Document:

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                                                                  EXHIBIT 10.11b

                              EMPLOYMENT AGREEMENT

                  This Agreement, originally made as of the 27th day of
November, 1996 between Statia Terminals Group N. V., a Netherlands Antilles
corporation, having a registered office at L.B. Smithplein 3, Curacao,
Netherlands Antilles (the "Company"); Statia Terminals, Inc., a Delaware
corporation, with offices at 800 Fairway Drive, Suite 295, Deerfield Beach,
Florida 33441 (the "Subsidiary"); and JACK R. PINE, an individual with an
address of 4525 Middaugh Avenue, Downers Grove, Illinois 60515 (the "Employee"),
and amended and restated, effective April 28, 1999, and further amended and
restated August 29, 2001, is hereby further amended and restated in its
entirety, effective November 12, 2001.

                                 R E C I T A L S

                  WHEREAS, the Company has entered into a certain Amended and
Restated Stock Purchase and Sale Agreement dated as of November 4, 1996, among
the Company and certain other corporations (the "Purchase and Sale Agreement")
pursuant to which the Company acquired, directly or indirectly, all of the
issued and outstanding shares of the common stock of the Subsidiary;

                  WHEREAS, the Employee has been and is presently in the employ
of the Subsidiary and is presently serving as Senior Vice President, General
Counsel and Secretary of the Subsidiary;

                  WHEREAS, the Employee possesses an intimate knowledge of the
business and affairs of the Subsidiary and its policies, procedures, methods and
personnel;

                  WHEREAS, the Company desires to secure the continued services
and employment of the Employee on behalf of the Subsidiary, and the Employee
desires to be employed by the Subsidiary, upon the terms and conditions
hereinafter set forth.

                  NOW, THEREFORE, in consideration of the mutual covenants and
promises contained herein, the parties hereto, each intending to be legally
bound hereby, agree as follows:

                  1. Employment. The Company hereby agrees to cause the
Subsidiary to employ and continue to employ the Employee as Senior Vice
President, General Counsel and Secretary of the Subsidiary and the Subsidiary
hereby agrees to employ and continue to employ the Employee as Senior Vice
President, General Counsel and Secretary, and the Employee accepts such
employment for the term of the employment specified in Section 3 hereof (the
"Employment Term"). During the Employment Term, the Employee shall serve as the
Senior Vice President, General Counsel and Secretary of the Subsidiary,
performing such duties and having such authority as shall be reasonably required
of an executive-level employee of the Subsidiary, reporting only to the
Subsidiary's President and Chief Executive Officer and the Board of Directors of
the Subsidiary (the "Board"), and shall have such other powers and

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perform such other additional executive duties as may from time to time be
assigned to him by such President and Chief Executive Officer or the Board. Such
duties being performed and such authority being exercised shall be at least
commensurate with the duties being performed and authority being exercised by
the Employee immediately prior to the date of this Agreement.

                  2. Performance. The Employee will serve the Subsidiary
faithfully and to the best of his ability and will devote substantially all of
his time, energy, experience and talents during regular business hours and as
otherwise reasonably necessary to such employment, to the exclusion of all other
business activities; provided, however, that such exclusion shall not prohibit
the Employee from attending to the Employee's personal matters and/or financial
and investment affairs (which financial or investment affairs shall not conflict
with the business of the Subsidiary or the Company and is subject to the
provisions of Section 13 hereof) during regular business hours as may from time
to time be reasonably necessary so long as attendance to such matters and
affairs does not interfere with the performance of the Employee's duties
hereunder.

                  3. Employment Term. Subject to earlier termination pursuant to
Section 7 hereof the Employment Term shall begin on November 12, 2001, and
continue until December 31, 2004; provided, however, that beginning on January
1, 2003, and on each anniversary of such date, the Employment Term shall
automatically renew for an additional one year beyond the end of the then
current term, unless, at least 90 days before January 1, 2003, or January 1 of
any succeeding year, either party gives notice to the other of his or its desire
to terminate this Agreement, in which case the Employment Term shall terminate
as of December 31, 2004, or the end of the then-current term, as applicable.

                  4. Compensation.

                  (a)      Salary. During the Employment Term, the Company shall
cause the Subsidiary to pay the Employee a base salary, payable in equal
bi-weekly installments, subject to withholding and other applicable taxes, at an
annual amount of not less than one hundred ninety-five thousand U.S. Dollars
($195,000). Such base salary shall be reviewed by the Board in January, 2002,
and at least annually thereafter, and shall be increased annually, effective
January 1 of the applicable year, but may not be reduced, from the amount in
effect for the immediately preceding year, at an annual rate not less than the
annual rate of increase in the Consumer Price Index as measured by the United
States Department of Labor, Bureau of Labor Statistics (the "BLS"), All Items,
Consumer Price Index for All Urban Consumers (the "CPI-U"), and any such
increased base salary shall be the Employee's "base salary" for purposes of this
Agreement. In determining the rate of such annual increase, the base shall be
the CPI-U for the first day of the calendar year preceding the year for which
the base salary increase is being calculated and such base shall be compared
with the CPI-U as of the last day of such year. If the CPI-U is no longer
published in substantially its current form by the BLS, then a successor index
shall be substituted by mutual agreement of the Company and the Employee.

                  (b)      Cash Incentive Bonus. For the calendar year 2001 and
for each subsequent calendar year, or portion thereof, during the Employment
Term, a reasonable target

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EBITDA (as defined below) for each calendar year and a target bonus for the
Employee for such calendar year, which target bonus shall be at least equal to
seventy-five percent (75%) of the Employee's annual base salary in effect for
such calendar year, shall be submitted to the Board by the chief executive
officer, or the highest ranking officer then in service, of the Subsidiary (the
"CEO") and agreed to by the Board and the CEO, and as soon as practicable after
the end of each such calendar year as the actual EBITDA achieved for such
calendar year has been determined, the Company shall cause the Subsidiary to pay
to the Employee a lump-sum bonus determined as described in this Section 4(b).
No portion of such bonus will be paid if less than 85% of the target EBITDA is
achieved in the applicable calendar year. Payment of 85% of the target bonus
would be made if 85% of the target EBITDA is achieved, and if the actual EBITDA
for the applicable calendar year exceeds 85% of the target EBITDA for such year,
the percentage of the target bonus paid shall be the percentage of the target
EBITDA so achieved in such year. For example, if 92% of the target EBITDA is
achieved in a calendar year, 92% of the target bonus would be paid for such
year, or if 160% of the target EBITDA is achieved in a calendar year, 160% of
the target bonus would be paid for such year. If during the course of any
calendar year, the Company shall sell or otherwise dispose of five percent (5%)
or more of the total assets of the Company and its subsidiaries, the CEO and the
Board shall establish a revised EBITDA target for such calendar year after
receiving management's recommendation.

                  "EBITDA" shall mean for any period, the (i) net income (or net
loss) of the Company and its subsidiaries plus (ii) the sum of (A) interest
expense, (B) income tax expense, (C) depreciation expense, (D) amortization
expense, (E) extraordinary or unusual losses deducted in calculating net income
(or net loss), and (F) other non-cash charges less (iii) extraordinary or
unusual gains and other non-cash income items added in calculating net income
(or net loss), in each case determined in accordance with generally accepted
accounting principles at the end of each such calendar year for the Company and
its subsidiaries on a consolidated basis, and plus (iv) any fees paid to or
expenses incurred by the Company pursuant to any management or similar agreement
between the Company and any stockholder holding 50 percent or more of the
capital stock of the Company or an Affiliate thereof.

                  (c)      Closing Bonus. The Employee shall be entitled to
receive a cash bonus equal to five hundred thousand U.S. Dollars ($500,000) upon
the closing of a Change in Control (as defined in Section 8 hereof), payable in
a single lump-sum by the Subsidiary on the closing of the Change in Control
(such bonus, the "Closing Bonus").

                  (d)      Employee Benefits. The Employee shall be entitled to
and shall receive employee benefits or participate in plans and programs
maintained by or on behalf of the Company or the Subsidiary which are otherwise
made available to employees of the Subsidiary, including, but not limited to,
medical, health, dental, accident and disability plan, cafeteria plan,
retirement plan and 401(k) plan.

                  (e)      Additional Benefits. In addition to the other
compensation payable to the Employee hereunder, during the Employment Term, the
Company shall cause the Subsidiary to furnish at its expense an automobile, or a
reasonable allowance in lieu thereof at the option of the Subsidiary, office,
reasonable secretarial services, professional association dues,

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continuing professional education expenses and such other supplies, equipment,
facilities, services and emoluments appropriate to such Employee's position. The
types, terms and conditions of the benefits and perquisites provided to the
Employee in accordance with paragraph (d) and this paragraph (e) of Section 4
shall not be less favorable than those provided to the Employee as of the date
of this third amendment and restatement of this Agreement.

         (f)      Paid Time Off. The Employee shall be entitled to paid
vacation, holidays, and sick leave during each calendar year of employment in
accordance with current policies of the Subsidiary. Vacation may only be taken
at times mutually convenient for the Subsidiary and the Employee. The Subsidiary
may elect to pay out all accrued and unused vacation time as of December 31 of
any calendar year in January of the following calendar year. Such pay out will
be at the prevailing rate of annual compensation at the end of the immediately
preceding calendar year.

         5.       Expenses. The Employee shall be entitled to be reimbursed by
the Subsidiary for all reasonable expenses incurred by him in connection with
the performance of his duties hereunder in accordance with policies established
by the Board from time to time and upon receipt of appropriate documentation.

         6.       Secret Processes and Confidential Information. For the
Employment Term and thereafter (a) the Employee will not divulge, transmit or
otherwise disclose (except as legally compelled by court order, and then only to
the extent required, after prompt notice to both the Company and the Subsidiary
of any such order), directly or indirectly, other than in the regular and proper
course of business of the Company and/or the Subsidiary, any confidential
knowledge or information with respect to the operations or finances of the
Subsidiary or the Company or any of their subsidiaries or Affiliates, or with
respect to confidential or secret processes, services, techniques, customers or
plans with respect to the Company and/or the Subsidiary, and (b) the Employee
will not use, directly or indirectly, any confidential information for the
benefit of anyone other than the Company and/or the Subsidiary; provided,
however, that the Employee has no obligation, express or implied, to refrain
from using or disclosing to others any such knowledge or information which is or
hereafter shall become available to the public other than through disclosure by
the Employee.

                  To the greatest extent possible, any Work Product (as
hereinafter defined) shall be deemed to be "work made for hire" (as defined in
the Copyright Act, 17 U.S.C.A. ss. 101 et seq., as amended) and owned
exclusively by the Subsidiary. The Employee hereby unconditionally and
irrevocably transfers and assigns to the Subsidiary all right, title and
interest the Employee may currently have or in the future may have by operation
of law or otherwise in or to any Work Product, including, without limitation,
all patents, copyrights, trademarks, service marks and other intellectual
property rights. The Employee agrees to execute and deliver to the Subsidiary
any transfers, assignments, documents or other instruments which the Company may
deem necessary or appropriate to vest complete title and ownership of any Work
Product, and all rights therein, exclusively in the Subsidiary.

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                  During the term of this Agreement and thereafter, Employee
shall not take any action to disparage or criticize to any third parties any of
the services of the Company and/or the Subsidiary or to commit any other action
that injures or hinders the business relationships of the Company and/or the
Subsidiary.

                  All files, records, documents, memorandums, notes or other
documents relating to the business of Company and/or the Subsidiary, whether
prepared by Employee or otherwise coming into his possession in the course of
the performance of his services under this Agreement, shall be the exclusive
property of Company and shall be delivered to Company and not retained by
Employee upon termination of this Agreement for any reason whatsoever.

                  7.       Termination.

                  (a)      Mutual Agreement. The employment of the Employee
hereunder may be terminated at any time by the mutual agreement of the parties
hereto.

                  (b)      Termination for Substantial Cause. The Subsidiary may
at any time upon thirty (30) days prior written notice to the Employee,
terminate the employment of the Employee for Substantial Cause (as hereinafter
defined).

                  (c)      Termination by the Employee. The Employee shall be
entitled to terminate his employment without being in violation of any provision
of this Agreement upon 30 days prior written notice to the Subsidiary (i) for
Good Reason; (ii) upon "normal retirement" under any then-effective plan or
policy of the Subsidiary, or, in the absence of any such plan or policy, under
the terms of the CBI Pension Plan, as amended effective August 1, 1996, as if
the Employee participated in such plan (whether or not he actually so
participated); or (iii) at any time and for any reason after the Employee has
attained the age of sixty (60) years.

                  (d)      Termination by Death or Disability. The employment of
the Employee shall terminate upon the death of the Employee or the inability of
the Employee to perform his duties as a result of physical or mental disability
for an aggregate of 90 days in any 180 day period, as determined in good faith
by the Board ("Disability").

                  8.       Definitions.  For purposes of this Agreement:

                  (a)      "Business" shall mean the business of owning, leasing
or operating petroleum and other bulk liquid blending, transshipment, storage or
processing facilities or providing related terminaling services such as supply
of bunker fuel for vessels, emergency and spill response services; brokering of
product trades and vessel representation.

                  (b)      "Competing Entity" shall mean any Person which
presently or hereafter during the term hereof is materially engaged in the
Business; provided, however, that "Competing Entity" shall not include Statia
Terminals Cayman, Inc. or its subsidiaries or other affiliates owned, directly
or indirectly, by Statia Terminals Cayman, Inc.

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                  (c)      "Territory" shall mean the Caribbean and the area
within a three hundred mile radius of (a) the terminal facility operated by an
Affiliate of the Subsidiary at Point Tupper, Nova Scotia, and (b) any terminal
hereafter operated by the Subsidiary or any Affiliate of the Subsidiary
excluding terminals or facilities operated by Statia Terminals Cayman, Inc. or
its subsidiaries or other affiliates owned, directly or indirectly, by Statia
Terminals Cayman, Inc.

                  (d)      "Substantial Cause" shall mean:

                                    (i) Conviction of the Employee of a crime
                  constituting a felony in the jurisdiction in which committed,
                  or for any other criminal act against the Subsidiary or the
                  Company involving dishonesty or willful misconduct intended to
                  injure the Subsidiary or the Company or any Affiliate of
                  either of them in any substantial way (whether or not a felony
                  and whether or not criminal proceedings are initiated);

                                    (ii) Failure or refusal of the Employee in
                  any material respect to perform his obligations under this
                  Agreement or the duties of his employment or to follow the
                  lawful and proper directives of the Board, other than by
                  reason of a Disability provided such duties or directives are
                  consistent with this Agreement, and such failure or refusal
                  continues uncured for a period of thirty (30) days after
                  written notice thereof from the Subsidiary to the Employee
                  which specifies (A) the nature of such failure or refusal, and
                  (B) the reasonable action of the Employee necessary for cure;
                  or

                                    (iii) Any willful or intentional misconduct
                  of the Employee (A) in violation of any written policy of the
                  Subsidiary providing for termination of employment in the
                  event of violation of such policy or (B) committed for the
                  purpose, or having the reasonably foreseeable effect, of
                  injuring in a substantial way the Company, the Subsidiary, or
                  any Affiliate of either of them, or their respective
                  businesses or reputations, including, without limitation,
                  causing the Subsidiary or any of its Affiliates to violate a
                  state or federal law relating to the workplace environment.

                  (e)      "Good Reason" shall mean:

                                    (i) a significant reduction in the
                  authorities, duties or responsibilities of the Employee;

                                    (ii) assignment to an office location which
                  is more than 100 miles from the office location of the
                  Employee as of the date of this Agreement;

                                    (iii) material breach of this Agreement by
                  the Subsidiary or the Company which is not cured within thirty
                  (30) days after written notice of such breach is given by the
                  Employee to the Company and the Subsidiary; or

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                                    (iv) any failure of any successor to all or
                  substantially all of the assets or business of the Company or
                  the Subsidiary, by purchase, merger, consolidation or
                  otherwise, to fully assume the obligations of the Company or
                  the Subsidiary, as applicable, under this Agreement.

As applied to the Employee, the parties hereto agree that any position other
than Senior Vice President, General Counsel and Secretary of the Subsidiary or
its successor, or other than any superior position with the Subsidiary or its
successor, would constitute a significant reduction in the authorities, duties
or responsibilities of the Employee.

                  (f)      "Change in Control" shall mean the occurrence of
either of the following: (1) Castle Harlan Partners II L.P. and its Affiliates
and their partners ("CHP") cease to own or control at least fifty percent (50%)
of the aggregate number of the Company's outstanding class A common shares and
class B subordinated shares owned or controlled, directly or indirectly, by such
Persons as of August 29, 2001; provided, however, that, the foregoing to the
contrary notwithstanding, in no event shall any Change in Control be deemed to
occur, for purposes of this Agreement, as the direct or indirect result of (i)
the occurrence of any of the transactions contemplated under the Purchase and
Sale Agreement, (ii) a public distribution of any such Company shares owned by
CHP (including any distribution of such shares to the partners of Castle Harlan
Partners II L.P.), or (iii) a sale or other distribution to any Competing
Entity, in one or more transactions, by CHP of not more than seven percent (7%)
of the aggregate number of the Company's outstanding class A common shares and
class B subordinated shares (provided, however, that a sale or distribution of
more than seven percent (7%) of such shares to a Competing Entity will be deemed
to be a Change in Control), or (2) the liquidation or dissolution of the
Subsidiary or the sale or other disposition in one or a series of related
transactions of all or substantially all of the assets or business of the
Company or the Subsidiary.

                  (g)      "Affiliate" shall mean, with respect to any Person,
any entity that directly or indirectly through one or more intermediaries
controls, is controlled by or is under common control with such Person.

                  (h)      "Person" shall mean any corporation, partnership,
limited liability company, joint venture, association, joint stock company,
trust, unincorporated organization or other entity or organization.

                  (i)      "Work Product" shall mean work product, property,
data documentation or information of any kind relating to the Business,
prepared, conceived, discovered, developed or created by the Employee for the
Subsidiary or any of the Subsidiary's Affiliates, clients or customers while the
Employee is employed by the Subsidiary.

                  (j)      "Disability" shall have the meaning specified in
Section 7(d) hereof.

                  9.       Insurance and Indemnification.

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                  (a)      Life Insurance. The Subsidiary may purchase insurance
on the life of the Employee, and if it does so, the Employee shall cooperate
fully by performing all the requirements of the life insurer which are necessary
conditions precedent to the issuance of the life insurance policy issued by it.

                  (b)      Directors and Officers Insurance and Indemnification.
The Subsidiary shall provide directors and officers insurance covering the
Employee for events occurring during the Employment Term on terms at least as
favorable as coverage for Directors of the Company, and the Subsidiary shall
provide indemnification to the Employee to the full extent allowed by the law of
its jurisdiction of incorporation, such indemnification to continue as to the
Employee even if the Employee ceases to be an officer, director, employee or
agent of the Subsidiary or the Company, and shall inure to the benefit of the
Employee's heirs, executors and administrators. The insurance and
indemnification provided by the Subsidiary under this Section 9(b) shall apply
to any indemnifiable or insurable acts or omissions of the Employee as an
officer, director or employee of the Subsidiary or the Company or any of their
respective subsidiaries or affiliates, and the obligations of the Subsidiary
under this Section 9(b) shall continue during the Employment Term and, after the
Employee ceases to be a director, officer, employee or agent of the Subsidiary
or the Company, during any period which the Employee may be liable for acts or
omissions as an officer, director or employee of the Subsidiary or the Company
or their respective subsidiaries or affiliates.

                  10.      Severance.

                  (a)      Subject to the limitations set forth in Section 13,
if the Employee's employment is terminated by the Subsidiary without Substantial
Cause (including, without limitation, upon termination of this Agreement
following notice thereof by the Company or the Subsidiary pursuant to Section 3
hereof) or by the Employee for Good Reason, then, without further liability of
the Subsidiary or the Company, except for their obligations pursuant to this
Section 10(a) and their obligations to pay or provide any salary and expenses
accrued to the termination date, any unpaid bonus referred to in Section 4(b)
hereof, any Closing Bonus (whether payable before or after such termination of
employment) pursuant to Section 4(c) hereof, and such rights and benefits of
participation of or in respect of the Employee under employee benefit plans,
programs and arrangements of the Company, the Subsidiary and their Affiliates,
in accordance with the terms and provisions of such plans, programs and
arrangements, (i) the Employee shall be entitled to severance compensation for
the Severance Period (as hereinafter defined) following any such termination,
payable in equal monthly installments, subject to withholding and other
applicable taxes, at an annual rate equal to the Employee's base salary for the
year of termination, as such annual rate is increased from year to year in
accordance with Section 4(a) hereof; (ii) as additional severance compensation
following any such termination, the Employee shall be entitled to the bonus
compensation referred to in Section 4(b) hereof for the Severance Period,
payable as and when ordinarily determined for the applicable year, with a bonus
not less than seventy-five percent (75%) of his rate of annual base salary in
effect for the year of termination; (iii) the Employee and the Employee's spouse
and Dependent Children (as hereinafter defined) shall be entitled to medical and
dental benefits as provided immediately prior to the date of termination which
shall continue for the Severance

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Period (which benefits shall be terminated sooner to the extent provided by
another employer and shall be subject to coordination with Medicare payments in
accordance with the terms of the applicable benefit plan); (iv) the Employee
shall be entitled to receive, during the Severance Period, the benefits
described in Section 4(d) hereof and the automobile rights and perquisites
described in Section 4(e) hereof, provided, however, if any such benefit is not
available to the Employee under applicable law or the terms of any plan, program
or arrangement because he is not an employee, or otherwise, the Subsidiary shall
pay the Employee, within ten (10) days following such termination, a lump-sum
cash payment equal to the value of such benefits, and the types, terms and
conditions of the benefits, rights and perquisites provided to the Employee
under clauses (iii) and (iv) of this Section 10(a) shall be not less favorable
than the most favorable of (x) those provided to the Employee as of the date of
this third amendment and restatement of this Agreement and (y) those provided to
the Employee immediately prior to the date of termination of his employment; and
(v) the Employee shall be entitled to reasonable outplacement services selected
by the Employee at the Subsidiary's expense. Following expiration of the period
within which the Employee is entitled to receive medical and dental benefits
pursuant to clause (iii) of the first sentence of this Section 10(a), other than
by reason of receiving such benefits from another employer or coordination of
such benefits with Medicare payments, the Employee shall be entitled to elect to
further continue any such benefits for himself, his spouse and his Dependent
Children until the Employee's death so long as the Employee pays the applicable
premiums otherwise payable by former employees of the Subsidiary generally for
continuation coverage under the applicable plans. If a Change in Control occurs,
and (I) at the time of such occurrence, any such severance compensation is being
paid or required to be paid in the future to the Employee or (II) such
termination of employment occurs following the Change in Control, the aggregate
gross severance compensation payable under clauses (i) and (ii) of this Section
10(a) for the Severance Period, or the previously unpaid portion thereof, as the
case may be, shall be paid by the Company or the Subsidiary in a lump-sum cash
payment, as of the date of the Change in Control (in the case of clause (I)
immediately preceding) or such termination of employment (in the case of clause
(II) immediately preceding) and no provision shall be made for any future
increases in base salary pursuant to Section 4(a) hereof nor shall any discount
be taken with regard to payments pursuant to Section 4 because of payment in a
lump sum rather than as specified in clauses (i) through (iv) of this Section
10(a); provided, however, that, for purposes of determining the bonus
compensation payable under clause (ii) of this Section 10(a), (a) if the
termination occurs during the calendar year in which the Change in Control
occurs, the bonus compensation with respect to such calendar year shall be
determined in accordance with Section 4(b) hereof, except that the actual EBITDA
achieved shall be deemed to be the EBITDA for the portion of the calendar year
through the date of the transaction giving rise to the Change in Control, and
such EBITDA shall be annualized if necessary by multiplying such EBITDA by a
factor of 365 divided by the number of days of the calendar year elapsed as of
the date of the transaction giving rise to the Change in Control, and (b) in all
other cases, the bonus shall be equal to seventy-five percent (75%) of the
greater of (x) the Employee's rate of annual base salary in effect immediately
prior to the date of such termination and (y) his rate of annual base salary in
effect during the calendar year immediately preceding such termination. For the
purposes of this Agreement, (x) "Severance Period" shall mean a period
commencing on the date of any such termination of the Employee's employment

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and ending on the expiration of the Employment Term (determined as of the date
of termination of the Employee's employment without giving effect to such
termination); provided, however, that the Severance Period shall not be less
than one year; and (y) "Dependent Children" shall include any child of the
Employee while such child is residing with the Employee, or attending any
educational institution and not attained age twenty-five (25), or is permanently
and totally disabled (within the meaning of Section 22(e)(3) of the Internal
Revenue Code of 1986, as amended (the "Code")) and continuing until the later of
the date such child (1) no longer resides with the Employee, (2) attains age
twenty-five (25) (in the case of a child attending an educational institution
prior to attainment of age twenty-five), or (3) is no longer permanently and
totally disabled.

                  (b)      If the Employee's employment is terminated under any
circumstances not described in Section 10(a) hereof, then, without further
liability of the Subsidiary or the Company, the Employee shall be entitled to
the salary, expenses and benefits accrued to the termination date; all rights
and benefits of participation under employee benefit plans, programs and
arrangements of the Company, the Subsidiary and their Affiliates; and any unpaid
bonus referred to in Section 4(b) hereof; provided, however, that, in the event
of termination of the Employee's employment as described in Section 7(c)(ii) or
(iii) hereof or on account of the Employee's death or Disability as described in
7(d) hereof, the Employee (or the deceased Employee's estate or personal
representative) shall also be entitled to receive the bonus referred to in
Section 4(b) hereof for the calendar year in which such termination occurs (such
bonus shall be pro-rated based on the number of days the Employee is employed by
the Subsidiary during such calendar year of termination and shall be paid as and
when ordinarily determined for such year) and any Closing Bonus (whether payable
before or after such termination of employment) pursuant to Section 4(c) hereof;
provided further, however, that in the event of termination of the Employee's
employment on account of Disability or death, the Employee or the deceased
Employee's estate or personal representative, as the case may be, shall be
entitled to receive a lump-sum benefit in the amount of one-year's annual base
salary at the rate in effect for the year of such termination.

                  11. Certain Taxes. Notwithstanding anything in this Agreement
to the contrary, the amount of any cash payment to be received by the Employee
pursuant to this Agreement shall be reduced (but not below zero) by the amount,
if any, necessary to prevent any part of any payment or benefit in the "nature
of compensation" received or to be received by or for the benefit of the
Employee in connection with a change in the ownership or effective control of
the Company or a change in the ownership of a substantial portion of the
Company's assets (within the meaning of Section 280G of the Code), and the
regulations or proposed regulations thereunder) (whether pursuant to the terms
of this Agreement (but without regard to this Section 11), any other agreement,
contract, plan or arrangement of the Company or the Subsidiary or any affiliate
of either or any person whose action results in such a change in ownership or
effective control or change in ownership of assets or any affiliate of such
person) (such foregoing payments or benefits referred to collectively as the
"Total Payments"), from being treated as an "excess parachute payment" within
the meaning of Section 280G(b)(1) of the Code, but only if and to the extent
that such reduction will also result in, after taking into account all
applicable state, local and Federal taxes (computed at the highest applicable
marginal rate) including any

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<PAGE>

taxes payable pursuant to Section 4999 of the Code (and any similar tax that may
hereafter be imposed under any successor provision or by any taxing authority),
a greater after-tax benefit to the Employee than the after-tax benefit to the
Employee of the Total Payments computed without regard to any such reduction.
For purposes of the foregoing, (i) no portion of the Total Payments shall be
taken into account which in the opinion of nationally-recognized tax counsel
selected by the Employee ("Tax Counsel") either (A) does not constitute either a
"parachute payment" within the meaning of Section 280G(b)(2) of the Code, (B)
represents reasonable compensation within the meaning of Section 280G(b)(4) of
the Code or (C) is not otherwise subject to the excise tax imposed by Section
4999 of the Code; (ii) the value of any non-cash benefits or of any deferred or
accelerated payments or benefits included in the Total Payments shall be
determined by a nationally-recognized public accounting firm, selected by the
Employee, in accordance with the principles of Sections 280G(d)(3) and (4) of
the Code and the regulations or proposed regulations thereunder; and (iii) in
the event of any uncertainty as to whether a reduction in Total Payments to the
Employee is required pursuant hereto, the Company or the Subsidiary shall
initially make all payments otherwise required to be paid to the Employee
hereunder, and any amounts so paid which are ultimately determined not to have
been payable hereunder other than as a loan to the Employee, either (x) upon
mutual agreement of the Employee and the Company or the Subsidiary, as
applicable, or (y) upon Tax Counsel furnishing the Employee with its written
opinion setting forth the amount of such payments not to have been so payable
other than as a loan to the Employee under this Section 11, or (z) in the event
a portion of the Total Payments shall be finally determined by a court or an
Internal Revenue Service proceeding to have otherwise been an "excess parachute
payment," the amounts so determined in (x), (y) or (z) shall constitute a loan
by the Company or the Subsidiary, as applicable, to the Employee under this
Section 11, and the Employee shall repay to the Company within ten (10) business
days after the time of such mutual agreement, such opinion is so furnished to
the Employee, or of such determination, as applicable, the amount of such loan
plus interest thereon at the rate provided in Section 1274(b)(2)(B) of the Code
for the period from the date of the initial payments to the Employee to the date
of such repayment by the Employee. All fees and expenses of any Tax Counsel or
accounting firm selected under this Section 11 shall be borne solely by the
Company or the Subsidiary.

                  12.      Notice. Any notices required or permitted hereunder
shall be in writing, signed and shall be deemed to have been given when
personally delivered or when mailed, certified or registered mail, postage
prepaid, to the following addresses:

                  If to the Employee:

                           Jack R. Pine
                           4525 Middaugh Avenue
                           Downers Grove, Illinois 60515

                  If to the Subsidiary:

                           Statia Terminals, Inc.
                           800 Fairway Drive

                                      -11-
<PAGE>

                           Suite 295
                           Deerfield Beach, Florida 33441
                           Attention:  Board of Directors

                  With a copy to:

                           Castle Harlan Partners II, L.P.
                           150 East 58th Street
                           37th Floor
                           New York, New York 10015
                           Attention:  David B. Pittaway

                           and a copy to:

                           Schulte Roth & Zabel LLP
                           900 3rd Avenue
                           New York, New York 10022
                           Attention:  Andre Weiss, Esq.

                  If to the Company:

                           Statia Terminals Group N. V.
                           c/o Statia Terminals Inc.
                           800 Fairway Drive
                           Suite 295
                           Deerfield Beach, Florida 33441
                           Attention: Board of Directors

                  With a copy to:

                           Castle Harlan Partners II, L.P.
                           150 East 58th Street
                           37th Floor
                           New York, New York 10015
                           Attention:  David B. Pittaway

                           and a copy to:

                           Schulte Roth & Zabel LLP
                           900 3rd Avenue
                           New York, New York 10022
                           Attention:  Andre Weiss, Esq.

         Each of the Employee, the Subsidiary and the Company may change its
address as for purposes of this Section by sending notice to the other parties.

                                      -12-
<PAGE>

                  13. Non-Competition. The Employee shall not, at any time
during the Employment Term and for a period (the "Restricted Period") of three
(3) years thereafter, directly or indirectly, except where specifically
contemplated by the terms of his employment or this Agreement, (a) be employed
by, engage in or participate in the ownership, management, operation or control
of, or act in any advisory or other capacity for, any Competing Entity which
conducts its business within the Territory; provided, however, that
notwithstanding the foregoing, the Employee may make solely passive investments
in any Competing Entity the common stock of which is publicly held and of which
the Employee shall not own or control, directly or indirectly, in the aggregate
securities which constitute 5% or more of the voting rights or equity ownership
of such Competing Entity; or (b) solicit or divert any business or any customer
from the Subsidiary or any Affiliate of the Subsidiary or assist any person,
firm or corporation in doing so or attempting to do so; or (c) cause or seek to
cause any person, firm or corporation to refrain from dealing or doing business
with the Subsidiary or any Affiliate of the Subsidiary or assist any person,
firm or corporation in doing so. The Employee agrees that, notwithstanding any
other provision of this Agreement to the contrary, if he breaches any of his
covenants contained in this Section 13, then, in addition to any other remedy
which may be available at law or in equity, the Company and the Subsidiary shall
be entitled to (1) cease or withhold payment or provision of any severance
compensation and benefits to which the Employee is otherwise entitled pursuant
to Section 10(a), and (2) receive reimbursement from the Employee of any
lump-sum payments previously made to the Employee of any severance compensation
payable under Section 10(a) and any Closing Bonus theretofore paid to the
Employee, and the Employee shall forfeit his right to receive any such severance
compensation and Closing Bonus; provided, however, that any obligation of the
Employee to reimburse the Company or the Subsidiary for any lump-sum payments
and Closing Bonus pursuant to clause (2) of this sentence shall lapse on a pro
rata basis as follows: the portion of such lump-sum payments and Closing Bonus
that may be required to be so reimbursed by the Employee shall be the total of
all such lump-sum payments and Closing Bonus multiplied by a fraction, the
numerator of which shall be the number of days remaining in the Restricted
Period following the date on which the Employee first engages in such breach of
his covenants contained in this Section 13 and the denominator of which shall be
the total number of days comprising the Restricted Period.

                  14.      General.

                  (a)      Governing Law; Captions. The terms of this Agreement
shall be governed by and construed under the laws of the State of Florida.
Paragraph and Section captions used herein are for convenience of reference
only, and shall not in any way affect the meaning or interpretation of this
Agreement.

                  (b)      Assignability. The Employee may not assign his
interest in or delegate his duties under this Agreement. Notwithstanding
anything else in this Agreement to the contrary, the Subsidiary may assign this
Agreement and all rights and obligations of the Subsidiary hereunder shall inure
to the benefit of and bind the assignee or any person, firm or corporation
succeeding to all or substantially all of the business or assets of the
Subsidiary by purchase, merger or consolidation.

                                      -13-
<PAGE>

                  (c)      Dispute Resolution. With the exception of the
Company's or the Subsidiary's right to elect to seek injunctive relief pursuant
to paragraph (g) of this Section 14, in the event of any dispute between either
the Company or the Subsidiary and the Employee arising out of or relating to
this Agreement or its termination or any other aspect of Employee's employment,
the parties hereby agree to submit such dispute to a non-binding mediation under
the American Arbitration Association's National Rules for the Resolution of
Employment Disputes; Arbitration and Mediation Rules (the "Rules") within sixty
(60) days of notice from any one of the parties to another. Unless the parties
can agree on a mediator within thirty (30) days of such notice, mediation shall
proceed pursuant to the Rules. In the event any such dispute is not resolved by
mediation, any party hereto may initiate an action or claim to enforce any
provision or term of this Agreement. Each party shall bear its or his own costs
and expenses (including attorney's fees) associated with any mediation, action,
or claim. If any contest or dispute shall arise under this Agreement involving
the employment or the termination of employment of the Employee with the
Subsidiary and its affiliates or involving the failure or refusal of the
Subsidiary or the Company to perform fully in accordance with the terms hereof,
subject to the Company's and the Subsidiary's rights under the final sentence of
Section 13 hereof, the Subsidiary shall continue to pay or provide the
Employee's base salary, bonus and other compensation and benefits, at the rate
and terms in effect from time to time pursuant to Section 4(a) hereof, until
resolution thereof and, within ten (10) days of presentation of invoices or
other appropriate documentation, pay in advance all expenses, costs and fees
(including, without limitation, fees and disbursements of counsel) incurred by
the Employee in connection with such contest or dispute or in any other effort
to establish the entitlement of the Employee to any compensation and benefits
under this Agreement; provided, however, that upon a final determination by a
court that the Employee is not entitled to retain any above-mentioned advances,
the Employee shall reimburse the Subsidiary for any such disallowed advances.

                  (d)      Binding Effect. This Agreement is for the employment
of Employee, personally, and the services to be rendered by him must be rendered
by him and no other person. This Agreement shall be binding upon and inure to
the benefit of the Company, the Subsidiary, and the Employee and, as the case
may be, their respective successors and assigns, personal representatives, heirs
and legatees.

                  (e)      Entire Agreement; Modification. This Agreement
constitutes the entire agreement of the parties hereto with respect to the
subject matter hereof and may not be modified or amended in any way except in
writing by the parties.

                  (f)      Duration. Notwithstanding the Employment Term
hereunder, this Agreement shall continue for so long as any obligations remain
under this Agreement, including without limitation any obligations of the
Company or the Subsidiary under Sections 9(b), 10 or 14 of this Agreement.

                  (g)      Survival. The covenants set forth in Sections 6 and
13 of this Agreement shall survive and shall continue to be binding upon
Employee notwithstanding the termination of this Agreement for any reason
whatsoever. The covenants set forth in Section 6 and Section 13 of this
Agreement shall be deemed and construed as separate agreements

                                      -14-
<PAGE>

independent of any other provision of this Agreement. The existence of any claim
or cause of action by Employee against Company and/or Subsidiary, whether
predicated on this Agreement or otherwise, shall not constitute a defense to the
enforcement by Company or Subsidiary of any or all covenants. It is expressly
agreed that the remedy at law for the breach of any such covenant is inadequate
and that injunctive relief shall be available to prevent the breach or any
threatened breach thereof.

                  (h)      Severability. In case any provision in this Agreement
shall be held invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions hereof will not in any way be
affected or impaired thereby and the parties shall in good faith agree on a
modification of the invalid, illegal or unenforceable provision which renders it
valid, legal or enforceable (as the case may be) and which as closely as
possible reflects the original intent of the parties.

                  (i)      Guaranty of Company. The Company hereby
unconditionally guarantees to Employee the full and timely performance by
Subsidiary of its obligations under this Agreement.

                                      -15-
<PAGE>

         IN WITNESS WHEREOF, the parties hereto, intending to be legally bound,
have hereunto executed this Agreement the day and year first written above.

                                       Statia Terminals, Inc.

Date:    November 12, 2001             By: /s/ James G. Cameron
                                           ------------------------------------
                                            Name:  James G. Cameron
                                            Title: Chairman of the Board
                                                    and President

                                       Statia Terminals Group N.V.

Date:    November 12, 2001             By: /s/ David B. Pittaway
                                           ------------------------------------
                                            Name:  David B. Pittaway
                                            Title: Director

Date:    November 12, 2001             By: /s/ James G. Cameron
                                           ------------------------------------
                                            Name:  James G. Cameron
                                            Title: Director

                                       EMPLOYEE

Date:    November 12, 2001             /s/ Jack R. Pine
                                       ----------------------------------------
                                       Jack R. Pine

                                      -16-<PAGE>
                                                                   Exhibit 10.16

                   STATIA SALARIED EMPLOYEE SEVERANCE PAY PLAN
                     (As Adopted Effective August 29, 2001)

1.       PURPOSE AND SCOPE

         The Statia Salaried Employee Severance Pay Plan (the "Plan") was
adopted by Statia Terminals Group N.V. (the "Company") effective August 29,
2001, for the purpose of promoting the interests of the Company, its
Participating Subsidiaries, and Company's shareholders, by attracting and
retaining Salaried Employees of the Company through assurances of continued
compensation and benefits when their employment is terminated due to certain
circumstances beyond their control within two years following a Change in
Control (each preceding term having initial capitalization shall have the
meaning set forth hereinafter). The Plan as set forth below describes which
employees are eligible, the computation and amount of benefits that will be paid
under the Plan, the manner and time of payment, and Plan procedures and
administration. THIS PLAN IS IN LIEU OF, SUPERSEDES AND CANCELS ALL PRIOR
PRACTICE, GUIDELINES, PLANS AND STANDARDS REGARDING THE PAYMENT BY THE COMPANY
OR ANY PARTICIPATING SUBSIDIARY OF ANY TERMINATION BENEFITS, TERMINATION PAY, OR
SEVERANCE PAY UPON TERMINATION OF EMPLOYMENT AND IS THE EXCLUSIVE MEANS BY WHICH
SALARIED EMPLOYEES MAY BE ENTITLED TO RECEIVE SUCH BENEFITS (OTHER THAN UNDER
SUCH OTHER PROGRAM AS MAY BE ADOPTED BY THE COMPANY ON OR AFTER AUGUST 29, 2001,
OR AS OTHERWISE PROVIDED HEREIN).

2.       DEFINITION OF IMPORTANT TERMS USED IN THIS PLAN

         (a) "Change in Control" shall mean the occurrence at any time of any of
the following events with respect to the Company:

                  (i) Castle Harlan Partners II L.P. and its subsidiaries and
         their partners ("CHP") cease to own or control at least fifty percent
         (50%) of the aggregate number of the Company's outstanding class A
         common shares and class B subordinated shares owned or controlled,
         directly or indirectly, by such Persons as of August 29, 2001; PROVIDED
         HOWEVER, that the foregoing to the contrary notwithstanding, in no
         event shall any Change in Control be deemed to occur, for purposes of
         this Plan, as the direct or indirect result of (1) a public
         distribution of any such Company shares owned by CHP (including any
         distribution of such shares to the partners of Castle Harlan Partners
         II L.P.), or (2) a sale or other distribution to any Competing Entity,
         in one or more transactions, by CHP of not more than seven percent (7%)
         of the aggregate number of the Company's outstanding class A common
         shares and class B subordinated shares (PROVIDED HOWEVER, that a sale
         or distribution of more than seven percent (7%) of such shares to a
         Competing Entity will be deemed to be a Change in Control); or

                  (ii) The liquidation or dissolution of the Company or the sale
         or other disposition in one of a series of related transactions of all
         or substantially all of the assets or business of the Company or a
         Material Participating Subsidiary.

         (b) "Committee" means the Compensation Committee of the Board of
Directors of Company.

         (c) "Company" means Statia Terminals Group N.V., a Netherlands Antilles
corporation.

<PAGE>

         (d) "Competing Entity" shall mean any person, corporation, partnership,
trust, foundation, or other entity which presently or hereafter during the term
hereof is materially engaged in the business of the Company or its subsidiaries;
PROVIDED, HOWEVER, that "Competing Entity" shall not include Petroterminal de
Panama S.A.

         (e) "Material Participating Subsidiary" means Statia Terminals N.V.;
Statia Laboratory Services N.V.; or Statia Terminals Canada, Incorporated.

         (f) "Participating Subsidiaries" means each subsidiary of Company which
is a member of such Company's "controlled Company of corporations", as defined
in Section 414(b) of the Internal Revenue Code of 1986, as amended.

         (g) "Personal Account" means any account maintained by the Company or a
Participating Subsidiary for the individual record-keeping of credits and debits
of expenses incurred by, and advances and reimbursements made to, a Salaried
Employee for business-related expenses incurred in the course of employment on
behalf of the Company or such Participating Subsidiary.

         (h) "Plan Administrator" means the Committee, or any subcommittee or
individual to whom the Committee has delegated the authority to serve as such
under its supervision and direction. In this regard, the Committee has appointed
as Plan Administrator, James F. Brenner, Vice President - Finance of Statia
Terminals, Inc., his successor, or any other person designated as having such
position by the Committee.

         (i) "Salary" means a Salaried Employee's regular gross rate of base
salary, determined as a weekly amount, in effect as of the date immediately
prior to the effective date of the Salaried Employee's termination of employment
with the Company or a Participating Subsidiary, as applicable, excluding
overtime pay, bonuses, incentive pay, and any other special forms of allowances
or compensation paid or payable to such Salaried Employee.

         (j) "Salaried Employee" means an employee of the Company or a
Participating Subsidiary immediately prior to a Change in Control who satisfies
all of the following conditions: (i) such employee's duties are primarily
managerial, administrative or professional in nature, whether exempt from
overtime pay or not; (ii) such employee's duties are not subject to seasonal or
other temporary or periodic breaks in service; (iii) such employee's normal form
of compensation is a fixed base amount per pay period of one (1) week or more,
including for periods not worked such as vacation or holidays; (iv) permanent
and comprehensive personnel records are maintained for such employee; (v) the
employee's terms and conditions of employment are not governed by the terms of a
collective bargaining agreement; (vi) the payment of wages for such employee is
administered by and from that payroll unit or system within the Company or a
Participating Subsidiary customarily referred to as the "salaried payroll";
(vii) he or she has been such an employee for at least thirty (30) days; and
(viii) such employee does not have a written agreement with the Company or a
Participating Subsidiary which provides for continuation of employment,
severance or specified damages in the event of termination of employment
following a Change in Control.

         (k) "Service" means a Salaried Employee's period of employment by the
Company, or by a Participating Subsidiary, as may be adjusted for approved
leaves of absence, including employment by any prior or predecessor company as
to which service credit has been granted pursuant to the policy of the Company
or a Participating Subsidiary.

                                       2
<PAGE>

         (l) "Severance" means any permanent termination of employment of a
Salaried Employee within a two (2) year period following a Change in Control,
except that Severance specifically does not include the following:

                  (i) Retirement, both normal and early, elected by a Salaried
         Employee prior to a termination of employment otherwise qualifying as
         Severance or prior to being given notice of impending termination of
         employment otherwise qualifying as Severance, or pursuant to an
         election under any special program of retirement incentive offered by
         the Company or a Participating Subsidiary prior to any notice of
         impending termination of employment otherwise qualifying as Severance;

                  (ii) Approved leaves of absence made at the request of the
         employee given the leave;

                  (iii) Termination for willful and material actions causing
         direct and substantial damage to the Company or a Participating
         Subsidiary;

                  (iv) Voluntary resignation; except that this clause (iv) shall
         not apply in the case of resignation by a Salaried Employee following
         reassignment to a job which is not comparable in terms of compensation
         and benefits to the job such employee held immediately prior to a
         Change in Control, or following reassignment to a work location which
         is more than 100 miles in distance from the work location to which such
         employee was assigned immediately prior to a Change in Control;

                  (v) Termination of employment from the Company or any
         Participating Subsidiary as a result of a sale or other disposition by
         the Company or such Participating Subsidiary of a division or
         permanently established operating facility of any such entity, or of
         all or substantially all of the assets of such entity, division or
         facility, where employment is offered an employee so terminated by the
         purchaser or transferee of any such division, facility or assets;
         EXCEPT THAT this clause (v) shall not apply in the case of resignation
         by a Salaried Employee following employment or offer of employment in a
         job which is not comparable in terms of compensation and benefits to
         the job such employee held immediately prior to a Change in Control, or
         following reassignment to a work location which is more than 100 miles
         in distance from the work location to which such employee was assigned
         immediately prior to a Change in Control; or

                  (vi) Termination of employment due to death or to disability
         which qualifies for benefits either under the Company's or a
         Participating Subsidiary's long term disability plan, or a similar plan
         of benefits for long-term disability sponsored or participated in by
         the Company or any Participating Subsidiary, or pursuant to worker's
         compensation or similar worker's protection law for employment-related
         accident or injury.

3.       ELIGIBILITY

         Any Salaried Employee who is normally scheduled to work, and is
working, at least twenty (20) hours per week on the date of termination of
employment with the Company or a Participating Subsidiary, and who is terminated
from employment under circumstances which qualify as Severance, shall be
eligible to receive Severance Pay, under the circumstances provided below. This
Plan shall not in any way apply:

                                       3
<PAGE>

         (a) To any Salaried Employee having a written agreement with the
Company or any Participating Subsidiary which provides a severance payment to
such Salaried Employee, except to the extent this Plan provides Severance Pay or
benefits pursuant to Section 8 hereof which are greater or more favorable than
the severance payments or benefits under such agreement; or

         (b) Where any applicable law requires that the Company or a
Participating Subsidiary pay a severance benefit greater than, or different in
kind than, the Severance Pay under this Plan; provided however, that the Plan
Administrator may make a determination to pay or provide some benefit pursuant
to this Plan in order to prevent a Salaried Employee from being treated in an
inequitable manner.

4.       AMOUNT OF SEVERANCE PAY PAYABLE

         A Salaried Employee who immediately prior to the Change in Control was
classified by the Company or a Participating Subsidiary for salary
administration purposes in salary grades 1 through 22 (and who has not
subsequently been promoted into a grade 23 or better), and whose termination of
employment qualifies as Severance, shall upon termination receive a cash
severance payment ("Severance Pay") equal in value to the sum of the Salaried
Employee's Salary multiplied by the number of weeks of severance pay ("Weeks of
Severance Pay") that corresponds to the Salaried Employee's severance points
("Severance Points"), in accordance with the following schedule:

                                                                 Weeks of
             Severance Points                                  Severance Pay
             ----------------                                  -------------

                0 - 99.99                                        13 weeks
               100 - 199.99                                      26 weeks
               200 - 299.99                                      39 weeks
              300 and above                                      52 weeks

For these purposes, a Salaried Employee's Severance Points are calculated by
multiplying the Salaried Employee's salary grade by his or her years of Service
(with partial years of Service determined to the nearest one tenth of a year by
dividing the Salaried Employee's days of Service during such partial year by
365).

5.       OFFSET TO SEVERANCE PAY; EFFECT OF PAYMENT OF SEVERANCE PAY

         Severance Pay payable to a terminated Salaried Employee shall be
subject to offset by any negative balance in the terminated employee's Personal
Account, if any, which, as determined by the responsible manager or supervisor
of such Salaried Employee, will not be eliminated by credits for expense reports
or other credits not yet included in such balance.

         Regardless of the time, manner or amount of any Severance Pay paid
under this Plan, no Severance Pay shall be counted or credited as salary,
compensation, or for any other purpose under any other plan or program of the
Company or Participating Subsidiary, or in the calculation of bonuses,
commissions, or any other form of compensation, whether current or deferred.

                                       4
<PAGE>

6.       PAYMENT OF BENEFITS

         (a) Payment of Severance Pay shall be made by separate check in one
lump sum within five (5) business days of the date of the employee's
termination; PROVIDED, HOWEVER, that, notwithstanding any other provisions of
the Plan to the contrary, as a condition precedent to entitlement to Severance
Pay, a Salaried Employee must execute a separation agreement and release of all
claims, causes of action, or the like that the Salaried Employee has or may have
in the future against the Company or any Participating Subsidiary and their
respective affiliates, successors, directors, officers, employees and agents or
anyone else connected with the Company and/or any Participating Subsidiary,
substantially in the form of SCHEDULE A attached hereto (the "Separation
Agreement and Release"), and the Separation Agreement and Release shall have
become effective.

         (b) Payment of Severance Pay shall be net of any appropriate and
applicable taxes or other required or employee-authorized deductions.

         (c) Notwithstanding any other provision of the Plan to the contrary, no
cash Severance Pay awarded pursuant to the Plan shall exceed, in the aggregate,
the amount equal to twice a Salaried Employee's "annual compensation." "Annual
compensation" for this purpose means the total of all compensation, including
wages, salary, and any other benefit of monetary value, whether paid in the form
of cash or otherwise, which was paid as consideration for the Salaried
Employee's service during the year immediately preceding termination of the
Salaried Employee's employment with the Company or a Participating Subsidiary,
or which would have been so paid at the Salaried Employee's usual rate of
compensation if the Salaried Employee had worked a full year.

         (d) Notwithstanding any other provision of the Plan to the contrary, if
a Salaried Employee terminates employment with the Company or a Participating
Subsidiary, receives Severance Pay under Section 6(a) of the Plan as a result of
such termination, and is later re-employed by the Company or a Participating
Subsidiary, then such Salaried Employee shall owe the Company or a Participating
Subsidiary, as applicable, a portion of the cash Severance Pay theretofore paid
to such Salaried Employee prior to commencement of such re-employment,
determined as follows: Seventy-five percent (75%) of the product of such prior
cash Severance Pay payment multiplied by a fraction, the numerator of which is
the difference between the Salaried Employee's Weeks of Severance Pay and the
number of full calendar weeks elapsing between the date of his or her Severance
and the date of his or her re-employment by the Company or a Participating
Subsidiary, and the denominator of which is such Salaried Employee's Weeks of
Severance Pay.

7.       SOURCE OF BENEFIT PAYMENTS

         All payments of benefits under this Plan shall be made from the general
assets of the Company or, as applicable, the Participating Subsidiary employing
the Salaried Employee receiving such benefits. No specific assets nor any
specific amounts of assets have been designated or set aside in any manner,
whether in trust or otherwise, for the payment of such benefits. No employee or
former employee shall have any right to or interest in any particular assets of
the Company or any Participating Subsidiary upon termination of employment.
Neither the Committee, the respective members of the Committee, nor the Plan
Administrator shall in any manner or in any circumstances be personally liable
either in whole or in part for the payment of any benefits under this Plan.

                                       5
<PAGE>

8.       CONTINUATION OF WELFARE BENEFITS

         A Salaried Employee who is entitled to Severance Pay shall also be
entitled to continued eligibility for medical/dental insurance (to the same
extent as such insurance has been elected by the Salaried Employee prior to
termination), life insurance, supplemental life insurance (if such insurance has
been elected by the employee prior to termination) and long term disability
insurance (in each case, if and to the extent any such benefits are provided by
the Company or a Participating Subsidiary to similarly situated active
employees) at active employee contribution rates for a period in duration equal
to the Salaried Employee's Weeks of Severance Pay following his or her
Severance, as if the Salaried Employee was an active employee of the Company or
a Participating Subsidiary throughout such period (the "Benefit Extension
Period"); PROVIDED, HOWEVER, that if any such benefit is not available to the
terminated employee under applicable law or the terms of any applicable plan,
program or arrangement because such terminated employee is not an employee, or
otherwise, then the Company or a Participating Subsidiary will make other
arrangements to provide an economic equivalent of such benefits (E.G., a
lump-sum cash payment equal to the value of such benefits). Any period of
"continuation coverage," within the meaning of Section 601, ET SEQ., of the
Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and
Section 4980B of the Internal Revenue Code of 1986, as amended ("COBRA"), to
which a Participant may be entitled under the Company's or a Participating
Subsidiary's "group health plan," within the meaning of COBRA, shall commence at
the earlier of (a) the conclusion of the Benefit Extension Period, or (b) the
occurrence of any event that causes the Salaried Employee, or the spouse or a
dependent child of the Salaried Employee to lose coverage (I.E., to cease to be
covered under the same terms and conditions as in effect immediately before the
Salaried Employee's Severance) under such group health plan.

9.       ADMINISTRATION OF THE PLAN

         (a) The Plan shall be administered by the Plan Administrator. The Plan
Administrator shall have all powers necessary and/or appropriate to administer
and carry out the provisions of the Plan. The Plan Administrator may delegate
any of the Plan Administrator's administrative duties, including, without
limitation, duties with respect to the processing, review, investigation,
approval, and payment of Severance Pay, to any Company official. All
determinations, decisions, interpretations and actions by the Committee or the
Plan Administrator with respect to the Plan shall be final, binding and
conclusive on any employee or former employee of the Company or any
Participating Subsidiary or any successor in interest of either and as to all
other persons.

         (b) The Plan Administrator shall determine the rights of any employee
or former employee of the Company or any Participating Subsidiary to any
Severance Pay hereunder. The Plan Administrator has the sole and absolute power,
authority and discretion to interpret the Plan, determine all questions arising
in the administration, interpretation and application of the Plan, including the
powers to apply the provisions of the Plan to particular circumstances, make all
factual and legal determinations, interpret and construe uncertain or disputed
terms of the Plan and decide all questions relating to an individual's
eligibility to participate in the Plan and/or eligibility for Severance Pay or
other benefits and the amounts and timing of any payment or provision thereof
(including, without limitation, determining whether any Severance of a Salaried
Employee has occurred), in each case, in such manner and to such extent as the
Plan Administrator in its sole discretion may determine. The Plan Administrator
may correct any defect, supply any omission or reconcile any inconsistency in
the Plan in such manner and to such extent as the Plan Administrator shall deem
necessary or appropriate to carry out the purposes of the Plan.

                                       6
<PAGE>

         (c) (i) Any employee or former employee of the Company or a
         Participating Subsidiary, as applicable, who believes that he or she is
         entitled to receive Severance Pay, including Severance Pay other than
         that initially determined by the Plan Administrator, may file a claim
         in writing with the Plan Administrator. Within a reasonable period of
         time, but no later than ninety (90) days after the receipt of the
         claim, the Plan Administrator shall either allow or deny the claim in
         writing, unless special circumstances require an extension of time for
         processing the claim. The Plan Administrator must notify the claimant
         in writing indicating the special circumstances requiring an extension
         of time and the date by which the Plan expects to render the decision.
         Such extension may not exceed ninety (90) days from the end of the
         initial 90-day period.

                  (ii) A denial of a claim, in whole or in part, shall be
         written in a manner calculated to be understood by the claimant and
         shall include:

                           (1)      the specific reason or reasons for the
                                    denial;

                           (2)      specific reference to pertinent Plan
                                    provisions on which the denial is based;

                           (3)      a description of any additional material or
                                    information necessary for the claimant to
                                    perfect the claim and an explanation of why
                                    such material or information is necessary;
                                    and

                           (4)      a description of the Plan's review
                                    procedures and the applicable time limits of
                                    such procedures, including a statement of
                                    the claimant's right to bring a civil action
                                    under section 502(a) of ERISA following the
                                    denial of a decision on review.

                  (iii) A claimant whose claim is denied (or his or her duly
         authorized representative) may within sixty (60) days after receipt of
         the denial of his or her claim:

                           (1)      request a review upon written application to
                                    the Plan Administrator or its designee;

                           (2)      submit written comments, documents, records,
                                    and other information relating to the claim;

                           (3)      be provided, upon request and free of
                                    charge, reasonable access to, and copies of,
                                    all documents, records, and other
                                    information relevant to the claim; and

                           (4)      have a review that takes into account all
                                    comments, documents, records, and other
                                    information submitted by the claimant
                                    relating to the claim, without regard to
                                    whether such information was submitted or
                                    considered in the initial benefit
                                    determination.

                  (iv) The Plan Administrator, or its designee, shall notify the
         claimant of the Plan Administrator's or its designee's decision on
         review within a reasonable period of time, but no later than sixty (60)
         days, after receipt of a request for review unless special
         circumstances

                                       7
<PAGE>

         require an extension of time for processing, in which case a decision
         shall be rendered as soon as possible, but not later than 120 days
         after receipt of a request for review. The Plan Administrator must
         notify the claimant in writing indicating the special circumstances
         requiring the extension of time and the date by which the Plan expects
         to render the decision on review of the extension. Notice of the
         decision on review shall be in writing and shall set forth, in a manner
         calculated to be understood by the claimant:

                           (1)      the specific reason or reasons for the
                                    denial;

                           (2)      reference to specific Plan provisions on
                                    which the denial is based;

                           (3)      a statement that the claimant is entitled to
                                    receive, upon request and free of charge,
                                    reasonable access to, and copies of, all
                                    documents, records, and other information
                                    relevant to the claimant's claim for
                                    benefits; and

                           (4)      a statement of the claimant's right to bring
                                    an action under section 502(a) of ERISA.

         The Plan Administrator's decision on review shall be final and binding
         on any claimant or any successor in interest.

10.      AMENDING THE PLAN

         The Company may, by adoption of a resolution of its Board of Directors,
amend or terminate the Plan; provided that in no event shall the Plan be amended
or terminated during the two year period following a Change in Control in a
manner which would reduce Severance Pay, the Benefit Extension Period, or other
benefits under this Plan to any covered Salaried Employee.

11.      SUCCESSORS

         The Plan shall be binding upon any successor of the Company or a
Participating Subsidiary, whether by merger, consolidation or sale of all or
substantially all of the Company's or such Participating Subsidiary's assets, or
otherwise.

12.      OTHER PROVISIONS

         Nothing contained in the Plan or done pursuant to the Plan shall be
construed as a contract of employment between the Company or any Participating
Subsidiary and any employee, or as creating a right on the part of any employee
to be continued in the employment of the Company or any Participating
Subsidiary, or as a limitation of the right of the Company or any Participating
Subsidiary to discharge any employee with or without cause, or with or without
notice.

         Neither the Committee, the respective members of the Committee, nor the
Plan Administrator shall be liable for any act or omission in the administration
of the Plan, except as otherwise provided by law.

                                       8
<PAGE>

13.      CHOICE OF LAW

         The Plan shall be construed and governed under the laws of the State of
Florida, except to the extent that Federal law is applicable.

                                       9
<PAGE>
                                                                      SCHEDULE A

                              [EMPLOYER LETTERHEAD]
                                                           ------------- --, ---

                        SEPARATION AGREEMENT AND RELEASE

Dear ______________:

         This letter (hereinafter, this "Letter Agreement") will confirm the
terms related to your termination of employment with [INSERT NAME OF APPLICABLE
EMPLOYER] (the "Company").

1.       Effective as of _________ __, ____ (your "Termination Date"), your
         employment with the Company will terminate. Your Termination Date shall
         constitute the effective date of your "Severance," for purposes of the
         Statia Salaried Employee Severance Pay Plan (the "Severance Plan").

2.       Following your Termination Date, you will receive severance benefits
         pursuant to the terms of the Severance Plan (your "Severance Pay"),
         PROVIDED that you have signed this letter, and the other terms and
         conditions of the Severance Plan have been satisfied.

3.       You acknowledge that the amount of your Severance Pay is more than you
         would ordinarily be entitled to receive as severance benefits if you
         were not a participant in the Severance Plan.

4.       It is also understood that, in exchange for your Severance Pay, you
         release and waive all claims, causes of action or the like that you,
         your heirs, executors, administrators, and assigns have or may have in
         the future against Statia Terminals Group N.V and its subsidiaries, or
         any of their respective successors, affiliates, directors, officers,
         employees and agents, or anyone else connected with any of the
         foregoing, with respect to all matters of your employment and/or
         separation from employment with the Company, including, but not limited
         to, all claims related to severance, notice of termination, the payment
         of salary and all allegations, claims, and violations arising under the
         following, in each case as amended: the Age Discrimination in
         Employment Act of 1967, as amended by the Older Workers Benefit
         Protection Act of 1990; Title VII of the Civil Rights Act of 1964; the
         Civil Rights Act of 1991; the Equal Pay Act of 1963; the Americans with
         Disabilities Act of 1990; the Family and Medical Leave Act of 1993; the
         Civil Rights Act of 1866; the Worker Adjustment and Retraining
         Notification Act; the Employee Retirement Income Security Act of 1974
         (except any valid claim to recover vested benefits, if applicable); any
         applicable Executive Order Programs; the Fair Labor Standards Act of
         1938; and their state or local counterparts, including without
         limitation __________________(1) or any other Federal, state or local
         statute or ordinance, or under any public policy, contract or tort,
         under common law; for wrongful discharge; or arising under any
         practices or procedures of the Company; or any claim for breach of
         contract, infliction of emotional distress, defamation, or any claim
         for costs, fees or other expenses, including attorneys fees, incurred
         in these matters. This release and waiver does not waive or release any
         rights or claims that you may have which arise after the date you
         execute this Letter Agreement.

--------
(1)      Reference applicable state or local laws depending upon where
         Participant works.

<PAGE>

5.       Because the information in this Letter Agreement is confidential, it is
         agreed that you will not disclose the terms of this Letter Agreement to
         anyone, except that you may disclose the terms of this Letter Agreement
         to your spouse, your attorney, your accountant and to the extent
         required by a valid court order or by law.

6.       It is mutually agreed that this Letter Agreement sets forth the entire
         understanding between you and the Company relating to the subject
         matter of this Letter Agreement and that no employee or other agent of
         the Company has made any oral or written promises to you that are not
         fully and accurately set forth in this Letter Agreement.

7.       You will have seven (7) days following the execution of this Letter
         Agreement to revoke this Letter Agreement, and this Letter Agreement
         shall not become effective or enforceable until such revocation period
         has expired. No Severance Pay will be paid or provided until after such
         seven (7) day revocation period has expired and this Letter Agreement
         has become effective. If this Letter Agreement is revoked by you then
         you shall forfeit all of your Severance Pay, and the Company shall not
         be required to provide any such payments, benefits or other
         consideration.

8.       You know and understand the contents of this Letter Agreement and its
         binding effect, and have been afforded the opportunity to review its
         terms with an attorney prior to execution. You voluntarily and
         knowingly agree to the terms of this Letter Agreement, which shall be
         interpreted under the laws of the State of ___________.(2)

9.       You acknowledge that you have been advised that you have at least
         twenty-one (21) days to consider this Letter Agreement.(3) In the event
         that you execute this Letter Agreement prior to the expiration of the
         21-day period, you hereby waive the balance of said period. If the
         terms of this Letter Agreement are acceptable to you, please sign the
         enclosed copy of this Letter Agreement and return to the undersigned.

         If the terms of this Letter Agreement are acceptable to you, please
sign the enclosed copy of this Letter Agreement and return to the undersigned.

                                       [INSERT NAME OF APPLICABLE EMPLOYER]

                                       By:
                                           -------------------------------------
                                           Name:
                                           Title:

Agreed and accepted        on this
___ day of _________ ___ by

------------------------.

                         (L.S)
------------------------

---------------
(2)      Reference applicable state in which Salaried Employee works.

(3)      Forty-five day period may instead be required if termination applies to
         several individuals; counsel should be consulted in such situations.

                                       2

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