Document:

Exhibit

Exhibit 10.43

AMENDMENT TO 
ASHLAND INC. SUPPLEMENTAL DEFINED 
CONTRIBUTION PLAN FOR CERTAIN EMPLOYEES

WHEREAS, Ashland Inc. amended and restated the Ashland Inc. Supplemental Defined Contribution Plan for Certain Employees (the “Plan”) effective January 1, 2015; and
WHEREAS, the Personnel and Compensation Committee of the Board of Directors of Ashland Global Holdings Inc. (the “Committee”) approved the freeze of the Plan effective September 30, 2016; and
WHEREAS, Section 9.1 of the Plan permits the amendment of the Plan;
NOW, THEREFORE, pursuant to Section 9.1 of the Plan and the approval of the Committee, the Plan is hereby amended effective September 30, 2016 as follows:
1.    Section 3.1 is amended by the addition of the following at the end thereof:
“Notwithstanding the foregoing, participation in the Plan is closed and frozen as to new Participants effective September 30, 2016, and no Eligible Employees shall commence Plan participation after September 30, 2016.”
2.    The following new Section 4.1(c) is added to the Plan:
“(c)    Freeze of Substitute Contribution.  Notwithstanding the foregoing provisions of this Section 4.1, no Substitute Contributions shall be credited to Participants’ Accounts with respect to Participants’ post-September 30, 2016, Incentive Compensation, Excess Base Compensation and Excess Base Compensation Deferrals.”
3.    Section 4.2(a) is amended by the addition of the following at the end thereof:
“The foregoing Performance Retirement Contribution provision shall only apply to Participants’ pre-October 1, 2016, Incentive Compensation, Excess Base Compensation and Excess Base Compensation Deferrals.”
4.    The following new Section 4.2(b)(vi) is added to the Plan:
“(vi)    Notwithstanding the foregoing, no Basic Retirement Contributions shall be credited to Participants’ Accounts with respect to Participants’ post-September 30, 2016, Incentive Compensation, Excess Base Compensation and Excess Base Compensation Deferrals.”

5.    Section 4.2(c) is amended by the addition of the following at the end thereof:
“Notwithstanding the foregoing, no Discretionary Profit Sharing Contributions shall be made after September 30, 2016.”
IN WITNESS WHEREOF, Ashland Global Holdings Inc. has caused its duly authorized officer to execute this Amendment to Ashland Inc. Supplemental Defined Contribution Plan for Certain Employees on the date set forth below.

ASHLAND GLOBAL HOLDINGS INC.

/s/ Peter J. Ganz
By:_____________________________________
Peter J. Ganz
Senior Vice President, General Counsel and Secretary

- 2 -Exhibit

EXHIBIT 10.44

AMENDMENT TO THE 
HERCULES INC. EMPLOYEE PENSION RESTORATION PLAN
WHEREAS, Valvoline LLC (“Valvoline”) sponsors for the benefit of certain of its employees the Hercules, Inc. Employee Pension Restoration Plan (the “Restoration Plan”); and
WHEREAS, benefits within the Restoration Plan are tied to benefits within the Ashland Hercules Pension Plan (the “Pension Plan”); and
WHEREAS, benefit accrual under the Pension Plan will be frozen as of September 30, 2016; and
WHEREAS, Valvoline desires to also cease future benefit accrual under the terms of the Restoration Plan effective as of September 30, 2016 (the “Effective Date”); 
NOW, THEREFORE, the Restoration Plan shall be amended as follows:
I.    Paragraph 5 of the Restoration Plan shall be amended to add the following to the end thereof:
Notwithstanding the foregoing, service of a Participant for Valvoline, LLC (or any entity within the controlled group of Valvoline LLC as determined in accordance with Section 414 of the Code) following September 30, 2016 shall not be included in determining the benefit payable under the terms of the Restoration Plan; except to the extent such service provides for, under the Pension Plan, an additional benefit.
II.    Paragraph 7 of the Restoration Plan shall be amended to add the following to the end thereof:
Notwithstanding the foregoing, Pensionable compensation under the Restoration Plan shall not include any compensation received following September 30, 2016.
III.    Paragraph 9(a) of the Restoration Plan shall be amended to add the following to the end thereof:
For the purpose of determining whether a Participant separates from service, so long as a Participant remains a service provider (within the terms of Code section 409A) for Valvoline LLC or Ashland LLC (or any entity within the controlled group of such entity determined in accordance with Section 414 of the Code), the Participant shall not be deemed to have incurred a separation from service.
IV.    In all other respect the Plan shall remain unchanged.
(Signature Page Below)

EXHIBIT 10.44

IN WITNESS WHEREOF, this amendment to the Plan has been is executed this 30th day of September, 2016, to be effective as of the date indicated above.

On Behalf of Valvoline LLC

/s/ Peter J. Ganz
By:__________________________________________
Peter J. Ganz
Senior Vice President, General Counsel and Secretary
Ashland Global Holdings Inc.Exhibit

Exhibit 10.45

AMENDMENT TO THE 
VALVOLINE LLC NONQUALIFIED EXCESS BENEFIT PLAN
WHEREAS, Valvoline LLC (“Valvoline”) sponsors for the benefit of certain of its employees the Ashland Inc. Nonqualified Excess Benefit Plan (the “Excess Plan”); and
WHEREAS, Valvoline desires to cease future benefit accrual under the terms of the Excess Plan effective as of September 30, 2016 (the “Effective Date”); 
NOW, THEREFORE, the Excess Plan shall be amended as follows:
I.    Section 3(v) shall be added to the Plan to read as follows:
(v)    Plan Benefit Freeze. The benefit accrual of a Participant shall cease as of September 30, 2016 and no service or compensation of a Participant following that date shall result in any additional benefit due under this Plan. Notwithstanding the provisions of this Section 3(v), any early retirement benefits and subsidization reduction factors to all Participants providing services as of September 30, 2016 shall be provided if the Participant attains age 55 prior to retirement. In addition, any “Rule of 80” requirement to receive an early retirement or subsidized benefit shall be applied by including all service with both Ashland Inc. and Valvoline LLC for Participants for so long as Ashland Inc. (or any entity within the controlled group of Ashland Inc. determined in accordance with Section 414 of the Internal Revenue Code) remains in the same controlled group, as determined within Section 414 of the Internal Revenue Code, of Valvoline LLC. Upon the cessation of Ashland Inc. and Valvoline LLC to be within the same controlled group, determined in accordance with Section 414 of the Internal Revenue Code, only service with Valvoline LLC (or any entity within its controlled group determined in accordance with Section 414 of the Internal Revenue Code) shall be included in determining satisfaction of the “Rule of 80.” For the purpose of determining whether a Participant separates from service, so long as a Participant remains a service provider (within the terms of Code section 409A) for Valvoline LLC or Ashland LLC (or any entity within the controlled group of such entity determined in accordance with Section 414 of the Code), the Participant shall not be deemed to have incurred a separation from service.
II.    In all other respect the Plan shall remain unchanged.
IN WITNESS WHEREOF, this amendment to the Plan has been is executed this 30th day of September, 2016, to be effective as of the date indicated above.

/s/ Peter J. Ganz
By:_____________________________________
Peter J. Ganz
Senior Vice President, General Counsel and SecretaryExhibit

Exhibit 10.46

AMENDMENT TO THE HERCULES INCORPORATED 
EMPLOYEE PENSION RESTORATION PLAN

WHEREAS, Valvoline LLC (“Valvoline”), as sponsor of the Hercules Incorporated Employee Pension Restoration Plan (the “Plan”), maintains the Plan for the benefit of employees eligible to participate therein; and
WHEREAS, pursuant to Article IV, Section 5, of the Charter of the Personnel and Compensation Committee of the Board of Directors of Ashland Inc., said Personnel and Compensation Committee (the “Committee”) has retained authority to amend or transfer any of the benefit plans of Ashland Inc. (“Ashland”) and its subsidiaries and affiliates that are more than 50% owned by Ashland; and
WHEREAS, the Committee now desires to amend the Plan to provide Valvoline the discretionary authority to make a limited cashout from the Plan to participants.
NOW, THEREFORE, BE IT RESOLVED, the Plan is amended, effective upon execution, as follows.

		
	I.
	The following subsection (g) is added to Section 9 as follows:

(g) Limited Cashout. The Administrator and the Employer shall have the discretion to make a limited cashout of a Participant’s account pursuant to section 1.409A-3(j)(4)(v) of the Treasury Regulations to such Participant so long as:
    
(i)    such Participant’s entire interest in his or her accounts in the Plan and all aggregate plans as defined under section 1.409A-1(c)(2) of the Treasury Regulations is terminated and liquidated; and

(ii)    the amount to be distributed from the Plan, when added together with the distributable amounts from all aggregate plans as defined under section 1.409A-1(c)(2) of the Treasury Regulations, does not exceed the applicable dollar amount under Code Section 402(g)(1)(B).

		
	II.
	In all other respects the Plan shall remain unchanged.

[signature page immediately follows]

Exhibit 10.46

IN WITNESS WHEREOF, the Committee has caused this amendment to the Plan to be executed this 30th  day of September, 2016.
          /s/ Peter J. Ganz
By: __________________________________________
Peter J. Ganz
Senior Vice President, General Counsel and
SecretaryExhibit

Exhibit 10.47

AMENDMENT TO THE 
AMENDED AND RESTATED SUPPLEMENTAL EARLY RETIREMENT PLAN FOR CERTAIN EMPLOYEES
WHEREAS, Valvoline LLC (“Valvoline”) sponsors for the benefit of certain of its employees the Amended and Restated Supplemental Early Retirement Plan for Certain Employees (the “SERP”); and
WHEREAS, Valvoline desires to cease future benefit accrual under the terms of the SERP effective as of September 30, 2016 (the “Effective Date”); 
NOW, THEREFORE, the SERP shall be amended as follows:
I.    Section 2.08 shall be amended to add the following sentence to the end thereto which shall read as follows:
Notwithstanding the foregoing, Continuous Service shall exclude any service of the Employee with Ashland Inc. (or any entity within the Ashland Inc. controlled group as determined in accordance with Section 414 of the Code) upon the separation of Ashland Inc. from the controlled group (as determined in accordance with Section 414 of the Code) with Valvoline LLC; provided, however, for the purpose of determining whether an Employee separates from service for the purpose of determining a distribution, so long as an Employee remains a service provider (within the terms of Code section 409A) Ashland LLC (or any entity within the controlled group of such entity determined in accordance with Section 414 of the Code), the Employee shall not be deemed to have incurred a separation from service.
II.    Section 2.11 shall be amended to add the following sentences to the end thereof which shall read as follows:
Notwithstanding the foregoing, the Final Average Bonus of a Participant shall not include any amounts paid after September 30, 2016, provided, however, that payments made under the Fiscal Year 2016 Annual Incentive Compensation program, payable in December of 2016, shall be included in determining the Final Average Bonus of a Participant. The determination of a Participant’s Final Average Bonus shall be made as of September 30, 2016 and such amount shall not be modified thereafter.
III.    Section 2.12 shall be amended to add the following sentence to the end thereof which shall read as follows:
Notwithstanding the foregoing, the Final Average Compensation of a Participant shall not include any amounts paid after September 30, 2016. The determination of a Participant’s Final Average Compensation shall be made as of September 30, 2016 and such amount shall not be modified thereafter.
IV.    Section 5.06A shall be amended to add the following sentence to the end thereof which shall read as follows:

Exhibit 10.47

The determination as to whether a Participant is a Level I or II Participant, or is a Level III, IV and V Participant shall be made as of September 30, 2016 and later modifications to a Participant’s employment shall not impact the means of determining benefits under this Plan.
V.    In all other respect the Plan shall remain unchanged.
(Signature Page Immediately Follows)

Exhibit 10.47

IN WITNESS WHEREOF, this amendment to the Plan has been is executed this 30th day of September, 2016, to be effective as of the date indicated above.

On Behalf of Valvoline LLC

/s/ Peter J. Ganz
By:__________________________________________
Peter J. Ganz
Senior Vice President, General Counsel and Secretary
Ashland Global Holdings Inc.

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