<PAGE>

                                                                 Exhibit (10)(e)

                            THE LUBRIZOL CORPORATION
                        EXCESS DEFINED CONTRIBUTION PLAN
                                  (As Amended)

      The Lubrizol Corporation hereby establishes, effective as of December 31,
1986, The Lubrizol Corporation Excess Defined Contribution Plan (the "Plan") for
the purpose of supplementing the benefits of certain employees, as permitted by
Section 3(36) of the Employee Retirement Income Security Act of 1974.

                                    ARTICLE I

                                   DEFINITIONS

      1.1 Definitions. For the purposes hereof, the following words and phrases
shall have the meanings indicated, unless a different meaning is plainly
required by the context:

            (a) Beneficiary. The term "Beneficiary" shall mean the person or
      persons who shall be designated by a Participant to receive distribution
      of such Participant's interest under the Plan in the event such
      Participant dies before full distribution of his interest.

            (b) Code. The term "Code" shall mean the Internal Revenue Code as
      amended from time to time. Reference to a section of the Code shall
      include such section and any comparable section or sections of any future
      legislation that amends, supplements, or supersedes such section.

            (c) Company. Effective December 30, 1994, the term "Company" shall
      mean The Lubrizol Corporation, an Ohio corporation, its corporate
      successors and the surviving corporation resulting from any merger of The
      Lubrizol Corporation with any other corporation or corporations, and any
      subsidiaries of The Lubrizol Corporation which adopt the Plan.

            (d) Fund. The term "Fund" shall mean each separate investment fund
      established and maintained under the Trust Agreement.

            (e) Lubrizol Profit-Sharing Plan. The term "Lubrizol Profit-Sharing
      Plan" shall mean The Lubrizol Corporation Employees' Profit-Sharing Plan
      as the same shall be in effect on the date of a Participant's retirement,
      death, or other termination of employment.

            (f) Participant. Effective September 30, 1994, The term
      "Participant" shall mean any person employed by the Company who is listed
      on Appendix A attached hereto, or who is designated by the Board of
      Directors as an officer for the purposes of Section 16 of the Securities
      Exchange Act of 1934, or whose benefits under the Profit-Sharing Plan are
      limited by the application of Section 401(a)(17) of the Internal Revenue
      Code of 1986, as amended.

            (g) Plan. The term "Plan" shall mean the excess defined contribution
      retirement plan as set forth herein, together with all amendments hereto,
      which Plan shall be called "The Lubrizol Corporation Excess Defined
      Contribution Plan."

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            (h) Plan Year. The term "Plan Year" shall mean the calendar year.

            (i) Supplemental Company Contributions. The term "Supplemental
      Company Contributions" shall mean the contributions made by the Company
      under the Plan in accordance with the provisions of Section 2.2.

            (j) Trust Agreement. The term "Trust Agreement" shall mean The
      Lubrizol Corporation Excess Defined Contribution Plan Trust Agreement.

            (k) Trust Assets. The term "Trust Assets" shall mean all property
      held by the Trustee pursuant to the Trust Agreement.

            (l) Trustee. The term "Trustee" shall mean the trustee of The
      Lubrizol Corporation Excess Defined Contribution Trust.

            (m) Valuation Date. The term "Valuation Date" shall mean the last
      day of each Plan Year and any other date as may be agreed upon by the
      Company and the Trustee.

            (n) Separate Accounts. The term "Separate Accounts" shall mean each
      account established on behalf of a Participant under the Plan and credited
      with Supplemental Company Contributions in accordance with the provisions
      of Section 2.3.

            (o) Lubrizol Deferred Compensation Plan. Effective July 1, 1994, the
      term "Lubrizol Deferred Compensation Plan" shall mean The Lubrizol
      Corporation Deferred Compensation Plan for Officers (which was adopted
      effective July 1, 1994), as shall be in effect on the date of the
      Participant's retirement, death, or other termination of employment.

            (p) Executive Council Deferred Compensation Plan. Effective January
      1, 1997, the term "Executive Council Deferred Compensation Plan" shall
      mean The Lubrizol Corporation Executive Council Deferred Compensation
      Plan, as shall be in effect on the date of the Participant's retirement,
      death, or other termination of employment.

             1.2 Additional Definitions. All other words and phrases used herein
shall have the meanings given them in the Lubrizol Profit-Sharing Plan, unless a
different meaning is clearly required by the context.

                                   ARTICLE II

                           SUPPLEMENTAL CONTRIBUTIONS

      2.1 Eligibility. Effective January 1, 1997, a Participant whose benefits
under the Lubrizol Profit-Sharing Plan are limited with respect to any Plan Year
by Section 401(a)(17) or 415 of the Code, or who participated in the Lubrizol
Deferred Compensation Plan or the Executive Council Deferred Compensation Plan,
shall be eligible to have contributions made with respect to him under the Plan
in accordance with the provisions of this Article II.

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      2.2 Supplemental Company Contributions. Effective January 1, 1997, in the
event that Company contributions under the Lubrizol Profit-Sharing Plan with
respect to a Participant are limited for any Plan Year due to the provisions of
Section 401(a)(17) or 415 of the Code, or due to the Participant's participation
in the Lubrizol Deferred Compensation Plan or the Executive Council Deferred
Compensation Plan, the amounts by which such contributions are limited shall be
credited under the Plan by the Company and shall be designated as Supplemental
Company Contributions.

      2.3 Allocation of Contributions. Effective September 30, 1994,
Supplemental Company Contributions shall be allocated among the Separate
Accounts of the Participants on whose behalf such contributions are made.

      2.4 Administration of Separate Accounts. Effective September 30, 1994,
each Separate Account to which contributions under Sections 2.2 and 2.3 are
credited and allocated shall be credited monthly with the net monthly increase
experienced by the General Fund of the Lubrizol Profit-Sharing Plan.

                                   ARTICLE III

                                  DISTRIBUTION

      3.1 Vesting. Each Participant as of December 31, 1993, shall be 100
percent vested in the value of his Separate Accounts. Each new Participant after
December 31, 1993, shall be vested in the value of his Separate Accounts under
this Plan as determined in accordance with the vesting provisions of the
underlying qualified plans.

      3.2 Distribution. (Effective November 27, 1995)

            (a) Each Participant who terminates employment with the Company and
      its related corporations shall receive payment of the balance in his
      Separate Account in the standard form of payment of a single lump-sum
      payment payable within 30 days following employment termination;

            (b) Effective October 1, 2000, Participants may instead elect within
      a 60-day period commencing 90 days prior to employment termination to
      receive the balance of his Separate Account in any one of the following
      payment options:

            i. a single lump-sum payment payable within 30 days following the
            calendar year in which the Participant's employment terminated.
            Interest shall accrue and be paid with the lump-sum; such interest
            to be computed at the applicable interest rate, as defined in
            Section 417(e)(3)(A)(ii)(II) of the Code, in effect on the date of
            employment termination.

            ii. annual installments of up to ten payments, the first of which
            shall be paid within 30 days of the Participant's employment
            termination, and subsequent installments of which shall be paid on
            the anniversary date of the payment of the first installment. Such
            installments shall be determined by dividing the value of the
            Participant's Separate Account (determined in the same manner as
            under the Lubrizol Profit-Sharing Plan by the number of installments
            to be paid and adjusting for interest based on the applicable
            interest rate, as defined in Section 417(e)(3)(A)(ii)(II) of the
            Code, in effect on the date of employment termination.

<PAGE>

            Installments after the first installment shall include such
            interest, which accrues during the 12-month period occurring since
            the date the prior installment was paid.

      Notwithstanding the foregoing provisions of the Plan to the contrary, if
the present value of the Separate Account is less than $25,000, such benefit
shall be paid in a single lump-sum payment to such person within 30 days
following employment termination.

      3.3 Distribution in the Event of Death. Effective September 30, 1994, in
the event of the death of a Participant prior to distribution in full of his
interest under the Plan, his Beneficiary shall receive distribution of such
interest. In the event of death of a Participant prior to making an election for
benefits, such Beneficiary shall receive distribution of such interest as soon
as practicable after such Participant's death in the form elected by such
Beneficiary pursuant to Section 3.2. The Beneficiary under this Section 3.3
shall be the person designated as the Participant's beneficiary under the
Lubrizol Profit-Sharing Plan. If no Beneficiary survives such Participant or if
no Beneficiary has been designated by such Participant, the estate of such
Participant shall be the Beneficiary and receive distribution thereof. If any
Beneficiary dies after becoming entitled to receive distribution hereunder and
before such distribution is made in full, and if no other person or persons have
been designated to receive the balance of such distribution upon the happening
of such contingency, the estate of such deceased Beneficiary shall become the
Beneficiary as to such balance.

                                   ARTICLE IV

                       ADMINISTRATION (Effective 9/23/02)

      4.1 Authority of the Company. The Company shall be responsible for the
general administration of the Plan, for carrying out the provisions hereof, and
for making, or causing the Trust to make, any required supplemental benefit
payments. The Company shall have all such powers as may be necessary to carry
out the provisions of the Plan, including the power to determine all questions
relating to eligibility for and the amount of any supplemental pension benefit
and all questions pertaining to claims for benefits and procedures for claim
review; to resolve all other questions arising under the Plan, including any
questions of construction; and to take such further action as the Company shall
deem advisable in the administration of the Plan. The Company may delegate any
of its powers, authorities, or responsibilities for the operation and
administration of the Plan to any person or committee so designated in writing
by it and may employ such attorneys, agents, and accountants as it may deem
necessary or advisable to assist it in carrying out its duties hereunder. The
actions taken and the decisions made by the Company hereunder shall be final and
binding upon all interested parties.

      4.2 Claims Review Procedure. The Company shall notify the person who files
a claim for benefits (hereinafter referred to as the "Claimant") of the Plan's
adverse benefit determination within a reasonable period of time, but not later
than 90 days after the receipt of the claim by the Plan, unless the Company
determines that special circumstances require an extension of time for
processing the claim. If the Company determines that special circumstances
require an extension of time for processing is required, written notice of the
extension shall be furnished to the Claimant prior to the termination of the
initial 90-day period. In no event shall such extension exceed a period of 90
days from the end of such initial period. The extension notice shall indicate
the special circumstances requiring an extension of time and the date by which
the Plan expects to render the benefit determination. Whenever the Company
decides for whatever reason to deny, whether in whole or in part, a claim for
benefits

<PAGE>

filed by any Claimant, the Company shall transmit to the Claimant a written
notice of the Company's decision, which shall be written in a manner calculated
to be understood by the Claimant and contain a statement of the specific reasons
for the denial of the claim, reference to the specific Plan provisions on which
the determination was based, a description of any additional material or
information necessary for the Claimant to perfect the claim and an explanation
of why such material or information is necessary, a description of the Plan's
review procedures and the time limits applicable to such procedures, include a
statement of the Claimant's right to bring civil action under Section 502(a)
ERISA following an adverse benefit determination on review. Within 60 days of
the date on which the Claimant receives such notice, he or his authorized
representative may request that the claim denial be reviewed by filing with the
Company a written request therefor, which request shall contain the following
information:

            (a) the date on which the Claimant's request was filed with the
      Company; provided, however, that the date on which the Claimant's request
      for review was in fact filed with the Company shall control in the event
      that the date of the actual filing is later than the date stated by the
      Claimant pursuant to this paragraph (a);

            (b) the specific portions of the denial of his claim which the
      Claimant requests the Company to review;

            (c) a statement by the Claimant setting forth the basis upon which
      he believes the Company should reverse the Company's previous denial of
      his claim for benefits and accept his claim as made; and

            (d) any written comments, documents, records and other information
      which the Claimant desires the Company to examine in its consideration of
      his position as stated pursuant to paragraph (c).

Claimant shall be provided, upon request and free of charge, reasonable access
to, and copies of, all documents, records, and other information relevant to the
Claimant's claim for benefits. The review of the claim will take into account
all comments, documents, records and other information submitted by the Claimant
relating to the claim, without regard to whether such information was submitted
or considered in the initial benefit determination. Within no later than 60 days
of the date determined pursuant to paragraph (a) of this Section 4.2, the
Company shall notify Claimant of the Plan's benefit determination, unless the
Company determines that special circumstances require an extension of time for
processing the claim. If the Company determines that an extension of time for
processing is required, written notice of the extension will be furnished to the
Claimant prior to the termination of the initial 60-day period. In no event
shall such extension exceed a period of 60 days from the end of the initial
period. The extension notice shall indicate the special circumstances requiring
an extension of time and the date by which the Plan expects to render the
determination on review. The Company shall provide the Claimant with a written
notification of the Plan's benefit determination on review, written in a manner
calculated to be understood by the Claimant, including the reasons and Plan
provisions upon which its decision was based, a statement that the Claimant is
entitled to receive, upon request and free of charge, reasonable access to, and
copies of, all documents, records and other information relevant to the
Claimant's claim for benefits, and a statement of the Claimant's right to bring
an action under Section 502(a) of ERISA.

                                    ARTICLE V

<PAGE>

                            AMENDMENT AND TERMINATION

            (a) Company reserves the right to amend or terminate the Plan in
      whole or in part at any time and to suspend operation of the Plan, in
      whole or in part, at any time, by resolution or written action of its
      Board of Directors or by action of a committee to which such authority has
      been delegated by the Board of Directors; provided, however, that no
      amendment shall result in the forfeiture or reduction of the interest of
      any Participant or person claiming under or through any one or more of
      them pursuant to the Plan. Any amendment of the Plan shall be in writing
      and signed by authorized individuals.

            (b) Effective December 31, 2004, this Plan is terminated with
      respect to further Supplemental Company Contributions. Benefits which have
      accrued hereunder as of December 31, 2004 shall continue to be
      administered under the terms and provisions of this Plan.

                                   ARTICLE VI

                                  MISCELLANEOUS

      6.1 Non-Alienation of Retirement Rights or Benefits. No Participant shall
encumber or dispose of his right to receive any payments hereunder, which
payments or the right thereto are expressly declared to be non-assignable and
non-transferable. If a Participant or Beneficiary attempts to assign, transfer,
alienate or encumber his right to receive any payment under the Plan or permits
the same to be subject to alienation, garnishment, attachment, execution, or
levy of any kind, then thereafter during the life of such Participant or
Beneficiary and also during any period in which any Participant or Beneficiary
is incapable in the judgment of the Company of attending to his financial
affairs, any payments which the Company is required to make hereunder may be
made, in the discretion of the Company, directly to such Participant or
Beneficiary or to any other person for his use or benefit or that of his
dependents, if any, including any person furnishing goods or services to or for
his use or benefit or the use or benefit of his dependents, if any. Each such
payment may be made without the intervention of a guardian, the receipt of the
payee shall constitute a complete acquittance to the Company with respect
thereto, and the Company shall have no responsibility for the proper allocation
thereof.

      6.2 Plan Non-Contractual. Nothing herein contained shall be construed as a
commitment or agreement on the part of any person employed by the Company to
continue his employment with the Company, and nothing herein contained shall be
construed as a commitment on the part of the Company to continue the employment
or the annual rate of compensation of any such person for any period, and all
Participants shall remain subject to discharge to the same extent as if the Plan
had never been established.

      6.3 Trust. In order to provide a source of payment for its obligations
under the Plan, the Company has established The Lubrizol Corporation Excess
Defined Contribution Plan Trust.

      6.4 Interest of a Participant. Subject to the provisions of the Trust
Agreement, the obligation of the Company under the Plan to provide a Participant
or Beneficiary with supplemental retirement benefits merely constitutes the
unsecured promise of the Company to

<PAGE>

make payments as provided herein, and no person shall have any interest in, or a
lien or prior claim upon, any property of the Company.

      6.5 Controlling Status. No Participant shall be eligible for a benefit
under the Plan unless such Participant is a Participant on the date of his
retirement, death, or other termination of employment.

      6.6 Claims of Other Persons. The provisions of the Plan shall in no event
be construed as giving any person, firm or corporation any legal or equitable
right as against the Company, its officers, employees, or directors, except any
such rights as are specifically provided for in the Plan or are hereafter
created in accordance with the terms and provisions of the Plan.

      6.7 Severability. The invalidity or unenforceability of any particular
provision of the Plan shall not affect any other provision hereof, and the Plan
shall be construed in all respects as if such invalid or unenforceable provision
were omitted herefrom.

      6.8 Governing Law. The provisions of the Plan shall be governed and
construed in accordance with the laws of the State of Ohio.

<PAGE>

                                   APPENDIX A
                                       TO
                            THE LUBRIZOL CORPORATION
                        EXCESS DEFINED CONTRIBUTION PLAN

<TABLE>
<CAPTION>
Participants(1)                         Effective Date
---------------                         --------------
<S>                                     <C>
1. W. G. Bares                          December 31, 1986
2. G. R. Hill                           December 31, 1986
3. J. R. Ahern                          April 1, 1990
4. J. W. Bauer                          April 27, 1992
5. S. F. Kirk                           April 26, 1993
6. Y. Le Couedic                        April 26, 1993
7. J. E. Hodge                          April 26, 1993
8. M. W. Meister                        April 26, 1993
9. S. A. Di Biase                       April 26, 1993
10. G. P. Lieb                          April 25, 1994
11. L. M. Reynolds                      April 24, 1995
13. C. P. Cooley                        April 1, 1998
14. D. W. Bogus                         April 1, 2000
15. J. L. Hambrick                      May 1, 2000
16. G. R. Lewis                         April 23, 2001
17. R. S. Potter                        September 4, 2001
18. J. Wanstreet                        April 22, 2002
</TABLE>

<TABLE>
<CAPTION>
Former Participants(2)
----------------------
<S>                                     <C>
1. P. L. Krug (R)
2. W. T. Beargie (R)
3. W. D. Manning (R)
4. R. W. Scher (R)
5. J. P. Arzul (D)
6. J. R. Cooper (R)
7. J. I. Rue (R)
8. R. J. Senz (T)
9. E. V. Luoma (R)
10. R. Y. K. Hsu (R)
11. L. E. Coleman (D)
12. J. G. Bulger (R)
13. D. A. Muskat (R)
14. W. R. Jones (R)
15. R. A. Andreas (R)
16. J. A. Thomas (R)
17. K. H. Hopping (R)
18. R. D. Robins (R)
</TABLE>

-------------------------

(1) This listing of Participants is limited to those Participants who are also
officers for purposes of Section 16 of the Securities Exchange Act of 1934.

(2) R = Retired, D = Deceased, T = Terminated.