Document:

EX-10.5

 Exhibit 10.5 
  

 
  

EMPLOYEE MATTERS AGREEMENT 
 by
and between 
 ASHLAND GLOBAL HOLDINGS INC. 

and 
 VALVOLINE INC. 

Dated as of [DATE], 2016 
  

 
  

 TABLE OF CONTENTS 

ARTICLE I 
 Definitions 

 

							
	 SECTION 1.01.
	 	 Definitions
	  	 	1	  
	 SECTION 1.02.
	 	 Glossary of Defined Terms
	  	 	8	  
	
	ARTICLE II	  
	
	General	  
			
	 SECTION 2.01.
	 	 Transferred Employees
	  	 	9	  
	 SECTION 2.02.
	 	 Employee Liabilities Generally
	  	 	9	  
	 SECTION 2.03.
	 	 Employee Benefits Generally
	  	 	10	  
	 SECTION 2.04.
	 	 Non-Termination of Employment or Benefits
	  	 	10	  
	 SECTION 2.05.
	 	 No Right to Continued Employment
	  	 	10	  
	 SECTION 2.06.
	 	 Service Providers
	  	 	11	  
	
	ARTICLE III	  
	
	Collective Bargaining Agreements	  
			
	 SECTION 3.01.
	 	 Continuity and Performance of Agreements
	  	 	11	  
	
	ARTICLE IV	  
	
	Valvoline Plans Generally	  
			
	 SECTION 4.01.
	 	 Valvoline Benefit Plans
	  	 	11	  
	 SECTION 4.02.
	 	 Standalone Valvoline Benefit Plans
	  	 	12	  
	 SECTION 4.03.
	 	 Power to Amend
	  	 	12	  
	
	ARTICLE V	  
	
	Welfare Plans	  
			
	 SECTION 5.01.
	 	 Welfare Plans
	  	 	12	  
	 SECTION 5.02.
	 	 Workers’ Compensation Claims
	  	 	14	  

							
	ARTICLE VI	  
	
	Pension Plans	  
			
	 SECTION 6.01.
	 	 U.S. Qualified Pension Plans
	  	 	14	  
	 SECTION 6.02.
	 	 Excess Benefit and Supplemental Pension Plans; Establishment of Valvoline Plans
	  	 	16	  
	 SECTION 6.03.
	 	 Non-U.S. Pension Plans
	  	 	17	  
	 SECTION 6.04.
	 	 LESOP
	  	 	17	  
	
	ARTICLE VII	  
	
	401(k) Plans	  
			
	 SECTION 7.01.
	 	 Establishment of Valvoline 401(k) Plan
	  	 	18	  
	 SECTION 7.02.
	 	 Transfer and Assumption of Liabilities
	  	 	18	  
	 SECTION 7.03.
	 	 Trust to Trust Transfer of Assets
	  	 	18	  
	 SECTION 7.04.
	 	 Stock Fund Considerations
	  	 	19	  
	
	ARTICLE VIII	  
	
	Equity-Based Incentive Compensation Awards	  
			
	 SECTION 8.01.
	 	 Adoption of the Valvoline Equity Incentive Plan
	  	 	19	  
	 SECTION 8.02.
	 	 Treatment of Outstanding Awards
	  	 	19	  
	
	ARTICLE IX	  
	
	Annual Bonus Awards; Retention; Individual Agreements	  
			
	 SECTION 9.01.
	 	 Annual Bonus Awards; Retention
	  	 	21	  
	 SECTION 9.02.
	 	 Individual Agreements
	  	 	21	  
	
	ARTICLE X	  
	
	Deferred Compensation Plans	  
			
	 SECTION 10.01.
	 	 Establishment of Valvoline Deferred Compensation Plans
	  	 	22	  
	 SECTION 10.02.
	 	 Participation in Deferred Compensation Plans; Allocation of Liabilities
	  	 	22	  
	 SECTION 10.03.
	 	 No Distributions
	  	 	24	  
	 SECTION 10.04.
	 	 Limitation of Liability
	  	 	24	  
	 SECTION 10.05.
	 	 No Transfer of Assets Pertaining to Deferred Compensation Plans
	  	 	24	  
	
	ARTICLE XI	  
	
	Vacation and Other Paid Time Off	  
			
	 SECTION 11.01.
	 	 Vacation and Other Paid Time Off
	  	 	24	  

  
 ii 

							
	ARTICLE XII	  
	
	Retiree Medical and Welfare Liabilities	  
			
	 SECTION 12.01.
	 	 Assumption of Liabilities
	  	 	25	  
	
	ARTICLE XIII	  
	
	Non-Solicitation	  
			
	 SECTION 13.01.
	 	 Non-Solicitation
	  	 	25	  
	
	ARTICLE XIV	  
	
	Payroll Services	  
			
	 SECTION 14.01.
	 	 Payroll Services
	  	 	26	  
	
	ARTICLE XV	  
	
	Cooperation; Access to Information; Litigation; Confidentiality	  
			
	 SECTION 15.01.
	 	 Cooperation
	  	 	26	  
	 SECTION 15.02.
	 	 Access to Information; Litigation; Confidentiality
	  	 	27	  
	
	ARTICLE XVI	  
	
	Reimbursements	  
			
	 SECTION 16.01.
	 	 Reimbursements by the Valvoline Group
	  	 	27	  
	
	ARTICLE XVII	  
	
	Termination	  
			
	 SECTION 17.01.
	 	 Termination
	  	 	29	  
	 SECTION 17.02.
	 	 Effect of Termination
	  	 	29	  
	
	ARTICLE XVIII	  
	
	Miscellaneous	  
			
	 SECTION 18.01.
	 	 Counterparts; Entire Agreement; Corporate Power
	  	 	29	  
	 SECTION 18.02.
	 	 Governing Law; Jurisdiction
	  	 	29	  
	 SECTION 18.03.
	 	 Assignability
	  	 	29	  
	 SECTION 18.04.
	 	 Third-Party Beneficiaries
	  	 	30	  
	 SECTION 18.05.
	 	 Notices
	  	 	30	  
	 SECTION 18.06.
	 	 Severability
	  	 	31	  

  
 iii 

							
	 SECTION 18.07.
	 	 Headings
	  	 	31	  
	 SECTION 18.08.
	 	 Survival of Covenants
	  	 	31	  
	 SECTION 18.09.
	 	 Specific Performance
	  	 	31	  
	 SECTION 18.10.
	 	 Amendments
	  	 	31	  
	 SECTION 18.11.
	 	 Interpretation
	  	 	32	  
			
	 SCHEDULES
	 		  			

  

					
	 SCHEDULE 1.01: Certain Excluded Excess Benefit and Supplemental Pension Plans
	  	 	S-1	  
	 SCHEDULE 3.01: Collective Bargaining Agreements
	  	 	S-2	  
	 SCHEDULE 4.01: New Valvoline Plans
	  	 	S-3	  
	 SCHEDULE 6.02: Certain Assumed Excess Benefit and Supplemental Pension Plans
	  	 	S-4	  
	 SCHEDULE 6.03: Treatment of Non-U.S. Pension Plans
	  	 	S-5	  
	 SCHEDULE 10.01: Certain Ashland Global Deferred Compensation Plans
	  	 	S-6	  
	 SCHEDULE 10.02: Transitioning Directors
	  	 	S-7	  

  
 iv 

 EMPLOYEE MATTERS AGREEMENT, dated as of [DATE], 2016, by and between
ASHLAND GLOBAL HOLDINGS INC., a Delaware corporation (“Ashland Global”) and parent of Ashland LLC, and VALVOLINE INC., a Kentucky corporation (“Valvoline”). 

R E C I T A L S 
 WHEREAS the
Parties are entering into the Separation Agreement (the “Separation Agreement”) concurrently herewith, pursuant to which Ashland Global intends to effect the Initial Public Offering (as defined below) and the Distribution
(as defined below); and 
 WHEREAS the Parties (as defined below) wish to set forth their agreements as to certain matters regarding
employment, compensation and employee benefits and arrangements with certain non-employee service providers. 
 NOW, THEREFORE, in
consideration of the mutual agreements, provisions and covenants contained in this Agreement (as defined below), the Parties, intending to be legally bound, hereby agree as follows: 

ARTICLE I 
 Definitions

 SECTION 1.01. Definitions. For purposes of this Agreement, the following terms shall have the following meanings. All
capitalized terms used but not defined herein shall have the meanings assigned to them in the Separation Agreement, unless otherwise indicated. 

“Action” shall have the meaning set forth in the Separation Agreement. 

“Affiliate” shall have the meaning set forth in the Separation Agreement. 

“Agreement” means this Employee Matters Agreement, including the schedules hereto. 

“Ancillary Agreements” shall have the meaning set forth in the Separation Agreement. 

“Ashland Global Benefit Plan” means any Benefit Plan sponsored or maintained by any member of the Ashland Global Group or to
which any member of the Ashland Global Group is a party. 
 “Ashland Global Business” shall have the meaning set forth in
the Separation Agreement. 

 “Ashland Global Common Stock” shall have the meaning set forth in the Separation
Agreement. 
 “Ashland Global Deferred Compensation Plan” means the Ashland Inc. Supplemental Defined Contribution Plan for
Certain Employees and each nonqualified Ashland Global Benefit Plan or Individual Agreement that provides employees or non-employee directors an election to defer compensation, other than the Hercules Deferred Compensation Plan. 

“Ashland Global Employee” means (i) each individual who was employed by a member of the Ashland Global Group as of
immediately following August 1, 2016, including any such individual who was not actively at work at such time due to a leave of absence (including vacation, holiday, illness, injury or short-term disability, but excluding long-term disability)
from which such employee was permitted to return to active employment in accordance with the Ashland Global Group’s personnel policies, (ii) each individual who, as of immediately following August 1, 2016 (A) is on leave under
part I of the Ashland Global Group’s long-term disability plan, (B) was primarily charged to an Ashland cost center at the time such leave commenced and (C) is reasonably likely to return to work prior to transitioning to part II of
the Ashland Global Group’s long-term disability plan, as determined by Ashland Global in its sole discretion, and (iii) each individual who commenced or commences employment with a member of the Ashland Global Group any time following
August 1, 2016, in each case excluding any Former Ashland Global Employee, Valvoline Employee or Former Valvoline Employee. 

“Ashland Global Equity Awards” means Ashland Global Performance Units, Ashland Global Restricted Share Units, Ashland Global
Restricted Shares and Ashland Global Stock Appreciation Rights. 
 “Ashland Global Excess Benefit and Supplemental Pension
Plan” means each Ashland Global Benefit Plan that provides nonqualified excess or supplemental pension benefits, other than those set forth on Schedule 1.01. 

“Ashland Global General Employee Liabilities” means all actual or potential employee-related Liabilities (i) that are
incurred on or after August 1, 2016 in respect of or relating to any Ashland Global Employee or (ii) that are incurred prior to August 1, 2016 and are not covered by clause (ii) of the definition of Valvoline General Employee
Liabilities. 
 “Ashland Global Group” shall have the meaning set forth in the Separation Agreement. 

“Ashland Global Liabilities” shall have the meaning set forth in the Separation Agreement. 

“Ashland Global Performance Unit” means each award of performance units payable in whole or in part in shares of Ashland
Global Common Stock, or the value of which is determined with reference to the value of shares of Ashland Global Common Stock, whether granted pursuant to an equity-based incentive compensation plan or otherwise. 

  
 2 

 “Ashland Global Restricted Share Unit” means each award of restricted share
units or restricted share equivalents payable in whole or in part in shares of Ashland Global Common Stock, or the value of which is determined with reference to the value of shares of Ashland Global Common Stock, whether granted pursuant to an
equity-based incentive compensation plan or otherwise. For the avoidance of doubt, deferred compensation balances denominated or hypothetically invested in shares of Ashland Global Common Stock shall be treated in accordance with Article X and shall
not be considered “Ashland Global Restricted Share Units” for purposes of this Agreement. 
 “Ashland Global Restricted
Share” means each award of restricted shares of Ashland Global Common Stock, whether granted pursuant to an equity-based incentive compensation plan or otherwise. 

“Ashland Global Stock Appreciation Right” means each award of stock appreciation rights payable in whole or in part in shares
of Ashland Global Common Stock, or the value of which is determined with reference to the value of shares of Ashland Global Common Stock, whether granted pursuant to an equity-based incentive compensation plan or otherwise. 

“Ashland Hercules Pension Plan” means the Ashland Hercules Pension Plan. For the avoidance of doubt, each reference to the
Ashland Hercules Pension Plan in this Agreement shall refer to such plan prior to or after it has been assumed by a member of the Valvoline Group in accordance with Section 6.01(a), as the context requires. 

“Ashland Hercules Pension Plan Trust” means the trust (or the relevant portion of a master trust) or other funding vehicle
that has been established to fund the Ashland Hercules Pension Plan. For the avoidance of doubt, each reference to the Ashland Hercules Pension Plan Trust in this Agreement shall refer to such trust or other funding vehicle prior to or after it has
been assumed by a member of the Valvoline Group in accordance with Section 6.01(a), as the context requires. 
 “Benefit
Plan” means any plan, program, policy, agreement, arrangement or understanding that is an employment, consulting, deferred compensation, executive compensation, incentive bonus or other bonus, employee pension, profit sharing, savings,
retirement, supplemental retirement, stock option, stock purchase, stock appreciation right, restricted stock, restricted stock unit, performance unit, deferred stock unit or other equity-based compensation, severance pay, retention, change in
control, salary continuation, life insurance, death benefit, health, hospitalization, workers’ compensation, welfare benefits, perquisites, sick leave, vacation pay, disability or accident insurance or other employee benefit plan, program,
agreement or arrangement, including any “employee benefit plan” (as defined in Section 3(3) of ERISA), whether or not subject to ERISA. 

  
 3 

 “Benefit Plan Transfer Date” means, with respect to an applicable Valvoline
Benefit Plan, the date set forth opposite such Valvoline Benefit Plan in Schedule 4.01, or such other date prior to the Distribution Date as determined by Ashland Global in its sole discretion. 

“CHPP” means the Pension Plan for Hourly Employees of Ashland Chemical. 

“CHPP Transfer Interest Amount” means an interest increment on the absolute value of the Section 414(l) Increment for
the period from the Pension Spin-Off Date until the CHPP True-Up Transfer Date at a rate equal to the select interest rate that the Pension Benefit Guaranty Corporation publishes as of the Pension Spin-Off Date for the purpose of determining the
present value of annuities in involuntary and distress terminations of single-employer plans, as described in 29 CFR 4044. 
 “CHPP
Trust” means the trust or other funding vehicle that has been established to fund the CHPP. 
 “COBRA” means the
U.S. Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, and any similar applicable Laws. 
 “Code” shall
have the meaning set forth in the Separation Agreement. 
 “Distribution” shall have the meaning set forth in the
Separation Agreement. 
 “Distribution Date” shall have the meaning set forth in the Separation Agreement. 

“Employment Taxes” means all fees, taxes, social insurance payments or similar contributions to a fund of a Governmental
Authority with respect to wages or other compensation. 
 “Equity Award Exchange Ratio” means the ratio that will be
determined by the board of directors of Ashland Global (or the appropriate committee thereof), in its sole discretion, in a manner designed to preserve the aggregate value of the applicable outstanding equity awards. 

“ERISA” means the U.S. Employee Retirement Income Security Act of 1974, as amended. 

“Final CHPP Transfer Amount” means the sum of: 

(A) the Section 414(l) Increment, 

(B) plus the CHPP Transfer Interest Amount, if the Section 414(l) Increment is a positive number, or less the CHPP Transfer
Interest Amount, if the Section 414(l) Increment is a negative number, 

  
 4 

 (C) less the amount of any benefit payments that are made from the Ashland Hercules
Pension Plan to Hopewell Pension Plan Participants in respect of the Transferred to CHPP Accrued Benefits between the Pension Spin-Off Date and the CHPP True-Up Transfer Date, if any. 

“Former Ashland Global Employee” means each former employee whose employment terminated prior to August 1, 2016 and who
is not a Former Valvoline Employee. 
 “Former Valvoline Employee” means each former employee whose employment terminated
prior to August 1, 2016 and who, as of immediately prior to such individual’s termination of employment, was employed by a member of the Valvoline Group, was primarily engaged in the conduct of any terminated, divested or discontinued
business or operations of the Valvoline Business or was a U.S. employee primarily engaged in the conduct of any other terminated, divested or discontinued business or operations of the Ashland Global Group (other than the Valvoline Business or any
terminated, divested or discontinued businesses or operations of the Valvoline Business). 
 “Governmental Authority” shall
have the meaning set forth in the Separation Agreement. 
 “Hercules Rabbi Trusts” means the Hercules Incorporated Amended
and Restated Compensation Benefits Grantor Trust Agreement for Management Employees and the Hercules Incorporated Amended and Restated Compensation Benefits Grantor Trust Agreement for Nonemployee Directors. 

“Hopewell Pension Plan Participant” means each individual who participates in or has an accrued benefit under the Ashland
Hercules Pension Plan who is an active employee covered by the Hopewell collective bargaining agreement as of the Pension Spin-Off Date. 

“Individual Agreement” means an individual employment contract or other similar agreement that specifically pertains to any
Valvoline Employee, Former Valvoline Employee, Ashland Global Employee or Former Ashland Global Employee. 
 “Information”
shall have the meaning set forth in the Separation Agreement. 
 “Initial Public Offering” shall have the meaning set forth
in the Separation Agreement. 
 “Law” shall have the meaning set forth in the Separation Agreement. 

“LESOP” means the Ashland Inc. Leveraged Employee Stock Ownership Plan. 

“LESOP Trust” means the trust or other funding vehicle that has been established to fund the LESOP. 

  
 5 

 “Liabilities” shall have the meaning set forth in the Separation Agreement. For
the avoidance of doubt, for purposes of this Agreement, “Liabilities” shall include the employer-paid portion of any employment and payroll taxes. 

“Party” means either party hereto, and “Parties” means both parties hereto. 

“Person” shall have the meaning set forth in the Separation Agreement. 

“Proportionate Share Factor” shall have the meaning set forth in the TMA. 

“RTSA” shall have the meaning set forth in the Separation Agreement. 

“Section 414(l) Amount” means the amount required to be transferred from the Ashland Hercules Pension Plan Trust to the CHPP
Trust in respect of the Transferred to CHPP Accrued Benefits pursuant to Section 414(l) of the Code and Treasury Regulation Section 1.414(l)-1(n)(2) or, if the requirements thereof cannot be satisfied, in accordance with the applicable
requirements of ERISA and the Code as determined by Ashland Global in its sole discretion, in each case using actuarial assumptions and methodology deemed reasonable by the administrator of the Ashland Hercules Pension Plan in its sole discretion
(for the avoidance of doubt, such actuarial assumptions and methodology may, but need not, include the safe harbor assumptions specified in Section 414(l) of the Code), subject to any requirements under the Code and ERISA. 

“Section 414(l) Increment” means (i) the Section 414(l) Amount, as recalculated by the Actuary following the
Pension Spin-Off Date, less (ii) the Initial CHPP Transfer Amount. 
 “Service Provider” means any individual
who provided or is providing services for a member of the Valvoline Group or a member of the Ashland Global Group, whether as a consultant, an independent contractor or other similar role (other than as an employee), including, for the avoidance of
doubt, any non-employee member of the board of directors of Ashland Global or the board of directors of Valvoline. 
 “Specified
Performance Factor” means: 
 (i) in the case of Ashland Global Performance Units granted with respect to the
three-year vesting period ending September 30, 2017, the actual level of achievement of all relevant performance goals as of immediately prior to the Distribution, as determined by the board of directors of Ashland Global (or the
appropriate committee thereof) in its sole discretion prior to the Distribution; and 
 (ii) in the case of Ashland Global
Performance Units granted with respect to the three-year vesting period ending September 30, 2018 and any Ashland Global Performance Units granted following the date hereof, the actual level of achievement of all relevant performance goals
as of the conclusion of the applicable performance period, as determined by the board of directors of Ashland Global (or the appropriate committee thereof) in its sole discretion as soon as practicable following the conclusion of the applicable
performance period, in accordance with the terms of the applicable award agreement. 

  
 6 

 “Subsidiary” shall have the meaning set forth in the Separation Agreement. 

“taxes” shall have the meaning set forth in the TMA. 

“Taxing Authority” shall have the meaning set forth in the TMA. 

“TMA” shall have the meaning set forth in the Separation Agreement. 

“Transition Services Employee” means each individual who spends or spent 50% or more of his or her work time engaged in
providing services pursuant to one or more of the TSA, the RTSA or the joint project undertaken by the Parties to implement the workday system for the Ashland Group and the Valvoline Group, collectively, in each case as determined by Ashland Global
in its sole discretion. 
 “TSA” shall have the meaning set forth in the Separation Agreement. 

“Valvoline Benefit Plan” means any Benefit Plan sponsored or maintained by any member of the Valvoline Group or to which any
member of the Valvoline Group is a party. 
 “Valvoline Business” shall have the meaning set forth in the Separation
Agreement. 
 “Valvoline Common Stock” shall have the meaning set forth in the Separation Agreement. 

“Valvoline Employee” means (i) each individual who was employed by a member of the Valvoline Group as of immediately
following August 1, 2016, including any such individual who was not actively at work at such time due to a leave of absence (including vacation, holiday, illness, injury or short-term disability, but excluding long-term disability) from which
such employee was permitted to return to active employment in accordance with the Valvoline Group’s personnel policies, (ii) each individual who, as of immediately following August 1, 2016, is on leave under part I or part II of the
Ashland Global Group’s long-term disability plan, other than any individual described in clause (ii) of the definition of Ashland Global Employee, and (iii) each individual who commenced or
commences employment with a member of the Valvoline Group any time following August 1, 2016, in each case excluding any Former Valvoline Employee, Ashland Global Employee or Former Ashland Global Employee. 

“Valvoline General Employee Liabilities” means all actual or potential employee-related Liabilities (i) that are
incurred on or after August 1, 2016 in respect of or relating to any Valvoline Employee or (ii) that are incurred prior to August 1, 2016 and are Valvoline Legacy Claims. 

  
 7 

 “Valvoline Group” shall have the meaning set forth in the Separation Agreement.

 “Valvoline Legacy Claims” shall have the meaning set forth in the Separation Agreement. 

“Valvoline Liabilities” shall have the meaning set forth in the Separation Agreement. 

“Welfare Plan” means any Benefit Plan that provides life insurance, health care, dental care, accidental death and
dismemberment insurance, disability benefits or other group welfare or fringe benefits. 
 SECTION 1.02. Glossary of Defined Terms.
The following terms shall have the meanings set forth in the Sections set forth below: 
  

			
	 Definition
	  	 Section

	 Actuary
	  	6.01(c)(i)
	 Ashland Global
	  	Preamble
	 Ashland Global 401(k) Plan
	  	7.01
	 Ashland Global Deferred Compensation Plans
	  	10.01
	 Ashland Global Excess Benefit and Supplemental Pension Plans
	  	6.02(a)
	 Ashland Global Pension Plans
	  	6.01(a)
	 Ashland Global Welfare Plan
	  	5.01(b)
	 Ashland Global Workers’ Compensation Plan
	  	5.02
	 CHPP True-Up Transfer Date
	  	6.01(c)(ii)
	 Continuing Valvoline Employee
	  	8.02
	 Excess Benefit Plan Assumption Date
	  	6.02(a)
	 Initial CHPP Transfer Amount
	  	6.01(c)(i)
	 New Valvoline Plans
	  	4.01(a)
	 Pension Spin-Off Date
	  	6.01(b)
	 Separation Agreement
	  	Recitals
	 Transferred Employee
	  	2.01
	 Transferred to CHPP Accrued Benefits
	  	6.01(b)
	 Transitioning Director
	  	10.02
	 Valvoline
	  	Preamble
	 Valvoline 401(k) Plans
	  	7.01(a)
	 Valvoline Deferred Compensation Plans
	  	10.01
	 Valvoline Equity Plan
	  	8.01
	 Valvoline Excess Benefit and Supplemental Pension Plans
	  	6.02(a)
	 Valvoline Pension Plans
	  	6.01(a)
	 Valvoline Welfare Plans
	  	Schedule 4.01
	 Valvoline Workers’ Compensation Plan
	  	5.02
	 Workers’ Compensation Event
	  	5.02

  
 8 

 ARTICLE II 

General 
 SECTION 2.01.
Transferred Employees. Following the date hereof the Parties may jointly agree to, or to cause their Subsidiaries to, transfer the employment of one or more individuals from a member of the Ashland Global Group to a member of the Valvoline
Group, or from a member of the Valvoline Group to a member of the Ashland Global Group, as applicable, in each case in connection with the transactions contemplated by this Agreement, the Separation Agreement and the Ancillary Agreements (each such
individual, a “Transferred Employee”). Except as otherwise expressly provided in this Agreement, effective as of the date the employment of a Transferred Employee is transferred in accordance with the immediately preceding sentence,
or such other date as may otherwise be agreed in writing by the Parties, the members of the Valvoline Group or the members of the Ashland Global Group, as applicable, shall assume all Liabilities outstanding as of the date of such transfer of the
type or nature that would have been assumed by such members of the Valvoline Group or members of the Ashland Global Group, as applicable, had such Transferred Employee transferred to and been employed by a member of the Valvoline Group or a member
of the Ashland Global Group, as applicable, as of August 1, 2016, except that Liabilities under any Benefit Plan shall be determined as of the date such Transferred Employee transferred employment. Without limiting the foregoing, the Parties
shall cooperate to determine whether each Transition Services Employee shall be employed by a member of the Valvoline Group or a member of the Ashland Global Group or terminated following the expiration of the TSA or RTSA, the early termination of
the subpart of the TSA or RTSA pursuant to which such Transition Services Employee provides or provided services, or such other time as the Parties may mutually agree in writing. For the avoidance of doubt, the foregoing provisions shall not apply
to an individual employed by or previously employed by a member of the Valvoline Group who commences employment with a member of the Ashland Global Group, or an individual employed by or previously employed by a member of Ashland Global Group who
commences employment with a member of the Valvoline Group, in each case in the ordinary course of business following the date hereof and not in connection with the transactions contemplated by this Agreement, the Separation Agreement and the
Ancillary Agreements. 
 SECTION 2.02. Employee Liabilities Generally. Except as otherwise expressly provided in this Agreement,
(a) effective as of August 1, 2016, a member of the Valvoline Group has assumed or retained Liability for paying, performing, fulfilling and discharging in accordance with their respective terms all Valvoline General Employee
Liabilities and shall be obligated to reimburse the members of the Ashland Global Group in accordance with Section 16.01 with respect thereto, and (b) a member of the Ashland Global Group hereby assumes or retains Liability for paying,
performing, fulfilling and discharging in accordance with their respective terms all Ashland Global General Employee Liabilities. 

  
 9 

 SECTION 2.03. Employee Benefits Generally. Except as otherwise expressly provided in this
Agreement or as otherwise required by applicable Law and subject to the reimbursement obligations of the members of the Valvoline Group pursuant to Section 16.01, each Valvoline Employee or Former Valvoline Employee who is eligible to
participate in any Ashland Global Benefit Plan shall participate in such Ashland Global Benefit Plan following the date hereof and through the applicable Benefit Plan Transfer Date on the terms and conditions applicable thereto in effect from time
to time. 
 SECTION 2.04. Non-Termination of Employment or Benefits. (a) Except as otherwise required by applicable Law or the
express terms of any Individual Agreement, neither this Agreement, the Separation Agreement nor any Ancillary Agreement shall be construed to create any right, or to accelerate any entitlement, to any compensation or benefit on the part of any
Valvoline Employee, Former Valvoline Employee, Ashland Global Employee or Former Ashland Global Employee. Without limiting the generality of the foregoing, except as otherwise required by applicable Law or the express terms of any Individual
Agreement, neither the Initial Public Offering, the Distribution nor the transfers of employment contemplated by Section 2.01 shall cause any individual to be deemed to have incurred a termination of employment or to have created any
entitlement to any severance payments or benefits or the commencement of any other benefits under any Ashland Global Benefit Plan, any Valvoline Benefit Plan or any Individual Agreement; provided, however, that: 

(i) in the event the Parties do not mutually agree in writing pursuant to Section 2.01 that a Transition Services Employee
shall be employed by a member of either of the Valvoline Group or the Ashland Global Group following the expiration of the TSA or RTSA, or the early termination of the subpart of the TSA or RTSA pursuant to which such Transition Services Employee
provides or provided services, or such other time as the Parties may mutually agree in writing, as applicable, and the employment of such Transition Services Employee is terminated as a result, any severance or other Liabilities associated with such
termination of employment shall be divided equally between the Parties; and 
 (ii) in the event such transactions or such
transfers (other than those described in the immediately preceding clause (a)) result in severance or other separation payments or benefits to any individual, such Liabilities shall be allocated among the Parties in accordance with their
Proportionate Share Factors. 
 SECTION 2.05. No Right to Continued Employment. Nothing contained in this Agreement shall confer any
right to continued employment on any Valvoline Employee or Ashland Global Employee. Except as otherwise expressly provided in this Agreement, this Agreement shall not limit the ability of any member of the Valvoline Group or any member of the
Ashland Global Group to change the position, compensation or benefits of any of its employees for performance-related, business or any other reasons or require any such entity to continue the employment of any such employee for any period of time;
provided, however, that in the event of any such termination of employment or modification of the terms and conditions of employment 

  
 10 

 
(other than those described in clause (i) of Section 2.04(a)), any associated Liabilities shall be Valvoline Liabilities if undertaken by a member of the Valvoline Group with respect to
Valvoline Employees and shall be Ashland Global Liabilities if undertaken by a member of the Ashland Global Group with respect to Ashland Global Employees. 

SECTION 2.06. Service Providers. Except as provided in Article X with respect to deferred compensation benefits provided to
non-employee members of the board of directors of Ashland Global or the board of directors of Valvoline or as otherwise expressly provided in this Agreement, the provisions of this Agreement shall not apply to any Service Providers, and all actual
or potential Liabilities relating to services provided by Service Providers to any member of the Ashland Global Group or any member of the Valvoline Group, including (a) Liabilities relating to the misclassification of any individual as a
Service Provider and not as an employee, (b) Liabilities for taxes (including Employment Taxes), (c) accounts payable owed to any Service Provider and (d) any claims made by any Service Provider with respect to benefits under any
Benefit Plan, shall be allocated among the members of the Valvoline Group and the members of the Ashland Global Group in accordance with the cost center (other than a shared cost center) to which such Service Provider’s services are or were
charged and/or the method of allocating the costs and expenses of such services (other than any such costs and expenses that are or were charged to a shared cost center) as in effect as of the date hereof (or as of the date of the termination of
such Service Provider’s services, if earlier). 
 ARTICLE III 

Collective Bargaining Agreements 

SECTION 3.01. Continuity and Performance of Agreements. From and after the date hereof, any unions, works councils or similar
organizations representing the Valvoline Employees shall continue to represent those employees for purposes of collective bargaining with any member of the Valvoline Group, and the members of the Valvoline Group shall comply with the terms of, and
assume all Liabilities of the Ashland Global Group with respect to, each works council, collective bargaining or other labor union agreement that covers one or more Valvoline Employees, including those set forth on Schedule 3.01, in each case
as in effect as of the date hereof, and shall comply with all applicable Laws with respect thereto, until such time as the Valvoline Group negotiates a new works council, collective bargaining or other labor union agreement. 

ARTICLE IV 
 Valvoline Plans
Generally 
 SECTION 4.01. Valvoline Benefit Plans. (a) Establishment of Certain Valvoline Benefit Plans. Effective as of
no later than the applicable Benefit Plan Transfer Date, a member of the Valvoline Group shall establish or shall cause to be established the Benefit Plans set forth in Schedule 4.01 (the “New Valvoline Plans”). A member
of the Valvoline Group shall be the sole plan sponsor of, and from and after the 

  
 11 

 
date of adoption thereof, shall have the sole responsibility and liability for, each New Valvoline Plan. The members of the Valvoline Group shall cease to be participating members in each
corresponding Ashland Global Benefit Plan as of the applicable Benefit Plan Transfer Date. 
 (b) Service and Other Factors Determining
Benefits. Each New Valvoline Plan shall provide that all service, all compensation and all other factors affecting benefit determinations that were recognized under the corresponding Ashland Global Benefit Plan for Valvoline Employees and Former
Valvoline Employees who participate in such New Valvoline Plan shall be fully recognized and credited and shall be taken into account under such New Valvoline Plan to the same extent as though arising thereunder; provided that, in the case of
any such individuals who become employed by a member of the Valvoline Group following a break in employment, such recognition and credit shall be subject to any applicable policies of the members of Valvoline Group regarding non-continuous
employment, to the extent permitted by applicable Law. Notwithstanding the foregoing, in no event shall such crediting of service or any other action taken pursuant to this Section 4.01 result in the duplication of benefits for any Valvoline
Employee or Former Valvoline Employee. All beneficiary designations made by Valvoline Employees and Former Valvoline Employees under the corresponding Ashland Global Benefit Plan shall be transferred to and shall be in full force and effect under
the applicable New Valvoline Plan until such beneficiary designations are replaced or revoked by the applicable Valvoline Employee or Former Valvoline Employee. 

SECTION 4.02. Standalone Valvoline Benefit Plans. To the extent that any member of the Valvoline Group maintains any Benefit Plans as
of the date hereof that are separate and distinct from the Ashland Global Benefit Plans, such member of the Valvoline Group shall continue to maintain, operate and contribute to such separate Benefit Plans immediately following the date hereof in
accordance with their terms, and all Liabilities relating to, arising out of or resulting from such separate Benefit Plans shall be Valvoline Liabilities. 

SECTION 4.03. Power to Amend. Subject to the Parties’ compliance with the remaining terms of this Agreement, nothing in this
Agreement shall prevent any member of the Valvoline Group or any member of the Ashland Global Group from amending, merging, modifying, terminating, eliminating, reducing or otherwise altering in any respect any Valvoline Benefit Plan or Ashland
Benefit Plan, any benefit under any Valvoline Benefit Plan or Ashland Benefit Plan or any trust, insurance policy or funding vehicle related to any Valvoline Benefit Plan or Ashland Benefit Plan, as applicable. 

ARTICLE V 
 Welfare Plans

 SECTION 5.01. Welfare Plans. (a) Comparable Benefits. Effective as of no later than each applicable Benefit Plan
Transfer Date, a member of the Valvoline Group shall establish or cause to be established the Valvoline Welfare Plans for the benefit of the Valvoline Employees and Former Valvoline Employees, as applicable.

  
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Subject to the Valvoline Group’s compliance with the remaining terms of this Agreement, the members of the Valvoline Group shall retain the right to modify, alter, amend or terminate the
terms of any Valvoline Welfare Plan to the same extent that a member of the Ashland Global Group had such rights under the corresponding Ashland Global Welfare Plan. 

(b) Participation in Valvoline Welfare Plans. Effective as of each applicable Benefit Plan Transfer Date, each Valvoline Employee shall
become covered under the applicable Valvoline Welfare Plan and shall cease to be covered under the Welfare Plan maintained by a member of the Ashland Global Group to which such Valvoline Welfare Plan most closely corresponds (such applicable plan,
the applicable “Ashland Global Welfare Plan”). Valvoline shall cause the Valvoline Welfare Plans to (i) waive all limitations as to preexisting conditions, exclusions, service conditions and waiting period limitations and any
evidence of insurability requirements applicable to any Valvoline Employees, other than such limitations, exclusions, conditions and requirements that were in effect with respect to such Valvoline Employees as of the applicable Benefit Plan Transfer
Date, in each case under the corresponding Ashland Global Welfare Plan and subject to any applicable policies of the Valvoline Group regarding credit to employees who service or employment has not been continuous, and (ii) honor any
deductibles, out-of-pocket maximums and co-payments incurred by the Valvoline Employees under the corresponding Ashland Global Welfare Plan in satisfying the applicable deductibles, out-of-pocket maximums or co-payments under such Valvoline Welfare
Plans for the plan year in which the applicable Benefit Plan Transfer Date occurs. 
 (c) Claims Arising Prior to and Following Benefit
Plan Transfer Date. Subject to the reimbursement obligations of the members of the Valvoline Group pursuant to Section 16.01, (i) the members of the Ashland Global Group shall retain responsibility in accordance with the Ashland Global
Welfare Plans for all reimbursement claims (such as health and dental care claims) for expenses incurred by, for all non-reimbursement claims (such as life insurance claims) incurred by and for providing continued health care coverage under COBRA
with respect to Valvoline Employees and Former Valvoline Employees (and their dependents and beneficiaries) under such plans prior to each applicable Benefit Plan Transfer Date and (ii) the members of the Valvoline Group shall retain
responsibility in accordance with the Valvoline Welfare Plans for all reimbursement claims (such as health and dental care claims) for expenses incurred by, for all non-reimbursement claims (such as life insurance claims) incurred by and for
providing continued health care coverage under COBRA with respect to Valvoline Employees and Former Valvoline Employees (and their dependents and beneficiaries) under such plans on or following each applicable Benefit Plan Transfer Date. For
purposes of this Section 5.01(c), a benefit claim shall be deemed to be incurred as follows: (1) health, dental, vision and prescription drug benefits (including in respect of hospital confinement), upon provision of such services,
materials or supplies and (2) life, accidental death and dismemberment and business travel accident insurance benefits, upon the death, cessation of employment or other event giving rise to such benefits. 

  
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 (d) No Transfer of Assets Pertaining to Welfare Plans. Except as otherwise described in
Section 16.01, nothing in this Agreement shall require any member of the Ashland Global Group or any Ashland Global Welfare Plan to transfer assets or reserves with respect to the Ashland Global Welfare Plans to any member of the Valvoline
Group or any Valvoline Welfare Plan. 
 SECTION 5.02. Workers’ Compensation Claims. Effective as of August 1, 2016, a
member of the Valvoline Group has assumed liability for the Valvoline Legacy Claims (to the extent related to work-related injury or illness (including workers’ compensation claims, disability or other insurance providing medical care and/or
compensation to injured workers)) and shall be obligated to reimburse the members of the Ashland Global Group in accordance with Section 16.01 with respect thereto. Subject to the reimbursement obligations of the members of the Valvoline Group
pursuant to Section 16.01, in the case of any workers’ compensation claim of any Valvoline Employee or Former Valvoline Employee who participates in a workers’ compensation plan of a member of the Ashland Global Group (an
“Ashland Global Workers’ Compensation Plan”), such claim shall be covered (a) under such Ashland Global Workers’ Compensation Plan if the event, injury, illness or condition giving rise to such workers’
compensation claim (the applicable “Workers’ Compensation Event”) occurred prior to the applicable Benefit Plan Transfer Date and (b) under a workers’ compensation plan of a member of the Valvoline Group (a
“Valvoline Workers’ Compensation Plan”) if the applicable Workers’ Compensation Event occurred on or following the applicable Benefit Plan Transfer Date. Subject to the reimbursement obligations of the members of the
Valvoline Group pursuant to Section 16.01, if the applicable Workers’ Compensation Event occurs over a period both preceding and following the applicable Benefit Plan Transfer Date, the claim shall be covered jointly under the Ashland
Global Workers’ Compensation Plan and the Valvoline Workers’ Compensation Plan and shall be equitably apportioned between them based upon the relative periods of time that the Workers’ Compensation Event transpired preceding and
following the applicable Benefit Plan Transfer Date. 
 ARTICLE VI 

Pension Plans 
 SECTION
6.01. U.S. Qualified Pension Plans. (a) (i) Assumption of Ashland Global Pension Plans. Effective as of August 1, 2016, a member of the Valvoline Group has assumed liability for the Ashland Hercules Pension Plan, and
thereafter shall be obligated to reimburse the members of the Ashland Global Group in accordance with Section 16.01 with respect to any contributions with respect to such plan and any plan-related expenses that are not payable by the Ashland
Hercules Pension Plan Trust, in each case that become payable on or after August 1, 2016. Effective as of a date prior to the date hereof, a member of the Valvoline Group assumed and became the sponsor of each of the Ashland Hercules Pension
Plan and the Ashland Hercules Pension Plan Trust, and thereafter any required contributions with respect to the Ashland Hercules Pension Plan and any plan-related expenses that are not payable by the Ashland Hercules Pension Plan Trust shall be made
by the Valvoline Group. The Parties hereby agree that 

  
 14 

 
any required contributions with respect to the Ashland Hercules Pension Plan and any plan-related expenses that are not payable by the Ashland Hercules Pension Plan Trust, in each case that
became payable prior to August 1, 2016 and had not been satisfied as of August 1, 2016, shall be Ashland Global Liabilities. 

(ii) Effective as of immediately following the assumption of the sponsorship of the Ashland Hercules Pension Plan as described
in the immediately preceding paragraph, (1) Valvoline has and shall cause the Ashland Hercules Pension Plan and the Ashland Hercules Pension Plan Trust to make any benefit payments required thereunder in respect of the benefits accrued or
deemed accrued under the Ashland Hercules Pension Plan as of the date of such assumption and thereafter and (2) the members of the Ashland Global Group shall have no further obligations to provide the participants in the Ashland Hercules
Pension Plan with benefits accrued or deemed accrued thereunder prior to, on or after the date of such assumption. Notwithstanding anything in this Agreement to the contrary, in the event that any Action results in a Liability relating to the
operation of the Ashland Hercules Pension Plan prior to the assumption of the sponsorship of such plan as described in the immediately preceding paragraph, such Liability shall be allocated among the Parties in accordance with their Proportionate
Share Factors; provided that, in the event such Action results in a requirement to provide pension benefits to a plan participant (or his or her dependents or beneficiaries), such benefits shall be paid from the Ashland Hercules Pension Plan
Trust, rather than allocated among the Parties as described in this sentence. 
 (b) Spin-Off of Certain Pension Liabilities. As of a
date prior to the date here of (such date, the “Pension Spin-Off Date”), (i) each Hopewell Pension Plan Participant ceased to participate in or accrue additional benefits under the Ashland Hercules Pension Plan and became a
participant in the CHPP, (ii) the CHPP assumed and became responsible for the benefits accrued or deemed accrued under the Ashland Hercules Pension Plan as of the Pension Spin-Off Date in respect of the Hopewell Pension Plan Participants (such
benefits, the “Transferred to CHPP Accrued Benefits”), (iii) Ashland Global has and shall cause the CHPP to make any required benefit payments in respect of the Transferred to CHPP Accrued Benefits and (iv) none of the
members of the Valvoline Group, the Ashland Hercules Pension Plan nor the Ashland Hercules Pension Plan Trust shall have any obligation to provide the Hopewell Pension Plan Participants with benefits accrued or deemed accrued under the Ashland
Hercules Pension Plan prior to, on or after the Pension Spin-Off Date. 
 (c) Asset Transfers. (i) Effective on or around the
Pension Spin-Off Date, assets, in such form as the administrator of the Ashland Hercules Pension Plan determined in its sole discretion, in an amount (the “Initial CHPP Transfer Amount”) equal to the product of (1) a reasonable
estimate of the Section 414(l) Amount and (2) 0.80, as determined by an enrolled actuary selected by Ashland Global in its sole discretion (the “Actuary”), were transferred from the Ashland Hercules Pension Plan Trust to
the CHPP Trust. 

  
 15 

 (ii) As soon as practicable following the Pension Spin-Off Date, the Parties
shall cause an additional transfer of assets in such form as the administrator of the Ashland Hercules Pension Plan shall determine in its sole discretion, (1) from the Ashland Hercules Pension Plan Trust to the CHPP Trust in an amount equal to
the Final CHPP Transfer Amount, if the Final CHPP Transfer Amount is a positive number, or (2) from the CHPP Trust to the Ashland Hercules Pension Plan Trust in an amount equal to the Final CHPP Transfer Amount, if the Final CHPP Transfer
Amount is a negative number (the date of such transfer, the “CHPP True-Up Transfer Date”). 
 (d) Filings. The
Parties shall cooperate in making all appropriate filings required under the Code and ERISA in connection with the transfers described in this Section 6.01. 

SECTION 6.02. Excess Benefit and Supplemental Pension Plans; Establishment of Valvoline Plans. (a) Effective as of August 1,
2016, a member of the Valvoline Group has assumed liability for each Ashland Global Excess Benefit and Supplemental Pension Plan, including those set forth on Schedule 6.02, and shall be obligated to reimburse the members of the Ashland
Global Group in accordance with Section 16.01 with respect to any required payments under the Ashland Global Excess Benefit and Supplemental Pension Plans made after August 1, 2016 (whether relating to Valvoline Employees, Former
Valvoline Employees, Ashland Global Employees or Former Ashland Global Employees and regardless of when accrued, earned or vested), including with respect to any Liabilities that became payable prior to, and have not been satisfied as of,
August 1, 2016. Effective as of a date prior to the date hereof (the “Excess Benefit Plan Assumption Date”), a member of the Valvoline Group assumed and became the sponsor of the Ashland Global Excess Benefit and
Supplemental Pension Plans (such plans, collectively, following such assumption, the “Valvoline Excess Benefit and Supplemental Pension Plans”). The Parties may mutually agree in writing that, for a period following the Excess
Benefit Plan Assumption Date to be agreed by the Parties, a member of Ashland Global Group shall continue to process the payments (but not otherwise assume any Liability for such payments) under the Valvoline Excess Benefit and Supplemental Pension
Plan on behalf of the applicable member of the Valvoline Group. From and after the Excess Benefit Plan Assumption Date, the members of the Valvoline Group shall be liable for all benefits accrued or deemed accrued under the Valvoline Excess Benefit
and Supplemental Pension Plans as of the Excess Benefit Plan Assumption Date (whether relating to Valvoline Employees, Former Valvoline Employees, Ashland Global Employees or Former Ashland Global Employees and regardless of when accrued, earned or
vested) and thereafter, and for all other Liabilities relating to the Valvoline Excess Benefit and Supplemental Pension Plans, including any obligations relating to the reporting of taxes and remitting the amounts of any such taxes required to be
withheld (including any Employment Taxes) to the appropriate Governmental Authority in connection with any payments to participants in such plan. All distributions from the Valvoline Excess Benefit and Supplemental Pension Plans, to the extent
applicable, shall be administered in a manner consistent with the provisions of Section 409A of the Code and the regulations promulgated thereunder. Except as required to comply with Section 409A of the Code, the members of the

  
 16 

 
Valvoline Group shall not have any obligation to allow participants in the Valvoline Excess Benefit and Supplemental Pension Plans to accrue additional benefits under such plans from and after
the Excess Benefit Plan Assumption Date. 
 (b) No Distributions. The Parties acknowledge that none of the transactions contemplated
by this Agreement shall trigger a payment or distribution of compensation under the Ashland Global Excess Benefit and Supplemental Pension Plans (or the Valvoline Excess Benefit and Supplemental Plans) for any participant therein and, consequently,
the payment or distribution of any compensation to which any such participant is entitled under such plan shall occur upon such participant’s separation from service from Valvoline or its Subsidiaries or Ashland Global or its Subsidiaries, as
applicable, or at such other time as provided pursuant to the terms of the Valvoline Excess Benefit and Supplemental Pension Plans. 
 (c)
Limitation of Liability. In no event shall any member of the Ashland Global Group have any responsibility for any failure of the Ashland Global Excess Benefit and Supplemental Pension Plans (or the Valvoline Excess Benefit and Supplemental
Pension Plans) to be administered in accordance with their terms and applicable Law, including any failure to properly administer the accounts of the participants therein and their respective beneficiaries. 

(d) No Transfer of Assets Pertaining to Excess Benefit Plan. Except as otherwise described in Section 16.01, nothing in this
Agreement shall require any member of the Ashland Global Group to transfer assets or reserves with respect to the Ashland Global Excess Benefit and Supplemental Pension Plans to any member of the Valvoline Group; provided that the Parties
hereby acknowledge that prior to the date hereof a member of the Valvoline Group assumed and became the sponsor of the Hercules Rabbi Trusts. 

SECTION 6.03. Non-U.S. Pension Plans. The Parties agree to comply with the provisions of Schedule 6.03. 

SECTION 6.04. LESOP. Effective as of a date prior to the date hereof, a member of the Valvoline Group assumed and became the sponsor of
the LESOP and the LESOP Trust and thereafter any required contributions with respect to the LESOP (whether relating to Valvoline Employees, Former Valvoline Employees, Ashland Global Employees or Former Ashland Global Employees) and any plan-related
expenses that are not payable by the LESOP Trust shall be made by a member of the Valvoline Group. At a time and in a manner to be determined by Ashland Global in its sole discretion, the LESOP shall be merged with and into a Valvoline 401(k) Plan.
The treatment of the LESOP offset accounts in connection with such merger and the treatment of any Ashland Global Common Stock in the LESOP prior to the Distribution shall be determined by Ashland Global in its sole discretion. 

  
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 ARTICLE VII 

401(k) Plans 
 SECTION
7.01. Establishment of Valvoline 401(k) Plan. Effective as of no later than the applicable Benefit Plan Transfer Date, Valvoline shall establish or cause to be established one or more defined contribution plans and trusts for the benefit of
the Valvoline Employees (collectively, the “Valvoline 401(k) Plans”). Each Valvoline 401(k) Plan shall have terms substantially similar in all material respects to the Ashland Global 401(k) plan to which it most closely corresponds
(the applicable “Ashland Global 401(k) Plan”), except as otherwise determined by Ashland Global in its sole discretion. The members of the Valvoline Group shall be responsible for taking or causing to be taken all necessary,
reasonable and appropriate actions to establish, maintain and administer the Valvoline 401(k) Plans so that they qualify under Section 401(a) of the Code and the related trusts thereunder are exempted from Federal income taxation under
Section 501(a)(1) of the Code. For the avoidance of doubt, nothing in this Agreement shall be construed to require Valvoline to maintain any investment option which the fiduciaries of the Valvoline 401(k) Plan deem to be imprudent or
inappropriate for the Valvoline 401(k) Plan or which cannot be maintained without commercially unreasonable cost or administrative burden for the Valvoline 401(k) Plan and its administrator. 

SECTION 7.02. Transfer and Assumption of Liabilities. Subject to the transfer of assets described in Section 7.03 effective as of
the applicable Benefit Plan Transfer Date, Valvoline and the Valvoline 401(k) Plans shall assume and be solely responsible for all Liabilities under the corresponding Ashland 401(k) Plan for or relating to Valvoline Employees. The members of the
Valvoline Group shall be responsible for all ongoing rights of or relating to Valvoline Employees for future participation (including the right to make contributions through payroll deductions) in the Valvoline 401(k) Plans. The Ashland Global
401(k) Plans shall retain and be solely responsible for all Liabilities under the Ashland Global 401(k) Plans relating to Ashland Employees, Former Ashland Employees and Former Valvoline Employees. 

SECTION 7.03. Trust to Trust Transfer of Assets. Effective as of each applicable Benefit Plan Transfer Date, Ashland Global shall cause
the account balances (including any outstanding loan balances) in the applicable Ashland Global 401(k) Plan attributable to Valvoline Employees to be transferred in cash and in-kind (including participant loans) to the applicable Valvoline 401(k)
Plan, and Valvoline shall cause the Valvoline 401(k) Plans to accept such transfer of accounts and underlying assets. Such transfer shall be conducted in accordance with Section 414(l) of the Code, Treasury Regulation Section 1.414(l)-1
and Section 208 of ERISA. Without limiting the generality of the foregoing, the fiduciaries of the Valvoline 401(k) Plans and the Ashland Global 401(k) Plans shall cooperate in good faith to effect the transfers contemplated by this
Section 7.03 in an efficient and effective manner and in the best interests of participants and beneficiaries, including determining whether and to what extent any investments held under the Ashland Global 401(k) Plans (other than participant
loans) shall be liquidated prior to the date of such transfer in order to enable the value of such investments to be transferred to the Valvoline 401(k) Plans in cash or cash equivalents. 

  
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 SECTION 7.04. Stock Fund Considerations. (a) To the extent that Valvoline Employees
hold shares of Ashland Global Common Stock under the Valvoline 401(k) Plans, such shares will be deposited in a stock fund under the applicable Valvoline 401(k) Plan, subject to such limitations (including the ability to dispose of such shares of
Ashland Global Common Stock in accordance with the terms of the Valvoline 401(k) Plans), or the removal of such stock fund, in each case, as determined solely by Valvoline or the applicable fiduciary of the Valvoline 401(k) Plan. Following the
Distribution, Valvoline Employees shall not be permitted to acquire shares of Ashland Global Common Stock in any stock fund under the Valvoline 401(k) Plans, except for the shares of Ashland Global Common Stock held at the time of the Distribution.

 (b) To the extent that Ashland Employees, Former Ashland Employees or Former Valvoline Employees receive shares of Valvoline Common Stock
in connection with the Distribution with respect to Ashland Global Common Stock held under the Ashland Global 401(k) Plan, such shares will be deposited in the Ashland Global 401(k) Plan, subject to such limitations (including the ability to dispose
of such shares of Valvoline Common Stock in accordance with the terms of the Ashland Global 401(k) Plans), or the removal of such fund, in each case, as determined solely by Ashland Global or the applicable fiduciary of the Ashland Global 401(k)
Plan. Following the Distribution, Ashland Employees, Former Ashland Employees and Former Valvoline Employees shall not be permitted to acquire shares of Valvoline Common Stock fund under the Ashland Global 401(k) Plan, except for the shares of
Valvoline Common Stock acquired in connection with the Distribution. 
 (c) Ashland Global and Valvoline shall assume sole responsibility
for ensuring that their respective 401(k) plans are maintained in compliance with applicable laws (including the fiduciary requirements under ERISA) with respect to holding shares of their respective common stock and common stock of the other Party.

 ARTICLE VIII 

Equity-Based Incentive Compensation Awards 

SECTION 8.01. Adoption of the Valvoline Equity Incentive Plan. Effective as of no later than the Initial Public Offering, Valvoline
shall establish or cause to be established an equity-based incentive compensation plan (the “Valvoline Equity Plan”) for purposes of awarding certain Valvoline non-employee directors, officers and employees equity-based incentive
compensation on the terms and conditions set forth therein; provided that Valvoline shall not grant any equity-based incentive compensation awards pursuant to the Valvoline Equity Plan or otherwise prior to the Distribution without Ashland
Global’s prior written consent. 
 SECTION 8.02. Treatment of Outstanding Awards. The Parties shall use commercially reasonable
efforts to take all actions necessary or appropriate so that 

  
 19 

 
the Ashland Global Restricted Share Units, Ashland Global Restricted Shares and Ashland Global Performance Units held by Valvoline Employees who remain employed by a member of the Valvoline Group
as of immediately following the Distribution (each a, “Continuing Valvoline Employee”), and the Ashland Global Stock Appreciation Rights held by Valvoline Employees (whether or not they are Continuing Valvoline Employees), shall be
treated as follows, in lieu of the receipt of any shares of Valvoline Common Stock with respect to such Ashland Global Equity Awards in connection with the Distribution; provided that the provisions of this Section 8.02 shall be effected
in a manner that complies with applicable law: 
 (a) Initial Public Offering. No adjustments shall be made to any Ashland Global
Equity Awards in connection with the execution of this Agreement or the Initial Public Offering. 
 (b) Stock Appreciation Rights.
Effective as of immediately prior to the Distribution, each award of Ashland Global Stock Appreciation Rights held by a Valvoline Employee (whether or not the Valvoline Employee is a continuing Valvoline Employee) that is outstanding and unexercised
as of immediately prior to the Distribution, whether vested or unvested, shall be assumed by Valvoline and converted into an award of stock appreciation rights with respect to a number of shares of Valvoline Common Stock equal to the product of
(i) the number of shares of Ashland Global Common Stock subject to such award of Ashland Global Stock Appreciation Rights as of immediately prior to the Distribution multiplied by (ii) the Equity Award Exchange Ratio, rounded down to the
nearest whole share, at a base price per share equal to the quotient of (A) the base price per share of such award of Ashland Global Stock Appreciation Rights as of immediately prior to the Distribution divided by (B) the Equity Award
Exchange Ratio, rounded up to the nearest whole cent, and otherwise on the same terms and conditions as were applicable to such award of Ashland Global Stock Appreciation Rights as of immediately prior to the Distribution. 

(c) Restricted Share Units. Effective as of immediately prior to the Distribution, each award of Ashland Global Restricted Share Units
held by a Continuing Valvoline Employee that is outstanding as of immediately prior to the Distribution shall be assumed by Valvoline and converted into an award of restricted share units with respect to a number of shares of Valvoline Common Stock
equal to the product of (i) the number of shares of Ashland Global Common Stock subject to such award of Ashland Global Restricted Share Units as of immediately prior to the Distribution multiplied by (ii) the Equity Award Exchange Ratio,
rounded to the nearest whole share, and otherwise on the same terms and conditions as were applicable to such award of Ashland Global Restricted Share Units as of immediately prior to the Distribution. 

(d) Restricted Shares. Effective as of immediately prior to the Distribution, each award of Ashland Global Restricted Shares held by a
Continuing Valvoline Employee that is outstanding as of immediately prior to the Distribution shall be assumed by Valvoline and converted into an award of a number of restricted shares of Valvoline Common Stock equal to the product of (i) the
number of shares of Ashland Global Common Stock subject to such award of Ashland Global Restricted Shares as of 

  
 20 

 
immediately prior to the Distribution multiplied by (ii) the Equity Award Exchange Ratio, rounded to the nearest whole share, and otherwise on the same terms and conditions as were
applicable to such award of Ashland Global Restricted Shares as of immediately prior to the Distribution. 
 (e) Performance Units.
Effective as of immediately prior to the Distribution, each award of Ashland Global Performance Units held by a Continuing Valvoline Employee that is outstanding as of immediately prior to the Distribution shall be assumed by Valvoline and converted
into an award of restricted share units with respect to a number of shares of Valvoline Common Stock equal to the product of (i) the number of shares of Ashland Global Common Stock subject to such award of Ashland Global Performance Units as of
immediately prior to the Distribution, determined based on the applicable Specified Performance Factor, multiplied by (ii) the Equity Award Exchange Ratio, rounded to the nearest whole share, and otherwise on the same terms and conditions as
were applicable to such award of Ashland Global Performance Units as of immediately prior to the Distribution (except that such award of restricted share units as so converted shall not be subject to any performance goals and the vesting of such
award shall be based solely on the continued service of the holder thereof, subject to any terms and conditions relating to accelerated vesting upon a termination of the holder’s employment; provided that any terms and conditions
regarding accelerated or continued vesting in connection with the holder’s retirement shall no longer apply following the Distribution). 

(f) Compliance with Applicable Law. The Parties shall take such additional or alternative actions as deemed necessary or advisable by
Ashland Global in its sole discretion in order to effectuate the foregoing provisions of this Article VIII in compliance with securities and tax Laws and other legal requirements associated with equity-based incentive compensation awards or in order
to avoid adverse legal, accounting or tax consequences for the members of the Ashland Global Group, the members of the Valvoline Group or any award holders. 

ARTICLE IX 
 Annual Bonus
Awards; Retention; Individual Agreements 
 SECTION 9.01. Annual Bonus Awards; Retention. The members of the Valvoline Group
shall be responsible for the payment of any annual bonus awards to any Valvoline Employee or Former Valvoline Employee with respect to the fiscal year ending September 30, 2016 and each fiscal year thereafter, in each case pursuant to the
applicable annual bonus award program established for the Valvoline Business for such fiscal year. Valvoline shall be responsible for the payment of any retention bonus awards to each eligible Valvoline Employee and Former Valvoline Employee,
whether pursuant to plans, agreements or arrangements sponsored or maintained by a member of the Ashland Global Group or a member of the Valvoline Group. 

SECTION 9.02. Individual Agreements. Effective as of a date prior to the date hereof, a member of the Valvoline Group has assumed
liability for each 

  
 21 

 
Individual Agreement in which any Valvoline Employee or Former Valvoline Employee, on the one hand, and any member of the Ashland Group, on the other hand, are parties, and thereafter shall be
obligated to reimburse the members of the Ashland Group in accordance with Section 16.01 with respect thereto. Without limiting the generality of the foregoing, in the event that a change in control of Ashland Global shall occur following the
date hereof and prior to the Distribution Date which would activate the protection afforded under the change in control agreements to which Ashland Global is a party, the members of the Valvoline Group shall be responsible for the payment of any
compensation and benefits that become payable under the terms of any such agreement to any Valvoline Employee who is a party to any such agreement; provided that any compensation or benefits payable by a member of the Ashland Global Group or
payable in the form of Ashland Global Common Stock shall be subject to the reimbursement obligations of the members of the Valvoline Group pursuant to Section 16.01. 

ARTICLE X 
 Deferred
Compensation Plans 
 SECTION 10.01. Establishment of Valvoline Deferred Compensation Plans. Effective as of August 1, 2016,
a member of the Valvoline Group has assumed liability under each Ashland Global Deferred Compensation Plan, including those set forth on Schedule 10.01, for, and shall be obligated to reimburse the members of the Ashland Global Group in
accordance with Section 16.01 with respect to, any required payments made to any non-employee member of the board of directors of Valvoline or any Valvoline Employee under the Ashland Global Deferred Compensation Plans after August 1,
2016, including with respect to any Liabilities that became payable prior to, and have not been satisfied as of, August 1, 2016. Effective as of no later than the Initial Public Offering, Valvoline shall establish or cause to be
established nonqualified deferred compensation plans for the benefit of eligible Valvoline Employees and Valvoline non-employee directors (the “Valvoline Deferred Compensation Plans”). The
terms of the Valvoline Deferred Compensation Plans shall be substantially similar to the terms of the Ashland Global Deferred Compensation Plans, except that (a) the plan sponsor and plan administrator of the Valvoline Deferred Compensation
Plans shall be a member of the Valvoline Group and (b) the Valvoline Deferred Compensation Plans for the benefit of Valvoline Employees shall not permit new deferrals of any compensation earned in calendar year 2016 (and, for the avoidance of
doubt, existing deferrals shall remain in effect unless expressly provided otherwise). 
 SECTION 10.02. Participation in Deferred
Compensation Plans; Allocation of Liabilities. (a) Except as required to comply with Section 409A of the Code, (i) the non-employee members of the board of directors of Valvoline shall be permitted to participate in the applicable
Valvoline Deferred Compensation Plan as of the Initial Public Offering with respect to compensation earned for their service on the board of directors of Valvoline; provided that, in the case of any non-employee member of the board of
directors of Valvoline who is set forth on Schedule 10.02 (each, a “Transitioning Director”), compensation earned for his or her service on the board of directors of Valvoline for the calendar year in which the Initial Public
Offering occurs shall be 

  
 22 

 
subject to such director’s existing election to defer (or not to defer) his or her compensation earned for service on the board of directors of Ashland Global for such calendar year,
(ii) each Transitioning Director shall be permitted to continue to participate in the applicable Ashland Global Deferred Compensation Plan with respect to compensation earned for his or her service on the board of directors of Ashland Global in
accordance with such director’s existing election to defer (or not to defer) and (iii) all balances to the credit of the Transitioning Directors under the applicable Ashland Global Deferred Compensation Plan shall be credited to the
account of such individual under the applicable Valvoline Deferred Compensation Plan effective as of the Distribution. Valvoline and the applicable Valvoline Deferred Compensation Plan shall assume and be solely responsible for all Liabilities under
the applicable Ashland Global Deferred Compensation Plan for or relating to the Transitioning Directors as of the Distribution, including all obligations relating to the reporting of taxes and remitting the amounts of any such taxes required to be
withheld (including any Employment Taxes) to the appropriate Governmental Authority. All elections made by such individual under the applicable Ashland Global Deferred Compensation Plan with respect to such balances shall remain in effect under the
applicable Valvoline Deferred Compensation Plan with respect to such balances, unless and until such elections are changed in accordance with Section 409A of the Code and the terms of the applicable Valvoline Deferred Compensation Plan. Any
such balances that are denominated or hypothetically invested in shares of Ashland Global Common Stock as of immediately prior to the Distribution shall become denominated or hypothetically invested in shares of Valvoline Common Stock, as adjusted
to preserve the value of such balance in accordance with the methodology described in Section 8.02(c). 
 (b) Except as required to
comply with Section 409A of the Code and subject to the reimbursement obligations of the members of the Valvoline Group pursuant to Section 16.01, (i) eligible Valvoline Employees shall be permitted to continue to participate in each
applicable Ashland Global Deferred Compensation Plan with respect to compensation earned in the calendar year in which the Initial Public Offering occurs, and all existing elections made by such individual under the applicable Ashland Global
Deferred Compensation Plan with respect to such calendar year shall remain in effect during the portion of such calendar year that follows the Initial Public Offering, (ii) eligible Valvoline Employees shall be permitted to participate in the
applicable Valvoline Deferred Compensation Plan with respect to the compensation earned in the calendar year following the calendar year in which the Initial Public Offering occurs and calendar years thereafter and (iii) all balances to the
credit of the Valvoline Employees under the applicable Ashland Global Deferred Compensation Plan shall be credited to the accounts of such individuals under the applicable Valvoline Deferred Compensation Plan as of January 1, 2017.
Valvoline and the applicable Valvoline Deferred Compensation Plan shall assume and be solely responsible for all Liabilities under the applicable Ashland Global Deferred Compensation Plan for or relating to such Valvoline Employees as of
January 1, 2017, including all obligations relating to the reporting of taxes and remitting the amounts of any such taxes required to be withheld (including any Employment Taxes) to the appropriate Governmental Authority. All elections made by
each such plan participants under the applicable Ashland Global Deferred Compensation Plan with respect to such balances shall remain in effect under the applicable Valvoline 

  
 23 

 
Deferred Compensation Plan with respect to such balances, unless and until such elections are changed in accordance with Section 409A of the Code and the terms of the applicable Valvoline
Deferred Compensation Plan. Any such balances that are denominated or hypothetically invested in shares of Ashland Global Common Stock as of immediately prior to January 1, 2017 that remain so denominated or invested as of the Distribution
shall become denominated or hypothetically invested in shares of Valvoline Common Stock effective as of the Distribution, as adjusted to preserve the value of such balances in accordance with the methodology described in Section 8.02(c). 

SECTION 10.03. No Distributions. The Parties acknowledge that none of the transactions contemplated by this Agreement shall trigger a
payment or distribution of compensation under the Ashland Global Deferred Compensation Plans or Valvoline Deferred Compensation Plans for any Valvoline Employees or Valvoline non-employee directors and, consequently, the payment or distribution of
any compensation to which any such employee or non-employee director is entitled under such plans will occur upon such employee’s or such non-employee director’s separation from service from Valvoline or its Subsidiaries, as applicable, or
at such other time as provided pursuant to the terms of the applicable plan. 
 SECTION 10.04. Limitation of Liability. In no event
shall the members of the Ashland Global Group have any responsibility for any failure of the Ashland Global Deferred Compensation Plans or the Valvoline Deferred Compensation Plans to be administered in accordance with their terms and applicable
Law, including any failure to properly administer the accounts of Valvoline Employees and Valvoline non-employee directors and their respective beneficiaries in such Valvoline Deferred Compensation Plans. 

SECTION 10.05. No Transfer of Assets Pertaining to Deferred Compensation Plans. Except as otherwise described in Section 16.01,
nothing in this Agreement shall require any member of the Ashland Global Group or the Ashland Global Deferred Compensation Plans to transfer assets or reserves with respect to the Ashland Global Deferred Compensation Plans to any member of the
Valvoline Group or the Valvoline Deferred Compensation Plans; provided that the Parties hereby acknowledge that prior to the date hereof a member of the Valvoline Group assumed and became the sponsor of the Hercules Rabbi Trusts. 

ARTICLE XI 
 Vacation and Other
Paid Time Off 
 SECTION 11.01. Vacation and Other Paid Time Off. Effective as of August 1, 2016, a member of the Valvoline
Group has assumed Liability for vacation and other paid time off benefits accrued or earned (but not yet taken) by the Valvoline Employees as of August 1, 2016 or accrued or earned by Valvoline Employees thereafter, and shall be obligated to
reimburse the members of the Ashland Global Group in accordance with Section 16.01 with respect to required payments to the Valvoline Employees in lieu of such vacation or other paid time off benefits pursuant to applicable Law or any
applicable works council, collective bargaining or other labor union agreement. 

  
 24 

 ARTICLE XII 

Retiree Medical and Welfare Liabilities 

SECTION 12.01. Assumption of Liabilities. Effective as of August 1, 2016, a member of the Valvoline Group (a) has
assumed Liability for all post-employment retiree medical and life insurance benefits in the United States (whether relating to Valvoline Employees, Former Valvoline Employees, Ashland Global Employees or Former Ashland Global Employees and
regardless of when accrued, earned or vested), including any such Liabilities arising under the Ashland Inc. Medical Plan; provided, however, that Valvoline has not assumed, and the members of the Ashland Global Group shall retain, any
such Liabilities relating to post-employment retiree medical and life insurance benefits associated with any collective bargaining agreements other than those set forth on Schedule 3.01, and (b) shall be obligated to reimburse the members of
the Ashland Group in accordance with Section 16.01 with respect to required payments of any such Liabilities so assumed by such member of the Valvoline Group, including any Liabilities that became payable prior to, and have not been satisfied
as of, August 1, 2016. 
 ARTICLE XIII 

Non-Solicitation 
 SECTION
13.01. Non-Solicitation. (a) During the period commencing on the Distribution Date and concluding on the one-year anniversary thereof, Ashland Global agrees that neither it nor any member of the
Ashland Global Group shall, without Valvoline’s prior written consent, directly or indirectly (including through a representative of a member of the Ashland Global Group) solicit for employment or to provide services (whether as a director,
officer, employee, consultant or temporary employee) any person who is at such time, or who at any time during the three-month period prior to such time had been, employed by or providing services to a member of the Valvoline Group (whether as a
director, officer, employee, consultant or temporary employee), except that this Section 13.01(a) shall not preclude any member of the Ashland Global Group or any other person from entering into discussions with or soliciting any person
(i) who responds to any public advertisement or general solicitation; provided that the soliciting party did not instruct such agency to target such person specifically, (ii) who initiates discussions with the soliciting party
regarding such employment on his or her own initiative and without direct solicitation by the soliciting party or its representatives, or (iii) at any time after the date of such person’s termination of employment or services by a member
of the Valvoline Group without cause. 
 (b) During the period commencing on the Distribution Date and concluding on the one-year
anniversary thereof, Valvoline agrees that neither it nor any member of the Valvoline Group shall, without Ashland Global’s prior written consent, 

  
 25 

 
directly or indirectly (including through a representative of a member of the Valvoline Group) solicit for employment or to provide services (whether as a director, officer, employee, consultant
or temporary employee) any person who is at such time, or who at any time during the three-month period prior to such time had been, employed by or providing services to a member of the Ashland Global Group, except that this Section 13.01(b)
shall not preclude any member of the Valvoline Group or any other person from entering into discussions with or soliciting any person (i) who responds to any public advertisement or general solicitation; provided that the soliciting
party did not instruct such agency to target such person specifically, (ii) who initiates discussions with the soliciting party regarding such employment on his or her own initiative and without direct solicitation by the soliciting party or
its representatives or (iii) at any time after the date of such person’s termination of employment or services by a member of the Ashland Global Group without cause. 

ARTICLE XIV 
 Payroll Services

 SECTION 14.01. Payroll Services. Subject to the obligations of the Parties as set forth in the TSA or RTSA, as
applicable, as of no later than the Initial Public Offering, (a) the members of the Valvoline Group shall be solely responsible for providing payroll services (including for any payroll period already in progress) to the Valvoline Employees and
Former Valvoline Employees and for any Liabilities with respect to garnishments of the salary and wages thereof and (b) the members of the Ashland Global Group shall be solely responsible for providing payroll services (including for any
payroll period already in progress) to the Ashland Global Employees and Former Ashland Global Employees and for any Liabilities with respect to garnishments of the salary and wages thereof. Notwithstanding the foregoing, the Parties shall cooperate
to provide such payroll services to Former Valvoline Employees. 
 ARTICLE XV 

Cooperation; Access to Information; Litigation; Confidentiality 

SECTION 15.01. Cooperation. Following the date of this Agreement, the Parties shall, and shall cause their respective Subsidiaries to,
use commercially reasonable efforts to cooperate with respect to any employee compensation or benefits matters that either Party reasonably determines require the cooperation of the other Party in order to accomplish the objectives of this
Agreement; provided that Ashland Global shall determine in its sole discretion which (if any) tax or securities filings, rulings or other actions to pursue prior to the Distribution regarding the treatment of Ashland Global Equity Awards in
connection with the Distribution; provided, further, that any Liabilities that may be incurred as a result of the Parties taking or failing to take any such actions shall be Valvoline Liabilities if related to Valvoline Employees or
Former Valvoline Employees and shall be Ashland Global Liabilities if related to Ashland Global Employees or Former Ashland Global Employees. Without limiting the generality of the preceding sentence, (a) the Parties shall cooperate in
connection with any audits of any 

  
 26 

 
Benefit Plan with respect to which such Party may have Information, (b) the Parties shall cooperate in connection with any audits of their respective payroll services (whether by a
Governmental Authority in the U.S. or otherwise) in connection with the services provided by one Party to the other Party, (c) the Parties shall cooperate in connection with administering the Ashland Global Benefit Plans, Valvoline Benefit
Plans, Ashland Global Welfare Plans and Valvoline Welfare Plans and (d) Ashland Global and Valvoline shall cooperate in good faith in connection with the notification and consultation with works councils, labor unions and other employee
representatives of employees of the Ashland Global Group and the Valvoline Group. The obligations of the Ashland Global Group and the Valvoline Group to cooperate pursuant to this Section 15.01 shall remain in effect until the later of
(i) the date all audits of all Benefit Plans with respect to which a Party may have Information have been completed or (ii) the date the applicable statute of limitations with respect to such audits has expired. 

SECTION 15.02. Access to Information; Litigation; Confidentiality. Article VII of the Separation Agreement is hereby incorporated into
this Agreement mutatis mutandi. 
 ARTICLE XVI 

Reimbursements 
 SECTION
16.01. Reimbursements by the Valvoline Group. (a) Promptly following the last business day of each calendar month ending following the date hereof, Ashland Global shall provide Valvoline with one or more invoices, in each case including
reasonable substantiating documentation, that set forth the aggregate costs, if any, incurred by any member of the Ashland Global Group during such month (or, in the case of the first calendar month ending after the date hereof, the aggregate costs
incurred by any member of the Ashland Global Group on or following August 1, 2016) relating to compensation and benefits provided to the Valvoline Employees and Former Valvoline Employees, including: 

(i) as a result of participation in the Ashland Global Benefit Plans or pursuant to an Individual Agreement (including any
change in control agreement described in Section 12.01), including any 401(k) employer-matching contributions and 401(k) profit-sharing contributions in an Ashland Global 401(k) Plan; 

(ii) in respect of reimbursement and non-reimbursement claims incurred under the Ashland Global Welfare Plans and continued
health care coverage under COBRA; and 
 (iii) relating to the coverage of a workers’ compensation claim under the
Ashland Global Workers’ Compensation Plan (or, in the case of any Workers’ Compensation Event that occurs over a period both preceding and following the applicable Benefit Plan Transfer Date, the coverage of the portion of such claim
relating to the time that the applicable Workers’ Compensation Event transpired 

  
 27 

 
prior to the applicable Benefit Plan Transfer Date (in which case the remainder of such claim shall be covered under a Valvoline Workers’ Compensation Plan, as described in
Section 5.03, and shall not be subject to reimbursement under this Section 16.01)); 
 as well as any costs of other obligations or Liabilities
that a member of the Ashland Global Group elects to, or is compelled to, pay or otherwise satisfy that are or that pursuant to this Agreement have become the responsibility of the members of the Valvoline Group, in each case including any such
Liabilities that became payable prior to, but have not been satisfied as of, August 1, 2016. 
 (b) The costs incurred by the members
of the Ashland Global Group with respect to compensation paid to Valvoline Employees and Former Valvoline Employees in the form of Ashland Global Common Stock (whether pursuant to an Ashland Global Equity Award, an Ashland Global Deferred
Compensation Plan or an Individual Agreement) shall be determined based on the closing stock price of Ashland Global Common Stock on the New York Stock Exchange Composite Tape on the date of such payment. Any reimbursement made pursuant to this
Section 16.01(b) shall be treated by the Parties for all tax purposes as purchase price or partial purchase price for such shares of Ashland Global Common Stock. 

(c) The costs described in clauses (ii) and (iii) of Section 16.01(a) shall be determined based on a fixed percentage of the
total costs incurred under the applicable plan with respect to such period, determined in a manner that is consistent with the Parties’ practices for allocating such costs among the Ashland Global Business and the Valvoline Business as of the
date hereof; provided that such percentage shall equal 100% in the case of the Valvoline Instant Oil Change hourly welfare benefit plans. 

(d) Within 20 business days following the receipt by Valvoline of each such invoice, Valvoline shall pay Ashland Global an amount in cash
equal to the aggregate amounts set forth thereon. In no event shall any member of the Valvoline Group be required to reimburse any member of the Ashland Global Group for any costs (i) that are charged directly to the members of the Valvoline
Group in the ordinary course of business consistent with past practice, (ii) with respect to any Ashland Global Liabilities or (iii) for which the Ashland Global Group is reimbursed in respect of a payment provided under an Ashland Global
Benefit Plan to the extent such reimbursement reduces the assets in a Hercules Rabbi Trust. 
 (e) All invoices provided pursuant to this
Article XVIII shall be denominated in U.S. dollars. 
 (f) For the avoidance of doubt, no reimbursement made pursuant to this
Section 16.01 shall be treated by the Parties for tax purposes as a distribution from Valvoline to Ashland Global immediately prior to the Distribution or as consideration for any property contributed to a member of the Valvoline Group in
connection with the transactions contemplated by this Agreement, the Separation Agreement and the Ancillary Agreements. 

  
 28 

 ARTICLE XVII 

Termination 
 SECTION
17.01. Termination. This Agreement may be terminated by Ashland Global at any time, in its sole discretion, prior to the Separation (as defined in the Separation Agreement); provided that this Agreement shall automatically terminate
upon the termination of the Separation Agreement in accordance with its terms. 
 SECTION 17.02. Effect of Termination. In the event
of any termination of this Agreement in accordance with Section 17.01, none of the Parties (or any of their directors or officers) shall have any Liability or further obligation to any other Party under this Agreement. 

ARTICLE XVIII 
 Miscellaneous

 SECTION 18.01. Counterparts; Entire Agreement; Corporate Power. This Agreement may be executed in one or more counterparts,
all of which counterparts shall be considered one and the same agreement, and shall become effective when one or more counterparts have been signed by each Party and delivered to the other Party. This Agreement may be executed by facsimile or PDF
signature and a facsimile or PDF signature shall constitute an original for all purposes. 
 SECTION 18.02. Governing Law;
Jurisdiction. This Agreement shall be governed by, and construed in accordance with, the Laws of the State of New York, regardless of the Laws that might otherwise govern under applicable principles of conflicts of Laws thereof. Each Party
irrevocably consents to the exclusive jurisdiction, forum and venue of the Commercial Division of the Supreme Court of the State of New York, New York County and the United States District Court for the Southern District of New York
over any and all claims, disputes, controversies or disagreements between the Parties or any of their respective Subsidiaries, Affiliates, successors and assigns under or related to this Agreement or any document executed pursuant to this Agreement
or any of the transactions contemplated hereby or thereby. 
 SECTION 18.03. Assignability. Neither this Agreement nor any of the
rights, interests or obligations under this Agreement shall be assigned, in whole or in part, by operation of Law or otherwise by either Party without the prior written consent of the other Party. Any purported assignment without such consent shall
be void. Subject to the preceding sentences, this Agreement shall be binding upon, inure to the benefit of, and be enforceable by, the Parties and their respective successors and assigns. Notwithstanding the foregoing, either Party may assign this
Agreement without consent in connection with (a) a merger transaction in which such Party is not the surviving entity and the surviving entity acquires or assumes all or substantially all of such Party’s assets, or (b) the sale of all
or substantially all of such Party’s assets; provided, however, that the assignee expressly assumes in writing all of the obligations of the assigning Party under 

  
 29 

 
this Agreement, and the assigning Party provides written notice and evidence of such assignment and assumption to the non-assigning Party. No assignment permitted by this Section 18.03 shall
release the assigning Party from liability for the full performance of its obligations under this Agreement. 
 SECTION 18.04.
Third-Party Beneficiaries. Except for the indemnification rights under the Separation Agreement of any Ashland Global Indemnitee or Valvoline Indemnitee (as such terms are defined in the Separation Agreement) in their respective capacities as
such, (a) the provisions of this Agreement are solely for the benefit of the Parties hereto and are not intended to confer upon any Person (including any Valvoline Employee, Former Valvoline Employee, Ashland Global Employee or Former Ashland
Global Employee, or any beneficiary or dependent thereof) except the Parties hereto any rights or remedies hereunder and (b) there are no third-party beneficiaries of this Agreement and this Agreement shall not provide any third person
(including any Valvoline Employee, Former Valvoline Employee, Ashland Global Employee or Former Ashland Global Employee, or any beneficiary or dependent thereof) with any remedy, claim, liability, reimbursement, cause of action or other right in
excess of those existing without reference to this Agreement and (c) nothing contained in this Agreement shall be treated as an amendment to any Valvoline Benefit Plan or Ashland Global Benefit Plan or prevent the members of the Valvoline Group
or the members of the Ashland Global Group from amending or terminating any Benefit Plans. 
 SECTION 18.05. Notices. All notices or
other communications under this Agreement shall be in writing and shall be deemed to be duly given when (a) delivered in person, (b) on the date received, if sent by a nationally recognized delivery or courier service, or (c) upon the
earlier of confirmed receipt or the fifth business day following the date of mailing if sent by registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 

If to Ashland Global, to: 

ASHLAND HOLDINGS INC. 
 50 E.
RiverCenter Blvd. 
 Covington, KY 41011 

Attn: Peter J. Ganz 
 e-mail:
PGanz@ashland.com 
 with a copy to: 

Cravath, Swaine & Moore LLP 

Worldwide Plaza 
 825 Eighth
Avenue 
 New York, NY 10019 

Attn: Susan Webster and Thomas E. Dunn 

e-mail: swebster@cravath.com, tdunn@cravath.com 

Facsimile: (212) 474-3700 

  
 30 

 If to Valvoline, to: 

VALVOLINE INC. 
 3499 Blazer
Parkway 
 Lexington, KY 40509 

Attn: Julie M. O’Daniel 

e-mail: JMODaniel@valvoline.com 

Either Party may, by notice to the other Party, change the address to which such notices are to be given. 

SECTION 18.06. Severability. If any provision of this Agreement or the application thereof to any Person or circumstance is determined
by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions hereof, or the application of such provision to Persons or circumstances or in jurisdictions other than those as to which it has been held invalid or
unenforceable, shall remain in full force and effect and shall in no way be affected, impaired or invalidated thereby, so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially
adverse to either Party. Upon any such determination, any such provision, to the extent determined to be invalid, void or unenforceable, shall be deemed replaced by a provision that such court determines is valid and enforceable and that comes
closest to expressing the intention of the invalid, void or unenforceable provision. 
 SECTION 18.07. Headings. The article, section
and paragraph headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. 

SECTION 18.08. Survival of Covenants. Except as expressly set forth in this Agreement, the covenants in this Agreement and the
liabilities for the breach of any obligations in this Agreement shall survive the Initial Public Offering and the Distribution, as applicable, and shall remain in full force and effect. 

SECTION 18.09. Specific Performance. In the event of any actual or threatened default in, or breach of, any of the terms, conditions
and provisions of this Agreement, the affected Party shall have the right to specific performance and injunctive or other equitable relief of its rights under this Agreement, in addition to any and all other rights and remedies at Law or in equity,
and all such rights and remedies shall be cumulative. The other Party shall not oppose the granting of such relief on the basis that money damages are an adequate remedy. The Parties agree that the remedies at Law for any breach or threatened breach
hereof, including monetary damages, are inadequate compensation for any loss and that any defense in any action for specific performance that a remedy at Law would be adequate is waived. Any requirements for the securing or posting of any bond with
such remedy are waived. 
 SECTION 18.10. Amendments. No provisions of this Agreement shall be deemed waived, amended, supplemented
or modified by any Party, unless such waiver, amendment, supplement or modification is in writing and signed by the authorized representative of each Party. 

  
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 SECTION 18.11. Interpretation. Words in the singular shall be held to include the plural
and vice versa and words of one gender shall be held to include the other gender as the context requires. The terms “hereof”, “herein” and “herewith” and words of similar import, unless otherwise stated, shall be
construed to refer to this Agreement as a whole (including all of the schedules hereto) and not to any particular provision of this Agreement. Article, Section or Schedule references are to the articles, sections and schedules of or to this
Agreement unless otherwise specified. Any capitalized terms used in any Schedule to this Agreement but not otherwise defined therein shall have the meaning as defined in this Agreement. Any reference herein to this Agreement, unless otherwise
stated, shall be construed to refer to this Agreement as amended, supplemented or otherwise modified from time to time, as permitted by Section 18.10. The word “including” and words of similar import when used in this Agreement shall
mean “including, without limitation”, unless the context otherwise requires or unless otherwise specified. The word “or” shall not be exclusive. All references here in to the “Distribution” and the “Distribution
Date” shall be construed to refer to an “Other Disposition” (as defined in the Separation Agreement) or the date of an “Other Disposition”, as applicable. 

[Remainder of page left intentionally blank] 

  
 32 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed by their duly
authorized representatives. 
  

			
	ASHLAND GLOBAL HOLDINGS INC.,
		
	By	 	  

		 	Name:
		 	Title:
	
	VALVOLINE INC.,
		
	By	 	  

		 	Name:
		 	Title:EX-10.11

 Exhibit 10.11 

2016 VALVOLINE INCENTIVE PLAN 

(Effective as of [DATE], 2016) 
 SECTION
1. PURPOSE 
 The purpose of the 2016 Valvoline Incentive Plan is to promote the interests of the Company and its shareholders by
providing incentives to its directors, officers and employees (including prospective directors, officers and employees). Accordingly, the Company may grant to selected officers and employees Option Awards, Stock Appreciation Rights Awards,
Restricted Stock Awards, Restricted Stock Unit Awards, Incentive Awards, Performance Unit Awards and Recognition Awards in an effort to attract and retain in its employ qualified individuals and to provide such individuals with incentives to
continue service with the Company, devote their best efforts to the Company and improve the Company’s economic performance, thus enhancing the value of the Company for the benefit of shareholders. This Plan also provides an incentive for
qualified persons, who are not officers or employees of the Company, to serve on the Board of Directors of the Company and to continue to work for the best interests of the Company by rewarding such persons with Option Awards, Stock Appreciation
Rights Awards, Restricted Stock Awards or Restricted Stock Unit Awards. 
 SECTION 2. DEFINITIONS 

“Agreement” shall mean either: (i) an agreement, either in written or electronic format, entered into by the Company and a
Recipient setting forth the terms and provisions applicable to an Award granted under the Plan; or (ii) a statement, either in written or electronic format, issued by the Company to a Recipient describing the terms and provisions of such Award,
which need not be signed by the Recipient. 
 “Assumed Valvoline Award” shall mean a stock option, stock appreciation right,
restricted stock, restricted stock unit, performance unit, merit or other incentive compensation award granted pursuant to the Amended and Restated 2015 Ashland Inc. Incentive Plan, the Amended and Restated 2011 Ashland Inc. Incentive Plan or any
other long-term incentive compensation plan sponsored or maintained by Ashland Inc. (or its successor) and assumed under this Plan in connection with the Valvoline Spin-Off. 

“Award” shall mean an Option Award, a Stock Appreciation Right Award, a Restricted Stock Award, a Restricted Stock Unit Award, an
Incentive Award, a Performance Unit Award or a Recognition Award, in each case granted under this Plan. 
 “Beneficial Owner”
shall have the meaning set forth in Rule 13d-3 promulgated under the Exchange Act. 
 “Beneficiary” shall mean the person or
persons designated by a Recipient or, if no designation has been made, the person or persons entitled by will or the laws of descent and distribution to receive the benefits specified under this Plan in the event of a Recipient’s death. 

“Board” shall mean the Board of Directors of the Company. 

 “Cause” shall have the meaning assigned thereto in the applicable Agreement or, in the
event the applicable Agreement does not assign a meaning to such term, “Cause” shall mean (i) the willful and continued failure of the Participant to substantially perform his or her duties with the Company or its Subsidiaries (other
than any such failure resulting from the Participant’s incapacity due to physical or mental illness), (ii) willful engaging by the Participant in gross misconduct materially injurious to the Company or its Subsidiaries or (iii) the
Participant’s conviction of or the entering of a plea of nolo contendere (or similar plea under the law of a jurisdiction outside the United States) to the commission of a felony (or a similar crime or offense under the law of a jurisdiction
outside the United States). 
 “Change in Control” shall be deemed to have occurred if: 

(i) there shall be consummated (A) any consolidation or merger of the Company (a “Business Combination”), other than a
consolidation or merger of the Company into or with a direct or indirect wholly-owned subsidiary, as a result of which the shareholders of the Company own (directly or indirectly), immediately after the Business Combination, less than 50% of the
then outstanding shares of common stock that are entitled to vote generally for the election of directors of the corporation resulting from such Business Combination, or pursuant to which shares of the Company’s Common Stock would be converted
into cash, securities or other property, other than a Business Combination in which the holders of the Company’s Common Stock immediately prior to the Business Combination have substantially the same proportionate ownership of common stock of
the surviving corporation immediately after the Business Combination, or (B) any sale, lease, exchange or transfer (in one transaction or a series of related transactions) of all or substantially all the assets of the Company, provided,
however, that no sale, lease, exchange or other transfer of all or substantially all the assets of the Company shall be deemed to occur unless assets constituting at least 80% of the total assets of the Company are transferred pursuant to such sale,
lease, exchange or other transfer; 
 (ii) the shareholders of the Company shall approve any plan or proposal for the liquidation or
dissolution of the Company; 
 (iii) any Person shall become the Beneficial Owner of securities of the Company representing 20% or more of
the combined voting power of the Company’s then outstanding securities ordinarily (and apart from rights accruing in special circumstances) having the right to vote in the election of directors, as a result of a tender or exchange offer, open
market purchases, privately-negotiated purchases or otherwise, without the approval of the Board; or 
 (iv) at any time during a period of
two (2) consecutive years, individuals who at the beginning of such period constituted the Board shall cease for any reason to constitute at least a majority thereof, unless the election or the nomination for election by the Company’s
shareholders of each new director during such two-year period was approved by a vote of at least two-thirds of the directors then still in office who were directors at the beginning of such two-year period. 

  
 2 

 Notwithstanding the foregoing, a “Change in Control” shall not be deemed to have
occurred by virtue of (1) the consummation of any transaction or series of integrated transactions immediately following which the record holders of the Common Stock of the Company immediately prior to such transaction or series of transactions
continue to have substantially the same proportionate ownership in an entity which owns all or substantially all of the assets of the Company immediately following such transaction or series of transactions, (2) the repurchase by the Company of
outstanding shares of Common Stock or other securities pursuant to a tender or exchange offer or (3) the Valvoline Spin-Off. 

“Code” shall mean the United States Internal Revenue Code of 1986, as amended. 

“Common Stock” shall mean the Common Stock of the Company ($0.01 par value), subject to adjustment pursuant to Section 14
hereof. 
 “Company” shall mean Valvoline Inc. or any successor thereto. 

“Compensation Committee” shall mean the Compensation Committee of the Board, as from time to time constituted, or any successor
committee of the Board with similar functions, which shall, unless otherwise determined by the board, consist of three or more members, each of whom shall be a “non-employee director” within the meaning of Rule 16b-3 issued under the
Exchange Act, an “outside director” within the meaning of the regulations issued under Section 162(m) of the Code and an “independent director” within the meaning of the applicable rules of the New York Stock Exchange or any
other securities exchange upon which the Company’s Common Stock is listed, or such committee’s delegate. 
 “Credited
Service” shall mean periods of employment with the Company and its Subsidiaries for which credit is given , as determined by the Compensation Committee in its sole discretion. 

“Disability” shall have the meaning assigned thereto in the applicable Agreement or, in the event the applicable Agreement does not
assign a meaning to such term, “Disability” shall mean, (i) in the case of a Participant, when he or she becomes unable to perform the functions required by his or her regular job due to physical or mental illness and, in connection
with the grant of an Incentive Stock Option, he or she falls within the meaning of that term as provided in Section 22(e)(3) of the Code; and (ii) in the case of an Outside Director, when he or she is unable to attend to his or her duties
and responsibilities as a member of the Board because of incapacity due to physical or mental illness. 
 “Dividend Equivalents”
shall mean the equivalent value (in cash, shares of Common Stock, shares of Restricted Stock or RSUs) of dividends that would otherwise be paid on the shares subject to an Award but that have not been issued or delivered, as described in
Section 16(N). 
 “Effective Date” shall mean [DATE], 2016. 

  
 3 

 “Employee” shall mean a regular, full-time or part-time employee of the Company or any
of its Subsidiaries, provided, however, that for purposes of determining whether any individual may be a Participant for purposes of any grant of an Incentive Stock Option, the term “Employee” shall have the meaning given to such term in
Section 3401(c) of the Code. 
 “Exercise Price” shall mean, with respect to each share of Common Stock subject to an Option
or Stock Appreciation Right, the price fixed by the Compensation Committee at which such share may be purchased from the Company pursuant to the exercise of such Option or Stock Appreciation Right. 

“Exchange Act” shall mean the United States Securities Exchange Act of 1934, as amended. 

“Fair Market Value” shall mean, as of any date, (i) the closing sale price per share of Common Stock as reported on the
Composite Tape of the New York Stock Exchange, or if there are no sales on such day, on the next preceding trading day during which a sale occurred and (ii) in the absence of such markets for the shares of Common Stock, the Fair Market Value
shall be determined by the Compensation Committee, in its discretion, (which determination shall be made in a manner that complies with Section 409A of the Code to the extent required to avoid the imposition of taxes or penalties under
Section 409A of the Code, as determined by the Committee), and such determination shall be conclusive and binding for all purposes. 

“Incentive Award” shall mean an Award made pursuant to Section 7 hereof, the payment of which is contingent upon the
achievement of performance goals (including Performance Goals) for the particular Performance Period. 
 “Incentive Stock Option”
or “ISO” shall mean an Option that is intended by the Compensation Committee to meet the requirements of Section 422 of the Code or any successor provision. 

“ISO Award” shall mean an Award of an Incentive Stock Option pursuant to Section 10 hereof. 

“Nonqualified Stock Option” or “NQSO” shall mean an Option granted pursuant to this Plan which does not qualify as an
Incentive Stock Option. 
 “NQSO Award” shall mean an Award of a Nonqualified Stock Option pursuant to Section 10 hereof.

 “Option” shall mean the right to purchase Common Stock at a price to be specified and upon terms to be designated by the
Compensation Committee, in its discretion, or otherwise determined pursuant to this Plan. The Compensation Committee, in its discretion, shall designate an Option as a Nonqualified Stock Option or an Incentive Stock Option. 

“Option Award” shall mean an Award of an Option pursuant to Section 10 hereof. 

  
 4 

 “Outside Director” shall mean a director of the Company, who is not also an Employee,
who is selected by the Compensation Committee to receive an Award under this Plan. 
 “Participant” shall mean an Employee who is
designated (whether individually or as a member of a specified group of Employees) by the Compensation Committee to receive an Award under this Plan. 

“Performance-Based Exception” shall mean the performance-based exception from the tax deductibility limitations of
Section 162(m) of the Code. 
 “Performance Goals” shall mean performance goals as may be established in writing by the
Compensation Committee. Such goals may be absolute in their terms or measured against or in relation to other companies comparably or otherwise situated, and/or may be relative to stock market indices or such other published or special indices as
the Compensation Committee deems appropriate. Performance Goals may relate to the performance of the Company or one or more of its Subsidiaries, divisions, departments, units, functions, partnerships, joint ventures or minority investments, product
lines or products, and/or the performance of the individual Participant. The Performance Goals applicable to any Award that is intended to qualify for the Performance-Based Exception shall be based on one or more of the following criteria (which may
be measured either in the aggregate or on per share basis, and which may include or exclude items to measure specific objectives, such as losses from discontinued operations, extraordinary gains or losses, the cumulative effect of accounting
changes, acquisitions or divestitures, foreign exchange impacts and any unusual, nonrecurring gain or loss): 
 (i) Earnings measures,
including net earnings on either a LIFO, FIFO or other basis and including earnings, earnings before interest, earnings before interest and taxes, earnings before interest, taxes and depreciation or earnings before interest, taxes, depreciation and
amortization; 
 (ii) Operating measures, including operating income, operating earnings, or operating margin; 

(iii) Income or loss measures, including net income or net loss, and economic profit; 

(iv) Cash flow measures, including cash flow or free cash flow; 

(v) Revenue measures; 
 (vi)
Reductions in expense measures; 
 (vii) Operating and maintenance, cost management, and employee productivity measures; 

  
 5 

 (viii) Company return measures, including return on assets, investments, equity, or sales; 

(ix) Share price (including attainment of a specified per-share price during the performance period, growth measures, total return to
shareholders or attainment of a specified price per share for a specified period of time); 
 (x) Strategic business criteria, consisting of
one or more objectives based on meeting specified revenue, market share, market penetration, business expansion targets, project milestones, production volume levels, or cost targets; 

(xi) Accomplishment of, or goals related to, mergers, acquisitions, dispositions, public offerings, or similar extraordinary business
transactions; 
 (xii) Achievement of business or operational goals such as market share, business development and/or customer objectives,
and debt ratings; or 
 (xiii) Growth or rate of growth of any of the performance criteria set forth herein. 

“Performance Period” shall mean the period designated by the Compensation Committee during which performance goals (including
Performance Goals) shall be measured. 
 “Performance Unit Award” shall mean an Award made pursuant to Section 8 hereof, the
payment of which is contingent upon the achievement of performance goals (including Performance Goals) for the particular Performance Period. 

“Person” shall have the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d)
thereof, except that such term shall not include (i) the Company, (ii) a trustee or other fiduciary holding securities under an employee benefit plan of the Company, or (iii) an underwriter temporarily holding securities pursuant to
an offering on behalf of the Company. 
 “Personal Representative” shall mean the person or persons who, upon the Disability or
incompetence of a Recipient, shall have acquired on behalf of the Recipient by legal proceeding or otherwise the right to receive the benefits specified in this Plan. 

“Plan” shall mean this 2016 Valvoline Incentive Plan. 

“Plan Share Limit” shall have the meaning given in Section 3(A) hereof. 

“Qualifying Termination” shall mean: 

(i) in the case of a Participant, termination of the Participant’s employment with the Company and its Subsidiaries at any time such that
(A) the Participant is age fifty-five (55) or older and has at least ten (10) years of continuous service; and 

  
 6 

 (ii) in the case of an Outside Director, termination of the Outside Director’s service on
the Board as a result of a mandatory retirement date established by the Compensation Committee. 
 “Recipient” shall mean a
Participant or an Outside Director, as appropriate. 
 “Recognition Award” shall mean an Award of Common Stock issued pursuant to
Section 9 hereof. 
 “Restricted Period” shall mean the period during which Restricted Stock or Restricted Stock Units are
subject to a substantial risk of forfeiture (based on the passage of time, the achievement of performance goals (including Performance Goals), or upon the occurrence of other events as determined by the Compensation Committee, in its discretion).

 “Restricted Stock” shall mean those shares of Common Stock issued pursuant to a Restricted Stock Award which are subject to the
restrictions, terms, and conditions set forth in the related Agreement or designated by the Compensation Committee, in its discretion, in accordance with the Plan. 

“Restricted Stock Award” shall mean an Award of Restricted Stock pursuant to Section 6 hereof. 

“Restricted Stock Units” or “RSUs” shall mean units (or other Common Stock equivalents) issued pursuant to a Restricted
Stock Unit Award which are valued in terms of shares of Common Stock and are subject to the restrictions, terms, and conditions set forth in the related Agreement or designated by the Compensation Committee, in its discretion, in accordance with the
Plan. 
 “Restricted Stock Unit Award” or “RSU Award” shall mean an Award of Restricted Stock Units pursuant to
Section 6 hereof. 
 “Stock Appreciation Right” or “SAR” shall mean a right pursuant to a Stock Appreciation Right
Award to be paid an amount measured by the appreciation in the Fair Market Value of shares of Common Stock from the date of grant to the date of exercise of the SAR, with payment to be made wholly in cash, wholly in shares of Common Stock or a
combination thereof as specified in the Agreement or determined by the Compensation Committee, in its discretion. A SAR may be granted only singly and may not be granted in tandem with an Option. 

“Stock Appreciation Right Award” or “SAR Award” shall mean an Award of a Stock Appreciation Right pursuant to
Section 10 hereof. 
 “Subsidiary” shall mean a corporation, company or other entity, whether U.S. or foreign, (i) more
than fifty percent (50%) of whose outstanding shares or securities (representing the right to vote for the election of directors or other managing authority) are now or hereafter, owned or controlled, directly or indirectly, by the Company, or
(ii) which does not have outstanding shares or securities (as may be the case, for example, in 

  
 7 

 
a partnership, limited liability company, joint venture or unincorporated association), but more than fifty percent (50%) of whose ownership interests representing the right generally to
make decisions for such other entity is now or hereafter, owned or controlled, directly or indirectly, by the Company; provided, however, that for purposes of determining whether any person may be a Participant for purposes of any grant of Incentive
Stock Options, the term “Subsidiary” shall have the meaning given to such term in Section 424(f) of the Code, as interpreted by the regulations thereunder and applicable law. 

“Substitute Awards” shall have the meaning given in Section 14 hereof. 

“Tax Date” shall mean the date the withholding tax obligation arises with respect to an Award. 

“Valvoline Spin-Off” shall mean the transaction or series of transactions initially approved by the Board of Directors of Ashland,
Inc. on September 16, 2015 intended to separate the Valvoline business from Ashland Inc.’s specialty chemical business and create two independent, publicly traded companies. 

SECTION 3. STOCK SUBJECT TO THIS PLAN 

(A) Subject to adjustment as provided under Section 14 hereof, there will be reserved for issuance under this Plan an aggregate of
7,000,000 shares of Common Stock (the “Plan Share Limit”), any or all of which may be delivered with respect to ISO Awards. Subject to adjustment as provided under Section 14 hereof, the following limits shall apply with respect to
Awards that are intended to qualify for the Performance-Based Exception: (i) the maximum aggregate number of shares of Common Stock that may be subject to Options or SARs granted in any calendar year to any one Participant shall be 1,000,000
shares; (ii) the maximum aggregate number of Restricted Stock Awards and shares of Common Stock issuable or deliverable under Restricted Stock Unit Awards granted in any calendar year to any one Participant shall be 500,000 shares; and
(iii) the maximum aggregate number of shares of Common Stock issuable or deliverable under Performance Unit Awards granted in any calendar year to any one Participant shall be 500,000 shares of Common Stock or, in the case of Performance Unit
Awards established in cash, an amount of cash equal to the Fair Market Value (as of the date of grant) of 500,000 shares of Common Stock. Subject to adjustment as provided under Section 14 hereof, the maximum aggregate number of shares of
Common Stock that may be issuable or deliverable under Awards granted in any calendar year to any one Outside Director shall be 25,000 shares or, in the case of Awards established in cash, an amount of cash equal to the Fair Market Value (as of the
date of grant) of 25,000 shares of Common Stock. 
 (B) In the event that any Award is paid solely in cash, no shares shall be deducted from
the Plan Share Limit by reason of such Award. Shares of Common Stock subject to Awards that are forfeited, terminated, canceled or settled without the delivery of Common Stock under the Plan (including cash settlement) will again be available for
Awards under the Plan and credited toward the Plan Share Limit. Notwithstanding any 

  
 8 

 
other provision herein, the Plan Share Limit shall not be increased by: (i) shares of Common Stock tendered in full or partial payment of the Exercise Price of an Option, (ii) shares of
Common Stock withheld by the Company or any Subsidiary to satisfy a tax withholding obligation in connection with the vesting or exercise of an Award, and (iii) shares of Common Stock that are repurchased by the Company with Option proceeds.
Moreover, all shares of Common Stock covered by a SAR, to the extent that it is exercised and settled in shares, and whether or not shares are actually issued or delivered to the Recipient upon exercise of the right, shall be considered issued or
delivered pursuant to the Plan for purposes of the Plan Share Limit. 
 (C) Any shares of Common Stock underlying Restricted Stock Awards,
Restricted Stock Unit Awards, Recognition Awards, Incentive Awards, Performance Unit Awards and Dividend Equivalents (collectively, “Full-Value Awards”) that are issued or delivered under the Plan shall reduce the Plan Share Limit by 4.5
shares for every one share of Common Stock issued or delivered in connection with such Full-Value Award, and any shares covered by an Award other than a Full-Value Award shall reduce the Plan Share Limit by one share for every one share of Common
Stock issued or delivered under such Award. Any shares of Common Stock that again become available for issuance or delivery pursuant to Section 3(B) of the Plan shall be credited toward the Plan Share Limit in the same manner as such shares
were originally deducted from the Plan Share Limit pursuant to this Section 3(C). 
 SECTION 4. ADMINISTRATION 

The Compensation Committee shall have the exclusive authority to administer this Plan. 

In addition to any implied powers and duties that may be needed to carry out the provisions hereof the Compensation Committee shall have all
the powers vested in it by the terms hereof, including exclusive authority to select the Recipients, to determine the type, size and terms of the Awards to be made to each Recipient, to determine the time when Awards will be granted, and to
prescribe the form of the Agreement embodying Awards made under this Plan. The Compensation Committee shall be authorized to interpret this Plan and the Awards (including Substitute Awards) granted under this Plan, to establish, amend and rescind
any rules and regulations relating to this Plan, to provide for accelerated vesting of any outstanding Awards, to make any other determinations which it believes necessary or advisable for the administration hereof, and to correct any defect or
supply any omission or reconcile any inconsistency in this Plan or in any Award in the manner and to the extent the Compensation Committee, in its discretion, deems desirable to carry it into effect. To the extent permitted by applicable laws, the
Compensation Committee may, in its discretion, delegate to one or more directors or Employees any of the Compensation Committee’s authority under this Plan. The acts of any such delegates shall be treated hereunder as acts of the Compensation
Committee with respect to any matters so delegated. 
 The Compensation Committee shall have no obligation to treat Recipients or eligible
Employees or non-employee directors uniformly, and the Compensation 

  
 9 

 
Committee may, in its discretion, make determinations under this Plan selectively among Recipients who receive, or Employees or directors who are eligible to receive, Awards (whether or not such
Recipients or eligible Employees or directors are similarly situated). All determinations and decisions made by the Compensation Committee, in its discretion, pursuant to the provisions of this Plan and all related orders and resolutions of the
Compensation Committee shall be final, conclusive and binding on all persons, including the Company, its Subsidiaries, shareholders, Participants, Outside Directors, Employees, directors and their estates, Beneficiaries and Personal Representatives.

 Notwithstanding any other provision of this Plan, the Board may reserve to itself any or all of the authority or responsibility of the
Compensation Committee under this Plan or may act as the administrator of the Plan for any and all purposes. To the extent that the Board has reserved any such authority or responsibility or during any time that the Board is acting as administrator
of the Plan, it shall have all the powers of the Compensation Committee hereunder, and any reference herein to the Compensation Committee (other than in this paragraph) shall include the Board. To the extent that any action of the Board under the
Plan conflicts with any action of the Compensation Committee, the action of the Board shall control. 
 SECTION 5. ELIGIBILITY 

Awards may only be granted to Participants and Outside Directors, provided that Outside Directors may not be granted ISOs, Incentive Awards,
Performance Unit Awards or Recognition Awards. 
 SECTION 6. RESTRICTED STOCK AND RESTRICTED STOCK UNIT (RSU) AWARDS 

(A) Grant. Any Recipient may receive one or more Restricted Stock Awards or RSU Awards, as the Compensation Committee, in its
discretion, shall from time to time determine. 
 (B) Restricted Periods. 

(1) Participants. The Restricted Period for each Restricted Stock Award or RSU Award to a Participant shall be set forth in the
applicable Agreement. Except as otherwise provided in an Agreement upon a termination of employment or pursuant to Section 12 in the event of a Change in Control, a Restricted Stock Award or RSU Award granted to a Participant shall have a
minimum Restricted Period of (i) one (1) year in the case of restrictions that lapse based on the achievement of performance goals (including Performance Goals); and (ii) three (3) years in the case of restrictions that lapse
based solely on the passage of time, which period may, at the discretion of the Compensation Committee, lapse on a pro-rated, graded, or cliff basis (as specified in the Agreement); provided that in the Compensation Committee’s sole discretion,
no more than five percent (5%) of the shares of Common Stock available for issuance as Restricted Stock Awards or pursuant to RSU Awards under the Plan may be granted with a Restricted Period of less than three (3) years. 

  
 10 

 (2) Termination of Employment or Service. Except as otherwise provided in the Agreement or
as determined by the Compensation Committee, in its discretion, in the event that a Restricted Stock Award or RSU Award has been made to a Recipient whose employment or service as a director is subsequently terminated for any reason prior to the
lapse of all restrictions thereon, such Restricted Stock or RSU shall be forfeited in its entirety by such Recipient. 
 (C) Certain
Restricted Stock Award Provisions. 
 (1) Shareholder Rights; Restrictions on Transferability. Upon the granting of a
Restricted Stock Award, a Recipient shall be entitled to all rights incident to ownership of Common Stock of the Company with respect to his or her Restricted Stock, including, but not limited to, the right to vote such shares of Restricted Stock
and to receive dividends thereon when, as and if paid in cash, shares of Restricted Stock or Dividend Equivalents, as set forth in the applicable Agreement or as determined by the Compensation Committee, in its discretion. Each such grant of
Restricted Stock may be made without additional consideration or in consideration of a payment by such Recipient that may be less than the Fair Market Value per share of Common Stock at the date of grant. Subject to Section 16(B) hereof,
Restricted Stock may not be sold, assigned, transferred, pledged, or otherwise encumbered during a Restricted Period. 
 (2)
Restrictions; Dividends on Restricted Stock. During the Restricted Period, (a) any certificates representing the Restricted Stock shall be registered in the Recipient’s name and bear a restrictive legend to the effect that ownership
of such Restricted Stock, and the enjoyment of all rights appurtenant thereto are subject to the restrictions, terms, and conditions provided in this Plan and the applicable Agreement, and (b) all uncertificated shares of Restricted Stock shall
be held by the Company (or its transfer agent) in book entry form with appropriate restrictions relating to the transfer of such shares of Restricted Stock and the other terms and conditions provided in the Plan. Any such certificates shall be
deposited by the Recipient with the Company, together with stock powers or other instruments of assignment, each endorsed in blank, which will permit transfer to the Company of all or any portion of the Restricted Stock which shall be forfeited in
accordance with this Plan and the applicable Agreement. Restricted Stock shall constitute issued and outstanding shares of Common Stock for all corporate purposes. Notwithstanding the foregoing: (i) the Recipient will not be entitled to
delivery of any stock certificates representing such Restricted Stock until the restrictions applicable thereto shall have expired; (ii) the Company will retain custody of all shares of Restricted Stock issued as a dividend or otherwise with
respect to an Award of Restricted Stock (and such issued shares of Restricted Stock shall be subject to the same restrictions, terms and conditions as are applicable to the awarded Restricted Stock) until such time, if ever, as such shares of
Restricted Stock shall have become vested, and Restricted Stock shall not bear interest or be segregated in separate accounts; (iii) subject to Section 16(B) hereof, the Recipient may not sell, assign, transfer, pledge, exchange, encumber,
or dispose of any Restricted Stock during the Restricted Period; and (iv) unless otherwise determined and directed by the Compensation Committee, in its discretion, a breach of any restrictions, terms, or conditions provided in this Plan, the
applicable Agreement or established by the Compensation Committee with respect to any Restricted Stock will 

  
 11 

 
cause a forfeiture of such awarded Restricted Stock (including any Restricted Stock issued as a dividend or otherwise) with respect thereto. Notwithstanding anything contained in this
Section 6(C)(2) to the contrary, cash dividends or other distributions with respect to Restricted Stock Awards that vest based on the achievement of performance goals (including Performance Goals) shall be accumulated until such Award is
earned, and the cash dividends or other distributions shall not be paid if the performance goals (including Performance Goals) are not satisfied. 

(D) Certain Restricted Stock Unit (RSU) Award Provisions. 

(1) General. Each RSU Award shall constitute an agreement by the Company to issue or deliver shares of Common Stock or cash to the
Recipient following the end of the applicable Restricted Period in consideration of the performance of services. Each such grant of Restricted Stock Units may be made without additional consideration or in consideration of a payment by such
Recipient that may be less than the Fair Market Value per share of Common Stock at the date of grant. 
 (2) No Shareholder Rights;
Dividend Equivalents. A Recipient who receives an RSU Award shall not have any rights as a shareholder with respect to the shares of Common Stock subject to such RSUs until such time, if any, that shares of Common Stock are delivered to the
Recipient pursuant to the terms of the applicable Agreement. A Recipient who receives an RSU Award shall have such rights, if any, to Dividend Equivalents as shall be set forth in the applicable Agreement or as determined by the Compensation
Committee, in its discretion. 
 (3) Payment. Unless otherwise determined by the Compensation Committee, in its discretion, each
Agreement shall set forth the payment date for the RSU Award, which date shall not be earlier than the end of the applicable Restricted Period. Payment of earned Restricted Stock Units (and Dividend Equivalents, if applicable) may be made in one or
more installments and may be made wholly in cash, wholly in shares of Common Stock or a combination thereof, as determined by the Compensation Committee, in its discretion. 

SECTION 7. INCENTIVE AWARDS 
 (A)
Grant. Any Participant may receive one or more Incentive Awards, as the Compensation Committee shall from time to time determine. 

(B) Terms and Conditions. 

(1) Performance Goals. No later than one hundred and twenty (120) days (or, in the case of Awards that are intended to qualify for
the Performance-Based Exception, ninety (90) days or such shorter period as is required under the Performance-Based Exception) after the commencement of each Performance Period, the Compensation Committee shall establish in writing one or more
performance goals (including Performance Goals) that must be reached by a Participant in order to receive an Incentive Award for such Performance Period. Except with respect to Awards that are intended to qualify for the Performance-Based Exception,
the Compensation Committee 

  
 12 

 
shall have the discretion to later revise the performance goals (including Performance Goals) and the amount to be paid out upon the attainment of such goals for any reason, including the
reflection of promotions, transfers or other changes in a Participant’s employment so long as such changes are consistent with the performance goals (including Performance Goals) established for other Participants in the same or similar
positions. Performance goals (including Performance Goals) established for Awards that are intended to qualify for the Performance-Based Exception may only be adjusted to reduce or eliminate the amount of compensation otherwise payable upon
attainment of the performance goals (including Performance Goals). 
 (2) Award Limits. The target Incentive Award shall be a fixed
percentage of the Participant’s base salary paid during the year. The maximum aggregate compensation that can be paid pursuant to an Incentive Award granted in any calendar year to any one Participant shall be ten million dollars ($10,000,000)
or a number of shares of Common Stock having an aggregate Fair Market Value (as of the date of grant) not in excess of such amount. 
 (C)
Payment. Payment of Incentive Awards may be made in one or more installments and may be made wholly in cash, wholly in shares of Common Stock or a combination thereof as determined by the Compensation Committee. Except as otherwise provided
in the applicable Agreement, payments shall be made no later than the fifteenth day of the third month following the later of (i) the end of the tax year of the Participant in which the Performance Period ends and (ii) the end of the tax
year of the Company in which the Performance Period ends. 
 If payment of an Incentive Award shall be made all or partially in shares of
Common Stock, the number of shares of Common Stock to be delivered to a Participant on any payment date shall be determined by dividing (x) the dollar amount of such Incentive Award to be paid (or the part thereof determined by the Compensation
Committee to be delivered in shares) by (y) the Fair Market Value on the date the Compensation Committee approves payment of the Incentive Award or as of such other date or dates as the Compensation Committee shall determine. 

(D) Termination. Unless otherwise provided in an Agreement or determined and directed by the Compensation Committee, an Incentive Award
shall terminate if the Participant does not remain continuously employed and in good standing with the Company or any of its Subsidiaries until the last business day of the month immediately preceding the month in which such Incentive Award is
otherwise payable. Unless otherwise provided in an Agreement or determined and directed by the Compensation Committee, in the event a Participant’s employment is terminated because of death, Disability, Qualifying Termination or other
employment termination event determined in the discretion of the Compensation Committee, the Participant (or his or her Beneficiaries or estate) shall receive the prorated portion of the payment of an Incentive Award for which the Participant would
have otherwise been eligible, based upon the portion of the Performance Period during which he or she was so employed, at such time such Incentive Award is otherwise payable, so long as the performance goals (including Performance Goals) are
subsequently achieved. 

  
 13 

 SECTION 8. PERFORMANCE UNIT AWARDS 

(A) Grant. Any Participant may receive one or more Performance Unit Awards, as the Compensation Committee shall from time to time
determine. Each Performance Unit Award shall be established in dollars or shares of Common Stock, or a combination of both, as determined by the Compensation Committee. 

(B) Performance Goals. The performance goals (including Performance Goals) and Performance Period applicable to a Performance Unit
Award shall be set forth in writing by the Compensation Committee no later than one hundred and twenty (120) days (or, in the case of Awards that are intended to qualify for the Performance-Based Exception, ninety (90) days or such shorter
period as is required under the Performance-Based Exception) after the commencement of the Performance Period. Except with respect to Awards that are intended to qualify for the Performance-Based Exception, the Compensation Committee shall have the
discretion to later revise the performance goals (including any Performance Goals) and the amount to be paid out upon the attainment of such goals for any reason including the reflection of promotions, transfers or other changes in a
Participant’s employment so long as such changes are consistent with the Performance Goals established for other Participants in the same or similar positions. Goals established for Awards that are intended to qualify for the Performance-Based
Exception may only be adjusted to reduce or eliminate the amount of compensation otherwise payable upon attainment of the Performance Goals. 

(C) Payment. 
 (1)
General. The amount of payment with respect to Performance Unit Awards shall be determined by the Compensation Committee and shall be based on the original amount of such Performance Unit Award (including any Dividend Equivalents with respect
thereto) adjusted to reflect the attainment of the Performance Goals during the Performance Period. Payment may be made in one or more installments and may be made wholly in cash, wholly in shares of Common Stock or a combination thereof as
determined by the Compensation Committee. Except as otherwise provided in the applicable Agreement, payments shall be made no later than the fifteenth day of the third month following the later of (i) the end of the tax year of the Participant
in which the Performance Period ends and (ii) the end of the tax year of the Company in which the Performance Period ends. Any payment may be subject to such restrictions and conditions as the Compensation Committee may determine. 

(2) Payment in Common Stock. If payment of a Performance Unit Award established in dollars is to be made in shares of Common Stock or
partly in such shares, the number of shares of Common Stock to be delivered to a Participant on any payment date shall be determined by dividing (i) the amount payable with respect to such Performance Unit Award by (ii) the Fair Market
Value of the Common Stock on the date the Compensation Committee approves payment of the Performance Unit Award or as of such other date or dates as the Compensation Committee shall determine. 

  
 14 

 (3) Payment in Cash. If payment of a Performance Unit Award established in shares of
Common Stock is to be made in cash or partly in cash, the amount of cash to be paid to a Participant on any payment date shall be determined by multiplying (i) the number of shares of Common Stock to be paid in cash with respect to such
Performance Unit Award, by (ii) the Fair Market Value of the Common Stock on the date the Compensation Committee approves payment of the Performance Unit Award or as of such other date or dates as the Compensation Committee shall determine.

 (D) Termination. Unless otherwise provided in an Agreement or determined and directed by the Compensation Committee, a Performance
Unit Award (including any Dividend Equivalents with respect thereto) shall terminate for all purposes if the Participant does not remain continuously employed and in good standing with the Company or any of its Subsidiaries until the last business
day of the month immediately preceding the month in which such Performance Unit Award is otherwise payable. Unless otherwise provided in an Agreement or determined and directed by the Compensation Committee, a Participant (or his or her
Beneficiaries or estate) whose employment was terminated because of death, Disability, Qualifying Termination or other employment termination event determined in the discretion of the Compensation Committee will receive a prorated portion of the
payment of his or her Performance Unit Award (including any Dividend Equivalents with respect thereto), based upon the portion of the Performance Period during which he or she was so employed, at such time as such Performance Unit Award is otherwise
payable, so long as the Performance Goals are subsequently achieved. 
 SECTION 9. RECOGNITION AWARDS 

Any Participant may receive a Recognition Award under this Plan for such reasons and in such amounts as the Compensation Committee may from
time to time determine. 
 SECTION 10. OPTIONS AND SAR AWARDS 

(A) Grant. Any Recipient may receive one or more Option or SAR Awards, as the Compensation Committee, in its discretion, shall from time
to time determine. 
 (B) Designation and Price. 

(1) Any Option granted under this Plan may be granted as an Incentive Stock Option or as a Nonqualified Stock Option as shall be designated by
the Compensation Committee, in its discretion, at the time of the grant of such Option. Only Participants may be granted ISOs. Each Option and SAR shall, at the discretion of the Compensation Committee, be evidenced by an Agreement, which Agreement
shall specify the designation of the Option as an ISO or a NQSO, as the case may be, and shall contain such terms and conditions as the Compensation Committee, in its sole discretion, may determine in accordance with this Plan. 

(2) Every ISO shall provide for a fixed expiration date of not later than ten (10) years from the date such ISO is granted. Every NQSO
and SAR shall provide for a fixed expiration date of not later than ten (10) years and one month from the date such NQSO or SAR is granted. 

  
 15 

 (3) The Exercise Price of Common Stock issued pursuant to each Option or SAR shall be fixed by
the Compensation Committee at the time of the granting of the Option or SAR; provided, however, that such Exercise Price shall in no event ever be less than 100% of the Fair Market Value of the Common Stock on the date such Option or SAR is granted,
subject to adjustment as provided in Section 14. 
 (C) Exercise. The Compensation Committee may, in its discretion, provide for
Options or SARs granted under this Plan to be exercisable in whole or in part. The specified number of shares of Common Stock will be issued after receipt by the Company of (i) notice from the holder thereof of the exercise of an Option or SAR,
and (ii) with respect to Options, payment to the Company (as provided in subsection (D) of this Section) of the Exercise Price for the number of shares with respect to which the Option is exercised. Each such notice and payment shall be
delivered or mailed to the Company at such place and in such manner as the Company may designate from time to time. 
 (D)
Payment. 
 (1) Options. Except as otherwise provided in this Section 10, the Exercise Price for the Common Stock
issuable pursuant to an Option shall be paid in full when the Option is exercised. Subject to such rules as the Compensation Committee in its discretion may impose, the Exercise Price may be paid in whole or in part: (i) in cash; (ii) by
tendering (either by actual delivery or attestation) unencumbered shares of Common Stock previously acquired by the Recipient exercising such Option having an aggregate Fair Market Value at the time of exercise equal to the total Exercise Price;
(iii) by a combination of such methods of payment; or (iv) by such other consideration as shall constitute lawful consideration for the issuance of Common Stock and approved by the Compensation Committee in its discretion (including,
without limitation, effecting a cashless exercise of the Option with a broker or by having the Company withhold shares of Common Stock from the shares of Common Stock otherwise issuable pursuant to the exercise of the Option (for the avoidance of
doubt, the shares of Common Stock so withheld shall be counted against the Plan Share Limit)). 
 (2) Stock Appreciation Rights. A
SAR shall entitle the holder thereof, upon exercise, to surrender the SAR and receive in exchange therefore an amount equal to (i) the excess, if any, of (x) the Fair Market Value of a share of Common Stock at the time the SAR is exercised
over (y) the Exercise Price specified in such SAR, (ii) multiplied by the number of shares of Common Stock covered by such SAR, or portion thereof, which is so surrendered. Such amount shall be paid to the holder in shares of Common Stock
the number of which shall be determined by dividing such amount by the Fair Market Value of the Common Stock at the time the holder makes an effective exercise of the right to receive such amount; provided that, subject to Section 15 hereof,
the exercise of any SAR may be settled wholly in cash or a combination of cash and shares of Common Stock as set forth in the Agreement or as determined by the Compensation Committee in its discretion. 

  
 16 

 (E) Expiration or Termination of Awards. 

(1) Participants. 
 (a)
Except as otherwise provided in the Agreement or as determined by the Compensation Committee, and subject to the provisions of Section 12(A) hereof, every Option and SAR granted to a Participant shall provide that it may not be exercised in
whole or in part prior to the first anniversary of the date of its grant of granting such Option or SAR (unless otherwise determined by the Compensation Committee) and if the employment of the Participant shall terminate prior to the end of such
first anniversary (or such other period determined by the Compensation Committee), the Option or SAR granted to such Participant shall immediately terminate. 

(b) Except as otherwise provided in the Agreement or as determined by the Compensation Committee, in the event the Participant dies
(i) while employed, (ii) during the periods in which Options or SARs may be exercised by a Participant determined to be Disabled, or (iii) after Qualifying Termination, such Option or SAR shall be exercisable, at any time or from time
to time, prior to the fixed termination date set forth in the Option or SAR, by the Beneficiaries of the decedent for the number of shares which the Participant could have acquired under the Option or SAR immediately prior to the Participant’s
death. 
 (c) Except as otherwise provided in the Agreement or as determined by the Compensation Committee, in the event the employment of
any Participant shall cease by reason of Disability, as determined by the Compensation Committee at any time during the term of the Option or SAR, such Option or SAR shall be exercisable, at any time or from time to time, prior to the fixed
termination date set forth in the Option or SAR, by such Participant or his or her Personal Representative for the number of shares which the Participant could have acquired under the Option or SAR immediately prior to the Participant’s
Disability. The determination by the Compensation Committee of any question involving Disability of a Participant shall be conclusive and binding. 

(d) Except as otherwise provided in the Agreement or as determined by the Compensation Committee, in the event the employment of any
Participant shall cease by reason of Qualifying Termination, such Option or SAR shall be exercisable, at any time or from time to time, prior to the fixed termination date set forth in the Option or SAR, for the number of shares which the
Participant could have acquired under the Option or SAR immediately prior to such Qualifying Termination. 
 (e) Notwithstanding any
provision of this Plan to the contrary, any Option or SAR may, in the discretion of the Compensation Committee or as provided in the relevant Agreement, become exercisable, at any time or from time to time, prior to the fixed termination date set
forth in the Option or SAR, for the full number of awarded shares or any part thereof, less such number as may have been theretofore acquired under the Option or SAR from and after the time the Participant ceases to be an Employee as a result of the
sale or other disposition by the Company or any of its Subsidiaries of assets 

  
 17 

 
or property (including shares of any Subsidiary) in respect of which such Participant had theretofore been employed or as a result of which such Participant’s continued employment is no
longer required. 
 (f) Except as provided in subsections (b), (c), (d) and (e) of this Section 10(E)(1) and Sections 12(A)
and 16(H) hereof, every Option and SAR shall terminate on the earlier to occur of the fixed termination date set forth in the Option or SAR or ninety (90) days after cessation of the Participant’s employment for any reason in respect of
the number of shares of Common Stock which the Participant could have acquired under the Option or SAR immediately prior to such cessation of employment; provided, however, that no Option or SAR may be exercised after the fixed termination date set
forth in the Option or SAR, which shall be no more than ten (10) years from the date of grant. 
 (2) Outside Directors. 

(a) Except as otherwise provided in the Agreement or as determined by the Compensation Committee, and subject to the provisions of
Section 12(A) hereof, every Option and SAR granted to an Outside Director shall provide that, unless otherwise determined by the Compensation Committee, (i) it may not be exercised in whole or in part until the earlier to occur of
(1) the one-year anniversary of the date of granting such Option or SAR and (2) the next annual meeting of shareholders immediately following the date of granting such Option or SAR and (ii) if the service of the Outside Director
shall terminate prior to the end of such one year period (or such other period determined by the Compensation Committee), the Option or SAR granted to such Outside Director shall immediately terminate. 

(b) Except as otherwise provided in the Agreement or as determined by the Compensation Committee, in the event the service of any Outside
Director as a director of the Company ceases by reason of Qualifying Termination, death, Disability or other event as determined in the discretion of the Compensation Committee, then any unexercised Options or SARs granted to such Outside Director
shall be exercisable, at any time or from time to time, prior to the fixed termination date set forth in the Option or SAR, by such Outside Director, his or her Personal Representative or his or her Beneficiaries for the number of shares which the
Outside Director could have acquired under the Option or SAR immediately prior to the Outside Director’s Qualifying Termination, death or Disability, as applicable. The determination by the Compensation Committee of any question involving
Disability of an Outside Director shall be conclusive and binding. 
 SECTION 11. CONTINUED EMPLOYMENT 

Nothing in this Plan, or in any Award granted pursuant to this Plan, shall confer on any individual any right to continue in the employment of,
or service (as an Outside Director or otherwise) to, the Company or any of its Subsidiaries or interfere in any way with the right of the Company or any of its Subsidiaries to terminate the Participant’s employment with or service to the
Company at any time. 

  
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 SECTION 12. CHANGE IN CONTROL 

(A) Treatment of Awards. The following provisions of this Section 12(A) shall govern the treatment of Awards in the event of a
Change in Control, except to the extent otherwise provided in an applicable Agreement: 
 (1) Outstanding Awards may be assumed, continued,
converted or replaced by the surviving or resulting entity in connection with a Change in Control, as determined by the Compensation Committee in its sole discretion prior to such Change in Control in accordance with Section 12(A)(3), without
the consent of the affected Recipient. Any outstanding Award that is assumed, continued, converted or replaced by the surviving or resulting entity in connection with a Change in Control shall continue to vest (and become exercisable, as applicable)
subject to the Recipient’s continued employment or service with such surviving or resulting entity or its Subsidiaries in accordance with the vesting schedule and other terms set forth in the applicable Agreement; provided that, in the
event of the termination of a Participant’s employment with such surviving or resulting entity or its Subsidiaries without Cause during the one-year period immediately following the date of the Change in Control, any such Award (or portion
thereof) that is then unvested shall immediately vest (and become exercisable, as applicable) and become free of all other restrictions. 

(2) Any outstanding Award that is not assumed, continued, converted or replaced by the surviving or resulting entity in connection with a
Change in Control shall immediately vest and become free of all other restrictions upon the date of the Change in Control. 
 (3) An Award
will not be considered to be assumed, continued, converted or replaced by the surviving or resulting entity in connection with a Change in Control unless, in each case as determined by the Compensation Committee in its sole discretion prior to such
Change in Control, the number and kind of shares or other securities underlying the Award, and the exercise prices and performance goals (including Performance Goals) applicable thereto, if any, are adjusted (or, in the case of performance goals
(including Performance Goals), measured or deemed achieved in full or in part as of immediately prior to such Change in Control) to prevent dilution of the Recipient’s rights hereunder and to preserve the intrinsic value and material terms and
conditions of the Award as in effect as of immediately prior to the Change in Control. 
 (B) Cash-out of Awards. In connection with
a Change in Control, the Compensation Committee may, in its sole discretion, and without the consent of the affected Recipient, either by the terms of the Agreement applicable to any Award or by resolution adopted prior to the occurrence of the
Change in Control, provide that any outstanding Award (or a portion thereof) shall, upon the occurrence of such Change in Control, be cancelled in exchange for a payment in cash in an amount based on the Fair Market Value of the shares of Common
Stock subject to the Award (less any Exercise Price), which amount may be zero (0), if applicable. 

  
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 SECTION 13. WITHHOLDING TAXES 

Federal, state, local, non-United States or other law may require the withholding of taxes applicable to gains resulting from the payment or
vesting of an Award. Unless otherwise prohibited by the Compensation Committee, the Company may permit or require (subject to such conditions or procedures as may be established by the Compensation Committee in its discretion) any such tax
withholding obligation of a Recipient to be satisfied by any of the following means, or by a combination of such means: (i) a cash payment from Recipient; (ii) withholding from the shares of Common Stock otherwise issuable to the Recipient
pursuant to the vesting or exercise of an Award a number of shares of Common Stock having a Fair Market Value, as of the Tax Date, equal to the maximum amount that may be withheld under Financial Accounting Standards Board Accounting Standards
Codification Topic 718 without creating an additional accounting charge; or (iii) having the Recipient deliver to the Company a number of shares of Common Stock having a Fair Market Value as of the Tax Date which will satisfy the withholding
tax obligation (in whole or in part) arising from the vesting or exercise of an Award. If the payment specified in clauses (i) or (iii) of the preceding sentence is not paid by a Recipient, the Compensation Committee may refuse to issue
Common Stock under this Plan. 
 SECTION 14. ADJUSTMENTS UPON CHANGES IN CAPITALIZATION 

In the event of any change in the outstanding Common Stock of the Company by reason of any stock split, stock dividend, recapitalization,
merger, consolidation, reorganization, combination, or exchange of shares, split-up, split-off, spin-off, liquidation or other similar change in capitalization, or any distribution to common shareholders other than normal cash dividends, the number
or kind of shares (or other property) that may be issued under this Plan pursuant to Section 3 hereof, the number or kind of shares (or other property) subject to any outstanding Award and the price per share and performance goals applicable to
any outstanding Award shall be automatically adjusted, as determined by the Compensation Committee in its sole discretion, so that the proportionate interest of the Recipient shall be maintained as before the occurrence of such event. Such
adjustment shall be conclusive and binding for all purposes hereof. 
 Awards may, in the discretion of the Compensation Committee, be
granted under this Plan in assumption of, or in substitution for, the Assumed Valvoline Awards and outstanding awards previously granted by a company acquired by the Company or any of its affiliates or with which the Company or any of its affiliates
combines (“Substitute Awards”). The number of Shares underlying any Substitute Awards (including the Assumed Valvoline Awards) shall not be counted against the Plan Share Limit; provided, however, that, Substitute Awards
issued in connection with the assumption of, or in substitution for, outstanding stock options intended to qualify for special tax treatment under Sections 421 and 422 of the Code that were previously granted by a company that is acquired by the
Company or any of its affiliates or with which the Company or any of its affiliates combines shall be counted against number of shares of Common Stock which may be delivered with respect to ISO Awards. Except as otherwise determined by the
Compensation Committee, any Substitute Awards granted under this Plan in 

  
 20 

 
assumption of, or in substitution of, the Assumed Valvoline Awards shall be subject to the same terms and conditions as were in effect with respect to the Assumed Valvoline Awards as of
immediately prior to such assumption or substitution. 
 SECTION 15. AMENDMENT AND TERMINATION 

The Board may amend, alter, suspend or terminate this Plan in whole or in part and at any time; provided, however, that no alteration or
amendment that requires shareholder approval in order for the Plan to continue to comply with the New York Stock Exchange rules or any rule promulgated by the Securities and Exchange Commission or any other securities exchange on which shares of
Common Stock are listed or any other applicable laws shall be effective unless such amendment shall be approved by the requisite vote of shareholders of the Company entitled to vote thereon within the time period required under such applicable
listing standard or rule. 
 Except for adjustments made pursuant to Section 14 hereof, the Board or the Compensation Committee will
not, without the further approval of the shareholders of the Company, authorize the amendment of any outstanding Option or SAR to reduce the Exercise Price. No Option or SAR will be cancelled and replaced with Awards having a lower Exercise Price or
for another Award or for cash without further approval of the shareholders of the Company, except as provided in Section 12 or 14 hereof. Furthermore, no Option or SAR will provide for the payment, at the time of exercise, of a cash bonus or
grant or sale of another Award without further approval of the shareholders of the Company. This Section 15 is intended to prohibit the cash-out or repricing of “underwater” Options or SARs without shareholder approval and will not be
construed to prohibit the adjustments provided for in Section 12 or 14 hereof. 
 Termination of this Plan shall not affect any Awards
made hereunder which are outstanding on the date of termination and such Awards shall continue to be subject to the terms of this Plan notwithstanding its termination. Except as otherwise provided pursuant to this Plan, no amendment, suspension, or
modification of this Plan or an Agreement shall adversely affect in any material way any Award previously granted under the Plan, without the written consent of the Recipient holding such Award; provided that the Compensation Committee in its
discretion may modify an ISO held by a Participant to disqualify such Option from treatment as an “incentive stock option” under Section 422 of the Code without the Participant’s consent. 

SECTION 16. MISCELLANEOUS PROVISIONS 
 (A)
Rights to Awards. No Recipient or other person shall have any claim or right to be granted an Award under this Plan. 
 (B)
Assignment and Transfer. A Recipient’s rights and interests under this Plan (including any Awards granted hereunder) may not be assigned or transferred in whole or in part, either directly or by operation of law or otherwise (except in
the event of a Recipient’s death, by will or the laws of descent and distribution), including, but not by way of limitation, execution, levy, garnishment, attachment, pledge, bankruptcy or in any

  
 21 

 
other manner, and no such rights or interests of any Recipient in this Plan shall be subject to any obligation or liability of such individual; provided, however, that a Recipient’s rights
and interests under this Plan (including any Awards granted hereunder) may, subject to the discretion and direction of the Compensation Committee, be made transferable by such Recipient during his or her lifetime. Except as specified in
Section 6 hereof, the holder of an Award shall have none of the rights of a shareholder until the shares subject thereto shall have been registered in the name of the person receiving or person or persons exercising the Award on the transfer
books of the Company. 
 (C) Compliance with Legal and Exchange Requirements. The Plan, the granting and exercising of Awards
hereunder, the issuance of Common Stock and other interests hereunder, and the other obligations of the Company under the Plan and any Agreement pursuant to the Plan, shall be subject to all applicable United States federal and state laws, rules and
regulations, the applicable laws, rules and regulations of any other country or jurisdiction, and to such approvals by any regulatory or governmental agency as may be required. The Company or the Compensation Committee, in their respective
discretion, may postpone the granting, vesting and exercising of Awards, the issuance or delivery of Common Stock under any Award or any other action permitted under the Plan to permit the Company, with reasonable diligence, to complete such stock
exchange listing or registration or qualification of such Common Stock or other required action under any federal or state law, rule, or regulation and may require any Recipient to make such representations and furnish such information as the
Compensation Committee may consider appropriate in connection with the issuance or delivery of Common Stock in compliance with applicable laws, rules, and regulations. The Company shall not be obligated by virtue of any provision of the Plan to
recognize the vesting or exercise of any Award or to otherwise sell or issue Common Stock in violation of any such laws, rules, or regulations; and any postponement of the vesting, exercise or settlement of any Award under this provision shall not
extend the term of such Awards, and neither the Company nor any of its Subsidiaries, directors or officers shall have any obligations or liability to any Recipient with respect to any Award (or Common Stock issuable thereunder) that shall lapse
because of such postponement. 
 (D) Ratification and Consent. By accepting any Award under this Plan, each Recipient and each
Personal Representative or Beneficiary claiming under or through him or her shall be conclusively deemed to have indicated his or her acceptance and ratification of, and consent to, any action taken under this Plan by the Company or any of its
Subsidiaries, the Board, or the Compensation Committee in its discretion. 
 (E) Additional Compensation. Nothing contained in this
Plan shall prevent the Board from adopting other or additional compensation arrangements, subject to shareholder approval if such approval is required. 

(F) Grant Date. Each Recipient shall be deemed to have been granted any Award on the date the Compensation Committee took action to
grant such Award under this Plan or such date as the Compensation Committee in its discretion shall determine at the time such Award is authorized. The grant date shall not be earlier than the date of the resolution and action therein by the
Compensation Committee. 

  
 22 

 (G) Fractional Shares. No fractional shares shall be issued or delivered pursuant to this
Plan or any Award. The Compensation Committee in its discretion shall determine whether cash, other Awards, or other property shall be issued or paid in lieu of fractional shares or whether such fractional shares or any rights thereto shall be
forfeited or otherwise eliminated. 
 (H) Forfeiture Provision. Unless the Agreement specifies otherwise, the Compensation Committee
in its discretion may require a Recipient to forfeit all unexercised, unearned, unvested or unpaid Awards if: 
 (1) the Recipient, without
written consent of the Company, engages directly or indirectly in any manner or capacity as principal, agent, partner, officer, director, employee or otherwise in any business or activity competitive with the business conducted by the Company or any
of its Subsidiaries, as determined by the Compensation Committee in its discretion; 
 (2) the Recipient performs any act or engages in any
activity that is detrimental to the best interests of the Company or any of its Subsidiaries, as determined by the Compensation Committee in its discretion; or 

(3) the Recipient breaches any agreement or covenant with, or obligation or duty to, the Company or any Subsidiary, including without
limitation, any non-competition agreement, non-solicitation agreement, confidentiality or non-disclosure agreement, or assignment of inventions or ownership of works agreement, as determined by the Compensation Committee in its discretion. 

(I) Compensation Recovery Policy. Each Award granted to a Participant under the Plan shall be subject to forfeiture or repayment
pursuant to the terms of any applicable compensation recovery policy adopted by the Company as in effect from time to time, including any such policy that may be adopted or amended to comply with the Dodd-Frank Wall Street Reform and Consumer
Protection Act or any rules or regulations issued by the Securities and Exchange Commission or applicable securities exchange. 
 (J)
Severability. The validity, legality, or enforceability of the Plan will not be affected even if one or more of the provisions of this Plan shall be held to be invalid, illegal, or unenforceable in any respect. 

(K) Section 409A. The Company intends that Awards granted under the Plan will be designed and administered in such a manner that
they are either exempt from the application of, or comply with, the requirements of Section 409A of the Code. To the extent that the Compensation Committee in its discretion determines that any award granted under the Plan is subject to
Section 409A of the Code, the Agreement shall incorporate the terms and conditions necessary to avoid the imposition of an additional tax under Section 409A of the Code upon a Recipient. The Compensation Committee reserves the right to
make amendments to any Award as it deems necessary or desirable to avoid the imposition of taxes or penalties under Section 409A of the Code. Notwithstanding any other provision of the Plan or any Agreement (unless the Agreement

  
 23 

 
provides otherwise with specific reference to this Section): (i) an Award shall not be granted, deferred, accelerated, extended, paid out, settled, substituted or modified under the Plan in
a manner that would result in the imposition of an additional tax under Section 409A of the Code upon a Recipient; and (ii) if an Award is subject to Section 409A of the Code, and if the Recipient holding the Award is a
“specified employee” (as defined in Section 409A of the Code, with such classification to be determined in accordance with the methodology established by the Company), no distribution or payment of any amount under the Award as a
result of such Recipient’s “separation from service” (as defined in Section 409A of the Code) shall be made before a date that is six (6) months following the date of such separation from service or, if earlier, the date of
the Recipient’s death. Although the Company intends to administer the Plan so that Awards will be exempt from, or will comply with, the requirements of Section 409A of the Code, the Company does not warrant that any Award under the Plan
will qualify for favorable tax treatment under Section 409A of the Code or any other provision of federal, state, local, non-United States or other law. The Company shall not be liable to any Recipient for any tax, interest, or penalties a
Recipient might owe as a result of the grant, holding, vesting, exercise, or payment of any Award under the Plan. 
 (L) Awards to
Participants Outside the United States. Notwithstanding any provision of this Plan to the contrary, in order to comply with the laws in other countries in which the Company and its Subsidiaries operate or have Employees or otherwise to foster
and promote achievement of the purposes of this Plan, the Compensation Committee, in its sole discretion, shall have the power and authority, without any amendment to the Plan, to: (i) determine which non-United States Subsidiaries shall be
covered by this Plan; (ii) determine which foreign nationals and Employees outside the United States are eligible to participate in this Plan; (iii) modify the terms and conditions of any Award granted to Participants who are foreign
nationals, who are employed outside the United States or who are otherwise subject to the laws of one or more non-United States jurisdictions; (iv) grant Awards to Participants who are foreign nationals,
who are employed outside the United States or who are otherwise subject to the laws of one or more non-United States jurisdictions, on such terms and conditions different from those specified in the Plan; (v) modify exercise procedures and
other terms and procedures with respect to such Participants, to the extent such actions may be necessary or advisable; and (vi) take any action, before or after an Award is made, that it deems necessary or advisable to obtain approval or
comply with any local government regulatory exemptions, approvals or requirements. 
 Notwithstanding the above, the Compensation Committee
may not take any actions hereunder, and no Awards shall be granted that would violate any applicable law. 
 (M) Headings. The
headings in this Plan are inserted for convenience only and shall not affect the interpretation hereof. 
 (N) Dividend Equivalents.
At the discretion of the Compensation Committee, Awards granted pursuant to the Plan may provide Recipients with the right to receive Dividend Equivalents, which may be paid currently or credited to an account for the Recipients, and may be settled
in cash and/or shares of Common Stock, as determined by 

  
 24 

 
the Compensation Committee in its sole discretion, subject in each case to such terms and conditions as the Compensation Committee shall establish. No Dividend Equivalents shall relate to shares
underlying an Option or SAR unless such Dividend Equivalent rights are explicitly set forth as a separate arrangement and do not cause any such Option or SAR to be subject to Section 409A of the Code. Notwithstanding anything contained in this
Plan to the contrary, Dividend Equivalents with respect to Restricted Stock Unit Awards, Incentive Awards, Performance Unit Awards and Recognition Awards that vest based on the achievement of Performance Goals shall be accumulated until such Award
is earned, and the Dividend Equivalents shall not be paid if the Performance Goals are not satisfied. 
 (O) Deferrals. Except with
respect to Options and SARs, the Compensation Committee in its discretion may permit Recipients to elect to defer the issuance or delivery of shares of Common Stock or the settlement of Awards in cash under the Plan pursuant to such rules,
procedures or programs as it may establish for purposes of the Plan. The Compensation Committee in its discretion also may provide that deferred issuances and settlements include the payment or crediting of Dividend Equivalents or interest on the
deferral amounts. All elections and deferrals permitted under this provision shall comply with Section 409A of the Code, including setting forth the time and manner of the election (including a compliant time and form of payment), the date on
which the election is irrevocable, and whether the election can be changed until the date it is irrevocable. 
 (P) Successors. All
obligations of the Company under the Plan and with respect to Awards shall be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or other event, or
a sale or disposition of all or substantially all of the business and/or assets of the Company and references to the “Company” herein and in any Agreements shall be deemed to refer to such successors. 

SECTION 17. EFFECTIVENESS OF THIS PLAN 

This Plan shall be effective as of the Effective Date. No Award may be granted under the Plan after the tenth anniversary of the Effective
Date, or such earlier date as the Board shall determine. The Plan will remain in effect with respect to outstanding Awards until no Awards remain outstanding. 

SECTION 18. GOVERNING LAW 
 The provisions
of this Plan shall be interpreted and construed in accordance with the laws of the Commonwealth of Kentucky. 

  
 25

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