Document:

exv10w15

Exhibit 10.15

-Mr I.J.E. Tuovinen

Meester Reijnstlaan 18

1181 PR AMSTELVEEN

30th June 2006

Dear Juhani,

We are happy to confirm our offer to localize you, effective 1 July 2006. Your employer will be
Arizona Chemical BV in the Netherlands.

For the purpose of calculating your continuous employment your first day of employment with the
Company is recorded as 16th September 1980.

The main terms and conditions of this offer are as follows:

Location,
Position and Reporting

The position of Managing Director Europe is based in Almere, the Netherlands. You will continue to
report to the Vice President, located in Jacksonville USA.

Effective
1st July, 2006 we will increase your PL level to 24.

Compensation

Your
annual gross salary for the above position in The Netherlands will be EURO 178,351 (90% of the PL 24 Midpoint) for 38.75 hours per week. This salary includes the 8%
holiday allowance, which will be prorated to the effective number of months worked in 2006.

	 	1.	 	Based on article 9 of the ‘Uitvoeringsbesluit loonbelasting 1965’, you are entitled to receive a
tax-free cost reimbursement for extraterritorial costs. We agree that your current employment income
(“loon uit tegenwoordige Dienstbetrekking”), will be reduced according to Dutch labour law so that 100/70
of your current employment income equals the originally agreed current employment income of
€178,351.00.
	 
	 	2.	 	You will receive a cost reimbursement for extraterritorial costs equal to 30/70 of the current
employment income as agreed in article 1.
	 
	 	3.	 	You acknowledge the fact that an adjustment of the agreed
remuneration of article 1 can
influence all employment income related payments and benefits like pension and social security
benefits.

Your compensation will be subject to periodic review. Please note that any merit increase includes
all statutory salary increases where applicable.

The position is regarded as Exempt, which means that you will not be entitled to claim compensation
for overtime. In addition you will remain eligible for participation in the Business Performance
Incentive Plan (BPIP) applicable in Arizona Chemical. The target bonus will be 40% of your Dutch PL
24 midpoint. For 2006, you will be eligible for the PL 24 target (your bonus will not be prorated
for the first 6 months of the year when you were a PL 23).

			
	 	 	

	 
	Arizona Chemical B.V.

Transistorstraat 16 - 1322 CE Almere 

P.O. Box 60053 - 1320 AB Almere - The Netherlands

 	 	Phone : (31) 36 - 546 28 00

 Fax : (31) 36 - 546 28 95 

Chamber of Commerce : nr. 32045469

Page 1 of 4

 

Employee
Benefits

You will participate in Arizona Chemical B.V.’s Pension Scheme II and group medical insurance. The
company will initiate a review by an external expert of your current State pension plan and
Arizona’s Pension Scheme II to address your concern about the difference in pension build up (1.9%
in Finland from the age of 53 and 4.5% between the ages of 63 and 68 versus 1.75% under Pension
Scheme II). Based on the outcome of the review we will discuss compensation of the difference from
your 53rd birthday

You will continue to participate in the special Finnish OY (early retirement) pension program that
is specific to you and the local plant MD. Any tax liability in the Netherlands in relation to the
employer’s contribution to this program will be borne by the company.

Housing
allowance

The
company will continue to provide you with a net housing allowance of
€ 2,443 per month,
regardless of whether you rent of buy a house. If and when we need to terminate the allowance we
will provide a minimum of 6 months notice and you will receive a lump sum payment equivalent to 72
months of your current monthly allowance.

Company
car

You will
be entitled to a level IV company car in accordance with the IP
company car policy. Please

note that you are subject to Dutch tax on the private use of this company car.

International
schooling

Support for schooling will continue as it is today.

Visits
to Finland

The
employer will pay for roundtrip transportation for the entire family at the interval of one trip
per year.

Annual
Holidays

Your annual leave will consist of 30 days, excluding the Dutch legal holidays. The number of days
of vacation will be pro-rated with respect to the number of months worked per calendar year.

Retention
bonus

You are eligible for a retention bonus of 12 months of pay, based on your gross salary at the time
of divestiture or approximately 30 days following the formal closing of the sale with the buyer.

Social
Security and Income Taxes in the Netherlands

You will fall under Dutch Social Security and tax legislation.

Tax advisory support will be provided if needed.

Presently, local tax legislation allows tax relief under the 30% rule for a maximum period of ten
years. This benefit has been taken into consideration in determining your gross salary as stated above.

Page 2 of 4

 

Should there be a change in legislation that would allow for your 30% exemption to be extended, we
will actively pursue such an extension.

New
assignment

For any future new assignment within the group, further arrangements will be made. None of the
provisions of this agreement can be viewed as limiting your ability or the company’s ability to
terminate your employment with us.

Notice
Period

Either party may terminate this employment agreement giving notice in writing; the Employee’s
notice period is two full calendar months, the Employer has to observe a notice period of 4 full
calendar months. Notice may only be given at the end of a month.

Termination
of employment

Upon termination of employment you will be required to repay any unaccrued wages already received
in days and/or hours of holiday leave.

Upon termination of employment by the employer you will be eligible for a severance payment based
on the Dutch cantonal court formula (Kantonrechtersformule).

Employee
Information Handbook

This contract refers to the Employee Information Handbook in which the Arizona Chemical B.V. rules
and regulations are listed. By signing this contract you state that
you have received a copy, are familiar
with its contents and agree to abide by said rules.

Confidentiality

You shall
observe strict confidentiality towards third parties, including
Arizona Chemical B.V. personnel,
both during and after your employment, concerning all knowledge acquired during the execution of your
job in connection with the affairs and interests of Arizona Chemical B.V. This obligation to maintain
confidentiality also includes all information acquired from customers or other Arizona Chemical B.V.
contracts during the tenure as an employee.

Engagement
to comply with the competition law

You have received and reviewed the International Paper Anti-Trust policy (international Paper —
Antitrust Compliance Manual) and agree to abide with this policy in every regard. You are aware
that violation of this policy will result in sanctions, including possible termination of
employment. You have been informed that questions or concerns regarding the competition law should
be directed to the Arizona Chemical Management and International Paper legal advisor.

Applicable
law

This agreement is subject to Dutch law. Disputes resulting from this agreement or termination
thereof will be directed towards the appropriate Dutch court of law or the CWI (Centre for Work and
Income) for a legal decision.

Page 3 of 4

 

Closing
Remarks

If you
accept this offer under the terms and conditions as stated above, then please sign and
return the enclosed copy to us.

	 	 	 	 	 	 	 
	SIGNATURE:

	 	/s/ Jerry Marterer
	 	Date:	 	 
	 

	 	 
	 	 	 	 
	 

	 	Jerry Marterer	 	 	 	 
	 

	 	Vice President	 	 	 	 
	 

	 	Arizona Chemical	 	 	 	 
	 
	 	 	 	 	 	 
	SIGNATURE:

	 	/s/ David B. Cowfer
	 	Date:	 	6/30/06
	 

	 	 
	 	 	 	 
	 

	 	 Devid B. Cowfer
 	 	 	 	 
	 

	 	Business HR Manager 	 	 	 	 
	 

	 	Arizona Chemical	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	SIGNATURE:

	 	/s/ Pierre Arduini
	 	Date:	 	 
	 

	 	 
	 	 	 	 
	 

	 	Pierre Arduini	 	 	 	 
	 

	 	Human Resources Mgr	 	 	 	 
	 

	 	Arizona Chemical Europe	 	 	 	 

I accept the appointment and agree with all the terms and condition as set out in the
above letter.

	 	 	 	 	 	 	 	 	 
	SIGNATURE:

	 	/s/ Juhani Tuovinen
	 	Date:
	 	30.6.2006
	 

	 	 
	 	 	 	 
	 

	 	Juhani Tuovinen	 	 	 	 	 	 

Page 4 of 4exv10w17

Exhibit 10.17

ARIZONA CHEMICAL COMPANY, LLC

U.S. SALARIED EMPLOYEE SEVERANCE PLAN

AND

SUMMARY PLAN DESCRIPTION

Amended and Restated Effective February 10, 2010

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	THE SEVERANCE PLAN
	 	 	4	 
	 
	Who is Eligible
	 	 	4	 
	 
	Who is Not Eligible
	 	 	4	 
	 
	Termination Events for Which Termination Allowance is Payable
	 	 	5	 
	 
	Termination Events for Which Termination Allowance is Not Payable
	 	 	6	 
	 
	Special Rules for Asset Sales and Outsourcing
	 	 	7	 
	 
	HOW THE PLAN WORKS
	 	 	8	 
	 
	Termination Allowance Calculations
	 	 	8	 
	 
	Plant Closing or State-Mandated Benefits
	 	 	8	 
	 
	Other Benefit Coverage
	 	 	8	 
	 
	HOW THE TERMINATION ALLOWANCE IS PAID
	 	 	9	 
	 
	Time and Form of Payment
	 	 	9	 
	 
	Termination Agreement and Release
	 	 	9	 
	 
	Taxes and Withholdings
	 	 	9	 
	 
	GENERAL ADMINISTRATION OF THE PLAN
	 	 	9	 
	 
	Plan Sponsor & Administrator
	 	 	10	 
	 
	Administrative Information
	 	 	10	 
	 
	Employer Identification Number
	 	 	11	 
	 
	Plan Description
	 	 	11	 
	 
	AMENDMENT AND TERMINATION
	 	 	11	 
	 
	CLAIMS REVIEW
	 	 	11	 
	 
	Right to File Claim
	 	 	11	 
	 
	Time for Decision on the Claim
	 	 	12	 
	 
	Notification of Denial
	 	 	12	 
	 
	Right to Review
	 	 	13	 
	 
	Review Procedure
	 	 	13	 
	 
	Time for Decision on Review
	 	 	14	 
	 
	Notification of Determination on Review
	 	 	14	 

 

 

	 	 	 	 	 
	YOUR ERISA RIGHTS
	 	 	14	 
	 
	Receive Information About Your Plan and Benefits
	 	 	14	 
	 
	Prudent Actions by Plan Fiduciaries
	 	 	15	 
	 
	Enforce Your Rights
	 	 	15	 
	 
	Assistance with Your Questions
	 	 	15	 
	 
	MISCELLANEOUS
	 	 	16	 
	 
	Exclusive Benefit
	 	 	16	 
	 
	Non-Alienation of Benefits
	 	 	16	 
	 
	No Contract of Employment
	 	 	16	 
	 
	Governing Laws
	 	 	16	 
	 
	Severability
	 	 	16	 
	 
	Construction
	 	 	16	 
	 
	Funding
	 	 	17	 
	 
	Code Section 409A
	 	 	17	 

 

 

The Severance Plan

     Arizona Chemical Company, LLC (the “Company”) has established this U.S. Salaried Employee
Severance Plan (the “Plan”) to provide a termination allowance for eligible employees. This booklet
combines the Plan document as well as the summary plan description for the Plan in a single
document. Throughout this Plan, the term “Plan Administrator” is used to refer to the Company in
its limited fiduciary role of interpreting the Plan and determining eligibility for benefits. If
you have any questions about the Plan, you should contact the Company’s Human Resources department
at the phone numbers listed on page 9 of this booklet. The Plan supersedes any other existing
severance pay plans, programs or practices for eligible employees of the Company.

Who is Eligible

     You are eligible to participate in the Plan if you are employed within the United States or on
an expatriate assignment and are a regular, full-time salaried employee of the Company.

     You will not become a participant in the Plan unless you are specifically designated to
participate in the Plan through written notice of your participation provided by the Plan
Administrator.

Who is Not Eligible

     You will not be eligible to participate in the Plan if, at the time your employment with the
Company terminates, you are any of the following:

	 	•	 	Employees in cooperative studies and intern programs and employees
regularly scheduled to work twenty (20) hours per week or less;
	 
	 	•	 	Independent contractors and individuals hired through third-party payroll
services, even if later reclassified as employees as a result of an audit by a
government agency;
	 
	 	•	 	Individuals performing services for the Company who are paid through
accounts payable, as distinguished from the payroll system;
	 
	 	•	 	Employees of the Company who have not been specifically designated to
participate in the Plan through written notice provided by the Plan Administrator;
	 
	 	•	 	Individuals who are leased employees within the meaning of Section 414(n) of
the Internal Revenue Code of 1986, as amended (the “Code”);

 

 

	 	•	 	Employees who have an employment agreement whose terms expressly supersede
those of the Plan or other severance plans, programs, or practices of the Company
in general;
	 
	 	•	 	Employees who have terminated employment with the Company prior to the
effective date of the Plan;
	 
	 	•	 	Employees on extended (more than 30 days) unpaid leave of absence, other than
legally-protected family, medical or military-related leaves of absence, except to
the extent eligibility is required by applicable law;
	 
	 	•	 	Employees who waive participation in the Plan in writing; and
	 
	 	•	 	Anyone else whom the Plan Administrator, in its discretion, determines is
ineligible to participate in the Plan.

Termination Events for Which Termination Allowance is Payable

     You are eligible for a termination allowance under the Plan if your employment is
involuntarily terminated by the Company under any of the following circumstances, provided you
continue working until the management-determined job completion date and sign a termination
agreement acceptable to the Company:

	 	•	 	Elimination of your job, including a permanent reduction in the work force for
an indefinite period of time;
	 
	 	•	 	Closing, relocation or sale of a facility that does not result in an offer of a
position as of the date of closing, relocation or sale that the Plan Administrator
deems suitable, either with the Company, the purchaser of the facility in question
or a contractor engaged by the purchaser of the facility in question to manage any
facility operation;
	 
	 	•	 	Closing, relocation or sale of a facility that results in an offer of a
position as of the date of the closing, relocation or sale that the Plan
Administrator deems suitable, either with the Company, the purchaser of the
facility in question or a contractor engaged by the purchaser of the facility in
question to manage any facility operation which requires relocation and which you
do not accept;
	 
	 	•	 	Your failure or inability to perform your job in an acceptable manner as
determined by the Company provided you have made reasonable efforts to achieve the
required level of performance; or
	 
	 	•	 	You are released to return to work by your attending physician following a
period of disability for which you were entitled to benefits under the

 

 

	 	 	 	Company’s Salary Continuance Plan (including offsets for state-mandated disability
benefits and workers’ compensation benefits) and your employment is terminated
under any of the above circumstances.
	 
	 	•	 	Any other event that the Plan Administrator deems suitable for eligibility for
Termination Allowance hereunder.

Termination Events for Which Termination Allowance is Not Payable

     You are not eligible for a termination allowance if your employment is terminated under any of
the following circumstances:

	 	•	 	Voluntary resignation, including resignation prior to the management-determined
job completion date;
	 
	 	•	 	Voluntary retirement under a Company-sponsored retirement plan;
	 
	 	•	 	Your death;
	 
	 	•	 	You are determined to be eligible for and commence benefits under the Company’s
long-term disability plan, regardless of how long such benefits continue;
	 
	 	•	 	You are released to return to work by your attending physician following a
period of disability for which you were entitled to benefits under the Company’s
Salary Continuance Plan (including offsets for state-mandated disability benefits
and workers’ compensation benefits) and do not return to work;
	 
	 	•	 	Discharge for cause such as, but not limited to, misconduct or other activity
detrimental to the business interest or reputation of the Company or continued
unsatisfactory job performance without making reasonable efforts to improve.
Examples of misconduct are insubordination, protracted or repeated absence from
work without permission, illegal activity, disorderly conduct, etc. Determinations
of “cause” will be made by the Plan Administrator in its discretion;
	 
	 	•	 	Closing, relocation or sale of a facility that results in an offer of a
position as of the date of closing, relocation or sale that the Plan Administrator
deems suitable, either with the Company, the purchaser of the facility in question
or a contractor engaged by the purchaser of the facility in question to manage any
facility operation which does not require relocation or which requires relocation
and which you accept;

 

 

	 	•	 	Termination because, when facing involuntary termination, you fail to accept a
job deemed suitable by the Plan Administrator at a location which does not require
relocation; and
	 
	 	•	 	Any other termination event that the Plan Administrator, in its discretion,
determines is not a covered termination for purposes of the Plan.

     Suitable — An offer of a position is deemed suitable by the Plan Administrator if it is a
position for which you are qualified based on your background, training or education and does not
involve a material reduction in base pay. Your acceptance of a position is conclusive evidence of
suitability. Determinations of suitability will be made by the Plan Administrator in its
discretion.

     Relocation — A new job qualifies as a relocation if the new principal place of work is at
least 50 miles farther from your residence than your current place of work.

Special Rules for Asset Sales and Outsourcing

     When a sale of assets or outsourcing of a business or function occurs, an employee who is not
offered a job by the buyer or outsourced vendor that the Plan Administrator deems suitable is
eligible for a termination allowance provided the employee has complied with the following
conditions:

	 	•	 	The employee must participate in any hiring process established by the buyer or
outsourced vendor and must sign a release:
	 
	 	•	 	Allowing the Company to provide any employee records or other information
required by the buyer or outsourced vendor; and
	 
	 	•	 	Allowing the buyer or outsourced vendor to notify the Company if the buyer or
outsourced vendor does not extend a job offer to the employee as the result of the
employee’s failure to pass a required drug or alcohol test.
	 
	 	•	 	The employee may not take any measures directly or indirectly, to discourage or
inhibit the buyer or outsourced vendor from extending a job offer.
	 
	 	•	 	The employee must remain employed by the Company until the
management-determined job completion date.

     If the employee is not made an offer by the buyer or outsourced vendor as the result of the
employee’s failure to pass the required drug or alcohol test, the employee must participate in a
drug or alcohol treatment program, complete the recommended course of treatment and provide the
Company with evidence from the drug or alcohol

 

 

treatment program provider of the employee’s participation in and completion of the
recommended drug or alcohol treatment program.

How the Plan Works

Termination Allowance Calculations

     If you are eligible for a termination allowance, the Plan Administrator shall determine the
amount of your termination allowance in its sole and absolute discretion. The amount of the
termination allowance may be reduced by any amounts which you owe the Company (such as cash
advances, outstanding loans, applicable relocation and education assistance reimbursements, etc.).
In addition, if you are on an expatriate assignment at the time of your termination of employment,
the amount of the termination allowance may be reduced by the amount of any statutory severance to
which you are entitled under the laws of the country of assignment due to your termination of
employment.

     Except as otherwise determined, in the Plan Administrator’s sole and absolute discretion, the
termination allowance under the Plan shall not exceed the employee’s gross annual base salary at
the time of termination of employment.

Plant Closing or State-Mandated Benefits

     To the extent that any federal, state or local laws, including, without limitation, so-called
“plant closing” laws, require the Company to make a payment of any kind to you because of your
involuntary termination due to a layoff, reduction in force, plant or facility closing, sale of
business, change of control, or any other similar event or reason, the benefits that would
otherwise be provided under this Plan may be offset, in whole or in part, by the amount that the
Company is required to pay you pursuant to such law. Accordingly, you may not receive both the
required payments under such laws and full benefits under this Plan. To the extent any federal,
state or local laws require that the Company give advance notice that your employment will be
terminated, the written notice of your participation in the Plan provided by the Plan Administrator
will be applied towards any such notice requirement imposed by applicable law.

Other Benefit Coverage

     Unless and to the extent otherwise provided in your
termination agreement, your and your dependents’
participation in all other employee benefit plans
sponsored by the Company shall cease as of the date on
which you terminate employment. These plans may include,
but are not limited to: company paid and optional life
insurance, accidental death and dismemberment, short term
disability, long term disability, dependent care
reimbursement and any other voluntary benefits in which
you and your dependents may participate. Contributions to
and/or benefit accruals under the Company’s 401(k) plan

 

 

shall also cease as of the date of your termination of employment in accordance with the terms of the plan.

How the Termination Allowance is Paid

Time and Form of Payment

     If you are eligible for a termination allowance, it will be paid to you in a single cash lump
sum on the scheduled pay date for the payroll period in which the later of the following occurs:
(i) your last day of employment; or (ii) you sign the required termination agreement and any
revocation period required by law with respect to a release contained in the agreement has expired.

     If you die after becoming entitled to a termination allowance under the Plan but before the
termination allowance has been paid to you, the termination allowance will be paid to your estate.

Termination Agreement and Release

     As a condition for receiving a termination allowance under the Plan, you must sign a
termination agreement in a form provided by the Company, containing a waiver and general release of
claims against the Company, and the release must become effective in accordance with its terms. If
you fail or refuse to sign the termination agreement or revoke the release in accordance with its
terms, you will not be entitled to receive a termination allowance under the Plan. If you violate
any of the provisions of the termination agreement or file a lawsuit or other claim asserting any
claim or demand within the scope of the release (whether or not such claim is valid), the Company
and other beneficiaries of the release will retain all rights and benefits of the release and, in
addition and to the extent permitted by law, will be entitled to cancel any and all future
obligations of the Company under the Plan and recoup the value of all payments and benefits paid
under the Plan, together with its costs and attorneys’ fees.

Taxes and Withholdings

     The termination allowance is subject to all applicable federal and state withholding taxes,
including employment and income taxes, and any other deductions or withholdings required by law,
including, but not limited to, wage attachments for child support and bankruptcy payments.

General Administration of the Plan

     This booklet is the combined plan document and summary plan description constituting the
Company’s U.S. Salaried Employee Severance Plan. The Plan is subject to and intended to comply with
the requirements of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).

 

 

     If you have any questions about any of the information in this booklet, please contact the
Company’s Human Resources department at the following phone number: (904) 928-8928.

     The following sections will explain more about how the Plan is administered and your legal
rights under ERISA:

Plan Sponsor & Administrator

     The benefit plan described in this booklet is sponsored by the Company. The Company’s address
and phone number are:

4600 Touchton Road East

Building 100—Suite 1500

Jacksonville, FL 32246

(904) 928-8928

     The Company is also the “Plan Administrator” of the Plan. Service of legal process may be made
upon the Plan Administrator at the address shown above.

     The Plan Administrator has the authority, responsibility and discretion to determine all
questions of eligibility and status and has the right to interpret the provisions of the Plan. The
Plan Administrator may delegate all or any portion of its authority with respect to the
administration of the Plan to a committee or to any officer or officers of the Company in its
discretion.

     The Plan Administrator’s powers and responsibilities include, but are not limited to, the
following:

	 	•	 	adopting and enforcing such rules and regulations that it deems
necessary or appropriate for the administration of the Plan in accordance with
applicable law;
	 
	 	•	 	interpreting the Plan, in its sole discretion, its interpretation to be finally
and conclusively binding on any employee, participant or other party claiming an
interest in or under the Plan;
	 
	 	•	 	deciding all questions of fact or law concerning the Plan, in its sole
discretion, including without limitation the eligibility of any person to
participate in the Plan and the type and amount of benefits payable under the
Plan; and
	 
	 	•	 	appointing such agents, counsel, accountants and consultants as may be required
to assist in administering the Plan.

Administrative Information

 

 

     The Plan is a welfare plan that provides severance benefits. The Plan has been assigned the
number 502 and its official name is the Arizona Chemical Company, LLC U.S. Salaried Employee
Severance Plan. The plan year ends on December 31 each year.

     All benefits payable under the Plan are paid from the Company’s general assets.

Employer Identification Number

     The IRS has assigned the employer identification number 13-0445587 to Arizona Chemical
Company, LLC. If you need to correspond with a governmental agency about the Plan, use this number
along with the Plan name and the Company’s name.

Plan Description

     The Company is responsible for providing, upon request, this summary plan description to the
U.S. Department of Labor in Washington, D.C.

Amendment and Termination

     The Company, as sponsor of the Plan, reserves the right to modify, amend, suspend or
terminate the Plan in any respect, in whole or in part, at any time. You will be notified of any
material changes.

Claims Review

Right to File Claim

     You (or any other person claiming an interest in or under the Plan) (a “claimant”) are
entitled to file a claim for benefits under the Plan. Unless otherwise provided by the Plan
Administrator, the claim is required to be in writing and submitted to the Company’s Vice President
of Human Resources. The Vice President of Human Resources may delegate his or her authority to hear
and render a decision on your claim to any other person or committee of persons of his or her
choosing. Except as otherwise provided under “Review Procedure” below, the Vice President of Human
Resources, or such person or committee of persons to whom the Vice President of Human Resources has
delegated his or her authority in accordance with this section, shall be the Plan Administrator for
purposes of the remainder of this section. For purposes of this section, any action required or
authorized to be taken by a claimant may be taken by the claimant’s authorized representative.

     A claimant or his or her representative must submit a claim for benefits within a reasonable
period of time after the date such benefit was, or was purported to be, available to the claimant.
The Plan Administrator has the discretion to determine whether a claim for benefits was submitted
within a reasonable period of time. All claims must adequately state the basis for the claim
including a statement of all pertinent facts, except to the extent expressly waived by the Plan
Administrator. The Plan Administrator may prescribe additional procedural requirements for claims,
not inconsistent with the above.

 

 

In the event a request for benefits fails to comply with the
Plan’s procedures for making a claim, the Plan Administrator will notify the claimant and the
claimant’s representative, if any, of this failure and of the Plan’s procedures for properly making
a claim for benefits. Failure to follow the requirements of this section will result in the denial
of the claim
submitted. If the claimant submits a deficient claim, the claimant will not be deemed to have
exhausted his or her administrative remedies under the Plan.

Time for Decision on the Claim

     A claimant’s benefit claims will be entitled to consideration and review as provided in
Section 503 of ERISA and in this section. Upon receipt of any properly submitted, written claim for
benefits, the Plan Administrator will give due consideration to the claim presented. The Plan
Administrator will notify the claimant and the claimant’s representative, if any, of the Plan’s
benefit determination within a reasonable period of time after receipt of the claim, but not later
than ninety (90) days after receipt of the claim by the Plan, unless additional time is needed as
provided in the next paragraph.

     If special circumstances require an additional extension of time for processing the
claim, the Plan Administrator will provide the claimant and the claimant’s representative, if any,
with a written notice of extension prior to the termination of the initial ninety (90) day review
period described above. In no event will such an extension exceed a period of ninety (90) days from
the end of the initial ninety (90) day period. The extension notice will indicate the special
circumstances requiring an extension of time and the date by which the Plan Administrator expects
to render the benefit determination. The notice shall also explain the standards on which
entitlement to a benefit is based, any unresolved issues that prevent a decision on the claim, and
any additional information needed to resolve these issues.

Notification of Denial

     If there is any adverse benefit determination with respect to a claim, the Plan Administrator
will furnish the claimant and the claimant’s representative, if any, with a written or electronic
notice setting forth in a manner calculated to be understood by the claimant:

	 	•	 	the specific reason(s) for the adverse benefit determination;
	 
	 	•	 	reference to the specific Plan provision(s) on which the determination is
based;
	 
	 	•	 	a description of any additional material or information necessary for the
claimant to perfect the claim and an explanation of why such material or
information is necessary; and
	 
	 	•	 	a description of the Plan’s review procedures and the time limits applicable to
such procedures, including a statement of the claimant’s

 

 

	 	 	 	right to bring a civil
action under Section 502(a) of ERISA following an adverse benefit determination on
review.

     Any electronic notification given by the Plan Administrator to a claimant under this section
shall comply with the standards imposed by applicable Department of Labor regulations.

     The term “adverse benefit determination” means any of the following: a denial, reduction, or
termination of, or a failure to provide or make payment (in whole or in part) for, a benefit,
including any such denial, reduction, termination, or failure to provide or make payment that is
based on a determination of a claimant’s eligibility to participate in the Plan.

Right to Review

     If a claimant receives an adverse benefit determination under this section, the claimant or
the claimant’s representative may appeal the determination, for a full and fair review of the claim
and the adverse benefit determination. An appeal under this section must be filed with the Plan
Administrator by written notice within sixty (60) days after the claimant’s receipt of the notice
of the adverse benefit determination under this section. The claimant should state his or her name
and address, the fact the he or she is disputing the adverse benefit determination, the date of the
initial notice of the adverse benefit determination, the reason(s) for disputing the adverse
benefit determination, and any other information reasonably required in order to make a
determination upon review. A claimant’s failure to file a request for review within 60 days shall
constitute his or her waiver of the right to have the denial of the claim reviewed.

Review Procedure

     If the adverse benefit determination was rendered by a person or committee of persons to whom
the Vice President of Human Resources delegated his or her authority pursuant to this section, then
the review will be conducted by the Vice President of Human Resources. If the initial benefit
determination was rendered by the Vice President of Human Resources, then the review will be
conducted by a claims review committee appointed by the Company. The Vice President of Human
Resources, or the claims review committee appointed by the Company, as the case may be, shall be
the Plan Administrator for purposes of the remainder of this section. The claims review committee
will be composed of one or more officers of the Company, not including the Vice President of Human
Resources or any officer subordinate to the Vice President of Human Resources.

     The claimant or the claimant’s representative may submit written comments, documents, records,
and other information relating to the claim for benefits. The claimant and the claimant’s
representative, if any, will be provided, upon request and free of charge, reasonable access to,
and copies of, all documents, records, and other information relevant to the claimant’s claim for
benefits. The review on appeal shall take into account all comments, documents, records, and other
information submitted by the claimant or

 

 

the claimant’s representative relating to the claim,
without regard to whether such information was submitted or considered in the initial benefit
determination.

Time for Decision on Review

     Except as provided below, the Plan Administrator will notify the claimant of the Plan’s
decision on the appeal within a reasonable period of time, but not later than sixty
(60) days after the Plan’s receipt of the claimant’s request for review of an adverse benefit
determination, unless special circumstances require an extension of time for processing, in which
case the claimant will be notified in writing before the end of the initial 60 day period. The
extension notice will indicate the special circumstances requiring an extension of time and the
date by which the Plan expects to render the determination on review. The Plan’s decision on the
appeal will be rendered no later than one hundred twenty (120) days after receipt of a request for
review.

Notification of Determination on Review

     The Plan Administrator will provide the claimant and the claimant’s representative, if any,
with written or electronic notification of the Plan’s determination on the appeal. Any electronic
notification will comply with the applicable Department of Labor regulations. In the case of an
adverse benefit determination on appeal, the notification shall set forth, in a manner calculated
to be understood by the claimant:

	 	•	 	the specific reason or reasons for the adverse benefit determination;
	 
	 	•	 	reference to specific Plan provisions on which the benefit determination is
based;
	 
	 	•	 	a statement that the claimant and the claimant’s representative, if any, are
entitled to receive, upon request and free of charge, reasonable access to, and
copies of, all documents, records and other information relevant to the claimant’s
claim for benefits; and
	 
	 	•	 	a statement of the claimant’s right to bring an action under Section 502(a) of
ERISA.

     The Plan Administrator’s decision shall be final, conclusive and binding on the Plan, the
Company, the participants and any other person claiming an interest in the Plan.

Your ERISA Rights

     As a participant in the Plan, you are entitled to certain rights and protections under
ERISA. ERISA provides that all Plan participants shall be entitled to:

Receive Information About Your Plan and Benefits

 

 

	 	•	 	Examine, without charge, at the Plan Administrator’s office and at other
specified locations, such as work sites, all documents governing the Plan,
including a copy of the latest annual report (Form 5500 series) filed by the Plan
with the U.S. Department of Labor and available at the Public Disclosure Room of
the Employee Benefits Security Administration.
	 
	 	•	 	Obtain, upon written request to the Plan Administrator, copies of documents
governing the operation of the Plan, including copies of the
latest annual report (Form 5500 series) and an updated summary plan description.
The Plan Administrator may make a reasonable charge for the copies.

Prudent Actions by Plan Fiduciaries

     In addition to creating rights for Plan participants, ERISA imposes duties upon the people who
are responsible for the operation of the Plan. The people who operate the Plan, called
“fiduciaries” of the Plan, have a duty to do so prudently and in the interest of you and other Plan
participants. No one, including your employer or any other person, may fire you or otherwise
discriminate against you in any way to prevent you from obtaining a welfare benefit or exercising
your rights under ERISA.

Enforce Your Rights

     If your claim for a welfare benefit is denied or ignored, in whole or in part, you have a
right to know why this was done, to obtain copies of documents relating to the decision without
charge, and to appeal any denial, all within certain time schedules.

     Under ERISA, there are steps you can take to enforce the above rights. For instance, if you
request a copy of the Plan document from the Plan Administrator and do not receive it within 30
days, you may file suit in a Federal court. In such a case, the court may require the Plan
Administrator to provide the materials and pay you up to $110 a day until you receive the
materials, unless the materials were not sent because of reasons beyond the control of the Plan
Administrator. If you have a claim for benefits which is denied or ignored, in whole or in part,
you may file suit in a state or Federal court. If it should happen that you are discriminated
against for asserting your rights, you may seek assistance form the U.S. Department of Labor, or
you may file suit in a Federal court. The court will decide who should pay court costs and legal
fees. If you are successful, the court may order the person you have sued to pay these costs and
fees. If you lose, the court may order you to pay these costs and fees, for example, if it finds
your claim is frivolous.

Assistance with Your Questions

     If you have any questions about the Plan, you should contact the Plan Administrator. If you
have any questions about this statement or about your rights under ERISA, or if you need assistance
in obtaining documents from the Plan Administrator,

 

 

you should contact the nearest office of the
Employee Benefits Security Administration, U.S. Department of Labor, listed in your telephone
directory or the Division of Technical Assistance and Inquiries, Employee Benefits Security
Administration, U.S. Department of Labor, 200 Constitution Ave., N.W., Washington, D.C. 20210. You
may also obtain certain publications about your rights and responsibilities under ERISA by calling
the publications hotline of the Employee Benefits Security Administration.

Miscellaneous

Exclusive Benefit

     This Plan has been established and is maintained for the exclusive benefit of Plan
participants.

Non-Alienation of Benefits

     No benefit, right or interest of any Plan participant shall be subject to anticipation,
alienation, sale, transfer, assignment, pledge, encumbrance or charge, seizure, attachment or
legal, equitable or other obligations of such person, except as otherwise required by law.

No Contract of Employment

     Neither the establishment nor the existence of the Plan, nor any modification thereof, shall
operate or be construed so as to create a contract of employment with any employee, obligate the
Company to continue the service of any employee, or affect or modify the terms of an employee’s
employment in any way.

Governing Laws

     The Plan shall be enforced according to the laws of the State of Florida, to the extent not
preempted by federal law, which shall otherwise control.

Severability

     If any provision of the Plan is held invalid or unenforceable, its invalidity or
unenforceability shall not affect any other provision of the Plan, and the Plan shall be construed
and enforced as if such invalid or unenforceable provision had not been included herein.

Construction

     The captions contained herein are inserted only as a matter of convenience and for reference,
and in no way define, limit, enlarge or describe the scope or intent of the Plan, nor in any way
shall affect the Plan or the construction of any provision thereof. Any

 

 

terms expressed in the
singular form shall be construed as though they also include the plural, where applicable, and the
masculine gender shall include the feminine and vice versa.

Funding

     Benefits payable under the Plan will be paid from the general assets of the Company. Nothing
herein requires the Company or any subsidiary to maintain any trust, fund or segregated amounts for
any individual’s benefit.

Code Section 409A

     The Plan is intended to qualify under an exemption to Section 409A of the Code.
Notwithstanding any provision of the Plan to the contrary, the total termination allowance payable
to a participant under this Plan (i) shall be paid no later than the end of the second calendar
year following the calendar year in which the termination of employment occurs and (ii) shall not
exceed two times the lesser of (1) the participant’s annual compensation for the calendar year
preceding the calendar year in which the termination of employment occurs; or (2) the limit on
compensation defined under Code Section 401(a)(17) for the calendar year in which the termination
of employment occurs. For the purpose of applying the limitation stated in (ii), the total amount
of the termination allowance payable to a participant under this Plan shall be aggregated with and
include the total amounts payable to the participant under any other plan or arrangement that would
be required to be aggregated with the Plan in accordance with Section 409A and the regulations
issued thereunder. To the extent this aggregated amount exceeds the limitation stated in (ii), the
termination allowance payable to an participant under this Plan shall be reduced until the
limitation is no longer exceeded.

     The Company has adopted this amended and restated U.S. Salaried Employee Severance Plan
effective as of February 10, 2010.

	 	 	 	 	 	 	 
	 	 	ARIZONA CHEMICAL COMPANY, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	Its:

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