Document:

Employment Agreement

 Exhibit 10.2(w) 

 

 

 FREE TRANSLATION 
 Between: 
 The Société Anonyme CYTEC – Square Marie Curie 11
– B 1070 BRUSSELS, represented here by the undersigned, 
 Hereinafter referred to as “CYTEC”, 
 and 
 Mr. ARANZANA Frank 

Residing at 1650 Beersel, Bloemendal 29 
 hereinafter referred to as “the employee”, 
 It has been agreed as follows: 
 Article 1 
 CYTEC hires the employee as
President Cytec Speciality Chemicals, who accepts. 
 The employee will perform his services at CYTEC or at other companies of its group.

 CYTEC reserves the right to assign the employee to any positions which are compatible with his knowledge and skills, both in Belgium and
abroad. For the application of this clause, account will be taken of the economic interest of the company and of the personal interest of the employee. 
 If the necessities of the service so require, the employee accepts that CYTEC may oblige him to reside near his place of work. 
 The employee accepts to travel for the needs of the service by any means of transportation which will be indicated to him, including private means of transportation. 
 Article 2 
 The contract
is concluded for an unlimited duration and will begin retroactively on July 1st, 2008. The present contract cancels and replaces the labour agreement of June15, 1999 and his enclosures. 
  

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 Article 3 
 The employee shall be allocated a monthly gross amount of € 23.347,70. 
 The employee
renounces to the automatic salary increase linked to the consumer price index as long as he is exercising the function of President Cytec Speciality Chemicals 
 The compensations are paid into the bank account indicated by the employee, under deduction of the legal withholdings and contributions for the group insurance program which the employee is obliged to
join. 
 Article 4 
 Each party
has the right to terminate the present employment contract in accordance with the provisions of the Employment Contracts Act of July 3, 1978. 
 Article 5 
 The employee acknowledges that all the results generally whatsoever of the works, studies, research or tests which
he or she will perform in the exercise of his or her functions, and notably the inventions, methods of production, procedures and improvements which he or she shall develop will be the exclusive property of the Company where he or she performs his
or her services. 
 Cytec alone will have the right to dispose of them, profit from them and, if appropriate, have them patented, without the
employee being able to claim any indemnity or special compensation. 
 Article 6 
 The employee undertakes not to reveal, publish or make known directly or indirectly the production and business secrets of which he or she shall have
knowledge. Notably covered here are: the procedures, tricks of the trade, plans, projects, agreements, technical, commercial, accounting and other types of information. 
 He or she shall also refrain from engaging in or co-operating with any act of unfair competition. 
 The above obligations will not cease with this contract, and the employee will remain bound by them whatever the cause of his departure. 
  

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 Article 7 
 The employee undertakes, in the event of termination of this contract after the trial period, by CYTEC for serious reason or by the employee, unless the latter cannot demonstrate a serious reason
imputable to CYTEC, and under reservation of the respect of articles 65 and 86 of the Law of 3 July 1978 on employment contracts, not to compete with CYTEC or the companies of its group, either by acting for his or her own account, directly or
indirectly, or by entering into the service of another employer. 
 However, this obligation relates only to activities similar to those which
the employee shall have exercised at CYTEC or at companies of its group during the twelve months preceding his or her departure; it does not extend beyond the territory of Belgium, and it is limited to a period of twelve months as of the day that
the employment contract comes to an end. 
 In exchange for this undertaking, CYTEC will pay to the employee a lump-sum indemnity equal to 12
months of compensation, except CYTEC exercises its option to waive the application of this non-competition clause within a period of 15 days as of the cessation of the contract. This article does not apply if the employee is a sales representative
at the time of his or her departure. 
 Article 8 
 The employee hereby acknowledges having received a copy of and having taken knowledge of the Work Rules, which constitute an annex to the present employment contract. Furthermore, the employee hereby
formally accepts the terms and conditions thereof. 
 Article 9 
 Special conditions (provided they do not contradict legal and statutory provisions): 
  

	 	-	The employee will benefit from the tax status of “non-resident tax payer”. The calculation of taxable earnings takes into consideration the current amount of
non-taxable earnings (max. €11.250) for “management” positions. The employer guarantees “30% travel exclusion”, resulting in a reduction of taxable earnings equivalent to a 30% of the annual working days spent outside
Belgium. 

 The employee will benefit 100% from applicable tax reductions following events and
private investments. 
  

	 	-	The employee will benefit from assistance with their declaration of earnings to Belgian tax authorities as long as he possesses the status of “non-resident tax
payer”. 

  

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 Employee will benefit: 
  

	 	-	from a thirteenth month, in accordance with Belgian legislation; 

  

	 	-	from a holiday bonus, in accordance with Belgian legislation; 

  

	 	-	(if the conditions of the award are satisfied) from an annual bonus, in accordance with current CYTEC regulations for the category “Officers”, with a target
of 50% of annual salary. Half the bonus will be paid in company insurance with the AXA policy number 212.785.898; 

  

	 	-	In accordance with Cytec’s Company car policy, the employee will benefit from a company car. The budget is defined in the policy in agreement with the position in
the Company. The Employee will pay the employer a monthly sum equal to 27% of the taxable benefit; 

  

	 	-	from a fuel card whose usage is limited to the company car; 

  

	 	-	As per Company policy from a monthly all-in allowance of €285 (category 2 amount with company car), covering certain expenses which are not reimbursed by expense
notes; 

  

	 	-	from a company insurance covering life insurance, a supplementary pension benefit and a long-term sickness allowance. These insurance schemes are described in further
detail in the “Pension Plan”; 

  

	 	-	As per the ‘Company’s Hospitalisation plan’ from hospitalisation insurance covering employees and all their family members; 

  

	 	-	from travel insurance covering employees during work-related travel; 

  

	 	-	from an annual travel allowance of €123.95; 

  

	 	-	from a meal cheque with a face value of €6.00 per day worked. Employees will pay a contribution of €1.09 per cheque; 

  

	 	-	from the reimbursement of the school fees of employees’ children aged 3-18 years old, excluding books, uniforms, additional lessons and sporting and cultural
activities. 

 Done in two originals, of which each party acknowledges having received one, in Brussels on June
    , 2009. 
 The employee,                                     
                                         
  CYTEC,                     
  

 4AXA Supplemental Plan

 Exhibit 10.2(x) 

 

 

  

			
		  	Supplemental Group Insurance for Belgian Employees graded G20 and higher (AXA Supplemental Pension Plan)
		
		  	Cytec Surface Specialties nv/sa
		
		  	Handbook

  

  
 Edition – 02/2008 

 Foreword 
 The Cytec Surface Specialties Supplemental Pension Plan is a group insurance plan in addition to the regular Cytec Group Insurance Plan. It is intended to provide employees with a Belgian employment
agreement, who are subject to Belgian social security contributions and graded G20 and higher, with a comfortable standard of living when they retire. 
 In this handbook you will find the necessary information about this supplemental pension plan. Note that this new supplemental plan will be in force as from 1 March 2008 onwards and replaces any
existing AXA supplemental plans. 
 We are sure this supplemental plan will contribute to your satisfaction as an employee of
Cytec. 
  

  

 Table of contents 
  

			
	Why does Cytec offer you a supplemental pension plan?	  	1
		
	What are the basic principles of this supplemental plan?	  	2
		
	How are my retirement benefits granted?	  	3
		
	How is my death benefit defined?	  	5
		
	What does happen to my retirement benefits when I leave Cytec?	  	6
		
	Final remarks	  	9

  

  

			
		  	USER’S HANDBOOK – AXA’S SUPPLEMENTAL PENSION PLAN FOR EMPLOYEES OF GRADE 20 OR MORE

  

			
		  	Why does Cytec offer you a supplemental pension plan?
		
	How can I position “employee benefits” in my own financial plan?	  	We all know that only few financial instruments allow an employer to deliver income to its employees on a tax efficient basis. One of those vehicles is a supplemental group
insurance which defers current employment income, taxable at marginal income rates and subject to full employee and employer social security contributions, to retirement income which is taxable at much lower tax rates (currently 16.66%) and subject
to limited social taxes (currently between 3.55% and 5.55% depending on the amount).
		
		  	Cytec has set up such a group insurance with AXA. This handbook is therefore intended to explain the following benefits in detail:
		
		  	 -   additional savings benefits (retirement)

		
		  	 -   additional death in service benefits

  

			
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		  	USER’S HANDBOOK – AXA’S SUPPLEMENTAL PENSION PLAN FOR EMPLOYEES OF GRADE 20 OR MORE

  

			
		  	What are the basic principles of the supplemental pension plan?
		
	Who is a member?	  	All employees with a Belgian employment agreement (whether fixed term or open-ended), who are subject to Belgian social security contributions and graded G20 and higher,
automatically become members of this supplemental pension plan. Membership is immediate from the date of hire (if taking a job graded G20 and higher) or at the date of promotion to a job graded G20 and higher.
		
		  	You continue your participation in this supplemental plan as long as you work for Cytec and are graded G20 or higher. This plan is interrupted in case of suspension of the
employment agreement (for example: termination, career interruption, full-time time credit).
		
		  	All eligible employees who work part-time will have the same benefits as those working full time, subject to pro ration in accordance with their working time,
		
	When does the group insurance end?	  	Membership to the group insurance will cease as soon as you stop working for Cytec and, more precisely, in the following cases:
		
		  	- retirement or early retirement
		
		  	- dismissal or resignation
		
		  	- death
		
		  	Membership to this pension plan will also cease in case of demotion to a grade below G20. Note that in this case, no new contributions will be paid into this plan but you will
remain entitled to the already accrued reserves which will continue to earn interest (currently 3.25% plus profit sharing interest) until one of the three above listed situations occurs.

  

			
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		  	USER’S HANDBOOK – AXA’S SUPPLEMENTAL PENSION PLAN FOR EMPLOYEES OF GRADE 20 OR MORE

  

					
		  	How are my retirement benefits granted?
		
		  	As soon as you become a member of this supplemental plan, you start accruing additional retirement benefits.
		
	How is the pension benefit defined?	  	The additional retirement benefit you will receive when you retire (normal retirement age is 65), depends on the invested contributions and the return granted by the
insurance company.
		
		  	The contributions are fixed as follows:

							
				
	  	  	Grade	  	 % of your real individual ICP budget
	  	 
	  	  
 G20
	  	30%	  
	  	  
 G21
	  	30%	  
	  	  
 G22
	  	30%	  
	  	  
 G23
	  	50%	  
	  	  
 G24
	  	50%	  
	  	  
 G25
	  	50%	  

					
		
		  	The ICP budget is determined by Cytec’s Executive Leadership Team in accordance with Cytec Industries’ Incentive Compensation Plan and relates to the prior
year of performance.
		
		  	The contribution is calculated and paid once a year, on March 1 of every year. The payment to the insurance company occurs within 8 working days.
		
		  	The contribution can never be lower than €250. In case of an incomplete year, a proportionate minimum amount will be paid (based on the effective number of full
affiliation months).
		
		  	The contribution can on the other hand not exceed the authorised tax deductible level. Indeed the sum of your legal/state pension and your extra-legal pensions cannot
exceed 80% of your last normal gross salary and this for a full career of 40 years.
		
		  	AXA grants a guaranteed/fixed interest (of currently 3.25%) as well as a profit sharing interest on these contributions.

  

			
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		  	USER’S HANDBOOK – AXA’S SUPPLEMENTAL PENSION PLAN FOR EMPLOYEES OF GRADE 20 OR MORE

  

			
	Who does pay this contribution?	  	From a tax/legal perspective the contribution is qualified as an employer contribution. On top, the company pays the insurance tax (currently 4.4%) and the social security
charges (currently 8.86%) related to these contributions.
		
	What does happen in case of early retirement or leaving Cytec?	  	In case of early retirement or when leaving Cytec, AXA will determine the amount that has already been accrued at that point in time (= sum of contributions +
interest).
	  	  
 From a tax and legal perspective the same regulations are
applicable as for your regular group insurance plan (i.e. the accrued amount will be reduced with 3.55% up to 5.55% as social security charge and the remaining amount will be taxed at currently 16.66% in case of early retirement or 10.09% if you
continue working up to age 65).

		
	What does happen if you chose payment or transfer?	  	The retirement benefit is payable at age 65. If you retire earlier and ask your retirement benefit, AXA will simply determine the amount that has already been
accrued.
	  	  
 As from the January 1, 2010 the retirement benefit will no
longer be payable before age 60.

	  	  
 AXA makes the necessary social and income tax deductions on the
retirement benefit. On January 1, 2008, those amounted to about 3.55% to 5.55% social security contribution (depending on the level of the capital to be paid) plus 16.66% taxes, increased with communal taxes.

  

			
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		  	USER’S HANDBOOK – AXA’S SUPPLEMENTAL PENSION PLAN FOR EMPLOYEES OF GRADE 20 OR MORE

  

			
		  	How is my death benefit defined?
		
		  	As mentioned, besides the “retirement” part, your additional group insurance does also include a “death” part.
		
		  	If you die during the time you are affiliated to this additional savings plan, (following an illness, an accident at work or at home,...), your relatives are entitled to a
death benefit which is defined as follows:
		
		  	Death benefit = minimum of 1 x S
		
		  	The accrued savings amount of your retirement benefit is included in the above benefit. In other words, if you would die, the insurance company would pay the accrued savings
amount of the retirement benefit to your heir with a minimum of 1 time annual base salary.
		
		  	Where:
		
		  	S = gross monthly salary of December (preceding year) x 13.92
		
		  	The cost for this death benefit is entirely paid for by the Company.
		
	Who does receive the benefits? In which order?	  	In case of death, the above benefits will be paid according to the following order:
	  	  
 1. Your wife / husband or legal cohabitant

	  	  
 2. Your children

		
		  	3. Everyone designed by you in a signed document
		
		  	4. Your mother and father
		
		  	5. Your brothers and sisters
		
		  	6. Every other legal heir(ess)
		
		  	7. The financial fund
		
		  	Cytec allows you to change this order on condition that you specify it in a signed document given to HR.

  

			
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		  	USER’S HANDBOOK – AXA’S SUPPLEMENTAL PENSION PLAN FOR EMPLOYEES OF GRADE 20 OR MORE

  

							
		 	What does happen to my retirement benefits when I leave Cytec?
		
	What will happen when I leave Cytec?	 	When, for whatever reason, you leave Cytec, your supplemental pension plan stops. At retirement you will be entitled to the retirement benefits which have been built up
while you worked for Cytec and were eligible for this supplemental plan, increased with the accrued return since this date.
		
		 	Be careful, the additional death cover stops immediately, which means that you are no longer insured against this risk from that moment on.
		
	Can I transfer my accrued rights in my new employer’s pension plan or elsewhere?	 	Whatever the reason for leaving, you are the owner of the retirement capital.
	 	  
 The following procedure is legally
defined.

	 	  
 Chronological procedure to be followed by the
employer, AXA and the employee

							
	  	 	  
 Action to take

	  	By who	  	Time limit
		 	Announce your departure to AXA	  	Employer	  	30 days
		 	Inform employer	  	AXA	  	30 days
		 	Inform employee	  	Employer	  	Immediately
		 	Communicate your choice to your former employer	  	Employee	  	30 days
		 	Communicate your decision to AXA	  	Employer	  	15 days
		 	Execute the employee’s decision	  	AXA	  	30 days

					
		
		 	What are the possible choices?
			
		 	Choice 1	  	Keep the accrued amount (*) in the plan
			
		 	Choice 2	  	Transfer the already accrued amount (*) into the pension plan (pension fund or insurance group) of your new employer
			
		 	Choice 3	  	Transfer the already accrued amount (*) into a “caisse commune”
			
		 	Choice 4	  	Transfer the already accrued amount (*) into a host structure
		
		 	A host structure is a group insurance which is isolated from the company group insurance and in which you can transfer your accrued rights when you leave. You can also
use them to finance a death benefit.

  

			
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		  	USER’S HANDBOOK – AXA’S SUPPLEMENTAL PENSION PLAN FOR EMPLOYEES OF GRADE 20 OR MORE

  

			
		  	Until end 2009 you still have a last option which consists in having the accrued amount deposited in your bank account ( = surrender). Be careful, this option does have negative
consequences as the taxes are high.
		
		  	(*) If you have worked less than one year at Cytec, the accrued rights consist in the reserves accrued with the personal contributions. If you leave the company with at least one
year seniority in the plan, then the accrued rights consist in the reserves accrued with the personal contributions and the employer contributions.
		
	Which choice do I have?	  	Here is a flowchart to help you make your choice. According to your personal situation you can identify the most suitable option.
		
		  	

  

			
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		  	USER’S HANDBOOK – AXA’S SUPPLEMENTAL PENSION PLAN FOR EMPLOYEES OF GRADE 20 OR MORE

  

			
	How do I communicate my choice?	  	Once AXA has been informed of your departure, you will be informed by AXA within one month of the different possibilities relative to your accrued pension rights.
		
		  	You then have one month to communicate your choice to AXA.
		
		  	After this deadline, the transfer can still be asked anytime. Surrender is still possible until end 2009.
		
	Who can I go to if I still have questions?	  	For further questions, please send an email to the following address:
	  	  
 Filip.vandervelden@cytec.com

  

			
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		  	USER’S HANDBOOK – AXA’S SUPPLEMENTAL PENSION PLAN FOR EMPLOYEES OF GRADE 20 OR MORE

  

			
		  	Final remarks
		
		  	This handbook is for information only.
		
		  	This handbook does not open any rights. Only the official plan rules of Cytec’s supplemental group insurance create such right. In case of dispute, only the official plan
rules are applicable.
		
		  	You can get a copy of these rules by asking the HR department.

  

			
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