Document:

Form of Change-in-Control Agreement

 Exhibit 10(d) 
 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 employment shall be for Cause as set forth in clause (b) above until (x) there shall have been

  

 2 

 
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 ownership of stock in
the Company immediately prior to such acquisition (hereinafter referred to as “Related Persons”). 
  

 3 

 (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; 
 (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

  

 4 

 
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 10 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 
 (b) any Person other than a Related Person, 
  

 5 

 (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) 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

  

 6 

 
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 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

  

 7 

 
Executive’s portion 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             -month 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.
Excise Tax Payments. 
 (a) Notwithstanding anything contained in this Agreement to the contrary and without regard to
whether the Executive’s employment with the Company has terminated, in the event that any payment or benefit (within the meaning of Code Section 280G(b) (2)), to the Executive or for his benefit, whether paid or payable or distributed or
distributable pursuant to the terms of this Agreement or otherwise in connection with, or arising out of, his employment with the Company or a change in ownership or effective control of the Company or of a substantial portion of its assets (a
“Payment” or “Payments”), would be subject to the excise tax imposed by Section 4999 of the Code or any interest or penalties are incurred by the Executive with respect to such excise tax (such excise tax, together with any
such interest and penalties, are hereinafter collectively referred to as the “Excise Tax”), then the Executive shall be entitled to receive an additional payment (a “Gross-Up Payment”) in an amount such that after payment by the
Executive of all taxes (including any interest or penalties imposed with respect to such taxes and the Excise Tax), including any Excise Tax, imposed upon the Gross-Up Payment, the Executive retains an amount of the Gross-Up Payment equal to the
Excise Tax imposed upon the Payments; provided, however, if the Executive’s Payments do not exceed 105% of the largest amount that would result in no portion of the Payments being subject to the Excise Tax (the “Safe Harbor Amount”),
then this subsection (a) shall not apply and the Payments shall be reduced so that the amount of the Payments shall be equal to the Safe Harbor Amount, provided, further, that the Executive shall elect which non-cash or cash Payments shall be
reduced so that the Payments equal the Safe Harbor Amount. 
 (b) An initial determination as to whether a Gross-Up Payment is
required pursuant to this Section 6 and the amount of such Gross-Up Payment shall be made by an accounting firm selected by the Company and reasonably acceptable to the Executive which is designated one of the four largest accounting firms in
the United States (the “Accounting Firm”). The Accounting Firm shall provide its determination (the “Determination”), together with detailed supporting calculations and documentation to the Company and the Executive within five
days of the Termination Date if applicable, or such other time as requested by the Company or by the Executive (provided the Executive reasonably believes that any of the Payments may be subject to the Excise Tax) and if the Accounting Firm
determines that no Excise Tax is payable by the Executive with respect to a Payment or Payments, it shall furnish the Executive with a substantial authority opinion reasonably acceptable to the Executive that no Excise Tax will be imposed with
respect to any such Payment or Payments. Within fifteen (15) days of the delivery of the Determination to the Executive, the Executive shall have the right to dispute the Determination (the “Dispute”) and in the event of such Dispute,
the Executive and the Company shall in good faith discuss a resolution of the Dispute. The Gross-Up Payment, if any, as determined pursuant to this Section 6(b) shall be paid by the Company to the Executive within fifteen (15) days of the
receipt of the Accounting Firm’s determination or, subject to Executive’s approval, all or a portion of the Gross-Up Payment may be paid directly to the appropriate tax authorities. The existence of the Dispute (and any discussions to
resolve the

  

 11 

 
Dispute) shall not in any way affect the right of the Executive to receive the Gross-Up Payment in accordance with the Determination. If there is no Dispute, the Determination shall be binding,
final and conclusive upon the Company and the Executive subject to the application of Section 6(c). 
 (c) As a result of
the uncertainty in the application of Sections 4999 and 280G of the Code, it is possible that a Gross-Up Payment (or a portion thereof) will be paid which should not have been paid (an “Excess Payment”) or a Gross-Up Payment (or a portion
thereof) which should have been paid will not have been paid (an “Underpayment”). An Underpayment shall be deemed to have occurred (1) upon notice (formal or informal) to the Executive from any governmental taxing authority that the
tax liability of the Executive (whether in respect of the then current taxable year of the Executive or in respect of any prior taxable year of the Executive) may be increased by reason of the imposition of the Excise Tax on a Payment or Payments
with respect to which the Company has failed to make a sufficient Gross-Up Payment, (2) upon a determination by a court imposing the Excise Tax on a Payment or Payments with respect to which the Company has failed to make a sufficient Gross-Up
Payment, (3) by reason of a determination by the Company (which shall include the position taken by the Company, or together with its consolidated group, on its federal income tax return) or (4) upon the resolution to the satisfaction of
the Executive of the Dispute. If an Underpayment occurs, the Executive shall promptly notify the Company and the Company shall pay to the Executive at least fifteen (15) days prior to the date on which the applicable government taxing authority
has requested payment, an additional Gross-Up Payment equal to the amount of the Underpayment plus any interest and penalties (other than interest and penalties imposed by reason of a failure to file timely a tax return or pay taxes shown due on a
return) imposed on the Underpayment. An Excess Payment shall be deemed to have occurred upon a “Final Determination” (as hereinafter defined) that the Excise Tax shall not be imposed upon a Payment or Payments with respect to which the
Executive had previously received a Gross-Up Payment. A Final Determination shall be deemed to have occurred when the Executive has received from the applicable government taxing authority a refund of taxes or other reduction in his tax liability by
reason of the Excess Payment and upon either (i) the date a determination is made by, or an agreement is entered into with, the applicable governmental taxable authority which finally and conclusively binds the Executive and such taxing
authority, or in the event that a claim is brought before a court of competent jurisdiction, the date upon which a final determination has been made by such court and either all appeals have been taken and finally resolved or the time for all
appeals has expired or (ii) the statute of limitations with respect to the Executive’s applicable tax return has expired. If an Excess Payment is determined to have been made, the amount of the Excess Payment shall be treated as a loan by
the Company to the Executive and the Executive shall pay to the Company within 15 days following demand (but not less than 30 days after the determination of such Excess Payment) the amount of the Excess Payment plus interest at an annual rate equal
to the rate provided for in Section 1274(b)(2)(B) of the Code from the date the Gross-Up Payment (to which the Excess Payment relates) was paid to the Executive until the date of repayment to the Company. 
 Executive shall promptly notify the Company in writing of any written communication with any governmental taxing authority relating to the Excise Tax. The
Company shall be entitled, at its sole cost and expense, to contest the imposition of the Excise Tax on Executive’s behalf

  

 12 

 
(including filing a claim for refund of the Excise Tax) and Executive shall cooperate with the Company in good faith in connection with any such contest or proceeding. The Company’s election
to contest the Excise Tax shall not affect its obligation to pay to Executive or on his behalf an additional Gross-Up Payment with respect to an Underpayment pursuant to this subsection (c). Any refund of taxes or other reduction in Executive’s
tax liability arising from any such contest by the Company shall be treated as an Excess Payment under this subsection (c). 
 (d) Notwithstanding anything contained in this Agreement to the contrary, in the event that, according to the Determination, an Excise Tax will be imposed on any Payment or Payments, the Company shall pay to the applicable government taxing
authorities as Excise Tax withholding, the amount of the Excise Tax that the Company has actually withheld from the Payment or Payments. 
 (e) The Executive and the Company shall each provide the Accounting Firm access to and copies of any books, records and documents in the possession of the Company or the Executive, as the case may be,
reasonably requested by the Accounting Firm, and otherwise cooperate with the Accounting Firm in connection with the preparation and issuance of the Determination contemplated by subsection (b) hereof. 
 (f) The fees and expenses of the Accounting Firm for its services in connection with the Determination and the calculations contemplated by
this Section 6 shall be paid by the Company. 
 7. 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 7) 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 7 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. 
  

 13 

 8. 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 8 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 8,
“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. 
 As used in this Section 8, “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 8, “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

  

 14 

 
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.

 9. 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 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. 
 10. 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. 
  

 15 

 11. 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. 
 12. 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 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. 
 13. 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. 
 14.
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. 
 15. 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

  

 16 

 
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. 
 16. 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 covered by any policy of directors and officers liability insurance maintained by the Company for the benefit of its then officers and directors. 
 17. 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. 
 18.
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. 
 19. 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. 
  

 17 

 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]

  

 18 

 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 

 

 19Form of Severance Agreement

 Exhibit 10(e) 
 SEVERANCE AGREEMENT 
 THIS AGREEMENT (the
“Agreement”), made and entered into as of this      day of                     ,
            , by and between Zep Inc., a Delaware corporation (the “Company”), and
                             (the “Executive”). 
 WITNESSETH: 
 WHEREAS, Executive is a key employee of the Company and an integral part of the Company’s management; and 
 WHEREAS, the Company desires to provide Executive with certain benefits if Executive’s employment is terminated involuntarily under certain circumstances; 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 
 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; provided, further, that in the event of a Change in Control (as defined in Section 2.3 below), the Term of this Agreement shall not expire prior to the expiration of
three (3) years after the occurrence of a Change in Control. 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. 
 As of the date hereof, this Agreement is intended to, and shall, supersede and replace in its entirety any prior severance agreement and the
severance obligations contained in any employment letter agreement between Executive and the Company (or a predecessor to the Company). 
 2. DEFINITIONS. For purposes of this Agreement, the following terms shall have the meanings specified below: 
  

	 1 
	 Executive’s Initials:          

 2.1 “Board” or “Board of Directors”. The Board of
Directors of Zep Inc., or its successor. 
 2.2 “Cause”. The involuntary termination of Executive by the
Company for the following reasons shall constitute a termination for Cause: 
 a. If termination shall have been the result of
an act or acts by the Executive which have been found in an applicable court of law to constitute a felony (other than traffic-related offenses); 
 b. If termination shall have been the result of an act or acts by the Executive which are determined in the good faith judgment of the Company to be in violation of law or of written policies of the
Company and which result in material injury to the Company; 
 c. If termination shall have been the result of an act or acts
of dishonesty by the Executive resulting or intended to result directly or indirectly in gain or personal enrichment to the Executive at the expense of the Company; or 
 d. Upon the continued failure by the Executive substantially to perform the duties reasonably assigned to Executive given Executive’s training and experience (other than any such failure resulting
from incapacity due to mental or physical illness not constituting a Disability, as defined herein), after a demand in writing for substantial performance of such duties is delivered by the Company, which demand specifically identifies the manner in
which the Company believes that the Executive has not substantially performed his duties, and such failure results in material injury to the Company. 
 If Executive’s employment is terminated for any reason, the supervising executive to whom Executive directly reports (the “Supervising Executive”) shall make an initial determination
whether or not the termination was for Cause. If the Supervising Executive determines that the termination was for Cause, then, within ten (10) days of such termination, the Company shall provide written notice to the Executive indicating that
the termination was for Cause and noting that benefits will not be made available to the Executive pursuant to this Agreement. 
 2.3 “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, as defined herein) 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 
  

	 2 
	 Executive’s Initials:          

 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 2.3 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
ownership of stock in the Company immediately prior to such acquisition. 
 2.4 “Change in Control Agreement”.
An agreement between Executive and the Company providing for the payment of compensation and benefits to Executive in the event of Executive’s termination of employment under certain circumstances following a “change in control” of
the Company (as defined in such agreement). 
 2.5 “Company”. Zep Inc., a Delaware corporation, or any
successor to its business and/or assets. 
 2.6 “Date of Termination”. The date specified in the Notice of
Termination (which may be immediate) as the date upon which the Executive experiences a Termination of Employment. 
 2.7
“Disability”. Disability means the Executive: (a) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be
expected to last for a continuous period of not less than twelve (12) months; or (b) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a
continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering employees of the Company. Medical determination of
Disability may be made by either the Social Security Administration or by the provider of an accident or health plan covering employees of the Company provided that the definition of “disability” applied under such disability insurance
program complies with the requirements of the preceding sentence. Upon 
  

	 3 
	 Executive’s Initials:          

 
the request of the plan administrator, the Executive must submit proof to the Company of the Social Security Administration’s or the provider’s determination. 
 2.8 “Good Reason”. A “Good Reason” for termination by Executive of Executive’s employment with the Company
shall mean the occurrence during the Term after the occurrence of a Change in Control, without Executive’s express consent, of any of the following acts by the Company, or failures by the Company to act, and such act or failure to act has not
been corrected within thirty (30) days after written notice of such act, or failure to act, is given by Executive to the Company: 
 a. A material diminution in the Executive’s base compensation which is defined, for purposes of this paragraph, as base salary; 
 b. A material diminution in the Executive’s authority, duties, or responsibilities from those in effect immediately prior to the
Change in Control; 
 c. A material change in the geographic location at which the Executive must perform his services, which
is defined, for purposes of this paragraph, as requiring the Executive to be based more than 50 miles from the primary workplace where Executive was based immediately prior to the Change in Control; or 
 d. Any other action or inaction that constitutes a material breach by the Company of the agreement under which the Executive performs his
services. 
 In no event shall a termination by the Executive be deemed to constitute a termination for Good Reason unless the
Executive separates from service from the Company within two years of the initial existence of one of the events outlined in this Section 2.8. In addition, a termination by the Executive will only constitute a termination for Good Reason if the
Executive provides the Company with notice within ninety (90) days of the initial existence of one of the events outlined in this Section and the Company is provided thirty (30) days in which to remedy the event and not be required to pay
the amount due under this Agreement if the event is so remedied. 
 2.9 “Notice of Termination”. A written
notice from one party to the other party specifying the Date of Termination and setting forth in reasonable detail the facts and circumstances relating to the basis for termination of Executive’s employment. 
 2.10 “Section 409A”. Section 409A of the Code and the regulations and rulings thereunder. 
 2.11 “Severance Period”. A period equal to the lesser of
(i)             (    ) months from the Executive’s Date of Termination or (ii) the number of months (rounded to the nearest month) from the
Executive’s Date of Termination until the date he attains age 65. In no event shall the Severance Period extend beyond December 31st of the second calendar year following the Date of Termination. 
 2.12 “Termination of Employment”. With respect to the payment of all benefits under the Agreement, whether a
“termination of employment” takes place is determined 
  

	 4 
	 Executive’s Initials:          

 based upon the facts and circumstances surrounding the termination of the Executive’s employment and
upon 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: 
 a. 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 
 b. the Executive continues to provide services to the Company in a capacity other than as an employee 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). 
 For purposes of applying this
definition, 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). 
 3. SCOPE OF AGREEMENT 
 This Agreement provides for the payment of
compensation and benefits to Executive in the event his employment (i) is involuntarily terminated by the Company without Cause, or (ii) is terminated by Executive for Good Reason. If Executive is terminated by the Company for Cause, dies,
incurs a Disability or voluntarily terminates employment (other than for Good Reason), this Agreement shall terminate, and Executive shall be entitled to no payments of compensation or benefits pursuant to the terms of this Agreement; provided that
in such events, Executive will be entitled to whatever benefits are payable pursuant to the terms of any health, life insurance, disability, welfare, retirement, deferred compensation, or other plan or program maintained by the Company. 

If, as a result of Executive’s termination of employment, Executive becomes entitled to compensation and benefits under this
Agreement, under a Change in Control Agreement and/or under a policy 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 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 Section 4 herein 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. 
  

	 	4.	BENEFITS UPON INVOLUNTARY TERMINATION WITHOUT CAUSE BY THE COMPANY OR FOR GOOD REASON 

  

	 5 
	 Executive’s Initials:          

 If Executive’s employment is involuntarily terminated by the Company during the term of
this Agreement without Cause (and such termination does not arise as a result of Executive’s death or Disability), or if Executive terminates his employment with the Company for Good Reason, the Executive shall be entitled to the compensation
and benefits described below, provided that Executive, as described in Section 4.5, executes a valid release of claims in such form as may be required by the Company. In the event Executive is terminated without Cause or Executive terminates
his employment for Good Reason, the Company may, in its discretion and to provide equitable treatment, grant benefits to Executive in addition to those provided below in circumstances where Executive suffers a diminution of projected benefits as a
result of Executive’s termination prior to attainment of age 65, including without limitation, additional retirement benefits, provided that any such grant of additional benefits shall be consistent with the requirements of Code
Section 409A, and no such grant shall be made which would violate Code Section 409A and the regulations and rulings thereunder. 
 With the exception of the applicable COBRA premiums provided under Section 4.2 and the outplacement services provided in Section 4.3 of this Agreement, those payments described in this Article 4
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,
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 Date of Termination occurs shall be paid, on a ratable basis, not later than 2 1/2 months after the end of the year in which Date
of Termination occurs. 
 4.1 Severance Payment. Executive shall continue to receive an amount equal to
             (    ) months of his Base Salary (subject to withholding of all applicable taxes) for the entire Severance Period (as defined in
Section 2.11 above), payable in the same manner as it was being paid on his Date of Termination. 
 4.2 Health Care and
Life Insurance. The Company shall provide the following health care and life insurance benefits to the Executive: 
 a. 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 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 end of the Severance Period. 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 4.2(a); and 
  

	 6 
	 Executive’s Initials:          

 b. during the Severance Period or until such time as Executive obtains similar benefits as
the result of obtaining other employment, 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. 
 4.3 Outplacement Services. Executive will be provided with customary outplacement services by an outplacement firm selected by the
Company for the Severance Period, provided that the Company’s total cost for such services shall not exceed an amount equal to ten percent (10%) of Executive’s Base Salary. 
 4.4 Other Benefits. Except as expressly provided herein, all other fringe benefits provided to Executive as an active employee of the
Company shall cease on his Date of Termination, provided that any conversion or extension rights applicable to such benefits shall be made available to Executive at his Date of Termination or when such coverages otherwise cease at the end of the
Severance Period. Except as expressly provided herein, for all other plans sponsored by the Company, the Executive’s employment shall be treated as terminated on his Date of Termination, and Executive’s right to benefits shall be
determined under the terms of such plans; provided, however, in no event will Executive be entitled to severance payments or benefits under any other severance plan, policy, program or agreement of the Company, except to the extent Executive is
covered by a Change in Control Agreement. 
 4.5 Release of Claims. To be entitled to any of the compensation and
benefits described above in this Section 4, Executive shall sign a release of claims substantially in the form attached hereto as Exhibit A. No payments shall be made under this Section 4 until such release has been properly executed and
delivered to the Company and until the expiration of the revocation period, if any, provided under the release. If the release is not properly executed by the Executive and delivered to the Company within the reasonable time periods specified in the
release, the Company’s obligations under this Section 4 will terminate. 
 4.6 Nothing in this Agreement is intended
to provide for the deferral of compensation within the meaning of Code Section 409A. All payments hereunder are intended to satisfy 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), as may be amended. 
 5. CONFIDENTIALITY, NON-SOLICITATION AND NON-COMPETITION

 5.1 Purpose and Reasonableness of Provisions. Executive acknowledges that, prior to and during the Term of this
Agreement, the Company has furnished and will furnish to Executive Confidential Information and Trade Secrets (as defined in Sections 5.11(a) and 5.11(b) respectively) which could be used by a competitor of the Company to the Company’s
substantial detriment. Moreover, the parties recognize that Executive, during the course of his employment with the Company, has and will develop important relationships with customers and others having valuable business relationships with the
Company. In view of the foregoing, Executive acknowledges and agrees that the restrictive covenants contained in this Section 5 and Exhibit B to the Agreement are reasonably necessary to protect the Company’s legitimate business interests
and good will. 
  

	 7 
	 Executive’s Initials:          

 5.2 Proprietary Rights. All Confidential Information, Trade Secrets, and all physical
and electronic embodiments thereof are confidential and are and will remain the sole and exclusive property of the Company. The Executive must (1) immediately disclose to the Company all Confidential Information and Trade Secrets developed,
conceived, received or disclosed, in whole or in part, by or to the Executive while Employed by the Company; (2) assign to the Company any right, title, or interest Executive may have in such Confidential Information and Trade Secrets, and
(3) at the request and expense of the Company, do all things and sign all documents or instruments reasonably necessary in the opinion of the Company to eliminate any ambiguity as to the ownership by, and rights of, the Company in such
Confidential Information and Trade Secrets, including, without limitation, providing full cooperation in litigation and other proceedings to establish or protect such right. The Executive agrees that any copyright in the expression of such
Confidential Information or Trade Secrets shall be the property of the Company, and that any patent rights and any invention or novel devices or processes developed by the use of such Confidential Information or Trade Secrets shall be the exclusive
property of the Company. 
 5.3 Trade Secrets and Confidential Information. During the term of employment and for a
period of (i) four (4) years thereafter for Confidential Information that is not a trade secret under Georgia law or (ii) until the Confidential Information that is a trade secret under Georgia law ceases to qualify as such, Executive
agrees that he shall protect any such Confidential Information and shall not, except in connection with the performance of his remaining duties for the Company, disclose or otherwise copy, reproduce, use, distribute or otherwise disseminate any such
Confidential Information, or any physical embodiments thereof, to any person or entity. Executive further agrees that he shall not, except in connection with the performance of his remaining duties for the Company, disclose or otherwise copy,
reproduce, distribute or otherwise disseminate any Trade Secrets, or any physical embodiments thereof, to any person or entity. Executive will, in no event, take any action causing, or fail to take any action necessary in order to prevent any
Confidential Information or Trade Secrets disclosed to or developed by Executive to lose their character as such; provided, however, that Executive may make disclosures required by a valid order or subpoena issued by a court or administrative agency
of competent jurisdiction, in which event Executive will promptly notify the Company of such order or subpoena to provide the Company an opportunity to protect its interests. Executive’s obligations under this Section 5.3 shall survive any
expiration or termination of this Agreement, provided that Executive may after such expiration or termination disclose Confidential Information or Trade Secrets with the prior written consent of the Chief Executive Officer. 
 The Executive attests that, during his employment with the Company, he has not and will not offer, disclose or use on Executive’s own
behalf or on behalf of the Company, any information Executive received prior to employment by the Company, which was supplied to Executive confidentially or which Executive should reasonably know to be confidential, to any person, organization or
entity other than the Company without the written approval of such person, organization or entity. 
 Nothing contained herein
shall be in derogation or a limitation of the rights of the Company to enforce its rights or the duties of Executive under then applicable Georgia law

  

	 8 
	 Executive’s Initials:          

 relating to Trade Secrets including, in particular, the Georgia Trade Secrets Act, O.C.G.A. Sections
10-1-760, et seq. 
 5.4 Return of Confidential Information and Trade Secrets; Return of Property. Upon request by
the Company and, in any event, upon termination of the employment of the Executive with the Company for any reason, Executive will promptly deliver to the Company all property belonging to the Company, including but without limitation, all
Confidential Information and Trade Secrets and all embodiments thereof, all Company files, customer lists, management reports, memoranda, research, Company forms, financial data and reports and other documents (including all such data and documents
in electronic form) supplied to or created by him in connection with his employment hereunder (including all copies of the foregoing) in his possession or control, and all of the Company’s equipment and other materials in his possession or
control. Executive’s obligations under this Section 5.4 shall survive any expiration or termination of this Agreement. 
 5.5 Inventions. The Executive does hereby assign to the Company the entire right, title and interest in any Invention (as defined in Section 5.11(d) below) which is made, conceived, either solely or jointly with others, during
employment with the Company. The Executive agrees to promptly disclose to the Company all such Inventions. The Executive will, if requested, promptly execute and deliver to the Company a specific assignment of title for an Invention and will, at the
expense of the Company, take all reasonably required action by the Company to patent, copyright or otherwise protect the Invention. 
 5.6 Non-Competition. The Executive agrees that, while employed by the Company and for a period equal to the Severance Period thereafter, Executive shall comply with the non-competition restrictions attached hereto as Exhibit B. The
Company and Executive recognize that Executive may experience periodic material changes in his job title and/or to the duties, responsibilities or services that he is called upon to perform on behalf of the Company. If Executive experiences such a
material change, the parties shall, as soon as is practicable, enter into a signed, written addendum to Exhibit B hereto reflecting such material change at the Company’s request. Moreover, in the event of any material change in corporate
organization (including, without limitation, spin-offs, split-offs, or public offerings of subsidiaries’ stock) on the part of the Direct Competitors set forth in Exhibit B hereto, the parties agree to amend Exhibit B, as necessary, at the
Company’s request, in order to reflect such change. Upon execution, each such written modification to Exhibit B shall represent an enforceable amendment to this Agreement and shall augment and supplant the definitions of the terms Executive
Services or Direct Competitor as set forth in Exhibit B hereto. 
 5.7 Non-Solicitation of Customers/Suppliers. The
Executive agrees that, during the course of employment with the Company, and for a period equal to the Severance Period thereafter, the Executive will not directly or indirectly (i) divert or attempt to divert any person, concern or entity
which is furnished products or services by the Company from doing business with the Company or otherwise change its relationship with the Company; or (ii) induce or attempt to induce any customer, supplier or service provider to cease being a
customer, supplier or service provider of the Company or to otherwise change its relationship with the Company. 
  

	 9 
	 Executive’s Initials:          

 5.8 Non-Solicitation of Employees. The Executive agrees that, during the course of
employment with the Company, and for a period equal to the Severance Period thereafter, 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 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. 
 5.9 Injunctive Relief. Executive acknowledges that if he breaches or threatens to breach any of the provisions of this Section 5
and/or Exhibit B to the Agreement, his actions may cause irreparable harm and damage to the Company which could not be compensated by damages alone. Accordingly, if Executive breaches or threatens to breach any of the provisions of this
Section 5 and/or Exhibit B to this Agreement, the Company shall be entitled to seek injunctive relief, in addition to any other rights or remedies the Company may have. Executive hereby waives the requirement for a bond by the Company as a
condition to seeking injunctive relief. The existence of any claim or cause of action by Executive against the Company, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by the Company of
Executive’s agreements under this Section 5 and/or Exhibit B to the Agreement. 
 5.10 Provisions Severable. If
any provision in this Section 5 and/or Exhibit B to the Agreement is determined to be in violation of any law, rule or regulation or otherwise unenforceable, and cannot be modified to be enforceable, such determination shall not affect the
validity of any other provisions of this Agreement, but such other provisions shall remain in full force and effect. Each and every provision, paragraph and subparagraph of this Section 5 and Exhibit B to the Agreement is severable from the
other provisions, paragraphs and subparagraphs and constitutes a separate and distinct covenant. 
 5.11 Definitions. For
purposes of this Section 5 and Exhibit B to the Agreement, the following definitions shall apply: 
 a. “Confidential
Information” means: 
 (i) information relating to the Company’s Business (as defined in Exhibit B hereto)
(A) which Executive develops, helps develop in conjunction with others, creates, or becomes aware as a consequence of or through Executive’s employment with the Company or any other arrangement or relationship with the Company;
(B) which has value to the Company, actual or potential, from not being generally known by others who can obtain economic value from its disclosure or use (whether or not such material or information is marked “confidential”). For
purposes of this Agreement, subject to the foregoing, and according to terminology commonly used by the Company, the Company’s Confidential Information shall include, but not be limited to, information pertaining to: (1) Business
Opportunities (as defined below); (2) data and compilations of data relating to the Company’s Business; (3) compilations of information about, and communications and agreements with, customers and potential customers of the Company;
(4) computer software, hardware, network and internet technology utilized, modified or enhanced by the Company or by Executive in furtherance of Executive’s duties with the Company; (5) compilations of data concerning Company
products, services, customers, and end users including but not limited to compilations concerning projected sales, new project timelines, inventory reports, sales, and cost and expense reports; (6) compilations of 
  

	 10 
	 Executive’s Initials:          

 
information about the Company’s employees and independent contracting consultants; (7) the Company’s financial information, including, without limitation, amounts charged to
customers and amounts charged to the Company by its vendors, suppliers, and service providers; (8) proposals submitted to the Company’s customers, potential customers, wholesalers, distributors, vendors, suppliers and service providers;
(9) the Company’s marketing strategies and compilations of marketing data; (10) compilations of data or information concerning, and communications and agreements with, vendors, suppliers and licensors to the Company and other sources
of technology, products, services or components used in the Company’s Business; (11) any information concerning services requested and services performed on behalf of customers of the Company, including planned products or services; and
(12) the Company’s research and development records and data. Confidential Information also includes any summary, extract or analysis of such information together with information that has been received or disclosed to the Company by any
third party as to which the Company has an obligation to treat as confidential. 
 (ii) Confidential Information shall not
include: 
 (A) Information generally available to the public other than as a result of improper disclosure by Executive;

 (B) Information that becomes available to Executive from a source other than the Company (provided Executive has no
knowledge that such information was obtained from a source in breach of a duty to the Company); 
 (C) Information disclosed
pursuant to law, regulations or pursuant to a subpoena, court order or legal process; and/or 
 (D) Information obtained in
filings with the Securities and Exchange Commission. 
 b. “Trade Secrets” includes Confidential Information
constituting a trade secret under Georgia Law. 
 c. “Business Opportunities” means all ideas, concepts or
information received or developed (in whatever form) by Executive concerning any business, transaction or potential transaction within the Company’s Business that constitutes or may constitute an opportunity for the Company to earn a fee or
income, which are opportunities in which the Company has gained a legal or equitable interest or expectancy growing out of a preexisting right or relationship with a current or prospective customer, specifically including those relationships that
were initiated, nourished or developed at the Company’s expense. All ideas, concepts and information concerning any Business Opportunity shall constitute Confidential Information (as defined in paragraph (a) above). 
 d. “Inventions” means contributions, discoveries, improvements and ideas and works of authorship, whether or not patentable or
copyrightable, (i) which relate directly to the Company’s Business, or (ii) which result from any work performed by Executive 
  

	 11 
	 Executive’s Initials:          

 or by Executive’s fellow employees for the Company, or (iii) for which equipment, supplies,
facilities, Confidential Information or Trade Secrets of the Company are used, or (iv) which is developed on the Company’s time. 
 e. “Customers” means customers of the Company with whom Executive had material contact on behalf of the Company during the two-year period preceding the termination of Executive’s
employment with the Company. 
 f. “Company’s Business” shall have the meaning provided on Exhibit B.

 g. “Direct Competitor” shall have the meaning provided on Exhibit B. 
 h. “Executive Services” shall mean the services performed by the Executive as provided on Exhibit B. 
 i. “Territory” shall mean the areas identified in Section 2 of Exhibit B hereto. Executive acknowledges that Executive has
reviewed Exhibit B, which is incorporated herein by reference, and Executive acknowledges that Executive will perform Executive Services on behalf of the Company throughout the Territory. 
 6. MISCELLANEOUS 
 6.1 No Obligation to Mitigate. Executive shall not be required to mitigate the amount of any payment provided for under this Agreement by seeking other employment or otherwise, nor shall the amount of any payment provided for under
this Agreement be reduced by any compensation earned by Executive as a result of employment by another employer after the Date of Termination or otherwise, except as provided in Section 4.2 with respect to benefits coverages. 
 6.2 Contract Non-Assignable. The parties acknowledge that this Agreement has been entered into due to, among other things, the
special skills and knowledge of Executive, and agree that this Agreement may not be assigned or transferred by Executive. 
 6.3
Successors; Binding Agreement. 
 a. In addition to any obligations imposed by law upon any successor to the Company,
the Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company, or who acquires the stock of the Company, 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 had taken place. 
 b. This Agreement shall inure to the benefit of and be enforceable by Executive’s personal or legal representative, executors,
administrators, successors, heirs, distributees, devisees and legatees. 
  

	 12 
	 Executive’s Initials:          

 6.4 Notices. All notices, requests, demands and other communications required or
permitted hereunder shall be in writing and shall be deemed to have been duly given when delivered or seven days after mailing if mailed first class, certified mail, postage prepaid, addressed as follows: 
  

			
	 If to the Company:
	 	 Zep Inc.
 Attention: General
Counsel
 1310 Seaboard Industrial Blvd.
 Atlanta, GA 30318

		
	 If to the Executive:
	 	To his last known address on file with the Company

 Any party may change the address to which notices, requests, demands and other communications shall
be delivered or mailed by giving notice thereof to the other party in the same manner provided herein. 
 6.5 Provisions
Severable. If any provision or covenant, or any part thereof, of this Agreement should be held by any court to be invalid, illegal or unenforceable, either in whole or in part, such invalidity, illegality or unenforceability shall not affect the
validity, legality or enforceability of the remaining provisions or covenants, or any part thereof, of this Agreement, all of which shall remain in full force and effect. 
 6.6 Waiver. Failure of either party to insist, in one or more instances, on performance by the other in strict accordance with the terms and conditions of this Agreement shall not be deemed a
waiver or relinquishment of any right granted in this Agreement or the future performance of any such term or condition or of any other term or condition of this Agreement, unless such waiver is contained in a writing signed by the party making the
waiver. 
 6.7 Amendments and Modifications. This Agreement may be amended or modified only by a writing signed by both
parties hereto, which makes specific reference to this Agreement. 
 6.8 Governing Law. The validity and effect of this
Agreement shall be governed by and be construed and enforced in accordance with the laws of the State of Georgia. 
 6.9
Disputes; Legal Fees; Indemnification. 
 a. Disputes. All claims by Executive for compensation and benefits
under this Agreement shall be in writing and shall be directed to and be determined by the Chief Executive Officer of the Company, or his designee, provided that such designee shall not be the Supervising Executive (the Chief Executive Officer or
such designee is hereinafter referred to as the “Administrator”). Any denial by the Administrator of a claim for benefits under this Agreement shall be provided in writing to Executive within thirty (30) days of such decision and
shall set forth the specific reasons for the denial and the specific provisions of this Agreement relied upon. The Administrator shall afford a reasonable opportunity to Executive for a review of its decision denying a claim and shall further allow
Executive to request in writing that the Administrator reconsider the denial of the claim within sixty (60) days after notification by the

  

	 13 
	 Executive’s Initials:          

 
Administrator that Executive’s claim has been denied. To the extent permitted by applicable law, any further dispute or controversy arising under or in connection with this Agreement shall
be settled exclusively by arbitration in Fulton County, Georgia, in accordance with the rules of the American Arbitration Association then in effect for commercial arbitrations. Judgment may be entered on the arbitrator’s award in any court
having jurisdiction. 
 b. Legal Fees. If the Company involuntarily terminates Executive without Cause or Executive
terminates his employment for Good Reason, then, in the event Executive incurs legal fees and other expenses in seeking to obtain or to enforce any rights or benefits provided by this Agreement and is successful to a significant extent in obtaining
or enforcing any such rights or benefits through settlement, mediation, arbitration or otherwise, the Company shall promptly pay Executive’s reasonable legal fees and expenses and related costs incurred in enforcing this Agreement including,
without limitation, attorneys fees and expenses, experts fees and expenses, and investigative fees. Except to the extent provided in the preceding sentence, each party shall pay its own legal fees and other expenses associated with any dispute under
this Agreement. 
 [Signature Page Follows] 
  

	 14 
	 Executive’s Initials:          

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

			
	
	Zep Inc.
		
	By:	 	 
		 	 [Name]
 [Title]

	
	Executive:
	
	 
	 [Name]

  

	 15 
	 Executive’s Initials:          

 EXHIBIT A 
 To Zep Inc. 
 SEVERANCE AGREEMENT 
 GENERAL RELEASE 
  

	a)	Released Claims: The undersigned Executive of Zep Inc. (the “Company”), having entered into that certain Zep Inc. Severance Agreement dated
                    (the “Agreement”), which Agreement is expressly incorporated herein by reference, hereby enters into the
following General Release effective as of the date listed below. This General Release must be executed and returned to Zep Inc., without modification, within thirty (30) days of the date of the termination of Executive’s employment in
order for Executive to receive any of the compensation and benefits set forth in Section 4 of the Agreement. 

  

	 	Executive hereby irrevocably and unconditionally fully and finally releases, acquits and forever discharges all the claims described herein that he may now have against
the Released Parties listed in Section (b), below, except that he is not releasing any claim that relates to: (1) his right to enforce this General Release; (2) any rights or claims that arise after the execution of this General
Release; or (3) any rights or claims that he cannot lawfully release. Subject only to the exceptions just noted, Executive is releasing any and all claims, demands, actions, causes of action, liabilities, debts, losses, costs, expenses, or
proceedings of every kind and nature, whether direct, contingent, or otherwise, known or unknown, past, present, or future, suspected or unsuspected, accrued or unaccrued, whether in law, equity, or otherwise, and whether in contract, warranty,
tort, strict liability, or otherwise, which he now has, may have had at any time in the past, or may have at any time in the future arising or resulting from, or in any matter incidental to, any and every matter, thing, or event occurring or failing
to occur at any time in the past up to and including the date of this General Release. Executive understands that the claims he is releasing might arise under many different laws (including statutes, regulations, other administrative guidance, and
common law doctrines), such as, but not limited to, the following: 

  

	  	Anti-discrimination and retaliation statutes, such as Title VII of the Civil Rights Act of 1964, which prohibits discrimination and harassment based on race,
color, national origin, religion, and sex and prohibits retaliation; the Age Discrimination in Employment Act (“ADEA”), which prohibits age discrimination in employment; the Equal Pay Act, which prohibits paying men and women unequal pay
for equal work; the Americans With Disabilities Act and Sections 503 and 504 of the Rehabilitation Act of 1973, which prohibit discrimination based on disability; Sections 1981 and 1983 of the Civil Rights Act of 1866, which prohibit discrimination
and harassment on the basis of race, color, national origin, religion or sex; the Sarbanes-Oxley Act of 2002, which prohibits retaliation against employees who participate in any investigation or proceeding related to an alleged violation of mail,
wire, bank, or securities laws; Georgia anti-discrimination statutes, which prohibit retaliation and discrimination on the basis of age, disability, gender, race, color, religion, and national origin; and any other federal, state, or local laws
prohibiting employment discrimination or retaliation. 

  

 Page 1 of 4 

	 	Federal employment statutes, such as the WARN Act, which requires that advance notice be given of certain work force reductions; the Executive Retirement Income
Security Act of 1974, which, among other things, protects employee benefits; the Family and Medical Leave Act of 1993, which requires employers to provide leaves of absence under certain circumstances; and any other federal laws relating to
employment, such as veterans’ reemployment rights laws. 

  

	 	Other laws, such as any federal, state, or local laws providing workers’ compensation benefits (except as otherwise prohibited by law), restricting an
employer’s right to terminate employees, or otherwise regulating employment; any federal, state, or local law enforcing express or implied employment contracts or requiring an employer to deal with employees fairly or in good faith; any state
and federal whistleblower laws, any other federal, state, or local laws providing recourse for alleged wrongful discharge, improper garnishment, assignment, or deduction from wages, health and/or safety violations, improper drug and/or alcohol
testing, tort, physical or personal injury, emotional distress, fraud, negligence, negligent misrepresentation, abusive litigation, and similar or related claims, willful or negligent infliction of emotional harm, libel, slander, defamation and/or
any other common law or statutory causes of action. 

  

	 	Examples of released claims, include, but are not limited to the following (except to the extent explicitly preserved by Section (a), above, of this
General Release): (i) claims that in any way relate to allegations of alleged discrimination, retaliation or harassment; (ii) claims that in any way relate to Executive’s employment with the Company and/or its conclusion, such as
claims for breach of contract, compensation, overtime wages, promotions, upgrades, bonuses, commissions, lost wages, or unused accrued vacation or sick pay; (iii) claims that in any way relate to any state law contract or tort causes of action;
and (iv) any claims to attorneys’ fees, costs and/or expenses or other indemnities with respect to claims Executive is releasing. 

  

	b)	Released Parties: The Released party/parties is/are Zep Inc., all current, future and former parents, subsidiaries, related companies, partnerships, or joint
ventures related thereto, and, with respect to each of them, their predecessors and successors; and, with respect to each such entity, all of its past, present, and future employees, officers, directors, stockholders, owners, representatives,
assigns, attorneys, agents, and any other persons acting by, through, under or in concert with any of the persons or entities listed in this subsection, and their successors (hereinafter the “Released Parties”). 

 

	c)	Unknown Claims: Executive understands that he is releasing the Released Parties from claims that he may not know about as of the date of the execution of this
General Release, and that is his knowing and voluntary intent even though Executive recognizes that someday he might learn that some or all of the facts he currently believes to be true are untrue and even though he might then regret
having signed this General Release. Nevertheless, Executive is expressly assuming that risk and agrees that this General Release shall remain effective in all respects in any such case. Executive expressly waives all rights he might have under any
law that is intended to protect him from waiving unknown claims. Executive 

  

 Page 2 of 4 

	 	 
understands the significance of doing so. If Executive resides in California, Executive hereby expressly waives the provisions of California Civil Code Section 1542, which provides as
follows: “A general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if known by him must have materially affected his settlement with the
debtor.” Moreover, this Release does not extend to those rights which, as a matter of law, cannot be waived, including but not limited to, unwaivable rights that Executive may have under the California Labor Code. 

 

	d)	Ownership of Claims: Executive represents and warrants that he has not sold, assigned or transferred any claim he is purporting to release, nor has he attempted
to do so. Executive expressly represents and warrants that he has the full legal authority to enter into this General Release for himself and his estate, and does not require the approval of anyone else. 

  

	e)	Pursuit of Released Claims: Executive represents that he has not filed or caused to be filed any lawsuit, complaint, or charge with respect to any claim this
General Release purports to waive, and he promises never to file or prosecute any lawsuit, complaint, or charge based on such claims. This provision shall not apply to any non-waivable charges or claims brought before any governmental agency. With
respect to any such non-waivable claims, however, Executive agrees to waive his right (if any) to any monetary or other recovery, including but not limited to reinstatement, should any governmental agency or other third party pursue any claims on
his behalf, either individually or as part of any class or collective action. 

  

	f)	FMLA and FLSA Rights Honored: Executive acknowledges that he has received all of the leave from work for family and/or personal medical reasons and/or other
benefits to which he believes he is entitled under Employer’s policy and the Family and Medical Leave Act of 1993 (“FMLA”), as amended. Executive has no pending request for FMLA leave with Employer; nor has Employer mistreated
Executive in any way on account of any illness or injury to Executive or any member of Executive’s family. Executive further acknowledges that he has received all of the monetary compensation, including hourly wages, salary and/or overtime
compensation, to which he believes he is entitled under the Fair Labor Standards Act (“FLSA”), as amended. 

  

	g)	ADEA Release Requirements Have Been Satisfied: Executive understands that this General Release has to meet certain requirements to validly release any ADEA
claims Executive might have had, and Executive represents and warrants that all such requirements have been satisfied. Executive acknowledges that, before signing this General Release, he was given at least twenty-one (21) days to consider this
General Release. Executive further acknowledges that: (1) he took advantage of as much of this period to consider this General Release as he wished before signing it; (2) he carefully read this General Release; (3) he fully
understands it; (4) he entered into this General Release knowingly and voluntarily (i.e., free from fraud, duress, coercion, or mistake of fact); (5) this General Release is in writing and is understandable; (6) in this General
Release, Executive waives current ADEA claims; (7) Executive has not waived future ADEA claims; (8) Executive is receiving valuable consideration in exchange for execution of this General Release that he would not otherwise be entitled to
receive such consideration; and (9) Employer encourages Executive in writing 

  

 Page 3 of 4 

	 	 
to discuss this General Release with his/her attorney (at his own expense) before signing it, and that he has done so to the extent he deemed appropriate. 

  

	h)	Revocation: For a period of at least seven (7) days following the execution of this General Release, Executive may revoke this General Release. If Executive
wishes to revoke this General Release in its entirety, he must make a revocation in writing which must be delivered by hand or confirmed facsimile before 5:00 p.m. of the seventh day of the revocation period to the General Counsel of Zep Inc. at
1310 Seaboard Industrial Boulevard, Atlanta, Georgia 30318, otherwise the revocation will not be effective. If Executive timely revokes this General Release, Employer shall retain payments and benefits otherwise payable to Executive under the
Agreement. 

  

	i)	Access to Independent Legal Counsel; Knowing and Voluntary Execution: EXECUTIVE ACKNOWLEDGES THAT HE HAS BEEN ADVISED TO SEEK INDEPENDENT LEGAL COUNSEL OF HIS
OWN CHOOSING IN CONNECTION WITH ENTERING INTO THIS GENERAL RELEASE. EXECUTIVE FURTHER ACKNOWLEDGES THAT, IF DESIRED, HIS LEGAL COUNSEL HAS REVIEWED THIS GENERAL RELEASE, THAT EXECUTIVE FULLY UNDERSTANDS THE TERMS AND CONDITIONS OF THIS GENERAL
RELEASE AND THAT EXECUTIVE AGREES TO BE FULLY BOUND BY AND SUBJECT THERETO. EXECUTIVE HAS CAREFULLY READ THIS GENERAL RELEASE AND KNOWS AND UNDERSTANDS THE CONTENTS THEREOF, AND THAT HE EXECUTES THE SAME AS HIS OWN FREE ACT AND DEED.

 IN WITNESS WHEREOF, Executive has executed this General Release on the date set forth below. 
  

			
	  

	Signature of Executive
		
	Date:	 	  

  

 Page 4 of 4 

 EXHIBIT B 
 To Zep Inc. 
 SEVERANCE AGREEMENT 
 AGREED NON-COMPETITION RESTRICTIONS NEGOTIATED AND CONSENTED TO IN CONSIDERATION FOR SEVERANCE AGREEMENT 
 1. DEFINITIONS 
 Capitalized terms contained herein shall have the same meaning as those defined terms set forth in the Severance Agreement. In addition, the following terms used in this Exhibit “B” shall have the following meanings: 

(A) “Direct Competitor” means 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 in subsection D herein), 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. 
 (B) “Executive Services” means those principal duties and responsibilities that Executive performs on behalf of the Company during his employment. As
                                    , Executive: [INSERT
DESCRIPTION OF DUTIES.] 
 (C) “Restricted Period” means the “Severance Period” in the Severance Agreement,
namely, a period equal to the lesser of (i)              (            ) months from the Executive’s Date
of Termination or (ii) the number of months (rounded to the nearest month) from the Executive’s Date of Termination until the date he attains age 65. 
 (D) “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 
  

	 Page 1 of 3 
	 Executive’s Initials:          

 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). 
 2. ACKNOWLEDGEMENTS 
 Executive acknowledges that during the period of his employment with the Company as
                                        ,
he has rendered and will render executive, strategic and managerial services, including the Executive 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, including the Executive Services, 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 (the “Territory”). 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 Severance 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 Severance Agreement. 
 3. NON-COMPETITION 
 Executive agrees that, while employed by the Company and for a period equal to the
Restricted Period thereafter, but only for such period as Base Salary is paid to Executive under Section 4.1 of the Severance Agreement, he will not, directly (i.e., as an officer or employee) or indirectly (i.e., as an
independent contractor, consultant, advisor, board member, agent, shareholder, investor, joint venturer, or partner), provide or perform any of the Executive Services on behalf of any Direct Competitor anywhere within the Territory. Nothing in this
provision shall divest Executive from the right to acquire as a passive investor (with no involvement in the operations or management of the business) up to 1% of any class of securities which is: (i) issued by any Direct Competitor, and
(ii) publicly traded on a national securities exchange or over-the-counter market. 
 4. SEPARABILITY 
 Executive acknowledges that the foregoing covenant in Section 3 of this Exhibit “B” is a separate and distinct obligation of
Executive and is deemed to be separable from the remaining 
  

	 Page 2 of 3 
	 Executive’s Initials:          

 covenants and provisions of the Severance Agreement. If any of the provisions of the foregoing covenant
should ever be deemed to exceed the time, geographic, product, or other limitations permitted by applicable law in any jurisdiction, then such provisions shall be deemed reformed in such jurisdiction to the maximum time, geographic, product, or
other limitations permitted by applicable law. If any particular provision of the foregoing covenant is held to be invalid, the remainder of the covenant and the remaining provisions of the Severance Agreement shall not be affected thereby and shall
remain in full force and effect. 
 5. ENTIRE AGREEMENT 
 The foregoing covenant, together with the provisions set forth in Section 5.6 of the Severance Agreement, constitutes the entire
agreement between the parties hereto with respect to that subject matter, and supersedes any and all prior communications, agreements and understandings, written or oral, with respect to the same. No provision of this Exhibit B may be modified,
waived or discharged unless such waiver, modification or discharge is approved and agreed to in writing by both parties hereto. Failure of either party to insist, in one or more instances, on performance by the other in strict accordance with the
terms and conditions of this Exhibit B shall not be deemed a waiver or relinquishment of any right granted in this Exhibit B or the future performance of any such term or condition or of any other term or condition of this Exhibit B, unless such
waiver is contained in a writing signed by the party making the waiver. No agreements or representations, oral or otherwise, express or implied, with respect to Executive’s non-competition obligations have been made by either party which are
not set forth expressly in this Exhibit B and/or in the Agreement. 
  

	 Page 3 of 3 
	 Executive’s Initials:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00166-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00166-of-00352.parquet"}]]