Document:

2009 Long-Term Incentive Plan

 Exhibit 10.13 
 TEXAS PETROCHEMICALS INC. 
 2009 LONG-TERM INCENTIVE
PLAN 
 1. Plan. The Texas Petrochemicals Inc. 2009 Long-Term Incentive
Plan (the “Plan”) was adopted by the Board of Directors of Texas Petrochemicals Inc., a Delaware corporation (the “Company”), to reward certain officers, employees and directors of the Company and its Subsidiaries by enabling
them to acquire shares of Common Stock and by providing for certain cash benefits. 
 2.
Objectives. The Plan is designed to attract and retain officers, employees and directors of the Company and its Subsidiaries, to encourage the sense of proprietorship of such officers, employees and
directors, to stimulate the active interest of such persons in the development and financial success of the Company and its Subsidiaries and to provide such persons with additional incentive and reward opportunities designed to enhance the
profitable growth of the Company an its Subsidiaries. These objectives are to be accomplished by making Awards under this Plan and thereby aligning the interests of Participants and the Company’s stockholders, motivating Participants to act in
the long-term best interests of the Company and its Subsidiaries and providing Participants with a proprietary interest in the growth and performance of the Company and its Subsidiaries. 
 3. Definitions. As used herein, the terms set forth below shall have the following respective meanings: 
 “Award” means any Option, SAR, Stock Award, Restricted Stock Unit Award, Performance Share Unit Award, Cash Award
or Performance Award granted, whether singly, in combination or in tandem, to a Participant pursuant to such applicable terms, conditions and limitations (including treatment as a Performance Award) as the Committee may establish in order to fulfill
the objectives of the Plan. 
 “Award Agreement” means a written agreement setting forth the terms,
conditions and limitations applicable to an Award, to the extent the Committee determines such agreement is necessary. 
 “Board” means the Board of Directors of the Company. 
 “Cash Award” means an award
denominated in cash. 
 “Change in Control” means and shall be deemed to have occurred on the date of
the first to occur of any of the following: (i) any “person” (as such term is defined in Section 3(a)(9) of the Exchange Act and is used in Sections 13(d)(3) and 14(d)(2) of the Exchange Act) or group of persons acting together
(within the meaning of Section 13(d)(3) of the Exchange Act) becomes the direct or indirect beneficial owner of 50% or more of the Company’s voting stock; (ii) an election of Directors not in accord with the recommendations of the
majority of the Directors who were in office before the pending election (the “Incumbent Directors”), where such election results in the replacement of at least a majority of the Incumbent Directors; (iii) the stockholders of the
Company approve an agreement to merge or consolidate, or otherwise reorganize, with or into one or more entities, as a result of which outstanding securities with less than 50% of the fair market value of the surviving or resulting entity are, or
are to be, owned by stockholders of the Company immediately prior to such merger, consolidation or reorganization; or (iv) the sale of the Company’s assets having a total gross fair market value of at least 50% of all of the Company’s
assets immediately before such sale. The definition of “Change in Control” is intended to comply with, and shall be interpreted in a manner compliant with, a change in the ownership or effective control of a corporation or a change in the
ownership of a substantial portion of the assets of a corporation under Section 409A of the Code and accompanying U.S. Treasury regulations. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time. 
 “Committee” means such committee of two or more members of the Board as is designated by the Board to administer the Plan, or the full Board if so designated. 
 “Common Stock” means the Common Stock, par value $0.01 per share, of the Company. 
 “Company” has the meaning set forth in Section 1. 
 “Director” means a member of the Board of Directors of the Company. 
 “Dividend Equivalents” means, with respect to Restricted Stock Units, an amount equal to all dividends and other
distributions (or the economic equivalent thereof) that are payable to stockholders of record during the Restriction Period on a like number of shares of Common Stock granted in the Award. 
 “Employee” means an employee or officer of the Company or any of its Subsidiaries. 
 “Equity Award” means any Option, SAR, Stock Award, or Non-Qualified Performance Award (other than a Non-Qualified
Performance Award denominated in cash) granted to a Participant under the Plan. 
 “Exchange Act” means
the Securities Exchange Act of 1934, as amended. 
 “Fair Market Value” means, as of a particular date:
(i) if the shares of Common Stock are listed on the New York Stock Exchange, then the final closing sales price per share of Common Stock as reported on New York Stock Exchange

  

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Composite Trading Listings, or a similar report selected by the Company, on that date, or, if there shall have been no such sale so reported on that date, on the last preceding date on which such
a sale was so reported, (ii) if the shares of Common Stock are listed on a national securities exchange other than the New York Stock Exchange, the mean between the highest and lowest sales price per share of Common Stock on the primary such
national securities exchange on that date, or, if there shall have been no such sale so reported on that date, on the last preceding date on which such a sale was so reported, (iii) if the shares of Common Stock are not so listed but are quoted
by the NASDAQ Stock Market, Inc., the mean between the highest and lowest sales price per share of Common Stock on the consolidated transaction reporting system for The NASDAQ Stock Market, Inc. on that date, or, if there shall have been no such
sale so reported on that date, on the last preceding date on which such a sale was so reported, (iv) if the Common Stock is not so listed or quoted, the mean between the closing bid and asked price on that date, or, if there are no quotations
available for such date, on the last preceding date on which such quotations shall be available, as reported by The NASDAQ Stock Market, Inc., or, if not reported by The NASDAQ Stock Market, Inc., by the National Quotation Bureau, Inc., or
(v) if none of the above are applicable, the fair market value of a share of Common Stock as determined in good faith by the Committee. 
 “Grant Date” means the date an Award is granted to a Participant pursuant to the Plan. 
 “Grant Price” means the price at which a Participant may exercise his or her right to receive cash or Common Stock, as applicable, under the terms of an Award. 
 “Incentive Stock Option” means an Option that is intended to comply with the requirements set forth in
Section 422 of the Code. 
 “Non-Qualified Performance Award” means a Performance Award that is
not intended qualify as qualified performance-based compensation under Section 162(m) of the Code, as described in Section 8(a)(vii)(A) of the Plan. 
 “Non-Qualified Stock Option” means an Option that is not an Incentive Stock Option. 
 “Option” means a right to purchase a specified number of shares of Common Stock at a specified Grant Price, which may be an Incentive Stock Option or a Non-Qualified Stock
Option. 
 “Participant” means an Employee or Director to whom an Award has been granted under this
Plan. 
 “Performance Award” means an Award made pursuant to this Plan that is subject to the
attainment of one or more performance goals. 
 “Performance Goal” means a standard established by the
Committee to determine in whole or in part whether a Qualified Performance Award shall be earned. 
 “Performance Share Unit” means a unit evidencing the right to receive in specified circumstances one share of Common Stock. 
 “Performance Share Unit Award” means an Award of Performance Share Units that, upon attainment of the performance goals, entitles the Participant to shares of Common Stock. 
 “Plan” has the meaning set forth in Section 1. 
 “Qualified Performance Award” means a Performance Award made to a Participant who is an Employee that is intended
to qualify as qualified performance-based compensation under Section 162(m) of the Code, as described in Section 8(a)(vii)(B) of the Plan. 
 “Restricted Stock” means Common Stock that is restricted or subject to forfeiture provisions. 
 “Restricted Stock Unit” means a unit evidencing the right to receive in specified circumstances one share of Common Stock or equivalent value in cash that is restricted or subject to forfeiture
provisions. 
 “Restricted Stock Unit Award” means an Award in the form of Restricted Stock Units.

 “Restriction Period” means a period of time beginning as of the Grant Date of an Award of Restricted
Stock or Restricted Stock Units and ending as of the date upon which the Common Stock subject to such Award is issued (if not previously issued), no longer restricted or subject to forfeiture provisions. 
 “Stock Appreciation Right” or “SAR” means a right to receive a payment, in cash or Common Stock, equal to
the excess of the Fair Market Value or other specified valuation of a specified number of shares of Common Stock on the date the right is exercised over a specified Grant Price. 
 “Stock Award” means an Award in the form of, or denominated in, or by reference to, shares of Common Stock, including an award of Restricted Stock. 
 “Subsidiary” means (i) with respect to any Awards other than Incentive Stock Options within the meaning of
Section 422 of the Code, any corporation, limited liability company or similar entity of which the Company directly or indirectly owns shares representing more than 50% of the voting power of all classes or series of equity securities of such
entity, which have the right to vote generally on matters submitted to a vote of the holders of equity interests in such entity, and (ii) with respect to Awards of Incentive Stock Options, any subsidiary within the meaning of
Section 424(f) of the Code or any successor provision. 
  

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 4. Effective Date and Duration 
 a. Effective Date. The Plan was approved and adopted by the Board on
October 10, 2008 and will be submitted to the Company’s stockholders on November 11, 2008. If approved by the Company’s stockholders, the Plan shall be effective on the date of stockholder approval (the “Effective
Date”). If the stockholders of the Company should fail to so approve this Plan at such meeting, this Plan shall terminate and cease to be of any further force or effect, and all grants of Awards hereunder, if any, shall be null and void.

 b. Duration. The Plan will expire on the tenth anniversary of
the Effective Date, and no Awards may be granted on or after the tenth anniversary of the Effective Date; provided, however, that any Award granted prior to such tenth anniversary shall remain outstanding in accordance with its terms.

 5. Administration 
 a. Authority of the Committee. This Plan shall be administered by the Committee except as otherwise provided herein. Subject to the provisions hereof, the
Committee shall have full and exclusive power and authority to administer this Plan and to take all actions that are specifically contemplated hereby or are necessary or appropriate in connection with the administration hereof. The Committee shall
also have full and exclusive power to interpret this Plan and to adopt such rules, regulations and guidelines for carrying out this Plan as it may deem necessary or proper, all of which powers shall be exercised in the best interests of the Company
and in keeping with the objectives of this Plan. Subject to Section 5(d) hereof, the Committee may, in its discretion, provide for the extension of the exercisability of an Award, accelerate the vesting or exercisability of an Award, eliminate
or make less restrictive any restrictions contained in an Award, waive any restriction or other provision of this Plan (insofar as such provision relates to Awards) or an Award or otherwise amend or modify an Award in any manner that is:
(i) not adverse to the Participant to whom such Award was granted, (ii) consented to by such Participant or (iii) authorized by Section 15(c) hereof; provided, however, that no such action shall permit the term of any
Option to be greater than 10 years from the applicable Grant Date. The Committee may correct any defect or supply any omission or reconcile any inconsistency in this Plan or in any Award in the manner and to the extent the Committee deems necessary
or desirable to further the Plan purposes. Any decision of the Committee, with respect to Awards, in the interpretation and administration of this Plan shall lie within its sole and absolute discretion and shall be final, conclusive and binding on
all parties concerned. 
 b. Indemnification. No member of the
Committee or officer of the Company to whom the Committee has delegated authority in accordance with the provisions of Section 5(e) of this Plan shall be liable for anything done or omitted to be done by him or her, by any member of the
Committee or by any officer of the Company in connection with the performance of any duties under this Plan, except for his or her own willful misconduct or as expressly provided by statute. 
 c. Authority of the Board. The Board shall have the same powers, duties, and
authority to administer the Plan as the Committee. 
 d. Prohibition on Repricing of
Awards. No Option or SAR may be repriced, replaced, regranted through cancellation or modified without stockholder approval (except in connection with a change in the Company’s capitalization), if the effect would be
to reduce the Grant Price for the shares underlying such Award. 
 e. Delegation of
Authority. The Committee may delegate to the President and to other senior officers of the Company its duties under this Plan pursuant to such conditions or limitations as the Committee may establish with respect to Awards,
except that the Committee may not delegate to any person the authority to grant Awards to, or take other action with respect to, Participants who are subject to Section 16 of the Exchange Act. The Committee may engage or authorize the
engagement of a third party administrator to carry out administrative functions under the Plan. 
 6.
Eligibility. All Employees and Directors are eligible for Awards under this Plan. The Committee shall select the Participants in the Plan from time to time by the grant of Awards under the Plan.

 7. Common Stock Available for Awards. Subject to the provisions of
Section 15 hereof, no Award shall be granted if it shall result in the aggregate number of shares of Common Stock issued under the Plan plus the number of shares of Common Stock covered by or subject to Awards then outstanding (after giving
effect to the grant of the Award in question) to exceed 1,250,000 shares of Common Stock. The number of shares of Common Stock that are the subject of Awards under this Plan that are forfeited, terminated or expire unexercised shall again
immediately become available for Awards hereunder. Notwithstanding the foregoing, the number of shares of Common Stock reserved for issuance shall be reduced by the total number of Options or SARs exercised, and the number of shares of Common Stock
reserved for issuance under the Plan shall not be increased by (i) any shares tendered or Award surrendered in connection with the purchase of shares of Common Stock upon the exercise of an Option as described in Section 11 or
(ii) any shares of Common Stock deducted from an Award payment in connection with the Company’s tax withholding obligations as described in Section 12. The Committee may from time to time adopt and observe such procedures concerning
the counting of shares against the Plan maximum as it may deem appropriate. The Board and the appropriate officers of the Company shall from time to time take whatever actions are necessary to file any required documents with governmental
authorities, stock exchanges and transaction reporting systems to ensure that shares of Common Stock are available for issuance pursuant to Awards. 
  

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 8. Awards. 
 a. The Committee shall determine the type or types of Awards to be made under this Plan and shall designate from time to time
the individuals who are to be the recipients of such Awards. Each Award shall be evidenced in such communications as the Committee deems appropriate, including in an Award Agreement, and shall contain such terms, conditions and limitations as shall
be determined by the Committee in its sole discretion. Awards may consist of those listed in this Section 8(a) and may be granted singly, in combination or in tandem. Awards may also be granted in combination or in tandem with, in replacement
of, or as alternatives to, grants or rights under this Plan or any other plan of the Company or any of its Subsidiaries, including the plan of any acquired entity; provided, however, that, except as contemplated in Section 15 hereof, no
Option may be issued in exchange for the cancellation of an Option with a higher Grant Price nor may the Grant Price of any Option be reduced. All or part of an Award may be subject to conditions established by the Committee. Upon the termination of
employment or service by a Participant, any unexercised, deferred, unvested or unpaid Awards shall be treated as set forth in the applicable Award Agreement or in any other agreement with the Participant. 
 (i) Option. An Award may be in the form of an Option. An Option awarded to an Employee pursuant to this Plan may
consist of either an Incentive Stock Option or a Non-Qualified Stock Option. An Option awarded to a Director may consist of a Non-Qualified Stock Option. On the Grant Date, the Grant Price of an Option shall be not less than the Fair Market Value of
the Common Stock subject to such Option. The term of the Option shall extend no more than 10 years after the Grant Date. Options may not include provisions that “reload” the option upon exercise. Subject to the foregoing provisions, the
terms, conditions and limitations applicable to any Options awarded to Employees pursuant to this Plan, including the Grant Price, the term of the Options, the number of shares subject to the Option and the date or dates upon which they become
exercisable, shall be determined by the Committee. 
 (ii) Stock Appreciation Rights. An Award may be in
the form of an SAR. On the Grant Date, the Grant Price of an SAR shall be not less than the Fair Market Value of the Common Stock subject to such SAR. The holder of a tandem SAR may elect to exercise either the option or the SAR, but not both. The
exercise period for an SAR shall extend no more than 10 years after the Grant Date. SARs may not include provisions that “reload” the SAR upon exercise. Subject to the foregoing provisions, the terms, conditions and limitations applicable
to any SARs awarded to a Participant pursuant to this Plan, including the Grant Price, the term of any SARs and the date or dates upon which they become exercisable, shall be determined by the Committee. 
 (iii) Stock Award. An Award may be in the form of a Stock Award. The terms, conditions and limitations applicable to
any Stock Award, including, but not limited to, vesting or other restrictions, shall be determined by the Committee. 
 (iv) Restricted Stock Unit Awards. An Award may be in the form of a Restricted Stock Unit Award. The terms, conditions and limitations applicable to a Restricted Stock Unit Award, including, but not limited to, the Restriction Period
and the right to Dividend Equivalents, shall be determined by the Committee. 
 (v) Performance Share Unit
Awards. An Award may be in the form of a Performance Share Unit Award. The terms, conditions and limitations applicable to any Performance Share Unit Award, including, but not limited to, vesting or other restrictions, shall be determined by the
Committee. Performance Share Unit Awards shall be in the form of a Non-Qualified Performance Award or a Qualified Performance Award and shall have a minimum performance period of one year from the date of grant. 
 (vi) Cash Award. An Award may be in the form of a Cash Award. The terms, conditions and limitations applicable to any
Cash Awards granted to Participants pursuant to this Plan, including, but not limited to, vesting or other restrictions, shall be determined by the Committee. 
 (vii) Performance Award. Without limiting the type or number of Awards that may be made under the other provisions of this Plan, an Award may be in the form of a Performance
Award. The terms, conditions and limitations applicable to an Award that is a Performance Award shall be determined by the Committee. The Committee shall set performance goals in its discretion which, depending on the extent to which they are met,
will determine the value and/or amount of Performance Awards that will be paid out to the Employee and/or the portion that may be exercised. 
 (A) Non-Qualified Performance Awards. Performance Awards granted to Employees that are not intended to qualify as qualified performance-based compensation under Section 162(m) of the Code
shall be based on achievement of such goals and be subject to such terms, conditions and restrictions as the Committee or its delegate shall determine. 
 (B) Qualified Performance Awards. Performance Awards granted to Employees under the Plan that are intended to qualify as qualified performance-based compensation under Section 162(m) of the
Code shall be paid, vested or

  

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otherwise deliverable solely on account of the attainment of one or more pre-established, objective Performance Goals established by the Committee prior to the earlier to occur of (x) 90
days after the commencement of the period of service to which the Performance Goal relates or (y) the lapse of 25% of the period of service (as scheduled in good faith at the time the goal is established), and in any event while the outcome is
substantially uncertain. A Performance Goal is objective if a third party having knowledge of the relevant facts could determine whether the goal is met. Such a Performance Goal may be based on one or more business criteria that apply to the
Employee, one or more business segments, units, or divisions of the Company, or the Company as a whole, and if so desired by the Committee, by comparison with a peer group of companies. A Performance Goal may include one or more of the following:

  

	 	 •
	 	 Cash flow measures (including but not limited to before or after tax cash flow, cash flow per share, cash flow return on capital, net cash flow or
attainment of working capital levels); 

  

	 	 •
	 	 Expense measures (including but not limited to overhead cost, general and administrative expense and improvement in or attainment of expense
levels); 

  

	 	 •
	 	 Income measures (including but not limited to net income and income before or after taxes); 

  

	 	 •
	 	 Operating measures (including operating income, funds from operations, cash from operations, after-tax operating income, net operating profit after
tax, operating efficiency, production volumes and production efficiency); 

  

	 	 •
	 	 Return measures (including but not limited to return on capital employed, return on equity, return on investment and return on assets);

  

	 	 •
	 	 Stock price measures (including but not limited to price per share, growth measures and total stockholder return); 

  

	 	 •
	 	 Earnings per share (actual or targeted growth); 

  

	 	 •
	 	 Earnings before interest, taxes, depreciation, and amortization (“EBITDA”); 

  

	 	 •
	 	 Net earnings; 

  

	 	 •
	 	 Market share; 

  

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	 	 Debt to equity ratio; 

  

	 	 •
	 	 Debt reduction; 

  

	 	 •
	 	 Economic value added (or an equivalent metric); 

  

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	 	 Cash available for distribution; 

  

	 	 •
	 	 Cash available for distribution per share; 

  

	 	 •
	 	 Operating income; 

  

	 	 •
	 	 Margins; 

  

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	 	 Implementing or completion of critical projects; 

  

	 	 •
	 	 Revenue or sales; 

  

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	 	 Total market value; 

  

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	 	 Reliability; 

  

	 	 •
	 	 Productivity; and 

  

	 	 •
	 	 Corporate values measures (including but not limited to diversity commitment, ethics compliance, environmental and safety).

 Unless otherwise stated, such a Performance Goal need not be based upon an increase or
positive result under a particular business criterion and could include, for example, maintaining the status quo or limiting economic losses (measured, in each case, by reference to specific business criteria). In interpreting Plan provisions
applicable to Performance Goals and Qualified Performance Awards, it is the intent of the Plan to conform with the standards of Section 162(m) of the Code and Treasury Regulation Section 1.162-27(e)(2)(i), as to grants to those Employees
whose compensation is, or is likely to be, subject to Section 162(m) of the Code, and the Committee in establishing such goals and interpreting the Plan shall be guided by such provisions. Prior to the payment of any compensation based on the
achievement of Performance Goals, the Committee must certify in writing that applicable Performance Goals and any of the material terms thereof were, in fact, satisfied. Subject to the foregoing provisions, the terms, conditions and limitations
applicable to any Qualified Performance Awards made pursuant to this Plan shall be determined by the Committee. 
  

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 b. Notwithstanding anything to the contrary contained in this Plan, the
following limitations shall apply to any Awards made hereunder: 
 (i) no Employee may be granted, during the
term of the Plan, Awards consisting of, relating to, or exercisable for more than 250,000 shares of Common Stock (the limitation set forth in this clause (i) being hereinafter referred to as “Stock Based Awards Limitations”)
and 
 (ii) no individual may be granted Cash Awards in respect of any one calendar year having a value
determined on the Grant Date in excess of $5,000,000. 
 9. Change in
Control. Notwithstanding the provisions of Section 8 hereof, unless otherwise expressly provided in the applicable Award Agreement, or as otherwise specified in the terms of an Equity Award, in the event of a Change in
Control during a Participant’s employment with the Company or one of its Subsidiaries, each Equity Award granted under this Plan to the Participant shall become immediately vested and fully exercisable, with Non-Qualified Performance Awards
vesting at the target level. 
 10. Payment of Awards. 
 a. General. Payment of Awards may be made in the form of cash or Common Stock, or a combination thereof, and may
include such restrictions as the Committee shall determine, including, but not limited to, in the case of Common Stock, restrictions on transfer and forfeiture provisions. For an Award of Restricted Stock, the certificates evidencing the shares of
such Restricted Stock (to the extent that such shares are so evidenced) shall contain appropriate legends and restrictions that describe the terms and conditions of the restrictions applicable thereto. For an Award of Restricted Stock Units or
Performance Share Units, the shares of Common Stock that may be issued at the end of the Restriction Period shall be evidenced by book entry registration or in such other manner as the Committee may determine. 
 b. Deferral. With the approval of the Committee, amounts payable in respect of Awards may be deferred and paid either
in the form of installments or as a lump-sum payment; provided, however, that if deferral is permitted, such deferral shall be in compliance with the requirements of Section 409A of the Code. The Committee may permit selected
Participants to elect to defer payments of some or all types of Awards in accordance with procedures established by the Committee. Any deferred payment pursuant to an Award, whether elected by the Participant or specified by the Award Agreement or
the terms of the Award or by the Committee, may be forfeited if and to the extent that the Award Agreement or the terms of the Award so provide. 
 c. Dividends and Interest. Rights to (i) dividends will be extended to and made part of any Stock Award and (ii) Dividend Equivalents may be extended to and made part of any Restricted
Stock Unit, subject in each case to such terms, conditions and restrictions as the Committee may establish. The Committee may also establish rules and procedures for the crediting of interest on deferred cash payments for Awards. 
 11. Option Exercise. The Grant Price shall be paid in full at the time of exercise in cash or, if elected by the
Participant, the Participant may purchase such shares by means of tendering Common Stock or surrendering another Award, including Restricted Stock, valued at Fair Market Value on the date of exercise, or any combination thereof. The Committee shall
determine acceptable methods for Participants to tender Common Stock or other Awards. The Committee may provide for procedures to permit the exercise or purchase of such Awards by use of the proceeds to be received from the sale of Common Stock
issuable pursuant to an Award (including “cashless exercise”). Unless otherwise provided in the applicable Award Agreement, in the event shares of Restricted Stock are tendered as consideration for the exercise of an Option, a number of
the shares issued upon the exercise of the Option, equal to the number of shares of Restricted Stock used as consideration thereof, shall be subject to the same restrictions as the Restricted Stock so submitted as well as any additional restrictions
that may be imposed by the Committee. The Committee may adopt additional rules and procedures regarding the exercise of Options from time to time, provided that such rules and procedures are not inconsistent with the provisions of this Section.

 12. Taxes. The Company or its designated third party administrator shall
have the right to deduct applicable taxes from any Award payment and withhold, at the time of delivery or vesting of cash or shares of Common Stock under this Plan, an appropriate amount of cash or number of shares of Common Stock or a combination
thereof for payment of taxes or other amounts required by law or to take such other action as may be necessary in the opinion of the Company to satisfy all obligations for withholding of such taxes or other amounts. The Committee may also permit
withholding to be satisfied by the transfer to the Company of shares of Common Stock theretofore owned by the holder of the Award with respect to which withholding is required. If shares of Common Stock are used to satisfy tax withholding, such
shares shall be valued based on the Fair Market Value when the tax withholding is required to be made. 
 13.
Amendment, Modification, Suspension or Termination of the Plan. The Board may amend, modify, suspend or terminate this Plan for the purpose of meeting or addressing any changes in legal requirements
or for any other purpose permitted by law, except that (i) no amendment or alteration that would adversely affect the rights of any Participant under any Award previously granted to such Participant shall be made without the consent of such
Participant and (ii) no amendment or alteration shall be effective prior to its approval by the stockholders of the Company to the extent such approval is required by applicable legal requirements or the requirements of the securities exchange
on which the Common Stock is listed. 
  

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 14. Assignability. Except as otherwise
provided herein, no Award granted under this Plan shall be sold, transferred, pledged, assigned or otherwise alienated or hypothecated by a Participant other than by will or the laws of descent and distribution, and during the lifetime of a
Participant, any Award shall be exercisable only by the Participant, or, in the case of a Participant who is mentally incapacitated, the Award shall be exercisable by the Participant’s guardian or legal representative. The Committee may
prescribe and include in applicable Award Agreements other restrictions on transfer. Any attempted assignment or transfer in violation of this Section 14 shall be null and void. Upon the Participant’s death, the personal representative or
other person entitled to succeed to the rights of the Participant (the “Successor Participant”) may exercise such rights. A Successor Participant must furnish proof satisfactory to the Company of his or her right to exercise the Award
under the Participant’s will or under the applicable laws of descent and distribution. 
 Notwithstanding
any provision of the Plan to the contrary, the Committee may permit transfers of Non-Qualified Stock Options, SARs, Stock Award, Restricted Stock Unit Award or Cash Award to Family Members (including, without limitation, transfers affected by a
domestic relations order) subject to such terms and conditions as the Committee shall determine. “Family Members” means as to a Participant, any (i) child, stepchild, grandchild, parent, stepparent, grandparent, spouse, mother-in-law,
father-in-law, son-in-law or daughter-in-law (including adoptive relationships), (ii) trusts for the exclusive benefit of one or more such persons and/or the Participant and (iii) other entity owned solely by one or more such persons
and/or the Participant. 
 15. Adjustments. 
 a. The existence of outstanding Awards shall not affect in any manner the right or power of the Company or its stockholders
to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in the capital stock of the Company or its business or any merger or consolidation of the Company, or any issue of bonds, debentures, preferred or prior
preference stock (whether or not such issue is prior to, on a parity with or junior to the existing Common Stock) or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or any other
corporate act or proceeding of any kind, whether or not of a character similar to that of the acts or proceedings enumerated above. 
 b. In the event of any subdivision or consolidation of outstanding shares of Common Stock, declaration of a dividend payable in shares of Common Stock or other stock split, then: (i) the number of
shares of Common Stock reserved under this Plan, (ii) the number of shares of Common Stock covered by outstanding Awards in the form of Common Stock or units denominated in Common Stock, (iii) the Grant Price or other price in respect of
such Awards, (iv) the appropriate Fair Market Value and other price determinations for such Awards, and (v) the Stock Based Awards Limitations shall each be proportionately adjusted by the Board as appropriate to reflect such transaction.
In the event of any other recapitalization or capital reorganization of the Company, any consolidation or merger of the Company with another corporation or entity, the adoption by the Company of any plan of exchange affecting Common Stock or any
distribution to holders of Common Stock of securities or property (other than normal cash dividends or dividends payable in Common Stock), the Board shall make appropriate adjustments to (i) the number of shares of Common Stock covered by
Awards in the form of Common Stock or units denominated in Common Stock, (ii) the Grant Price or other price in respect of such Awards, (iii) the appropriate Fair Market Value and other price determinations for such Awards, and
(iv) the Stock Based Awards Limitations to reflect such transaction; provided that such adjustments shall only be such as are necessary to maintain the proportionate interest of the holders of the Awards and preserve, without increasing, the
value of such Awards. 
 c. In the event of a corporate merger, consolidation, acquisition of property or stock,
separation, reorganization or liquidation, the Board may make such adjustments to Awards or other provisions for the disposition of Awards as it deems equitable, and shall be authorized, in its discretion: (1) to provide for the substitution of
a new Award or other arrangement (which, if applicable, may be exercisable for such property or stock as the Board determines) for an Award or the assumption of the Award, regardless of whether in a transaction to which Section 424(a) of the
Code applies, (2) to provide, prior to the transaction, for the acceleration of the vesting and exercisability of, or lapse of restrictions with respect to, the Award and, if the transaction is a cash merger, provide for the termination of any
portion of the Award that remains unexercised at the time of such transaction, or (3) to cancel any such Awards and to deliver to the Participants cash in an amount that the Board shall determine in its sole discretion is equal to the fair
market value of such Awards on the date of such event, which in the case of Options or SARs shall be the excess of the Fair Market Value of Common Stock on such date over the Grant Price of such Award. 
 d. No adjustment or substitution pursuant to this Section 15 shall be made in a manner that results in noncompliance
with the requirements of Section 409A of the Code, to the extent applicable. 
 16.
Restrictions. No Common Stock or other form of payment shall be issued with respect to any Award unless the Company shall be satisfied based on the advice of its counsel that such issuance will be in
compliance with applicable federal and state securities laws. Certificates evidencing shares of Common Stock delivered under this Plan (to the extent that such shares are so evidenced) may be subject to such stop transfer orders and other
restrictions as the Committee may deem advisable under the rules, regulations and other requirements of the Securities and Exchange Commission, any securities exchange or transaction reporting system upon which the Common Stock is then listed or to
which it is admitted for quotation and any applicable federal or state securities law. The Committee may cause a legend or legends to be placed upon such certificates (if any) to make appropriate reference to such restrictions. 
  

 Page 7 

 17. Unfunded Plan. Insofar as it provides
for Awards of cash, Common Stock or rights thereto, this Plan shall be unfunded. Although bookkeeping accounts may be established with respect to Participants who are entitled to cash, Common Stock or rights thereto under this Plan, any such
accounts shall be used merely as a bookkeeping convenience. The Company shall not be required to segregate any assets that may at any time be represented by cash, Common Stock or rights thereto, nor shall this Plan be construed as providing for such
segregation, nor shall the Company, the Board or the Committee be deemed to be a trustee of any cash, Common Stock or rights thereto to be granted under this Plan. Any liability or obligation of the Company to any Participant with respect to an
Award of cash, Common Stock or rights thereto under this Plan shall be based solely upon any contractual obligations that may be created by this Plan and any Award Agreement, and no such liability or obligation of the Company shall be deemed to be
secured by any pledge or other encumbrance on any property of the Company. Neither the Company nor the Board nor the Committee shall be required to give any security or bond for the performance of any obligation that may be created by this Plan.

 18. Section 409A of the Code. It is intended that any Awards under the
Plan satisfy the requirements of Section 409A of the Code, and any ambiguous provision will be construed in a manner that is compliant with or exempt from the application of Section 409A of the Code. 
 19. Parachute Payment Limitation. Notwithstanding any contrary provision of the Plan, the
Committee may provide in the Award Agreement or in any other agreement with the Participant for a limitation on the acceleration of vesting and exercisability of unmatured Awards to the extent necessary to avoid or mitigate the impact of the golden
parachute excise tax under Section 4999 of the Code on the Participant or may provide for a supplemental payment to be made to the Participant as necessary to offset or mitigate the impact of the golden parachute excise tax on the Participant.
In the event the Award Agreement or other agreement with the Participant does not contain any contrary provision regarding the method of avoiding or mitigating the impact of the golden parachute excise tax under Section 4999 of the Code on the
Participant, then notwithstanding any contrary provision of this Plan, the aggregate present value of all parachute payments payable to or for the benefit of a Participant, whether payable pursuant to this Plan or otherwise, shall be limited to
three times the Participant’s base amount less one dollar and, to the extent necessary, the exercisability of an unmatured Award shall be reduced in order that this limitation not be exceeded, with the order of reduction applied first against
the Award with the latest vesting date and continuing, as necessary, to those Awards with earlier vesting dates. For purposes of this Section 19, the terms “parachute payment,” “base amount” and “present value”
shall have the meanings assigned thereto under Section 280G of the Code. It is the intention of this Section 19 to avoid excise taxes on the Participant under Section 4999 of the Code or the disallowance of a deduction to the Company
pursuant to Section 280G of the Code. 
 20. Right to Employment. Nothing
in the Plan or an Award Agreement shall interfere with or limit in any way the right of the Company to terminate any Participant’s employment or other service relationship at any time, nor confer upon any Participant any right to continue in
the capacity in which he or she is employed or otherwise serves the Company. 
 21.
Successors. All obligations of the Company under the Plan with respect to Awards granted hereunder shall be binding on any successor to the Company, whether the existence of such successor is the
result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company. 
 22. Governing Law. This Plan and all determinations made and actions taken pursuant hereto, to the extent not otherwise governed by mandatory provisions of
the Code or the securities laws of the United States, shall be governed by and construed in accordance with the laws of the State of Texas. 
  

 Page 8Form of Indemnification Agreement

 Exhibit 10.16 
 INDEMNITY AGREEMENT 
 This Indemnity
Agreement (this “Agreement”) is made and entered into this          day of             , 200__, by and between Texas
Petrochemicals Inc., a Delaware corporation (“TPI” or the “Company”), and
                                         
    (“Indemnitee”). 
 Introduction 
 Indemnitee is or will become a director, officer, employee or fiduciary of TPI or, at the request of TPI, of another entity.
The parties desire that the Company provide indemnification (including advancement of expenses) to Indemnitee against any and all liabilities asserted against Indemnitee to the fullest extent permitted by the Delaware General Corporation Law and any
other law (including statutory law and law established by judicial decision) of the State of Delaware (collectively, “Law”), as the Law presently exists and may be expanded from time to time; subject to the terms and conditions contained
herein. Based on such premise, and for certain good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 
 1. Continued Service. Indemnitee will serve (in each case, the “Service Period”) (a) as a director of
the Company or another entity from and after the Effective Date and for so long as Indemnitee is duly elected or appointed and qualified, (b) at the will of the Company as an officer of the Company or another entity, from and after the
Effective Date and for so long as Indemnitee is duly elected or appointed and qualified, or (c) at the will of the Company, or under separate contract, if such exists, as an employee or fiduciary of the Company or another entity, for so long as
Indemnitee is so employed or engaged. 
 2. Indemnification. The Company shall indemnify Indemnitee as
follows: 
  
 2.1. The Company shall
indemnify Indemnitee when Indemnitee was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in
the right of the Company), by reason of the fact that Indemnitee is or was during the Service Period a director, officer, employee or fiduciary of the Company, or is or was during the Service Period serving at the request of the Company as a
director, officer, employee or fiduciary of another corporation, partnership, limited liability company, joint venture, employee benefit plan, trust, other enterprise or association (other than an Excluded Entity), against expenses (including
attorneys’ fees and expenses), court costs, witness fees, judgments, fines, penalties and amounts paid in settlement in each case actually and reasonably incurred by Indemnitee in connection with such action, suit or proceeding (including
punitive and similar damages, to the extent permitted by Law) to the fullest extent authorized and permitted by the provisions of the Company’s Certificate of Incorporation and Bylaws and by Law, including against the consequences of
Indemnitee’s own negligence, or by any amendment thereof, but in the case of any such amendment, only to the extent that such amendment permits the Company to provide broader indemnification rights than the Company’s Certificate of
Incorporation or Bylaws or Law permitted the Company to provide prior to such amendment, or other statutory provisions authorizing or permitting such indemnification which is adopted after the date hereof. 
  

 1 

 2.2. The Company shall indemnify Indemnitee when Indemnitee was or is a
party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the Company to procure a judgment in its favor by reason of the fact that Indemnitee is or was during the Service Period a
director, officer, employee or fiduciary of the Company, or is or was during the Service Period serving at the request of the Company as a director, officer, employee or fiduciary of another corporation, partnership, limited liability company, joint
venture, employee benefit plan, trust, other enterprise or association (other than an Excluded Entity) against expenses (including attorneys’ fees and expenses, court costs and witness fees) actually and reasonably incurred by Indemnitee in
connection with the defense or settlement of such action or suit to the fullest extent authorized and permitted by the provisions of the Company’s Certificate of Incorporation and Bylaws and by Law, including against the consequences of
Indemnitee’s own negligence, or by any amendment thereof, but in the case of any such amendment, only to the extent that such amendment permits the Company to provide broader indemnification rights than the Company’s Certificate of
Incorporation or Bylaws or Law permitted the Company to provide prior to such amendment, or other statutory provisions authorizing or permitting such indemnification which is adopted after the date hereof. 
 2.3. No indemnification pursuant to this Agreement shall be paid by the Company: 
 (a) in respect to any transaction if it shall be determined by final judgment or other final adjudication
that Indemnitee derived an improper personal benefit; 
 (b) on account of Indemnitee’s
conduct which is determined by final judgment or other final adjudication to have involved acts or omissions constituting gross neglect of duty, bad faith, intentional misconduct, fraud or a knowing violation of law; 
 (c) for any claim asserted by Indemnitee, other than an assertion to recover insurance proceeds or an
indemnity amount which would otherwise be subject to coverage hereunder; or 
 (d) if a court
having jurisdiction in the matter shall determine that such indemnification is in violation of TPI’s Certificate of Incorporation or Bylaws or Law. 
 2.4. Notwithstanding anything in this Agreement to the contrary, Indemnitee shall not be entitled under this Agreement to any indemnification or advancement or reimbursement of expenses or other rights or
benefits by reason of (a) Indemnitee’s past, present or future services as a director, officer, manager, partner, employee, agent or fiduciary of an Excluded Entity or (b) Indemnitee’s service prior to the Effective Date as a
director, officer, manager, partner, employee, agent or fiduciary of the Company or of another corporation, partnership, limited liability company, joint venture, employee benefit plan, trust or other enterprise. 
 2.5. Expenses (including attorneys’ fees and expenses, court costs and witness fees) actually and reasonably incurred
by Indemnitee in defending any civil, criminal, administrative, or investigative action, suit or proceeding or in connection with a claim by Indemnitee for indemnification hereunder shall be paid from time to time by the Company in advance of the

  

 2 

 
final disposition of such action, suit or proceeding, within three (3) days after the receipt by the Company from Indemnitee of a Statement of Undertaking in substantially the form set forth
in Exhibit A, in which Indemnitee (1) states that Indemnitee has reasonably incurred actual out-of-pocket expenses in defending a civil, criminal, administrative, or investigative action, suit or proceeding and (2) undertakes to repay such
amount if it shall ultimately be determined that Indemnitee is not entitled to be indemnified by the Company as authorized in this Section 2. 
 2.6. The indemnification and advancement of expenses provided by, or granted pursuant to, this Section 2 shall not be deemed exclusive of any other rights to which Indemnitee may be entitled with
respect to the Service Period under any Bylaw, agreement, vote of the majority of the stockholders or directors of TPI or Law as to action in Indemnitee’s official capacity and shall continue after Indemnitee has ceased to be a director,
officer, employee or fiduciary of the Company or another entity or association, and shall inure to the benefit of the heirs, executors and administrators of Indemnitee. 
 2.7. The termination of any action, suit or proceeding by judgment, order, settlement or conviction or upon a plea of nolo contendere or its equivalent shall not, of itself, create a
presumption that Indemnitee grossly neglected his duty, acted in bad faith, committed intentional misconduct, committed fraud or knowingly violated the law. 
 2.8. The Company shall have no obligation to indemnify Indemnitee under this Agreement for amounts paid in settlement of any action, suit or proceeding without the Company’s
prior written consent. The Company shall not settle any action, suit or proceeding in any manner that would impose any fine, expense or other obligation or limitation on Indemnitee without Indemnitee’s prior written consent. Neither the Company
nor Indemnitee shall unreasonably withhold or delay their written consent to any proposed settlement. 
 3.
Determination of Right to Indemnification. With respect to any determination under Section 2.3(d) hereof concerning the right of Indemnitee to indemnification and repayment of expenses under this Agreement or under the provisions of
TPI’s Certificate of Incorporation and Bylaws now or hereafter in effect, subject to Section 6 hereof, a majority of TPI’s Board of Directors who are not parties to the claim shall make a determination which shall be conclusive and
binding on the Company and Indemnitee. The burden of proof of establishing that Indemnitee is not entitled to indemnification and Indemnitee must repay expenses hereunder shall rest with the Company based upon clear and convincing evidence.

 3.1. Indemnitee shall submit to TPI’s Board of Directors a Statement of Request for Indemnification in
substantially the form set forth in Exhibit B, in which Indemnitee states that Indemnitee has not derived an improper personal benefit, or committed acts or omissions constituting gross neglect of duty, bad faith, intentional misconduct, fraud or
knowing violation of the law. 
 4. Liability Insurance. The Company shall maintain an insurance policy
or policies providing directors’ and officers’ liability insurance in an amount not less than the coverage in effect on the date hereof and on customary terms, unless otherwise determined by a majority of TPI’s Board of Directors.
Indemnitee will be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage available for any director of TPI. 
  

 3 

 5. Certain Amendments; Enforcement. (a) In the event that
(i) the Company enters into an indemnification agreement with another director or officer containing terms more favorable to the indemnitee than the terms contained herein, or (ii) there is a change of control of the Company and the
successor or any of its affiliates has entered into an indemnification agreement with another director or officer containing terms more favorable to the indemnitee than the terms contained herein, Indemnitee shall be afforded the benefit of such
more favorable terms and such more favorable terms shall be deemed to be incorporated by referenced herein as if set forth in full herein. Promptly following the execution thereof, the Company (or its successor, as the case may be) shall
(x) send a copy of the agreement containing more favorable terms to Indemnitee, and (y) prepare, execute and deliver to Indemnitee an amendment to this Agreement containing such more favorable terms. 
 (b) The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on
the Company hereunder in order to induce Indemnitee to serve as a director of the Company, and acknowledges that Indemnitee is relying upon this Agreement in serving in such capacity. 
 6. Merger, Consolidation or Change in Control. If (1) the Company is a constituent corporation in a merger or
consolidation, whether the Company is the resulting or surviving corporation or is absorbed as a result thereof, or (2) the Company is converted into another type of entity, or (3) if there is a change in control of the Company, or a sale
or other complete disposition of all or substantially all of the assets of the Company, Indemnitee shall stand in the same position under this Agreement with respect to the resulting, surviving, changed, acquiring or converted corporation or other
entity as Indemnitee would have with respect to the Company if its separate existence had continued or if there had been no change in the control of the Company or a sale or other complete disposition of all or substantially all of the assets of the
Company. If there has not been a change in control of the Company after the date of this Agreement, the determination of (i) the rights of Indemnitee to indemnification and payment of expenses under this Agreement or under the provisions of
TPI’s Certificate of Incorporation and the Bylaws, (ii) standard of conduct and (iii) evaluation of the reasonableness of amounts claimed by Indemnitee shall be made by a majority of TPI’s Board of Directors who are not a party
to the claim or such other body or persons as may be permitted by Law. If there has been a change in control of the Company after the date of this Agreement, such determination and evaluation shall be made by a special, independent counsel who is
selected by Indemnitee and approved in writing by the Company, which approval shall not be unreasonably withheld or delayed, and who has not otherwise performed services for Indemnitee or the Company. 
 7. Certain Definitions. For the purposes of this Agreement, the following terms shall have the indicated meanings and
understandings (whether singular or plural): 
 7.1. The term “other enterprise” shall include, among
others, employee benefit plans and committees thereof, and civic, non-profit and charitable organizations, whether or not incorporated. 
 7.2. The term “fines” shall include any excise taxes assessed on Indemnitee with respect to any employee benefit plan. 
  

 4 

 7.3. The term “serving at the request of the Company” shall
include any service, at the request or with the express or implied authorization of the Company, as a director, manager, officer, employee or agent of another corporation, partnership, limited liability company, joint venture, employee benefit plan,
trust, other enterprise or association (other than an Excluded Entity), which service imposes duties on, or involves services by, Indemnitee with respect to such corporation, partnership, limited liability company, joint venture, employee benefit
plan, trust or other enterprise, its participants or beneficiaries. 
 7.4. The term “Plan of
Reorganization” shall mean TPLP’s Fourth Amended Plan of Reorganization under Chapter 11 of Title 11 of the United States Code (Case No. 03-40258-H3-11). 
 7.5. The term “Effective Date” shall mean May 6, 2004, which is the date that the Plan of Reorganization became effective. 
 7.6. The term “Excluded Entities” shall mean (i) TPC Holding LLC, a Delaware limited liability company
(“TPCH LLC”), which was the general partner of TPLP prior to the Effective Date, and (ii) Texas Petrochemical Holdings, Inc., a Delaware corporation, which is the sole member of TPCH LLC. 
 7.7. The term “change of control” shall include any change in the ownership of a majority of the outstanding
voting securities of TPI in one or a series of related transactions or in the composition of a majority of the members of the Board of Directors of TPI. 
 8. Remedies of Indemnitee. (a) In the event that (i) a determination is made pursuant to Section 2.3(d) of this Agreement that Indemnitee is not entitled to indemnification under
this Agreement, (ii) advancement or reimbursement of expenses is not timely made under the terms of this Agreement, (iii) payment of indemnification is not made within 10 days after a determination has been made that Indemnitee is entitled
to indemnification pursuant to Section 2.3 of this Agreement, or (iv) the Company’s Board of Directors fails to make a determination of entitlement to indemnification pursuant to Section 2.3(d) hereof within thirty (30) days
after receipt by the Company of a request therefor, Indemnitee shall be entitled to an adjudication in an appropriate court of the State of Texas or Delaware of his entitlement to such indemnification or reimbursement or advancement of expenses.
Alternatively, Indemnitee, at his sole option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the rules of the American Arbitration Association. Indemnitee shall commence such proceeding seeking an adjudication
or an award in arbitration within 180 days following the date on which the Indemnitee first has the right to commence such a proceeding pursuant to this Section 8. 
 (b) In the event that a determination is made pursuant to Section 2.3(d) of this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding or
arbitration commenced pursuant to this Section 8 shall be conducted in all respects as a de novo trial or a de novo arbitration (as applicable) on the merits, and Indemnitee shall not be prejudiced by reason of that adverse
determination. If Indemnitee commences a judicial proceeding or arbitration pursuant to this Section 8, Indemnitee shall not be required to reimburse the Company for any advances of expenses until a final determination is made with respect to
Indemnitee’s entitlement to indemnification (as to which rights of appeal have been exhausted or lapsed). 
  

 5 

 (c) If a determination is made pursuant to Section 2.3(d) of this
Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 8, absent (i) a misstatement by Indemnitee of a
material fact, or an omission by Indemnitee of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under
applicable law. 
 9. Attorneys’ Fees. If Indemnitee institutes any legal action to enforce
Indemnitee’s rights under this Agreement, or to recover damages for breach of this Agreement, Indemnitee, if Indemnitee prevails in whole or in part, shall be entitled to recover from the Company all fees and expenses (including attorneys’
fees and expenses) actually and reasonably incurred by Indemnitee in connection therewith. 
 10. Deposit of
Funds In Trust. If the Company voluntarily decides to dissolve or to file a petition for relief under the applicable bankruptcy, moratorium or similar laws, then not later than 10 days prior to such dissolution or filing, the Company shall
deposit in trust for the sole and exclusive benefit of Indemnitee a cash amount equal to all amounts previously authorized to be paid to Indemnitee hereunder, such amounts to be used to discharge the Company’s obligations to Indemnitee
hereunder. Any amounts in such trust not required for such purpose shall be returned to the Company. This Section 10 shall not apply to the dissolution of the Company in connection with a transaction as to which Section 6 applies.

 11. Amendments to Law. This Agreement is intended to provide indemnity to Indemnitee to the fullest
extent allowed under Law, including but not limited to statutory law and judicial decisions. Accordingly, to the extent permitted by Law, if the Law permits greater indemnity than the indemnity set forth herein, or if any amendment is made to any
Law expanding the indemnity permissible under Law, the indemnity obligations contained herein automatically shall be expanded, without the necessity of action on the part of any party, to the extent necessary to provide to Indemnitee the fullest
indemnity permissible under Law. 
 12. Miscellaneous Provisions. 
 12.1. This Agreement shall only cover matters occurring during the Service Period, but it shall continue for so long as
Indemnitee serves as a director, officer, employee or fiduciary of the Company or as a director, manager, officer, partner, employee, agent or fiduciary of any other corporation, partnership, limited liability company, joint venture, employee
benefit plan trust, other enterprise or association in which the Indemnitee served at the request of the Company, and thereafter shall survive until and terminate upon the later to occur of: (1) the final termination of all pending proceedings
in respect of which Indemnitee is granted rights of indemnification or advancement of expenses hereunder and of any proceeding commenced by Indemnitee relating thereto; or (2) the expiration of all statutes of limitation applicable to possible
claims arising out of Indemnitee’s services as described above. 
 12.2. This Agreement constitutes the
full understanding of the parties and a complete and exclusive statement of the terms and conditions of this Agreement and supersedes all prior negotiations, understandings and agreements, whether written or oral, between the parties, their
affiliates, and their respective principals, shareholders, directors, officers, employees, consultants

  

 6 

 
and agents with respect thereto; provided, however, that no rights of Indemnitee under any certificate of incorporation, bylaw, insurance policy, Law or other agreement shall be
limited or terminated by this Agreement 12.2. In the event of any payment by the Company under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers
required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights. 
 12.3. The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder if and to the extent that Indemnitee has otherwise
actually received such payment under the certificate of incorporation or bylaws of the Company, any insurance policy, any contract or agreement or otherwise. Notwithstanding any other provision of this Agreement, neither party shall have any
liability to the other for, and neither party shall be entitled to recover from the other, any consequential, special, punitive, multiple or exemplary damages as a result of a breach of this Agreement. 
 12.4. No alteration, modification, amendment, change or waiver of any provision of this Agreement shall be effective or
binding on any party hereto unless the same is in writing and is executed by all parties hereto. 
 12.5. If a
court of competent jurisdiction declares that any provision of this Agreement is illegal, invalid or unenforceable, then such provision shall be modified automatically to the extent necessary to make such provision fully legal, valid or enforceable.
If such court does not modify any such provision as contemplated herein, but instead declares it to be wholly illegal, invalid or unenforceable, then such provision shall be severed from this Agreement, this Agreement and the rights and obligations
of the parties hereto shall be construed as if this Agreement did not contain such severed provision, and this Agreement otherwise shall remain in full force and effect. 
 12.6. This Agreement shall be enforceable by and against the Company, Indemnitee and their respective executors, legal representatives, administrators, beneficiaries, heirs,
successors and assignees. 
 12.7. This Agreement shall be governed by, construed under, and enforced in
accordance with the laws of the State of Delaware, without reference to the conflict of laws provisions thereof requiring the application of the laws of any other jurisdiction. 
 12.8. This Agreement may be executed by the parties hereto in multiple counterparts, each of which shall be deemed an original for all purposes, and all of which together shall
constitute one and the same instrument. 
 12.9. The Company and the Indemnitee shall each be precluded from
asserting in any judicial proceeding commenced under this Agreement that the procedures and presumptions of this Agreement are not valid, binding and enforceable and both the Company and Indemnitee shall stipulate in any such court that they are
bound by all the provisions of this Agreement. 
  

 7 

 12.10. Unless otherwise expressly provided herein, all notices, requests,
demands, consents, waivers, instructions, approvals and other communications hereunder shall be in writing and shall be deemed to have been duly given if personally delivered to or mailed, certified mail return receipt requested, first-class postage
paid, addressed as follows: 
 If to the Company, to it at: 
 Texas Petrochemicals Inc. 
 Three Riverway, Suite 1500 
 Houston, Texas 77056 
 Attention: President 
 With a copy to (which shall not constitute notice): 
 Akin Gump
Strauss Hauer & Feld LLP 
 590 Madison Avenue 
 New York, New York 10022 
 Attention: Susan Cohen 
 If to Indemnitee, to Indemnitee at:

  

							
		  	 	  		  	
				
		  	 	  		  	
				
		  	 	  		  	
				
		  	 	  		  	

 or to such other address or to such other addressees as any party shall have last
designated as its address or addressee by notice to the other party. All notices and other communications given to any party in accordance with the provisions of this Agreement shall be deemed to have been given when delivered or sent to the
intended recipient thereof in accordance with the provisions of this Section 12.10. 
  

 8 

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

			
	 TEXAS PETROCHEMICALS, INC.

		
	 By: 
	 	 
		 	Name:
		 	Title:

			
	
	INDEMNITEE:
		
	 Signature 
	 	 
		
		 	 
		 	Print Name

 Reference is made to the Indemnity Agreement, dated as of the
date hereof (the “Agreement”), between Texas Petrochemicals Inc., a Delaware corporation (“TPI”), and                     
(“Indemnitee”). Capitalized terms used in this guarantee but not defined shall have the meanings ascribed to them in the Agreement. 
 Texas Petrochemicals LP, a Texas limited partnership (“TPLP”), is entering into this guarantee in order to induce Indemnitee to enter into the Agreement and to serve as a director, officer,
employee or fiduciary of TPI, or at the request of TPI, of another entity, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged. 
 TPLP hereby unconditionally and absolutely guarantees (the “Guarantee”) the prompt and complete payment and
performance and not merely collection of any and all obligations of TPI pursuant to the Agreement (the “Guarantee Obligations”). The Guarantee is an absolute, present and continuing guarantee of payment and performance, and shall remain in
full force and effect without regard to any of the following: (a) any amendment or modification of or addition or supplement to any of the Guarantee Obligations or any agreement executed in connection therewith, (b) any default by TPI
under, or any invalidity or unenforceability in any respect of, or any irregularity or other defect in any of, the Guarantee Obligations, (c) any exercise or nonexercise of any right, remedy, power or privilege in respect of the Guarantee or
any of the Guarantee Obligations, (d) any assignment or other transfer of the Agreement or any rights or obligations thereunder, or (e) any bankruptcy, insolvency, reorganization or similar proceeding involving or affecting TPI. The
Guarantee shall remain in full force and effect until all of the Guarantee Obligations shall have been satisfied in full. TPLP is entering into the Guarantee as a primary obligor and not merely as surety. TPLP hereby waives diligence, presentment,
protest, demand for payment and notice of default or nonpayment and all other defenses arising from the status of a guarantor or surety of the Guarantee Obligations. 
  

 9 

 This guarantee shall in all respects be governed by and construed in
accordance with the laws of the State of New York, excluding any law that would result in the application of the laws of any jurisdiction other than the State of New York. 
 This guarantee may be modified or amended only by written agreement of the parties hereto signed by authorized representatives of the parties hereto and specifically referencing this
guarantee. 
  

			
	TEXAS PETROCHEMICALS LP
		
	 By: 
	 	 
		 	Name:
		 	Title:

			
		
	 Signature 
	 	 
		
		 	 
		 	Print Name

  

 10 

 EXHIBIT A 
 STATEMENT OF UNDERTAKING 
  

							
	 STATE OF
	  	 	  	  §	  	
		  		  	  §	  	

							
	 COUNTY OF
	  	 	  	§	  	

 I,
                                         
               , being first duly sworn, depose and say as follows: 
 1. This Statement of Undertaking is submitted pursuant to the Indemnity Agreement dated
                                         
            (the “Agreement”), among Texas Petrochemicals Inc., a Delaware corporation (“TPI” or the “Company”), and me. 
 2. I am requesting the advancement of certain actual expenses which I have actually and reasonably incurred in claiming
indemnification under the Agreement or defending a civil or criminal action, suit or proceeding by reason of the fact that I am or was during the Service Period (as such term is defined in the Agreement) a director, officer, employee or fiduciary of
the Company or I am serving or have served during the Service Period at the request of the Company as a director, officer, employee or fiduciary of another corporation, partnership, limited liability company, joint venture, employee benefit plan,
trust, other enterprise or association. 
 3. I hereby undertake to repay this advancement of expenses if it is
ultimately determined in accordance with the Agreement that I am not entitled to be indemnified by the Company. 
 4. I am requesting the advancement of expenses in connection with the following action, suit or proceeding: 
 I have executed this Statement of Undertaking on
                                         
       . 
  

	
	  
	Signature
	
	Print Name

 Subscribed and sworn to before me on
                                . 
  

	
	  
	Notary Public in and for
	said state and county
	My commission expires:
                                         
    

  

 11 

 EXHIBIT B 
 STATEMENT OF REQUEST FOR INDEMNIFICATION 
  

							
	 STATE OF
	  	 	  	  §	  	
		  		  	  §	  	

							
	 COUNTY OF
	  	 	  	§	  	

 I,
                                         
           , being first duly sworn, depose and say as follows: 
 1. This Statement of Request for Indemnification is submitted pursuant to the Indemnity Agreement dated
                                         
        (the “Agreement”), among Texas Petrochemicals Inc., a Delaware corporation (“TPI” or the “Company”), and me. 
 2. I am requesting indemnification against expenses (including attorneys’ fees and expenses) and judgments, fines and
amounts paid in settlement, all of which have been actually and reasonably incurred by me in connection with a certain action, suit or proceeding to which I am a party or am threatened to be made a party by reason of the fact that I am or was during
the Service Period (as such term is defined in the Agreement) a director, officer, employee or fiduciary of the Company or I am serving or have served during the Service Period at the request of the Company as a director, officer, employee or
fiduciary of another corporation, partnership, limited liability company, joint venture, employee benefit plan, trust, other enterprise or association. 
 3. With respect to all matters related to any such action, suit or proceeding, I have not derived an improper personal benefit or been involved in acts or omissions constituting gross neglect of duty, bad
faith, intentional misconduct, fraud or a knowing violation of the law. 
 4. I am requesting indemnification in
connection with the following suit, action or proceeding: 
 I have executed this Statement of Request for
Indemnification on                         . 
  

	
	  
	Signature
	
	  
	Print Name

 Subscribed and sworn to before me on
                                . 
  

	
	  
	Notary Public in and for
	said state and county
	My Commission expires:
                                         
   

  

 12

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