Document:

EX-10.25

 Exhibit 10.25 

CONFIDENTIAL TREATMENT REQUESTED UNDER 
 C.F.R. SECTIONS
200.80(b)(4), 200.83 AND 230.406. 
 [*****] INDICATES OMITTED MATERIAL THAT IS THE 

SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST 
 FILED SEPARATELY
WITH THE COMMISSION. 
 THE OMITTED MATERIAL HAS BEEN FILED 

SEPARATELY WITH THE COMMISSION. 
 First
Amendment to Amended and Restated Sales Contract 
 Between Dow Europe GmbH and Styron Europe GmbH dated June 17, 2010 

This First Amendment to Amended and Restated Sales Contract (the “First Amendment”) is made and entered into as of this 26th day of October, 2011,
by and between Dow Europe GmbH (“Seller”) and Styron Europe GmbH (“Buyer”). 
 RECITALS 

A. Seller and Buyer entered into an Amended and Restated Sales Contract, effective June 17, 2010, for the sale of Polycarbonate grade Bisphenol A
(parrabis) in molten from Seller to Buyer, (the “Contract”). 
 B. Pursuant to Section 17 of the Contract, Seller and Buyer now desire, by
and through this First Amendment, to amend the Contract according to the terms set forth below: 
 NOW, THEREFORE, the Parties hereby agree as follows: 

 

	1.	DEFINITIONS. 

 Unless otherwise defined herein, capitalized terms shall have the same meanings ascribed to them
in the Contract. 
  

	2.	AMENDMENTS. 

 The Contract is hereby amended as follows: 

2.1 The wording related to and set out opposite the “Quantity” term on page 2 of 12 of the Contract shall be deleted in its entirety, and be
replaced with the following: 
 [****] 
 Buyer will be obliged
to pay liquidated damages pursuant and subject to Section 12.4 of the General Terms and Conditions for any shortfall below the minimum volumes. However, in the event of a coordinated and planned shutdown of both Parties’ product consuming
facilities (each a “Planned Shutdown”), both, the respective minimum monthly and minimum annual volume stated above, shall be reduced by, and pro-rated based upon, the number of days that both Parties’ facilities are shut down. For
example, a (7) day Planned Shutdown in March 2012 would reduce the March monthly minimum by (7/31) days * 6,000MT or 1,355MT, and the 2012 annual minimum by (7/365) days * 85,000MT or 1,630MT. Seller and Buyer shall act in good faith
and use their respective best efforts to cooperate, plan mutually and coordinate to maximum extent reasonably possible any Planned Shutdowns and related shutdown periods for the purposes of the Contract. 

DOW CONFIDENTIAL - Do not share without permission 

 If Buyer requests additional volume above the maximum volumes stated above, Seller will use all reasonable
efforts to provide such volumes and the Parties will negotiate in good faith, and such volumes may be provided if the parties can mutually agree upon terms of additional supply. 

2.2 The “Period of Contract” term on page 2 of 12 of the Contract is amended to delete the words “Five (5) years from Effective Date”
and replace them with the following language: 
 “Term of the contract shall extend through December 17, 2015, and be subject to further extension
upon mutual agreement of the Parties at the time.” 
 2.3 The “Price” term on page 2 of 12 of the Contract is amended to delete the first
full paragraph thereof, and replace it with the following language: 
 “Product pricing per metric ton (MT) delivered shall be calculated as follows:

 [***] 
 Where: 

[***] 
 2.4 General Terms and Conditions Section 12.4 on
pages 7 and 8 of 12 shall be deleted in its entirety and be replaced with the following: 
 “Notwithstanding anything to the contrary in this Sales
Contract, Buyer’s sole liability for failure to purchase the Minimum Monthly or Annual Volumes, unless and to the extent such failure is not, due to (i) Seller’s inability to supply or due to a Force Majeure event affecting Buyer,
(ii) a failure of Seller to deliver product in accordance with quality specifications, (iii) non-purchases of product at the fault of Seller, or (iv) any shutdown of Seller’s product consuming facilities, shall be for Buyer to
pay Seller as liquidated damages and not as a penalty, an amount compensating Seller for the respective shortfall and calculated on the basis set out below (each a “Shortfall Amount”) within thirty (30) days of the end of the
applicable shortfall period, whether monthly or annual. From the date of this First Amendment through December 31, 2011, the Shortfall Amount shall be calculated on the basis of $300.00 for each non-purchased MT of product below the applicable
Minimum Monthly or Minimum Annual Volume. From January 1, 2012, the Shortfall Amount shall be calculated on the basis of $400.00 for each non-purchased MT of product below the applicable Minimum Monthly or Annual Volume. Notwithstanding
anything to the contrary in this Contract, it is agreed that the liquidated damages under this Section 12.4 

  
 DOW CONFIDENTIAL - Do not share
without permission 

 
shall not lead to double compensation for Seller and Buyer shall not be required to pay for its failure to purchase any minimum volumes during a year more than once. For purposes of calculating
any liquidated damages under this Section 12.4, for any shortfall in Buyer’s annual consumption of product, any liquidated damages based upon any monthly consumption shortfall(s) within the same year shall be deducted from by crediting to
offset any liquidated damages owing under this Section 12.4 for the full year. For example, if Buyer’s consumption in June 20102 is 5,000MT, Buyer would pay Seller $400/MT x 1,000MT or $400,000 in liquidated damages for such monthly
shortfall; however, Buyer’s annual volume requirement for that calendar year for purposes of calculating liquidated damages would then be reduced by 1,000MT to 84,000MT.” 

 

	3.	GENERAL PROVISIONS. 

  

	3.1	Effect of this First Amendment. 

 Except as expressly modified by this First Amendment, the terms and conditions
of the Contract shall remain in full force and effect. 
  

	3.2	Further Amendment, Modifications. 

 No amendment to this First Amendment will be valid on binding unless and
until reduced to willing and executed by each Party’s authorized representative. 
  

	3.3	Construction, Severability. 

 This First Amendment was prepared jointly by the parties, and no rule that it be
construed against the drafter shall have any application in its construction or interpretation. If any provision of this First Amendment is unenforceable, invalid or prohibited by any applicable law of treaty or court of competent jurisdiction, that
provision will be severed and inoperative by the remaining provisions will be valid and binding. This First Amendment will be amended to include provisions which, not being void or unenforceable, most nearly achieve the object of the allegedly void
or unenforceable provision. 
 IN WITNESS WHEREOF, the parties have executed this First Amendment to be effective as of the date first above
written. 
  

									
	DOW EUROPE GmbH	 		 	STYRON EUROPE GmbH
					
	By:	 	

	 		 	By:	 	

		 	  
	 		 		 	  

					
	Name:	 	 Juan Antonio Merino
	 		 	Name:	 	 MARCO LEVI

		 	Commercial Vice President	 		 		 	
	Title:	 	 Dow Europe GmbH
	 		 	Title:	 	 MANAGING OFFICER

		 	10/11/2011	 		 		 	

  

	
	 Styron Europe GmbH
 Bachtobelstrasse 3

CH-8810 Horgen

  
 DOW CONFIDENTIAL - Do not share
without permissionEX-10.26

 Exhibit 10.26 

CONFIDENTIAL TREATMENT REQUESTED UNDER 
 C.F.R. SECTIONS
200.80(b)(4), 200.83 AND 230.406. 
 [*****] INDICATES OMITTED MATERIAL THAT IS THE 

SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST 
 FILED SEPARATELY
WITH THE COMMISSION. 
 THE OMITTED MATERIAL HAS BEEN FILED 

SEPARATELY WITH THE COMMISSION. 
 Second
Amendment to Amended and Restated Sales Contract 
 between Dow Europe GmbH and Styron Europe GmbH dated June 17, 2010 

This Second Amendment to Amended and Restated Sales Contract (the “Second Amendment”) is made and entered into as of this [    ]
day of October, 2012, by and between Dow Europe GmbH (“Seller”) and Styron Europe GmbH (“Buyer”). 
  

	 	A.	Seller and Buyer entered Into an Amended and Restated Sales Contract, effective June 17, 2010, for the sale of Polycarbonate grade Bisphenol A (parrabis) in molten form from Seller to Buyer (the “Amended and
Restated Bisphenol A Sales Contract”). 

  

	 	B.	Seller and Buyer entered into a First Amendment to the Amended and Restated Bisphenol A Sales Contract, effective as of October 26, 2011 (the “First Amendment”, the Amended and Restated Bisphenol A Sales
as amended by the First Amendment, the “Contract”). 

  

	 	C.	Seller and Buyer desire to further amend the Contract in accordance with the terms of this Second Amendment. 

NOW, THEREFORE, the Parties hereby agree as follows: 
  

	1.	DEFINITIONS 

 Unless otherwise defined herein, capitalized terms shall have the same meaning ascribed to them in
the Contract. 
  

	2.	AMENDMENTS 

 The Parties agree to amend the Contract as follows: 

 

	2.1	New Section “Pricing Discount” 

 As part of the body of the Contract, a new Section, entitled (left
column) “Pricing Discount”, with the following content (right column) shall be added: 
 “Effective as of September 1, 2012 through to
and including December 31st 2015 [***]. 
 The Pricing Discount shall not be removed or reduced
under any circumstance whatsoever prior to and including September 30, 2013, after which date the Pricing Discount may be reassessed in accordance with the below: 

[***] 

	 	(c)	After being modified or removed in accordance with sub-section (a) or (b) above, the Pricing Discount will be restated starting with the month following the month in which the CMAI published PC margin WE
General Purpose index did fall below 830 Euro/MT for three (3) consecutive months. 

 Example: If Buyer consumes 7000MT in
one calendar month prior to September 30, 2013, the first 4500 MT will be priced at the regular formula, the remaining 2500MT will be priced at the regular formula minus the Pricing Discount of 200 Euro/MT, leading to a total discount of
500,000 Euro. If 5000MT are consumed within a calendar month there will be no Pricing Discount on that volume as Buyer has not consumed the Minimum Monthly Volume of 6000MT during that month. 

 

	2.2	New Section “Cooperation” 

 As part of the body of the Contract, a new Section, entitled (left column)
“Cooperation”, with the following content (right column) shall be added: 
 “In an effort to maintain a positive working relationship with
regular communication between Seller and Buyer, (a) Buyer shall provide Seller a 4 month rolling forecast, without gross negligent random error or wilful bias, by the 25th of each month to a
planner designated by Seller and the Slade site leader for Seller; (b) the rolling 4 month forecasts will be saved on a common SharePoint server (TBD) accessible to both Parties and compared with actual results to compute a forecast variation
metric; (c) once each calendar month, Seller and Buyer shall meet to review the respective forecast variation metric, with agreed minutes of each such meeting distributed to both Parties; and (d) Seller and Buyer shall, from time to time
and/or as reasonably necessary, discuss any limiting parameters affecting the supply chain, such as raw material markets including the phenol chain, polycarbonate market dynamics, and polycarbonate demand. 

In addition, Buyer will use all reasonable efforts that Buyer operations personnel at the Stade PC plant will conduct a daily conference call (excluding
Saturdays, Sundays and public holidays in Germany) with Seller on the Stade site to communicate the next 3-day production schedule. The Parties shall be free to, at any time, (i) agree a different time frequency for such conference calls, as
well as (ii) release each other from the obligation to conduct and/or attend, as the case may be, such call on any qualifying day, in each case, as they deem appropriate, acting reasonably Save for any unforeseen or unscheduled inability or
inexcusable failure to conduct and/or attend (as the case may be) such calls on either side, for instance in the event of short notice or sickness absence of personnel, this call will include at least one member from Buyer’s Stade site, as well
as an on-site member from each of the following businesses of Seller in Stade – BPA, Chlor-Alkali, and Site Services (as reasonably needed). Seller shall use all commercially reasonable efforts to communicate to Buyer timely any expected issues
that are, or are reasonably likely, in the reasonable judgment of Seller, to prevent Buyer from achieving the scheduled rates. A trend of actual daily production and future daily production schedule (at least 3 days into future) will be maintained
by Buyer on a common SharePoint server (TBD) accessible by both Seller and Buyer.” 

	2.3	New Section “Minor Delays” 

 As part of the body of the Contract, a new Section, entitled (left
column) “Minor Delays”, with the following content (right column) shall be added: 
 “In no event shall Buyer be entitled to any reduction in
(a) the Minimum Monthly Volume or the Minimum Annual Volume, or (b) any service received or to be received by Buyer under any site services or supply contract relating to the Stade facilities, as a result of failure to supply of Seiler
arising out of or relating to any unplanned outage of less than 6 hours duration per outage, unless such outage occurs more than once, i.e. on more than one (1) occasion, within a period of seven (7) consecutive days. 

 

	3.	AGREED GENERAL UNDERSTANDING OF THE SECOND AMENDMENT 

 For the avoidance of doubt and notwithstanding anything
to the contrary contained in the Contract or this Second Amendment, the Parties agree that: 
  

	 	(a)	nothing set forth in this Second Amendment shall relieve Buyer of any Minimum Volume requirement, take or pay or other respective obligations under the Contract; and 

 

	 	(b)	Buyer’s failure to perform any of the obligations set out in the Contract or the Second Amendment, in particular, but not limited to, Buyer’s obligations under the new Section “Cooperation”, shall
not entitle Seller under any circumstance whatsoever to withdraw, hold back and/or to not pay the Pricing Discount to the extent that Buyer has qualified for such Pricing Discount in accordance with the terms of the new Section “Pricing
Discount”. 

  

	4.	GENERAL PROVISIONS 

  

	4.1	Effect of this Second Amendment 

 Except as expressly modified by this Second Amendment, the terms and
conditions of the Contract shall remain in full force and effect. 
  

	4.2	Further Amendment, Modifications 

 No amendment to this Second Amendment shall be valid or binding unless and
until reduced to writing and executed by each Party’s authorized representative. 
  

	4.3	Construction, Severability 

 This Second Amendment was prepared jointly by the Parties, and no rule that it be
construed against the drafter shall have any application in its construction or interpretation. If any provision of this Second Amendment is unenforceable, invalid or prohibited by any applicable law of treaty or court of competent jurisdiction,
such provision shall be severed and inoperative but the remaining provisions hereof shall be and remain valid and binding. 

 IN WITNESS WHEREOF, the parties have executed this Second Amendment to be effective as of the date first above
written. 
  

					
	DOW EUROPE GMBH	 	
			
	By:	 	/s/ Juan Antonio Merino	 	
		 	  
	 	
	Name:	 	 Juan Antonio Merino
	 	
	Title:	 	 Commercial Vice President

Dow Europe GmbH
	 	
		
	STYRON EUROPE GMBH	 	
			
	By:	 	/s/ MARCO LEVI	 	03/11/2012
		 	  
	 	
	Name:	 	 MARCO LEVI
	 	
	Title:	 	 MANAGING DIRECTOR
	 	
	
	 Styron Europe GmbH
 Zugerstrasse
231
 CH-8810 Horgen

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