Document:

exv10w14

Exhibit 10.14

2010 Base Salaries for Named Executive Officers

	 	 	 	 	 
	Name and Title	 	Salary
	John J. Mikulsky
	 	$	282,000	 
	President and Chief Executive Officer
	 	 	 	 
	Curt P. Sacks
	 	$	210,000	 
	Senior Vice President and Chief Financial Officer
	 	 	 	 
	Steven F. Layton
	 	$	215,000	 
	Senior Vice
President  Sales & Marketing
	 	 	 	 
	Daniel P. Teuthorn
	 	$	229,000	 
	Senior Vice
President Product Development and Operationsexv10w1wb

Exhibit 10.1 (b)

December 10, 2009

Via Email

Mr. Jon Eckhouse

Two Lincoln Centre

The CIT Group/Business Credit, Inc.

5420 LBJ Freeway, Suite 200

Dallas, TX 75240

	 	 	 
	Re:

	 	Amended and Restated Revolving Credit Agreement dated as of March 29, 2007 among
Sterling Chemicals, Inc. (“Sterling”), Sterling Chemicals Energy, Inc., The CIT
Group/Business Credit, Inc. (“CIT”) and Wachovia Bank, National Association (as
amended, the “Credit Agreement”)

Dear Jon:

                          As discussed, we recently determined that it is no longer beneficial for Sterling to continue
the Credit Agreement due to low working capital requirements of its current businesses and its
significant cash position. Accordingly, please accept this letter as notice of Sterling’s election
to terminate the Agreement pursuant to Section 2.2.3 of the Agreement effective as of January 24,
2010.

                          We greatly appreciate the support CIT has provided Sterling over the past ten years. Please
contact me directly at 713-654-9556 if you have any questions.

Sincerely,

Sterling Chemicals, Inc.

/s/ Bruce Moore

Bruce Moore

Vice President, Treasurer

	 	 	 
	cc:

	 	Kenneth M. Hale
	 

	 	Wachovia Bank, National Association
	 

	 	1201 Main Street, Suite 1625
	 

	 	Dallas, TX 75202
	 

	 	Attn: Joe Curdy
	 

	 	joe.curdy@wachovia.comexv10w7

Exhibit 10.7

Jim C. Nicholas

Senior Vice President

Commercial Banking

January 31, 2010

(“Effective Date”)

Sterling Chemicals, Inc.

333 Clay Street, Suite 3600

Houston, Texas 77002-4109

			
	RE:	 	$5,000,000.00 Revolving Line of Credit for letters of credit from JPMORGAN CHASE BANK, N.A.
(“Chase”) to Sterling Chemicals, Inc. (“Borrower”)

Gentlemen:

Chase is pleased to advise approval of a revolving line of credit in the amount of $5,000,000.00
(“Line of Credit”) for issuance of commercial and standby letters of credit, subject to the
terms and conditions stated herein (as the same may be amended, renewed, extended, supplemented or
restated from time to time, this “Agreement”).

NOW THEREFORE, in consideration of the above stated premises, Borrower and Chase agree as follows:

T E R M S  A N D  C O N D I T I O N S

SECTION 1 — THE DISCRETIONARY LINE OF CREDIT

Section 1.1 Line of Credit for Letters of Credit (“Line of Credit”): Prior to
January 31, 2011 (“Termination Date”), Chase will issue letters of credit (“LCs”)
for the account of Borrower and in favor of such person or persons as may be designated by
Borrower, in each case subject to the Continuing Agreement for Standby Letters of Credit between
Borrower and Chase executed in connection herewith (as the same may be amended, supplemented,
restated and otherwise rearranged, “LC Agreement”) on Chase’s then standard form of
application thereunder for the type of LC requested (each an “Application”). Each LC shall
be in form and in favor of beneficiaries acceptable to Chase in Chase’s sole discretion, and shall
have an expiration date of no later than January 31, 2014, unless Chase agrees otherwise in its
sole discretion. “LC Obligations” shall mean the face amount of all LCs issued and
outstanding plus any unreimbursed drawings under the LCs plus any other amounts owing to Chase
under or in respect of any LC or Application. The maximum outstanding amount of LC Obligations
shall not exceed $5,000,000.00 (“Maximum Amount”) at any time.

Section 1.2 Terms and Fees: Unless quoted otherwise by Chase at the time of application
for any LC, Borrower shall pay an annual fee of one percent per annum of face amount, plus an
issuance fee of $500.00, for each standby and commercial LC.

Section 1.3 Collateral; Loan Documents: The Line of Credit and all obligations in
respect of issuance of LCs (including without limitation all “Obligations” as defined in the LC
Agreement) shall be secured, in addition to any security provided for in the LC Agreement, by a
cash collateral deposit with Chase of not less than $5,000,000.00 provided for in the Assignment of
Deposit Account (as the same may be amended, supplemented, restated and otherwise rearranged,
“Assignment”) executed and delivered by Borrower in favor of Chase in connection with this
Agreement. The Assignment, LC Agreement, Applications, LCs, this Agreement and each other written
document, instrument, agreement related to the Line of Credit (together with any and all renewals,
extensions, modifications, supplements, amendments and replacements thereof) that may be required
to be executed and delivered on behalf of Borrower to Chase shall hereinafter be called the
"Loan Documents.” Chase shall be entitled to require each of the Loan Documents be
executed in form and substance acceptable to Chase (“Proper Form”) in accordance with
Chase’s regular practices.

Section 1.4 Existing LCs. All letters of credit issued by Chase currently outstanding
for the account of Borrower, together with all letters of credit issued by Chase for the account of
Borrower at any time this Agreement is in force, shall be LCs subject to this Agreement unless the
parties agree otherwise in writing. The parties acknowledge that in connection with the execution
and delivery of this agreement, certain LCs issued for the account of Borrower under a syndicated
credit facility will be replaced with LCs issued under the Line of Credit and subject to the terms
and limitations of this Agreement.

SECTION 2 — CONDITIONS PRECEDENT

Section 2.1 Conditions Precedent: Prior to issuance of additional LCs for under the Line
of Credit, Borrower shall have executed and/or delivered, in Proper Form, the following documents:
(i) each of the Loan Documents other than the Applications; (ii) for each LC, an Application,
presented in advance of the proposed issuance date in accordance with Chase’s usual practices; and
(iii) any other document, instrument, certificate or instrument that Chase may reasonably require
to consider the request including but not limited to organizational and authority documents of
Borrower.

SECTION 3 — REPRESENTATION AND WARRANTIES

To induce Chase to enter into this Agreement and to issue LCs, Borrower represents and warrants
that on the date hereof, on the date of each Application for and issuance of any LC, and at all
times during the term of this Agreement:

Section 3.1 Organization, Due Execution, and Enforceability: Borrower is and shall remain
duly organized, validly existing and in good standing under the laws of the state of Delaware and
other states that it is necessary and/or desirous to do so, has the authority to do its business

JPMorgan Chase Bank, N.A. • P.O. Box 2558, Houston, Texas 77252-2558

Member FDIC • Equal Housing Lender

 

 

					
	Letter Agreement
	 	Sterling Chemicals, Inc.
	 	January 31, 2010

in
the state of Texas, and the execution of the Loan Documents by Borrower has been duly authorized
and does not contravene the articles of
incorporation or by-laws of Borrower, and will not result in the breach of, or constitute a default
under any agreement, judgment, order or decree binding upon Borrower, and the Loan Documents
executed by Borrower are legally binding obligations of Borrower, enforceable in accordance with
their respective terms, except as may be limited by bankruptcy, insolvency and other similar laws;

Section 3.2 Accurate Information: The information in the financial statements and other
information provided, or to be provided to Chase by Borrower, are true, correct and accurate as of
the date provided and shall be true and correct on the date that any LC is requested to be issued;

Section 3.3 No Defaults: No Event of Default (as defined hereinafter) or default exists
under this Agreement or under any of the other Loan Documents and no default exists under any other
agreement material to the financial condition of Borrower or is continuing;

Section 3.4 No Litigation, etc.: Borrower is not subject to any agreement, contract,
order, judgment, or litigation which could materially and adversely affect its respective financial
condition, business affairs or operations;

Section 3.5 Payment of Taxes: Borrower has paid all its taxes due and owing including
without limitation employment taxes, except for those for which extensions have been obtained and
those being contested in good faith and for which adequate reserves have been established;

Section 3.6 Compliance, Governmental Requirements, Permits and Contracts: Borrower is not
subject to any governmental order, any contract or administrative or judicial order or judgment
that could materially and adversely affect its financial condition, business affairs or operations
of its business. Borrower has no material contingent liability with respect to compliance with
laws, rules and regulations applicable to Borrower; and

Section 3.7 Regulation U: None of the proceeds of any credit provided for herein shall be
used for the purpose of purchasing or carrying directly or indirectly, any margin stock or for any
other purpose which would make any credit provided by Chase to Borrower hereunder a purpose credit
within the meaning of Regulation U of the Board of Governors of the Federal Reserve System.

SECTION 4 — COVENANTS

Borrower covenants and agrees that so long as any LC is outstanding or any amounts are owing under
the other Loan Documents Borrower shall:

Section 4.1 Financial Information Statements: (a) Within 120 days after Borrower’s fiscal
year end, Borrower shall provide to Chase Borrower’s financial statements prepared in accordance
with GAAP and audited with an unqualified opinion by an accounting firm of national standing. (b)
Within 45 days after each fiscal quarter end, Borrower shall provide to Chase Borrower’s financial
statements prepared in accordance with GAAP. Borrower shall also provide such other financial and
business information concerning Borrower as Chase shall request from time to time.

Section 4.2 Representation and Warranties: Borrower shall ensure that each of the
representations and warranties of Borrower contained herein shall be true and correct when given
and when deemed given hereunder and notify Chase immediately should any representation or warranty
become untrue or misleading;

Section 4.4 Notification of Corporate and Other Changes: Borrower shall notify Chase in
writing at least 30 days prior to any date that Borrower changes its name or the location of its
principal place of business or the location of its books and records, and give Chase prompt notice
if Borrower becomes a party to any merger or consolidation, or if there is a change or modification
to its business or legal structure; and

Section 4.5 Compliance: Borrower shall at all times comply with applicable laws, rules,
regulations, ordinances and Executive Orders.

SECTION 5 — EVENTS OF DEFAULT AND REMEDIES

Section 5.1 Defaults and Remedies. If any of Event of Default shall occur, then Chase may
do any or all of the following: (1) declare the LC Obligations to be, and thereupon the balance
thereof shall forthwith become, immediately due and payable, together with all accrued and unpaid
interest thereon and all fees and all other obligations and indebtedness of Borrower under the Loan
Documents, without notice of acceleration or of intention to accelerate, presentment and demand or
protest, all of which are hereby expressly waived; (2) without notice to Borrower, terminate the
Line of Credit and refuse to issue LCs; (3) set off, in any order, against the indebtedness of
Borrower under the Loan Documents, against the Account covered by the Assignment; and (4) exercise
any and all other rights pursuant to the Loan Documents, at law, in equity or otherwise.
“Event of Default” shall mean the occurance of any of (a) any “Event of Default” as defined
in the LC Agreement, (b) any event described in section 6 (c) of the LC Agreement, (c) any
representation or warranty made in connection with any Loan Document having been incorrect, false
or misleading; and (d) Borrower having concealed, removed, or permitted to be concealed or removed,
any part of its property, with intent to hinder, delay or defraud its creditors or any of them, or
made or suffered a transfer of any of its property which may be fraudulent under any bankruptcy,
fraudulent conveyance or similar law; or shall have made any transfer of its property to or for the
benefit of a creditor at a time when other creditors similarly situated have not been paid.

SECTION 6 — MISCELLANEOUS

Section 6.1 Amendments and Waivers: No failure to exercise and no delay on the part of
either party in exercising any power or right in connection herewith or under any of the Loan
Documents shall operate as a waiver thereof, nor shall any single or partial exercise of any such
right or power, or any abandonment or discontinuance of steps to enforce such a right or power,
preclude any other or further exercise thereof or the exercise of any other power or right. No
course of dealing between Borrower and Chase shall operate as a waiver of any provision of this
Agreement or any other Loan Document nor any consent to any departure therefrom shall in any event
be effective unless the same shall be in writing and signed by the person against whom enforcement
thereof is to be sought, and then such waiver or consent shall be effective only in the specific
instance and for the purpose for which given.

Section 6.2 Expenses: Any provision to the contrary notwithstanding, and whether or not
the transactions contemplated by this Agreement shall be consummated, Borrower agrees to pay on
demand all out-of-pocket expenses (including, without limitation, the fees and expenses of counsel

Page 2 of 3 Pages

 

					
	Letter Agreement
	 	Sterling Chemicals, Inc.
	 	January 31, 2010

for Chase) in connection with the negotiation, preparation, execution, filing, recording,
modification, supplementing and waiver of the Loan
Documents and the making, servicing and collection of any of the indebtedness evidenced by the Loan
Documents. The obligations of Borrower under this and the following section shall survive the
termination of this Agreement.

Section 6.3 Usury: Borrower and Chase intend to conform strictly to applicable usury laws.
Therefore, the total amount of interest (as defined under applicable law) contracted for, charged
or collected under this Agreement or any other Loan Document will never exceed the Highest Lawful
Rate. If Chase contracts for, charges or receives any excess interest, it will be deemed a
mistake. Chase will automatically reform the Loan Document or charge to conform to applicable law,
and if excess interest has been received, Chase will either refund the excess to Borrower or credit
the excess on any unpaid principal amount of the relevant Loan Document. All amounts constituting
interest will be spread throughout the full term of the relevant Loan Document in determining
whether interest exceeds lawful amounts. “Highest Lawful Rate” means the maximum
nonusurious rate of interest from time to time permitted by applicable law.

Section 6.4 Survival: All representations, warranties, covenants and agreements made by
or on behalf of Borrower in connection with the Loan Documents shall survive the execution and
delivery of the Loan Documents; shall not be affected by any investigation made by Chase, and shall
bind Borrower and successors, trustees, receivers and assigns of Borrower and inure to the benefit
of the successors and assigns of Chase; provided that the undertaking of Chase hereunder to
issue LCs upon the application of Borrower shall not inure to the benefit of any successor or
assign of Borrower. Except as otherwise provided herein, the term of this Agreement shall be until
the later of final expiry of all LCs and the full and final payment of all amounts due under the
Loan Documents.

Section 6.5 Documentary Matters: This Agreement may be executed in several identical
counterparts, and by the parties hereto on separate counterparts, and each counterpart, when so
executed and delivered, shall constitute an original instrument, and all such separate counterparts
shall constitute but one and the same instrument. The headings and captions appearing in the Loan
Documents have been included solely for convenience and shall not be considered in construing the
Loan Documents. The Loan Documents embody the entire agreement between Borrower and Chase and
supersede all prior proposals, agreements and understandings. If any provision of any Loan
Document shall be invalid, illegal or unenforceable in any respect under any applicable law, the
validity, legality and enforceability of the remaining provisions shall not be affected or impaired
thereby.

Section 6.6 Governing Law: THIS AGREEMENT SHALL BE CONSTRUED AND GOVERNED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK AND AS APPLICABLE THE LAWS OF THE UNITED STATES OF AMERICA.

JURY WAIVER. BORROWER AND THE BANK HEREBY VOLUNTARILY, KNOWINGLY, IRREVOCABLY AND UNCONDITIONALLY
WAIVE ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE (WHETHER BASED ON CONTRACT,
TORT, OR OTHERWISE) BETWEEN BORROWER AND THE BANK ARISING OUT OF OR IN ANY WAY RELATED TO THIS
AGREEMENT. THIS PROVISION IS A MATERIAL INDUCEMENT TO THE BANK TO PROVIDE THE FINANCING DESCRIBED
HEREIN.

Section 6.7 WAIVER OF SPECIAL DAMAGES. EACH PARTY WAIVES, TO THE MAXIMUM EXTENT NOT
PROHIBITED BY LAW, ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER FROM THE OTHER PARTY IN ANY LEGAL
ACTION OR PROCEEDING ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES.

IN WITNESS WHEREOF, the duly authorized officers of the undersigned have entered into and executed
and delivered this Agreement effective as of the first date above written.

Sincerely yours,

JPMORGAN CHASE BANK, N.A.

By: /s/ Jim Nicholas

Name: Jim Nicholas

Title: Executive Vice President

Accepted and agreed:

STERLING CHEMICALS, INC.

By: /s/ John V. Genova

Name: John V. Genova

Title: President and Chief Executive Officer

Page 3 of 3 Pages

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