Document:

Amendment No. 1 to the Notional Unit Award grant Agreement

 Exhibit 10.23 
 AMENDMENT NO. 1 TO THE NOTIONAL UNIT AWARD AGREEMENT 
 THIS AMENDMENT NO. 1 TO THE NOTIONAL UNIT AWARD GRANT AGREEMENT (the “Amendment”), made as of this 18th day of December 2008 between KRATON Polymers LLC (the “Company”) and Kevin M. Fogarty (the
“Participant”). 
 WHEREAS, the Company and the Participant entered into a notional unit award grant agreement,
dated as of July 15, 2005 (the “Agreement”) pursuant to which the Company granted a Notional Unit award to the Participant pursuant to his Employment Agreement (as defined in the Agreement); 
 WHEREAS, the Company and the Participant have determined that it is desirable for Section 5 of the Agreement to be amended to provide for a
revised definition of “Change in Control” for purposes of distribution of the award in order to comply with Section 409A of the Internal Revenue Code of 1986, as amended. 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants and promises contained herein and for other good and valuable
consideration, the Company and the Participant hereby agree that, effective as of the date hereof, Section 5 of the Agreement is hereby amended as follows: 
 Section 5 is replaced in its entirety by the following: 
 “Distribution of
membership units representing the portion of vested Notional Units shall occur as soon as practicable after the earlier of a Change in Control or termination of the Participant’s employment, provided that following a Change in Control, unvested
Notional Units shall remain outstanding and continue to vest as provided above until the Participant’s employment terminates. For purposes of this Section 5 only, “Change in Control” shall have the meaning ascribed to it in Section
409A of the Internal Revenue Code of 1986, as amended. 
 Notwithstanding the foregoing, if a distribution of membership units is
due as a result of the Participant’s termination of employment and at the time of such termination (i) the Company is a publicly traded company on an established securities market and (ii) the Participant is a Specified Employee (as defined
below), then the payments to which the Participant would otherwise be entitled during the first six months following his termination of employment shall be deferred and accumulated (without any reduction in such payments or benefits ultimately paid
or provided to the Participant) for a period of six months from the date of the Participant’s separation from service (as determined under Section 409A of the Code) and paid in a lump sum on the first day of the seventh month following such
separation from service (or, if earlier, the date of the Participant’s death). For purposes of this Section 5 only, a “termination of employment” shall not be deemed to have occurred for purposes of this Plan unless such circumstances
would constitute a “separation from service” for purposes of Section 409A. “Specified Employee” shall have the meaning provided in Treasury Regulation 1.409A-1; determination of which key Company Employees

 
are Specified Employees under Treasury Regulation 1.409A-1 shall be made in accordance with Company policy.” 
 Integration. Except as otherwise specifically provided in this Amendment, all terms and conditions of the Agreement shall remain in full force and effect. 
 Counterparts. This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which
shall constitute one and the same instrument. 
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 IN WITNESS WHEREOF, the Company has caused this Amendment to be duly executed by its duly
authorized officer and said Participant has hereunto signed this Amendment on his own behalf, thereby representing that he has carefully read and understands this Amendment as of the day and year first written above. 
  

			
	KRATON POLYMERS LLC
	
	 

	By:	 	Richard A. Ott
	Title:	 	Vice President, Human Resources
	
	 

	Kevin M. Fogarty

  

 3Restricted Unit Award Grant Agreement dated as of June 19, 2008

 Exhibit 10.25 
 RESTRICTED UNIT AWARD GRANT AGREEMENT 
 THIS RESTRICTED UNIT AWARD
GRANT AGREEMENT (this “Agreement”), made as of the 19th day of June, 2008 between Kraton Polymers LLC (the “Company”) and Kevin M. Fogarty (the “Participant”). 
 WHEREAS, pursuant to Section 4.02 of the Second Amended and Restated Limited Liability Company Operating Agreement of TJ Chemical Holdings LLC, each of
the Voting Members of TJ Chemical Holdings LLC (“TJ Chemical”) has approved the grant of restricted shares on membership units of TJ Chemical (the ‘Restricted Unit Award’) with a current value of $600,000 to Kraton Management LLC
(“Management LLC”), which in turn will grant the same number of Membership Units in Management LLC to the Participant pursuant to his employment agreement with the Company dated April 1, 2008 (the “Employment Agreement”);

 NOW, THEREFORE, in consideration of the premises and the mutual covenants hereinafter set forth, the parties hereto hereby agree as follows:

 1. Grant of Restricted Units. Pursuant to, and subject to, the terms and conditions set forth herein, the Company hereby grants
to the Participant the Restricted Unit Award of 600,000 restricted units of Management LLC (“Restricted Units”). 
 2. Grant
Date. The Grant Date of the Restricted Unit Award hereby granted is June 19th, 2008. 
 3. Vesting
Date. The Restricted Unit Award shall vest as follows: One third (1/3) of the Restricted Units shall vest on each of the first three anniversaries of the Grant Date provided that the Participant remains employed with the
Company on each such anniversary. Except as provided in the next succeeding sentence, upon termination of employment for any reason all unvested Restricted Units shall immediately and automatically be forfeited. In the event of a Change in Control
(as defined in the TJ Chemical 2004 Option Plan), if the Participant’s employment is terminated without Cause or for Good Reason (as those terms are defined in the Employment Agreement) during the one-year period immediately following the date
of the Change in Control, all unvested Restricted Units shall become immediately vested. 
 4. Limitations on Transfer of Membership
Units; Permissible Assignments; Termination of Employment. 
 4.1 Limitations on Transfer.
The Participant acknowledges that upon becoming a member of Management LLC, the Participant will be subject to all the terms and conditions provided in the Limited Liability Company Operating Agreement of KRATON Management LLC (“Management LLC
Operating Agreement”). Notwithstanding anything herein or in the Management LLC Operating Agreement to the contrary, the Participant shall not sell or transfer any Membership Unit acquired pursuant to the distribution of this Restricted Unit
Award, except (i) to the Participant’s beneficiaries or estate upon the Participant’s death, (ii) upon

 
consent of the Company pursuant to Section 4.2, or (iii) pursuant to Article IX of the Management LLC Operating Agreement. 
 4.2 Permissible Assignments. Notwithstanding the foregoing, the Participant may request authorization from the
Company to assign his Restricted Unit Award granted herein to a trust or custodianship, the beneficiaries of which may include only the Participant, the Participant’s spouse or the Participant’s lineal descendants (by blood or adoption),
and, if the Company grants such authorization, the Participant may assign his rights accordingly. In the event of any such assignment, such trust or custodianship shall be subject to all the restrictions, obligations, and responsibilities as apply
to the Participant under this Agreement and shall be entitled to all the rights of the Participant under this Agreement; provided that upon such assignment in accordance with this Section 4.2, all references in this Agreement to the
“Participant,” except for such references contained in Section 4.1 and 4.3 of this Agreement, shall be deemed to be replaced by a reference to the transferee of the Restricted Unit Award. 
 4.3 Termination of Services. In the event of a termination of a Participant’s Services (as defined in the
TJ Chemical 2004 Option Plan), TJ Chemical shall have the right to purchase the Participant’s Membership Units acquired pursuant to the Restricted Unit Award in accordance with Article IX of the Management LLC Operating Agreement. Any
Membership Units acquired pursuant to the distribution of the Restricted Unit Award shall be subject to certain tag-along and drag-along rights in accordance with Article IX of the Management LLC Operating Agreement. 
 5. Delays or Omissions. No delay or omission to exercise any right, power or remedy accruing to any party hereto upon any breach or default of
any party under this Agreement, shall impair any such right, power or remedy of such party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter
occurring nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any party of any
breach or default under this Agreement, or any waiver on the part of any party or any provisions or conditions of this Agreement, shall be in writing and shall be effective only to the extent specifically set forth in such writing. 
 6. Indemnification. The Participant agrees, to the fullest extent permitted by law, to indemnify and hold harmless the Company, TJ Chemical
and Management LLC and any director, officer, or employee thereof against any and all losses, liabilities, claims, damages, and expenses of any nature whatsoever (including attorneys’ fees and disbursements, judgments, fines and amounts paid in
settlement) (collectively, “Losses”) arising out of or based upon any breach or failure by the Participant to comply with his obligations made herein. This Section 6 shall survive any termination or execution of this Agreement.

 7. Representations 
 7.1 Participant Representations. In addition to any representations made by the Participant in the Management LLC
Operating Agreement, as a Member of Management LLC, the Participant hereby represents and warrants to Management LLC and the Company that: (a) the Membership Units are being acquired for his own account, for investment purposes only and not
with a view to or in connection with any distribution, reoffer, resale, public offering or other disposition thereof not in compliance with the Securities Act and the rules and regulations there under and any applicable United States federal or
state securities laws or regulations; (b) the Participant is an “accredited investor” as defined in Rule 501(a) under the Securities Act, provided that the Company may, in its discretion and subject to compliance with all applicable
securities laws, waive the foregoing representation with respect to a limited number of Participants; (c) the Participant, alone or together with his representatives, possesses such expertise, knowledge, and sophistication in financial and
business matters generally, and in the type of transactions in which the Company proposes to engage in particular; (d) the Participant has had access to all of the information with respect to his Membership Units that he or it, as the case may
be, deems necessary to make a complete evaluation thereof and has had the opportunity to question the Company concerning such Membership Units; (e) the Participant’s decision to acquire his Membership Units for investment has been based
solely upon the evaluation made by the Participant; (1) the Participant is aware that the Management LLC Operating Agreement provides significant restrictions on the ability of a Participant to sell, transfer, assign, mortgage, hypothecate, or
otherwise encumber his Membership Units; (g) the Participant has duly executed and delivered this Agreement; and (h) the Participant’s authorization, execution, delivery, and performance of this Agreement do not conflict with any
other agreement or arrangement to which the Participant is a party or by which it is bound. 
 7.2 Truth of
Representations and Warranties. The Participant represents and warrants that all of his representations set forth in Section 7.1 of this Agreement are true and correct as of the date hereof. 
 8. Integration. This Agreement, and the other documents referred to herein or delivered pursuant hereto (including, without limitation, the
Management LLC Operating Agreement) which form a part hereof contain the entire understanding of the parties with respect to its subject matter and there are no restrictions, agreements, promises, representations, warranties, covenants or
undertakings with respect to the subject matter hereof other than those expressly set forth in such documents. This Agreement and the Management LLC Operating Agreement supersede all prior agreements and understandings between the parties with
respect to its subject matter. 
 9. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall
be deemed an original, but all of which shall constitute one and the same instrument. 
 10. Governing Law. This Agreement shall
be governed by and construed and enforced in accordance with the laws of the State of Delaware without regard to the provisions thereof governing conflict of laws. 

 11. Participant Acknowledgment. The Participant hereby acknowledges receipt of a copy of the
Management LLC Operating Agreement. The Participant hereby acknowledges that all decisions, determinations and interpretations of the Board of Directors of the Company in respect of this Agreement shall be final and conclusive. 
 IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by its duly authorized officer and said Participant has hereunto signed this
Agreement on his own behalf, thereby representing that he has carefully read and understands this Agreement and the Management LLC Operating Agreement as of the day and year first written above. 
  

			
	KRATON POLYMERS LLC
		
		 	 

	By:	 	Richard A. Ott
	Title:	 	Vice President, Human Resources
	
	  
 

	Kevin M. Fogarty

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