Document:

Supplemental Indenture

 Exhibit 10.4 
  
 SUPPLEMENTAL INDENTURE 
  
 SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of June 18, 2004, among Ethyl Corporation,
a Virginia corporation (the “Company”), Afton Chemical Asia Pacific LLC, a Virginia limited liability company and wholly-owned subsidiary of Ethyl Asia Pacific LLC (“ACAP LLC”), Afton Chemical Canada Holdings, Inc.,
a Virginia corporation and wholly-owned subsidiary of Ethyl Canada Holdings, Inc. (“Afton Chemical Canada”), Afton Chemical Intangibles LLC, a Virginia limited liability company and wholly-owned subsidiary of the Company
(“Afton Chemical Intangibles”), Ethyl Asia Pacific LLC, a Virginia limited liability company and wholly-owned subsidiary of the Company (“EAP LLC”), NewMarket Corporation, a Virginia corporation and wholly-owned
subsidiary of the Company (“NewMarket”), NewMarket Services Corporation, a Virginia corporation and wholly-owned subsidiary of NewMarket (“NewMarket Services”) (each of the Company, ACAP LLC, Afton Chemical Canada,
Afton Chemical Intangibles, EAP LLC and NewMarket Services being referred to from time to time herein individually as a “Guaranteeing Subsidiary” and collectively as the “Guaranteeing Subsidiaries”), the other
Guarantors listed on the signature pages hereto and Wells Fargo Bank, National Association, as trustee under the Indenture referred to below (the “Trustee”). 
  
 W I T N E S S E T H 
  
 WHEREAS, the Company has heretofore executed and delivered to the Trustee an indenture (the “Indenture”), dated as of April 30, 2003,
providing for the issuance of 8.875% Senior Notes due 2010 (the “Notes”); and 
  
 WHEREAS, the Board of Directors of the Company has determined that it is in the best interests of the Company and its shareholders that the Company establish a holding company structure for the Company; and

  
 WHEREAS, the Board of Directors of the Company has approved
and adopted the Agreement and Plan of Merger, dated as of March 5, 2004 (the “Plan of Merger”), by and among the Company, NewMarket and Ethyl Merger Sub, Inc., a wholly-owned subsidiary of NewMarket, pursuant to which NewMarket will
become the holding company for the Company (the “Holding Company Formation”); and 
  
 WHEREAS, the Board of Directors of the Company has submitted the Plan of Merger to the Company’s shareholders for their approval at the
Company’s 2004 Annual Meeting of Shareholders; and 
  
 WHEREAS, the shareholders of the Company have approved the Plan of Merger at the Company’s 2004 Annual Meeting of Shareholders; and 
  
 WHEREAS, the Company has determined that the Holding Company Formation qualifies as a “Holding Company Formation” as defined in Section
1.01 of the Indenture; and 
  

 WHEREAS, pursuant to the Plan of Merger and in accordance with Section 5.01 of the Indenture, NewMarket
has agreed to assume all of the Company’s obligations under the Indenture and the Notes and has agreed to succeed to and be substituted for the Company such that from and after the effective time of the Holding Company Formation, the provisions
of the Indenture referring to the Company shall refer instead to NewMarket; and 
  
 WHEREAS, in accordance with Section 5.01 of the Indenture, the Company has agreed to become a Guarantor and Restricted Subsidiary under the terms of the Indenture upon the effectiveness of the Holding Company
Formation; and 
  
 WHEREAS, in accordance with Section 5.01 of the
Indenture, the Company therefore requests that it be released from its Obligations under the Indenture and the Notes; and 
  
 WHEREAS, the Board of Directors of the Company has determined that it is in the best interests of the Company and its shareholders that, following the
effectiveness of the Holding Company Formation, the Company effectuate an internal restructuring to better align its lines of businesses among its subsidiaries (the “Internal Reorganization”); and 
  
 WHEREAS, in connection with the Internal Restructuring, the Company has
created ACAP LLC, Afton Chemical Canada, Afton Chemical Intangibles, EAP LLC and NewMarket Services as wholly-owned subsidiaries; and 
  
 WHEREAS, in accordance with Section 4.17 of the Indenture, each of NewMarket Services, Afton Chemical Intangibles, EAP LLC, ACAP LLC and Afton Chemical
Canada has agreed to execute and deliver to the Trustee a supplemental indenture pursuant to which each Subsidiary shall unconditionally guarantee all of NewMarket’s Obligations under the Notes and the Indenture on the terms and conditions set
forth herein upon the effectiveness of the Holding Company Formation (the “Note Guarantee”); and 
  
 WHEREAS, in connection with the Internal Restructuring, Ethyl Asia Pacific Company, a Virginia corporation and Guarantor (“Ethyl Asia
Pacific”), will be merged with and into EAP LLC, with EAP LLC being the surviving company in the merger and the separate corporate existence of Ethyl Asia Pacific being terminated; and 
  
 WHEREAS, in connection with the Internal Restructuring, the following
Guarantors shall change their corporate names: Ethyl Additives Corporation (to be known as Afton Chemical Additives Corporation); Ethyl Petroleum Additives, Inc. (to be known as Afton Chemical Corporation); Ethyl Japan Holdings, Inc. (to be known as
Afton Chemical Japan Holdings, Inc.); and Ethyl Brasil Aditivos Ltda. (to be known as Afton Chemical Industria de Aditivos Ltda.); and 
  
 WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture. 
  

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 NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the
receipt of which is hereby acknowledged, NewMarket, the Guaranteeing Subsidiaries, the Guarantors and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows: 
  
 1. CAPITALIZED TERMS. Capitalized terms used
herein without definition shall have the meanings assigned to them in the Indenture. 
  
 2. ASSUMPTION BY NEWMARKET OF THE COMPANY’S OBLIGATIONS AND
RELEASE OF THE COMPANY. 
  
 (a) Upon the effective time of the Holding Company Restructuring, NewMarket (i) shall assume all of the Company’s obligations under
the Indenture and the Notes and shall succeed to and be substituted for the Company such that from and after the effective time of the Holding Company Formation, all references in the Indenture to the “Company” shall be deleted and
replaced by “NewMarket” and all provisions in the Indenture shall instead refer to NewMarket and not to the Company and (ii) may exercise every right and power of the Company under the Indenture with the same effect as if NewMarket had
been named as the Company therein. 
  
 (b) Upon
the effectiveness of the Holding Company Restructuring, the Company shall become a Guarantor and Restricted Subsidiary under the terms of the Indenture in accordance with Section 5.01 of the Indenture. 
  
 (c) Upon the effectiveness of the Holding Company
Restructuring, the Company shall be released from its Obligations under the Indenture and the Notes, in accordance with Section 5.01 of the Indenture. 
  
 3. AGREEMENT TO GUARANTEE. Each Guaranteeing Subsidiary hereby agrees as follows upon the effective time of
the Holding Company Formation: 
  

	 	(a)	Along with all Guarantors named in the Indenture, to jointly and severally Guarantee to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its
successors and assigns, the Notes or the obligations of NewMarket hereunder or thereunder, that: 

  

	 	(i)	the principal of, and premium and Liquidated Damages, if any, and interest on the Notes will be promptly paid in full when due, whether at maturity, by acceleration, redemption or
otherwise, and interest on the overdue principal of and interest on the Notes, if any, if lawful, and all other obligations of NewMarket to the Holders or the Trustee hereunder or thereunder will be promptly paid in full or performed, all in
accordance with the terms hereof and thereof; and 

  

	 	(ii)	in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same will be promptly paid in full when due or performed in accordance
with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors shall be jointly and
severally obligated to pay the same immediately. 

  

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	 	(b)	The obligations hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the Notes or the Indenture, the absence of any action to enforce the
same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against NewMarket, any action to enforce the same or any other circumstance which might otherwise constitute a
legal or equitable discharge or defense of a Guarantor. 

  

	 	(c)	The following is hereby waived: diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of NewMarket, any right to require
a proceeding first against NewMarket, protest, notice and all demands whatsoever. 

  

	 	(d)	This Note Guarantee shall not be discharged except by complete performance of the obligations contained in the Notes and the Indenture, and the Guaranteeing Subsidiary accepts all
obligations of a Guarantor under the Indenture. 

  

	 	(e)	If any Holder or the Trustee is required by any court or otherwise to return to NewMarket, the Guarantors, or any custodian, trustee, liquidator or other similar official acting in
relation to either NewMarket or the Guarantors, any amount paid by either to the Trustee or such Holder, this Note Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect. 

  

	 	(f)	The Guaranteeing Subsidiary shall not be entitled to any right of subrogation in relation to the Holders in respect of any obligations guaranteed hereby until payment in full of all
obligations guaranteed hereby. 

  

	 	(g)	As between the Guarantors, on the one hand, and the Holders and the Trustee, on the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as provided
in Article 6 of the Indenture for the purposes of this Note Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (y) in the event of any declaration of
acceleration of such obligations as provided in Article 6 of the Indenture, such obligations (whether or not due and payable) shall forthwith become due and payable by the Guarantors for the purpose of this Note Guarantee. 

 

	 	(h)	The Guarantors shall have the right to seek contribution from any non-paying Guarantor so long as the exercise of such right does not impair the rights of the Holders under the Note
Guarantee. 

  

	 	(i)	 Pursuant to Section 10.02 of the Indenture, after giving effect to any maximum amount and all other contingent and fixed liabilities that are relevant under any
applicable Bankruptcy or fraudulent conveyance laws, and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor
under Article 10 of the Indenture, this new Note Guarantee shall be 

  

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limited to the maximum amount permissible such that the obligations of such Guarantor under this Note Guarantee will not constitute a fraudulent transfer or
conveyance. 

  
 4. EXECUTION
AND DELIVERY. Each Guaranteeing Subsidiary agrees that the Note Guarantees shall remain in full force and effect notwithstanding any failure to endorse on each Note a notation of such Note Guarantee. 
  
 5. GUARANTEEING SUBSIDIARY MAY
CONSOLIDATE, ETC. ON CERTAIN TERMS. 
  

	 	(a)	Each Guaranteeing Subsidiary may not sell or otherwise dispose of all substantially all of its assets to, or consolidate with or merge with or into (whether or not such Guarantor is
the surviving Person) another Person, other than NewMarket or another Guarantor unless: 

  

	 	(i)	immediately after giving effect to such transaction, no Default or Event of Default exists; and 

  

	 	(ii)	either (A) subject to Sections 10.04 and 10.05 of the Indenture, the Person acquiring the property in any such sale or disposition or the Person formed by or surviving any such
consolidation or merger unconditionally assumes all the obligations of that Guarantor, pursuant to a supplemental indenture in form and substance reasonably satisfactory to the Trustee, under the Notes, the Indenture and the Note Guarantee on the
terms set forth herein or therein; or (B) the Net Proceeds of such sale or other disposition are applied in accordance with the applicable provisions of the Indenture, including without limitation, Section 4.10 thereof. 

  

	 	(b)	In case of any such consolidation, merger, sale or conveyance and upon the assumption by the successor Person, by supplemental indenture, executed and delivered to the Trustee and
satisfactory in form to the Trustee, of the Note Guarantee endorsed upon the Notes and the due and punctual performance of all of the covenants and conditions of the Indenture to be performed by the Guarantor, such successor Person shall succeed to
and be substituted for the Guarantor with the same effect as if it had been named herein as a Guarantor. Such successor Person thereupon may cause to be signed any or all of the Note Guarantees to be endorsed upon all of the Notes issuable under the
Indenture which theretofore shall not have been signed by NewMarket and delivered to the Trustee. All the Note Guarantees so issued shall in all respects have the same legal rank and benefit under the Indenture as the Note Guarantees theretofore and
thereafter issued in accordance with the terms of the Indenture as though all of such Note Guarantees had been issued at the date of the execution hereof. 

  

	 	(c)	 Except as set forth in Articles 4 and 5 and Section 10.05 of Article 10 of the Indenture, and notwithstanding clauses (a) and (b) above, nothing contained in the
Indenture or in any of the Notes shall prevent any consolidation or merger of a Guarantor with or into NewMarket or another Guarantor, or shall prevent any sale 

  

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or conveyance of the property of a Guarantor as an entirety or substantially as an entirety to NewMarket or another Guarantor. 

 
 6. RELEASES. 
  

	 	(a)	In the event of any sale or other disposition of all or substantially all of the assets of any Guarantor, by way of merger, consolidation or otherwise, or a sale or other
disposition of all of the capital stock of any Guarantor, in each case to a Person that is not (either before or after giving effect to such transaction) a Restricted Subsidiary of NewMarket, then such Guarantor (in the event of a sale or other
disposition, by way of merger, consolidation or otherwise, of all of the capital stock of such Guarantor) or the corporation acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such
Guarantor) will be released and relieved of any obligations under its Note Guarantee; provided that the Net Proceeds of such sale or other disposition are applied in accordance with the applicable provisions of the Indenture, including
without limitation Section 4.10 of the Indenture. Upon delivery by NewMarket to the Trustee of an Officers’ Certificate and an Opinion of Counsel to the effect that such sale or other disposition was made by NewMarket in accordance with the
provisions of the Indenture, including without limitation Section 4.10 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of any Guarantor from its obligations under its Note Guarantee.

  

	 	(b)	Any Guarantor not released from its obligations under its Note Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other
obligations of any Guarantor under the Indenture as provided in Article 10 of the Indenture. 

  
 7. NO RECOURSE AGAINST OTHERS. No past, present or future director, officer, employee,
incorporator, stockholder, member or agent of the Guaranteeing Subsidiary, as such, shall have any liability for any obligations of NewMarket or any Guaranteeing Subsidiary under the Notes, any Note Guarantees, the Indenture or this Supplemental
Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of the Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for
issuance of the Notes. Such waiver may not be effective to waive liabilities under the federal securities laws and it is the view of the SEC that such a waiver is against public policy. 
  
 8. NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL
INDENTURE BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
  

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 9. COUNTERPARTS. The parties may sign any number of copies of this Supplemental Indenture.
Each signed copy shall be an original, but all of them together represent the same agreement. 
  
 10. EFFECT OF HEADINGS. The Section headings herein are for convenience only and shall not affect the construction hereof. 
  
 11. THE TRUSTEE. The Trustee shall not be
responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiaries and
NewMarket. 
  
 [Signature pages follow] 
  

 7 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed, all
as of the date first above written. 
  

			
	AFTON CHEMICAL ASIA PACIFIC LLC
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

			
	AFTON CHEMICAL CANADA HOLDINGS, INC.
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

			
	AFTON CHEMICAL INTANGIBLES LLC
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

 8 

			
	ETHYL ASIA PACIFIC LLC
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

			
	NEWMARKET CORPORATION
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

			
	NEWMARKET SERVICES CORPORATION
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

			
	ETHYL CORPORATION
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

			
	ETHYL ASIA PACIFIC COMPANY
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

 9 

			
	ETHYL EXPORT CORPORATION
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

	
	ETHYL INTERAMERICA CORPORATION
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

	
	ETHYL VENTURES, INC.
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

	
	INTERAMERICA TERMINALS CORPORATION
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

	
	THE EDWIN COOPER CORPORATION
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

	
	ETHYL ADDITIVES CORPORATION
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

 10 

			
	ETHYL PETROLEUM ADDITIVES, INC.
		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

  

			
	ETHYL CANADA HOLDINGS, INC.
		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

  

			
	ETHYL JAPAN HOLDINGS, INC.
		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

  
  

			
	ETHYL EUROPE SPRL
		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

  

			
	AFTON CHEMICAL INDÚSTRIA DE ADITIVOS LTDA.
		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

  

			
	ETHYL ADMINISTRATION GMBH
		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

  

 11 

			
	ETHYL SERVICES GMBH
		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	 as Trustee

		
	 By:
	 	 
	 	 	 Authorized Signatory

  

 12Indemnification Agreement

 Exhibit 10.5 
  
 INDEMNIFICATION AGREEMENT 
  
 THIS INDEMNIFICATION AGREEMENT (this “Agreement”) is entered into as of July 1, 2004, by and among NewMarket Corporation, a Virginia corporation
(“NewMarket”), Ethyl Corporation, a Virginia corporation and wholly-owned subsidiary of NewMarket (“Ethyl”), and Afton Chemical Corporation, a Delaware corporation and wholly-owned subsidiary of NewMarket formerly known as Ethyl
Petroleum Additives, Inc. (“Afton”). 
  
 RECITALS

  
 WHEREAS, the Board of Directors of Ethyl determined that
it is in the best interests of Ethyl and its shareholders that Ethyl establish a holding company structure for Ethyl; and 
  
 WHEREAS, pursuant to the Agreement and Plan of Merger, dated as of March 5, 2004, by and among Ethyl, NewMarket, and Ethyl Merger Sub, Inc., NewMarket
became the holding company for Ethyl effective as of June 18, 2004 (the “Holding Company Formation”); and 
  
 WHEREAS, the Board of Directors of Ethyl determined that it is in the best interests of Ethyl and its shareholders that, following the effectiveness of
the Holding Company Formation, Ethyl effect an internal restructuring to better align its lines of businesses among its subsidiaries (the “Internal Reorganization”); and 
  
 WHEREAS, Ethyl completed the Internal Reorganization effective as of July 1, 2004 at 12:01 a.m., Eastern Daylight Time, as
the result of which Ethyl and Afton are each direct wholly-owned subsidiaries of NewMarket; and 
  
 WHEREAS, the parties desire to enter into this Agreement to set forth their agreement regarding indemnification with respect to Liabilities arising out of
or in any way relating to, in whole or in part, their respective businesses and operations or the ownership or use of assets or property in connection therewith. 
  
 AGREEMENTS 
  
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, New Market, Ethyl and Afton, for
themselves and their successors and assigns, hereby agree as follows: 
  
 ARTICLE I 
 DEFINITIONS 
  

	1.1.	Definitions. 

  
 As used in this Agreement, the following terms will have the following meanings, applicable both to the singular and the plural forms of the terms
described: 
  
 “Action” means any claim, suit, action,
arbitration, inquiry, investigation or other proceeding of any nature (whether criminal, civil, legislative, administrative, regulatory, prosecutorial or otherwise) by or before any arbitrator or Governmental Entity. 
  

 “Afton” has the meaning ascribed thereto in the preamble hereto. 
  
 “Afton Entities” means Afton and its Subsidiaries whether existing
on the Internal Reorganization Date or thereafter created or acquired by Afton or any of its Subsidiaries. 
  
 “Afton Entity” shall mean any of the Afton Entities. 
  
 “Afton Entity Liabilities” means all Liabilities, whether arising before, at or after the Internal Reorganization Date, (i) of or in any way
relating, in whole or in part, to any Afton Entity or (ii) arising from the conduct of, in connection with or in any way relating to, in whole or in part, the businesses and operations of the Afton Entities or the ownership or use of assets or
property in connection therewith, including without limitation, the sale or distribution of MMT, the Sauget, Illinois Plant or the Feluy, Belgium Plant. Notwithstanding the foregoing, “Afton Entity Liabilities” shall exclude all
Liabilities directly, indirectly or derivatively based on, arising out of or in any way relating to, in whole or in part, the businesses and operations of the Ethyl Entities or the ownership or use of assets or property in connection therewith,
whether arising before, at or after the Internal Reorganization Date. 
  
 “Afton Indemnitee” has the meaning ascribed thereto in Section 2.2. 
  
 “Agreement” has the meaning ascribed thereto in the preamble hereto, as such agreement may be amended and supplemented from time to time in accordance with its terms. 
  
 “Internal Reorganization Date” means July 1, 2004. 
  
 “Ethyl” has the meaning ascribed thereto in the preamble hereto.

  
 “Ethyl Entities” means Ethyl and its Subsidiaries
whether existing on the Internal Reorganization Date or thereafter created or acquired by Ethyl or any of its Subsidiaries. 
  
 “Ethyl Entity” shall mean any of the Ethyl Entities. 
  
 “Ethyl Entity Liabilities” means all Liabilities, whether arising before, at or after the Internal Reorganization Date, (i) of or in any way
relating, in whole or in part, to any Ethyl Entity or (ii) arising from the conduct of, in connection with or in any way relating to, in whole or in part, the businesses and operations of the Ethyl Entities or the ownership or use of assets or
property in connection therewith, including without limitation, the sale or distribution of TEL, the Houston, Texas Plant, the Baton Rouge, Louisiana Plant or the Sarnia, Canada Plant. Notwithstanding the foregoing, “Ethyl Entity
Liabilities” shall exclude all Liabilities directly, indirectly or derivatively based on, arising out of or in any way relating to, in whole or in part, the businesses and operations of the Afton Entities or the ownership or use of assets or
property in connection therewith, whether arising before, at or after the Internal Reorganization Date. 
  
 “Ethyl Indemnitee” has the meaning ascribed thereto in Section 2.1. 
  

 2 

 “Finally Determined” means, with respect to any Action, threatened Action or other matter, that
the outcome or resolution of that Action, threatened Action or matter has either (i) been decided by an arbitrator or Governmental Entity of competent jurisdiction by judgment, order, award or other ruling or (ii) has been settled or voluntarily
dismissed and, in the case of each of clauses (i) and (ii), the claimants’ rights to maintain that Action, threatened Action or other matter have been finally adjudicated, waived, discharged or extinguished, and that judgment, order, ruling,
award, settlement or dismissal (whether mandatory or voluntary, but if voluntary that dismissal must be final, binding and with prejudice as to all claims specifically pleaded in that Action) is subject to no further appeal, vacatur proceeding or
discretionary review. 
  
 “Governmental Entity” means
any government or any state, department or other political subdivision thereof, or any governmental body, agency, authority (including, but not limited to, any central bank or taxing authority) or instrumentality (including, but not limited to, any
court, tribunal or grand jury) exercising executive, prosecutorial, legislative, judicial, regulatory or administrative functions of or pertaining to government. 
  
 “Holding Company Formation” has the meaning ascribed thereto in the recitals to this Agreement. 
  
 “Internal Reorganization” has the meaning ascribed thereto in the
recitals to this Agreement. 
  
 “Indemnified Party” has
the meaning ascribed thereto in Section 2.4. 
  
 “Liabilities” means any and all claims, debts, liabilities, assessments, fines, penalties, damages, losses, disgorgements and obligations, of any kind, character or description (whether absolute, contingent, matured, not matured,
liquidated, unliquidated, accrued, known, unknown, direct, indirect, derivative or otherwise) whenever arising, including, but not limited to, all costs and expenses relating thereto (including, but not limited to, all expenses of investigation, all
attorneys’ fees and all out-of-pocket expenses in connection with any Action or threatened Action). 
  
 “NewMarket” has the meaning ascribed thereto in the recitals to this Agreement. 
  
 “NewMarket Entities” means NewMarket and its Subsidiaries, other than Ethyl and its Subsidiaries and Afton and its
Subsidiaries, whether existing on the Internal Reorganization Date or thereafter created or acquired by NewMarket or any of its Subsidiaries, other than Ethyl and its Subsidiaries and Afton and its Subsidiaries. 
  
 “NewMarket Entity” shall mean any of the NewMarket Entities.

  
 “New Market Indemnitee” has the meaning ascribed
thereto in Section 2.1. 
  
 “Person” means any
individual, partnership, limited liability company, joint venture, corporation, trust, unincorporated organization, government (and any department or agency thereof) or other entity. 
  

 3 

 “Subsidiary” means, as to any Person, any corporation, association, partnership, joint venture
or other business entity of which the power to direct the vote of the majority of the votes that may be cast in the election of directors (or other Persons acting in similar capacities) is held or controlled, directly or indirectly, by such Person
or by one or more of the Subsidiaries of such Person or by a combination thereof. “Subsidiary,” when used with respect to Ethyl or Afton, shall also include any other entity affiliated with NewMarket, Ethyl or Afton, as the case may be,
that NewMarket, Ethyl and Afton may hereafter agree in writing shall be treated as a “Subsidiary” for the purposes of this Agreement. 
  
 “Third-Party Claim” has the meaning ascribed thereto in Section 2.5. 
  

	1.2.	Internal References. 

  
 Unless the context indicates otherwise, references to Articles, Sections and paragraphs shall refer to the corresponding articles, sections and paragraphs
in this Agreement and references to the parties shall mean the parties to this Agreement. 
  
 ARTICLE II 
 INDEMNIFICATION 
  

	2.1.	Afton Indemnification of the NewMarket Entities and Ethyl Entities. 

  
 Subject to Section 2.3, on and after the Internal Reorganization Date, Afton shall indemnify and hold harmless each NewMarket Entity and its
respective directors, officers and employees (each, a “NewMarket Indemnitee”) and each Ethyl Entity and its respective directors, officers and employees (each, an “Ethyl Indemnitee”) from and against any and all Liabilities
incurred or suffered by any Ethyl Indemnitee or NewMarket Indemnitee arising out of either (i) any and all Afton Entity Liabilities or (ii) the breach by any Afton Entity of any obligation under this Agreement. 
  

	2.2.	Ethyl Indemnification of the NewMarket and Afton Entities. 

  
 Subject to Section 2.3, on and after the Internal Reorganization Date, Ethyl shall indemnify and hold harmless each NewMarket Indemnitee and each
Afton Entity and their respective directors, officers and employees (each, an “Afton Indemnitee”) from and against any and all Liabilities incurred or suffered by any Afton Indemnitee or NewMarket Indemnitee arising out of either (i) any
and all Ethyl Entity Liabilities or (ii) the breach by any Ethyl Entity of any obligation under this Agreement. 
  

	2.3.	Third-Party Rights; Tax and Insurance Benefits. 

  
 Any indemnification pursuant to Section 2.1 or Section 2.2 shall be paid net of any tax or insurance benefit to the Indemnified Party
attributable to the relevant payment. It is expressly agreed that no insurer or any other third party shall be (i) entitled to a benefit (as a third-party beneficiary or otherwise) that it would not be entitled to receive in the absence of
Section 2.1 or Section 2.2, (ii) relieved of the responsibility to pay any claims to which it is obligated or (iii) entitled to any subrogation rights with respect to any obligation under Section 2.1 or Section
2.2. 
  

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	2.4.	Notice and Payment of Claims. 

  
 If any NewMarket Indemnitee, Ethyl Indemnitee or Afton Indemnitee (the “Indemnified Party”) determines that it is or may be entitled to
indemnification by any party (the “Indemnifying Party”) under Article II of this Agreement (other than in connection with any Action subject to Section 2.5), the Indemnified Party shall deliver to the Indemnifying Party a
written notice specifying, to the extent reasonably practicable, the basis for its claim for indemnification and the amount for which the Indemnified Party reasonably believes it is entitled to be indemnified. Within 30 days after receipt of that
notice, the Indemnifying Party shall pay the Indemnified Party that amount in cash or other immediately available funds unless the Indemnifying Party objects to the claim for indemnification or the amount of the claim. If the Indemnifying Party does
not give the Indemnified Party written notice objecting to that indemnity claim and setting forth the grounds for the objection(s) within that 30-day period, the Indemnifying Party shall be deemed to have acknowledged its liability for that claim
and the Indemnified Party may exercise any and all of its rights under applicable law to collect that amount. If there is a timely objection by the Indemnifying Party, the Indemnifying Party shall pay to the Indemnified Party in cash the amount, if
any, that is Finally Determined to be required to be paid by the Indemnifying Party in respect of that indemnity claim within 15 days after that indemnity claim has been so Finally Determined. 
  

	2.5.	Notice and Defense of Third-Party Claims. 

  
 Promptly after the earlier of receipt of (i) notice that a third party has commenced an Action against or otherwise involving any Indemnified Party or
(ii) information from a third party alleging the existence of a claim against an Indemnified Party, in either case, with respect to which indemnification may be sought under Article II of this Agreement (a “Third-Party Claim”), the
Indemnified Party shall give the Indemnifying Party written notice of the Third-Party Claim. The failure of the Indemnified Party to give notice as provided in this Section 2.5 shall not relieve the Indemnifying Party of its
obligations under this Agreement, except to the extent that the Indemnifying Party is prejudiced by the failure to give notice. Within 30 days after receipt of that notice, the Indemnifying Party may (i) at its option, elect to assume and control
the defense of that Third-Party Claim at its sole cost and expense by giving written notice to that effect to the Indemnified Party, or (ii) object to the claim for indemnification set forth in the notice delivered by the Indemnified Party pursuant
to the first sentence of this Section 2.5; provided, that if the Indemnifying Party does not within that 30-day period give the Indemnified Party written notice objecting to that indemnification claim and setting forth the grounds for
the objection(s), the Indemnifying Party shall be deemed to have acknowledged its liability for that indemnification claim. If the Indemnifying Party has acknowledged liability and elected to assume the defense of a Third-Party Claim, (x) the
defense shall be conducted by counsel retained by the Indemnifying Party and reasonably satisfactory to the Indemnified Party, provided that the Indemnified Party shall have the right to participate in those proceedings and to be represented by
counsel of its own choosing at the Indemnified Party’s sole cost and expense; and (y) the Indemnifying Party may settle or compromise the Third-Party Claim without the prior written consent of the Indemnified Party so long as any settlement or
compromise of the Third-Party Claim includes an unconditional release of the Indemnified Party from all claims that are the subject of that Third-Party Claim; provided, that the Indemnifying Party may not agree to any such settlement or
compromise pursuant to which any remedy or relief, other than 

  

 5 

 
monetary damages for which the Indemnifying Party shall be responsible under this Agreement, shall be applied to or against the Indemnified Party, without
the prior written consent of the Indemnified Party, which consent shall not be unreasonably withheld. If the Indemnifying Party does not assume the defense of a Third-Party Claim for which it has acknowledged liability for indemnification hereunder,
the Indemnified Party will act in good faith with respect to that Third-Party Claim and may require the Indemnifying Party to reimburse it on a current basis for its reasonable expenses of investigation, reasonable attorney’s fees and
reasonable out-of-pocket expenses incurred in investigating and defending against that Third-Party Claim and the Indemnifying Party shall be bound by the result obtained with respect to that claim by the Indemnified Party; provided, that the
Indemnifying Party shall not be liable for any settlement or compromise of any Third-Party Claim effected without its consent, which consent shall not be unreasonably withheld. The Indemnifying Party shall pay to the Indemnified Party in cash the
amount, if any, for which the Indemnified Party is entitled to be indemnified under this Agreement within 15 days after that Third-Party Claim has been Finally Determined. 
  

	2.6.	Contribution. 

  
 If for any reason the indemnification provided for in Section 2.1 or 2.2 is unavailable to any Indemnified Party, or insufficient to hold it
harmless, then the Indemnifying Party shall contribute to the amount paid or payable by that Indemnified Party as a result of those Liabilities in that proportion as is appropriate to reflect the relative fault of the Indemnifying Party, on the one
hand, and the Indemnified Party, on the other hand, in connection with those statements or omissions, which relative fault shall be determined by reference to the Ethyl Entity or Afton Entity or NewMarket Entity to which those actions, conduct,
statements or omissions are primarily related, as well as any other relevant equitable considerations. 
  
 ARTICLE III 
 MISCELLANEOUS 
  

	3.1.	Limitation of Liability. 

  
 None of the parties hereto shall be liable to any of the remaining parties for any special, indirect, incidental or consequential damages arising pursuant
to this Agreement. 
  

	3.2.	Subsidiaries. 

  
 Ethyl agrees and acknowledges that Ethyl shall be responsible for the performance by each Ethyl Entity of the obligations hereunder applicable to such
Ethyl Entity. Afton agrees and acknowledges that Afton shall be responsible for the performance by each Afton Entity of the obligations hereunder applicable to such Afton Entity. 
  

	3.3.	Amendments. 

  
 This Agreement may not be amended or terminated orally, but only by a writing duly executed by or on behalf of the parties hereto. Any such amendment
shall be validly and sufficiently authorized for purposes of this Agreement if it is signed on behalf of NewMarket, Ethyl and Afton by any of their respective presidents or vice presidents. 
  

 6 

	3.4.	Severability. 

  
 If any provision of this Agreement or the application of any such provision to any party or circumstances shall be determined by any court of competent
jurisdiction to be invalid, illegal or unenforceable to any extent, the remainder of this Agreement or such provision of the application of such provision to such party or circumstances, other than those to which it is so determined to be invalid,
illegal or unenforceable, shall remain in full force and effect to the fullest extent permitted by law and shall not be affected thereby, unless such a construction would be unreasonable. 
  

	3.5.	Notices. 

  
 All notices and other communications required or permitted hereunder shall be in writing, shall be deemed duly given upon actual receipt, and shall be
delivered (a) in person, (b) by registered or certified mail, postage prepaid, return receipt requested or (c) by facsimile or other generally accepted means of electronic transmission (provided that a copy of any notice delivered pursuant to this
clause (c) shall also be sent pursuant to clause (b)), addressed as follows: 
  

	 	(a)	if to NewMarket, to: 

  
 NewMarket Corporation 
 330 South Fourth
Street 
 Richmond, Virginia 23219 
 Attention: General Counsel 
 With a copy to: Corporate Secretary 
  

	 	(b)	if to Ethyl, to: 

 Ethyl Corporation 
 330 South Fourth Street 
 Richmond, Virginia
23219 
 Attention: President 
 With a copy to: Secretary 
  

	 	(c)	if to Afton, to: 

 Afton Chemical Corporation 

330 South Fourth Street 
 Richmond,
Virginia 23219 
 Attention: President 
 With a copy to: Secretary 
  
 or to such other addresses or telecopy
numbers as may be specified by like notice to the other parties. 
  

 7 

	3.6.	Further Assurances. 

  
 Ethyl, Afton and NewMarket shall execute, acknowledge and deliver, or cause to be executed, acknowledged and delivered, such instruments and take such
other action as may be necessary or advisable to carry out their obligations under this Agreement and under any exhibit, document or other instrument delivered pursuant hereto. 
  

	3.7.	Counterparts. 

  
 This Agreement may be executed in any number of counterparts, each of which shall be deemed an original instrument, but all of which together shall
constitute but one and the same agreement. 
  

	3.8.	Governing Law. 

  
 This Agreement and the transactions contemplated hereby shall be construed in accordance with, and governed by, the laws of the Commonwealth of Virginia.

  

	3.9.	Entire Agreement. 

  
 This Agreement constitutes the entire understanding of the parties hereto with respect to the subject matter hereof. 
  

	3.10.	Successors. 

  
 Except as specifically provided in this Agreement, the parties hereto may not assign any of their rights or obligations under this Agreement. This
Agreement shall be binding upon, and shall inure to the benefit of, the parties hereto and their respective successors and permitted assigns. Nothing contained in this Agreement, express or implied, is intended to confer upon any other person or
entity any benefits, rights or remedies, including any shareholder of any party hereto. 
  
 [Signature page follows] 
  

 8 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement the day and year first above
written. 
  

			
	NEWMARKET CORPORATION
		
	By:	 	 /s/ T. E. Gottwald

	 	 	 Name:

	 	 	 Title:

  

			
	ETHYL CORPORATION
		
	By:	 	 /s/ Russell L. Gottwald

	 	 	 Name:

	 	 	 Title:

  

			
	AFTON CHEMICAL CORPORATION
		
	By:	 	 /s/ C. S. Warren Huang

	 	 	 Name:

	 	 	 Title:

  

 9

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