Document:

EX-10.2

 

Exhibit 10.2

THE LUBRIZOL CORPORATION 2005 STOCK INCENTIVE PLAN

(As Amended January 1, 2008)

Section 1. Purpose.

     The purposes of The Lubrizol Corporation 2005 Stock Incentive Plan are to encourage selected
employees of The Lubrizol Corporation and its Subsidiaries and Outside Directors of the Company to
acquire a proprietary and vested interest in the growth and performance of the Company, to generate
an increased incentive to contribute to the Company’s future success and prosperity, thus enhancing
the value of the Company for the benefit of shareholders, and to enhance the ability of the Company
and its Subsidiaries to attract and retain individuals of exceptional talent upon whom, in large
measure, the sustained progress, growth and profitability of the Company depends.

Section 2. Definitions.

     As used in the Plan, the following terms have the meanings set forth below:

     (a) “Award” means any Option, Stock Appreciation Right, Restricted Stock Award,
Restricted Stock Unit Award, or Stock Award granted pursuant to the provisions of the Plan.

     (b) “Award Agreement” means a written document evidencing any Award granted hereunder,
signed by the Company and delivered to the Participant or Outside Director, as the case may
be.

     (c) “Board” means the Board of Directors of the Company.

     (d) “Code” means the Internal Revenue Code of 1986, as amended from time to time.

     (e) “Committee” means a committee of not less than three (3) Outside Directors of the
Board, each of whom must be a “disinterested person” within the meaning of Rule 16b-3(d)(3)
promulgated by the Securities and Exchange Commission under the Securities Exchange Act of
1934, as amended (the “Exchange Act”), or any successor rule or statute; provided, however,
that with respect to Awards granted to non-Section 16 officers, “Committee” may mean the
Chair of the Organization and Compensation Committee of the Board of Directors and at least
one other member of the Organization and Compensation Committee.

     (f) “Company” means The Lubrizol Corporation.

     (g) “Employee” means any employee of the Company or of any Subsidiary.

     (h) “Fair Market Value” means the closing price of a Share on the New York Stock
Exchange on the Grant Date (in the case of a Grant), or any other relevant date.

     (i) “Full-value Awards” means Awards that result in the Company transferring the full
value of any underlying Share issued in the transaction. Full-value Awards will include
all Restricted Stock Awards, performance shares, performance rights, Stock-settled
SARs, and certain other stock based Awards.

 

 

	 	 	 
	THE LUBRIZOL CORPORATION

2005 STOCK INCENTIVE PLAN

	 	Page 2

     (j) “Grant Date” means the date on which the Board approves the grant of an Option,
Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit Award or Stock
Award, and, with respect to a Restricted Stock Unit Award granted to an Outside Director,
the date specified pursuant to Section 10 on which such Award is granted.

     (k) “Incentive Stock Option” means an Option that is intended to meet the requirements
of Section 422A of the Code or any successor provision thereto.

     (l) “Non-Statutory Stock Option” means an Option that is not intended to be an
Incentive Stock Option.

     (m) “Option” means an option to purchase Shares granted hereunder.

     (n) “Option Price” means the purchase price of each Share under an Option.

     (o) “Outside Director” means a member of the Board who is not an employee of the
Company or of any Subsidiary.

     (p) “Participant” means an Employee who is selected by the Committee to receive an
Award under the Plan.

     (q) “Plan” means The Lubrizol Corporation 2005 Stock Incentive Plan.

     (r) “Restricted Stock Award” means an award of restricted Shares under Section 8
hereof.

     (s) “Restricted Stock Unit Award” means an award of restricted stock units under
Section 10 hereof.

     (t) “Restriction Period” means the period of time specified in an Award Agreement
during which the following conditions remain in effect: (i) certain restrictions on the sale
or other disposition of Shares awarded under the Plan, (ii) subject to the terms of the
applicable Award Agreement, the continued employment of the Participant, and (iii) other
conditions forth in the applicable Award Agreement.

     (u) “Shareholders’ Meeting” means the annual meeting of shareholders of the Company in
each year.

     (v) “Shares” means common shares without par value of the Company.

     (w) “Stock Appreciation Right” means the right to receive a payment in cash or in
Shares, or in any combination thereof, from the Company equal to the excess of the Fair
Market Value of a stated number of Shares at the exercise date over a fixed price for such
Shares.

     (x) “Stock Award” means the grant of Shares under the Plan.

     (y) “Stock-settled SAR” means the grant of a Stock Appreciation Right whereby the
appreciation of the underlying Shares (the value to the Employee from the exercise of any

 

 

	 	 	 
	THE LUBRIZOL CORPORATION

2005 STOCK INCENTIVE PLAN

	 	Page 3

Stock Appreciation Right grant) is settled in Shares, either for the full number of Shares
or the appreciation net of any tax obligation.

     (z) “Subsidiary” means a corporation which is at least 80% owned, directly or
indirectly, by the Company.

     (aa) “Voting Stock” means the then-outstanding securities entitled to vote generally in
the election of directors of the Company.

Section 3. Administration.

     The Plan is administered by the Committee. Members of the Committee are appointed by and
serve at the pleasure of the Board, and may resign by written notice filed with the Chairman of the
Board or the Secretary of the Company. A vacancy on the Committee will be filled by the appointment
of a successor member by the Board. Subject to the express provisions of this Plan, the Committee
has conclusive authority to select Employees to be Participants for Awards and determine the type
and number of Awards to be granted, to construe and interpret the Plan, any Award granted
hereunder, and any Award Agreement entered into hereunder, and to establish, amend, and rescind
rules and regulations for the administration of this Plan and has additional authority as the Board
may from time to time determine to be necessary or desirable. Notwithstanding the foregoing, the
Committee does not have the discretion with respect to Restricted Stock Awards granted to Outside
Directors pursuant to Section 10 as to prevent any Award granted under this Plan from meeting the
requirements for exemption from Section 16(b) of the Exchange Act, as set forth in Rule 16b-3
thereunder or any successor rule or statute.

Section 4. Shares Subject to the Plan.

     (a) Subject to adjustment as provided in the Plan, the maximum number of shares as to
which Awards may be granted under this Plan is 4,000,000 Shares, of which no more than
2,000,000 Shares can be settled as full-value Awards; provided, however, that no more than
500,000 Shares will be available for grant to any Participant during a calendar year. In
addition to the stated maximums described above, this Plan provides the Committee with the
flexibility to convert the Shares reserved solely for Options and the grant of Stock
Appreciation Rights into “full value” awards (e.g., restricted stock, performance shares,
etc.). Specifically:

     (i) For every Option or Stock Appreciation Right granted, the number of Shares
available for grant shall be reduced by one Share for every one Share granted;

     (ii) For each of the first 2,000,000 Shares granted as Awards other than
Options or the grant of a Stock Appreciation Right, the number of Shares available
for grant shall be reduced by one Share for every one Share granted;

     (iii) For any Awards settled as a full-value Award in excess of the 2,000,000
Share limit, the number of Shares available for grant shall be reduced by three
Shares for every one Share granted

 

 

	 	 	 
	THE LUBRIZOL CORPORATION

2005 STOCK INCENTIVE PLAN

	 	Page 4

For example, if we issue 2,000,000 Shares as performance shares prior to exhausting
our pool of shares for Options, the Committee has the flexibility to convert a
portion of the remaining options into other Award types, but it must be consistent
with the 3-to-1 ratio described above.

     The Company believes this provision provides for the maximum equity plan design
flexibility while continuing to protect the long-term interests of shareholders.

     (b) Any Shares issued hereunder may consist, in whole or in part, of authorized and
unissued Shares or treasury shares. If: (i) any Shares subject to any Award granted
hereunder are forfeited, (ii) any Award otherwise terminates without the issuance of Shares
or payment of other consideration in lieu of Shares; (iii) Shares are used to pay the
exercise price of an Option; or (iv) Shares are withheld from issuance to pay withholding
taxes, the Shares subject to the Award, to the extent of any such forfeiture, termination or
withholding, will not again be available for issuance under the Plan.

     (c) The number of Shares which remain available for issuance pursuant to this Plan,
together with Shares subject to outstanding Awards, at the time of any change in the
Company’s capitalization, including stock splits, stock dividends, mergers, reorganizations,
consolidations, recapitalizations, or other changes in corporate structure will be
appropriately and proportionately adjusted to reflect such change in capitalization.

Section 5. Eligibility.

     Any Employee is eligible to be selected as a Participant.

Section 6. Stock Options.

     Non-Statutory Stock Options and Incentive Stock Options may be granted hereunder to
Participants either separately or in conjunction with other Awards granted under the Plan. Any
Option granted to a Participant under the Plan will be evidenced by an Award Agreement in the form
as the Committee may from time to time approve. Any Option will be subject to the following terms
and conditions and to any additional terms and conditions, not inconsistent with the provisions of
the Plan, as the Committee deems desirable.

     (a) Option Price. The purchase price per Share under an Option will be fixed by the
Committee in its sole discretion; provided that the purchase price will not be less than one
hundred percent (100%) of the Fair Market Value of the Share on the Grant Date of the
Option. Payment of the Option Price may be made in cash, Shares, or a combination of cash
and Shares, as provided in the Award Agreement relating thereto.

     (b) Option Period. The term of each Option will be fixed by the Committee in its sole
discretion; provided that no Incentive Stock Option may be exercisable after the expiration
of ten years from the Grant Date.

     (c) Exercise of Option. Options may be exercisable to the extent of fifty percent (50%)
of the Shares subject thereto after one year from the Grant Date, seventy-five percent (75%)
of such Shares after two years from the Grant Date, and one hundred percent (100%) of such
Shares after three years from the Grant Date, subject to any

 

 

	 	 	 
	THE LUBRIZOL CORPORATION

2005 STOCK INCENTIVE PLAN

	 	Page 5

provisions respecting the exercisability of Options that may be contained in an Award Agreement.

     (d) Incentive Stock Options. The aggregate Fair Market Value of the Shares with respect
to which Incentive Stock Options held by any Participant which are exercisable for the first
time by such Participant during any calendar year under the Plan (and under any other
benefit plans of the Company, of any parent corporation, or Subsidiary) will not exceed
$100,000 or, if different, the maximum limitation in effect at the Grant Date under Section
422A of the Code, or any successor provision, and any regulations promulgated thereunder.
The terms of any Incentive Stock Option granted hereunder will comply in all respects with
the provisions of Section 422A of the Code, or any successor provision, and any regulations
promulgated thereunder.

Section 7. Stock Appreciation Rights.

     Stock Appreciation Rights may be granted hereunder to Participants either separately or in
conjunction with other Awards granted under the Plan and may, but need not, relate to a specific
Option granted under Section 6. The provisions of Stock Appreciation Rights need not be the same
with respect to each Participant. Any Stock Appreciation Right related to a Non-Statutory Stock
Option may be granted at the same time such Option is granted or at any time thereafter before
exercise or expiration of such Option. Any Stock Appreciation Right related to an Incentive Stock
Option must be granted at the same time such Option is granted. Any Stock Appreciation Right
related to an Option will be exercisable only to the extent the related Option is exercisable. In
the case of any Stock Appreciation Right related to any Option, the Stock Appreciation Right or
applicable portion thereof terminates and is no longer exercisable upon the termination or exercise
of the related Option. Similarly, upon exercise of a Stock Appreciation Right as to some or all of
the Shares covered by a related Option, the related Option will be canceled automatically to the
extent of the Stock Appreciation Rights exercised, and such Shares will not thereafter be eligible
for grant under Section 4(a). The Committee may impose any conditions or restrictions on the
exercise of any Stock Appreciation Right as it deems appropriate.

Section 8. Restricted Stock Awards.

     (a) Issuance. Restricted Stock Awards may be issued hereunder to Participants, either
separately or in conjunction with other Awards granted under the Plan. Each Award under this
Section 8 will be evidenced by an Award document from the Company which will specify the
vesting schedule, any rights of acceleration and such other terms and conditions as the
Board determines, which need not be the same with respect to each Participant.

     (b) Registration. Shares issued under this Section 8 will be evidenced by issuance of a
stock certificate or certificates registered in the name of the Participant bearing the
following legend and any other legend required by, or deemed appropriate under, any
federal or state securities laws:

 

 

	 	 	 
	THE LUBRIZOL CORPORATION

2005 STOCK INCENTIVE PLAN

	 	Page 6

The sale or other transfer of the common shares represented by this certificate is
subject to certain restrictions set forth in the Award document granted to
___(the registered owner) by The Lubrizol Corporation dated
___, under The Lubrizol Corporation 2005 Stock Incentive Plan. A copy
of the Plan and Award document may be obtained from the Secretary of The Lubrizol
Corporation.

Unless otherwise provided in the Award document from the Company, the certificates will be
retained by the Company until the expiration of the Restriction Period. Upon the expiration
of the Restriction Period, the Company will (i) have the legend removed from the
certificates for the Shares to which a Participant is entitled in accordance with the Award
document from the Company and (ii) release the Shares to the custody of the Participant.

     (c) Forfeiture. Except as otherwise determined by the Committee at the Grant Date, upon
separation of service of the Participant for any reason during the Restriction Period, all
Shares still subject to restriction will be forfeited by the Participant and retained by the
Company; provided that in the event of a Participant’s retirement, permanent disability,
death, or in cases of special circumstances, the Committee may, in its sole discretion, when
it finds that a waiver would be in the best interests of the Company, waive in whole or in
part any or all remaining restrictions with respect to the Participant’s Shares. In such
case, unrestricted Shares will be issued to the Participant at the time determined by the
Committee.

     (d) Rights as Shareholders. At all times during the Restriction Period, Participants
will be entitled to full voting rights with respect to all Shares awarded under this Section
8 and will be entitled to dividends with respect to the Shares.

Section 9. Stock Awards.

     Awards of Shares may be granted hereunder to Participants, either separately or in conjunction
with other Awards granted under the Plan. Subject to the provisions of the Plan, the Committee has
the sole and complete authority to determine (i) the Employees to whom Awards will be granted, (ii)
the time or times at which the Awards will be granted, (iii) the number of Shares to be granted
pursuant to the Awards, and (iv) all other conditions of the Awards. Conditions may include
issuance of Shares at the time of the Award is granted or issuance of Shares at a time or times
subsequent to the time the Award is granted, which subsequent times may be specifically established
by the Committee and/or may be determined by reference to the satisfaction of one or more
performance measures specified by the Committee. The provisions of Stock Awards need not be the
same with respect to each Participant.

Section 10. Outside Directors’ Restricted Stock Unit Awards.

     On the close of business on the date of each Annual Meeting of Shareholders, each
Outside Director will automatically be granted a number of Restricted Stock Units
equal to an amount calculated by dividing $75,000 by the Fair Market Value of a Share on the
Grant Date, which will be subject to the following terms and conditions and to any
additional terms and conditions, not inconsistent with the provisions of the Plan, as are
contained in the applicable Award Agreement.

 

 

	 	 	 
	THE LUBRIZOL CORPORATION

2005 STOCK INCENTIVE PLAN

	 	Page 7

     (a) Vesting. Restricted Stock Unit Awards granted pursuant to this Section 10 will
vest upon the earliest to occur of the following dates:

     (i) one year after the Grant Date;

     (ii) separation from service under a retirement plan or policy of the Company;

     (iii) death while serving as a director; or

     (iv) Change in Control pursuant to Section 11.

Section 11. Change in Control.

     Notwithstanding the provisions of Sections 6(c) and 10(a), outstanding Options will become
100% exercisable and any other outstanding Awards hereunder will become fully vested and without
any restrictions upon the occurrence of any Change in Control (as hereafter defined) of the
Company; except that no Option may be exercised prior to the end of six months from the Grant Date.

     Notwithstanding the provisions of Section 8 and the applicable Award Agreement, any
outstanding Restricted Stock Awards will become fully vested and without any restrictions upon the
occurrence of any Change in Control of the Company.

     For all purposes of the Plan, a “Change in Control of the Company” shall mean the occurrence
of any of the following events:

	 	(a)	 	The date that any one person, or more than one person acting as a group,
acquires ownership of stock of the Company that, together with the stock held by such
person or group, constitutes more than 50 percent of the total fair market value or
total voting power of the stock of the Company.
	 
	 	(b)	 	The date any person, or more than one person acting as a group, acquires (or
has acquired during the 12-month period ending on the date of the most recent
acquisition by such person or person) ownership of stock of the Company possessing 30%
or more of the total voting power of the stock of the Company.
	 
	 	(c)	 	The date a majority of members of the Company’s board of directors is replaced
during any 12-month period by directors whose appointment or election is not endorsed
by a majority of the members of the Company’s board of directors before the date of the
appointment or election.
	 
	 	(d)	 	The date that any person, or more than one person acting as a group, acquires (
or has acquired during the 12-month period ending on the date of the most recent
acquisition by such person or persons) assets from the Company that have a total gross
fair market value equal to or more than 40% of the total gross fair market value of all
of the assets of the Company immediately before the acquisition or acquisitions.

 

 

	 	 	 
	THE LUBRIZOL CORPORATION

2005 STOCK INCENTIVE PLAN

	 	Page 8

Section 12. Amendments and Termination.

     The Board may, at any time, amend, alter or terminate the Plan, but no amendment, alteration,
or termination may be made that would impair the rights of an Outside Director or Participant under
an Award previously granted, without the Outside Director’s or Participant’s consent, or that
without the approval of the shareholders would:

     (a) except as is provided in Sections 4(b) and 13(c) of the Plan, increase the total
number of Shares which may be issued under the Plan;

     (b) change the class of employees eligible to participate in the Plan; or

     (c) materially increase the benefits accruing to Participants under the Plan;

so long as such approval is required by law or regulation; provided that, as long as required by
law or regulation, the provisions of Section 10 hereof may not be amended or altered more than once
every six (6) months, other than to comport with changes in the Code, the Employee Retirement
Income Security Act, or the rules thereunder.

     The Committee may amend the terms of any Award heretofore granted (except, with respect to
Restricted Stock Awards granted pursuant to Section 10 hereof, only to the extent not inconsistent
with Rule 16b-3 under the Exchange Act or any successor rule or statute), prospectively or
retroactively, but no such amendment may impair the rights of any Participant or Outside Director
without his consent.

Section 13. General Provisions.

     (a) No Option or other Award may be assignable or transferable by a Participant or an
Outside Director otherwise than by will or the laws of descent and distribution, and Options
and Stock Appreciation Rights may be exercised during the Participant’s lifetime only by the
Participant, or, if permissible under applicable law, by the guardian or legal
representative of the Participant.

     (b) The term of each Award will be for a period of months or years from its Grant Date
as may be determined by the Committee or as set forth in the Plan; provided that in no event
may the term of any Incentive Stock Option or any Stock Appreciation Right related to any
Incentive Stock Option exceed a period of ten (10) years from the Grant Date.

     (c) In the event of a merger, reorganization, consolidation, recapitalization, stock
dividend or other change in corporate structure such that Shares are changed into or
become exchangeable for a larger or smaller number of Shares, thereafter the number of
Shares subject to outstanding Awards granted to Participants and to any Shares subject to
Awards to be granted to Participants pursuant to this Plan will be increased or decreased,
as the case may be, in direct proportion to the increase or decrease in the number of Shares
by reason of such change in corporate structure; provided, however, that the number of
Shares will always be a whole number, and the purchase price per Share of any outstanding
Options will, in the case of an increase in the number of Shares, be proportionately
reduced, and, in the case of a decrease in the number of Shares, be

 

 

	 	 	 
	THE LUBRIZOL CORPORATION

2005 STOCK INCENTIVE PLAN

	 	Page 9

proportionately
increased. The above adjustment will also apply to any Shares subject to Restricted Stock
Awards granted to Outside Directors pursuant to the provisions of Section 10.

     (d) No Employee may have any claim to be granted any Award under the Plan and there is
no obligation for uniformity of treatment of Employees or Participants under the Plan.

     (e) The prospective recipient of any Award under the Plan will not, with respect to the
Award, be deemed to have become a Participant, or to have any rights with respect to the
Award, until and unless the recipient complies with the then applicable terms and
conditions.

     (f) All certificates for Shares delivered under the Plan pursuant to any Award will be
subject to any stock-transfer orders and other restrictions as the Committee deems advisable
under the rules, regulations, and other requirements of the Securities and Exchange
Commission, any stock exchange upon which the Shares are then listed, and any applicable
federal or state securities law, and the Committee may cause a legend or legends to be put
on any such certificates to make appropriate reference to such restrictions.

     (g) Except as otherwise required in any applicable Award document or by the terms of
the Plan, Participants will not be required, under the Plan, to make any payment other than
the rendering of services.

     (h) The Company is authorized to withhold from any payment under the Plan, whether the
payment is in Shares or cash, all withholding taxes due in respect of the payment hereunder
and to take such other action as may be necessary in the opinion of the Company to satisfy
all obligations for the payment of such taxes.

     (i) Nothing contained in this Plan prevents the Board from adopting other or additional
compensation arrangements, subject to shareholder approval if such approval is required; and
such arrangements may be either generally applicable or applicable only in specific cases.

     (j) Nothing in the Plan interferes with or limits in any way the right of the Company
or any Subsidiary to terminate any Participant’s employment at any time, nor does the Plan
confer upon any Participant any right to continued employment with the Company or any
Subsidiary.

Section 14. Effective Date of the Plan.

     The Plan will be effective upon adoption of the Plan by the Board of Directors of the Company.
The Plan will be submitted to the shareholders of the Company for approval within one year after
its adoption by the Board of Directors, and if the Plan is not approved by the shareholders, the
Plan will be void and of no effect. Any Awards granted under the Plan prior to the date the Plan
is submitted for approval by the shareholders will be void if the shareholders do not approve the
Plan.

 

 

	 	 	 
	THE LUBRIZOL CORPORATION

2005 STOCK INCENTIVE PLAN

	 	Page 10

Section 15. Expiration of the Plan.

     Awards may be granted under this Plan at any time prior to April 1, 2010, on which date the
Plan will expire but without affecting any outstanding awards.

 

 

	 	 	 
	THE LUBRIZOL CORPORATION

2005 STOCK INCENTIVE PLAN

	 	Page 11

THE LUBRIZOL CORPORATION

2005 STOCK INCENTIVE PLAN

RESTRICTED STOCK AWARD AGREEMENT

THIS RESTRICTED STOCK AWARD AGREEMENT, dated this ___day of ___, 2___, (being the
date this restricted stock award is granted (the “Grant Date”)) by The Lubrizol Corporation
(hereinafter called the “Company”) to ___(hereinafter called the “Employee”),
an employee of the Company and/or a Subsidiary (as defined in the Plan).

W I T N E S S E T H :

     That the parties hereto have agreed and do hereby agree as follows:

Section 1. The Company hereby grants to the Employee, under the provisions of the Company’s
2005 Stock Incentive Plan, as amended (the “Plan”), the number of Company Common Shares, without
par value, set forth below, subject to the restrictions, terms and conditions as hereinafter set
forth. The Company Common Shares granted hereunder are referred to herein as the “Shares”.

Section 2. The aggregate number of Shares granted hereunder is ___.

Section 3. A certificate or certificates evidencing the Shares will be issued by the
Company in the name of the Employee upon acceptance hereof by the Employee, but in no event beyond
the end of the year of grant. Each certificate evidencing the Shares shall bear the following
legend, and any other legend deemed necessary or desirable by the Company in order to comply with
the applicable laws or to ensure the enforceability of the provisions of the Plan or this
Agreement:

The sale or other transfer of the common shares represented by this certificate is subject
to certain restrictions set forth in the Award Agreement between ___(the
registered owner) and The Lubrizol Corporation dated ___under The Lubrizol
Corporation 2005 Stock Incentive Plan. A copy of the Plan and Award Agreement may be
obtained from the Secretary of The Lubrizol Corporation.

Section 4.

     (a) Except as otherwise provided in Section 8 hereof, until the expiration of the Restriction
Period (as hereinafter defined), the certificate or certificates representing the Shares will be
held on behalf of the Employee by the Vice President — Human Resources of the Company, or his/her
designee, and the Employee may not sell, exchange, transfer, pledge, hypothecate or otherwise
dispose of the Shares. For purposes of this Agreement, Restriction Period shall mean the period
beginning on the Grant Date and ending as set forth below:

 

 

	 	 	 
	THE LUBRIZOL CORPORATION

2005 STOCK INCENTIVE PLAN

	 	Page 12

	 	 	 
	SHARES	 	RESTRICTION PERIOD
	 
	 	 
	          

	 	                                                  
	          

	 	                                                  
	          

	 	                                                  
	          

	 	                                                  

     (b) In the event of termination of the Employee’s employment with the Company and/or a
Subsidiary for any reason prior to the expiration of the Restriction Period for any Shares, the
Employee will forfeit to the Company all Shares for which the Restriction Period has not expired,
provided that in the event of the Employee’s retirement, permanent disability, death, or in cases
of special circumstances, the Committee (as defined in the Plan) may, in its sole discretion, when
it finds that a waiver would be in the best interests of the Company, determine that the
Restriction Period for any or all of the Shares is deemed to have expired and new certificates will
be issued in accordance with Section 6.

Section 5. Notwithstanding the provisions of Section 4, the Restriction Period all be
deemed to have expired with respect to all Shares and the Shares will not be subject to forfeiture
upon the occurrence of any Change of Control (as defined from time to time in the Plan) of the
Company.

Section 6. Upon the expiration of the Restriction Period with respect to any Shares
without forfeiture of the Shares by the Employee and the satisfaction of the withholding
obligations set forth in Section 7 of this Agreement, the Company will cause a new certificate or
certificates to be issued without legend in the name of the Employee in exchange for the
certificate evidencing the Shares within 60 days of the Change in Control.

Section 7. Upon (or immediately prior to) the expiration of the Restriction Period with
respect to any Shares, the Employee agrees to pay the amount, if any, required to be withheld for
federal, state or local tax purposes on account of the lapse of restrictions of the Shares. The
payment of any tax to be withheld from those Shares otherwise issuable upon the expiration of the
Restriction Period. For purposes of determining the number of Shares that are to be withheld to
provide for the tax withholding, Shares will be valued at the closing price of Shares on the New
York Stock Exchange on the date of the expiration of the Restriction Period.

Section 8. In the event of a merger, reorganization, consolidation, recapitalization, stock
dividend or other change in corporate structure such that Company Common Shares are changed into or
become exchangeable for a larger or smaller number of Company Common Shares, thereafter the number
of Shares subject to this Agreement will be increased or decreased, as the case may be, in direct
proportion to the increase or decrease in the number of Company Common Shares by reason of the
change in corporate structure; provided, however, that the number of Shares will always be a whole
number. In the event that there is any other change in the number or kind of outstanding Company
Common Shares or other securities of the Company, or of any shares of stock or other securities
into which the Company Common Shares are changed or for which they are exchanged, then the
Committee may make an adjustment in the number or kind of shares of stock or other securities
granted hereunder, as the Committee, in its sole discretion, may determine is equitably required by
the change, and the adjustment will be effective and binding for all purposes.

 

 

	 	 	 
	THE LUBRIZOL CORPORATION

2005 STOCK INCENTIVE PLAN

	 	Page 13

Section 9. The Restriction Period with respect to the Shares will not expire if the lapse
of restrictions would violate:

	 	(a)	 	any applicable state securities law;
	 
	 	(b)	 	any applicable registration or other requirements under the Securities Act of
1933, as amended (the “Securities Act”), the Securities Exchange Act of 1934, as
amended, or the listing requirements of any stock exchange; or
	 
	 	(c)	 	any similar legal requirement of any governmental authority regulating the
issuance of shares by the Company.

Furthermore, if a Registration Statement with respect to the Shares is not in effect or if counsel
for the Company deems it necessary or desirable in order to avoid possible violation of the
Securities Act, the Company may require, as a condition to its issuance and delivery of
certificates for the Shares, the delivery to the Company of a commitment in writing by the Employee
that at the Grant Date and at the time of expiration of the Restriction Period it is the
Participant’s intention to acquire such Shares for his or her own account for investment only and
not with a view to, or for resale in connection with, the distribution thereof other than in a
transaction that does not require registration under the Securities Act (which may, but will not be
required to, be conclusively determined for the purposes of this Agreement based upon written
advice of counsel for the Company or the Employee); that the Participant understands the Shares may
be “restricted securities” as defined in Rule 144 of the Securities and Exchange Commission; and
that any resale, transfer or other disposition of said Shares will be accomplished only in
compliance with Rule 144, the Securities Act, or other or subsequent applicable Rules and
Regulations thereunder. In these circumstances (except as aforesaid), the Company may place on the
certificates evidencing such Shares an appropriate legend reflecting the aforesaid commitment and
the Company may refuse to permit transfer of such certificates until it has been furnished evidence
satisfactory to it that no violation of the Securities Act or the Rules and Regulations thereunder
would be involved in such transfer.

Section 10. The Committee has conclusive authority, subject to the express provisions of
the Plan as in effect from time to time and this Agreement, to construe this Agreement and the
Plan, and to establish, amend and rescind rules and regulations for the administration of the Plan.
The Committee may correct any defect or supply any omission or reconcile any inconsistency in this
Agreement in the manner and to the extent it deems expedient to carry the Plan into effect, and it
will be the sole and final judge of such expediency. The Board of Directors of the Company may from
time to time grant to the Committee further powers and authority as the Board determines to be
necessary or desirable. Notwithstanding any other provision of this Agreement to the contrary, no
amendment, construction, establishment, rescission or correction of the type referenced above which
is made or adopted following a Change in Control, and which amendment, construction, establishment
or correction adversely affects the rights of the Employee hereunder, will be effective without the
express prior written consent of the Employee.

Section 11. Notwithstanding any other provision of this Agreement, the Shares will be
subject to all of the provisions of the Plan in force from time to time.

 

 

	 	 	 
	THE LUBRIZOL CORPORATION

2005 STOCK INCENTIVE PLAN

	 	Page 14

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

	 	 	 	 	 
	THE LUBRIZOL CORPORATION	 	EMPLOYEE
	 
	 	 	 	 
	By
	 	 	 	 
	 

	 	 
	 	 
	 

	 	M. W. Meister, Vice President

Human Resources	 	 

 

 

	 	 	 
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2005 STOCK INCENTIVE PLAN

	 	Page 15

THE LUBRIZOL CORPORATION

2005 STOCK INCENTIVE PLAN

PERFORMANCE SHARE AWARD

     THIS PERFORMANCE SHARE AWARD, dated this ___day of ___, 2___, (the “Grant
Date”) by The Lubrizol Corporation (the “Company”) to ___, an employee of the
Company and/or a Subsidiary (as defined in the Plan).

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

1. The Company hereby grants to you, under the provisions of Section 9 of the Company’s 2005 Stock
Incentive Plan, as amended (the “Plan”), the number of Company Common Shares, without par value, in
accordance with the three-year performance target approved by the Organization and Compensation
Committee. The Company Common Shares granted hereunder are referred to herein as the “Shares”.

2. If there is a Change in Control, as defined under the Plan, prior to the receipt of Shares under
Section 1, above, you will receive a pro-rata number of Shares within 60 days after the Change in
Control. The pro-rata number of Shares will be determined as shown on Exhibit A attached to this
Award.

3. If you separate from service due to retirement (either normal or early retirement) prior to the
receipt of Shares pursuant to Section 1, above, you will receive a pro-rata number of Shares
between the January 1 and March 15 of the year following the end of the three-year cycle based on
the number of full months which have elapsed since the date of this Award at the time or your
separation from service or death. In no event will the payment of Shares be made earlier than six
months after your separation from service due to retirement.

     If you separate from service due to death prior to the receipt of Shares pursuant to Section
1, above, your beneficiary will receive a pro-rata number of Shares between the January 1 and March
15 of the year following the end of the three-year cycle based on the number of full months which
have elapsed since the date of this Award at the time or your service or death. If the Company
does not have a beneficiary election on file at the time of your death, the Shares will be issued
to your spouse, or if your spouse is not living at the time of issuance, your children who are
living, or if you have no living children at the time of issuance, your estate.

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

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

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

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

 

 

	 	 	 
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2005 STOCK INCENTIVE PLAN

	 	Page 16

or decrease
in the number of Company Shares by reason of the stock split, reverse stock split or stock
dividend.

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

	 	(a)	 	any applicable state securities law;
	 
	 	(b)	 	any applicable registration or other requirements under the Securities Act of
1933, as amended (the “Securities Act”), the Securities Exchange Act of 1934, as
amended, or the listing requirements of any stock exchange on which the Company’s
Shares are listed; or
	 
	 	(c)	 	any similar legal requirement of any governmental authority regulating the
issuance of shares by the Company.

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

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

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

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

10. The Committee has conclusive authority, subject to the express provisions of the Plan, as in
effect from time to time, and this Award, to interpret this Award and
the Plan, and to establish, amend and rescind rules and regulations for the administration of the Plan. The
Committee may correct any defect or supply any omission or reconcile any inconsistency in this
Award in the manner and to the extent it deems expedient to carry the Plan into effect, and it is

 

 

	 	 	 
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2005 STOCK INCENTIVE PLAN

	 	Page 17

the sole and final judge of such expediency. The Board of Directors of the Company may from time to
time grant to the Committee such further powers and authority as the Board determines to be
necessary or desirable.

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

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

	 	 	 	 	 
	 	 	THE LUBRIZOL CORPORATION
	 
	 	 	 	 
	 

	 	By	 	 
	 

	 	 	 	 
	 

	 	 	 	James L. Hambrick

Chairman, President and CEO

 

 

	 	 	 
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2005 STOCK INCENTIVE PLAN

	 	Page 18

EXHIBIT A

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

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

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

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

	 	(a)	 	Determine the measurement growth rate for each full year that has elapsed in the 3-year
period as of the date of the Change in Control,
	 
	 	(b)	 	The 3-year cumulative measurement growth will be imputed as either the 1-year
measurement growth (if the Change in Controls occurs during the second year) or the 2-year
cumulative measurement growth (if the Change in Control occurs during the third year).
	 
	 	(c)	 	Payout is then pro-rated based on number of full months that have elapsed since the date
of this Award, payable within 60 days after the Change in Control.

 

 

	 	 	 
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2005 STOCK INCENTIVE PLAN

	 	Page 19

THE LUBRIZOL CORPORATION

2005 STOCK INCENTIVE PLAN

OUTSIDE DIRECTOR

RESTRICTED STOCK UNIT AWARD

THIS RESTRICTED STOCK UNIT AWARD, dated this ___day of ___, 2___, (the “Grant
Date”) by The Lubrizol Corporation (the “Company”) to ___, a member of the
Board of Directors of the Company who is not a Director of the Company or a Subsidiary (as defined
in the Plan).

The following terms and provisions apply to this Restricted Stock Unit Award:

1. This Award grants to you, under the provisions of the Company’s 2005 Stock Incentive Plan, as
amended (the “Plan”), the number of Stock Units (“Units”) equal to the amount, set forth in Section
2, which is calculated by dividing $70,000.00 by the Fair Market Value of a Share of Lubrizol
common stock, on the date of the most recent Annual Meeting of Shareholders, subject to the
restrictions, terms and conditions as hereinafter set forth.

2. The aggregate number of Units granted under this Award is ___.

3. (a) The Restriction Period is one year beginning on the Grant Date and ending on the first
anniversary of the Grant Date.

     (b) If you separate from service as a director of the Company for any reason prior to the end
of the Restriction Period, you will forfeit to the Company all Units for which the Restriction
Period has not expired, provided that in cases of special circumstances, the Committee (as defined
in the Plan) may, in its sole discretion, when it finds that a waiver would be in the best
interests of the Company, determine that the Restriction Period for any or all of the Units is
deemed to have expired and Share certificates will be issued in accordance with Section 5.

4. Notwithstanding the provisions of Section 3, the Restriction Period will end upon: (a) your
separation from service in accordance with any retirement plan or policy of the Company then in
effect; (b) your death; or (c) the occurrence of any Change of Control (as defined in the Plan)
of the Company.

5. Within 60 days after the end of the Restriction Period, a Share certificate(s) will be issued to
you in an amount equal to the number of Units subject to the Restriction Period.

6. If there is a merger, reorganization, consolidation, recapitalization, stock dividend or other
change in corporate structure such that Company Common Shares are changed into or become
exchangeable for a larger or smaller number of Company Common Shares, the number of Units specified
in Section 2, above, will be increased or decreased, as the case may be, in direct proportion to
the increase or decrease in the number of Company Common Shares by reason of the change in
corporate structure; provided, however, that the number of Units will always be a whole number.

7. The Restriction Period will not expire if the lapse of restrictions would violate:

	 	(a)	 	any applicable state securities law;

 

 

	 	 	 
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2005 STOCK INCENTIVE PLAN

	 	Page 20

	 	(b)	 	any applicable registration or other requirements under the Securities Act of
1933, as amended (the “Securities Act”), the Securities Exchange Act of 1934, as
amended, or the listing requirements of any stock exchange; or
	 
	 	(c)	 	any similar legal requirement of any governmental authority regulating the
issuance of shares by the Company.

In addition, if a Registration Statement with respect to Shares distributable under this Plan is
not in effect or if counsel for the Company deems it necessary or desirable in order to avoid
possible violation of the Securities Act, the Company may require, as a condition to its issuance
and delivery of certificate(s) for the Shares, the delivery to the Company of a commitment in
writing by you that at the Grant Date and at the time of expiration of the Restriction Period it is
your intention to acquire such Shares for your own account for investment only and not with a view
to, or for resale in connection with, the distribution thereof other than in a transaction that
does not require registration under the Securities Act (which may, but will not be required to, be
conclusively determined for the purposes of this Agreement based upon written advice of counsel for
the Company or the Director); that you understand the Shares distributable hereunder may be
“restricted securities” as defined in Rule 144 of the Securities and Exchange Commission; and that
any resale, transfer or other disposition of the Shares will be accomplished only in compliance
with Rule 144, the Securities Act, or other or subsequent applicable Rules and Regulations
thereunder. In these circumstances (except as aforesaid), the Company may place on the
certificate(s) an appropriate legend reflecting the aforesaid commitment and the Company may refuse
to permit transfer of the certificate(s) until it has been furnished evidence satisfactory to it
that no violation of the Securities Act or the Rules and Regulations thereunder would be involved
in such transfer.

8. The Committee has conclusive authority, subject to the express provisions of the Plan as in
effect from time to time and this Award to interpret this Award and the Plan, and to establish,
amend and rescind rules and regulations for the administration of the Plan. The Committee may
correct any defect or supply any omission or reconcile any inconsistency in this Award in the
manner and to the extent it deems expedient to carry the Plan into effect, and it is the sole and
final judge of such expediency. The Board of Directors of the Company may from time to time grant
to the Committee further powers and authority as the Board determines to be necessary or desirable.
Notwithstanding any other provision of this Agreement to the contrary, no amendment, construction,
establishment, rescission or correction of the type referenced above which is made or adopted
following a Change in Control, and which amendment, construction, establishment or correction
adversely affects your rights, will be effective without your express prior written consent.

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

 

 

	 	 	 
	THE LUBRIZOL CORPORATION

2005 STOCK INCENTIVE PLAN

	 	Page 21

	 	 	 	 	 
	 	 	THE LUBRIZOL CORPORATION
	 
	 	 	 	 
	 

	 	By	 	 
	 

	 	 	 	 
	 

	 	 	 	J. L. Hambrick

President and CEO

 

 

	 	 	 
	THE LUBRIZOL CORPORATION

2005 STOCK INCENTIVE PLAN

	 	Page 22

THE LUBRIZOL CORPORATION

2005 STOCK INCENTIVE PLAN

NONSTATUTORY STOCK OPTION AWARD AGREEMENT

     THIS STOCK OPTION AWARD AGREEMENT, dated this ___day of ___, 2___, (the
“Grant Date”) by The Lubrizol Corporation (the “Company”) to ___(the
“Employee”), an employee of the Company and/or a Subsidiary (as defined in the Plan).

     The parties to this Agreement agree to the following terms and provisions:

1. The Company grants to you, under the provisions of Company’s 2005 Stock Incentive Plan, as
amended (the “Plan”), the option of purchasing the number of Company Common Shares (“Shares”)
indicated in Section 2, at the price and subject to the terms and conditions described in this
Agreement. The option rights described in this Agreement will be called “Option Rights”. This
Option award is not intended to be an incentive stock option under Section 422 of the Internal
Revenue Code of 1986, as amended.

2. The number of Shares you may purchase is ___.

3. The option price is $  per Share.

	4.	 	(a) Except as provided in Sections 4(b), 4(c), 4(d), 4(e), 4(f), 4(g) and 8 hereof, you
cannot exercise any of the Option Rights until you have remained continuously employed by the
Company and/or any of its subsidiaries for one year after the Grant Date. After one year, you
can exercise the Option Rights up to 50% of the Shares specified above. After two years you
can exercise up to 75% of the Shares and after three years, you can exercise up to 100% of the
Shares.

(b) Notwithstanding Section 4(a), the Option Rights will become, and for the period
specified in Section 6, will remain, 100% exercisable upon any Change in Control (as defined
in the Plan) of the Company.

(c) If you separate from service due to retirement from the Company or any of its
subsidiaries in accordance with any retirement plan or policy of your employer (1) you, at
any time within the period specified in Section 6, may exercise the Option Rights and (2) if
there is a Change in Control within seven (7) months following your retirement (but within
the period specified in Section 6), you may, in accordance with Section 9, exercise the
LSARs (as defined below), in either case as follows: (A) if you have reached the normal
retirement age you may exercise the Option Rights and LSARs up to 100% of the Shares, and
(B) if you have not reached the normal retirement age but elect to retire pursuant to “early
retirement” provisions of any applicable retirement plan or policy of your employer, you may
exercise the Option Rights and LSARs to the extent you were entitled to exercise them
immediately prior to your early retirement, or if the Organization and Compensation
Committee of the Board of Directors of Lubrizol (“Committee”), upon the recommendation of
the Chief Executive Officer of Lubrizol, specifically approves, you may exercise the Option
Rights and LSARs up to 100% of the Shares.

 

 

	 	 	 
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2005 STOCK INCENTIVE PLAN

	 	Page 23

(d) If you separate from service with Lubrizol or any of its subsidiaries for any reason
other than retirement or death, then you, at any time within three months following your
separation from service (but within the period specified in Section 6), (1) may exercise the
Option Rights and/or (2) may, in accordance with Section 9, exercise the LSARs, in each case
to the extent you were entitled to exercise them immediately prior to your cessation of
employment, or if the Committee, upon the recommendation of the Chief Executive Officer,
specifically approves, you may exercise the Option Rights and LSARs up to 100% of the
Shares.

(e) If you die while employed by Lubrizol or any of its subsidiaries, then (1) for 12 months
following the date of death, (but within the period specified in Section 6), the executor or
administrator of your estate or the person entitled by will or the applicable laws of
descent and distribution may exercise the Option Rights and (2) if there is Change in
Control within seven months after your death, the person entitled by will or by the
applicable laws of descent and distribution may, in accordance with Section 9, exercise the
LSARs, in each case up to of 100% of the Shares.

(f) If there is a Change in Control and your employment with the Company or any of its
subsidiaries terminates either (1) by your employer other than for Cause (as defined below),
or (2) by you for Good Reason (as defined below) then, notwithstanding anything in this
award to the contrary, you, at any time within seven months following your termination (but
within the period specified in Section 6), (A) may exercise the Option Rights and/or (B)
may, in accordance with Section 9, exercise the LSARs, in each case up to 100% of the
Shares. The term “Cause” means that, prior to your termination of the employment you
committed: (I) an intentional act of fraud, embezzlement or theft in connection with your
duties or in the course of your employment; (II) intentional wrongful damage to the property
of the Company or any of its subsidiaries; or (III) intentional wrongful disclosure of
secret processes or confidential information of the Company or any of its subsidiaries; or
(IV) intentional wrongful engagement in any Competitive Activity (as defined below); and any
of these acts was materially harmful to the Company. No act or failure to act on your part
will be considered “intentional” if it was due primarily to an error in judgment or
negligence, but will be considered “intentional” only if done, or omitted to be done, by you
not in good faith and without reasonable belief that the action or omission was in the best
interest of the Company. Notwithstanding the above, you will not be considered to have been
terminated for “Cause” unless there is delivered to you a copy of a resolution duly adopted
by the affirmative vote of at least three-fourths of the Directors of the Company at a
meeting of the Directors called and held for that purpose (after reasonable notice to you
and an opportunity for you, together with your counsel, to be heard before the Directors),
finding that, in the good faith opinion of the Directors, you had committed an act described
above in this Section 4(f) and specifying the particulars thereof in detail. Termination of
employment by you will be considered for “Good Reason” if you terminate employment and any
of the following events has occurred (regardless of whether any other reason, other than for
Cause, for the termination exists or has occurred, including without limitation other
employment):

(i). Failure to elect or reelect or otherwise maintain you in the office or in the
position, or a substantially equivalent office or position, which you held
immediately prior to a Change in Control, or your removal as a Director of the

 

 

	 	 	 
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2005 STOCK INCENTIVE PLAN

	 	Page 24

Company (or any successor thereto) if you were a Director of the Company immediately
prior to the Change in Control;

(ii). A significant adverse change in the nature or scope of the authorities,
powers, functions, responsibilities or duties attached to the position you held
immediately prior to the Change in Control, a reduction in the aggregate of your
annual compensation, or the termination or denial of your rights to employee
benefits in which your similarly situated co-workers participate, or a reduction in
scope or value thereof without your prior written consent, any of which is not
remedied within ten calendar days after receipt by the Company of your written
notice of the change, reduction or termination, as the case may be;

(iii). A determination you made in good faith that as a result of a Change in
Control and a change in circumstances thereafter significantly affecting your
position, including, a change in the scope of the business or other activities for
which you were responsible immediately prior to a Change in Control, you have been
rendered substantially unable to carry out, have been substantially hindered in the
performance of, or have suffered a substantial reduction in, any of the authorities,
powers, functions, responsibilities or duties attached to the position held by you
immediately prior to the Change in Control, which situation is not remedied within
ten calendar days after receipt by the Company of your written notice of your
determination; or

(iv). The Company relocates its principal executive offices, or changes your
principal location of work, to any location which is more than 50 miles from the
location immediately prior to the Change of Control or to travel away from your
office significantly more than was required prior to the Change in Control without,
in either case, your prior written consent.

The term “Competitive Activity” means your participation, without the written consent of an
officer of the Company, in the management of any business enterprise if that enterprise
engages in substantial and direct competition with the Company and the enterprise’s sales of
any product or service competitive with any product or service of the Company amounted to
25% of such enterprise’s net sales for its most recently completed fiscal year and if the
Company’s net sales of said product or service amounted to 25% of the Company’s net sales
for its most recently completed fiscal year. “Competitive Activity” does not include (i)
the mere ownership of securities in any such enterprise and exercise of rights appurtenant
thereto or (ii) participation in management of any such enterprise other than in connection
with the competitive operations of such enterprise.

(g) If you, after leaving the employ of the Company, die during one of the periods described
in Section 4(c), (d) or (f), the executor or administrator of your estate, or the person
entitled by will or the applicable laws of descent and distribution, may exercise the Option
Rights held by you at the time of your death during the applicable period, as follows:

(i). If Section 4(c) was in effect, for one (1) year after your death;

 

 

	 	 	 
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2005 STOCK INCENTIVE PLAN

	 	Page 25

(ii). If Section 4(d) was in effect, for three (3) months after your death;

(iii). If Section 4(f) was in effect, for one (1) year after your death;

provided that, the Option Rights may not be exercised after the period specified in Section
6.

5. The Option Rights and LSARs are not transferable other than by will or by the laws of descent
and distribution, and are exercisable during your lifetime only by you or your guardian or legal
representative. In addition, except as otherwise provided by Sections 4(c), 4(d), 4(e), 4(f), 4(g)
and 8, the Option Rights and/or LSARs can be exercised only if you remain continuously employed by
Lubrizol or any of its subsidiaries from the Grant Date to the date of exercise.

6. Notwithstanding any other provision hereof, the Option Rights expire ten years after the Grant
Date, or earlier as described in Sections 4(c), 4(d), 4(e), 4(f), 4(g) or 8.

7. If there is a merger, reorganization, consolidation, recapitalization, stock dividend or other
change in corporate structure so that Company Common Shares are changed into or become exchangeable
for a larger or smaller number of Company Common Shares, the number of Shares subject to this award
will be increased or decreased in direct proportion to the increase or decrease in the number of
Company Common Shares by reason of the change in corporate structure; provided, however, that the
purchase price per Share will, in the case of an increase in the number of Shares, be
proportionately reduced, and, in the case of a decrease in the number of Shares, be proportionately
increased. If there is any other change in the number or kind of outstanding Company Common Shares
or other Company securities, or of any shares of stock or other securities into which Company
Common Shares have been changed or for which they have been exchanged, then the Committee may make
an adjustment in the number or kind of shares of stock or other securities purchasable hereunder,
and in the manner of purchasing such stock or other securities and the price to be paid, as the
Committee determines is equitably required by the change, and the adjustment will be effective and
binding for all purposes of the Option Rights.

8. If the Company liquidates or dissolves, the Company will give to you at least thirty (30) days’
prior written notice, and you will have the right within the thirty (30) day period (but within the
period specified in Section 6) to exercise the Option Rights to the extent you otherwise are
entitled to exercise the Option Rights. Any Option Rights which have not been exercised before the
effective date of the liquidation or dissolution will terminate.

9. In accordance with the terms described in this Section 9, the Company grants to you limited
stock appreciation rights (“LSARs”) with respect of each of the Shares to which the Option Rights
relate. Upon exercise of the LSARs, (a) you will be entitled to receive a cash amount equal to the
amount by which the Fair Market Value (as defined below) of a Share exceeds the option price set
forth in Section 3 hereof, multiplied by the number of LSARs exercised, and (b) an equal number of
Option Rights will automatically be canceled. You may

 

 

	 	 	 
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2005 STOCK INCENTIVE PLAN

	 	Page 26

exercise a LSAR only within sixty (60) days (but within the period specified in Section 6) after
you receive written notice from the Company that there has been a Change in Control. You may
exercise the LSARs by delivering to the Company at the office of its Vice President, Human
Resources, a signed written notice, of your election to exercise in whole or in part the LSARs. The
term “Fair Market Value” means the higher of (1) the highest daily closing price (as reported on
the New York Stock Exchange Composite Transactions) for a Share during the period beginning on the
60th day prior to the date on which the LSAR is exercised and (2) the highest gross price paid or
to be paid for a Share in any Change in Control event described in Section 4(b).

	10.	 	(a) You may exercise the Option Rights by delivering to the Company at the office of its Vice
President, Human Resources, a signed written notice of your election to exercise the Option
Rights. You must include with the notice payment of the full purchase price of the Shares to
be purchased, except as provided in Section 10(b). You must also pay, within the time period
specified by the Company, the amount, if any, of the tax to be withheld for federal, state or
local tax purposes on account of the exercise of the Option Rights. You may pay the purchase
price and any withholding tax in cash (which may include withholding from your next salary
payment), in Company Common Shares or in any combination of cash and Company Common Shares.
If you use Company Common Shares to pay the purchase price of Shares being purchased: (1) you
may do so either by actually delivering the share certificates or by attesting as to the
ownership of the Common Shares; and (2) you must have owned them at least for six (6) months.

(b) You may elect to pay the purchase price upon the exercise of the Option Rights by
authorizing a third party to sell all the Shares (or a sufficient portion of the Shares)
acquired upon the exercise of the Options Rights and to remit to the Company a sufficient
portion of the sale proceeds to pay the entire purchase price and any tax withholding
resulting from the exercise.

(c) All elections must be made in writing and be submitted to the Company’s Vice President,
Human Resources. All elections by officers are irrevocable and are subject to the approval
of the Committee.

(d) The Company will withhold a sufficient number of Shares that will provide for the
federal, state and/or local income tax at the rates then applicable for supplemental wages,
unless otherwise requested by you, but in no event less than the statutory minimums for tax
withholding.

(e) For purposes of determining the number of Company Common Shares that are to be used in
payment of the purchase price or to be withheld to provide for the tax withholding pursuant
to Section 10(a), Company Common Shares will be valued at the closing price of a Common
Share on the New York Stock Exchange on the date you exercise the Option Rights. If the
determination of the tax withholding would require the withholding of a fractional Share,
the Company shall withhold the nearest whole number of Shares needed to pay the tax
withholding, rounded up, and remit to you in cash the amount of the excess after the
withholding taxes have been satisfied. Upon payment of any tax withholding, as described
above, the Option Rights are considered to be
exercised as of the date the Company received your notice of the election to exercise the
Option Rights, or, if applicable, the date of the sale of Shares as described in Section
10(b). Upon the proper exercise of the Option Rights, the Company will issue and deliver to
you, a certificate or certificates for the Shares purchased. You agree that, as a holder of
the Option Rights, you have no rights as a shareholder with respect to any

 

 

	 	 	 
	THE LUBRIZOL CORPORATION

2005 STOCK INCENTIVE PLAN

	 	Page 27

of the Shares as
to which this Option applies unless you effectively exercise your Option Rights in
accordance with the provisions in this Section 10.

	11.	 	Neither the Option Rights nor the LSARs will be exercisable if the exercise would violate:

	 	(a)	 	any applicable state securities law;
	 
	 	(b)	 	any applicable registration or other requirements under the Securities Act of 1933, as
amended (the “Securities Act”), the Securities Exchange Act of 1934, as amended, or the
listing requirements of any stock exchange; or
	 
	 	(c)	 	any similar legal requirement of any governmental authority regulating the issuance of
            shares by the Company.

In addition, if a Registration Statement for Shares under this Plan is not in effect or if the
Company’s counsel considers it necessary or desirable in order to avoid possible violation of the
Securities Act, the Company may require the delivery to the Company of your written commitment
that: (1) it is your intention to acquire the Shares for your own account for investment purposes
only and not with a view to resell the Shares other than in a transaction that does not require
registration under the Securities Act; (2) you understand the Shares may be “restricted securities”
as defined in Rule 144 under the Securities Act; and (3) that any resale, transfer or other
disposition of the Shares will be accomplished only in compliance with Rule 144 under the
Securities Act. In certain circumstances, the Company may place a legend on the Shares certificates
reflecting the commitment described above, and the Company may refuse to permit transfer of the
Share certificates until the Company has been furnished with evidence satisfactory to it that the
transfer would not result in a violation of the Securities Act or the Rules and Regulations.

12. Notwithstanding any other provision of this Agreement, if you are terminated from employment by
the Company for Cause (as defined in Section 4(f) above), you will forfeit all of your vested and
non-vested Options granted under this Agreement that are outstanding on the date of your
termination.

13. The Committee has conclusive authority, subject to the express provisions of the Plan as in
effect from time to time and this award, to construe this award and the Plan, and to establish,
amend and rescind rules and regulations for the administration of the Plan. The Committee may
correct any defect or supply any omission or reconcile any inconsistency in this award in the
manner and to the extent it considers expedient to carry the Plan into effect. The Board of
Directors of the Company may from time to time grant to the Committee further powers and authority
as the Board determines to be necessary or desirable. Notwithstanding any other provision of this
award to the contrary, no amendment, construction, establishment, rescission or correction of the
type referenced above which is made or adopted following a
Change in Control, and which amendment, construction, establishment or correction adversely affects
your rights, will be effective without your express prior written consent.

14. You must hold any Shares that are distributed to you upon the exercise of the Option under this
Award, at least until you have met your Share ownership guideline.

 

 

	 	 	 
	THE LUBRIZOL CORPORATION

2005 STOCK INCENTIVE PLAN

	 	Page 28

15. Notwithstanding any other provision of this award, the Option Rights will be subject to all of
the provisions of the Plan in force from time to time.

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

	 	 	 	 	 
	THE LUBRIZOL CORPORATION	 	EMPLOYEE
	 
	 	 	 	 
	By
	 	 	 	 
	 

	 	 
	 	 
	 

	 	J. L. Hambrick
Chairman, President and CEOEX-10.7

 

Exhibit 10.7

THE LUBRIZOL CORPORATION

2005 Deferred Compensation Plan For Directors

(As Amended and Restated January 1, 2008)

1. Purpose. The purpose of this 2005 Deferred Compensation Plan For Directors (the
“Plan”) is to continue to permit any member of the Board of Directors (the “Participant”) of The
Lubrizol Corporation (the “Company”), to defer all or a portion of the compensation earned as a
director in calendar years beginning on or after January 1, 2005, until after the Participant
separates from service as a director, all as provided in the Plan.

2. Administration. The Plan shall be administered by the Organization and Compensation
Committee of the Board of Directors of the Company (the “Committee”). The Committee’s
interpretation and construction of all provisions of this Plan shall be binding and conclusive. In
the event that a Participant is a member of the Committee, such Participant shall not participate
in any decision of the Committee relating to that Participant’s participation in this Plan.

3. Right to Defer Compensation.

     (a) Any director of the Company may, at any time prior to January 1 of a given calendar year,
elect to defer under this Plan all, or such portion as the director may designate, of (i) that
director’s annual retainer fee, (ii) the attendance fees for attending directors’ meetings or
committees thereof and/or (iii) stock compensation under The Lubrizol Corporation 2005 Stock
Incentive Plan. All compensation deferred shall be deferred on the day that such compensation
would otherwise have been paid to the director.

     (b) The election described in paragraph (a) shall be made by written notice delivered to the
Vice President, Human Resources, of the Company specifying (i) the portion of designated
compensation to be deferred for such year, (ii) time of distribution, and (iii) if applicable, the
payment option.

     (c) The election under this Section 3 shall take effect on the first day of the calendar year
following the year in which the election is made. A new election must be made for each calendar
year.

     (d) Notwithstanding paragraphs (a), (b) and (c), the first year a Participant becomes eligible
to participate in the Plan, he may make an initial deferral election within 30 days after he
becomes eligible to participate but only with respect to compensation paid for services performed
after the election.

1

 

4. Deferral of Cash Compensation.

     (a) On the date the cash compensation (and effective January 1, 2008, stock compensation)
deferred under the Plan would have become payable to the Participant in the absence of an election
under the Plan to defer payment thereof, the amount of such deferred compensation shall be credited
to a Stock Deferral Account and/or any of the Cash Deferral Account investment portfolios
designated as available by the Committee from time to time. All Deferral Accounts shall be
established and maintained for each Participant in the Company’s accounting books and records and
the Company shall be under no obligation to purchase any investments designated by the Participant.

     (b) Participant’s Cash Deferral Accounts shall be credited with any gains or losses equal to
those generated as if the Participant’s Cash Deferral Account balances had been invested in the
applicable investment portfolio(s) selected by the Participant

     (c) A Participant’s deferred cash compensation (and effective for deferrals after January 1,
2008, stock compensation) credited to a Participant’s Stock Deferral Account shall be used to
determine the number of full and fractional units (“Units”) representing Company Common Shares
(“Shares”) which the deferred amount would purchase at the closing price for the Shares on the New
York Stock Exchange (“NYSE”) composite transactions reporting system on the date that the deferred
amount is credited pursuant to paragraph (a) and if Shares were not traded on that date on the
NYSE, then such computation shall be made as of the first preceding day on which Shares were so
traded. The Company shall credit the Participant’s Stock Deferral Account with the number of full
and fractional Units so determined. A Participant’s Stock Deferral Account shall be administered
in accordance with Section 5(b) through (e).

     (d) A Participant may elect pursuant to rules established by the Committee to transfer a
portion or all of the balance of any Deferral Account established under this Section 4 to any other
such Deferral Account.

5. Deferral of Stock Compensation.

     (a) Prior to January 1, 2008, at the time that Shares are distributable to a Participant, who
has elected to defer the receipt thereof under Section 3, in lieu of Shares being issued, there
shall be credited to a separate Stock Deferral Account for the Participant, full stock equivalent
units (“Units”) which shall be established and maintained on the Company’s records. One Unit shall
be allocated to the Stock Deferral Account for each such Share. The balance of a Stock Deferral
Account established under this Section 5(a) pursuant to deferrals under Section 3 may not be
transferred to any other Deferral Account.

     (b) As of each dividend payment date established by the Company for the payment of cash
dividends with respect to its Shares, the Company shall credit each separate Stock Deferral Account
of a Participant with an additional number of whole and/or fractional Units equal to:

	 	(i)	 	the product of (x) the dividend per Share which is payable
with respect to such dividend payment date, multiplied by (y) the number of
whole and fractional Units credited to the separate Stock Deferral Account of
a Participant as of such payment date;

divided by

2

 

	 	(ii)	 	The closing price of a Share on the dividend payment date (or
if Shares were not traded on that date, on the next preceding day on which
Shares were so traded), as reported on the NYSE-composite tape.

     (c) At no time prior to actual delivery of Shares pursuant to the Plan, shall the Company be
obligated to purchase or reserve Shares for delivery of a Participant and the Participant shall not
be a shareholder nor have any of the rights of a shareholder with respect to the Units credited to
the Participant’s Stock Deferral Accounts.

     (d) In the event of any change in the number of outstanding Shares by reason of any stock
dividend, stock split up, recapitalization, merger, consolidation, exchange of shares or other
similar corporate change, the number of Units in each separate Stock Deferral Account of a
Participant shall be appropriately adjusted to take into account any such event.

6. Payment of Deferred Compensation.

     (a) In the event a Participant separates from service prior to commencing to receive scheduled
withdrawal payments of the Participant’s Deferral Accounts, such scheduled withdrawal payments, if
any, that have not commenced pursuant to Section 7, and the amount selected by Participant to be
paid upon a separation from service, shall be to the Participant in: (i) a single lump sum; (ii)
annual, semi-annual or quarterly substantially equal installments over a period, not exceeding
twenty (20) years; or (iii) a specified percentage in a lump sum followed by annual, semi-annual or
quarterly substantially equal installments over a period, not exceeding twenty (20) years, as the
Participant shall have selected pursuant to Section 3(b). Such periodic payments shall begin or
the lump sum payment shall be made, as the case may be, from the Participant’s Deferral Accounts,
at such time, within 60 days after not less than six (6) months nor more than twelve (12) months
after the Participant’s separation from service, as the Participant shall have selected pursuant to
Section 3(b); provided, however, that if Participant has not selected a payment option with respect
to payment upon a separation from service, such amounts shall be paid in a lump sum within 60 days
after the six-month anniversary after Participant’s separation from service. Installment payments
made after the first installment or lump sum payment, as the case may be, will be made on the
annual, semi-annual or quarterly anniversary of the first installment or lump sum payment, as the
case may be, as elected pursuant to Section 3(b). Notwithstanding the foregoing, a Participant may
elect not less than twelve (12) months prior to the Participant’s separation from service, to
change the time or form of distribution of the Participant’s Deferral Accounts upon a separation
from service; provided, however that any such change shall be invalid if the effect of such change
is to accelerate distribution; provided, further that upon any such change, the distribution shall
be paid at least five (5) years after the date originally selected pursuant to Section 3(b).

     (b) The amount of each installment payable to a Participant from the Participant’s Cash
Deferral Accounts shall be determined by dividing the aggregate balance of such Participant’s Cash
Deferral Accounts by the number of periodic installments (including the current installment)
remaining to be paid. Until a Participant’s Cash Deferral Accounts has been completely distributed, the balance thereof remaining, from time to
time, shall be credited with gains and losses on a monthly basis as
provided in 
Section 4(b).

3

 

     (c) The amount of any installment payable to a Participant from the Participant’s Stock
Deferral Accounts shall be determined by dividing the balance of the aggregate number of Units in
the Participant’s Stock Deferral Accounts by the number of periodic installments (including the
current installment) remaining to be paid and the quotient shall be the number of Shares that are
payable. If the determination of the installment payable from the Participant’s Stock Deferral
Accounts results in a fractional Share being payable, the installment payment shall exclude any
such fractional Share payment except that, in the final installment payment, any such fractional
Share shall be paid in cash in an amount as determined by the Committee. Until the Participant’s
Stock Deferral Accounts have been completely distributed, the balance in the Stock Deferral
Accounts shall continue to be credited with the dividend equivalents on such balances as provided
in Section 5(b).

     (d) In the event a Participant dies prior to receiving payment of the entire amount of the
Participant’s Deferral Accounts, the unpaid balance shall be paid to such beneficiary as the
Participant may have designated in writing to the Vice President, Human Resources, of the Company
as the beneficiary to receive any such post-death distribution under the Plan or, in the absence of
such written designation, to the Participant’s legal representative or to the beneficiary
designated in the Participant’s last will as the one to receive such distributions. Distributions
subsequent to the death of a Participant shall commence within 60 days after the death of the
Participant in: (i) a single lump sum; (ii) annual, semi-annual or quarterly substantially equal
installments over a period, not exceeding twenty (20) years; or (iii) a specified percentage in a
lump sum followed by annual, semi-annual or quarterly substantially equal installments over a
period, not exceeding twenty (20) years as elected by the Participant pursuant to Section 3(b) and
the amount of each installment shall be computed as provided in Section 6(b), and (d) as the case
may be; provided, however, that if Participant has not selected a payment option with respect to
payment upon death, such amounts shall be paid to Participant’s beneficiary in a lump sum within 60
days after the death of the Participant. Installment payments made after the first installment or
lump sum payment, as the case may be, will be made on the annual, semi-annual or quarterly
anniversary of the first installment or lump sum payment, as the case may be, as elected pursuant
to Section 3(b). Notwithstanding the foregoing, a Participant may elect not less than twelve (12)
months prior to the Participant’s death, to change the time or form of distribution of the
Participant’s Deferral Accounts; provided, however that any such change shall be invalid if the
effect of such change is to accelerate distribution; provided, further that upon any such change,
the distribution shall be paid at least five (5) years after the date originally selected pursuant
to Section 3(b).

     (e) Payments from the Cash Deferral Accounts shall be made in cash and payments from the Stock
Deferral Accounts shall be made in Shares. The amount of any distribution pursuant to Sections 6
through 8 shall reduce the balance held in the Participant’s corresponding Deferral Accounts as of
the date of such distribution. Installment payments shall be made pro-rata from a Participant’s
Deferral Accounts.

7. Scheduled Withdrawal Accounts. Pursuant to Section 3, a Participant may elect to
receive part or all of the Participant’s deferrals in accordance with Participant’s elections
pursuant to Section 3(a)(i) and (ii) (and for all deferrals on or after January 1, 2008) for up to
three scheduled withdrawal accounts and with respect to Participant’s deferrals
prior to January 1, 2007 pursuant to Section 3(a)(iii) a Participant may elect to receive

4

 

part or all of Participant’s deferrals in accordance with Participant’s elections for up to three scheduled
withdrawal accounts,, each of which shall commence within 60 days after the date elected by the
Participant pursuant to Section 3(b) in: (i) a single lump sum; (ii) annual, semi-annual or
quarterly substantially equal installments over a period, not exceeding twenty (20) years; or (iii)
a specified percentage in a lump sum followed by annual, semi-annual or quarterly substantially
equal installments over a period, not exceeding twenty (20) years and the amount of each
installment shall be computed as provided in Section 6(b), and (c) as the case may be.
Notwithstanding the foregoing, a Participant may elect not less than twelve (12) months prior to
the Participant’s date of the scheduled withdrawal, to change the time or form of distribution of
the Participant’s Deferral Accounts, provided, however that any such change shall be invalid if the
effect of such change is to accelerate distribution; provided, further that upon any such change,
the distribution shall be paid at least five (5) years after the date originally selected pursuant
to Section 3(b).

8. Unforeseen Emergency. The Committee may accelerate the distribution of part or all of
one or more of a Participant’s Deferral Accounts for reasons of an unforeseeable emergency that
cannot be met using other resources, as determined by the Committee pursuant to the terms of this
Section 8. For purposes of the Plan, an unforeseeable emergency is a severe financial hardship to
the Participant resulting from an illness or accident of the Participant, the Participant’s spouse,
the Participant’s beneficiary or the Participant’s dependent (as defined in Section 152 of the
Code, without regard to Section 152(b)(1), (b)(2) and (d)(1)(B)); the loss of Participant’s
property due to casualty (including the need to rebuild a home following damage to a home not
otherwise covered by insurance, for example, not as a result of a natural disaster); or other
similar extraordinary and unforeseeable circumstances arising as a result of events beyond the
control of the Participant. A distribution based on severe financial hardship shall not exceed the
amount reasonably necessary to satisfy the emergency need (which may include amounts necessary to
pay any Federal, state, local or foreign income taxes or penalties reasonably anticipated from the
distribution).

9. Non-assignability. None of the rights or interests in any of the Participant’s
Deferral Accounts shall, at any time prior to actual payment or distribution pursuant to the Plan,
be assignable or transferable in whole or in part, either voluntarily or by operation of law or
otherwise, and such rights and interest shall not be subject to payment of debts by execution,
levy, garnishment, attachment, pledge, bankruptcy or in any other manner.

10. Interest of Participant. The Company shall be under no obligation to segregate or
reserve any funds or other assets for purposes relating to the Plan and, except as set forth in
this Plan, no Participant shall have any rights whatsoever in or with respect to any funds or other
assets held by the Company for purposes of the Plan or otherwise. Each Participant’s accounts
maintained for purposes of the Plan merely constitute bookkeeping entries on records of the
Company, constitute the unsecured promise and obligation of the Company to make payments as
provided herein, and shall not constitute any allocation whatsoever of any cash, shares or other
assets of the Company or be deemed to create any trust or special deposit with respect to any of
the Company’s assets. Notwithstanding the foregoing provisions, nothing in this Plan shall
preclude the Company from setting aside Shares or funds in trust pursuant to one or more trust
agreements between a trustee and the Company. However, no Participant shall have any secured
interest or claim in any assets or property of the Company or any such trust and all Shares or
funds contained in such trust shall remain subject to the claims of the Company’s general
creditors.

5

 

11. Amendment. The Board of Directors of the Company, or the Organization and
Compensation Committee may, from time to time, amend or terminate the Plan, provided that no such
amendment or termination of the Plan shall adversely affect a Participant’s accounts as they
existed immediately before such amendment or termination or the manner of distribution thereof,
unless such Participant shall have consented thereto in writing. Notice of any amendment or
termination of the Plan shall be given promptly to all Participants.

12. Plan Implementation. This Plan is adopted and effective for deferrals of compensation
earned for calendar years beginning on or after January 1, 2005, and amended and restated January
1, 2008.

13. Section 409A Transition Elections. A Participant who prior to January 1, 2008 has
made an initial deferral election under this Plan may change the form and/or time of payment with
respect to any or all of such elections; provided however that (a) no such election may be made for
amounts otherwise payable under this Plan during 2007, and (b) no payment pursuant to such election
may be payable prior to May 1, 2008.

6

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