Document:

Lyondell Chemical Company Elective Deferral Plan for Non-Employee Directors

 Exhibit 10.12 
 INSTRUMENT AMENDING 
 LYONDELL CHEMICAL COMPANY 
 ELECTIVE DEFERRAL PLAN FOR NON-EMPLOYEE DIRECTORS 
 LYONDELL CHEMICAL COMPANY hereby
amends, effective February 23, 2006, the Lyondell Chemical Company Elective Deferral Plan for Non-Employee Directors, (“Plan”) applicable to deferrals before 2005, to merge the Plan into the 2005 Lyondell Chemical Company Elective
Deferral Plan for Non-Employee Directors, (“Elective Deferral Plan”). The Elective Deferral Plan shall be the surviving plan and its terms shall apply to all deferral accounts now held under the Elective Deferral Plan as a result of the
merger. 
 IN WITNESS WHEREOF, LYONDELL CHEMICAL COMPANY, acting by and through its duly authorized officer, has caused this Instrument to be
executed on this 23rd day of February, 2006. 
  

									
	ATTEST:	 		 	LYONDELL CHEMICAL COMPANY
					
	BY:	 	 /s/ Janna Sewell
	 		 	BY:	 	 /s/ Dan F. Smith

		 	Assistant Secretary	 		 		 	Dan F. Smith
		 		 		 		 	President and Chief Executive Officer

 INSTRUMENT 
 AMENDING AND RESTATING 
 LYONDELL CHEMICAL COMPANY 
 ELECTIVE DEFERRAL PLAN FOR 
 NON-EMPLOYEE DIRECTORS 
 Lyondell Chemical Company hereby amends and restates the Elective Deferral Plan for Non-Employee
Directors, effective as of February 23, 2006, to read in its entirety as the document entitled “Lyondell Chemical Company Elective Deferral Plan for Non-Employee Directors” that is attached hereto. 
 IN WITNESS WHEREOF, the undersigned, being duly authorized on behalf of the Company, has executed this Instrument on this 23rd day of February, 2006.

  

									
	ATTEST:	 		 	LYONDELL CHEMICAL COMPANY
					
	BY:	 	 /s/ Janna Sewell
	 		 	BY:	 	 /s/ Dan F. Smith

		 	Assistant Secretary	 		 		 	Dan F. Smith
		 		 		 		 	President and Chief Executive Officer

 Lyondell Chemical Company 
 ELECTIVE DEFERRAL PLAN FOR NON-EMPLOYEE DIRECTORS 
 Amended and Restated, February 23, 2006 

 ARTICLE I 
 GENERAL PROVISIONS 
 Section 1.1 Purpose and Intent of Plan. 
 This Plan is intended to provide an opportunity for Directors who are not Company employees to accumulate supplemental funds for retirement or special
needs before retirement through the deferral of portions of their Retainer Fee. 
 This Plan replaces the deferral provisions of the Lyondell
Chemical Company Elective Deferral Plan for Non-Employee Directors for amounts deferred before 2005 (“Prior Plan”) to conform to the requirements of Code Section 409A and any related regulation or other guidance promulgated by
applicable government agencies (“Code Section 409A”) and establishes the provisions of this Plan to apply to all deferrals of compensation earned or accrued in 2005 and thereafter. Effective February 23, 2006, the Prior Plan was
merged into this Plan and the terms of this Plan shall govern all amounts deferred before 2005 and associated earnings. 
 Section 1.2 Effective Date
of Plan. 
 This Plan document generally shall be effective January 1, 2005, unless certain provisions specify that they are
effective on a different date. 
 Section 1.3 Definitions 
 (a) Account means a separate bookkeeping account maintained by the Company for each Participant which measures and determines the amounts to be paid to the Participant under the Plan from January 1, 2005
forward. An Account may be divided into subaccounts as needed to reflect particular Deferral Elections. 
 (b) Administrative Committee
means a committee of independent directors designated by the Board. 
 (c) Beneficiary means a person entitled to receive a
Participant’s Plan interest when the Participant’s dies before his Account is totally distributed. 
 (d) Board means the
Board of Directors of Lyondell Chemical Company. 
 (e) Board Committee means any committee established by the Board which consists of
Directors and which reports to the Board. 
 (f) Chairman Fee means the annual cash amount payable to a Director as additional
compensation for serving as Chairman of the Board or as Chairman of a Board Committee. 

 (g) Change in Control shall be deemed to have occurred on the date that one or more of the
following occurs: 
 (i) Individuals who, within any twelve (12) month period, constitute a majority of the Board
(“Incumbent Directors”) are replaced as members of the Board by individuals who are not Incumbent Directors. Incumbent Directors shall include any individual becoming a director within the same twelve (12) month period when the
person’s election or appointment was approved by a vote of at least a majority of the then Incumbent Directors and shall exclude for this purpose any individual whose initial assumption of office was not endorsed by a majority of the Board,

 (ii) The date of any merger, consolidation or recapitalization of the Company (or, if the capital stock of the Company is
affected, any subsidiary of the Company), or any sale, lease, or other transfer (in one transaction or a series of transactions contemplated or arranged by any party as a single plan) of all or substantially all of the assets of the Company (each of
the foregoing being an “Acquisition Transaction”) where the shareholders of the Company immediately before that Acquisition Transaction would beneficially own, directly or indirectly, immediately after that Acquisition Transaction,
shares or other ownership interests representing in the aggregate less than fifty percent (50%) of (a) the then outstanding common stock or other equity interests of the corporation or other entity surviving or resulting from the merger,
consolidation or recapitalization or acquiring assets of the Company, as the case may be, or of its ultimate parent corporation or other entity, if any (in either case, the “Surviving Entity”), and (b) the Combined Voting Power
of the then outstanding Voting Securities of the Surviving Entity; or 
 (iii) Any Person shall be or become the beneficial
owner (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, as amended), directly or indirectly, of securities of the Company representing in the aggregate more than fifty percent (50%) of either (A) the then
outstanding shares of common stock of the Company (“Common Shares”) or (B) the Combined Voting Power of all then outstanding Voting Securities of the Company; provided, however, that notwithstanding the foregoing,
a Change in Control shall not be deemed to have occurred for purposes of this Subsection (iii): 
 (1) Solely as a result of
an acquisition of securities by the Company which, by reducing the number of Common Shares or other Voting Securities outstanding, increases (a) the proportionate number of Common Shares beneficially owned by any Person to more than fifty
percent (50%) of the Common Shares then outstanding, or (b) the proportionate voting power represented by the Voting Securities beneficially owned by any Person to more than fifty percent (50%) of the Combined Voting Power of all then
outstanding Voting Securities; 
 (2) Solely as a result of an acquisition of securities directly from the Company, except for
any conversion of a security that was not acquired directly from the Company; 
  

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 (iv) For purposes of this Change in Control definition, the following capitalized terms
have the following meanings: 
 (1) “Affiliate” shall mean, as to a specified person, another person that directly,
or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, the specified person, within the meaning of such terms as used in Rule 405 under the Securities Act of 1933, as amended, or any
successor rule. 
 (2) “Combined Voting Power” shall mean the aggregate votes entitled to be cast generally in the
election of the Board of Directors, or similar managing group, of a corporation or other entity by holders of then outstanding Voting Securities of such corporation or other entity. 
 (3) “Person” shall mean any individual, entity (including, without limit, any corporation, partnership, trust, joint venture,
association or governmental body) or group (as defined in Sections 14(d)(3) or 15(d)(2) of the Exchange Act and the rules and regulations thereunder); provided, however, that Person shall not include the Company, any of its
subsidiaries or affiliates or LYONDELL-CITGO Refining LP (“LCR”), any employee benefit plan of the Company or LCR or any of their subsidiaries or any entity organized, appointed or established by the Company, LCR, or their subsidiaries for
or pursuant to the terms of any plan. 
 (4) “Voting Securities” shall mean all securities of a corporation or other
entity having the right under ordinary circumstances to vote in an election of the Board of Directors, or similar managing group, of such corporation or other entity. 
 (h) Code means the Internal Revenue Code of 1986, as amended, including any successor provisions and any regulations or other guidance promulgated by applicable government agencies. 
 (i) Common Stock means the Company’s common stock, par value $1.00 per share. 
 (j) Company means Lyondell Chemical Company, a Delaware corporation, or its successor. 
 (k) Deferral Election means a Director’s election to defer Retainer Fees during a Deferral Period according to Section 2.1. 

(l) Deferral Period means the particular calendar year for which a Deferral Election is made. A new Deferral Period begins each January 1
and ends each December 31, but for a new Director, his or her initial Deferral Period shall commence thirty (30) days after the Director’s election to the Board. 
 (m) Deferred Compensation means the aggregate amount of Retainer Fees a Director elects to defer and DSUs credited to the Participant’s
Account. 
  

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 (n) Deferred Stock Units or DSUs means a bookkeeping unit representing the value of one share of
Common Stock used to credit certain deferrals to a Participant’s account and track investment returns. 
 (o) Director means a
Director of the Board who is not a current employee of the Company or any of its subsidiaries or affiliates. 
 (p) Distribution means
a distribution of a Participant’s Account as a result of Termination of Service or other event specified under this Plan and permitted by Code Section 409A. 
 (q) Effective Date means January 1, 2005. 
 (r) Financial Hardship means a condition of
severe financial difficulty, due to an unforeseeable emergency resulting from (i) an illness or accident of the Participant, his spouse or dependent; (ii) a casualty causing a Participant’s property loss; or (iii) other similar
or extraordinary and unforeseeable circumstances created by events beyond the Participant’s control, as determined by the Administrative Committee, upon advice of counsel, based on written information supplied by the Participant and which is
sufficient, in counsel’s judgment, to justify a change in a Plan distribution election without causing the Participant or any other Plan Participant to receive taxable income from the Plan before the Participant actually receives his or her
benefit. 
 (s) In-Service Distribution means a distribution before Termination of Service as specified in Section 4.4 and
permitted by Code Section 409A. 
 (t) Interest Rate means (i) prior to January 1, 2006, 125 percent of the rolling
average Ten-Year Treasury Note Rate, on October 1 before the applicable Plan Year begins, and (ii) for each Plan Year commencing on or after January 1, 2006, the previous monthly average of the closing yield to maturity, as reported
by Bloomberg, of Lyondell Chemical Company’s most junior publicly traded debt on December 1 of the prior Plan Year. If this debt is retired during the Plan Year, the monthly interest rate shall be based on the previous monthly average of
the then longest maturity for the Company’s most junior publicly traded debt. 
 (u) Participant means any Director participating
in this Plan under Article II, or any former Director who has not received the entire Plan benefit to which he or she is entitled. 
 (v)
Plan means this Elective Deferral Plan for Non-Employee Directors. 
 (w) Plan Year means each calendar year beginning on
January 1 and ending on December 31. 
 (x) Prior Plan Account means the amounts deferred under the Prior Plan, and
associated earnings, which were transferred to this Plan February 23, 2006. 
 (y) Retainer Fee means the annual amount paid in
cash to a Director as compensation for serving in that capacity and any additional Chairman Fees. 
  

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 (z) Survivor Benefit means the benefits described in Section 4.3 provided when a Participant
dies before his or her Account is distributed. 
 (aa) Termination of Service means the Director ceasing to be a Board member, which
complies with the requirements of Code Section 409A. 
 (bb) Trust Agreement means the Lyondell Chemical Company Non-Employee
Directors Benefit Plans Trust Agreement and any amendments or successor agreements. 
 (cc) Valuation Date means the last day of each
month, or other dates Administrative Committee determines in its discretion, which may be either more or less frequent, used to value Participants’ Accounts. 
  

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 ARTICLE II 
 PARTICIPATION AND DEFERRAL ELECTIONS 
 Section 2.1 Elective Deferrals. 
 A Director may elect to defer Retainer Fees and specify the desired form of crediting method under Section 3.5 before a Deferral Period begins by
submitting a Deferral Election for the Deferral Period. The time and form or distribution of the amount deferred shall be elected at the time the Deferral Election is made. Each Director’s Deferral Election shall be irrevocable after the
Deferral Period begins. A Participant may also elect to defer an In-Service Distribution as provided in Section 4.4. 
 Section 2.2 Deferral
Limits. 
 Deferral Elections shall be subject to the following limits: 
 (a) A Participant must defer a minimum deferral amount reasonably anticipated to exceed Eight Thousand Dollars ($8,000) per Deferral Period. 

(b) A Participant may not defer an amount exceeding one hundred (100%) of the Participant’s Retainer Fee that would otherwise be payable in
cash for that Deferral Period. 
 Section 2.3 Termination of Service. 
 Any outstanding Deferral Election shall terminate on the Participant’s Termination of Service. 
 Section 2.4 Modification of Deferral Elections. 
 The Administrative Committee may permit a Participant to cease the remaining deferrals under a Deferral Election, if it finds that the Participant has suffered a Financial Hardship, to the extent that the Deferral Election may be revoked as
a result of Financial Hardship under Code Section 409A. 
  

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 ARTICLE III 
 DEFERRED COMPENSATION ACCOUNTS 
 Section 3.1 Accounts. 
 Accounts shall be maintained for each Participant for record-keeping purposes only. A Participant’s Account may be divided into subaccounts if
necessary to determine how a Participant’s Distribution Elections shall apply to portions of the Account. 
 Section 3.2 Deferred Compensation.

 A Participant’s Deferred Compensation shall be credited to the Participant’s Account on the date when the corresponding
non-deferred portion of compensation is paid or would have been paid but for the Deferral Election. 
 (a) New Directors. A person who
becomes a Director after January 1 of a Plan Year shall be eligible to make a Deferral Election within thirty (30) days of the date he becomes a Director for the pro-rated Retainer Fee payable for service during that Plan Year. 

(b) Tax Withholding. The Company shall have the right to withhold from any Retainer Fees or Plan benefits (or otherwise cause the Director, his
Beneficiary or the executor or administrator of his estate to pay) any federal, state, local or foreign taxes required to be withheld for any Deferred Compensation or benefits paid by the Plan, including, but not limited to, Medicare taxes.

 Section 3.3 Deferred Stock Units. 
 (a) DSU Valuation. DSUs allocated to a Participant’s Account during a Plan Year for any reason other than a dividend payment, and DSUs transferred into the cash portion of a Participant’s Account according to a crediting
method election change under Section 3.5, shall be valued at the closing price per share of Common Stock on the last trading date of the prior Plan Year. 
 (b) Dividends. When dividends are paid on shares of Common Stock, a Participant’s Account which has been credited with DSUs also shall be credited on the dividend record date with an additional number of
DSUs equal to (A) the total amount of dividends payable for the number of shares of Common Stock represented by the DSUs credited to the Participant’s Account, divided by (B) the closing price per share of Common Stock on the dividend
record date. 
 Section 3.4 Interest Rate. 
 Except as provided in Section 4.8, the cash portion of the Accounts shall be credited with interest at the applicable Interest Rate, compounded monthly during each Plan Year before the full distribution of the Participant’s
Account. Interest shall be credited monthly on the cash portion of the balance of the Account on each Valuation Date beginning on the date when Deferred Compensation is credited to the Account. 
  

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 Section 3.5 Election of Crediting Method. 
 Once each Plan Year, a Participant may elect, prospectively, to have the balance credited to his Account allocated between DSUs and cash, and the
corresponding crediting methods in Sections 3.3 and 3.4 will apply to the election. Elections will be effective the first day of the following Plan Year. Deferral elections shall specify the initial form of crediting Deferred Compensation.

 Section 3.6 Account Value 
 A
Participant’s Account on each Valuation Date shall consist of the balance of the Participant’s Account on the immediately preceding Valuation Date, plus the amount of the Participant’s Deferred Compensation (in both cash and DSUs)
since that Valuation Date, plus interest and dividend-derived DSUs credited to the Account, minus any distributions from or reductions to the Account since the immediately preceding Valuation Date. 
 Section 3.7 Vesting 
 Each Participant shall be
one hundred percent (100%) vested at all times in the amounts credited to his or her Account. 
 Section 3.8 Account Statement. 

The Company shall provide each Participant with a statement of his or her Account balance at least annually. 
  

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 ARTICLE IV 
 PLAN BENEFITS 
 Section 4.1 Plan Benefit. 
 A Participant’s Plan benefit shall equal the amount of his or her Account, determined according to Sections 3.6 and 4.6. DSUs credited to a
Participant’s Account shall be paid in cash based on the closing price of a share of Common Stock on the most recent Valuation Date. Interest is payable on a Participant’s Account balance until the Account is fully distributed. 

Section 4.2 Distribution Elections. 
 (a)
Time and Form of Distribution. If the Participant becomes entitled to a distribution due to Termination of Service, distribution shall be made at the time and form specified in the applicable Deferral Elections, except as provided in (d)(2)
below. A Participant may elect one or more of the following forms and commencement dates for all or a portion of his Deferral Account. 
 (1)
Lump Sum. A single payment of all of the Participant’s amount deferred under a Deferral Election. 
 (2) Installment
Payments. Monthly installment payments for five (5) years, ten (10) years or fifteen (15) years of the amount deferred under a Deferral Election, in substantially equal payments of principal and interest. The amount of each
monthly installment shall be recalculated effective January 1 of each year, based on the remaining balance subject to the installment payment election and the remaining number of installment payments. 
 Notwithstanding the foregoing, a Participant’s Account may be distributed earlier under Plan terms due to death or Financial Hardship, as provided
in Sections 4.3 and 4.5, or for other reasons as may be provided under Code Section 409A. 
 (b) Failure to Make a Distribution
Election. If the Participant fails to make a distribution election for a Prior Plan Account or an amount deferred for a particular Deferral Period, the Prior Plan Account or that portion of the Participant’s Account balance will be
distributed immediately in lump sum cash payment as soon as administratively possible, but no later than thirty (30) days following Termination of Service. 
 (c) Change in Time or Form of Distribution. A Participant may elect to change the form of a Plan distribution, but (1) the election may not become effective until at least twelve (12) months after the
date the new distribution election is made, (2) the election must defer payment for a period of five (5) years after the original distribution date and (3) the new distribution election must be made at least twelve (12) months
before the date the original distribution was scheduled to occur. 
  

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 (d) Special Distribution Election Rules. 
 (1) A Participant who made a Deferral Election for the Deferral Period beginning on January 1, 2005 (“2005 Deferral
Election”) may elect to change the distribution of the amount deferred under the 2005 Deferral Election, if the distribution change is made before December 31, 2005. 
 (2) A Participant who is not eligible for a distribution in 2006 may elect to change the distribution of a Prior Plan Account, if the
distribution change is made before December 31, 2006. If a Participant does not elect to change an existing distribution election, the Participant’s Prior Plan Account shall be distributed in the form previously selected by the Participant
for the Prior Plan Account following the Participant’s Termination of Service. If a Participant does not have an existing distribution election for the Prior Plan Account, the Prior Plan Account will be paid according to (b) above.

 Section 4.3 Survivor Benefits. 
 (a) Death Before Account Distribution. If the Participant dies before his or her Account distribution begins, the Plan shall pay a Survivor Benefit equal to the value of the Participant’s Account, determined according to
Sections 3.6 and 4.6, increased by the applicable Interest Rate on the unpaid Account balance during the period when Survivor Benefit payments are being made to the Participant’s Beneficiary. 
 The Survivor Benefit shall be paid in a lump sum cash payment unless the Participant elected to have the Participant’s Account balance distributed
in installment payments. A Participant may elect to have the Survivor Benefit paid to the Participant’s Beneficiary in substantially equal monthly cash payments over five (5) years, ten (10) years or fifteen (15) years. The
amount of each of the monthly installments shall be recalculated effective January 1 of each year, based on the remaining Account balance. 
 (b) Death After Account Distribution. If a Participant who is receiving installment payments dies after his or her Account distribution begins, any Survivor Benefit elected under this Plan shall not apply and the Participant’s
Account balance shall continue to be paid to the Beneficiary in the benefit form that was payable to the Participant, until all remaining payments that would have been made to the Participant if the Participant had lived, have been made. Payments
shall be increased by the applicable Interest Rate credited on the deceased Participant’s unpaid Account balance during each year payment is made to the Beneficiary. 
 (c) Election Change. A Participant may change his Survivor Benefit at any time, but the change shall not be effective until twelve (12) months after the date the election was made. If the Participant fails
to elect a form of Survivor Benefit payments, the Participant’s Account balance shall be distributed in a lump sum payment as soon as practical following the Participant’s death. 
 (d) Death Following Change in Control. If a Participant is entitled to a payment under Section 4.8 and dies before receiving his entire
Account, the balance of the Participant’s Account shall be paid to Participant’s Beneficiary in a lump sum cash payment. 
  

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 Section 4.4 In-Service Distributions. 
 A Participant may elect to receive an In-Service Distribution from his or her Account subject to the following restrictions: 
 (a) Election. The election to take an In-Service Distribution for a particular Deferral Election must be made at the same time the Participant
makes that Deferral Election. 
 (b) Amount. A Participant may elect to receive an In-Service Distribution equal to the amount the
Participant deferred under a particular Deferral Election. If a previously elected amount exceeds the related Account balance when an In-Service Distribution is to be made, only the Account balance will be paid. 
 (c) Timing of In-Service Distribution. The In-Service Distribution shall be made in cash and shall begin at the time elected by the Participant
when the Deferral Election was made. If the Participant has a Termination of Service before the In-Service Distribution date, the In-Service Distribution will be canceled and distribution will be made under Section 4.2. The date elected for an
In-Service Distribution shall be at least two (2) years after the Deferral Election becomes effective. 
 (d) Distributions from
Account. Amounts paid to a Participant under this Section 4.4 shall be treated as distributions from the Participant’s Account. 
 Section 4.5 Financial Hardship Distributions. 
 When the Administrative Committee finds that a Participant has suffered
a Financial Hardship, following the Participant’s written application, the Administrative Committee shall distribute all or a portion of the Participant’s Account reasonably necessary to satisfy the Financial Hardship. The amount necessary
to satisfy the Financial Hardship shall be the amount determined according to the requirements of Code Section 409A. The distribution shall be paid in a lump sum as soon as administratively practical following the Financial Hardship finding.

 Section 4.6 Valuation and Settlement. 
 The Settlement Date shall be the earlier of the date when a lump sum is paid or when installment payments commence. The Settlement Date shall be no more than thirty (30) days after the last day of the month when the Participant or his
Beneficiary becomes entitled to a Distribution. The Settlement Date for an In-Service Distribution shall be the month when the Participant elects to commence payment. The amount of a lump sum and the initial amount of installment payments shall be
based on the Participant’s Account value on the Valuation Date immediately before the Settlement Date. 
 Section 4.7 Small Benefit.

 Notwithstanding any Distribution election, the Company, in its sole discretion, may pay any benefit as a lump sum cash payment to the
Participant or any Beneficiary, if the value of the Account balance that remains or the which is payable to the Participant or Beneficiary in installments when payments would otherwise commence, is less than $10,000. 
  

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 Section 4.8 Change in Control. 
 Notwithstanding any contrary Plan provision, the provisions of this Section shall control on a Change in Control of the Company. If a Change in Control occurs, the full amount of contributions and earnings accrued or
credited to the Participant’s Account (either as cash amounts or as DSUs) on the date immediately before the Change in Control, shall be distributed in cash to the Participant or the Participant’s Beneficiary, if a Survivor Benefit is
being paid to a Beneficiary at Change in Control. Payment shall be made in a lump sum form. 
 Section 4.9 Combined Gross-up Payment; Tax Defense.

 (a) Combined Gross-up Payment. If a Participant becomes entitled to one or more payments (including, without limit, the vesting
of an option or other non-cash benefit or property) under the terms of any Company plan, arrangement or agreement (the “Total Payments”), which are or become subject to the tax imposed by Section 4999 of the Internal Revenue Code of
1986, as amended (the “Code”) (or any similar tax that may be imposed) (the “Excise Tax”), the Company shall pay the Participant an additional cash amount (the “Combined Gross-up Payment”) so the net amount the
Participant retains after reduction for (i) any Excise Tax on the Total Payments and (ii) any federal, state and local income or employment tax and Excise Tax payable for the Combined Gross-up Payment, shall equal the Total Payments. To
determine the Combined Gross-up Payment amount, a Participant shall be deemed (i) to pay federal income taxes at the highest stated rate of federal income tax (including surtaxes, if any) for the calendar year when the Combined Gross up Payment
is to be made; and (ii) to pay any applicable state and local income taxes at the highest stated rate of taxation (including surtaxes, if any) for the calendar year when the Combined Gross-up Payment is to be made. Any Combined Gross-up Payment
shall be made to the Participant at the same time any Total Payment subject to the Excise Tax is paid or deemed received by the Participant. The Combined Gross-up Payment shall not be paid under this Plan if a Combined Gross-up Payment identical to
or greater than the amount calculated under this Section 4.9 is paid under any other Company plan, arrangement or agreement. 
 (b)
Tax Defense. If, in connection with the examination of a Participant’s tax return, the Internal Revenue Service asserts that any amount payable or benefit provided under this Plan is a “parachute payment” as defined in the
Code, and the amount or benefit was not treated as a parachute payment to determine a Combined Gross-up Payment, the Company at its cost shall assume the defense of any controversy involving the issue and shall indemnify and hold the Participant
harmless for all liabilities, costs, taxes, interest and penalties attributable to the issue and, to the extent necessary (without duplication), shall increase the Combined Gross-up Payment to give effect to any additional amount or benefit
determined to be a parachute payment. The Participant shall cooperate with the Company so the Company will be able to challenge any adverse Internal Revenue Service determination through administrative proceedings and, if determined by the Company,
through litigation. 
  

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 ARTICLE V 
 BENEFICIARY DESIGNATION 
 Section 5.1 Beneficiary Designation. 
 Each Participant shall have the right to designate a Beneficiary or Beneficiaries to receive his or her Account on his or her death. The designation shall
be in a form provided by and delivered to the Company. The Participant shall have the right to change or revoke any designation from time to time by filing a new designation or notice of revocation with the Company. No notice to or consent by any
Beneficiary shall be required for any change or revocation. 
 Section 5.2 Failure to Designate Beneficiary. 
 If a Participant fails to designate a Beneficiary before his or her death, or if no designated Beneficiary survives the Participant, the balance in the
Participant’s Account shall be paid in a lump sum cash payment to the executor or administrator for his or her estate. 
  

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 ARTICLE VI 
 ADMINISTRATION 
 Section 6.1 Interpretation. 
 The Administrative Committee shall have the exclusive right and discretionary authority to interpret Plan provisions and to decide questions arising in
its administration. The Administrative Committee’s decisions and interpretations shall be final and binding on the Company, Participants, Directors, Beneficiaries and all other persons. 
 Section 6.2 Administrative Records. 
 Records
reflecting Plan administration shall be kept. 
 Section 6.3 Claims. 
 The Administrative Committee shall provide adequate notice in writing to any Participant, Director or Beneficiary whose claim for Plan benefits has been
denied, setting forth the specific reasons for the denial. The Participant, Director or Beneficiary will be given an opportunity to request a review of the decision denying the claim. The Participant, Director or Beneficiary shall be given sixty
(60) days from the date of the notice denying any claim to request a review. If a written request for a review is not received within this sixty (60) day period, the denial will be final. The Board or the person or entity delegated
responsibility to review the claim on the Board’s behalf, shall conduct a full and fair review of the claim. A decision on review shall be in writing and shall include specific reasons for the decision. 
 Section 6.4 Liability. 
 No Administrative
Committee member shall be liable for any action taken in good faith or exercise of any Administrative Committee power or for the actions of other Administrative Committee members. 
  

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 ARTICLE VII 
 AMENDMENT AND TERMINATION 
 Section 7.1 Plan Amendment. 
 This Plan may be amended from time to time by the Administrative Committee.. 
 Section 7.2 Termination. 
 The Company intends to continue this Plan indefinitely, but reserves
the right to terminate it at any time. If a Change in Control occurs, this Plan shall be terminated following distribution of assets to Participants or to the Independent Plan Administrator under the Trust Agreement. 
 Section 7.3 Effect of Amendment or Termination. 
 No Plan amendment or termination Plan may adversely affect the benefit payable to any Participant or Beneficiary receiving or entitled to receive Plan benefits before the effective date of the amendment or termination. However, the Board
may amend the Plan to eliminate any form of payment or to comply with any law or regulation, including, but not limited to, reformation of any Plan provision that would result in the imposition of an excise tax under Code Section 409A, and if
so, that amendment or reformation will not be deemed to adversely affect any Participant’s benefit entitlement. 
 No Plan amendment or
termination due to a Change in Control shall adversely affect the amount of contributions and earnings accrued or credited to any former or current Participant’s Account immediately before the Change in Control. 
 Section 7.4 Effect of Legislation. 
 If any Plan
provision would result in the imposition of any excise tax under Code Section 409A, the terms of Code Section 409A shall apply and that Plan provision will be reformed to avoid the excise tax. 
  

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 ARTICLE VIII 
 MISCELLANEOUS 
 Section 8.1 Unsecured General Creditor. 
 Participants and their Beneficiaries shall have no legal or equitable rights, claims or interests in any specific Company assets or property, nor are they
beneficiaries of, or have any rights, claims or interests in any life insurance policies, annuity contracts, or the proceeds of those policies or contracts which the Company owns or acquires (“Policies”). Any Policies or other Company
assets shall be, and remain, general unpledged, unrestricted Company assets. The Company’s obligation under the Plan is merely an unfunded and unsecured Company promise to pay money in the future. 
 Section 8.2 Grantor Trust. 
 Although the Company
is responsible for all Plan benefits, the Company, in its sole discretion, may contribute funds to a grantor trust, as it deems appropriate, to pay Plan benefits. The trust may be irrevocable, but trust assets shall be subject to the claims of
Company creditors. If any Plan benefits are actually paid from the trust, the Company shall have no further obligation for those benefits but to the extent the benefit is not paid, benefits shall remain the obligation of, and shall be paid, by the
Company. Participants or Beneficiaries shall be unsecured creditors insofar as their legal claims for Plan benefits and shall have no security interest in the grantor trust. 
 Section 8.3 Non-assignment. 
 Payments to and benefits under this Plan are not assignable,
transferable or subject to alienation since they are primarily for the support and maintenance of the Participants and their Beneficiaries. Likewise, payments shall not be subject to attachments by creditors of, or through legal process against, the
Company, the Administrative Committee or any Participants. Payment may be offset by the Company as provided under Section 8.6. 
 Section 8.4 No
Right To Board Service. 
 The Plan provisions shall not give a Director the right to be retained in Company service nor shall this Plan
or any action taken under the Plan be construed as a contract for Board service. 
 Section 8.5 Adjustments. 
 At the Company’s request, the Administrative Committee may adjust a Participant’s Plan benefit or make other adjustments required to correct
administrative errors or provide uniform treatment of Participants, in a manner consistent with the Plan’s intent and purpose. 
 Section 8.6
Obligation to Company. 
 If a Participant becomes entitled to a distribution of Plan benefits, and if at that time the Participant has
any outstanding debt, obligation, or other liability representing an amount owed 
  

 -16- 

 to the Company, or any Company benefit plan, then the Administrative Committee, in its sole discretion, may offset the
amount owed to the Company or the benefit plan against the amount of benefits otherwise distributable under this Plan. 
 Section 8.7 Protective
Provisions. 
 Each Participant shall cooperate with the Company by furnishing any and all information the Company requests to facilitate
benefit payments, taking any physical examinations as the Company deems necessary and taking other relevant action as the Company requests. If a Participant refuses to cooperate, the Company shall have no further obligation to the Participant under
the Plan. If the Participant makes any material misstatement of information or nondisclosure of medical history, no benefits will be payable to the Participant or his Beneficiary, unless, in the Company’s sole discretion, benefits may be
payable in an amount reduced to compensate the Company for any loss, cost, damage or expense suffered or incurred by the Company as a result in any way of any Participant action, misstatement or nondisclosure. 
 Section 8.8 Gender, Singular and Plural. 
 All
pronouns and any variations are deemed to refer to the masculine, feminine, or neuter, as the identity of the person or persons require. The singular may be read as the plural and the plural as the singular as the case requires. 
 Section 8.9 Governing Law. 
 This Plan shall be
construed, regulated and administered under the laws of the State of Texas, except to the extent that the laws are preempted by federal law. 
 Section 8.10 Notice. 
 Any notice or filing required or permitted to be given to the Administrative Committee or the
Company under the Plan shall be sufficient if in writing and hand delivered, or sent by registered or certified mail, to the Company’s principal office directed to the attention of the Secretary of the Company. Notice shall be deemed given on
the delivery date or, if delivery is made by mail, on the postmark date on the receipt for registration or certification. 
 Section 8.11 Successors
and Assigns. 
 This Plan shall be binding upon the Company and its successors and assigns. 
 Section 8.12 Incapacity. 
 If the Administrative
Committee deems that any person entitled to receive any Plan payment is incapable of receiving or disbursing the payment because of minority, illness or infirmity, mental incompetency, or incapacity of any kind, the Administrative Committee, in its
sole discretion, may take any one or more of the following actions: it may apply the payment directly for the person’s comfort, support and maintenance; it may reimburse any person for any support supplied to the person entitled to receive any
payment; or it may pay any other person the Administrative Committee selects to disburse the payment for the comfort, support and 
  

 -17- 

 maintenance of the person entitled to it, including, without limit, to any relative who has wholly or partially
undertaken the expense of the person’s comfort, care and maintenance, or any institution which has care or custody of the person entitled to the payment. The Administrative Committee, in its sole discretion, may deposit any payment due to a
minor to the minor’s credit in any savings or commercial bank the Administrative Committee’s chooses. 
  

 -18-Lyondell Chemical Company Restricted Stock Plan for Non-Employee Directors

 Exhibit 10.15 
 INSTRUMENT 
 AMENDING AND RESTATING 
 LYONDELL CHEMICAL COMPANY 
 RESTRICTED STOCK PLAN FOR 
 NON-EMPLOYEE DIRECTORS 
 Lyondell
Chemical Company hereby amends and restates the Restricted Stock Plan for Non-Employee Directors, effective as of February 23, 2006, to read in its entirety as the document entitled “Lyondell Chemical Company Restricted Stock Plan for
Non-Employee Directors” that is attached hereto. 
 IN WITNESS WHEREOF, the undersigned, being duly authorized on behalf of the Company,
has executed this Instrument on this 23rd day of February, 2006. 
  

									
	ATTEST:	 		 	LYONDELL CHEMICAL COMPANY
					
	BY:	 	 /s/ Janna Sewell
	 		 	BY:	 	 /s/ Dan F. Smith

		 	Assistant Secretary	 		 		 	Dan F. Smith
		 		 		 		 	President and Chief Executive Officer

 Lyondell Chemical Company 
 RESTRICTED STOCK PLAN FOR NON-EMPLOYEE DIRECTORS 
 As Amended and Restated Effective February 23, 2006 

 LYONDELL CHEMICAL COMPANY 
 RESTRICTED STOCK PLAN FOR NON-EMPLOYEE DIRECTORS 
  

	1.	Purpose. 

 The Restricted Stock Plan for
Non-Employee Directors of Lyondell Chemical Company (the “Plan”) is intended to provide non-employee directors of Lyondell Chemical Company (the “Company”) with an increased proprietary interest in the Company’s success and
progress by granting them shares of the Company’s Common Stock (“Common Stock”) (“Restricted Shares”) or share equivalents (“RSUs”) that are restricted according to the terms and conditions set forth below. The
Plan is intended to increase the alignment of non-employee directors with the Company’s shareholders in terms of both risk and reward. 
  

	2.	Administration. 

 The Plan is administered by a
committee (the “Committee”) of independent members of the Company’s Board of Directors (the “Board”) designated by the Board. The Committee shall have all necessary authority and discretion to interpret any Plan provision or
to determine any question regarding Restricted Shares grants under this Plan. The Committee’s determination or interpretations shall be final, conclusive and binding on all persons. 
  

	3.	Eligibility. 

 All current or subsequently elected
members of the Company’s Board of Directors who are not current employees of the Company or any of its subsidiaries (“Eligible Directors”) shall be eligible to participate in the Plan. 
  

	4.	Grants. 

  

	 	(a)	Awards. Eligible Directors shall receive an annual incentive award divided equally into an award of Restricted Shares or RSUs and an associated Deferred Cash Payment (as
defined in Section 6). The Committee shall determine the amount and form of the award annually in its discretion, which may vary among Eligible Directors. The date when Committee determines the annual incentive award amount is the “Grant
Date.” The Committee may provide for an RSU award in lieu of Restricted Shares, if it deems it appropriate, in its sole discretion. RSUs shall have a value equivalent to shares of Common Stock, payable solely in cash. 

 

	 	(b)	Terms. Restricted Share or RSU awards to Eligible Directors shall be on the terms and conditions the Committee determines from time to time and with the restrictions set
forth in Section 5. Deferred Cash Payments shall be subject to Section 6. 

  

 -2- 

	 	(c)	Number of Restricted Shares or RSUs. The number of Restricted Shares or RSUs granted shall be determined by dividing the dollar amount of the portion of the award allocable
to Restricted Shares or RSUs by the closing price of a share of Common Stock on the last trading day of the calendar year before the calendar year when the Grant Date occurs. 

  

	 	(d)	New Directors. A person who becomes an Eligible Director after the Grant Date for a calendar year shall receive a prorated annual Restricted Share or RSU award, based on the
number of remaining months in the calendar year after the first day of the month when the person became an Eligible Director. The number of Restricted Shares or RSUs awarded shall be determined by dividing the prorated amount allocable to the
partial year by the closing price of a share of Common Stock on the first trading day of the month after the month when the person became an Eligible Director. 

  

	5.	Terms and Conditions of Restricted Shares or RSUs. 

  

	 	(a)	General. Each Restricted Share or RSU award shall be subject to the restrictions under subsection (b) for the Restricted Period. 

  

	 	(b)	Restrictions. The Restricted Shares and RSUs shall be subject to a substantial risk of forfeiture until the Restricted Period expires. An Eligible Director shall have all
ownership rights and privileges of a shareholder for any outstanding unvested Restricted Shares, including the right to receive dividends and the right to vote those Restricted Shares, but shall not be entitled to delivery of a certificate for
shares of Common Stock until the Restricted Period expires. An Eligible Director shall not have ownership rights and privileges attributable to any outstanding unvested RSUs, but shall be entitled to a cash payment for each RSU equal to the amount
of cash dividends payable on a share of Common Stock at the time cash dividends are paid. None of the Restricted Shares or RSUs may be sold, transferred, assigned, pledged, or otherwise encumbered or disposed of during the Restricted Period, and all
Restricted Shares or RSU grants shall be forfeited and all rights of an Eligible Director to Restricted Shares or RSUs shall terminate without further obligation on the Company’s part if the Eligible Director terminates service prior to the
date the Restricted Period lapses. 

  

	 	(c)	Restricted Period. The Restricted Period for any award of Restricted Shares or RSUs shall begin on the Grant Date and shall lapse on the tenth anniversary of the Grant Date
or, if earlier, the date specified in subsection (d). 

 During the Restricted Period, Restricted Shares may be held as a stock
certificate representing the number of Restricted Shares awarded and may be registered in each Eligible Director’s name but held in the Plan’s custody for the Eligible Director’s account and not released to the Eligible Director until
the Restricted Shares become vested when the Restricted Period lapses. 
  

 -3- 

	 	(d)	Lapse of Restricted Period. If an Eligible Director ceases to be a Company director due to Disability, death, Retirement, Change of Control or failure to be re-nominated to
serve for any reason other than Cause, the Restricted Period shall lapse and the Restricted Shares or RSUs granted to that Eligible Director shall vest immediately. If an Eligible Director who has not ceased to be a Company director attains age 72,
the Restricted Period for outstanding Restricted Shares shall lapse on the later of (i) the last day of the month in which the Eligible Director attained age 72 or (ii) May 4, 2006. If an Eligible Director ceases to be a director of
the Company for any other reason, the Eligible Director shall forfeit immediately all Restricted Shares or RSUs , unless a majority of the Board, other than the Eligible Director, determines that termination of director service is in the
Company’s best interest approves the lapse of the Restricted Period and vests the Restricted Shares or RSUs. Except as provided in Section 7, all restrictions on those Restricted Shares or RSUs shall lapse on vesting. A certificate for
shares under a Restricted Share grant shall be delivered to the Eligible Director, or the Eligible Director’s beneficiary or estate, according to subsection (e). 

 For purposes of this section, the following definitions apply: 
  

	 	(i)	“Disability” means a permanent and total disability as defined in Section 22(e)(3) of the Internal Revenue Code. 

  

	 	(ii)	“Retirement” means ceasing to be a Company director (i) on or after age 72 or (ii) at any time prior to age 72 with the consent of a majority of Board members,
other than the Eligible Director. 

  

	 	(iii)	“Change of Control” means a change of control as defined in the Company’s Non-Employee Directors Benefit Plans Trust Agreement, as in effect from time to time.

  

	 	(iv)	“Cause” means failure to diligently and prudently carry out the duties of a director, as determined by a majority of the Board members other than the affected director.

  

	 	(e)	Delivery of Restricted Shares. At the end of the Restricted Period, a stock certificate for the number of vested Restricted Shares shall be delivered free of all restrictions
to the Eligible Director or the Eligible Director’s beneficiary or estate, as the case may be. 

  

	 	(f)	Payment of RSUs. At the end of the Restricted Period, a cash payment shall be delivered to the Eligible Director or the Eligible Director’s beneficiary or estate, as the
case may be. The RSU cash payment shall be calculated in the same manner as the Deferred Cash Payment. 

  

 -4- 

	6.	Deferred Cash Payment. 

 Each Eligible Director
shall receive a cash payment (the “Deferred Cash Payment”) from the Company within thirty business days after the date Restricted Shares or RSUs vest when the Restricted Period lapses or, if applicable, after the date Restricted Shares or
RSUs are forfeited. The amount of the Deferred Cash Payment shall be equal to the closing price per share of Common Stock on the trading date coincident with or next following the date the Restricted Shares or RSUs vest or are forfeited, multiplied
by the number of vested or forfeited Restricted Shares or RSUs. 
  

	7.	Regulatory Compliance. 

 An Eligible Director or an
Eligible Director’s beneficiary or estate shall not receive or sell any Common Stock granted pursuant to this Plan until all appropriate listing, registration and qualification requirements and consents and approvals have been satisfied or
obtained, free of any condition unacceptable to the Board. 
 The Committee shall have the authority to remove any or all of the restrictions
on the Restricted Shares or RSUs, including restrictions under the Restricted Period, whenever it determines that such action is appropriate as a result of changes in applicable laws or other circumstances after the Grant date. 
  

	8.	Shares Reserved Under the Plan. 

 The shares of
Common Stock covered by grants under this Plan as Restricted Shares will not exceed 200,000 shares in the aggregate, subject to adjustment as provided below, according and subject to Rule 16b-3 of the Securities and Exchange Act of 1934,
(“Exchange Act”), as amended. Restricted Shares may be originally issued or treasury shares or a combination of both. 
 Any shares
of Common Stock granted as Restricted Shares that are terminated, forfeited or surrendered or which expire for any reason will not be available again for issuance under this Plan, if any Eligible Director received any of the benefits of shares
ownership before termination, forfeiture or surrender. 
  

	9.	Adjustment of Awards. 

 If a recapitalization, stock
split, stock dividend, combination or exchange of shares, merger, consolidation, rights offering, separation, reorganization or liquidation, or any other change in the Company’s corporate structure or shares occurs, the Committee may make
equitable adjustments in the number of Restricted Shares and RSUs and class of shares authorized to be granted as Restricted Shares or used to value RSUs, as it deems appropriate to prevent dilution or enlargement of rights. Restricted Shares or
RSUs issued as a consequence of any such change shall be issued subject to the same restrictions and provisions applicable to the original Restricted Shares or RSU grant. 
  

 -5- 

	10.	Plan Termination or Amendment. 

 The Committee at
any time may terminate the Plan and from time to time may alter or amend all or any part of the Plan (including any amendment deemed necessary to ensure that the Company complies with any regulatory requirement in Section 7) without shareholder
approval, unless otherwise required by law or by the Securities and Exchange Commission or New York Stock Exchange rules. No Plan termination or amendment may impair the rights of an Eligible Director to awards of Restricted Shares or RSUs and
associated Deferred Cash Payments granted under the Plan without the Director’s consent. 
  

	11.	Section 409A. 

 Notwithstanding anything to the
contrary in this Plan, if any Plan provision or Plan award would result in the imposition of an additional tax under Section 409A of the Internal Revenue Code, related regulations and United States Treasury Department pronouncements
(“Section 409A”), that Plan provision or award will be reformed to avoid imposition of the applicable tax and no action taken to comply with Section 409A shall be deemed to adversely affect the Eligible Director’s rights under
any award. 
  

	12.	Miscellaneous. 

  

	 	(a)	Nothing in the Plan shall be deemed to create any Board obligation to nominate any director for reelection by the Company’s shareholders. 

  

	 	(b)	The Company shall have the right to require that an Eligible Director pay any taxes required by law on share issuance or delivery when the restrictions lapse before any Restricted
Shares or RSUs are issued or delivered. 

  

	13.	Governing Law. 

 The Plan shall be construed
according to the law of the State of Texas if federal law does not supersede and preempt state law. 
  

	14.	Effective Date. 

 The Plan was originally effective
on June 1, 1996, and was amended and restated effective October 16, 1998 and January 1, 2003. The Plan is amended and restated effective February 23, 2006. 
  

 -6-

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