Document:

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                                                                    Exhibit 10.1

                            THE LUBRIZOL CORPORATION
                            2005 STOCK INCENTIVE PLAN
                             PERFORMANCE SHARE AWARD

     THIS PERFORMANCE SHARE AWARD, dated this ______ day of ______________,
2_____, (the "Grant Date") by The Lubrizol Corporation (the "Company") to
_____________________________, an employee of the Company and/or a Subsidiary
(as defined in the Plan).

     The following terms and provisions apply to this Performance Share Award:

1. The Company hereby grants to you, under the provisions of Section 9 of the
Company's 2005 Stock Incentive Plan, as amended (the "Plan"), the number of
Company Common Shares, without par value, in accordance with the three-year
performance target chart(s) as shown in Exhibit A attached to this Award. The
Company Common Shares granted hereunder are referred to herein as the "Shares".

2. If there is a Change of Control, as defined under the Plan, prior to the
receipt of Shares under Section 1, above, you will receive a pro-rata number of
Shares upon the Change of Control. The pro-rata number of Shares will be
determined as shown on Exhibit B attached to this Award.

3. If you separate from service due to retirement (either normal or early
retirement) prior to the receipt of Shares pursuant to Section 1, above, you
will receive a pro-rata number of Shares upon the end of the three-year cycle
based on the number of full months which have elapsed since the date of this
Award at the time or your separation from service or death. In no event will the
payment of Shares be made earlier than six months after your retirement.

     If you separate from service due to death prior to the receipt of Shares
pursuant to Section 1, above, your beneficiary will receive a pro-rata number of
Shares upon the end of the three-year cycle based on the number of full months
which have elapsed since the date of this Award at the time or your service or
death. You may at any time specify in writing a beneficiary to receive the
Shares if you die before the receipt of Shares under this Award. If the Company
does not have a beneficiary election on file at the time of your death, the
Shares will be issued to your spouse, or if your spouse is not living at the
time of issuance, your children who are living, or if you have no living
children at the time of issuance, your estate.

     If you separate from service (voluntarily or involuntarily) for any other
reason prior to the receipt of Shares pursuant to Section 1, above, you will
forfeit any Shares under this Award.

4. The Award is not transferable by you during your life.

5. Prior to the issuance of Shares to you, you will not be a shareholder of the
Company and you will have no rights under the Award as a shareholder of the
Company. No dividends or other amount will be allocated or paid to you with
respect to the Award.

6. If there is a stock split, reverse stock split or stock dividend, the number
of Shares specified in Section 1, above will be increased or decreased in direct
proportion to the increase or decrease in the number of Company Shares by reason
of the stock split, reverse stock split or stock dividend.

                                        1

<PAGE>

7. Shares will not be distributed under this Award if the issuance of the Shares
would violate:

     (a)  any applicable state securities law;

     (b)  any applicable registration or other requirements under the Securities
          Act of 1933, as amended (the "Securities Act"), the Securities
          Exchange Act of 1934, as amended, or the listing requirements of any
          stock exchange on which the Company's Shares are listed; or

     (c)  any similar legal requirement of any governmental authority regulating
          the issuance of shares by the Company.

Further, if a Registration Statement with respect to the Shares to be issued is
not in effect or if counsel for the Company deems it necessary or desirable in
order to avoid possible violation of the Securities Act, the Company may
require, as a condition to its issuance and delivery of certificates for the
Shares, that you deliver to the Company a statement in writing that you
understand the Shares may be "restricted securities" as defined in Rule 144 of
the Securities and Exchange Commission and that any resale, transfer or other
disposition of the Shares will be accomplished only in compliance with Rule 144,
the Securities Act, or other or subsequent applicable Rules and Regulations
thereunder. Further still, the Company may place on the certificates evidencing
the Shares an appropriate legend under Rule 144.

8.   (a) When the Common Shares are distributable to you pursuant to Section 1,
     above, you may be subject to income and other taxes on the value of the
     Shares on the date of distribution. The Company will withhold a sufficient
     number of Shares that will provide for the federal, state and/or local
     income tax at the rates then applicable for supplemental wages, unless
     otherwise requested by you, but in no event less than the statutory
     minimums for tax withholding.

     (b) For purposes of determining the number of Common Shares that are to be
     withheld to provide for the tax withholding pursuant to Section 8(a),
     Common Shares will be valued at the average of the high and low trading
     prices on the New York Stock Exchange on the date Shares are distributable
     to you. If the determination of the tax withholding requires the
     withholding of a fractional Share, the Company shall withhold the nearest
     whole number of Shares needed to pay the tax withholding, rounded up, and
     remit to you in cash the amount of the excess after the withholding taxes
     have been satisfied.

9. Prior to the distribution of Shares pursuant to Section 1, the Committee has
the right in its sole discretion to reduce the amount of this Award.

10. The Committee has conclusive authority, subject to the express provisions of
the Plan, as in effect from time to time, and this Award, to interpret this
Award and the Plan, and to establish, amend and rescind rules and regulations
for the administration of the Plan. The Committee may correct any defect or
supply any omission or reconcile any inconsistency in this Award in the manner
and to the extent it deems expedient to carry the Plan into effect, and it is
the sole and final judge of such expediency. The Board of Directors of the
Company may from time to time grant to the Committee such further powers and
authority as the Board determines to be necessary or desirable.

11. You must hold any Shares that are distributed to you under this Award at
least until you have met your Share ownership guideline.

                                        2

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12. Notwithstanding any other provision of this Award, your Award will be
subject to all of the provisions of the Plan in force from time to time.

                                        THE LUBRIZOL CORPORATION

                                        By
                                           -------------------------------------
                                           James L. Hambrick
                                           President and CEO

1205lmre

                                        3

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                                    Exhibit A

            Performance Measure for the 2006-2008 Performance Period

                     Three-year EPS: _______________________

                                        4

<PAGE>

                                    EXHIBIT B

Determination of Pro-Rata Common Shares Upon a Change of Control Under Section 2

     Pursuant to the terms of Section 2, the number of pro-rata Common Shares
upon a Change of Control will be determined as follows:

1.   No payout if 12 months has not elapsed since the date of this Award.

2.   If more than 12 months has elapsed since the date of this Award:

     (a) Determine the measurement growth rate for each full year that has
     elapsed in the 3-year period as of the date of the Change of Control,

     (b) The 3-year cumulative measurement growth will be imputed as either the
     1-year measurement growth (if the Change of Controls occurs during the
     second year) or the 2-year cumulative measurement growth (if the Change of
     Control occurs during the third year).

     (c) Payout is then pro-rated based on number of full months that have
     elapsed since the date of this Award.

                                        5<PAGE>
                                                                    Exhibit 10.2
                            The Lubrizol Corporation
           Annual Incentive Pay Grant Letter (for Corporate Officers)
Dear _______________,

For our 2006 plan we have set the following targets:

-        The size of the pool used to fund performance pay will be tied to the
         attainment of our 2006 plan and can vary significantly based on overall
         performance.

-        To reach a "targeted pay-out" we must meet the plan for the following
         metrics with the following weighting factors:

<TABLE>
<CAPTION>
        -------------------------------------------------------------------------------------------------------------
                          Metric                                    Target                     Weighting
        -------------------------------------------------------------------------------------------------------------
<S>                                                                 <C>                        <C>
        EPS                                                                                          50%
        -------------------------------------------------------------------------------------------------------------
        Growth                                                                                       20%
        -------------------------------------------------------------------------------------------------------------
        Divestitures                                                                                 10%
        -------------------------------------------------------------------------------------------------------------
        Capital Management                                                                           10%
        -------------------------------------------------------------------------------------------------------------
        Structure and Culture                                                                        10%
        -------------------------------------------------------------------------------------------------------------
</TABLE>

-        Meeting all plan objectives will result in the "targeted pay-out".

-        Exceeding objectives can increase the "targeted pay-out". Missing those
         objectives can also significantly decrease it.

-        Your individual "targeted pay-out" is a function of your level of
         responsibility within the corporation and your individual performance.

-        The plan has a "circuit breaker" provision. If the company is below its
         EPS target but at or above _____________ in 2006, there will be a
         reduced pay out. Below _____________, there will be no annual incentive
         pay awards for anyone regardless of plan performance in other areas.

-        The Organization & Compensation Committee of the Board of Directors
         reserves the right during the year, and when determining pay-out, to
         alter any of the provisions up or down. Our plan does not provide for
         guaranteed payments.

What does this mean to you for 2006? Depending on the degree to which targeted
performance is achieved, and provided your personal performance remains at a
high level, your annual incentive pay would be in the range shown below:

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
EPS Barely Exceeds Circuit Breaker and     Meets EPS Targets and Meets Plan     Exceeds EPS Targets by ____% and Exceeds
Less Than Plan in All Areas                in All Other Areas                   Plan in All Other Areas

--------------------------------------------------------------------------------------------------------------------------
<S>                                         <C>                                 <C>
     $______       to       $________         $______     To       $______         $_______       To        $________
--------------------------------------------------------------------------------------------------------------------------
</TABLE>

If we do not achieve ____________, your performance pay will be ZERO. As a
leader, we trust that you'll treat the above information as EXTREMELY
CONFIDENTIAL.

Regards,

James L. Hambrick
President and CEO

<PAGE>

                            The Lubrizol Corporation
        Annual Incentive Pay Grant Letter (for Business Segment Leaders)
Dear _______________,

For our 2006 plan we have set the following targets:

-        The size of the pool used to fund performance pay will be tied to the
         attainment of our 2006 plan and can vary significantly based on overall
         performance.

-        To reach a "targeted pay-out" we must meet the plan for the following
         metrics with the following weighting factors:

<TABLE>
<CAPTION>
                                               CORPORATE MEASURES
        ---------------------------------------------------------------------------------------------------------
                          Metric                                    Target                     Weighting
        ---------------------------------------------------------------------------------------------------------
<S>                                                                 <C>                        <C>
        EPS                                                                                          50%
        ---------------------------------------------------------------------------------------------------------
        Growth                                                                                       20%
        ---------------------------------------------------------------------------------------------------------
        Divestitures                                                                                 10%
        ---------------------------------------------------------------------------------------------------------
        Capital Management                                                                           10%
        ---------------------------------------------------------------------------------------------------------
        Structure and Culture                                                                        10%
        ---------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
                                                 BUSINESS SEGMENT MEASURES
        ---------------------------------------------------------------------------------------------------------
                             Metric                                 Target                      Weighting
        ---------------------------------------------------------------------------------------------------------
<S>                                                                 <C>                         <C>
        EBIDA                                                                                         50%
        ---------------------------------------------------------------------------------------------------------
        Growth                                                                                        25%
        ---------------------------------------------------------------------------------------------------------
        Capital Management                                                                            25%
        ---------------------------------------------------------------------------------------------------------
</TABLE>

-        Meeting all plan objectives will result in the "targeted pay-out". Your
         target is based 25% on the Corporate Measures and 75% of the Business
         Segment Measures.

-        Exceeding objectives can increase the "targeted pay-out". Missing those
         objectives can also significantly decrease it.

-        Your individual "targeted pay-out" is a function of your level of
         responsibility within the corporation and your individual performance.

-        The plan has a "circuit breaker" provision. If the company is below its
         EPS target but at or above _____________ in 2006, there will be a
         reduced pay out. Below _____________, there will be no annual incentive
         pay awards for anyone regardless of plan performance in other areas.

-        The Organization & Compensation Committee of the Board of Directors
         reserves the right during the year, and when determining pay-out, to
         alter any of the provisions up or down. Our plan does not provide for
         guaranteed payments.

What does this mean to you for 2006? Depending on the degree to which targeted
performance is achieved, and provided your personal performance remains at a
high level, your annual incentive pay would be in the range shown below:

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
EPS Barely Exceeds Circuit Breaker and     Meets EPS Targets and Meets Plan     Exceeds EPS Targets by ____% and Exceeds
Less Than Plan in All Areas                in All Other Areas                   Plan in All Other Areas
--------------------------------------------------------------------------------------------------------------------------
<S>                                        <C>                                  <C>
     $______       to       $________         $______     To       $______         $_______       To        $________
--------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

If we do not achieve ____________, your performance pay will be ZERO. As a
leader, we trust that you'll treat the above information as EXTREMELY
CONFIDENTIAL.

Regards,

James L. Hambrick
President and CEO

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