Document:

Exhibit 4.4

 Exhibit 4.4 
 FBR CAPITAL MARKETS CORPORATION 
 PARTNER LEVERAGED STOCK PURCHASE PROGRAM 
 FBR Capital Markets Corporation,
a corporation existing under the laws of the Commonwealth of Virginia (the “Company”), hereby establishes and adopts the following 2010 Partner Leveraged Stock Purchase Program (the “Program”), effective as of December 17,
2009. 
  

	1.	PURPOSE OF THE PROGRAM 

 1.1. Purpose. The Program is designed to encourage non-executive officer employees who are members of the Partnership Group of the Company to increase their ownership of Shares and to more closely align their interests with
the interests of the Company’s non-employee shareholders. 
  

	2.	DEFINITIONS 

 2.1.
“Affiliate” shall mean (i) any person or entity that directly, or through one or more intermediaries, controls, or is controlled by, or is under common control with, the Company (including any Subsidiary) or (ii) any
entity in which the Company has a significant equity interest, as determined by the Committee. 
 2.2.
“Board” shall mean the board of directors of the Company. 
 2.3. “Cause” shall
mean (i) conviction of a Participating Partner for any crime (or upon entering a plea of guilty or nolo contendre to a charge of any crime) constituting a felony, (ii) dishonesty in the course of fulfilling a Participating Partner’s
employment duties, or (iii) willful and deliberate failure on the part of a Participating Partner to perform his employment duties in any material respect. Notwithstanding the foregoing, if a Participating Partner is a party to an employment
agreement with the Company or any Subsidiary or Affiliate that contains a definition of “Cause,” such definition shall apply to the Participating Partner for purposes of the Program. 
 2.4. “Committee” shall mean the Compensation Committee of the Board, or, if such committee of the Board has not been
appointed, the Board. 
 2.5. “Disability” means permanent and total disability as determined by the
Committee, in its sole discretion. 
 2.6. “Employee” shall mean any employee of the Company, a
Subsidiary or an Affiliate. 
 2.7. “Employment Related Forfeiture Event” shall occur if (a) a
Participating Partner voluntarily terminates his or her employment with the Company, or (b) the Participating Partner’s employment is involuntarily terminated for Cause by the Company, provided that an Employment Related Forfeiture Event
will be deemed not to have occurred in the event of a Participating Partner’s termination (i) involuntarily other than for Cause by the Company, (ii) by reason of the Participating Partner’s death or Disability, or
(iii) voluntarily by the Participating Partner upon Retirement. 

 2.8. “Option” shall mean a non-qualified stock option granted under
the 2006 Plan by the Company as of a Purchase Date to a Participating Partner. 
 2.9. “Option
Reduction” shall occur if, upon the completion of a Sale, the aggregate number of Shares deemed to be held by a Participating Partner for purposes of the Partner Ownership Guidelines is less than the Participating Partner’s Share
Minimum. 
 2.10. “Participating Partner” shall mean an eligible Employee who is selected by the
Committee to receive a Right under the Program. 
 2.11. “Partner Ownership Guidelines”
shall mean guidelines established by the Board specifying stock ownership levels and Share Minimums for Participating Partners. 
 2.12. “Pricing Date” shall mean the trading date immediately preceding a particular Purchase Date. 
 2.13. “Program Loan” shall mean a full-recourse secured loan made by the Company to a Participating Partner in connection with a purchase of Shares by such Participating Partner under the Program. 
 2.14. “Purchase Date” shall mean a date within a Purchase Period selected by the Committee on which Participating
Partners may purchase Shares under the Program. 
 2.15. “Purchase Period” shall mean one of four
one-month Purchase Periods established by the Committee during which Participating Partners may elect to exercise Rights and purchase Shares under the Program. 
 2.16. “Purchase Price” shall equal the closing sale price of one Share on The NASDAQ Global Select Market on a Pricing Date. 
 2.17. “Reduction Amount” shall equal, in connection with a particular Option Reduction, the original principal
balance of the relevant Note multiplied by the percentage by which such Option Reduction reduced the number of Shares originally subject to the Option. 
 2.18. “Retirement” shall mean retirement from employment with the Company, a Subsidiary or an Affiliate of the Company as determined by the Committee, in its sole discretion.

 2.19. “Right” shall mean any right granted to a Participating Partner under the Program allowing such
Participating Partner to purchase Shares on one or more Purchase Dates designated by the Committee at the Purchase Price for each such Purchase Date. 
 2.20. “Sale” shall mean a Participating Partner sells, assigns, transfers or otherwise disposes of any Shares owned by the Participating Partner before the expiration of the
Participating

  

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Partner’s rights under an Option, provided that (a) an actual or deemed disposition of Shares in connection with the net or cashless exercise of options to purchase Shares, or the net
or cashless vesting of restricted Shares, shall not constitute a Sale, but only to the extent necessary to pay the purchase price of such Shares and/or to satisfy any tax withholding obligation in connection with such exercise or vesting, and
(b) a sale, transfer, assignment or other disposition to a person or entity whose stockholdings are consolidated with the Participating Partner’s stockholdings for purposes of the Partner Ownership Guidelines shall not constitute a Sale.

 2.21. “Share Minimum” shall mean the minimum number of Shares established for a Participating Partner
under the Partner Ownership Guidelines. 
 2.22 “Shares” shall mean the shares of common stock of the
Company, par value $0.001 per share. 
 2.23. “Stock Option Agreement” shall mean a written agreement,
contract or other instrument or document evidencing any Option granted by the Committee to a Participating Partner under the 2006 Plan in connection with a purchase of Shares by such Participating Partner under the Program. 
 2.24. “Stock Purchase Agreement” shall mean a written agreement, contract or other instrument or document evidencing
any Right granted by the Committee hereunder. 
 2.25. “Subsidiary” shall mean any corporation (other
than the Company) in an unbroken chain of corporations beginning with the Company if, at the time of the granting of the Right, each of the corporations other than the last corporation in the unbroken chain owns stock possessing 50% or more of the
total combined voting power of all classes of stock in one of the other corporations in the chain. 
 2.26. “2006
Plan” shall mean the Company’s 2006 Long-Term Incentive Plan, as in effect from time to time. 
 In addition,
certain other terms used in the Program have definitions provided to them in the first place in which they are used herein. 
  

	3.	SHARES SUBJECT TO THE PROGRAM 

 3.1. Number of Shares. Subject to adjustment as provided in Section 12.2, a total of 1,250,000 Shares shall be authorized for purchase under the Program. 
 3.2. Character of Shares. Any Shares issued hereunder may consist, in whole or in part, of authorized and unissued Shares,
treasury Shares or Shares purchased in the open market or otherwise. 
  

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	4.	ELIGIBILITY AND ADMINISTRATION 

 4.1. Eligibility. Any Employee who (i) is not an executive officer of the Company and (ii) is designated as a member of the Partnership Group of the Company shall be eligible to be selected as a Participating
Partner. 
 4.2. Administration. 
 (a) The Program shall be administered by the Committee. The Board may remove from, add members to, or fill vacancies on, the Committee. 
 (b) The Committee shall have full power and authority, subject to the provisions of the Program and subject to such orders or resolutions
not inconsistent with the provisions of the Program as may from time to time be adopted by the Board, to: (i) select eligible Employees to become Participating Partners; (ii) establish Purchase Periods and select Purchase Dates;
(iii) determine whether a Participating Partner should be granted Rights to purchase 25,000 Shares or 50,000 Shares, or such other amount as the Committee shall determine in accordance with Section 5; (iv) determine the terms and
conditions, not inconsistent with the provisions of the Program, of any Right granted hereunder; (v) determine the terms and conditions, not inconsistent with the provisions of the Program, of any Program Loan made hereunder;
(vi) determine whether, to what extent and under what circumstances, not inconsistent with the provisions of the Program, any Right or any Program Loan shall be suspended, canceled or terminated; (vii) interpret and administer the Program
and any instrument or agreement entered into under or in connection with the Program, including any Stock Purchase Agreement; (viii) correct any defect, supply any omission or reconcile any inconsistency in the Program or any Right in the
manner and to the extent that the Committee shall deem desirable to carry it into effect; (ix) establish such rules and regulations and appoint such agents as it shall deem appropriate for the proper administration of the Program; and
(x) make any other determination and take any other action that the Committee deems necessary or desirable for administration of the Program. 
 (c) Decisions of the Committee shall be final, conclusive and binding on all persons or entities, including the Company, any Participating Partner, any shareholder and any Employee or any Affiliate. A
majority of the members of the Committee may determine its actions and fix the time and place of its meetings. 
 (d) The
Committee may delegate to a committee of one or more directors of the Company or, to the extent permitted by law, to one or more officers or a committee of officers the right to grant Rights to eligible Employees and to suspend, cancel or terminate
and Right or Program Loan. 
  

	5.	LEVERAGED STOCK PURCHASE RIGHTS 

 5.1. Grant of Rights. The Committee shall grant Participating Partners Rights to purchase Shares during one or more of four Purchase Periods designated by the Committee. Each Participating Partner will initially be granted
Rights to purchase either 25,000 Shares or 50,000 Shares, as determined by the Committee. If, as of a date in the final Purchase Period to be specified by the Committee, the Participating Partners have not elected to exercise Rights to purchase all
of the Shares available under the Program, the Committee may grant Rights to purchase the remaining Shares on a pro rata basis to the Participating Partners who have purchased or elected to purchase the maximum number of Shares otherwise allowed to
be purchased by such Participating Partners, until all Shares available under the Program have been purchased. 
  

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 5.2. Exercise of Rights. With respect to each Purchase Period, a Participating
Partner may elect to purchase Shares on the Purchase Date for such Purchase Period at the Purchase Price for such Purchase Date. A Participating Partner may elect to exercise some or all of his or her Rights during a Purchase Period. If a
Participating Partner does not elect to exercise all of his or her Rights on a particular Purchase Date, then subject to last sentence of Section 5.1, the Participating Partner may elect to exercise such Rights on a subsequent Purchase Date (if
any). A Participant who wishes to purchase Shares on a Purchase Date must make a binding election to purchase such Shares on or before the applicable Pricing Date in accordance with such procedures, and subject to such terms and conditions, not
inconsistent with the provisions of the Program, as the Committee shall deem desirable. 
 5.3. Employment Related
Forfeiture. Unvested Rights held by a Participating Partner will be forfeited upon the occurrence of either of the following events (each, an “Employment Related Forfeiture Event”): (1) the Participating Partner voluntarily
terminates his or her employment with the Company, or (2) the Participating Partner’s employment is involuntarily terminated for Cause by the Company. Rights will not be forfeited in the event of a Participating Partner’s termination
(i) involuntarily other than for Cause by the Company, (ii) by reason of the Participating Partner’s death or Disability, or (iii) voluntarily by the Participating Partner upon retirement. In the event of death or Disability, all
Rights held by a Participating Partner will immediately vest and become exercisable. 
 5.4. Limitation of Rights.
Any Right shall be subject to the terms and conditions of this Section 5 and to such additional terms and conditions, not inconsistent with the provisions of the Program, as the Committee shall deem desirable. 
 5.5. Right Agreements. All Rights granted pursuant to this Section 5 shall be evidenced by a written Stock Purchase
Agreement in such form and containing such terms and conditions as the Committee shall determine which are not inconsistent with the provisions of the Program. The granting of a Right to a Participating Partner shall impose no obligation on the
Participating Partner to elect to exercise such Right and purchase Shares under the Program. A Participating Partner who is granted a Right pursuant to this Section 5 may hold more than one Right granted pursuant to the Program at the same
time. 
  

	6.	PROGRAM LOANS 

 6.1.
Offer to Provide Leverage. The Company shall offer to make a Program Loan to each Participating Partner for up to 50% of the aggregate Purchase Price of the Shares purchased on a particular Purchase Date by such Participating Partner
under the Program. Each Participating Partner who receives a Program Loan will be required to execute a full-recourse secured promissory note in favor of the Company and to enter into a pledge agreement with the Company under which two Shares for
each Share purchased with the Program Loan will be pledged to the Company as security for the repayment of such Program Loan. 
  

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 6.2. Maturity Date; Acceleration. A Program Loan will mature and become due
and payable three years after the Purchase Date to which the Program Loan relates or, if earlier, on the date on which an Employment Related Forfeiture Event occurs (the “Maturity Date”). A Program Loan will bear interest at a rate equal
to the greater of 4% or the Federal funds rate plus 0.55%, determined and compounded quarterly. Any unpaid principal and any accrued but unpaid interest will be payable on the Maturity Date of a Program Loan. If a Participating Partner incurs
an Option Reduction as a result of a Sale of Shares purchased with the proceeds of a Program Loan, a portion of the unpaid principal balance of such Program Loan (together with any accrued and unpaid interest on such portion of the principal
balance) shall immediately mature and become due and payable. The portion of the principal balance that shall become due and payable shall equal the lesser of the entire unpaid principal balance on the date of the Option Reduction and the Reduction
Amount relating to such Option Reduction. To the extent that a Participating Partner receives more than one Program Loan, the earliest advanced Program Loan will be the first Program Loan to be repaid. 
 6.3. Limitations. Any Program Loan shall be subject to the terms and conditions of this Section 6 and to such additional
terms and conditions, not inconsistent with the provisions of the Program, as the Committee shall deem desirable. In addition, a Program Loan may be subject to any additional obligations required by United States Treasury Regulations. 
  

	7.	STOCK OPTION GRANTS UNDER THE 2006 PLAN 

 7.1. Grant of Options. In connection with the Program, the Company will agree to grant an Option under the 2006 Plan to each Participating Partner as of each Purchase Date. Such Option will
vest and become exercisable on the third anniversary of such Purchase Date, will have an exercise price per Share equal to the Purchase Price per Share on such Purchase Date and will give the Participating Partner the right to purchase two
additional Shares for each Share purchased by the Participating Partner under the Program on such Purchase Date. Each such Option will be subject to such additional terms and conditions, not inconsistent with the provisions of the 2006 Plan, as the
Committee shall deem appropriate. 
 7.2. Sale Related Option Reductions. If a Sale occurs which triggers an
Option Reduction, such Option Reduction shall result in an immediate reduction in the number of Shares purchasable under an Option, whether vested or not vested, previously granted to the Participating Partner who made such Sale. The amount of the
Option Reduction upon each such Sale shall equal 2 multiplied by the lesser of (i) the number of Shares involved in such Sale and (ii) the amount by which the aggregate number of Shares deemed to be held by the Participating Partner
immediately after the Sale is less than Participating Partner’s Share Minimum, provided that (a) if a Sale occurs before the Participating Partner’s Share Minimum has been established, then the amount of the Option Reduction upon such
Sale shall equal 2 multiplied by the number of Shares involved in the Sale, and (b) if the Company and the Participating Partner have entered into more than one Stock Option Agreement that contains Option Reduction provisions, upon each Sale
triggering an Option Reduction, such Option Reduction shall be applied to reduce the number of Shares purchasable under such Stock Option Agreements in the chronological order in which the Company and Participating Partner entered into such Stock
Option Agreements. 
  

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	8.	GENERALLY APPLICABLE PROVISIONS 

 8.1. Amendment and Modification of the Program. The Board may, from time to time, alter, amend, suspend or terminate the Program as it shall deem advisable, subject to the rules and regulations of any stock exchange or
quotation system on which Shares are listed or quoted; provided that the Board may not amend the Program in any manner that would result in noncompliance with Rule 16b-3 of the Securities Exchange Act of 1934, as amended; and provided further that
no amendments to, or termination of, the Program shall in any way impair the rights of a Participating Partner under any Right previously granted without such Participating Partner’s consent. 
 8.2. Adjustments. In the event of any merger, reorganization, consolidation, recapitalization, dividend or distribution
(whether in cash, shares or other property, but without regard to the payment of any cash dividends by the Company in the ordinary course), stock split, reverse stock split, spin-off or similar transaction or other change in corporate structure
affecting the Shares or the value thereof, the terms of the Program and Rights shall be adjusted and such adjustments shall be as the Committee, in its sole discretion, deems equitable or appropriate, including such adjustments in the aggregate
number, class and kind of securities that may be delivered under the Program and, in the aggregate or as to any one Participating Partner, in the number, class, kind and purchase price of securities subject to outstanding Rights granted under the
Program (including, if the Committee deems appropriate, the substitution of similar rights to purchase the shares of, or other rights denominated in the shares of, another company) as the Committee may determine to be appropriate in its sole
discretion; provided, however, that the number of Shares subject to any Right shall always be a whole number. 
 8.3.
Transferability of Rights. Except as provided below, and except as otherwise authorized by the Committee in a Stock Purchase Agreement, no Right and no Shares subject to Rights described in Section 5 that have not been issued or as
to which any applicable restriction, performance or deferral period has not lapsed, may be sold, assigned, transferred, pledged or otherwise encumbered, other than by will or the laws of descent and distribution, or pursuant to a qualified domestic
relations order, and such Right may be exercised during the life of the Participating Partner only by the Participating Partner or the Participating Partner’s guardian or legal representative. 
  

	9.	MISCELLANEOUS 

 9.1.
Tax Withholding. The Company shall have the right to make all payments or distributions pursuant to the Program to a Participating Partner net of any applicable Federal, State and local taxes required to be paid or withheld as a result of
(a) the grant of any Right, (b) the exercise of a Right, (c) the delivery of Shares or cash, (d) the funding of a Program Loan or (e) any other event occurring pursuant to the Program. The Company or any Affiliate shall have
the right to withhold from wages or other amounts otherwise payable to a Participating Partner such withholding taxes as may be required by law, or to otherwise require the Participating Partner to pay such withholding taxes. If the Participating
Partner shall fail to make such tax payments as are required, the Company or its Affiliates shall, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to such Participating Partner or to
take such other action as may be necessary to satisfy such withholding obligations. 
  

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 9.2. Right of Discharge Reserved; Claims to Rights. Nothing in the Program nor
the grant of an Right hereunder shall confer upon any Employee the right to continue in the employment of the Company or any Affiliate or affect any right that the Company or any Affiliate may have to terminate the employment or service of (or to
demote or to exclude from future Rights under the Program) any such Employee at any time for any reason. Except as specifically provided by the Committee, the Company shall not be liable for the loss of existing or potential profit from a Right
granted in the event of termination of an employment or other relationship. No Employee or Participating Partner shall have any claim to be granted any Right under the Program, and, except as expressly provided in the Program, there is no obligation
for uniformity of treatment of Employees or Participating Partners under the Program. 
 9.3. Prospective
Recipient. The prospective recipient of any benefit under the Program shall not, with respect to such benefit, be deemed to have become a Participating Partner, or to have any rights with respect to such benefit, until and unless such recipient
shall have executed an agreement or other instrument evidencing the benefit and delivered a copy thereof to the Company, and otherwise complied with the then applicable terms and conditions of the Program. 
 9.4. Cancellation of Right. Notwithstanding anything to the contrary contained herein, all outstanding Rights granted to any
Participating Partner shall be canceled if the Participating Partner, without the consent of the Company, while employed by the Company or any Affiliate or after termination of such employment or service, establishes a relationship with a competitor
of the Company or any Affiliate or engages in activity that is in conflict with or adverse to the interest of the Company or any Affiliate, as determined by the Committee in its sole discretion. 
 9.5. Stop Transfer Orders. All certificates for Shares delivered under the Program pursuant to any Right shall be subject to
such stop-transfer orders and other restrictions as the Committee may deem advisable under the rules, regulations and other requirements of the Securities and Exchange Commission, any stock exchange upon which the Shares are then listed, and any
applicable federal or state securities law, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions. 
 9.6. Nature of Payments. All Rights and Program Loans granted under the Program are in consideration of services performed or
to be performed for the Company or any Affiliate, division or business unit of the Company. Any income or gain realized pursuant to Rights and Program Loans under the Program constitute a special incentive payment to the Participating Partner and
shall not be taken into account, to the extent permissible under applicable law, as compensation for purposes of any of the employee benefit plans of the Company or any Affiliate except as may be determined by the Committee or by the Board or the
board of directors of the applicable Affiliate. 
 9.7. Other Programs. Nothing contained in the Program shall
prevent the Board from adopting other or additional compensation arrangements, subject to shareholder approval if such approval is required; and such arrangements may be either generally applicable or applicable only in specific cases. 

9.8. Severability. If any provision of the Program shall be held unlawful or otherwise invalid or unenforceable in whole or
in part by a court of competent jurisdiction, such provision

  

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shall (a) be deemed limited to the extent that such court of competent jurisdiction deems it lawful, valid and/or enforceable and as so limited shall remain in full force and effect, and
(b) not affect any other provision of the Program or part thereof, each of which shall remain in full force and effect. If the making of any payment or the provision of any other benefit required under the Program shall be held unlawful or
otherwise invalid or unenforceable by a court of competent jurisdiction, such unlawfulness, invalidity or unenforceability shall not prevent any other payment or benefit from being made or provided under the Program, and if the making of any payment
in full or the provision of any other benefit required under the Program in full would be unlawful or otherwise invalid or unenforceable, then such unlawfulness, invalidity or unenforceability shall not prevent such payment or benefit from being
made or provided in part, to the extent that it would not be unlawful, invalid or unenforceable, and the maximum payment or benefit that would not be unlawful, invalid or unenforceable shall be made or provided under the Program. 
 9.9. Construction. All references in the Program to “Section or Sections” are intended to refer to the
Section or Sections, as the case may be, of the Program. As used in the Program, the words “include” and “including,” and variations thereof, shall not be deemed to be terms of limitation, but rather shall be deemed
to be followed by the words “without limitation.” 
 9.10. Unfunded Status of the Program. The
Program is intended to constitute an “unfunded” pan for incentive and deferred compensation. With respect to any payments not yet made to a Participating Partner by the Company, nothing contained herein shall give any such Participating
Partner any rights that are greater than those of a general creditor of the Company. In its sole discretion, the Committee may authorize the creation of trusts or other arrangements to meet the obligations created under the Program to deliver the
Shares or payments in lieu of or with respect to rights hereunder; provided, however, that the existence of such trusts or other arrangements is consistent with the unfunded status of the Program. 
 9.11. Governing Law. The Program and all determinations made and actions taken thereunder, to the extent not otherwise
governed by the Internal Revenue Code or the laws of the United States, shall be governed by the laws of the State of Virginia and construed accordingly. 
 9.12. Effective Date of Program; Termination of Program. The Program shall be effective as of December 17, 2009. Rights and Program Loans may be granted and Shares may be purchased
under the Program at any time and from time to time until all Shares available under the Program have been Purchased by Participating Partners. 
 9.13. Foreign Employees. Rights and Program Loans may be granted to Participating Partners who are foreign nationals or employed outside the United States, or both, on such terms and
conditions different from those applicable to Rights and Program Loans granted to Employees employed in the United States as may, in the judgment of the Committee, be necessary or desirable in order to recognize differences in local law or tax
policy. The Committee also may impose conditions on the exercise of Rights in order to minimize the Company’s obligation with respect to tax equalization for Employees on assignments outside their home country. 
 9.14. Captions. The captions in the Program are for convenience of reference only, and are not intended to narrow, limit or
affect the substance or interpretation of the provisions contained herein. 
  

 9Form of Change-in-Control Agreement

 Exhibit 10(c) 
 CHANGE IN CONTROL AGREEMENT 
 THIS CHANGE IN CONTROL
AGREEMENT made as of this      day of                     ,
            , by and between Zep Inc. (the “Company”) and
                             (the “Executive”). 
 WITNESSETH: 
 WHEREAS, Executive is a key executive of the Company; and 
 WHEREAS, the Board of Directors of the Company (the
“Board”) recognizes that the possibility of a Change in Control (as hereinafter defined) exists and that the threat of or the occurrence of a Change in Control can result in significant distractions of its key management personnel because
of the uncertainties inherent in such a situation; and 
 WHEREAS, the Board has determined that it is essential and in the best
interest of the Company and its stockholders to retain the services of the Executive in the event of a threat or occurrence of a Change in Control and to ensure his continued dedication and efforts in such event without undue concern for his
personal financial and employment security; and 
 WHEREAS, Executive may have previously entered into a Change In Control
Agreement, (the “Prior Agreement”), with Acuity Brands, Inc. (“Acuity Brands”), the former parent company of the Company, providing the Executive with certain compensation and benefits in the event his employment is terminated in
connection with a change in control of Acuity Brands; and 
 WHEREAS, in order to continue to induce the Executive to provide
services to the Company (including its subsidiary corporations), particularly in the event of a threat or the occurrence of a Change in Control, the Company desires to enter into this Change in Control Agreement (the “Agreement”) with the
Executive to provide the Executive with certain benefits in the event his employment is terminated as a result of, or in connection with, a Change in Control and to provide the Executive with certain other benefits whether or not the
Executive’s employment is terminated; and 
 WHEREAS, the Agreement is not intended to provide for the deferral of
compensation within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), but rather, is intended to satisfy the short-term deferral exemption under Treasury Regulation (“Treas. Reg.”)
§1.409A-1(b)(4) and/or the separation pay exemption under Treas. Reg. §1.409A-1(b)(9); and 
 NOW, THEREFORE, in
consideration of the respective agreements of the parties contained herein, it is agreed as follows: 
 1. Term of
Agreement. 
 (a) Unless earlier terminated as hereinafter provided, this Agreement shall commence on the date hereof and
shall be for a rolling, two-year term (the “Term”) and shall be

 deemed to extend automatically, without further action by either the Company or Executive, each day for an
additional day, such that the remaining term of the Agreement shall continue to be two years; provided, however, that either party may, by written notice to the other, cause this Agreement to cease to extend automatically and, upon
such notice, the “Term” of this Agreement shall be the two-year period following the date of such notice and this Agreement shall terminate upon the expiration of such Term. This Agreement shall not be considered an employment agreement
and in no way guarantees Executive the right to continue in the employment of the Company or its affiliates. Executive’s employment is considered employment at will, subject to Executive’s right to receive payments and benefits upon
certain terminations of employment as provided below. 
 (b) Notwithstanding the foregoing, (1) the term of this Agreement
shall not expire during a Threatened Change in Control Period or prior to the expiration of two (2) years after the occurrence of a Change in Control and (2) prior to a Change in Control and other than during a Threatened Change in Control
Period, the term of this Agreement shall expire on the date the Executive terminates employment (except in circumstances that entitle the Executive to compensation and benefits hereunder), unless such termination was at the request of a Third Party
or otherwise occurred in connection with, or in anticipation of, a Change in Control. 
 (c) Each place in this Agreement where
a reference to the “Company” appears that relates to the Executive’s employment, termination of employment or performing services, including the definitions of “Cause” and “Good Reason,” such reference shall mean
and include any subsidiary of the Company which is the primary employer of the Executive. Further, in each place where this Agreement refers to a benefit plan or program, payment of compensation, compensation arrangement or other similar plan or
program maintained by the Company, such reference shall include any plan, program or arrangement maintained or established by a subsidiary of the Company. Notwithstanding the foregoing, the references in the definitions of “Change in
Control,” “Threatened Change in Control Period” and similar references to changes in ownership and control of the Company shall mean and refer to Zep Inc., a Delaware corporation. 
 (d) As of the date hereof, this Agreement is intended to, and shall, supersede and replace in its entirety the compensation and benefits
provided under Executive’s Prior Agreement, and the Prior Agreement shall be of no further force or effect. 
 2.
Definitions. 
 2.1 Cause. For purposes of this Agreement, “Cause” shall mean a reasonable determination
by the Company that the Executive (a) intentionally and continually failed to substantially perform his duties with the Company (other than a failure resulting from the Executive’s incapacity due to physical or mental illness) which
failure continued for a period of at least thirty (30) days after a written notice of demand for substantial performance has been delivered to the Executive specifying the manner in which the Executive has failed to substantially perform, or
(b) intentionally engaged in conduct which is demonstrably and materially injurious to the Company, monetarily or otherwise or was convicted of a misdemeanor or felony involving moral turpitude; provided, however that no
termination of the Executive’s

  

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 employment shall be for Cause as set forth in clause (b) above until (x) there shall have been
delivered to the Executive a copy of a written notice setting forth that the Executive was guilty of the conduct set forth in clause (b) and specifying the particulars thereof in detail, and (y) the Executive shall have been provided an
opportunity to be heard by the Board or a committee of the Board (with the assistance of the Executive’s counsel if the Executive so desires). No act, nor failure to act, on the Executive’s part, shall be considered “intentional”
unless he has acted, or failed to act, with a lack of good faith and without a reasonable belief that his action or failure to act was in the best interest of the Company. Notwithstanding anything contained in this Agreement to the contrary, no
failure to perform by the Executive after a Notice of Termination is given by the Executive shall constitute Cause for purposes of this Agreement. 
 2.2 Change in Control. For purposes of this Agreement, a “Change in Control” shall mean any of the following events: 
 (a) The acquisition (other than from the Company in an acquisition that is approved by the Incumbent Board) by any “Person” (as
the term person is used for purposes of Sections 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended (the “1934 Act”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the 1934 Act) of twenty percent
(20%) or more of the combined voting power of the Company’s then outstanding voting securities; or 
 (b) The
individuals who, as of November 1, 2007, are members of the Board (the “Incumbent Board”), cease for any reason to constitute at least two-thirds of the Board; provided, however, that if the election, or nomination for
election by the Company’s stockholders, of any new director was approved by a vote of at least two-thirds of the Incumbent Board, such new director shall, for purposes of this Agreement, be considered as a member of the Incumbent Board; or

 (c) Consummation of a merger or consolidation involving the Company if the stockholders of the Company, immediately before
such merger or consolidation do not, as a result of such merger or consolidation, own, directly or indirectly, more than sixty percent (60%) of the combined voting power of the then outstanding voting securities of the corporation resulting
from such merger or consolidation in substantially the same proportion as their ownership of the combined voting power of the voting securities of the Company outstanding immediately before such merger or consolidation; or 
 (d) Consummation of a complete liquidation or dissolution of the Company or of the sale or other disposition of all or substantially all of
the assets of the Company. 
 Notwithstanding the foregoing, a Change in Control shall not be deemed to occur pursuant to Section 2.2(a),
solely because twenty percent (20%) or more of the combined voting power of the Company’s then outstanding securities is acquired by (i) a trustee or other fiduciary holding securities under one or more employee benefit plans
maintained by the Company or any of its subsidiaries or (ii) any corporation which, immediately prior to such acquisition, is owned directly or indirectly by the stockholders of the Company in the same proportion as their

  

 3 

 ownership of stock in the Company immediately prior to such acquisition (hereinafter referred to as
“Related Persons”). 
 (e) Notwithstanding anything contained in this Agreement to the contrary, if the
Executive’s employment is terminated prior to a Change in Control and the Executive reasonably demonstrates that such termination (1) was at the request of a Third Party (as hereinafter defined) or (2) otherwise occurred in connection
with, or in anticipation of, a Change in Control (including, without limitation, during a Threatened Change in Control Period), then for all purposes of this Agreement, the date of a Change in Control shall mean the date immediately prior to the
date of such termination of the Executive’s employment. 
 2.3 Code. For purposes of this Agreement,
“Code” means the Internal Revenue Code of 1986, as amended (the “Code”). 
 2.4 Confidential
Information. For purpose of this Agreement, “Confidential Information” shall mean all technical, business, and other information relating to the business of the Company or its subsidiaries or affiliates, including, without limitation,
technical or nontechnical data, formulae, compilations, programs, devices, methods, techniques, processes, financial data, financial plans, product plans, and lists of actual or potential customers or suppliers, which (i) derives economic
value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons, and (ii) is the subject of efforts that are reasonable under the circumstances to maintain its secrecy or
confidentiality. Such information and compilations of information shall be subject to protection under this Agreement whether or not such information constitutes a trade secret and is separately protectable at law or in equity as a trade secret.

 2.5 Disability. For purposes of this Agreement, “Disability” shall have the meaning ascribed to such term in
the Company’s long-term disability plan or policy covering the Executive, or in the absence of such plan or policy, a meaning consistent with Code Section 22(e)(3). 
 2.6 Good Reason. For purposes of this Agreement, “Good Reason” shall mean the occurrence coincident with or after a Change
in Control of any of the events or conditions described in Subsections (a) through (h) hereof: 
 (a) a change in the
Executive’s status, title, position or responsibilities (including reporting responsibilities) which, in the Executive’s reasonable judgment, represents an adverse change from his status, title, position or responsibilities as in effect
immediately prior thereto; the assignment to the Executive of any duties or responsibilities which, in the Executive’s reasonable judgment, are inconsistent with his status, title, position or responsibilities; or any removal of the Executive
from or failure to reappoint or reelect him to any of such offices or positions, except in connection with the termination of his employment for Disability, Cause, as a result of his death or by the Executive other than for Good Reason; 

(b) a reduction in the Executive’s base salary or any failure to pay the Executive any compensation or benefits to which he is
entitled within five days of the date due; 
  

 4 

 (c) the Company’s requiring Executive to be based more than 50 miles from the primary
workplace where Executive is based immediately prior to the Change in Control except for reasonably required travel on the Company’s business which is not greater than such travel requirements prior to the Change in Control; 
 (d) the failure by the Company (A) to continue in effect (without reduction in benefit level, and/or reward opportunities) any
compensation or employee benefit plan in which the Executive was participating immediately prior to the Change in Control, including, but not limited to, the plans listed on Appendix A in which Executive is participating, unless a substitute or
replacement plan has been implemented which provides substantially identical compensation or benefits to the Executive or (B) to provide the Executive with compensation and benefits, in the aggregate, at least equal (in terms of benefit levels
and/or reward opportunities) to those provided for under each other compensation or employee benefit plan, program and practice as in effect immediately prior to the Change in Control (or as in effect following the Change in Control, if greater);

 (e) the insolvency or the filing (by any party, including the Company) of a petition for bankruptcy of the Company;

 (f) any material breach by the Company of any provision of this Agreement; 
 (g) any purported termination of the Executive’s employment for Cause by the Company which does not comply with the terms of
Section 2.1; or 
 (h) the failure of the Company to obtain an agreement, satisfactory to the Executive, from any successor
or assign of the Company to assume and agree to perform this Agreement, as contemplated in Section 9 hereof. 
 Any event or condition
described in Sections 2.6(a) through (h) which occurs prior to a Change in Control but which the Executive reasonably demonstrates (1) was at the request of a third party who has indicated an intention or taken steps reasonably calculated
to effect a Change in Control (a “Third Party”), or (2) otherwise arose in connection with or in anticipation of a Change in Control, shall constitute Good Reason for purposes of this Agreement notwithstanding that it occurred prior
to the Change in Control. 
 The Executive’s right to terminate his employment pursuant to this Section 2.6 shall not be affected by
his incapacity due to physical or mental illness. 
 2.7 Threatened Change in Control. For purposes of this Agreement, a
Threatened Change in Control shall mean the occurrence of any of the following events: 
 (a) when the Company is aware of or is
contemplating, a proposal (a “Proposal”) for any Person other than a Related Person (1) to acquire five percent (5%) or more of the voting power of the Company’s outstanding securities, or (2) to merge or consolidate
with another entity, transfer or sell assets of the Company, or liquidate or dissolve the Company, in each case described in this clause (2) in a transaction that would constitute a Change in Control; or 
  

 5 

 (b) any Person other than a Related Person, 
 (1) acquires five percent (5%) or more of the voting power of the Company’s outstanding securities, other than as a holder whose
investment in the Company is eligible to be reported on Schedule 13G pursuant to Rule 13d-1 (b) (1) promulgated under the Exchange Act, or 
 (2) initiates a tender or exchange offer to acquire such number of securities as would result in such Person holding twenty percent (20%) or more of the voting power of the Company’s outstanding
securities, or 
 (3) solicits proxies for votes to elect members of the Board at a shareholders’ meeting of the Company.

 2.8 Threatened Change in Control Period. For purposes of this Agreement, a Threatened Change in Control Period shall
mean the period commencing on the date that a Threatened Change in Control has occurred and ending upon: 
 (a) the date the
Proposal referred to in Section 2.7(a) is abandoned; 
 (b) the acquisition of five percent (5%) of the voting power
of the Company’s outstanding securities by the Person referred to in Section 2.7(a)(1) if such acquisition does not constitute a Threatened Change in Control under Section 2.7(b)(1); 
 (c) (1) the date when any Person described in Section 2.7(b)(1) shall own less than five percent (5%) of the voting power of the
Company’s outstanding securities, (2) shall have abandoned the tender or exchange offer, or (3) shall not have elected a member of the Board as the case may be; or 
 (d) the date a Change in Control occurs. 
 2.9 1934 Act. The Securities Exchange Act of 1934, as amended. 
 3.
Termination of Employment. 
 3.1 If, during the term of this Agreement, the Executive’s employment with the Company
shall be terminated coincident with or within two (2) years following the occurrence of a Change in Control, the Executive shall be entitled to the following compensation and benefits depending upon the circumstances of such termination (in
addition to any compensation and benefits provided for under any of the Company’s employee benefit plans, policies and practices): 
 (a) If the Executive’s employment with the Company shall be terminated during such 2-year period (1) by the Company for Cause or Disability, (2) by reason of the Executive’s death, or
(3) by the Executive other than for Good Reason (as each term is defined herein), the Company shall pay the Executive all amounts earned or accrued through the Termination Date but not paid as of the Termination Date, including (i) base
salary, (ii)

  

 6 

 reimbursement for reasonable and necessary expenses incurred by the Executive on behalf of the Company
during the period ending on the Termination Date, (iii) vacation pay, and (iv) sick leave (collectively, “Accrued Compensation”). In addition to the foregoing, if the Executive’s employment is terminated by the Company for
Disability or by reason of the Executive’s death, the Company shall pay to the Executive or his beneficiaries an amount equal to the “Pro Rata Bonus” (as hereinafter defined). The “Pro Rata Bonus” is an amount equal to the
Bonus Amount (as hereinafter defined) multiplied by a fraction the numerator of which is the number of days in such fiscal year through the Termination Date and the denominator of which is 365. The term “Bonus Amount” shall mean the
greater of the (x) most recent annual bonus paid or payable to the Executive, or, (y) the target annual bonus payable for the fiscal year during which the Termination Date occurs, or, if greater, for the fiscal year during which a Change
in Control occurred or (z) the average of the annual bonuses paid or payable during the three full fiscal years ended prior to the Termination Date or, if greater, the three full fiscal years ended prior to the Change in Control (or, in each
case, such lesser period for which annual bonuses were paid or payable to the Executive). Executive’s entitlement to any other compensation or benefits shall be determined in accordance with the Company’s employee benefit plans and other
applicable programs and practices then in effect. In the event Executive becomes entitled to the Pro Rata Bonus under this Section 3.1(a) or under Section 3.1(b)(1) and also to a bonus under the Company’s incentive plan in connection
with a Change in Control, Executive shall be entitled to receive whichever bonus amount is greater and Executive shall not receive a duplicate bonus pursuant to such Sections. 
 (b) If during such 2-year period the Executive’s employment with the Company shall be terminated (other than by reason of death) by the
Company, other than for Cause or Disability, or by the Executive for Good Reason, the Executive shall be entitled to the following: 
 (1) the Company shall pay to the Executive all Accrued Compensation and a Pro-Rata Bonus; 
 (2)
the Company shall pay to the Executive as severance pay and in lieu of any further compensation for periods subsequent to the Termination Date, a single payment in an amount (the “Severance Amount”) in cash equal to
                 times the sum of (A) the greater of the Executive’s base salary in effect on the Termination Date or at any time during the 90-day
period prior to the Change in Control (“Base Salary”) and (B) the Bonus Amount. Notwithstanding the foregoing, if the Executive has attained at least age 63 1/2 on the Termination Date the Severance Amount to be paid under this
Subsection (2) shall be the amount described in the preceding sentence multiplied by a fraction (which in no event shall be less than one-half) the numerator of which shall be the number of months (for this purpose any partial month shall be
considered as a whole month) remaining until the Executive’s 65th birthday (but in no event shall be less than         ) and the denominator of which shall be
                ; 
 (3) if the
Executive shall elect to continue medical coverage under the Company’s group health plan pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), the Company shall pay the difference between the
applicable premium for COBRA continuation coverage and the active employee monthly premium cost

  

 7 

 until the earliest of: (a) the date on which the Executive is eligible to participate in another
medical plan, (b) the first day of the month for which the Executive fails timely to remit the Executive’s potion of the premium, or (c) the              month
following Executive’s Termination Date. Executive shall be responsible for the timely and proper election of COBRA continuation coverage for Executive and Executive’s eligible dependents. Executive will be billed monthly for the continued
medical coverage under COBRA and the Executive’s failure timely to pay Executive’s portion of the COBRA premium shall terminate the COBRA coverage and the Company’s obligations under this Section 3.1(b)(3); 
 (4) the Company shall pay the monthly premium for term life insurance in an amount equal to that in effect on the Executive’s
Termination Date for a period of              months from the Termination Date, or until such time as Executive obtains similar benefits as a result of obtaining other employment;

 (5) the Company shall pay in a single cash payment an amount equal to the sum of the following: 
 (A) the amount the Company would have contributed as an employer matching contribution to the Zep Inc. 401(k) Plan (assuming Executive
participated in such plan at the maximum permissible contribution level and earned the base salary and bonus in effect as of the Termination Date) for the             -month period
following the Termination Date; and 
 (B) the amount the Company would have contributed to the Zep Inc. Supplemental Deferred
Savings Plan (“SDSP”) for the             -month period following the Termination Date. For purposes of the SDSP, the Executive shall be credited with the contribution to
the Supplemental Subaccount (but not the Matching Subaccount), the Make-Up Contribution Credit and the SERP Make-Up Contribution Credit for such             -month period (to the
extent Executive is eligible under the SDSP for each such type of contribution), provided that the requirements of the SDSP that the Executive have a Year of Service for each year and be employed on the last day of the year shall not apply to the
eligibility to receive such contributions; and 
 (6) (A) the restrictions on any outstanding incentive awards (including
restricted stock, restricted stock units and granted Performance Shares) granted to the Executive under the Company’s Long-Term Incentive Plan or under any other long-term incentive plans or arrangements shall lapse and such incentive awards
shall become one hundred percent (100%) vested, all stock options and stock appreciation rights granted to the Executive shall become immediately exercisable and shall become 100% vested, and Performance Units granted to Executive shall become
100% vested and (B) the Executive shall have the right to require the Company to purchase, for cash, any shares of unrestricted stock or shares purchased upon exercise of any options, at a price equal to the fair market value of such shares on
the date of purchase by the Company. 
 (c) The amounts provided for in Sections 3.1(a) and 3.1(b)(1), (2), (5), and
(6) shall be paid within five (5) days after the Executive’s Termination Date. 
  

 8 

 (d) The Executive shall not be required to mitigate the amount of any payment provided for
in this Agreement by seeking other employment or otherwise and no such payment shall be offset or reduced by the amount of any compensation or benefits provided to the Executive in any subsequent employment except as provided in
Section 3.1(b)(3) and (4). 
 (e) With the exception of the applicable COBRA premiums provided under
Section 3.1(b)(3)(A) of this Agreement, those payments described in this Section 3.1 that exceed two times the lesser of: (1) the amount of the Executive’s annualized compensation based upon the annual rate of pay the Executive
received from the Company in the year preceding the year of the Executive’s Termination Date, adjusted for any increase in compensation that the Executive would have expected to receive had the Executive not separated from service with the
Company, and as defined under Treas. Reg. §1.409A-1(b)(9)((iii)(A)(1); or (2) the maximum amount that may be taken into account for a qualified plan under Code Section 401(a)(17) for the year in which the Termination Date occurs,
shall be paid not later than 2 1/2 months after the
end of the year in which Termination Date occurs. 
 3.2 If, as a result of Executive’s termination of employment,
Executive becomes entitled to compensation and benefits under this Agreement and under any Severance Agreement (“Severance Agreement”) between the Executive and the Company or plan provided by the Company, Executive shall be entitled to
choose to receive benefits under whichever agreement or plan provides Executive the greater aggregate compensation and benefits (and not under the other agreement and/or plan) and there shall be no duplication of benefits. The Executive will be
fully bound by all of the terms and conditions of the agreement under which he chooses to receive benefits. Except as provided in the preceding sentences, the severance pay and benefits provided for in Sections 3.1(a) and 3.1(b) shall be in lieu of
any other severance pay to which the Executive may be entitled under any Company severance plan, program or arrangement for a termination of employment covered by such circumstances, except that if the severance pay of the type referenced in
Section 3.1(b)(2) and provided under such other plans, programs or arrangements is greater than the amount calculated under Section 3.1(b)(2), then that greater amount and not the amount under Section 3.1(b)(2) shall be paid.

 3.3 To the extent applicable, this Agreement is intended to provide for compensation which satisfies the short-term deferral
exemption under Treas. Reg. §1.409A-1(b)(4) and/or the separation pay exemption under Treas. Reg. §1.409A-1(b)(9). To the extent any benefits hereunder may be deferred compensation within the meaning of Code Section 409A, the Company
shall have authority to take action, or refrain from taking any action, with respect to the payments of such benefits under this Agreement that is reasonably necessary to comply with Code Section 409A. Specifically, the Company shall have the
authority to delay the commencement of payments to “key employees” of the Company (as determined by the Company in accordance with procedures established by the Company that are consistent with Code Section 409A) to a date which is
six months after the date of Executive’s Termination Date (and on such date the payments that would otherwise have been made during such six-month period shall be made) to the extent such delay is required under the provisions of Code
Section 409A. 
  

 9 

 4. Notice of Termination. 
 During a Threatened Change in Control Period and following a Change in Control, any purported termination by the Company or by the Executive
shall be communicated by written Notice of Termination to the other. For purposes of this Agreement, a “Notice of Termination” shall mean a notice which indicates the specific termination provision in this Agreement relied upon and shall
set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive’s employment under the provision so indicated. For purposes of this Agreement, no such purported termination shall be
effective without such Notice of Termination. 
 5. Termination Date. 
 “Termination Date” shall mean in the case of the Executive’s death, his date of death, and in all other cases, the date
specified in the Notice of Termination subject to the following: 
 (a) If the Executive’s employment is terminated by the
Company for Cause or due to Disability, the date specified in the Notice of Termination shall be at least thirty (30) days from the date the Notice of Termination is given to the Executive, provided that in the case of Disability the Executive
shall not have returned to the full-time performance of his duties during such period of at least 30 days; and 
 (b) If the
Executive’s employment is terminated for Good Reason, the date specified in the Notice of Termination shall not be more than sixty (60) days from the date the Notice of Termination is given to the Company. 
 (c) With respect to the payment of all benefits under the Agreement, including separation pay, whether an Executive’s employment
terminates is determined based on the facts and circumstances surrounding the termination of the Executive’s employment and whether the Company and the Executive intended for the Executive to provide significant services for the Company
following such termination. A change in the Executive’s employment status will not be considered a termination of employment if: 
 (1) the Executive continues to provide services as an employee of the Company at an annual rate that is twenty percent (20%) or more of the services rendered, on average, during the immediately preceding three full calendar years of
employment (or, if employed less than three years, such lesser period) and the annual remuneration for such services is twenty percent (20%) or more of the average annual remuneration earned during the final three full calendar years of
employment (or, if less, such lesser period), or 
 (2) the Executive continues to provide services to the Company in a
capacity other than as an employee of the such at an annual rate that is fifty percent (50%) or more of the services rendered, on average, during the immediately preceding three full calendar years of employment (or if employed less than three
years, such lesser period) and the annual remuneration for such services is fifty percent (50%) or more of the average annual remuneration earned during the final three full calendar years of employment (or if less, such lesser period).

  

 10 

 For purposes of determining whether a termination of employment has occurred, a reference to the Company
shall also be deemed a reference to any affiliate thereof within the contemplation of Code Sections 414(b) and 414(c). 
 6.
Unauthorized Disclosure. 
 During the period that the Executive is actively employed by the company or Division, and for
a period of six (6) months after Executive’s termination of employment, for any reason, the Executive shall not make any Unauthorized Disclosure. For purposes of this Agreement, “Unauthorized Disclosure” shall mean disclosure by
the Executive without the consent of the Board (other than pursuant to a court order) to any person, other than an employee or director of the Company or a person to whom disclosure is reasonably necessary or appropriate in connection with the
performance by the Executive of his duties as an executive of the Company or as may be legally required, of any material Confidential Information obtained by the Executive while in the employ of the Company (including any material Confidential
Information with respect to any of the Company’s customers or methods of distribution) the disclosure of which is demonstrably and materially injurious to the Company; provided, however, that such term shall not include the use or
disclosure by the Executive, without consent, of any information known generally to the public (other than as a result of disclosure by him in violation of this Section 6) or any information not otherwise considered confidential and material by
a reasonable person engaged in the same business as that conducted by the Company; provided further, however, that any breach of this Section 6 shall in no event subject the Executive to damages (including costs, fees and expenses
incurred by the Company) in excess of $10,000 in the aggregate. 
 7. Non-Compete. 
 During the period that the Executive is employed by the Company and for six months following the Executive’s termination of employment,
for any reason, the Executive shall not directly or indirectly perform services for a Competing Business (as that term is defined below) within the Territory (as that term is defined below) that are the same as or substantially similar to the
services that the Executive has rendered for the Company. Notwithstanding the foregoing, the Executive shall not be in violation of this Section 7 due to ownership (directly or indirectly) of not more than five percent (5%) of the issued
and outstanding class of securities of a corporation whose securities are publicly traded. 
 As used in this Section 7,
“Competing Business” refers to the following entities: [INSERT SPECIFIC COMPETITORS], as well as any of their respective affiliates, subsidiaries and/or parent companies that are either located or transact business within the Territory and
are engaged in the Company Business (as that term is defined below), but only to the extent each and only with respect to business operation(s) which engage(s) in the manufacturing and/or sale of one or more of the classes of products that
constitute the Company Business. 
  

 11 

 As used in this Section 7, “Company Business” means the manufacture and/or
sale of one or more of the following classes of products: specialty chemical products, cleaners, degreasers, absorbents, sanitizers, deodorizers, polishes, floor finishes, sealants, lubricants, disinfectants, janitorial supplies, paint strippers,
paint removers, rust strippers, soaps and detergents, bleaches, fabric softeners, liquid sweeping compounds, aerosol gasket forming compositions, non-slip adhesive film for brakes, tire and rubber mat dressings, floor waxes, asphalt and tar
removers, concrete removers, vehicle drying agents, vehicle rain repellant and glass treatment, steam cleaning compositions, chemical preparations for unclogging pipes and septic tank cleaning, spill treatments, anti-seize compounds, treatment
products for hazardous solvents, pesticides, pest control products and/or drain care products, preparations for killing weeds, fungicides, herbicides, rodenticides, vermicides, insect repellants, ground control chemicals, power operated industrial
and commercial cleaning equipment (namely, sprayers, fog sprayers, steam cleaning machines, pressure washers, and air agitation cleaners and pumps for use in connection therewith, steam cleaners, vacuum cleaners, carpet cleaning and shampooing
machines, floor cleaning and polishing machines and parts associated therewith), or manually-operated cleaning equipment and accessories (namely, brooms, dustpans, scrubbing brushes, mops, squeegees, dispensers for floor wax, buckets, mop wringers,
sponges, scouring pads, plastic janitorial mats, wiping cloths, steel wool, chamois skins, soap and chemical dispensers, towel and sanitary napkin dispensers, cleaning gloves, pails and parts therefore, and waste receptacles). 
 As used in this Section 7, “Territory” refers to the United States of America. To that end, Executive agrees and acknowledges
that during his period of employment with the Company, he has and will render executive, strategic and managerial services to and for the Company throughout the United States, which are special, unusual, extraordinary, and of peculiar value to the
Company. Executive further acknowledges that the services he performs on behalf of the Company are at a senior managerial level and are not limited in their territorial scope to any particular city, state, or region, but instead have nationwide
impact throughout the United States. Executive further acknowledges and agrees that: (a) the Company’s business is, at the very least, national in scope; (b) these restrictions are reasonable and necessary to protect the Confidential
Information, business relationships, and goodwill of the Company; and (c) should Executive engage in or threaten to engage in activities in violation of these restrictions, it would cause the Company irreparable harm which would not be
adequately and fully redressed by the payment of damages to the Company. In addition to other remedies available to the Company, the Company shall accordingly be entitled to injunctive relief in any court of competent jurisdiction for any actual or
threatened breach by Executive of the provisions of this Agreement. Executive further acknowledges that he will not be entitled to any compensation or benefits from the Company or any of its affiliates in the event of a final non-appealable judgment
that he materially breached his duties or obligations under this Agreement. 
 8. Non-Solicitation. 
 The Executive agrees that during the course of employment with the Company, and for a period equal to six months after termination of
employment with the Company, for any reason, the Executive shall not, directly or indirectly, whether on behalf of the Executive or others, solicit, lure or attempt to solicit or lure away from employment by the Company any person 
  

 12 

 employed by the Company. The provision of this paragraph shall only apply to those persons employed by the
Company at the time of solicitation or attempted solicitation. 
 9. Successors; Binding Agreement. 
 (a) This Agreement shall be binding upon and shall inure to the benefit of the Company, its successors and assigns and the Company shall
require any successor or assign to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession or assignment had taken place. Failure of the
Company to obtain such assumption and agreement prior to the effectiveness of any such succession shall be a breach of this Agreement and shall entitle the Executive to compensation from the Company in the same amount and on the same terms as the
Executive would be entitled to hereunder if the Executive were to terminate the Executive’s employment for Good Reason, except that, for purposes of implementing the foregoing, the date on which any such succession becomes effective shall be
deemed the Termination Date. The term “the Company” as used herein shall include such successors and assigns. The term “successors and assigns” as used herein shall mean a corporation or other entity acquiring all or
substantially all the assets and business of the Company (including this Agreement) whether by operation of law or otherwise. 
 (b) Neither this Agreement nor any right or interest hereunder shall be assignable or transferable by the Executive, his beneficiaries or legal representatives, except by will or by the laws of descent and distribution. This Agreement shall
inure to the benefit of and be enforceable by the Executive’s legal personal representative. 
 10. Fees and
Expenses. 
 The Company shall pay all legal fees and related expenses (including the costs of experts, evidence and
counsel) incurred by the Executive as they become due as a result of (a) the Executive’s termination of employment (including all such fees and expenses, if any, incurred in contesting or disputing any such termination of employment),
(b) the Executive seeking to obtain or enforce any right or benefit provided by this Agreement or by any other plan or arrangement maintained by the Company under which the Executive is or may be entitled to receive benefits, including, without
limitation, the plans listed on Appendix A, or the Executive’s hearing before the Board as contemplated in Section 2.1 of this Agreement; provided, however, that the circumstances which result in the Executive incurring the
fees and related expenses set forth in clauses (a) and (b) (other than as a result of the Executive’s termination of employment under circumstances described in Section 2.2(e)) occurred on or after a Change in Control.

 11. Notice. 
 For the purposes of this Agreement, notices and all other communications provided for in the Agreement (including the Notice of Termination) shall be in writing and shall be deemed to have been duly given
when personally delivered or sent by certified mail, return receipt requested, postage prepaid, addressed to the respective addresses last given by each party to the other, provided that all notices to the Company shall be directed to the attention
of the Board

  

 13 

 with a copy to the Secretary of the Company. All notices and communications shall be deemed to have been
received on the date of delivery thereof or on the third business day after the mailing thereof, except that notice of change of address shall be effective only upon receipt. 
 12. Non-Exclusivity of Rights. 
 Except as provided in Section 3.2 with respect to the Severance Agreement, nothing in this Agreement shall prevent or limit the Executive’s continuing or future participation in any benefit,
bonus, incentive or other plan or program provided by the Company or any of its subsidiaries and for which the Executive may qualify, nor shall anything herein limit or reduce such rights as the Executive may have under any other agreements with the
Company or any of its subsidiaries. Amounts which are vested benefits or which the Executive is otherwise entitled to receive under any plan or program of the Company or any of its subsidiaries shall be payable in accordance with such plan or
program, except as explicitly modified by this Agreement. 
 13. Settlement of Claims. 
 The Company’s obligation to make the payments provided for in this Agreement and otherwise to perform its obligations hereunder shall
not be affected by any circumstances, including, without limitation, any set-off, counterclaim, recoupment, defense or other right which the Company may have against the Executive or others. 
 14. Miscellaneous. 
 No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing and signed by the Executive and the Company. No waiver by either party hereto at any time of any
breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or
subsequent time. No agreement or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not expressly set forth in this Agreement. 
 15. Indemnification. 
 During the term of this Agreement and for a period of three (3) years after Executive’s termination, the Company shall indemnify Executive and hold Executive harmless from and against any claim,
loss or cause of action arising from or out of Executive’s performance as an officer, director or employee of the Company or any of its subsidiaries or other affiliates or in any other capacity, including any fiduciary capacity, in which
Executive serves at the Company’s request, in each case to the maximum extent permitted by law and under the Company’s Articles of Incorporation and By-Laws (the “Governing Documents”), provided that in no event shall the
protection afforded to Executive hereunder be less than that afforded under the Governing Documents as in effect on the date of this Agreement except from changes mandated by law. During the Term and for a period of three (3) years, Executive
shall be

  

 14 

 covered by any policy of directors and officers liability insurance maintained by the Company for the
benefit of its then officers and directors. 
 16. Governing Law. 
 This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Georgia without giving effect to
the conflict of laws principles thereof Any action brought by any party to this Agreement shall be brought and maintained in a court of competent jurisdiction in Fulton county in the State of Georgia. 
 17. Severability. 
 The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. 
 18. Entire Agreement. 
 This Agreement constitutes the entire agreement between the parties hereto and supersedes all prior agreements, if any, understandings and arrangements, oral or written, between the parties hereto with
respect to the subject matter hereof. 
 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly
authorized officer and the Executive has executed this Agreement as of the day and year first above written. 

			
	
	Zep Inc.
		
	By:	 	 
		 	 [Name]
 [Title]

	
	EXECUTIVE:
	
	 
	 [Name]

  

 15 

 APPENDIX A 
 BENEFIT PLANS AND AGREEMENTS 
 (To The Extent Executive
Participates In Such Plans and Agreements) 
 Management Compensation and Incentive Plan 
 Supplemental Deferred Savings Plan 
 Long-Term Incentive Plan 
 401(k) Plan (or similar tax qualified deferred
compensation plan covering the Executive) 
 Employment Letter Agreement, including any amendments to such agreement 

 

 16

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