Document:

Master Distributor Agreement, effective as of January 1, 2008

 Exhibit 10.18 
 CONFIDENTIAL TREATMENT REQUESTED UNDER 
 C.F.R. SECTIONS 200.80(b)(4), 200.83 AND 230.406.

 [*****] INDICATES OMITTED MATERIAL THAT IS THE 
 SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST 
 FILED SEPARATELY WITH THE COMMISSION. 

THE OMITTED MATERIAL HAS BEEN FILED 
 SEPARATELY
WITH THE COMMISSION. 
 EXECUTION COPY 
 THE DOW CHEMICAL COMPANY 
  

					
	MASTER DISTRIBUTOR AGREEMENT	  	Contract No. D.	  	  

The parties to this Distributor Agreement (“Agreement”) are The Dow Chemical Company, with offices at Midland, Michigan 48674,
and its subsidiaries (collectively “Dow”), and Ravago SA, with offices at Rue Notre Dame 16, L-2440 Luxembourg (Grand Duchy of Luxemburg) (“Company”) and its subsidiaries listed on Exhibit A (“Subsidiary” and
collectively with Company “Distributor”. In the performance of this Agreement, Company may request Dow to ship and invoice Subsidiaries directly. The parties shall mutually agree on additional Subsidiaries to be added to Exhibit A,
during the term of this Agreement. 
  

	1.	 TERM AND PRECEDENCE. This Agreement shall be effective on the 1st day of January , 2008, and shall expire on the 31st day of December, 2017 (“Term”), and shall replace and
supersede any and all distribution agreements by and between Dow and Muehlstein Holding Corp., Inc. and its affiliates or subsidiaries, and by and between Dow and Ravago SA and its affiliates or subsidiaries. 

 

	2.	APPOINTMENT AND ACCEPTANCE 

  

	 	A.	Authorized Product(s) - Distributor may purchase for resale only those Dow branded product(s) listed on Exhibit B and any Rider (as defined in Section 3B
herein), attached hereto and made a part hereof (“Product(s)”). Distributor shall resell and distribute Product(s) to its end-use industrial customers (“Customers”) and not knowingly to any party for purposes of further
resale of Product(s) except with Dow’s prior written approval. 

  

	 	B.	Appointment - To effectively supplement Dow’s presence in the marketplace, Dow hereby appoints Distributor as a non-exclusive distributor for purchasing
Product(s) from Dow in bulk and/or in Dow’s standard containers, and for resale to Customers. Distributor shall develop the full market potential for each Product(s) consistent with and in accordance with Dow’s product and market plans, to
the best of their ability, in the respective geographic area(s) and markets normally served by Distributor from Distributor’s locations. Notwithstanding the foregoing, Dow reserves the right to sell to and service any customers without regard
to whether or not they are a customer of Distributor. 

  

	 	C.	Acceptance - Distributor hereby accepts the appointment as a non-exclusive distributor and, in doing so, represents that it is an experienced reseller and
distributor of thermoplastic products and is competent to promote, resell and distribute Product(s) to Customers in the respective geographic area(s) normally served by Distributor from Distributor’s locations so that Product(s) achieve maximum
sales potential. 

  

	 	D.	No Agency or Franchise Created - This Agreement does not deem Distributor the agent or legal representative of Dow for any purpose whatsoever, and Distributor is
not authorized to accept orders on Dow’s behalf or to otherwise assume or create any obligation or responsibility, express or implied, on behalf or in the name of Dow, or to bind Dow in any manner whatsoever. Distributor does not regard itself
as a “franchisee” nor Dow as a “franchisor” nor the relationship between Distributor and Dow as a “franchise” as defined in the Federal Trade Commission Franchise Trade Regulation Rule, 16 CFR part 436. No payment by
Distributor to Dow is required as a condition of Distributor becoming a distributor, except for payment of a bona fide wholesale price for Product(s) ordered by Distributor for resale or for Distributor to maintain a reasonable inventory.
Distributor understands The Dow Chemical Company is a publicly traded company. A copy of Dow’s most recent annual report to the Securities and Exchange Commission on Form 10-K is available without charge upon Distributor’s written request.

  

	 	E.	Distributor’s Duties 

Distributor shall perform the following in connection with Product(s), in accordance with Dow’s product and market plans: 

 

	 	(1)	Provide and maintain its own warehouses and/or bulk storage facilities for the proper and safe storage and handling of Products in accordance with any storage and
handling instructions provided by Dow. Such warehouses and/or bulk storage facilities shall have a capacity sufficient to handle the product volume contemplated under each yearly Volume Plan, defined below. Notwithstanding the foregoing, Dow and
Distributor agree to work together on mutually agreed upon supply chain related projects and Initiatives to decrease the parties costs and increase their competitiveness in the market. Upon the completion of any project or initiative, the rights and
responsibilities of each party pursuant to that project or initiative shall be made part of this Agreement. 

  

	 	(2)	Employ a sufficient number of technically qualified people to provide field service to Customers. As used herein, field services shall include:

  

	 	(a)	Regular calls to established Customers to render advice on the proper and safe use of Product(s); 

 

	 	(b)	Continuing effort to develop new Customers; 

  

	 	(c)	Prompt and thorough handling of Customer inquiries; and 

  

	 	(d)	Distributing technical and sales literature to Customers; 

  

	 	(3)	Employ only such personnel in the storage, handling, distribution and sale of Products as are technically competent to give proper and adequate advice to Customers so
that Product(s) may be properly stored, handled and used without hazard and will perform properly; 

  

	 	(4)	Promote the distribution and sale of Product(s) to develop markets and uses for Product(s) so that Product(s) achieve maximum sales potential; 

 

	 	(5)	Assist in determining market penetration by furnishing sales estimates, field reports and other relevant information with respect to the sale and use of Product(s), as
requested by Dow, and participate in discussions with Dow regarding the best methods to distribute Product(s); 

  

	 	(6)	Satisfy Dow’s credit requirements and assume all credit risk in reselling Product(s); 

 

	 	(7)	Alert Dow to conditions which may change anticipated Product(s) requirements and participate in annual and multi-year market facing and product planning and performance
management processes necessary to satisfactory implement Dow strategies; 

  

	 	(8)	Agree to resource promotional activities and advertising in accordance with the Dow product and market plans; 

 

	 	(9)	Cooperate in arranging for periodic sales and technical meetings of Distributor’s sales and technical personnel to discuss Product(s) with Dow;

  

	 	(10)	Use Dow sales aids and product literature and disseminate same to Distributor’s sales personnel; 

 

	 	(11)	Regularly transmit to all Customers new technical information on Product(s) provided by Dow; 

 

	 	(12)	Promptly distribute to Customers all safety, health and environmental information concerning Product(s) which is disclosed in documents transmitted to Distributor by
Dow; and 

  

									
	Distributor Agreement	  	DOW CONFIDENTIAL - Do not share without permission	  	
		  	 - 1 -
	  	Initials:	  	  
	  	
		  		  	(Distributor)	  	(Dow)	  	
				
		  		  		  	

 EXECUTION COPY 
  

 

	 	(13)	Maintain a thorough, accurate and updated list of Customers to whom any Product(s) are or may be sold by Distributor (“Customer List”) and provide such
Customer List to Dow on a quarterly basis, or as requested. . Distributor’s obligation to provided Dow with a Customer List shall cease as of the date that a notice of termination is given. 

 

	 	(14)	Distributor shall provide Dow access to information relating to Dow product customer data including but not limited to, customer attributes, technical needs/problems,
call reports, leads, projects and sampling, upon request (“Customer Data”) or as both parties shall agree via a common Customer Relationship Management tool for the purpose of growing and increasing the value of both parties business.
Distributor shall be obligated to supply Dow with Customer Data up to the date of termination. Customer Data shall not include Distributors pricing to it’s Customers. 

 

	 	(15)	Each of the parties shall provide access to their respective technical and sales information as to allow the other party to obtain relevant marketing literature
including sales sheets, preparation and use, and application data sheets. 

  

	 	(16)	Work with Dow to integrate work process including supply chain and customer relationship management (“CRM”) into a commercially viable and competitive system
in order to enhance each party’s efficiencies. 

  

	3.	QUANTITY 

  

	 	A.	[*****] 

  

	 	B.	Dow shall sell to Distributor, and Distributor shall purchase from Dow, [*****] 

 

	 	C.	As soon as reasonably practical following the end of each calendar quarter, representatives of the parties shall meet to review the progress against Volume Plan
objectives and actual sales versus forecast for the preceding quarter in each geographic region. Further, representatives of the parties from each geography shall, at the same time, provide a forecast for the ensuing quarters versus the Volume Plan.

  

	4.	PRICE, SPECIFICATIONS, PACKAGES AND RELATED TERMS 

  

	 	A.	Prices and terms of payment, specifications, packaging and transportation for each Product(s) shall be [*****] 

 

	 	B.	This Agreement shall not cover sale of Product(s) to Distributor for use, consumption and/or or reformulation by Distributor. [*****]. If Distributor uses,
consumes and/or reformulates, rather than resells, any Product(s), Distributor shall fully defend, indemnify, and hold Dow harmless against any price discrimination claim or counterclaim under the Robinson-Patman Price Discrimination Act, 15 U.S.C.
§§ 13 and 15, or any comparable state statute, by any third party purchasing any goods of like grade and quality directly from Dow for use, consumption and/or reformulation, if the claim or counterclaim is based in any part on
Distributor’s use, consumption and/or reformulation of Product(s) sold hereunder for resale. 

  

	5.	CHANGE OF SPECIFICATIONS, PACKAGING, PRICE OR TERMS; TVA’s 

  

	    	[*****]  

  

	 	B.	Other Terms - Dow may change the transportation terms, or minimum requirement per shipment at any time, provided that Dow gives Distributor [*****]
days’ prior notice. Distributor’s failure to object to any such change by written objection received by Dow prior to the effective date of such change shall be considered acceptance by Distributor. Dow shall advise Distributor within
[*****] days from receipt of timely written objection from Distributor whether Dow shall: 

  

	 	(1)	continue to supply Product(s) on terms and conditions in effect prior to the announced increase or change, 

 

	 	(2)	enter into negotiations with Distributor, or 

  

	 	(3)	delete Product(s) in question from Exhibit B or any Rider. 

 If Dow elects to enter into negotiations as allowed under (2) above, and if, within [*****] days from the date of Dow’s notice of increase or change, an agreement between the parties has not
been reached, and Dow has not agreed to continue to supply on the terms and conditions in effect prior to the announced increase or change, then either party may, upon notice to the other party, terminate the negotiations and delete the affected
Product(s) from Exhibit B or any Rider. Unless otherwise agreed in writing as part of the negotiations, price and other terms applicable during the negotiating period shall be those which Dow implemented by the notice. 

 

	 	C.	Terms of Payment - [*****] 

  

									
	Distributor Agreement	  	DOW CONFIDENTIAL - Do not share without permission	  	
		  	 - 2 -
	  	Initials:	  	  
	  	
		  		  	(Distributor)	  	(Dow)	  	
				
		  		  		  	

 EXECUTION COPY 
  

[*****] 
  

	 	D.	[*****] 

  

	 	E.	[*****] 

  

	6.	COMPETITIVENESS 

 [*****]

  

	7.	SALES FORCE; STOCKS; SERVICE 

  

	 	A.	Distributor’s Undertaking - In addition to the duties listed in Subparagraph 2.E., Distributor shall perform the following functions in connection with
Product(s), to Dow’s satisfaction: 

  

	 	(1)	Maintain a trained, effective sales organization and, where deemed appropriate by both parties, a specially trained field organization; 

 

	 	(2)	Maintain adequate stocks of Product(s) within Dow’s standards of quality control, safe handling and product shelf life in order to effectively service Customers;
and 

  

	 	(3)	Provide prompt delivery service. 

  

	 	B.	Dow’s Undertaking - Dow shall cooperate to the extent feasible and reasonable, in Dow’s discretion, in the training of Distributor’s employees to
most efficiently and effectively resell Product(s). Available literature, merchandising aids and technical assistance shall be offered to Distributor at Dow’s expense, unless otherwise agreed upon by the parties. Dow’s obligation to assist
Distributor by providing technical service, samples, supply chain assistance and other sales or product related services shall cease following the Transition Period (as defined in Section 20K, herein). 

 

	 	C.	No Liability - Certain technical advice shall be furnished by Dow without charge, at Dow’s discretion, and Dow assumes no obligation or liability for any
advice given or results obtained. Distributor and/or Customers shall use their own independent skill and expertise in the evaluation of such advice and accepts such advice at their sole risk. 

 

	8.	PRODUCT(S) STEWARDSHIP 

  

	 	A.	Dissemination of Product(s) Information - Dow shall furnish information to Distributor regarding safe handling, use and disposal of Product(s). Such information
shall include, as applicable, Material Safety Data Sheets (MSDS), labels, product literature, merchandising aids and audiovisual aids. Free copies of Dow product literature are available to Distributor in bulk quantities on written request.
Distributor shall order from Dow sufficient quantities of Dow product literature as Distributor may require, and shall become familiar with the recommendations given on Product(s) labeling and in literature provided by Dow concerning the safe
handling and use limitations of Product(s). Distributor shall provide MSDSs and updated information (including but not limited to all information referred to in this paragraph) to Customers (thereby complying with 29 CFR §§ 1920.1200(g)(7)
of the OSHA Hazard Communication Regulations without regard to whether a particular Product is a “hazardous chemical” as defined herein). Distributor shall maintain records documenting the dissemination of the information referred to in
this paragraph in strict accordance with guidelines that Dow may provide. The provisions of this paragraph shall apply whether Product(s) are resold in containers packaged and labeled by Dow, in bulk, or in any other manner where Product(s) is
identified as a Dow manufactured product. 

  

	 	B.	Distributor Facilities and Operations - Distributor shall: 

  

	 	(1)	Adhere to and implement the principles of Responsible Care®, REACH®, or an equivalent program acceptable to Dow; 

 

	 	(2)	Assess the safety aspects and environmental impact of Product(s) and take appropriate steps while Product(s) are being stored, repackaged and transported to protect
persons, property and the environment, including, but not limited to, allowing audits at Distributor’s facilities; 

  

	 	(3)	Establish facilities, select carriers and perform distribution functions consistent with Dow and industry guidelines and standards; 

 

	 	(4)	Cooperate in inspections, training sessions and meetings that Dow may request to maximize product stewardship; 

 

	 	(5)	Properly equip each Distributor location such that each location safely stocks, handles and ships Product(s) in compliance with federal, state and local regulations;

  

	 	(6)	Instruct and ensure that Distributor’s employees know and understand procedures enabling them to comply with the requirements of this paragraph, and ensure such
employees are adequately trained to handle emergency situations arising from the transportation, handling and use of Product(s); 

  

	 	(7)	Utilize quality control procedures when repackaging Product(s) assuring such repackaged Product(s) have the same identity, strength, quality and purity as at the time
of receipt from Dow; 

  

	 	(8)	Apply labels that comply with industry standards and with all applicable federal, state and local laws and regulations; and 

 

	 	(9)	Discourage unsafe or improper applications of Product(s) by refusing to resell Product(s) for such applications. 

 

	 	C.	 Non-Compliance - Failure of Distributor to comply with its obligations under this paragraph shall constitute a material breach of this
Agreement, and Dow may immediately cease all future shipments of Product(s) to Distributor until such breach has been cured by Distributor to Dow’s satisfaction. If such breach is not cured to Dow’s satisfaction within thirty
(30) days after notice by Dow to Distributor of the breach (or within such longer period as Dow may allow considering the nature and extent of the breach, the time reasonably required for cure, and the diligence demonstrated by Distributor in
attempting to cure after receipt of the notice of breach), Dow may, in addition to any remedy for 

  

									
	Distributor Agreement	  	DOW CONFIDENTIAL - Do not share without permission	  	
		  	 - 3 -
	  	Initials:	  	  
	  	
		  		  	(Distributor)	  	(Dow)	  	
				
		  		  		  	

 EXECUTION COPY 
  

	 	 
damages for such breach, delete the affected Product(s) from Exhibit B or any Rider, or terminate this Agreement. Dow may also suspend its own performance in whole or in part pending cure
of the breach or lapse of the notice period and any extension thereof. 

  

	9.	SALES REFERRALS; “THIRD PARTY” SHIPMENTS 

  

	 	A.	Sales Referrals - Dow and Distributor shall jointly collaborate on developing an efficient sales lead and referral of less than truckload prospects for
Product(s) listed in Exhibit B, or any Rider which could be served by Distributor. 

  

	 	B.	“Third Party” Shipments - Shipments directly to Customers shall be made at Dow’s discretion in accordance with the then current policy of sale for
each individual Product. If made, any such shipments shall be charged to Distributor in accordance with Dow’s then current list price to distributors. 

 

	 	C.	In the event that Dow learns of a prospective indirect channel customer with respect to any Product (which Dow chooses to not sell on a direct basis to such customer),
Dow will exercise reasonable commercial efforts to notify Distributor of such prospective customer in order to permit Distributor to seek to distribute Products to such prospective customer in accordance with this Agreement.

  

	 	D.	Dow’s obligations under this Section 9 shall cease at the end of the Transition Period, as defined in Section 20K, herein.

  

	10.	DOW’S LIMITED WARRANTIES. Dow warrants that: 

  

	 	A.	At the time of tender, Product(s) shall meet Dow’s then current sales specifications; 

 

	 	B.	Dow shall notify Distributor if the sales specifications are changed; 

 

	 	C.	Dow shall convey good title to Product(s); and 

  

	 	D.	Product(s) shall be delivered free from any lawful security interest, lien or encumbrance. 

 

	11.	EXCLUSION AND DISCLAIMER OF ALL OTHER WARRANTIES; LIMITATION OF REMEDIES AND LIABILITY 

 

	 	A.	EXCLUSION OF OTHER WARRANTIES - THE LIMITED WARRANTIES CONTAINED IN PARAGRAPH 10 ARE DOW’S SOLE WARRANTIES WITH RESPECT TO PRODUCT(S), INCLUDING WITHOUT
LIMITATION PRODUCT(S) QUALITY AND PERFORMANCE, AND ARE MADE EXPRESSLY IN LIEU OF AND EXCLUDE ANY IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE AND ALL OTHER EXPRESS OR IMPLIED REPRESENTATIONS AND WARRANTIES PROVIDED BY
STATUTE OR COMMON LAW, DISTRIBUTOR ASSUMES ALL RISKS AND LIABILITIES RESULTING FROM PRODUCT(S). 

  

	 	B.	LIMITATION OF LIABILITY - EXCEPT AS MAY ARISE UNDER PARAGRAPH 12, DISTRIBUTOR WAIVES ALL CLAIMS BY DISTRIBUTOR AGAINST DOW FOR, AND DOW SHALL NOT BE LIABLE TO
DISTRIBUTOR FOR, ANY INCIDENTAL, CONSEQUENTIAL, SPECIAL, EXEMPLARY OR PUNITIVE DAMAGES. DISTRIBUTOR’S EXCLUSIVE REMEDY FOR ALL CLAIMS (INCLUDING BREACH OF WARRANTY, NEGLIGENCE AND STRICT LIABILITY) IS LIMITED TO DISTRIBUTOR HAVING THE OPTION OF
REPLACEMENT OR REPAYMENT OF THE PURCHASE PRICE PAID FOR PRODUCT(S) WHICH ARE THE SUBJECT OF THE CLAIM. 

  

	12.	INDEMNIFICATION 

  

	 	A.	Dow’s Indemnification of Distributor - Dow shall indemnify and hold Distributor harmless (including Distributor’s reasonable outside counsel
costs and fees) from: (1) all claims by third parties based on an allegation that a label or Material Safety Data Sheet supplied to Distributor by Dow with respect to Product(s) was in noncompliance with the provisions of the OSHA Hazard
Communication Regulations, 29 CFR, §§ 1910.1200 et seq., to the extent that the claim seeks compensatory damages based on the alleged noncompliance; and (2) all product liability claims whether involving personal injury, property
damage (except as expressly excluded by the parties hereunder), or both, resulting from sales of Product(s) hereunder in the regular course of Distributor’s business; provided, however, that this indemnification shall not apply to:

  

	 	(1)	claims where Dow has not received notice from Distributor, In compliance with Subparagraph 12.C., within [*****] days of Distributor’s first notice of the claim
or lawsuit; 

  

	 	(2)	claims where Dow is not given the option to control and assume sole defense of said claims, using Dow’s choice of counsel and at Dow’s expense;

  

	 	(3)	claims where Distributor falls to furnish evidence in its possession or fails to fully cooperate with Dow in preparing the defense; 

 

	 	(4)	claims where Product(s) met Dow’s sales specifications at the time of shipment to Distributor; 

 

	 	(5)	any express or implied warranty or representation by Distributor and/or its employees or agents, not specifically authorized by Dow; 

 

	 	(6)	bodily injury or property damage occurring within Distributor’s premises or to its employees or agents, including commercial loss of any kind;

  

	 	(7)	bodily injury, property damage or commercial loss arising out of: 

  

	 	(a)	any modification, including but not limited to, physical, chemical and/or molecular change(s) in the composition of Product(s), which occurs after Product(s) are
delivered to Distributor, including contamination and/or adulteration. Blending of Dow Product(s) with another Dow Product(s) shall not be considered a modification or change within the meaning of this Subparagraph (a); 

 

	 	(b)	sales of Product(s) which have been relabeled with a label which does not provide the identical information contained in a Dow prepared label;

  

	 	(c)	sales of Product(s) which have included a MSDS which does not contain the identical information contained in the MSDS supplied by Dow; 

 

	 	(d)	negligence and/or willful or reckless misconduct of Distributor, and its agents or employees; and/or 

 

	 	(e)	failure to comply, in any material respect with the provisions of Paragraph 8; 

 

	 	(8)	incidental damages and consequential damages (including but not limited to business interruption and lost profits); 

 

	 	(9)	special, exemplary or punitive damages assessed against Distributor; 

 

	 	(10)	Product(s) which are mixed, commingled or blended by or on behalf of Distributor with any product other than an appropriate Dow Product(s), including any reclaimed
chlorinated solvent and/or any chlorinated solvent produced by a manufacturer other than Dow; 

  

	 	(11)	 claims including, but not limited to, lawsuits, administrative actions, penalties, notices of violation, fines, damages, or any other losses, costs
or expenses, arising from or related to: (i) allegations of damage to the environment and/or natural resources, (ii) a release or threat of a release of a hazardous material or substance into the environment, and/or (iii) the operation or
violation of any law designed to protect the environment and/or natural resources (including, but not limited to, claims arising under the Federal Comprehensive Environmental Response Compensation and Liability Act (CERCLA), 42 U.S.C. § 9601 et
seq., the Federal Resource Conservation and Recovery Act (RCRA), 42 U.S.C. § 9601 et seq., or comparable and applicable state legal requirements or any extension or revision thereof), which arises directly or indirectly from Distributor’s

  

									
	Distributor Agreement	  	DOW CONFIDENTIAL - Do not share without permission	  	
		  	 - 4 -
	  	Initials:	  	  
	  	
		  		  	(Distributor)	  	(Dow)	  	
				
		  		  		  	

 EXECUTION COPY 
  

	 	 
purchase, use, handling, storage, resale, disposal and/or other disposition of Product(s) and regardless of whether such claims or allegations are characterized as a products liability and/or
personal injury claim; or 

  

	 	(12)	claims against Customers. 

This indemnification and hold harmless provision is limited to third-party product liability claims against Distributor. Product(s)
which is commingled with product of like grade and quality from another source loses its identity as a Dow Product upon commingling and the foregoing indemnification does not extend to claims made with respect to the commingled mixture.

  

	 	B.	Distributor’s Indemnification of Dow - Distributor shall indemnify and hold Dow, its officers, directors, employees, agents, representatives, affiliates
and/or subsidiaries, harmless against all claims, losses, liabilities, damages, demands, suits and expenses on account of any damage to any property (including damage to the environment and/or natural resources and/or the release and/or threatened
release of a hazardous material or waste into the environment) or injury or death of persons (including Distributor’s employees) arising out of Distributor’s unloading, storage, handling, consumption, reformulation, disposal or other use
of Product(s) except for any portion of damages attributable to Dow’s (or any subsidiaries) negligence. 

Distributor shall indemnify Dow for any awards or compensation awarded as a result of termination of this or any other agreements
between the Parties (This indemnity obligation of Distributor shall survive the expiration or termination of this Agreement. 
  

	 	C.	Requests For Indemnification - All requests for indemnification under this Agreement shall be in writing and provide the following information:

  

	 	(1)	A general description of the claim or lawsuit; 

  

	 	(2)	A copy of the complaint, petition, or claim letter; and 

  

	 	(3)	The date by which the claim or lawsuit must be answered, or otherwise responded to. 

The party from whom indemnification is sought shall evaluate the information provided to it pursuant to this paragraph and advise
within a reasonable period of time whether or not it shall indemnify the other party. Said party reserves the right to request additional information in order to determine whether or not it accepts the other party’s request for indemnification.

  

	 	D.	Waiver of Other Indemnification Rights - By receiving indemnification for product liability claims pursuant to this Agreement, Distributor waives all other
rights, if any, to indemnification by Dow which may be available at law, including indemnification under state, federal or common law. 

  

	13.	PRODUCT(S) DISCONTINUANCE. Upon [*****] days’ notice to Distributor, Dow may terminate its obligation to provide any Product(s) where, for any reason, Dow
decides to discontinue selling such Product(s). In the event of such termination, Dow may delete the affected Product(s) from Exhibit B or any Rider, allocate any remaining inventory of the affected Product(s) to Dow’s customers and
distributors on a pro rata basis, and/or recall any such Product(s) still in Distributor’s stock upon refund of the purchase price paid by Distributor for such stock, plus any transportation costs actually incurred by Distributor with respect
to the return of such discontinued stock. 

  

	14.	TRANSPORTATION 

  

	 	A.	Selection - Title and risk of loss of Product(s) shall transfer to Distributor upon delivery of Product(s) to the carrier. If Dow provides transportation
equipment or absorbs any portion of freight charges, Dow may select the means of transportation, the carriers and the routings. If Distributor requires a means of transportation other than that selected by Dow, Distributor shall pay any extra costs
incurred by reason of using such other means. 

  

	 	B.	Freight Charges - [*****] 

  

	 	C.	Freight Allowances; Phantom Freight and False Functional Discount Claims Prohibited - If Distributor is granted a freight allowance, Distributor shall claim the
allowance only to the destination and over the routing which Product(s) were transported. Any attempt by Distributor to claim: 

  

	 	(1)	a greater allowance by misrepresenting the destination; or 

  

	 	(2)	an “into stock” functional discount if Product(s) were shipped directly to Customer under circumstances where Dow allows a greater functional discount for
Product(s) taken into Distributor’s stock than for Product(s) shipped directly from Dow’s shipping point to Customer, shall constitute a material breach of this Agreement entitling Dow in its sole discretion to impose conditions upon,
reduce, or suspend Distributor’s freight allowances or pick up privileges, or terminate this Agreement. 

  

	 	D.	Demurrage - Distributor shall use all reasonable effort to unload and return Dow’s transportation equipment to carrier within the tariff or contracted
period free of demurrage and/or detention charges. Distributor shall pay, unless agreed upon separately, demurrage and/or detention charges on such equipment, at the rate established by Dow at time of shipment. 

 

	 	E.	Distributor’s Equipment - If Distributor selects or supplies transportation equipment, such equipment shall comply with then current Dow standards for
transportation equipment and all applicable local, state and federal laws, for Product(s) to be shipped. If, in Dow’s sole judgment, equipment selected or supplied by Distributor does not so comply, Dow may refuse to load the equipment and may
return it at Distributor’s expense. Dow shall use its best efforts to promptly notify Distributor of any such non-conformance resulting in rejection by Dow. Upon request of Distributor and at Distributor’s expense, Dow shall clean or carry
out repairs on equipment rejected by Dow, provided Dow deems it practical, feasible and mutually convenient for Dow to do so, and provided Distributor has not established a practice of repeatedly tendering equipment in need of cleaning or repair.

  

	15.	EXCUSED PERFORMANCE; ALLOCATION. Performance by Distributor or Dow shall be excused: (A) in the event of war, fire, flood, strike, labor trouble, breakage
of equipment, accident, riot, action of governmental authority and laws, rule, ordinances and regulations (including, but not limited to, those dealing with pollution, health, ecology or environmental matters), act of God, or contingencies beyond
the reasonable control of Distributor or Dow, interfering with the production, supply, transportation or consumption practice of the party at the time respecting Product(s); and/or (B) in the event Dow is unable to obtain any raw material
(including energy sources or power) connected with Product(s) on terms Dow considers commercially acceptable. During times when performance is excused (i.e., (A) and (B), above), all quantities of Product(s) so affected shall be eliminated from
this Agreement without liability, and Dow shall allocate its supplies of raw materials and/or Product(s) among the various uses therefore in any manner. 

  

	16.	INTELLECTUAL PROPERTY INFRINGEMENT 

  

	 	A.	Staple Article or Commodity of Commerce - If suit is brought against Distributor alleging that the manufacture or sale of any staple article or commodity of
commerce sold hereunder infringes any United States patent, copyright or trademark, then Dow shall defend Distributor and pay any awards against Distributor for such infringement, provided Distributor gives Dow prompt notice of said suit, permits
Dow to defend said suit, and makes Distributor’s employees and pertinent records available to Dow to provide information for the defense. 

  

	 	B.	 Goods Made Especially For Distributor - With respect to all Product(s) made especially for Distributor, Distributor warrants there is no United
States patent or copyright covering them or Distributor has a right to have them made. Dow shall not be liable to Distributor if sued for 

  

									
	Distributor Agreement	  	DOW CONFIDENTIAL - Do not share without permission	  	
		  	 - 5 -
	  	Initials:	  	  
	  	
		  		  	(Distributor)	  	(Dow)	  	
				
		  		  		  	

 EXECUTION COPY 
  

	 	 
any United States patent or copyright infringement for the manufacture, sale, or use by other than Dow, of any goods made especially for Distributor hereunder, but, if Dow is sued, Distributor
shall defend Dow and pay any awards against Dow provided Dow gives Distributor prompt notice of said suit, permits Distributor to defend said suit, and makes Dow’s employees and pertinent records available to Distributor to provide information
for the defense. 

  

	 	C.	Goods Specially Labeled at Distributor’s Request - Distributor assumes all liability and responsibility for use of any design, trademark, trade name,
copyright or part thereof, appearing on Product(s) at Distributor’s request, and shall hold Dow harmless as against any awards based on alleged design, trademark, trade name or copyright infringement resulting from Dow’s compliance with
Distributor’s request. 

  

	17.	DOW TRADEMARKS. Distributor shall not use any trademarks of Dow on or in relation to any product not originating from Dow. Distributor shall not use any
trademarks of Dow on or in relation to any Product(s) which Distributor repacks or re-labels for resale without obtaining written authorization from Dow, specifying the terms and conditions of such use. If Distributor uses any product trademark of
Dow in any price list, advertisement or product literature, Distributor shall identify the trademark as a “Trademark of The Dow Chemical Company.” Distributor shall use Dow trademarks in strict accordance with Dow’s published
trademark guidelines and policies. 

  

	18.	FAILURE TO PAY; FINANCIAL RESPONSIBILITY – If (A) Distributor fails to pay any invoice for Product(s) in strict accordance with the terms of this
Agreement and/or the applicable Dow invoice, thereby breaching this Agreement, or (B) Distributor’s financial responsibility becomes unsatisfactory to Dow and Dow deems itself insecure, then Dow may (1) suspend deliveries until such
breach is cured to Dow’s satisfaction; (2) accelerate the due date on all amounts owed Dow or otherwise alter payment terms; (3) accelerate and declare immediately due any outstanding invoices under this Agreement; (4) require
cash payments or other security for future deliveries; (5) reject any request for indemnification; and/or (6) terminate this Agreement. Dow’s election to pursue a lesser or different remedy shall not preclude it from subsequently
pursuing said remedies prospectively or from terminating this Agreement. Distributor shall pay all costs and expenses, including reasonable attorney fees, expenses and costs, incurred by Dow in the collection of any sum payable by Distributor to
Dow, or in the exercise of any remedy. Dow may charge the maximum interest allowed by law on all overdue amounts. Ravago Holding S.A. shall be responsible for the payment obligations of its subsidiaries and/or affiliates in the event that such a
subsidiary or affiliate is in breach of the provisions of this section. 

  

	19.	INSURANCE 

  

	 	A.	Distributor shall maintain such insurance or other form of financial security as required by law for the activities and in the location(s) in which Distributor is
engaged, and such additional insurance as a reasonably prudent business person would maintain with due regard to Distributor’s activities and location(s). Distributor shall promptly supply to Dow such financial statements and information about
Distributor’s insurance coverage and loss history as Dow may request. 

  

	 	B.	To satisfy the provisions of this paragraph, Distributor shall, upon request from Dow, provide a certificate of insurance, signed by the insurer, indicating Distributor
has the coverages or meets the requirements as follows; 

 Liability - Comprehensive, General 

 

	 	(1)	bodily injury - [*****] each occurrence. 

  

	 	(2)	property damage - [*****] each occurrence. 

 The certificate shall also provide that underwriters and insurers of Distributor shall not have the right of subrogation against Dow (including Dow’s officers, directors, employees, affiliates,
agents, successors and assigns). 
  

	20.	TERMINATION 

  

	 	A.	Deletion of Product(s) - Product(s) may be deleted from Exhibit B, or any Rider, upon notice by Dow to Distributor pursuant to Subparagraphs 5.B., and
8.C., and upon either ninety (90) or one hundred eighty (180) days’ notice by Dow to Distributor pursuant to terms of Subparagraph 3.B. or Paragraph 13. Deletion of the final Product(s) from Exhibit B, or any Rider, shall have
the immediate effect of terminating this Agreement. 

  

	 	B.	Distributor Conduct - If Distributor, or any principal stockholder, officer or manager thereof, engages in any conduct or practice which in Dow’s opinion
may adversely affect the name, goodwill or reputation of Dow, Product(s) or any other Dow products, Dow may terminate this Agreement immediately by giving notice to Distributor. 

 

	 	C.	Change of Ownership - If a change in ownership interest or control of Distributor resulting in transfer of control or majority interest in capital stock (if
incorporated) or proprietorship or partnership interest (if unincorporated) occurs, Dow may terminate this Agreement upon thirty (30) days’ notice to Distributor, provided that Dow gives such notice within ninety (90) days after
learning of the change. Dow may assign this contract to new owner(s) or during this time period or the parties agree to enter into the two year wind – down per paragraph 20G. 

 

	 	D.	Bankruptcy or Insolvency - Dow may terminate this Agreement without notice to Distributor on the commencement or happening of any occurrence involving an act of
insolvency, bankruptcy, dissolution or liquidation of Distributor. 

  

	 	E.	Intentionally Omitted 

  

	 	F.	Distributor Performance - 

[*****] 

Notwithstanding the foregoing, any volume requested by Distributor that is unable to be supplied by Dow, due to Dow’s Excused
Performance, shall be deleted from the Volume Plan. 
  

	 	G.	Termination Wind-down - Upon expiration of the Term, or termination pursuant to Subparagragh 20.F., the parties agree to enter into a two year (2) wind-down
phase (“Wind-down”). During the Wind-down Distributor shall [*****] 

  

									
	Distributor Agreement	  	DOW CONFIDENTIAL - Do not share without permission	  	
		  	 - 6 -
	  	Initials:	  	  
	  	
		  		  	(Distributor)	  	(Dow)	  	
				
		  		  		  	

 EXECUTION COPY 
  

[*****] 
 The
provisions of this subparagraph 20.G. shall not apply to termination pursuant to paragraph 18 or subparagraphs 8.C.,14.C.2., 20.B, 20.C., 20.D. or 20.E. 
  

	 	H.	Termination Governed by Agreement - In the event of expiration or termination of this Agreement, or of rights with respect to one or more Product(s), regardless
of reason, Dow shall not be liable for damages to Distributor under any state or national law by reason of such expiration or termination. To the extent permitted by applicable state or national law, Distributor waives for itself and its successors
or assigns and covenants not to sue to enforce any right it may now or hereafter have under any state or national law now or hereafter enacted which is contrary to the intent of the parties as expressed in the preceding sentence.

  

	 	I.	Repurchase of Inventory - If Dow deletes any Product(s) pursuant to Subparagraph 3.A. or Paragraph 13, or terminates this Agreement pursuant to Subparagraph
20.B. other than for reasons of material breach by Distributor, then upon written request of Distributor made not later than [*****] days after the effective date of such deletion or termination, Dow shall [*****] 

 

	 	J.	Non-Renewal - By example and without limitation, any failure of Distributor to comply with the terms of this Agreement sufficient to justify Dow’s
termination of this Agreement or deletion of any Product(s) from Exhibit B, or any Rider, shall be deemed good cause for not renewing this Agreement, regardless of whether Dow elected to exercise its right to alter the relationship in the
midst of the Term by terminating this Agreement or deleting any Product(s). Nothing herein shall be deemed an express or implied obligation on the part of Dow to renew this Agreement in the absence of an applicable state statute prohibiting or
penalizing a failure to renew. 

  

	 	K.	Transfer of Customer List and Customer Data - Pursuant to Subparagraphs 2.E.(13) and (14), in the event this Agreement terminates for any reason or otherwise
expires, or in the event Distributor sells, transfers or dissolves all or part of its business. Distributor shall provide to Dow a Customer List and the Customer Data of all branded Dow product sales, current as of the date of such notification of
Agreement termination or expiration, or of such sale, transfer or dissolution. Following a notice of termination. Dow shall be prohibited from sharing Customer List with any third party distributor for a period of one (1) year from the date Dow
or Distributor gave notification of termination, or for one (1) year from the date Dow last received such Customer List from Distributor, whichever is earlier (“Transition Period”). Dow shall not be prohibited from sharing Customer
List with any third party following the Transition Period. Dow shall not be prohibited from sharing Customer Data with any third party following notification of termination, expiration or any other event whereby this Agreement would cease to exist.

  

	 	L.	No Liability - The parties agree that there should be no liability by Dow to Distributor for statutorily-based compensation for termination, as specific
instances of termination are expected to be set forth in this Agreement. 

  

	21.	DISPUTES. In the event that the Parties have any disagreement, dispute, breach or claim of breach, non-performance, or repudiation arising from, related to or in
connection with this Agreement or any of the terms or conditions hereof, or any transaction hereunder (collectively the “Dispute”), the Parties shall first conduct the following procedure in an attempt to resolve the Dispute:

 (a) Within [*****] business days of the time that a Party notifies the other Party in writing of a Dispute, the
representatives of each Party shall conduct a meeting to attempt to resolve the matter. 
 (b) If the representatives of each
Party are unable to reach an agreement pursuant to (a) above, then within [*****] business days after such meeting, a Vice President of Distributor and a Vice President of Dow shall meet in a mutually-agreed location to attempt to resolve the
matter. 
 (c) If the procedures set forth in Subsections (a) and (b) above are unsuccessful in resolving the
Dispute, the Parties are entitled to pursue all their remedies at law and in equity. 
  

	22.	CHOICE OF LAW. This Agreement shall be exclusively governed by and construed in accordance with the laws of the State of Michigan, without regard to Michigan
choice of law rules. The venue for all disputes arising under this Agreement shall be the State of Michigan. United States of America. The United Nation’s Convention on Contracts for the International Sale of Goods is explicitly excluded.

  

	23.	TECHNICAL ASSISTANCE 

 Dow
shall provide such technical assistance as Dow considers reasonably appropriate and necessary to support Distributor’s distribution and resale of Product(s). Such technical assistance shall be reviewed and agreed upon by the parties prior to
either party making any commitment or expenditure related to such technical assistance. 
  

	24.	GENERAL PROVISIONS 

  

	 	A.	Non-Waiver - Failure of either party to exercise any of its rights under this Agreement upon one or several occasions shall not waive its right to exercise the
same on another occasion. 

  

	 	B.	Severability - The provisions of this Agreement are severable in that if any provision of this Agreement is held invalid, such invalidity shall not affect other
provisions or application of this Agreement which can be given effect without the invalid provision or application. If such invalidity becomes known or apparent to Dow and Distributor, Dow and Distributor agree to negotiate promptly in good faith in
an attempt to make appropriate changes and adjustments to achieve as closely as possible consistent with applicable law, the original intent and spirit of such invalid provision. 

 

	 	C.	Assignment - The rights and duties of this Agreement are not assignable or transferable by either party without the other party’s written consent. In the
instance of a sale or disposition of a Dow business or product line (including any transfer to a Dow joint venture) no assignment will be deemed to occur without the express written acceptance by all of the parties. 

 

	 	D.	No Third Party Beneficiaries - Nothing in this Agreement shall be construed as creating any direct or beneficial right in or on behalf of any third party.

  

									
	Distributor Agreement	  	DOW CONFIDENTIAL - Do not share without permission	  	
		  	 - 7 -
	  	Initials:	  	  
	  	
		  		  	(Distributor)	  	(Dow)	  	
				
		  		  		  	

 EXECUTION COPY 
  

 

	 	E.	Shipments Pending Signatures - Acceptances of Product(s) by Distributor on or after the effective date of this Agreement, but before Distributor makes a definite
and reasonable written expression of acceptance, shall constitute acceptance of the terms of this Agreement as to such sale of Product(s), but, notwithstanding UCC § 2-201(2), shall not in itself constitute an acceptance of the final written
expression of this Agreement with respect to future quantities. 

  

	 	F.	Inform Distributor Locations - Distributor shall provide a copy of this Agreement with the pertinent exhibits and amendments to each of its relevant locations
and shall assure that its manager at each of its relevant locations is familiar with the terms of this Agreement. 

  

	 	G.	Objection to Other Terms; Entire Agreement; Amendments - Any attempted modification of this document by Distributor, and any additional or different terms
included in Distributor’s purchase order, in any other document responding to this offer, or in subsequent documents, purchase orders or acknowledgment requests provided by Distributor relating to this offer are hereby objected to by Dow. When
signed by an authorized representative of both parties, this Agreement, together with its exhibits and amendments, supersedes all previous agreements between the parties pertaining to distribution of Product(s) and shall constitute the final,
complete and exclusive written expression of the agreement between the parties. Thereafter, this Agreement may be modified only by an amendment expressly stated as such and signed by an authorized representative of both parties.

  

	 	H.	Confidentiality 

  

	 	(1)	Distributor shall utilize Dow’s confidential/proprietary information, as designated by Dow (“Dow Confidential/Proprietary Information”), solely for uses
permitted by Dow. Distributor shall retain Dow Confidential/Proprietary Information in strict confidence and not disclose Dow Confidential/Proprietary Information to any third party, or to any Distributor employee and/or agent not having a need to
know Dow Confidential/Proprietary Information. If requested by Dow, Distributor shall execute and strictly adhere to a confidentiality agreement governing the use and disclosure of Dow Confidential/Proprietary Information. If requested by Dow,
Distributor shall cause each Distributor employee and/or agent having access to Dow Confidential/Proprietary Information to execute and strictly adhere to a confidentiality agreement, as between Distributor and each such employee and/or agent. Each
such confidentiality agreement shall prohibit the disclosure of any Dow Confidential/Proprietary Information to any third party during employment with Distributor, and upon and after termination of such employment. 

 

	 	(2)	Excepted from these obligations of confidence and non-use is that information which: 

 

	 	(a)	is available, or becomes available, to the general public without fault of the receiving party, 

 

	 	(b)	was in the possession of the receiving party on a non-confidential basis prior to receipt of the same from the disclosing party, 

 

	 	(c)	is obtained by the receiving party without an obligation of confidence from a third party who rightfully possesses such information and is under no obligation of
confidentiality to the disclosing party, or 

  

	 	(d)	is independently developed by the receiving party. 

  

	 	(3)	For the purpose of this paragraph, a specific item of confidential and/or proprietary information shall not be deemed to be within the foregoing exceptions merely
because it is embraced by more general information in the public domain or in the possession of the receiving party. In addition, any combination of features shall not be deemed to be within the foregoing exceptions merely because individual
features are in the public domain or in the possession of the receiving party, but only if the combination itself and its principle of operation are in the public domain or in the possession of the receiving party. 

 

	 	I.	Headings - The headings of the paragraphs hereto have been inserted for convenience only, are not to be considered a part of this Agreement, and shall not limit,
modify or affect the construction of this Agreement. 

  

	 	J.	Binding - This Agreement shall be binding upon and inure to the benefit of the respective successors and permitted assigns of each party hereto, but any
assignment of this Agreement by Distributor, or delegation of its obligations hereunder, without Dow’s prior written consent, shall be void. 

  

	 	K.	Survival - The terms and conditions of this Agreement shall survive the expiration or other termination of this Agreement to the fullest extent necessary for
their enforcement and for the realization of the benefit thereof by the party in whose favor they operate. 

  

	 	L.	OWNERSHIP RESTRICTION - During the term of this Agreement, Distributor [or principles of Distributor] shall not directly or indirectly own any additional
interest in, manage, or control any business competing with the businesses of Dow as contained in this agreement [or products that compete with the Products], as such businesses exist or are in process during the term of this Agreement, anywhere in
the world. Nothing herein shall prohibit Distributor from being a passive owner of not more than 5% of the outstanding stock of any class of a corporation which is publicly traded, so long as Distributor has no active participation in the business
of such corporation. 

  

	 	M.	Compliance With Laws - Distributor warrants that they will not offer or pay money or anything of value to a government official or political candidate for the
purpose of obtaining, retaining or directing business to any person or entity, as prohibited by the any applicable laws, which may include, without limitation, the U.S. Foreign Corrupt Practices Act. 

 

	25.	NOTICE. Any notices required or permitted to be given hereunder shall be in writing to the addresses listed below: 

 

			
	To Distributor:
		  	Ravago Holdings America
		  	800 Connecticut Avenue
		  	Norwalk, CT 06854
		  	Attention: Mark Lux, President
		
	With a copy to:	  	Ravago Holdings America
		  	800 Connecticut Avenue
		  	Norwalk, CT 06854
		  	Attention: Mark Appelbaum, General Counsel
		
	To Dow:	  	
		  	The Dow Chemical Company
		  	2030 Dow Center
		  	Midland, Ml 48674
		  	Attention: Indirect Sales Director

  

									
	Distributor Agreement	  	DOW CONFIDENTIAL - Do not share without permission	  	
		  	 - 8 -
	  	Initials:	  	  
	  	
		  		  	(Distributor)	  	(Dow)	  	
				
		  		  		  	

 EXECUTION COPY 
  

 

			
	With a copy to:	  	The Dow Chemical Company
		  	 Indirect Sales Legal Counsel

2040 Dow Center
 Midland, MI
48674

 or to such other address as either party may hereafter designate by notice to the other party. The
date of giving of any such notice shall be the date confirmed by verified receipt. Either party may at any time direct in writing that particular communications or types of communications be delivered to specific designees other than those named
herein. 
  

			
	 26.    ADDITIONAL EXHIBITS:
	  	Exhibit A – Company Subsidiaries
		  	Exhibit B – Dow Products and Geographic Product Riders
		  	Exhibit C – Global Rebate

  

 
 ANY EXHIBITS ARE INTEGRAL PARTS OF THIS DOCUMENT.
PLEASE READ COMPLETELY BEFORE EXECUTING. 
 By affixing their signatures below, the undersigned certify and warrant that they
understand the legal significance of the terms of this Agreement and that they have the legal authority to bind their respective companies to the terms herein. 
  

							
	RAVAGO SA	    	THE DOW CHEMICAL COMPANY
				
	By:	  	
 

	    	BY:	 	 /s/ James R. Fitterling

	NAME:	  	
 

	    	NAME:	 	 James R. Fitterling

	TITLE:	  	
 

	    	TITLE:	 	 President, Basic Plastics

 

 

  

									
	Distributor Agreement	  	DOW CONFIDENTIAL - Do not share without permission	  	
		  	 - 9 -
	  	Initials:	  	  
	  	
		  		  	(Distributor)	  	(Dow)	  	
				
		  		  		  	

 EXHIBIT A 
 DISTRIBUTOR SUBSIDIARIES 
  

			
	 COMPANY
	  	 FULL LEGAL NAME

		
	Channel Prime Alliance	  	Channel Prime Alliance LLC
	Channel Prime Alliance Canada	  	Channel Prime Alliance Canada Co.
	Channel Prime Alliance (Mexico)	  	Channel Prime Alliance de Mexico S de RL de C.V.
	Complastic	  	Complastic S.P.A.
	Comtec Polymers	  	Comtec Polymers LLC
	Coratech	  	CoRa Tech GmbH
	Dilaplast	  	Dilaplast S.P.A.
	Distribuidora Internacional	  	Distribuidora Internacional Multibasica SA de CV
	E. P. Compounding	  	E.P. Compounding S.L.
	E.P.C.	  	E.P.C. NV
	Enplast A.S.	  	Enplast A.S.
	Entec	  	Entec Polymers, LLC
	Entec Polymers International (d/ba)	  	Entec Polymers, LLC
	Entec Resins Mexico	  	Entec Resins Mexico, S.A. de C.V.
	FACT	  	Fact Future Advanced Composites & Technology GmbH
	GEBO PLAST	  	Gebo-plast SARL
	GeoChem	  	Geochem International LLC
	GeoChem SRL	  	Geoehem SRL S de RL d CV
	Kunststoffexpress Handel	  	KUNSTSTOFFEXPRESS Handel GmbH
	Lexicon Exports	  	Lexicon AG
	Muehlstein	  	H. Muehlstein & Co., Inc.
	Muehlstein Americas	  	Muehlstein Americas LLC
	Muehlstein Argentina	  	Muehlstein Argentina, S.R.L.
	Muehlstein Brazil	  	Muehlstein Comercio de Resinas LTDA
	Muehlstein Canada	  	H. Muehlstein & Co. (Canada)
	Muehlstein Compounded Products (d/b/a)	  	Pegasus Polymers Benelux, Inc.
	Muehlstein de Chile	  	Muehlstein de Chile, S.A.
	Muehlstein de Colombia	  	Muehlstein de Colombia, S.A.
	Muehlstein de Costa Rica	  	Muehlstein de Costa Rica, S.A.
	Muehlstein de Ecuador	  	Muehlstein de Ecuador, S.A.
	Muehlstein de El Salvador	  	Muehlstein de El Salvador, S.A.
	Muehlstein de Guatemala	  	Muehlstein de Guatemala, S.A.
	Muehlstein de Mexico	  	Muehlstein de Mexico, S.A. de C.V.
	Muehlstein de Peru	  	Muehlstein de Peru, S.A.
	Muehlstein de Puerto Rico	  	Muehlstein de Puerto Rico, Inc.
	Muehlstein Korea	  	Muehlstein International, Ltd.
	Nisco Almati	  	Nisco-Kazakhstan TOO
	Nisco Construction	  	Limited Liability Company “NISCO CONSTRUCTION UKRAINE”
	Nisco Construction	  	Nisco Construction ZAO
	Nisco International	  	Nisco International Ltd.
	Nisco SPB	  	OOO Nisco SPB
	Novalca	  	Novalca S.R.L.
	Novell	  	Novell Distribution Inc.
	Pegasus Plastik Kimya	  	Pegasus Plastik Kimya Sanayi Ve Ticaret Anonim Sirketi
	Pegasus Polymers	  	Pegasus Polymers Marketing GmbH
	Pegasus Polymers Asia	  	Pegasus Polymers Asia, Limited
	Pegasus Polymers France	  	Pegasus Polymers France S.A.R.L.
	Pegasus Polymers Iberica	  	Pegasus Polymers Iberica S.L.
	Pegasus Polymers International	  	Pegasus Polymers International, Inc.
	Pegasus Polymers Int’l	  	Pegasus Polymers International Inc.
	Pegasus Polymers Italia	  	Pegasus Polymers Italia Srl.
	Pegasus Polymers Trading	  	Pegasus Polymers Trading (Shanghai) Co., Ltd.
	Plastomark PTY	  	Plastomark (Proprietary) Ltd.
	Polykem SR DOO	  	Polykem SR DOO
	Polymed Ltd.	  	Polymed Ltd.
	Polymer Trading BV	  	Polymed Trading BV
	Pyramid Polymers	  	Pyramid Polymers Inc.
	R.P.L	  	R.P.L. SA
	RAGEBO ZA	  	Ragebo SARL
	Rapid Distribution	  	Rapid Distribution LLC
	Ravago	  	Ravago d.o.o.
	Ravago Bratislava	  	Ravago Bratislava s.r.o.
	Ravago China	  	Ravago China Ltd.
	Ravago Distribution Center	  	Ravago Distribution Center NV
	Ravago Hong Kong	  	Ravago Hong Kong
	Ravago Italia Locate	  	Ravago Italia S.P.A (Divizione MP Compounds)
	Ravago Italia Mornico	  	Ravago Italia S.P.A.
	Ravago Logistic Center	  	Ravago Logistic Center NV
	Ravago Plasticos	  	Ravago Plasticos S.A.
	Ravago Plastics Deutschland	  	Ravago Plastics Deutschland GmbH
	Ravago Plastics Hellas Abee	  	Ravago Plastics Hellas SA
	Ravago Production	  	Ravago Production NV

  

	
	DOW CONFIDENTIAL - Do not share without permission

 

 

  

 EXHIBIT A 
 DISTRIBUTOR SUBSIDIARIES 
  

			
	Ravago Resinex CZ	  	RAVAGO RESINEX CZ s.r.o.
	Resin Express (Switzerland) *	  	Resin Express AG
	Resin Express (Germany) *	  	Resin Express GmbH
	Resin Express (UK) *	  	Resin Express Ltd
	Resin Express Austria *	  	Resin Express Austria GmbH
	Resin Express Benelux *	  	Resin Express Benelux NV
	Resin Express France *	  	Resin Express France SAS
	Resin Express Ireland *	  	Resin Express Sales (Ireland) Ltd.
	Resin Express Italia *	  	Resin Express Italia S.R.L.
	Resin Express Netherlands *	  	Resin Express Nederland BV
	Resin Express Nordic *	  	Resin Express Nordic AB
	Resinex (Bosnia & Croatia)	  	Resinex d.o.o.
	Resinex (Serbia)	  	Resinex d.o.o. Belgrade
	Resinex BMY	  	Resinex BMY
	Resinex Bulgaria	  	Resinex Bulgaria Ltd.
	Resinex Campi Y Jove	  	Resinex-Campi y Jove S.L.
	Resinex Ghana Ltd.	  	Resinex Ghana Ltd.
	Resinex Gradiska	  	Resinex d.o.o.
	Resinex Hungary	  	Resinex Hungary Kft.
	Resinex Maroc S.A.R.L	  	Resinex Maroc S.A.R.L.
	Resinex Romania	  	Resinex Rom S.R.L.
	Resinex Sp.	  	Resinex Sp. z.o.o.
	Resinex&Krogh I/S	  	Resinex&Krogh I/S
	RP Compounds	  	RP Compounds GmbH
	UAB Ravago Resinex Baltics	  	UAB Ravago Resinex Baltics
	UMAC-MIDWEST	  	Umac Midwest NV

 Note: * Companies with “Resin
Express” names will be renamed using “Resinex” names during 2008 
 Note: Other Ravago entities within the geographic region of
the Middle East may be included upon mutual agreement of Dow and Ravago 

  

	
	DOW CONFIDENTIAL - Do not share without permission

 

 

  

 EXECUTION COPY 
  

EXHIBIT C 

[*****] 

  

	
	DOW CONFIDENTIAL - Do not share without permission

 

 

 EXECUTION COPY 
  

[*****] 

  

	
	DOW CONFIDENTIAL - Do not share without permission

 

 

 EXECUTION COPY 
  

[*****] 

  

	
	DOW CONFIDENTIAL - Do not share without permissionStyrene Baseload Sale and Purchase Agreement, dated June 30, 2004

 Exhibit 10.21 
 CONFIDENTIAL TREATMENT REQUESTED UNDER 
 C.F.R. SECTIONS 200.80(b)(4), 200.83 AND 230.406.

 [*****] INDICATES OMITTED MATERIAL THAT IS THE 
 SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST 
 FILED SEPARATELY WITH THE COMMISSION. 

THE OMITTED MATERIAL HAS BEEN FILED 
 SEPARATELY
WITH THE COMMISSION. 
  
  

 
 STYRENE BASELOAD 

SALE AND PURCHASE AGREEMENT 
 between 
 Dow Europe GmbH 

and 
 Jubail
Chevron Phillips Company 
 Dated: June 30, 2004 

 
  

 

 Table of Contents 

 

							
	ARTICLE I DEFINITIONS AND INTERPRETATION	  	 	1	  
	 Section 1.1. Definitions
	  	 	1	  
	 Section 1.2. Interpretation
	  	 	5	  
	ARTICLE II TERM AND TERMINATION	  	 	6	  
	 Section 2.1. Term
	  	 	6	  
	 Section 2.2. Termination
	  	 	7	  
	 Section 2.3. Termination for Cause
	  	 	7	  
	ARTICLE III STYRENE SALES AND QUANTITIES	  	 	8	  
	 Section 3.1. Styrene Sales
	  	 	8	  
	 Section 3.2. Commencement Date Timing
	  	 	9	  
	 Section 3.3. Quantity
	  	 	9	  
	 Section 3.4. Monthly Shortfall
	  	 	9	  
	 Section 3.5. Alternative Sale of Monthly Shortfall Quantities
	  	 	10	  
	 Section 3.6. Annual Shortfall
	  	 	10	  
	 Section 3.7. Delayed Delivery
	  	 	10	  
	ARTICLE IV FORECASTS	  	 	10	  
	 Section 4.1. Rolling 3-Month Forecasts
	  	 	10	  
	 Section 4.2. Annual Nomination
	  	 	10	  
	 Section 4.3. Confirmation of Annual Nomination
	  	 	11	  
	 Section 4.4. Scheduled Shutdowns
	  	 	11	  
	ARTICLE V PRICE AND PAYMENT TERMS	  	 	11	  
	 Section 5.1. Pricing
	  	 	11	  
	 Section 5.2. Payment Terms
	  	 	13	  
	 Section 5.3. Suspending Shipments
	  	 	13	  
	 Section 5.4. Taxes
	  	 	13	  
	 Section 5.5. Published References
	  	 	14	  
	 Section 5.6. Price Adjustments
	  	 	14	  
	 Section 5.7. Most Favored Purchaser
	  	 	14	  
	ARTICLE VI DELIVERY AND MEASUREMENT	  	 	15	  
	 Section 6.1. Delivery Rate
	  	 	15	  
	 Section 6.2. Delivery Location
	  	 	15	  
	 Section 6.3. Title and Risk of Loss
	  	 	15	  
	 Section 6.4. Measurement
	  	 	15	  
	 Section 6.5. Shipping Details
	  	 	15	  
	ARTICLE VII WARRANTIES	  	 	16	  
	 Section 7.1. Sole Warranty
	  	 	16	  
	 Section 7.2. Disclaimer of Other Warranties
	  	 	16	  
	ARTICLE VIII INSPECTION, CLAIMS AND LIMITATION OF LIABILITY	  	 	16	  
	 Section 8.1. Inspection
	  	 	16	  
	 Section 8.2. Test Methods
	  	 	17	  
	 Section 8.3. Off-Spec Styrene
	  	 	17	  
	 Section 8.4. Maximum Liability
	  	 	17	  

  

			
	  
 Styrene Baseload
Sale And Purchase Agreement
	  	Page i
	(between JCP and Dow Europe)	  	
	Effective Date: June 30, 2004	  	

							
	 Section 8.5. Consequential Loss
	  	 	17	  
	 Section 8.6. Reporting
	  	 	17	  
	ARTICLE IX FORCE MAJEURE	  	 	18	  
	 Section 9.1. Force Majeure
	  	 	18	  
	 Section 9.2. Reduction in Volumes
	  	 	18	  
	 Section 9.3. Notice Requirements
	  	 	19	  
	 Section 9.4. Remainder of Obligations Not Affected
	  	 	19	  
	 Section 9.5. Cessation of Force Majeure
	  	 	19	  
	 Section 9.6. Termination for Prolonged Force Majeure
	  	 	19	  
	 Section 9.7. General Limitations
	  	 	19	  
	ARTICLE X SAFETY AND HEALTH COMMUNICATIONS	  	 	20	  
	ARTICLE XI INDEMNIFICATION	  	 	20	  
	 Section 11.1. Indemnity
	  	 	20	  
	 Section 11.2. Notification of Claims
	  	 	21	  
	ARTICLE XII DISPUTE RESOLUTION	  	 	22	  
	 Section 12.1. Dispute Negotiation
	  	 	22	  
	 Section 12.2. Alternate Dispute Resolution
	  	 	22	  
	ARTICLE XIII ASSIGNMENT	  	 	23	  
	 Section 13.1. Assignment in General
	  	 	23	  
	 Section 13.2. Assignment to Successor in Interest
	  	 	23	  
	 Section 13.3. Assignment to Affiliate
	  	 	23	  
	 Section 13.4. Assignment to Lender
	  	 	23	  
	ARTICLE XIV MISCELLANEOUS	  	 	24	  
	 Section 14.1. Public Announcements
	  	 	24	  
	 Section 14.2. Construction
	  	 	24	  
	 Section 14.3. Severability
	  	 	24	  
	 Section 14.4. Further Assurances
	  	 	25	  
	 Section 14.5. Survival of Representations, Warranties, Covenants, and Obligations
	  	 	25	  
	 Section 14.6. Expenses
	  	 	25	  
	 Section 14.7. Benefit
	  	 	25	  
	 Section 14.8. No Waiver of Rights
	  	 	25	  
	 Section 14.9. Governing Law and Precedence
	  	 	25	  
	 Section 14.10. Notices
	  	 	25	  
	 Section 14.11. Counterparts
	  	 	26	  
	 Section 14.12. English Language and Calendar
	  	 	26	  
	 Section 14.13. Relationship Between the Parties
	  	 	26	  
	 Section 14.14. Conflict of Interest
	  	 	26	  
	 Section 14.15. Certain Practices
	  	 	27	  
	 Section 14.16. Guarantee
	  	 	27	  
	 Section 14.17. Confidentiality
	  	 	27	  
	 Section 14.18. Entire Agreement and Modification
	  	 	27	  
	 Section 14.19. Amendment or Modification
	  	 	28	  
	List of Exhibits	  	 	29	  
	Exhibit A Styrene Specification and Analytical Testing Methods	  	 	A-1	  

  
  

			
	Styrene Baseload Sale And Purchase Agreement	  	Page ii
	(between JCP and Dow Europe)	  	
	Effective Date: June 30, 2004	  	

					
	 Exhibit B Sample Calculations
	  	 	B-1	  
	 Exhibit C Form of Guarantee (Dow)
	  	 	C-1	  
	 Exhibit D Form of Guarantee (for SIIG and CPChem)
	  	 	D-1	  

  
  

			
	Styrene Baseload Sale And Purchase Agreement	  	Page iii
	(between JCP and Dow Europe)	  	
	 Effective Date: June 30, 2004
	  	

 STYRENE BASELOAD SALE AND PURCHASE AGREEMENT 

This Styrene Baseload Sale And Purchase Agreement (this “Agreement”) is entered into and effective between the parties
on June 30, 2004 A.D. by and between Jubail Chevron Phillips Company, a limited liability company holding Commercial Registration No. 2055005901, organized and existing under the laws and regulations of the Kingdom of Saudi Arabia
with its head office at Jubail, Kingdom of Saudi Arabia (“JCP” or “Seller”), and Dow Europe GmbH, a limited liability company organized and existing under the laws of Switzerland, having its principal office at
Bachtobelstrasse 3, 8810 Horgen (“Dow Europe” or “Buyer”). 
 WHEREAS, JCP is developing a project for the
construction of a facility in Jubail, Kingdom of Saudi Arabia, for the anticipated production of styrene (among other things); and 
 WHEREAS, conditioned upon JCP obtaining the necessary approvals and financing for such project and that such project proceeds to successful completion, JCP desires to sell Styrene to Dow Europe on a
long-term basis, and Dow Europe similarly desires to purchase Styrene from JCP, all in accordance with the terms and conditions contained herein; and 
 NOW, THEREFORE, in consideration of the above premises and the mutual undertakings herein contained, the Parties hereto agree as follows: 

ARTICLE I 

DEFINITIONS AND INTERPRETATION 
 Section 1.1. Definitions. 
 For the purposes of this Agreement, unless
the context otherwise requires, capitalized terms used in this Agreement shall have the following meanings: 
  

			
	“Affiliate”	  	means in relation to a person, any other person Controlled by such first person or which is controlled by or under common Control with such first person.
		
	“Annual Contract Quantity”	  	means [*****] per Contract Year, being pro-rated in respect of partial years, and except with respect to the Disengagement Period.
		
	“Annual Nomination”	  	has the meaning established in Section 4.2.
		
	“Annual Shortfall Quantities”	  	means the amount in metric tons by which the quantity of Styrene actually purchased by Buyer in a given Contract Year is less than the Annual
Nomination.

  
  

			
	Styrene Baseload Sale And Purchase Agreement	  	Page 1
	(between JCP and Dow Europe)	  	
	Effective Date: June 30, 2004	  	

			
		
	“Annual Shortfall Payment”	  	means [*****] in affect for the Month in question times the Annual Shortfall Quantities, net of any Monthly Shortfall Payments for the Contract Year in question.
		
	“Business Day”	  	means a day in the capital city of the relevant country on which commercial banks are open for normal business excluding Thursday and Friday in the case of Seller, and excluding
Saturday and Sunday in the case of Buyer.
		
	“Change of Control”	  	A change of control shall occur when there is a change of control of either Party by sale of stock or any other means, when the new controlling entity is one of the three largest
global producers or the largest Asian producer of polystyrene at the time of the change.
		
	“Commencement Date”	  	means the date on which Seller’s Plant is ready for commercial production of Styrene meeting Specification. This date shall be no earlier than April 1, 2007 and no later than
April 1, 2008. Seller shall give Buyer 24 months advance notice of the anticipated Commencement Date and shall update Buyer with any changes thereto.
		
	“Confidential Information”	  	means data, know-how, methods, processes, specifications or instructions that are not subject to the terms of other written agreements and shall include proprietary business
information of a technical or non-technological nature, including financial information. Such Confidential Information also may include, but is not limited to, physical, compositional and performance specifications, manufacturing conditions,
machinery, chemical applications, laboratory instruments, laboratory methods of analysis, interpretation of laboratory results, processes, techniques, technologies, and manufacturing methods, whether or not speculative or experimental in nature,
including business and technical information, Such information, if communicated orally, shall be considered Confidential Information if notice is given to the recipient that the information is confidential or if, due to the nature of the
information, a reasonable person would understand the information to be confidential.
		
	“Contract Period”	  	has the meaning established in Section 2.1.
		
	“Contract Year”	  	means the period beginning at 0000 hours (Greenwich Mean Time) on January 1st of any calendar year and ending at 2400 hours (Greenwich Mean Time) on December 31st of the same
calendar year during the Contract Period.

  
  

			
	Styrene Baseload Sale And Purchase Agreement	  	Page 2
	(between JCP and Dow Europe)	  	
	Effective Date: June 30, 2004	  	

			
		
	“Control”	  	means in relation to either Party, the right of a person or persons acting together, whether in law or in fact, to secure by means of the holding of shares bearing at least 50% of
the voting rights attaching to all the voting interests in that Party, or by having the power to control the composition of the board of directors of that Party so that all or a substantial proportion of the affairs of that Party are conducted in
accordance with the wishes of that person or persons and “Controlled” shall be construed accordingly.
		
	“Delivery Location”	  	means the ship’s rail at Jubail Industrial Port, Kingdom of Saudi Arabia, or at such other location or locations as may be mutually agreed between the Parties from time to
time.
		
	“Disengagement Period”	  	 [*****]

		
	“Excusing Conditions”	  	means with respect to Buyer, Force Majeure events as provided in Article 9, Seller’s failure to deliver Styrene, Seller’s failure to deliver Styrene meeting Specification,
or other fault of Seller; and
		
		  	means with respect to Seller, Force Majeure events as provided in Article 9, Buyer’s failure to purchase Styrene meeting Specification, or other fault of
Buyer.
		
	 “Firm Monthly

Nomination”
	  	has the meaning established in Section 4.1
		
	“FOB”	  	has the meaning ascribed to it in Incoterms 2000.
		
	“LIBOR”	  	means, in relation to any unpaid sum, the rate per annum calculated as the arithmetic mean (rounded to the nearest .0001 percentage point) of the offered rates for deposits in US
Dollars for a one-month period that appear on the Reuters Screen LIBOR Page as of 11:00 AM, London time, on the day that is two banking days preceding the payment due date.
		
	“Location Differential”	  	means the differential expressed in U.S. dollars per metric ton agreed upon annually for the Secondary Delivery Locations as defined in the Exchange Agreement.
		
	 “Maximum Monthly

Nomination”
	  	 [*****]

  
  

			
	Styrene Baseload Sale And Purchase Agreement	  	Page 3
	(between JCP and Dow Europe)	  	
	Effective Date: June 30, 2004	  	

			
		
	“Minimum Monthly Nomination”	  	means that amount which is equal to the Annual Nomination for the Contract Year in question [*****] subject to any Excusing Conditions then existing. However, in calculating the
Minimum Monthly Nomination [*****]
		
	“Month”	  	means the period beginning at 0000 hours (Greenwich Mean Time) on the first day in any calendar month and ending at 2400 hours (Greenwich Mean Time) on the last day of the same
calendar month.
		
	“Monthly Nomination”	  	means the amount as nominated by Buyer for anticipated purchase of Styrene as further described in Section 4.1
		
	“Monthly Shortfall Payment”	  	means (i) [*****] effect for the Month in question times the Monthly Shortfall Quantities or (ii) in the event Seller is able to sell the Monthly Shortfall Quantities in the same
Month for which the Firm Monthly Nomination applies [*****]
		
	“Monthly Shortfall Quantities”	  	means the amount in metric tons by which the quantity of Styrene actually purchased by Buyer in a given Contract Month is less than the Minimum Monthly Nomination. However, in the
event that the Firm Monthly Nomination is greater than the Minimum Monthly Nomination, then Monthly Shortfall Quantities shall mean the amount in metric tons by which the quantity of Styrene actually purchased by Buyer in a given Contract Month is
less than the Firm Monthly Nomination.
		
	“Metric Ton(s)”	  	means 2204.62 pounds.
		
	“Net Realization”	  	means the net proceeds received by Seller in connection with the sale to third parties of Monthly Shortfall Quantities, after deduction of all costs of sale including freight,
marketing fees, terminating, carrying cost of credit terms [*****] and inspection fees.
		
	“Nominated Plants”	  	means the following plants of Buyer or its Affiliates located in the Asia Pacific region: Tsing Yi and Merak, plus any additional plants in the Asia Pacific region which Buyer may
construct or acquire during the Contract Period, which consume or transform styrene monomer.

  
  

			
	Styrene Baseload Sale And Purchase Agreement	  	Page 4
	(between JCP and Dow Europe)	  	
	Effective Date: June 30, 2004	  	

			
		
	“Nominated Plants Capacity”	  	means the total design capacity of the Nominated Plants, which is equal to [*****] per year as of the date of execution of this Agreement. However, this amount may be increased
during the Contract Period as a result of any additions or expansions to any of the Nominated Plants. In the event that the capacity of the Nominated Plants is reduced at any time during the Contract Period, the Nominated Plants Capacity shall be
accordingly reduced for the same amount up to a maximum reduction of [*****] of the then current Nominated Plant Capacity, but in no event shall the number be reduced below [*****].
		
	“Off-Spec Styrene”	  	means Styrene which fails to meet Specification.
		
	“Party”	  	means either Seller or Buyer individually and “Parties” shall mean Seller and Buyer collectively.
		
	“Seller’s Plant”	  	means the facilities of Seller for the manufacture of styrene located in Jubail, Kingdom of Saudi Arabia, with an estimated effective capacity of [*****].
		
	“Styrene”	  	means styrene meeting Specification produced at Seller’s Plant.
		
	“Styrene Price”	  	has the meaning established in Section 5.1.
		
	“Specification”	  	means the Buyer’s quality specifications relating to Styrene as set forth in Exhibit A attached hereto and as modified from time to time by mutual agreement between the
parties.

  

					
		 	Section 1.2. Interpretation.
		
		 	In this Agreement, unless the contrary is indicated:
			
		 	1.2.1	  	“person” includes any individual, company, proprietorship, body corporate or unincorporated, or other juridical person, partnership (whether or not having separate legal
personality), firm, joint venture or trust or any federation, state or subdivision thereof or any government or agency of any of the foregoing and also includes a reference to that person’s legal personal representatives, successors and
permitted assigns;
			
		 	1.2.2	  	“Section” or “Exhibit” is a reference to a Section of or an Exhibit to this Agreement and the Recitals and Exhibits to this Agreement shall be deemed to form
part of this Agreement;
			
		 	1.2.3	  	“includes” or “including” shall be without limitation;
			
		 	1.2.4	  	an agreement or document is a reference to that agreement or document as from time to time supplemented, amended, substituted or novated (provided that Incoterms 2000 shall not be
deemed to be so varied or replaced);

  
  

			
	Styrene Baseload Sale And Purchase Agreement	  	Page 5
	(between JCP and Dow Europe)	  	
	Effective Date: June 30, 2004	  	

					
		 	1.2.5	  	headings are inserted for convenience only and shall not affect the construction of this Agreement; words importing the singular include the plural and vice versa and words
importing a gender include the other genders;
			
		 	1.2.6	  	a date or a period of time shall be deemed to be expressed in the Gregorian calendar;
			
		 	1.2.7	  	the governing language of this Agreement is English;
			
		 	1.2.8	  	in the event of any conflict between the express terms of this Agreement and the FOB Incoterm incorporated herein, the express terms of this Agreement shall apply;
and
			
		 	1.2.9	  	except insofar as this Agreement expressly provides that a third party may in his own right enforce a term of this Agreement, a person who is not a Party to this Agreement has no
right under the Contracts (Rights of Third Parties) Act 1999 (the “1999 Act”) to rely upon or enforce any term of this Agreement but this does not affect any right or remedy of a third party which exists or is available apart from the 1999
Act.

 ARTICLE II 
 TERM AND TERMINATION 
 Section 2.1. Term. 

The period for the sale and purchase of Styrene under this Agreement shall consist of: (i) the period beginning on the Commencement
Date and ending ten (10) calendar years from that date (the “Primary Term”), plus any extension period thereafter (the “Extended Term”), followed by (ii) the Disengagement Period (the Primary Term, the Extended Term and
the Disengagement Period shall be referred to collectively as the “Contract Period”). This Agreement shall continue automatically at the end of the Primary Term until terminated pursuant to Section 2.2 below. Notwithstanding the
foregoing, Buyer has the option, exercisable in its sole discretion, to extend the Primary Term, in accordance with the following: 
  

	 	(i)	this option applies only in the event that circumstances arise (prior to the Seller’s Plant having achieved commercial production) under which the maximum loss
provision of Section 3.2 has application and where such maximum loss has been reached; 

  

	 	(ii)	Buyer must provide Seller with notice, by no later than twenty-four months prior to the time when the Primary Term otherwise would expire, that Buyer is exercising this
option; 

  

	 	(iii)	the length of the extension, to be specified in such notice, can be for as long as the amount of time which elapses between the date when the maximum loss is reached
and the date when Seller’s Plant achieves commercial production; and 

  

	 	(iv)	Buyer may establish a new Annual Contract Quantity, to be specified in such notice and to be effective for the period of the extension, in any amount between [*****]
per year. 

  
  

			
	Styrene Baseload Sale And Purchase Agreement	  	Page 6
	(between JCP and Dow Europe)	  	
	Effective Date: June 30, 2004	  	

 Section 2.2. Termination. 

Except as expressly provided otherwise in this Agreement, neither Party has the right to terminate this Agreement prior to the end of the
Primary Term, Notwithstanding the foregoing: 
  

	 	(a)	Seller may terminate this Agreement without incurring cost or liability in favor of Buyer in the event Seller does not obtain financing for the construction of
Seller’s Plant within the thirty days following the execution of this Agreement; or 

  

	 	(b)	if Seller determines not to proceed with constructing Seller’s Plant, Seller may terminate this Agreement upon the payment to Buyer of a [*****] provided that
Seller gives written notice of such termination to Buyer by no later than April 1, 2005. 

 Either Party may terminate this
Agreement at the end of the Primary Term (followed by the Disengagement Period) by giving the other Party written notice of the termination at least twenty-four (24) Months prior to the end of the Primary Term. Following the expiration of the
Primary Term, either Party may terminate this Agreement by giving the other Party written notice of the termination at least twenty-four (24) Months prior to the proposed commencement of the Disengagement Period. In either event, however, the
Disengagement Period will commence at the end of the twenty-four month notice period, and this Agreement will terminate only at the conclusion of the Disengagement Period. 
 Section 2.3. Termination for Cause. 
 Either Party (“the First
Party”) may terminate this Agreement with immediate effect by notice in writing to the other Party on or at any time after the occurrence of any of the following events in relation to any other Party (“the Second Party”): 

 

					
		 	2.3.1	  	if the Second Party commits a material breach of any of its material obligations under this Agreement and, where such breach is remediable, fails to remedy the same within thirty
(30) days of being required by the First Party to do so, with the agreement between the Parties being that payment or performance by a guarantor of a Party pursuant to the guarantees attached hereto in Exhibit C shall not be construed to be a
remedy of such Party’s breach; for the purposes of this Section 2.3.1, a breach shall be considered capable of remedy if time is not of the essence in performance of the obligation and if the Second Party can comply with the obligation
within the thirty (30) day period;
			
		 	2.3.2	  	if the Second Party becomes or is deemed to be insolvent or is unable to pay its debts (within the meaning of the Insolvency Act 1986);
			
		 	2.3.3	  	if a petition is presented or meeting convened or resolution is passed for the purpose of winding up the Second Party or the Second Party enters into liquidation whether
compulsorily or voluntarily or compounds with its creditors generally or has a receiver, receiver and manager administrator Or administrative receiver appointed over all or any part of its assets or any proposal is made for a company voluntary
arrangement in respect of the Second Party;

  
  

			
	Styrene Baseload Sale And Purchase Agreement	  	Page 7
	(between JCP and Dow Europe)	  	
	Effective Date: June 30, 2004	  	

					
		 	2.3.4	  	if the Second Party suffers an event of Force Majeure and the other Party is entitled to terminate this Agreement under Section 9;
			
		 	2.3.5	  	if the Second Party experiences a Change of Control;
			
		 	2.3.6	  	if the Seller (as the Second Party) implements a change in manufacturing process (from that which is contemplated at the time of executing this Agreement) at Seller’s Plant
which causes (as determined by an arbitrator appointed pursuant to Section 12.2 hereof) the Styrene to infringe on the valid patents in effect in China, and Seller does not agree to hold Buyer harmless from the effects of such
infringement;
			
		 	2.3.7	  	if the Seller’s Plant has not reached commercial production by July 1, 2009 for any reasons other than Force Majeure as defined in Section 9.1, and Seller does not
agree to supply styrene meeting Specification to Buyer at the Contract Price, then Buyer may terminate this agreement; provided however that any termination by Buyer under this Section 2.3.7 will be without prejudice to any claims of Buyer
arising under this Agreement, subject to the express provisions of this Agreement relating to such claims; or
			
		 	2.3.8	  	if the individual or cumulative effect of any Newly Imposed Tax(es) results in an increase in the Seller’s cost of production of at least two times the amount stated at the
end of the first sentence of Section 5.4 (hereinafter referred to as Seller’s Tax Limit Cost), and Buyer does not agree to pay half of the amount in excess of the Seller’s Tax Limit Cost of such Newly Imposed Tax(es) allocable to the
Styrene sold pursuant to this Agreement (in which case Seller shall have the termination option as the First Party).

 In the
event of a termination under Section 2.3.1, the breaching Party shall reimburse the nonbreaching Party for all costs and expenses related to pursuit of payment for any claim in any way arising from such breach, including but not limited to
reasonable attorneys’ fees. 
 ARTICLE III 
 STYRENE SALES AND QUANTITIES 
 Section 3.1. Styrene Sales.

 With effect from the Commencement Date and continuing throughout the Contract Period, Seller agrees to sell and deliver and
Buyer agrees to purchase and receive Styrene in accordance with the terms and conditions of this Agreement. Prior to the Commencement Date (during the start-up of Seller’s Plant), certain quantities of Styrene may become available for sale to
Buyer; in the event that Buyer chooses to purchase any quantities available prior to the Commencement Date, such sales shall similarly be subject to the terms and conditions of this Agreement. However any such sales before the Commencement Date
shall not affect the Contract Period as specified in Section 2.1. 

  
  

			
	Styrene Baseload Sale And Purchase Agreement	  	Page 8
	(between JCP and Dow Europe)	  	
	Effective Date: June 30, 2004	  	

 Section 3.2. Commencement Date Timing. 

In the event that Seller’s Plant is ready for commercial production prior to April 1, 2007, the Commencement Date shall not be
earlier than April 1, 2007 unless otherwise agreed by the parties, and Buyer shall have the option to purchase Styrene produced prior to the Commencement Date pursuant to the terms defined in Section 3.1. If the Seller’s Plant is not
ready for commercial production by the nominated Commencement Date for any reasons other than Force Majeure as defined in Section 9.1 hereinbelow, Seller, if requested by Buyer, shall perform one of the following options, as Seller may elect in
its sole discretion: (i) supply to Buyer styrene meeting the Specifications (obtained from third-party sources) in accordance with the price and other terms agreed hereunder; or (ii) direct Buyer itself to obtain from third-party sources
the monthly quantities contemplated herein, in which case Seller shall pay Buyer an amount equal to the net difference between the Styrene Price (as specified under this Agreement) and any higher price of styrene which Buyer pays in obtaining such
styrene, net of Buyer incurred costs as defined in Net Realization, given that Buyer agrees to exercise its best efforts to obtain the lowest price achievable under the circumstances. In any event however, the Parties expressly agree that the
maximum loss which Seller shall be obliged to incur with respect to the provisions of this Section 3.2 shall be no greater than [*****]. Seller shall not be entitled to delay the achievement of commercial production on the basis of financial,
business or market reasons, or on the basis of Seller’s gross negligence or willful misconduct, and if Seller breaches this obligation then the provision as to limitation of loss which is contained in the preceding sentence shall not apply to
the extent of any delay which is attributable to such breach. In determining whether any delay is due to Seller’s willful misconduct, only the actions of the officers and directors of Seller (and of Seller’s Affiliates) will be considered.

 Section 3.3. Quantity. 
 The quantity of sales on an annual basis shall be consistent with each Annual Nomination, in accordance with Section 4.2, which Annual Nomination shall be equal to or greater than the Annual Contract
Quantity, except to the extent that Excusing Conditions occur. With respect to sales on a monthly basis, the quantity of sales shall be consistent with each Monthly Nomination, provided pursuant to Section 4.1. However, to the extent that a
Monthly Nomination is more than the Maximum Monthly Nomination, such sales shall be at the Seller’s discretion. 

Section 3.4. Monthly Shortfall. 
 If Buyer fails to purchase Styrene for any reason other than any applicable Excusing Conditions, such that there are resulting Monthly Shortfall Quantities, then Buyer shall pay to Seller the Monthly
Shortfall Payment in accordance with the provisions of Section 5.2. A sample calculation of a Monthly Shortfall Payment is included in Exhibit B. IT IS UNDERSTOOD AND AGREED BETWEEN THE PARTIES HERETO THAT SELLER’S RIGHT TO COLLECT THE
MONTHLY SHORTFALL PAYMENT CONSTITUTES SELLER’S EXCLUSIVE REMEDY FOR BUYER’S FAILURE TO PURCHASE THE MONTHLY NOMINATION, AND IN NO EVENT SHALL BUYER BE OBLIGATED TO PAY MORE THAN THE MONTHLY SHORTFALL PAYMENT FOR ANY VOLUME OF STYRENE NOT
ACTUALLY PURCHASED BY BUYER IN A GIVEN MONTH. THE MONTHLY SHORTFALL PAYMENT REPRESENTS A REASONABLE AND GENUINE PRE-ESTIMATE OF DAMAGES WHICH WOULD BE SUFFERED BY SELLER IF BUYER FAILS TO PURCHASE THE MONTHLY NOMINATION AND DOES NOT CONSTITUTE A
PENALTY. BUYER SHALL NOT BE REQUIRED TO PAY THE 

  
  

			
	Styrene Baseload Sale And Purchase Agreement	  	Page 9
	(between JCP and Dow Europe)	  	
	Effective Date: June 30, 2004	  	

 MONTHLY SHORTFALL PAYMENT TO THE EXTENT OF ANY APPLICABLE EXCUSING CONDITIONS. 

Section 3.5. Alternative Sale of Monthly Shortfall Quantities. 

If Buyer fails to purchase the Firm Monthly Nomination, Seller may undertake to effectuate an alternative sale of such Monthly Shortfall
Quantities. If and to the extent that the Seller endeavours to make spot sales of the Monthly Shortfall Quantities, Seller will use commercially reasonable efforts to sell it at the highest market price available in any region reasonably chosen by
Seller. 
 Section 3.6. Annual Shortfall. 
 If Buyer fails to purchase the Annual Contract Quantity pursuant to Section 4.1 in a given Contract Year (for reasons other than any applicable Excusing Conditions), then Buyer shall pay to Seller
the Annual Shortfall Payment. In the event that the cumulative amount of any Monthly Shortfall Payments made by Buyer for the Contract Year in question cause the Annual Shortfall Payment to be a negative number (after netting), then Seller shall
reimburse the amount to Buyer. A sample calculation of an Annual Shortfall Amount is included in Exhibit B. 

Section 3.7. Delayed Delivery. 
 In each Month, Buyer shall have the option to purchase Styrene without taking immediate delivery, upon providing written notice thereof to Seller not later than the 20th of the prior month. [*****]. The price for such Styrene shall be
determined in accordance with Section 5.1 as of the Month of the election. All Styrene sold but not delivered under this Section shall be deemed by the Parties to have been purchased by Buyer at the Delivery Location as of the election date and
then accounted for and held by Seller for subsequent delivery to Buyer, as Buyer shall instruct. 
 ARTICLE IV 

FORECASTS 

Section 4.1. Rolling 3-Month Forecasts. 

No later than the 20th of each month during the Contract Period, Buyer shall provide Seller with a [*****] rolling forecast of Monthly
Nominations, reflecting the Styrene Buyer intends to purchase and receive during the [*****] starting at the end of the month when the forecast is provided (the “Rolling Forecast”). With respect to the initial month of each Rolling
Forecast, the Monthly Nomination shall be provided on a firm and binding basis (the “Firm Monthly Nomination”), whereas the Monthly Nominations[*****] of the Rolling Forecast are understood merely to be good faith estimates. 

Section 4.2. Annual Nomination. 
 By no later than September 30th of the year preceding each Contract Year, Buyer shall provide to Seller in writing a nomination of Buyer’s anticipated purchase levels for the upcoming Contract
Year (the “Annual Nomination”). The amount of each Annual Nomination 

  
  

			
	Styrene Baseload Sale And Purchase Agreement	  	Page 10
	(between JCP and Dow Europe)	  	
	Effective Date: June 30, 2004	  	

 
shall be equal to or greater than the Annual Contract Quantity, except to the extent of applicable Excusing Conditions. However, Buyer acknowledges that to the extent requested sales under the
Annual Nomination are greater than the Annual Contract Quantity, such excess sales shall be at the discretion of Seller and the price applicable to such excess sales shall be a matter of negotiation between the Parties. In the event Buyer does not
provide the new Annual Nomination by the date specified, the Annual Nomination for the upcoming Contract Year shall be deemed to be [*****]. 
 Section 4.3. Confirmation of Annual Nomination. 
 By no later than
thirty (30) days following receipt of an Annual Nomination, Seller shall provide Buyer with a response confirming Seller’s receipt of the Annual Nomination for the Contract Year in question. In the event Seller does not provide the
confirmation within the time period specified, Seller shall be deemed to confirm the Annual Nomination for the upcoming Contract Year, subject to the provisions of Section 4.2 with respect to excess sales. 

Section 4.4. Scheduled Shutdowns. 
 Buyer and Seller will use reasonable endeavors to coordinate scheduled shut downs with each other and shall give the other Party twelve (12) months advance notice of any scheduled shutdown which
shall affect the ability of a Party to supply or receive product on a short-term basis. However, for the avoidance of doubt the Parties hereby acknowledge that scheduled shutdowns shall not constitute an Excusing Condition and thus shall not reduce
the purchase and sale obligations contained herein with respect to Annual Nominations unless otherwise mutually agreed. 

ARTICLE V 

PRICE AND PAYMENT TERMS 
 Section 5.1. Pricing 
 The price for Styrene sold hereunder (the
“Styrene Price”) shall be established in U.S. cents per pound (“cpp”) and converted to U.S. dollars per Metric Ton [*****]. The Styrene Price shall be based upon the following formula, as defined below, and shall be calculated in
the following manner: 
 [*****] 

  
  

			
	Styrene Baseload Sale And Purchase Agreement	  	Page 11
	(between JCP and Dow Europe)	  	
	Effective Date: June 30, 2004	  	

 [*****] 

  
  

			
	Styrene Baseload Sale And Purchase Agreement	  	Page 12
	(between JCP and Dow Europe)	  	
	Effective Date: June 30, 2004	  	

 [*****] 
 Section 5.2. Payment Terms. 
 On or about the
5th Business Day of each Month, a consolidated invoice
will be issued to Buyer for all Styrene sold during the preceding Month, as well as other amounts due and owing, including any outstanding Monthly Shortfall Payment and (each January following a Contract Year) any Annual Shortfall Payment owing for
the Contract Year in question. Buyer shall pay the invoice amount on the 15th day of each Month (or if such 15th day is not a Business Day for Buyer, then on the next Business Day) via electronic funds transfer (“EFT”) to an account as specified by Seller; provided, however, that said payment date will be
extended by the number of days by which Seller is delayed in issuing its invoice. All amounts due under an invoice shall be due and payable in currency of the United States. If either Party disputes the amount due under an invoice, the Parties shall
act promptly to resolve the dispute. However, Buyer will only be entitled to withhold payment of that amount subject to bona fide dispute. If any amount is determined or agreed actually to be due and owing, the Party owing such amount shall promptly
pay such amount plus interest at LIBOR + 1% for the period from the date of the invoice until payment. 

Section 5.3. Suspending Shipments. 
 If Buyer is past due in payment of any amount owing to Seller or is unable to pay its debts as they fall due, Seller reserves the right, without liability and without prejudice to any other remedies, to
suspend performance, decline to ship, or stop any material or goods in transit, until Seller receives payment of all amounts owing to Seller, or otherwise receives adequate assurance of payment for any amounts outstanding to Seller, in the form of a
letter of credit, a parent guarantee or a bank guarantee. If Seller has committed a breach of its supply obligations (which Seller has failed promptly to cure in accordance with Section 2.3.1 and any other provisions of this Agreement), Buyer
reserves the right, without liability and without prejudice to any other remedies (including termination pursuant to Section 2.3), to suspend future purchases until Seller’s breach is properly cured. 

Section 5.4. Taxes. 
 Any tax (other than on income or on gross receipts or measured by income or gross receipts), duty or other governmental charge now or hereafter imposed (including “Superfund” taxes) on the
delivery of Styrene to Buyer pursuant to this Agreement (or on 

  
  

			
	Styrene Baseload Sale And Purchase Agreement	  	Page 13
	(between JCP and Dow Europe)	  	
	Effective Date: June 30, 2004	  	

 
Seller, or required to be paid or collected by Seller, by reason of the manufacture of such Styrene), which would have application after the Commencement Date, hereinafter “Newly Imposed
Tax”, shall be apportioned equally between Seller and Buyer with respect to the Styrene sold under this agreement, in addition to the Styrene price; provided that under no circumstances shall Buyer be obliged to pay an amount in excess of
[*****] pursuant to the provisions of this section. It is the intent of the Parties for Buyer to pay only such Newly Imposed Tax as relates to Styrene delivered to Buyer. If a Newly Imposed Tax is calculated on any basis other than an amount per
metric ton delivered or as a percentage of purchase price, such as a periodic amount imposed on the manufacture of Styrene, the Newly Imposed Tax will be prorated between Buyer and Seller taking into account only the Styrene delivered to Buyer upon
which the Newly Imposed Tax is imposed. Buyer and Seller shall each be entitled to one-half (on a pro rata basis) of any tax credit, refund, or reduction in tax charge that may be available with respect to the taxes paid on delivery, manufacture,
sale, or use of such Styrene and Seller shall cooperate with Buyer if necessary to secure such credit, refund, or tax reduction. A Newly Imposed Tax shall not be payable by Buyer to the extent it results from Seller’s negligence or from any
actions or negotiations of Seller intending to allocate any Newly Imposed Tax on the supply of Styrene to Buyer. 

Section 5.5. Published References. 
 The Parties agree that they will negotiate an alternative reference price, pricing mechanism or index if any of the published reference prices or indices used to establish a pricing formula are no longer
published when no alternative published reference price is already specified in this Agreement. Further, it is recognized by both parties that the Styrene Monomer purchased under this agreement is destined for the major markets in Asia and as such
the raw material references are intended to be representative of the actual or prevailing prices impacting the valuation of Styrene Monomer in these markets. The references currently applied in this contract meet this criterion. If any of such
reference prices or indices no longer meets this criterion, then either Party has the right to propose to replace an existing reference price in this Agreement with a new prevailing market reference price by communicating to the other Party not
later than November 1 preceding any Contract Year. If the other Party does not agree on such alternative reference price within 60 days, then either Party may refer the matter for resolution in accordance with the provisions of
Section 12.2, with the new reference price to be applied retroactively to the beginning of the Contract Year in question in the event the disagreement is resolved in favor of the new reference price. If there is a correction in any of the
referenced publications within thirty (30) days of publication, the correction shall be applied to the price as applicable. 
 Section 5.6. Price Adjustments. 
 The Parties agree that there will
not be any price adjustment made, whether due to publication error or calculation error, to an invoiced amount more than twelve (12) Months after the date of the applicable invoice. 

Section 5.7. Most Favored Purchaser. 
 If Seller at any time during the term of this Agreement shall offer Styrene for sale to any third party for use in Asia or India (other than an entity in which an Affiliate of Seller owns an equity (or
similar) interest of 40% or more), in monthly quantities equal to or smaller than those established in this Agreement, on substantively equivalent or better terms and conditions for the third party (including in relation to contract duration any
contractual duration longer than three 

  
  

			
	Styrene Baseload Sale And Purchase Agreement	  	Page 14
	(between JCP and Dow Europe)	  	
	Effective Date: June 30, 2004	  	

 
years), and on a structured pricing basis substantively equivalent to that which is established in this Agreement, which results in a net price lower than that which is in effect under this
Agreement, then Seller shall, to the extent permitted by applicable law, offer Buyer the same lower price for the Styrene purchased hereunder, but only after the two initial years of the contract with the third party have elapsed and thereafter only
for the period of time in which such third party’s lower price is in effect. 
 ARTICLE VI 

DELIVERY AND MEASUREMENT 
 Section 6.1. Delivery Rate. 
 Seller shall endeavor to deliver and
Buyer shall endeavor to take Styrene ratably throughout each Month, subject to the occurrence of any Excusing Conditions and subject to any scheduled shutdowns which have been communicated between the Parties. 

Section 6.2. Delivery Location. 
 The Styrene purchased and sold under this Agreement shall be delivered at the Delivery Location. 
 Section 6.3. Title and Risk of Loss. 
 Title to the Styrene and all
risk of damage or loss with respect thereto shall pass to Buyer at the moment when the Styrene passes through the Delivery Location. 
 Section 6.4. Measurement. 
 Styrene will be sold on a weight basis
converted from volume measurements. The volume of Styrene delivered shall be determined by calibrated shore tank gauges or other mutually agreed upon methods by an independent surveyor at the point of delivery. All deliveries shall be computed on
the basis of volume adjusted to the standard temperature of 60 degrees Fahrenheit Volume measurements for Styrene shall be adjusted for temperature and converted to weight in metric tons using ASTM D1555M for volume measurements made in metric
units. 
 Section 6.5. Shipping Details. 
 In respect of each shipment of Styrene which Buyer wishes Seller to deliver, Buyer shall give to Seller a written nomination setting out: 

 

	 	6.5.1	the quantity of Styrene which Buyer wishes to be delivered in that shipment [*****] 

 

	 	6.5.2	a fifteen (15) day laycan in which the Buyer wishes the shipment to be loaded at Port of Shipment, the first day of which laycan may not be earlier than thirty
(30) days after the day on which the order is given to the Seller; and 

  

	 	6.5.3	 the details of the vessel nominated by Buyer to carry the shipment, such as the vessel’s name, age, deadweight, draft and prior cargo. In the
event that either Party becomes aware that a nominated vessel has been cancelled or is likely to 

  
  

			
	Styrene Baseload Sale And Purchase Agreement	  	Page 15
	(between JCP and Dow Europe)	  	
	Effective Date: June 30, 2004	  	

	 	 
be delayed or otherwise restricted, such Party shall promptly notify the other Party of the same, and Buyer shall then use all reasonable endeavors to mitigate the effects of such delay or
cancellation. 

  

	 	6.5.4	Buyer shall nominate a vessel with a laytime based on minimum 200 MT/hr reversible SHINC unless otherwise mutually agreed upon. 

ARTICLE VII 

WARRANTIES 

Section 7.1. Sole Warranty. 
 Seller warrants, and only warrants, that the Styrene shall meet Specification (except with respect to Off-Spec Styrene which Buyer agrees to purchase), that Seller shall have the right to sell Styrene and
that Seller shall convey the Styrene at the time of delivery at the Delivery Location with good and marketable title, 
  

	 	a.	free from any lawful security interest, lien, or encumbrance (or other similar claims); 

 

	 	b.	free from any patent claims establishing that the manufacture of the Styrene in Saudi Arabia infringes the valid patent of any third parties in Saudi Arabia; and

  

	 	c.	free from any other third party claim impacting Buyer’s good and marketable title resulting from Seller’s lack of compliance with any applicable laws or
contractual obligations. 

 Section 7.2. Disclaimer of Other Warranties. 

EXCEPT AS EXPRESSLY SET OUT IN SECTION 7.1 ABOVE, SELLER DOES NOT MAKE, AND SELLER HEREBY EXPRESSLY DISCLAIMS (AND BUYER EXPRESSLY
WAIVES), ANY OTHER WARRANTIES INCLUDING WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, REGARDLESS OF WHETHER ORAL OR WRITTEN, EXPRESS OR IMPLIED, OR ALLEGEDLY ARISING FROM ANY USAGE OF ANY TRADE OR FROM ANY COURSE OF DEALING.

 ARTICLE VIII 
 INSPECTION, CLAIMS AND LIMITATION OF LIABILITY 
 Section 8.1.
Inspection. 
 Buyer will cause the Styrene to be examined by an independent surveyor at the time of loading at the Delivery
Point. Buyer has the right to nominate such independent inspector, subject to the Seller’s mutual agreement, and all costs associated with the inspector shall be split equally between Buyer and Seller. The determinations of the independent
surveyor as to both quantity and quality shall be binding upon Buyer and Seller, unless either of them can prove that the determination of the independent surveyor was wrong. In the event such independent surveyor believes that there has been a
shortfall in delivery of Styrene or that the delivery contain Off-Spec Styrene, Buyer shall notify Seller as promptly as possible, and in the case of Off-Spec Styrene Buyer and Seller shall then enter into discussions pursuant to Section 8.3.
In the case of a shortfall in delivery of Styrene, Seller shall deliver the shortfall amount as soon as 

  
  

			
	Styrene Baseload Sale And Purchase Agreement	  	Page 16
	(between JCP and Dow Europe)	  	
	Effective Date: June 30, 2004	  	

 
possible, using all reasonable diligence, but in no event later than at the date scheduled for the next delivery. Seller shall be responsible for any demurrage, ‘dead freight’ and costs
reasonably incurred by Buyer as a result of Seller’s delivery shortfall. 
 Section 8.2. Test Methods.

 Analytical procedures and test methods for product quality shall be in accordance with Exhibit A. Such procedures shall be no
less rigorous than standard industry procedures and shall be revised periodically by agreement between the Parties for this purpose. Seller shall provide Buyer with certification sheets in respect of the analysis and description of the properties of
each lot of Styrene part or all of which is to be delivered to Buyer hereunder. Such certification sheets shall be provided promptly following completion of final analysis of samples of such lot. 

Section 8.3. Off-Spec Styrene. 
 In the event that Buyer is willing to consider purchasing Off-Spec Styrene which it has received, then the Parties shall commence discussions with a view to agreeing terms on which Buyer may elect to
accept such Off-Spec Styrene. If the Parties fail to reach agreement, then Buyer shall be entitled to reject the Off-Spec Styrene in which case Seller shall be responsible for the disposition thereof and shall promptly, but in no event later than at
the date scheduled for the next delivery, deliver to Buyer an equivalent quantity of Styrene (meeting Specification) in replacement therefor. Where Buyer has rejected such Off-Spec Styrene, Seller shall be responsible for any ship cleaning,
demurrage, and additional costs reasonably incurred by Buyer. The Buyer shall not be obliged to pay the Seller for the non-compliant product so rejected. However, in the event that an agreement is reached with respect to the purchase of the Off-Spec
Styrene, such quantities shall count towards satisfaction of the Monthly Nomination for the Month in question. 
 In the event
that Seller has Off-Spec Styrene which it desires to sell to Buyer, Seller shall notify the Buyer of the same, providing details of the properties thereof, and if Buyer desires to purchase it, the Parties will discuss the pricing terms which will
apply to such sale. The terms and conditions of this Agreement (other than the pricing provisions of Article V) shall apply to the sales of Off-Spec Styrene. 
 Section 8.4. Maximum Liability. 
 EXCEPT AS PROVIDED IN SECTION 8.6
BELOW, A PARTY’S TOTAL LIABILITY TO THE OTHER PARTY ARISING FROM THIS AGREEMENT FOR ANY CLAIMS OF ANY NATURE WILL NOT EXCEED THE PURCHASE PRICE OF THE PORTION OF STYRENE IN RESPECT OF WHICH SUCH CLAIMS ARE MADE. 

Section 8.5. Consequential Loss. 
 WITHOUT PREJUDICE TO THE APPLICATION OF SECTION 3.4 ABOVE, IN NO EVENT WILL EITHER PARTY BE LIABLE HEREUNDER FOR ANY LOST PROFITS OR ANY INDIRECT, CONSEQUENTIAL, SPECIAL, CONTINGENT, EXEMPLARY OR PUNITIVE
DAMAGES WHETHER ARISING IN TORT, CONTRACT, OR OTHERWISE. 
 Section 8.6. Reporting. 

  
  

			
	Styrene Baseload Sale And Purchase Agreement	  	Page 17
	(between JCP and Dow Europe)	  	
	Effective Date: June 30, 2004	  	

 NOTWITHSTANDING ANYTHING CONTAINED IN THIS AGREEMENT TO THE CONTRARY, THE PROVISIONS OF
SECTIONS 8.4 AND 8.5 WILL NOT APPLY TO EITHER PARTY’S INDEMNITY OBLIGATIONS SET FORTH IN ARTICLE XI. 
 ARTICLE IX

 FORCE MAJEURE 
 Section 9.1. Force Majeure. 
 No delay or failure of performance of
any obligation under this Agreement by either Party shall constitute default hereunder or give rise to any claims for damages (if any) to the extent that such delay or failure: (i) is beyond the Party’s reasonable control; or
(ii) results from an event or condition which is unforeseeable or which if foreseeable cannot by the exercise of reasonable diligence be prevented or avoided (“Force Majeure”). Force Majeure events shall include: 

 

	 	(i)	in relation to Seller’s Plant and Buyer’s Nominated Plants (the “Affected Plant”), any act of war (whether declared or undeclared), invasion, armed
conflict or act of foreign enemy, blockade, embargo, revolution, riot, civil commotion, act or campaign of terrorism, or sabotage; any government nationalization, sequestration or expropriation; strike, work to rule or go-slow; changes in any law
applicable to the Affected Plant; adverse weather conditions affecting production by an Affected Plant, lightning, fire, earthquake, tsunami, storm, cyclone, typhoon, or tornado; fire, epidemic or plague; radioactive contamination or ionizing
radiation; explosion; or chemical contamination; 

  

	 	(ii)	the lapse, termination or revocation of any consent, permit or license (to the extent beyond the reasonable control of the affected Party); and

  

	 	(iii)	except to the extent caused by a failure of the affected Party to act in accordance with good industry practice in the Affected Plant: failure of any material piece of
equipment at the Affected Plant; a delay or failure in supply of fuel, feedstock, catalyst or any other raw material or any utility of any kind necessary for the operation of the Affected Plant; and a delay in the performance of any contractor or
subcontractor; 

 provided always that such event is not caused by the negligence or intentional action of a Party or their
respective agents or employees, and provided further that neither Party shall declare Force Majeure with respect to the other Party unless the declaring Party also declares Force Majeure with respect to its other purchasers and suppliers.

 Section 9.2. Reduction in Volumes. 
 In the event of a Force Majeure event affecting one or more of Buyer’s Nominated Plants, Buyer’s purchase obligation shall be reduced during the pendency of the Force Majeure event by the
percentage amount which is calculated as a fraction, the numerator of which is the amount of reduction in capacity of Buyer’s Nominated Plants as a result of the Force Majeure and the denominator of which is the Nominated Plants Capacity.

  
  

			
	Styrene Baseload Sale And Purchase Agreement	  	Page 18
	(between JCP and Dow Europe)	  	
	Effective Date: June 30, 2004	  	

 In the event of a Force Majeure event affecting Seller’s Plant, Seller’s
obligations under this Agreement shall be excused or reduced, as the case may be, to the extent such performance is prevented or limited by the Force Majeure event. Nevertheless, to the extent that Seller’s Styrene production is simply reduced
rather than completely curtailed due to an event of Force Majeure, any available quantity of Styrene shall be allotted to Buyer on a pro rata basis. More specifically, Seller’s delivery obligation to Buyer shall be reduced during the pendency
of the Force Majeure event by the percentage amount which is calculated as a fraction, the numerator of which is the amount of Seller’s reduction in capacity as a result of the Force Majeure event and the denominator of which is the effective
capacity of Seller’s Styrene facilities, currently estimated to be [*****] 
 Section 9.3. Notice Requirements.

 The Party asserting Force Majeure shall in each instance give the other Party notice thereof no later than three
(3) days after the beginning of each such occurrence. Such notice shall include a brief description of the event or circumstance of Force Majeure, the nature of the impact on the Party, and an estimate of the anticipated delay. No such delay or
continuation thereof shall be effective for a period of more than fifteen (15) days unless prior to the end of the initial fifteen (15) day period, the Party asserting the Force Majeure shall give the other Party notice of the continuation
thereof. 
 Section 9.4. Remainder of Obligations Not Affected. 

Nothing in this Article IX shall alter any obligations under this Agreement to the extent not affected by such Force Majeure event. The
affected Party shall make all reasonable efforts to minimize the effects of the Force Majeure event, and the Parties shall consult with each other with a view to agreeing on appropriate measures to be taken to mitigate the effects of the Force
Majeure event. 
 Section 9.5. Cessation of Force Majeure. 

Not later than seven (7) days after the cessation of any Force Majeure event, the Party that asserted it shall give the other Party
notice of the date of such cessation; provided that the Party that asserted the claim for Force Majeure shall resume performance of its obligations under this Agreement immediately upon cessation of the Force Majeure event. 

Section 9.6. Termination for Prolonged Force Majeure. 

If the cumulative duration of any period or periods of Force Majeure exceeds three hundred and sixty five (365) days, the Party
other than the Party asserting Force Majeure may terminate this Agreement forthwith. If the duration of any single period of Force Majeure exceeds one hundred and eighty (180) days, the Party other than the Party asserting Force Majeure shall
be entitled to terminate this Agreement unless the Party asserting Force Majeure can perform or cause somebody to perform at least 70% of its obligations under this Agreement. 
 Section 9.7. General Limitations. 
 Neither party shall be entitled to the benefits of
the provisions of this Article IX to the extent that: 

  
  

			
	Styrene Baseload Sale And Purchase Agreement	  	Page 19
	(between JCP and Dow Europe)	  	
	Effective Date: June 30, 2004	  	

	 	(1)	The failure to observe or perform was caused by the party claiming Force Majeure having failed to act reasonably to remedy the condition and remove the cause or
circumstances of Force Majeure, or having failed to resume with all reasonable dispatch the performance of such covenants or obligations. 

  

	 	(2)	The event of Force Majeure was caused by lack of finances, any change in the market price for Styrene or was related to the payment of any amount or amounts due under
this Agreement. 

  

	 	(3)	The failure to observe or perform was caused by either party’s failure to use due diligence to maintain a permit, authorization or approval of any governmental
authority. 

  

	 	(4)	The failure to observe or perform was caused by arrest or restraint of governments or governmental agencies or the order of any court and a such arrest, restraint or
order was a result of a reckless or intentional breach or violation by the party claiming Force Majeure of the term of a permit, license, certificate or of any applicable laws, regulations or orders. 

 

	 	(5)	The failure to observe or perform was caused by the party claiming Force Majeure failing to act in a reasonable and prudent manner under the circumstances.

 ARTICLE X 
 SAFETY AND HEALTH COMMUNICATIONS 
 Seller shall furnish to Buyer Material
Safety Data Sheets which include health, safety and other hazard communication information on Styrene consistent with the Occupational Safety and Health Administration’s Hazard Communication. Buyer shall disseminate to third parties, as
required by applicable law, Material Safety Data Sheets which include health, safety and other hazard communication information on Styrene consistent with the Occupational Safety and Health Administration’s Hazard Communications. If Styrene is
further processed, mixed or incorporated into another product, Buyer shall furnish to third parties, as required by applicable law, Material Safety Data Sheets which include health, safety and other hazard communication information on such product
consistent with the Occupational Safety and Health Administration’s Hazard Communications Standard. 
 ARTICLE XI

 INDEMNIFICATION 
 Section 11.1. Indemnity. 
 Personal Injury of Related Persons.
Each of the Parties (as the “Indemnifying Party”) hereby agrees to defend, indemnify and save harmless the other Party, its Affiliates, and their respective directors, officers, employees, servants, consultants and agents (collectively,
the “Indemnified Parties”) from and against any and all actions, causes of actions, claims, demands, costs, losses and expenses for personal injury to or death of any individual who is the employee, officer, servant, consultant,
representative or agent of the Indemnifying Party, which 

  
  

			
	Styrene Baseload Sale And Purchase Agreement	  	Page 20
	(between JCP and Dow Europe)	  	
	Effective Date: June 30, 2004	  	

 
may be brought against or incurred or suffered by the Indemnified Parties, arising out of, connected with, or relating in any way to this Agreement. This indemnity will apply whether or not it
is alleged or proved that Indemnified Party was passively, concurrently, or actively negligent, and regardless of whether liability without fault is imposed or sought to be imposed on the Indemnified Party. However, this indemnity will not apply
to the extent such liabilities are the result of the sole negligence or willful misconduct of the Indemnified Party. 

Personal Injury of Non-Related Persons and Property Damage. Additionally, each of the Parties (as the “Indemnifying
Party”) hereby agrees to defend, indemnify and save harmless the other Party, its Affiliates, and their respective directors, officers, employees, servants, consultants and agents (collectively, the “Indemnified Parties”) from and
against any and all actions, causes of actions, claims, demands, costs, losses and expenses 
  

	 	(i)	for personal injury to or death of any individual who is NOT the employee, officer, servant, consultant, representative or agent of either Party, and

  

	 	(ii)	for damage to or loss of any physical property by a person other than the Parties or their respective Affiliates, 

which may be brought against or incurred or suffered by the Indemnified Parties by reason of, or which may be attributable to or arises out of any act or
omission of the Indemnifying Party in relation to this Agreement. If the action, cause of action, claim, demand, cost, loss or expense described hereunder is attributable to the acts or omissions of both the Indemnifying Party and the Indemnified
Parties, then they shall share liability in respect thereof in the proportions that their acts or omissions contributed to such liability. 
 Section 11.2. Notification of Claims. 
 The Parties covenant and agree
that if one of the Parties (as the Indemnified Party) receives a demand or claim or receives notice of action, proceeding or investigation having been commenced or threatened to be commenced (a “Claim”) that may result in the Indemnified
Party claiming indemnity from the other Party (as the Indemnifying Party pursuant to Section 11.1), then the Indemnified Party shall promptly give written notice of the Claim to the Indemnifying Party. Provided however, a failure of the
Indemnified Party to notify the Indemnifying Party will not relieve the Indemnifying Party from any liability that the Indemnifying Party may have to the Indemnified Party unless such failure to notify prejudices the Indemnifying Party’s
ability to defend the Claim, or (ii) notice is given after the expiry of the one hundred and eighty (180) days period following the date when the notifiable facts were discovered or should have reasonably been discovered. Upon receipt of
notice of the Claim, the Indemnifying Party may elect to resist, compromise, settle or defend the Claim. If the Indemnifying Party elects to resist, compromise, settle or defend the Claim, the Indemnifying Party shall notify the Indemnified Party in
that regard and upon so notifying the Indemnified Party, the Indemnifying Party and the Indemnified Party shall consult and cooperate in resisting, compromising, settling, or defending the Claim. Provided however, the Indemnifying Party shall
control the settling or defending of any Claim but shall not settle any Claim without the prior written consent of the Indemnified Party, such consent not to be unreasonably withheld. The Indemnified Party shall have the right to participate in the
defense of any suit to which it is a party without relieving the Indemnifying Party of its obligations hereunder, except that such participation shall be at the Indemnified Party’s own expense. If the Indemnifying Party elects not to resist,
compromise, settle or defend the 

  
  

			
	Styrene Baseload Sale And Purchase Agreement	  	Page 21
	(between JCP and Dow Europe)	  	
	Effective Date: June 30, 2004	  	

 Claim, or does not give timely notice to the Indemnified Party, then the Indemnified Party shall be entitled
to deal with or defend the Claim in any manner it feels appropriate. 
 ARTICLE XII 

DISPUTE RESOLUTION 
 Section 12.1. Dispute Negotiation. 
 Any and all disputes, claims, and
controversies between the Parties concerning the validity, interpretation, performance, termination or breach of this Agreement, that cannot promptly be resolved, shall be submitted within thirty (30) days after such dispute, claim or
controversy arises to senior level managers of the Parties, who shall meet with one another in person and use all reasonable efforts to find an amicable resolution of such dispute within thirty (30) days (or such longer period as may be
mutually agreed upon) of submission of the matter to them. 
 Section 12.2. Alternate Dispute Resolution.

 If the Parties are unable to resolve a dispute after exerting all reasonable efforts pursuant to Section 12.1, either
Party may refer the matter to, and such matter shall be resolved by, arbitration in accordance with the rules of conciliation and arbitration of the London Court of International Arbitration then in effect (the “Rules”), which Rules are
deemed to be incorporated herein by reference, on the following basis: 
  

	 	(i)	The number of arbitrators shall be three (3), to be appointed in accordance with the Rules. The parties to the dispute shall use their best efforts to agree in advance
with the arbitrators to a budget and to time schedules for the arbitration 

  

	 	(ii)	The place of arbitration shall be London, England. 

  

	 	(iii)	The language to be used in arbitrations shall be English. 

  

	 	(iv)	Any arbitrator may be of any nationality and need not be a lawyer or hold any other professional status or membership but shall be experienced in the commercial or
business matters that are to be the subject of the arbitration; provided that, except in cases where all parties to the dispute agree that the dispute is not resolvable by reference to applicable law and the terms and conditions of the various
contracts among the parties and their Affiliates, the third, presiding arbitrator selected pursuant to the Rules shall be a lawyer. 

  

	 	(v)	The arbitral award shall be rendered in writing and shall state the reasons for the award, and shall be final and binding upon the parties to the dispute. No arbitral
award shall include punitive damages or consequential damages. 

  

	 	(vi)	An award shall be subject to challenge or appeal only as provided under English law. If an award is confirmed by a final English court judgment, the parties will accept
the award and will not resist its enforcement in any country. Judgment on any award may be entered by any court of competent jurisdiction, or application 

  
  

			
	Styrene Baseload Sale And Purchase Agreement	  	Page 22
	(between JCP and Dow Europe)	  	
	Effective Date: June 30, 2004	  	

	 	 
may be made to such a court for judicial recognition or acceptance of the award and any appropriate order including recognition or enforcement. 

 

	 	(vii)	Each party to the dispute shall bear its own expenses and attorneys’ fees in connection with arbitrations. 

 

	 	(viii)	The fees of the arbitrators and the costs and expenses of the arbitration panel shall be shared equally by the parties to the dispute. 

ARTICLE XIII 

ASSIGNMENT 

Section 13.1. Assignment in General. 
 Neither this Agreement (including all rights, duties and obligations hereunder) nor any claim against Seller or Buyer arising directly or indirectly out of or in connection with this Agreement shall be
assignable by Seller or Buyer or by operation of law, without the prior written consent of the other Party. 

Section 13.2. Assignment to Successor in Interest. 
 However, notwithstanding the provisions of Section 13.1 above, each of Seller and Buyer shall have the right to assign this Agreement to a purchaser or other successor of 

 

	 	(i)	(in the case of Seller) substantially all of the assets involved in the manufacture of Styrene; or 

 

	 	(ii)	(in the case of Buyer) the assets of the Nominated Plants associated with a capacity of at least [*****] 

without the consent of the other Party, and provided further that the purchaser or other successor assumes in writing the obligations of Seller or Buyer
hereunder (as the case may be) and further, provided that the assigning or delegating Party shall not be released of its obligations under this Agreement unless a release is signed by the other Party. 

Section 13.3. Assignment to Affiliate. 
 Furthermore, this Agreement may be assigned by either Party to an Affiliate without the consent of the other Party, provided that the assigning Party shall not be released of its obligations under this
Agreement unless a release is signed by the other Party. Except as otherwise expressly provided herein, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the successors, assigns, executors, and administrators of
the parties hereto. 
 Section 13.4. Assignment to Lender. 

The Buyer irrevocably consents to the assignment by the Seller from time to time of all of the Seller’s rights, benefits and
interests in, to, under and in respect of this Agreement in favor of any bank or financial institution (an “Assignee Bank”) acting as an agent or security agent for and on behalf of certain banks or other financial institutions that from
time to time provide finance to the Seller. The Buyer agrees that promptly following request by the Seller 

  
  

			
	Styrene Baseload Sale And Purchase Agreement	  	Page 23
	(between JCP and Dow Europe)	  	
	Effective Date: June 30, 2004	  	

 
it will provide to the Assignee Bank an acknowledgement of assignment in which the Buyer will undertake, inter alia, 

 

	 	a)	to make all payments which fall due for payment by the Buyer under this Agreement to a specified bank account or otherwise as directed by the Assignee Bank; and

  

	 	b)	to advise the Assignee Bank in the event that it becomes entitled to exercise any rights of termination or suspension or to take enforcement action or proceeding in
relation to this Agreement and not to exercise any such right for a period of thirty days if so requested by the Assignee Bank. 

Notwithstanding any such assignment in favor of an Assignee Bank the Seller shall remain solely liable to perform all of the obligations expressed to be
assumed by it hereunder. 
 Furthermore, the Buyer will provide all evidence as may be requested by the Seller and/or the Assignee Bank to
confirm the Buyer’s power and authority to enter into this Agreement and to perform its obligations hereunder (including, without limitation, the provision of a legal opinion of reputable counsel to that effect). 

ARTICLE XIV 

MISCELLANEOUS 
 Section 14.1. Public Announcements. 
 Subject to any applicable
requirements of the federal, state, or local laws or regulations of Bermuda, the United States, and the laws and regulations of the Kingdom of Saudi Arabia, including without limitation, the securities laws or regulations of such jurisdictions,
neither party will make or cause to be made, whether orally or in writing or otherwise, any public announcement or statement to the news media or to investment or business communities with respect to the transactions contemplated by this Agreement
or any of the provisions of this Agreement without the prior written approval of the other party as to the form, content, and timing of such announcement or disclosure. 
 Section 14.2. Construction. 
 In interpreting and applying the terms
and provisions of this Agreement, no presumption shall be made against the party that drafted such terms and provisions. In this Agreement, unless the contrary is indicated, any reference to an agreement or document is a reference to that agreement
or document as from time to time supplemented, amended, substituted or novated. 
 Section 14.3. Severability.

 If any part of this Agreement for any reason shall be declared invalid, such decision shall not affect the validity of any
remaining portion, which shall remain in full force and effect. The Parties agree, however, to negotiate in good faith concerning the invalid portion with the aim of replacing it with a valid provision that, insofar as possible, has the same
economic effect vis-à-vis the Parties. 

  
  

			
	Styrene Baseload Sale And Purchase Agreement	  	Page 24
	(between JCP and Dow Europe)	  	
	Effective Date: June 30, 2004	  	

 Section 14.4. Further Assurances. 

Each Party shall, furnish, execute, and deliver such documents, instruments, certificates, notices, or other further assurances as the
other party may reasonably require as necessary or appropriate to effect the purposes of this Agreement or to confirm the rights created or arising hereunder. 
 Section 14.5. Survival of Representations, Warranties, Covenants, and Obligations. 
 The representations and warranties and the covenants, agreements, and obligations of the parties contained in this Agreement shall be true and correct in all material respects and have effect as of the
effective date of this Agreement, except as expressly stated otherwise herein. The statements contained in any certificate or other instrument delivered by or on behalf of any party shall be deemed representations and warranties or covenants and
agreements hereunder, as the case may be. Representations, warranties, covenants, agreements, and, in accordance with their terms, obligations contained in or made pursuant to this Agreement shall survive the expiration of this Agreement,
irrespective of any investigation made by or on behalf of any party. Additionally, the obligations of the Parties under this Agreement which by their nature would continue beyond the termination, cancellation or expiration of this Agreement will
survive termination, cancellation or expiration of this Agreement. 
 Section 14.6. Expenses. 

Each Party will pay its own expenses incident to this Agreement. 

Section 14.7. Benefit. 
 No person who is not a party or an Affiliate of a party to this Agreement shall have any rights or derive any benefit hereunder. 
 Section 14.8. No Waiver of Rights. 
 Except as expressly provided in
this Agreement, no delay or omission to exercise any right, power, or remedy accruing to a party hereunder, upon any breach or default of any party under this Agreement, shall impair any such right, power, or remedy, nor shall it be construed to be
a waiver of any such breach or default, or an acquiescence therein, or a waiver of or acquiescence in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or
default theretofore or thereafter occurring. 
 Section 14.9. Governing Law and Precedence. 

This Agreement shall be subject to the laws of England. Nevertheless, Buyer acknowledges that the affairs of Seller must be conducted in
accordance with the applicable law of Saudi Arabia and any other countries in which it may operate. This Agreement shall take precedence over any other document which may be generated by either of the Parties in connection with the sales
contemplated hereunder, unless (i) the particular section of this Agreement which is intended to be superceded is expressly referenced therein and (ii) such superceding provision is signed by both Parties by individuals of the same or
higher level of authority as the signers of this Agreement. 
 Section 14.10. Notices. 

All notices which are required to be exchanged between the Parties pursuant to this Agreement shall be in writing and shall be delivered
by personal service or by registered mail, 

  
  

			
	Styrene Baseload Sale And Purchase Agreement	  	Page 25
	(between JCP and Dow Europe)	  	
	Effective Date: June 30, 2004	  	

 
facsimile with machine issued receipt, or express courier service, addressed as follows, or to such other address as may be notified to the other Party from time to time: 

If to Buyer: 
 Dow Europe GmbH

 Styrene Commercial Manager 
 Bachtobelstrasse 3 
 CH-8810 Horgen 

Switzerland 
 If to Seller:

 Jubail Chevron Phillips Company 
 Styrene Commercial Manager 
 P.O. Box 10806 

Jubail Industrial City 31961 
 Kingdom of Saudi Arabia 
 A notice shall be deemed to have been made and received:
(i) when delivered, if sent by registered mail or international courier or (ii) when dispatched and receipt is acknowledged by the receiving machine, if sent by facsimile. 

Section 14.11. Counterparts. 
 This Agreement may be executed in one or more English counterparts, each of which shall constitute an original document. 
 Section 14.12. English Language and Calendar. 
 This Agreement and any
other legally binding definitive agreements, notices and calendar correspondence in connection herewith shall be written in the English language, and the English language shall control the interpretations of all such agreements, and be interpreted
as such. The dates and calendar periods stated in this Agreement are Gregorian dates and time periods, except where otherwise indicated. 
 Section 14.13. Relationship Between the Parties. 
 Each representative
of each Party shall be the agent solely of the Party that designated such representative. Accordingly, (a) each such representative of a Party shall act (or refrain from acting) solely in accordance with the wishes of the Party that designated
such representative; and (b) no Party (or representative of a Party) shall owe or be deemed to owe any duty, whether fiduciary or otherwise, to the other Party. 
 Section 14.14. Conflict of Interest. 
 Neither Party will give any
director, employee, or representative of the other Party any commission, fee, rebate, gift, or entertainment of significant cost or value in connection with this Agreement or enter into any other business arrangement with any director, employee, or
representative of the other, without prior written notification to the other Party. Any representative(s) authorized by either Party may audit, under appropriate provisions of 

  
  

			
	Styrene Baseload Sale And Purchase Agreement	  	Page 26
	(between JCP and Dow Europe)	  	
	Effective Date: June 30, 2004	  	

 
confidentiality, all pertinent records of the other Party as reasonably necessary and proper to verify that there has been compliance with this paragraph. 

Section 14.15. Certain Practices. 
 Neither Party nor its Affiliates, employees, agents, or subcontractors, or their employees or agents shall make any payment or give anything of value to any government official (including any official,
agent or employee or representative of any government department, agency, or instrumentality) to influence any of his or its decisions, or to gain any advantage for either Party in connection with this Agreement or the Agreements stated or
contemplated by this Agreement, which in any manner would violate any law applicable to either party hereto. Each Party shall immediately notify the other Party of any violation of this section, and the offending party shall hold the other party
harmless from all losses and all expenses arising out of such violation. Any representative(s) authorized by either Party may audit, under appropriate provisions of confidentiality, all pertinent records of the other Party as reasonably necessary
and proper to verify that there has been compliance with this paragraph 
 Section 14.16. Guarantee. 

In consideration for Seller’s entering into this Agreement, Buyer’s ultimate parent company shall provide, concurrently with
the execution of this Agreement, a guarantee of Buyer’s performance hereunder in a form substantively equivalent to the form of guarantee attached hereto as Exhibit C. Similarly, in consideration for Buyer’s entering into this Agreement,
Seller’s parent companies (namely Chevron Phillips Chemical Company LLC and Saudi Industrial Investment Group) shall provide, concurrently with the execution of this Agreement and effective through the achievement of commercial production, a
guarantee of Seller’s performance obligations hereunder, on a several basis (not joint) in proportion to their respective ownership interests in Seller, in a form substantively equivalent to the form of guarantee attached hereto as Exhibit D.

 Section 14.17. Confidentiality. 
 During the performance of this Agreement, it may become necessary or advisable for either Party (the “Disclosing Party”) to disclose Confidential Information to the other Party (the
“Receiving Party”), whether disseminated orally, in writing, or through observation. The Receiving Party shall treat all such information received as confidential and shall not disclose it to any person or persons during or subsequent to
the term of this Agreement, except to its employees and agents with a need to know as necessary to perform the obligations of this Agreement and except as is required by law. Excluded from the Confidential Information is information that the
Receiving Party can prove: (a) was in the public domain as of the execution of this Agreement; (b) has entered the public domain, without the Receiving Party’s fault, after execution hereof; or (c) was in the Receiving
Party’s possession without obligation of confidentiality, having been acquired from sources that neither had previously acquired it directly or indirectly from the Disclosing Party nor were bound by any secrecy obligation. Additionally, the
Parties agree that the pricing provisions of Section 5.1 constitute part of the Confidential Information and thus shall be subject to the confidentiality requirements hereof. 

Section 14.18. Entire Agreement and Modification. 
 This Agreement constitutes the entire agreement between the parties and supersedes all prior oral or written agreements or understandings of the parties with regard to the subject matter of this
Agreement. Neither Party has relied on any agreement, understanding, arrangement, 

  
  

			
	Styrene Baseload Sale And Purchase Agreement	  	Page 27
	(between JCP and Dow Europe)	  	
	Effective Date: June 30, 2004	  	

 
representation, undertaking or warranty (whether written or spoken) not expressly set out or referred to in this Agreement and each Party irrevocably and unconditionally waives any right it may
have to rescind this Agreement. 
 Section 14.19. Amendment or Modification. 

No interpretation, modification, amendment, change, termination, or waiver of any provision of this Agreement shall be binding upon a
party unless in writing and executed by the other Party. No modification, waiver, termination, revision, discharge, or cancellation of any right or claim under this Agreement shall affect the right of any party hereto to enforce any other claim or
right hereunder, 
 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement with legal and binding effect as of the
date and year first-above written. 
  

									
	“Seller”	 		 	“Buyer”
			
	Jubail Chevron Phillips Company	 		 	Director, Dow Europe GmbH
					
	By:	 	 /s/ Elija Andjelich,
	 		 	By:	 	
 

		 	Elija Andjelich,	 		 	Name:
		 	Executive President	 		 	Title: Global Bros. President

  
  

			
	Styrene Baseload Sale And Purchase Agreement	  	Page 28
	(between JCP and Dow Europe)	  	
	Effective Date: June 30, 2004	  	

 List of Exhibits 

 

			
	Exhibit A	  	Styrene Specification and Analytical Testing Methods
		
	Exhibit B	  	Sample Calculations – Styrene Price, Monthly Shortfall Payment and Annual Shortfall Payment
		
	Exhibit C	  	Form of Guarantee (Dow)
		
	Exhibit D	  	Form of Guarantee (for SIIG and CPChem)

  
  

			
	Styrene Baseload Sale And Purchase Agreement	  	Page 29
	(between JCP and Dow Europe)	  	
	Effective Date: June 30, 2004	  	

 Exhibit A 
 Styrene Specification and Analytical Testing Methods 
  

							
	 Component
	 	 	  	 Test Method
	  	 Specification

	Styrene Purity	 	[*****]	  	[*****]	  	[*****]
	Benzene	 	[*****]	  	[*****]	  	[*****]
	Ethylbenzene	 	[*****]	  	[*****]	  	[*****]
	Phenylacetylene	 	[*****]	  	[*****]	  	[*****]
	Cumene	 	[*****]	  	[*****]	  	[*****]
	Chlorides (as CI)	 	[*****]	  	[*****]	  	[*****]
	Total Sulfur	 	[*****]	  	 [*****]
	  	[*****]
	Water	 	[*****]	  	 [*****]
	  	[*****]
	Polymer	 	[*****]	  	 [*****]
	  	[*****]
	TBC	 	[*****]	  	 [*****]
	  	[*****]
	Aldehydes (as Benzaldehydes)	 	[*****]	  	 [*****]
	  	[*****]
	Peroxides (as Benzoylperoxides)	 	[*****]	  	 [*****]
	  	[*****]
	Color	 	[*****]	  	 [*****]
	  	[*****]

  
  

			
	Styrene Baseload Sale And Purchase Agreement	  	Page A - 1
	(between JCP and Dow Europe)	  	
	Effective Date: June 30, 2004	  	

 Exhibit B 
 Sample Calculations 
 For Styrene Price, Monthly Shortfall Payment and
Annual Shortfall Payment 
 [*****] 

  
  

			
	Styrene Baseload Sale And Purchase Agreement	  	Page B - 1
	(between JCP and Dow Europe)	  	
	Effective Date: June 30, 2004	  	

 [*****] 

  
  

			
	Styrene Baseload Sale And Purchase Agreement	  	Page B - 2
	(between JCP and Dow Europe)	  	
	Effective Date: June 30, 2004	  	

 Exhibit C 
 Form of Guarantee (Dow) 
 [Date] 
 Jubail Chevron Phillips Company 
 Attn: Mr. Elija Andjelich, Executive President 

P.O. Box 10806 
 Jubail Industrial City 31961,
Saudi Arabia 
 Mr. Andjelich: 

Re: Guarantee 
 The Dow Chemical Company
(the “Guarantor”) hereby irrevocably and unconditionally guarantees the prompt payment when due by Dow Europe GmbH (“Dow Europe”), a Swiss company that is indirectly owned one hundred percent (100%) by Guarantor, of invoices
relating to purchases of Styrene by Dow Europe from Jubail Chevron Phillips Company (“JCP”) pursuant to the Styrene Baseload Sale and Purchase Agreement dated as of [date] (the “Agreement”) between Dow Europe and JCP;
provided, however, that Guarantor’s total aggregate liability hereunder is limited to [*****] (the “Cap”). 
 If
Dow Europe fails to pay or otherwise discharge any obligation it has when due with respect to invoices issued by JCP to Dow Europe for Styrene delivered to Dow Europe pursuant to the Agreement, Guarantor will, within 5 days of Guarantor’s
receipt of your written demand, forthwith discharge the same and will pay JCP the amount of any such unpaid invoices up to the amount of the Cap. All monies payable under this Guarantee shall be made to JCP in such manner and to such account as JCP
may from time to time direct in writing and shall be paid in full without any deduction or withholding of any kind including, without limitation, for any tax (save as required by law). Any notices required hereunder shall be sent as follows: if to
JCP, to the address indicated above; and if to Guarantor, to The Dow Chemical Company 2030 Dow Center, Midland MI 48674 USA, Attention: Treasurer. In addition, Guarantor agrees to pay JCP all reasonable and properly documented out-of-pocket legal
fees and expenses incurred by JCP in connection with the enforcement of this guarantee. 
 The Guarantor hereby agrees that it shall not be
necessary, as a condition to enforce this guarantee, that suit be first instituted against Dow Europe or that any rights or remedies against Dow Europe be first exhausted. Rather, it is understood and agreed, that the liability of the Guarantor
hereunder shall be primary, direct and, subject to any valid defenses of Dow Europe under the Agreement, unconditional. 
 This guarantee shall
terminate upon the earlier of (a) the termination of the Agreement, or (b) the payment by Guarantor of the Cap amount. Such termination under (a) above shall not, however, affect or reduce Guarantor’s obligation hereunder with
respect to invoices related to Styrene delivered to Dow Europe under the Agreement prior to such termination. 

  
  

			
	Styrene Baseload Sale And Purchase Agreement	  	Page C - 1
	(between JCP and Dow Europe)	  	
	Effective Date: June 30, 2004	  	

 Neither party shall assign or otherwise transfer any of its respective duties or obligations under this
Guarantee without the prior written consent of the other party. The Guarantor agrees that this guarantee shall be construed under the laws of the State of New York, U.S.A. 
 Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to such terms in the Agreement. 
  

	
	THE DOW CHEMICAL COMPANY
	
	  

	F. Ruiz
	Vice President Treasurer

  
  

			
	Styrene Baseload Sale And Purchase Agreement	  	Page C - 2
	(between JCP and Dow Europe)	  	
	Effective Date: June 30, 2004	  	

 Exhibit D 
 Form of Guarantee (for SIIG and CPChem) 
 [Date] 

Dow Europe GmbH 
 Attn: Geoff Tegg,
                 

____________                       
  

____________                       
  
 Mr. Tegg: 
 Re:
Guarantee 
 Each of Chevron Phillips Chemical Company LLC (“Chevron Phillips”) and Saudi Industrial Investment Group
(“SIIG”) (individually, the “Guarantor” and collectively, the Guarantors) hereby irrevocably and unconditionally guarantee, on a several basis (not joint) apportioned in accordance with each Guarantor’s respective percentage
ownership in Jubail Chevron Phillips Company (“JCP”), the prompt payment when due by JCP, a Saudi Arabian company, of certain obligations (specified below) arising under the Styrene Baseload Sale and Purchase Agreement dated as of
[date] (the “Agreement”) between Dow Europe GmbH (“Dow Europe”) and JCP. 
 If JCP fails to pay or otherwise discharge any
obligation it has when due with respect to achievement of commercial production for Commencement Date, including Sections 2.2(b) or 3.2 of the Agreement, Guarantors will, within 5 days of each Guarantor’s receipt of your written demand,
forthwith discharge the same and will pay (on a several basis) Dow Europe the amount of any such unpaid obligation, but limited to the amount of any applicable cap set forth by the Agreement (“Cap”). All monies payable under this Guarantee
shall be made to Dow Europe in such manner and to such account as Dow Europe may from time to time direct in writing and shall be paid in full without any deduction or withholding of any kind including, without limitation, for any tax (save as
required by law). Any notices required hereunder shall be sent as follows: if to Dow Europe, to the address indicated above; if to Chevron Phillips, to Chevron Phillips Chemical Company LLC, Attn: Vice President and Treasurer, 10001 Six Pines Drive,
The Woodlands Texas 77380; and if to SIIG, to Saudi Industrial Investment Group, Attn: Managing Director, Olaya, Mousa Ben Nussair St., P.O. Box 99833, Riyadh 11625, Saudi Arabia. In addition, Guarantors agree to pay Dow Europe all reasonable and
properly documented out-of-pocket legal fees and expenses incurred by Dow Europe in connection with the enforcement of this guarantee. 
 The
Guarantors hereby agree that it shall not be necessary, as a condition to enforce this guarantee, that suit be first instituted against JCP or that any rights or remedies against JCP be first exhausted. Rather, it is understood and agreed, that the
liability of the Guarantors hereunder shall be primary, direct and, subject to any valid defenses of JCP under the Agreement, unconditional. 

This guarantee shall terminate upon the earlier of (a) the achievement of commercial production of styrene by JCP in the event that any and all
obligations guaranteed hereunder 

  
  

			
	Styrene Baseload Sale And Purchase Agreement	  	Page D - 1
	(between JCP and Dow Europe)	  	
	Effective Date: June 30, 2004	  	

 
have been either paid or discharged, or (b) the payment by each Guarantor of the respective Cap amount (except in situations where the Cap does not apply). Such termination under
(a) above shall not, however, affect or reduce Guarantors’ obligation hereunder with respect to obligations arising prior to such termination. 
 Neither party shall assign or otherwise transfer any of its respective duties or obligations under this Guarantee without the prior written consent of the other party. The Guarantors agree that this
guarantee shall be construed under the laws of the State of New York, U.S.A. 
 Notwithstanding any other provision of this guarantee, the
rights and obligations of each Guarantor hereunder are several (not joint), apportioned in accordance with each Guarantor’s respective percentage ownership in JCP; provided however that the Guarantors’ combined respective percentages shall
in all circumstances add up to 100%. Neither Guarantor is responsible for the obligations of the other Guarantor, and failure by one Guarantor to perform its obligations hereunder shall not affect the rights or obligations of the other Guarantor.

 Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to such terms in the Agreement. 

 

			
	CHEVRON PHILLIPS CHEMICAL COMPANY LLC
		
	By:	 	  

		 	J. M. McKee,
		 	Vice President and Treasurer
	
	SAUDI INDUSTRIAL INVESTMENT GROUP
		
	By:	 	  

		 	Abdul Aziz Zaid Al-Quraishi,
		 	Chairman

  
  

			
	Styrene Baseload Sale And Purchase Agreement	  	Page D - 2
	(between JCP and Dow Europe)	  	
	Effective Date: June 30, 2004

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00191-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00191-of-00352.parquet"}]]