Document:

Registration Rights Agreement

 Exhibit 10.2 
 REGISTRATION RIGHTS AGREEMENT 
 This REGISTRATION
RIGHTS AGREEMENT (the “Agreement”) made and entered into as of this 29th day of February, 2012, by and among Carpenter Technology Corporation, a Delaware corporation (the “Company”); HHEP-Latrobe, L.P., a Delaware limited partnership
(“Hicks”), Watermill-Toolrock Partners, L.P., a Delaware limited partnership, Watermill-Toolrock Partners II, L.P., a Delaware limited partnership and Watermill-Toolrock Enterprises, LLC, a Delaware limited liability company
(collectively, “Watermill” and together with Hicks, the “Investors”). 

RECITALS 

WHEREAS, on June 20, 2011, the Company entered into an Agreement and Plan of Merger (as amended, the “Merger
Agreement”) with Hawke Acquisition Sub, a Delaware corporation and wholly owned subsidiary of the Company (“Acquisition Sub”), Latrobe Specialty Metals, Inc., a Delaware corporation
(“Latrobe”) and the stockholder representatives, pursuant to which Latrobe will be merged with and into Acquisition Sub (the “Merger”), with Latrobe as the surviving corporation in the Merger; and

 WHEREAS, in connection with the entry into the Merger Agreement, the Company and the Investors, each of whom is a direct or
indirect stockholder of Latrobe, have agreed to enter into this Agreement. 
 NOW, THEREFORE, in consideration of the premises
and the mutual covenants and agreements contained in this Agreement, the parties hereto, intending to be legally bound, agree as follows: 
 ARTICLE I 
 CERTAIN DEFINITIONS 

In addition to the other terms defined in this Agreement, the following terms shall have the following meanings, applicable to both the
singular and plural forms thereof: 
 “Adverse Disclosure” means public disclosure of material,
non-public information, which, in the reasonable good faith judgment of the chief executive officer or the chief financial officer of the Company, after consultation with outside counsel to the Company: (i) would be required to be made in any
registration statement of the Company filed with, or to be filed with, the SEC under the Securities Act or otherwise filed with the SEC by the Company so that such registration statement would not be materially misleading or so that such
registration statement would otherwise comply with the Securities Act or applicable law; (ii) would not be required to be made at such time but for the filing or existence of such registration statement; and (iii) the Company has a bona
fide business purpose for not disclosing publicly. 
 “Affiliate” means, with respect to any specified
Person, any other Person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such Person. The term “control” (including the terms “controlled by” and

 
“under common control with”) means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the
ownership of voting securities, by contract or otherwise. 
 “Automatic Shelf Registration Statement”
shall have the meaning set forth in Rule 405 of the Securities Act. 
 “Business Day” means any day
on which the New York Stock Exchange (“NYSE”) is open for trading. 
 “Closing
Date” means the date of the consummation of the Merger. 
 “Common Stock” means the shares
of the Company’s common stock, par value $5.00 per share. 
 “Exchange Act” means the Securities
Exchange Act of 1934, as amended, and the rules and regulations of the SEC thereunder, all as the same shall be in effect at the relevant time. 
 “Holders” means any one or more Investors (or any Affiliate thereof to which rights are assigned in accordance with Section 7.17 of this Agreement); provided,
however, that the term “Holders” shall not include any of the foregoing that ceases to own or hold any Registrable Securities, or any recipient of shares of Common Stock pursuant to an in-kind distribution from a Holder. 

“Person” means an individual, a partnership (general or limited), corporation, limited liability company, joint
venture, business trust, cooperative, association or other form of business organization, whether or not regarded as a legal entity under applicable law, a trust (inter vivos or testamentary), an estate of a deceased, insane or incompetent person, a
quasi-governmental entity, a government or any agency, authority, political subdivision or other instrumentality thereof, or any other entity. 
 “Registrable Security(ies)” means any shares of Common Stock of the Company held by the Holders; provided that as to any particular Registrable Securities, such
securities shall cease to constitute Registrable Securities (i) when a registration statement with respect to the sale of such securities shall have become effective under the Securities Act and such securities shall have been disposed of
thereunder; or (ii) when and to the extent such securities are permitted to be publicly sold in a single sale transaction pursuant to Rule 144 (or any successor provision to such Rule) under the Securities Act or are otherwise freely
transferrable in a single sale transaction to the public without further registration under the Securities Act; or (iii) when such securities shall have ceased to be issued and outstanding. 

“Registration Expenses” means all expenses incurred by the Company in effecting any registration pursuant to this
Agreement or with respect to which rights to Piggyback Registration are exercised with respect to Registrable Securities, including, without limitation, the following: (i) all registration, qualification, filing and listing fees,
(ii) printing expenses, (iii) fees and disbursements of counsel for the Company, (iv) blue sky fees and expenses, (v) expenses of the Company’s independent accountants in connection with the registration under the Securities
Act of Registrable Securities (including the expenses of any 

  
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regular or special reviews or audits or “comfort” letters incident to or required by any such registration) and (vi) the reasonable fees and disbursements of a single counsel to
the Holders in connection with the Shelf Registration as provided in Section 7.5, which counsel shall be selected by the Holders of a majority of the Registrable Securities outstanding; provided, however, that Registration
Expenses shall not include any underwriting discounts, selling commissions, brokerage fees and stock transfer taxes attributable to the sale of Registrable Securities by the Holders, or the fees and disbursements of any legal counsel and any other
advisors engaged by the Holders (except as provided in clause (vi) above and in Section 7.5. 

“SEC” means the United States Securities and Exchange Commission, or such other federal agency at the time having
the principal responsibility for administering the Securities Act. 
 “Securities Act” means the
Securities Act of 1933, as amended, and the rules and regulations of the SEC thereunder, all as the same shall be in effect at the relevant time. 
 “Well-Known Seasoned Issuer” shall have the meaning set forth in Rule 405 of the Securities Act. 
 ARTICLE II 
 SHELF REGISTRATION 

Section 2.1. No later than the date that is three months after the Closing Date (the “Rights Effective
Date”) and subject to the other restrictions contained in this Article II, the Company use its commercially reasonable efforts to prepare and file a registration statement on Form S-3 or another appropriate form that the Company
is eligible to use and which form shall be available for the resale of Registrable Securities held by Holders on a continuous or delayed basis in accordance with Section 415 of the Securities Act and reasonable and customary methods of
distribution as set forth in such registration statement (the “Shelf Registration”) and will use its commercially reasonable efforts to cause such registration Statement to be declared effective. If the Company is a
Well-Known Seasoned Issuer at the time of filing the Shelf Registration with the SEC, such Shelf Registration shall be designated by the Company as an Automatic Shelf Registration Statement. 

Section 2.2. Subject to Section 2.3, so long as permitted by applicable law, the Company shall use its commercially
reasonable efforts to keep the Shelf Registration continuously effective, supplemented and amended as necessary to ensure that it is available for resales of Registrable Securities by Holders and to ensure that it conforms with the requirements of
this Agreement, until the Holders no longer own Registrable Securities at which time the Company shall have the right to terminate the effectiveness of the Shelf Registration. The Company shall use its commercially reasonable efforts to file a new
Shelf Registration pursuant to Rule 415(a)(6) to the extent the initial Shelf Registration was an Automatic Shelf Registration Statement that is no longer available for resales of Registrable Securities pursuant to Rule 415(a)(5). 

  
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 Section 2.3. Upon delivery to the Investor of a certificate signed by the chief
executive officer or chief financial officer of the Company stating that the continued use of the Shelf Registration would require the Company to make an Adverse Disclosure (the “Notice”), the Company may suspend the Investor
Group’s use of the Shelf Registration (a “Shelf Suspension”); 
 2.3.1. for as long as necessary
to avoid the Adverse Disclosure as determined in good faith by the chief executive officer or chief financial officer of the Company, after consultation with the Company’s legal counsel, but in no event longer than 30 days; and 

2.3.2. for as long as necessary to avoid the Adverse Disclosure as determined in good faith by the board, after consultation with the
Company’s legal counsel, at a properly convened meeting thereof or by unanimous written consent; 
 provided that during any 365-day
period a Shelf Suspension may only be in effect for an aggregate of 90 days. 
 Except as required by applicable law, no Investor nor any
of their Affiliates and representatives shall make any public disclosure regarding, and shall treat as confidential, any Shelf Suspension or Notice and the Investors shall be responsible for breaches of confidentiality by their respective Affiliates
and representatives. In the event of a Shelf Suspension, each Investor agrees that the Holders shall suspend use of the prospectus related to the Shelf Registration in connection with any sale or purchase of or offer to sell or purchase Registrable
Securities upon receipt of the Notice. The Company shall promptly notify the Investors upon the termination of any Shelf Suspension and use commercially reasonable efforts to promptly amend or supplement the Shelf Registration following the
termination of such Shelf Suspension, if necessary, so it does not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein in order to make the statements therein not misleading. 

Section 2.4. The Company shall have the right to defer or suspend the filing or effectiveness of a registration statement under
Article II for a reasonable period of time not to exceed 90 days if a prior registration statement of the Company for an underwritten, public offering by the Company of its securities was declared effective by the SEC less than 120 days prior
to the anticipated effective date of the registration under Article II. 
 Section 2.5. Each Investor agrees that
neither an Investor nor any Holder or Affiliate will take, directly or indirectly any action designed to stabilize or manipulate the price of any security of the Company, except in each case as may be permitted by applicable law. 

Section 2.6. If any of the Registrable Securities to be sold under a Shelf Registration pursuant to this Article II are to be
sold in an underwritten offering, each of (i) the Company and (ii) the Holders of a majority of such Registrable Securities included in such offering, may select an Underwriter or Underwriters to manage such offering which Underwriter or
Underwriters shall be reasonably acceptable to the Holders of a majority of such Registrable Securities included in such offering or the Company, as applicable. 
 Section 2.7. Persons receiving in-kind distributions of shares of Common Stock from Investors shall be permitted to participate in an offering shall be considered “Holders

  
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Indemnitees” pursuant to Section 7.4.1 solely for such purpose provided that such Persons become a party to this Agreement or otherwise enter into reasonable and customary
agreements relating thereto. 
 ARTICLE III 
 INCIDENTAL REGISTRATION 
 Section 3.1. Subject to the other
restrictions contained in this Article III, if the Company proposes, other than pursuant to Article II, to register any equity securities of the Company (collectively, “Other Securities”) for public sale under
the Securities Act (whether proposed to be offered for sale by the Company or by any other Person) on a form and in a manner which would permit registration of Registrable Securities for sale to the public under the Securities Act, it will give
prompt written notice (which notice shall specify the intended method or methods of disposition) to Holders of its intention to do so (such notice, an “Incidental Notice”), and upon the written request of Holders delivered to
the Company within five Business Days after the giving of any such notice (which request shall specify the number of Registrable Securities intended to be disposed of by Holders) the Company will use its commercially reasonable efforts to effect, in
connection with the registration of the Other Securities, the registration under the Securities Act of all Registrable Securities which the Company has been so requested to register by the Holders (a “Piggyback
Registration”); provided, however, that: 
 3.1.1. if, at any time after giving such written notice
of its intention to register Other Securities and prior to the effective date of the registration statement filed in connection with such registration, the Company shall determine for any reason not to register such Other Securities, the Company
may, at its election, give written notice of such determination to Holders, if they requested registration, and thereupon the Company shall be relieved of its obligation to register such Registrable Securities in connection with the registration of
such Other Securities (but not from its obligation to pay Registration Expenses to the extent incurred in connection therewith as provided in Section 7.5); 
 3.1.2. the Company will not be required to effect any registration of Registrable Securities pursuant to this Article III if the Company shall have been advised by the managing underwriter for the
offering selected by the Company that, in such firm’s opinion, a registration of Registrable Securities and other securities of the Company at that time may interfere with an orderly sale and distribution of the securities being sold in such
offering or materially and adversely affect the price of such securities, then the Company shall include in the registration statement applicable to such Piggyback Registration only such securities as so advised by such underwriter can be sold
without such effect (the “Maximum Piggyback Number”) as follows and in the following priority: 
 (a)
to the extent such public offering is the result of a registration initiated by the Company, (i) first, the Other Securities to be registered for the Company’s account, (ii) second, if the number of securities under
clause (i) above is less than the Maximum Piggyback Number, the Registrable Securities requested to be registered pursuant to Article III, allocated pro rata among the Registrable Securities which in the aggregate, when added to
the 

  
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number of securities to be registered under clause (i) above, equals the Maximum Piggyback Number, and (iii) third, if the number of securities under clauses (i) and
(ii) above are less than the Maximum Piggyback Number, all Other Securities requested to be included in such registration, pro rata, based on the number of Other Securities beneficially owned by each such holder of Other Securities which
in the aggregate, when added to the number of securities to be registered under clauses (i) and (ii) above, equals the Maximum Piggyback Number; or 
 (b) to the extent such public offering is the result of a registration by any Persons (other than the Company or the Holders) exercising a contractual right to demand registration not included in this
Agreement, (i) first, all Other Securities owned by such Persons exercising the contractual right, pro rata, based on the number of Other Securities beneficially owned by each such holder of Other Securities,
(i) second, if the number of securities under clause (i) above is less than the Maximum Piggyback Number, the Registrable Securities as to which registration has been requested pursuant to Article III, pro rata, based
on the number of Registrable Securities beneficially owned by such Holders which in the aggregate, when added to the number of securities to be registered under clause (i) above, equals the Maximum Piggyback Number, (iii) third,, if
the number of securities under clauses (i) and (ii) above are less than the Maximum Piggyback Number, all Other Securities being sold by the Company which in the aggregate, when added to the number of securities to be registered under
clauses (i) and (ii) above, equals the Maximum Piggyback Number, and (iv) fourth, if the number of securities under clauses (i), (ii) and (iii) above are less than the Maximum Piggyback Number, all Other Securities
requested to be included in such registration by other holders thereof (other than the Company and the Holders), pro rata, based on the number of Other Securities beneficially owned by each such holder of Other Securities which in the
aggregate, when added to the number of securities to be registered under clauses (i), (ii) and (iii) above, equals the Maximum Piggyback Number; 
 3.1.3. the Company shall not be required to give notice of, or effect any registration of Registrable Securities under this Article III incidental to, the registration of any of its securities in
connection with mergers, consolidations, acquisitions, exchange offers, subscription offers, dividend reinvestment plans or stock options or other employee benefit or compensation plans. 

Section 3.2. The Incidental Notice and the contents thereof shall be kept confidential by the Investors and their respective
Affiliates and representatives, and the Investors shall be responsible for breaches of confidentiality by their respective Affiliates and representatives. 
 Section 3.3. The Company may not commence or permit the commencement of any sale of Other Securities for its own account or the account of another Person that is not a Holder in a public offering to
which this Article III applies unless the Holders shall have received the Incidental Notice in respect to such public offering and had an opportunity of five Business Days to respond to the Company prior to the commencement of such sale of
Other Securities. The Holders electing to participate in a Piggyback Registration shall be permitted to withdraw all or part of the Registrable Securities from a Piggyback Registration at any time at least two Business Days prior to the effective
date of the registration statement relating to such Piggyback Registration. 

  
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 ARTICLE IV 
 HOLDBACKS 
 Section 4.1. Holders covenant and agree with the Company
that Holders shall not effect, if requested by the managing underwriters of an underwritten offering, any public sale or distribution of equity securities of the Company, including a sale pursuant to Rule 144 under the Securities Act (except
pursuant to this Agreement) during the 10 Business Day period prior to, and during the 60 day period beginning on, (i) the effective date of the registration statement relating to the underwritten offering of equity securities of the Company or
(ii) in the event of a Shelf Registration, the consummation of an underwritten takedown, or such other period as the managing underwriter, if any, may require. 
 Section 4.2. The Company covenants and agrees with the Holders not to effect any public or private sale or distribution of equity securities of the Company (other than distributions pursuant to
employee benefit plans), including a sale pursuant to Regulation D under the Securities Act (or Section 4(2) thereof), during the 10 Business Day period prior to, and during the 6 day period beginning with the consummation of an
underwritten takedown, or such other period as the managing underwriter may require, except pursuant to registrations on Form S-4, Form S-8 or any successor form for the registration of securities issued or to be issued in connection with a merger,
acquisition or employee benefit plan. 
 Section 4.3. Each Investor covenants and agrees that it will comply and cause its
Affiliates and representatives to comply with the prospectus delivery requirements of the Securities Act as applicable to it (unless an exemption therefrom is available) in connection with sales of Registrable Securities pursuant to a registration
statement and shall sell the Registrable Securities under a registration statement only in accordance with a method of distribution described in such registration statement. 
 ARTICLE V 
 REGISTRATION PROCEDURES 

If and whenever the Company is required by the provisions of this Agreement to use its commercially reasonable efforts to effect or cause
a registration as provided in this Agreement and at such times as customarily occur in registered offerings or shelf takedowns, as applicable, the Company will: 
 Section 5.1. Use its commercially reasonable efforts to prepare and file with the SEC, a registration statement and use its commercially reasonable efforts to cause such registration statement to
become effective as promptly as practicable and to remain effective under the Securities Act until the earlier of such time as all securities covered thereby are no longer Registrable Securities; 

Section 5.2. Prepare and file with the SEC such amendments, post-effective amendments and supplements to such registration statement
and the prospectus used in connection therewith as may be necessary to keep such registration statement effective for such period of time required by Section 5.1 above; 

  
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 Section 5.3. Within a reasonable time prior to the filing of any registration
statement, any prospectus, any amendment to a registration statement, amendment or supplement to a prospectus or any free writing prospectus, provide copies of such documents to the Holders of the Registrable Securities being sold and to the
underwriter or underwriters of an underwritten offering, if applicable, and to underwriter’s counsel; fairly consider such reasonable changes in any such documents prior to or after the filing thereof as Holders or the underwriter or the
underwriters may request; 
 Section 5.4. Within a reasonable time prior to the filing of any document which is to be
incorporated by reference into a registration statement or a prospectus, provide copies of such document to underwriter’s counsel and counsel for the Holders; fairly consider such reasonable changes in such document prior to or after the filing
thereof as underwriter’s counsel or counsel for the Holders shall request; and make such of the representatives of the Company as shall be reasonably requested by such counsel available for discussion of such document; 

Section 5.5. Use commercially reasonable efforts to comply in all material respects with the provisions of the Securities Act with
respect to the disposition of all securities covered by such registration statement during the period during which any such registration statement is required to be effective; 
 Section 5.6. Furnish to Holders and any underwriter of Registrable Securities, (i) such number of copies (including manually executed and conformed copies) of such registration statement and of
each amendment thereof and supplement thereto (including all annexes, appendices, schedules and exhibits), (ii) such number of copies of the prospectus, used in connection with such registration statement (including each preliminary prospectus,
any summary prospectus and the final prospectus), and (iii) such number of copies of other documents, in each case as Holders or such underwriter may reasonably request; 
 Section 5.7. Use its commercially reasonable efforts to register or qualify all Registrable Securities covered by such registration statement under the securities or “blue sky” laws of
states of the United States as Holders or any underwriter shall reasonably request, and do any and all other acts and things which may be reasonably requested by Holders or such underwriter to consummate the offering and disposition of Registrable
Securities in such jurisdictions; provided, however, that the Company shall not be required to qualify generally to do business as a foreign corporation or as a dealer in securities, subject itself to taxation, or consent to general
service of process in any jurisdiction wherein it is not then so qualified or subject; 
 Section 5.8. Reasonably cooperate
with Holders and the sole underwriter or managing underwriter(s) of an underwritten offering of shares, if any, to facilitate the timely preparation and delivery of certificates (or book-entry confirmations) representing the shares to be sold and
not bearing any restrictive legends or stop orders; and enable such shares to be in such denominations (consistent with the provisions of the governing documents thereof) and registered in such names as the Holders or the sole underwriter or
managing underwriter of an underwritten offering of shares, if any, may reasonably request at least five days prior to any sale of such shares; 

  
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 Section 5.9. Use, as soon as practicable after the effectiveness of the registration
statement, commercially reasonable efforts to cause the Registrable Securities covered by such registration statement to be registered with, or approved by, such other United States public, governmental or regulatory authorities, if any, as may be
required in connection with the disposition of such Registrable Securities; 
 Section 5.10. Use its commercially
reasonable efforts to list the securities covered by such registration statement on the NYSE (or any securities exchange on which any securities of the Company is then listed), if the listing of such Registrable Securities are then permitted under
the applicable rules of such exchange; 
 Section 5.11. Make appropriate members of senior management reasonably available
to participate in meetings or conference calls with potential investors and make presentations as is reasonably necessary and customary in secondary resale offerings of companies of comparable size and lines of business as the Company; 

Section 5.12. Furnish to Holders and any underwriter or designee thereof (i) copies of any comment letters received from the
SEC with respect to a Shelf Registration or any documents incorporated therein and (ii) any other request by the SEC or any state securities authority for amendments or supplements to a Shelf Registration and prospectus or for additional
information with respect to the Shelf Registration and prospectus; 
 Section 5.13. Notify Holders as promptly as
practicable and, if requested by Holders, confirm such notification in writing, (i) when a prospectus or any prospectus supplement has been filed with the SEC, and, with respect to a registration statement or any post-effective amendment
thereto, when the same has been declared effective by the SEC, (ii) of the issuance by the SEC of any stop order or the coming to the Company’s attention of the initiation of any proceedings for such or a similar purpose, (iii) of the
receipt by the Company of any notification with respect to the suspension of the qualification of any of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose, (iv) of the
occurrence of any event which requires the making of any changes to a registration statement or related prospectus so that such documents will not contain any untrue statement of a material fact or omit to state any material fact required to be
stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading (and the Company shall promptly prepare and furnish to Holders a reasonable number of copies of a supplemented or
amended prospectus such that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances under which they are made, not misleading), and (v) of the Company’s determination that the filing of a post-effective amendment to the registration statement shall be
necessary or appropriate. Upon the receipt of any notice from the Company of the occurrence of any event of the kind described in clause (iv) or (v) of this Section 5.13, Holders shall forthwith discontinue any offer and
disposition of Registrable Securities pursuant to the registration statement covering such Registrable Securities 

  
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until all Holders shall have received copies of a supplemented or amended prospectus which is no longer defective and, if so directed by the Company, shall deliver to the Company, at the
Company’s expense, all copies (other than permanent file copies) of the defective prospectus covering such Registrable Securities which are then in the Holders’ possession. If the Company shall provide any notice of the type referred to in
the preceding sentence, the period during which the registration statements are required to be effective as set forth under Section 5.1 shall be extended by the number of days from and including the date such notice is provided, to and
including the date when Holders shall have received copies of the corrected prospectus; and 
 Section 5.14. Enter into
such agreements and take such other appropriate actions as are customary and reasonably necessary to expedite or facilitate the disposition of such Registrable Securities (including, underwriting agreements in customary form, and including
provisions with respect to indemnification and contribution in customary form and consistent with the provisions relating to indemnification and contribution contained herein), and in that regard, deliver to the Holders such documents and
certificates (or book-entry confirmations) as may be reasonably requested by any Holder of the Registrable Securities being sold or, as applicable, the managing underwriters, to evidence the Company’s compliance with this Agreement including,
without limitation, using its commercially reasonable efforts to cause its independent accountants to deliver to the Company (and to the Holders of Registrable Securities being sold in any registration) an accountants’ comfort letter
substantially similar to that in scope delivered in an underwritten public offering and covering audited and interim financial statements included in the registration statement or, if such letter can not be obtained through the exercise of the
Company’s commercially reasonable efforts, cause its independent accountants to deliver to the Company (and to the Holders of Registrable Securities being sold in any registration) a comfort letter based on negotiated procedures providing
comfort with respect to the Company’s financial statements included or incorporated by reference in the registration statement at the highest level permitted to be given by such accountants under the then applicable standards of the Association
of Independent Certified Accountants with respect to such registration statement. In addition, the Company shall furnish to the Holders of Registrable Securities being included in any registration hereunder an opinion of counsel in substance and
scope customarily delivered to underwriters in public offerings. 
 ARTICLE VI 

UNDERWRITING 
 Section 6.1. If requested by the underwriters for any underwritten offering of Registrable Securities pursuant to a registration hereunder, the Company will enter into and perform its obligations
under an underwriting agreement with the underwriters for such offering, such agreement to contain such representations and warranties by the Company and such other terms and provisions as are customarily contained in underwriting agreements with
respect to secondary distributions, including, without limitation, customary provisions relating to indemnities and contribution and the provision of opinions of counsel and accountants’ letters. 

Section 6.2. If any registration pursuant to Article III hereof shall involve, in whole or in part, an underwritten offering,
the Company may require Registrable Securities requested to be registered pursuant to Article III to be included in such underwriting on the same 

  
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terms and conditions as shall be applicable to the securities being sold through underwriters under such registration. In such case, Holders, if requesting registration, shall be a party to any
such underwriting agreement. Such agreement shall contain such representations and warranties by the Holders requesting registration and such other terms and provisions as are customarily contained in underwriting agreements with respect to
secondary distributions, including, without limitation, provisions relating to indemnities and contribution. 

Section 6.3. In any offering of Registrable Securities pursuant to a registration hereunder, Holders shall also enter into such
additional or other agreements as may be customary in such transactions, which agreements may contain, among other provisions, such representations and warranties as the Company or the underwriters of such offering may reasonably request (including,
without limitation, those concerning Holders their Registrable Securities, Holders’ intended plan of distribution and any other information supplied by it to the Company for use in such registration statement), and customary provisions relating
to indemnities and contribution. 
 ARTICLE VII 
 MISCELLANEOUS 
 Section 7.1. Other Restrictions and
Acknowledgements. Each Investor hereby acknowledges the restrictions on the transfer of the shares of Common Stock as set forth in the Merger Agreement and as of the Stockholders Agreement, dated as of the date hereof, among the Company
and each of the Investors (the “Stockholders Agreement”), and expressly acknowledges and agrees that nothing herein shall be deemed to permit any assignment, transfer or other disposition of Registrable Securities in
violation of the terms of the Merger Agreement or the Stockholders Agreement. 
 Section 7.2. Rule 144. To
the extent it shall be required to do so under the Exchange Act, the Company shall use commercially reasonable efforts to take all actions necessary to comply with the filing requirements described in Rule 144(c)(1) or any successor thereto so as to
enable the Holders to sell Registrable Securities without registration under the Securities Act. Upon the written request of Holders, the Company will deliver a written statement as to whether it has complied with the filing requirements under Rule
144(c)(1) or any successor thereto and will cooperate in all reasonable respects with the Holders to remove any restrictive legends or stop orders contained on any certificates (or book-entry confirmations) so as to facilitate a sale by the Holders
of such shares under Rule 144. 
 Section 7.3. Preparation; Reasonable Investigation; Information.

 7.3.1. In connection with the preparation and filing of each registration statement registering Registrable Securities under
the Securities Act pursuant to this Agreement, (i) the Company will give the Holders and underwriters, if any, and their respective counsel and accountants, drafts of such registration statement for their review and comment prior to filing, and
(ii) as a condition precedent to including any Registrable Securities in any such registration, the Company may require Holders to furnish the Company such information regarding Holders and the distribution of such securities as the Company may
from time to time reasonably request in writing or as shall be required by law or the SEC in connection with any registration. 

  
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 7.3.2. In connection with each registration and offering of Registrable Securities to be
sold by Holders, the Company will, in accordance with customary practice, make available for inspection by representatives of the underwriters and any counsel or accountant retained by such Holders or underwriters all relevant financial and other
records, pertinent corporate documents and properties of the Company and cause appropriate officers, managers and employees of the Company to supply all information reasonably requested by any such representative, underwriter, counsel or accountant
in connection with their due diligence exercise. 
 Section 7.4. Indemnification and Contribution.

 7.4.1. In the case of each offering of Registrable Securities made pursuant to this Agreement, the Company shall, to the
extent permitted by law, indemnify and hold harmless Holders, their officers, directors and Affiliates, each underwriter of Registrable Securities so offered and each Person, if any, who controls any of the foregoing Persons within the meaning of
the Securities Act (“Holders Indemnitees”), from and against any and all claims, liabilities, losses, damages, expenses and judgments, joint or several, to which they or any of them may become subject, under the Securities
Act arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained in the registration statement (or in any preliminary or final prospectus included therein) relating to the offering and sale of such
Registrable Securities, or any amendment thereof or supplement thereto, or in any document incorporated by reference therein, or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the
statements therein not misleading; provided, that the Company shall not be liable to any Holders Indemnitee in any such case to the extent that any such loss, claim, damage, liability or action arises out of, or is based upon, any untrue
statement or alleged untrue statement, or any omission, if such statement or omission shall have been made in reliance upon and in conformity with information furnished to the Company in writing by or on behalf of Holders specifically for use in the
preparation of the registration statement (or in any preliminary or final prospectus included therein), or any amendment thereof or supplement thereto. Such indemnity shall remain in full force and effect regardless of any investigation made by or
on behalf of Holders and shall survive the transfer of such securities. 
 7.4.2. In the case of each offering of Registrable
Securities made pursuant to this Agreement, each Holder shall, to the extent permitted by law, indemnify and hold harmless the Company, its officers and Affiliates, and each Person, if any, who controls any of the foregoing within the meaning of the
Securities Act and (if requested by the underwriters) each underwriter who participates in the offering and each Person, if any, who controls any such underwriter within the meaning of the Securities Act (the “Company
Indemnitees”), from and against any and all claims, liabilities, losses, damages, expenses and judgments, joint or several, to which they or any of them may become subject, under the Securities Act arising out of or based upon, any
untrue statement or alleged untrue statement of a material fact contained in the registration statement (or in any preliminary or final prospectus included therein) relating to the offering and sale of such Registrable Securities or any amendment
thereof or supplement thereto, or any omission or alleged omission to state therein a material fact required to be stated therein 

  
 -12-

 
or necessary to make the statements therein not misleading, but in each case only to the extent that such untrue statement is contained in, or such fact is omitted from, information furnished in
writing to the Company by or on behalf of Holders specifically for use in the preparation of such registration statement (or in any preliminary or final prospectus included therein). In no event shall the liability of any selling Holder hereunder be
greater in amount than the dollar amount of the net proceeds received by such Holder upon the sale of the Registrable Securities giving rise to such indemnification obligation. Such indemnity shall remain in full force and effect regardless of any
investigation made by or on behalf of the Company and shall survive the transfer of such securities. 
 7.4.3. In case any
proceeding (including any governmental investigation) shall be instituted involving any Person in respect of which indemnity may be sought pursuant to this Section 7.4.3, such Person (the “indemnified party”)
shall promptly notify the Person against whom such indemnity may be sought (the “indemnifying party”) in writing; provided that the failure of any indemnified party to give notice as provided herein shall not relieve
the indemnifying party of its obligations provided for in this Section 7.4.3 or Section 7.4.4, except to the extent that the indemnifying party is actually prejudiced by such failure to give notice. In case any such
proceeding shall be brought against any indemnified party and it shall notify the indemnifying party of the commencement thereof, the indemnifying party shall be entitled to participate therein and, to the extent that it shall wish, jointly with any
other indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified party and shall pay as incurred the reasonable fees and disbursements of such counsel related to such proceeding. In
any such proceeding, any indemnified party shall have the right to retain its own counsel at its own expense. Notwithstanding the foregoing, the indemnifying party shall pay as incurred the fees and expenses of one specified counsel retained by the
indemnified party in the event (i) the indemnifying party and the indemnified party shall have mutually agreed to the retention of such counsel or (ii) the named parties to any such proceeding (including any impleaded parties) include both
the indemnifying party and the indemnified party and representation of both parties by the same counsel, in the written opinion of such counsel, would be inappropriate due to actual or potential differing interests between them. It is understood
that the indemnifying party shall not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees and expenses of more than one separate firm for all such indemnified parties. The
indemnifying party shall not be liable for any settlement of any proceeding effected without its written consent (which shall not be unreasonably withheld, delayed or conditioned) but if settled with such consent or if there be a final judgment for
the plaintiff, the indemnifying party agrees to indemnify the indemnified party from and against any loss or liability by reason of such settlement or judgment. No indemnifying party will consent to entry of any judgment or enter into any settlement
which (A) does not include as an unconditional term the giving by the claimant or plaintiff, to the indemnified party, of a release from all liability in respect of such claim or litigation or (B) involves the imposition of equitable
remedies or the imposition of any non-financial obligations on the indemnified party. 
 7.4.4. If the indemnification provided
for in this Section 7.4 is held by a court of competent jurisdiction to be unavailable in respect of any losses, claims, damages or liabilities (or actions or proceedings in respect thereof) referred to herein, then each indemnifying
party, in lieu of indemnifying such indemnified party hereunder, shall contribute to 

  
 -13-

 
the amount paid or payable by the indemnified party as a result of such losses, claims, damages or liabilities (or actions or proceedings in respect thereof) in proportion as is appropriate to
reflect the relative fault of all parties in connection with the statements or omissions which resulted in such losses, claims, damages or liabilities (or actions or proceedings in respect thereof), as well as any other relevant equitable
considerations. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information
supplied by the party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties agree that it would not be just and equitable if contributions pursuant to
this Section 7.4.4 were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to above in this Section 7.4.4. Notwithstanding the
provisions of this Section 7.4.4, no Holder shall be required to contribute, in the aggregate, any amount in excess of the amount by which the proceeds actually received by such Holder from the sale of the Registrable Securities subject
to the proceeding exceeds the amount of any damages that such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. The amount paid or payable by an indemnified party as a
result of the losses, claims, damages or liabilities (or actions or proceedings in respect thereof) referred to above shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with
investigating or defending any such action or claim. Notwithstanding the provisions of this Section 7.4.4, no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be
entitled to contribution from any person who was not guilty of such fraudulent misrepresentation and no indemnifying party shall be required to contribute any amount in excess of the amount by which the total price at which the securities were
offered to the public by the indemnifying party exceeds the amount of any damages which the indemnifying party has otherwise been required to pay by reason of an untrue statement or omission. 

7.4.5. The indemnity provided for hereunder shall not inure to the benefit of any indemnified party to the extent that such indemnified
party failed to comply with the applicable prospectus delivery requirements of the Securities Act as then applicable to the person asserting the loss, claim, damage or liability for which indemnity is sought. 

Section 7.5. Expenses. In connection with any registration under this Agreement, the Company shall pay all Registration
Expenses. Holders shall be responsible for all other expenses incurred in connection with such registration, including all underwriting and placement discounts and commissions, agency and placement fees, brokers’ commissions and transfer taxes,
if any, relating to the sale or disposition of such Holder’s Registrable Securities. The Company shall be responsible for the reasonable fees and disbursements of a single counsel to the Holders in connection with any registration under this
Agreement, which counsel shall be selected by the Holders of a majority of the Registrable Securities outstanding. The Company shall not be responsible for the fees and expenses of any additional counsel, or any of the accountants, agents, or
experts retained by any Holder in connection with the sale of Registrable Securities. 

  
 -14-

 Section 7.6. In-Kind Distributions. If a Holder seeks to effectuate an in-kind
distribution of all or part of its shares to its direct or indirect equityholders, the Company will, subject to applicable lockups, work with such Holder and the Company’s transfer agent to facilitate such in-kind distribution in the manner
reasonably requested by such Holder, including by providing the recipient of such in-kind distribution with the rights contemplated by Section 2.7. 
 Section 7.7. Merger or Consolidation. In the event the Company engages in a merger or consolidation in which the shares of Common Stock are converted into securities of another company,
appropriate arrangements will be made so that the registration rights provided under this Agreement continue to be provided to Holders by the issuer of such securities. To the extent such new issuer, or any other company acquired by the Company in a
merger or consolidation, was bound by registration rights obligations that would conflict with the provisions of this Agreement, the Company will use its commercially reasonable efforts to modify any such “inherited” registration rights
obligations so as not to interfere in any material respects with the rights provided under this Agreement. 
 Section 7.8.
Limited Liability. Notwithstanding any other provision of this Agreement, neither the members, general partners, limited partners or managing directors, or any directors or officers of any members, general or limited partner, advisory
director, nor any future members, general partners, limited partners, advisory directors, or managing directors, if any, of any Holder shall have any personal liability for performance of any obligation of such Holder under this Agreement in excess
of the respective capital contributions of such members, general partners, limited partners, advisory directors or managing directors to such Holder. 
 Section 7.9. Notices. Except as otherwise provided below, whenever it is provided in this Agreement that any notice, demand, request, consent, approval, declaration or other
communication shall or may be given to or served upon any of the parties hereto, or whenever any of the parties hereto desires to provide to or serve upon the other party any other communication with respect to this Agreement, each such notice,
demand, request, consent, approval, declaration or other communication shall be in writing and shall be delivered in person, mailed by registered or certified mail (return receipt requested) or sent by overnight courier service or via facsimile
transmission (which is confirmed), as follows: 
 If to the Investors, to the name and address set forth under
the name of such Investor; 
  

			
	If to Hicks:	  	 HHEP-Latrobe, L.P.
 c/o Hicks
Holdings LLC
 100 Crescent Court, Suite 1200
 Dallas, Texas 75201
 Attention: Eric Neuman
 Facsimile: (214) 615-2254

  
 -15-

			
	With a copy to:	  	 Jones Day
 2727 N. Harwood
Street
 Dallas, Texas 75201
 Attention:
R. Scott Cohen, Esq.
 Facsimile: (214) 969-5100

		
	If to Watermill:	  	 Watermill-Toolrock Partners, L.P.
 c/o Watermill Ventures
 One Cranberry Hill
 750 Marrett Road, Suite 401
 Lexington, Massachusetts 02421

Attention: Benjamin P. Procter
 Facsimile: (781)
891-9712

		
	With a copy to:	  	 Mintz, Levin, Cohn, Ferris, Glovsky
 and Popeo, P.C.
 One Financial Center
 Boston, Massachusetts 02111
 Attention: Daniel H. Follansbee, Esq.

Facsimile: (617) 542-2241

		
		  	 and

		
	If to the Company:	  	 Carpenter Technology Corporation

P.O. Box 14662
 Reading,
PA 19612-4662
 Attention: James Dee, General
 Counsel and Secretary

		
	With a copy to:	  	 Pepper Hamilton LLP
 3000 Two
Logan Square
 Eighteenth and Arch Streets
 Philadelphia, PA 19103
 Attention: Barry M. Abelson

Fax: (215) 981-4750

 The furnishing of any notice required hereunder may be waived in writing by the party entitled to receive such notice.
Every notice, demand, request, consent, approval, declaration or other communication hereunder shall be deemed to have been duly furnished or served on the party to which it is addressed, in the case of delivery in person or by facsimile, on the
date when sent, in the case of overnight mail, on the day after it is sent and in all other cases, five business days after it is sent. Failure or delay in delivering copies of any notice, demand, request, consent,

  
 -16-

 
approval, declaration or other communication to the persons designated above to receive copies shall in no way adversely affect the effectiveness of such notice, demand, request, consent,
approval, declaration or other communication. 
 Section 7.10. Entire Agreement; Amendment. Other than with
respect to the Merger Agreement and the Stockholders Agreement, this Agreement represents the entire agreement and understanding among the parties hereto with respect to the subject matter hereof and supersedes any and all prior oral and written
agreements, arrangements and understandings among the parties hereto with respect to such subject matter. This Agreement may not be amended, altered or modified and no provision of this Agreement may be waived or amended except by written instrument
executed by a holders of two-thirds (66 2/3%) of the Registrable Securities and the Company. 
 Section 7.11. Paragraph
Headings. The paragraph headings contained in this Agreement are for general reference purposes only and shall not affect in any manner the meaning, interpretation or construction of the terms or other provisions of this Agreement. 

Section 7.12. Applicable Law. This Agreement shall be governed by, construed and enforced in accordance with the laws
of the State of Delaware applicable to contracts to be made, executed, delivered and performed wholly within such state and, in any case, without regard to the conflicts of law principles of such state. 

Section 7.13. Severability. If at any time subsequent to the date hereof, any provision of this Agreement shall be held by
any court of competent jurisdiction to be illegal, void or unenforceable, such provision shall be of no force and effect, but the illegality or unenforceability of such provision shall have no effect upon and shall not impair the enforceability of
any other provision of this Agreement. 
 Section 7.14. Equitable Remedies. The parties hereto agree that
irreparable harm would occur in the event that any of the agreements and provisions of this Agreement were not performed fully by the parties hereto in accordance with their specific terms or conditions or were otherwise breached, and that money
damages are an inadequate remedy for breach of this Agreement because of the difficulty of ascertaining and quantifying the amount of damage that will be suffered by the parties hereto in the event that this Agreement is not performed in accordance
with its terms or conditions or is otherwise breached. It is accordingly hereby agreed that the parties hereto shall be entitled to an injunction or injunctions to restrain, enjoin and prevent breaches of this Agreement by the other parties and to
enforce specifically the terms and provisions hereof in any court of the United States or any state having jurisdiction, such remedy being in addition to and not in lieu of, any other rights and remedies to which the other parties are entitled to at
law or in equity. 
 Section 7.15. No Waiver. The failure of any party at any time or times to require
performance of any provision hereof shall not affect the right at a later time to enforce the same. No waiver by any party of any condition, and no breach of any provision, term, covenant, representation or warranty contained in this Agreement,
whether by conduct or otherwise, in any one or more instances, shall be deemed to be construed as a further or continuing waiver of any such condition or of the breach of any other provision, term, covenant, representation or warranty of this
Agreement. 

  
 -17-

 Section 7.16. Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which together shall constitute but one and the same original instrument. 
 Section 7.17. Successors And Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of each of the parties and shall inure to the
benefit of each Investor; provided, however, that nothing herein shall be deemed to permit any assignment, transfer or other disposition of Registrable Securities in violation of the terms of the Merger Agreement or the Stockholders
Agreement; and provided, further, that without the prior written consent of the Company, an Investor may assign, transfer or delegate any of its rights, duties and obligations hereunder to one or more of its Affiliates who receives
Registrable Securities. The Company may not assign its rights or obligations hereunder without the prior written consent of the other parties hereto (other than by operation of merger or consolidation and in accordance with Section 7.7).
Any transfer or assignment made other than as provided in the first sentence of this Section 7.17 shall be null and void. 
 Section 7.18. Effective Date; Term. This Agreement shall be effective as of the Closing Date, and if the Closing Date shall not occur, then this Agreement shall be null and void ab
initio. Unless earlier terminated, this Agreement shall terminate upon the earlier to occur of (i) such time as there are no outstanding Registrable Securities or (ii) the third anniversary of the effective date under the Securities
Act of the Shelf Registration; provided, however, that the termination date in clause (ii) shall be extended beyond such third anniversary by a number of days equal to the days of any Shelf Suspension(s), any deferral or
suspension under Section 2.4 and any period covered by any stop order, injunction or other similar order or requirement of the SEC relating to the Shelf Registration. Notwithstanding the foregoing, each Investor may at any time provide
written notice to the Company of its irrevocable election to withdraw from all of its rights and obligations under this Agreement. In such event, from and after the date of such notice, such Investor shall no longer be bound by any obligations, or
be entitled to any benefits, under this Agreement (other than those that have accrued prior to such date), and from and after such time, securities held directly or indirectly by such Investor shall no longer be deemed to be Registrable Securities
hereunder. 
 Section 7.19. Mutual Drafting; Interpretation. Each party hereto has participated in the
drafting of this Agreement, which each such party acknowledges is the result of extensive negotiations between the parties. If an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by
the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision. 
 [Signature Page Follows] 

  
 -18-

 This Registration Rights Agreement has been executed and delivered as of the date first
above written. 
  

					
	Carpenter Technology Corporation
		
	By:	 	 /s/ K. Douglas Ralph

		 	Name:	 	K. Douglas Ralph
		 	Title:	 	Senior Vice President and Chief Financial Officer

  
 [Signature
Page to Registration Rights Agreement] 

					
	HHEP-Latrobe, L.P.
		
	By:	 	 Hicks-Latrobe GP, L.P., its General Partner
 By: Hicks-Latrobe GP, L.L.C., its General Partner

		
	By:	 	 /s/ Lori K. McCutcheon

		 	Name:	 	Lori K. McCutcheon
		 	Title:	 	Vice President

  
 [Signature
Page to Registration Rights Agreement] 

					
	Watermill-Toolrock Partners, L.P.
	By: Watermill-Toolrock Enterprises, LLC, its General Partner
		
	By:	 	 /s/ Benjamin Procter

		 	Name:	 	Benjamin Procter
		 	Title:	 	Authorized Member

  
 [Signature
Page to Registration Rights Agreement] 

					
	Watermill-Toolrock Partners II, L.P.
	By: Watermill-Toolrock Enterprises, LLC, its General Partner
		
	By:	 	 /s/ Benjamin Procter

		 	Name:	 	Benjamin Procter
		 	Title:	 	Authorized Member

  
 [Signature
Page to Registration Rights Agreement] 

					
	Watermill-Toolrock Enterprises, LLC
		
	By:	 	 /s/ Benjamin Procter

		 	Name:	 	Benjamin Procter
		 	Title:	 	Authorized Member

  
 [Signature
Page to Registration Rights Agreement]LyondellBasell U.S. Senior Management Deferral Plan

 Exhibit 10.1 
 LyondellBasell 
 U.S. SENIOR MANAGEMENT DEFERRAL PLAN 

Effective May 1, 2012 

 LyondellBasell 
 Deferral Plan 
 Table of Contents 

 

							
	 ARTICLE I GENERAL PROVISIONS
	  	 	1	  
			
	 SECTION 1.1
	 	  PURPOSE AND INTENT	  	 	1	  
	 SECTION 1.2
	 	  EFFECTIVE DATE	  	 	1	  
	 SECTION 1.3
	 	  DEFINITIONS	  	 	1	  
		
	 ARTICLE II PARTICIPATON AND DEFERRAL ELECTIONS
	  	 	5	  
			
	 SECTION 2.1
	 	  ELIGIBILITY AND PARTICIPATION	  	 	5	  
	 SECTION 2.2
	 	  DEFERRAL TYPES	  	 	5	  
	 SECTION 2.3
	 	  DEFERRAL ELECTIONS	  	 	5	  
	 SECTION 2.4
	 	  SPECIAL RULES FOR THE FIRST DEFERRAL PERIOD	  	 	5	  
	 SECTION 2.5
	 	  SEPARATION FROM SERVICE	  	 	6	  
	 SECTION 2.6
	 	  TRANSFERS	  	 	6	  
	 SECTION 2.7
	 	  FINANCIAL HARDSHIP	  	 	6	  
		
	 ARTICLE III DEFERRED COMPENSATION ACCOUNTS
	  	 	7	  
			
	 SECTION 3.1
	 	  ACCOUNTS	  	 	7	  
	 SECTION 3.2
	 	  DEFERRED COMPENSATION	  	 	7	  
	 SECTION 3.3
	 	  EARNINGS EQUIVALENTS	  	 	7	  
	 SECTION 3.4
	 	  VESTING	  	 	7	  
		
	 ARTICLE IV PLAN BENEFITS
	  	 	9	  
			
	 SECTION 4.1
	 	  GENERALLY	  	 	9	  
	 SECTION 4.2
	 	  SEPARATION FROM SERVICE	  	 	9	  
	 SECTION 4.3
	 	  EARLY DISTRIBUTION	  	 	10	  
	 SECTION 4.4
	 	  FINANCIAL HARDSHIP	  	 	10	  
	 SECTION 4.5
	 	  VALUATION AND SETTLEMENT	  	 	10	  
	 SECTION 4.6
	 	  SMALL BENEFIT	  	 	11	  
	 SECTION 4.7
	 	  YEAR OF PAYMENT	  	 	11	  
	 SECTION 4.8
	 	  TAX WITHHOLDING AND OTHER PERMITTED ACCELERATED
PAYMENTS	  	 	11	  
		
	 ARTICLE V BENEFICIARY DESIGNATION
	  	 	12	  
			
	 SECTION 5.1
	 	  BENEFICIARY DESIGNATION	  	 	12	  
	 SECTION 5.2
	 	  FAILURE TO DESIGNATE A BENEFICIARY	  	 	12	  
		
	 ARTICLE VI ADMINISTRATION
	  	 	13	  
			
	 SECTION 6.1
	 	  INTERPRETATION	  	 	13	  
	 SECTION 6.2
	 	  ADMINISTRATIVE RECORDS	  	 	13	  
	 SECTION 6.3
	 	  CLAIMS	  	 	13	  
	 SECTION 6.4
	 	  COMMITTEE LIABILITY	  	 	14	  
		
	 ARTICLE VII AMENDMENT AND TERMINATION
	  	 	15	  
			
	 SECTION 7.1
	 	  PLAN AMENDMENT	  	 	15	  
	 SECTION 7.2
	 	  TERMINATION	  	 	15	  
	 SECTION 7.3
	 	  EFFECT OF AMENDMENT OR TERMINATION	  	 	15	  
	 SECTION 7.4
	 	  EFFECT OF LEGISLATION	  	 	15	  

  

							
	 ARTICLE VIII MISCELLANEOUS
	  	 	16	  
			
	 SECTION 8.1
	 	UNFUNDED BENEFIT PLAN	  	 	16	  
	 SECTION 8.2
	 	UNSECURED GENERAL CREDITOR	  	 	16	  
	 SECTION 8.3
	 	GRANTOR TRUST	  	 	16	  
	 SECTION 8.4
	 	NON-ASSIGNMENT	  	 	16	  
	 SECTION 8.5
	 	NO EMPLOYMENT RIGHT	  	 	17	  
	 SECTION 8.6
	 	ADJUSTMENTS	  	 	17	  
	 SECTION 8.7
	 	OBLIGATION TO COMPANY	  	 	17	  
	 SECTION 8.8
	 	PROTECTIVE PROVISIONS	  	 	17	  
	 SECTION 8.9
	 	GENDER, SINGULAR AND PLURAL	  	 	17	  
	 SECTION 8.10
	 	GOVERNING LAW	  	 	17	  
	 SECTION 8.11
	 	NOTICE	  	 	18	  
	 SECTION 8.12
	 	SUCCESSORS AND ASSIGNS	  	 	18	  
	 SECTION 8.13
	 	INCAPACITY	  	 	18	  

  
 2 

 ARTICLE I 
 GENERAL PROVISIONS 
 Section 1.1 Purpose and Intent. 

This Plan is intended to provide the opportunity for Eligible Employees to accumulate supplemental funds for retirement or special needs
before retirement through deferral of portions of their regular Salary and Awards. 
 This Plan is intended (1) to comply
with Code Section 409A and any related regulation or other guidance promulgated by applicable governmental agencies (“Code Section 409A”) and (2) to be “a plan which is unfunded and is maintained by an employer
primarily for the purpose of providing deferred compensation to a select group of management or highly compensated employees” within the meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA. Notwithstanding any other provision of this
Plan, this Plan shall be interpreted, operated and administered in a manner consistent with these intentions. 
 Section 1.2 Effective
Date. 
 This Plan document shall be effective as of May 1, 2012. 

Section 1.3 Definitions. 
 Account means a separate bookkeeping account maintained by the Plan Sponsor for each Participant which measures and determines the amounts to be paid to the Participant under the Plan. An
Account may be divided in subaccounts as needed to reflect particular Deferral Elections, including a Deferred Cash Compensation Account and a Deferred Stock Compensation Account for each Deferral Period. 

Awards mean Cash Awards or Stock Awards. 
 Beneficiary means a person who is entitled to receive a Participant’s interest under this Plan when the Participant dies before his Account is totally distributed. 

Benefits Administrative Committee means the Benefits Administrative Committee of Lyondell Chemical Company. 

Cash Awards means cash awards made under the Short-Term Incentive Plan or the Medium Term Incentive Plan. 

Change of Control shall have the meaning assigned to such term under the Long-Term Incentive Plan. 

 Code means the Internal Revenue Code of 1986, as amended, including any
successor provisions and any regulations or other guidance promulgated by applicable governmental agencies. 
 Common
Stock means the Class A ordinary shares of LyondellBasell Industries N.V., par value €0.04 per share. 

Compensation Committee means the Compensation Committee of the Supervisory Board of LyondellBasell Industries N.V.

 Company means collectively the Plan Sponsor and all Participating Employers. 

Deferral Election means a Participant’s election to defer Salary and/or Awards during a Deferral Period. 

Deferral Period means the particular calendar year for which a Deferral Election is made; provided that the first Deferral
Period shall be the period from May 1, 2012 through December 31, 2012. A new Deferral Period begins each January 1 and ends each December 31. 
 Deferred Cash Compensation Account means the subaccount maintained for deferrals of Cash Awards. 
 Deferred Compensation means the amount of Salary and/or Awards a Participant elects to defer by a Deferral Election. 
 Deferred Stock Compensation Account means the subaccount maintained for deferrals of Stock Awards. 
 Disability means a medically determinable physical or mental impairment which is expected to last for at least a continuous twelve (12) month period or is expected to result in death,
where the Participant (i) either cannot engage in any substantial gainful employment due to the impairment or (ii) is receiving disability benefits for at least three (3) months under the Employer’s applicable disability plan.

 Distribution means a distribution of a Participant’s Account as a result of a Separation from Service or
other event specified under this Plan and permitted by Code Section 409A. 
 Distribution Election means an
election made by a Participant pursuant to Article IV for each Deferral Period with respect to his Account attributable to such Deferral Period. 
 Early Distribution means a Distribution pursuant to Section 4.3 of the Plan. 
 Effective Date means May 1, 2012. 
 Eligible
Employee means an employee of the Company who is (i) on a United States dollar payroll and (ii) classified at a level of M-1 or above in the LyondellBasell Group compensation classification system, but excluding expatriate
Employees from a country that is not the United States who are paid on the U.S. dollar payroll. 

  
 2 

 Employer means the employer of a Participant. 

ERISA means the Employee Retirement Income Security Act of 1974, as amended, including any successor provisions and any
regulations or other guidance promulgated by applicable governmental agencies. 
 Financial Hardship means a
condition of severe financial difficulty due to an unforeseeable emergency resulting from (i) an illness or accident of the Participant, his spouse or dependent; (ii) a casualty causing a Participant’s property loss; or
(iii) other similar or extraordinary and unforeseeable circumstances created by events beyond the Participant’s control, as determined by the Benefits Administrative Committee, based on written information supplied by the Participant and
which is sufficient to justify the requested change in a Distribution election under the Plan without causing the Participant or any other Participant to receive taxable income from the Plan before the Participant actually receives his benefit.

 LyondellBasell Group means the LyondellBasell Industries N.V. and its affiliates. 

Medium-Term Incentive Plan means the currently operative LyondellBasell Industries Medium-Term Incentive Plan or such
similar medium term cash award plan that the Compensation Committee has approved for Awards under this Plan. 
 Long-Term
Incentive Plan means the currently operative LyondellBasell Industries 2010 Long-Term Incentive Plan or such similar equity award plan that the Compensation Committee has approved for Awards under this Plan. 

Participant means any Eligible Employee who is participating in this Plan, and any former Eligible Employee who has not
received the entire benefit to which he is entitled under this Plan. 
 Participating Employer means Equistar
Chemicals, LP, Houston Refining LP, Lyondell Chemical Overseas Services, Inc. and any other United States entity within the LyondellBasell Group whose employees are included in the Plan upon authorization of the Compensation Committee. 

Plan means the LyondellBasell U.S. Senior Management Deferral Plan. 

Plan Administrator means the Benefits Administrative Committee or its delegate, including a third party provider of
services that may include recordkeeping, Participant accounting, Participant communication, payment of installments, tax reporting, and or any other services specified in an agreement with such third party. 

Plan Sponsor means Lyondell Chemical Company. 

  
 3 

 Plan Year means each calendar year beginning on January 1 and ending on
December 31; provided that the first Plan Year shall be a short Plan Year beginning on May 1, 2012 and ending on December 31, 2012. 
 Salary means the annualized rate of regular base salary determined as of the first day of the Deferral Period, excluding Awards and any other special or additional compensatory payments made
by the Employer. 
 Separation from Service means when a Participant ceases to serve as an employee or contractor
for any reason; provided that Separation from Service shall not include (i) a Participant’s transfer of employment within the Company or from the Company to another entity within the LyondellBasell Group; (ii) a Participant’s
demotion to a compensation level below M-1; or (iii) a separation that does not constitute a “separation from service” within the meaning of Code Section 409A(a)(2)(A)(i). 

Short-Term Incentive Plan means the currently operative annual LyondellBasell Industries Short-Term Incentive Plan or such
similar annual bonus plan that the Compensation Committee has approved for Awards under this Plan. 
 Specified
Employee means a Participant who is a “specified employee” within the meaning of Treasury Regulation Section 1.409A-1(i). 
 Stock Awards means grants of restricted stock units, performance shares or other equity based compensation under the Long-Term Incentive Plan. 

Valuation Date means the last business day in each calendar month when the appropriate United States financial markets are
open. 

  
 4 

 ARTICLE II 
 PARTICIPATION AND DEFERRAL ELECTIONS 
 Section 2.1 Eligibility and Participation.

 (a) Eligibility. Eligibility to participate in this Plan shall be limited to Eligible Employees. An employee who
becomes eligible to participate in this Plan after a Deferral Period begins shall not be eligible to participate until the following Deferral Period. 
 (b) Participation. An Eligible Employee may elect to participate in the Plan by submitting a Deferral Election for a Deferral Period. 
 Section 2.2 Deferral Types. 
 (a) Award Deferral. Any Eligible
Employee may elect to defer all or a portion of an Award. 
 (b) Salary Deferral. Any Eligible Employee who is classified
at a level of M-4 or above in the LyondellBasell Group compensation classification system at the beginning of a Deferral Period may elect to defer not more than 50% of Salary. All references to deferral of Salary shall be limited to Eligible
Employees who qualify under this Section 2.2(b). 
 Section 2.3 Deferral Elections. 

Any Deferral Election shall be subject to any limits, conditions or restrictions, such as minimum or maximum deferral amounts, as the Plan
Administrator prescribes before the Deferral Period begins. Subject to Section 2.4 of this Plan, before each Deferral Period, at a time and in the manner the Plan Administrator prescribes, each Eligible Employee may elect to defer Salary and/or
Awards. A Distribution Election specifying the time and form of Distribution of the deferred amount for a Deferral Period shall be made in accordance with the provisions of Article IV of this Plan when the Deferral Election is made. Except in the
case of Financial Hardship pursuant to Section 2.6, this Deferral Election shall be irrevocable after the Deferral Period begins. 

Section 2.4 Special Rules for the first Deferral Period. 
  

	 	For	the first Deferral Period, a Deferral Election may be made only with respect to 

 

	 	(a)	Salary earned for the period beginning with the first pay period that ends on or after May 1, 2012 and ending on December 31, 2012; and/or

  

	 	(b)	A Cash Award made under the Short-Term Incentive Plan for the 2012 Short-Term Incentive Plan Year. 

  
 5 

 For subsequent Deferral Periods, Deferral Elections may be made for all Salary to be earned
during the Deferral Period, Cash Awards to be granted under the Short-Term Incentive Plan and the Medium Term Incentive Plan during the Deferral Period and Stock Awards to be granted under the Long-Term Incentive Plan during the Deferral Period,
even if such Awards are paid or vest in a subsequent Deferral Period. Notwithstanding the foregoing, in accordance with Treasury Regulation Section 1.409A-2(a)(13), Salary earned during the pay period containing the last day of the Deferral
Period but paid in the subsequent Deferral Period under the regular payroll practices of the Employer shall be subject to the Deferral Election that relates to such subsequent Deferral Period. 

Section 2.5 Separation from Service. 
 Any outstanding Deferral Election relating to Salary and Awards payable after Separation from Service shall remain binding; otherwise, a Participant’s Deferral Elections shall terminate on the
Participant’s Separation from Service. 
 Section 2.6 Transfers. 

A Participant’s Deferral Elections shall be irrevocable regardless of a transfer of employment within the LyondellBasell Group.

 Section 2.7 Financial Hardship. 
 The Benefits Administrative Committee may permit a Participant to cease remaining deferrals under a Deferral Election upon finding that the Participant has suffered a Financial Hardship, to the extent
that the Deferral Election may be revoked as a result of the Financial Hardship under Code Section 409A. 

  
 6 

 ARTICLE III 
 DEFERRED COMPENSATION ACCOUNTS 
 Section 3.1 Accounts. 

Accounts shall be maintained for each Participant for record-keeping purposes only. 

Section 3.2 Deferred Compensation. 
 (a) Crediting of Cash Compensation. A Participant’s deferred Salary, Cash Awards and any dividend equivalents attributable to deferred Stock Awards shall be credited to the Participant’s
Deferred Cash Compensation Account on or as soon as soon as administratively practicable following the date when the compensation would have been paid but for the Deferral Election. 

(b) Crediting of Stock Awards. A Participant’s deferred Stock Awards shall be credited as shares of Common Stock in the
Participant’s Deferred Stock Compensation Account. 
 (c) Withholding. For each Deferral Election, the Company shall
have the right to withhold from Salary or any other amount elected by the Participant to be credited to the Deferred Cash Compensation Account for the Deferral Period (or otherwise to cause the Participant, his Beneficiary or the executor or
administrator of his estate to pay) any federal, state, local or foreign taxes required to be withheld for any Deferred Compensation for such Deferral Period, including, but not limited to, Medicare taxes. 

Section 3.3 Earnings Equivalents. 
 (a) Deferred Cash Compensation Account. Credits for amounts in the Deferred Cash Compensation Account shall be treated as having been invested in one or more of the core fund investment options
available for the ongoing deposit of new employee contributions into the LyondellBasell Savings Plan. Additional credit or debit amounts will be posted to the Participant’s Deferred Cash Compensation Account based on the performance of those
investment options. The Participant shall have the right to designate and change which of the available core fund investment options are to be used in valuing his or her Deferred Cash Compensation Account, subject to the rules governing investment
direction and transfers among funds in the LyondellBasell Savings Plan. 
 (b) Deferred Stock Compensation Account. The
value of dividend equivalents, if any, with respect to Stock Awards held in a Participant’s Deferred Stock Compensation Account shall be credited to the Participant’s Deferred Cash Compensation Account. 

  
 7 

 Section 3.4 Vesting. 
 Each Participant shall be one hundred percent (100%) vested at all times in the amounts credited to the Participant’s Deferred Cash Compensation Account. A Participant shall be vested in the
Participant’s Deferred Stock Compensation Account to the extent, and at the same time as, the Participant’s deferred Stock Awards vest. 

  
 8 

 ARTICLE IV 
 DISTRIBUTION OF PLAN BENEFITS 
 Section 4.1 Generally. 

Subject to the following provisions of this Article IV, Distribution shall be made in the form of a single lump sum not more than 60 days
following the Valuation Date of the first full calendar month following the earliest to occur of a Separation from Service, Change of Control, death, or Disability. 
 Section 4.2 Separation from Service. 
 (a) Optional Installment Form
of Payment. A Participant may elect at the same time as his Deferral Election for a Deferral Period that all or a portion of his Account attributable to such Deferral Period which becomes distributable due to Separation from Service be paid in
the form of five annual installment payments. The portion of a Participant’s Account for which the Participant may make such an election shall be determined in accordance with administrative rules established by the Plan Administrator. Except
with respect to a Specified Employee, the first installment of the Distribution shall be paid not more than 60 days following the Valuation Date of the first full calendar month following the Separation from Service, and subsequent installments of
the Distribution shall be redetermined based on the remaining balance and the remaining number of installments and paid in each of the next four taxable years not more than 60 days following the business day on which the appropriate financial
markets are open that is coincident with or next preceding the anniversary of the Valuation Date for the first installment of the Distribution. . In the event of a Change of Control, death, or Disability prior to the end of the installment period,
the remaining balance in the Participant’s Account shall be paid in accordance with Section 4.1. 
 (b) Specified
Employees. If a Participant is a Specified Employee whose Account becomes distributable due to Separation from Service, a Distribution shall not begin for at least six (6) months following the Specified Employee’s Separation from
Service, whether in a lump sum or installment payment form, except in the event of the Specified Employee’s death, in which case the Specified Employee’s Account shall be paid pursuant to Section 4.1. If the Distribution is payable in
a lump sum, such lump sum shall be paid on, or within 60 days after, the Valuation Date on or immediately following the date that is six (6) months after the Specified Employee’s Separation from Service. If the Specified Employee elected
installment payments, the first installment shall be paid on, or within 60 days after, the Valuation Date on or immediately following the date that is six (6) months after the Specified Employee’s Separation from Service. Subsequent
installments shall be paid pursuant to Section 4.2(a), with the Valuation Date of the first installment determined pursuant to the preceding sentence. Lump sum and installment payments shall be calculated on the Account value at the delayed
Distribution date and shall commence as soon as administratively possible following the delayed Distribution date; provided, however, that this Section 4.2(b) shall apply only if any member of the LyondellBasell Group is a corporation any stock
in which is publicly traded on an established securities market or otherwise. 

  
 9 

 Section 4.3 Early Distribution. 

(a) Early Distribution Election. A Participant may elect at the same time as his Deferral Election for a Deferral Period that all
or a portion of his Account attributable to such Deferral Period be paid prior to the date his Account would otherwise be distributable under Section 4.1 and 4.2 in the form of a single lump sum. The portion of a Participant’s Account for
which the Participant may make such an election shall be determined in accordance with administrative rules established by the Plan Administrator. The lump sum shall be paid not more than 60 days following the Valuation Date on or immediately
following the date elected for the Early Distribution, which must be at least six (6) years after the Deferral Election becomes effective. If an event described in Section 4.1 or 4.2 occurs prior to the Early Distribution date, the Early
Distribution election will be canceled and Distribution will be made under Section 4.1 and Section 4.2, as applicable. 
 (b) Subsequent Deferral Election. A Participant may elect to delay the commencement of an Early Distribution, according to procedures adopted by the Plan Administrator, but (1) the election
may not become effective until at least twelve (12) months after the date the new Distribution election is made, (2) the election must defer payment for a period of at least five (5) years after the original Distribution date and
(3) the new Distribution election must be made at least twelve (12) months before the date the original Distribution was scheduled to occur. 
 Section 4.4 Financial Hardship. 
 When the Benefits Administrative
Committee finds that a Participant has suffered a Financial Hardship, following the Participant’s written application, the Benefits Administrative Committee shall distribute all or a portion of the Participant’s Account reasonably
necessary to satisfy the Financial Hardship. The amount necessary to satisfy the Financial Hardship shall be the amount determined according to the requirements of Code Section 409A. The Distribution shall be paid in a lump sum not more than 45
days following the Valuation Date on or immediately following the Financial Hardship finding. 
 Section 4.5 Valuation and Settlement.

 The amount of a lump sum and the initial amount of installment payments for a Participant’s Account shall be based on
the value of the Participant’s Account on the Valuation Date of the first full calendar month following the date on which a Participant or his Beneficiary becomes entitled to a Distribution, except in the case of an Early Distribution, which
shall be based on the value of the Participant’s Account on the Valuation Date on or immediately following the date elected for the Early Distribution. A Participant’s Deferred Cash Compensation Account shall be distributed in cash. A
Participant’s Deferred Stock Compensation Account shall be distributed in shares of Common Stock. The Company shall have the right to withhold from Salary or any Plan benefits (or otherwise to cause the Participant, his Beneficiary or the
executor or administrator of his estate to pay) any federal, state, local or foreign taxes required to be withheld for benefits paid by the Plan. 

  
 10 

 Section 4.6 Small Benefit. 

Notwithstanding any Distribution Election, the Plan Administrator shall pay any benefit as a lump sum payment to the Participant or any
Beneficiary, if the lump sum amount of the Account balance which is payable to the Participant or Beneficiary in installments when payments to the Participant or Beneficiary would otherwise commence is less than $50,000. 

Section 4.7 Year of Payment. 
 In the event a Distribution is to be paid under the terms of the Plan within a specified period of time, neither the Participant nor his Beneficiary is permitted to designate the taxable year of the
payment. 
 Section 4.8 Tax Withholding and Other Permitted Accelerated Payments. 

Notwithstanding anything to the contrary in the Plan, the Plan Administrator may, in its discretion, direct the accelerated payment of
Plan benefits under any of the circumstances permitted under Treasury Regulation Section 1.409A-3(j)(4) or any successor regulation or prescribed by the Commissioner of Internal Revenue in generally applicable guidance published in the Internal
Revenue Bulletin; provided, however, that a Participant may not make a direct or indirect election as to whether the Plan Administrator’s discretion to accelerate payment under this Section 4.8 is exercised. Accelerated payment of Plan
benefits made to satisfy employment taxes pursuant to Treasury Regulations Section 1.409A-3(j)(4)(vi) that are made with respect to any Stock Award, including any applicable employment taxes withheld on vesting of a Stock Award, shall result in
a reduction, based on the Fair Market Value, as defined in the Long-Term Incentive Plan, of the Common Stock on the date such taxes are required to be withheld, of the number of shares of Common Stock held in the Participant’s Deferred Stock
Compensation Account. 

  
 11 

 ARTICLE V 
 BENEFICIARY DESIGNATION 
 Section 5.1 Beneficiary Designation. 

Each Participant has the right to designate a Beneficiary or Beneficiaries to receive his interest in his Account on his death. The
designation shall be made in the time and manner the Plan Administrator prescribes, and a single designation shall apply to the Participant’s entire Account. The Participant has the right to change or revoke any designation from time to time by
filing a new designation or notice of revocation, and no notice to any Beneficiary nor consent by any Beneficiary shall be required to make any change or revocation. 
 Section 5.2 Failure to Designate a Beneficiary. 
 If a Participant
fails to designate a Beneficiary before his death, or if no designated Beneficiary survives the Participant, the Plan Administrator shall direct the Company to pay his Account balance in a lump sum to the executor or administrator of his estate.

  
 12 

 ARTICLE VI 
 ADMINISTRATION 
 Section 6.1 Interpretation. 

The Benefits Administrative Committee has the exclusive right and discretionary authority to interpret the Plan’s provisions and to
decide questions arising in its administration. The decisions and interpretations of the Benefits Administrative Committee shall be final and binding on the Company, Participants, employees and all other persons. 

Section 6.2 Administrative Records. 
 The Plan Administrator shall keep records reflecting Plan administration, which the Company may audit. 
 Section 6.3 Claims. 
 If a Participant makes a written request alleging
a right to receive Plan benefits or alleging a right to receive an adjustment in Plan benefits being paid, the Plan Administrator shall treat it as a benefit claim. The decision will be made within ninety (90) days after the Plan Administrator
receives the claim unless the Plan Administrator determines additional time due to special circumstances is needed. If the Plan Administrator determines that an extension to process a claim is required, the final decision may be deferred up to one
hundred eighty (180) days after the claim is received, if the claimant is notified in writing of the need for the extension and the anticipated date of a final decision before the end of the initial ninety (90) day period. 

If the Plan Administrator decides that any individual who has claimed a right to receive benefits, or different benefits, under the Plan
is not entitled to receive all or any part of the benefits claimed, it will inform the claimant in writing or electronically, in terms calculated to be understood by the claimant, of the specific reasons for the denial, the Plan provisions on which
the denial is based, a description of additional material or information necessary to perfect the claim and an explanation of why the material or information is needed, and an explanation of the Plan’s claim review procedures. If no action is
taken on the claim within these time periods, the claim shall be deemed denied on the last day of the applicable time period. The claimant is entitled to a full and fair review of the denied claim after actual or constructive notice of a denial.

 The claimant, or his authorized representative, must file a written request for review with the Benefits Administrative
Committee setting forth the grounds for the request and any supporting facts, comments or arguments he wishes to make, within sixty (60) days after actual or constructive notice. If a written request for review is not received within this sixty
(60) day period, the denial will be final. The claimant shall have reasonable access to all relevant documents pertaining to the claim. 

  
 13 

 The Benefits Administrative Committee or the persons responsible to conduct the review on
the Benefits Administrative Committee’s behalf shall conduct a full review of the claim. Unless special circumstances require an extension of the review period, the Benefits Administrative Committee will render its decision no later than the
date of its next regularly scheduled meeting, unless the request is filed less than thirty (30) days before that meeting. If the request is filed less than thirty (30) days before a regularly scheduled meeting, the Benefits Administrative
Committee will render its decision no later than the date of the second regularly scheduled meeting after it receives the request. However, if special circumstances require an extension of the review period, a final decision shall be rendered no
later than the third regularly scheduled meeting after it receives the request for review, if the claimant is notified in writing of the special circumstances and the date of the expected decision, before the time is extended due to special
circumstances. If the decision on review is not furnished to the claimant within the applicable time period(s), the claim shall be denied on the last day of the applicable period. Benefits Administrative Committee decisions shall be in writing. The
decision shall include specific reasons for the action taken, including the specific Plan provisions on which the decision is based. The claimant shall be notified of the right to reasonable access, on request, to relevant documents or other
information without charge and of the right to bring action under ERISA Section 502(a). 
 Section 6.4 Committee Liability.

 No member of the Benefits Administrative Committee shall be liable for any action taken in good faith or for exercise of
any power given the Benefits Administrative Committee, or for the actions of other members of the Benefits Administrative Committee. 

  
 14 

 ARTICLE VII 
 AMENDMENT AND TERMINATION 
 Section 7.1 Plan Amendment. 

This Plan may be amended at any time and from time to time by a written instrument signed by an officer of the Plan Sponsor duly
authorized by the Board of Directors (or other equivalent governing authority) of the Plan Sponsor. 
 Section 7.2 Termination.

 The Plan Sponsor intends to continue this Plan indefinitely, but reserves the right to terminate it at any time for any
reason. 
 Section 7.3 Effect of Amendment or Termination. 
 No Plan amendment or termination may adversely affect the benefit payable to any Participant receiving or entitled to receive Plan benefits before the effective date of the amendment or termination, and
no termination shall result in the acceleration of the time or schedule of any payment or amount scheduled to be paid under the Plan unless the termination is in accordance with Treasury Regulation Section 1.409A-3(j)(4)(ix). However, the Plan
Sponsor may amend the Plan to eliminate any form of payment or to comply with any law or regulation, including but not limited to, reformation of any Plan provision that would result in an excise tax being imposed under Code Section 409A, and
if so, that amendment or reformation will not be deemed to adversely affect any Participant’s benefit entitlement. 
 Section 7.4
Effect of Legislation. 
 It is intended that the provisions of the Plan satisfy the requirements of Code Section 409A
and that the Plan be operated in a manner consistent with such requirements to the extent applicable. Therefore, the Plan Administrator may make adjustments to the Plan and may construe the provisions of the Plan in accordance with the requirements
of Code Section 409A. If any Plan provision would result in imposition of an excise tax under Code Section 409A, the terms of Code Section 409A shall apply and that Plan provision will be reformed to avoid the excise tax. 

  
 15 

 ARTICLE VIII 
 MISCELLANEOUS 
 Section 8.1 Unfunded Benefit Plan. 

This Plan is intended to constitute an unfunded plan which is maintained primarily to provide deferred compensation in the form of
additional benefits to a select group of management or highly compensated employees, as defined in ERISA Sections 201(2), 301(a)(3) and 401(a)(1). 
 Section 8.2 Unsecured General Creditor. 
 Participants and their
Beneficiaries shall have no legal or equitable rights, claims or interests in any specific Company assets or property, nor are they the Beneficiaries of, or have any rights, claims or interests in, any life insurance policies, annuity contracts, or
the proceeds of those policies or contracts which the Company owns or acquires (“Policies”). Any Policies or other Company assets shall be and shall remain general, unpledged, unrestricted Company assets. The Company’s obligation
under the Plan is merely an unfunded and unsecured Company promise to pay money in the future. 
 Section 8.3 Grantor Trust.

 Although the Company is responsible for all Plan benefits, the Company, in its discretion, may contribute funds to a
grantor trust, as it deems appropriate, to pay Plan benefits. The trust may be irrevocable, but trust assets shall be subject to the claims of creditors of the Company. To the extent any Plan benefits are actually paid from the trust, the Company
shall have no further obligation for those benefits, but to the extent the benefit is not paid, benefits shall remain the obligation of, and shall be paid by, the Company. Participants shall be unsecured creditors insofar as their legal claim for
Plan benefits, and Participants shall have no security interest in the grantor trust. 
 Section 8.4 Non-Assignment. 

Payments to and benefits under this Plan are not assignable, transferable or subject to alienation since they are primarily for the
support and maintenance of the Participants and their Beneficiaries. Payments may be offset by the Company as provided under Section 8.7. 

  
 16 

 Section 8.5 No Employment Right. 

The Plan provisions shall not give an Eligible Employee the right to be retained in the Employer’s service nor shall this Plan or any
action taken under it be construed as an employment contract. 
 Section 8.6 Adjustments. 

The Plan Administrator may adjust a Participant’s Plan benefit or make other adjustments required to correct administrative errors or
provide uniform treatment of Participants, in a manner consistent with the Plan’s intent and purpose. 
 Section 8.7 Obligation to
Company. 
 If a Participant becomes entitled to a Distribution of Plan benefits and the Participant has any debt,
obligation, or other liability representing an amount owed to the Company or any other member of the LyondellBasell Group or any benefit plan sponsored by a member of the LyondellBasell Group, then the Plan Administrator, in its sole discretion, may
offset the amount owed against the amount of benefits otherwise distributable under this Plan. 
 Section 8.8 Protective Provisions.

 Each Participant shall cooperate with the Plan Administrator by furnishing any and all information the Plan Administrator
requests to facilitate Plan benefit payments, taking any physical examinations the Plan Administrator deems necessary and taking other relevant action as the Plan Administrator requests. If a Participant refuses to cooperate, the Plan Administrator,
the Employer, the Company and the Plan Sponsor shall have no further obligation to the Participant under the Plan. If the Participant makes any material misstatement of information or nondisclosure of medical history, no benefits will be payable to
the Participant or his Beneficiary unless, at the Plan Administrator’s sole discretion, benefits are payable in an amount reduced to compensate the Company for any loss, cost, damage or expense suffered or incurred by the Company as a result in
any way of any Participant action, misstatement or nondisclosure. 
 Section 8.9 Gender, Singular and Plural. 

All pronouns and any variations are deemed to refer to the masculine, feminine, or neuter, as the identity of the person or persons
requires. The singular may be read as the plural and the plural as the singular, as the context may require. 
 Section 8.10 Governing
Law. 
 This Plan shall be construed, regulated and administered under the laws of the State of Texas, except to the extent
that those laws are preempted by ERISA. 

  
 17 

 Section 8.11 Notice. 
 Any notice or filing required or permitted to be given to the Benefits Administrative Committee under the Plan shall be sufficient if in writing and hand delivered, or sent by registered or certified
mail, to the Plan Sponsor’s principal office, directed to the attention of the Secretary of the Benefits Administrative Committee. Notice shall be deemed given on the delivery date or, if delivery is made by mail, on the date shown on the
postmark on the receipt for registration or certification. 
 Section 8.12 Successors and Assigns. 

This Plan shall be binding on the Plan Sponsor, the Participating Employers and their successors and assigns. 

Section 8.13 Incapacity. 
 If the Plan Administrator deems any person entitled to receive any Plan payment is incapable of receiving or disbursing the payment because of minority, illness or infirmity, mental incompetence, or
incapacity of any kind, the Plan Administrator, in its sole discretion, may take any one or more of the following actions: it may apply the payment directly for the person’s comfort, support and maintenance; it may reimburse any person for any
support supplied to the person entitled to receive any payment; or it may pay any other person the Plan Administrator selects to disburse the payment for the person’s comfort, support and maintenance, including, without limit, to any relative
who has undertaken, wholly or partially, the expense of the person’s comfort, care and maintenance, or any institution in whose care or custody the person entitled to the payment may be. The Plan Administrator, in its sole discretion, may
deposit any payment due to a minor to the minor’s credit in any savings or commercial bank of the Plan Administrator’s choice. 

  
 18

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