Document:

EX-10.17

 Exhibit 10.17 
 TRANSACTION SERVICES AGREEMENT 
 This Transaction Services Agreement
(this “Agreement”) is made and entered into as of 17 June 2010, by and between Bain Capital Everest US Holding Inc., a Delaware company (the “Company”) and Bain Capital Partners, LLC, a Delaware limited
liability company (the “Advisor”). Certain defined terms that are used but not otherwise defined herein have the meanings given to such terms in Section 10. 

WHEREAS, Transaction Services (as defined herein) have been rendered since 11 May 2010 and shall continue to be rendered to the
Company and certain of its Subsidiaries and Affiliates (each, a “Beneficiary Affiliate”) in connection with the transactions contemplated by, and consequential upon, the Acquisition Agreement and future transactions; 

WHEREAS, the Company hereby confirms its wish to retain the Advisor, and the Advisor confirms its wish to be retained, to provide the
Transaction Services to the Company and to each of the Beneficiary Affiliates; and 
 NOW, THEREFORE, in consideration of the
premises and mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows: 

1. Term. This Agreement shall be in effect for an initial term commencing on the Effective Date and ending on the
tenth (10th) anniversary thereof (the “Term”), which initial term shall be automatically extended thereafter on a year-to-year basis unless the
Advisors provide written notice of the desire to terminate this Agreement to the Company at least ninety (90) days prior to the expiration of the Term or any extension thereof. Notwithstanding anything to the contrary in this Agreement, this
Agreement may be terminated prior to the tenth (10th) anniversary of the Effective Date upon (i) a willful material breach of this Agreement by a party which is not cured within thirty (30) days of receipt of a written notice from the
other party requiring cure, (ii) the earlier of (A) consummation of a Change of Control, or (B) an Initial Public Offering (and in each case this Agreement shall terminate automatically without further act of the parties),
(iii) written agreement of the Company and the Advisor, or (iv) the Advisor otherwise serving a written termination notice on the Company. The provisions of Sections 6 to 20 (inclusive) shall survive any termination of this Agreement.

 2. Transaction Services. The parties hereto agree that certain transaction-specific services, as
further described below (collectively, the “Transaction Services”) shall be performed from the Effective Date for the benefit of the Company and the Beneficiary Affiliates. The Transaction Services provided may be evidenced by
documentation to be agreed upon between the Company and the Advisor. The Transaction Services shall be provided in connection with the transactions described in Sections 3(a) and 3(b), and may include, without limitation, the following: 

(a) advice and support relating to the identification, negotiation and analysis of specific acquisitions and dispositions
by any of the Company or the Beneficiary Affiliates, including, without limitation, any share, asset or debt purchase or disposition; 

 (b) advice and support relating to the negotiation of transaction-specific
financing (and consideration of financing alternatives), including, without limitation, in connection with acquisitions, capital expenditures and refinancing of existing indebtedness; 

(c) other advice relating to transaction-specific finance , including assistance in the preparation of financial
projections and monitoring of compliance with financing agreements; 
 (d) advice relating to
transaction-specific marketing issues, including assessment of marketing plans and strategies relating to specific transactions; 
 (e) advice relating to transaction-specific human resource issues, including searching and hiring of executives with respect to specific transactions; and 

(f) other transaction-specific services for the Company or the Beneficiary Affiliates upon which the boards of directors
of the Company and the Advisor agree. 
 Legal services will not be provided by the Advisor. The Transaction Services will be
conducted in support of the members of management and boards of directors of the Company and the Beneficiary Affiliates and, for the avoidance of doubt, such services shall be considered provided by outside consultants, not managers, of the Company
and the Beneficiary Affiliates. Pursuant to this Agreement, the Advisor shall not have any authority or power to commit the Company and/or its Subsidiaries to any contracts with third parties. 

3. Transaction Fees and Expenses. 
 In consideration for Transaction Services performed from the Effective Date for the Company or the Beneficiary Affiliates, the Company hereby agrees to pay (or to procure that any one or more Beneficiary
Affiliates shall pay), the following transaction fees (collectively, the “Transaction Fees”): 

(a) In connection with the consummation of the Acquisition and transactions consequential thereon, the Company agrees to
pay (or shall procure that any one or more of the Beneficiary Affiliates shall pay) a transaction fee in an aggregate amount equal to fifteen million United States Dollars (US$15,000,000) plus VAT (if applicable). In addition, the Company will
reimburse the Advisor or its designee, by wire transfer of immediately available funds on the Effective Date, for its reasonable travel expenses and other reasonable out of pocket fees and expenses (including without limitation the fees and expenses
of accountants, attorneys and other advisors retained by the Advisor) incurred in connection with the investigation, negotiation, and consummation of the Acquisition. 

(b) In connection with (i) the consummation of each acquisition (other than the Acquisition) including, without
limitation, any share, asset or debt purchase, (ii) the consummation of each divestiture including, without limitation, any share, asset or debt divestiture, (iii) the provision of advice to management regarding each transaction that
results in a Change of Control of the Company or any Beneficiary Affiliate, and/or (v) 

  
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debt or equity financing, by, of or involving the Company or any Beneficiary Affiliates, the Company agrees to pay (or shall procure that a Beneficiary Affiliate shall pay), to the extent
lawfully permitted, an aggregate transaction fee in an amount equal to one percent (1%) of the aggregate consideration for such transaction (in each case, whether such transaction is by way of merger, purchase or sale of stock or other
securities, purchase or sale or other disposition of assets or debt, recapitalization, reorganization, consolidation, tender offer, public offering, or otherwise and whether consummated directly by the Company and/or any of the Beneficiary
Affiliates or indirectly by, of or involving any of their respective equity owners or corporate parents), plus VAT in each case where it is applicable. 
 All Transaction Fees shall be paid by wire transfer in cash or other immediately available funds to the account(s) designated by the Advisor. 

4. Recharge of Fees. The Advisor acknowledges that the Company may recharge to the Beneficiary Affiliates such
proportion of the Transaction Fees that it pays and as relates to the benefit provided to such Beneficiary Affiliates by the relevant Transaction Services. The Advisor shall, if requested, provide the Company and the Beneficiary Affiliates with such
evidence as they may reasonably request of the Transaction Services provided for the benefit of the Company and such Beneficiary Affiliates. 
 5. Personnel. The Advisor shall provide and devote to the performance of this Agreement such partners, employees and agents of the Advisor as the Advisor shall deem appropriate to the furnishing of
the Transaction Services; provided however that, no minimum number of hours is required to be devoted by the Advisor on a weekly, monthly, annual or other basis. 

6. Liability. None of the Advisor or its Affiliates (or their respective members, managers, affiliates, officers,
controlling persons, fiduciaries, employees and agents in their capacity as such) (collectively, the “Advisor’s Group”) shall be liable to any of the Company or the Beneficiary Affiliates for any Loss arising out of or in
connection with the performance of the Transaction Services contemplated by this Agreement. The Advisor makes no representations or warranties, express or implied, in respect of the Transaction Services. Except as the Advisor may otherwise agree in
writing after the date hereof: (a) each member of the Advisor’s Group shall have the right to, and shall have no duty (contractual or otherwise) not to, directly or indirectly (i) engage in the same or similar business activities or
lines of business as the Company or any of the Beneficiary Affiliates or (ii) do business with any client or customer of the Company or any of the Beneficiary Affiliates; (b) no member of the Advisor’s Group shall be liable to the
Company or any of the Beneficiary Affiliates for breach of any duty (contractual or otherwise) by reason of any the activities referenced in (i) above or of such member’s participation therein; and (c) in the event that any member of
the Advisor’s Group acquires knowledge of a potential transaction or matter that may constitute an opportunity (or potential opportunity) for any of the Company or the Beneficiary Affiliates, no member of the Advisor’s Group shall have any
duty (contractual or otherwise) to communicate or present such corporate opportunity to the 

  
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Company or any of the Beneficiary Affiliates, and, notwithstanding any provision of this Agreement to the contrary, no member of the Advisor’s Group shall be liable to the Company or any of
the Beneficiary Affiliates for breach of any duty (contractual or otherwise) by reason of the fact that any member of the Advisor’s Group directly or indirectly pursues or acquires such opportunity for itself, directs such opportunity to
another Person, or does not present such opportunity to the Company or any of the Beneficiary Affiliates. In no event will any member of the Advisor’s Group be liable to any of the Company or any of the Beneficiary Affiliates for any indirect,
special, incidental or consequential damages, including lost profits or savings, whether or not such damages are foreseeable, or in respect of any liabilities relating to any third party claims (whether based in contract, tort or otherwise) third
party Claims (whether based in contract, tort or otherwise) but excluding Claims under Section 7. 
 7.
Indemnity. In consideration of the execution and delivery of this Agreement by the Advisor, the Company shall indemnify, exonerate and hold each member of the Advisor’s Group (collectively, the “Indemnitees”), each of
whom is an intended third party beneficiary of this Agreement and may specifically enforce the Company’s obligations hereunder (including but not limited to the obligations specified in this Section 7), free and harmless from and against
any and all Loss arising from any Claim (collectively, the “Indemnified Liabilities”), incurred by the Indemnitees or any of them as a result of, arising out of, or in any way relating to the execution, delivery, performance,
enforcement or existence of this Agreement or the Transaction Services contemplated hereby, except for any such Indemnified Liabilities arising from such Indemnitee’s gross negligence or willful misconduct, and if and to the extent that the
foregoing undertaking may be unavailable or unenforceable for any reason, the Company hereby agrees to make the maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities that is permissible under applicable law. For
purposes of this Section 7, none of the circumstances described in the limitations contained in the immediately preceding sentence shall be deemed to apply absent a final non-appealable judgment of a
court of competent jurisdiction to such effect, in which case to the extent any such limitation is so determined to apply to any Indemnitee as to any previously advanced indemnity payments made by the Company, then such payments shall be promptly
repaid by such Indemnitee to the Company. The rights of any Indemnitee to indemnification hereunder will be in addition to any other rights any such person may have under any other agreement or instrument referenced above or any other agreement or
instrument to which such Indemnitee is or becomes a party or is or otherwise becomes a beneficiary or under law or regulation. The Company hereby agrees that the Company is the indemnitor of first resort (i.e., its obligations to Indemnitees under
this Agreement are primary and any obligation of the Advisor (or any Affiliate thereof) to provide advancement or indemnification for the same Indemnified Liabilities (including all interest, assessments and other charges paid or payable in
connection with or in respect of such Indemnified Liabilities) incurred by Indemnitees are secondary), and if the Advisor or any Affiliate thereof pays or causes to be paid, for any reason, any amounts otherwise indemnifiable hereunder or under any
other indemnification agreement (whether pursuant to contract, bylaws or charter) with any director or officer of the Company, then (i) the Advisor (or such Affiliate, as the case may be) shall be fully subrogated to all rights of Indemnitee
with respect to such payment and (ii) the Company shall reimburse the 

  
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Advisor (or such Affiliate, as the case may be) for the payments actually made and waives any right of subrogation, reimbursement, exoneration, contribution or indemnification and any right to
participate in any Claim or remedy of any Indemnitee against any Indemnitee, whether such Claim, remedy or right arises in equity or under contract, statute, common law or otherwise, including any right to claim, take or receive from any Indemnitee,
directly or indirectly, in cash or other property or by set-off or in any other manner, any payment or security or other credit support on account of such Claim, remedy or right. 

8. Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal, or unenforceable in any respect under applicable law or rule in any jurisdiction, such invalidity, illegality, or unenforceability shall
not affect the validity, legality, or enforceability of any other provision of this Agreement in such jurisdiction or affect the validity, legality, or enforceability of any provision in any other jurisdiction. Instead, this Agreement shall be
reformed, construed and enforced in such jurisdiction as if such invalid, illegal, or unenforceable provision had never been contained herein. 
 9. Notices. All notices, demands or other communications to be given or delivered under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given
(a) when delivered personally to the recipient, (b) when telecopied to the recipient (with hard copy sent to the recipient by internationally reputable overnight courier service (charges prepaid) that same day) if telecopied before 5:00
p.m., local time in the jurisdiction of recipient on a Business Day, and otherwise on the next Business Day, or (c) two (2) Business Days after being sent to the recipient by internationally reputable overnight courier service (charges
prepaid). Such notices, demands and other communications shall be sent to the parties hereto at the addresses set forth below. 

To the Company: 
  

	
	 Bain Capital Everest US Holding Inc.
 c/o Bain Capital Partners, LLC
 590 Madison Avenue, 42nd Floor

New York, NY 10022
 United States of
America

  

			
	Fax:	  	 +1 (212) 421-2225

	Attention:	  	 General Counsel

 To the Advisor: 
  

	
	 Bain Capital Partners, LLC
 111
Huntington Avenue
 Boston,

  
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	 MA 02199
 United States of
America

  

			
	Fax:	  	 +1 617-516-2010

	Attention:	  	 Sean Doherty

  

	
	 with a copy (which shall not constitute notice) to:
 Kirkland & Ellis LLP
 601 Lexington Avenue

New York, NY 10022
 United
States

  

			
	Telephone:	  	 +1 212-446-4800

	Fax:	  	 +1 212-446-4900

	Attention:	  	 Eunu Chun

 10. Certain Definitions. For purposes of this Agreement: 

(a) “Acquisition” means the acquisition by the Company and certain of its Beneficiary Affiliates of the
Business; 
 (b) “Acquisition Agreement” means the Sale and Purchase Agreement dated
25 March 2010 by and among the Dow Chemical Company, Styron LLC, Styron Holding B.V. and STY Acquisition Corp; 
 (c) “Advisor” has the meaning set forth in the preamble; 
 (d) “Advisor’s Group” has the meaning set forth in Section 7; 
 (e) “Affiliate” shall mean, with respect to any Person, (i) any other Person which directly or indirectly through one or more intermediaries controls, or is controlled by, or is
under common control with, such Person (for the purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,” “controlled by” and “under common control with”), as used
with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise), or
(ii) if such Person or other Person is an investment fund, any other investment fund the primary investment advisor to which is the primary investment advisor to either Person or an Affiliate thereof, and in relation to the Company includes for
the avoidance of doubt any Subsidiary of Bain Capital Everest Manager Holding S.C.A; 
 (f)
“Agreement” has the meaning set forth in the preamble; 
 (g) “Beneficiary
Affiliate” and “Beneficiary Affiliates” have the meanings set forth in the preamble; 

  
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 (h) “Business” means such of the business, assets and
shares of certain companies comprising the Styron group which are the subject of the acquisitions under the Acquisition Agreement; 
 (i) “Business Day” means any day from Monday to Friday (inclusive) other than public bank holidays during normal working hours in New York, New York, United States of America, London,
England and the Grand Duchy of Luxembourg; 
 (j) “Change of Control” means any (i) sale or
transfer by any of the Company or the Beneficiary Affiliates of all or substantially all of the Company’s or Beneficiary Affiliates’ respective assets on a consolidated basis, (ii) consolidation, merger or reorganization of the
Company or the Beneficiary Affiliates with or into any other entity or entities as a result of which the holders of the Company’s or Beneficiary Affiliates’ outstanding capital stock possessing the voting power (under ordinary
circumstances) to elect a majority of the board of directors immediately prior to such consolidation, merger or reorganization cease to own the outstanding capital stock of the surviving corporation possessing the voting power (under ordinary
circumstances) to elect a majority of the surviving corporation’s board of directors, or (iii) issuance by the Company or the Beneficiary Affiliates or sale or transfer to any third party of shares of the Company’s or Beneficiary
Affiliates’ capital stock by the holders thereof as a result of which the holders of the Company’s or Beneficiary Affiliates’ outstanding capital stock possessing the voting power (under ordinary circumstances) to elect a majority of
the board of directors immediately prior to such sale or transfer cease to own the outstanding capital stock of the Company or Beneficiary Affiliates possessing the voting power (under ordinary circumstances) to elect a majority of the board of
directors; 
 (k) “Claim” means any action, claim, cause of action, suit or similar; 

(1) “Company” has the meaning set forth in the preamble; 

(m) “Effective Date” means the completion date of the Acquisition; 

(n) “Indmenitees” has the meaning set forth in Section 7; 

(o) “Indemnified Liabilities” has the meaning set forth in Section 7; 

(p) “Initial Public Offering” shall mean the initial public offering and sale of shares of capital stock
of the Company or any Beneficiary Affiliate (or any successor of either) for cash pursuant to an effective registration statement under the Securities Act of 1933, as amended or equivalent foreign securities laws (other than a registration statement
on Form S-4 or S-8 (or any similar or successor form)) 
 (q) “Loss” means losses, liabilities, damages, costs and/or expenses in connection therewith, including without limitation all reasonable attorneys’ fees, retainers, court costs,
transcript costs, fees and costs of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses of the types customarily incurred
in connection with prosecuting, defending, preparing to prosecute or defend, investigating, 

  
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being or preparing to be a witness in, responding to a subpoena, or otherwise participating in, any proceeding including, but not limited to, litigation expenses incurred after the date on which
none of the Advisor’s respective Affiliates or associated investment funds own an interest in the Company, the premium for appeal bonds, attachment bonds or similar bonds and all interest, assessments and other charges paid or payable in
connection with or in respect of any such expenses; 
 (r) “Person” means an individual, a
partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof.

 (s) “Subsidiary” and “Subsidiaries” means, with respect to any Person, any
corporation, limited liability company, partnership, association or other business entity of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to
vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (ii) if a limited
liability company, partnership, association or other business entity, a majority of the limited liability company, partnership or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by any Person or
one or more Subsidiaries of that Person or a combination thereof. For purposes hereof, a Person or Persons shall be deemed to have a majority ownership interest in a limited liability company, partnership, association or other business entity if
such Person or Persons shall be allocated a majority of limited liability company, partnership, association or other business entity gains or losses or shall be or control the managing director or general partner of such limited liability company,
partnership, association or other business entity; 
 (t) “Tax” means any tax, assessment or
other central or local government charge of any nature whatsoever of any jurisdiction; 
 (u)
“Term” has the meaning set forth in Section 1; 
 (v) “Transaction Fees”
has the meaning set forth in Section 3; 
 (w) “Transaction Services” has the meaning set
forth in Section 2; and 
 (x) “VAT” means any value added, sales, turnover, consumption or
similar Tax of any jurisdiction. 
 11. Assignment. No party may assign or delegate any obligations
hereunder to any other entity without the prior written consent of the other parties (which consent shall not be unreasonably withheld or delayed). 
 12. Amendment and Waiver. Except as otherwise provided herein, no modification, amendment, or waiver of any provision of this Agreement shall be effective against any party hereto unless such
modification, amendment, or waiver has been 

  
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approved in writing by such party. No course of dealing or the failure of any party to enforce any of the provisions of this Agreement shall in any way operate as a waiver of such provisions and
shall not affect the right of such party thereafter to enforce each and every provision of this Agreement in accordance with its terms. 
 13. Successors. This Agreement and all the obligations and benefits hereunder shall bind and inure to the benefit of and be enforceable by the parties hereto and the respective successors and
assigns of each of them. 
 14. Counterparts. This Agreement may be executed in multiple counterparts,
each of which shall be an original and all of which taken together shall constitute one and the same agreement. 

15. Remedies. Any person having rights under any provision of this Agreement shall be entitled to enforce their
rights under this Agreement specifically, to recover damages by reason of any breach of any provision of this Agreement and to exercise all other rights existing in their favor. 

16. Entire Agreement. Except as otherwise expressly set forth herein, this Agreement embodies the complete
agreement and understanding among the parties hereto with respect to the subject matter hereof and supersedes and preempts any prior understandings, agreements or representations by or among the parties, written or oral, which may have related to
the subject matter hereof in any way. 
 17. Governing Law. All issues concerning this Agreement shall be
governed by and construed in accordance with the laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdiction) that would cause the
application of the law of any jurisdiction other than the State of New York. 
 18. Business Days. If any
time period for giving notice or taking action hereunder expires on a day other than a Business Day, the time period shall automatically be extended to the Business Day immediately following such day. 

19. Descriptive Headings. The descriptive headings of this Agreement are inserted for convenience only and do not
constitute a part of this Agreement. 
 20. No Strict Construction. The language used in this Agreement
shall be deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule of strict construction shall be applied against any party. 
 *    *    *    *    * 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Transaction Services Agreement as
of the date first written above. 
  

			
	COMPANY:
	
	Bain Capital Everest US Holding Inc.
	
	Acting by:
	
	 /s/ Stephen M. Zide

	Name:	 	Stephen M. Zide
	Title:	 	President
	
	  

	Name:	 	
	Title:	 	
	
	BAIN:
	
	Bain Capital Partners, LLC
		
	By:	 	 /s/ Stephen M. Zide

	Name:	 	 Stephen M. Zide

	Its:	 	 Managing DirectorEX-10.18

 Exhibit 10.18 
 EXECUTION COPY 
 LATEX JOINT VENTURE OPTION AGREEMENT 

LATEX JOINT VENTURE OPTION AGREEMENT, dated as of June 17, 2010 (this “Agreement”), among THE DOW CHEMICAL COMPANY,
a Delaware corporation (“Dow”), STYRON LLC, a Delaware limited liability company, and STYRON HOLDING B.V., a limited liability company (besloten vennootschap) incorporated under the laws of the Netherlands (together with
Styron LLC, the “Styron Parties”). 
 WHEREAS, Dow, the Styron Parties and Styron S.à.r.l., a limited
liability company (Société à responsabilité limitée) formed under the laws of Luxembourg (as assignee of STY Acquisition Corp.) (the “Purchaser”) have entered into a Sale and Purchase
Agreement, dated as of March 2, 2010 (the “Sale and Purchase Agreement”), pursuant to which Dow has agreed to sell, and Purchaser has agreed to acquire, the Styron Equity Interests; and 

WHEREAS , as a condition to the willingness of Dow to enter into the Sale and Purchase Agreement, the Styron Parties have agreed to grant
Dow an option to purchase 50% of the issued and outstanding interests (the “Interests”) in a joint venture (the “Joint Venture”) to be formed by Dow and the Styron Parties with respect to the Emerging Markets SB
Latex Business. 
 NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements contained herein
and in the Sale and Purchase Agreement, and intending to be legally bound hereby, the parties hereto hereby agree as follows: 

ARTICLE I 

THE OPTION 
 SECTION 1.01. Grant and Exercise of Option 
 The Styron Parties hereby
grant to Dow an irrevocable option (the “Option”) to purchase, on the terms and subject to the conditions set forth herein, the Interests at a cash purchase price equal to the Fair Market Enterprise Value (the “Purchase
Price”). The Option may be exercised by Dow upon written notice (the “Option Exercise Notice”) to the Styron Parties at any time after the first anniversary of the Closing Date and prior to the Termination Date. The Option
shall terminate and be of no further force and effect upon the earlier to occur of (i) the fifth anniversary of the Closing Date, and (ii) the date of the closing of the first underwritten public offering of the equity interests of the
Styron Group (or its successor) (an “IPO”) pursuant to a registration statement filed pursuant to the Securities Act of 1933, as amended (such date being referred to herein as the “Termination Date”);
provided, that Dow will not have the right to exercise the Option after the forty-fifth (45th) day following the date on which the Styron Parties provide written notice (“Styron Notice”) to Dow that it has filed such a
registration statement for an IPO with the Securities Exchange Commission (it being understood that Dow will have the right to exercise the Option if the Styron Parties do not consummate an IPO within 180 days of the delivery of such Styron Notice).
Notwithstanding the foregoing sentence, (i) Dow shall be entitled to purchase the Interests in the event that it has exercised the Option in accordance with the terms hereof prior to the Termination Date and (ii) Styron Parties’
obligation to sell the Interests shall be subject to the restrictive covenants contained in its debt 

 EXECUTION COPY 
 financing agreements as in effect from time to time; provided that such covenants do not adversely materially discriminate against such Interests compared to the assets of the Styron Parties taken
as a whole. 
 SECTION 1.02. Joint Venture Formation and Governance 

(a) In the event that Dow exercises the Option, the parties hereto shall as soon as reasonably practicable: (i) form the Joint
Venture, (ii) enter into a joint venture formation agreement (the “Joint Venture Formation Agreement”) pursuant to which all of the assets of the Emerging Markets SB Latex Business shall be contributed by the Styron Group to
the Joint Venture (which agreement shall contain customary representations, warranties covenants and indemnities), (iii) enter into a shareholders agreement on customary terms including with respect to the governance of the Joint Venture (which
agreement shall include the Governance Principles), and (iv) enter into customary ancillary agreements with respect to the Joint Venture and the transfer of the Interests to Dow (the agreements referred to in clauses (ii) through
(iv) collectively, the “Transaction Documents”). The closing of the transactions contemplated by this Agreement (the JV Closing”) shall occur as soon as all required approvals and consents of Governmental
Authorities have been obtained. 
 ARTICLE II 
 ADDITIONAL AGREEMENTS 
 SECTION 2.01. New Plants (a) From the
date of this Agreement until the JV Closing, the Styron Parties shall have the right to assess and explore opportunities for the Emerging Markets SB Latex Business with respect to new plants for the manufacture of SB Latex Products at existing and
planned Dow sites in the Covered Territories which plants shall receive site services consistent with the terms and conditions set forth in the site services agreements entered into by Dow and the members of the Styron Group in connection with the
transactions contemplated by the Sale and Purchase Agreement; provided, however, that any arrangement contemplated by this paragraph (a) shall be subject to the negotiation and execution of definitive documentation in each
party’s sole and absolute discretion. 
 (b) Following the JV Closing, the Joint Venture shall have the right to assess and
explore opportunities for the Emerging Markets SM Latex Business with respect to new plants for the manufacture of SB Latex Products at existing and planned Dow sites in the Covered Territories which plants shall receive site services consistent
with the terms and conditions set forth in the site services agreements entered into by Dow and the members of the Styron Group in connection with the transactions contemplated by the Sale and Purchase Agreement, provided, however,
that any arrangement contemplated by this paragraph (b) shall be subject to the negotiation and execution of definitive documentation in each party’s sole and absolute discretion. 

(c) Following the JV Closing, Dow shall have the right to assess and explore opportunities with respect to new plants for the manufacture
of products at existing and planned Joint Venture sites which plants shall receive site services consistent with the terms and conditions set forth in the site services agreements entered into by Dow and the members of the

  
 2 

 EXECUTION COPY 
 Styron Group in connection with the transactions contemplated by the Sale and Purchase Agreement; provided, however, that any arrangement contemplated by this paragraph (c) shall be
subject to the negotiation and execution of definitive documentation in each party’s sole and absolute discretion. 

SECTION 2.02. Qualified Bidder. Prior to the Termination Date Dow will consider the Styron Parties to be “qualified
bidders” in respect of any publicly announced divestiture in which the Styron Parties have expressed their written interest; provided, however, that Dow shall not be obligated to give any member of the Styron group any
preferential treatment or enter into any agreement with the Styron Parties in connection with any such divestiture. For the avoidance of doubt, no preferential treatment shall be given to any bid submitted by the Styron Parties in connection with
any such divestiture and Dow shall retain the right, in its sole and absolute discretion, to enter into any agreement with any third party with respect to any such divestiture. 

SECTION 2.03 Further Actions The parties hereto shall and shall cause their respective Affiliates to, use their reasonable best
efforts to take, or cause to be taken, all appropriate action, to do, or cause to be done, all things necessary, proper or advisable under applicable Law, and to execute and deliver this Agreement and, in the event that Dow exercises the Option and
subject to the terms of this Agreement, the Transaction Documents and such documents and other papers and to obtain such consents and approvals as may be required to carry out the provisions of this Agreement and the Transaction Documents or to
consummate and make effective the transactions contemplated hereby and thereby. 
 ARTICLE III 

FAIR MARKET ENTERPRISE VALUE 
 SECTION 3.01. Determination of Fair Market Enterprise Value The fair market enterprise value of the Interests means a cash price that an unaffiliated third party would be willing to pay to acquire
the Interests in an arm’s-length transaction net of any debt attributable to the Emerging Markets SB Latex Business (the “Fair Market Enterprise Value”). The Fair Market Enterprise Value shall be determined as follows:

 (a) Upon receipt of the Option Exercise Notice by the Styron Parties, Dow and the Styron Parties shall each appoint one or
several representative(s) to negotiate in good faith in order to agree upon the Fair Market Enterprise Value. In the event that such representatives are unable to agree upon the Fair Market Enterprise Value within 30 days of the Styron Parties’
receipt of the Option Exercise Notice, then Dow and the Styron Parties shall each designate one investment banking firm of recognized international standing to determine the Fair Market Enterprise Value. Within 45 days after such appointment, each
investment banking firm shall have determined the Fair Market Enterprise Value and shall have delivered such determinations to Dow and the Styron Parties. In the event that the difference between such determinations is equal to or less than 10% of
the higher determination of Fair Market Enterprise Value, then the Fair Market Enterprise Value shall be the average of the two determinations In the event that the difference between such determinations is greater than 10% of the higher

  
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 determination of Fair Market Enterprise Value, Dow and the Styron Parties shall within 30 days of their receipt of such determinations, reasonably agree upon and appoint an investment banking firm of
recognized international standing (the “Neutral Appraiser”) to determine the Fair Market Enterprise Value. The Neutral Appraiser shall, within 45 days of such appointment, make a determination as to the Fair Market Enterprise Value;
provided, that such value shall not (i) exceed the higher determination of Fair Market Enterprise Value described in paragraph (a) or (ii) be less than the lower determination of Fair Market Enterprise Value described in
paragraph (a). 
 (b) The Styron Parties shall provide reasonable access during normal business hours to each of the designated
investment banking firms to members of management of the Styron Parties and to the books and records of the Styron Parties so as to allow such investment banking firms to conduct due diligence examinations in scope and duration as are customary in
valuations of this kind (subject to the investment banking firms entering into an appropriate confidentiality agreement and provided that access by Dow’s appointed investment bank shall be conducted at Dow’s sole expense and in such a
manner as not to interfere with the normal operations of the business of the respective Styron Parties.). Dow and the Styron Parties agree to cooperate with each of the investment banking firms and to provide such information as may reasonably be
requested. Notwithstanding anything to the contrary in this Agreement, the parties hereto shall not be required to disclose any information to any other party if such disclosure would jeopardize any attorney-client or other legal privilege or
contravene any applicable laws fiduciary duty or agreement entered into prior to the date of this Agreement. 
 (c) All costs
and expenses, including fees and disbursements of counsel, Investment bankers and accountants, incurred in connection with the determination of Fair Market Enterprise Value shall be borne by the party incurring such costs and expenses;
provided, that the costs and expenses of the Neutral Appraiser shall be borne equally by the parties. 
 ARTICLE IV

 DEFINITIONS 
 SECTION 4.01. Definitions. Terms used but not defined in this Agreement shall have the meanings ascribed to them in the Sale and Purchase Agreement As used in this Agreement, the following terms
shall have the following meanings: 
 “Covered Territories” means Asia, Latin America, the
Middle East, Africa, Eastern Europe, Russia and India 
 “Emerging Markets SB Latex Business”
means the research, development manufacture, distribution, marketing and sale of the SB Latex Products in the Covered Territories including any assets relating thereto. 

“Governance Principles” means the governance principles substantially similar to, unless otherwise agreed
by the parties, the governance principles contained in the Limited Liability Company Agreement of Americas Styrenics LLC, dated as of May 1, 2008, by and among Chevron Phillips Chemical Company LP, a Delaware limited

  
 4 

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 partnership, Dow and Americas Styrenics LLC, a Delaware limited liability company, including Article 3 through Article 7 and Article 12 thereof. 

ARTICLE V 

MISCELLANEOUS 
 SECTION 5.01. Expenses. Except as otherwise specified in this Agreement, all costs and expenses, including fees and disbursements of counsel, financial advisors and accountants, incurred in
connection with this Agreement and the transactions contemplated by this Agreement shall be borne by the party incurring such costs and expenses, whether or not the JV Closing shall have occurred. 

SECTION 5.02. Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be
given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by an internationally recognized overnight courier service or by facsimile to the respective parties hereto at the following addresses (or at
such other address for a party hereto as shall be specified in a notice given in accordance with this Section 5.02): 
  

	 	(a)	if to Dow: 

 The Dow Chemical
Company 
 2030 Dow Center 
 Midland, Michigan 48674 
 Facsimile:
 (989) 638-9347 
 Attention: Executive Vice President and General Counsel

 with a copy to: 
 Shearman & Sterling LLP 
 599 Lexington Avenue 

New York, NY 10022-6069 
 Facsimile:  (212) 848-7179 

Attention: George A. Casey, Esq. 
  

	 	(b)	if to the Styron Parties: 

 c/o
Bain Capital Partners, LLC 
 590 Madison Avenue, 42nd Floor 

New York, NY 10022 
 Facsimile:  (212) 421-2225 

Attention: Stephen M. Zide 
 with a copy to: 

  
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 Kirkland & Ellis LLP 

601 Lexington Avenue 
 New York, NY 10022 
 Facsimile:  212)
446-6460 
 Attention: Eunu Chun, Esq. 

SECTION 5.03. Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by
any Law or public policy, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect for so long as the economic or legal substance of the transactions contemplated by this Agreement is not affected in any
manner materially adverse to any party hereto. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the
original intent of the parties hereto as closely as possible in a mutually acceptable manner in order that the transactions contemplated by this Agreement are consummated as originally contemplated to the greatest extent possible. 

SECTION 5.04. Assignment. This Agreement and the rights and obligations hereunder may not be assigned by operation of Law or
otherwise without the express written consent of Dow and the Styron Parties (which consent may be granted or withheld in the sole and absolute discretion of each of Dow or the Styron Parties, as applicable), as the case may be, and any attempted
assignment without such consent shall be null and void. 
 SECTION 5.05. Amendment. This Agreement may not be amended or
modified except (i) by an instrument in writing signed by, or on behalf of, Dow and the Styron Parties that expressly references the Section of this Agreement to be amended; or (ii) by a waiver in accordance with Section 5.06.

 SECTION 5.06. Waiver. Any party to this Agreement may (i) extend the time for the performance of any of the
obligations or other acts of the other parties; (ii) waive any inaccuracies in the representations and warranties of the other parties contained herein or in any document delivered by the other parties pursuant hereto; or (iii) waive
compliance with any of the agreements of the other parties or conditions to such parties’ obligations contained herein. Any such extension or waiver shall be valid only if set forth in an instrument in writing signed by the party or parties to
be bound thereby. Any waiver of any term or condition shall not be construed as a waiver of any subsequent breach or a subsequent waiver of the same term or condition, or a waiver of any other term or condition of this Agreement. The failure of any
party hereto to assert any of its rights hereunder shall not constitute a waiver of any of such rights. 
 SECTION 5.07. No
Third-Party Beneficiaries. This Agreement shall be binding upon and inure solely to the benefit of the parties hereto and their respective successors and permitted assigns and nothing herein, express or implied, is intended to or shall confer
upon any other Person any legal or equitable right, benefit or remedy of any nature whatsoever, including any rights of employment for any specified period, under or by reason of this Agreement. 

SECTION 5.08. Specific Performance. The parties hereto acknowledge and agree that the parties hereto would be irreparably damaged
if any of the provisions of this Agreement are not performed in accordance with their specific terms or are otherwise breached 

  
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 and that any non-performance or breach of this Agreement by any party hereto could not be adequately compensated by monetary damages alone and that the parties
hereto would not have any adequate remedy at law. Accordingly, in addition to any other right or remedy to which any party hereto may be entitled, at law or in equity (including monetary damages), such party shall be entitled to enforce any
provision of this Agreement by a decree of specific performance and to temporary, preliminary and permanent injunctive relief to prevent breaches or threatened breaches of any of the provisions of this Agreement without posting any bond or other
undertaking. The parties hereto further acknowledge and agree that they shall not contest the appropriateness of specific performance as a remedy. 
 SECTION 5.09. Governing Law. (a) THIS AGREEMENT SHALL BE GOVERNED BY AND INTERPRETED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO PRINCIPLES OF
CONFLICTS OF LAWS OR PRINCIPLES THAT MIGHT REFER THE GOVERNANCE OR CONSTRUCTION OF THIS AGREEMENT TO THE LAW OF ANOTHER JURISDICTION. 
 (b) ALL ACTIONS ARISING OUT OF OR RELATING TO THIS AGREEMENT SHALL BE HEARD AND DETERMINED EXCLUSIVELY IN THE DELAWARE COURT OF CHANCERY; PROVIDED, HOWEVER, THAT IF SUCH COURT DOES NOT HAVE
JURISDICTION OVER SUCH ACTION, SUCH ACTION SHALL BE HEARD AND DETERMINED EXCLUSIVELY IN ANY DELAWARE STATE COURT OR UNITED STATES FEDERAL COURT SITTING IN THE STATE OF DELAWARE OR IN THE BOROUGH OF MANHATTAN. CONSISTENT WITH THE PRECEDING SENTENCE
EACH OF THE PARTIES HERETO HEREBY (I) SUBMITS GENERALLY AND UNCONDITIONALLY TO THE EXCLUSIVE JURISDICTION OF THE DELAWARE COURT OF CHANCERY OR, IF SUCH COURT DOES NOT HAVE JURISDICTION, ANY DELAWARE STATE COURT OR FEDERAL COURT SITTING IN THE
STATE OF DELAWARE OR IN THE BOROUGH OF MANHATTAN, FOR THE PURPOSE OF ANY ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT BROUGHT BY ANY PARTY HERETO; (II) IRREVOCABLY WAIVES, AND AGREES NOT TO ASSERT BY WAY OF MOTION, DEFENSE, OR OTHERWISE, IN
ANY SUCH ACTION, ANY CLAIM THAT IT IS NOT SUBJECT PERSONALLY TO THE JURISDICTION OF THE ABOVE-NAMED COURTS, THAT ITS PROPERTY IS EXEMPT OR IMMUNE FROM ATTACHMENT OR EXECUTION, THAT THE ACTION IS BROUGHT IN AN INCONVENIENT FORUM, THAT THE VENUE OF
THE ACTION IS IMPROPER, OR THAT THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT MAY NOT BE ENFORCED IN OR BY ANY OF THE ABOVE-NAMED COURTS; (III) AGREES NOT TO BRING OR PERMIT ANY OF ITS AFFILIATES TO BRING ANY ACTION IN ANY
JURISDICTION WITH RESPECT TO THE MATTERS DESCRIBED IN THIS SECTION 5.09 OTHER THAN THE EXCLUSIVE JURISDICTION PROVIDED IN SECTION 5.09; AND (IV) AGREES THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN ANY SUCH COURT MAY BE MADE BY
REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO THE APPLICABLE PARTY AT ITS ADDRESS PROVIDED IN ACCORDANCE WITH SECTION 5.02, IS SUFFICIENT TO CONFER PERSONAL JURISDICTION OVER THE APPLICABLE PARTY IN ANY SUCH

  
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 PROCEEDING IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT. 
 SECTION 5.10. Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY ACTION OR
LIABILITY DIRECTLY OR INDIRECTLY ARISING OUT OF UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH OF THE PARTIES HERETO HEREBY (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY
OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF ANY SUCH ACTION OR LIABILITY SEEK TO ENFORCE THE FOREGOING WAIVER; AND (B) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT
AND THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, AS APPLICABLE, BY, AMONG OTHER THINGS THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 5.10. 
 SECTION 5.11. Interpretation. Section 1.03 (Interpretation and Rules of Construction) of the Sale and Purchase Agreement is incorporated herein by reference and shall apply to this Agreement
mutatis mutandis. 
 SECTION 5.12. Counterparts. This Agreement may be executed and delivered (including by
facsimile or other means of electronic transmission, such as by electronic mail in “pdf’ form) in one or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an
original but all of which taken together shall constitute one and the same agreement. 

  
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 IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed as of the date first written above by its respective officers thereunto duly authorized. 

 

			
	THE DOW CHEMICAL COMPANY
		
	By:	 	 /s/ Stephen Doktycz

	

  	 	Name: Stephen Doktycz
	 	Title: Authorized Representative

 [Signature Page to the Latex Joint Venture Agreement] 

  

 
			
	STYRON LLC
		
	By:	 	 /s/ Timothy King

	

	 	Name: Timothy King
	 	Title: Authorized Representative

 [Signature Page to the Latex Joint Venture Agreement] 

 
			
	STYRON HOLDING B.V.
		
	By:	 	 /s/ Timothy King

	

  	 	Name: Timothy King
	 	Title: Authorized Representative

 [Signature Page to the Latex Joint Venture Agreement] 

 The Dow Chemical Company 

Midland, MI 48674 
 U.S.A 

August 9, 2011 
 Styron LLC and Styron Holding
B.V. 
 c/o Bain Capital Partners, LLC 
 590 Madison Avenue, 42nd Floor 
 New York, NY 10022 

Attention: Stephen M. Zide 
  

	 	Re:	Latex Joint Venture Option Agreement 

 Dear Stephen, 

Reference is made to the Latex Joint Venture Option Agreement, dated as of June 17, 2010, as amended, by and among The Dow Chemical
Company (“Dow”), Styron LLC and Styron Holding B.V. (together with Styron LLC, the “Styron Parties”) (the “Option Agreement”). Capitalized terms used but not otherwise defined herein shall have the
meanings ascribed to them in the Option Agreement, 
 Dow and the Styron Parties hereby amend, pursuant to Section 5.05(i) of
the Option Agreement, Sections 1.02 and 3.01 of the Option Agreement as follows: 
 From the date hereof until the earlier of
(i) the fifth anniversary of the Closing Date; and (ii) if the Styron Parties have provided Dow with the IPO Notice pursuant to the last sentence of this paragraph, the date of the closing of the Styron IPO (the “Scope Discussion
Period”), the parties hereto shall discuss in good faith the scope of the Joint Venture beyond the scope described in the Option Agreement; provided, that Dow may, in its sole discretion, terminate the Scope Discussion Period at any
time by written notice to the Styron Parties; provided, further, that during the Scope Discussion Period, Dow may, in its sole discretion, terminate the Option Agreement by written notice to the Styron Parties and, following such
termination, the Option Agreement shall immediately become void and there shall be no liability of any party to the Option Agreement arising out of, or resulting from, the Option Agreement. No later than 45 days prior to the closing of the first
underwritten public offering of the equity interests of the Styron Group (or its successor) pursuant to a registration statement filed pursuant to the Securities Act of 1933, as amended (the “Styron IPO”), the Styron Parties shall
provide Dow with written notice of the Styron IPO (the “IPO Notice”). 
 During the Scope Discussion Period, the terms of
Sections 1.02 and 3.01 of the Option Agreement (the “Suspended Provisions”) shall not apply and the parties hereto shall not be obligated to negotiate to agree upon the Fair Market Enterprise Value; provided,
that after the expiration or termination by Dow of the Scope Discussion Period, the obligations of the parties contained in the Suspended Provisions shall resume, and, if the parties hereto are unable to agree upon a Fair Market Enterprise Value by
the date that is 30 days after the date of the expiration or termination by Dow of the Scope Discussion Period, then the parties hereto shall designate an investment banking firm in accordance with Section 3.01 of the Option Agreement
and shall follow the procedures set forth in Section 3.01 of the Option Agreement with respect thereto. 

 Except as expressly set forth herein, the Option Agreement shall remain in full force and effect
and without further amendment or waiver. The provisions of Article V (Miscellaneous) of the Option Agreement are incorporated herein by reference. 

[Signature page follows] 

 
					
	Sincerely,
	
	THE DOW CHEMICAL COMPANY
		
	By:	 	/s/ Stephen J. Doktycz
		 	  

		 	Name:	 	Stephen J. Doktycz
		 	Title:	 	Director, Corporate Development

  

			
	Acknowledged and agreed:
	
	STYRON LLC
		
	By:	 	/s/ CHRISTOPHER PAPPAS
		 	  

	Name:	 	CHRISTOPHER PAPPAS
	Title:	 	PRESIDENT & CEO
	
	STYRON HOLDING B.V.
		
	By:	 	/s/ F. KEMPENAARS
		 	  

	Name:	 	F. KEMPENAARS
	Title:	 	DIRECTOR

  

			
	cc:	  	
		
	Shearman & Sterling LLP	  	Kirkland & Ellis LLP
	599 Lexington Avenue	  	601 Lexington Avenue
	New York, NY 10022-6069	  	New York, NY 10022
	Attention: George A. Casey, Esq.	  	Attention: Eunu Chun, Esq.
		
	Styron Holding B.V.	  	Styron LLC
	Herbert H Dowweg 5	  	1000 Chesterbrook Blvd, Ste 300
	4542 NM Hoek	  	Berwyn, PA 19312
	The Netherlands	  	Attention: Christopher D. Pappas
	Attention: Frans Kempenaars	  	

 [Signature Page to Latex JV Option Agreement Amendment]

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