Document:

Exhibit 10.1

 

July 5, 2016 (Revised)

 

CONFIDENTIAL — VIA EMAIL / OVERNIGHT MAIL

 

Josephine Iannelli

5 Kensington Dr.

Wilbraham, MA 01095

 

RESIGNATION AND NON-SOLICITATION AGREEMENT

AND FULL AND FINAL RELEASE OF CLAIMS

 

Dear Josephine,

 

This letter agreement (this “Agreement”) is entered into between Berkshire Bank (collectively with Berkshire Hills Bancorp, Inc. and as further defined below, the “Company”) and Josephine Iannelli (“you” or “your”).

 

Per our mutual understanding, your employment as Senior Executive Vice President, CFO and Treasurer of Berkshire Bank, and your position as Senior Executive Vice President, CFO and Treasurer of Berkshire Hills Bancorp, Inc., will end.  You and the Company desire to resolve any and all issues relating to the conclusion of your employment amicably and on mutually satisfactory terms.   To that end, and as additional compensation to you, the Company is offering you a separation package in accordance with the terms of this Agreement.

 

Upon your signature, this Agreement shall constitute the agreement between you and the Company on the terms of your separation from employment as follows:

 

1.             Resignation Date.  Your resignation from employment with the Company shall be effective July 5, 2016 (the “Resignation Date”).  You shall be paid your earned salary through the Resignation Date, less legally required withholdings.

 

2.             Cash Separation Payment.  Upon your timely execution of this Agreement and in exchange for your full compliance with this Agreement and  provided that you have met, and continue to meet, all of your obligations, agreements and undertakings set forth herein, the Company agrees to pay you $600,000.00, (“Separation Pay”), less legally required withholdings, as follows: (i) $200,000.00 shall be paid on the Company’s next regularly scheduled pay date, after the expiration of the 7-day revocation period explained in Paragraph 14 of this Agreement referenced below without revocation, (ii) $200,000.00 shall be paid twenty-six (26) weeks after the initial payment, and (iii) $200,000.00 shall be paid to you fifty-two (52) weeks after the initial payment.

 

3.             Insurance Coverage.  In further consideration of your acceptance of this Agreement, the Company also agrees to provide you, for up to eighteen (18) months following your Resignation Date, with group health, dental 

 

 

and vision insurance coverage, at no expense to you, substantially comparable, as reasonably available, to the coverage maintained by the Company for you prior to your resignation, except to the extent that such coverage may be changed in its application to all Company employees and then the coverage provided to you shall be commensurate with such changed coverage.  Such coverage shall commence on July 6, 2016, and end on (a) January 5, 2018, (b) the date you obtain comparable coverage through a new employer, or (c) the date that you become covered under comparable insurance obtained by your spouse through any employer, whichever occurs earlier.    This coverage will run concurrently with the Consolidated Omnibus Reconciliation Act of 1985, as amended (“COBRA”).  Notwithstanding the foregoing, if applicable law (including, but not limited to, laws prohibiting discrimination in favor of highly compensated employees), or if participation by you is not permitted under the terms of the applicable health plans, or if providing such benefits would subject the Company to penalties, then the Company shall pay you a cash payment reasonably estimated to be equal to the value of such health and dental benefits, with such payment to be made by lump sum within thirty (30) days after the date on which the Company determines that such insurance coverage (or the remainder of such insurance coverage) cannot be provided for any of the foregoing reasons.  You acknowledge and agree that you will immediately notify the Company of the effective date of any new coverage you may obtain that would terminate the Company’s obligation to provide continuing group health, dental or vision insurance coverage prior to January 5, 2018, as set forth in this paragraph.

 

4.             No Future Compensation.  Other than the obligations of the Company as set forth under the terms of Paragraphs 2 and 3 of this Agreement, you represent and agree that (a) you are not entitled to any other wages, salary, bonuses, benefits or any other compensation or reimbursements from the Company, including, but not limited, to unused vacation time and any compensation under the Company’s Executive Incentive Plan and Long-Term Incentive Plan, and (b) all non-vested equity awards will be forfeited.

 

5.             General Release — Claims against the Company.  As is standard in situations where an employer is paying an employee additional compensation upon separation, you agree to waive and release and promise never to assert any and all claims that you have or might have against the Company, arising from and related to your employment with and/or separation from the Company.  For purposes of this Agreement, the term “Company” means and includes Berkshire Bank and Berkshire Hills Bancorp, Inc., their predecessors and successors, all of their past, present, and future shareholders, trustees, directors, officers, employees, representatives, attorneys, agents and assigns, and all of their parent or controlling corporations, and their affiliates and subsidiaries, as the case may be, or any other legal entity describing Berkshire Bank and Berkshire Hills Bancorp Inc.’s organization or through which they conduct business.

 

6.             General Release — Statutory and Regulatory Claims.  You represent and warrant that you have not filed any complaints, charges or claims against the Company with any local, state or federal court or administrative agency.  Except with respect to any rights arising out of this Agreement, you specifically agree that you waive and release any and all manner of claims you ever had, now have or may have under any federal or state labor, employment, retaliation or discrimination laws, statutes, public policies, orders or regulations, including, but not limited to, Title VII of the Civil Rights Act of 1964, as amended, the Equal Pay Act of 1963, as amended, the Employee Retirement Income Security Act of 1974, as amended, the Occupational Safety and Health Act of 1970, as amended, the Rehabilitation Act of 1973, as amended, the Fair Labor Standards Act of 1938, as amended, the Americans with Disabilities Act of 1990, as amended, the Family and Medical Leave Act of 1993, as amended, the Age Discrimination in Employment Act, as amended, Chapters 149 through 154 of the Massachusetts General Laws, the Massachusetts Civil Rights Act, the Massachusetts Equal Rights Law, or at common law, including but not limited to claims relating to breach of an oral or written contract, wrongful discharge, misrepresentation, defamation, interference with prospective economic advantage, interference with contractual relationship,

 

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intentional and negligent infliction of emotional distress, negligence, and breach of the covenant of good faith and fair dealing.  It is expressly agreed and understood that the release contained herein is a GENERAL RELEASE, but that you are not waiving or releasing any rights or claims that arise after the date that this Agreement is executed.  The consideration given by the Company in exchange for your General Release exceeds anything of value to which you otherwise were entitled in the absence of a waiver.

 

7.             General Release — Massachusetts Wage Act.  Not in limitation of the previous paragraph, by signing this Agreement, you agree and understand that you are waiving, relinquishing and releasing any and all claims or rights that you have or may have against the Company arising under the Massachusetts Wage Act, G.L. c. 149, § 148, and/or its federal law equivalent.  You are not, however, waiving any rights or claims that may arise after the execution of this Agreement.  You specifically acknowledge that this waiver and release releases the Company from liability to you for any alleged violation of the Massachusetts Wage Act and/or its federal law equivalent to the date of this Agreement.

 

8.             General Release — EEOC, MCAD and Claims for Reinstatement.  With respect to the rights and claims that you are waiving, you are waiving not only your right to recover in any action that you might commence, but also your right to recover in any action brought on your behalf by any other party, including, but not limited to, the U.S. Equal Employment Opportunity Commission, or any other federal, state or local governmental agency or department.  Nothing in this Agreement shall be construed to affect the rights and responsibilities of the Equal Employment Opportunity Commission (“EEOC”) and the Massachusetts Commission Against Discrimination (“MCAD”) to enforce the anti-discrimination laws.  Also, nothing in this Agreement may be used to justify interfering with the employee’s protected right to file a charge or participate in an investigation or proceeding conducted by the EEOC or MCAD.  In addition, and not in limitation of the foregoing, you hereby forever release and discharge the Company from any liability or obligation to reinstate or reemploy you in any capacity.

 

9.             Confidentiality.  By executing this Agreement, you agree to keep the terms of this document confidential.  However, nothing in this Agreement shall prohibit you from disclosing such confidential information (i) to your counsel and accountants; (ii) to your spouse; (iii) to government authorities requesting such information; and (iv) as otherwise required by law, so long as you inform any such party of the requirements for confidentiality set forth in this paragraph and such party agrees to honor and abide by such confidentiality prior to your disclosure.  You also acknowledge and agree that you have been the recipient of confidential and proprietary business information concerning the Company and you agree that you will not use or disclose such confidential and proprietary information except as may be expressly permitted by the Company in writing or as may be required by law.

 

10.          Cooperation, Consulting Services and Transitional Assistance.              You agree to return all Company documents and other Company property immediately upon request by the Company.  You also agree to cooperate with the Company to the extent that your knowledge of facts concerning the Company’s business is required for any court or administrative proceeding.  You further agree to make yourself available for up to twelve (12) months following the Resignation Date to provide consulting services and transitional assistance in support of any new CFO or other senior accounting officer(s) hired by the Company, or in connection with such accounting and other related matters as the Company may be reasonably require.  Such consulting services and transitional assistance shall not exceed twenty (20) hours per month and may be provided by telephone or by e-mail.  You agree to devote such time and attention to your duties under this paragraph, and to use your best efforts in performing such duties, as may be reasonably necessary to carry out such duties in a professional and competent manner.  You are not hereby granted nor will you have any authority, apparent or otherwise, to bind or commit the Company.

 

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11.          Non-Disparagement.  Each party to this Agreement mutually agrees not to make any disparaging statements concerning the other party and further agrees not to take any actions or conduct which would reasonably be expected to affect adversely the reputation or goodwill of the other party.  For the avoidance of doubt, and not in limitation of the definition of the “Company” set forth in Paragraph 5 above, you agree and acknowledge that your obligation not to disparage the Company, or take adverse action or conduct against the Company or its interests, shall extend to and include the Company, its affiliates and current or former officers, directors, employees or agents.  The provisions of this paragraph shall not apply to any truthful statement required to be made by you or the Company in any legal proceeding or governmental or regulatory investigation.

 

12.          Non-Solicitation of Employees and Customers.  You hereby covenant and agree that, for a period of eighteen (18) months following the Resignation Date, you shall not, without the written consent of the Company, either directly or indirectly:

 

(a)           solicit, encourage or attempt to persuade or cause any officer or employee of the Company, or any of its affiliates, to terminate his or her employment and accept employment or become affiliated with, or provide services for compensation in any capacity whatsoever to, any firm, corporation, entity or enterprise that competes with the business of the Company; or

 

b)            solicit, provide any information, advice or recommendation or take any other action intended (or that a reasonable person acting in like circumstances would expect) to have the effect of causing any customer of the Company or its affiliates to terminate an existing business or commercial relationship with the Company or its affiliates or transfer some or all of such customer’s business or relationships with the Company or its affiliates; provided further, that it is expressly understood and acknowledged that this paragraph shall not prevent any customer of the Customer or its affiliates from voluntarily electing to transfer its business or relationships so long as you have not in any way solicited, provided any information, advised, recommended or taken any action to encourage such customer to do so.

 

13.          Period for Review and Revocation.  You acknowledge that you will have twenty-one (21) days from your receipt hereof in which to review this Agreement and consider whether or not it is in your best interest to accept our offer and sign this Agreement.  Furthermore, you may rescind this Agreement within seven days of the day you sign it, after which time, if not rescinded, this Agreement becomes irrevocable.  Prior to executing this Agreement, we advise you to consult with an attorney before signing this Agreement.  By signing this Agreement, you represent that you have carefully read this document, that you understand it, and that you have had an opportunity to consult with and review this Agreement with an attorney of your choice.  You also represent that you know and understand the contents of this Agreement; including its final and binding effect on your rights and duties, and that you freely and voluntarily assent to all the terms and conditions with the full intent of releasing the Company from all claims.  You represent that the only consideration for signing this Agreement are the terms stated herein; that no other promises, representations or agreements of any kind have been made to or with you to cause you to sign this Agreement.  You represent that your releases, waivers, representations, warranties, undertakings, obligations and agreements set for the herein are in exchange for extra consideration to which you would not have been entitled in the absence thereof.  You further acknowledge and agree that the Company is not undertaking to advise you with respect to any tax consequences of this Agreement and that you are solely responsible for determining those consequences.

 

14.          Period for Rescission.  This Agreement shall become effective and enforceable the eighth day after you have executed the document and delivered it to the Company.  You understand that you have the right to revoke

 

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and rescind this Agreement at any time within that period.  If you choose to rescind, this Agreement may only be rescinded in its entirety.  Once rescinded, no provision of this Agreement shall be enforceable.

 

15.          Additional Consideration.  You acknowledge that the payments and benefits described in this Agreement constitute a special separation benefit which the Company is providing in its discretion due to your unique circumstances and that you are not otherwise entitled to receive this entire separation package from the company.

 

16.          Headings.  The headings set forth at the beginning of any paragraph of this Agreement are for the convenience of the parties and are not part of the substantive terms of this Agreement.  No headings shall be deemed to qualify, limit or modify the substantive terms of this Agreement in any respect.

 

17.          Entire Agreement.  The parties to this Agreement mutually agree and specifically acknowledge that we are entering into this Agreement for the purpose of amicably resolving any and all issues relating to the conclusion of, or any other matter related to your employment with the Company.  This Agreement supersedes any previous agreement, whether written or oral, that you may have had with the Company and any other agreement is merged into and extinguished by this Agreement.  This Agreement shall not be deemed an admission by the Company of a violation of any statute or law or wrongdoing of any kind.

 

18.          Governing Law.  The terms of this Agreement are contractual in nature and not a mere recital, and it shall take effect as a sealed document.  This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts, without reference to conflict of law rules, and this Agreement shall be deemed to be executed and performed in Massachusetts and shall be enforceable only in the Massachusetts courts.

 

19.          Savings Clause.  If any provision of this Agreement is determined to be void or unenforceable, the remaining provisions of this Agreement will remain in full force and effect

 

20.          Clawback.  Notwithstanding anything to the contrary herein, the Company or its successors shall retain the legal right to demand the return of any payments made to you hereunder as may be required by any of the Company’s federal or state regulators within applicable regulatory time periods.  You further agree that the non-solicitation and non-disparagement obligations set forth in this Agreement are material terms of the Agreement, and that the Company would not have entered into this Agreement without your agreement to them, and that breach of any of these obligations would cause the Company irreparable injury.  If the Company establishes a breach of any of these obligations, you agree that the Company shall be entitled to recover from you, at the Company’s option, the full amount paid to you under this Agreement, including amounts paid prior to such breach, as liquidated damages or actual damages, but not both types of damages, as well as reasonable attorney’s fees and costs incurred by the Company to enforce this Agreement.

 

[The remainder of this page is left blank intentionally.]

 

[See next page for signatures.]

 

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If you are in agreement with the terms set forth above, please indicate by executing a copy of this Agreement and returning it to me.

 

	
BERKSHIRE   BANK
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/   Michael P. Daly
    	
 
    
	
 
    	
Michael   P. Daly, CEO
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
I   understand and agree completely to the
    	
 
    
	
foregoing   as of July 5, 2016
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
/s/   Josephine Iannelli
    	
 
    
	
Josephine   Iannelli
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Witness:
    	
/s/ Gerard Langlais
    	
 
    
				

 

6EX-10.1

 Exhibit 10.1 

AMENDMENT NO. 1 
 TO
CREDIT AGREEMENT 
 THIS AMENDMENT NO. 1 TO CREDIT AGREEMENT (this “Amendment”), dated as of July 8, 2016, is
entered into by and among Ashland Inc., a Kentucky corporation (the “Borrower”), and each Lender party hereto. 

PRELIMINARY STATEMENTS 
 The
Borrower, The Bank of Nova Scotia, as Administrative Agent, Swing Line Lender and an L/C Issuer and the other Lenders from time to time party thereto entered into that certain Credit Agreement, dated as of June 23, 2015 (as amended, restated,
extended, supplemented or otherwise modified in writing from time to time prior to the date hereof, the “Credit Agreement;” the terms defined therein being used herein as therein defined); 

The Borrower desires to effect an internal reorganization in the form of the Ashland Reorganization (as defined below); 

The Borrower has requested an amendment to the Credit Agreement, effective as of the Amendment No. 1 Effective Date (as defined below) to
permit the Ashland Reorganization and the Valvoline Separation (as defined below) and to make certain additional changes to the Credit Agreement; and 

The Borrower and the Lenders have agreed that the Credit Agreement shall be amended as provided in Section 1 hereof, upon the terms and
subject to the conditions set forth herein and effective as of the Amendment No. 1 Effective Date. 
 NOW, THEREFORE, in consideration of
the premises and further valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 

Section 1. Amendments to the Credit Agreement on the Amendment No. 1 Effective Date. The Credit Agreement shall be, effective as of the
Amendment No. 1 Effective Date and subject to the satisfaction of the conditions precedent set forth in Section 3 hereof, hereby amended as follows: 

(a) Section 1.01 of the Credit Agreement is hereby amended by inserting the following defined terms in the correct
alphabetical order: 
 (i) “Amendment No. 1” means Amendment No. 1 to this Agreement. 

(ii) “Amendment No. 1 Effective Date” means the date on which Amendment No. 1 to this Agreement became
effective in accordance with its terms. 
 (iii) “Ashland Global” means Ashland Global Holdings, Inc., a
Delaware corporation. 
 (iv) “Ashland Global Merger” means the merger of the Borrower with a direct or
indirect wholly owned Subsidiary of Ashland Global, with the Borrower surviving, immediately after which the Borrower will be a direct or indirect wholly owned Subsidiary of Ashland Global, as described on Ashland Global’s Registration
Statement on Form S-4 (#333-211719), as initially filed on May 31, 2016, as amended from time to time. 

 (v) “Ashland Reorganization” means a series of Dispositions
and/or other transactions, after which (a) Valvoline US LLC owns, directly or indirectly, substantially all of the assets constituting the Valvoline Business and (b) the Borrower no longer owns, directly or indirectly, any material portion of the
Valvoline Business. 
 (vi) “Bail-In Action” means the exercise of any Write-Down and Conversion Powers by
the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. 
 (vii)
“Bail-In Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member
Country from time to time which is described in the EU Bail-In Legislation Schedule. 
 (viii) “EEA Financial
Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent
of an institution described in clause (a) of the definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to
consolidated supervision with its parent. 
 (ix) “EEA Member Country” means any of the member states of
the European Union, Iceland, Liechtenstein, and Norway. 
 (x) “EEA Resolution Authority” means any public
administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

(xi) “EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market
Association (or any successor person), as in effect from time to time. 
 (xii) “Loan Market Association”
means the London trade association, which is the self-described authoritative voice of the syndicated loan markets in Europe, the Middle East and Africa. 

(xiii) “Net Cash Proceeds” means, in connection with any incurrence or issuance of Indebtedness under
Section 7.02(m), the excess of (i) the sum of the cash and Cash Equivalents received by the Valvoline Borrower or any of its Subsidiaries in connection with such incurrence or issuance over (ii) the underwriting discounts and commissions, and
other out-of-pocket expenses (including attorneys’ fees), incurred in connection therewith. 
 (xiv) “Valvoline
Borrower” means (a) initially, one or more newly-formed finance Subsidiaries wholly owned, directly or indirectly, by Valvoline US LLC and (b) following the merger of the Subsidiary or Subsidiaries referenced in clause (a) of this
definition with and into Valvoline Inc. (which shall occur substantially concurrently with the Valvoline Separation), Valvoline Inc. 

  
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 (xv) “Valvoline Business” means the Borrower’s automotive,
commercial and industrial lubricant and automotive chemical business substantially as described in the Valvoline Inc. S-1 Registration Statement (#333-211720), as filed on May 31, 2016 (the “Valvoline S-1”). 

(xvi) “Valvoline Inc.” means Valvoline Inc., a Kentucky corporation. 

(xvii) “Valvoline Separation” means the borrowing by the Valvoline Borrower of at least $750 million of
Indebtedness permitted by Section 7.02(m) hereof and the application of the Net Cash Proceeds thereof to repay the Loans and/or reduce the unfunded Revolving Credit Commitments in accordance with Section 2.05(b). 

(xviii) “Valvoline US LLC” means Valvoline US LLC, a Delaware limited liability company. 

(xix) “Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down
and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule. 

(b) Immediately prior to the consummation of the Ashland Global Merger, “Change of Control” in Section 1.01 of the
Credit Agreement shall be amended and restated in its entirety as follows: 
 “Change of Control” means an
event or series of events by which: 
 (a) any “person” or “group” (as such terms are used in
Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, but excluding any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator
of any such plan) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except that a person or group shall be deemed to have “beneficial ownership” of all securities that
such person or group has the right to acquire, whether such right is exercisable immediately or only after the passage of time (such right, an “option right”)), directly or indirectly, of 35% or more of the equity securities of Ashland
Global entitled to vote for members of the board of directors or equivalent governing body of Ashland Global on a fully-diluted basis (and taking into account all such securities that such “person” or “group” has the right to
acquire pursuant to any option right); or 
 (b) during any period of 12 consecutive months, a majority of the members of
the board of directors or other equivalent governing body of Ashland Global cease to be composed of individuals (i) who were members of that board or equivalent governing body on the first day of such period, (ii) whose election or
nomination to that board or equivalent governing body was approved by individuals referred to in clause (i) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body or
(iii) whose election or nomination to that board or other equivalent governing body was approved by individuals referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at least a majority of
that board or equivalent governing body; or 
 (c) a “change of control” or any comparable term under, and as
defined in, the Existing Senior Notes Documents or other Indebtedness exceeding the Threshold Amount shall have occurred; or 

(d) the Borrower ceases to be a wholly-owned, direct or indirect Subsidiary of Ashland Global. 

  
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 (c) The definition of “Consolidated Indebtedness” in Section 1.01
of the Credit Agreement shall be amended to add the following text at the end thereof: 
 Notwithstanding the foregoing, Consolidated
Indebtedness shall not include any Indebtedness incurred pursuant to Section 7.02(m) for so long as the Net Cash Proceeds of such Indebtedness are held in a segregated account of the Valvoline Borrower (or in an escrow account established by the
Valvoline Borrower); provided, however, that such Net Cash Proceeds shall be deemed not to be unrestricted cash or Cash Equivalents for purposes of the calculation of the Consolidated Gross Leverage Ratio and the Consolidated Leverage
Ratio. 
 (d) Immediately prior to the consummation of the Ashland Reorganization, the definition of
“Subsidiary” in Section 1.01 of the Credit Agreement shall be amended to include the following at the end thereof: “Notwithstanding the foregoing, upon the consummation of the Ashland Reorganization and until the consummation of the
Valvoline Separation, the term “Subsidiary” when related to the Borrower shall include, in addition to the Subsidiaries of the Borrower, the Valvoline Borrower, Valvoline US LLC and each of their respective Subsidiaries (other than the
Borrower and its Subsidiaries)”. 
 (e) The definition of “Defaulting Lender” in Section 1.01 of the
Credit Agreement shall be amended by (x) deleting the word “or” immediately before the words “(iii) taken any action in furtherance of” and (y) inserting the words “or (iv) become the subject of a Bail-In
Action” immediately after the words “in any such proceeding or appointment”. 
 (f) The definition of
“Immaterial Subsidiary” in Section 1.01 of the Credit Agreement shall be amended by (x) replacing the text “2.5%” in such definition with the text “5.0%” and (y) replacing the text “5.0%” in such
definition with the text “10.0%”. 
 (g) The definition of “Loan Document” in Section 1.01 of the
Credit Agreement shall be amended by (i) replacing the word “and” at the end of clause (c) thereof with a comma, (ii) replacing the period at the end of clause (d) thereof with “, and” and (iii) inserting the following clause
(e): “(e) any guarantee of the Obligations”. 
 (h) Section 2.05(b) of the Credit Agreement shall be amended
by inserting the following text as new clause (iii): 
 (iii) Upon (x) the borrowing by the Valvoline Borrower of loans
under any loan agreement or credit agreement permitted by Section 7.02(m) or (y) the borrowing or issuance by the Valvoline Borrower of any other Indebtedness permitted by Section 7.02(m) (each, a “Prepayment Event”), the Borrower shall
promptly, but in any event within three Business Days, after receipt by the Valvoline Borrower of the Net Cash Proceeds of such Indebtedness, prepay Term A Loans and/or make a voluntary reduction of Revolving Credit Commitments under Section 2.06
such that, after giving effect thereto, the aggregate principal amount of Term A Loans prepaid under this Section 2.05(b) taken together with the aggregate amount of Revolving Credit Commitments reduced in accordance with this Section 2.05(b), in
each case after the occurrence of the initial Prepayment Event equals the lesser of (A) the sum of (1) the aggregate Net Cash 

  
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Proceeds of all Indebtedness incurred by the Valvoline Borrower under Section 7.02(m) (excluding any Net Cash Proceeds that are, at such time, Escrowed Proceeds (as defined below)) and (2) the
aggregate amount of unfunded revolving credit commitments in respect of any loan agreement or credit agreement entered into by the Valvoline Borrower, Valvoline US LLC or any Subsidiary of Valvoline US LLC after the Amendment No. 1 Effective Date
and (B) $1.0 billion (with such prepayment to be applied, in the case of the Term A Loans, in direct order of maturity to the principal repayment installments of Term A Loans); provided that, in connection with any prepayment of Term A Loans
and/or reduction of Revolving Credit Commitments required as a result of an event described in clause (x) above, the aggregate amount of Revolving Credit Commitments reduced in accordance with this Section 2.05(b) (when taken together with all other
reductions of the Revolving Credit Commitments effected in accordance with this Section 2.05(b) on or prior to the date of such event) shall not be less $400,000,000; provided, further, that in respect of any Indebtedness borrowed or
incurred as described in clause (y) above, no such prepayment or commitment reduction shall be required for so long as the Net Cash Proceeds of such Indebtedness are held in a segregated account of the Valvoline Borrower (or in an escrow account
established by the Valvoline Borrower) (such Net Proceeds, the “Escrowed Proceeds”). 
 (i) Section
2.15(a)(iv) of the Credit Agreement shall be amended by inserting the words “Subject to Section 10.20,” immediately before the words “no reallocation hereunder shall constitute a waiver”. 

(j) Section 6.01 shall be amended to insert the following clause at the end thereof: 

(c) Following the Ashland Global Merger, any financial information of the Borrower and its Subsidiaries required to be
delivered pursuant to the foregoing clauses (a) and (b) shall be satisfied by delivery of such financial information for Ashland Global and its consolidated Subsidiaries; provided that, (i) following consummation of the Valvoline Separation
and for so long as Valvoline Inc. remains a Subsidiary of Ashland Global, the Borrower shall deliver to the Administrative Agent and each Lender, within the applicable time period specified in clause (a) or (b) above, as the case may be, financial
information for the applicable fiscal year or fiscal quarter of the Borrower setting forth, in reasonable detail, the revenue, operating income and total assets of the Borrower and its consolidated Subsidiaries and (ii) the financial information
provided pursuant to the foregoing clause (i) need not be audited or reviewed by the Borrower’s independent certified public accountants. 

(k) Section 5.05(c) shall be amended by deleting the date “September 30, 2014” and substituting therefor the
date “September 30, 2015”. 
 (l) Section 5.18 shall be amended by deleting the phrase “the
Transactions” and substituting therefor the phrase “the Ashland Global Merger, the Ashland Reorganization and the Valvoline Separation”. 

(m) Section 6.02 shall be amended by deleting the text “(a) or (b)” in the first paragraph after clause (i) of
such Section. 

  
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 (n) New Section 6.17 shall be inserted into the Credit Agreement as follows: 

6.17 Affirmative Covenants Relating to the Ashland Global Merger and the Valvoline Separation. 

(a) Upon the consummation of the Ashland Reorganization, Valvoline US LLC shall Guarantee the Obligations of the Borrower
hereunder by executing and delivering a guarantee agreement in form and substance reasonably satisfactory to the Administrative Agent, which Guarantee shall provide that, so long as no Event of Default has occurred and is continuing, such Guarantee
shall be released automatically upon the consummation of the Valvoline Separation. 
 (b) The Borrower shall deliver to the
Administrative Agent: 
 (i) upon consummation of the Ashland Reorganization, a certificate of a Responsible Officer of the
Borrower certifying that (x) the representations and warranties set forth in Article V are true and correct in all material respects (except that any representation and warranty that is qualified as to “materiality” or “Material
Adverse Effect” shall be true and correct in all respects) on and as of the date of the Ashland Reorganization, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be
true and correct in all material respects (or in all respects, as the case may be) as of such earlier date, and except that the representations and warranties contained in Sections 5.05(a) and (b) shall be deemed to refer to the most recent
statements furnished pursuant to Section 6.01(a) and (b), respectively, and (y) no Default shall exist as of the date of, or would result from, the Ashland Reorganization; and 

(ii) upon consummation of the Valvoline Separation, a certificate of a Responsible Officer of the Borrower certifying that (x)
the representations and warranties set forth in Article V are true and correct in all material respects (except that any representation and warranty that is qualified as to “materiality” or “Material Adverse Effect” shall be true
and correct in all respects) on and as of the date of the Valvoline Separation, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material
respects (or in all respects, as the case may be) as of such earlier date, and except that the representations and warranties contained in Sections 5.05(a) and (b) shall be deemed to refer to the most recent statements furnished pursuant to Section
6.01(a) and (b), respectively, and (y) no Default shall exist as of the date of, or would result from, the Valvoline Separation. 

(o) Section 7.01 of the Credit Agreement shall be amended by (i) deleting the word “and” at the end of clause (y)
thereof, (ii) replacing the period at the end of clause (z) thereof with “; and” and (iii) inserting the following clause (aa): 

(aa) Liens securing Indebtedness permitted by Section 7.02(m); provided that such Liens shall extend solely to the property,
assets or revenues of the Valvoline Borrower, Valvoline US LLC and their respective Subsidiaries (other than the Borrower and its Subsidiaries). 

  
 6 

 (p) Section 7.02 of the Credit Agreement shall be amended by (i) deleting the
word “and” at the end of clause (k) thereof, (ii) inserting “and” at the end of clause (l) thereof and (iii) inserting the following clause (m): 

(m) up to $1,250 million of Indebtedness incurred by the Valvoline Borrower; provided (i) such Indebtedness is incurred in
contemplation of the consummation of the Valvoline Separation (whether substantially simultaneously with, or in the reasonable judgment of the Borrower, within a reasonable time period prior to the Valvoline Separation), (ii) such Indebtedness is
not guaranteed, directly or indirectly, by any Subsidiary of the Borrower and (iii) no Default shall exist or result therefrom; 

(q) Section 7.03 of the Credit Agreement shall be amended by (i) deleting the word “and” at the end of clause (q)
thereof; (ii) replacing the period at the end of clause (r) thereof with “; and” and (iii) inserting the following clause (s): 

(s) the Borrower or any Subsidiary of the Borrower may make Investments of assets constituting the Valvoline Business to
consummate the Ashland Reorganization. 
 (r) Section 7.04 of the Credit Agreement shall be amended by (i) deleting the
“and” at the end of clause (d) thereof; (ii) replacing the period at the end of clause (e) thereof with “; and” and (iii) inserting the following clause (f): 

(f) the Borrower or any Subsidiary of the Borrower may consummate any merger or consolidation (including those contemplated by
the definition of “Valvoline Borrower”) necessary to consummate the Ashland Reorganization or the Valvoline Separation. 

(s) Section 7.05 of the Credit Agreement shall be amended by (i) deleting the word “and” at the end of clause (j)
thereof, (ii) replacing the period at the end of clause (k) thereof with “; and” and (iii) inserting the following clause (l): 

(l) the Borrower or any Subsidiary of the Borrower may make any Disposition necessary to consummate the Ashland Reorganization
or the Valvoline Separation. 
 (t) Section 7.06 of the Credit Agreement shall be amended by (i) deleting the word
“and” at the end of clause (i) thereof, (ii) replacing the period at the end of clause (j) thereof with “;” and (iii) inserting the following clauses (k) and (l): 

(k) the Borrower or any Subsidiary of the Borrower may make any Restricted Payment necessary to (i) consummate the Ashland
Reorganization or the Valvoline Separation or (ii) fulfill Ashland Global’s obligations arising under agreements (described in the Valvoline S-1 or in Exhibit B of Amendment No. 1) among (x) Ashland Global, the Borrower and/or its Subsidiaries
and (y) the Valvoline Borrower, Valvoline US LLC and/or their respective Subsidiaries in connection with the Ashland Reorganization; and 

(l) the Borrower or any Subsidiary of the Borrower may make any Restricted Payment necessary to permit Ashland Global (or any
Subsidiary thereof that is a direct or indirect parent of the Borrower) to pay any consolidated, combined, unitary or similar Taxes that are due and payable by Ashland Global (or such Subsidiary). 

  
 7 

 (u) Section 7.08 of the Credit Agreement shall be amended by (i) replacing the
word “and” immediately before clause (g) thereof with a comma, (ii) inserting the word “and” at the end of clause (g) thereof and (iii) inserting the following clause (h): 

(h) transactions or agreements (described in the Valvoline S-1 or in Exhibit B of Amendment No. 1) among (x) Ashland Global,
the Borrower and/or its Subsidiaries and (y) the Valvoline Borrower, Valvoline US LLC and/or their respective Subsidiaries in connection with the Ashland Reorganization. 

(v) New Section 7.14 shall be inserted into the Credit Agreement as follows: 

7.14 The Ashland Reorganization. The Borrower will not, and will not permit any of its Subsidiaries (other than, for
purposes of clarity, Valvoline US LLC and its Subsidiaries) to, contribute to Valvoline US LLC or any of its Subsidiaries any asset other than assets used in connection with the Valvoline Business and certain employee-related or other non-operating
assets (including pension assets and trusts); provided that the aggregate amount of cash contributed or otherwise distributed by the Borrower and its Subsidiaries (other than, for purposes of clarity, Valvoline US LLC and its Subsidiaries) to
Valvoline US LLC and its Subsidiaries (net of cash contributed by Valvoline US LLC and its Subsidiaries to the Borrower and its Subsidiaries (other than, for purposes of clarity, Valvoline US LLC and its Subsidiaries)) after the Amendment No. 1
Effective Date and on or prior to the date on which the Valvoline Separation is completed shall not exceed $125,000,000. 

(w) New Section 7.15 shall be inserted into the Credit Agreement as follows: 

7.15 Holding Company Status. Following the Ashland Global Merger, permit Ashland Global or any of its Subsidiaries
(other than Valvoline Inc. and any of its Subsidiaries) that is a direct or indirect parent of the Borrower, to conduct, transact or otherwise engage in any active trade or business or operations other than through the Borrower or any Subsidiary
thereof; provided that the foregoing will not prohibit, with respect to Ashland Global or any such Subsidiary: (i) its ownership of the Equity Interests of its direct Subsidiaries, (ii) the maintenance of its legal existence and,
with respect to Ashland Global, status as a public company (including the ability to incur fees, costs and expenses relating to such maintenance), (iii) with respect to Ashland Global, any public offering of its common stock, (iv) the making of
dividends or distributions on, or repurchases of, its Equity Interests, (v) the making of contributions to (or other equity investments in) the capital of its direct Subsidiaries, (vi) Ashland Global or any such Subsidiary providing a Guarantee of
Indebtedness or other obligations of the Borrower or its Subsidiaries (so long as, contemporaneously with or prior to such Guarantee, Ashland Global or such Subsidiary, as the case may be, fully and unconditionally guarantees the Obligations
pursuant to a Guarantee in form and substance reasonably satisfactory to the Administrative Agent), (vii) participating in tax, accounting and other administrative matters as a member or parent of the consolidated group, (viii) providing
indemnification to officers and directors, (ix) the merger or consolidation of Ashland Global with any such Subsidiary (so long as Ashland Global is the surviving entity), or by any such Subsidiary with any other such Subsidiary, and (x) activities
incidental to the businesses or activities described above. 

  
 8 

 (x) New Section 10.20 shall be inserted into the Credit Agreement as follows:

 10.20 Acknowledgement and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the
contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such
liability is unsecured, may be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 

 

	 	(a)	the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and

  

	 	(b)	the effects of any Bail-in Action on any such liability, including, if applicable: 

  

	 	(i)	a reduction in full or in part or cancellation of any such liability; 

  

	 	(ii)	a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise
conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or 

 

	 	(iii)	the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of any EEA Resolution Authority. 

(y) Schedule 5.11 of the Credit Agreement shall be amended by inserting the text in Exhibit A of this Amendment to the end of
such Schedule 5.11. 
 Section 2. Migration of Borrower Designation. The parties hereto hereby agree that, at any time after the
consummation of the Ashland Global Merger and the Ashland Reorganization, the Borrower may, at its option, elect to cause Ashland Global to become the Borrower under the Credit Agreement (the “Borrower Migration”); provided that (a) the
Borrower shall have provided the Administrative Agent with at least five Business Days’ advance written notice thereof, (b) each of Ashland Global and the Borrower shall have delivered all documentation reasonably requested by the
Administrative Agent to effect the intent of this Section 2, (c) the Administrative Agent shall have received a certificate of a Responsible Officer of the Borrower certifying that (x) the representations and warranties set forth in Article V
of the Credit Agreement are true and correct in all material respects (except that any representation and warranty that is qualified as to “materiality” or “Material Adverse Effect” shall be true and correct in all respects) on
and as of the date of the Borrower Migration, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (or in all respects, as the case
may be) as of such earlier date, and except that the representations and warranties contained in Sections 5.05(a) and (b) of the Credit Agreement shall be deemed to refer to the most recent statements furnished pursuant to Section 6.01(a) and (b),
respectively, of the Credit Agreement and (y) no Default shall exist as of the date of, or would result from, the Borrower Migration, (d) Ashland Global shall have delivered to the Administrative Agent documents of the types described in Sections
4.01(a)(ii), (iii), (iv) and (v) of the Credit Agreement (in each case, with respect to Ashland Global and the State of Delaware, as applicable), (e) the Administrative Agent and the Lenders shall have received at least three Business Days prior to
the effectiveness of the Borrower Migration all documentation and other information about 

  
 9 

 
Ashland Global as has been reasonably requested in writing by the Administrative Agent or any Lender that they reasonably determine is required by regulatory authorities under applicable
“know your customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act and (f) the Borrower and the Administrative Agent shall enter into an amendment (which amendment shall not require the consent of any other
Person), to the Credit Agreement and the other Loan Documents to effect such modifications as may be necessary to reflect the terms of the Borrower Migration, including amending Section 7.02(c) of the Credit Agreement to permit Indebtedness of the
Borrower so long as the Borrower Guarantees the Obligations of Ashland Global on and after the effectiveness of the Borrower Migration. Immediately upon the effectiveness of the Borrower Migration, (i) Ashland Inc. (or any successor) shall cease
being the Borrower for purposes of the Loan Documents, (ii) Ashland Global shall be deemed to be the Borrower for purposes of the Loan Documents and shall assume from Ashland Inc. the obligations of Ashland Inc. under the Loan Documents and (iii)
the Guarantee contemplated by Section 1(n) of this Amendment shall be released. 
 Section 3. Conditions to Amendment No. 1 Effective
Date. Section 1 of this Amendment shall become effective on and as of the date (the “Amendment No. 1 Effective Date”) that the Administrative Agent or its counsel shall have received the following, each of which shall be
electronic transmissions (followed promptly by originals), each in form and substance reasonably satisfactory to the Administrative Agent and its legal counsel: 

(a) a counterpart of this Amendment, duly executed by the Borrower and each of the Lenders and acknowledged by the
Administrative Agent; 
 (b) such certificates of resolutions or other action, incumbency certificates and/or other
certificates of Responsible Officers of the Borrower as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with
this Amendment; 
 (c) such documents and certifications as the Administrative Agent may reasonably require to evidence that
the Borrower is duly organized or formed, and validly existing and in good standing in its state of incorporation; 
 (d) a
certificate executed by a Responsible Officer of the Borrower certifying as to the matters in clause (e) below; 
 (e) the
following representations and warranties of the Borrower shall be true and correct on and as of the Amendment No. 1 Effective Date: 
 (i)
no Default has occurred and is continuing on and as of the Amendment No. 1 Effective Date; and 
 (ii) the representations and warranties
of the Borrower set forth in Article V of the Credit Agreement or in any other Loan Document are true and correct in all material respects (or in all respects if the applicable representation or warranty is qualified by Material Adverse Effect or
materiality) on and as of the Amendment No. 1 Effective Date (except to the extent such representations and warranties are expressly made as of a specified date in which event such representations and warranties shall be true and correct in all
material respects (or in all respects, as applicable) as of such earlier date); and 
 (f) all expenses required to be paid
hereunder and/or pursuant to the Credit Agreement and invoiced at least two Business Days before the Amendment No. 1 Effective Date shall have been paid in full in cash or will be paid in full in cash on the Amendment No. 1 Effective Date. 

  
 10 

 Section 4. Reference to and Effect on Loan Documents. 

(a) On and after the Amendment No. 1 Effective Date, each reference in the Credit Agreement to “this Agreement”,
“hereunder”, “hereof” or words of like import referring to the Credit Agreement and each reference in each of the other Loan Documents to “the Credit Agreement”, “thereunder”, “thereof” or words of
like import referring to the Credit Agreement shall mean and be a reference to the Credit Agreement as amended by this Amendment. 

(b) This Amendment is an amendment as referred to in the definition of Loan Documents and shall for all purposes
constitute a Loan Document. 
 (c) On and after the Amendment No. 1 Effective Date, the Credit Agreement and each of the
other Loan Documents, as specifically amended by this Amendment, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed. The execution, delivery and effectiveness of this Amendment shall not,
except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents. 

Section 5. Costs and Expenses. The Borrower agrees to pay or reimburse all reasonable and documented out-of-pocket costs and
expenses of the Administrative Agent in connection with the preparation, execution, delivery and administration of this Amendment (including, without limitation, the reasonable and documented fees and expenses of a single counsel for the
Administrative Agent) in accordance with the terms of Section 10.04(a) of the Credit Agreement. 
 Section 6. Execution in
Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall
constitute but one and the same agreement. Delivery of an executed counterpart of a signature page to this Amendment by telecopier shall be effective as delivery of a manually executed counterpart of this Amendment. 

Section 7. Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW
YORK. 
 [The remainder of this page intentionally left blank.] 

  
 11 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their
respective officers thereunto duly authorized as of the date first above written. 
  

			
	 ASHLAND INC.

		
	 By:
	 	 /s/ Eric Boni

		 	 Name: Eric Boni

		 	 Title: Vice President and Treasurer

			
	
[                   
                     ],1

	 as a Lender

		
	 By:
	 	  

		 	Name:
		 	Title:

	 	

  

	1 	Signature pages for Lenders on file with Administrative Agent 

			
	 Acknowledged:

	
	 THE BANK OF NOVA SCOTIA,

	 as Administrative Agent

		
	 By:
	 	 /s/ Clement Yu

		 	 Name: Clement Yu

		 	 Title: Director

 Exhibit A 
  

	6.	A tax matters agreement between (x) Ashland Global, the Borrower and/or its Subsidiaries and (y) the Valvoline Borrower, Valvoline US LLC and/or their respective Subsidiaries entered into in connection with the Ashland
Reorganization. 

  

	7.	Stock Purchase Agreement, dated as of December 10, 2015, by and between Ashland Inc. and Christopher J. Shepanek. 

 Exhibit B 
  

	1.	Agreements among (x) Ashland Global, the Borrower and/or its Subsidiaries and (y) the Valvoline Borrower, Valvoline US LLC and/or their respective Subsidiaries related to: 

 

	 	a)	Site licenses related to facilities in Dublin, Ohio; Lexington, Kentucky; and/or Shanghai, China; 

  

	 	b)	Car leases for vehicles in Europe; 

  

	 	c)	Cyber security services; 

  

	 	d)	IT services; and/or 

  

	 	e)	Relocation services for employees. 

  

	2.	Other agreements for the provision of services among (x) Ashland Global, the Borrower and/or its Subsidiaries and (y) the Valvoline Borrower, Valvoline US LLC and/or their respective Subsidiaries related to the
Separation, in each case where the amount of consideration paid for or received in respect of such services is not material in the aggregate to Ashland Global, the Borrower and its Subsidiaries, taken as a whole, or Valvoline Borrower, Valvoline US
LLC and their respective Subsidiaries, taken as a whole.

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