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  Exhibit 10.4    
    

 
    HUNTSMAN EXECUTIVE SEVERANCE PLAN
  (as amended and restated)    
    

ARTICLE
I
 The Plan

        1.1    Name.    The HUNTSMAN EXECUTIVE SEVERANCE PLAN ("Plan") became effective as of January 1, 2005. The Plan
is hereby amended and restated effective as of May 1, 2010. 

        1.2    Purpose.    Huntsman Corporation and certain Affiliates identified below have established the Plan to provide
certain of their executives and other employees with severance benefits to recognize their service to the Employer, and to encourage them to continue employment with the Employer. 

ARTICLE
II
 Definitions

        Whenever
used in the Plan, the following words and phrases shall have the meanings set forth below unless the context plainly requires a different meaning. When the defined meaning is
intended, the term is capitalized: 

        2.1   "Affiliate" means any entity (whether a corporation, partnership, joint venture, limited liability company or other
entity) in which the Employer beneficially owns 50% or more of the voting power of the entity, and any other entity in which the Employer has an economic interest and which is designated as an
Affiliate by the Committee for purposes of the Plan. 

        2.2   "Base Compensation" shall mean the annual base salary of the Participant in effect at Termination of Employment. 

        2.3   "Committee" shall mean the Compensation Committee of the Board of Directors of the Employer or, if there is not a
Compensation Committee, then the Board of Directors of the Employer. 

        2.4   "Employer" shall mean Huntsman Corporation, or any successor thereof. 

        In
addition, unless the context indicates otherwise, as used in this Plan the term "Employer" shall also mean and include any Affiliate of Huntsman Corporation that has adopted this Plan
with the permission of Huntsman Corporation and any Affiliate that has been designated by Huntsman Corporation as an Employer in this Plan. Such adoptions and designations shall be subject to such
conditions as the Committee deems appropriate. The obligations of an Employer hereunder shall be limited to the employees of that Employer participating in this Plan. The following Affiliates of
Huntsman Corporation are participating in this Plan as of May 1, 2010: 

Huntsman
International LLC

Huntsman Petrochemical LLC

Huntsman Purchasing Ltd

Huntsman Advanced Materials LLC

Rubicon LLC

Tioxide Americas Inc. 

        2.5   "Family Member" of an employee means: (a) a brother or sister (whether by whole or half blood) of the employee,
(b) the spouse of the employee, (c) an ancestor or lineal descendant of the employee, or (d) the spouse of anyone included in (a) or (c). 

        2.6   "Participant" means an employee of the Employer who is designated to participate by the Committee; provided however,
unless the Committee provides otherwise with respect to a particular employee, an employee with the title of Vice President or higher of an Employer shall be eligible to participate in the Plan.
Notwithstanding the foregoing, the Committee shall have the authority to adjust the status of any employee (including the removal of an employee from participation under the Plan or to change the
class to which the employee belongs for purposes of this Plan). The employees participating on May 1, 2010 and the class to which each belongs are set forth on Exhibit "A." 

 

        The
Committee may, subject to any applicable law, regulatory, securities exchange or other similar restrictions, delegate to one or more officers of the Employer, the authority to adjust
the status of any employee as described above, other than an employee who is subject to Section 16(b) of the Securities Exchange Act of 1934 or who is a Family Member of an employee who is
subject to Section 16(b) of the Securities Exchange Act of 1934. The Committee may impose such limitations and restrictions on its delegation of authority, in addition to any required
restrictions or limitations set forth in the Plan, as it may determine in its sole discretion. Any adjustment of status made pursuant to such a delegation shall be subject to all of the provisions of
the Plan. 

        2.7   "Plan Year" means the calendar year. 

        2.8   "Reasonable Cause" means any of the following, with respect to a Participant's: 

        (a)   Gross
negligence, fraud, dishonesty or willful violation of any law or material violation of any significant Employer policy committed in connection with the position of
the Participant with the Employer or Affiliate; or 

        (b)   Failure
to substantially perform (whether as a result of a medically determinable disability or otherwise) the duties reasonably assigned or appropriate to his or her
position, in a manner reasonably consistent with prior practice; 

provided,
however, that the term "Reasonable Cause" shall not include ordinary negligence or failure to act, whether due to an error in judgment or otherwise, if the Participant has exercised
substantial efforts in good faith to perform the duties reasonably assigned or appropriate to his or her position. 

        2.9   "Severance Benefit" means the benefits described in Article III. 

        2.10 "Termination of Employment" means the Participant's "separation from service", within the meaning of Section 409A
of the Internal Revenue Code of 1986, as amended (the "Code"), for any reason whatsoever, voluntary or involuntary, including by reason of death or disability. 

        2.11 "Termination for Good Reason" means a voluntary Termination of Employment by the Participant as a result of the Employer
or Affiliate making a materially detrimental reduction or change to the job responsibilities or in the current base compensation of the Participant, or changing the Participant's principal place of
work by more than 50 miles from his or her principal place of work in effect immediately prior to such change, which action has not been remedied by the Employer or Affiliate within 30 days
following its receipt of written notice from the Participant of such reduction or change. Such notice from the Participant must be given to the Employer or Affiliate within 90 days following
the occurrence of such reduction or change and the Participant's Termination of Employment must occur within the 30-day period following the Employer's or Affiliate's failure to timely
remedy the change or reduction constituting a "good reason." 

ARTICLE
III
 Severance Benefit

        3.1    Entitlement to Severance Benefit.    If the Employer or Affiliate terminates the Participant's employment
without Reasonable Cause or the Participant terminates employment in a Termination for Good Reason, then an Employer shall provide to the Participant the Severance Benefits described in this
Article III. No Severance Benefits shall be payable under this Plan for the Participant's Termination of Employment for any other reason, including a Termination of Employment on account of
death or disability. 

        (a)   Severance
Benefits otherwise payable under this Article III to a Participant shall be reduced in the discretion of Huntsman Corporation for any payments an
Employer or an Affiliate is required to pay to the Participant under any applicable statute, law, ordinance, code, rule or 

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regulation
arising from the Termination of Employment, including any payments required under the WARN Act. 

        (b)   Unless
otherwise agreed to in writing by the Huntsman Corporation, a Participant shall not be entitled to any Severance Benefits under this Article III if any of
the following situations apply: 

        (1)   Within
30 days of the Termination of Employment, the Participant obtains employment with an Employer or any Affiliate of an Employer. 

        (2)   If
requested upon his or her Termination of Employment, the Participant fails to sign, within 45 days following his or her Termination of Employment, a waiver and
release of claims against the Employer and its Affiliates and other persons, in the form provided by the Plan's Administrator (as defined in Section 5.1), or, if applicable, the Participant
signs and later revokes the waiver and release of claims form within the revocation period. 

        (3)   The
Participant is entitled to severance or other separation benefits whether under an individual written agreement with the Participant's Employer or an Affiliate, any
voluntary early retirement program maintained by the Employer or an Affiliate, any severance plan maintained by the Employer or an Affiliate, or any provision of law to which the Employer or Affiliate
is subject, other than this Plan, unless such Participant in connection with receipt of benefits under this Plan irrevocably waives all such benefits under all other contracts, plans, programs and
provisions of law applicable to Participant. 

        3.2    Amount of Benefits.    

        (a)   Cash Payment.    An Employer shall pay to Participant a lump sum cash payment in an amount as follows: 

        (1)   For
a Senior Executive (i.e., a Participant at the level of Senior Vice President or above), an amount equal to two times the Base Compensation of the
Participant; and 

        (2)   For
a Participant not a Senior Executive (i.e. a Participant at the level of Vice President or below), an amount equal to one and one-half times the
Base Compensation of the Participant; 

Subject
to Section 3.1(b)(2) and Section 7.6, payment shall be made within 60 days of the Termination of Employment. 

        (b)   Healthcare Benefits for U.S. Participants.    For the period of time (expressed as a number of months
determined by dividing the cash amount for the Participant subject to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA") under 3.2(a) by his or her Base Compensation)
(the "Continuation Period"), an Employer or Affiliate shall continue to cover the Participant and his or her dependents under the group healthcare plan covering other employees in positions similar to
that of the Participant, at a monthly cost to the Participant equal to the applicable COBRA premium for such coverage. 

        (1)   Healthcare Coverage Payment.    The Employer shall pay to the Participant a lump sum cash amount equal to the
product of (i) the Participant's Continuation Period, (ii) the COBRA premium applicable to the Participant on his or her Termination of Employment, and (iii) 150%. Subject to
Section 3.1(b)(2) and Section 7.6, payment shall be made within 60 days of the Termination of Employment. 

        (2)   COBRA Continuation.    To receive the coverage and payment provided under this Section 3.2(b) of the
Plan following the Participant's Termination of Employment, the Participant must timely elect continuation coverage under COBRA, as a result of the Termination of Employment. 

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        (c)   Outplacement Services.    The Employer shall provide the Participant with the following outplacement counseling
service opportunity: 

        (1)   For
a Senior Executive, executive outplacement services, as chosen by the Plan's Administrator, for a period of 12 months following the Termination of Employment
or until the Participant obtains substantially comparable employment, if earlier. 

        (2)   For
a Participant not a Senior Executive, executive outplacement services, as chosen by the Plan's Administrator, for a period of 6 months following the
Termination of Employment or until the Participant obtains substantially comparable employment, if earlier. 

        (d)   Time of Payment.    It is the intent of the Plan that the Severance Benefits not be subject to
Section 409A of the Code. If, however, a payment or benefit is determined to be subject to Section 409A and is conditioned on a waiver/release as provided in Section 3.1(b)(2),
then such payment will be made on the 60th day following the Termination of Employment. 

        3.3    Terminated Status.    Commencing upon the Participant's Termination of Employment, the Participant shall cease
to be an employee of the Employer and all Affiliates for all purposes. The payment of the Severance Benefits under this Plan shall be payments to a former employee. 

ARTICLE
IV
 Claims and Review Procedures

        4.1    Claims Procedure.    A Participant who believes he or she has not received the Severance Benefits to which the
Participant is entitled under the Plan may make a claim for benefits by making a written request for benefits to the Administrator on the form provided by the Administrator. The Administrator shall
notify the Participant or beneficiary ("claimant") in writing, within a reasonable period of time (but not later than 90 days) after receipt of his or her written request for benefits, of his
or her eligibility or non-eligibility for benefits under the Plan. If the Administrator determines that a claimant is not eligible for benefits or full benefits, the notice shall set forth
(1) the specific reasons for such denial, (2) a specific reference to the provisions of the Plan on which the denial is based, (3) a description of any additional information or
material necessary for the claimant to perfect his or her claim, and a description of why it is needed, and (4) an explanation of the Plan's claims review procedure and other appropriate
information as to the steps to be taken if the claimant wishes to have the claim reviewed. If the Administrator determines that there are special circumstances requiring additional time to make a
decision, the Administrator may extend the time for up to an additional 90 day period, provided the Administrator notifies the claimant prior to the end of the initial 90 day period of
the special circumstances and the date by which a decision is expected to be made. 

        4.2    Review Procedure.    If a claimant is determined by the Administrator not to be eligible for benefits, or if
the claimant believes that he or she is entitled to greater or different benefits, the claimant shall have the opportunity to have such claim reviewed by the Employer by filing a petition for review
with the Committee within 60 days after receipt of the notice issued by the Administrator. A claimant shall, on request and free of charge, be given reasonable access to and copies of, any
documents, records and other information in the possession of the Employer relevant to the claimant's claim for benefits. The petition shall state the specific reasons which the claimant believes
entitle him or her to benefits or to greater or different benefits. Within 60 days after receipt by the Employer of the petition, the Employer shall notify the claimant of its decision in
writing, stating specifically the basis of its decision, written in a manner calculated to be understood by the claimant and the specific provisions of the Plan on which the decision is based. If the
Employer determines that the 60 day period is not sufficient, the decision may be deferred for up to another 60 day period, but notice of this deferral shall be given to the claimant. In
the event of the death of a claimant, the same procedures shall apply to the claimant's beneficiaries. 

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ARTICLE
V
 Administration and Finances

        5.1    Administration.    The Plan shall be administered by the person designated by the Committee (or in the absence
of any such designation by the Committee), the "Administrator". 

        5.2    Powers of the Administrator.    The Administrator shall have all powers necessary to administer the Plan,
including, without limitation, powers: 

        (a)   to
interpret the provisions of the Plan; 

        (b)   to
establish and revise the method of accounting for the Plan; and 

        (c)   to
establish rules for the administration of the Plan and to prescribe any forms required to administer the Plan. 

        It
is intended that the Plan will be administered and interpreted in a manner that benefits provided by the Plan do not become taxable to a Participant until such benefits are paid to
the Participant. To the extent of a change in the law (whether by a change in the applicable statutes or by a ruling, regulation or other interpretation of the law by regulatory authorities) that
requires a change in the terms of the Plan to avoid taxation prior to receipt of benefits, the Plan shall be treated by the Administrator to include such change without further action by the Employer
as the Administrator in its sole discretion shall determine, provided, however, any such change that would materially increase either the cost of the Plan or the benefits provided by the Plan shall
require the written consent of the Employer. 

        5.3    Actions of the Administrator or the Employer.    All determinations, interpretations, rules, and decisions of
the Administrator and the Employer shall be conclusive and binding upon all persons having or claiming to have any interest or right under the Plan. 

        5.4    Delegation.    The Administrator shall have the power to delegate specific duties and responsibilities to
officers or other employees of the Employer or other individuals or entities. Any delegation by the Administrator may allow further delegations by the individual or entity to whom the delegation is
made. Any delegation may be rescinded by the Administrator at any time. Each person or entity to whom a duty or responsibility has been delegated shall be responsible for the exercise of such duty or
responsibility and shall not be responsible for any act or failure to act of any other person or entity. 

        5.5    Reports and Records.    The Administrator and those to whom the Administrator has delegated duties under the
Plan shall keep records of all their proceedings and actions and shall maintain books of account, records, and other data as shall be necessary for the proper administration of the Plan and for
compliance with applicable law. 

        5.6    Finances.    The costs of the Plan shall be borne by the Employer provided, however, an Affiliate that adopts
the Plan and becomes an Employer shall be responsible only for the Severance Benefits that are payable to those Participants who are employees of such Affiliate and, with respect to an Affiliate that
is designated an Employer, Huntsman Corporation shall be responsible for the Severance Benefits that are payable to Participants who are employees of such designated Affiliate, unless the Severance
Benefits are paid by that Affiliate. 

        5.7    Notices.    All notices and communications made by the Employer or the Administrator under the Plan shall be
deemed delivered and received when delivered by hand, the next business day after deposit with a courier or overnight delivery service post paid for next-day delivery and addressed in
accordance with the last address in the records of the Employer, or five days after being mailed by certified or registered mail, return receipt requested, with appropriate postage prepaid to the last
address in the records of the Employer, or immediately upon delivery by facsimile if confirmation is received and retained. 

5

 
ARTICLE
VI
 Amendments and Termination

        Huntsman
Corporation, by action of the Committee, may amend or terminate the Plan at anytime. In the event the Plan is terminated or changed, no benefits shall be payable to any
Participant thereafter (except for Severance Benefits payable to a Participant whose Termination of Employment occurred prior to such termination or change of the Plan) or except as provided by the
Plan as changed. Notwithstanding the foregoing, the Plan may not be amended or terminated within six months prior to, or on or within one year following, a Change of Control (as defined in the
Huntsman Corporation Stock Incentive Plan) of Huntsman Corporation to adversely affect the rights (contingent or otherwise) of any then Participant to Severance Benefits under the Plan, including,
without limitation, any amendment that would terminate the employee's then designation as a Participant in the Plan. 

ARTICLE
VII
 Miscellaneous

        7.1    No Guaranty of Employment.    The adoption and maintenance of the Plan shall not be deemed to be a contract of
employment between the Employer and the Participant. Nothing contained herein shall give the Participant the right to continue to be retained by the Employer or to interfere with the right of the
Employer to terminate the services of the Participant at any time, nor shall it give the Employer the right to require the Participant to continue to provide services to the Employer or to interfere
with the Participant's right to terminate services at any time. 

        7.2    Tax Withholding.    The Employer shall withhold all taxes that are required to be withheld by applicable law
from the benefits provided under this Plan. 

        7.3    Non-Alienation.    This Plan shall inure to and be binding on the successors and assigns of the
Employer. No benefit payable at any time under this Plan shall be subject in any manner to alienation, sale, transfer, assignment, pledge, attachment, or encumbrance of any kind. 

        7.4    ERISA.    The Plan is intended to be and shall be administered and maintained as a welfare benefit plan under
section 3(1) of the Employee Retirement Income Security Act of 1974 (ERISA), providing certain benefits to participants on severance from employment. The Plan is not intended to be a pension
plan under section 3(2)(A) of ERISA and shall be maintained and administered so as not to be such a plan. The Plan is intended to come within, and shall be administered and maintained to come
within, the severance pay plan exception thereto in DOL Regulation Section 2510.3-2(b). 

        7.5    Applicable Law.    The Plan and all rights hereunder shall be governed by and construed according to the laws
of Utah, except to the extent such laws are preempted by the laws of the United States of America. 

        7.6    Section 409A.    If any Participant is a "specified employee", as defined in Section 409A of the
Code and the regulations thereunder, at the time of his or her Termination of Employment and a payment due hereunder does not qualify as a "short-term deferral" payment under
Section 409A or as a separation payment upon an involuntary separation that is exempt from the Section 409A six-month delay in payment provisions, then such payment (or part
thereof that does not so qualify) shall not be paid to the Participant until the first business day that is more than six months after his or her Termination of Employment date (or, if earlier, his or
her date of death). Such delayed payment shall be made in a lump sum without interest. 

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	 SPONSOR:
	 	 
	 
	 	 HUNTSMAN CORPORATION

	 
	 	         /s/ R. Wade Rogers

  Title: Senior Vice President, Global Human Resources
	 Adopted By:
	 	 
	 
	 	 HUNTSMAN INTERNATIONAL LLC

	 
	 	         /s/ R. Wade Rogers

  Title: Senior Vice President, Global Human Resources
	 
	 	 HUNTSMAN PETROCHEMICAL LLC

	 
	 	         /s/ R. Wade Rogers

  Title: Senior Vice President, Global Human Resources
	 
	 	 HUNTSMAN PURCHASING LTD

	 
	 	         /s/ R. Wade Rogers

  Title: Senior Vice President, Global Human Resources
	 
	 	 TIOXIDE AMERICAS INC.

	 
	 	         /s/ R. Wade Rogers

  Title: Senior Vice President, Global Human Resources
	 
	 	 RUBICON LLC

	 
	 	         /s/ Philip M. Lister

  Title: Treasurer, Rubicon LLC
	 
	 	 HUNTSMAN ADVANCED MATERIALS LLC

	 
	 	         /s/ R. Wade Rogers

  Title: Senior Vice President, Global Human Resources

 

 7

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Exhibit 10.4

HUNTSMAN EXECUTIVE SEVERANCE PLAN (as amended and restated)QuickLinks
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  Exhibit 10.5    
    

SECOND
AMENDMENT

TO

HUNTSMAN OUTSIDE DIRECTORS ELECTIVE DEFERRAL PLAN 

        This
Second Amendment to the HUNTSMAN OUTSIDE DIRECTORS ELECTIVE DEFERRAL PLAN (the "Plan") is entered into this 11th day of July, 2008. 

        WHEREAS,
Huntsman Corporation (the "Company") has adopted the Plan and has amended it by a First Amendment dated April 28, 2006; and 

        WHEREAS,
the Company desires to make additional changes in the Plan in compliance with the final regulations under Section 409A of the Internal Revenue Code and the transitional
relief thereunder. 

        NOW,
THEREFORE, the Plan is hereby amended as follows: 

        1.     Effective January 1, 2006, Section 3.4 of the Plan is amended to read as follows: 

        3.4   Commencement Date.    The words "Commencement Date" shall mean
the Termination Date of the Director, provided, however, if the Director is a Specified Employee as of the Termination Date, then the Commencement Date shall be the date that is six months after the
Termination Date. 

        (a)   "Specified
Employee" means a Director who as of the Termination Date of the Director is considered a Key Employee of the Employer or a Related Employer, any stock of
which is publicly traded (whether on an established securities market or otherwise) as of the Termination Date. 

        (b)   A
Director is considered a "Key Employee" for the entire 12 month period beginning on an April 1 (this April 1 is referred to herein as the
applicable effective date) if the Director meets the requirements of Code Section 416(i)(1)(A)(i), (ii), or (iii) (applying the applicable regulations thereunder but disregarding Code
Section 416(i)(5)) at anytime during the 12-month period ending on the December 31 immediately preceding the applicable effective date. For example, if the Director met the
applicable requirements of Code Section 416(i) listed above at anytime during the 2007 calendar year, then for the 12 month period beginning April 1, 2008 the Director will be
considered a Key Employee. 

        (c)   "Related
Employer" means with respect to the Employer (i) a corporation which is a member of a controlled group of corporations (within the meaning of Code
Section 1563(a) determined without regard to Sections 1563(a)(4) and (e)(3)(C) thereof) with the Employer, and (ii) any trade or business (whether or not incorporated) which is
under common control (as defined in Code Section 414(c) and regulations thereunder) with the Employer. 

        2.     Effective January 1, 2006, Section 3.14 of the Plan is restated to read as follows: 

        3.14 Termination Date.    The words "Termination Date" mean the
date as of which the Plan Administrator reasonably determines that no further personal services to the Employer or any Affiliate, whether as a director, an employee or otherwise, will be provided by
the Director For purposes of this determination, the Director shall be treated as continuing to provide personal services for purposes of this Plan during the period up to six months that the Director
is on military leave, sick leave or other bona fide leave of absence, or treated as continuing to provide personal service during the entire period of such leave if the Director retains the right to
reemployment under applicable law or by contract at the end of such leave. 

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"Affiliate"
means (i) a corporation which is a member of a controlled group of corporations (within the meaning of Code Section 1563(a) determined without regard to
Sections 1563(a)(4) and (e)(3)(C) thereof) which includes the Employer, provided that the phrase "more than 50 percent" shall be substituted for the phrase "at least 80 percent"
in Code Section 1563(a)(1), and (ii) any trade or business (whether or not incorporated) which is under common control (as defined in Code Section 414(c) as modified by
Section 415(h) thereof and regulations thereunder) with the Employer. 

        3.     Effective January 1, 2006, Section 3.15 of the Plan is amended to read as follows: 

        3.15 Unforeseeable Emergency.    The words "Unforeseeable
Emergency" of a Director shall mean a severe financial hardship to the Director resulting from an illness or accident of the Director, the spouse of the Director, the beneficiary of the Director or a
dependent of the Director (as defined in Code Section 152, without regard to Code Sections 152(b)(1), (b)(2) and (d)(1)(B)), loss of the Director's property due to casualty, or other
similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Director that is determined by the Plan Administrator to be an "unforeseeable emergency"
within the meaning of Code Section 409A(a)(2)(B)(ii). 

        4.     Effective January 1, 2006, Section 4.2 of the Plan is amended to read as follows: 

        4.2   Elections.    A Director may make an election once each Plan
Year to defer receipt of all or a portion of the Directors Fees payable to the Director with respect to the Plan Year and such election may not be modified during the Plan Year. The election for a
Plan Year must be made prior to the beginning of the Plan Year. Notwithstanding the foregoing, an individual who first becomes an Eligible Person during a Plan Year may make an election within
30 days of the date the Eligible Person became a member of the Board of Directors which election shall apply with respect to Directors Fees payable with respect to such Plan Year under rules
established by the Plan Administrator. An election shall be in writing and shall conform to the applicable rules and procedures established by the Plan Administrator. 

Notwithstanding
the foregoing restrictions on the modification of elections, the deferral elections of a Director who elects under Section 6.4 to receive a distribution upon an Unforeseeable
Emergency shall be cancelled as of the date of the election under Section 6.4. The cancellation shall be applicable to fees payable for the balance of the year following the cancellation.
Following a cancellation, no further elections of deferral may be made with respect to Director Fees payable during that year. 

        5.     Effective January 1, 2006, Section 6.1 of the Plan is amended to read as follows: 

        6.1   Benefit Payment.    A Director shall be entitled to a payment
equal to the amount credited to his or her Deferral Account as of the Commencement Date. The payment shall commence to be paid within 60 days of the Commencement Date on a date selected by the
Plan Administrator in its sole discretion. 

        6.     Effective January 1, 2006, Section 6.2 of the Plan is amended to read as follows: 

        6.2   Form of Payment.    Subject to Section 6.3, the amount
due the Director shall be paid in one of the following forms as selected by the Director in writing in his or her initial election form: 

        (a)   A
single cash lump sum; or 

        (b)   Installments
over a period of three years; or 

        (c)   Installments
over a period of five years; or 

        (d)   Installments
over a period of ten years. 

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Notwithstanding
the foregoing, in the event the amount credited to the Deferral Account of the Director at the Commencement Date does not exceed the limit of Code Section 402(g)(1)(B),
determined as of the Commencement Date, such benefits shall be paid in the form of a single lump sum payment to the Director without regard to the form of payment elected by the Director. 

In
the event payment is made in installments, the Deferral Account used to measure the amount due the Director shall continue to be adjusted for earnings under rules prescribed by the Plan
Administrator as provided in Section 5.1(b). In the event no form of payment is elected, the amount due the Director shall be paid in a form of a single lump sum payment. 

        7.     Effective January 1, 2006, Section 6.3 of the Plan is amended to read as follows: 

        6.3   Changes in Form of Payment.

        (a)   Subject
to subsection (b) below, a Director may change his or her election of the form of payment for a Commencement Date to another form available under
Section 6.2 by submitting a written election form to the Plan Administrator; provided 

        (1)   such
election shall not be effective for a Commencement Date that occurs within 12 months from the date the election form was received by the Plan Administrator;
and 

        (2)   if
the Commencement Date is on account of a separation from service (other than on account of Disability), notwithstanding other provisions of this Plan, the payment or
payments to which the Director is entitled shall not commence to be paid to the Director until 5 years from the date that the payment or payments would otherwise have commenced if the election
to change the form of payment had not been made. 

A
Commencement Date shall be on account of a Disability if the Plan Administrator determines that the Termination Date occurred because of an impairment which results in the Director being disabled
within the meaning of Section 409A(a)(2)(C) of the Code. 

        (b)   Prior
to January 1, 2009, a Director may change his or her election of the form of payment for a Commencement Date to another form available under
Section 6.2 by submitting a written election form to the Plan Administrator; provided such election shall not be effective for a Commencement Date that is less than 12 months from the
date the election form was received by the Plan Administrator unless it is received at least 30 days before the Termination Date and the Plan Administrator, in its sole discretion, approves the
form of payment selected. Notwithstanding the foregoing, a Director may not change a form of election during a calendar year with respect to payments that would otherwise be received in that calendar
year or to cause payments to be made in that calendar year (for example, a Director may not change a form of election during 2007 with respect to payments that would otherwise be received in 2007 or
to cause payments to be made in 2007). 

        8.     Effective January 1, 2006, the two Sections 6.4 of the Plan are amended to read as follows: 

        6.4   Payment to Beneficiary.    In the event a Director dies before
receiving his or her full benefit under this Plan, the Employer shall pay any remaining amount due on behalf of the Director hereunder to the Beneficiary of the Director. Such payment shall be in the
form of a single cash payment. The payment shall be paid within 60 days following the date of death on a date selected by the Plan Administrator in its sole discretion. A Director may designate
a Beneficiary on the form prescribed by and delivered to the Plan Administrator. If no Beneficiary is properly designated under this Plan, then the Beneficiary shall be the spouse of the Director, if
living. If there is no Beneficiary after application of the foregoing provisions of this Section, then the payment shall be made to the estate of the Director. If under these rules the benefits are
payable to the estate of the Director, and either the Plan Administrator cannot locate a qualified representative of the deceased Director's estate, or if administration of the estate is not otherwise 

3

 

required,
the Plan Administrator in its discretion may make the distribution to the deceased Director's heirs at law, determined in accordance with the law of the State of the Director's domicile in
effect as of the date of the Director's death. 

        6.5   Distribution in Event of Unforeseeable Emergency.    Prior to
the Commencement Date, a Director may request a distribution of all or a portion of the amount credited to his or her Deferral Account in the event of an Unforeseeable Emergency. The Plan
Administrator shall determine, in a non-discriminatory manner, whether a Director has an Unforeseeable Emergency. The amount of the distribution shall be limited to the amounts reasonably
necessary to satisfy the emergency need as determined by the Plan Administrator applying the provisions of the applicable regulations under Code Section 409A (including taking into account the
tax costs of the distribution and the amounts available from other sources of the Director). 

        9.     Effective January 1, 2006, a new Section 6.6 is added to the Plan, reading as follows: 

        6.6   Discretionary Distribution for Taxes.    The Plan is intended
to comply with the provisions of Code Section 409A. In the event the Plan fails to meet the requirements of Code Section 409A and the regulations promulgated thereunder, the Plan
Administrator may, in the Plan Administrator's sole discretion, distribute to the affected Director(s) the amount(s) such Director(s) are required to include income as a result of such failure of the
Plan to comply with Code Section 409A and such regulations. In the event of such a distribution, the affected Director(s)'s benefits hereunder shall be adjusted to reflect the value of the
amount so distributed. 

        At
the discretion of the Plan Administrator, the Amount necessary to pay the: (A) Federal Insurance Contribution Act Tax imposed under Code Section 3101, 3121(a) and
3121(v)(2) (the "FICA Amount"), and/or (B) Railroad Retirement Act tax imposed under Code Sections 3201, 3211, 3231(e)(1) and 3231(e)(8) (the "RRTA Amount) on compensation deferred under
the Plan, may be distributed to the affected Director and the benefits of such Director hereunder shall be adjusted to reflect the value of the amount so distributed. Additionally, in its discretion,
the Plan Administrator may provide for the distribution to the affected Director of the amount necessary to pay the income tax at source on wages
imposed under Code Section 3401 or the corresponding withholding provisions of applicable state, local or foreign tax laws as a result of the distribution of the FICA Amount or RRTA Amount, and
to pay the additional income tax at source on wages attributable to the pyramiding ode Section 3401 wages and taxes. In no event however, shall the total amount distributed pursuant to this
paragraph to a particular Director with respect to the Director's deferrals under the Plan exceed the aggregate of the FICA Amount and the RRTA Amount with respect to such deferrals, and the income
tax withholding related to such FICA Amount or RRTA Amount. The benefits of such Director hereunder shall be adjusted to reflect the value of the amount so distributed. 

        10.   Effective January 1, 2006, Section 7.2 of the Plan is amended to read as follows: 

        7.2   Amendment and Termination.    The Employer may amend or
terminate the Plan at any time, provided, however, that (1) no such amendment or termination shall adversely affect the benefit to which a Director is entitled under Article VI prior to
the date of such amendment or termination unless the change is necessary to keep the Plan in compliance with the applicable provisions of the law, including Code Section 409A, and (2) no
such amendment or termination shall cancel or revoke an election made by the Director under Section 4.2 for the year in which the amendment or termination occurs prior to the end of that year
unless to do so is determined by the Employer in good faith not to cause the Plan to fail to comply with Code Section 409A. In the event of a termination of the Plan, benefits shall be retained
under the terms of the Plan until the Director reaches his or her Commencement Date under the Plan; provided, however, the Employer may elect to make distribution earlier to the Director if the
Employer determines in good faith that such distribution does not cause the Plan to fail to comply with Code 

4

 

Section 409A.
The liabilities of this Plan relating to a Director may in the discretion of the Employer be transferred to another plan or program of the Employer, provided that the Employer
determines in good faith that the transfer and the provisions of the plan or program receiving the transfer applicable to the transfer do not result in any change to the benefits being transferred
that would cause those benefits to be subject to income taxation under the Code prior to distribution to the Director. 

Except
as otherwise expressly provided in other sections of this Plan, the payment of any benefits under the Plan may not be accelerated, including upon the amendment or termination of the Plan,
except in a manner that the Employer determines in good faith does not cause the Plan to fail to comply with Code Section 409A. 

        11.   Except as expressly amended by this Second Amendment, the terms of the Plan as existing immediately prior to this
amendment shall remain in full force and effect. 

DATED
the day and year first above written. 

 

 

					
	 	 	HUNTSMAN CORPORATION
	

 	
 	
By:	
 	
/s/ R. Wade Rogers

 
	 	 	Name:	 	R. Wade Rogers
	 	 	Title:	 	Vice President, Global Human Resources

 

 5

QuickLinks

Exhibit 10.5

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