Document:

Form of Stock Appreciation Rights Agreement for Nonemployee Directors

 Exhibit 10.22 
 STOCK APPRECIATION RIGHTS AGREEMENT 
 FOR NONEMPLOYEE DIRECTORS 
 THIS AGREEMENT, made as of
                     (the “Grant Date”), between Zep Inc., a Delaware corporation (the “Company”), and
                                        
(the “Grantee”). 
 WHEREAS, the Company has adopted the Zep Inc. Long-Term Incentive Plan (the “Plan”) in order to
provide additional incentive to certain officers, key employees and nonemployee directors of the Company and its Subsidiaries; and 
 WHEREAS, the Grantee performs services as a nonemployee director of the Company; and 
 WHEREAS, the Committee responsible for
administration of the Plan has determined to grant Stock Appreciation Rights (“SARs”) to the Grantee as provided herein. 
 NOW,
THEREFORE, the parties hereto agree as follows: 
  

	 	1.	Grant of Option. 

 1.1 The Company hereby grants to
the Grantee,              Stock Appreciation Rights (the “SARs”), subject to, and in accordance with, the terms and conditions set forth in this Agreement and the Plan.
Each SAR represents the right to receive an amount payable in Shares as provided in Section 5 below, equal in value to the excess, if any, on the date of exercise of the SAR of the Fair Market Value of a Share over the SAR Exercise Price of the
SAR. The SARs granted hereby are free-standing SARs and are not granted in conjunction with an Option. This grant of SARs is hereinafter sometimes called the “Award.” 
 1.2 This Agreement shall be construed in accordance and consistent with, and subject to, the provisions of the Plan (the provisions of which are
incorporated herein by reference) and, except as otherwise expressly set forth herein, the capitalized terms used in this Agreement shall have the same definitions as set forth in the Plan. 
 1.3 The Award is conditioned upon Grantee’s execution of this Agreement. If the Agreement is not executed by the Grantee, the Award may be canceled
by the Committee. 
  

	 	2.	SAR Exercise Price. 

 The price at which the Grantee
shall be entitled to exercise the SARs shall be              per Share. 
  

	 	3.	Duration of Award. 

 The Award shall be exercisable
to the extent and in the manner provided herein for a period of ten (10) years from the Grant Date (the “Exercise Term”); provided, however, that the Award may be earlier terminated as provided in Sections 1.3 and 6 hereof.

	 	4.	Vesting and Exercisability of Award. 

 The Award
shall vest, and may be exercised, with respect to the SARs as set forth in the Grantee Statement attached hereto and made a part hereof, subject to earlier termination of the Award as provided in Sections 1.3 and 6 hereof or in the Plan. The right
to exercise the SARs as they become vested shall be cumulative and shall continue during the Exercise Term unless sooner terminated as provided herein. 
  

	 	5.	Manner of Exercise. 

 5.1 To exercise the Award, the
Grantee must deliver a completed copy of the SAR Exercise Form, to the address indicated on such Form or such other address designated by the Committee from time to time. The Award may be exercised in whole or in part with respect to the vested
SARs; provided, however, the Committee may establish a minimum number of SARs (e.g., 100) for which an Award may be exercised at a particular time. Upon the exercise of a SAR, the Grantee shall be entitled to receive an amount, equal to the product
of (i) the excess of the Fair Market Value of one Share on the date of exercise over the SAR Exercise Price of the applicable SAR, multiplied by (ii) the number of Shares in respect to which the SAR has been exercised. Except as otherwise
determined by the Committee, the payment shall be made in Shares based upon the Fair Market Value of a Share on the date of exercise. Fractional Shares shall be settled by payment in cash based upon the Fair Market Value on such date. 
 5.2 The Grantee shall not be deemed to be the holder of, or to have any of the rights of a holder with respect to any Shares until (i) the SAR shall
have been exercised pursuant to the terms of this Agreement, (ii) the Company shall have issued and delivered the Shares to the Grantee, and (iii) the Grantee’s name shall have been entered as a stockholder of record on the books of
the Company, whereupon the Grantee shall have full voting and other ownership rights with respect to such Shares. 
  

	 	6.	Termination of Service. 

 6.1 In General.

 If the service as a director of the Company of the Grantee shall terminate for any reason, other than for the reasons set forth in
Section 6.2 below, the SARs shall continue to be exercisable (to the extent the SARs were vested and exercisable on the date of the Grantee’s termination of service) at any time within three (3) years after the date of such
termination of service, but in no event after the expiration of the Exercise Term. 
 6.2 Termination of Service Due to Death or
Disability; Termination for Cause. 
 If the Grantee’s termination of service is due to death or Disability, the following shall
apply: 
  

	 	(a)	Termination Due To Death. In the event the Grantee dies while serving as a director, all outstanding unvested SARs shall immediately vest and become immediately and fully
exercisable, and shall remain exercisable at any time prior to the end of the Exercise Term, or for three (3) years after the date of death, whichever period is shorter, by such person(s) that have acquired the Grantee’s rights under such
SARs by will or by the laws of descent and distribution, or, if no such person exists, the Grantee’s estate or representative of the Grantee’s estate. 

  

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	 	(b)	Termination by Disability. In the event the service of the Grantee is terminated by reason of Disability, all outstanding unvested SARs shall immediately vest and become
immediately and fully exercisable as of the date the Committee determines the Grantee terminated service for Disability and shall remain exercisable at any time prior to the end of the Exercise Term, or for three (3) years after the date of
termination, whichever period is shorter. 

  

	 	(c)	Termination for Cause. In the event the Grantee’s service is terminated for Cause, the SARs shall immediately terminate in full and no rights hereunder may be exercised.

  

	 	7.	Effect of Change in Control. 

 Notwithstanding
anything contained to the contrary in this Agreement, in the event of a Change in Control, all of the SARs shall become immediately and fully exercisable, and the Committee, in its discretion, may terminate the SARs, provided that at least 30 days
prior to the Change in Control, the Committee notifies the Grantee that the SARs will be terminated and provides the Grantee, at the election of the Committee, (i) the right to receive immediately a cash payment in an amount equal to the
difference between the Fair Market Value of the SARs and the SAR Exercise Price for such SARs computed as of the date of the Change in Control; (ii) or the right to exercise all SARs (including the SARs vested as a result of the Change in
Control) immediately prior to the Change in Control. 
  

	 	8.	Transferability. 

 The SARs shall not be
transferable other than by will or by the laws of descent and distribution. During the lifetime of the Grantee, the SARs shall be exercisable only by the Grantee. 
  

	 	9.	No Right to Continued Service. 

 Nothing in this
Agreement or the Plan shall be interpreted or construed to confer upon the Grantee any right with respect to continuance of services as a director of the Company. 
  

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	 	10.	Adjustments. 

 In the event of a Change in
Capitalization, the Committee shall make appropriate adjustments to the number and class of Shares or other stock or securities subject to the Award and the SAR Exercise Price for such Shares or other stock or securities. The Committee’s
adjustment shall be made in accordance with the provisions of Section 4(d) of the Plan and shall be effective and final, binding, and conclusive for all purposes of the Plan and this Agreement. 
  

	 	11.	Director Bound by the Plan. 

 The Grantee hereby
acknowledges receipt of a copy of the Plan and agrees to be bound by all the terms and provisions thereof. 
  

	 	12.	Modification of Agreement. 

 This Agreement may be
modified, amended, suspended, or terminated, and any terms or conditions may be waived, but only by mutual agreement of the parties in writing. 
  

	 	13.	Severability. 

 Should any provision of this
Agreement be held by a court of competent jurisdiction to be unenforceable or invalid for any reason, the remaining provisions of this Agreement shall not be affected by such holding and shall continue in full force in accordance with their terms.

  

	 	14.	Governing Law. 

 The validity, interpretation,
construction, and performance of this Agreement shall be governed by the laws of the state of Delaware without giving effect to the conflicts of laws principles thereof. 
  

	 	15.	Successors in Interest. 

 This Agreement shall inure
to the benefit of and be binding upon each successor corporation. This Agreement shall inure to the benefit of the Grantee’s legal representatives. All obligations imposed upon the Grantee and all rights granted to the Company under this
Agreement shall be final, binding, and conclusive upon the Grantee’s heirs, executors, administrators, and successors. 
  

	 	16.	Resolution of Disputes. 

 Any dispute or
disagreement which may arise under, or as a result of, or in any way relate to, the interpretation, construction, or application of this Agreement shall be determined by the Committee. Any determination made hereunder shall be final, binding, and
conclusive on the Grantee and the Company for all purposes. 
  

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	ATTEST:	 		 	ZEP INC.
				
	  
	 		 	By:	 	  

			
		 		 	GRANTEE:
			
		 		 	  

  

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 GRANTEE STATEMENT 
  

  

							
	Grant Date:	  	  
	  	 	  	 
				
	SARs Granted:	  	  
	  	 	  	 
				
	Vesting Dates:	  	 	  	 	  	 
				
	  	  	 Vest Date
	  	 	  	 Shares Vesting

				
	 	  	  
	  	 	  	  

				
	 	  	  
	  	 	  	  

				
	 	  	  
	  	 	  	  

				
	Expiration Date:	  	  
	  	 	  	 

  

 – 6 –Form of Long Term Incentive Plan Restricted Stock Award Agreement

 Exhibit 10.23 
 ZEP INC. 
 LONG-TERM INCENTIVE PLAN 
 RESTRICTED STOCK AWARD AGREEMENT 
 FOR NONEMPLOYEE DIRECTORS 
 THIS AGREEMENT, made and entered into as of
                     by and between Zep Inc., a Delaware Corporation, (the “Company”) and
                                        
(“Grantee”). 
 W • I • T • N • E • S • S • E • T • H      T
• H • A • T: 
 WHEREAS, the Company maintains the Zep Inc. Long-Term Incentive Plan (the “Plan”), and Grantee
has been selected by the Committee to receive a Restricted Stock Award under the Plan; 
 NOW, THEREFORE, IT IS AGREED, by and between the
Company and Grantee, as follows: 
  

	 	1.	Award of Restricted Stock 

 1.1 The Company hereby
grants to Grantee an award of              Shares of restricted stock (“Restricted Stock”), subject to, and in accordance with, the restrictions, terms, and conditions set
forth in this Agreement. The grant date of this award of Restricted Stock is                      (the “Grant Date”). 
 1.2 This Agreement (including any appendices or exhibits) shall be construed in accordance with, and subject to, the provisions of the Plan (the
provisions of which are incorporated herein by reference) and, except as otherwise expressly set forth herein, the capitalized terms used in this Agreement shall have the same definitions as set forth in the Plan. 
 1.3 This award of Restricted Stock is conditioned upon Grantee’s execution of this Agreement. If the Agreement is not executed by the Grantee, the
award of Restricted Stock may be cancelled by the Committee. 
  

	 	2.	Restrictions 

 2.1 Subject to Sections 2.3, 2.4, and
2.5 below, if the Grantee remains in service as a Director of the Company, the Restricted Stock shall vest as follows (each such date on which the Restricted Stock vests is hereinafter referred to as a “Vesting Date”): 
  

					
	 Number of Shares
	 	 	 	 Vesting Date

			
	 	 		 	 
			
	 	 		 	 
			
	 	 		 	 
			
	 	 		 	 

 2.2 Except as otherwise provided below, on each Vesting Date, Grantee shall own the Vested Shares of
Restricted Stock free and clear of all restrictions imposed by this Agreement (except those imposed by Section 3.4 below). The Company shall transfer the Vested Shares of Restricted Stock to an unrestricted account in the name of the Grantee as
soon as practical after each Vesting Date. 
 2.3 In the event, prior to the Vesting Date, (i) Grantee dies while serving as a Director
of the Company, or (ii) Grantee has his service terminated by reason of Disability, any Restricted Stock shall become fully vested and nonforfeitable as of the date of Grantee’s death or Disability. The Company shall transfer the Shares of
Restricted Stock, free and clear of any restrictions imposed by this Agreement (except for Section 3.4) to Grantee (or, in the event of death, his surviving spouse or, if none, to his estate) as soon as practical after his date of death or
termination for Disability. 
 2.4 Except for death or Disability as provided in Section 2.3, if Grantee ceases his service as a
Director of the Company prior to the Vesting Date, the Restricted Stock shall cease to vest further, the unvested Shares of Restricted Stock shall be immediately forfeited, and Grantee shall only be entitled to the Restricted Stock that has vested
as of his date of termination. 
 2.5 Notwithstanding the other provisions of this Agreement, in the event of a Change in Control prior to
the Vesting Date, all Shares of Restricted Stock shall become fully vested and nonforfeitable as of the date of the Change in Control. The Company shall transfer the Shares of Restricted Stock that become vested pursuant to this Section 2.5 to
an unrestricted account in the name of Grantee as soon as practical after the date of the Change in Control. 
 2.6 The Restricted Stock may
not be sold, assigned, transferred, pledged, or otherwise encumbered prior to the date Grantee becomes vested in the Restricted Stock. 
  

	 	3.	Stock; Dividends; Voting 

 3.1 The Restricted Stock
shall be registered in the name of Grantee as of the respective Grant Date for such Shares of Restricted Stock. The Company may issue stock certificates or evidence Grantee’s interest by using a restricted book entry account with the
Company’s transfer agent. Physical possession or custody of any stock certificates that are issued shall be retained by the Company until such time as the Shares are vested in accordance with Section 2. The Company reserves the right to
place a legend on such stock certificate(s) restricting the transferability of such certificates and referring to the terms and conditions (including forfeiture) of this Agreement and the Plan. 
  

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 3.2 During the period the Restricted Stock is not vested, the Grantee shall be entitled to receive
dividends or similar distributions declared on such Restricted Stock and Grantee shall be entitled to vote such Restricted Stock. 
 3.3 In
the event of a Change in Capitalization, the number and class of Shares or other securities that Grantee shall be entitled to, and shall hold, pursuant to this Agreement shall be appropriately adjusted or changed by the Committee to reflect the
Change in Capitalization in accordance with Section 4(d) of the Plan, provided that any such additional Shares or additional or different shares or securities shall remain subject to the restrictions in this Agreement. 
 3.4 Grantee represents and warrants that he is acquiring the Restricted Stock for investment purposes only, and not with a view to distribution thereof.
Grantee is aware that the Restricted Stock may not be registered under the federal or any state securities laws and that in that event, in addition to the other restrictions on the Shares, they will not be able to be transferred unless an exemption
from registration is available or the Shares are registered. By making this award of Restricted Stock, the Company is not undertaking any obligation to register the Restricted Stock under any federal or state securities laws. 
  

	 	4.	No Right to Continuing Service or Additional Grants 

 Nothing in this Agreement or the Plan shall be interpreted or construed to confer upon Grantee any right with respect to continuance of service as a Director of the Company. The Plan may be terminated at any time, and even if the Plan is
not terminated, Grantee shall not be entitled to any additional awards under the Plan. 
  

	 	5.	Grantee Bound by the Plan 

 Grantee hereby
acknowledges receipt of a copy of the Plan and the prospectus for the Plan, and agrees to be bound by all the terms and provisions thereof. 
  

	 	6.	Modification of Agreement 

 This Agreement may be
modified, amended, suspended, or terminated, and any terms or conditions may be waived, but only by mutual agreement of the parties in writing. 
  

	 	7.	Severability 

 Should any provision of this
Agreement be held by a court of competent jurisdiction to be unenforceable or invalid for any reason, the remaining provisions of this Agreement shall not be affected by such holding and shall continue in full force in accordance with their terms.

  

	 	8.	Governing Law 

 The validity, interpretation,
construction, and performance of this Agreement shall be governed by the laws of the state of Delaware without giving effect to the conflicts of laws principles thereof. 
  

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	 	9.	Successors in Interest 

 This Agreement shall inure
to the benefit of, and be binding upon, the Company and its successors and assigns, whether by merger, consolidation, reorganization, sale of assets, or otherwise. This Agreement shall inure to the benefit of Grantee’s legal representatives.
All obligations imposed upon Grantee and all rights granted to the Company under this Agreement shall be final, binding, and conclusive upon Grantee’s heirs, executors, administrators, and successors. 
  

	 	10.	Resolution of Disputes 

 Any dispute or disagreement
which may arise under, or as a result of, or in any way relate to the interpretation, construction, or application of this Agreement shall be determined by the Committee. Any determination made hereunder shall be final, binding, and conclusive on
Grantee and the Company for all purposes. 
  

	 	11.	Pronouns; Including 

 Wherever appropriate in this
Agreement, personal pronouns shall be deemed to include the other genders and the singular to include the plural. Wherever used in this Agreement, the term “including” means “including, without limitation.” 
 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written. 
  

							
	ATTEST:	 		 	ZEP INC.
				
	  
	 		 	By:	 	  

			
		 		 	GRANTEE:
			
		 		 	  

  

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