Document:

Amended and Restated Deferral Plan

 Exhibit 10.4 
 Lyondell Chemical Company 
  
 DEFERRAL PLAN 
 Amended and Restated, January 1, 2009 

 Lyondell Chemical Company 
 Deferral Plan 
 Table of Contents 
  

					
	ARTICLE I GENERAL PROVISIONS	  	1
			
	    Section 1.1	  	Purpose and Intent	  	1
	    Section 1.2	  	Effective Date	  	1
	    Section 1.3	  	Definitions	  	1
		
	ARTICLE II PARTICIPATION AND DEFERRAL ELECTIONS	  	5
			
	    Section 2.1	  	Eligibility and Participation	  	5
	    Section 2.2	  	Deferral Types	  	5
	    Section 2.3	  	Deferral Elections	  	5
	    Section 2.4	  	Deferral Limits	  	5
	    Section 2.5	  	Separation from Service	  	6
	    Section 2.6	  	Transfers	  	6
	    Section 2.7	  	Modification of Deferral Elections	  	6
		
	ARTICLE III DEFERRED COMPENSATION ACCOUNTS	  	7
			
	    Section 3.1	  	Accounts	  	7
	    Section 3.2	  	Deferred Compensation	  	7
	    Section 3.3	  	Interest Rate	  	7
	    Section 3.4	  	Account Value	  	7
	    Section 3.5	  	Vesting	  	8
	    Section 3.6	  	Account Statements	  	8
		
	ARTICLE IV PLAN BENEFITS	  	9
			
	    Section 4.1	  	Basic Plan Benefit	  	9
	    Section 4.2	  	Distribution Elections	  	9
	    Section 4.3	  	Amount and Form of Survivor Benefits	  	10
	    Section 4.4	  	Early Distribution	  	11
	    Section 4.5	  	Financial Hardship Distribution	  	11
	    Section 4.6	  	Valuation and Settlement	  	12
	    Section 4.7	  	Small Benefit	  	12
		
	ARTICLE V BENEFICIARY DESIGNATION	  	13
			
	    Section 5.1	  	Beneficiary Designation	  	13
	    Section 5.2	  	Failure to Designate a Beneficiary	  	13

  

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	ARTICLE VI ADMINISTRATION	  	14
			
	    Section 6.1	  	Interpretation	  	14
	    Section 6.2	  	Administrative Records	  	14
	    Section 6.3	  	Claims	  	14
	    Section 6.4	  	Committee Liability	  	15
		
	ARTICLE VII AMENDMENT AND TERMINATION	  	16
			
	    Section 7.1	  	Plan Amendment	  	16
	    Section 7.2	  	Termination	  	16
	    Section 7.3	  	Effect of Amendment or Termination	  	16
	    Section 7.4	  	Effect of Legislation	  	16
		
	ARTICLE VIII MISCELLANEOUS	  	17
			
	    Section 8.1	  	Unfunded Benefit Plan	  	17
	    Section 8.2	  	Unsecured General Creditor	  	17
	    Section 8.3	  	Grantor Trust	  	17
	    Section 8.4	  	Non-Assignment	  	17
	    Section 8.5	  	No Employment Right	  	18
	    Section 8.6	  	Adjustments	  	18
	    Section 8.7	  	Obligation to Company	  	18
	    Section 8.8	  	Protective Provisions	  	18
	    Section 8.9	  	Gender, Singular and Plural	  	18
	    Section 8.10	  	Governing Law	  	18
	    Section 8.11	  	Notice	  	19
	    Section 8.12	  	Successors and Assigns	  	19
	    Section 8.13	  	Incapacity	  	19

  

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 ARTICLE I 
 GENERAL PROVISIONS 
 Section 1.1 Purpose and Intent. 
 This Plan is intended to provide the opportunity for eligible Employees to accumulate supplemental funds for retirement or special needs before retirement
through deferral of portions of their regular Salary and Awards. 
 This Plan replaces the deferral provisions of the Lyondell Chemical
Company Executive Deferral Plan 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 governmental agencies
(“Code Section 409A”) and establishes the provisions of this Plan as intended to apply to deferrals of compensation earned or accrued in 2005 and thereafter. 
 Section 1.2 Effective Date. 
 This Plan document generally shall be effective as of
January 1, 2009 and shall apply to Plan Participants on or after January 1, 2009 unless certain provisions specify that they are effective on a different date. 
 Section 1.3 Definitions. 
 Account means a separate bookkeeping account maintained
by the Company for each Employee which measures and determines the amounts to be paid to the Employee under the Plan. An Account may be divided in subaccounts as needed to reflect particular Deferral Elections. 
 Awards means immediate cash awards made under the annual short-term incentive compensation plans for executives and senior managers or
awards under any other plan that the Remuneration Committee has approved as Awards under this Plan. 
 Beneficiary means a
person who is entitled to receive a Participant’s interest under this Plan when the Participant dies before his Account is totally distributed. 
 Benefits Administrative Committee means the Benefits Administrative Committee of Lyondell Chemical Company. 
 Benefits Finance Committee means the Benefits Finance Committee of Lyondell Chemical Company. 
  

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 Code means the Internal Revenue Code of 1986, as amended, including any successor
provisions and any regulations or other guidance promulgated by applicable governmental agencies. 
 Company means Lyondell
Chemical Company, a Delaware corporation, and any successor company. 
 Deferral Election means a Participant’s election
to defer Salary and/or Awards during a Deferral Period according to Article II. 
 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. 
 Deferred Compensation means the amount of Salary and/or Awards a Participant elects to defer by a Deferral Election. 
 Disability means a medically determinable physical or mental impairment which is expected to last for at least a continuous twelve (12) month period or is expected to result in death, where the Participant (i) either
cannot engage in any substantial gainful employment due to the impairment or (ii) is receiving disability benefits for at least three (3) months under the Company’s applicable disability plan. 
 Distribution means a distribution of a Participant’s Account as a result of a Separation from Service or other event specified under
this Plan and permitted by Code Section 409A. 
 Early Distribution means a Distribution before Separation from Service as
specified in Section 4.4 and permitted by Code Section 409A. 
 Effective Date means January 1, 2009.

 Employee means a regular salaried employee of the Company. 
 ERISA means the Employee Retirement Income Security Act of 1974, as amended, including any successor provisions and any regulations or
other guidance promulgated by applicable governmental agencies. 
 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 Benefits 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 Distribution election under the Plan without causing the Participant or any other Participant to receive taxable income from the Plan before the Participant actually receives his
benefit. 
  

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 Interest Rate means the interest rate determined by the Company before the Deferral Period
and applied to the Participant’s Account during that Plan Year. 
 Key Employee means an Employee who, at any time during
the prior Plan Year, was identified as (i) an officer of the Company with annual compensation greater than $130,000, as adjusted, (ii) a five percent (5%) owner of the Company, or (iii) a one percent (1%) owner of the
Company with annual compensation from the Company of more than $150,000, as adjusted, as determined according to the requirements of Code Sections 409A and 416(i). For Plan Distribution purposes, an Employee identified as a Key Employee during a
year ending on an identification date shall be considered a Key Employee for a twelve (12) month period beginning on the following April 1. December 31 of the prior Plan Year shall be used as the identification date to identify Key
Employees under Code Section 409A. 
 Participant means any Employee who is participating in this Plan under Article II,
and any former Employee who has not received the entire benefit to which he is entitled under this Plan. 
 Plan means this
Lyondell Chemical Company Deferral Plan. 
 Plan Year means each calendar year beginning on January 1 and ending on
December 31. 
 Remuneration Committee means Remuneration Committee of the Supervisory Board of LyondellBasell Industries,
AF S.C.A. 
 Salary means the Employee’s regular, biweekly salary, excluding Awards and any other special or additional
compensatory payments made by the Company. 
 Separation from Service means the Participant’s employment termination from
Lyondell Chemical Company, or any of its Subsidiaries and Affiliates, which complies with the requirements of Code Section 409A. A transfer to or from Lyondell Chemical Company and any of its Subsidiaries or Affiliates shall not be a Separation
from Service under this Plan. 
  

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 Subsidiaries or Affiliates means: 
 (a) All corporations that are members of a controlled group of corporations within the meaning of Code Section 414(b) and of which the Company is
then a member, and 
 (b) All trades or businesses, whether or not incorporated, that are then under common control with the Company within
the meaning of Code Section 414(c). 
 Survivor Benefit means the benefit under Section 4.3 provided when a
Participant dies before his Account is distributed. 
 Valuation Date means the last day of each month, or another date the
Benefits 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 Eligibility and Participation. 
 (a) Eligibility. Eligibility to participate in this Plan shall be limited to Employees who eligible to participate in the LyondellBasell Industries
AF S.C.A. Mid-Term Incentive Plan during a Deferral Period. An Employee who becomes eligible to participate in this Plan after a Deferral Period begins shall not be eligible to participate until the following Deferral Period. 
 (b) Participation. An eligible Employee may elect to participate in the Plan by submitting a Deferral Election for a Deferral Period. 

Section 2.2 Deferral Types. 
 A Participant
may elect to defer Salary and/or Awards, subject to any limits, conditions or restrictions, such as minimum or maximum deferral amounts, as the Benefits Administrative Committee prescribes before the Deferral Period begins. A Participant may also
elect to defer an Early Distribution at the time and in the manner the Benefits Administrative Committee prescribes. 
 Section 2.3 Deferral
Elections. 
 Before each Deferral Period, at a time and in the manner the Benefits Administrative Committee prescribes, each eligible
Employee may elect to defer Salary and/or Awards. The time and form of Distribution of the deferred amount shall be elected when the Deferral Election is made. This Deferral Election shall be irrevocable after the Deferral Period begins, unless
modifications are authorized under Section 2.7. 
 Section 2.4 Deferral Limits. 
 Deferral Elections are subject to the following limits: 
 (a) A Participant may not defer more than fifty percent (50%) of his Salary. Benefits Administrative Committee shall establish a minimum amount that may be deferred before the Deferral Period begins. 

 

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 Section 2.5 Separation from Service. 
 Any outstanding Deferral Election relating to Awards payable after Separation from Service shall remain binding; otherwise, a Participant’s Deferral
Elections shall terminate on the Participant’s Separation from Service. 
 Section 2.6 Transfers. 
 A Participant’s Deferral Elections shall be irrevocable regardless of a transfer of employment among Lyondell Chemical Company or any of its
Subsidiaries or Affiliates. When a transfer occurs, the Participant’s Deferral Election shall continue to apply to Awards or Salary granted by the transferee company and the transferee company’s deferral plan shall assume responsibility
for the remainder of the Deferral Period, if any, subject to any Deferral Election that the Participant made under the transferor company’s plan. 
 Section 2.7 Modification of Deferral Elections. 
 The Benefits Administrative Committee may permit a Participant to
cease remaining deferrals under a Deferral Election upon finding 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 the Code Section 409A or a
hardship Distribution under Code Section 401(k). 
  

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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 the compensation is paid or would have been paid but for the Deferral Election. The Company shall have the right to withhold from Salary (or otherwise to cause the Participant or the executor or administrator of his estate,
or his Beneficiary) to pay any federal, state, local and/or foreign taxes required to be withheld on any Deferred Compensation. 
 Section 3.3
Interest Rate. 
 Interest shall be credited monthly on the balance of the Account on each Valuation Date beginning on the date when
deferred amounts are credited to the Account. A Participant’s Account will be credited with interest monthly during each Plan Year before the full Distribution of the Participant’s Account at the Interest Rate previously determined by the
Benefits Finance Committee, with approval by the Remuneration Committee, to apply during the Plan Year. The Benefits Finance Committee, with approval by the Remuneration Committee, shall establish the applicable interest rate for the following Plan
Year by reference to the rate of return on a predetermined actual investment which is reflective of the general credit quality of LyondellBasell Industries, its affiliates or an investment or group of investments of similar credit quality.

 Section 3.4 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 since the Valuation Date,
plus interest credited to the Account, and minus any Distributions or reductions made from the Account since the immediately preceding Valuation Date. 
  

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 Section 3.5 Vesting. 
 Each Participant shall be one hundred percent (100%) vested at all times in the amounts credited to the Participant’s Account. 
 Section 3.6 Account Statements. 
 The Company shall provide each Participant with periodic
statements setting forth the Participant’s Account balance. 
  

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 ARTICLE IV 
 PLAN BENEFITS 
 Section 4.1 Basic Plan Benefit. 
 Except as provided in Section 4.2, if a Participant has a Separation from Service, the Company shall pay a Plan benefit equal to the
Participant’s Account, including interest at the Interest Rate established in Section 3.3. 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 Separation from Service on or after attaining age fifty-five (55) with at least ten (10) years of service recognized by the Company or due to
Disability, Distribution shall be made at the time and form specified in the applicable Deferral Elections. 
 A Participant may elect one or
more of the following forms and commencement dates for all or portions of his Account. 
 (1) Lump Sum. A single
payment of all of the amount deferred under a Deferral Election. 
 (2) Installment Payments. Monthly installment
payments for five (5), ten (10) 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 redetermined, 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 the 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) Distribution Elections Inapplicable. If a Participant’s Account becomes
distributable due to Separation from Service before attaining age fifty-five (55) with at least ten (10) years of service recognized by the Company, the Participant’s Deferral Elections shall be disregarded and the Participant’s
Account will be paid in substantially equal payments of principal and interest over a three (3) year period. Distribution shall begin as soon as administratively possible, but no later than sixty (60) days after a Separation from Service
or as provided in (e) if the Participant is a Key Employee. The amount of each monthly installment shall be redetermined, effective January 1 of each year, based on the remaining number of installment payments. 
  

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 (c) Failure to Make a Distribution Election. If the Participant becomes entitled to a Distribution
on Separation from Service on or after attaining age fifty-five (55) with at least ten (10) years of service recognized by the Company or due to a Disability and has failed to make a Distribution election for an amount deferred for a
particular Deferral Period, that portion of the Participant’s Account balance will be distributed immediately in a single cash payment as soon as administratively possible, but no later than sixty (60) days following that distributable
event or as provided in (e) if the Participant is a Key Employee. 
 (d) Change in Time or Form of Distribution. A Participant
may elect to delay the commencement, or change the form, of a Plan Distribution, according to procedures adopted by the Benefits Administrative Committee, but (1) the election may not become effective until at least twelve (12) months
after the date the Distribution election is made, (2) the election must defer payment for a period of at least 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. 
 (e) Key Employees. If a Participant is a Key
Employee whose Account becomes distributable due to Separation from Service, a Distribution shall not begin until six (6) months following the Key Employee’s Separation from Service, whether in a lump sum or installment payment form. Lump
sum and installment payments shall be calculated on the Account value at the delayed Distribution date and shall commence as soon as administratively possible following the delayed Distribution date ; provided, however, that this Section 4.2
(e) shall apply only if the Company is a corporation any stock in which is publicly traded on an established securities market or otherwise. 
 Section 4.3 Amount and Form of Survivor Benefits. 
 If the Participant dies before his Account Distribution begins, the
Plan shall pay a Survivor Benefit equal to the value of the Participant’s Account balance, 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. A Participant may elect the form of Survivor Benefit payments and the election will apply to his entire Account balance. A Participant may elect Survivor Benefits payable in a lump sum or monthly installments for five
(5), ten (10) or fifteen (15) years in substantially equal payments of principal and interest. If the Participant has changed the Survivor Benefit election, the change shall not be effective until twelve (12) months after the date the
change 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 as soon as practical following the Participant’s death. 
 If the Participant dies after his Account Distribution begins, any Survivor Benefit payment elected under this Plan shall not apply and the
Participant’s Account balance shall 

  

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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. 

Section 4.4 Early Distribution. 
 A
Participant may elect to receive an Early Distribution from his Account subject to the following restrictions: 
 (a) Election. The
election to take an Early Distribution for a particular Deferral Election must be made at the same time the Participant makes that Deferral Election. 
 (b) Amount. The amount which a Participant can elect to receive as an Early Distribution shall be the portion of the amounts deferred under a particular Deferral Election, as prescribed by the Benefits
Administrative Committee before the Deferral Period. If a previously elected amount exceeds the related Account balance when an Early Distribution is to be made, only the Account balance will be paid. 
 (c) Time of Early Distribution. The Early Distribution shall begin at a time elected by the Participant when the Deferral Election was made and
the date elected for an Early Distribution must be at least two (2) years after the Deferral Election becomes effective. If the Participant has a Separation from Service before the Early Distribution date, the Early Distribution election will
be canceled and Distribution will be made under Section 4.2. 
 (d) Distributions from Account. Amounts paid to a Participant
under this Section shall be treated as Distributions from the Participant’s Account. 
 Section 4.5 Financial Hardship Distribution.

 (a) Financial Hardship Distribution. When the Benefits Administrative Committee finds that a Participant has suffered a
Financial Hardship, following the Participant’s written application, the Benefits 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. 
 (b) Review of the Request for Financial Hardship Distribution. Counsel for the Plan, on an ongoing basis, shall review
legal and tax developments to assure continuous compliance with the relevant authorities governing plan design to prevent constructive receipt of taxable income by any Participant, and shall advise the Benefits Administrative Committee of the
applicable law. 
  

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 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 for a Distribution
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, or six (6) months later, if the Participant is a Key Employee. The Settlement Date for an
Early Distribution shall be the month that the Participant has elected to commence payment. The amount of a lump sum and the initial amount of installment payments for a Participant’s Account shall be based on the value of the
Participant’s Account on the Valuation Date at the end of the immediately preceding month before the Settlement Date. 
 Section 4.7 Small
Benefit. 
 Notwithstanding any Distribution Election, the Benefits Administrative Committee, in its sole discretion, may pay any benefit
as a lump sum payment to the Participant or any Beneficiary, if the lump sum amount of the Account balance that remains in the Account, or which is payable to the Participant or Beneficiary in installments when payments to the Participant or
Beneficiary would otherwise commence, is less than $10,000. 
  

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 ARTICLE V 
 BENEFICIARY DESIGNATION 
 Section 5.1 Beneficiary Designation. 
 Each Participant has the right to designate a Beneficiary or Beneficiaries to receive his interest in his Account on his death. The designation shall be
made in the time and manner the Benefits Administrative Committee prescribes. The Participant has the right to change or revoke any designation from time to time by filing a new designation or notice of revocation, and no notice to any Beneficiary
nor consent by any Beneficiary shall be required to make any change or revocation. 
 Section 5.2 Failure to Designate a Beneficiary. 

If a Participant fails to designate a Beneficiary before his death, or if no designated Beneficiary survives the Participant, the Benefits
Administrative Committee shall direct the Company to pay his Account balance in a lump sum to the executor or administrator of his estate. 
  

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 ARTICLE VI 
 ADMINISTRATION 
 Section 6.1 Interpretation. 
 The Benefits Administrative Committee has the exclusive right and discretionary authority to interpret the Plan’s provisions and to decide questions
arising in its administration; provided that the Benefits Finance Committee has the exclusive right and discretionary authority to interpret Section 3.3 regarding establishing the applicable Interest Rate. The decisions and interpretations of
the Benefits Administrative Committee and the Benefits Finance Committee, as applicable, shall be final and binding on the Company, Participants, Employees and all other persons. 
 Section 6.2 Administrative Records. 
 The Benefits Administrative Committee shall keep records
reflecting Plan administration, which the Company may audit. 
 Section 6.3 Claims. 
 If a Participant makes a written request alleging a right to receive Plan benefits or alleging a right to receive an adjustment in Plan benefits being
paid, the Benefits Administrative Committee shall treat it as a benefit claim. All benefit claims under the Plan shall be sent to the Benefits Administrative Committee and must be received within thirty (30) days after Separation from Service.
The decision will be made within ninety (90) days after the Benefits Administrative Committee receives the claim unless the Benefits Administrative Committee determines additional time due to special circumstances is needed. If the Benefits
Administrative Committee determines that an extension to process a claim is required, the final decision may be deferred up to one hundred eighty (180) days after the claim is received, if the claimant is notified in writing of the need for the
extension and the anticipated date of a final decision before the end of the initial ninety (90) day period. 
 If the Benefits
Administrative Committee decides that any individual who has claimed a right to receive benefits, or different benefits, under the Plan is not entitled to receive all or any part of the benefits claimed, it will inform the claimant in writing or
electronically, in terms calculated to be understood by the claimant, of the specific reasons for the denial, the Plan provisions on which the denial is based, a description of additional material or information necessary to perfect the claim and an
explanation of why the material or information is needed, and an explanation of the Plan’s claim review procedures. If no action is taken on the claim within these time periods, the claim shall be deemed denied on the last day of the applicable
time period. The claimant is entitled to a full and fair review of the denied claim after actual or constructive notice of a denial. 
  

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 The claimant, or his authorized representative, must file a written request for review with the Benefits
Administrative Committee setting forth the grounds for the request and any supporting facts, comments or arguments he wishes to make, within sixty (60) days after actual or constructive notice. If a written request for review is not received
within this sixty (60) day period, the denial will be final. The claimant shall have reasonable access to all relevant documents pertaining to the claim. 
 The Benefits Administrative Committee or the persons responsible to conduct the review on the Benefits Administrative Committee’s behalf shall conduct a full review of the claim. Unless special circumstances
require an extension of the review period, the Benefits Administrative Committee will render its decision no later than the date of its next regularly scheduled meeting, unless the request is filed less than thirty (30) days before that
meeting. If the request is filed less than thirty (30) days before a regularly scheduled meeting, the Benefits Administrative Committee will render its decision no later than the date of the second regularly scheduled meeting after it receives
the request. However, if special circumstances require an extension of the review period, a final decision shall be rendered no later than the third regularly scheduled meeting after it receives the request for review, if the claimant is notified in
writing of the special circumstances and the date of the expected decision, before the time is extended due to special circumstances. If the decision on review is not furnished to the claimant within the applicable time period(s), the claim shall be
denied on the last day of the applicable period. Benefits Administrative Committee decisions shall be in writing and provided no later than five (5) days after the decision is made. The decision shall include specific reasons for the action
taken, including the specific Plan provisions on which the decision is based. The claimant shall be notified of the right to reasonable access, on request, to relevant documents or other information without charge. 
 Section 6.4 Committee Liability. 
 No member of
the Benefits Administrative Committee or the Benefits Finance Committee shall be liable for any action taken in good faith or for exercise of any power given the Benefits Administrative Committee or the Benefits Finance Committee, or for the actions
of other members of the Benefits Administrative Committee or the Benefits Finance Committee. 
  

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 ARTICLE VII 
 AMENDMENT AND TERMINATION 
 Section 7.1 Plan Amendment. 
 This Plan may be amended at any time and from time to time by a written instrument signed by an officer of the Company duly authorized by the Board of
Directors of the Company. 
 Section 7.2 Termination. 
 The Company intends to continue this Plan indefinitely, but reserves the right to terminate it at any time for any reason. 
 Section 7.3 Effect of Amendment or Termination. 
 No Plan amendment or termination may adversely affect the benefit
payable to any Participant receiving or entitled to receive Plan benefits before the effective date of the amendment or termination. However, the Company 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 an excise tax being imposed under Code Section 409A, and if so, that amendment or reformation will not be deemed to adversely affect any Participant’s
benefit entitlement. 
 Section 7.4 Effect of Legislation. 
 It is intended that the provisions of the Plan satisfy the requirements of Code Section 409A and that the Plan be operated in a manner consistent with such requirements to the extent applicable. Therefore, the
Benefits Administrative Committee may make adjustments to the Plan and may construe the provisions of the Plan in accordance with the requirements of Code Section 409A. If any Plan provision would result in imposition of an 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 Unfunded Benefit Plan. 
 This Plan is intended to constitute an unfunded plan which is maintained primarily to provide deferred compensation in the form of additional benefits to
a select group of management or highly compensated employees, as defined in ERISA Sections 201(a)(2), 301(a)(3) and 401(a)(1). 
 Section 8.2
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 the 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 shall 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 8.3 Grantor Trust. 
 Although the Company is responsible for all Plan benefits, the Company, in its 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 creditors of Lyondell Chemical Company. To the extent 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 shall be unsecured creditors insofar as their legal claim for Plan benefits and Participants shall have no security interest in the grantor trust. 
 Section 8.4 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 Benefits Administrative Committee, the Benefits Finance Committee or any Participant. Payments may be offset by the Company as provided under Section 8.7. 
  

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 Section 8.5 No Employment Right. 
 The Plan provisions shall not give an Employee the right to be retained in Company service nor shall this Plan or any action taken under it be construed
as an employment contract. 
 Section 8.6 Adjustments. 
 At the Company’s request, the Benefits 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 8.7 Obligation to Company. 
 If a Participant becomes entitled to a Distribution of Plan benefits and the Participant has any debt, obligation, or other liability representing an
amount owed to the Company, or its Subsidiaries and Affiliates or any Company, Subsidiary or Affiliate benefit plan, then the Benefits Administrative Committee, in its sole discretion, may offset the amount owed against the amount of benefits
otherwise distributable under this Plan. 
 Section 8.8 Protective Provisions. 
 Each Participant shall cooperate with the Company by furnishing any and all information the Company requests to facilitate Plan benefit payments, taking
any physical examinations 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, at the Company’s sole discretion, benefits are 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 8.9 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 requires. The singular may be read as the plural and the plural as the singular, as the context may require. 
 Section 8.10 Governing Law. 
 This Plan shall be construed, regulated and administered under the
laws of the State of Texas, except to the extent that those laws are preempted by ERISA. 
  

 18 

 Section 8.11 Notice. 
 Any notice or filing required or permitted to be given to the Benefits Administrative Committee 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 Benefits Administrative Committee. Notice shall be deemed given on the delivery date or, if delivery is made by mail, on the date shown on the postmark on the receipt
for registration or certification. 
 Section 8.12 Successors and Assigns. 
 This Plan shall be binding on the Company and its successors and assigns. 
 Section 8.13 Incapacity. 
 If the Benefits Administrative Committee deems any person entitled to
receive any Plan payment is incapable of receiving or disbursing the payment because of minority, illness or infirmity, mental incompetence, or incapacity of any kind, the Benefits 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 Benefits Administrative Committee selects to disburse the payment for the person’s comfort, support and maintenance, including, without limit, to any relative who has undertaken, wholly or partially, the expense of the person’s
comfort, care and maintenance, or any institution in whose care or custody the person entitled to the payment may be. The Benefits 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 of the Benefits Administrative Committee’s choice. 
  

 19Amended and Restated Executive Long Term Disability Plan

 Exhibit 10.5 
 LYONDELL CHEMICAL COMPANY 
 EXECUTIVE LONG TERM DISABILITY PLAN 
 (Amended and Restated effective January 1, 2009) 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 ARTICLE I INTRODUCTION
	  	2
	 1.1
	  	 Purpose of the Plan
	  	2
	 1.2
	  	 Scope of the Plan and Relationship to the Insurance Contract
	  	2
	 1.3
	  	 Applicable Laws
	  	2
	 1.4
	  	 Number and Gender
	  	2
	 1.5
	  	 Headings
	  	2
		
	 ARTICLE II DEFINITIONS
	  	3
	 2.1
	  	 Definitions
	  	3
		
	 ARTICLE III ELIGIBILITY
	  	5
	 3.1
	  	 Participant Eligibility
	  	5
	 3.2
	  	 Additional Eligibility
	  	5
	 3.3
	  	 Eligibility Subject to Discretion
	  	5
	 3.4
	  	 Participant Contributions
	  	5
		
	 ARTICLE IV BENEFITS
	  	6
	 4.1
	  	 Benefits Provided
	  	6
	 4.2
	  	 Presenting Claims for Benefits
	  	6
	 4.3
	  	 Payment of Benefits
	  	6
	 4.4
	  	 Incapacitated Participants
	  	6
	 4.5
	  	 Payments After Death of Participant
	  	6
	 4.6
	  	 Right to Receive and Release Necessary Information
	  	7
	 4.7
	  	 Right of Recovery
	  	7
	 4.8
	  	 Underpayments
	  	7
	 4.9
	  	 Disclosure of Medical Records
	  	7
	 4.10
	  	 Conversion or Individual Policy
	  	7
		
	 ARTICLE V ADMINISTRATION AND FUNDING
	  	8
	 5.1
	  	 Plan Administration
	  	8
	 5.2
	  	 Plan Administrator Authority
	  	8
	 5.3
	  	 Plan Administrator Duties
	  	8
	 5.4
	  	 Expenses
	  	9
	 5.5
	  	 Reliance on Reports, Certificates and Participant Information
	  	9
	 5.6
	  	 Indemnification
	  	9
	 5.7
	  	 Funding Policy
	  	10
	 5.8
	  	 Amendment and Termination
	  	10
	 5.9
	  	 Effect of Amendment or Termination
	  	10
	 5.10
	  	 Information from a Participating Employer
	  	10
	 5.11
	  	 Effect of Oral or Written Statements
	  	10
	 5.12
	  	 Adoption of Plan by Participating Employers
	  	10
	 5.13
	  	 Information from a Participating Employer
	  	11
		
	 ARTICLE VI GENERAL PROVISIONS
	  	12
	 6.1
	  	 No Guarantee of Employment
	  	12
	 6.2
	  	 Controlling Law
	  	12
	 6.3
	  	 Invalidity of Particular Provisions
	  	12
	 6.4
	  	 No Vested Right to Benefits
	  	12
	 6.5
	  	 Non-Alienation of Benefits
	  	12
	 6.6
	  	 Payments in Satisfaction of Claims
	  	12
	 6.7
	  	 Payments Due Minors and Incompetents
	  	13
	 6.8
	  	 No Guarantee of Tax Consequences
	  	13
	 6.9
	  	 Indemnification of Plan, Company and/or Participating Employers
	  	13
	 6.10
	  	 Acceptance of Terms of Plan
	  	13
	 6.11
	  	 Evidences of Action by the Company or Participating Employer
	  	13

					
	 6.12
	  	 Clerical Error
	  	13
	 6.13
	  	 Limitation of Rights
	  	14
	 6.14
	  	 Information To Be Furnished
	  	14
	 6.15
	  	 Statements
	  	14
	 6.16
	  	 Waiver or Estoppel
	  	14
	 6.17
	  	 Legal Proceedings
	  	14
	 6.18
	  	 Time Limitation
	  	14
	 6.19
	  	 Unknown Whereabouts
	  	14
	 6.20
	  	 Health Care Responsibilities
	  	15
	 6.21
	  	 Other Salary-Related Plans
	  	15
	 6.22
	  	 Abuse of Coverage
	  	15
	 6.23
	  	 Preemption of State Law
	  	15
	 6.24
	  	 Confidentiality of Personal Information
	  	15

  

 ii 

 LYONDELL CHEMICAL COMPANY 
 EXECUTIVE LONG TERM DISABILITY PLAN 
 (As Amended and Restated effective
January 1, 2009) 
 RECITALS 
 WHEREAS, Lyondell Chemical Company has previously established the Lyondell Chemical Company Executive Long Term Disability Plan (the “Plan”) in order to provide long term disability benefits to a
select group of employees of the Company and its subsidiaries and affiliates (the “Participating Employers”); and, 
 WHEREAS, the Company desires to amend and restate the Plan, effective as of January 1, 2009, intending thereby to (a) update the Benefits and other provisions of the Plan, and (b) restrict eligibility in the Plan to
only those employees of the Company and the Affiliated Employers who have been elected as officers of LyondellBasell Industries AF S.C.A. 
 NOW, THEREFORE, the Company hereby amends and restates the Plan to read as follows, from and after January 1, 2009: 
  

 1 

 ARTICLE I 
 INTRODUCTION 
 1.1 Purpose of the Plan: The purpose of the Plan is to provide long
term disability Benefits, in excess of what is provided to Eligible Employees pursuant to the LyondellBasell Non-Represented Employee Long Term Disability Plan, only to certain executive employees of the Participating Employers when they can no
longer perform their work for a Participating Employer due to a qualifying Total Disability. In furtherance thereof, this Plan document and the Insurance Contracts attached hereto shall set forth the provisions for the administration and operation
of those Benefits. This Plan and its accompanying exhibits will be the sole documents used in determining Plan Benefits for which Participants may be eligible, and these documents may be amended or terminated at any time by the Plan Administrator in
accordance with the procedures listed herein. Any amendment or termination so made shall be binding on each Participant and on any other entity(ies) referred to in this Plan. Except to the extent provided herein, nothing in the Plan shall be
construed to affect the provisions of any other plan or program of benefits maintained by the Company. 
 1.2 Scope of the Plan and
Relationship to the Insurance Contract: The Plan may be funded by Insurance Contracts, Trusts, Participant contributions, the general assets of the Company or any combination thereof. If any Plan Benefits are provided through Insurance
Contracts, such contracts will be included as appendices to this Plan document, thereby forming a part of this Plan document for all purposes, and no Benefits shall be payable through such Insurance Contracts unless the Insurer reasonably determines
the claimant is entitled to them, subject to the other terms as stated herein. Notwithstanding the above, on no account shall a separate bank account, if any, established by a Participating Employer to fund its Plan obligations be considered owned
by or an asset of the Plan, nor shall such fund be considered a Trust, unless a Trust Agreement is entered into by the Company assigning both such designations thereto. 
 1.3 Applicable Laws: The Company intends this Plan to comply with all applicable federal laws and their regulations, as amended. To the extent that any provision in this Plan must be interpreted or
construed, the Plan Administrator and, by way of delegation and if applicable, the Insurer, shall have the authority, both jointly and severally, to exercise such discretion in a non-arbitrary and non-capricious manner, and the Plan shall be
interpreted or construed in such a manner as is necessary for the Plan to be in compliance with all applicable laws. 
 1.4 Number and
Gender: Wherever appropriate, words used in the singular shall be considered to include the plural and words used in the plural shall be considered to include the singular. The masculine gender, where appearing in the Plan, shall be deemed to
include the feminine gender. 
 1.5 Headings: The headings of Articles and Sections herein are included solely for convenience. If
there is any conflict between such headings and the text of the Plan, the text shall control. All references to Sections, Articles, Paragraphs, and Clauses are to this document unless otherwise indicated. 
  

 2 

 ARTICLE II 
 DEFINITIONS 
 2.1 Definitions: The following additional terms shall have the
following meanings, unless a different meaning is clearly required by the context. 
 Beneficiary means any person entitled to
receive Benefits from the Plan in accordance with the terms of the Insurance Contracts. 
 Benefits mean the amounts payable
under the terms of this Plan document and/or Summary Plan Description (as may be limited or further described in an Insurance Contract applicable hereto). 
 Code means the Internal Revenue Code of 1986 and regulations promulgated thereunder, both as currently in existence or hereafter amended. 
 Company means Lyondell Chemical Company and any successor company. References to the Company herein shall include, where applicable and
unless the context indicates otherwise, any Participating Employer. 
 Coverage Option means the long term disability coverage
options listed in the Insurance Contracts and/or Summary Plan Description, if any. 
 Eligible Employee means an individual who
meets the eligibility requirements for participation in the Plan pursuant to Section 3.1 (Participant Eligibility) herein. 
 ERISA means the Employee Retirement Income Security Act of 1974 and regulations promulgated thereunder, both as currently in existence or hereafter amended. 
 Insurance Contract means only those Insurance Contracts which have been purchased to provide some or all of the Benefits hereunder. A copy
of the current Insurance Contracts shall be attached hereto as Appendix B, and such appendix shall be considered updated concurrently with any changes to such Insurance Contracts. An Insurance Contract may be purchased to fund benefits both
hereunder and pursuant to the LyondellBasell Non-Represented Employee Long Term Disability Plan and, if a contract is so purchased, only the provisions relating to Benefits provided hereunder shall be considered included under the term
“Insurance Contract”. 
 Insurer means any entity which issued the Insurance Contract(s) from which the Company
funds, partially or totally, Plan Benefits. 
 Participant means each eligible person participating in the Plan. 
 Participating Employer means, individually, the Company and any successor company, together with any subsidiary or affiliate of Lyondell
Chemical Company upon (i) authorization of the Remuneration Committee of the Supervisory Board of LyondellBasell Industries AF S.C.A. or its delegate(s) to participate in the Plan with respect to one or more Benefit Programs, and
(ii) adoption of this Plan by the board of directors or other equivalent 

  

 3 

 
governing body or authority of any such authorized subsidiary or affiliate or its delegate(s). Initially, the Participating Employers shall be Lyondell
Chemical Company, Equistar Chemicals, LP, Millennium Specialty Chemicals Inc., Houston Refining LP and Basell USA Inc. 
 Plan
means the Lyondell Chemical Company Executive Long Term Disability Plan, as amended and restated effective January 1, 2009, and as may be hereafter amended and restated from time to time. 
 Plan Administrator means the person, committee or other entity designated by the Board of Directors of the Company to oversee the general
administration of the Plan, or, if none is so designated, the Company. 
 Summary Plan Description means this Plan’s
summary plan description. 
 Total Disability means a disability incurred by a Participant which qualifies such person to
receive Benefits hereunder pursuant to the applicable Insurance Contract and/or Summary Plan Description. 
 Trust means the
account(s) created by any Trust Agreement(s) established by the Plan Administrator and/or the Company on behalf of the Plan. 
 Trust
Agreement(s) means the written document(s) entered into by the Company or the Plan, if any, to establish a Trust. 
  

 4 

 ARTICLE III 
 ELIGIBILITY 
 3.1 Participant Eligibility: Participation in the Plan shall be
limited only to certain Employees of the Participating Employers who have been elected officers of LyondellBasell Industries AF S.C.A. Any person other than as stated above which is participating in the Plan as of December 31, 2008, shall no
longer be considered a Participant hereunder as of January 1, 2009. Eligibility for Benefits shall terminate consistent with Plan requirements, amendment of the Insurance Contracts through which some or all of the Benefits may be funded, or
other termination of coverage caused either through termination or amendment of the Plan, or as of the date a Participating Employer no longer participates in the Plan. 
 3.2 Additional Eligibility: If an individual has entered into a contractual relationship with the Company whereby such individual may continue participation in the Plan other than as described herein, such
coverage shall be extended only to such individuals as therein described and only as hereafter approved in writing by the Company on or after January 1, 2009. No other provision of the Plan shall be altered in any way by such contractual
relationship including, but not limited to, the right to amend and/or terminate this Plan, other than as described in such exhibit(s). 
 3.3
Eligibility Subject to Discretion: Notwithstanding anything contained herein, simply because the Company has the authority to extend Plan eligibility to certain individuals shall not be considered a requirement to so extend eligibility, and
all eligibility provisions of the Plan shall be subject to the amendment and termination provisions stated elsewhere herein. 
 3.4
Participant Contributions: The amount and frequency of contributions required from a Participant in order to participate in the Plan, if any, shall be determined by the Company and shall be communicated to Participants in a manner which
complies with applicable law. Further, the amount and/or frequency of Participants’ contributions shall be subject to change by and in the sole discretion of the Company, and Participants shall be advised of any such change. 
  

 5 

 ARTICLE IV 
 BENEFITS 
 4.1 Benefits Provided: The only Benefits provided under this Plan are
those described in the Insurance Contracts and the Summary Plan Description relating to Total Disability, and which are applicable hereto. A Participant shall be eligible for such Benefits subject to such conditions as are provided in the Insurance
Contracts or Summary Plan Description, as applicable, or, where inconsistent, as provided for herein, and Benefits offered to each Participant shall depend on the Coverage Option selected by or for that Participant, if any. There shall be no
requirement for any Participating Employer, Insurer or any other entity to offer all Coverage Options to all Participants. 
 4.2
Presenting Claims for Benefits: Any person claiming Benefits under this Plan shall make such claim in accordance with the provisions of the Summary Plan Description and/or Insurance Contracts, and all such claims shall be subject to, and
processed by the Plan Administrator or Insurer, as applicable, in accordance therewith. 
 (a) Each Coverage Option may have
different requirements for filing claims and appealing denials of claims. All such requirements shall be included in the Summary Plan Description, Insurance Contract or otherwise communicated to Participants. 
 (b) Participants may file claims and appeal adverse claim decisions either themselves or through an authorized representative. An
“authorized representative” shall mean a person the Participant authorizes, in writing to the Plan, to act on the Participant’s behalf. The Plan will also recognize a court order giving a person authority to submit claims on the
Participant’s behalf. 
 (c) If the Participant’s claims and/or appeals are denied in whole or in part, a written
notice of the denial shall be sent to the Participant. 
 4.3 Payment of Benefits: Any Benefit payment made by the Plan in accordance
with the Plan’s provisions shall fully discharge the Plan, the Company, any Participating Employer, the Insurer, the Plan Administrator and any other Plan fiduciary to the extent of such payment. 
 4.4 Incapacitated Participants: If the Plan Administrator and/or Insurer, as applicable, determines that any Participant is legally incapable of
giving a valid receipt for any payment due to him/her, and no guardian for this individual has been appointed, such payment may be made to the individual or individuals who, in the professional judgment of the applicable claims processor, has
assumed the care and principal support of the incapable Participant, and any payment made by the Plan in accordance with this provision shall fully discharge the Participating Employers, the Plan, the Plan Administrator and/or the Insurer(s), as
applicable, from liability to the extent of such payment. 
 4.5 Payments After Death of Participant: If a Participant dies before all
amounts due and payable to him/her have been paid, such amounts shall be paid or provided to the Participant’s Beneficiary(ies) designated under the Lyondell Chemical Company Executive Employee Life Insurance Plan or, if none is so designated,
to the Participant’s estate through its executor. Any payment made by the Plan in accordance with this provision shall fully discharge the Participating Employers, the Plan, the Plan Administrator and/or the Insurer(s), as applicable, from
liability to the extent of such payment. 
  

 6 

 4.6 Right to Receive and Release Necessary Information: The Plan, Plan Administrator, an Insurer,
a Participating Employer and/or their designees have the right to obtain, receive and release all information in order to administer the Benefits. As a precondition to receiving Benefits, an individual claiming Benefits hereunder (or their
Beneficiary, if applicable) is required to furnish to the Plan, Plan Administrator and/or Insurer, and/or their designees, all information such may deem necessary, in their discretion, for the proper administration of the Plan, which includes but is
not limited to, all information regarding the medical condition of the Participant for which Benefits are to be, are being or have been paid. 
 4.7 Right of Recovery: If Benefit payments have been made by the Plan (including, but not limited to, payments made by an Insurer) in excess of the maximum amount payable under the terms of the Plan, the Plan’s designated
representative (including, but not limited to, the applicable Insurer) has the right to recover the excess amount paid on behalf of the Plan or themselves, as applicable. The Plan shall have the right to recover the excess Benefit from any entity in
possession thereof. If any entities shall fail or refuse to return any overpayments to the Plan, the Plan and/or Insurer shall have a right to initiate legal action in whatever form against such entities, terminate all eligibility to future Benefit
payments otherwise payable to such entities from the Plan from either the same or subsequent claim, and/or offset all future Benefit payments otherwise payable to such entities from the Plan from either the same or subsequent claim until the amount
of overpayment is recovered. 
 4.8 Underpayments: If payments which should have been made under the provisions of this Plan are made
under any other plans, the Plan shall have the right to pay over to the organization(s) making such payments the amount which should have been paid under this Plan. The payment shall be considered as Benefits paid under this Plan and any payment
made by the Plan in accordance with this provision shall fully discharge the Participating Employers, the Plan, the Plan Administrator and/or the Insurer(s), as applicable, from liability to the extent of such payment. 
 4.9 Disclosure of Medical Records: By electing coverage under this Plan, the Plan and its designated representatives (including, but not limited
to, the applicable Insurer) may receive and disclose a Participant’s medical information in connection with the payment of Benefits and the operation of this Plan. Election of coverage under the Plan will constitute the Participant’s
consent to the Plan’s use of records for this purpose. 
 4.10 Conversion or Individual Policy: If a conversion or individual
policy of insurance is made available from an Insurer to a Participant, upon election of coverage under such policy, the Insurer will be the sole provider of the benefits provided by such policy. Benefits provided under a conversion or individual
policy shall not be Benefits, as defined hereunder and shall not be an obligation of the Plan or any Participating Employers. 
  

 7 

 ARTICLE V 
 ADMINISTRATION AND FUNDING 
 5.1 Plan Administration: The general administration of the
Plan shall be vested in the Plan Administrator, who shall be appointed by the Board of Directors of the Company. Each Insurer, with the general approval of the Company or the Plan Administrator by way of an Insurance Contract or other such vehicle,
may also establish procedures for the filing and administration of claims under the Coverage Options for which they either provide administrative services or insure, and which procedures shall be set forth in the Plan’s Summary Plan Description
or otherwise communicated to Participants. All such procedures shall be consistent with applicable federal law. 
 5.2 Plan Administrator
Authority: The Plan Administrator shall administer the Plan in accordance with its terms and establish its policies, interpretations, practices and procedures. For the terms of the Plan not provided in the Insurance Contracts, and except as
stated elsewhere in the Plan, the Plan Administrator shall have sole discretionary authority to the maximum extent allowed by applicable law, and in a non-arbitrary and non-capricious manner, to construe and interpret the terms and provisions of the
Plan, to make determinations regarding issues which relate to eligibility for Benefits, to decide disputes which may arise relative to a Participant’s rights, and to decide questions of Plan interpretation and those of fact relating to the Plan
(including the right to remedy possible ambiguities, inconsistencies or omissions). The Plan Administrator shall exercise such discretion as it deems necessary for the Plan to be in compliance with all applicable laws and regulations. The decisions
of the Plan Administrator will be final and binding on all interested parties. 
 (a) While the Plan Administrator has full
discretion and authority to finally grant or deny Benefits under the Plan, the Company and/or the Plan Administrator may delegate, and hereby does delegate to the applicable Insurer, discretionary authority to make binding decisions regarding claims
for Benefits and appeals of such claims. To the extent of any such delegation, the determination of the applicable Insurer on appeal will be final and binding. 
 (b) Notwithstanding anything else contained herein, the administration of the Insurance Contracts shall be vested solely in the applicable
Insurer. 
 (c) Notwithstanding anything else contained herein, no entity other than the Company may act to expand the
Benefits or classes of eligibility described in Section 3.1 herein. 
 (d) For actions to be taken by the Company, either
as the Plan Sponsor or Plan Administrator, a Board resolution shall not be required unless specifically stated herein, with a written document signed by an authorized officer (or its delegate(s)) being hereby deemed sufficient. 
 5.3 Plan Administrator Duties: The Plan Administrator shall have all powers necessary or proper to administer the Plan and to discharge its duties
under the Plan, including, but not limited to, the following powers: 
 (a) To make and enforce such rules, regulations, and
procedures as it may deem necessary or proper for the orderly and efficient administration of the Plan; 
  

 8 

 (b) To enter into agreements with vendors to perform services for the Plan and/or the
Company with respect to the Plan; 
 (c) To prepare and distribute information explaining the Plan; 
 (d) To obtain from the Company, Participants, Participating Employers, Beneficiaries and any other person(s) such information as may be
necessary for the proper administration of the Plan; 
 (e) To sue or cause suit to be brought in the name of the Plan; and

 (f) To establish a claims procedure, including a procedure for the review of any claims made against the Plan which have
been denied. 
 5.4 Expenses: The assets of the Company or, if available, Plan assets may be used to pay the reasonable expenses
incident to the administration of the Plan, including, but not limited to, the compensation of any legal counsel, advisors, or other technical or clerical assistance as may be required; and any other expenses incidental to the operation of the Plan
that the Plan Administrator determines are proper. Expenses of the Plan may be prorated, as determined by the Plan Administrator, among the Company, Participating Employers and/or among one or more trusts used to fund the Plan, if any. 

5.5 Reliance on Reports, Certificates and Participant Information: The Plan Administrator shall be entitled to rely conclusively upon all
tables, valuations, certificates, opinions, and reports furnished by an actuary, accountant, controller, counsel, Insurer or any other person who is employed or engaged for such purposes. Moreover, any party with the responsibility to administer,
either as a fiduciary or otherwise, the provisions of the Plan shall be entitled to rely upon information furnished by a Participant, including, but not limited to, such person’s current mailing address. 
 5.6 Indemnification: The Company shall indemnify and hold harmless the Plan Administrator (and each member thereof, if a committee), as well as
each employee of the Company who assists the Plan Administrator, against any and all expenses and liabilities arising out of such person’s Plan administrative functions or fiduciary responsibilities, as applicable, including, but not limited
to, any expenses and liabilities that are caused by or result from an act or omission constituting the negligence of such individual in the performance of such functions or responsibilities, but excluding expenses and liabilities arising out of such
individual’s own gross negligence or willful misconduct. Such expenses to be indemnified hereunder include, but are not limited to, the amounts of any settlement, judgment, costs, counsel fees, and related charges reasonably incurred in
connection with a claim asserted or a proceeding brought. Notwithstanding the foregoing provisions of this Section, this Section shall not apply to, and the Company shall not indemnify against, any expense that was incurred without the general
consent or approval of the Company, which consent or approval may be granted orally, it being understood that the Company does not consent to or approve of a violation of the terms of the Plan or any action constituting the gross negligence or
willful misconduct of any employee. 
  

 9 

 5.7 Funding Policy: The Plan Administrator in its sole discretion may a funding mechanism as is
necessary to carry out the purposes of that program, and consistent with the funding requirements established by the Company. 
 5.8
Amendment and Termination: Notwithstanding any other communication, either oral or written, made by an employee or representative of the Company, an Administrative Services Provider, or any other individual or entity, it is understood that
the Company reserves the absolute and unconditional right to amend and/or terminate the Plan and any or all Benefits provided for hereunder from time to time, including, but not limited to, the right to reduce or eliminate Benefits provided pursuant
to the provisions of the Plan as such provisions currently exist or may hereafter exist, and the right to amend prospectively or retroactively. The Plan may be amended at any time and from time to time by a written instrument signed by an officer of
the Company duly authorized by the Board of Directors of the Company. 
 5.9 Effect of Amendment or Termination: If the Plan is
amended or terminated, each Participant and their Beneficiaries shall have no further rights under any prior version of the amended or terminated Plan provisions, and the Plan Administrator, Insurers and the Participating Employers shall have no
further obligations under such prior sections, except as otherwise specifically provided under the amended terms of the Plan and/or the Insurance Contracts, as applicable. However, no amendment or termination shall be made that would diminish any
accrued Benefits arising from incurred but unpaid claims of Participants and/or Beneficiaries existing prior to the effective date of such amendment or termination. Furthermore, if a Participating Employer no longer participates in the Plan, such
employer may still be responsible, in the sole discretion of the Plan Administrator, to fund any and all Benefits incurred by its affiliated Participants both prior to and after such termination of such employer’s participation in the Plan, as
well as any reasonable expenses incurred by the Plan Administrator and the Company in accomplishing the Participating Employer’s withdrawal of participation. 
 5.10 Information from a Participating Employer: The Participating Employers shall supply full and timely information to the Company, the Plan Administrator and Insurers, as applicable, of all matters relating
to the employment of its Eligible Employees, or any other information in its possession, for purposes of determining eligibility for Benefits, and such other pertinent facts as the Company, Plan Administrator or Insurers may require. 
 5.11 Effect of Oral or Written Statements: Any oral or written representations made by an employee or representative of the Company, an Insurer,
the Plan Administrator or any other individual or entity that alter, modify, amend, or are inconsistent with the written terms of the Plan shall be invalid and unenforceable and may not be relied upon by any Eligible Employee, Beneficiary, Eligible
Dependent, service provider, or other individual or entity, unless such representation meets the requirements of an amendment or termination of the Plan pursuant to Section 5.8 above. 
 5.12 Adoption of Plan by Participating Employers: It is contemplated that Participating Employers may participate in the Plan. By its
participation in the Plan, each 

  

 10 

 
Participating Employer acknowledges the appointment and power of the Plan Administrator and agrees to the Plan’s terms, including, but not limited to,
the Participating Employer’s funding obligations to the Plan. Any such Participating Employer also authorizes and designates the Company and the Plan Administrator as their agents to act in all transactions affecting the continued operation of
the Plan. The Company in its discretion may terminate a Participating Employer’s Plan participation at any time by giving reasonable notice of such termination to the employer. 
 5.13 Information from a Participating Employer: Participating Employers shall supply full and timely information to the Plan Administrator and/or
Insurer of all matters relating to the employment of its Employees, or any other information in its possession, for purposes of determining eligibility for and the amount of Benefits, and such other pertinent facts as the Plan Administrator or
Insurer may require. 
  

 11 

 ARTICLE VI 
 GENERAL PROVISIONS 
 6.1 No Guarantee of Employment: The adoption and maintenance of
the provisions of this Plan shall not be deemed to constitute a contract between a Participating Employer and any Eligible Employee, or to be a consideration for, or an inducement or condition of, the employment of any person. Nothing herein
contained shall be deemed to give to any Eligible Employee the right to be retained in the employ of the Company or to interfere with the right of the Company to discharge an Eligible Employee at any time, to give the Company the right to require
the Eligible Employee to remain in its employ, nor to interfere with any Eligible Employee’s right to terminate his employment relationship with the Company at any time. 
 6.2 Controlling Law: This Plan shall be construed, administered and governed in all respects under applicable federal law, and to the extent that
the Plan Administrator determines federal law has been finally judged inapplicable in any particular circumstance, under the laws of the State of Texas as to such a circumstance. If any provision of this Plan shall be held by a court or government
agency of competent jurisdiction to be invalid or unenforceable, the remaining provisions hereof shall continue to be fully effective. 
 6.3
Invalidity of Particular Provisions: In the event any provision of this Plan adopted hereunder shall be held illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining provisions of this Plan but shall be
fully severable, and this Plan adopted hereunder shall be construed and enforced as if said illegal or invalid provisions had never been inserted therein. 
 6.4 No Vested Right to Benefits: Nothing in the Plan, or any other document describing, interpreting or relating to the Plan shall be construed to provide vested, nonforfeitable, nonterminable or nonchangeable
Benefits or rights thereto. No communication, written or oral, may modify, supersede or void the written terms of the Plan unless such communication constitutes a valid amendment of the Plan adopted pursuant to the procedures described elsewhere
herein. 
 6.5 Non-Alienation of Benefits: No Benefit payment under this Plan shall be subject in any way to alienation, sale,
transfer, pledge, attachment, garnishment, execution or encumbrance of any kind, and any attempt to accomplish the same shall be void. If the Plan Administrator shall find that such an attempt has been made with respect to any payment due or to
become due to any Participant, the Plan Administrator in its sole discretion may terminate or otherwise modify the interest of such Participant in such payment, and in such case shall apply the amount of such payment to or for the benefit of such
Participant as the Plan Administrator may determine, and any such application shall be a complete discharge of all liability with respect to such Benefit. 
 6.6 Payments in Satisfaction of Claims: Any payment or distribution to any Participant or Beneficiary in accordance with the provisions of the Plan shall be in full satisfaction of all claims under the Plan.
Furthermore, such payments will operate as a complete discharge of any liabilities of the Plan, the Plan Administrator, the Company (including any employees of the Company) and any Insurers. In the event any uncertainty shall develop as to 

  

 12 

 
the person to whom payment of any Benefit shall be made, the payment of all or any part of those Benefits may be withheld until the dispute has been resolved
to the satisfaction of the Plan Administrator or, if authority to determine the Benefits payable has been delegated to an Insurer, to the satisfaction of the applicable Administrative Services Provider or Insurer. 
 6.7 Payments Due Minors and Incompetents: If the Plan Administrator or Insurer, as applicable, determines that any person to whom a payment is due
hereunder is a minor or is incompetent by reason of physical or mental disability, the Plan Administrator or Insurer, as applicable, shall have power to cause the payments becoming due to such person to be made to another for the benefit of such
minor or incompetent, without the Plan Administrator or Insurer being responsible to see to the application of such payment. Furthermore, such payments will operate as a complete discharge of any liabilities of the Plan, the Plan Administrator, the
Company and any Insurers. 
 6.8 No Guarantee of Tax Consequences. Neither the Company, the Plan Administrator, an Insurer or other
person, as applicable, makes any commitment or guarantee that any benefits provided or amounts paid to or for the benefit of a Participant hereunder will be excludable from the Participant’s gross income for federal or state income and
employment tax purposes, or that any other federal or state tax treatment will apply to or be available to any Participant. It shall be the obligation of each Participant to determine whether each payment hereunder is excludable from the
Participant’s gross income for federal and state income and employment tax purposes. In addition, should any federal, state or local income tax withholding requirements and Social Security or other employee tax requirements be applicable to the
Benefits provided under the Plan, the Participant and any Beneficiary shall make appropriate arrangements with the Company to satisfy any such requirements. If no such arrangements are made, the Company may provide, at its discretion, for
withholding and tax payments as required. 
 6.9 Indemnification of Plan, Company and/or Participating Employers: If any Participant
receives any payment hereunder that is not for a covered Benefit, such Participant, or if a dependent child, a parent of that child, shall indemnify and reimburse the Plan, Company and/or Participating Employer for any liability each may incur with
regard to such payment, including but not limited to a failure to withhold federal or state income tax or social security tax from such payments. 
 6.10 Acceptance of Terms of Plan: As a condition of participation in the Plan, each Participant agrees on behalf of themselves and their dependents, heirs, legal representatives and assigns to be bound by the provisions of this Plan.

 6.11 Evidences of Action by the Company or Participating Employer: Any action required by any provision of this Plan to be taken by
the Company or by any Participating Employer shall be evidenced by a written document issued by an appropriate corporate officer. All interested parties may rely upon, and shall be fully protected in acting in accordance with, such written documents
and/or resolutions. 
 6.12 Clerical Error: Any clerical error by the Company, the Plan Administrator, an Insurer or other person, as
applicable, in keeping pertinent records, or a delay in making any changes, will not invalidate coverage otherwise validly in force or continue coverage validly 

  

 13 

 
terminated. An equitable adjustment of contributions will be made when the error or delay is discovered. If, due to a clerical error, an overpayment occurs
in a Plan payment, the Plan retains a contractual right to the overpayment from the party paid or the Participant upon whose behalf the payment was made. 
 6.13 Limitation of Rights: Neither the establishment of the Plan nor any amendment thereof, nor the payment of any Benefits will be construed as giving to any person any legal or equitable right against the
Company, the Plan, the Plan Administrator, an Insurer or other person, as applicable, or their respective officers and directors, as an Employee or otherwise, except as expressly provided herein. 
 6.14 Information To Be Furnished: Participants shall provide the Company, Participating Employers, the Plan Administrator, an Insurer or other
person, as applicable, with whatever information as may reasonably be requested from time to time for the purpose of administering the Plan. 
 6.15 Statements: All coverage provided under the Plan is based on the truthfulness of statements made by Participants, either in a written enrollment form or otherwise. Coverage can be voided, and any claims erroneously paid can be
recovered by the Plan, if such coverage was provided or claim paid based on any misrepresentation or fraudulent misstatement made to the Company, the Plan Administrator, an Insurer or other person, as applicable, by or on behalf of such Participant.

 6.16 Waiver or Estoppel: No term, condition or provision of the Plan shall be waived, and there shall be no estoppel against the
enforcement of any provision of the Plan, except by written direction of the Plan Administrator. No such waiver shall be deemed a continuing waiver unless specifically stated. Each waiver shall operate only as to the specific term or condition
waived and shall not constitute a waiver of such term or condition for the future or as to any act other than that specifically waived. No failure to enforce any provision of this Plan shall affect the right thereafter to enforce such provision, nor
shall such failure affect its right to enforce any other provision of this Plan. 
 6.17 Legal Proceedings: No action at law or in
equity shall be brought to recover on the Plan prior to the expiration of the claims and review procedures set out in the documents describing the Benefits hereto. No such legal action shall be valid if brought more than 3 years from the expiration
of the time within which proof of loss is required by the Plan, or such longer period if allowed by applicable law. 
 6.18 Time
Limitation: If any time limitation of the Plan with respect to giving notice of claim or furnishing proof of loss, or the bringing of an action at law or in equity, is less than that permitted by applicable law, such limitation is hereby
extended to agree with the minimum period permitted by such law. 
 6.19 Unknown Whereabouts: It shall be the affirmative duty of each
Participant to inform and update the Company, the Plan Administrator and the Insurer, as applicable, regarding the Participant’s and his/her Beneficiaries’ current mailing address. If a Participant fails to perform this function, neither
the Company, the Plan, the Plan Administrator, an Insurer or other person, as applicable, shall be responsible for any late payment or loss of Benefits or for failure of any notice to be provided or provided timely under the terms of the Plan to
such individual. 
  

 14 

 6.20 Health Care Responsibilities: All responsibility for health care decisions with respect to a
Participant concerning any treatment, choice of health care provider, drug, service or supply shall rest exclusively with the Participant and/or the Participant’s treating health care provider. The Participating Employers, Plan Administrator
and Insurers have no responsibility for any such medical decision(s) or for any act(s) or omission(s) of the Participant or any physician, hospital, pharmacist, nurse, or other provider of health care goods or services. 
 6.21 Other Salary-Related Plans: It is intended that any salary-related benefit plans that are maintained or sponsored by the Company or a
Participating Employer shall not be affected by this Plan. Any benefits under such other plans with respect to a Participant shall, to the extent permitted by law and applicable plan documents, be based on the Participant’s salary or
compensation without regard to any Benefits paid or available under this Plan. 
 6.22 Abuse of Coverage: In the event that the Plan
Administrator makes a good faith determination, in its sole discretion, that evidence exists that a Participant is attempting to abuse Plan coverage or Benefits by attempting or aiding the filing of claims to which a person is not entitled, the Plan
Administrator may limit or terminate the coverage or Benefits provided to said Participant to the extent necessary, in the Plan Administrator’s sole discretion, to prevent such abuse, and shall be entitled to turn over all information to
appropriate governmental authorities to investigate whether fraud has taken place under federal and/or state law. Any such termination or limitation of coverage or Benefits shall be effective at 11:59 p.m. on the date that the Plan Administrator
mails or otherwise provides written notice of same to the Participant. Coverage or Benefits limited or terminated pursuant to this Section may be reinstated upon the Plan Administrator’s determination, in its sole discretion, that the
Participant has presented satisfactory evidence that abuse of Plan coverage or Benefits did not occur or that further attempts at such abuse are unlikely to occur. Notwithstanding the above, neither this paragraph nor any provision of this Plan
shall be used in any way to discriminate against a Participant in the valid exercise of his/her rights hereunder, including, but not limited to, the election of coverage and the claiming of Benefits to which the Participant is entitled under the
terms of the Plan. 
 6.23 Preemption of State Law: This Plan and all of its provisions shall be preempted from any and all state
laws, to the maximum extent provided by ERISA and any other federal law. If any provision of an Insurance Contract or Summary Plan Description purports to allow a state statute or regulation to mandate or otherwise regulate the administration or
provision of Benefits provided by this Plan, such provision shall be invalid unless the Company, in its sole discretion, determines otherwise. The mere acceptance of an Insurance Contract to fund, in whole or in part, the Benefits provided by this
Plan shall not be considered an affirmative act of the Company to so determine. 
 6.24 Confidentiality of Personal Information: The
Participating Employers, Insurers and Plan Administrator shall comply with all applicable laws relating to the confidentiality and security of personal information relating to Participants and Beneficiaries. This Plan shall not be considered a
“group health plan”, as defined by ERISA and the Health Insurance Portability and Accountability Act of 1996 (“HIPAA”), and shall not be subject to regulation as such. 
  

 15 

 IN WITNESS WHEREOF, the Company and the Participating Employers, by signature of their authorized
officers, hereby adopt this document as the plan document for the Plan effective as of January 1, 2009, and agree to be bound by and subject to all provisions of the Plan, as applicable. In addition, Lyondell Chemical Company and the
Participating Employers indicated below hereby agree that: (i) the Participating Employers shall assume all the rights, obligations and liabilities of a Participating Employer under the Plan; and (ii) Lyondell Chemical Company, its Board
of Directors or its delegate(s) and, if different, the Plan Administrator of the Plan are designated as agents of the Participating Employers and may act for and on behalf of the Participating Employers in all matters pertaining to the Plan in the
same manner in which such parties may act for Lyondell Chemical Company. 
  

	
	The Company:
	
	LYONDELL CHEMICAL COMPANY
	
	 /s/ Gerald A. O’Brien

	Gerald A. O’Brien
	Vice President and General Counsel
	
	 The Participating Employers:

  

 16 

	
	 EQUISTAR CHEMICALS LP

	
	 /s/ Gerald A. O’Brien

	Gerald A. O’Brien
	Vice President and General Counsel
	
	MILLENNIUM SPECIALTY CHEMICALS INC.
	
	 /s/ Gerald A. O’Brien

	Gerald A. O’Brien
	Vice President and General Counsel
	
	HOUSTON REFINING LP
	
	 /s/ Gerald A. O’Brien

	Gerald A. O’Brien
	Vice President and General Counsel
	
	BASELL USA INC.
	
	 /s/ Kevin E. Walsh

	Kevin E. Walsh
	President

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