occasion shall
not waive the right to exercise the same on another occasion. 
  

	13.	Applicable Law 

 This Contract shall be governed and construed in accordance with the
internal laws of Switzerland. The United Nations Convention on Contracts for the International Sale of Goods (1980) shall not apply to this Contract. All disputes arising under this Contract shall be finally settled under the rules of
Conciliation and Arbitration of the International Chamber of Commerce by one or more arbitrators appointed in accordance with said rules. Arbitration shall take place in Zurich, Switzerland. The language of the arbitration shall be English. 

 

	14.	No Set-off 

 Regardless of any other rights under any other agreements or mandatory
provisions of law, neither Seller nor Buyer shall have the right to set-off any amounts due and payable under this Contract, whether contingent or otherwise, against any amount owed by such party to the other party, whether under this Contract or
otherwise 
  

	15.	Counterparts 

 This Contract may be executed and delivered (including by facsimile or
other means of electronic transmission, such as by electronic mail in “pdf” form) in one or more counterparts, and by the Parties in separate counterparts, each of which when executed shall be deemed to be an original, but all of which
taken together shall constitute one and the same agreement. 

  
 Page 11 of 16 

 APPENDIX A 

TO 
 ETHYLENE SUPPLY AGREEMENT
(EUROPE) 
  

			
	 THE DOW CHEMICAL COMPANY
	 	Page: 1

 CUSTOMER SPECIFICATION 

Date Printed: 12 JAN 2010 
  

			
	 SPECIFIED MATERIAL: 00031681-C001
	 	Effective: 10 DEC 2009
		 	Supersedes:                   

 NAME: Ethylene E Chemical Grade 
  

									
	 CUSTOMER NAME/ADDRESS:
	  		  		  		  	
	 DOW EUROPE GMBH
	  		  		  		  	
	 BACHTOBELSTRASSE 3
	  		  	HORGEN	  		  	
	 ZUERICH
	  		  	SWITZERLAND	  		  	8810

 MATERIAL DESCRIPTION: 
  

					
	 Color: colorless
	  		  	
	 Odor: sweet
	  		  	
	 Appearance/Physical State: gas
	  		  	
		  		  	

 TEST REQUIREMENTS 
  

															
	 TEST ITEM AND CONDITION
	  	LIMIT	 	  	UNIT	 	  	METHOD	 	  	N
	 Ethylene
	  	 	85 Min	  	  	 	% vol	  	  	 	ASTM D2505	  	  	
	 Methane + Ethane
	  	 	15 Max	  	  	 	% vol	  	  	 	ASTM D2505	  	  	
	 Acetylene
	  	 	10 Max	  	  	 	ppm v	  	  	 	ASTM D2505	  	  	
	 Hydrogen
	  	 	100 Max	  	  	 	ppm v	  	  	 	ASTM D2504	  	  	
	 C3 and Heavier
	  	 	100 Max	  	  	 	ppm v	  	  	 	ASTM D2505	  	  	
	 Propylene
	  	 	25 Max	  	  	 	ppm v	  	  	 	ASTM D2505	  	  	
	 Diolefins
	  	 	5 Max	  	  	 	ppm v	  	  	 	ASTM D2505	  	  	
	 Carbon Monoxide
	  	 	5 Max	  	  	 	ppm v	  	  	 	ASTM D2504	  	  	
	 Carbon Dioxide
	  	 	50 Max	  	  	 	ppm v	  	  	 	ASTM D2504	  	  	
	 Sulfur, Total
	  	 	10 Max	  	  	 	ppm wt	  	  	 	ASTM D3246	  	  	
	 Water, delivery
	  	 	10 Max	  	  	 	ppm v	  	  	 	UOP 344	  	  	
	 Methanol and Other Oxygenated Solvents
	  	 	5 Max	  	  	 	ppm	  	  	 	UOP 569	  	  	

 INFORMATION OR DISTRIBUTION RESTRICTED TO THIS CUSTOMER AND THE DOW CHEMICAL COMPANY. 

Continued on Next Page 

  
 Page 12 of 16 

			
	 THE DOW CHEMICAL COMPANY
	 	Page: 2

 CUSTOMER SPECIFICATION 
  

			
	 SPECIFIED MATERIAL: 00031681-C001
	 	Effective: 10 DEC 2009

 NAME: Ethylene E Chemical Grade 

READ PRECAUTIONARY INFORMATION AND MATERIAL SAFETY SHEETS. THIS PRODUCT IS SHIPPED IN COMPLIANCE WITH APPLICABLE LAWS AND REGULATIONS REGARDING
CLASSIFICATION, PACKAGING, SHIPPING AND LABELING. 

  
 Page 13 of 16 

 Last Page 

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 Page 14 of 16 

					
	THE DOW CHEMICAL COMPANY	  	 	Page: 1	  
	  
 CUSTOMER SPECIFICATION
	  			

 Date Printed: 12 JAN 2010 
  

			
	SPECIFIED MATERIAL: 00031681-C002	  	Effective: 11 JAN 2010
		  	Supersedes:                   

  

							
	NAME: Ethylene-E Chemical Grade	  		  		  	
		  		  		  	
	              CUSTOMER NAME/ADDRESS:	  		  		  	
	              DOW EUROPE GMBH	  		  		  	
	              BACHTOBELSTRASSE 3	  		  	HORGEN	  	
	              ZUERICH	  		  	SWITZERLAND	  	8810
		  		  		  	
	 MATERIAL DESCRIPTION:
	  		  		  	
				
	              Color: colorless	  		  		  	
	              Odor: sweet	  		  		  	
	              Appearance/Physical State: gas	  		  		  	

 TEST REQUIREMENTS 
  

							
	 TEST ITEM AND CONDITION
	  	LIMIT	 	UNIT	 	METHOD
	 N
	  		 		 	
	 Ethylene
	  	[*****]	 	[*****]	 	[*****]
	 Methane + Ethane
	  	[*****]	 	[*****]	 	[*****]
	 Acetylene
	  	[*****]	 	[*****]	 	[*****]
	 Propylene
	  	[*****]	 	[*****]	 	[*****]
	 Carbon Monoxide
	  	[*****]	 	[*****]	 	[*****]
	 Carbon Dioxide
	  	[*****]	 	[*****]	 	[*****]
	 Methanol
	  	[*****]	 	[*****]	 	[*****]
	 Ammonia
	  	[*****]	 	[*****]	 	[*****]
	 Sulfur, Total
	  	[*****]	 	[*****]	 	[*****]
	 Hydrogen Sulfide
	  	[*****]	 	[*****]	 	[*****]

 INFORMATION OR DISTRIBUTION RESTRICTED TO THIS CUSTOMER AND THE DOW CHEMICAL COMPANY. 

READ PRECAUTIONARY INFORMATION AND MATERIAL SAFETY SHEETS. THIS PRODUCT IS SHIPPED IN COMPLIANCE WITH APPLICABLE LAWS AND REGULATIONS REGARDING
CLASSIFICATION, PACKAGING, SHIPPING AND LABELING. 

  
 Page 15 of 16 

 Last Page 

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Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00224-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00224-of-00352.parquet"}]]