Document:

EX-10.23

 Exhibit 10.23 
  

			
	CONFIDENTIAL TREATMENT REQUESTED UNDER	  	
	C.F.R. SECTIONS 200.80(b)(4), 200.83 AND 230.406.	  	
	[*****] INDICATES OMITTED MATERIAL THAT IS THE	  	
	SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST	  	
	FILED SEPARATELY WITH THE COMMISSION.	  	EXECUTION VERSION
	THE OMITTED MATERIAL HAS BEEN FILED	  	
	SEPARATELY WITH THE COMMISSION.	  	

 AMENDED AND RESTATED 

BENZENE SALES CONTRACT (EUROPE) 

BETWEEN 
 DOW EUROPE GMBH 

AND 
 STYRON EUROPE GMBH 

 Amended and Restated Sales Contract (this “Contract”) 

Date of Contract: June 17, 2010 
  

Seller agrees to sell and supply to Buyer the Product described in this Contract out of the production plants of Dow Benelux B.V. Terneuzen, the Netherlands
and Dow Olefinverbund GmbH Boehlen, Germany or any alternate source subject to qualification, and Buyer agrees to purchase and receive from Seller such Product into Buyer’s Product consuming plants in Terneuzen and Boehlen according to the
TERMS AND CONDITIONS set out below. 
  

			
		  	 Dow Europe GmbH
 Bachtobelstrasse 3

8810 Horgen - Switzerland
 (“Seller”)

 
 Styron Europe GmbH

Bachtobelstrasse 3
 8810 Horgen - Switzerland

(“Buyer”, each of Buyer and Seller a “Party”, and collectively, the “Parties”)

		
	 1.      Product
	  	Benzene
		
	 2.      Specification
	  	Dow standard sales specification for Product delivered to Terneuzen attached hereto as Appendix A and made part of this Contract.
		
		  	Dow standard sales specification for Product delivered to Boehlen attached hereto as Appendix B and made part of this Contract.
		
	 3.      Quantity
	  	Terneuzen: Buyer shall buy a minimum quantity of [*****] in the [*****] of this Contract and in [*****] thereafter, Buyer shall buy a minimum quantity of [*****] (“Terneuzen Minimum Quantity”); Seller shall sell a maximum
quantity of [*****] in the [*****] of this Contract and in [*****] thereafter, Seller shall sell a maximum quantity of [*****] (“Terneuzen Maximum Quantity”).
		
		  	Boehlen: Buyer shall buy a minimum quantity of [*****] in the [*****] of this Contract and in [*****] thereafter, Buyer shall buy a minimum quantity of [*****] (“Boehlen Minimum Quantity”); Seller shall sell a maximum
quantity of [*****] in the [*****] of this Contract and in [*****] thereafter, Seller shall sell a maximum quantity of [*****] (“Boehlen Maximum Quantity”).
		
		  	Volume ranges are by mutual agreement.
		
		  	If Buyer requests additional volume above either the Terneuzen or Boehlen Maximum Quantity, Seller will use reasonable best efforts to provide such volumes, the Parties will negotiate in good faith, and such volumes may be provided
if the Parties can mutually agree upon terms of the additional supply.
		
	 4.      Price/Currency
	  	The following price invoiced in EUR/MT: [*****] (EXCLUSIVE OF VAT)
		
		  	Contract: [*****]

  
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		 	Spot: [*****].
		
		 	The conversion from USD into EUR will be carried out by using the arithmetic average of the European Central Bank daily foreign exchange rate as published on the internet on page “www.ecb.int/stats/eurofxref/” for the
month prior to the month of delivery.
		
		 	At the end of the first eighteen (18) month period and every thirty-six (36) month period thereafter, upon at least twelve (12) months prior written notice by either Buyer or Seller, Seller and Buyer shall reserve the
right to negotiate in good faith a mutually agreeable alternative to the above price mechanism. In the event that the Parties are unable to agree upon an alternative price mechanism within thirty (30) days after initiating negotiations, then
Buyer and Seller must elevate the negotiations to senior management of each Party.
		
		 	If senior management cannot reach agreement within thirty (30) days of elevation, then the pricing negotiation becomes a dispute to be arbitrated by a reputable industry consultant, such as CMAI, to be mutually agreed upon by
Buyer and Seller; provided, however, that during periods of such arbitration the price mechanism shall continue under the then current price mechanism until the resolution of such arbitration. Fees and costs for the arbitrator shall be
shared equally between Buyer and Seller. The decision by the arbitrator shall be the new price starting on the date the arbitrator issues the decision and shall continue for the next thirty-six (36) month period. For the avoidance of doubt,
Section 13 of the Dow H&E GENERAL TERMS AND CONDITIONS shall not apply to a pricing dispute pursuant to this section.
		
		 	In the event any of the indices referenced above ceases publication, stops reporting on Benzene, materially changes its format for price reporting, or modifies the fundamental basis for price reporting, Seller and Buyer reserve the
right to negotiate in good faith a mutually agreeable alternative to the above price mechanism. In the event that the Parties are unable to agree upon an alternative price mechanism within thirty (30) days after initiating negotiations, then
Buyer and Seller must elevate the negotiations to senior management of each Party. If senior management cannot reach agreement within thirty (30) days of elevation, then the pricing negotiation becomes a dispute arising under this Contract and
is settled pursuant to the terms of section 13 of the Dow H&E GENERAL TERMS AND CONDITIONS.
		
		 	Upon ninety (90) days prior written notice to Seller, Buyer may elect, only once under this paragraph, an alternative price mechanism whereby the pricing for Product will be based on the indices as reported and published by
ICIS-LOR for the month of delivery (the “Month of Delivery Pricing Basis”); provided, that, Buyer has not already validly exercised its right to negotiate in good faith a mutually agreeable alternative price
mechanism during the term of this Contract pursuant to this Section 4. Upon election by Buyer of such Month of Delivery Pricing Basis, the minimum quantities of Product that Buyer shall buy for the remaining term of this Contract will change to
the following minimum quantities as of the date of such election:
		
		 	Terneuzen Minimum Quantity: Buyer shall buy a minimum quantity of [*****] in the [*****] of this Contract and in [*****] thereafter, Buyer shall buy a minimum quantity of [*****].

  
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		  	Boehlen Minimum Quantity: Buyer shall buy a minimum quantity of [*****] in the [*****] of this Contract and in [*****] thereafter, Buyer shall buy a minimum quantity of [*****].
		
	 5.      Period of Contract
	  	This Contract is effective as of June 17, 2010 and shall continue to be in effect for ten (10) years and x months from this date (n.b. termination should be at year end), and shall continue for two (2) year periods thereafter until
terminated by either Party with at least twelve (12) months prior written notice, unless previously terminated in writing in accordance with Section 16 of this Contract, without prejudice to any other right of termination a party may have in
accordance with the terms hereof.
		
		  	If Seller terminates this Contract pursuant to this Section 5, Seller will provide Buyer access to Seller’s infrastructure, including unloading, storage and pipeline throughput, for a fee equal to the economic costs to be
determined at the time of termination, of providing access and under commercially reasonable conditions including maximum capacity for storage and unloading consistent with such capacity in use by Buyer at the time of termination.
		
	 6.      Delivery Terms
	  	DDP Terneuzen / Boehlen for pipeline deliveries at Terneuzen and Boehlen.
		
	 (INCOTERMS 2000)
	  	CIP Boehlen for railcar deliveries at Boehlen, at Seller’s option
		
	 7.      Delivery schedule
	  	Each calendar month, Buyer shall purchase [*****] of the Terneuzen Minimum Quantity and the Boehlen Minimum Quantity for the corresponding plant of Product as set forth in Section 3 (“Monthly Minimum”) of this Contract and
Seller shall in each month up to [*****] of such Terneuzen Maximum Quantity and the Boehlen Maximum Quantity (“Monthly Maximum”). Buyer agrees to buy and accept and Seller agrees to sell and deliver Product throughout each month as is
commercially reasonable on this ratable basis. Buyer shall provide to Seller a forecast of Product demand for the next calendar year by the fourth quarter of the then-current year. Additionally, as further set out in Section 12 of this Contract.
Buyer shall provide to Seller a rolling three (3) month forecast provided at least five (5) business days before the end of each calendar month. The provisions of this Section 7 are subject to reductions in the relevant quantities (a) as provided in
Section 8 of the Dow H&E GENERAL TERMS AND CONDITIONS, (b) a failure of Seller to deliver product in accordance with the quality specifications, (c) non-purchases of Product due to the fault of Seller, or (d) for any reasons set forth in
Sections 17 or 19 of this Contract. The Seller acknowledges that Seller’s sole and exclusive remedy for breach by Buyer of this Section 7 is as set forth in Sections 11 and 12 of this Contract.
		
	 8.      Shipment Method
	  	Seller’s pipeline and third party rail tank cars
		
	 9.      Other conditions
	  	The quantity is determined on basis AIR, with reference to Section 3 of Dow H&E GENERAL TERMS AND CONDITIONS
		
	 10.    Terms of payment
	  	Net [*****] end of month of delivery for pipeline and net [*****] date of invoice for rail

  
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	 11.    Re Marketing Fee
	  	Should Buyer fail to purchase at least either the Terneuzen Minimum Quantity or the Boehlen Minimum Quantity during any calendar year then Seller’s sole remedy shall be to collect from Buyer [*****] as liquidated damages and
not as a penalty, on a Product quantity equal to the difference between the Terneuzen Minimum Quantity or the Boehlen Minimum Quantity, as applicable, and the quantity actually purchased by Buyer during such calendar year. In calculating
Buyer’s purchases for purposes of this Section 11, the applicable Minimum Quantity shall be deemed reduced by any quantities not purchased or delivered hereunder as a result of (a) as provided in Section 8 of the Dow H&E GENERAL TERMS AND
CONDITIONS, (b) a failure of Seller to deliver product in accordance with the quality specifications, (c) non-purchases of Product occurs at the fault of Seller, except in the case of a planned shutdown as provided for under Section 16.1 of this
Contract, or (d) for any reasons set forth in Sections 17 or 19 of this Contract, and (e) any amount of Product for which Buyer has made a payment under Section 12 of this Contract.
		
		  	The Re-Marketing Fee under this Section 11 is intended to permit Buyer to optimize manufacturing operations in its consuming facilities, but is not intended to permit Buyer to replace the minimum quantities of Product required to
be purchased from Seller under this Contract with other purchases of benzene obtained from third parties.
		
	 12.    Binding Forecast
	  	Buyer shall provide Seller a rolling [*****] forecast for both Terneuzen and Boehlen at least [*****] before the end of each [*****]. The first month of any rolling [*****] forecast is binding [“Binding Forecast”]. If
Buyer fails to purchase the volume of Product provided in the Binding Forecast (for reasons other than (a) as provided in Section 8 of the Dow H&E GENERAL TERMS AND CONDITIONS. (b) a failure of Seller to deliver product in accordance with the
quality specifications, (c) non-purchases of Product occurs at the fault of Seller, or (d) for any reasons set forth in Sections 16, 17, or 19 of this Contract), then Buyer shall pay the Price of Product multiplied by the difference in metric tons
between the Binding Forecast for Terneuzen or Boehlen, as applicable, and the quantity of Product actually purchased by Buyer in the applicable calendar month.
		
	 13.    Railcar Rental Fees
	  	For deliveries by rail in third party’s railcars, in case the rail tank cars are not returned within the roundtrip time as provided by the third party supplier calculated from date of departure from the load point, Seller
reserves the right to charge a rental fee per railcar and per day, without prejudice to any other right Seller may have. Any delays not caused directly by Buyer or the company receiving the Product, are not subject to any rental fee charge. Railcar
rental fees are payable thirty (30) days after date of invoice.
		
	 14.    Product Analysis
	  	Seller, for any volumes of Product delivered by rail, will provide Buyer with a certificate of analysis representative of the Product supplied to the custody of the carrier. For this purpose Buyer will ensure, at any time during
the period of this Contract, that Seller (Commercial/Logistic Department) is aware of, at the time of delivery of the Product, the valid contact information to receive such certificate of analysis. This provision is made with reference to Section 6
of Dow H&E GENERAL TERMS AND CONDITIONS attached hereto.

  
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	15.	Buyer’s Commitments 

 15.1 Product subject to Excise and Fuel Tax 

Based on the requirements of Council Directive 92/12/EEC art 15 pt 5, it is obligatory that, after the Product has left the authorized Excise
warehouse (date of delivery document), any change of place of delivery must be communicated by Buyer to Seller within twenty-four (24) hours after change of destination. If the change of place of delivery is reported to Seller within
twenty-four (24) hours, delivery of the product is made under suspension (AAD). If the change of place of delivery is not reported within twenty-four (24) hours, the delivery is subject to Excise, fuel, environmental and inventory tax,
which Dow reserves the right to recharge to Buyer, upon receipt of invoice from the Tax authorities. 
 15.2 Documentary Instructions for
Products subject to Excise and Fuel Tax 
 (i) Buyer shall inform Seller name and full address, VAT and Excise License number of receiver
of Product at least two days prior to delivery date. Additionally, Buyer shall inform Seller the name(s) of the authorized person(s) to sign the accompanying administrative document (AAD) upon receipt of the Product. If this information is not
received prior to the delivery date. Buyer will be deemed to be in default and delivery will not take place. (ii) Buyer is responsible for the immediate return, ultimately within ten (10) days after receipt, both by fax copy and registered
mail of Part 3 of the excise duty document to Seller, duly signed by the person(s) authorized under the excise duty license of the receiver. 
  

	16.	Planned Maintenance Turnarounds and Permanent Shutdown 

 16.1. Planned Maintenance
Turnarounds 
 16.1.1 Seller Planned Maintenance Turnarounds 

In the event of a planned Ethylene Cracker and/or Aromatics unit turnaround, Seller reserves the option to cancel supply in association with
the shutdown period provided that Seller gives Buyer at least twelve (12) months advance notification in writing of the planned shutdown period. The Parties agree that any twelve (12) month notice provided under this section by Seller is
not binding and the shutdown notice is for planning purposes only and subject to adjustment by Seller if it gives sixty (60) days notice prior to the planned shutdown date. During any planned Ethylene Cracker and/or Aromatics unit turnaround,
at Buyer’s request, Seller shall use reasonable best efforts to provide benzene to Buyer during any shutdown from alternate sources at market prices, approved by Buyer; provided, that such market purchase by Seller for Buyer may be
effectuated by telephone conversation with the offer and acceptance constituting the agreement between Buyer and Seller. Any subsequent quantities not delivered in association with the shutdown shall not be deducted from the annual quantity. In the
event Seller and Buyer mutually agree to recover any lost volume, the Parties will develop a mutually acceptable schedule. 
 16.1.2.
Buyer Planned Maintenance Turnarounds 
 In the event of a planned shutdown at Buyers’s Benzene consuming facilities at Terneuzen or
Boehlen. Buyer reserves the option to cancel supply under this Contract at the affected site or sites in association with the shutdown period; provided, that Buyer gives Seller at least twelve (12) months advance notification in writing of
the planned shutdown period. The Parties agree that any twelve (12) month notice provided under this section by Buyer is not binding and the shutdown notice is for planning purposes only and subject to adjustment by Buyer if it gives sixty (60) days
notice prior to the planned shutdown date. Any subsequent quantities not delivered in association with the shutdown shall not be deducted from the annual quantity. In the event Seller and Buyer mutually agree to recover any last volume, the Parties
will develop a mutually acceptable schedule. 

  
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 16.2. Permanent Shutdowns 

16.2.1. Seller Permanent Shutdown 

In the event that Seller decides to permanently shutdown, close, sell, or liquidate Seller’s Ethylene Cracker or Aromatics unit located at
either Terneuzen or Boehlen, Seller reserves the option to unilaterally and permanently cancel supply under this Contract or terminate this Contract with no penalty upon three (3) months written notice. In the event that Seller is no longer
manufacturing or supplying, or selling Benzene on a global basis due to the sale of the related business, cessation of operations or shutdown or sale of various assets, Seller may terminate this Contract with no penalty upon three (3) months
written notice. If Seller gives three (3) months notice to terminate this Contract, as provided for under this paragraph, Seller agrees to provide twelve (12) months supply support post shutdown by finding supply of Product for the
affected site or sites in the market for Buyer to be purchased and supplied by Seller at market terms, approved by Buyer; provided, that such market purchase by Seller for Buyer may be effectuated by telephone conversation with the offer and
acceptance constituting the agreement between Buyer and Seller. In such a case that Seller permanently cancels supply at the affected site or sites or if Seller terminates this Contract, as provided under this paragraph, Seller will provide Buyer
access to the infrastructure at Seller’s affected site or sites for delivery/unloading, storage and pipeline throughput for purchases of benzene for a fee to be equal to the economic costs to be determined at the time of shutdown unless this
Contract is otherwise assigned to a buyer of Ethylene Cracker(s) and/or Aromatics unit in the case Seller sells such Ethylene Cracker(s) or Aromatics unit. 

16.2.2. Buyer Permanent Shutdown 

In the event that Buyer decides to permanently shutdown or close Buyer’s benzene consuming facilities located at either Terneuzen or
Boehlen, Buyer reserves the option to unilaterally and permanently cancel supply under this Contract at the affected site or sites or terminate this Contract with no penalty upon three (3) months written notice. If Buyer gives three (3) months
notice to permanently cancel supply at the affected site or sites or terminate this Contract, as provided for under this paragraph, Buyer agrees to provide twelve (12) months buyer support post shutdown to either consume or pay the Re-Marketing Fee
as described in Section 11 of this Contract for any volumes not purchased during this twelve (12) month period. 
 16.3 Seller
and Buyer Cooperation 
 Seller and Buyer agree to use reasonable best efforts to coordinate planned shutdowns of Seller’s Ethylene
Cracker(s) or Aromatic unit and Buyer’s Product consuming facilities to optimize downtime and minimize the impact of shutdowns on the operations of Seller and Buyer. 
  

	17.	Product Availability 

 Buyer acknowledges that the Product supplied under this Contract
is a co-product of Seller’s cracking operation for the production of Ethylene and Propylene. In the event that Seller decides at any time to reduce its cracking operation for any reason, the quantity specified in this Contract may be reduced at
Seller’s option without any liability to Seller. In the event that Seller elects at any time to change the feedstock for cracker operation which reduces the co-product production, the quantity specified in this Contract may be reduced at
Seller’s option proportionally to the reduction of the co-product production without any liability to Seller. 
  

	18.	Storage and Throughput for Product Deliveries 

 18.1. Seller will provide access to the
Terneuzen and Boehlen infrastructure for delivery/unloading, storage and pipeline throughput for purchases of benzene made by Buyer from other suppliers (“Third Party Benzene”) by purchasing Third Party Benzene from Buyer for a purchase
price and reselling to Buyer for the same purchase price plus fees and per the conditions as set forth below: 
 18.1.1.
Terneuzen: Deliveries to Terneuzen can only be made by vessel or barge. The delivery maximum per shipment is 2.5KT and the monthly maximum for delivery is determine by taking 363,000 MT/12 less Buyer’s Binding Forecast provided to Seller
pursuant to Section 12 of this Contract. 

  
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Buyer shall provide Seller with a forecast of all deliveries of Third Party Benzene at least [*****] ([*****]) business days before the end of each calendar month prior to the month in which
deliveries would occur and Buyer and Seller shall mutually agree on a delivery schedule for such deliveries at least five (5) business days before the end of each calendar month prior to the month in which deliveries would occur, Buyer shall
use reasonable efforts to have all deliveries of Third Party Benzene delivered equally throughout any month. The fees for unloading, storage and pipeline throughput are as follows: 

 

			
	Unloading:	  	[*****]
	Benzene Storage:	  	[*****]
	Pipeline Throughput:	  	[*****]

 18.1.2. Boehlen: Deliveries to Boehlen can only be made by railcars. The delivery maximum per
shipment is [*****] and the monthly maximum for delivery is determine by taking [*****] provided to Seller pursuant to Section 12 of this Contract. Buyer shall provide Seller with a forecast of all deliveries of Third Party Benzene at least
[*****] ([*****]) business days before the end of each calendar month prior to the month in which deliveries would occur and Buyer and Seller shall mutually agree on a delivery schedule for such deliveries at least five (5) business days before
the end of each calendar month prior to the month in which deliveries would occur. Buyer shall use reasonable efforts to have all deliveries of Third Party Benzene delivered equally throughout any month. The fees for unloading, storage and pipeline
throughput are as follows: 
  

			
	Unloading:	  	[*****]
	Benzene Storage:	  	[*****]
	Pipeline Throughput:	  	[*****]

 The fees cited above may be adjusted during any price negotiation pursuant to Section 4 of this Contract
to reflect market changes. 
 18.1.3. When practicable, Seller will cooperate with Buyer to exchange volumes of Product with
Buyer’s Third Party Benzene as a method to deliver equivalent volumes of Buyer’s external purchases of benzene into Buyer’s Terneuzen and Boehlen styrene production facilities. Any exchanges of benzene between Seller and Buyer will be
governed by an Exchange Contract attached hereto as Appendix C. Buyers fee for exchanges of Third Party Benzene will be [*****] and may be adjusted during any price negotiation pursuant to Section 4 of this Contract to reflect market changes.

  

	19.	Excused Performance 

 The Parties agree that Seller’s inability to obtain raw
materials or energy at a cost consistent with the terms agreed hereunder shall reduce the quantities of Products to be delivered without liability, and shall be treated like a Force Majeure event. In the event of Force Majeure declared by Seller
pursuant to this Section 19, the reduced quantity of Product shall be apportioned at Seller’s reasonable discretion among Seller’s customers other than Seller’s Affiliates. 

 

	20.	Assignment of Contract and/or claims 

 This Contract may not be assigned by Buyer by
operation of law or otherwise without the express written consent of Seller, which consent may only be withheld if assignee is determined by Seller to be a competitor of Seller or any of Seller Affiliates’ businesses that are located at the
sites subject to this Contract or if Seller deems, in its reasonable discretion, that the assignee’s financial responsibility is unsatisfactory. Any assignment by Buyer must include a prohibition on its assignee restricting any further
assignment of this Contract without the consent of Seller. Any attempted assignment without such consent from Seller shall be null and void; provided, however, that either Party hereto shall be permitted to assign this Contract, in full or in part
to any wholly-owned Affiliate (including assigning some or all of Seller’s obligations hereunder, in which case such Affiliate may effect delivery of the Product and invoice Buyer directly.) “Affiliate” means any subsidiary, legal
entity, or joint venture in which a Party hereto directly or indirectly holds an ownership interest of at least 50%. This Contract may not be otherwise assigned by Seller to any third party without the

  
 Page 8 of 22 

 
consent of Buyer, except any assignment or partial assignment of this Contract does not require consent of Buyer when such assignment is in connection with a sale, conveyance, disposition,
divestiture, contribution to a joint venture by Seller of, or a similar transaction, including a merger, consolidation, reorganization or other business combination involving Seller and relating to, all or substantially all of the assets or
properties of Seller to which the subject matter of this Contract relates. Upon the assignment of this Contract and the express assumption by the assignee of the assigned obligations of Seller under this Contract through the execution of an
assignment and assumption agreement, Seller shall be released from all obligations and liabilities under this Contract. In addition, both Seller and Buyer may assign their respective claims under this Contract to third parties. Agreed quantities and
other terms shall not be affected by an assignment. 
 In the event Dow Europe GmbH or its Affiliates sell, convey, divest, or contribute to
a joint venture the Ethylene Crackers located at both Terneuzen and Boehlen, then Dow Europe GmbH is obligated to assign this Contract to the third party purchaser or the joint venture for which the assets were contributed, except that only Dow
Europe GmbH is subject to this assignment obligation and such obligation does not transfer to any subsequent assignee who were the third party purchaser or the joint venture for which the assets were contributed. 

 

	21.	Controlling Terms & Amendments 

 By ordering any of the Products detailed in this
Contract, Buyer agrees to all the terms and conditions contained in this Contract and in the Dow H&E GENERAL TERMS AND CONDITIONS as attached hereto, which override any additional or different terms or conditions included in Buyer’s
purchase order or other documents or referred to by Buyer. Any amendments or additions to this Sales Contract shall be valid only if agreed in writing by both Parties. 
  

	22.	Contact Persons 

 Seller: 

 

					
	 Planning/Logistic Coordinator Terneuzen

J. PIPKIN / M. PIETERS
 HOUSTON/TERNEUZEN

TEL 001-2819664176
 TEL 0031-11567 2652

FAX 0031-11567 3782
 EMAIL jnpipkin@dow.com

EMAIL mpieters2@dow.com
	 	 Commercial Manager
  

A. JENNEY
 HORGEN

TEL 0041-44 728 2144
 FAX 0041-44 728 3343

EMAIL acjenney@dow.com
	 	 Commercial Coordinator
  

C. CUOLT, HORGEN
 TEL 0041-44 728 2695

EMAIL ccuolt@dow.com
 FAX 0041-44 728 3343

			
	 Planning/Logistic Coordinator Boehlen

K.H. FRITZE
 BOEHLEN

TEL 0049-3420688 167
 FAX 0049-3420688 150

EMAIL klfritze@dow.com
	 	 Credit Manager
  

S. LAMAS, HORGEN
 TEL 0041-44 728 2833

EMAIL slamas@dow.com
 FAX 041-44 728 2308
	 	 Accounts Receivable
  

A. KRAMER-CAPPILLI, HORGEN
 TEL 0041-44 728 2651

EMAIL acappilli@dow.com
 S. WOODS

TEL 0041 44 728 2552
 EMAIL swoods2@dow.com

 Buyer: 
  

					
	 Planning/Logistic Coordinator Terneuzen

C. ANTHEUNISSE
 TEL 0031-115672896

EMAIL
 cantheunisse@dow.com
	 	 Commercial Manager
  

M. CROMACK
 HORGEN

TEL 0041-44 728 2756
 EMAIL mcromack@dow.com
	 	 Commercial Coordinator
  

P. CALLER
 HORGEN

TEL 0041-44 728 3663
 EMAIL pcaller@dow.com

  
 Page 9 of 22 

	23.	Amendment and General Release 

 The Benzene Sales Contract (Europe), dated as of
April 1, 2010, between Dow Europe GmbH and Styron Europe GmbH (the “Initial Contract”), is hereby amended and restated in its entirety and shall no longer be in force and effect. Each of the Parties hereto hereby irrevocably,
unconditionally and completely releases and discharges the other Party hereto and its respective affiliates, directors, officers, employees, agents, successors and assigns from all current and future rights, claims, causes of action, liabilities and
obligations arising under or relating to the Initial Contract, including, without limitation, all claims and payments due thereunder. This release shall be effective as of 11:59 p.m. Eastern Daylight Time on June 16, 2010. The Parties hereto
hereby agree and acknowledge that there are no payments or other obligations outstanding as of 11:59 p.m. Eastern Daylight Time on June 16, 2010 pursuant to the Initial Contract. 

[SIGNATURE PAGE FOLLOWS] 

  
 Page 10 of 22 

									
	DOW EUROPE GMBH	 		 	STYRON EUROPE GMBH
					
	BY:	 	 /s/ Stephen Doktycz
	 		 	BY:	 	 /s/ Stephen Doktycz

	NAME:	 	Stephen Doktycz	 		 	NAME:	 	Stephen Doktycz
	TITLE:	 	Authorized Representative	 		 	TITLE:	 	Authorized Representative
			
	Date Executed: June 17, 2010	 		 	Date Executed: June 17, 2010
				
		 		 		 	STYRON EUROPE GMBH
					
		 		 		 	BY:	 	 /s/ Timothy King

		 		 		 	NAME:	 	Timothy King
		 		 		 	TITLE:	 	Authorized Representative
				
		 		 		 	Date Executed: June 17, 2010

 [Signature Page to Amended and Restated Benzene Sales Contract (Europe)] 

 DOW H&E GENERAL TERMS AND CONDITIONS 

 

	1.	Interpretation of Trade Terms 

 Trade terms shall be interpreted in accordance with
INCOTERMS 2000. Title shall pass to Buyer at the same time as the risks of loss or damage under INCOTERMS 2000. If this Contract does not specify trade terms as defined in INCOTERMS 2000, title and risk of loss shall pass to Buyer upon delivery into
the custody of the carrier. For pipeline deliveries title to and risk of loss of Product will transfer from Seller to Buyer when Product passes the connecting flange of Seller’s pipeline to the inlet flange of Buyer’s receiving pipeline at
delivery point 
  

	2.	Payment and Payment Value Date 

 (I) Payment shall be made in such a way that
Seller’s designated bank account will be credited for good value in accordance with the Payment terms specified in this Contract. Payment of the full amount invoiced does not constitute a waiver with respect to any claims Buyer may have against
Seller. (II) If payment due date falls on a Saturday or on a holiday other than a Monday, payment shall be made on the last preceding banking day. If payment due date falls on a Sunday or a holiday on a Monday, payment shall be made on the next
banking day. 
  

	3.	Determination of Invoice Quantity of Product 

 The quantity of the Product to be invoiced
shall be determined at load point in accordance with the methods and procedures applicable to deliveries of the Product and the Shipment Method defined in this Contract or in accordance to the results of an independent surveyor acceptable to both
Parties. An independent surveyor acting on behalf of Buyer, at Buyer’s expense, shall have the right to verify, under an appropriate secrecy agreement, Seller’s calibration procedures and measurement records of Seller’s meters. In
case of dispute, the results of an independent surveyor shall be final and binding to both Parties. 
  

	4.	Seller’s Commitments 

 4.1 Seller undertakes that the Product at the time of
delivery meet the agreed Specifications. 
 4.2 Seller will supply Buyer with the current Material Safety Data Sheets (MSDS). 

4.3 Seller will convey the Product with good title, free from any lawful lien or encumbrance. 

 

	5.	Responsible Practices 

 Buyer will (I) familiarize itself with any product
literature or information Seller provides under Seller’s product stewardship program, including MSDS, (II) follow safe handling, use, selling, storage, transportation and disposal practices, including special practices as Buyer’s use of
the Product requires and instruct its employees, contractors, agents and customers in these practices and (III) take appropriate action to avoid spills or other dangers to persons, property or the environment. If Buyer has failed to comply with any
of its commitments under this Section 5, Seller will provide Buyer with thirty (30) days written notice to cure such failure to comply. If Buyer does not cure such failure to comply within the thirty (30) day period. Seller may
suspend Product delivery without liability for thirty (30) days (“Suspension Period”). Upon the end of the Suspension Period, if Buyer has not cured such failure to comply, Seller may cancel this Contract on fifteen (15) days notice
unless Buyer agrees to indemnify Seller for all losses caused by such failure to comply. 
  

	6.	Documentary Instructions 

 Buyer shall inform Seller about any documentary and invoicing
instructions at least two (2) working days prior to loading date. 
  

	7.	Liability 

 In the event of any liability by either Party whether arising from breach of
Contract or from statutes it is agreed that the maximum amount of damages recoverable shall be limited to the Contract price for the Product with respect to which damages are claimed. In no event shall either Party be liable for indirect,
consequential, special, punitive or exemplary damages in connection with or arising out of this Contract. 

  
 Page 12 of 22 

	8.	Force majeure 

 In the event of accident, mechanical breakdown of facilities, fire,
flood, strike, labour trouble, riot, revolt, war, acts of governmental authority, acts of God, or contingencies beyond the reasonable control of the Party affected, all interfering with the performance of this Contract, the quantity of Product
provided for in this Contract shall be reduced by the amount so affected without liability, but this Contract shall otherwise remain unchanged. The affected Party shall decide at its reasonable discretion on the quantities of Product affected and
the allocation of the reduced quantities to be sold or purchased. The Parties agree to retain absolute discretion on relation to allocation with their respective affiliates, provided, however, that during an event subject to this
Section 8. Seller shall treat Buyer in the same manner as all other contract customers for Product. 
  

	9.	Default 

 9.1 If Buyer fails to make a payment under this Contract within three
(3) days following notice by Seller that payment is due, Buyer shall be in default. Upon Buyer’s default Seller may, at its option and without further reminder, recall shipments, and/or decline to make further deliveries against this
Contract, except for cash. If Buyer fails to make payment under this Contract following a thirty (30) day notice by Seller, then Seller may treat such failure to cure by Buyer as final refusal to accept further shipments and may cancel this
Contract. 
 9.2 Seller reserves the right, without prejudice to Buyer’s liability to pay on the due date and to any other rights Seller
may have under this Contract, to charge as from the due date without further notice, interest on any overdue balance of a rate equal to the one (1) month LIBOR interest for the currency invoiced, as fixed by the British Bankers Association on
the last business day of the month preceding the date of payment, plus five percent (5%) points. 
 9.3 If Buyer’s financial
responsibility becomes unsatisfactory and Seller deems itself insecure (in each case in Seller’s commercially reasonable judgment), then Seller may, after three (3) days prior written notice to Buyer (which shall include the basis for such
determination in reasonable detail), defer shipments, accelerate the due dates on all amounts, and/or require cash payments or other security. 
  

	10.	Performance by Affiliates 

 At Seller’s option, any Contract obligation may be
performed by Seller or any of its affiliates. Any deliveries made under this condition may be invoiced by such affiliate and shall constitute performance of this Contract by Seller. 

 

	11.	Severability of Provisions 

 Should any provision of this Contract be held invalid or
unenforceable, the validity and enforceability of the remaining provisions shall not be affected. Any invalid or unenforceable provision shall be replaced with a new provision which will allow the Parties to this Contract to preserve the initial
intent and purpose of this Contract. 
  

	12.	Non-Waiver 

 Failure to exercise any rights under this Contract upon any occasion shall
not waive the right to exercise the same on another occasion. 
  

	13.	Applicable Law 

 This Contract shall be governed and construed in accordance with the
internal laws of Switzerland. The United Nations Convention on Contracts for the International Sale of Goods (1980) shall not apply to this Contract. All disputes arising under this Contract shall be finally settled under the rules of
Conciliation and Arbitration of the International Chamber of Commerce by one or more arbitrators appointed in accordance with said rules. Arbitration shall take place in Zurich, Switzerland. The language of the arbitration shall be English. 

  
 Page 13 of 22 

	14.	No Set-off 

 Regardless of any other rights under any other agreements or mandatory
provisions of law, neither Seller nor Buyer shall have the right to set-off any amounts due and payable under this Contract, whether contingent or otherwise, against any amount owed by such party to the other party, whether under this Contract or
otherwise. 
  

	15.	Counterparts 

 This Contract 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 Parties 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. 

  
 Page 14 of 22 

 Appendix A: Product Specification (Terneuzen) 

Author: GPDIS SYSTEM 
  

							
	 THE DOW CHEMICAL COMPANY
 CUSTOMER
SPECIFICATION
	  	 	Page: 1	  	  	

 Date Printed: 15 FEB 2010 
  

			
	SPECIFIED MATERIAL: 00009642-C001	  	                    Effective: 20 JAN 2010
		
	                                      
                      Supersedes:	  	

 NAME: BENZENE-E 
  

									
	 CUSTOMER NAME/ADDRESS:
	  		  		  		  	
		  	 STYRON HOLDING B.V.
 HERBERT H. DOWWEG 5

ZEELAND
	  	HOEK
 THE NETHERLANDS
	  	            4542 NM	  	
	MATERIAL DESCRIPTION:	  		  		  		  	
		  	 Color: clear, colorless
 Odor: aromatic

Appearance/Physical State: liquid
	  		  		  	

 Description Note: 
 A CLEAR
LIQUID, FREE OF SEDIMENT AND HAZE WHEN OBSERVED AT 18.3 TO 25.6 CENTIGRADE, HIGH FLAMMABLE. 
  

									
	 TEST REQUIREMENTS
	  	 	  	 
	 TEST ITEM AND CONDITION
	  	LIMIT	  	UNIT	  	METHOD	  	N
	 Benzene
	  	99.8 Min	  	% wt	  	ASTM D4492	  	
	 Non-aromatics
	  	0.15 Max	  	% wt	  	ASTM D4492	  	
	 Toluene
	  	0.05 Max	  	% wt	  	ASTM D4492	  	
	 Nitrogen, Total
	  	1 Max	  	ppm wt	  	ASTM D4629	  	
	 Water
	  	no free water	  		  	Visual	  	
	 Sulfur, Total
	  	1 Max	  	ppm wt	  	ASTM D3961	  	
	 Chlorides (as Cl)
	  	1 Max	  	ppm wt	  	UOP 779	  	

 INFORMATION OR DISTRIBUTION RESTRICTED TO THIS CUSTOMER AND THE DOW CHEMICAL COMPANY. 

READ PRECAUTIONARY INFORMATION AND MATERIAL SAFETY SHEETS. THIS PRODUCT IS SHIPPED IN COMPLIANCE WITH APPLICABLE LAWS AND REGULATIONS REGARDING
CLASSIFICATION, PACKAGING, SHIPPING AND LABELING. 
 Last Page 

  
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P2114BRA 10/02/15 14:10:21 
 7977688617118016817318386687779

 Appendix B: Product Specification (Boehlen) 

Author: GPDIS SYSTEM 
  

			
	THE DOW CHEMICAL COMPANY	  	Page: 1
	CUSTOMER SPECIFICATION	  	

 Date Printed: 15 FEB 2010 
  

			
	SPECIFIED MATERIAL: 00009642-C102	 	Effective: 15 FEB 2010

 Supersedes: 

NAME: BENZENE-E 
 CUSTOMER NAME/ADDRESS: 

 

					
	STYRON DEUTSCHLAND GMBH	  		  	
	WERK BOEHLEN	  	     BOEHLEN	  	
	SACHSEN	  	GERMANY	  	 04564

 MATERIAL DESCRIPTION: 

  Color: clear, colorless 

  Odor: aromatic 

  Appearance/Physical State: liquid 

Description Note: 
 A CLEAR
LIQUID, FREE OF SEDIMENT AND HAZE WHEN OBSERVED AT 18.3 TO 25.6 CENTIGRADE, HIGH FLAMMABLE. 
  

											
	 TEST REQUIREMENTS
	 	  	 	 	  	 
	 TEST ITEM AND CONDITION LIMIT
	  	UNIT	 	  	METHOD	 	  	N
	 Benzene
	  	 	99.8 Min	  	  	 	% wt	  	  	ASTM D4492
	 Non-aromatics
	  	 	0.07 Max	  	  	 	% wt	  	  	ASTM D4492
	 Toluene
	  	 	0.01 Max	  	  	 	% wt	  	  	ASTM D4492
	 Methylcyclohexane
	  	 	0.04 Max	  	  	 	% wt	  	  	ASTM D5713
	 Chlorides (as Cl)
	  	 	1 Max	  	  	 	ppm wt	  	  	UOP 779
	 Nitrogen, Total
	  	 	0.3 Max	  	  	 	ppm wt	  	  	ASTM D4629
	 Bromine Index
	  	 	0.02 Max	  	  	 	g/100g	  	  	ASTM D1492
	 Color, APHA
	  	 	10 Max	  	  				  	ASTM D1209
	 water
	  	 	0.015 Max	  	  	 	% wt	  	  	ASTM E1064

 INFORMATION OR DISTRIBUTION RESTRICTED TO THIS CUSTOMER AND THE DOW CHEMICAL COMPANY. 

READ PRECAUTIONARY INFORMATION AND MATERIAL SAFETY SHEETS. THIS PRODUCT IS SHIPPED IN COMPLIANCE WITH APPLICABLE LAWS AND REGULATIONS REGARDING
CLASSIFICATION. 

 PACKAGING, SHIPPING AND LABELING. 

Last Page 
  

 
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P2114BRA 10/02/15 16:42:50 
 797768861711801681731838668779 

 Appendix C 

Exchange Contract Benzene 
 Exchange Contract Number 

Date of Contract 
  

 
 The parties mentioned below agree to exchange the
Product described in this Contract, according to the TERMS AND CONDITIONS set out below. 
 Dow Europe GmbH 

Bachtobelstrasse 3 

8810 Horgen – Switzerland 

(“here in after referred to as DOW”) 

[Styron Entity] 

(“here in after referred to as Exchange Party”) 

When Dow delivers Product Dow is the “Seller”, when Dow receives Product Dow is the “Buyer”, When Exchange Party delivers Product Exchange
Party is the “Seller”, when Exchange Party receives Product Exchange Party is the “Buyer”. 
  

							
	 	 	 	  	 Supply by Exchange Party
	  	 Supply by DOW

				
	1.	 	Product	  	Benzene	  	Benzene
				
	2.	 	Specification	  	According Dow standard raw material specification, Benzene E spec or trading spec (BASF) currently used by Ternuezen or Boehlen	  	According Dow standard sales specification
				
	3.	 	Quantity	  	[*****]	  	[*****]
				
	4.	 	 Price / Currency
 (EXCLUSIVE OF
VAT)
	  	 [*****].
 [*****].
	  	 [*****]
 [*****]

				
	5.	 	 Delivery Terms
 (INCOTERMS
2000)
	  	CIF ARA and FCA Boehlen	  	DDP EB plant Terneuzen/Boehlen
				
	6.	 	Delivery Schedule	  	Spread evenly through the contract period when the call-offs will be in mutual agreement - except during any turnarounds or major plant incidents when both parties will endeavour to reduce volumes	  	Spread evenly through the contract period when the call-offs will be in mutual agreement - except during any turnarounds or major plant incidents when both parties will endeavour to reduce volumes.
				
	7.	 	Shipment Method	  	 Barge/Seavessel (Terneuzen)
 Rail Tank Car
(Boehlen)
	  	Pipeline
				
	8.	 	Delivery place	  	ARA and Boehlen	  	Terneuzen and Boehlen
				
	9.	 	Loading source	  		  	

	10.	Period of Contract 

 Other conditions The quantity is determined on basis AIR, with reference to
Section 3 of DOW H&E GENERAL TERMS AND CONDITIONS 
  

	11.	Terms of payment Net fifteen (15) days end of month 

  

							
	 	  	 	  	 Supply by Exchange Party
	  	 Supply by DOW

				
	12.	  	 Invoice Address
  

 
  
  

Invoice Mailing Address
	  	 Stating Buyer’s Purchase Order
 Number:

Dow Europe GmbH
 C/O European Procurement

Service Center
 Bachtobelstrasse 3

8810 Horgen – Switzerland
 VAT-No.: ESN0391236G

 
 Dow Europe GmbH

C/O European Procurement
 Service Center

P. O. Box 83
 4530AN Terneuzen

The Netherlands
	  	

  

	14.	Product Analysis 

 Seller will provide Buyer with a certificate of analysis
representative of the Product supplied to the custody of the carrier. For this purpose Buyer will ensure, at any time during the period of this Contract, that Seller (Commercial/Logistic Department) is aware of, at the time of delivery of the
Product, the valid contact information to receive such certificate of analysis. This provision is with reference to Section 6 of DOW H&E GENERAL TERMS AND CONDITIONS attached hereto 

 

	15.	Inspection for Deliveries by Sea or Inland Waterway 

 Quantity Inspection at Load
Part 
 An independent surveyor acceptable to both Parties shall be appointed by Seller at load port. The independent surveyor shall be
instructed to make the full quantity inspection report including load readiness and sampling available to both Seller and Buyer regardless of the Party paying the inspection cost. 

[*****] 
 Or 

Quality Inspection at Load Port 

Buyer reserves the right, regardless of the Party paying the inspection cost, to request and receive a quality inspection report on composite
of ship’s tanks after load or shore tanks as performed by an independent surveyor at load port acceptable to both Parties. The independent surveyor shall be appointed by Seller. 

[*****] 
 Or 

Quantity Inspection at Discharge Port 

Seller reserves the right to request and receive from Buyer a full quantity inspection report as performed by an independent surveyor at
discharge part. The independent surveyors shall be appointed by Buyer. The costs for such inspection are for the account of Buyer. 

	16.	Railcar Rental Fees 

 For deliveries by rail in Buyer’s railcars, in case the rail
tank cars are not returned within the roundtrip time mentioned below calculated from date of departure from the receiving point, Buyer reserves the right to charge below mentioned rental fee, without prejudice to any other right Buyer may have. Any
delays not caused directly by Seller or the company delivering the Product are not subject to any rental fee charge. Railcar Rental Fees are payable thirty (30) days after date of invoice. 

 

			
	12	  	Days or Free Roundtrip including time for unloading
	[*****]	  	EUR per railcar per day

  

	17.	Ship Requirements 

 The ship shall meet all relevant legislation and all load and
discharge port regulations and safety standards, and shall comply with the requirements of the International Code for the Security of Ships and of Port Facilities (ISPS Code). If the ship does not meet all such requirements, or is deemed unsafe,
then the ship may be refused. The Party nominating the ship shall be liable for all damages (consequential damage is excluded) and costs resulting from the non-compliance with this article. A ship may not be substituted without written consent of
the other Party. 
  

	18.	Ship and Barge Nomination 

 In case Exchange Party delivers the Product, the ship or
barge shall be formally nominated to the Logistics Department of Buyer, or in case Exchange Party collects the Product, the ship or barge shall be formally nominated to the Logistics Department of Seller within the following timeframe stating
following minimum details and in accordance to separate instructions which are made part of this Contract: 
  

			
	For Ship	  	Minimum five (5) working days prior to start of ETA:
		  	 - Product and Quantity
 - Ship Name /
Registration Number of Ship
 - Owner / Operator
 - Lay days

- Lay time for discharge / loading
 - Demurrage rate

- Previous Cargoes
 - Estimated time of arrival (ETA) at discharge
port / load port
 - Country of loading & load port/terminal / Country of destination & discharge port/terminal

- Charter Party
 - Agent at discharge port/terminal / load
port/terminal

		
	For Barge	  	Minimum two (2) working days prior to start of ETA:
		  	 - Product and Quantity
 - Barge Name /
Registration Number of Barge
 - Lay days
 - Lay time for
discharge / loading
 - Demurrage rate
 - Previous Cargoes

- Estimated time of arrival (ETA) at discharge port / load port
 -
Country of loading & load port/terminal / Country of destination & discharge port/terminal

  

	19.	Demurrage 

 Demurrage is calculated at the rate confirmed in the accepted nomination. All
parties will be released from any and all demurrage liability under this Contract unless claim with supporting documentation is received in writing within ninety (90) days of the date of completion of discharge of the cargo from the ship or
barge. If the receiving Party (Logistic Department) of the claim under this Contract is of the opinion that the claim is incorrect, it may object to it by written notice given within forty five (45) days of the date of issuance of the claim.
Lack of objection of the receiving Party shall constitute acceptance of the claim. An invoice for the claim can be issued upon acceptance of the receiving Party or lapse of the forty five (45) days period without objection. Demurrage is payable
thirty (30) days after date of invoice. 

	20.	Financial Adjustment of Exchange Imbalance 

 The Exchange imbalance shall be financially
reconciled to reflect changes of the exchange base price on a monthly basis. 
  

	21.	Exchange Balance Statement 

 Unless otherwise specified herein, each Party shall render
to the other, as soon as practical after the end of each month or each quarter (for agreements valid for twelve (12) months and beyond), exchange statements showing the exchange quantities delivered during the month and the
exchange balance as of the end of the month. Unless otherwise specified herein, the aggregate quantities delivered by the respective Parties shall be kept reasonable in balance at all times. At the end of the agreement term, if the quantities are
not approximately equal, the Party having received the greater quantity shall (unless otherwise agreed) continue deliveries to the other Party until they are so; and any balance due either Party shall be paid for by the other at an agreed price.

  

	22.	Controlling Terms & Amendments 

 By ordering any of the Products detailed in
this contract, the Parties agree to all the terms and conditions contained in this document and to Dow H&E GENERAL TERMS AND CONDITIONS as attached hereto, which override any additional or different terms or conditions included in purchase
orders, sales acknowledgments, invoices or other documents or referred to by either Party. Any amendments or additions to this Exchange Contract shall be valid only if agreed in writing by both Parties. 

 

	23.	Contact Persons (DOW) 

 Dow Europe GmbH 

 

	
	  

	J. Obregon
	Commercial DirectorEX-10.24

 Exhibit 10.24 
 EXECUTION VERSION 
 CONFIDENTIAL TREATMENT REQUESTED UNDER C.F.R. SECTIONS 200.80(b)(4), 200.83
AND 230.406. [*****] INDICATES OMITTED MATERIAL THAT IS THE SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST FILED SEPARATELY WITH THE COMMISSION. THE OMITTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE COMMISSION. 

AMENDED AND RESTATED 
 BISPHENOL A SALES CONTRACT 
 BETWEEN 

DOW EUROPE GMBH 

AND 
 STYRON EUROPE
GMBH 

  
 Page 1 of 12

 AMENDED AND RESTATED SALES CONTRACT (this “Contract”) 

DOW EUROPE GMBH (“Seller”) agrees to sell to STYRON EUROPE GMBH (“Buyer”) and Buyer agrees to purchase from Seller the
Product described in this Contract, according to the TERMS AND CONDITIONS set out below and in the attached GENERAL TERMS AND CONDITIONS (each of Buyer and Seller a “Party”, and collectively, the “Parties”), effective
June 17, 2010 (“Effective Date”). 
  

			
	Product	  	Polycarbonate grade Bisphenol A (parrabis) in molten form
		
	Specification	  	See attached
		
	Quantity	  	 Minimum [*****]
 Maximum
[*****] (“Maximum Quantity”).

		
		  	For purposes hereof, “Buyer requirements” shall be limited to Buyer’s facilities at Stade, Germany
		
		  	If Buyer requests additional volume above the Maximum Quantity, Seller will use reasonable best efforts to provide such volumes, the parties hereto will negotiate in good faith, and
such volumes may be provided if the parties hereto can mutually agree upon terms of the additional supply.
		
	Period of Contract	  	Five (5) years from Effective Date
		
		  	If Seller terminates this Contract pursuant to the terms hereof. Seller will provide Buyer access to Seller’s infrastructure, including unloading, storage and pipeline
throughput, for a fee equal to the economic costs to be determined at the time of termination, of providing access and under commercially reasonable conditions including maximum capacity for storage and unloading consistent with such capacity in use
by Buyer at the lime of termination.
		
	Shipment	  	Pipeline
		
	Price (subject to Section 6 of the General Terms and Conditions hereof)	  	[*****].
		
		  	At the end of the [*****] and every [*****] thereafter, upon at least twelve (12) months prior written notice by either Buyer or Seller, Seller and Buyer shall reserve the right to
negotiate in good faith a mutually agreeable alternative to the above price mechanism. In the event that the Parties are unable to agree upon an alternative price mechanism within thirty (30) days after initiating negotiations, then Buyer and Seller
must elevate the negotiations to senior management of each Party.
		
		  	If senior management cannot reach agreement within thirty (30) days of elevation, then the pricing negotiation becomes a dispute to be arbitrated by a reputable industry consultant,
such as CMAI, to be mutually agreed upon by Buyer and Seller, provided, however, that during periods of such arbitration the price mechanism shall continue under the then current price mechanism until the resolution of such
arbitration. Fees and costs for the arbitrator shall be shared equally between Buyer and Seller. The decision by the arbitrator shall be the new price starting on the date the

  
 Page 2 of 12

			
		  	arbitrator issues the decision and shall continue for the next thirty-six (36) month period. For the avoidance of doubt, Section 16 of the General Terms and Conditions of this
Contract shall not apply to a pricing dispute pursuant to this paragraph.
		
		  	In the event any of the indices referenced above ceases publication, stops reporting on Bisphenol A, materially changes its format for price reporting, or modifies the fundamental
basis for price reporting, Seller and Buyer reserve the right to negotiate in good faith a mutually agreeable alternative to the above price mechanism. In the event that the Parties are unable to agree upon an alternative price mechanism within
thirty (30) days after initiating such negotiations, then Buyer and Seller must elevate the negotiations to senior management of each Party.
		
		  	If senior management cannot reach agreement within thirty (30) days of elevation, then the pricing negotiation becomes a dispute arising under this Contract and is settled pursuant
to Section 16 of the General Terms and Conditions hereof.
		
	 Delivery Terms
	  	DDP Buyer’s facility in Stade
		
	 Terms of Payment
	  	Consolidated monthly invoice generated at the end of the calendar month [*****]
		
	 Storage and Throughput for

Product Deliveries
	  	Seller and Buyer agree to use reasonable best efforts to coordinate planned shutdowns of Seller’s Product consuming facilities to optimize downtime and minimize the impact of
shutdowns (for scheduled maintenance or otherwise), which shall include cooperation on the supply of Bisphenol A, on the operations of Seller and Buyer, and to communicate with each other on such events with at least sixty (60) days’
notice.
		
		  	Seller understands Buyer may from time to time need to purchase Product from a third party supplier. In such cases, Seller will work with Buyer to make logistical and delivery
infrastructure available for such third party purchases.
		
	 Amendment and General Release
	  	The Bisphenol A Sales Contract, dated as of April 1, 2010, between Dow Europe GmbH and Styron Europe GmbH (the “Initial Contract”), is hereby amended and restated in its
entirety and shall no longer be in force and effect. Each of the Parties hereto hereby irrevocably, unconditionally and completely releases and discharges the other Party hereto and its respective affiliates, directors, officers, employees, agents,
successors and assigns from all current and future rights, claims, causes of action, liabilities and obligations arising under or relating to the Initial Contract, including, without limitation, all claims and payments due thereunder. This release
shall be effective as of 11:59p.m. Eastern Daylight Time on June 16, 2010. The Parties hereto hereby agree and acknowledge that there are no payments or other obligations outstanding as of 11:59p.m. Eastern Daylight Time on June 16, 2010 pursuant to
the Initial Contract.

 [SIGNATURE PAGE FOLLOWS] 

  
 Page 3 of 12

 This Contract shall come into effect when signed and returned by Buyer to Seller within thirty
(30) days of the date of signature by Seller. 
  

									
	DOW EUROPE GMBH	 		 	STYRON EUROPE GMBH
					
	BY:	 	/s/ Stephen Doktycz	 		 	BY:	 	/s/ Stephen Doktycz
	NAME:	 	Stephen Doktycz	 		 	NAME:	 	Stephen Doktycz
	TITLE:	 	Authorized Representative	 		 	TITLE:	 	Authorized Representative
			
	Date Executed: June 17, 2010	 		 	Date Executed: June 17, 2010
			
		 		 	STYRON EUROPE GMBH
					
		 		 		 	BY:	 	/s/ Timothy King
		 		 		 	NAME:	 	Timothy King
		 		 		 	TITLE:	 	Authorized Representative
				
		 		 		 	Date Executed: June 17, 2010

 [Signature Page to Amended and Restated Bisphenol A Sales Contract (Europe)] 

 GENERAL TERMS AND CONDITIONS 

 

	1.	Interpretation of Trade Terms 

 Trade terms shall be interpreted in accordance with Incoterms 2000. Title shall pass to Buyer at the same time as the risks of loss or damage under Incoterms 2000. If this Contract does not specify trade
terms as defined in Incoterms 2000, title and risk of loss shall pass to Buyer upon delivery into the custody of the carrier. For pipeline deliveries, title to and risk of loss of Product will transfer from Seller to Buyer when Product passes the
connecting flange of Seller’s pipeline to the inlet flange of Buyer’s receiving pipeline at delivery point. 
  

	2.	Seller’s Commitments 

  

	2.1.	Seller undertakes that the Product will at the time of delivery meet Seller’s then current Sales Specifications. Seller will notify Buyer if Sales Specifications
are changed. All descriptions, drawings, photographs, illustrations, performance and technical data, dimensions, weights and the like, contained in any promotional or technical literature issued by Seller are subject to variation without notice and
are not designed to constitute Sales Specifications. 

  

	2.2.	Seller will supply Buyer with current Material Safety Data Sheets (MSDS) regarding the Product. 

 

	2.3.	Seller will convey the Product with good title, free from any lawful lien or encumbrance. 

 

	3.	Responsible Practices 

  

	3.1.	Buyer will (i) familiarise itself with any product literature or information Seller provides under Seller’s product stewardship program, including MSDS,
(ii) follow safe handling, use, selling, storage, transportation and disposal practices, including special practices as Buyer’s use of the Product requires and instruct its employees, contractors, agents and customers in these practices
and (iii) take appropriate action to avoid spills or other dangers to persons, property or the environment. If Buyer is in default of any of its commitments under this Section, Seller will provide Buyer with thirty (30) days to cure such
default. If Buyer does not cure such default within the thirty (30) day period, Seller may suspend Product delivery without liability for thirty (30) days (“Suspension Period”). Upon the end of the Suspension Period, if Buyer has
not cured such default, Seller may cancel this Contract on fifteen (15) days notice unless Buyer agrees to indemnify Seller for all losses caused by such failure to comply. 

 

	3.2.	Notwithstanding the provisions of Section 5 hereof, Buyer will indemnify Seller for all claims, damages and related costs, including reasonable attorney fees,
arising out of Buyer’s non-compliance with any of its commitments under Section 3.1 above. 

  

	4.	Patents/Trademarks 

Seller warrants only that the manufacture of the Product covered by this Contract does not infringe any Letters Patent of the country of
manufacture. Buyer assumes all responsibility for use of any design, trademark, trade name, or part thereof, appearing on the Product at Buyer’s request. 
  

	5.	Warranty/Liability 

  

	5.1.	The commitments set out in Sections 2 and 4 above are Seller’s sole warranties in respect of the Product. ANY OTHER CONDITION OR WARRANTY AS TO THE QUALITY OF THE
PRODUCT SUPPLIED UNDER THIS CONTRACT OR FITNESS FOR ANY PARTICULAR PURPOSE WHETHER ARISING UNDER STATUTE OR OTHERWISE, IS EXCLUDED. 

  

	5.2.	 Buyer shall inspect the Product supplied under this Contract immediately after delivery. If any of the supplied Product is rejected because of
non-conformity to specifications, Buyer shall have the right to return it to Seller only after inspection by Seller and receipt of definite shipping instructions from Seller, such inspection to be made and instructions to be given by Seller within
thirty (30) days after notice of rejection by 

  
 Page 5 of 12

 
Buyer. Either (1) failure to give written notice of any claim within thirty (30) days from the date of delivery, or (2) use of the Product supplied under this Contract, constitutes
an unqualified acceptance of such Product by Buyer and a waiver by Buyer of all claims in respect of such Product. 
  

	5.3.	In the event of any liability by either Party whether arising from breach of contract or from statutes it is agreed that the maximum amount of damages recoverable shall
be limited to the contract price for the Product with respect to which damages are claimed. In no event shall either Seller or Buyer be liable for indirect, consequential, special, punitive or exemplary damages in connection with or arising out of
this Contract. 

  

	6.	Price and Terms 

  

	6.1	Seller reserves the right by prior written notice given at any time before shipment, to increase the price under this Contract, if there is any increase in the [*****]
or any other causes beyond the control of Seller. If Buyer is of the opinion that any such increase in price is unreasonable, it may object to such increase by written notice given within [*****] ([*****]) days of the date of receipt of
seller’s notice; Seller shall then have the option to continue to supply Buyer at the price currently in effect, if willing to do so or to cancel this Contract upon [*****] ([*****]) days’ notice to Buyer in writing; provided, that
Buyer shall have the option to continue to purchase Product at the proposed increased price after receipt of such notice (in which case, this Contract shall not be cancelled). 

 

	6.2	Seller shall provide Buyer similar pricing as Seller’s customers who are purchasing from Seller Polycarbonate grade
bisphenol-A in like volumes and on like terms to those being purchased by Buyer, so that Buyer shall receive no less favourable prices for such polystyrene grade bisphenol-A then made available by Seller
to such other customers; provided, however, that any sales to DSM shall not be included in the determination of similar pricing for purposes of this Section 6.2. This Section 6.2 is intended to apply only during a price
re-opener as set forth in the Price section of this Contract. 

  

	7.	Schedule of Deliveries 

 Buyer shall attempt to schedule deliveries of the Product uniformly throughout the calendar year. Not more than [*****] percent ([*****]) of the annual Minimum quantity of the Product shall be scheduled
for delivery in any calendar month, except with Seller’s prior written consent. 
 Buyer understands that Seller’s
plant is connected by pipeline with Buyer’s plant, and that Seller is not able to maintain inventories of Product in its molten form. Accordingly, Buyer agrees to provide Seller with rolling [*****] ([*****]) month forecasts at the beginning of
each month. 
  

	8.	Transportation 

Where the price provides for absorption by Seller of any portion of the freight charges, or where Seller provides the transportation
equipment at its cost, Seller shall have the right to select the means of transportation. Where the price provides for payment by Buyer of any portion of the freight charges, the freight charges will be those in effect at the date of shipment.

  

	9.	Delivery Equipment 

 During the time that Seller’s delivery equipment is in the possession of Buyer, Buyer shall be liable to Seller for damages or destruction of such equipment attributable to Buyer. All repairs to
equipment shall be made under the supervision or direction of Seller. 

  
 Page 6 of 12

	10.	Force Majeure 

 In
the event of accident, mechanical breakdown of facilities, fire, flood, strike, labour trouble, riot, revolt, war, acts of governmental authority, acts of God, or contingencies beyond the reasonable control of the Party affected, interfering with
the performance of this Contract, the quantity of Product provided for in this Contract shall be reduced by the amount so affected without liability, but this Contract shall otherwise remain unchanged. The reasonable decision of the Party affected
as to the quantities of Product affected shall be final and binding. The affected Party shall decide at its reasonable discretion on the quantities of Product affected and the allocation of the reduced quantities to be sold or purchased;
provided, that during such an event subject to this Section 10, Seller shall treat Buyer in the same manner as all other contract customers for Product. 
  

	11.	Governmental Controls 

 If the price, freight allowance, or terms of payment, or any price increase, or change in freight allowance, or terms of payment under this Contract, or Seller’s ability to make any such increase or
change, should be altered or prohibited by reason of any law, government decree, order or regulation, Seller and Buyer agree to address the impacts of such changes in regulatory conditions and attempt to negotiate new terms in good faith. In the
event that Seller and Buyer are unable to agree upon how to address the impacts of changes in regulatory conditions within thirty (30) days after initiating such negotiations, then Buyer and Seller must elevate the negotiations to senior
management of each Party. If senior management cannot reach agreement within thirty (30) days of elevation, then the pricing negotiation becomes a dispute arising under this Contract and is settled pursuant to Section 16 of the General
Terms and Conditions hereof; provided, however, that during periods of such arbitration the existing price mechanism shall continue until the resolution of such arbitration. Fees and costs of the arbitrator shall be shared equally
between Buyer and Seller. The decision by the arbitrator shall be the new price starting on the date the arbitrator issues such decision. 
  

	12.	Non-performance 

  

	12.1	If Buyer fails to make a payment under this Contract within three (3) days following notice by Seller that payment is due, Buyer shall be in default. Upon
Buyer’s default Seller may, at its option and without further reminder, recall shipments, and/or decline to make further deliveries against this Contract, except for cash. If Buyer fails to make payment under this Contract following a thirty
(30) day notice by Seller, then Seller may treat such failure to cure by Buyer as final refusal to accept further shipments and may cancel this Contract. 

 

	12.2	Seller reserves the right, without prejudice to Buyer’s liability to pay on the due date, to charge interest on any overdue balance of a rate equal to the [*****]
LIBOR interest for the currency invoiced, as fixed by the British Bankers Association on the last business day of the month preceding the date of payment, plus [*****] percent ([*****%]) points. Such right is in addition and without prejudice to any
other rights Seller may have under this Contract. 

  

	12.3	If Buyer’s financial responsibility becomes unsatisfactory and Seller deems itself insecure (in each case in Seller’s commercially reasonable judgment), then
Seller may, after three (3) day’s prior written notice to Buyer (which shall include the basis for such determination in reasonable detail), defer shipments, accelerate the due dates on all amounts, and/or require cash payments or other
security. 

  

	12.4	Notwithstanding anything to the contrary in this Sales Contract, Buyer’s sole liability for failure to purchase at least the annual Minimum Quantity in any
calendar year (unless due to (i) Seller’s inability to supply or due to a Force Majeure event affecting Buyer, (ii) a failure of Seller to deliver product in accordance with quality specifications, (iii) non-purchases of product
at the fault of Seller, or (iv) any shutdown of Seller’s Product consuming facilities) shall be for Buyer to pay Seller as liquidated damages and not as a penalty, the amount of [*****] for each non-purchased MT below the Minimum Quantity
of [*****] as liquidated damages and not as a penalty. Such payment shall be due within thirty (30) days after the end of a contract year. 

  
 Page 7 of 12

	13.	Assignment of Contract and/or Claims 

 This Contract may not be assigned by Buyer by operation of law or otherwise without the express written consent of Seller, which consent may only be withheld if assignee is determined by Seller to be a
competitor of Seller or any of Seller Affiliates’ businesses that are located at the sites subject to this Contract or if Seller deems, in its reasonable discretion, that the assignee’s financial responsibility is unsatisfactory. Any
assignment by Buyer must include a prohibition on its assignee restricting any further assignment of this Contract without the consent of Seller. Any attempted assignment without such consent from Seller shall be null and void; provided,
however, that either Party hereto shall be permitted to assign this Contract, in full or in part to any wholly owned Affiliate (including assigning some or all of Seller’s obligations hereunder, in which case such Affiliate may effect
delivery of the Product and invoice Buyer directly). “Affiliate” means any subsidiary, legal entity, or joint venture in which a Party hereto directly or indirectly holds an ownership interest of at least 50%. This Contract may not be
otherwise assigned by Seller to any third party without the consent of Buyer, except any assignment or partial assignment of this Contract does not require consent of Buyer when such assignment is in connection with a sale, conveyance, disposition,
divestiture, contribution to a joint venture by Seller of, or a similar transaction, including a merger, consolidation, reorganization or other business combination involving Seller and relating to, all or substantially all of the assets or
properties of Seller to which the subject matter of this Contract relates. Upon the assignment of this Contract and the express assumption by the assignee of the assigned obligations of Seller under this Contract through the execution of an
assignment and assumption agreement, Seller shall be released from all obligations and liabilities under this Contract. In addition, both Buyer and Seller may assign their respective claims under this Contract to third parties. Agreed quantities and
other terms shall not be affected by an assignment. 
  

	14.	Non-waiver 

Failure to exercise any rights under this Contract upon any occasion shall not waive the right to exercise the same on another occasion.

  

	15.	Severability of Provisions 

 Should any provision of this Contract be held invalid or unenforceable, the validity and enforceability of the remaining provisions shall not be affected. Any invalid or unenforceable provision shall be
replaced with a new provision which will allow the Parties to this Contract to achieve the intended economic result in a legally valid and effective manner. 
  

	16.	Applicable Law 

This Contract shall be governed by and construed in accordance with the laws of Switzerland. 

The United Nations Convention on Contracts for the International Sale of Goods (1980) shall not apply to this Contract. All disputes
arising under this Contract shall be finally settled under the rules of Conciliation and Arbitration of the International Chamber of Commerce by one or more arbitrators appointed in accordance with said rules. Arbitration shall take place in Zurich,
Switzerland. The language of the arbitration shall be English. 

  
 Page 8 of 12

	17.	Controlling Terms & Amendments 

 By ordering any of the Product detailed in this Contract, Buyer agrees to all the terms and conditions contained on both sides of this document which override any additional or different terms or
conditions included in Buyer’s purchase order or referred to by Buyer. Any amendments or additions to this Contract shall be valid only if in writing and signed by both Parties. 

 

	18.	No Set-off 

Regardless of any other rights under any other agreements or mandatory provisions of law, neither Seller nor Buyer shall have the right to
set-off any amounts due and payable under this Contract, whether contingent or otherwise, against any amount owed by such Party to the other Party, whether under this Contract or otherwise. 

  
 Page 9 of 12

 Appendix: Product Specification 

Author: GPDIS SYSTEM 
  

					
		 	 THE DOW CHEMICAL COMPANY

RAW MATERIAL SPECIFICATION
 SUPPLIER’S COPY
	 	Page: 1

 Date Printed: 15 FEB 2010 
  

			
	SPECIFIED MATERIAL: 00058255-R007	  	Effective: 16 DEC 2008
	                           
 Supersedes:	  	

 NAME: PARABIS* Resin Intermediate 
 MATERIAL DESCRIPTION: 
         Color: white/light tan

         Odor: mild phenolic 
         Appearance/Physical State: solid, flakes, powder 

        Description Note: 
          WHITE CRYSTALS WITH MILD PHENOLIC ODOR.1 
  

															
	 TEST REQUIREMENTS

	 TEST ITEM AND CONDITION
	  	LIMIT	 	  	UNIT	 	  	METHOD	 	  	N
	 p,p’-Isomer Content
	  	 	[*****]	  	  	 	%	  	  	 	DOWM 101430	  	  	
	 o,p-Isomer Content
	  	 	[*****]	  	  	 	%	  	  	 	DOWM 101430	  	  	
	 Phenol
	  	 	[*****]	  	  	 	%	  	  	 	DOWM 101430	  	  	
	 Iron
	  	 	[*****]	  	  	 	ppm	  	  	 	DOWM 100779	  	  	
	 Caustic Color, Pt-Co
	  	 	[*****]	  	  				  	 	DOWM 101314	  	  	
	 Isopropenyl Phenol Components
(Sum of Monomer, Dimer & Trimer)
	  	 	0.015 Nom	  	  	 	%	  	  	 	DOWM 101430	  	  	

  

					
	 SHELF LIFE
	  	 
	 CONTAINER
	  	 SHELF LIFE
	  	  
	 Bag
	  	12 month	  	

  

	1 	 It is not molten. The PARABIS* that is mixed with the water in Stade is a crystal. When the Epoxy plant supplies BPA to the slurry from big bags
produced outside, typically Hexion BPA from Pernis, that material is a prill. 

 STORAGE: 

    Flakes/granules may fuse if under excess heat or compression 

    Store in cool, dry place away from high temperatures 

 

			
	 Bulk
	  	12 month

 STORAGE: 
     Store in a dry place 
 Continued on Next Page 

  
 Page 10 of 12

					
		 	 THE DOW CHEMICAL COMPANY

RAW MATERIAL SPECIFICATION
 SUPPLIER’S COPY
	  	Page: 2

  

			
	SPECIFIED MATERIAL: 00058255-R007	  	Effective: 16 DEC 2008
	 NAME: PARABIS* Resin Intermediate
	  	

 NOTES 
  

	1.	Packaging & Labelling: 

Unless otherwise specified this product is supplied in Bulk, Bulk bags and 25 kg bags. 

Minimum container markings will include: 
     The Dow Chemical Company 
     Product
Name 
     Batch Number 
     Net Weight 
     Appropriate hazard
warning information 
  

	*	TRADEMARK OF THE DOW CHEMICAL COMPANY 

INFORMATION OR DISTRIBUTION RESTRICTED TO THIS SUPPLIER AND THE DOW CHEMICAL COMPANY. 

  
 Page 11 of 12

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