Document:

Employment Agreement (Russell T. Crockett Jr.)

 Exhibit 10.9 
 EMPLOYMENT AGREEMENT 
 This
EMPLOYMENT AGREEMENT is entered into by and between Texas Petrochemicals, Inc., a Delaware corporation, and Texas Petrochemicals LP, a Texas limited partnership (collectively referred to as the “Company”), and Russell T. Crockett, Jr., the
undersigned individual (“Crockett”) to be effective as of September 2, 2008 (the “Effective Date”). 
 RECITALS 
 WHEREAS, the Company desires to employ Crockett and assure itself of the continued
availability of Crockett’s services and of reasonable protections against use of its trade secrets and Crockett competing against it; 
 WHEREAS, Crockett will be given overall responsibilities for managing the commercial operations associated with the Company’s businesses; and 
 WHEREAS, in such capacity Crockett will develop or have access to all of the business plans, methods and confidential
information relating to the Company and its subsidiaries, including, but not limited to, its production and marketing strategies and methods, its customer development and business expansion objectives and projects, its pricing practices and its
customer list and information regarding this business relationships. 
 AGREEMENT 
 NOW, THEREFORE, intending to be legally bound and in consideration of the mutual covenants and agreements hereinafter set
forth, the Company agrees to employ Crockett, and Crockett agrees to be employed by the Company, on the following terms and conditions: 
 1. Employment. Upon the Effective Date, the Company will employ Crockett as Senior Vice President – Commercial. Crockett shall manage, direct and perform such duties as the Company’s
Chief Executive Officer from time to time may assign or delegate to him consistent with the duties of officers with this title in similarly situated organizations. Crockett shall devote his best efforts and attention to these duties, and not engage
or participate in activities in conflict with the best interests of the Company or perform services for any other person, business or entity; provided, however, Crockett may serve as a member of the Board of Directors of other
organizations that do not compete with the Company, and may participate in other professional, civic, governmental organizations and activities that do not materially affect his ability to carry out his duties hereunder. Crockett shall report to the
Chief Executive Officer of the Company. 
 As an inducement to the Company to enter into and continue this
Agreement, Crockett represents and warrants to the Company that he is free to accept employment and perform his duties hereunder and that he has no prior or other obligations or commitments of any kind to anyone that would in any way hinder or
interfere with his acceptance of, or the full, uninhibited and faithful performance of such employment, or the exercise of his best efforts as Senior Vice President – Commercial. 
 2. Term. Crockett’s employment under this Agreement shall be for twenty-four (24) months (the “Initial
Term”), thereafter renewable by mutual agreement of Crockett and

  

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the Company’s Compensation Committee (the “Extension Term” and together with the Initial Term, the “Term”). Notwithstanding the foregoing, upon a termination of this
Agreement under Sections 4(d), (e) or (f), Crockett’s employment shall terminate except that Crockett will be paid his compensation in accordance with Section 4(d) below. 
 3. Compensation and Benefits. The Company and Crockett shall accept as full consideration for his services rendered
under this Agreement the following: 
 (a) Base Salary. 
 (i) During the Initial Term, Crockett shall be paid a base salary (“Base Salary”) at the annual
rate of not less than $360,000, payable in installments consistent with Company’s payroll practices. 
 (ii) During the Initial Term, Crockett shall also be eligible for a bonus of up to sixty-five percent (65%) of the current Base Salary (the “Initial Bonus”), based upon the achievement of
proposed company-wide and individual performance milestones to be determined by the Company’s Compensation Committee and approved by the Board of Directors. 
 (iii) The parties agree and acknowledge that, notwithstanding the foregoing, the Company’s Board of
Directors has the right to review and adjust the annual base salary and bonus on an annual basis during the Initial Term. During the second and third years of the Initial Term or any Extension Term, Crockett shall be paid an annual base salary and
bonus mutually agreeable to the parties, but in no event less that the Base Salary and the Initial Bonus. 
 (iv) The parties agree and acknowledge (a) that the Company and its Board of Directors are developing a new Long-Term Incentive Compensation Program for its senior executives and (b) that
Crockett shall be a participant in the Long-Term Incentive Compensation Program as determined by the Company and the Board of Directors with an initial grant valued at approximately $500,000 (based upon the achievement of individual goals and
Company targets set by the Company’s Compensation Committee) and future annual grants valued at approximately $400,000 (based upon the achievement of individual goals and Company targets set by the Company’s Compensation Committee).

 (b) Signing/Retention Bonus. Crockett shall be paid a signing bonus in the amount of $125,000 on
November 3, 2008 and a retention bonus in the amount of $125,000 on July 1, 2009, provided that Crockett remains in the employment of the Company on each respective date. 
 (c) Business Expenses. Upon submission of itemized expense statements in the manner specified by the Company,
Crockett shall be entitled to reimbursement for reasonable travel and other reasonable business expenses duly incurred by Crockett in the performance of his duties under this Agreement. 
 (d) Benefit Plans. Crockett shall be entitled to participate in the Company’s medical and dental plans, life
and disability insurance plans and retirement plans pursuant to their terms and conditions. Crockett shall be entitled to participate in any other benefit plan offered by the Company to its employees during the term of this Agreement. Nothing in
this Agreement shall preclude the Company from terminating or amending any employee benefit plan or program from time to time. 
  

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 (e) Vacation. Crockett shall be entitled to four (4) weeks of
vacation each year of full employment, exclusive of legal holidays, as long as the scheduling of Crockett’s vacation does not interfere with the Company’s normal business operations. 
 (f) Payment. Payment of all compensation to Crockett hereunder shall be made in accordance with the relevant Company
policies in effect from time to time, including normal payroll practices, and shall be subject to all applicable taxes and any other required or authorized withholdings and deductions. 
 (g) No Other Benefits. Subject to Section 4, Crockett understands and acknowledges that the compensation
specified in Section 3 of this Agreement shall be in lieu of any and all other compensation, benefits and plans. 
 4. Termination of Employment. 
 (a) Termination for Disability of Crockett. The Company
may terminate this Agreement without liability if Crockett shall be permanently prevented from properly performing his essential duties hereunder with reasonable accommodation by reason of illness or other physical or mental incapacity and is for a
period of time which would entitle Crockett to receive benefits under the long-term disability policy in effect at the time of such illness or other physical or mental incapacity. Upon such termination, Crockett shall be entitled to all accrued but
unpaid Base Salary, accrued bonus (if any) and accrued vacation. 
 (b) Termination for Death of
Crockett. In the event of the death of Crockett, the Company’s obligations hereunder shall automatically cease and terminate; provided, however, that within fifteen (15) days the Company shall pay to Crockett’s heirs or personal
representatives Crockett’s Base Salary and accrued vacation accrued to the date of death. 
 (c)
Termination for Cause. Notwithstanding anything herein to the contrary, the Company may terminate Crockett’s employment hereunder for cause for any one of the following reasons: (i) conviction of a felony, or a misdemeanor where
imprisonment is imposed; (ii) misconduct or negligence in the performance of duties; (iii) the commission of acts that are dishonest or demonstrably injurious to the Company (monetarily or otherwise); (iv) failure to observe Company
policies or compliance with applicable laws; (v) failure to comply with all lawful and ethical directions and instructions of the Chief Executive Officer or the Board of Directors; (vi) failure to perform his duties with the Company which
results in a material adverse financial effect on the Company; (vii) breach of Crockett’s representations and warranties in Section 1; or (viii) any conduct that prejudices the reputation of the Company in the fields of business
in which it is engaged or with the investment community or the public at large. Upon termination of Crockett’s employment with the Company for cause, the Company shall be under no further obligation to Crockett for salary or bonus, except to
pay all accrued but unpaid base salary, accrued bonus (if any) and accrued vacation to the date of termination thereof. 
 (d) Termination without Cause. The Company may terminate Crockett’s employment hereunder at any time without cause; provided, however, that Crockett shall be entitled to:
(i) accrued but unpaid base salary and accrued vacation, less deductions required by law; and (ii) continued payment of Crockett’s Section 3(a)(i) base compensation and his Section 3(d) benefits for a period of not less than
twelve (12) months. 
  

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 (e) Termination for Good Reason. At Crockett’s option, Crockett
may terminate his employment with the Company for Good Reason (as hereinafter defined). For purposes of this Agreement, “Good Reason” shall mean any of the following: (i) a material adverse change in the scope of Crockett’s
responsibilities or authority, excluding any such change in connection with Crockett’s death or disability; (ii) a reduction in Crockett’s total compensation (other than a reduction in bonus compensation due to targets not being
achieved); (iii) a reduction in Crockett’s eligibility for participation in the Company’s benefit plan but excluding such Company-wide reductions to any such plans that are effective for all similarly situated executives;
(iv) relocation of the Company’s executive offices more than 150 miles from the current location, without Crockett’s concurrence; or (v) any material breach by the Company of this Agreement which remains uncorrected for ten
(10) days following written notice of such breach by Crockett to the Company. Under such circumstances, Crockett shall be entitled to the severance benefits set forth in Section 4(d). 
 (f) Termination for Change of Control. At Crockett’s option, Crockett may terminate her employment within 90
days following a “Change of Control” which occurs during the term of this Agreement. For purposes of this Agreement, “Change of Control” shall mean any of the following: (i) Texas Petrochemicals, Inc., a Delaware corporation
(“TPI”) is dissolved or is liquidated; (ii) TPI sells, leases or exchanges all or substantially all of its assets to any other person or entity; or (iii) any “person” (as that term is used in Sections 13(d) or 14(d) of
the Securities Exchange Act of 1934, as amended), other than one or more of the persons who hold, beneficially and of record, shares of voting stock of TPI on June 1, 2005 (the “Permitted Holders”), is or becomes a beneficial owner
(as defined in Rule 13c-3 and 13c-5 under the Securities Exchange Act of 1934, as amended, except that a person will be deemed to be a “beneficial owner” of all shares that such person has the right to acquire, whether such right is
exercisable immediately or only after the passage of time), directly or indirectly, of more than fifty percent (50%) of the total voting power of the then outstanding shares of Voting Stock of TPI, provided that the Permitted Holders
beneficially own, directly or indirectly, in the aggregate a lesser percentage of the total voting power of the then outstanding shares of Voting Stock of TPI than such other person. Under such circumstances, Crockett shall be entitled to the
severance benefits set forth in Section 4(d) and any benefits granted him in any long-term incentive plan. 
 (g) No Duty to Mitigate. Crockett shall not be under any duty or obligation to seek or accept other employment following termination of this Agreement under Section 4(d), (e) or (f) and the amounts due Crockett under
Section 4(d) shall not be reduced or suspended if Employee accepts subsequent employment. 
 (h)
Cooperation. After notice of termination, Crockett shall cooperate with the Company, as reasonably requested by the Company, to effect a transition of Crockett’s responsibilities and to ensure that the Company is aware of all matters
being handled by Crockett. 
 5. Confidential Information. 
 (a) Definition. While employed with the Company, Crockett will have access to and become acquainted with ideas,
concepts, information and material that constitute trade secrets and/or proprietary and confidential information (hereinafter “Confidential

  

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Information”) of the Company and its subsidiaries. Confidential Information includes, but is not limited to, information and knowledge pertaining to products and services offered, ideas,
plans, manufacturing, marketing, pricing, distribution and sales methods and systems, sales and profit figures, customer and client lists, and relationships between the Company or its subsidiaries and their respective affiliates, dealers,
distributors, wholesalers, customers, clients, suppliers and other who have business dealings with the Company or any of its subsidiaries. 
 (b) No Disclosure. Confidential Information is the sole and exclusive property of the Company. Crockett acknowledges that such Confidential Information is a valuable and unique asset, and covenants
that he will not, either during or after the term of this Agreement, directly or indirectly disclose any Confidential Information to any third party without the written permission of the Company’s Board of Directors, except as required by his
employment with the Company, unless such information is in the public domain for reasons other than Crockett’s conduct, or except as may be required by law (provided that Crockett shall give the Company notice of any disclosure required by law
so that the Company shall have a reasonable opportunity to attempt to preclude such disclosure). Crockett shall not use Confidential Information to either his own or the advantage of parties other than the Company. Crockett shall take all steps
necessary to protect the confidentiality of all Confidential Information and to inform the Company immediately of any attempted or actual disclosure of Confidential Information to any third party. Crockett agrees that, upon request of the Company or
termination of employment, whichever is first, he shall turn over to the Company all documents, memoranda, notes, plans, records or material in his possession or control that contain or are derived from Confidential Information. 
 (c) No Competition. Crockett agrees that during and for twelve (12) months after his employment with the
Company terminates for any reason, he will not, unless acting with the prior written consent of the Company’s Board of Directors, directly or indirectly own, manage, operate, join, control, finance or participate in the ownership, management,
operation, control or financing of, or be connected as an officer, director, employee, partner, principal, agent, representative, consultant or otherwise, any business enterprise which (i) develops or manufactures products which are competitive
with products developed or manufactured by the Company or any subsidiary of the Company; (ii) distributes, markets or otherwise sells products manufactured by others which are competitive with products distributed, marketed or sold by the
Company or its subsidiaries; or (iii) provides services which are competitive with services provided by the Company or its subsidiaries, including, in each case, any products or services under development or which are subject of active planning
by the Company or its subsidiaries, at any time during the term of this Agreement (a “Competing Venture”); provided that Crockett may purchase or otherwise acquire up to (but not more than) ten percent (10%) of any class of the
securities of any entity (but may not otherwise participate in the activities of such entity) if such securities are listed on any national or regional securities exchange or have been registered under Section 12(g) of the Securities Exchange
Act of 1934, as amended. Crockett acknowledges that the business of the Company or its subsidiaries, and Crockett’s connections therewith, is or will be involved in activity throughout North American and Mexico, and that more limited
geographical limitations on the non-compete and non-solicitation covenants set forth in Section 6 and 7 are therefore not appropriate. 
 6. Solicitation of Company Customers/Diversion of Opportunities. 
 (a) Crockett agrees that during and for twelve (12) months after his employment with the Company terminates for any reason, he will not, as an individual, employee, consultant, agent, owner, partner, director or stockholder, directly
or indirectly solicit,

  

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call on or accept any business from any Customer of the Company or its subsidiaries. The term “Customer” means all persons, firms or corporations to whom the Company or its subsidiaries
sold products at any time during the one year period immediately preceding when Crockett’s employment with the Company ceased, notwithstanding that some or all of such persons, firms or corporations may have been induced to give business to the
Company or its subsidiaries by Crockett. 
 (b) Crockett shall not take any action at any time to divert from
the Company or its subsidiaries any opportunity in the scope of any present or contemplated future business of the Company or its subsidiaries that arose while he was employed by the Company. 
 (c) Crockett agrees that the restrictions in this Section are reasonable and will not preclude him from becoming gainfully
employed if his employment with the Company terminates. 
 7. Solicitation and Employment of Company
Employees. Crockett agrees that during and for twelve (12) months after her employment with the Company terminates for any reason, he will not directly or indirectly solicit, hire, employ or engage any employee or any former employee of the
Company or its subsidiaries whose employment with the Company or its subsidiaries ceased less that one year before the date of such solicitation, enticement, hiring or engagement. 
 8. Enforcement/Remedies. 
 (a) The provisions in Sections 5 through 7 of this Agreement shall survive termination of Crockett’s employment with the Company for any reason and/or termination of this
Agreement, and shall continue to bind Crockett by their respective terms. 
 (b) Crockett acknowledges and
agrees: (i) that his services to the Company are unique, (ii) that the restrictions in Sections 5 through 7 of this Agreement are reasonable and necessary to protect the legitimate business interests of the Company and its subsidiaries,
(iii) that any violation of any provision of these Sections will irreparably injure the Company and its subsidiaries, (iv) that in the event of such violation the Company shall be entitled to preliminary and permanent injunctive relief
without proof of actual damages and to an equitable accounting of all earnings, profits and other benefits arising from such violation, which rights shall be cumulative and in addition to any other rights or remedies to which the Company may be
entitled. 
 (c) In the event any provision relating to the time period or scope of the non-solicitation
restriction shall be declared by a court of competent jurisdiction to exceed the maximum time period or scope such court deems reasonable and enforceable, such time period or scope shall be deemed amended and reformed to the minimum degree necessary
to be enforceable. 
 (d) Crockett agrees that, if he is found to have breached any provision in Sections 5
through 7 of this Agreement, then he shall be obligated to pay the attorney’s fees and expenses incurred by the Company to enforce its rights in connection with such breach. 
 9. Exclusivity. For any matter which, by the express provisions of this Agreement, is to be determined by the
Compensation Committee of the Board of Directors unless and until the Compensation Committee of the Board of Directors issues its decision,

  

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such determination by the Compensation Committee of the Board of Directors shall be final and binding on the parties and may not be overturned unless such determination is found to be arbitrary
and capricious or an abuse of discretion. 
 10. Miscellaneous. 
 (a) Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of
Texas without regard to conflict of law principles. Further, for any dispute related to this Agreement, Crockett and Company irrevocably submit to the exclusive jurisdiction of the Federal courts of the United States of America located in the
Southern District of Texas, Houston Division, or the State District Courts of Texas located in Harris County, Texas. Crockett and Company consent to and grant any such court jurisdiction over the person of such parties and over the subject matter of
any such dispute. 
 (b) Entire Agreement. This Agreement contains the entire agreement and
understanding between the parties hereto and supersedes any prior or contemporaneous written or oral agreements, representations and warranties between them respecting the subject matter hereof. 
 (c) Amendment. This Agreement may be amended only by a writing signed by Crockett and by a duly authorized
representative of the Company. 
 (d) Assignability. The Company shall have the right to assign this
Agreement and its rights hereunder, in whole or in part, including but not limited to Crockett’s obligations under Sections 5 though 7 of this Agreement. 
 (e) Severability. If any term, provision, covenant or condition of this Agreement, or the application thereof to any person, place or circumstance, shall be held to be
invalid, unenforceable or void, the remainder of this Agreement and such term, provision, covenant or condition as applied to other persons, places and circumstances shall remain in full force and effect. 
 (f) Construction. The headings and captions of this Agreement are provided for convenience only and are intended to
have no effect in construing or interpreting this Agreement. The language in all parts of this Agreement shall be in all cases construed according to its fair meaning and not strictly for or against the Company or Crockett. 
 (g) Rights Cumulative. The rights and remedies provided by this Agreement are cumulative, and the exercise of any
right or remedy by either party hereto (or by its successor), whether pursuant to this Agreement, to any other agreement, or to law, shall not preclude or waive its right to exercise any or all other rights and remedies. 
 (h) Nonwaiver. No failure or neglect of either party hereto in any instance to exercise any right, power or
privilege hereunder or under law shall constitute a waiver of any other right, power or privilege or of the same right, power or privilege in any other instance. All waivers by either party hereto must be contained in a written instrument signed by
the party to be charged and, in the case of the Company, by an officer of the Company (other than Crockett) or other person duly authorized by the Company. 
  

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 (i) Notices. Any notice, request, consent or approval required or
permitted to be given under this Agreement or pursuant to law shall be sufficient if in writing, and if and when sent by certified or registered mail, with postage prepaid, to Crockett’s residence (as noted in the Company’s records), or to
the Company’s principal office, as the case may be. 
 (j) Assistance in Litigation. Crockett
shall, during and after termination of employment, upon reasonable notice, furnish such information and proper assistance to the Company as may reasonably be required by the Company in connection with any litigation in which it or any of its
subsidiaries or affiliates is, or may become a party; provided, however, that such assistance following termination shall be furnished at mutually agreeable times and for mutually agreeable compensation. 
 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date first above written. 
  

									
	TEXAS PETROCHEMICALS LP	 		 		 	EXECUTIVE:
					
	By:	 	 /s/ Charlie Shaver
	 		 		 	 /s/ Russell T. Crockett, Jr.

		 	Charlie Shaver	 		 		 	Russell T. Crockett, Jr.
		 	President & Chief Executive Officer	 		 		 	
				
	TEXAS PETROCHEMICALS INC.	 		 		 	
					
	By:	 	 /s/ Charlie Shaver
	 		 		 	
		 	Charlie Shaver	 		 		 	
		 	President & Chief Executive Officer	 		 		 	

  

 82004 Stock Awards Plan

 Exhibit 10.10 
 TEXAS PETROCHEMICALS INC. 
 2004 STOCK AWARDS PLAN

 As Amended and Restated Effective March 23, 2006 
 I. 
 PURPOSE 
 The purpose of the Texas Petrochemicals Inc. 2004 Stock Awards Plan (the “Plan”) is to provide a means through
which Texas Petrochemicals Inc. (the “Company”), a Delaware corporation and its Subsidiaries, may attract able persons to the Company and to provide a means whereby those Employees, officers and directors of the Company upon whom the
responsibilities of the successful administration and management of the Company rest, and whose present and potential contributions to the welfare of the Company are of importance, can acquire and maintain stock ownership, thereby strengthening
their concern for the welfare of the Company and their desire to remain in its employ or service. A further purpose of the Plan is to provide such Employees, officers and directors of the Company with additional incentive and reward opportunities
designed to enhance the profitable growth of the Company. The Plan is a broad based plan that provides for grants of Incentive Stock Options, Nonqualified Stock Options, Stock Appreciation Rights, Restricted Stock Awards, Performance Awards, Phantom
Stock Awards, or any combination of the foregoing, as is best suited to the circumstances of the particular Employee, officer or director of the Company, as provided herein. The Plan is hereby amended and restated effective March 23, 2006
(“the Restatement Effective Date”). Any Awards made prior to the Restatement Effective Date shall be subject to the terms and conditions of the Plan as in effect on the date of such Award. 
 II. 
 DEFINITIONS

 The following definitions shall be applicable throughout the Plan unless specifically modified by any
paragraph: 
 (a) “Affiliate” means any parent or Subsidiary of the Major Holders. 

(b) “Award” means, individually or collectively, any Option, Restricted Stock Award, Phantom Stock
Award, Performance Award or Stock Appreciation Right. 
 (c) “Award Agreement” means a written
agreement between the Company and a Holder with respect to any Award. 
 (d) “Board” means the
Board of Directors of Texas Petrochemicals Inc. 
 (e) “Board Resolution” means a copy of a
resolution having been duly adopted by the Board in accordance with the terms of the Company’s by-laws and to be in full force and effect on such adopted date. 

 (f) “Cause” shall mean the term as defined in any written
employment agreement between the Company and the Participant. To the extent that there is no such agreement, “Cause” shall mean the Participant’s conviction of, or plea of guilty or no contest to, any felony (or equivalent under
applicable law) or a misdemeanor that results in a material economic injury to the Company. 
 (g)
“Change in Control” means: 
 (i) a transaction in which any “person” (as such term
is defined in Section 3(a)(9) of the Exchange Act and is used in Sections 13(d)(3) and 14(d)(2) of the Exchange Act) or group of persons acting together within the meaning of Section 13(d)(3) of the Exchange Act (other than and excluding
any of the Major Holders acting alone, or in concert with each other, their respective Affiliates or others), becomes the direct or indirect beneficial owner of fifty percent (50%) or more of the Company’s Voting Stock; provided,
however, that (x) there shall not be a “Change in Control” unless the Major Holders beneficially own, directly or indirectly, in the aggregate, a lesser percentage of the Company’s Voting Stock than such other person, and
do not have the right or ability, in the aggregate, by voting power, contract, or otherwise, to elect or designate for election, a majority of the Board and (y) the Board may at any time prior to such transaction provide by Board Resolution
that this subparagraph (i) shall not apply if such acquiring person is a corporation or other entity and a majority of the board of directors of the acquiring person (or other board or committee performing similar functions) immediately after
the transaction consists of individuals who constituted a majority of the Board immediately prior to the acquisition of such fifty percent (50%) or more of the Company’s Voting Stock. For purposes of subparagraph (i)(x) (A) such other
person shall be deemed to beneficially own any Voting Stock of a specified entity held by a parent entity, if such other person is the beneficial owner, directly or indirectly, of more than 50% of the parent entity’s Voting Stock, and the Major
Holders beneficially own, directly or indirectly, in the aggregate, a lesser percentage of the total voting power of the parent entity’s Voting Stock than such other person, and do not have the right or ability, in the aggregate, by voting
power, contract or otherwise, to elect, or designate for election, a majority of the parent entity’s board of directors (or other board or committee performing similar functions) and (B) the Major Holders shall be deemed to beneficially
own any Voting Stock of an entity held by any other parent entity, so long as the Major Holders beneficially own, directly or indirectly, in the aggregate, a majority of the parent entity’s Voting Stock; 
 (ii) a transaction involving a merger or consolidation of the Company with or into another person or the merger of another
person with or into the Company, other than: 
 (A) a merger effecting a re-incorporation of the Company in
another state or any other merger or a consolidation in which the shareholders or other equity owners of the surviving person and their proportionate interests therein immediately after the merger or consolidation are substantially identical to the
shareholders of the Company and their proportionate interests therein immediately prior to the merger or consolidation, or 
  

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 (B) a transaction following which the holders of securities that
represented 100% of the Voting Stock of the Company immediately prior to such transaction own, directly or indirectly, at least a majority of the Voting Stock of the surviving person immediately after such transaction in substantially the same
proportion that such holders held the Voting Stock of the Company immediately prior to such transaction 
 following which the
Company is not the surviving person, or survives only as a subsidiary of another person in a transaction in which the shareholders of the parent of the Company and their proportionate interests therein immediately after the transaction are not
substantially identical to the shareholders of the Company and their proportionate interests therein immediately prior to the transaction; provided, however, that the Board may at any time prior to such a merger or consolidation
provide by resolution that the foregoing provisions of the preceding half-sentence (beginning with the word “following” and ending with the word “transaction”) shall not apply if a majority of the board of directors of such
parent (or other board or committee performing similar functions if the parent is not a corporation) immediately after the transaction consists of individuals who constituted a majority of the Board immediately prior to the transaction; or

 (iii) a sale of all or substantially all the assets of the Company to another person, other than the Major
Holders, or any of them. 
 (h) “Change in Control Value” means (i) the per share price
offered to stockholders of the Company in any such merger, consolidation, reorganization, sale of assets or dissolution transaction, (ii) the price per share offered to stockholders of the Company in any tender offer or exchange offer whereby a
Change in Control takes place, or (iii) if such Change in Control occurs other than pursuant to clause (i) or (ii) of this paragraph (h), the Fair Market Value per share of the shares for which Awards are exercisable, as determined by
a Board Resolution, whichever is applicable. In the event that the consideration offered to stockholders of the Company consists of anything other than cash, the Board shall determine by a Board Resolution the fair cash equivalent of the portion of
the consideration offered which is other than cash. 
 (i) “Code” means the Internal Revenue
Code of 1986, as amended. Reference in the Plan to any section of the Code shall be deemed to include any amendments or successor provisions to any section and any regulations under such section. 
 (j) “Committee” means any Committee to which the Board has delegated some or all of its powers and
authority under the Plan. 
 (k) “Continuous Service” means the Holder’s service as an
officer, Employee, or director with the Company or any Subsidiary that is not interrupted or terminated. The Holder’s Continuous Service shall not be deemed to have terminated merely because of a change in the capacity in which the Holder
renders service to the Company as an officer, Employee, or director or a change in the entity for which the Holder renders such service; provided, however, that there is no interruption or termination of the Holder’s Continuous Service
other than an approved leave of absence. The Board may determine whether Continuous Service shall be considered interrupted. 
  

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 (l) “Company” means Texas Petrochemicals Inc. 

(m) “Covered Employee” means such person described in Section 162(m)(3) of the Code. 
 (n) “Current Market Price” means on any date on which the Stock is listed on any national securities
exchange or on the NASDAQ Stock Market, (the average of the Quoted Prices for the five consecutive Trading Days selected by the Committee commencing not more than 20 Trading Days before, and ending not later than, the earlier of (x) the date in
question and (y) in the case of any computation under Paragraph XII (d) or XII (e), the day before the “ex” date for the issuance or distribution requiring such computation; provided, however, that if the “ex”
date for any event (other than the issuance or distribution requiring such computation) that requires an adjustment to the Exercise Price pursuant to Paragraph XII(a), XII(b), XII(d), or XII(e) occurs on or after the 20th Trading Day prior to the
day in question and prior to the “ex” date for the issuance or distribution requiring such computation, the Quoted Price for each Trading Day prior to the “ex” date for such other event shall be adjusted by multiplying such
Quoted Price by the same fraction by which the Exercise Price is so required to be adjusted pursuant to Paragraph XII(a), XII(b), XII(d), or XII(e) as applicable, as a result of such other event. 
 (o) “Effective Date” means the date set forth in Paragraph III(a). 
 (p) “Employee” means any person in an employment relationship with the Company or Parent or Subsidiaries.

 (q) “Equity Interest” means, (i) with respect to any Person that is a corporation, any
and all shares, interests, participations or other equivalents (however designated and whether or not voting) of corporate stock, including each class of common stock and preferred stock of such Person and all options, warrants or other rights to
purchase or acquire any of the foregoing; and (ii) with respect to any Person that is not a corporation, any and all partnership, membership or other equity interests of such Person, and all options, warrants or other rights to purchase or
acquire any of the foregoing 
 (r) “ex date” means: 
  

	 	 (i)
	 when used with respect to any issuance or distribution, the first date on which the Stock trades regular way on the relevant exchange or in the
relevant market from which the Quoted Price was obtained without the right to receive such issuance or distribution; 

  

	 	 (ii)
	 when used with respect to any subdivision or combination of shares of Stock, the first date on which the Stock trades regular way on the relevant
exchange or in the relevant market after the time at which such subdivision or combination becomes effective; or 

  

	 	 (iii)
	 when used with respect to any tender offer, the first date on which the Stock trades regular way on the relevant exchange or in the relevant market
after the Expiration Time of such tender offer. 

  

 -4- 

 (s) “Exchange Act” means the Securities Exchange Act of
1934, as amended. 
 (t) “Excluded Dividend” means any Property Dividend or any dividend or
distribution of rights or warrants referred to in Paragraph XU(f) that is paid or made in cash out of earnings or earned surplus, determined in accordance with GAAP. 
 (u) “Exercise Price” means the exercise price per share of Stock under any Award, subject to adjustment as provided in Paragraph XII. 
 (v) “Expiration Time” means the period of time set forth in Paragraph XII(e). 
 (w) “Fair Market Value” means as of any specified date, (i) the Current Market Price or (ii) if
the Stock is not then listed on any national securities exchange or on the NASDAQ Stock Market, the fair value as determined by the Board in good faith, as evidenced by a Board Resolution. The Board may, but shall have no obligation to, engage one
or more appraisers in making its determination of Fair Market Value under clause (ii). The Fair Market Value as determined by the Board under clause (ii) may be higher or lower than any such appraisal. 
 (x) “Forfeiture Restrictions” means the restrictions set forth in Paragraph IX(a). 
 (y) “GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of
the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a
significant segment of the accounting profession, which are in effect from time to time. 
 (z)
“Holder” means an Employee, officer or director who has been granted an Award. 
 (aa)
“Incentive Stock Option” means an option to purchase Stock that is designated as an incentive stock option within the meaning of Section 422 of the Code. 
 (bb) “Major Holders” means Castlerigg Master Investments Ltd., RCG Carpathia Master Fund, Ltd. and Mellon HBV SPV LLC, and any investment fund managed by the same
investment advisor of any such Major Holder. 
 (cc) “Nonqualified Stock Option” means an
option granted under Paragraph VII of the Plan to purchase Stock which does not constitute an Incentive Stock Option. 
 (dd) “Option” means an Award granted under Paragraph VII of the Plan and includes both Incentive Stock Options and Nonqualified Stock Options. 
 (ee) “Option Agreement” means an Award Agreement with respect to an Option. 
 (ff) “Ownership Interest” means any shares of capital stock of the Company and any other security of the Company or any successor thereto into which any shares of
capital stock of the Company are converted or for which any shares of capital stock of the Company are exchanged. 
  

 -5- 

 (gg) “Parent” means, for purposes of the grant of Incentive
Stock Options, a parent of the Company (if any) which qualifies as a “parent corporation” within the meaning of Section 424(e) of the Code. 
 (hh) “Performance Award” means an Award granted under Paragraph X of the Plan. 
 (ii) “Performance Award Agreement” means an Award Agreement with respect to a Performance Award. 
 (jj) “Performance Goals” means or may be expressed in terms of any of the following business criteria: revenue, earnings before interest, taxes, depreciation and
amortization (“EBITDA”), operating income, pre- or after-tax income, cash available for distribution, cash available for distribution per share, net earnings, earnings per share, return on equity, return on assets, share price performance,
improvements in the Company’s attainment of expense levels, and implementing or completion of critical projects, or improvement in cash flow (before or after tax). A Performance Goal may be measured over a Performance Period on a periodic,
annual, cumulative or average basis and may be established on a corporate-wide basis or established with respect to one or more operating units, divisions, subsidiaries, acquired businesses, minority investments, partnerships or joint ventures.

 (kk) “Performance Objectives” means the level or levels of performance required to be
attained with respect to specified Performance Goals in order that a Holder shall become entitled to specified rights in connection with an Award of performance shares. The Board may provide for adjustments to performance to eliminate the effects of
charges for restructuring, extraordinary items, discontinued operations, other non-recurring charges, the cumulative effects of accounting changes, each as defined in GAAP, that occur during a Performance Period, in each case, to preserve the
economic intent of any Award. 
 (ll) “Performance Period” means the one-year period that shall
commence July 1 of each year, or such other longer period designated by the Committee, during which performance will be measured in order to determine a Holder’s entitlement to receive payment of an Award. 
 (mm) “Person” means any individual, corporation, partnership, joint venture, association, joint-stock
company, trust, unincorporated organization or government or any agency or political subdivision thereof or other entity. 
 (nn) “Phantom Stock” means shares of Stock granted under Paragraph XI of the Plan. 
 (oo) “Phantom Stock Award” means an Award of Phantom Stock. 
 (pp) “Phantom Stock Award Agreement” means an Award Agreement with respect to a Phantom Stock Award. 
 (qq) “Plan” means the Texas Petrochemicals Inc. 2004 Stock Awards Plan, as amended from time to time. 
 (rr) “Property Dividend” means any payment by the Company to holders of its Stock of any dividend, or any
other distribution by the Company to such holders of any shares of

  

 -6- 

 
Equity Interests of the Company, evidences of indebtedness of the Company, cash or other assets (including rights, warrants or other securities (of the Company or any other Person)), other than
any dividend or distribution (i) upon a merger or consolidation or sale to which Paragraph XIII applies or (ii) of any Stock referred to in Paragraph XII(b). 
 (ss) “Purchased Shares” has the meaning set forth in Paragraph XII. 
 (tt) “Quoted Price” means, on any Trading Day, with respect to any security, the last reported sales price regular way or, in case no such reported sale takes place on such Trading Day,
the average of the reported closing bid and asked prices regular way, in either case on the New York Stock Exchange or, if such security is not listed or admitted to trading on such exchange, on the principal national securities exchange on which
such security is listed or admitted to trading or, if not listed or admitted to trading on any national securities exchange, on the National Association of Securities Dealers Automated Quotations National Market System. 
 (uu) “Restatement Effective Date” means the date set forth in Paragraph I of the Plan. 
 (vv) “Restricted Stock” means shares of Stock granted under Paragraph IX of the Plan. 
 (ww) “Restricted Stock Agreement” means an Award Agreement with respect to a Restricted Stock Award.

 (xx) “Restricted Stock Award” means an Award granted under Paragraph IX of the Plan.

 (yy) “Rule 16b-3” means SEC Rule 16b-3 promulgated under the Exchange Act, as such may be
amended from time to time, and any successor rule, regulation or statute fulfilling the same or a similar function. 
 (zz) “SEC” means the Securities and Exchange Commission. 
 (aaa) “Section
162(m)” means Section 162(m) of the Code and the regulations promulgated thereunder. 
 (bbb)
“Spread” means, in the case of a Stock Appreciation Right, an amount equal to the excess, if any, of the Fair Market Value of a share of Stock on the date such right is exercised (or deemed exercised pursuant to Section 409A of
the Code) over the exercise price of such Stock Appreciation Right. 
 (ccc) “Stock” means the
common stock, $0.01 par value, of the Company. 
 (ddd) “Stock Appreciation Right” means an
Award granted under Paragraph VIII of the Plan. 
 (eee) “Stock Appreciation Rights Agreement”
means an Award Agreement with respect to an Award of Stock Appreciation Rights. 
 (fff) “Subsequent
Awards” means the Awards defined under Paragraph VI. 
  

 -7- 

 (ggg) “Subsidiaries” means any subsidiary entity of the
Company selected by the Board, provided, that, with respect to Incentive Stock Options, it shall mean any subsidiary of the Company that qualifies as a “subsidiary corporation” within the meaning of Section 424(f) of the
Code. 
 (hhh) “Trading Day” means each Monday, Tuesday, Wednesday, Thursday and Friday, other
than any day on which securities are not traded on the applicable securities exchange or in the applicable securities market. 
 (iii) “Voting Stock” means of a person all classes of capital stock or other interest, including partnership interests, of such person then outstanding and normally entitled, without
regard to the occurrence of any contingency, to vote in the election of directors, managers or trustees thereof. 
 III.

 EFFECTIVE DATE AND DURATION OF THE PLAN 
 (a) Effective Date. The Plan was originally effective on December 15, 2004 (the “Effective Date”) and approved by the Company’s stockholders on
January 6, 2005. The Plan, as amended and restated, shall be effective on the Restatement Effective Date, subject to stockholder approval in accordance with applicable state law within one year of the Restatement Effective Date. Unless the
Company determines to submit Paragraph X of the Plan and the definition of Performance Goal to the Company’s stockholders at the first stockholder meeting that occurs in the fifth year following the year in which the Plan was last approved by
stockholders (or any earlier meeting designated by the Board), in accordance with the requirements of Section 162(m), and such stockholder approval is obtained, then no further Performance Awards shall be made to Covered Employees under
Paragraph X after the date of such annual meeting, but the remainder of the Plan shall continue in effect. 
 (b) Duration of the Plan. The Plan will expire on the sixth anniversary of the Effective Date, and no Awards may be granted on or after the sixth anniversary of the Effective Date; provided, however, that any Award
granted prior to such sixth anniversary shall remain outstanding in accordance with its terms. 
 IV. 
 ADMINISTRATION 
 (a) General Administration. The Plan shall be administered by the Board provided, however, that to the extent required by law, specific responsibilities shall be delegated to the
Committee. 
 (b) Delegation to Committee. Subject to applicable law, the Board may delegate any of its
power and authority under the Plan to a Committee or Committees of two (2) or more members of the Board, and the term “Committee” shall apply to any person or persons to whom such authority has been delegated. If the Board appoints a
Committee, it shall have only those powers the Board has delegated to it. Such powers may include the power to delegate to a

  

 -8- 

 
subcommittee or to officers and employees of the Company any of the administrative powers the Board has delegated to the Committee. If the Board delegates some or all of its power and authority
to one or more Committees or subcommittees, any references in this Plan to the Board shall be deemed to be to the Committee(s) or subcommittee(s), but only to the extent of the delegation. The Board may abolish the Committee at any time and revest
in the Board the administration of the Plan. 
 (c) Committee Composition. Notwithstanding the foregoing,
if the Company has a class of equity securities registered under Section 12 of the Exchange Act, the Committee shall include at least two “non-employee directors” (as defined under Ru1e 16b-3 promulgated under the Exchange Act)
to permit the Awards and subsequent transactions contemplated hereunder to comply with Rule 16b-3. Further, only a Committee comprising two or more “outside directors,” (within the meaning of Section 162(m)) may grant Awards that are
subject to Section 162(m). Committee members shall also meet the requirements of the rules of any exchange or national market system upon which the Stock is listed. 
 (d) Effect of Board’s Decision. All determinations, interpretations and constructions made by the Board in good faith shall not be subject to review by any person and
shall be final, binding and conclusive on all persons. Members of the Board and any officer or employee of the Company acting at the direction or on behalf of the Board shall not be personally liable for any action or determination taken or made in
good faith with respect to the Plan. Such persons shall, to the extent permitted by law, be fully indemnified by the Company with respect to any such action or determination. 
 (e) Powers of Board. The Board shall have the power, subject to, and within the limitations of, the express provisions of the Plan: 
  

	 	 (i)
	 To determine from time to time which of the persons eligible under the Plan shall be granted Awards; when and how each Award shall be granted; what
type or combination of types of Award shall be granted; the provisions of each Award granted (which need not be identical), including the time or times when a person shall be permitted to receive Stock pursuant to an Award; and the number of shares
of Stock with respect to which an Award shall be granted to each such person. 

  

	 	 (ii)
	 To construe and interpret the Plan and Awards granted under it, and to establish, amend and revoke rules and regulations for its administration. The
Board, in the exercise of this power, may correct any defect, omission or inconsistency in the Plan or in any Award Agreement, in a manner and to the extent it shall deem necessary or expedient to make the Plan fully effective.

  

	 	 (iii)
	 To provide for the extension of the exercisability of an Award, accelerate the vesting or exercisability of an Award, eliminate or make less
restrictive any restrictions applicable to an Award, waive any restriction or other provision of this Plan (insofar as such provision relates to Awards) or an Award or otherwise amend or modify an Award in any manner that is either (i) not
adverse to the Holder to whom such Award was granted or (ii) consented to by such Holder; 

  

 -9- 

	 	 (iv)
	 Generally, to exercise such powers and to perform such acts as the Board deems necessary or expedient to promote the best interests of the Company
which are not in conflict with the provisions of the Plan. 

 V. 
 GRANT OF OPTIONS, STOCK APPRECIATION RIGHTS, 
 RESTRICTED STOCK AWARDS, PERFORMANCE AWARDS 
 AND PHANTOM STOCK AWARDS; SHARES
SUBJECT TO THE PLAN 
 (a) Stock Grant and Award Limits. The Board may from time to time grant and the
Committee may recommend to the Board, from time to time, the grant of Awards to one or more Employees, officers and directors determined by it to be eligible for participation in the Plan in accordance with the provisions of Paragraph VI. Subject to
Paragraph XII, the total of number of shares (irrespective of class) set aside for issuance under the Plan is 2,613,317. Subject to Paragraph XII, up to 1,331,722 shares in the aggregate may be issued as Options or Stock Appreciation Rights, or any
combination thereof, under the Plan and up to 1,281,595 shares in the aggregate may be issued pursuant to Restricted Stock Awards, Performance Awards or Phantom Stock Awards under the Plan. The maximum number of shares of Stock that may be the
subject of all Awards granted to an Employee in anyone calendar year period may not exceed 600,000, subject to Paragraph XII. With respect to any Award paid in cash under the Plan, the number of shares of Stock having an aggregate Fair Market Value
equal to the value of such cash Award shall be deducted from the total number of shares set aside for issuance under the Plan. 
 (b) Lapse of Awards. Shares of Stock shall be deemed to have been issued under the Plan only to the extent actually issued and delivered pursuant to an Award. To the extent that an Award lapses or
the rights of its Holder terminate or are relinquished, any shares of Stock subject to such Award shall again be available for grant pursuant to an Award, except that if an Award is paid in cash, the number of shares underlying such Award shall not
be available for new Awards under the Plan. 
 (c) Stock Offered. The Stock to be offered pursuant to the
grant of an Award may be authorized but issued Stock or Stock previously issued and outstanding and reacquired by the Company. 
 VI. 
 ELIGIBILITY 
 Awards may be granted only to persons who, at the time of grant, are Employees, officers or directors; provided, however, that only Employees of the Company or any Parent or Subsidiary may be
granted an Incentive Stock Option. The maximum number and composition of all Awards granted under the Plan shall be subject to the limitations set forth in Paragraph V(a). 
  

 -10- 

 VII. 
 STOCK OPTIONS 
 (a) Option Period. The term of each Option
shall be as specified by the Board at the date of grant; provided, however, that if not otherwise determined by the Board and provided for in an Award Agreement, the term of each Option shall be six years from the date of grant and
each Option shall vest ratably over five years. 
 (b) Special Limitations on Incentive Stock Options. No
more than 1,331,722 shares of Stock (irrespective of class) may be issued pursuant to Incentive Stock Options. Only Employees may receive grants of Incentive Stock Options. The term of an Incentive Stock Option shall not exceed ten years from the
date of grant. To the extent that the aggregate Fair Market Value of shares of Stock with respect to which Options designated as Incentive Stock Options first become exercisable by a Holder in any calendar year (under this and all other plans of the
Company, its Parent or any Subsidiaries) exceeds $100,000, such excess Options shall be treated as Nonqualified Stock Options. For purposes of determining whether the $100,000 is exceeded, the Fair Market Value of the shares subject to an Incentive
Stock Option shall be determined as of the date of grant. In reducing the number of Options treated as Incentive Stock Options to meet the $100,000 limit, the most recently granted Options shall be reduced first. No Incentive Stock Option shall be
granted to an individual if, at the time the Option is granted, such individual owns Stock possessing more than 10% of the total combined voting power of all classes of Stock of the Company and its Parent and Subsidiaries, within the meaning of
Section 422(b)(6) of the Code, unless (i) at the time such Option is granted the Option price is at least 110% of the Fair Market Value of the Stock subject to the Option and (ii) such Option by its terms is not exercisable after the
expiration of five years from the date of grant. 
 (c) Option Agreement. Each Option shall be
evidenced by an Option Agreement in such form and containing such provisions not inconsistent with the provisions of the Plan as the Board from time to time shall approve, including, without limitation, provisions to qualify an Incentive Stock
Option under Section 422 of the Code. The Option price must be paid in full at the time of each exercise in one or a combination of the following methods (to the extent authorized and approved by the Board or set forth in the applicable Option
Agreement): (i) cash or immediately available funds (including wire transfer, personal check, cashier’s check, postal or express money order or bank draft) or (ii) with shares of Stock already owned by the Holder for at least six
months prior to the exercise (or whatever period as maybe required to avoid a change to earnings for financial accounting purposes). Additionally, in the discretion of the Board, payment for any shares of Stock subject to an Option may also be made
by a “cashless exercise” which shall include the following: delivering a properly executed exercise notice to the Company, together with a copy of irrevocable instructions to a broker to deliver promptly to the Company the amount of sale
or loan proceeds necessary to pay the purchase price, and, if requested, the amount of any federal, state, local or foreign withholding taxes. To facilitate the foregoing “cashless exercise,” the Company may enter into agreements for
coordinated procedures with one or more brokerage firms. The terms and conditions of the respective Option Agreements need not be identical. Option Agreements may also include, without limitation, provisions relating to (i) vesting of Awards,
(ii) tax matters (including provisions covering applicable wage withholding requirements), and (iii) any other matters, not inconsistent with the terms and provisions of this Plan. 
  

 -11- 

 (d) Treatment of Options Upon Termination of Continuous Service. Upon
a Holder’s termination of Continuous Service, all unvested Options shall terminate as of the date of termination of Continuous Service with the Company. 
 (e) Exercise Price and Payment. The price at which a share of Stock may be purchased upon exercise of an Option shall be an amount that is not less than the Fair Market Value
of Stock subject to an Option on the date the Option is granted, subject to adjustment as provided in Paragraph XII. The Option or portion thereof may be exercised by delivery of an irrevocable written notice of exercise to the Company. The purchase
price of the Option or portion thereof shall be paid in full in the manner set forth in the applicable Option Agreement. 
 (f) Stockholder Rights and Privileges. The Holder shall be entitled to all the privileges and rights of a stockholder only with respect to such shares of Stock as have been purchased under the
Option and for which certificates of stock have been registered in the Holder’s name. 
 (g) Options and
Stock Appreciation Rights in Substitution for Stock Options Granted by Other Corporations. Options and Stock Appreciation Rights may be granted under the Plan from time to time in substitution for stock options held by individuals who become
Employees as a result of a merger or consolidation of their employer with the Company, or the acquisition by the Company of the assets of such employer, or the acquisition by the Company of stock of such employer with the result that such employer
becomes a Subsidiary. 
 (h) Prohibition on Repricing. No Option granted hereunder shall be amended to
reduce the Option Price under such Option, or surrendered in exchange for a replacement Option having a lower purchase price per share; provided, however, that this Paragraph VII (i) shall not restrict or prohibit any adjustment
or other action taken pursuant to Paragraph XII. 
 VIII. 
 STOCK APPRECIATION RIGHTS 
 (a) Stock
Appreciation Rights. A Stock Appreciation Right is the right to receive an amount equal to the Spread with respect to a share of Stock upon the exercise of such Stock Appreciation Rights. Stock Appreciation Rights may be granted in connection
with the grant of an Option, in which case the Option Agreement will provide that exercise of Stock Appreciation Rights will result in the surrender of the right to purchase the shares under the Option as to which the Stock Appreciation Rights were
exercised. Alternatively, Stock Appreciation Rights may be granted independently of Options in which case each Award of Stock Appreciation Rights shall be evidenced by a Stock Appreciation Rights Agreement. The Board, or such other person as
designated by the Board, shall designate the portion of Options that will be subject to treatment as Stock Appreciation Rights under the Plan. The Spread with respect to Stock Appreciation Rights shall be payable in cash, provided,
however, that the Stock Appreciation Rights Agreement may specify that the Spread may be payable in cash, shares of Stock with a Fair Market Value equal to the Spread or in a combination of cash and shares of Stock, at the election

  

 -12- 

 
of the Board. With respect to Stock Appreciation Rights that are subject to Section 16 of the Exchange Act, however, the Board shall, except as provided in Paragraph XII retain discretion
(i) to determine the form in which payment of Stock Appreciation Rights will be made (i.e., cash, securities or any combination thereof) and (ii) to approve an election by a Holder to receive cash in full or partial settlement of Stock
Appreciation Rights. 
 (b) Treatment of Stock Appreciation Rights Upon Termination of Continuous
Service. Upon a Holder’s termination of Continuous Service, all unvested Stock Appreciation Rights shall terminate as of the date of termination of Continuous Service with the Company. 
 (c) Other Terms and Conditions. At the time of such Award, the Board may, in its sole discretion, prescribe
additional terms, conditions or restrictions relating to Stock Appreciation Rights, including, but not limited to, rules pertaining to termination of employment or the cessation of performing services to the Company (by retirement, disability, death
or otherwise) of a Holder prior to the expiration of such Stock Appreciation Rights. Such additional terms, conditions or restrictions shall be set forth in the Stock Appreciation Rights Agreement made in conjunction with the Award. Such Stock
Appreciation Rights Agreements may also include, without limitation, provisions relating to (i) vesting of Awards, (ii) tax matters (including provisions covering applicable wage withholding requirements), and (iii) any other matters
not inconsistent with the terms and provisions of this Plan, that the Board shall in its sole discretion determine, provided, however, that unless otherwise determined by the Board and provided in a Stock Appreciation Rights Agreement,
the term of an Award of Stock Appreciation Rights shall not exceed six years from the date of grant and Stock Appreciation Rights shall vest ratably over five years. The terms and conditions of the respective Stock Appreciation Rights Agreements
need not be identical. 
 (d) Exercise Price. The exercise price of each Stock Appreciation Right shall
be determined by the Board, but such exercise price (i) shall not be less than the Fair Market Value of a share of Stock on the date the Stock Appreciation Right is granted (or such greater exercise price as may be required if such Stock
Appreciation Right is granted in connection with an Incentive Stock Option that must have an exercise price equal to 110% of the Fair Market Value of the Stock on the date of grant pursuant to Paragraph VII), and (ii) shall be subject to
adjustment as provided in Paragraph XII. 
 IX. 
 RESTRICTED STOCK AWARDS 
 (a) Forfeiture Restrictions to be
Established by the Board. Shares of Stock that are the subject of a Restricted Stock Award shall be subject to restrictions on disposition by the Holder and an obligation of the Holder to forfeit and surrender the shares to the Company under
certain circumstances (the “Forfeiture Restrictions”). The Forfeiture Restrictions shall be determined by the Board in its sole discretion. The Board may provide that the Forfeiture Restrictions shall lapse upon either (i) the
attainment of Performance Objectives, or (ii) the Holder’s Continuous Service for a specified period of time, or (iii) a combination of any two of the factors listed in clauses (i) and (ii) of this sentence, or other factors
set forth in the Restricted Stock Agreement. Each Restricted Stock Award may have different Forfeiture Restrictions, in

  

 -13- 

 
the discretion of the Board; provided, however, that unless otherwise determined by the Board and provided in a Restricted Stock Agreement, all Restricted Stock Awards shall vest
ratably over a period of five years. The Forfeiture Restrictions applicable to a particular Restricted Stock Award shall not be changed except as permitted by Paragraph XII. 
 (b) Other Terms and Conditions. Stock awarded pursuant to a Restricted Stock Award shall be represented by a stock certificate registered in the name of the Holder of such
Restricted Stock Award. The Holder shall have the right to receive dividends with respect to Stock subject to a Restricted Stock Award, to vote Stock subject thereto and to enjoy all other stockholder rights, except that (i) the Holder shall
not be entitled to delivery of the stock certificate until the Forfeiture Restrictions shall have expired, (ii) the Company shall retain custody of the certificate evidencing such Stock until the Forfeiture Restrictions shall have expired,
(iii) the Holder may not sell, transfer, pledge, exchange, hypothecate or otherwise dispose of the Stock until the Forfeiture Restrictions shall have expired, and (iv) a breach of the terms and conditions established by the Board pursuant
to the Restricted Stock Agreement shall cause a forfeiture of the Restricted Stock Award. 
 (c) Treatment of
Restricted Stock Awards Upon Termination of Continuous Service. Upon a Holder’s termination of Continuous Service with the Company, a Holder shall forfeit any and all shares of Restricted Stock to which Forfeiture Restrictions at the
time are applicable as of the date of termination of Continuous Service with the Company. 
 (d) Payment for
Restricted Stock. The Board shall determine the amount and form of any payment for Stock received pursuant to a Restricted Stock Award; provided, however, that in the absence of such a determination, a Holder shall not be required
to make any payment for Stock received pursuant to a Restricted Stock Award, except to the extent otherwise required by law. To the extent the Holder is subject to any tax liability as a result of a Restricted Stock Award, the Holder may offer as
payment for such tax liability shares of Stock, the value of which shall in whole or in part satisfy such tax liability. 
 (e) Agreements. At the time any Award is made under this Paragraph IX, the Company and the Holder shall enter into a Restricted Stock Agreement setting forth each of the matters as the Board may
determine to be appropriate. The Board may, in its sole discretion, prescribe additional terms, conditions or restrictions relating to Restricted Stock Awards. 
 X. 
 PERFORMANCE AWARDS 
 (a) Delegation to Committee. At any time on or after the Company qualifies as a “publicly held corporation”
as defined in Section 162(m) and the applicable regulations, all decisions with respect to Performance Awards to Covered Employees must be made by a Committee of two or more “outside directors” as set forth in 162(m) and the
applicable regulations, and such a Committee must grant to Covered Employees all Options and Stock Appreciation Rights intended to be “performance-based” under Section 162(m). For the avoidance of doubt, prior to such time that the
Company qualifies as a “publicly held corporation,” all Awards granted hereunder shall be made by the Board, and any reference in this Paragraph X to the Committee shall be deemed to be a reference to the Board. 
  

 -14- 

 (b) Performance Awards. The Committee shall grant Performance Awards
in the form of actual shares of Stock, Phantom Stock or Restricted Stock. In the event that a share certificate is issued in respect of Performance Awards, such certificate shall be registered in the name of the Holder, but shall be held by the
Company until the time the performance shares are earned. In addition, the Committee may make cash bonuses to Holders based on the Performance Objectives described herein; such cash bonuses shall be subject to the provisions of Paragraph V(a). The
Performance Objectives and the length of the Performance Period shall be determined by the Committee. The Committee shall determine in its sole discretion whether Performance Awards shall be granted in the form of Stock, Phantom Stock or Restricted
Stock or shall be paid in cash, Stock, or a combination of cash and Stock. 
 (c) Performance Award
Limits. Each Performance Award shall have a maximum value established by the Committee at the time of grant of such Award; provided, however, that no Covered Employee may be granted a Performance Award in any calendar year during
the Performance Period where the value of such award exceeds the Fair Market Value of 600,000 shares of Stock, subject to Paragraph XII (or, to the extent the Performance Awards are paid in cash, the maximum dollar amount of any such Award shall be
the equivalent cash value based on Fair Market Value of such number of shares of Stock on the last day of the Performance Period). 
 (d) Performance Measures. A Performance Award shall be awarded to an Employee, officer or director of the Company contingent upon future performance of the Employee, officer or director of the
Company or any Subsidiaries, or division or department thereof by or in which he is employed or for which he performs services during the Performance Period. The Committee shall establish the performance measures applicable to such performance prior
to the beginning of the Performance Period but subject to such later revisions as the Committee shall deem appropriate to reflect significant unforeseen events or changes. The performance measures established by the Committee may be based on
(i) the price of a share of Stock, (ii) the Company’s earnings per share, (iii) the Company’s revenue or EBITDA, (iv) the revenue or EBITDA of a business unit of the Company designated by the Committee, (v) the
return on stockholder’s equity achieved by the Company, (vi) the Company or business unit’s pre-tax cash flow from operations, or (vii) a combination of such factors. 
 (e) Performance Objectives. The Committee shall establish the Performance Objective for each Performance Award,
consisting of one or more business criteria permitted as Performance Goals hereunder, one or more levels of performance with respect to each such criteria, and the amount or amounts payable or other rights that the Holder will be entitled to upon
achievement of such levels of performance. The Performance Objective shall be established by the Committee prior to, or reasonably promptly following the inception of, a Performance Period but, to the extent required by Section 162(m), by no
later than the earlier of the date that is ninety (90) days after the commencement of the Performance Period or the day prior to the date on which twenty-five percent of the Performance Period has elapsed. More than one Performance Goal may be
incorporated in a Performance Objective, in which case achievement with respect to each Performance Goal may be assessed individually or in combination with each other. The Committee may, in connection with the establishment of

  

 -15- 

 
Performance Objectives for a Performance Period, establish a matrix setting forth the relationship between performance of two or more Performance Goals and the amount of the Performance Award
payable for that Performance Period. The level or levels of performance specified with respect to a Performance Goal may be established in absolute terms, as objectives relative to performance in prior periods, as an objective compared to the
performance of one or more comparable companies or an index covering multiple companies, or otherwise as the Committee may determine. Performance Objectives shall be objective and shall otherwise meet the requirements of Section 162(m).
Performance Objectives may differ for Performance Awards granted to any one Holder or to different Holders. A Performance Award to a Holder who is a Covered Employee shall (unless the Committee determines otherwise) provide that in the event of the
Holder’s termination of Continuous Service prior to the end of the Performance Period for any reason, such Performance Award will be payable only (i) if the applicable Performance Objectives are achieved, (ii) to the extent, if any,
as the Committee shall determine or (iii) as otherwise provided in the Performance Award Agreement at the time granted. 
 (f) Certification. Following the completion of each Performance Period, the Committee shall certify in writing, in accordance with the requirements of Section 162(m), whether the Performance
Objectives and other material terms of the Performance Award have been achieved or met. Unless the Committee determines otherwise, Performance Awards shall not be settled until the Committee has made the certification specified under this Section
X(f). 
 (g) Awards Criteria. In determining the value of Performance Awards, the Committee shall take
into account an Employee’s, officer’s or director’s responsibility level, performance, potential, other Awards and such other considerations as it deems appropriate. 
 (h) Adjustments. The Committee may, in its discretion, reduce or eliminate the amount of payment with respect to the
Performance Award to a Covered Employee, notwithstanding the achievement of specified Performance Objectives; provided, however, that no such adjustment shall be made which would adversely affect a Holder following a Change in Control.

 (i) Payment. Following the end of the Performance Period, the Holder of a Performance Award shall be
entitled to receive payment of an amount, not exceeding the maximum value of the Performance Award, based on the achievement of the performance measures for such Performance Period, as determined by the Committee. Payment of a Performance Award may
be made in cash, Stock or a combination thereof, as determined by the Committee. Payment shall be made in a lump sum or in installments as prescribed by the Committee. Any payment to be made in Stock shall be based on the Fair Market Value of the
Stock on the payment date. If a payment of cash is to be made on a deferred basis, the Committee shall establish whether interest shall be credited, the rate thereof and any other terms and conditions applicable thereto in accordance with Paragraph
XV(n). 
 (j) Treatment of Performance Awards Upon Termination of Continuous Service. A Performance Award
shall terminate if the Holder does not remain continuously in the employ of the Company or fails to perform services for the Company at all times during the applicable Performance Period. 
  

 -16- 

 (k) Agreements. At the time any Award is made under this Paragraph X,
the Company and the Holder shall enter into a Performance Award Agreement setting forth each of the matters contemplated hereby and, in addition, such matters set forth in Paragraph X(b) as the Committee may determine to be appropriate. The terms
and provisions of the respective agreements need not be identical. 
 XI. 
 PHANTOM STOCK AWARDS 
 (a) Phantom Stock Awards. Phantom Stock Awards are rights to receive shares of Stock (or cash in an amount equal to the Fair Market Value thereof), or rights to receive an amount equal to any
appreciation in the Fair Market Value of Stock (or portion thereof) over a specified period of time, upon either (i) the attainment of Performance Objectives or (ii) the Holder’s Continuous Service for a specified period of time, or
(iii) a combination of any two of the factors listed in clauses (i) and (ii) of this sentence, or other factors set forth in the Phantom Stock Award. Each Phantom Stock Award shall have a maximum value established by the Board at the
time of such Award. 
 (b) Award Period. The Board shall establish, with respect to and at the time of
each Phantom Stock Award, a period over which or the event upon which the Award shall vest with respect to the Holder, provided, however, that unless subject to a performance-based vesting schedule under Paragraph X, or unless
otherwise determined by the Board and provided in a Phantom Stock Award Agreement, each Phantom Stock Award shall vest ratably over a period of five years. 
 (c) Awards Criteria. In determining the value of Phantom Stock Awards, the Board shall take into account an Employee’s, officer’s or director’s responsibility
level, performance, potential, other Awards and such other considerations as it deems appropriate. 
 (d)
Payment. Following the end of the vesting period for a Phantom Stock Award, the Holder of a Phantom Stock Award shall be entitled to receive payment of an amount, not exceeding the maximum value of the Phantom Stock Award, based on the then
vested value of the Award. Payment of a Phantom Stock Award may be made in cash, Stock or a combination thereof as determined by the Board. Payment shall be made in a lump sum or in installments as prescribed by the Board in its sole discretion. Any
payment to be made in Stock shall be based on the Fair Market Value of the Stock on the payment date. Cash dividend equivalents may be paid during or after the vesting period with respect to a Phantom Stock Award, as determined by the Board. If a
payment of cash is to be made on a deferred basis, the Board shall establish whether interest shall be credited, the rate thereof and any other terms and conditions applicable thereto in accordance with Paragraph XV(n). 
 (e) Treatment of Phantom Stock Awards Upon Termination of Continuous Service. Unless otherwise provided in the
Phantom Stock Award Agreement, a Phantom Stock Award shall terminate if the Holder does not remain continuously in the employ of the Company or fails to perform services for the Company at all times during the applicable vesting period. 

 

 -17- 

 (f) Agreements. At the time any Award is made under this Paragraph
XI, the Company and the Holder shall enter into a Phantom Stock Award Agreement setting forth each of the matters contemplated hereby and, in addition, such matters set forth in Paragraph IX(b) as the Board may determine to be appropriate. The terms
and provisions of the respective agreements need not be identical. 
 XII. 
 RECAPITALIZATION OR REORGANIZATION 
 (a) Subdivisions and Combinations. In the event the Company, shall at any time, effect a subdivision (by stock split or otherwise) of the outstanding shares of Stock into a greater number of shares
of Stock (other than (x) a subdivision upon a merger or consolidation or sale to which Paragraph XIII shall apply or (y) a stock split effected by means of a stock dividend or distribution to which Paragraph XII(b)(i) below applies), then
in each such event the Exercise Price in effect at the opening of business on the day after the date upon which such subdivision becomes effective shall be proportionately decreased. Conversely, if the Company shall, at any time or from time to
time, effect a combination (by any reverse stock split or otherwise) of the outstanding shares of Stock into a smaller number of shares of Stock (other than a combination upon a merger or consolidation or sale to which Paragraph XIII applies), then
and in each such event the Exercise Price in effect at the opening of business on the day after the date upon which such combination becomes effective shall be proportionally increased. Any adjustment under this Paragraph XII(a) shall become
effective immediately after the opening of business on the day after the date upon which the subdivision or combination becomes effective. 
 (b) Common Stock Dividends. In the event the Company shall, at any time or from time to time after the grant date of any Award, make or issue to the holders of its Stock a dividend or distribution
payable in, or otherwise make or issue a dividend or other distribution on any class of its Equity Interests payable in, shares of Stock (other than a dividend or distribution upon a merger or consolidation or sale to which Paragraph XIII applies),
then and in each such event the Exercise Price in effect at the opening of business on the day after the date for the determination of the holders entitled to receive such dividend or distribution shall be decreased by multiplying such Exercise
Price by a fraction (not to be greater than 1): 
  

	 	 (i)
	 the numerator of which shall be the total number of shares of Stock issued and outstanding at the close of business on such date for determination;
and 

  

	 	 (ii)
	 the denominator of which shall be the total number of shares of Stock issued and outstanding at the close of business on such date for determination
plus the number of shares of Stock issuable in payment of such dividend or distribution. 

  

 -18- 

 (c) Reclassifications. A reclassification of the Stock (other than
any such reclassification in connection with a merger or consolidation or sale to which Paragraph XIII applies) into shares of Stock and shares of any other class of stock shall be deemed: 
  

	 	 (i)
	 a distribution by the Company to the holders of its Stock of such shares of such other class of stock for the purposes and within the meaning of
Paragraph XII(d) below (and the effective date of such reclassification shall be deemed to be “the date for the determination of the holders entitled to receive such dividend or distribution” for the purposes and within the meaning of
Paragraph XII(d); and 

  

	 	 (ii)
	 if the outstanding shares of Stock shall be changed into a larger or smaller number of shares of Stock as a part of such reclassification, such
change shall be deemed a subdivision or combination, as the case may be, of the outstanding shares of Stock for the purposes and within the meaning of Paragraph XII(a) above (and the effective date of such reclassification shall be deemed to be
“the date upon which such subdivision becomes effective” or “the date upon which such combination becomes effective”, as applicable, for the purposes and within the meaning of Paragraph XII(a)). 

 (d) Property Dividends. In the event the Company shall, at any time or from time to time, make or issue a dividend or
distribution to a holder of its Stock a Property Dividend (other than (x) an Excluded Dividend or (y) any dividend or distribution of any rights or warrants referred to in Paragraph XII(e)), then and in each such event the Exercise Price
in effect immediately prior to the close of business on the date for the determination of the holders of Stock entitled to receive such dividend or distribution shall be decreased by multiplying such Exercise Price by a fraction (not to be greater
than 1): 
  

	 	 (i)
	 the numerator of which shall be the Fair Market Value per share of Stock on such date for determination minus the portion applicable to one share of
Stock of the fair market value (as determined in good faith by the Board, whose determination shall be conclusive and evidenced by a Board Resolution) of such Property Dividend so distributed; and 

  

	 	 (ii)
	 the denominator of which shall be such Fair Market Value per share of Stock on such date for determination. 

 If the Board determines the fair market value of any Property Dividend for purposes of this Paragraph XII(d) by reference to the actual or
when issued trading market for any securities comprising such Property Dividend, it must in doing so consider, to the extent applicable, the prices in such market over the same period used in computing the Current Market Price. 
 (e) Distributions of Warrants. In the event the Company shall, at any time or from time to time, make or issue any
warrants or other rights to subscribe for or purchase any shares of Common Stock (other than a distribution of such warrants or rights upon a merger or consolidation or sale to which Paragraph XIII applies), which are exercisable for a period of not
more than 60 days from the issuance thereof, and the consideration per share for which shares of Stock may at any time thereafter be issuable pursuant to such warrants or other rights shall be less than the Current Market Price on the date of
issuance, then and in each such event the

  

 -19- 

 
Exercise Price at the opening of business on the day after such date for determination shall be decreased by multiplying such Exercise Price by a fraction (not to be greater than 1): 

 

	 	 (i)
	 the numerator of which shall be the number of shares of Stock outstanding at the close of business on such date for determination plus the number of
shares of Stock that the minimum consideration received and receivable by the Company for the issuance of such maximum number of shares of Stock pursuant to the terms of such warrants or other rights would purchase at such Current Market Price; and

  

	 	 (ii)
	 the denominator of which shall be the number of shares of Stock outstanding at the close of business on such date for determination plus the maximum
number of shares of Stock issuable pursuant to all such warrants or other rights. 

 Any adjustment under
Paragraph XII(e) shall, subject to Paragraph XII(h)(iv), become effective immediately after the opening of business on the day after the date for the determination of the holders of shares of Stock entitled to receive such dividend or distribution.
Rights or warrants issued by the Company to all holders of Stock entitling the holders thereof to subscribe for or purchase shares of Stock, which rights or warrants (A) are deemed to be transferred with such shares of Stock, (B) are not
exercisable and (C) are also issued in respect of future issuances of Stock, in each case in clauses (A) through (C) until the occurrence of a specified event or events, shall for purposes of this Paragraph XII(e) and Paragraph XII(d)
not be deemed distributed until the occurrence of the earliest such event. 
 (f) Superseding Adjustment.
In the event at any time after any adjustment of the number of shares of Stock for which any Award is exercisable shall have been made pursuant to Paragraph XII(e) on the basis of the distribution of warrants or other rights or after any new
adjustment of the number of shares of Stock for which any Award is exercisable shall have been made pursuant to this Paragraph XII(f), such warrants or rights shall expire, and all or a portion of such warrants or rights shall not have been
exercised, then, and in each such case, upon the election of the Company, such previous adjustment in respect of such warrants or rights which have expired without exercise shall be rescinded and annulled and the shares of Stock that were deemed for
purposes of the computations set forth in Paragraph XII(e) to have been issued by virtue of such adjustment in respect of such warrants or rights shall no longer be deemed to have been issued. 
 (g) Adjustment of Number of Shares. Upon each adjustment in the Exercise Price pursuant to Paragraphs XII(a), XII(b),
XII(c), XII(d), or XII (e), the number of shares of Stock purchasable or receivable under outstanding Awards upon payment of the applicable Exercisable Price shall be adjusted, to the nearest whole share, to the product obtained by multiplying the
number of shares of Stock so purchasable or receivable immediately prior to such adjustment in the Exercise Price by a fraction (i) the numerator of which shall be the Exercise Price immediately prior to such adjustment, and (ii) the
denominator of which shall be the Exercise Price immediately after such adjustment. 
  

 -20- 

 (h) Other Provisions Applicable to Adjustments. The following
provisions shall be applicable to the making of adjustments to the Conversion Price under this Paragraph XII: 
  

	 	 (i)
	 Treasury Stock. The dividend or distribution of any issued shares of Stock owned or held by or for the account of the Company shall be deemed a
dividend or distribution of shares of Stock for purposes of this Paragraph XII. The Company shall not make or issue any dividend or distribution on shares of Stock held in the treasury of the Company. For the purposes of this Paragraph XII, the
number of shares of Stock at any time outstanding shall not include shares held in the treasury of the Company but shall include shares issuable in respect of scrip certificates issued in lieu of fractions of shares of Stock.

  

	 	 (ii)
	 When Adjustments Are to be Made. The adjustments required by Paragraph XII shall be made whenever and as often as any specified event requiring an
adjustment shall occur, except that no adjustment of the Exercise Price that would otherwise be required shall be made unless and until such adjustment either by itself or with other adjustments not previously made increases or decreases the
Exercise Price immediately prior to the making of such adjustment by at least 1%. Any adjustment representing a change of less than such minimum amount (except as aforesaid) shall be carried forward and made as soon as such adjustment, together with
other adjustments required by Paragraph XII and not previously made, would result in such minimum adjustment. 

  

	 	 (iii)
	 Fractional Interests. In computing adjustments under this Paragraph XII, fractional interests in Stock shall be taken into account to the nearest
share. 

  

	 	 (iv)
	 Compliance with Governmental Requirements. Before taking any action that would cause an adjustment reducing the Exercise Price below the then par
value of any of the shares of Stock, the Company will take any corporate action that may be necessary in order that the Company may validly and legally issue fully paid and non-assessable shares of such Stock at such adjusted Exercise Price.

 (i) Notice of Adjustments. Upon the occurrence of an adjustment pursuant to
Paragraph XII, the Company at its expense shall promptly: 
  

	 	 (i)
	 compute such adjustments in accordance with the terms hereof; and 

  

	 	 (ii)
	 after such adjustments become effective, deliver to all Holders notice in accordance with requirements under Paragraph XV(I) setting forth such
adjustments (including the kind and amount of securities, cash or other property for which the Awards shall be exercisable and the Exercise Price) and showing in detail the facts upon which such adjustment is based. 

  

 -21- 

 (j) The existence of the Plan, the Award Agreements and the Awards granted
hereunder shall not affect or restrict in any way the right or power of the Company, the Board or the shareholders of the Company to make, declare, payor authorize any adjustment, recapitalization, reorganization or other change in the
Company’s capital structure or its business, any merger or consolidation of the Company, any issue of stock or of options, warrants or rights to purchase stock or of bonds, debentures, preferred or prior preference stocks whose rights are
superior to or affect the Stock or the rights thereof or which are convertible into or exchangeable for Stock, or any Property Dividend or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets or
business, or any other corporate act or proceeding, whether of a similar character or otherwise. 
 (k) Except
as hereinbefore expressly provided in this Paragraph XII, the issuance by the Company of shares of stock of any other class of Equity Interests or securities convertible into shares of stock of any other class of Equity Interests, for cash,
property, labor or services, upon direct sale, upon the exercise of rights or warrants to subscribe therefore, or upon conversion of shares or obligations of the Company convertible into such shares or other securities, and in any case whether or
not for fair value, shall not affect, and no adjustment by reason thereof shall be made with respect to, the number of shares of Stock subject to Awards theretofore granted or the Exercise Price, if applicable. 
 XIII. 
 CHANGE IN
CONTROL 
 (a) Upon the occurrence of a Change in Control, all outstanding Awards shall immediately vest and
become exercisable or satisfiable, as applicable. Notwithstanding the foregoing, the Board may also determine, in its discretion, the following: (i) except in the case of Option Awards, that upon the occurrence of a Change in Control, each
Award shall terminate within a specified number of days after notice to the Holder, and such Holder shall receive, with respect to each share of Stock subject to such Award, cash in an amount equal to the excess, if any, of the Change in Control
Value over the Exercise Price, if any or (ii) in the case of Option Awards, but only if a Holder’s Option Agreement does not provide otherwise, the Board may act to effect one or more of the following alternatives with respect to
outstanding Options, which may vary among individual Holders and which may vary among Options held by any individual Holder: (1) determine a limited period of time for the exercise of such Options on or before a specified date (before or after
such Change in Control) after which specified date all unexercised Options and all rights of Holders thereunder shall terminate, (2) require the mandatory surrender to the Company by selected Holders of some or all of the outstanding Options
held by such Holders (irrespective of whether such Options are then exercisable under the provisions of the Plan) as of a date, before or after such Change in Control, specified by the Board, in which event the Board shall thereupon cancel such
Options and the Company shall pay to each Holder an amount of cash per share equal to the excess, if any, of the Change in Control Value of the shares subject to such Option over the Exercise Price(s) under such Options for such shares,
(3) make such adjustments to Options then outstanding as the Board deems appropriate to reflect such Change in Control (provided, however, that the Board may determine in its sole discretion that no adjustment is necessary to
Options then outstanding) or (4) provide that thereafter upon any exercise of an Option theretofore granted the Holder shall be entitled to purchase under such

  

 -22- 

 
Option, in lieu of the number of shares of Stock then covered by such Option, the number and class of Equity Interests or other securities or property (including, without limitation, cash) to
which the Holder would have been entitled pursuant to the terms of the agreement of merger, consolidation or sale of assets and dissolution if, immediately prior to such merger, consolidation or sale of assets and dissolution the Holder had been the
holder of record of the number of shares of Stock then covered by such Option. The provisions contained in this subparagraph (a) shall be inapplicable to an Award granted within six (6) months before the occurrence of a Change in Control,
but only if (x) the Holder of such Award is subject to the reporting requirements of Section 16(a) of the Exchange Act and (y) such provisions (even after preapproval by the Board pursuant to Rule 16b-3) would create a matching
transaction under Section 16(b) of the Exchange Act with respect to such Holder. The provisions contained in this subparagraph (a) shall not alter any rights or terminate any rights of the Holder to further payments pursuant to any other
agreement with the Company following a Change in Control. The Board may, in its sole discretion, include such further provisions and limitation in any agreement documenting such Awards as it may deem equitable and in the best interest of the
Company. 
 (b) Any adjustment provided for in subparagraph (a) above shall be subject to any required
stockholder action. 
 XIV. 
 AMENDMENT AND TERMINATION OF THE PLAN 
 (a) The Board in its
discretion may terminate the Plan at any time with respect to any shares for which Awards have not theretofore been granted. Subject to the limitations in the Plan, the Board shall have the right to alter or amend the Plan or any part thereof from
time to time; provided that no change in any Award theretofore granted may be made which would impair the rights of the Holder without the consent of the Holder (unless such change is required in order to cause the benefits under the Plan to
qualify as performance-based compensation within the meaning of Section 162(m) and applicable interpretive authority thereunder); and provided, further, that the Board may not, without approval of the stockholders, amend the Plan
to: 
  

	 	 (i)
	 increase the maximum number of shares which may be issued on exercise or surrender of an Award, except as provided in Paragraph XII;

  

	 	 (ii)
	 change the class of any Employee, officer or director eligible to receive Awards or materially increase the benefits accruing to any Employee,
officer, or director under the Plan; 

  

	 	 (iii)
	 extend the maximum period during which Awards may be granted under the Plan; 

  

	 	 (iv)
	 modify materially the requirements as to eligibility for participation in the Plan; or 

  

	 	 (v)
	 decrease any authority granted to the Committee in contravention of Rule 16b-3 or Section 162(m). 

  

 -23- 

 XV. 
 MISCELLANEOUS 
 (a) Representations. The Board may require
each Holder purchasing or acquiring shares pursuant to an Award under the Plan to represent to and agree with the Company in writing that such Holder is acquiring the shares for investment and without a view to distribution thereof. 
 (b) Forfeiture. Notwithstanding anything in the Plan to the contrary and unless otherwise specifically provided in an
Award Agreement, in the event a Holder or former Holder is terminated for Cause, the Board may cancel any outstanding Award granted to such Holder or former Holder, in whole or in part, whether or not vested. Such cancellation shall be effective as
of the date specified by the Board. Except in the case of Performance Awards granted under Paragraph X and as provided in Paragraph XIII, each Award shall be forfeited and cancelled upon a termination of the Holder’s Continuous Service for any
reason, to the extent that such Award has not become vested (for prior Continuous Service) in 20% installments on each anniversary of the Award’s grant date, and any vested Award shall cease to be exercisable (if applicable) no later than the
first anniversary of the Holder’s termination of Continuous Service for any reason. 
 (c) No Right to
an Award. Neither the adoption of the Plan by the Company nor any action of the Board shall be deemed to give an Employee, officer or director any right to be granted an Award to purchase Stock, a right to a Stock Appreciation Right, a
Restricted Stock Award, a Performance Award or a Phantom Stock Award or any of the rights hereunder except as may be evidenced by an Award or by an Option Agreement, Stock Appreciation Rights Agreement, Restricted Stock Agreement, Performance Award
Agreement or Phantom Stock Award Agreement on behalf of the Company, and then only to the extent and on the terms and conditions expressly set forth therein. 
 (d) No Employment or Service Rights Conferred. Nothing contained in the Plan shall (i) confer upon any Employee, officer or director any right with respect to
continuation of employment or service with the Company or (ii) interfere in any way with the right of the Company to terminate his or her employment or service at any time, with or without cause. 
 (e) Other Laws. The Company shall not be obligated to issue any shares of Stock pursuant to any Award granted under
the Plan at any time when the shares covered by such Award have not been registered under the Securities Act of 1933 and such other state and federal laws, rules or regulations as the Board deems applicable and, in the opinion of legal counsel for
the Company, there is no exemption from the registration requirements of such laws, rules or regulations available for the issuance and sale of such shares. No fractional shares of Stock shall be delivered, nor shall any cash in lieu of fractional
shares be paid. 
 (f) Withholding. The Company shall have the right to deduct in connection with all
Awards any taxes required by law to be withheld and to require any payments required to enable it to satisfy its withholding obligations. Upon (i) disposition of shares of Stock acquired pursuant to the exercise of an Incentive Stock Option
granted pursuant to the Plan within two (2)

  

 -24- 

 
years of the grant of the Incentive Stock Option or within one (1) year after exercise of the Incentive Stock Option, or (ii) exercise of a Nonqualified Stock Option (or an Incentive
Stock Option treated as a Nonqualified Stock Option), or the vesting or payment of any other Award under the Plan, or (iii) under any other circumstances determined by the Board in its sole discretion, the Company shall have the right to
require any Holder, and such Holder by accepting the Awards granted under the Plan agrees, to pay to the Company the amount of any taxes which the Company shall be required to withhold with respect thereto. In the event of clauses (i), (ii) or
(iii), with the consent of the Board, at its sole discretion, such Holder may elect to have the Company withhold shares of Stock having a Fair Market Value equal to the amount of the withholding tax obligation as determined by the Company;
provided, however, that no shares of Stock are withheld with a value exceeding the minimum amount of tax required to be withheld by law. Such shares so delivered to satisfy the minimum withholding obligation may be either shares
withheld by the Company upon the exercise of the Option or other shares. At the Board’s sole discretion, a Holder may elect to have additional taxes withheld and satisfy such withholding with cash or shares of Stock held for at least six
(6) months prior to exercise if, in the opinion of the Company’s outside accountants, doing so would not result in a charge against earnings. 
 (g) No Restriction on Corporate Action. Nothing contained in the Plan shall be construed to prevent the Company from taking any corporate action which is deemed by the Company to be appropriate or
in its best interest, whether or not such action would have an adverse effect on the Plan or any Award made under the Plan. No Employee, officer or director beneficiary or other person shall have any claim against the Company as a result of any such
action. 
 (h) Restrictions on Transfer. An Award shall not be transferable otherwise than by will or the
laws of descent and distribution or pursuant to a “qualified domestic relations order” as defined by the Code or Title I of the Employee Retirement Income Security Act of 1974, as amended, or the rules thereunder, and shall be exercisable
during the Holder’s lifetime only by such Holder or the Holder’s guardian or legal representative. Except as otherwise provided herein, no Award or interest or right therein or part thereof shall be liable for the debts, contracts, or
engagements of the Holder or his or her successors in interest or shall be subject to the disposition by transfer, alienation, anticipation, pledge, encumbrances, assignment or any other means whether such disposition be voluntary or involuntary or
by operation of law, judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect. However, the Board may, in its
discretion, provide in an Option Agreement (other than with respect to an Incentive Stock Option) that the Option right granted to the individual may be transferred (in whole or in part and shall be subject to such terms and conditions as the Board
may impose thereon, including, without limitation, the approval by the Company of the form of transfer agreement) by the individual to (i) the spouse, children, grandchildren and/or the direct descendents of the individual (“Immediate
Family Members”), (ii) a partnership in which such Immediate Family Members and, if applicable, the individual are the only partners, or (iii) any other person or entity otherwise permitted by the Board. Following transfer, any such
transferred Option rights shall continue to be subject to the same terms and conditions as were applicable to the Option rights immediately prior to transfer; provided, however, that no transferred Option rights shall be exercisable
unless arrangements satisfactory to the Company have been made to satisfy any tax withholding obligations the Company may have with respect to the Option rights. 
  

 -25- 

 (i) Rule 16b-3. It is intended that any grant of an Award (and
subsequent transactions contemplated thereby) made to a person subject to Section 16 of the Exchange Act meet all of the requirements of Rule 16b-3 and that the Plan conform to the extent necessary with all provisions of the Securities Act of
1933, as amended and the Exchange Act and any and all regulations and rules promulgated by the SEC, to the extent the Company or any Holder is subject to the provisions thereof. Notwithstanding anything herein to the contrary, the Plan shall be
administered and Awards shall be granted and may be exercised, only in such a manner as to conform to such laws, rules and regulations. If this Plan or any such Award does not comply with Rule 16b-3, or any other laws, rules and regulations, then to
the extent permitted by law, the Plan and such Award shall be construed or deemed amended to the extent necessary to comply with Rule 16b-3 or such other laws, rules and regulations. 
 (j) Section 162(m). If the Plan is subject to Section 162(m), it is intended that the Plan comply fully
with and meet all the requirements of Section 162(m) so that Options, Stock Appreciation Rights and Performance Awards hereunder shall constitute “performance-based” compensation within the meaning of Section 162(m). If any
provision of the Plan would disqualify the Plan or would not otherwise permit the Plan to comply with Section 162(m) as so intended, such provision shall be construed or deemed amended to conform to the requirements or provisions of
Section 162(m); provided, however, that no such construction or amendment shall have an adverse effect on the economic value to a Holder of any Award previously granted hereunder. The Board may, without stockholder or grantee
approval (unless otherwise required under applicable law to be effective), amend the Plan or the relevant Award agreement retroactively or prospectively to the extent it determines necessary in order to comply with any subsequent clarification of
Section 162(m) required to preserve the Company’s Federal income tax deduction for compensation paid pursuant to any such Award, and no such amendment will be made if such amendment would disqualify any Options, Stock Appreciation Rights
or Performance Awards as “performance based compensation” under Section 162(m). 
 (k)
Unfunded Status. The Plan is intended to constitute an “unfunded plan” for incentive compensation and nothing contained in the Plan shall give any Holder any rights that are greater than those of a general unsecured creditor of the
Company. The Company shall not be required to establish any special or separate fund or to make any other segregation of funds or assets to assure the payment of any Award. 
 (l) Governing Law. This Plan shall be construed in accordance with the laws of the State of Delaware. 
 (m) Notice to Holders. To the extent that the Plan requires the Company to give notice to any Holder, such notice shall be sufficiently given (unless otherwise expressly
provided), if in writing and mailed, first class postage prepaid, to each Holder affected by such event, at his most current address as it appears on record with the Company, no later than the latest date, and no earlier than the earliest date,
prescribed for giving such notice under the Plan. Where the Plan provide for notice in any manner, such notice may be waived in writing by either party entitled to receive such notice either before, or after the event and such waiver shall be the
equivalent of such notice. 
  

 -26- 

 (n) Section 409A. Notwithstanding anything in this Plan to the
contrary, if any Plan provision or Award under the Plan, or any deferral permitted under the Plan, would result in the imposition of an applicable tax under Section 409A of the Code and related regulations and United States Department of
Treasury pronouncements (“Section 409A”), that Plan provision or Award will be reformed, and that deferral provision will be structured, to avoid imposition of the applicable tax and no action taken to comply with Section 409A shall
be deemed to adversely affect the Holder’s rights to an Award. 
 IN WITNESS WHEREOF,
the Company has caused this Plan to be executed on this 23rd day of March, 2006. 
  

			
	 TEXAS PETROCHEMICALS INC.

		
	 By:
	 	 /s/ Charles W. Shaver

		 	 Charles W. Shaver

	 Title:
	 	 Chief Executive Officer/President

  

 -27-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00165-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00165-of-00352.parquet"}]]