Document:

EX-4.25

 Exhibit 4.25 
  

					
		  		  	 Barclays Corporate Secretariat

		  		  	Level 29
		  		  	1 Churchill Place
		  		  	London
	 31 July 2013
 Frits van Paasschen

 
	  		  	 E14 5HP

		  		  	Tel 020 7116 8099
		  		  	Fax 020 7116 7785
		  		  	  
 lawrence.dickinson@barclays.com

  
  

Dear Frits 
 I am pleased to confirm the details of your appointment as an independent
non-executive Director of Barclays PLC and Barclays Bank PLC (“the Companies” or “Barclays”) with effect from 1 August 2013.  
  

	1.	Terms of Your Appointment 

 Your appointment term will be for up to six years, subject to
annual re-election by shareholders (see below). On or before the sixth anniversary of your appointment the Chairman will agree with you whether it is appropriate for you to continue to seek shareholder re-election to serve for up to another three
years. In addition, you will also have an annual review with the Chairman of your performance as a non-executive Director. The Board has also adopted a formal system of self-evaluation, which is currently carried out annually. 

Your appointments are being made by the Directors in accordance with the Articles of Association of the Companies. As with all of the Directors, you will
be required to seek re-election by shareholders at the Barclays PLC AGM each year in accordance with the UK Corporate Governance Code. 
 Your
appointment may be terminated by Barclays on six months notice (or immediately on payment of six months fees in lieu of notice) but would automatically terminate without any entitlement to notice or payment if the Barclays PLC shareholders do not
elect or re-elect you whenever you stand for election or re-election, and/or if you are removed from office by the shareholders. The Board shall also reserve the right to reconsider your appointment as a Director and therefore to terminate your
appointment forthwith without any entitlement to notice or payment should there be any material change to your personal circumstances that the Board believes may affect your appointment as a Director of Barclays PLC and/or Barclays Bank PLC. A
material change shall include, but not be limited to, the following: 
  

	 	•	 	where you resign, retire or are removed from office from any of your other external appointments (including, but not limited to, any other directorships). 

Barclays PLC. Registered in England. Registered No: 48839. Registered Office: 1 Churchill Place, London E14 5HP 

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	 	•	 	where you are appointed to any other company, corporate body or other entity (internal or external), which has not been agreed in advance with the Chairman. 

	 	•	 	where an incident occurs, which the Board considers could adversely affect the reputation of Barclays. 

Where such a material change occurs, you must inform the Chairman as soon as possible. 

Should you wish to resign your appointment, you are required to give Barclays not less than six months’ notice. 

 
  

	2.	Fees 

 As a non-executive Director you will receive a fee of £80,000 per annum
payable monthly in arrears by direct credit into your nominated bank account after the deduction of tax and other statutory deductions. In the event that you hold office for part of the year the fees shall be pro-rated accordingly on the basis of
one twelfth for each complete or part month served. £30,000 of your non-executive Director fee, after tax and national insurance, will be used to purchase Barclays PLC shares twice per year, in February and July/August, after the announcement
of the Companies’ full and half-year financial results. These shares will be held on your behalf until you leave the Board. Enclosed with this letter is an agreement setting out details in respect of this remuneration in Barclays PLC shares,
which you are asked to sign and return. 
 The fees may be subject to any amendment or qualification as required by any law, regulation or regulatory
authority. The Board (with the non-executive Directors abstaining) reviews the level of fees paid to non-executive Directors annually. 

Any reasonable out of pocket expenses that you incur in performing your duties as a Director (travelling expenses in attending Board and Board Committee
meetings etc.) will be reimbursed in accordance with our standard expenses policy. 
  

	3.	Role 

 Attached to this letter is a role profile for non-executive Directors, which has been
agreed by the Board. The Board may change this role profile from time to time and the role profile as amended shall, once notified to you, be deemed to form part of this letter in place of the document attached. 

Any information relating to Barclays which you acquire in your role should be held securely and not disclosed to any third parties without my prior
clearance, unless it has already become available to the public. 

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	4.	Time Commitment 

 The Board normally meets formally eight times a year, including a 1 1⁄2 day strategy session held each year, and will otherwise meet on an ad-hoc basis as required. Some of the meetings may be held overseas. The scheduled Board
meeting dates for the remainder of the year have been provided to you. Please note that the number of ad-hoc meetings may increase significantly when the Board is required to address urgent matters as they arise between scheduled meetings. Directors
are also expected to attend the Barclays PLC AGM, which is usually held at the end of April each year, and be available afterwards to meet with and answer questions from shareholders. 

You will also be expected to make yourself available during your first year of appointment for the purpose of induction (further details below) and in
future years for occasional Board training days. 
 Directors are expected to attend each meeting of the Board, including those called on an ad-hoc
basis to discuss urgent matters, and to set aside sufficient time to consider the papers in respect of those meetings, which for scheduled meetings are normally sent to Directors in the week prior to the meeting. 

The average time commitment for non-executive Directors as a whole is in the range of 30-36 days per year. 

You have already disclosed to the Board your main existing commitments outside Barclays, and you should advise me on any changes to these. Any new
commitments which you propose to undertake which could present a potential conflict of interest or which may impact on the time that you are able to devote to your role at Barclays, should be notified to me also so that they can be agreed in advance
by the Board. 
  

	5.	Directors Share Qualification 

 Under Barclays PLC’s Articles of Association, you will
be required to hold £500 in nominal value (2,000 ordinary shares of 25p each) of Barclays PLC shares within two months of your appointment (i.e., on or before 1 October 2013). You must obtain clearance to deal before you acquire these or
any Barclays PLC shares, and I will arrange this on your behalf once you let me know your intentions. If you would also like assistance in arranging to buy these shares, please let me know. 

 
  

	6.	Induction and support 

 We will agree a suitable induction programme with you shortly, which
will enable you to meet some of the key members of our senior management. We will also provide to you further briefing regarding your role, which will include your legal and regulatory duties as a Director and details of procedures regarding the
disclosure of any conflicts of interest, data protection, the control of inside information and for obtaining clearance to deal in Barclays PLC shares. 

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 Ongoing training and briefings will also be made available, including any topics that you may request.

 The Company Secretary and Barclays Corporate Secretariat are available to assist you with both day-to-day and specific matters in your role as a
Director of Barclays. Also, should you feel that there may be implications for you personally in carrying out any of the duties as a Director, you may, with our prior agreement, seek independent advice at Barclays expense. 

 

	7.	Indemnity 

 For the avoidance of doubt, the Boards have confirmed that as a Director of
Barclays PLC and Barclays Bank PLC (and in respect of any directorship that you undertake at the express behest of Barclays) you have the benefit of and are able to rely upon the indemnity contained in Article 147 of the Barclays PLC Articles of
Association and the identical wording in Article 143 of the Barclays Bank PLC Articles of Association, the terms of which are hereby expressly incorporated into this letter of appointment. Copies of the relevant Articles are attached for your ease
of reference. 
 In outline, the effect of the Articles (as restricted by relevant statutory provisions) is to provide an indemnity in respect of
certain liabilities incurred by you in the execution of your duties, provided that the liability does not arise by virtue of your negligence, default, breach of duty or breach of trust in relation to the Bank. A copy of the indemnity wording is
attached to this letter. The indemnity is of course in addition to any other protection available to you by virtue of provisions of statute, common law or indeed any specific contract. 

This letter sets out the main terms of your appointment and on acceptance will constitute a contract for services. Would you please confirm your acceptance of the
appointments as set out in this letter by signing the enclosed copy and returning it to me. Please let me know if you would like any further information in connection with these appointments. 

I look forward to working with you. 
 Yours sincerely 

Lawrence Dickinson 
 Company Secretary 

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 Enclosures: 
  

	 	—	 	Agreement setting out details in respect of the remuneration in Barclays PLC shares, for signature and return; 

	 	—	 	Role profile for non-executive Directors; and 

	 	—	 	Article 147 of the Barclays PLC Articles of Association and Article 143 of the Barclays Bank PLC Articles of Association. 

  

I agree to the terms and conditions of my appointment as a non-executive Director of Barclays PLC and Barclays Bank PLC as set out in this letter. 

 
  

			
	Signed:	 	  

			
	  
 Name:
	 	  

 

			
	  
 Date:EX-10.35

 Exhibit 10.35 

December 5, 2012 

Privileged & Confidential 

STYRON US HOLDING, INC. 

EMPLOYMENT AGREEMENT 

EMPLOYMENT AGREEMENT (this “Agreement”), dated as of March 1, 2013, among Styron US Holding, Inc., a Delaware
corporation (the “Company”), Bain Capital Everest Manager Holding SCA, a Luxembourg incorporated company (“Parent”), and Martin Pugh (the “Executive”). 

W I T N E S S E T H 

WHEREAS, the Company desires to employ the Executive as Business President of the Company and to pay all of the Executive’s
compensation other than certain equity awards described in this Agreement; and 
 WHEREAS, Parent desires to grant the Executive
certain equity awards described in this Agreement and to guarantee the cash compensation of the Executive payable by the Company hereunder; and 

WHEREAS, the Company, Parent and the Executive desire to enter into this Agreement as to the terms of the Executive’s employment
with the Company. 
 NOW, THEREFORE, in consideration of the foregoing, of the mutual promises contained herein and of other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 1.
POSITION AND DUTIES. 
 (a) During the Employment Term (as defined in Section 2 hereof), the Executive shall serve as
Business President of the Company and shall be a member of the Company’s Executive Leadership Team. In this capacity, the Executive shall have the duties, authorities and responsibilities commensurate with the duties, authorities and
responsibilities of persons in similar capacities in similarly sized companies, and such other executive duties, authorities and responsibilities as may reasonably be assigned to the Executive that are not inconsistent with the Executive’s
position as Business President of the Company. The Executive’s principal place of employment with the Company shall be in Horgen, Switzerland. The Executive is initially expected to report directly to the Company’s Chief Executive Officer.

 (b) During the Employment Term, the Executive shall devote all of the Executive’s business time, energy, business judgment,
knowledge and skill and the Executive’s reasonable best efforts to the performance of the Executive’s duties with the Company, provided that the foregoing shall not prevent the Executive from (i) serving on the boards of
directors of non-profit organizations and, with the prior written approval of the Board of Directors of the Company (the “Board”), other for profit companies, (ii) participating in charitable, civic, educational, professional,
community or industry affairs, and (iii) managing the Executive’s passive personal investments so long as such activities in the aggregate do not violate Section 11 hereof, interfere or conflict with the Executive’s duties
hereunder or create a business or fiduciary conflict. 

  
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 2. EMPLOYMENT TERM. The Company agrees to employ the Executive pursuant to the terms of
this Agreement, and the Executive agrees to be so employed, for a term of three (3) years (the “Initial Term”) commencing on March 1, 2013 (the “Effective Date”). On each anniversary of the Effective Date
following the Initial Term, the term of this Agreement shall be automatically extended for successive one-year periods, provided, however, that either party hereto may elect not to extend this Agreement by giving written notice to the
other party at least ninety (90) days prior to any such anniversary date. Notwithstanding the foregoing, the Executive’s employment hereunder may be earlier terminated in accordance with Section 7 hereof, subject to
Section 8 hereof. The period of time between the Effective Date and the termination of the Executive’s employment hereunder shall be referred to herein as the “Employment Term.” 

3. BASE SALARY. During the Employment Term, the Company agrees to pay the Executive an annual base salary of not less than 550,000 CHF
(Swiss francs) per annum, payable in accordance with the regular payroll practices of the Company, but not less frequently than monthly. The Executive’s base salary shall be subject to annual review by the Board (or a committee thereof) during
the first ninety (90) days of each calendar year, and the base salary in respect of such calendar year may be increased above, but not decreased below, its level for the preceding calendar year, by the Board. The base salary as determined
herein and adjusted from time to time shall constitute “Base Salary” for purposes of this Agreement. 
 4. ANNUAL
BONUS. During the Employment Term, the Executive shall be eligible for a discretionary annual cash performance bonus (an “Annual Bonus”) in respect of each calendar year that ends during the Employment Term, to the extent earned
based on performance against objective performance criteria. The performance criteria for any particular calendar year shall be determined in good faith by the Board, no later than ninety (90) days after the commencement of such calendar year.
The Executive’s targeted Annual Bonus for a calendar year shall equal 55% of the Executive’s Base Salary for such calendar year (the “Target Bonus”) if target levels of performance for such year are achieved, with greater
or lesser amounts (including zero) paid for performance above and below target (such greater and lesser amounts to be determined by a formula established by the Board for such year when it establishes the targets and performance criteria for such
year); provided that the Executive’s maximum Annual Bonus for any calendar year during the Employment Term shall equal 200% of the Target Bonus for such calendar year. The Executive’s Annual Bonus for a calendar year shall be
determined by the Board after the end of the applicable calendar year based on the level of achievement of the applicable performance criteria, and shall be paid to the Executive in the calendar year following the calendar year to which such Annual
Bonus relates at the same time annual bonuses are paid to other senior executives of the Company, subject to continued employment at the time of payment (except as otherwise provided in Section 8 hereof). 

5. EQUITY AWARD. On or promptly following the Effective Date, the Executive will be granted incentive securities or interests in one or
more incentive securities as currently in effect for senior management generally representing the right to 0.40% of all future profits distributions from Parent following the Effective Date. 

  
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 6. EMPLOYEE BENEFITS. 

(a) BENEFIT PLANS. During the Employment Term, the Executive shall be entitled to participate in any employee benefit plan that the
Company, Parent or any of their direct or indirectly controlled subsidiaries (each an “Affiliate”) has adopted or may adopt, maintain or contribute to and which benefit any of the senior executives of the Company, Parent or any
Affiliate, on a basis no less favorable than that applicable to any such senior executives, subject to satisfying the applicable eligibility requirements, except to the extent such plans are duplicative of the benefits otherwise provided hereunder.
The Executive’s participation in any such employee benefit plan shall be subject to the terms of the applicable plan documents and generally applicable Company policies. Notwithstanding the foregoing, the Company may modify or terminate any
employee benefit plan at any time, if and to the extent allowed pursuant to the terms of such plan, provided that any such amendment may have no more adverse affect on the Executive than on any other participant in such plan. 

(b) VACATIONS. During the Employment Term, the Executive shall be entitled to paid vacation in accordance with the Company’s
policy on accrual and use applicable to employees as in effect from time to time as if the Executive had completed thirty (30) years of service with the Company as of the Effective Date. 

(c) BUSINESS EXPENSES. Upon presentation of reasonable substantiation and documentation as the Company may specify from time to time,
the Executive shall be reimbursed in accordance with the Company’s expense reimbursement policies as in effect from time to time, for all reasonable out-of-pocket business expenses incurred and paid by the Executive during the Employment Term
and in connection with the performance of the Executive’s duties hereunder. 
 (d) SIGNING BONUS. In consideration of the
forfeiture by the Executive of certain incentive compensation at the Executive’s prior employer, the Company shall pay to the Executive a one-time lump sum cash payment in the amount of 600,000 CHF (Swiss francs) (the “Signing
Bonus”) and shall become payable coincident with a purchase of a residence in the Zurich, Switzerland metropolitan area, subject to the Executive’s continued employment with the Company at the time of payment. In the event that the
Executive’s employment with the Company terminates as a result of a termination by the Company for “Cause” (as defined in Section 7(c) hereof) or by the Executive without “Good Reason” (as defined in
Section 7(e) hereof) at any time within a period of one (1) year following the Effective Date, the Executive shall be required to repay the Signing Bonus to the Company. Such amount shall be repaid to the Company no later than
thirty (30) days following such termination date and, at the Company’s election, the Company may offset such amount against any amount owed by the Company to the Executive. In the event that the Executive receives any portion of the
Executive’s incentive compensation expressly contemplated to be forfeited hereunder from the Executive’s prior employer, the Signing Bonus shall be reduced by such payment and, if the Signing Bonus had previously been paid, the Executive
shall promptly pay over to the Company such payment from the prior employer. 
 (e) RETENTION BONUSES. The Executive shall be
eligible to receive additional cash payments equal to (i) 250,000 CHF (Swiss francs), which shall become vested and payable 

  
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on the six (6)-month anniversary of the Effective Date, subject to the Executive’s continued employment with the Company or one or more of its subsidiaries through such date, and
(ii) 500,000 CHF (Swiss francs), which shall become vested and payable on the eighteen (18)-month anniversary of the Effective Date, subject to the Executive’s continued employment with the Company or one or more of its subsidiaries
through such date. Such payments, to the extent that they become earned and vested as provided above, shall be paid to the Executive within thirty (30) days following the applicable vesting date. In the event that the Executive ceases to be
employed by the Company and its subsidiaries for any reason (or no reason) prior to the applicable vesting date provided above, the Executive shall immediately forfeit the right to receive any further payments under this Section 6(e) as
of the date of such termination. 
 (f) PRESENCE IN HORGEN, SWITZERLAND. The Executive agrees to the location of the position and
that the Executive will spend sufficient time in the Horgen, Switzerland metropolitan area in order to properly perform all of the Executive’s contractual duties. 

7. TERMINATION. The Executive’s employment and the Employment Term shall terminate on the first of the following to occur: 

(a) DISABILITY. Upon ten (10) days’ prior written notice by the Company to the Executive of termination due to Disability.
For purposes of this Agreement, “Disability” shall be defined as the inability of the Executive to have performed the Executive’s material duties hereunder due to a physical or mental injury, infirmity or incapacity, which
inability shall continue for one hundred and twenty (120) consecutive days or for one hundred eighty (180) days (including weekends and holidays) in any 365-day period as determined by the Board in its reasonable discretion. The Executive
shall cooperate in all respects with the Company if a question arises as to whether the Executive has become disabled (including, without limitation, submitting to reasonable examinations by one or more medical doctors and other health care
specialists selected by the Company and authorizing such medical doctors and other health care specialists to discuss the Executive’s condition with the Company). 

(b) DEATH. Automatically upon the date of death of the Executive. 

(c) CAUSE. Immediately upon written notice by the Company to the Executive of a termination for Cause. “Cause” shall
mean the Executive’s (i) continued failure to follow the lawful directives of the Board or any executive to whom the Executive reports after written notice from the Board or such executive and a period of no less than thirty (30) days
to cure such failure; (ii) willful misconduct or gross negligence in the performance of the Executive’s duties; (iii) conviction of, or pleading of guilty or nolo contendere to, a felony; (iv) material violation of
a material Company policy that is not cured within fifteen (15) days of written notice from the Board; (v) performance of any material act of theft, embezzlement, fraud or misappropriation of or in respect of the Company’s property;
(vi) continued failure to cooperate in any audit or investigation of financial or business practices of the Company after written request for cooperation from the Board and a period of no less than ten (10) days to cure such failure; or
(vii) breach of any of the restrictive covenants set forth in Section 11 hereof or in any other written agreement between the Executive and the Company and/or its affiliates that causes material and demonstrable harm to the Company
and that is not cured within fifteen (15) days of written notice from the Board (a “Material Covenant Violation”). 

  
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 (d) WITHOUT CAUSE. Immediately upon written notice by the Company to the Executive of an
involuntary termination without Cause (other than for death or Disability). 
 (e) GOOD REASON. Upon written notice by the Executive
to the Company of a termination for Good Reason. “Good Reason” shall mean the occurrence of any of the following events, without the express written consent of the Executive, unless such events are fully corrected in all material
respects by the Company or Parent (as applicable) within thirty (30) days following written notification by the Executive to the Company of the occurrence of one of the reasons set forth below: (i) the material diminution in the
Executive’s position, duties or authorities or assignment of duties materially inconsistent with the Executive’s position, (ii) the Executive’s relocation of the Executive’s primary work location outside the continent of
Europe; (iii) a reduction in Base Salary or Target Bonus; (iv) the Company giving notice of non-extension of this Agreement; or (v) the Company’s material breach of this Agreement. The Executive shall provide the Company with a
written notice detailing the specific circumstances alleged to constitute Good Reason within ninety (90) days the occurrence of such circumstances, and actually terminate employment within thirty (30) days following the expiration of the
Company’s thirty (30)-day correction period described above. Otherwise, any claim of such circumstances as “Good Reason” shall be deemed irrevocably waived by the Executive. 

(f) WITHOUT GOOD REASON. Upon ninety (90) days’ prior written notice by the Executive to the Company of the Executive’s
voluntary termination of employment without Good Reason (which the Company may, in its sole discretion, make effective earlier than any notice date). 

(g) EXPIRATION OF EMPLOYMENT TERM; NON-EXTENSION OF AGREEMENT. Upon the expiration of the Employment Term due to a non-extension of the
Agreement by the Company or the Executive pursuant to the provisions of Section 2 hereof (in the case of a non-extension by the Company, without the Executive having terminated for Good Reason in respect of such non-extension). 

8. CONSEQUENCES OF TERMINATION. 

(a) DEATH. In the event that the Executive’s employment and the Employment Term ends on account of the Executive’s death, the
Executive or the Executive’s estate, as the case may be, shall be entitled to the following (with the amounts due under Sections 8(a)(i) through 8(a)(v) hereof to be paid, unless otherwise provided below, within sixty
(60) days following termination of employment, or such earlier date as may be required by applicable law): 
 (i) any unpaid Base
Salary through the date of termination; 
 (ii) any Annual Bonus earned but unpaid with respect to the calendar year ending on or preceding
the date of termination; 
 (iii) an amount equal to the pro-rata portion of the Executive’s Target Bonus for the calendar year of
termination (determined by multiplying the Target Bonus for the year of 

  
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termination by a fraction, the numerator of which is the number of days during the calendar year of termination that the Executive is employed by the Company and the denominator of which is 365);

 (iv) reimbursement for any unreimbursed business expenses incurred through the date of termination; 

(v) payment in respect of any accrued but unused vacation time in accordance with Company policy; and 

(vi) all other payments, benefits or fringe benefits to which the Executive shall be entitled under the terms of any applicable compensation
arrangement or benefit, equity or fringe benefit plan or program or grant or this Agreement (collectively, Sections 8(a)(i) through 8(a)(vi) hereof shall be hereafter referred to as the “Accrued Benefits”). 

(b) DISABILITY. In the event that the Executive’s employment and/or Employment Term ends on account of the Executive’s
Disability, the Company shall pay or provide the Executive with the Accrued Benefits. 
 (c) TERMINATION FOR CAUSE OR WITHOUT GOOD REASON
OR AS A RESULT OF EXECUTIVE NON-EXTENSION OF THIS AGREEMENT. If the Executive’s employment is terminated (x) by the Company for Cause or (y) by the Executive without Good Reason, the Company shall pay to the Executive the Accrued
Benefits (other than the benefits described in Sections 8(a)(ii) and 8(a)(iii) hereof). 
 (d) TERMINATION WITHOUT
CAUSE OR FOR GOOD REASON. If the Executive’s employment by the Company is terminated (x) by the Company other than for Cause pursuant to Section 7(c) hereof, or (y) by the Executive for Good Reason, the Company shall
pay or provide the Executive with the following, subject to the provisions of Section 25 hereof: 
 (i) the Accrued Benefits;

 (ii) subject to the Executive’s not engaging in a Material Covenant Violation or a material breach of Section 11 hereof
that is not cured within fifteen (15) days of written notice from the Board (a “Material Cooperation Violation”), the Executive shall be entitled to an amount equal to one of the following (the applicable amount determined
below to be referred to herein as the “Severance Amount”): 
 (A) in the event that such termination occurs prior to the
first anniversary of the Effective Date, an amount equal to two and one-half (2.5) multiplied by the sum of the Executive’s Base Salary and Target Bonus for the year of termination, paid in equal monthly installments for a period of thirty
(30) months following such termination; 
 (B) in the event that such termination occurs on or following the first anniversary of the
Effective Date but prior to the second anniversary of the Effective Date, an amount equal to two (2) multiplied by the sum of the Executive’s Base Salary and Target Bonus for the year of termination, paid in equal monthly installments for
a period of twenty-four (24) months following such termination; or 

  
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 (C) in the event that such termination occurs on or following the second anniversary of the
Effective Date, an amount equal to one and one-half (1.5) multiplied by the sum of the Executive’s Base Salary and Target Bonus for the year of termination, paid in equal monthly installments for a period of eighteen (18) months
following such termination; and 
 (iii) subject to the Executive’s not engaging in a Material Covenant Violation or a Material
Cooperation Violation, continued participation in the Company’s group health plan (to the extent permitted under applicable law) which covers the Executive (and his eligible dependents) for a period of thirty (30) months (if the Severance
Amount under Section 8(d)(ii)(A) is payable), twenty-four (24) months (if the Severance Amount under Section 8(d)(ii)(B) is payable) or eighteen (18) months (if the Severance Amount under
Section 8(d)(ii)(C) is payable) following such termination, provided that in the event that the Executive obtains other employment that offers group health benefits, such continuation of coverage by the Company under this
Section 8(d)(iii) shall immediately cease. 
 Payments and benefits provided in this Section 8(d) shall be in lieu of any
termination or severance payments or benefits for which the Executive may be eligible under any of the plans, policies or programs of the Company or under applicable law, provided that the aggregate severance benefits payable hereunder shall
be no less than as required by applicable law. 
 (e) CHANGE IN CONTROL. 

(i) This Section 8(e) shall apply if the Executive’s employment by the Company is terminated (x) by the Company other
than for Cause pursuant to Section 7(c) hereof, or (y) by the Executive for Good Reason, in either case, during the two (2)-year period commencing upon a Change in Control. Subject to the Executive’s not engaging in a Material
Covenant Violation or a Material Cooperation Violation, upon a termination described in the preceding sentence, the Executive shall receive the benefits set forth in Section 8(d) hereof, except that in lieu of receiving the Severance
Amount in installments as contemplated under Section 8(d)(ii) hereof, the Executive shall receive a lump sum payment equal to the Severance Amount on the date of such termination. 

(ii) For purposes of this Agreement, the term “Change in Control” shall mean the consummation off the first transaction
following the Effective Date, whether in a single transaction or in a series of related transactions, in which any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as
amended) (a “Group”), other than Bain Capital Partners, any private equity fund managed by it, or any Group which includes Bain Capital Partners or any private equity fund managed by it, (A) acquires (whether by merger,
consolidation, or transfer or issuance of equity interests or otherwise) equity interests of the Company (or any surviving or resulting entity) representing more than fifty percent (50%) of the outstanding voting securities or economic value of
the Company (or any surviving or resulting entity), or (B) acquires assets constituting all or substantially all (more than eighty percent (80%)) of the assets of the Company and its subsidiaries (as determined on a consolidated basis).

  
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 9. OTHER OBLIGATIONS. Upon any termination of the Executive’s employment with the
Company, the Executive shall promptly resign from any other position as an officer, director or fiduciary of the Company, Parent and any Affiliate. 

10. RELEASE; NO MITIGATION; NO SET-OFF. Any and all amounts payable and benefits or additional rights provided pursuant to this
Agreement beyond the Accrued Benefits (other than the amount described in Section 8(a)(iii) hereof) shall only be payable if the Executive delivers to the Company and does not revoke a general release of claims in favor of the Company in
substantially the form of Exhibit A attached hereto. Such release shall be executed and delivered (and no longer subject to revocation, if applicable) within sixty (60) days following termination. In no event shall the Executive be
obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement, nor shall the amount of any payment hereunder be reduced by any compensation
earned by the Executive as a result of employment by a subsequent employer (except as provided in Section 8(d)(iii) hereof). The Company’s obligations to pay the Executive amounts hereunder shall not be subject to set-off,
counterclaim or recoupment of amounts owed by the Executive to the Company or any of its affiliates. 
 11. RESTRICTIVE COVENANTS.

 (a) CONFIDENTIALITY. During the course of the Executive’s employment with the Company, the Executive will learn
confidential information regarding the Company. The Executive agrees that the Executive shall not, directly or indirectly, use, make available, sell, disclose or otherwise communicate to any person, other than in the course of the Executive’s
assigned duties and for the benefit of the Company, either during the period of the Executive’s employment or at any time thereafter, any business and technical information or trade secrets, nonpublic, proprietary or confidential information,
knowledge or data relating to the Company or any of its Affiliates, or received from third parties subject to a duty on the Company’s and its Affiliates’ part to maintain the confidentiality of such information and to use it only for
certain limited purposes, in each case which shall have been obtained by the Executive during the Executive’s employment by the Company. The foregoing shall not apply to information that (i) was known to the public prior to its disclosure
to the Executive; (ii) becomes generally known to the public subsequent to disclosure to the Executive through no wrongful act of the Executive or any representative of the Executive; or (iii) the Executive is required to disclose by
applicable law, regulation or legal process (provided that the Executive provides the Company with prior notice of the contemplated disclosure and cooperates with the Company at its expense in seeking a protective order or other appropriate
protection of such information). The terms and conditions of this Agreement shall remain strictly confidential, and the Executive hereby agrees not to disclose the terms and conditions hereof to any person or entity, other than immediate family
members, legal advisors or personal tax or financial advisors, or prospective future employers solely for the purpose of disclosing the limitations on the Executive’s conduct imposed by the provisions of this Section 11 who, in each
case, shall be instructed by the Executive to keep such information confidential. 
 (b) NONCOMPETITION. The Executive acknowledges
that the Executive performs services of a unique nature for the Company that are irreplaceable, and that the Executive’s performance of such services to a competing business will result in irreparable harm

  
 8 

 
to the Company. Accordingly, during the Executive’s employment hereunder and for a period of thirty (30) months (if the Severance Amount under Section 8(d)(ii)(A) is
payable), twenty-four (24) months (if the Severance Amount under Section 8(d)(ii)(B) is payable) or eighteen (18) months (if the Severance Amount under Section 8(d)(ii)(C) is payable) thereafter (the applicable
period referred to herein as the “Restricted Period”), the Executive agrees that the Executive will not, directly or indirectly, own, manage, operate, control, be employed by (whether as an employee, consultant, independent
contractor or otherwise, and whether or not for compensation) or render services to any person, firm, corporation or other entity, in whatever form, engaged in competition with any material business of the Company or any Affiliate or in any other
material business in which the Company or any Affiliate has taken material steps and has material plans, on or prior to the date or termination, to be engaged in on or after such date, in any locale of any country in which the Company or such
Affiliate conducts business. Notwithstanding the foregoing, nothing herein shall prohibit the Executive from being a passive owner of not more than one percent (1%) of the equity securities of a publicly traded corporation engaged in a business
that is in competition with the Company or any of its affiliates, so long as the Executive has no active participation in the business of such corporation. 

(c) NONSOLICITATION; NONINTERFERENCE. During the Executive’s employment with the Company and for the Restricted Period, the
Executive agrees that the Executive shall not, except in the furtherance of the Executive’s duties hereunder, directly or indirectly, individually or on behalf of any other person, firm, corporation or other entity, (i) solicit, aid or
induce any customer of the Company or an Affiliate to purchase goods or services then sold by the Company or any Affiliate from another person, firm, corporation or other entity or assist or aid any other persons or entity in identifying or
soliciting any such customer, (ii) solicit, aid or induce any employee, representative or agent of the Company or any Affiliate to leave such employment or retention or, in the case of employees, to accept employment with or render services to
or with any other person, firm, corporation or other entity unaffiliated with the Company or any Affiliate, or hire or retain any such employee, or take any action to materially assist or aid any other person, firm, corporation or other entity in
identifying, hiring or soliciting any such employee, or (iii) interfere, or aid or induce any other person or entity in interfering, with the relationship between the Company or any Affiliate and any of their respective vendors, joint venturers
or licensors. An employee, representative or agent shall be deemed covered by this Section 11(c) while so employed or retained and for a period of six (6) months thereafter. Notwithstanding the foregoing, the provisions of this
Section 11(c) shall not be violated by general advertising or solicitation not specifically targeted at Company or Affiliate-related individuals or entities. 

(d) INVENTIONS. (i) The Executive acknowledges and agrees that all ideas, methods, inventions, discoveries, improvements, work
products, developments or works of authorship (“Inventions”), whether patentable or unpatentable, (A) that relate to the Executive’s work with the Company, made or conceived by the Executive, solely or jointly with others,
during the Employment Term, or (B) suggested by any work that the Executive performs in connection with the Company, either while performing the Executive’s duties with the Company or on the Executive’s own time, shall belong
exclusively to the Company (or its designee), whether or not patent applications are filed thereon. The Executive will keep full and complete written records (the “Records”), in the manner prescribed by the Company, of all
Inventions, and will promptly disclose all Inventions completely and in writing to the Company. The Records 

  
 9 

 
shall be the sole and exclusive property of the Company, and the Executive will surrender them upon the termination of the Employment Term, or upon the Company’s request. The Executive will
assign to the Company the Inventions and all patents that may issue thereon in any and all countries, whether during or subsequent to the Employment Term, together with the right to file, in the Executive’s name or in the name of the Company
(or its designee), applications for patents and equivalent rights (the “Applications”). The Executive will, at any time during and subsequent to the Employment Term, make such applications, sign such papers, take all rightful oaths,
and perform all acts as may be requested from time to time by the Company with respect to the Inventions. The Executive will also execute assignments to the Company (or its designee) of the Applications, and give the Company and its attorneys all
reasonable assistance (including the giving of testimony) to obtain the Inventions for the Company’s benefit, all without additional compensation to the Executive from the Company. 

(ii) In addition, the Inventions will be deemed Work for Hire, as such term is defined under the copyright laws of the United States, on
behalf of the Company and the Executive agrees that the Company will be the sole owner of the Inventions, and all underlying rights therein, in all media now known or hereinafter devised, throughout the universe and in perpetuity without any further
obligations to the Executive. If the Inventions, or any portion thereof, are deemed not to be Work for Hire, the Executive hereby irrevocably conveys, transfers and assigns to the Company, all rights, in all media now known or hereinafter devised,
throughout the universe and in perpetuity, in and to the Inventions, including, without limitation, all of the Executive’s right, title and interest in the copyrights (and all renewals, revivals and extensions thereof) to the Inventions,
including, without limitation, all rights of any kind or any nature now or hereafter recognized, including, without limitation, the unrestricted right to make modifications, adaptations and revisions to the Inventions, to exploit and allow others to
exploit the Inventions and all rights to sue at law or in equity for any infringement, or other unauthorized use or conduct in derogation of the Inventions, known or unknown, prior to the date hereof, including, without limitation, the right to
receive all proceeds and damages therefrom. In addition, the Executive hereby waives any so-called “moral rights” with respect to the Inventions. To the extent that the Executive has any rights in the results and proceeds of the Inventions
that cannot be assigned in the manner described herein, the Executive agrees to unconditionally waive the enforcement of such rights. The Executive hereby waives any and all currently existing and future monetary rights in and to the Inventions and
all patents that may issue thereon, including, without limitation, any rights that would otherwise accrue to the Executive’s benefit by virtue of the Executive being an employee of or other service provider to the Company. 

(e) RETURN OF COMPANY PROPERTY. On the date of the Executive’s termination of employment with the Company for any reason (or at
any time prior thereto at the Company’s request), the Executive shall return all property belonging to the Company or its Affiliates (including, but not limited to, any Company-provided laptops, computers, cell phones, wireless electronic mail
devices or other equipment, or documents and property belonging to the Company). The Executive may retain the Executive’s rolodex and similar address books provided that such items only include contact information. 

(f) REASONABLENESS OF COVENANTS. In signing this Agreement, the Executive gives the Company assurance that the Executive has carefully
read and considered all 

  
 10 

 
of the terms and conditions of this Agreement, including the restraints imposed under this Section 11. The Executive agrees that these restraints are necessary for the reasonable and
proper protection of the Company and its Affiliates and their trade secrets and confidential information and that each and every one of the restraints is reasonable in respect to subject matter, length of time and geographic area, and that these
restraints, individually or in the aggregate, will not prevent the Executive from obtaining other suitable employment during the period in which the Executive is bound by the restraints. The Executive acknowledges that each of these covenants has a
unique, very substantial and immeasurable value to the Company and its Affiliates and that the Executive has sufficient assets and skills to provide a livelihood while such covenants remain in force. The Executive further covenants that the
Executive will not challenge the reasonableness or enforceability of any of the covenants set forth in this Section 11, other than in response to an attempt by the Company or an Affiliate to enforce such covenants against the Executive.
It is also agreed that the Affiliates will have the right to enforce all of the Executive’s obligations to such Affiliates under this Agreement, including without limitation pursuant to this Section 11. 

(g) REFORMATION. If it is determined by a court of competent jurisdiction in any state that any restriction in this
Section 11 is excessive in duration or scope or is unreasonable or unenforceable under applicable law, it is the intention of the parties that such restriction may be modified or amended by the court to render it enforceable to the
maximum extent permitted by the laws of that state. 
 (h) TOLLING. In the event of any violation of the provisions of this
Section 11, the Executive acknowledges and agrees that the post-termination restrictions contained in this Section 11 shall be extended by a period of time equal to the period of such violation, it being the intention of the
parties hereto that the running of the applicable post-termination restriction period shall be tolled during any period of such violation. 

(i) SURVIVAL OF PROVISIONS. The obligations contained in Sections 11 and 12 hereof shall survive the termination or
expiration of the Employment Term and the Executive’s employment with the Company and shall be fully enforceable thereafter. 
 12.
COOPERATION. Upon the receipt of reasonable notice from the Company (including through outside counsel), the Executive agrees that while employed by the Company and thereafter (to the extent it does not materially interfere with the
Executive’s employment or other business activities after employment by the Company), the Executive will respond and provide information with regard to matters in which the Executive has knowledge as a result of the Executive’s employment
with the Company, and will provide reasonable assistance to the Company, the Affiliates and their respective representatives in defense of all claims that may be made against the Company or the Affiliates, and will assist the Company and the
Affiliates in the prosecution of all claims that may be made by the Company or the Affiliates, to the extent that such claims may relate to the period of the Executive’s employment with the Company. The Executive also agrees to promptly inform
the Company (to the extent that the Executive is legally permitted to do so) if the Executive is asked to assist in any investigation of the Company or the Affiliates (or their actions), regardless of whether a lawsuit or other proceeding has then
been filed against the Company or Affiliates with respect to such investigation, and shall not do so unless legally required. Upon presentation of appropriate documentation, the Company shall pay or reimburse the Executive for all reasonable
out-of-pocket travel, duplicating, telephonic, counsel and other expenses incurred by the Executive in complying with this Section 12. 

  
 11 

 13. EQUITABLE RELIEF AND OTHER REMEDIES. The Executive acknowledges and agrees that the
Company’s remedies at law for a breach or threatened breach of any of the provisions of Section 11 hereof or Section 12 hereof would be inadequate and, in recognition of this fact, the Executive agrees that, in the event
of such a breach or threatened breach, in addition to any remedies at law, the Company shall be entitled to obtain equitable relief in the form of specific performance, a temporary restraining order, a temporary or permanent injunction or any other
equitable remedy which may then be available. In the event of a Material Covenant Violation or a Material Cooperation Violation by the Executive, any severance being paid to the Executive pursuant to this Agreement or otherwise shall immediately
cease unless otherwise prohibited by applicable law. 
 14. NO ASSIGNMENTS. This Agreement is personal to each of the parties hereto.
Except as provided in this Section 14 hereof, no party may assign or delegate any rights or obligations hereunder without first obtaining the written consent of the other party hereto. The Company shall assign this Agreement to any
successor to all or substantially all of the business and/or assets of the Company or Parent, provided that the Company shall require such successor to expressly assume and agree to perform this Agreement in the same manner and to the same
extent that the Company would be required to perform it if no such succession had taken place, and provided that the Company agrees to perform such obligations if such successor fails to do so in a timely manner. As used in this Agreement,
“Company” shall mean the Company and any successor to all or substantially all of its business and/or assets, which assumes and agrees to perform the duties and obligations of the Company under this Agreement by operation of law or
otherwise. 
 15. NOTICES. For purposes of this Agreement, notices and all other communications provided for in this Agreement shall
be in writing and shall be deemed to have been duly given (a) on the date of delivery, if delivered by hand, (b) on the date of transmission, if delivered by confirmed facsimile or electronic mail, (c) on the first business day
following the date of deposit, if delivered by guaranteed overnight delivery service, or (d) on the fourth business day following the date delivered or mailed by United States registered or certified mail, return receipt requested, postage
prepaid, addressed as follows: 
 If to the Executive: 

At the address (or to the facsimile number) shown in the books and records of the Company. 

If to the Company: 
 Styron US
Holding, Inc. 
 c/o Bain Capital Partners, LLC 

590 Madison Avenue, 42nd Floor 

New York, NY 10022 
 Facsimile:
(212) 421-2225 
 Attention: Stephen M. Zide 

  
 12 

 or to such other address as either party may have furnished to the other in writing in accordance herewith,
except that notices of change of address shall be effective only upon receipt. 
 16. SECTION HEADINGS; INCONSISTENCY. The section
headings used in this Agreement are included solely for convenience and shall not affect, or be used in connection with, the interpretation of this Agreement. In the event of any inconsistency between the terms of this Agreement (including the
Exhibits hereto) and any form, award, plan or policy of the Company, the terms of this Agreement shall govern and control. 
 17.
SEVERABILITY. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. 

18. COUNTERPARTS. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of
which together will constitute one and the same instrument. 
 19. INDEMNIFICATION. The Company hereby agrees to indemnify the
Executive and hold the Executive harmless to the fullest extent allowable under applicable law against and in respect of any and all actions, suits, proceedings, claims, demands, judgments, costs, expenses (including attorney’s fees, and the
advancement of such fees subject to any legally required repayment undertaking), losses, and damages resulting from the Executive’s performance of the Executive’s duties and obligations with the Company. This obligation shall survive the
termination of the Executive’s employment with the Company. 
 20. LIABILITY INSURANCE. The Company shall cover the Executive
under directors’ and officers’ liability insurance both during and, while potential liability exists, after the Employment Term in the same amount and to the same extent as the Company covers its other officers and directors. 

21. GOVERNING LAW. This Agreement, the rights and obligations of the parties hereto, and any claims or disputes relating thereto, shall
exclusively be governed by and construed in accordance with the laws of the State of Delaware. 
 22. DISPUTE RESOLUTION. Each of the
parties agrees that any dispute between the parties shall be resolved only in the courts of Switzerland. The place of jurisdiction shall be in Horgen. Each party shall be responsible for its own legal fess incurred in connection with any dispute
hereunder. 
 23. MISCELLANEOUS. No provision of this Agreement may be modified, waived or discharged unless such waiver,
modification or discharge is agreed to in writing and signed by the Executive and such officer or director as may be designated by the Board. No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance
with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. This Agreement together with all
exhibits hereto sets forth the entire 

  
 13 

 
agreement of the parties hereto in respect of the subject matter contained herein and supersedes any and all prior agreements or understandings between the Executive and the Company with respect
to the subject matter hereof, whether written or oral. No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not expressly set forth in this
Agreement. 
 24. REPRESENTATIONS; ACTIONS BY PRIOR EMPLOYERS. The Executive represents and warrants to the Company that (a) the
Executive has used the Executive’s best efforts to provide the Company with (i) each agreement with a predecessor employer which may have any bearing on the Executive’s legal right to enter into this Agreement and to perform all of
the obligations on the Executive’s part to be performed hereunder in accordance with its terms, or (ii) a summary of the applicable provisions of each such agreement which the Executive may not provide to the Company due to an existing
confidentiality obligation, and (b) other than the agreements referenced in the preceding clause (a), the Executive is not a party to any agreement or understanding, whether written or oral, and is not subject to any restriction (including,
without limitation, any non-competition restriction from a prior employer), which, in either case, could prevent the Executive from entering into this Agreement or performing all of the Executive’s duties and obligations hereunder. The
Executive understands that the foregoing representations are a material inducement to the Company entering into this Agreement, and to the extent that either of such representations is untrue in any material respect at any time or for any reason,
this Agreement shall be voidable by the Company such that the parties hereunder shall be relieved of all of their respective duties and obligations hereunder; provided that any termination of the Executive’s employment resulting from the
Company exercising its rights pursuant to this sentence shall be treated as a termination of employment by the Executive without Good Reason. If any prior employer of the Executive, or any affiliate of any such prior employer, challenges the
Executive’s right to enter into this Agreement and to perform all of the Executive’s obligations hereunder (whether by action against the Executive, the Company, Parent and/or an Affiliate), the Company, Parent (on behalf of itself and all
Affiliates) and the Executive each agree to use their reasonable best efforts to defend against such challenge. 
 25. WITHHOLDING.
The Company may withhold from any and all amounts payable under this Agreement or otherwise such federal, state, local and foreign taxes as may be required to be withheld pursuant to any applicable law or regulation. 

26. FURTHER ASSURANCES; PARENT GUARANTEE. The parties hereto shall cooperate with each other and do, or procure the doing of, all acts
and things, and execute, or procure the execution of, all documents, as may reasonably be required to give full effect to this Agreement. Parent hereby guarantees the performance of the obligations of the Company to pay all cash amounts due to the
Executive pursuant to this Agreement. In the event that the Company is unable or unwilling to pay any such amounts when due, upon notice of such non-payment received by Parent from the Executive, Parent shall immediately pay such amounts, or take
any and all actions necessary to cause one or more Affiliates to pay such amounts, on behalf of the Company. 
 [REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK] 

  
 14 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
written above. 
  

			
	STYRON US HOLDING, INC.
		
	By:	 	

		 	  

		
	Name:	 	Christopher D. Pappas
		 	  

		
	Title:	 	President & CEO
		 	  

	
	BAIN CAPITAL EVEREST MANAGER HOLDING SCA
		
	By:	 	

		 	  

		
	Name:	 	Mark Verdi
		 	  

		
	Title:	 	Authorized Agent
		 	  

	
	EXECUTIVE
	
	

	  

	Martin Pugh

 Employment Agreement Signature Page 

 EXHIBIT A 

GENERAL RELEASE 

I, Martin Pugh, in consideration of and subject to the performance by Styron US Holding, Inc. (together with its subsidiaries, the
“Company”), of its obligations under the Employment Agreement, dated as of [—], 2012 (the “Agreement”), do hereby release and forever discharge as of the date
hereof the Company and its respective “Affiliates” (as defined in the Agreement) and all present, former and future directors, officers, employees, successors and assigns of the Company and its Affiliates and direct or indirect owners
(collectively, the “Released Parties”) to the extent provided below. The Released Parties are intended third-party beneficiaries of this General Release, and this General Release may be enforced by each of them in accordance with
the terms hereof in respect of the rights granted to such Released Parties hereunder. Terms used herein but not otherwise defined shall have the meanings given to them in the Agreement. 

1. I understand that any payments or benefits paid or granted to me under Section 8 of the Agreement represent, in part, consideration for signing this
General Release and are not salary, wages or benefits to which I was already entitled. I understand and agree that I will not receive certain of the payments and benefits specified in Section 8 of the Agreement unless I execute this General
Release and do not revoke this General Release within the time period permitted hereafter. Such payments and benefits will not be considered compensation for purposes of any employee benefit plan, program, policy or arrangement maintained or
hereafter established by the Company or its affiliates. 
 2. Except as provided in paragraphs 4 and 5 below and except for the provisions of the Agreement
which expressly survive the termination of my employment with the Company, I knowingly and voluntarily (for myself, my heirs, executors, administrators and assigns) release and forever discharge the Company and the other Released Parties from any
and all claims, suits, controversies, actions, causes of action, cross-claims, counter-claims, demands, debts, compensatory damages, liquidated damages, punitive or exemplary damages, other damages, claims for costs and attorneys’ fees, or
liabilities of any nature whatsoever in law and in equity, both past and present (through the date this General Release becomes effective and enforceable) and whether known or unknown, suspected, or claimed against the Company or any of the Released
Parties which I, my spouse, or any of my heirs, executors, administrators or assigns, may have, which arise out of or are connected with my employment with, or my separation or termination from, the Company (including, but not limited to, any
allegation, claim or violation, arising under: Title VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act of 1991; the Age Discrimination in Employment Act of 1967, as amended (including the Older Workers Benefit Protection Act);
the Equal Pay Act of 1963, as amended; the Americans with Disabilities Act of 1990; the Family and Medical Leave Act of 1993; the Worker Adjustment Retraining and Notification Act; the Employee Retirement Income Security Act of 1974; any applicable
Executive Order Programs; the Fair Labor Standards Act; or their state or local counterparts; or under any other federal, state or local civil or human rights law, or under any other local, state, federal or foreign law, regulation or ordinance; or
under any public policy, contract or tort, or under common law; or arising under any policies, practices or procedures of the Company; or any claim for wrongful discharge, breach of contract, infliction of emotional distress, defamation; or any
claim for costs, fees, or other expenses, including attorneys’ fees incurred in these matters) (all of the foregoing collectively referred to herein as the “Claims”). 

  
 A-1 

 3. I represent that I have made no assignment or transfer of any right, claim, demand, cause of action, or other
matter covered by paragraph 2 above. 
 4. I agree that this General Release does not waive or release any rights or claims that I may have which arise
after the date I execute this General Release, including, without limitation, Claims under the Age Discrimination in Employment Act of 1967. I acknowledge and agree that my separation from employment with the Company in compliance with the terms of
the Agreement shall not serve as the basis for any claim or action (including, without limitation, any claim under the Age Discrimination in Employment Act of 1967). 

5. I agree that I hereby waive all rights to sue or obtain equitable, remedial or punitive relief from any or all Released Parties of any kind whatsoever in
respect of any Claim, including, without limitation, reinstatement, back pay, front pay, and any form of injunctive relief. Notwithstanding the above, I further acknowledge that I am not waiving and am not being required to waive any right that
cannot be waived under law, including the right to file an administrative charge or participate in an administrative investigation or proceeding; provided, however, that I disclaim and waive any right to share or participate in any monetary award
resulting from the prosecution of such charge or investigation or proceeding. Additionally, I am not waiving any right to the Accrued Benefits or claims for indemnity or contribution. 

6. In signing this General Release, I acknowledge and intend that it shall be effective as a bar to each and every one of the Claims hereinabove mentioned or
implied. I expressly consent that this General Release shall be given full force and effect according to each and all of its express terms and provisions, including those relating to unknown and unsuspected Claims (notwithstanding any state or local
statute that expressly limits the effectiveness of a general release of unknown, unsuspected and unanticipated Claims), if any, as well as those relating to any other Claims hereinabove mentioned or implied. I acknowledge and agree that this waiver
is an essential and material term of this General Release and that without such waiver the Company would not have agreed to the terms of the Agreement. I further agree that in the event I should bring a Claim seeking damages against the Company, or
in the event I should seek to recover against the Company in any Claim brought by a governmental agency on my behalf, this General Release shall serve as a complete defense to such Claims to the maximum extent permitted by law. I further agree that
I am not aware of any pending claim of the type described in paragraph 2 as of the execution of this General Release. 
 7. I agree that neither this
General Release, nor the furnishing of the consideration for this General Release, shall be deemed or construed at any time to be an admission by the Company, any Released Party or myself of any improper or unlawful conduct. 

8. I agree that if I violate this General Release by suing the Company or the other Released Parties, I will pay all costs and expenses of defending against
the suit incurred by the Released Parties, including reasonable attorneys’ fees. 

  
 A-2 

 9. I agree that this General Release and the Agreement are confidential and agree not to disclose any information
regarding the terms of this General Release or the Agreement, except to my immediate family and any tax, legal or other counsel I have consulted regarding the meaning or effect hereof or as required by law, and I will instruct each of the foregoing
not to disclose the same to anyone. The Company agrees to disclose any such information only to any tax, legal or other counsel of the Company as required by law. 

10. Any non-disclosure provision in this General Release does not prohibit or restrict me (or my attorney) from responding to any inquiry about this General
Release or its underlying facts and circumstances by the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), any other self-regulatory organization or any governmental entity. 

11. I hereby acknowledge that Sections 8, 10 through 15, 19, and 20 through 26 of the Agreement shall survive my execution of this General Release. 

12. I represent that I am not aware of any claim by me other than the claims that are released by this General Release. I acknowledge that I may hereafter
discover claims or facts in addition to or different than those which I now know or believe to exist with respect to the subject matter of the release set forth in paragraph 2 above and which, if known or suspected at the time of entering into this
General Release, may have materially affected this General Release and my decision to enter into it. 
 13. Notwithstanding anything in this General Release
to the contrary, this General Release shall not relinquish, diminish, or in any way affect any rights or claims arising out of any breach by the Company or by any Released Party of the Agreement after the date hereof. 

14. Whenever possible, each provision of this General Release shall be interpreted in, such manner as to be effective and valid under applicable law, but if
any provision of this General Release is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or any
other jurisdiction, but this General Release shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. 

BY SIGNING THIS GENERAL RELEASE, I REPRESENT AND AGREE THAT: 
  

	 	1.	I HAVE READ IT CAREFULLY; 

  

	 	2.	I UNDERSTAND ALL OF ITS TERMS AND KNOW THAT I AM GIVING UP IMPORTANT RIGHTS, INCLUDING BUT NOT LIMITED TO, RIGHTS UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, AS AMENDED, TITLE VII OF THE CIVIL RIGHTS ACT OF
1964, AS AMENDED; THE EQUAL PAY ACT OF 1963, THE AMERICANS WITH DISABILITIES ACT OF 1990; AND THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED; 

  

	 	3.	I VOLUNTARILY CONSENT TO EVERYTHING IN IT; 

  
 A-3 

	 	4.	I HAVE BEEN ADVISED TO CONSULT WITH AN ATTORNEY BEFORE EXECUTING IT AND I HAVE DONE SO OR, AFTER CAREFUL READING AND CONSIDERATION I HAVE CHOSEN NOT TO DO SO OF MY OWN VOLITION; 

 

	 	5.	I HAVE HAD AT LEAST [21][45] DAYS FROM THE DATE OF MY RECEIPT OF THIS RELEASE TO CONSIDER IT AND THE CHANGES MADE SINCE MY RECEIPT OF THIS RELEASE ARE NOT MATERIAL OR WERE MADE AT MY REQUEST AND WILL NOT RESTART THE
REQUIRED [21][45]-DAY PERIOD; 

  

	 	6.	I UNDERSTAND THAT I HAVE SEVEN (7) DAYS AFTER THE EXECUTION OF THIS RELEASE TO REVOKE IT AND THAT THIS RELEASE SHALL NOT BECOME EFFECTIVE OR ENFORCEABLE UNTIL THE REVOCATION PERIOD HAS EXPIRED; 

 

	 	7.	I HAVE SIGNED THIS GENERAL RELEASE KNOWINGLY AND VOLUNTARILY AND WITH THE ADVICE OF ANY COUNSEL RETAINED TO ADVISE ME WITH RESPECT TO IT; AND 

 

	 	8.	I AGREE THAT THE PROVISIONS OF THIS GENERAL RELEASE MAY NOT BE AMENDED, WAIVED, CHANGED OR MODIFIED EXCEPT BY AN INSTRUMENT IN WRITING SIGNED BY AN AUTHORIZED REPRESENTATIVE OF THE COMPANY AND BY ME. 

 

									
	SIGNED:	 	

	 		 	DATED:	 	12/06/12
		 	  
	 		 		 	  

		 	 Martin Pugh
	 		 		 	

  
 A-4

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