Document:

Exhibit 10.1

 

LOAN AND SECURITY AGREEMENT

 

This
Loan and Security Agreement (hereinafter called "Agreement") is between CELSIUS HOLDINGS, INC., a Nevada corporation,
authorized to do business in Florida as CELSIUS PRODUCTS HOLDINGS, INC. whose address is 140 N.E.
4th Avenue, Suite C, Delray Beach, Florida 33483 (hereinafter called "Debtor")
and CD FINANCIAL, LLC, a Florida limited liability company (hereinafter called "Secured Party").

 

1.          Grant
of Security Interest. Subject to the terms and conditions of the Note (as hereinafter defined) and this Agreement, Debtor,
for consideration as defined herein, and to secure the full and prompt payment, observance and performance when due of all present
and future obligations and indebtedness of Debtor to Secured Party, whether at the stated time, by acceleration or otherwise, howsoever
created, arising or evidenced, whether direct or indirect, absolute or contingent, whether or not of the same or similar class
or of like kind to any indebtedness incurred contemporaneously with the execution of this Agreement, and whether now or hereafter
existing, or due or to become due, and whether such indebtedness from time to time is reduced and thereafter increased, or entirely
extinguished and thereafter reincurred, including without limitation, the following:

 

(a)          Any
and all amounts owed by Debtor, under, in connection with, and/or pursuant to the indebtedness evidenced by that certain Promissory
Note of even date herewith, in the original principal sum of THREE MILLION AND NO/100THS DOLLARS ($3,000,000.00)
(the "Note"), with interest thereon according to the provisions thereof, and all obligations
thereunder, in connection therewith and/or pursuant to any and all agreements and other documents in connection therewith; and 

 

(b)          All
sums advanced or expenses or costs paid or incurred (including without limitation reasonable attorneys' fees and other legal expenses)
by Secured Party pursuant to or in connection with the Note or any other agreements and documents in connection therewith plus
applicable interest on such sums, expenses or costs; and

 

(c)          Any
extensions, modifications, changes, substitutions, restatements, renewals or increases or decreases of any or all of the indebtedness
referenced above.

 

hereby grants to Secured Party
a security interest in the collateral described in Schedule 1, same being attached to this Agreement and made a part hereof (hereinafter
collectively called the "Collateral").

 

2.          Definitions.
The following terms shall have the following meanings

 

"Accounts" means all Accounts as that
term is defined in Article 9 of the UCC;

 

"Chattel Paper" means all Chattel Paper
as that term is defined in Article 9 of the UCC;

 

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"Commercial Tort Claims"
means all Commercial Tort Claims as that term is defined in Article 9 of the UCC;

 

"Consignments"
means all Consignments as that term is define in Article 9 of the UCC;

 

"Contracts"
means all contracts, undertakings, franchise agreements or other agreements (other than rights evidenced by Chattel Paper, Documents
or Instruments, as those terms are defined above and below) in or under which the Debtor may now or hereafter have any right, title
or interest, including, without limitation, with respect to an Account, and any agreement relating to the terms of payment or the
terms of performance thereof;

 

"Copyrights"
means (a) all copyrights of the United States or any other country; (b) all copyright registrations filed in the United States
or in any other country; and (c) all proceeds thereof;

 

"Copyright License"
means all agreements, whether written or oral, providing for the grant by the Debtor of any right to use any Copyright;

 

"Deposit Accounts"
means all Deposit Accounts at that term is defined in Article 9 of the UCC;

 

"Documents" means
all Documents as that term is defined in Article 9 of the UCC;

 

"Encumbrance(s)"
means all Encumbrance(s) as that term is defined in Article 9 of the UCC;

 

"Equipment" means
all Equipment as that term is defined in Article 9 of the UCC;

 

"Fixtures" means
all Fixtures as that term is defined in Article 9 of the UCC;

 

"General Intangibles"
means all General Intangibles as that term is defined in Article 9 of the UCC;

 

"Goods" means all
Goods as that term is defined in Article 9 of the UCC;

 

"Health-Care-Insurance
Receivables" means all Health-Care-Insurance Receivables as that term is defined in Article 9 of the UCC;

 

"Instruments"
means all Instruments as that term is defined in Article 9 of the UCC;

 

"Inventory"
means all Inventory as that term is defined in Article 9 of the UCC;

 

"Investment Property"
means all Investment Property as that term is defined in Article 9 of the UCC;

 

"Letters of Credit"
means all Letters of Credit as that term is defined in the Article 5 of the UCC;

 

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"Letter-of-Credit Rights"
means all Letter-of-Credit Rights as that term is defined in Article 9 of the UCC;

 

"Patents"
means (a) all letters patent of the United States and all reissues and extensions thereof, (b) all applications for letters patent
of the United States and all divisions, continuations and continuations-in-part thereof or any other country, including, without
limitation, any thereof referred to in any schedule attached hereto and (c) all proceeds thereof, including the goodwill of the
business connected with the use of and symbolized by the Patents;

 

"Patent
License" means all agreements, whether written or oral, providing for the grant by the Debtor of any right to manufacture,
use or sell any invention covered by a Patent, including, without limitation, any thereof referred to in any schedule attached
hereto;

 

"Payment Intangibles"
means all Payment Intangibles as that term is defined in Article 9 of the UCC;

 

"Proceeds" means
all Proceeds as that term is defined in Article 9 of the UCC;

 

"Promissory Note(s)"
means as that term is defined in Article 9 of the UCC;

 

"Software" means
all Software as that term is defined in Article 9 of the UCC;

 

"Supporting Obligations"
means all Supporting Obligations as that term is defined in Article 9 of the UCC;

 

"Tangible
Chattel Paper" means all Tangible Chattel Paper as that term is defined in Article 9 of the UCC;

 

"Trademarks" means
(a) all trademarks, trade names, corporate names, company names, business names, fictitious business names, trade styles, service
marks, logos and other source or business identifiers and the goodwill associated therewith, now existing or hereafter adopted
or acquired, all registrations and recordings thereof, and all applications in connection therewith, whether registered in the
United States Patent and Trademark Office or in any similar office or agency of the United States, any State thereof or any other
country or any political subdivision thereof or otherwise, including, without limitation, any thereof referred to in any schedule
attached hereto; (b) all renewals thereof; and (c) all proceeds thereof, including the goodwill of the business connected with
the use of and symbolized by the Trademarks;

 

"Trademark License"
means any agreement, written or oral, providing for the grant by the Debtor of any right to use any Trademark.

 

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"UCC" means the Uniform
Commercial Code as in effect from time-to-time in the State of Florida and State of Nevada.

 

3.          Representations,
Warranties and Covenants of Debtor. Debtor expressly represents, warrants and covenants as follows:

 

(a)          The
address appearing with Debtor's signature below is the address of Debtor's principal office. If any part of the Collateral is not
located at Debtor's principal office, it will be located at such other locations as Debtor, or any other entity affiliated with
Debtor, may utilize in its business from time to time, and Debtor hereby covenants to notify Secured Party of any such additional
location(s).

 

(b)          If
Debtor does not keep the records concerning the Collateral and concerning accounts, general intangibles, mobile goods and contract
rights at Debtor's principal office, same will be located at such other locations as Debtor, or any other entity affiliated with
Debtor, may utilize in its business from time to time, and Debtor hereby covenants to notify Secured Party of any such additional
location(s).

 

(c)          Debtor
will give Secured Party sixty (60) days prior written notice of any change in (i) Debtor's principal office, the location of the
Collateral or the location of the records described above, or (ii) the Ownership of Debtor's business, (iii) the principals responsible
for the management of Debtor's business, (iv) Debtor's company structure or identity, or (v) Debtor's name or trade name, or prior
to commencing to use an assumed name not set forth in this Agreement.

 

(d)          If
any of the Collateral is to be or has been attached to real estate, the legal description of the real estate is attached to this
Agreement as Schedule 2 and made a part hereof.

 

(e)          If
Debtor does not have a record interest in the real estate described above, the record Owner is indicated on the attached Schedule
2.

 

(f)          Without
the prior written consent of Secured Party, Debtor will not move, sell, lease, permit any encumbrance on or otherwise dispose of
the Collateral, other than its inventory in the ordinary course of its business. Debtor represents and warrants that Debtor is
the owner of the Collateral, free and clear of all liens, charges, interests, and encumbrances, other than in favor of Secured
Party, that no other person or other entity has any interest in the Collateral whatsoever, and that Debtor will defend same against
all adverse claims and demands.

 

(g)          Debtor
will keep the Collateral insured by such companies, in such amounts and against such risks as shall be acceptable to Secured Party,
and the Secured Party hereby acknowledges that the current levels of insurance maintained by Debtor are acceptable for the first
year of the Loan, with loss payable and additional insured clauses in favor of Secured Party as are satisfactory to Secured Party.
Debtor will deposit such insurance policies with Secured Party.

 

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Debtor hereby
assigns to Secured Party and grants to Secured Party a security interest in any return of unearned premium due upon cancellation
of any such insurance and directs the insurer thereunder to pay to Secured Party all amounts so due. All amounts received by Secured
Party in payment of insurance losses or return of unearned premium may, at Secured Party's option, be applied to the indebtedness
by Secured Party, or all or any part thereof may be used for the purpose of repairing, replacing or restoring the Collateral. Notwithstanding
the foregoing, if there is no default under the Loan, at the request of the Debtor, and upon the approval of Secured Party in its
sole discretion, amounts received by Secured Party in payment of insurance losses or return of unearned premium shall be used for
the purpose of repairing, replacing or restoring the Collateral. If Debtor fails to maintain satisfactory insurance, Secured Party
shall have the option, but not the obligation, to obtain such insurance in such amounts as Secured Party deems necessary, and Debtor
agrees to repay, with interest at the highest rate applicable to any indebtedness which this Agreement secures, all amounts so
expended by Secured Party.

 

(h)          Debtor
represents and warrants to Secured Party that all financial statements, income tax returns and credit information delivered by
Debtor to Secured Party accurately reflect the financial condition and operations of Debtor at the times and for the periods therein
stated. So long as this Agreement is in force and effect, Debtor agrees to deliver to Secured Party within one hundred twenty (120)
calendar days after the end of each of Debtor's fiscal years, a complete and accurate copy of the consolidated audited financial
statements (with notes) of Debtor prepared by an independent certified public accountant acceptable to Secured party ("CPA"),
including statements of cash flow, and a balance sheet and statement of income, together with all schedules, all prepared in accordance
with generally accepted accounting principles ("GAAP"). Debtor shall provide Secured Party with a copy of its federal
income tax return within fifteen (15) days of filing (including all schedules and extensions). Debtor shall also provide internally
prepared condensed monthly statements without notes but otherwise meeting all the requirements of the annual statements no later
than thirty (30) days after each month end and internally prepared condensed quarterly financial statements with partial notes
(which are included included in the Form 10-Q) but otherwise meeting all the requirements of the annual statements no later than
forty five (45) days after the end of each fiscal quarter end or such other date as requested by Seemed Party for statements other
than the quarterly statements, acceptable to Security Party and its accountants as well as financial statements at such other times
as requested by Security Party.

 

(i)          Secured
Party shall not be deemed to have waived any of its rights in any Collateral unless such waiver is in writing and signed by an
authorized representative of Secured Party. No delay or omission by Secured Party in exercising any of Secured Party's rights shall
operate as a waiver thereof or of any other rights. Secured Party shall have, in addition to all other rights and remedies provided
by this Agreement or applicable law, the rights and remedies of a secured party under the Uniform Commercial Code.

 

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(j)          Debtor
will maintain the Collateral in good condition and repair, reasonable wear and tear excepted, and will pay promptly all taxes,
levies, and encumbrances and all repair, maintenance and preservation costs pertaining to the Collateral. If Debtor fails to make
such payments, Secured Party shall have the option, but not the obligation, to pay the same and Debtor agrees to repay, with interest
at the highest rate applicable to any indebtedness which this Agreement secures, all amounts so expended by Secured Party. Debtor
will at any time and from time to time, upon request of Secured Party, give any representative of Secured Party access during normal
business hours to inspect the Collateral or the books and records thereof.

 

(k)          Debtor
agrees to pay to Secured Party on demand all expenses, including reasonable attorney fees and expenses, incurred by Secured Party
in protecting or enforcing its rights in the Collateral or otherwise under this Agreement. After deducting all said expenses, the
remainder of any proceeds of sale or other disposition of the Collateral shall be applied to the indebtedness due Secured Party
in such order of preference as Secured Party shall determine.

 

(1)         Debtor
hereby agrees to faithfully preserve and protect Secured Party's security interest in the Collateral at all times, and further
agrees to execute and deliver, from time to time, any and all further, or other, documents, instruments, continuation statements
and perform or refrain from performing such acts, as Secured Party may reasonably request to effect the purposes of this Agreement
and to secure to Secured Party the benefits of all the rights, authorities and remedies conferred upon Secured Party by the terms
of this Agreement. Debtor shall permit, or cause to be permitted, at Debtor's expense, representatives of Secured Party to inspect
and make copies of the books and records of Debtor relating to the Collateral at any reasonable time or times upon prior notice.

 

4.          Loan
Disbursements. Disbursements under the Note shall be made directly by the Secured Party to Debtor upon no less than seven (7)
business days of written request from Debtor to Secured Party. All disbursements hereunder shall be for the purpose of providing
funding for a mutually agreeable written plan between the Secured Party and the Debtor for marketing and advertising of the Debtor's
and/or its wholly-owned subsidiaries' products which may include reimbursement to the Debtor for marketing and advertising expenses
prepaid by the Debtor.

 

5.          Defaults.
The occurrence of any of the following events shall constitute a default hereunder:

 

(a)         the
Debtor shall default in the payment of principal of or interest on the Note or any other obligation to Secured Party as and when
the same shall be due and payable and, in the case of an interest payment default, such default shall continue for five (5) Business
Days after the date such interest payment was due, or the Debtor shall fail to perform or observe any other covenant, agreement,
term, provision, undertaking or commitment under the Note, this Loan Agreement or any other agreement or document secured hereby
or any other encumbrance or agreement securing the Note which remains uncured for ten (10) Business Days after the delivery to
the Debtor of written notice that the Debtor is in default hereunder or thereunder;

 

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(b)          The
breach of or failure to perform promptly any obligation or covenant set forth in this Agreement, the Note or any other agreement
secured hereby or securing the Note unless otherwise approved in advance by Secured Party.

 

(c)          The
suspension of business, insolvency, failure generally to pay debts as they became due, or the commission of any act constituting
or resulting in a business failure, in each case on the part of the business of Debtor; the concealment or removal of any substantial
portion of Debtor's property with the intent to hinder, delay or defraud any one or more creditors, or the making of any other
transfer which is fraudulent or otherwise voidable under the Bankruptcy Code or other applicable federal or state law; the existence
or creation of any lien, including without limitation any tax or judgment lien, upon the Collateral or any substantial part of
Debtor's property; an assignment for the benefit of creditors; the commencement of any proceedings by or against Debtor (under
the Bankruptcy Code or otherwise) seeking to adjudicate it bankrupt or insolvent, or seeking reorganization, arrangement, adjustment
or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors or seeking
the appointment of a receiver, trustee or custodian for Debtor or for the Collateral or a substantial part of the property of Debtor;
or the institution by Debtor or any other person or entity of any liquidation, dissolution or reorganization proceedings with respect
to Debtor;

 

(d)          The
failure to effectively and promptly discharge, stay or indemnify against, to Secured Party's satisfaction, any lien or attachment
against any of Debtor's property or the Collateral;

 

(e)          Any
representation or warranty contained herein or in any other document delivered by or on behalf of Debtor to Secured Party shall
be false or misleading when made;

 

(f)          If
Secured Party, in good faith, believes the prospect of payment secured by this Agreement is impaired, or believes that any of the
Collateral is in danger of loss, misuse, seizure or confiscation;

 

(g)          The
occurrence of any of the following without the Secured Party's written consent, which consent shall be in Secured Party's sole
discretion: the transfer of any of the Debtor's assets not in the ordinary course of business; the merger or consolidation of Debtor
with another company or entity; the change of the Debtor's name; the liquidation of Debtor.

 

6.           Remedies.

 

(a) Upon the occurrence of any
default under this Agreement, Secured Party is authorized in its discretion to declare any or all of the indebtedness to be immediately
due and payable without demand or notice to Debtor, and may exercise any one or more of the rights and remedies granted pursuant
to this Agreement or given to a secured party under applicable law, including without limitation the Uniform Commercial Code, such
rights and remedies to include without limitation the right to take possession and sell, lease or otherwise dispose of the Collateral.
If reasonable notice of any disposition of Collateral or other enforcement is required, such requirement will be met if such notice
is mailed, postage pre-paid, to the address of Debtor shown below Debtor's signature on this Agreement at least fifteen (15) days
prior to the time of disposition or other enforcement. Debtor agrees that upon demand by Secured Party after default, Debtor will
promptly assemble the Collateral and make the Collateral available to Secured Party at a place convenient to Secured Party.

 

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(b) Debtor
agrees that all of the Collateral and all of the other security which may be granted to Secured Party in connection with the obligations
secured hereby constitute equal security for all of the obligations secured hereby, and agrees that Secured Party shall be entitled
to sell, retain or otherwise deal with any or all of the Collateral, in any order or simultaneously as Secured Party shall determine
in its sole and absolute discretion, free of any requirement for the marshaling of assets or other restriction upon Secured Party
in dealing with the Collateral or such other security.

 

(c) Upon
the occurrence of any default under this Agreement, Debtor hereby irrevocably constitute and appoints Secured Party (and any employee
or agent of Secured Party) as Debtor's true and lawful attorney-in-fact with full power of substitution, in Secured Party's name
or Debtor's name or otherwise, for Secured Party's sole use and benefit, at Debtor's cost and expense, to exercise the following
powers with respect to the Collateral:

 

(1)         To
demand, sue for collection, receive, and give acquittance for any and all monies due or owing with respect to the Collateral;

 

(2)         To
receive, take, endorse Debtor's name on, assign and deliver any checks, notes, drafts, documents or other instruments taken or
received by Secured Party in connection with the Collateral;

 

(3)         To
settle, compromise, prosecute, or defend any action or proceeding with respect to the Collateral;

 

(4)         To
sell, transfer, assign or otherwise deal in or with the Collateral or the proceeds thereof, as fully as if Secured Party were the
absolute Debtor thereof.

 

(5)         To
sign Debtor's name to and file financing statements or such other documents and instruments as Secured Party may deem appropriate.

 

(6)         To
take any and all action that Secured Party deems necessary or proper to preserve its interest in the Collateral, including without
limitation, the payment of debts of Debtor that might impair the Collateral or Secured Party's security interest therein, the purchase
of insurance on the Collateral, the repair or safeguard of the Collateral, or the payment of taxes thereon.

 

(7)         To
notify account debtors of Secured Party's security interest in Debtor's accounts and to instruct them to make payment directly
to Secured Party.

 

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(8)         To
assume management (by Secured Party or by an affiliate of Secured Party) of the Debtor's business.

 

(d) Debtor
agrees that the powers of attorney granted herein are coupled with an interest and shall be irrevocable until full, final and irrevocable
payment and performance of the indebtedness secured hereby; and that neither Secured Party nor any officer, director, employee
or agent of Secured Party shall be liable for any act or omission, or for any mistake or error of judgment, in connection with
any such powers.

 

(e) Notwithstanding
the foregoing, Secured Party shall be under no duty to exercise any such powers, or to collect any amount due on the Collateral,
to realize on the Collateral, to keep the Collateral, to make any presentment, demand or notice of protest in connection with the
Collateral, or to perform any other act relating to the enforcement, collection or protection of the Collateral.

 

(f) This
Agreement shall not prejudice the right of Secured Party at its option to enforce the collection of any indebtedness secured hereby
or any other instrument executed in connection with this transaction, by suit or in any other lawful manner. No right or remedy
is intended to be exclusive of any other right or remedy, but every such right or remedy shall be cumulative to every other right
or remedy herein or conferred in any other agreement or document for the benefit of Secured Party, or now or hereafter existing
at law or in equity.

 

7.          Miscellaneous.

 

(a) This
Agreement and the security interest in the Collateral created hereby shall terminate when the indebtedness has been fully, finally
and irrevocably paid and all other obligations of Debtor to Secured Party have been performed in full. Prior to such termination,
this shall be a continuing agreement.

 

(b)
TIDS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF FLORIDA IN ALL RESPECTS, INCLUDING
MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, EXCEPT TO THE EXTENT THE LAWS OF ANOTHER JURISDICTION ARE MANDATORILY APPLICABLE.
DEBTOR CONSENTS TO THE NON-EXCLUSIVE PERSONAL JURISDICTION OF THE COURTS OF THE STATE OF FLORIDA AND THE FEDERAL COURTS LOCATED
IN FLORIDA SO THAT SECURED PARTY MAY SUE DEBTOR IN FLORIDA TO ENFORCE THIS AGREEMENT. DEBTOR AGREES NOT TO CLAIM THAT FLORIDA IS
AN INCONVENIENT PLACE FOR TRIAL. AT SECURED PARTY'S OPTION, THE VENUE (LOCATION) OF ANY SUIT TO ENFORCE THIS AGREEMENT MAY BE IN
PALM BEACH COUNTY, FLORIDA. DEBTOR HEREBY IRREVOCABLY AGREES AND CONSENTS THAT, IN ADDITION TO ANY METHODS OF SERVICE OF
PROCESS PROVIDED FOR UNDER APPLICABLE LAW, ALL SERVICE OF PROCESS IN ANY SUCH SUIT, ACTION OR PROCEEDING MAY BE MADE BY CERTIFIED
OR REGISTERED MAIL, RETURN RECEIPT REQUESTED, DIRECTED TO DEBTOR AT THE ADDRESS PROVIDED FOR NOTICES UNDER THIS AGREEMENT.

 

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(c)
DEBTOR AND SECURED PARTY HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY AND ALL RIGHT THEY MAY HAVE TO A TRIAL
BY JURY IN RESPECT TO ANY LITIGATION (INCLUDING BUT NOT LIMITED TO) ANY CLAIMS, CROSS-CLAIMS OR THIRD PARTY CLAIMS ARISING OUT
OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT, THE OTHER LOAN DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREIN. DEBTOR ALSO HEREBY
KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES, TO THE EXTENT PERMITTED BY LAW, ANY RIGHT IT MAY HAVE TO ANY SPECIAL INCIDENTIAL
OR CONSEQUENTIAL DAMAGES. DEBTOR ACKNOWLEDGES THAT THE SECURED PARTY HAS BEEN INDUCED TO ENTER INTO THIS LOAN, INCLUDING THIS AGREEMENT,
BY, INTER ALIA, THE PROVISIONS OF THIS PARAGRAPH.

 

(d) This
Agreement shall inure to the benefit of Secured Party, its successors and assigns and to any other holder who derives from Secured
Party title to or an interest in the indebtedness which this Agreement secures, and shall be binding upon Debtor, its successors
and assigns.

 

(e) In
case any one or more of the provisions of this Agreement shall for any reason be held to be invalid, illegal or unenforceable in
any respect, such invalidity, illegality or unenforceability shall not affect any other provision hereof, but this Agreement shall
be construed as if such invalid, illegal or unenforceable provision had not been included.

 

(f) The
Debtor agrees to cooperate promptly with the Secured Party and its agent in the correction or completion of the loan closing documents
if deemed necessary or desirable by Secured Party. Debtor understands that this may include correction or execution of a new note
and mortgage to reflect the agreed terms.

 

(g) Any
provision to the contrary notwithstanding contained herein or in the Note or in any other instrument now or hereafter evidencing,
securing or otherwise relating to any secured indebtedness, neither Secured Party nor any other holder of the secured indebtedness
shall be entitled to receive or collect, nor shall Debtor be obligated to pay, interest on any of the secured indebtedness in excess
of the maximum rate of interest at the particular time in question, if any, which, under applicable law, may be charged to Debtor
(herein the "Maximum Rate"), provided that the Maximum Rate shall be automatically increased or decreased, as the case
may be, without notice to Debtor from time to time as of the effective time of each change in the Maximum Rate, and if any provision
herein or in the Note or in such other instrument shall ever be construed or held to permit the collection or to require the payment
of any amount of interest in excess of that permitted by applicable law, the provisions of this paragraph shall control and shall
override any contrary or inconsistent provision herein or in the Note or in such other instrument. The intention of the parties
being to conform strictly to the usury limitations under applicable law, the Note, this Agreement, and each other instrument now
or hereafter evidencing or relating to any secured indebtedness shall be held subject to reduction to the amount allowed under
said applicable law as now or hereafter construed by the courts having jurisdiction.

 

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(h) All
notices pursuant to this Security Agreement shall be in writing and shall be directed to the addresses set forth below or such
other address as may be specified in writing, by certified or registered mail, return receipt requested by the party to which or
whom notices are to be given. Notices shall be deemed to be given upon sender's obtaining a receipt (or refusal of receipt) from
the U.S. Postal Service for such certified or registered mail delivery, upon personal delivery to an officer of the Debtor, or
the day following prepaid delivery to a recognized overnight commercial carrier.

 

(i) The singular used herein
shall include the plural.

 

G)
If more than one party shall execute this Agreement as "Debtor", the term "Debtor" shall mean all such
parties executing this Agreement, and all such parties shall be jointly and severally obligated hereunder.

 

(k) A photocopy or other reproduction
of this Agreement or of any financing statement is sufficient as a financing statement and may be filed as a financing statement
in any government office.

 

[balance of this page left intentionally
blank]

 

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IN
WITNESS WHEREOF, the undersigned have executed this Agreement as of the date written below.

 

Dated: July 12, 2010.

 

	Signed sealed and delivered	 
	in the  presence of: 	DEBTOR:

 

	 	 	 
	 	 	CELSIUS  HOLDINGS,  INC., a Nevada corporation, authorized to do business in Florida as CELSIUS PRODUCTS HOLDINGS, INC.

_________

	 	 	By:	 
	 	 	Name: Geary Cotton
	 	 	Title: CFO

 

	 	(Corporate Seal)

 

	 	Address:  	140 N.E. 4th Avenue, Suite C
	 	 	Delray Beach, Florida 33483

 

	STATE OF FLORIDA	)
	ss:    	 
	COUNTY OF 	)

 

The foregoing instrument was acknowledged
before me this __________________, 2010, by GEARY COTTON as CFO of CELSIUS HOLDINGS, INC., a Nevada corporation, authorized to do business
in Florida as CELSIUS PRODUCTS HOLDINGS, INC. on behalf of the corporation. He is personally known to me or has produced
a Florida driver's license as identification.

 

	 	 
	Notary Public, State of Florida
	My Commission Expires:                   {Seal}

 

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	 	SECURED PARTY:
	 	 
	 	CD FINANCIAL, LLC, a Florida 
	 	limited liability company

 

	 	By:	 
	 	William H. Milmoe, Manager
	 	 
	 	Address: 3299 N.W. 2nd Avenue
	 	Boca Raton, FL 33431

 

	STATE OF FLORIDA 	)
	ss:      	 
	COUNTY OF 	)

 

The foregoing instrument
was acknowledged before me this__________________, 2010, by WILLIAM H. MILMOE as Manager of
CD FINANCIAL, LLC, a Florida limited liability company, on behalf of the company. He is personally known to me or has produced
a Florida driver's license as identification.

 

	 	 
	Notary Public, State of Florida
	My Commission Expires:            {Seal}

 

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SCHEDULE1

(Description of Personal Property)

 

This is Schedule 1
to the Security Agreement dated effective July          , 2010 between
CELSIUS HOLDINGS, INC., a Nevada corporation, authorized to do business in Florida as CELSIUS PRODUCTS HOLDINGS, INC. (hereinafter
called "Debtor") and CD FINANCIAL, LLC, a Florida limited liability company (hereinafter called "Secured Party").

 

A continuing security
interest in all properties, assets and rights of the Debtor now owned or at any time hereafter acquired by the Debtor or in which
the Debtor now has or at any time in the future may acquire any right, title or interest, wherever located or situated (hereinafter,
collectively called the "Collateral").

 

Without limitation
of the foregoing, the Collateral includes the following:

 

	 	(i)	 	all Accounts;;
	 	(ii)	 	all Chattel Paper;
	 	(iii)	 	all Commercial Tort Claims;
	 	(iv)	 	all Consignments;
	 	(v)	 	all Contracts;
	 	(vi)	 	all Copyrights;
	 	(vii)	 	all Copyright Licenses;
	 	(viii)	 	all Deposit Accounts;
	 	(ix)	 	all Documents;
	 	(x)	 	all Encumbrance(s);
	 	(xi)	 	all Equipment;
	 	(xii)	 	all Fixtures;
	 	(xiii)	 	all Goods;
	 	(xiv)	 	all General Intangibles;
	 	(xv)	 	all Health-Care-Insurance Receivables;
	 	(xvi)	 	all Instruments;
	 	(xvii)	 	all Inventory;
	 	(xviii)	 	all Investment Property;
	 	(xix)	 	all Letter-of-Credit Rights;
	 	(xx)	 	all Letters of Credit;
	 	(xxi)	 	all Patents;
	 	(xxii)	 	all Patent Licenses;
	 	(xxiii)	 	all Payment Intangibles;
	 	(xxiv)	 	all Promissory Note(s);
	 	(xxv)	 	all Software;
	 	(xxvi)	 	all Supporting Obligations;
	 	(xxvii)	 	all Tangible Chattel Paper;
	 	(xxviii)	 	all Trademarks;
	 	(xxix)	 	all Trademark Licenses; and
	 	(xxxii)     to the extent not otherwise included, all Proceeds (including condemnation proceeds), all Accessions and additions thereto and all substitutions and replacements therefore and products of any and all of the foregoing.

 

    14 

     

    

 

SCHEDULE 2

(Description of Real Property)

 

This is Schedule 2 to the Security Agreement
dated effective July              , 2010 between CELSIUS
HOLDINGS, INC., a Nevada corporation, authorized to do business in Florida as CELSIUS PRODUCTS HOLDINGS, INC. (hereinafter
called "Debtor") and CD FINANCIAL, LLC, a Florida limited liability company (hereinafter called "Secured Party").

 

NONE

 

    15 

     

    

 

EXECUTION COPY

 

AMENDMENT TO LOAN AND SECURITY AGREEMENT

 

This Amendment to Loan
and Security Agreement, dated April 16, 2015 (the “Amendment”), amends and modifies that certain Loan and Security
Agreement, dated as July 12, 2010 (the “Loan Agreement”), between CELSIUS HOLDINGS, INC., a Nevada corporation
authorized to do business as Celsius Products Holdings, Inc. (“Borrower”), and CD FINANCIAL, LLC, a Florida
limited liability company (“the “Lender”).

 

Preliminary Statements

 

A.           Pursuant
to the Loan Agreement, Borrower was authorized to borrow, on a non-revolving basis, up to $3,000,000 and in connection therewith
entered in to a Promissory Note, of even date therewith (the “Original Note”).

 

B.           Subsequent
to entering into the Loan Agreement and Original Note, Borrower and Lender entered into numerous amendments and restatements of
the Original Note (collectively, the “Note”) increasing the principal amount available for borrowings under
the Loan Agreement and Note to $9,800,000 and extending the Maturity Date to December 31, 2016.

 

C.           As
of the date hereof, the principal amount of $8,800,000 is due and owing by Borrower to Lender under the Note.

 

D.           Pursuant
to the Loan Agreement, amounts outstanding under the Loan Agreement and Note are secured by the grant by Borrower of a blanket
lien and encumbrance on the Borrower’s assets.

 

E.           As
a condition to the consummation of the sale by Borrower of up to $11,500,000 of equity securities pursuant to the terms and conditions
of a Common Stock Purchase Agreement, dated as of the date hereof, among the Borrower and the various purchasers thereunder, the
Borrower is required to cause the amendment of the Loan Agreement and Note for purposes of (i) permanently reducing the principal
amount available for borrowing under the Loan Agreement and Note from $9,800,000 to $4,500,000 and (ii) extend the maturity date
of Loan Agreement and Note to January 2, 2020.

 

F.           In
order to accomplish the foregoing, Borrower and Lender have agreed that contemporaneously with the execution of this Amendment,
Borrower shall pay Lender $300,000 and cause the conversion of $4,000,000 principal amount outstanding to be converted into shares
of newly created Series D Convertible Preferred Stock of the Borrower (the “Series D Preferred Stock”), in accordance
with the terms and conditions herein described.

 

G.           Other
than as described in this Amendment, the terms and conditions of the Loan Agreement and Note shall remain in full force and effect.

 

H.           The
Borrower and Lender desire to amend the Loan Agreement and Note in accordance with the foregoing.

 

     

     

    

  

Agreement

 

FOR AND IN CONSIDERATION
of the mutual covenants and agreements set forth in this Amendment, and for other good and valuable consideration, the receipt,
and sufficiency of which are hereby acknowledged, the parties do hereby agree as follows:

 

1.          Preliminary
Statements. The foregoing Preliminary Statements are confirmed by the parties as true and correct and are incorporated herein
by reference. The Preliminary Statements are a substantive part of this Amendment.

 

2.          Payments
and Conversion; Reduction of Borrowing Cap.

 

a.           Contemporaneously
with the execution of this Amendment,

 

i.            the
Borrower shall pay Lender $300,000 to be applied to reduce the principal balance owed under the Note; and

 

ii.         the
Lender shall convert $4,000,000 of the outstanding principal amount of the Note into 4,000 shares (the “Preferred Shares”)
of the Borrower’s Series D Preferred Stock. A copy of the Certificate of Designation with respect to the Series D Preferred
Stock and a copy of the certificate representing the Preferred Shares are attached hereto as Exhibits A and B, respectively. The
foregoing conversion shall be deemed a payment by Borrower of $4,000,000 of the outstanding principal amount of the Note in full.

 

b.           Following
the payment and conversion referred to in subsection (a) above, the maximum borrowing available to Borrower under the Loan Agreement
will be permanently reduced to $4,500,000.

 

3.          Amended
and Restated Promissory Note. In connection with the payment and conversion described in Section 2 above, contemporaneously
with the execution hereof, Borrower shall execute and deliver to Lender an Amended and Restated Promissory Note, a copy of which
is attached hereto as Exhibit C (the “A&R Note”). Pursuant to the A&R Note, the principal amount thereof
plus accrued and unpaid interest thereon shall become due and payable on January 2, 2020 (the “Maturity Date”).
In no event shall the Borrower’s execution and delivery of the A&R Note constitute a repayment, satisfaction or novation
of the Note.

 

4.          No
Waiver. The execution, delivery and performance of this Amendment by the Lender and the acceptance by Lender of the performance
of the Borrower under this Amendment (a) shall not constitute a waiver or release by Lender of any default that may now or hereafter
exist under the Loan Agreement and Note (including the A&R Note), and (b) shall be without prejudice to, and is not a waiver
or release of, Lender’s rights at any time in the future to exercise any and all rights conferred upon Lender by the Loan
Agreement or otherwise at law or in equity, including, but not limited to, the right to institute foreclosure proceedings against
any collateral and/or institute collection proceedings against the Borrower. The Borrower acknowledges and agrees that the amounts
payable under the A&R Note are payable without defense, offset, withholding, counterclaim, or deduction of any kind. The Borrower
hereby further acknowledges and agrees that: (i) it does not have any claim or cause of action against the Lender in connection
with the Note, the A&R Note, the Loan Agreement, this Amendment or otherwise, and (ii) the Lender has heretofore properly
performed and satisfied in a timely manner all of its obligations to the Borrower that are required to have been performed on or
prior to the date hereof.

 

     2

     

    

  

5.          Conditions
Precedent. Lender’s willingness to enter into this Amendment, and the effectiveness hereof, is subject to following:

 

(a)          Borrower
shall have delivered to Lender an executed copy of this Amendment;

 

(b)          Borrower
shall have executed and delivered the A&R Note to Lender;

 

(c)          Borrower
shall have delivered to Lender a certificate representing the Preferred Shares;

 

(d)          Borrower
shall have delivered a copy of the resolutions authorizing the execution, delivery and performance of this Amendment;

 

(e)          The
representations and warranties of the Borrower contained herein shall be true, correct and complete in all material respects; and

 

(f)          No
default under the Loan Agreement and Note shall have occurred and be continuing.

 

6.          Acknowledgement
of Security Interest. Borrower acknowledges the validity of Lender’s security interest in the Collateral (as defined
in the Loan Agreement) and acknowledges and agrees that the Collateral shall secure the indebtedness as evidenced by the A&R
Note.

 

7.          Representations
and Warranties. In order to induce the Lender to execute, deliver and perform this Amendment, Borrower represents and warrants
to the Lender as follows:

 

a.           Borrower
is a corporation, duly incorporated, validly existing and in good standing under the laws of the State of Nevada, with the requisite
corporate power and authority to own and use its properties and assets and to carry on its business as currently conducted.

 

     3

     

    

  

b.           Borrower
has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by this Amendment,
and otherwise to carry out its obligations hereunder. The execution and delivery of this Amendment by Borrower and the consummation
by it of the transactions contemplated hereby have been duly authorized by all necessary action on the part of Borrower and no
further action is required by Borrower. This Amendment has been duly executed by Borrower and, when delivered in accordance with
the terms hereof, will constitute the valid and binding obligations of Borrower enforceable against Borrower in accordance with
its terms, except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws of general
application affecting enforcement of creditors’ rights; and (b) as limited by general principles of equity that restrict
the availability of equitable remedies.

 

c.           The
Preferred Shares are duly authorized, and when issued and paid for in accordance with the terms hereof, shall be duly and validly
issued, fully paid and nonassessable, and free and clear of all liens, encumbrances and rights of first refusal of any kind. Based
in part upon the representations of Lender set forth in Section 8 below, the Preferred Shares will be issued in compliance
with all applicable federal and state securities laws.

 

d.           The
Borrower’s execution, delivery and performance of this Amendment and the consummation by Borrower of the transactions contemplated
hereby do not and will not (i) conflict with or violate any provision of Borrower’s Articles of Incorporation or bylaws
(each as amended through the date hereof); (ii) conflict with, or constitute a default (or an event which with notice or lapse
of time, or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation
(with or without notice, lapse of time, or both) of, any agreement, credit facility, indenture or instrument (evidencing an the
Company debt or otherwise) to which Borrower is a party or by which any property or asset of Borrower is bound or affected; or
(iii) result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court
or governmental authority to which Borrower is subject (including federal and state securities laws and regulations), or by which
any property or asset of Borrower is bound or affected, except in the case of each of clauses (ii) and (iii), as could not, individually
or in the aggregate, reasonably be expected to result in a material adverse effect.

 

e.           Borrower
is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration
with, any court or other U.S. or foreign federal, state, local or other governmental authority or other person in connection with
the execution, delivery and performance by Borrower of this Amendment, other than filings which may be required under federal and
state securities laws.

 

8.          Representations
and Warranties of the Lender. The Lender hereby represents and warrants to Borrower as follows:

 

a.           Lender
has all necessary power and authority (corporate or otherwise) to execute and deliver this Amendment and to carry out its provisions.
All action on Lender’s part required for the lawful execution and delivery of this Amendment has been taken. Upon its execution
and delivery, this Amendment will be a valid and binding obligation of Lender, enforceable in accordance with its terms, except
(a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws of general application affecting
enforcement of creditors’ rights; and (b) as limited by general principles of equity that restrict the availability
of equitable remedies.

 

     4

     

    

  

b.           Lender
is acquiring the Preferred Shares for the Lender’s own account. Lender is acquiring the Preferred Shares for investment purposes
only and not with a view to or for distributing or reselling the Preferred Shares or any part thereof or interest therein, without
prejudice, however, to Lender’s right at all times to sell or otherwise dispose of all or any part of the Preferred Shares
pursuant to an effective registration statement under the Securities Act of 1933, as amended (the “Securities Act”)
and in compliance with applicable state securities laws or under an exemption from such registration.

 

c.           Lender
is an “accredited investor” as defined in Rule 501(a) under the Securities Act.

 

d.           Lender
has such knowledge, sophistication and experience in business and financial matters so as to be capable of evaluating the merits
and risks of the prospective investment in the Preferred Shares, and has so evaluated the merits and risks of such investment.

 

e.           Lender
is able to bear the economic risk of an investment in the Preferred Shares and, at the present time, is able to afford a complete
loss of such investment.

 

f.            Lender
acknowledges that it has been afforded (i) the opportunity to ask such questions as Lender has deemed necessary of, and to
receive answers from, representatives of Borrower concerning the terms and conditions of the issuance of the Preferred Shares and
the merits and risks of investing in the Preferred Shares; (ii) access to information about Borrower and Borrower’s financial
condition, results of operations, business, properties, management and prospects sufficient to enable Lender to evaluate the investment;
and (iii) the opportunity to obtain such additional information that Borrower possesses or can acquire without unreasonable effort
or expense that is necessary to make an informed investment decision with respect to the investment and to verify the accuracy
and completeness of the information contained herein.

 

g.           Lender
understands and acknowledges that (i) the Preferred Shares are being issued to Lender without registration under the Securities
Act and applicable state securities laws in a private placement that is exempt from the registration provisions of the Securities
Act and applicable state securities laws; and (ii) the availability of such exemption depends in part on, and Borrower will rely
upon the accuracy and truthfulness of, the foregoing Lender representations and Lender hereby consents to such reliance.

 

     5

     

    

  

h.           Lender
understands that the certificates evidencing the Preferred Shares will bear the following or similar legends for as long as required
by the Securities Act and applicable state securities laws:

 

“THE SECURITIES
REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. NO SUCH TRANSFER MAY BE EFFECTED WITHOUT
AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION
IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933.

 

THE SECURITIES
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OR THE SECURITIES LAWS OF ANY STATE AND ARE BEING OFFERED AND SOLD IN RELIANCE
ON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH LAWS. THE SECURITIES HAVE NOT BEEN APPROVED OR
DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION, ANY STATE SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY, NOR HAVE
ANY OF THE FOREGOING AUTHORITIES PASSED UPON OR ENDORSED THE MERITS OF THE OFFER AND SALE OF THE SECURITIES. ANY REPRESENTATION
TO THE CONTRARY IS UNLAWFUL.”

 

9.          Miscellaneous.

 

a.           In
the event of any conflict or inconsistency between the terms of this Amendment and the Loan Agreement, this Amendment shall govern
and prevail.

 

b.           This
Amendment shall be binding upon and shall inure to the benefit of the parties hereto, their heirs, executors, administrators, successors,
legal representatives, and assigns.

 

c.           The
headings of sections and paragraphs in this Amendment are for convenience of reference only and shall not in any way affect the
interpretation or construction of this Amendment.

 

d.           THIS
AMENDMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF FLORIDA WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES THAT MAY CAUSE THE
LAWS OF ANOTHER JURISDICTION TO APPLY, AND FEDERAL LAW, AS APPLICABLE. THE PARTIES AGREE THAT VENUE OF ANY ACTION OR CLAIM SHALL
BE IN ANY FEDERAL OR STATE COURT LOCATED IN PALM BEACH COUNTY, FLORIDA.

 

     6

     

    

  

e.           The
representations and warranties of the parties in this Agreement shall survive the execution and delivery hereof.

 

f.            The
terms and conditions set forth in this Amendment are the product of joint draftsmanship by all parties, each being represented
by counsel, and any ambiguities in this Amendment or any documentation prepared pursuant to or in connection with this Amendment
shall not be construed against any of the parties because of draftsmanship.

 

g.           Time
is of the essence of this Agreement.

 

h.           No
provision of this Amendment shall be construed against or interpreted to the disadvantage of any party hereto by any court or other
governmental or judicial authority by reason of such party’s having or being deemed to have structured, drafted or dictated
such provision.

 

10.         THIS
AMENDMENT, THE A&R NOTE AND THE LOAN AGREEMENT REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES WITH RESPECT TO THE SUBJECT
MATTER HEREOF AND THEREOF AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR ORAL OR WRITTEN, CONTEMPORANEOUS, OR SUBSEQUENT ORAL
AGREEMENTS AMONG THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.

 

11.         This
Amendment may be executed in one or more counterparts (including by way of electronic transmission), each of which will be deemed
to be an original copy of this Amendment and all of which, when taken together, will be deemed to constitute one and the same agreement.
Delivery of an executed counterpart of a signature page to this Amendment by facsimile shall be effective as delivery of a manually
executed counterpart of this Amendment. In making proof of this Amendment, it shall not be necessary to produce or account for
more than one such counterpart executed by the party to be charged.

 

[Signature page follows]

 

     7

     

    

  

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

 

	 	BORROWER:
	 	CELSIUS HOLDINGS, INC.
	 	 
	 	By:	 
	 	Name: Gerry David
	 	Title: CEO
	 	 
	 	LENDER:
	 	CD FINANCIAL, LLC
	 	 
	 	By:	 
	 	Name: William H. Milmoe
	 	Title: Manager

 

     8

     

    

 

 

     

     

    

  

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

EXECUTION COPY

 

AMENDED AND RESTATED PROMISSORY NOTE

 

	U.S. $4,500,000.00	April 16, 2015

 

This is an amendment
and restatement of the $9,800,000.00 promissory note, with the principal amount of $9,800,000.00, issued on November 4, 2014 by
Celsius Holdings, Inc. to CD Financial, LLC (the “Original Promissory Note”). Certain prepayments were made
on the Original Promissory Note prior to the date hereof, such that the outstanding principal amount of the Original Promissory
Note is $4,500,000.00 on the date hereof.

 

FOR
VALUE RECEIVED, CELSIUS HOLDINGS, INC., a Nevada corporation authorized to do business in Florida as Celsius Products Holdings,
Inc. (“Borrower”), hereby promises to pay to the order of CD FINANCIAL, LLC, a Florida limited liability company,
its successors or assigns (hereinafter “Lender”), at 3299 N.W. 2nd Avenue, Boca Raton, Florida 33431
or such other place as Lender may from time to time designate in writing, the principal sum of FOUR MILLION FIVE HUNDRED THOUSAND
DOLLARS (US$4,500,000.00) or such lesser amount as shall equal the aggregate unpaid principal amount of all loans made under this
Amended and Restated Promissory Note (as amended, restated, extended, supplemented or otherwise modified in writing from time
to time, this “Note”).  The Borrower also promises to pay interest on the outstanding principal amount
of loans outstanding hereunder at a fixed rate equal to five percent (5%) per annum (the “Note Rate”). 
The principal indebtedness evidenced by this Note, together with any then accrued and unpaid interest thereon shall be payable
as provided herein and in any event on January 2, 2020, unless extended in the Lender’s sole discretion (the “Maturity
Date”).  

 

Interest shall be calculated
on the principal balance, which from time to time is outstanding, on the basis of a year of 360 days and actual days elapsed.

 

Commencing on June 30,
2015, and continuing on each September 30, December 31 and March 31 thereafter, Borrower shall make quarterly payments of interest
only at the Note Rate. On the Maturity Date, all outstanding and unpaid principal, all accrued and unpaid interest thereon and
other charges or fees which are then due and owing from Borrower to Lender shall be immediately due and payable.

 

Prior
to the occurrence of an event of default (“Event of Default”), all payments made hereunder shall be applied first to
interest due and payable hereunder, then to principal, then to all amounts due hereunder other than interest and principal as more
particularly described herein or in that certain Loan and Security Agreement, dated as of July 12, 2010, as amended pursuant to
that certain Amendment to Loan Agreement, dated as of the date hereof (collectively, the “Loan Agreement”). If an Event
of Default has occurred and is continuing, all payments made hereunder may be applied to the sums due hereunder in a manner and
order according to the sole discretion of Lender.

 

     

     

    

  

If
any payment required to be paid pursuant to this Note is not paid in full within five (5) business days after its scheduled due
date, Lender may assess a late charge in the amount of five percent (5%) of the unpaid amount of the payment, or the maximum permitted
by applicable law, whichever is less.

 

Upon
Borrower’s failure to make any payment when due hereunder, Lender may declare all outstanding obligations payable by the
Borrower hereunder to be immediately due and payable without presentment, demand, protest or any other notice of any kind, all
of which are hereby expressly waived. Additional defaults hereunder and the rights and remedies of the Lender upon the occurrence
of such default are set forth herein and in the Loan Agreement.

 

The Borrower and any endorser
or guarantor of this Note each hereby waives, to the fullest extent permitted by law, presentment for payment, protest and demand,
notice of protest, demand, dishonor and nonpayment of this Note, any and all other notices and demands in connection with the delivery,
acceptance, performance, default, or enforcement of this Note, and the company hereby waives the benefit of any statute of limitations
with respect to any action to enforce, or otherwise relate to, this Note. No delay or omission on the part of the Lender in exercising
any right hereunder shall operate as a waiver of such right or of any other right under this Note.

 

This
Note shall bear interest at the maximum rate permitted by applicable law (the “Default Rate”), after the Maturity Date
hereof or following an Event of Default hereunder until paid in full. If for any reason the Borrower is required to pay, or has
paid, interest at a rate in excess of the maximum rate permitted by applicable law, then the interest rate shall be deemed to be
reduced, automatically and immediately, to such maximum rate permitted, and interest payable hereunder shall be computed and paid
at the maximum rate and the portion of all prior payment of interest in excess of the principal sum shall be applied as partial
prepayments, notwithstanding any provision hereof prohibiting partial prepayments.

 

In
the event Lender shall employ counsel to collect this obligation or administer, protect or foreclose the security given in connection
herewith, the Borrower agrees to pay reasonable attorney’s fees for services of such counsel whether or not suit is brought
plus costs, including all court costs incurred in connection herewith through appellate proceedings.

 

The Borrower may voluntarily
at any time prepay this Note in whole or in part at any time without premium or penalty.

 

This
Note is secured by the following security documents which shall be incorporated by reference herein:

 

		(i)	The Loan Agreement;

		(ii)	UCC-1 Financing Statement filed with the Florida Secured Transaction Registry and with the State
of Nevada; and

 

    2 

     

    

  

		(iii)	Any and all other loan documents executed by Borrower in connection with the Loan Agreement and
this Note.

 

If suit is instituted to
enforce the terms of this Note, the Courts of the State of Florida and the Federal Courts located in the State of Florida shall
have non-exclusive personal jurisdiction over the Borrower, and the venue of the suit, at the option of the Lender, may be laid
in Palm Beach County, Florida. The Borrower agrees not to claim that Florida is an inconvenient place for trial.

 

This Note shall be construed
and enforced in accordance with the substantive laws of the State of Florida. All capitalized terms used in this Note not defined
herein are defined in the Loan Agreement.

 

The Borrower agrees and
consents that, in addition to any methods of service of process provided for under applicable law, all service of process in any
suit, action, or proceeding in any state or federal court sitting in the State of Florida may be by certified or registered mail
return receipt requested, directed to Borrower at the following address: 140 NE 4th Avenue, Suite C, Delray Beach, Florida
33483.

 

BORROWER
AND LENDER HEREBY KNOWINGLY, IRREVOCABLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHT EITHER MAY HAVE TO A TRIAL BY JURY IN RESPECT
OF ANY ACTION, PROCEEDING OR COUNTERCLAIM BASED ON THIS NOTE, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS NOTE OR THE TRANSACTION
CONTEMPLATED HEREIN. BORROWER ALSO HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES, TO THE EXTENT PERMITTED BY LAW, ANY
RIGHT IT MAY HAVE TO ANY SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMANGES. BORROWER ACKNOWLEDGES THAT THE LENDER HAS BEEN INDUCED
TO ENTER INTO THIS NOTE, BY, INTER ALIA, THE PROVISIONS OF THIS PARAGRAPH. 

 

Any provision of this Note
which may be prohibited by law or otherwise held invalid shall be ineffective only to the extent of such prohibition or invalidity
and shall not invalidate or otherwise render ineffective the remaining provisions of this Note. No waiver or modification of any
of the terms or provisions of the Note shall be valid or binding unless set forth in a writing signed by a duly authorized officer
of Borrower and Lender, and then only to the extent therein specifically set forth.

 

THE BORROWER HEREBY EXPRESSLY
AND IRREVOCAVBLY WAIVES ANY CLAIM OR DEFENSE IN ANY SUCH ACTION OR PROCEEDING BASED ON ANY ALLEGED LACK OF PERSONAL JURISDICTION,
IMPROPER VENUE, FORUM NON CONVENIENS OR ANY SIMILAR BASIS. THE BORROWER SHALL NOT BE ENTITLED IN ANY SUCH ACTION OR PROCEEDING
TO ASSERT ANY DEFENSE GIVEN OR ALLOWED UNDER THE LAWS OF ANY STATE OTHER THAN THE LAWS OF THE STATE OF FLORIDA UNLESS SUCH DEFENSE
IS ALSO GIVEN OR ALLOWED BY THE LAWS OF THE STATE OF FLORIDA. NOTHING IN THIS NOTE SHALL AFFECT OR IMPAIR IN ANY MANNER OR TO THE
EXTENT THE RIGHT OF LENDER TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST BORROWER IN ANY JURISDICTION OR TO SERVE
PROCESS IN ANY MATTER PERMITTED BY LAW.

 

    3 

     

    

  

If this Note is mutilated,
lost, stolen or destroyed, then upon surrender thereof (if mutilated) or receipt of evidence and indemnity (if lost, stolen or
destroyed) the Borrower shall execute and deliver a new note of like tenor, which shall show all payments which have been made
on account of the principal hereof.

 

This Note shall amend,
restate and replace the Original Promissory Note in its entirety; provided, however, that the execution and delivery
of this Note shall not in any circumstance be deemed to have terminated, extinguished or discharged any of the Borrower’s
outstanding indebtedness under the Original Promissory Note, all of which indebtedness shall continue under and be governed by
this Note. This Note is a replacement, amendment and restatement of the Original Promissory Note and IS NOT A NOVATION.

 

*    *    *

 

    4 

     

    

 

IN WITNESS WHEREOF, the
undersigned has executed this Note as of the 16 day of April, 2015.

 

	 	CELSIUS HOLDINGS, INC.
	 	 	 
	 	By:	/s/ Gerry  David
	 	 	Name: Gerry David
	 	 	Title: CEO

 

	STATE OF	 	 	:
	 	 	 	: SS
	COUNTY OF	 	 	:

 

Before me, the undersigned,
a Notary Public, on this ___ day of April 2015, personally appeared Gerry David, to me known personally or who produced __________________
as identification, who, being by me duly sworn, did say that he is the CEO of Celsius Holdings, Inc., and that said instrument
was signed on behalf of said Celsius Holdings, Inc. by authority of its Board of Directors, and the said _________________ acknowledged
said instrument to be his free act and deed.

 

	 	 
	 	Notary Public  
	 	 
	 	My Commission Expires:	 

 

    5EX-10.1

 Exhibit 10.1 

 
  

SEPARATION AGREEMENT 
 by and
between 
 ASHLAND GLOBAL HOLDINGS INC. 

and 
 VALVOLINE INC. 

Dated as of September 22, 2016 
  

 
  

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	ARTICLE I	  			
		
	Definitions	  			
			
	SECTION 1.01.	 	 Definitions
	  	 	2	  
		
	ARTICLE II	  			
		
	The Separation	  			
			
	SECTION 2.01.	 	 Transfer of Assets and Assumption of Liabilities
	  	 	22	  
	SECTION 2.02.	 	 Certain Matters Governed Exclusively by Ancillary Agreements
	  	 	24	  
	SECTION 2.03.	 	 Termination of Intercompany Agreements and Intercompany Accounts
	  	 	25	  
	SECTION 2.04.	 	 Shared Contracts
	  	 	26	  
	SECTION 2.05.	 	 Disclaimer of Representations and Warranties
	  	 	26	  
	SECTION 2.06.	 	 Conveyancing and Assumption Instruments
	  	 	27	  
		
	ARTICLE III	  			
		
	Credit Support	  			
			
	SECTION 3.01.	 	 Replacement of Credit Support
	  	 	27	  
		
	ARTICLE IV	  			
		
	Actions Pending the Separation	  			
			
	SECTION 4.01.	 	 Actions Prior to the Separation
	  	 	28	  
	SECTION 4.02.	 	 Conditions Precedent to Consummation of the Separation
	  	 	29	  
	SECTION 4.03.	 	 Separation Date
	  	 	30	  
	SECTION 4.04.	 	 Sole Discretion of Ashland Global
	  	 	30	  
		
	ARTICLE V	  			
		
	The IPO; Distribution	  			
			
	SECTION 5.01.	 	 The Initial Public Offering
	  	 	30	  
	SECTION 5.02.	 	 The Distribution or Other Disposition
	  	 	30	  

							
		
	ARTICLE VI	  			
		
	Mutual Releases; Indemnification	  			
			
	SECTION 6.01.	 	 Release of Pre-Separation Claims
	  	 	31	  
	SECTION 6.02.	 	 Indemnification by Valvoline
	  	 	33	  
	SECTION 6.03.	 	 SECTION 6.03. Indemnification by Ashland Global
	  	 	34	  
	SECTION 6.04.	 	 SECTION 6.04. Indemnification Obligations Net of Insurance Proceeds and Third-Party
Proceeds
	  	 	34	  
	SECTION 6.05.	 	 SECTION 6.05. Procedures for Indemnification of Third-Party Claims
	  	 	35	  
	SECTION 6.06.	 	 SECTION 6.06. Additional Matters
	  	 	36	  
	SECTION 6.07.	 	 Remedies Cumulative
	  	 	37	  
	SECTION 6.08.	 	 Survival of Indemnities
	  	 	37	  
	SECTION 6.09.	 	 Limitation on Liability
	  	 	37	  
		
	ARTICLE VII	  			
		
	Access to Information; Confidentiality	  			
			
	SECTION 7.01.	 	 Agreement for Exchange of Information; Archives
	  	 	38	  
	SECTION 7.02.	 	 Ownership of Information
	  	 	39	  
	SECTION 7.03.	 	 Compensation for Providing Information
	  	 	39	  
	SECTION 7.04.	 	 Record Retention
	  	 	39	  
	SECTION 7.05.	 	 Accounting Information
	  	 	39	  
	SECTION 7.06.	 	 Limitations of Liability
	  	 	41	  
	SECTION 7.07.	 	 Production of Witnesses; Records; Cooperation
	  	 	41	  
	SECTION 7.08.	 	 Confidential Information
	  	 	42	  
		
	ARTICLE VIII	  			
		
	Insurance	  			
			
	SECTION 8.01.	 	 Insurance
	  	 	43	  
	SECTION 8.02.	 	 Director and Officer Liability Insurance
	  	 	47	  
		
	ARTICLE IX	  			
		
	Intellectual Property	  			
			
	SECTION 9.01.	 	 Consent To Use Intellectual Property And Duty To Cooperate
	  	 	48	  
	SECTION 9.02.	 	 Trade Secrets
	  	 	51	  
	SECTION 9.03.	 	 Intellectual Property Cross License
	  	 	52	  
	SECTION 9.04.	 	 Scope
	  	 	52	  
	SECTION 9.05.	 	 Licenses; Assignments
	  	 	52	  

  
 ii 

							
		
	ARTICLE X	  			
		
	Further Assurances and Additional Covenants	  			
			
	SECTION 10.01.	 	 Further Assurances
	  	 	53	  
		
	ARTICLE XI	  			
		
	Termination	  			
			
	SECTION 11.01.	 	 Termination
	  	 	54	  
	SECTION 11.02.	 	 Effect of Termination
	  	 	54	  
		
	ARTICLE XII	  			
		
	Miscellaneous	  			
			
	SECTION 12.01.	 	 Counterparts; Entire Agreement; Corporate Power
	  	 	54	  
	SECTION 12.02.	 	 Governing Law; Dispute Resolution; Jurisdiction
	  	 	55	  
	SECTION 12.03.	 	 Assignability
	  	 	55	  
	SECTION 12.04.	 	 Third-Party Beneficiaries
	  	 	56	  
	SECTION 12.05.	 	 Notices
	  	 	56	  
	SECTION 12.06.	 	 Severability
	  	 	57	  
	SECTION 12.07.	 	 Publicity
	  	 	57	  
	SECTION 12.08.	 	 Expenses
	  	 	57	  
	SECTION 12.09.	 	 Headings
	  	 	57	  
	SECTION 12.10.	 	 Survival of Covenants
	  	 	57	  
	SECTION 12.11.	 	 Waivers of Default
	  	 	58	  
	SECTION 12.12.	 	 Specific Performance
	  	 	58	  
	SECTION 12.13.	 	 Amendments
	  	 	58	  
	SECTION 12.14.	 	 Interpretation
	  	 	58	  
	SECTION 12.15.	 	 Waiver of Jury Trial
	  	 	58	  

  

					
	Schedule I	  	-	  	Ashland Global Retained Assets
	Schedule II	  	-	  	Ashland Global Retained Liabilities
	Schedule III	  	-	  	Valvoline Equity Interests
	Schedule IV	  	-	  	Valvoline Assets
	Schedule V	  	-	  	Valvoline Liabilities
	Schedule VI	  	-	  	Shared Contracts
	Schedule VII	  	-	  	Fees and Expenses
	Schedule VIII	  	-	  	Intercompany Agreements and Intercompany Accounts
	Schedule IX	  	-	  	Valvoline Environmental Liabilities
			
	Exhibit A	  		  	Form of Registration Rights Agreement
	Exhibit B	  		  	Restructuring Step Plan

  
 iii 

 SEPARATION AGREEMENT dated as of September 22, 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”). Capitalized terms used herein and not otherwise defined shall
have the respective meanings assigned to them in Article I hereof. 
 R E C I T A L S 

WHEREAS Ashland LLC, a Kentucky limited liability company (“Ashland LLC”), which prior to the effectiveness of this Agreement
existed as a Kentucky corporation under the name “Ashland Inc.”, acting through itself and its direct and indirect Subsidiaries, currently conducts the Ashland Global Business and the Valvoline Business; 

WHEREAS the board of directors of Ashland Inc. (as predecessor to Ashland LLC) determined to separate Ashland LLC into two independent,
publicly traded companies: (a) Ashland Global, which following the Separation will own and conduct, directly and indirectly, the Ashland Global Business, and (b) Valvoline, which following the Separation will own and conduct, directly
and indirectly, the Valvoline Business; 
 WHEREAS in connection with the Separation, Ashland LLC has become a wholly owned subsidiary of
Ashland Global and, prior to the conversion to a limited liability company, the shareholders of Ashland Inc. have received shares of Ashland Global Common Stock in exchange for their Ashland Inc. shares; 

WHEREAS the board of directors of Ashland Global has determined in connection with the Separation, on the terms contemplated hereby, to cause
Valvoline to offer and sell for its own account in the Initial Public Offering a limited number of shares of Valvoline Common Stock; 

WHEREAS after the Initial Public Offering, (i) Ashland Global may transfer shares of Valvoline Common Stock to stockholders of Ashland
Global by means of one or more distributions by Ashland Global to its stockholders of shares of Valvoline Common Stock, one or more offers to stockholders of Ashland Global to exchange their Ashland Global Common Stock for shares of Valvoline Common
Stock, or any combination thereof (the “Distribution”) or (ii) alternatively, Ashland Global may effect a disposition of its Valvoline Common Stock pursuant to one or more public or private offerings or other similar
transactions (“Other Disposition”) or Ashland Global (or other permitted transferees) may continue to hold its interest in shares of Valvoline Common Stock; 

WHEREAS this Agreement is intended to be, and is hereby adopted as, a “plan of reorganization” within the meaning of
Section 1.368-2(g) of the Regulations; 
 WHEREAS for U.S. federal income tax purposes, the Distribution, if effected, is intended to
qualify as a tax-free distribution under Section 355 of the Code; and 

 WHEREAS it is appropriate and desirable to set forth the principal corporate transactions
required to effect the Separation and the Initial Public Offering and certain other agreements that will govern certain matters relating to the Separation, the Initial Public Offering and the Distribution or the Other Disposition, as applicable, and
the relationship of Ashland Global, Valvoline and their respective Subsidiaries following the Separation. 
 NOW, THEREFORE, in
consideration of the mutual agreements, provisions and covenants contained in this Agreement, the Parties, intending to be legally bound, hereby agree as follows: 

ARTICLE I 
 Definitions

 SECTION 1.01. Definitions. For the purposes of this Agreement, the following terms shall have the following meanings: 

“Action” means any claim, demand, action, suit, countersuit, arbitration, inquiry, proceeding or investigation by or before
any Governmental Authority or any Federal, state, local, foreign or international arbitration or mediation tribunal. 
 “Additional
Pre-IPO Restructuring Transactions” means all of the transactions described in the Step Plan that occur after the Internal Transactions (defined below) but prior to the Initial Public Offering. 

“Affiliate” of any Person means a Person that controls, is controlled by or is under common control with such Person. As used
herein, “control” of any entity means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such entity, whether through ownership of voting securities or other interests, by
contract or otherwise; provided, however, that (i) Valvoline and the other members of the Valvoline Group shall not be considered Affiliates of Ashland Global or any of the other members of the Ashland Global Group and
(ii) Ashland Global and the other members of the Ashland Global Group shall not be considered Affiliates of Valvoline or any of the other members of the Valvoline Group. 

“Agreement” means this Separation Agreement, including the Schedules hereto. 

“Ancillary Agreements” means the TSA, the RTSA, the TMA, the EMA, the IPA, the SERLA and any Conveyancing and Assumption
Instruments executed in connection with the implementation of the transactions contemplated by this Agreement. 
 “Asbestos
Liability” means any Ashland Global Asbestos Legacy Liability, any Ashland Global Asbestos Liability or any Valvoline Asbestos Liability. 

“Ashland Corporate Employee” means any employee who (a) was not, at any time during the period between August 1,
2016 and the Separation Date, an employee of the Valvoline Group or expected to become an employee of the Valvoline Group in connection with the Initial Public Offering, (b) was not, at the time of the events or circumstances giving rise to the
applicable Legacy Claim, a former employee who provided substantially all of his or her 

  
 2 

 
services to the Valvoline Business or any terminated, divested or discontinued businesses or operations of the Valvoline Business and (c) does not, or did not at the time of the events or
circumstances giving rise to the applicable Legacy Claim, provide substantially all of his or her services to the Ashland Specialty Ingredients business, the Ashland Performance Materials business or any terminated, divested or discontinued
businesses or operations of such businesses. 
 “Ashland Global” has the meaning set forth in the preamble. 

“Ashland Global Asbestos Liability” means any Liability to the extent, and only to the extent, such Liability arises from or
relates to the actual or alleged (a) exposure of any person to any asbestos actually or allegedly contained in or comprising any product, merchandise, manufactured good, part, component or other item manufactured, produced, sold, distributed,
conveyed or placed in the stream of commerce, in each case, after the Separation Date by any member of the Ashland Global Group or in connection with any businesses or operations of the Ashland Global Business, or (b) exposure of any person,
after the Separation Date, to asbestos actually or allegedly contained in or comprising any building material, equipment or other asset, facility or real property then owned, leased or operated by any member of the Ashland Global Group or in
connection with any businesses or operations of the Ashland Global Business. 
 “Ashland Global Asbestos Legacy Liability”
means any Liability to the extent, and only to the extent, such Liability arises from or relates to the actual or alleged (a) exposure of any person to any asbestos actually or allegedly contained in or comprising any product, merchandise,
manufactured good, part, component or other item manufactured, produced, sold, distributed, conveyed or placed in the stream of commerce, in each case, prior to or on the Separation Date (i) by any member of either the Ashland Global Group or
the Valvoline Group (or by any of their respective predecessors in interest, including Ashland LLC or any Person that was a Subsidiary of Ashland LLC before giving effect to the Separation) or (ii) in connection with any existing, terminated,
divested or discontinued businesses or operations of the Ashland Global Business or the Valvoline Business, or (b) exposure of any person, prior to or on the Separation Date, to asbestos actually or allegedly contained in or comprising any
building material, equipment or other asset, facility or real property then owned, leased or operated (i) by any member of either the Ashland Global Group or the Valvoline Group (or by any of their respective predecessors in interest, including
Ashland LLC or any Person that was a Subsidiary of Ashland LLC before giving effect to the Separation) or (ii) in connection with any existing, terminated, divested or discontinued businesses or operations of the Ashland Global Business or the
Valvoline Business, except in each of (a) and (b), to the extent any such Liability is subject to, or is barred or covered by, workers’ compensation, disability or other insurance providing medical care and/or compensation to injured
workers, which Liability shall be deemed a Legacy Claim. 
 “Ashland Global Assets” means (i) all Assets of the
Ashland Global Group, (ii) the Ashland Global Retained Assets, (iii) any Assets held by a member of the Valvoline Group determined by Ashland Global, in good faith, to be primarily related to or used primarily in connection with the
business or operations of the Ashland Global Business, (iv) all interests in the capital stock, or other equity interests in, the members of the Ashland Global Group (other than Ashland Global) and (v) the rights related to the Ashland
Global Portion of any Shared 

  
 3 

 
Contract. Notwithstanding the foregoing, the Ashland Global Assets shall not include (a) any Assets governed by the TMA, (b) the Valvoline Assets and (c) any Assets required by
Valvoline to perform its obligations under the RTSA. 
 “Ashland Global Business” means the business and operations
conducted by Ashland Global and its Subsidiaries other than the Valvoline Business. 
 “Ashland Global Common Stock” means
the common stock, $0.01 par value per share, of Ashland Global. 
 “Ashland Global Credit Support Instruments” has the
meaning set forth in Section 3.01(a). 
 “Ashland Global Disclosure Sections” means all material set forth in, or
incorporated by reference into, the IPO Registration Statement or the Valvoline Offering Memorandum to the extent relating exclusively to (i) the Ashland Global Group, (ii) the Ashland Global Business, (iii) Ashland Global’s
intentions with respect to any Distribution, or (iv) the terms of the Distribution, including the form, structure and terms of any transaction(s) and/or offering(s) to effect the Distribution and the timing of and conditions to the consummation
of the Distribution. 
 “Ashland Global Environmental Liabilities” means, without duplication, the following Environmental
Liabilities: 
 (a) all Environmental Liabilities, known or unknown, and whether arising or relating to events, conduct or conditions
occurring prior to, on or after the Separation Date, to the extent such Liability arises from or relates to: 
 (i) the
Ashland Global Assets; 
 (ii) the operation or conduct of the Ashland Global Business (or any other business conducted by
Ashland Global or any other member of the Ashland Global Group at any time after the Separation) or any member of the Ashland Global Group (or any of their respective predecessors in interest); 

(iii) any Asset that was formerly owned, leased or operated in connection with the Ashland Global Business or by any member of
the Ashland Global Group (or any of their respective predecessors in interest); 
 (iv) the operation or conduct of any
business or operation that was discontinued, divested or terminated (in whole or in part) from or in connection with the Ashland Global Business or by any member of the Ashland Global Group (or any of their respective predecessors in interest); or

 (v) any Release of Hazardous Material, including any off-site migration of any Hazardous Material prior to, on or after
the Separation Date, at, under, to or from any Off-Site Location, to the extent such Liability arises from or relates to the operation or conduct of the Ashland Global Business or to any member of the Ashland Global Group

  
 4 

 
(or any of their respective predecessors in interest), and any Action or Third-Party Claim related thereto, whether or not a notice of potential responsibility, notice of claim or other
communication has been received by any Person as of the Separation Date; 
 (b) Ashland Global’s proportionate share of any Shared
Environmental Remediation Liabilities, as further set forth in the SERLA; and 
 (c) all Environmental Liabilities arising out of or
relating to compliance with any property transfer laws applicable to any of the Ashland Global Assets as the result of or in connection with the Separation. 

Notwithstanding the foregoing, for purposes of the definition of “Ashland Global Environmental Liabilities”, the terms “member
of the Ashland Global Group” or “predecessor in interest” shall not include Ashland LLC (or any Person that was a Subsidiary of Ashland LLC before giving effect to the Separation) on behalf of, or in connection with, the ownership or
operation of the Valvoline Business or any discontinued, divested or terminated businesses or operations of the Valvoline Business, the Valvoline Group or the Valvoline Entities. For the avoidance of doubt, “Ashland Global Environmental
Liabilities” shall not include any “Valvoline Environmental Liabilities”. 
 “Ashland Global Group” means
Ashland Global and each Person that will be a Subsidiary of Ashland Global after giving effect to the Separation, but excluding any member of the Valvoline Group and the Valvoline Entities. 

“Ashland Global Indemnitees” has the meaning set forth in Section 6.02. 

“Ashland Global IP” means the Intellectual Property included in the Ashland Global Assets. 

“Ashland Global Insurance Policies” means any and all policies of insurance except D&O Insurance Policies, current or
past, which are or at any time were maintained by or on behalf of or for the benefit or protection of Ashland Global (or its respective predecessors in interest, including Ashland LLC or any Person that was a Subsidiary of Ashland LLC before giving
effect to the Separation) and its Subsidiaries, including, without limitation, property and liability insurance policies, but excluding the Valvoline Insurance Policies. 

“Ashland Global Legacy Claims” means: 

(a) all Legacy Claims associated with Ashland Inc.’s Specialty Ingredients business or Performance Materials business as such businesses
were constituted as of August 1, 2016 or any time thereafter, wherever arising, including any Legacy Claim brought by any individual who provided substantially all of his or her services to either such business at the time of the events or
circumstances giving rise to such Legacy Claim, but excluding any Legacy Claim brought by any Ashland Corporate Employee; 
 (b) all Legacy
Claims asserted by any individual who was an Ashland Corporate Employee as of August 1, 2016 or at any time thereafter on or prior to the Separation Date, wherever arising; 

  
 5 

 (c) any Legacy Claims asserted in a jurisdiction outside of the United States by any individual
who was an Ashland Corporate Employee at any time prior to, but not including, August 1, 2016; 
 (d) any Legacy Claims asserted in a
jurisdiction outside of the United States and associated with any terminated, divested or discontinued businesses or operations of the Ashland Global Group (other than the Valvoline Business and any terminated, divested or discontinued businesses or
operations of the Valvoline Business), including any Legacy Claim brought by any individual who provided substantially all of his or her services to any such business at the time of the events or circumstances giving rise to such Legacy Claim; or

 (e) any Legacy Claims that are actively managed on the books of Ashmont Insurance Company, Inc. as of June 30, 2016. 

“Ashland Global Liabilities” means, without duplication, the following Liabilities: 

(a) all Liabilities of the Ashland Global Group; 

(b) all Liabilities to the extent relating to, arising out of or resulting from: 

(i) the operation or conduct of the Ashland Global Business as conducted at any time prior to the Separation (including any
Liability to the extent relating to, arising out of or resulting from any act or failure to act by any director, officer, employee, agent or representative (whether or not such act or failure to act is or was within such Person’s authority),
which act or failure to act relates to the Ashland Global Business); 
 (ii) the operation or conduct of the Ashland Global
Business or any other business conducted by Ashland Global or any other member of the Ashland Global Group at any time after the Separation (including any Liability relating to, arising out of or resulting from any act or failure to act by any
director, officer, employee, agent or representative (whether or not such act or failure to act is or was within such Person’s authority)); 

(iii) any terminated, divested or discontinued businesses or operations of the Ashland Global Business (other than the
Valvoline Business, the Valvoline Group, the Valvoline Entities and any terminated, divested or discontinued businesses or operations of the Valvoline Business); or 

(iv) the Ashland Global Assets (other than the Capital Stock and other equity interests, direct or indirect, of any member of
the Valvoline Group); 
 (c) the Ashland Global Retained Liabilities; 

(d) any obligations related to the Ashland Global Portion of any Shared Contract; 

(e) all Ashland Global Environmental Liabilities; 

  
 6 

 (f) all other Liabilities that are expressly provided by this Agreement or any Ancillary
Agreement (except the TMA) as Liabilities to be assumed or retained by, or allocated to, any member of the Ashland Global Group; 
 (g) all
Ashland Global Asbestos Liabilities and Ashland Global Asbestos Legacy Liabilities; 
 (h) any Liabilities determined by Ashland Global, in
good faith, to be primarily related to the business or operations of the Ashland Global Business (unless otherwise expressly provided in this Agreement); and 

(i) all Ashland Global Legacy Claims. 

Notwithstanding the foregoing, the Ashland Global Liabilities shall not include (x) any Liabilities governed by the TMA or (y) any
Valvoline Liabilities. 
 “Ashland Global Portion” has the meaning set forth in Section 2.04. 

“Ashland Global Retained Assets” means the Assets to be retained by the Ashland Global Group set forth on Schedule I. 

“Ashland Global Retained Liabilities” means the Liabilities to be retained by the Ashland Global Group set forth on Schedule
II. 
 “Ashland Global Tax Opinions” has the meaning set forth in the TMA. 

“Ashland LLC” has the meaning set forth in the Recitals to this Agreement. 

“Ashland LLC Contribution” has the meaning set forth in the Step Plan. 

“Assets” means all assets, properties and rights (including goodwill), wherever located (including in the possession of
vendors or other third parties or elsewhere), whether real, personal or mixed, tangible or intangible, or accrued or contingent, in each case whether or not recorded or reflected or required to be recorded or reflected on the books and records or
financial statements of any Person, including the following: 
 (a) all accounting and other books, records and files, whether in paper,
microfilm, microfiche, computer tape or disc, magnetic tape, electronic recording or any other form; 
 (b) all apparatus, computers and
other electronic data processing equipment, fixtures, machinery, furniture, office and other equipment, including hardware systems, circuits and other computer and telecommunication assets and equipment, automobiles, trucks, aircraft, rolling stock,
vessels, motor vehicles and other transportation equipment, special and general tools, test devices, prototypes and models and other tangible personal property; 

(c) all inventories of materials, parts, raw materials, supplies, work-in-process and finished goods and products; 

  
 7 

 (d) all owned and leased real property, in each case, together with any right, title and interest
in any buildings, structures, improvements, parking lots and fixtures thereon or appurtenant thereto, and all interests in real property of whatever nature, including rights of way, licenses and easements, whether as owner, mortgagee or holder of a
Security Interest in real property, lessor, sublessor, lessee, sublessee or otherwise; 
 (e) all interests in any capital stock or other
equity interests of any Subsidiary or any other Person; all bonds, notes, debentures or other securities issued by any Subsidiary or any other Person; all loans, advances or other extensions of credit or capital contributions to any Subsidiary or
any other Person; all other investments in securities of any Person; and all rights as a partner, joint venturer or participant; 
 (f) all
license agreements, leases of personal property, open purchase orders for raw materials, supplies, parts or services, unfilled orders for the manufacture and sale of products and other contracts, agreements or commitments and all rights arising
thereunder; 
 (g) all deposits, letters of credit, performance bonds and other surety bonds; 

(h) all written technical information, data, specifications, research and development information, engineering drawings, operating and
maintenance manuals and materials and analyses prepared by consultants and other third parties; 
 (i) all Intellectual Property; 

(j) all websites, content, text, graphics, images, audio, video and other works of authorship, in each case to the extent not included in
subsection (i) of this section; 
 (k) all cost information, sales and pricing data, customer prospect lists, supplier records,
customer and supplier lists, subscriber, customer and vendor data, correspondence and lists, product literature and other advertising and promotional materials, artwork, design, development and manufacturing files, vendor and customer drawings,
formulations and specifications, server and traffic logs, quality records and reports and other books, records, studies, surveys, reports, plans, business records and documents, in each case to the extent not included in subsection (i) of this
section; 
 (l) all prepaid expenses, trade accounts and other accounts and notes receivable (whether current or non-current); 

(m) all claims or rights against any Person arising from the ownership of any other Asset, all rights in connection with any bids or offers,
all claims, causes in action, lawsuits, judgments or similar rights, all rights under express or implied warranties, all rights of recovery and all rights of setoff of any kind and demands of any nature, in each case whether accrued or contingent,
whether in tort, contract or otherwise and whether arising by way of counterclaim or otherwise; 
 (n) all rights under insurance policies
and all rights in the nature of insurance, indemnification or contribution; 

  
 8 

 (o) all Permits and all pending applications therefor; 

(p) Cash, bank accounts, lock boxes and other deposit arrangements; 

(q) interest rate, currency, commodity or other swap, collar, cap or other hedging or similar agreements or arrangements; and 

(r) all goodwill as a going concern and other intangible properties. 

“Cash” means cash, cash equivalents, bank deposits and marketable securities, whether denominated in United States dollars or
otherwise. 
 “Cash Management Arrangements” shall mean all cash management arrangements pursuant to which Ashland Global
or its Subsidiaries automatically or manually sweep cash from, or automatically or manually transfer cash to, accounts of Valvoline or any of its Subsidiaries. 

“CERCLA” means the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, 42 U.S.C. § 9601
et seq., as amended. 
 “Code” means the Internal Revenue Code of 1986, as amended. 

“Commission” means the Securities and Exchange Commission. 

“Consents” means any consents, waivers or approvals from, or notification or filing requirements to, any Person other than a
member of either Group. 
 “Conveyancing and Assumption Instruments” shall mean, collectively, the various contracts and
other documents heretofore entered into and to be entered into to effect the transfer of Assets and the assumption of Liabilities in the manner contemplated by this Agreement and the Step Plan, or otherwise relating to, arising out of or resulting
from the transactions contemplated by this Agreement in such form or forms as Ashland Global determines in good faith and are consistent with the requirements of Section 2.06. 

“Credit Support Instruments” has the meaning set forth in Section 3.01(a). 

“Determination” has the meaning set forth in the TMA. 

“Distribution” has the meaning set forth in the Recitals to this Agreement. 

“Distribution Date” means the date of the Distribution or if no Distribution has occurred, the date that Ashland Global
ceases to control (as defined in the definition of “Affiliate” herein) Valvoline. 
 “D&O Insurance Policies”
has the meaning set forth in Section 8.02(a). 
 “EMA” means the Employee Matters Agreement dated as of the date of
this Agreement by and among Ashland Global and Valvoline. 

  
 9 

 “Environmental Law” means any Law relating to (a) pollution,
(b) protection or restoration of the environment, natural resources or threatened or endangered species or biota, (c) the generation, processing, blending, use, management, storage, handling, transport, distribution, recycling, treatment,
disposal, remediation, Release or threatened Release of, or the classification, registration or control of, any pollutant or hazardous or toxic material, substance or waste, and all recordkeeping, notification, disclosure and reporting requirements
relating thereto, (d) process safety management or risk management programs or (e) human health and safety (as such relates to exposure to any pollutant or hazardous or toxic material, substance or waste). 

“Environmental Liability” means any Liability under Environmental Law, including fines, penalties, losses, costs, expenses
and disbursements, that relates to, arises out of or results from: 
 (a) compliance or actual or alleged noncompliance with any
Environmental Law, including any failure to obtain, maintain or comply with any Environmental Permit, and any costs and expenses (including but not limited to capital expenditures) required to address or resolve such compliance or noncompliance;

 (b) the generation, processing, blending, use, management, storage, handling, transport, distribution, recycling, treatment or disposal
of any Hazardous Material; 
 (c) Remedial Action at any location, including in connection with any actual or alleged natural resources
damages associated with the presence, Release or threatened Release of any Hazardous Material; 
 (d) actual or alleged exposure of any
person to any Hazardous Material; provided that to the extent such Liability relates to, arises out of or results from exposure occurring prior to or on the Separation Date, or after the Separation Date but prior to or on the Trigger Date,
and is subject to, or is barred or covered by, workers’ compensation, disability or other insurance providing medical care and/or compensation to injured workers, such Liability shall be (i) if the exposure occurred prior to or on the
Separation Date, deemed a Legacy Claim or (ii) if the exposure occurred after the Separation Date but prior to or on the Trigger Date, governed by the EMA; and 

(e) any Action or Third-Party Claim arising out of or relating to any of the foregoing (including for property damages and damages associated
with personal injury, medical monitoring or wrongful death); provided, however, that none of (a) – (e) in this definition of “Environmental Liability” shall include any Asbestos Liability or, except as
specifically provided in (d), any Legacy Claim. 
 “Environmental Permit” means any approval, concession, grant, franchise,
license, permit, certificate, exemption, registration, waiver or other authorization granted, issued or accepted by any Governmental Authority in connection with the operation or conduct of the business and required under Environmental Law. 

“Exchange” means the New York Stock Exchange. 

  
 10 

 “Exchange Act” means the Securities Exchange Act of 1934, as amended, together
with the rules and regulations promulgated thereunder. 
 “First Post-Distribution Report” has the meaning set forth in
Section 12.07. 
 “Governmental Approvals” means any notices, reports or other filings to be given to or made with, or
any Consents to be obtained from, any Governmental Authority. 
 “Governmental Authority” means any Federal, state, local,
foreign or international court, government, department, commission, board, bureau, agency, official or other legislative, judicial, regulatory, administrative or governmental authority. 

“Group” means either the Ashland Global Group or the Valvoline Group, as the context requires. 

“Hazardous Material” means any material, substance or waste that, in relevant form, quantity or concentration or based on its
characteristics, is listed, defined or regulated as hazardous or toxic or as a pollutant or environmental contaminant (or words of similar import) pursuant to any Environmental Law, including any petroleum or petroleum products, constituents,
by-products or derivatives (including crude oil, used oil and waste oil), asbestos or asbestos-containing materials, polychlorinated biphenyls or radioactive materials (including NORM). 

“Indemnifying Party” has the meaning set forth in Section 6.04(a). 

“Indemnitee” has the meaning set forth in Section 6.04(a). 

“Indemnity Payment” has the meaning set forth in Section 6.04(a). 

“Information” means information, whether or not patentable, copyrightable or protectable as a trade secret, in written, oral,
electronic or other tangible or intangible forms, stored in any medium now known or yet to be created, including studies, reports, records, books, contracts, instruments, surveys, discoveries, ideas, concepts, know-how, processes, formulae,
techniques, technical data, designs, specifications, drawings, blueprints, diagrams, models, prototypes, samples, flow charts, Software, pricing and cost information, business and marketing plans and proposals, customer and supplier names and lists,
communications by or to attorneys (including attorney-client privileged communications), memos and other materials prepared by attorneys or under their direction (including attorney work product) and other technical, financial, employee or business
information or data, documents, correspondence, materials and files. 
 “Initial Public Offering” means the initial public
offering of the Valvoline Common Stock. 
 “Insurance Proceeds” means those monies: 

(a) received by an insured (or its successor-in-interest) from an insurance carrier; 

  
 11 

 (b) paid by an insurance carrier on behalf of the insured (or its successor-in-interest); or 

(c) received (including by way of setoff) from any third party in the nature of insurance, contribution or indemnification in respect of any
Liability; 
 in any such case net of any applicable premium adjustments (including reserves and retrospectively rated premium adjustments),
net of any costs or expenses incurred in the collection thereof and net of any taxes resulting from the receipt thereof. 

“Intellectual Property” means any and all intellectual property rights existing anywhere in the world associated with all
(a) patents (including all reissues, divisionals, continuations, continuations-in-part, reexaminations, supplemental examinations, inter partes reviews, post-grant oppositions, covered business method reviews, substitutions and extensions
thereof), patent registrations and applications, including provisional applications, statutory invention registrations, invention disclosures and inventions, (b) trademarks, service marks, trade names, logos, slogans, trade dress or other
source identifiers, including any registration or any application for registration therefor, together with all goodwill associated therewith (the elements of this subsection (b), collectively, “Trademark Assets”),
(c) copyrights, moral rights, works of authorship (whether or not copyrightable, including all translations, adaptations, derivations and combinations thereof), mask works, designs and database rights, including, in each case, any registrations
and applications for registration therefor, (d) Internet domain names, including top level domain names and global top level domain names, URLs, user names, social media identifiers, handles and tags, (e) Software, (f) Trade Secrets
and other confidential Information, (g) all tangible embodiments of the foregoing in whatever form or medium, (h) licenses from third parties granting the right to use any of the foregoing and (i) any other legal protections and
rights related to any of the foregoing. 
 “Intercompany Accounts” has the meaning set forth in Section 2.03(a). 

“Intercompany Agreements” has the meaning set forth in Section 2.03(a). 

“Internal Transactions” means all of the transactions described in the Step Plan through the Ashland Conversion (as defined
in the Step Plan). 
 “IPA” means the Intellectual Property Agreement dated as of August 1, 2016, by and between
Ashland Licensing and Intellectual Property LLC and Valvoline Licensing and Intellectual Property LLC. 
 “IPO Registration
Statement” means the registration statement on Form S-1 filed under the Securities Act (No. 333-211720) pursuant to which the offering of Valvoline Common Stock to be sold by Valvoline in the Initial Public Offering will be registered,
as amended from time to time. 
 “Law” means any statute, law, regulation, ordinance, rule, judgment, rule of common law,
order, decree, directive, requirement or other governmental restriction or any similar binding and enforceable form of decision of, or determination by, or agreement with, or any interpretation or administration of any of the foregoing by, any
Governmental Authority, whether now or hereinafter in effect and, in each case, as amended. 

  
 12 

 “Legacy Claims” means any claims, Action or other Liability, whether known or
unknown, arising on or prior to the Separation Date, to the extent arising out of or otherwise relating to (a) work-related injury or illness (including workers’ compensation claims, disability or other insurance providing medical care
and/or compensation to injured workers), (b) property damages and damages associated with personal injury, medical monitoring or wrongful death in connection with the operation of a vehicle, (c) actual or potential employee-related
Liabilities (except as otherwise provided in the Employee Matters Agreement), (d) property damages and damages associated with personal injury, medical monitoring or wrongful death in connection with the operation or conduct of any business or
(e) property damages and damages associated with personal injury, medical monitoring or wrongful death in connection with the manufacture, production, sale, distribution, conveyance or placement in the stream of commerce or any products or
inventory. “Legacy Claims” excludes all (i) Ashland Global Asbestos Legacy Liabilities, except to the extent any such Liability is subject to, or is barred or covered by, workers’ compensation, disability or other insurance
providing medical care and/or compensation to injured workers, and (ii) all Environmental Liabilities, except as specifically provided in subsection (d) of that definition. 

“Liabilities” means any and all claims, debts, demands, actions, causes of action, suits, damages, obligations, accruals,
accounts payable, reckonings, bonds, indemnities and similar obligations, agreements, promises, guarantees, make-whole agreements and similar obligations, and other liabilities and requirements, including all contractual obligations, whether
absolute or contingent, matured or unmatured, liquidated or unliquidated, accrued or unaccrued, known or unknown, whenever arising, and including those arising under any Law, Action, threatened or contemplated Action or any award of any arbitrator
or mediator of any kind, and those arising under any contract, commitment or undertaking, including those arising under this Agreement, in each case, whether or not recorded or reflected or required to be recorded or reflected on the books and
records or financial statements of any Person. For the avoidance of doubt, Liabilities shall include attorneys’ and consultants’ fees, the costs and expenses of all assessments, judgments, settlements and compromises, and any and all other
costs and expenses whatsoever reasonably incurred in connection with anything contemplated by the preceding sentence (including costs and expenses incurred in investigating, preparing or defending against any such Actions or threatened or
contemplated Actions). 
 “Litigation Condition” has the meaning set forth in Section 6.05(b). 

“Off-Site Location” means any real property or facility to which Hazardous Materials were sent by or on behalf of any member
of either Group (or any of their respective predecessors in interest) or the Valvoline Entities for disposal, treatment, reclamation or recycling in connection with the operation of their respective businesses. 

“Other Disposition” has the meaning set forth in the Recitals to this Agreement. 

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

  
 13 

 “Permit” means any approval, concession, grant, franchise, license, permit,
certificate, exemption, registration, waiver or other authorization granted or issued by any Governmental Authority to conduct the business as of the Separation Date. 

“Person” means an individual, a general or limited partnership, a corporation, a trust, a joint venture, an unincorporated
organization, a limited liability company, any other entity and any Governmental Authority. 
 “Prospectus” means the
prospectus or prospectuses included in any of the Registration Statements, as amended or supplemented by any prospectus supplement and by all other amendments and supplements to any such prospectus, including post-effective amendments and all
material incorporated by reference in such prospectus or prospectuses. 
 “Registration Rights Agreement” means the
Registration Rights Agreement in substantially the form attached hereto as Exhibit A, to be entered into by and between Ashland Global and Valvoline. 

“Registration Statements” means the IPO Registration Statement and any registration statement in connection with the
Distribution or Other Disposition, including in each case the Prospectus related thereto, amendments and supplements to any such Registration Statement and/or Prospectus, including post-effective amendments, all exhibits thereto and all materials
incorporated by reference in any such Registration Statement or Prospectus. 
 “Regulations” has the meaning set forth in
the TMA. 
 “Release” means any release, spill, emission, leaking, dumping, injection, pouring, pumping, placing,
discarding, abandoning, deposit, disposal, discharge, dispersal, leaching or migration into or through the environment or any building, structure, facility, fixture or equipment. 

“Released Insurance Matters” has the meaning set forth in Section 8.01(i). 

“Remedial Action” means any investigation, assessment, response, removal, remediation, or any treatment, containment, or
corrective or monitoring action or activity, related to the presence or Release of any Hazardous Material, including any action or activity to prevent or minimize a Release or threatened Release of any Hazardous Material in order to avoid any
endangerment or threat of endangerment to public health and welfare or the environment. 
 “Representation Letters” has the
meaning set forth in the TMA. 
 “Retained Information” has the meaning set forth in Section 7.04. 

“RTSA” means the Reverse Transition Services Agreement dated as of the date of this Agreement between Ashland Global and
Valvoline. 
 “Securities Act” means the Securities Act of 1933, as amended. 

  
 14 

 “Security Interest” means any mortgage, security interest, pledge, lien, charge,
claim, option, right to acquire, voting or other restriction, right-of-way, covenant, condition, easement, encroachment, restriction on transfer or other encumbrance of any nature whatsoever. 

“SERLA” means the Shared Environmental Remediation Liabilities Agreement dated as of the date of this Agreement by and
between Ashland Global and Valvoline. 
 “Separation” means (a) the Internal Transactions, (b) the Additional
Pre-IPO Restructuring Transactions, (c) any actions to be taken pursuant to Article II and (d) any other transfers of Assets and assumptions of Liabilities, in each case, between a member of one Group and a member of the other Group,
provided for in this Agreement or in any Ancillary Agreement. 
 “Separation Date” has the meaning set forth in
Section 4.03. 
 “Shared Contract” means any contract or agreement of any member of either Group that relates in any
material respect to both the Valvoline Business and the Ashland Global Business, including the contracts and agreements set forth on Schedule VI; provided that the Parties may, by mutual written consent, elect to include in, or exclude from,
this definition any contract or agreement. 
 “Shared Environmental Remediation Liability” means any Liability, including
fines, penalties, losses, costs, expenses and disbursements, that relates to or arises out of Environmental Law (a) for performing or funding the costs of Remedial Action at any location, including in connection with any actual or alleged
natural resources damages associated with the presence, Release or threatened Release of any Hazardous Material, as well as any Action or Third-Party Claim relating to or arising out of any of the foregoing, and (b) is alleged by any Person
(including any member of either Group or any Valvoline Entity) to be attributable in part, on the one hand, to any member of the Ashland Global Group or to the Ashland Global Business and in part, on the other hand, to any member of the Valvoline
Group, the Valvoline Business or the Valvoline Entities, in each case, whether known or unknown and regardless of when such Liability arises or is identified (including, for the avoidance of doubt, any actual or contingent Liability known as of the
Separation Date but only determined, in accordance with the provisions of this Agreement or the SERLA, after the Separation Date to be a Shared Environmental Remediation Liability); provided, however, that the definition of
“Shared Environmental Remediation Liability” shall not include any Liability relating to or arising out of property damages, damages associated with personal injury, medical monitoring or wrongful death, or actual or alleged noncompliance
with any Environmental Law or Environmental Permit. A list of Shared Environmental Remediation Liabilities known as of the date hereof, as well as the proportionate shares of each such Shared Environmental Remediation Liability that have been
allocated as of the date hereof to any member of the Ashland Global Group and to any member of the Valvoline Group or the Valvoline Entities, is set forth on Exhibit A to the SERLA. 

“Software” means any and all (a) computer programs and applications, including any and all software implementation of
algorithms, models and methodologies, whether in source code, object code, human readable form or other form, (b) databases, database rights and compilations, including any and all data and collections of data, whether machine readable or
otherwise, (c) descriptions, flow charts and other work product used to design, plan, organize and 

  
 15 

 
develop any of the foregoing, screens, user interfaces, report formats, firmware, development tools, templates, menus, buttons and icons, (d) all documentation including user manuals and
other training documentation relating to any of the foregoing and (e) all tangible embodiments of the foregoing in whatever form or medium now known or yet to be created, including all disks, diskettes and tapes. 

“Step Plan” means the Restructuring Step Plan attached as Exhibit B. 

“Subsidiary” of any Person means any corporation or other organization, whether incorporated or unincorporated, of which at
least a majority of the securities or interests having by the terms thereof ordinary voting power to elect at least a majority of the board of directors or others performing similar functions with respect to such corporation or other organization,
is directly or indirectly owned or controlled by such Person or by any one or more of its Subsidiaries, or by such Person and one or more of its Subsidiaries. 

“taxes” has the meaning set forth in the TMA. 

“Third-Party Claim” means any assertion by a Person (including any Governmental Authority) who is not a member of the Ashland
Global Group or the Valvoline Group of any claim, or the commencement by any such Person of any Action, against any member of the Ashland Global Group or the Valvoline Group. 

“Third-Party Proceeds” has the meaning set forth in Section 6.04(a). 

“TMA” means the Tax Matters Agreement dated as of the date of this Agreement by and between Ashland Global and Valvoline.

 “Trade Secrets” means trade secrets within the meaning of applicable law and any information that derives independent
economic value, actual or potential, from not being generally known and is the subject of efforts to maintain its secrecy. 

“Trigger Date” means, December 1, 2016. 

“TSA” means the Transition Services Agreement dated as of the date of this Agreement between Ashland Global and Valvoline.

 “Underwriters” means the managing underwriters for the Initial Public Offering. 

“Underwriting Agreement” means the Underwriting Agreement to be entered into by and among Valvoline and the Underwriters in
connection with the offering of Valvoline Common Stock by Valvoline in the Initial Public Offering. 
 “Valvoline” has the
meaning set forth in the preamble. 
 “Valvoline Asbestos Liability” means any Liability to the extent, and only to the
extent, such Liability arises from or relates to the actual or alleged (a) exposure of any person to any asbestos actually or allegedly contained in or comprising any product, merchandise, manufactured good, part, component or other item
manufactured, produced, sold, distributed, 

  
 16 

 
conveyed or placed in the stream of commerce, in each case, after the Separation Date by any member of the Valvoline Group or the Valvoline Entities or in connection with any businesses or
operations of the Valvoline Business, or (b) exposure of any person, after the Separation Date, to asbestos actually or allegedly contained in or comprising any building material, equipment or other asset, facility or real property then owned,
leased or operated by any member of the Valvoline Group or the Valvoline Entities or in connection with any businesses or operations of the Valvoline Business; provided that in each of (a) and (b), to the extent any such Liability is
subject to, or is barred or covered by, workers’ compensation, disability or other insurance providing medical care and/or compensation to injured workers, such Liability shall be, if the exposure occurred after the Separation Date but prior to
or on the Trigger Date, governed by the EMA. 
 “Valvoline Assets” means, without duplication, the following Assets: 

(a) all Assets held by the Valvoline Group; 

(b) all interests in the capital stock of, or other equity interests in, the members of the Valvoline Group (other than Valvoline) and all
other equity, partnership, membership, joint venture and similar interests set forth on Schedule III under the caption “Joint Ventures and Minority Investments”; 

(c) all Assets reflected on the Valvoline Business Balance Sheet, and all Assets acquired after the date of the Valvoline Business Balance
Sheet that, had they been acquired on or before such date and owned as of such date, would have been reflected on the Valvoline Business Balance Sheet if prepared in accordance with GAAP applied on a consistent basis, subject to any dispositions of
such Assets subsequent to the date of the Valvoline Business Balance Sheet; 
 (d) the Assets listed or described on Schedule IV; 

(e) the rights related to the Valvoline Portion of any Shared Contract; 

(f) all other Assets that are expressly provided by this Agreement or any Ancillary Agreement as Assets to be assigned to or retained by, or
allocated to, any member of the Valvoline Group; and 
 (g) all Assets held by a member of the Ashland Global Group that are determined by
Ashland Global, in good faith, to be primarily related to or used or held for use primarily in connection with the business or operations of the Valvoline Business. 

Notwithstanding the foregoing, the Valvoline Assets shall not include (i) any Ashland Global Retained Assets, (ii) any Assets
governed by the TMA, (iii) the rights related to the Ashland Global Portion of Shared Contracts, (iv) any Assets determined by Ashland Global, in good faith, to arise primarily from the business or operations of the Ashland Global Business
(unless otherwise expressly provided in this Agreement) and (v) Assets required by Ashland Global to perform its obligations under the TSA. 

“Valvoline Bond Issuance” means the issuance by Valvoline Finco Two LLC of $375,000,000 aggregate principal amount of 5.5%
senior notes due 2024. 

  
 17 

 “Valvoline Business” means the businesses and operations of Valvoline and its
Subsidiaries as described in the IPO Registration Statement. 
 “Valvoline Business Balance Sheet” means the balance sheet
of the Valvoline Business, including the notes thereto, as of June 30, 2016, included in the IPO Registration Statement. 

“Valvoline Common Stock” means the common stock, $0.01 par value per share, of Valvoline. 

“Valvoline Entities” means the entities, the equity, partnership, membership, joint venture or similar interests of which are
set forth on Schedule III under the caption “Joint Ventures and Minority Investments”. 
 “Valvoline Environmental
Liabilities” means, without duplication, the following Environmental Liabilities: 
 (a) all Environmental Liabilities, known or
unknown, and whether arising or relating to events, conduct or conditions occurring prior to, on or after the Separation Date, to the extent such Liability arises from or relates to: 

(i) the Valvoline Assets; 

(ii) the operation or conduct of the Valvoline Business (or any other business conducted by Valvoline or any other member of
the Valvoline Group or the Valvoline Entities at any time after the Separation) or any member of the Valvoline Group (or any of their respective predecessors in interest) or the Valvoline Entities; 

(iii) any Asset that was formerly owned, leased or operated in connection with the Valvoline Business or by any member of the
Valvoline Group (or any of their respective predecessors in interest) or the Valvoline Entities; 
 (iv) the operation or
conduct of any business or operation that was discontinued, divested or terminated (in whole or in part) from or in connection with the Valvoline Business or by any member of the Valvoline Group (or any of their respective predecessors in interest)
or the Valvoline Entities; 
 (v) any Release of Hazardous Material, including any off-site migration of any Hazardous
Material prior to, on or after the Separation Date, at, under, to or from any Off-Site Location, to the extent such Liability arises from or relates to the operation or conduct of the Valvoline Business or to any member of the Valvoline Group (or
any of their respective predecessors in interest) or the Valvoline Entities, and any Action or Third-Party Claim related thereto, whether or not a notice of potential responsibility, notice of claim or other communication has been received by any
Person as of the Separation Date; or 
 (vi) any real property currently or formerly operated by any member of the Valvoline
Group (or any of their respective predecessors in interest) or the Valvoline Entities as a Valvoline Instant Oil Change site or facility, notwithstanding the fact that 

  
 18 

 
any such real property may also have been operated as a Speedway Super America or Ashland Branded Materials site or facility, the Environmental Liabilities for which would, but for this
subsection (vi), otherwise be considered Ashland Global Environmental Liabilities; 
 (b) Valvoline’s proportionate share of any Shared
Environmental Remediation Liabilities, as further set forth in the SERLA; and 
 (c) all Environmental Liabilities arising out of or
relating to compliance with any property transfer laws applicable to any of the Valvoline Assets as the result of or in connection with the Separation. 

A list of currently known Valvoline Environmental Liabilities that fall within this subsection (a) of this definition of “Valvoline
Environmental Liabilities” is set forth on Schedule IX; 
 Notwithstanding the foregoing, for purposes of the definition of
“Valvoline Environmental Liabilities”, the terms “member of the Valvoline Group” or “predecessor in interest” shall include Ashland LLC (or any Person that was a Subsidiary of Ashland LLC before giving effect to the
Separation) on behalf of, or in connection with, the ownership or operation of the Valvoline Business or any discontinued, divested or terminated businesses or operations of the Valvoline Business, the Valvoline Group or the Valvoline Entities. 

“Valvoline Group” means (a) Valvoline, (b) the entities set forth on Schedule III under the caption
“Subsidiaries”, and (c) each Person that becomes a Subsidiary of Valvoline after the Separation, including in each case any Person that is merged or consolidated with and into Valvoline or any Subsidiary of Valvoline. 

“Valvoline Indemnitees” has the meaning set forth in Section 6.03. 

“Valvoline IP” means the Intellectual Property included in the Valvoline Assets. 

“Valvoline Insurance Policies” has the meaning set forth in Section 8.01(a). 

“Valvoline Legacy Claims” means: 

(a) all Legacy Claims associated with the Valvoline Business or any terminated, divested or discontinued businesses or operations of the
Valvoline Business, wherever arising, including any Legacy Claim brought by any individual who provided substantially all of his or her services to any such business at the time of the events or circumstances giving rise to such Legacy Claim; 

(b) all Legacy Claims asserted by any individual who was, at any time during the period between August 1, 2016 and the Separation Date,
an employee of the Valvoline Group or any Valvoline Entity or expected to become an employee of the Valvoline Group or any Valvoline Entity in connection with the Initial Public Offering, wherever arising; 

  
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 (c) any Legacy Claims asserted in any jurisdiction within the United States by any individual who
was an Ashland Corporate Employee at any time prior to, but not including, August 1, 2016; or 
 (d) any Legacy Claims asserted in any
jurisdiction within the United States and associated with any terminated, divested or discontinued businesses or operations of the Ashland Global Group (other than the Valvoline Business and any terminated, divested or discontinued businesses or
operations of the Valvoline Business), including any Legacy Claim brought by any individual who provided substantially all of his or her services to any such business at the time of the events or circumstances giving rise to such Legacy Claim. 

“Valvoline Liabilities” means, without duplication, the following Liabilities: 

(a) all Liabilities of the Valvoline Group and the Valvoline Entities; 

(b) all Liabilities to the extent relating to, arising out of or resulting from: 

(i) the operation or conduct of the Valvoline Business as conducted at any time prior to the Separation (including any
Liability to the extent relating to, arising out of or resulting from any act or failure to act by any director, officer, employee, agent or representative (whether or not such act or failure to act is or was within such Person’s authority),
which act or failure to act relates to the Valvoline Business); 
 (ii) the operation or conduct of the Valvoline Business or
any other business conducted by Valvoline or any other member of the Valvoline Group at any time after the Separation (including any Liability relating to, arising out of or resulting from any act or failure to act by any director, officer,
employee, agent or representative (whether or not such act or failure to act is or was within such Person’s authority)); 

(iii) any terminated, divested or discontinued businesses or operations of the Valvoline Group; or 

(iv) the Valvoline Assets; 

(c) all Liabilities reflected as liabilities or obligations on the Valvoline Business Balance Sheet, and all Liabilities arising or assumed
after the date of the Valvoline Business Balance Sheet that, had they arisen or been assumed on or before such date and been existing obligations as of such date, would have been reflected on the Valvoline Business Balance Sheet if prepared in
accordance with GAAP applied on a consistent basis, subject to any discharge of such Liabilities subsequent to the date of the Valvoline Business Balance Sheet; 

(d) the Liabilities listed or described on Schedule V; 

(e) the obligations related to the Valvoline Portion of any Shared Contract; 

(f) all other Liabilities that are expressly provided by this Agreement or any Ancillary Agreement (except the TMA) as Liabilities to be
assumed or retained by, or allocated to, any member of the Valvoline Group; 

  
 20 

 (g) all Valvoline Environmental Liabilities; 

(h) all Liabilities to the extent relating to, arising out of or resulting from any untrue statement or alleged untrue statement of a material
fact or omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading, with respect to all information contained in, or incorporated by reference into, (i) the IPO
Registration Statement and any other documents filed with the Commission in connection with the Initial Public Offering or as contemplated by this Agreement or (ii) the Valvoline Offering Memorandum and any other documents delivered to the
initial purchasers in connection with the Valvoline Bond Issuance, in each case other than with respect to the Ashland Global Disclosure Sections; 

(i) all Valvoline Asbestos Liabilities; and 

(j) all Valvoline Legacy Claims. 

Notwithstanding the foregoing, the Valvoline Liabilities shall not include (i) any Ashland Global Retained Liabilities, (ii) any
Liabilities governed by the TMA, (iii) any obligations related to the Ashland Global Portion of any Shared Contract, (iv) Ashland Global Asbestos Legacy Liabilities or (v) any Liabilities determined by Ashland Global, in good faith,
to be primarily related to the business or operations of the Ashland Global Business (unless otherwise expressly provided in this Agreement). 

“Valvoline Non-Voting Stock” means any class or series of Valvoline’s capital stock, and any warrant, option or right in
such stock, other than Valvoline Voting Stock. 
 “Valvoline Offering Memorandum” means the offering memordam delivered to
the initial purchasers in connection with the Valvoline Bond Issuance, together with any preliminary offering memoranda or supplemental or amended offering memoranda related to thereto. 

“Valvoline Portion” has the meaning set forth in Section 2.04. 

“Valvoline Voting Stock” means all classes of the then outstanding capital stock of Valvoline entitled to vote generally with
respect to the election of directors. 
 ARTICLE II 

The Separation 
 SECTION
2.01. Transfer of Assets and Assumption of Liabilities. (a) Prior to the Initial Public Offering, and subject to Section 2.01(d), the Parties shall cause, or shall have caused, the Internal Transactions to be completed. 

(b) Subject to Section 2.01(d), prior to the Separation Date, the Parties shall, and shall cause their respective Group members to,
execute such Conveyancing and Assumption Instruments and take such other corporate actions as are necessary to (i) transfer and convey to one or more members of the Valvoline Group all of the right, title and interest of the Ashland

  
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Global Group in, to and under all Valvoline Assets not already owned by the Valvoline Group, (ii) transfer and convey to one or more members of the Ashland Global Group all of the right,
title and interest of the Valvoline Group in, to and under all Ashland Global Assets not already owned by the Ashland Global Group, (iii) cause one or more members of the Valvoline Group to assume all of the Valvoline Liabilities to the extent
such Liabilities would otherwise remain obligations of any member of the Ashland Global Group and (iv) cause one or more members of the Ashland Global Group to assume all of the Ashland Global Liabilities to the extent such Liabilities would
otherwise remain obligations of any member of the Valvoline Group. In furtherance of the foregoing, the Parties shall use reasonable best efforts to obtain or submit any necessary Governmental Approvals or other Consents for the transfer,
conveyance, acceptance or assumption (as applicable) of all Assets and Liabilities required by this Agreement to be so transferred, conveyed, accepted or assumed including, to the extent applicable, the substitution of Valvoline or a Person or
Persons in the Valvoline Group for Ashland Global or a Person or Persons in the Ashland Global Group in connection with any order, decree, ruling, judgment, agreement or Action pending or in effect as of the Separation Date with respect to any
Valvoline Liabilities or the substitution of Ashland Global or a Person or Persons in the Ashland Global Group for Valvoline or a Person or Persons in the Valvoline Group in connection with any order, decree, ruling, judgment, agreement or Action
pending or in effect as of the Separation Date with respect to any Ashland Global Liabilities. Notwithstanding anything to the contrary, neither Party shall be required to transfer any Information except as required by Article VII. 

(c) In the event that it is discovered any time after the Separation that there was an omission of (i) the transfer or conveyance by
Valvoline (or a member of the Valvoline Group) or the acceptance or assumption by Ashland Global (or a member of the Ashland Global Group) of any Ashland Global Asset or Ashland Global Liability, as the case may be, (ii) the transfer or
conveyance by Ashland Global (or a member of the Ashland Global Group) or the acceptance or assumption by Valvoline (or a member of the Valvoline Group) of any Valvoline Asset or Valvoline Liability, as the case may be, or (iii) the transfer or
conveyance by one Party (or any other member of its Group) to, or the acceptance or assumption by, the other Party (or any other member of its Group) of any Asset or Liability, as the case may be, that, had the Parties given specific consideration
to, or otherwise had accurate or complete knowledge regarding the use, nature or basis of, such Asset or Liability (including, for the avoidance of doubt, any Asbestos Liability, Legacy Claim or Environmental Liability) prior to the Separation,
would have otherwise been so transferred, conveyed, accepted or assumed, as the case may be, pursuant to this Agreement or the Ancillary Agreements, the Parties shall use reasonable best efforts to promptly effect such transfer, conveyance,
acceptance or assumption of such Asset or Liability. The Party to whom or by whom the Asset or Liability is transferred or conveyed, or accepted or assumed, shall reimburse the other Party for any costs directly related to retaining or maintaining
such Asset, or managing or defending such Liability, promptly after receiving a request therefor. Any transfer, conveyance, acceptance or assumption made pursuant to this Section 2.01(c) shall be treated by the Parties for all purposes as if it
had occurred immediately prior to the Ashland LLC Contribution, except as otherwise required by applicable Law or a Determination. The obligations of the Parties under this Section 2.01(c) shall terminate on the 25th anniversary of the
Separation Date. 
 (d) In the event that it is discovered any time after the Separation that there was a transfer or conveyance (i) by
Valvoline (or a member of the Valvoline Group) to, or the 

  
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acceptance or assumption by, Ashland Global (or a member of the Ashland Global Group) of any Valvoline Asset or Valvoline Liability, as the case may be, or (ii) by Ashland Global (or a
member of the Ashland Global Group) to, or the acceptance or assumption by, Valvoline (or a member of the Valvoline Group) of any Ashland Global Asset or Ashland Global Liability, as the case may be, the Parties shall use reasonable best efforts to
promptly transfer or convey such Asset or Liability back to the transferring or conveying Party or to rescind any acceptance or assumption of such Asset or Liability, as the case may be. The Party to whom or by whom the Asset or Liability is
transferred or conveyed, or accepted or assumed, shall reimburse the other Party for any costs directly related to retaining or maintaining such Asset, or managing or defending such Liability, promptly after receiving a request therefor. Any
transfer or conveyance made or acceptance or assumption rescinded pursuant to this Section 2.01(d) shall be treated by the Parties for all purposes as if such Asset or Liability had never been originally transferred, conveyed, accepted or
assumed, as the case may be, except as otherwise required by applicable Law or a Determination. The obligations of the Parties under this Section 2.01(d) shall terminate on the 25th anniversary of the Separation Date. 

(e) To the extent that any transfer or conveyance of any Asset or acceptance or assumption of any Liability required by this Agreement to be
so transferred, conveyed, accepted or assumed shall not have been completed prior to the Separation, the Parties shall use reasonable best efforts to effect such transfer, conveyance, acceptance or assumption as promptly following the Separation as
shall be practicable. Nothing in this Agreement shall be deemed to require the transfer or conveyance of any Assets or the acceptance or assumption of any Liabilities which by their terms or operation of Law cannot be so transferred, conveyed,
accepted or assumed; provided, however, that the Parties shall use reasonable best efforts to obtain any necessary Governmental Approvals or other Consents for the transfer, conveyance, acceptance or assumption (as applicable) of all
Assets and Liabilities required by this Agreement to be so transferred, conveyed, accepted or assumed. In the event that any such transfer, conveyance, acceptance or assumption (as applicable) has not been completed effective as of and after the
Separation, the Party retaining such Asset or Liability shall thereafter hold such Asset for the use and benefit of the Party entitled thereto (at the expense of the Party entitled thereto, who shall reimburse the other Party for any costs directly
related to retaining such Asset or Liability promptly after receiving a request therefor) and retain such Liability for the account, and at the expense, of the Party by whom such Liability should have been assumed or accepted pursuant to this
Agreement, and take such other actions as may be required by Law, including the terms and conditions of any applicable order, decree, ruling judgment, agreement or Action pending or in effect as of the Separation Date with respect to such Asset or
Liability, or otherwise reasonably requested by the Party to which such Asset should have been transferred or conveyed, or by whom such Liability should have been assumed or accepted, as the case may be, in order to place both Parties, insofar as
reasonably possible, in the same position as would have existed had such Asset or Liability been transferred, conveyed, accepted or assumed (as applicable) as contemplated by this Agreement, including possession, use, risk of loss, potential for
gain and control over such Asset or Liability. As and when any such Asset or Liability becomes transferable, the Parties shall use reasonable best efforts to promptly effect such transfer, conveyance, acceptance or assumption (as applicable). Any
transfer, conveyance, acceptance or assumption made pursuant to this Section 2.01(e) shall be treated by the Parties for all purposes as if it had occurred immediately prior to the Ashland LLC Contribution, except as otherwise required by
applicable Law or a Determination. 

  
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 (f) The Party retaining any Asset or Liability due to the deferral of the transfer and conveyance
of such Asset or the deferral of the acceptance and assumption of such Liability pursuant to this Section 2.01 or otherwise shall not be obligated by this Agreement, in connection with this Section 2.01, to expend any money or take any
action that would require the expenditure of money unless and to the extent the Party entitled to such Asset or the Party intended to assume such Liability advances or agrees to reimburse it for the applicable expenditures. 

SECTION 2.02. Certain Matters Governed Exclusively by Ancillary Agreements. Each of Ashland Global and Valvoline agrees on behalf of
itself and the members of its Group that, except as explicitly provided in this Agreement or any Ancillary Agreement, (a) the TMA shall exclusively govern all matters relating to taxes between such parties (except to the extent that tax matters
are expressly addressed in any other Ancillary Agreement), (b) the EMA shall exclusively govern the allocation of Assets and Liabilities related to employee and employee benefits-related matters, including (x) arrangements with certain
non-employee service providers to the extent specified in Section 2.06 of the EMA and (y) the existing equity plans with respect to employees and former employees of members of both the Ashland Global Group and the Valvoline Group (it
being understood that (i) any such Assets and Liabilities, as allocated pursuant to the EMA, shall constitute Valvoline Assets, Valvoline Liabilities, Ashland Global Assets or Ashland Global Liabilities, as applicable, hereunder and shall be
subject to Article VI hereof and (ii) all matters arising on or prior to the Separation Date that relate to workers’ compensation and other claims alleging injury or illness as a result of employment shall be governed by this Agreement),
(c) the TSA and RTSA shall exclusively govern all matters relating to the provision of certain services identified therein to be provided by each Party to the other on a transitional basis following the Separation, (d) the IPA shall
exclusively govern all matters relating to the assignment, transfer and licensing of Intellectual Property and (e) the SERLA shall exclusively govern matters relating to the identification and allocation, as well as the defense, management,
control, resolution and funding after the Separation Date, of Liabilities determined in accordance with the provisions of this Agreement and/or the SERLA to be Shared Environmental Remediation Liabilities (it being understood that any such Shared
Environmental Remediation Liability subject to the SERLA shall nonetheless constitute a Valvoline Environmental Liability or a Ashland Global Environmental Liability, as applicable, hereunder and shall be subject to Article VI hereof except in the
case of conflict between those provisions and the provisions of the SERLA). 
 SECTION 2.03. Termination of Intercompany Agreements and
Intercompany Accounts. (a) Except as set forth in Section 2.03(c) or as otherwise provided by the steps constituting the Internal Transactions and the Additional Pre-IPO Restructuring Transactions, in furtherance of the releases and
other provisions of Section 6.01, effective immediately prior to the Ashland LLC Contribution, Valvoline and each other member of the Valvoline Group, on the one hand, and Ashland Global and each other member of the Ashland Global Group, on the
other hand, hereby terminate any and all agreements, arrangements, commitments and understandings, oral or written (“Intercompany Agreements”), including all intercompany accounts payable or accounts receivable
(“Intercompany Accounts”), between such parties and in effect or accrued as of the Ashland LLC Contribution. No such terminated Intercompany Agreement or Intercompany Account (including any provision thereof that purports to survive
termination) shall be of any further force or effect after the date of the Ashland LLC Contribution. Each Party 

  
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shall, at the reasonable request of the other Party, take, or cause to be taken, such other actions as may be necessary to effect the foregoing. The Parties, on behalf of the members of their
respective Groups, hereby waive any advance notice provision or other termination requirements with respect to any Intercompany Agreement. 

(b) In connection with the termination of Intercompany Accounts described in Section 2.03(a), each of Ashland Global and Valvoline shall
cause each Intercompany Account between a member of the Valvoline Group, on the one hand, and a member of the Ashland Global Group, on the other hand, outstanding as of the close of business on the business day immediately prior to the date of the
Ashland LLC Contribution to be settled on a net basis (whether via a dividend, a capital contribution, a combination of the foregoing or as otherwise agreed), in each case prior to the close of business on the business day immediately prior to the
date of the Ashland LLC Contribution. If after giving effect to such settlements and the Internal Transactions, the Additional Pre-IPO Restructuring Transactions and the Initial Public Offering, the net amount of Cash held by the Valvoline Group as
of the time of the Separation would not equal $50,000,000, the foregoing settlement shall be adjusted, or Ashland Global and Valvoline shall otherwise agree on a method of Cash transfer on the Separation Date, such that the amount of Cash held by
the Valvoline Group immediately following the Separation shall equal such amount. 
 (c) The provisions of Section 2.03(a) shall not
apply to any of the following Intercompany Agreements or Intercompany Accounts (or to any of the provisions thereof): (i) this Agreement and the Ancillary Agreements (and each other Intercompany Agreement or Intercompany Account expressly
contemplated by this Agreement or any Ancillary Agreement to be entered into by either Party or any other member of its Group); (ii) any existing written Intercompany Agreement between a member of the Valvoline Group, on the one hand, and a
member of the Ashland Global Group, on the other hand, that has been entered into in the ordinary course of business on an arm’s-length basis for the provision of services or other commercial arrangement, including outstanding operational
intercompany trade receivables or payables incurred on such basis and (iii) any other Intercompany Agreements or Intercompany Accounts set forth on Schedule VIII. 

(d) Each of Ashland Global and Valvoline shall, and shall cause their respective Subsidiaries to, take all necessary actions to remove each of
Valvoline and Valvoline’s Subsidiaries from all Cash Management Arrangements to which it is a party, in each case prior to the close of business on the business day immediately prior to the Separation Date. 

SECTION 2.04. Shared Contracts. The Parties shall, and shall cause the members of their respective Groups to, use their respective
reasonable best efforts to work together (and, if necessary and desirable, to work with the third party to such Shared Contract) in an effort to divide, partially assign, modify and/or replicate (in whole or in part) the respective rights and
obligations under and in respect of any Shared Contract, such that (a) a member of the Valvoline Group is the beneficiary of the rights and is responsible for the obligations related to that portion of such Shared Contract relating to the
Valvoline Business (the “Valvoline Portion”), which rights shall be a Valvoline Asset and which obligations shall be a Valvoline Liability and (b) a member of the Ashland Global Group is the beneficiary of the rights and is
responsible for the obligations related to such Shared Contract not relating to the Valvoline Business (the 

  
 25 

 
“Ashland Global Portion”), which rights shall be a Ashland Global Asset and which obligations shall be a Ashland Global Liability. If the Parties, or their respective Group
members, as applicable, are not able to enter into an arrangement to formally divide, partially assign, modify and/or replicate such Shared Contract prior to the Separation as contemplated by the previous sentence, then the Parties shall, and shall
cause their respective Group members to, cooperate in any lawful arrangement to provide that, following the Separation and until the earlier of five years after the Separation Date and such time as the formal division, partial assignment,
modification and/or replication of such Shared Contract as contemplated by the previous sentence is effected, a member of the Valvoline Group shall receive the interest in the benefits and obligations of the Valvoline Portion under such Shared
Contract and a member of the Ashland Global Group shall receive the interest in the benefits and obligations of the Ashland Global Portion under such Shared Contract. 

SECTION 2.05. Disclaimer of Representations and Warranties. Each of Ashland Global (on behalf of itself and each other member of the
Ashland Global Group) and Valvoline (on behalf of itself and each other member of the Valvoline Group) understands and agrees that, except as expressly set forth in this Agreement, any Ancillary Agreement or the Representation Letters, no Party to
this Agreement, any Ancillary Agreement or any other agreement or document contemplated by this Agreement or any Ancillary Agreement is representing or warranting in any way as to any Assets or Liabilities transferred or assumed as contemplated
hereby or thereby, as to the sufficiency of the Assets or Liabilities transferred or assumed hereby or thereby for the conduct and operations of the Valvoline Business or the Ashland Global Business, as applicable, as to any Governmental Approvals
or other Consents required in connection therewith or in connection with any past transfers of the Assets or assumptions of the Liabilities, as to the value or freedom from any Security Interests of, or any other matter concerning, any Assets or
Liabilities of such party, or as to the absence of any defenses or rights of setoff or freedom from counterclaim with respect to any claim or other Asset, including any accounts receivable, of any such Party, or as to the legal sufficiency of any
assignment, document or instrument delivered hereunder to convey title to any Asset or thing of value upon the execution, delivery and filing hereof or thereof. Except as may expressly be set forth herein, any such Assets are being transferred on an
“as is,” “where is” basis and the respective transferees shall bear the economic and legal risks that (a) any conveyance shall prove to be insufficient to vest in the transferee good and marketable title, free and clear of
any Security Interest, and (b) any necessary Governmental Approvals or other Consents are not obtained or that any requirements of Laws or judgments are not complied with. 

SECTION 2.06. Conveyancing and Assumption Instruments. In connection with, and in furtherance of, the transfers of Assets and the
acceptance and assumptions of Liabilities contemplated by this Agreement, the Parties shall execute and deliver to each other or cause to be executed and delivered, on or after the date hereof by the appropriate entities, any Conveyancing and
Assumption Instruments necessary to evidence the valid and effective assumption by the applicable Party of its assumed Liabilities and the valid transfer to the applicable Party or member of such Party’s Group of all right, title and interest
in and to its accepted Assets for transfers and assumptions to be effected pursuant to New York Law or the Laws of one of the other states of the United States or, if not appropriate for a given transfer or assumption, pursuant to applicable
non-U.S. Laws, in such form as Ashland Global determines in good faith and are not inconsistent with the express requirements of this Agreement, including 

  
 26 

 
the transfer of real property with deeds as may be appropriate and in form and substance as may be required by the jurisdiction in which the real property is located. Except as determined by
Ashland Global in good faith (such determination not to be inconsistent with the express requirements of this Agreement), the Conveyancing and Assumption Instruments shall not contain any representations or warranties or indemnities, shall not
conflict with this Agreement and, to the extent that any provision of a Conveyancing and Assumption Instrument does conflict with any provision of this Agreement, this Agreement shall govern and control unless specifically stated otherwise in such
Conveyancing and Assumption Instrument. The transfer of capital stock shall be effected by means of executed stock powers and notation on the stock record books of the corporation or other legal entities involved, or by such other means as may be
required in any non-U.S. jurisdiction to transfer title to stock and, only to the extent required by applicable Law, by notation on public registries. 

ARTICLE III 
 Credit Support

 SECTION 3.01. Replacement of Credit Support. (a) Valvoline shall use reasonable best efforts to arrange, at its sole cost
and expense and effective on or prior to the Separation Date, the replacement of all guarantees, covenants, indemnities, surety bonds, letters of credit or similar assurances or credit support (“Credit Support Instruments”) provided
by or through Ashland Global or any other member of the Ashland Global Group for the benefit of Valvoline or any other member of the Valvoline Group (“Ashland Global Credit Support Instruments”) with alternate arrangements that
do not require any credit support from Ashland Global or any other member of the Ashland Global Group, and shall use reasonable best efforts to obtain from the beneficiaries of such Credit Support Instruments written releases (which (i) in the
case of a letter of credit or bank guarantee would be effective upon surrender of the original Ashland Global Credit Support Instrument to the originating bank and such bank’s confirmation to Ashland Global of cancelation thereof and
(ii) shall expressly release any collateral in respect of such Credit Support Instrument) indicating that Ashland Global or such other member of the Ashland Global Group will, effective upon the consummation of the Separation, have no liability
with respect to such Credit Support Instruments, in each case reasonably satisfactory to Ashland Global. 
 (b) Ashland Global shall use
reasonable best efforts to arrange, at its sole cost and expense and effective on or prior to the Separation Date, the replacement of all Credit Support Instruments provided by or through Valvoline or any other member of the Valvoline Group for the
benefit of Ashland Global or any other member of the Ashland Global Group with alternate arrangements that do not require any credit support from Valvoline or any other member of the Valvoline Group, and shall use reasonable best efforts to obtain
from the beneficiaries of such Credit Support Instruments written releases (which (i) in the case of a letter of credit or bank guarantee would be effective upon surrender of the original Valvoline Credit Support Instrument to the originating
bank and such bank’s confirmation to Valvoline of cancelation thereof and (ii) shall expressly release any collateral in respect of such Credit Support Instrument) indicating that Valvoline or such other member of the Valvoline Group will,
effective upon the consummation of the Separation, have no liability with respect to such Credit Support Instruments, in each case reasonably satisfactory to Valvoline. 

  
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 (c) Ashland Global and Valvoline shall provide each other with written notice of the existence of
all Credit Support Instruments within a reasonable period prior to the Separation. 
 ARTICLE IV 

Actions Pending the Separation 

SECTION 4.01. Actions Prior to the Separation. Subject to the conditions specified in Section 4.02 and subject to
Section 4.04, Ashland Global and Valvoline shall use reasonable best efforts to consummate the Separation. Such efforts shall include taking the actions specified in this Section 4.01. 

(a) Valvoline shall prepare, file with the Commission and use its reasonable best efforts to cause to become effective the IPO Registration
Statement and any registration statements or amendments thereto required to effect the establishment of, or amendments to, any employee benefit and other plans necessary or appropriate in connection with the transactions contemplated by this
Agreement or any of the Ancillary Agreements. 
 (b) Ashland Global and Valvoline shall take all such action as may be necessary or
appropriate under the securities or blue sky laws of the states or other political subdivisions of the United States or of other foreign jurisdictions in connection with the Initial Public Offering. 

(c) Valvoline shall prepare and file, and shall use reasonable best efforts to have approved prior to the Initial Public Offering, an
application for the listing of the Valvoline Common Stock to be offered and sold in the Initial Public Offering on the Exchange. 
 (d)
Prior to the Separation, Ashland Global shall have duly elected the individuals listed as members of the Valvoline board of directors in the IPO Registration Statement, and such individuals shall be the members of the Valvoline board of directors
effective as of immediately after the Separation. 
 (e) Immediately prior to the Separation, the Amended and Restated Certificate of
Incorporation and the Amended and Restated By-laws of Valvoline, each in substantially the form filed as an exhibit to the IPO Registration Statement, shall be in effect. 

(f) Ashland Global and Valvoline shall, subject to Section 4.04, take all reasonable steps necessary and appropriate to complete the
Additional Pre-IPO Restructuring Transactions. 
 (g) Ashland Global and Valvoline shall, subject to Section 4.04, take all reasonable
steps necessary and appropriate to cause the conditions set forth in Section 4.02 to be satisfied and to effect the Separation on the Separation Date. 

SECTION 4.02. Conditions Precedent to Consummation of the Separation. Subject to Section 4.04, as soon as practicable after the
execution of this Agreement, the Parties shall use reasonable best efforts to satisfy the following conditions prior to the consummation of the Separation (to the extent not already satisfied). The obligations of the Parties to consummate the
Separation shall be conditioned on the satisfaction, or waiver by Ashland Global, of the following conditions: 
 (a) The board of directors
of Ashland Global shall have authorized and approved the Internal Transactions and Separation and not withdrawn such authorization and approval. 

  
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 (b) Each Ancillary Agreement shall have been executed by each party to such agreement. 

(c) The Commission shall have declared effective the IPO Registration Statement, no stop order suspending the effectiveness of the IPO
Registration Statement shall be in effect and no proceedings for that purpose shall be pending before or threatened by the Commission. 

(d) The Valvoline Common Stock shall have been accepted for listing on the Exchange or another national securities exchange approved by
Ashland Global, subject to official notice of issuance. 
 (e) The Internal Transactions and the Additional Pre-IPO Restructuring
Transactions shall have been completed. 
 (f) Ashland Global shall have received legal opinions from Cravath, Swaine & Moore LLP
as to certain agreed-upon matters in respect of the Internal Transactions (including certain Ashland Global Tax Opinions). 
 (g) No order,
injunction or decree issued by any Governmental Authority of competent jurisdiction or other legal restraint or prohibition preventing the consummation of the Separation or the Initial Public Offering shall be in effect, and no other event shall
have occurred or failed to occur that prevents the consummation of the Separation or the Initial Public Offering. 
 (h) No other events or
developments shall have occurred prior to the Separation that, in the judgment of the board of directors of Ashland Global, would result in the Separation or the Initial Public Offering having a material adverse effect on Ashland Global or the
shareholders of Ashland Global. 
 (i) The actions set forth in Sections 4.01(d) and (e) shall have been completed. 

The foregoing conditions are for the sole benefit of Ashland Global and shall not give rise to or create any duty on the part of Ashland
Global or the Ashland Global board of directors to waive or not waive such conditions or in any way limit the right of Ashland Global to terminate this Agreement as set forth in Article XI or alter the consequences of any such termination from
those specified in such Article XI. Any determination made by the Ashland Global board of directors prior to the Separation concerning the satisfaction or waiver of any or all of the conditions set forth in this Section 4.02 shall be
conclusive. 
 SECTION 4.03. Separation Date. Subject to the terms and conditions of this Agreement, the Separation shall be
consummated at a closing to be held at the offices of Cravath, Swaine & Moore LLP, 825 Eighth Avenue, New York, NY 10019 on the date on which the Initial Public Offering closes or at such other place or on such other date as Ashland Global
and Valvoline may mutually agree upon in writing (the day on which such closing takes place being the “Separation Date”). 

  
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 SECTION 4.04. Sole Discretion of Ashland Global. Ashland Global shall, in its sole and
absolute discretion, determine all terms of the Separation, including the form, structure and terms of any transactions and/or offerings to effect the Separation (so long as any such determinations are made in good faith and are not inconsistent
with the express terms of this Agreement) and the timing of and conditions to the consummation thereof. In addition and notwithstanding anything to the contrary set forth below, Ashland Global may at any time and from time to time until the
Separation decide to delay or abandon the Separation, including by accelerating or delaying the timing of the consummation of all or part of the Separation. 

ARTICLE V 
 The IPO;
Distribution 
 SECTION 5.01. The Initial Public Offering. Valvoline shall consult with, and cooperate in all respects with and
take all actions reasonably requested by Ashland Global in connection with the Initial Public Offering. 
 SECTION 5.02. The Distribution
or Other Disposition. (a) Subject to applicable Law, Ashland Global shall, in its sole and absolute discretion, determine (i) whether and when to proceed with all or part of the Distribution or Other Disposition and (ii) all terms
of the Distribution or Other Disposition, as applicable, including the form, structure and terms of any transaction(s) and/or offering(s) to effect the Distribution or Other Disposition and the timing of and conditions to the consummation of the
Distribution or Other Disposition. In addition, in the event that Ashland Global determines to proceed with the Distribution or Other Disposition, Ashland Global may, subject to applicable Law, at any time and from time to time until the completion
of the Distribution or Other Disposition abandon, modify or change any or all of the terms of the Distribution or Other Disposition, including, by accelerating or delaying the timing of the consummation of all or part of the Distribution or Other
Disposition. 
 (b) Valvoline shall cooperate with Ashland Global and any member of the Ashland Global Group in all respects to accomplish
the Distribution or Other Disposition and shall, at Ashland Global’s direction, promptly take any and all actions necessary or desirable to effect the Distribution or Other Disposition, including, the registration under the Securities Act of
the offering of the Valvoline Common Stock on an appropriate registration form as reasonably designated by Ashland Global, the filing of any necessary documents pursuant to the Exchange Act and the filing of any necessary application or related
documents with the Exchange in connection with listing the Valvoline Common Stock that is the subject of such Distribution or Other Disposition. Subject to applicable Law and contractual requirements among the Parties, Ashland Global shall select
any investment bank, manager, underwriter or dealer manager in connection with the Distribution or Other Disposition, as well as any financial printer, solicitation and/or exchange agent and financial, legal, accounting, tax and other advisors and
service providers in connection with the Distribution or Other Disposition, as applicable. Ashland Global and Valvoline, as the case may be, will provide to the exchange agent, if any, all share certificates and any information required in order to
complete the Distribution or Other Disposition. 

  
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 (c) Notwithstanding anything to the contrary contained in this Agreement, the Registration Rights
Agreement shall control the terms and conditions of any Other Disposition to the extent contemplated therein. 
 ARTICLE VI 

Mutual Releases; Indemnification 

SECTION 6.01. Release of Pre-Separation Claims. (a) Except as provided in Section 6.01(c) or elsewhere in this Agreement or
the Ancillary Agreements, effective as of the Separation, Valvoline does hereby, for itself and each other member of the Valvoline Group, their respective Affiliates, and to the extent it may legally do so, successors and assigns and all Persons who
at any time on or prior to the Separation have been shareholders, directors, officers, agents or employees of any member of the Valvoline Group (in each case, in their respective capacities as such), remise, release and forever discharge Ashland
Global and the other members of the Ashland Global Group, their respective Affiliates, successors and assigns, and all Persons who at any time on or prior to the Separation have been shareholders, directors, officers, agents or employees of any
member of the Ashland Global Group (in each case, in their respective capacities as such), and their respective heirs, executors, administrators, successors and assigns, from any and all Valvoline Liabilities whatsoever, whether at Law (including
CERCLA and any other Environmental Law) or in equity (including any right of contribution or recovery), whether arising under any contract or agreement, by operation of Law or otherwise, existing or arising from any acts or events occurring or
failing to occur or alleged to have occurred or to have failed to occur or any conditions existing or alleged to have existed on or before the Separation, including in connection with the Separation, the Initial Public Offering and any Distribution
or Other Disposition and all other activities to implement any such transactions. This Section 6.01(a) shall not affect Ashland LLC’s indemnification obligations with respect to Liabilities arising on or before the Separation Date under
Article X of the Fourth Restated Articles of Incorporation of Ashland Inc. (or any equivalent provision in the limited liability company agreement of Ashland LLC), as in effect on the date on which the event or circumstances giving rise to such
indemnification obligation occur. 
 (b) Except as provided in Section 6.01(c) or elsewhere in this Agreement or the Ancillary
Agreements, effective as of the Separation, Ashland Global does hereby, for itself and each other member of the Ashland Global Group, their respective Affiliates, and to the extent it may legally do so, successors and assigns and all Persons who at
any time on or prior to the Separation have been shareholders, directors, officers, agents or employees of any member of the Ashland Global Group (in each case, in their respective capacities as such), remise, release and forever discharge
Valvoline, the other members of the Valvoline Group, their respective Affiliates, successors and assigns, and all Persons who at any time on or prior to the Separation have been shareholders, directors, officers, agents or employees of any member of
the Valvoline Group (in each case, in their respective capacities as such), and their respective heirs, executors, administrators, successors and assigns, from any and all Ashland Global Liabilities whatsoever, whether at Law (including CERCLA and
any other Environmental Law) or in equity (including 

  
 31 

 
any right of contribution or recovery), whether arising under any contract or agreement, by operation of Law or otherwise, existing or arising from any acts or events occurring or failing to
occur or alleged to have occurred or to have failed to occur or any conditions existing or alleged to have existed on or before the Separation, including in connection with the Separation, the Initial Public Offering and any Distribution or Other
Disposition and all other activities to implement any such transactions. 
 (c) Nothing contained in Section 6.01(a) or (b) shall
impair any right of any Person to enforce this Agreement, any Ancillary Agreement or any Intercompany Agreement or Intercompany Account that is specified in Section 2.03(c) not to terminate as of the Separation, in each case in accordance with
its terms. Nothing contained in Section 6.01(a) or (b) shall release any Person from: 
 (i) any Liability provided
in or resulting from any agreement among any members of the Ashland Global Group or the Valvoline Group that is specified in Section 2.03(c) as not to terminate as of the Separation, or any other Liability specified in such Section 2.03(c)
as not to terminate as of the Separation; 
 (ii) any Liability, contingent or otherwise, assumed, transferred, assigned or
allocated to the Group of which such Person is a member in accordance with, or any other Liability of any member of any Group under, this Agreement or any Ancillary Agreement; 

(iii) any Liability provided in or resulting from any other agreement or understanding that is entered into after the
Separation between one Party (and/or a member of such Party’s Group), on the one hand, and the other Party (and/or a member of such Party’s Group), on the other hand; 

(iv) any Liability that the Parties may have with respect to indemnification or contribution pursuant to this Agreement or any
Ancillary Agreement for claims brought against the Parties, the members of their respective Groups or any of their respective directors, officers, employees or agents, by third Persons, which Liability shall be governed by the provisions of this
Article VI or, if applicable, the appropriate provisions of the relevant Ancillary Agreement; or 
 (v) any Liability
the release of which would result in the release of any Person not otherwise intended to be released pursuant to this Section 6.01. 

(d) Valvoline shall not make, and shall not permit any other member of the Valvoline Group to make, any claim or demand, or commence any
Action asserting any claim or demand, including any claim of contribution or any indemnification, against Ashland Global or any other member of the Ashland Global Group, or any other Person released pursuant to Section 6.01(a), with respect to
any Liabilities released pursuant to Section 6.01(a). Ashland Global shall not make, and shall not permit any other member of the Ashland Global Group to make, any claim or demand, or commence any Action asserting any claim or demand, including
any claim of contribution or any indemnification against Valvoline or any other member of the Valvoline Group, or any other Person released pursuant to Section 6.01(b), with respect to any Liabilities released pursuant to Section 6.01(b).

  
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 (e) It is the intent of each of Ashland Global and Valvoline, by virtue of the provisions of this
Section 6.01, to provide for a full and complete release and discharge of all Liabilities existing or arising from all acts and events occurring or failing to occur or alleged to have occurred or to have failed to occur and all conditions
existing or alleged to have existed on or before the Separation Date, between or among Valvoline or any other member of the Valvoline Group, on the one hand, and Ashland Global or any other member of the Ashland Global Group, on the other hand
(including any contractual agreements or arrangements existing or alleged to exist between or among any such members on or before the Separation Date), except as set forth in Section 6.01(c) or elsewhere in this Agreement or in any Ancillary
Agreement. At any time, at the request of the other Party, each Party shall cause each member of its respective Group to execute and deliver releases reflecting the provisions hereof. 

SECTION 6.02. Indemnification by Valvoline. Subject to Section 6.04, Valvoline shall indemnify, defend and hold harmless Ashland
Global, each other member of the Ashland Global Group and each of their respective former and current directors, officers and employees, and each of the heirs, executors, successors and assigns of any of the foregoing (collectively, the
“Ashland Global Indemnitees”), from and against any and all Liabilities of the Ashland Global Indemnitees relating to, arising out of or resulting from any of the following items (without duplication): 

(a) the Valvoline Liabilities, including the failure of Valvoline or any other member of the Valvoline Group or any other Person to pay,
perform or otherwise promptly discharge any Valvoline Liability in accordance with its terms; 
 (b) any breach by Valvoline or any other
member of the Valvoline Group of this Agreement or any Ancillary Agreement unless such Ancillary Agreement expressly provides for separate indemnification therein (which shall be controlling); and 

(c) any breach by Valvoline of any of the representations and warranties made by Valvoline on behalf of itself and the members of the
Valvoline Group in Section 12.01(c). 
 SECTION 6.03. Indemnification by Ashland Global. Subject to Section 6.04, Ashland
Global shall indemnify, defend and hold harmless Valvoline, each other member of the Valvoline Group and each of their respective former and current directors, officers and employees, and each of the heirs, executors, successors and assigns of any
of the foregoing (collectively, the “Valvoline Indemnitees”), from and against any and all Liabilities of the Valvoline Indemnitees relating to, arising out of or resulting from any of the following items (without duplication): 

(a) the Ashland Global Liabilities, including the failure of Ashland Global or any other member of the Ashland Global Group or any other
Person to pay, perform or otherwise promptly discharge any Ashland Global Liability in accordance with its terms; 

  
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 (b) any breach by Ashland Global or any other member of the Ashland Global Group of this
Agreement or any Ancillary Agreement unless such Ancillary Agreement expressly provides for separate indemnification therein (which shall be controlling); and 

(c) any breach by Ashland Global of any of the representations and warranties made by Ashland Global on behalf of itself and the members of
the Ashland Global Group in Section 12.01(c). 
 SECTION 6.04. Indemnification Obligations Net of Insurance Proceeds and Third-Party
Proceeds. (a) The Parties intend that any Liability subject to indemnification or reimbursement pursuant to this Agreement will be net of (i) Insurance Proceeds that actually reduce the amount of, or are paid to the applicable
Indemnitee in respect of, such Liability or (ii) other amounts recovered from any third party that actually reduce the amount of, or are paid to the applicable Indemnitee in respect of, such Liability (“Third-Party Proceeds”).
Accordingly, the amount that either Party (an “Indemnifying Party”) is required to pay to any Person entitled to indemnification or reimbursement pursuant to this Agreement (an “Indemnitee”) will be reduced by any
Insurance Proceeds or Third-Party Proceeds theretofore actually recovered by or on behalf of the Indemnitee from a third party in respect of the related Liability. If an Indemnitee receives a payment required by this Agreement from an Indemnifying
Party in respect of any Liability (an “Indemnity Payment”) and subsequently receives Insurance Proceeds or Third-Party Proceeds in respect of such Liability, then the Indemnitee will pay to the Indemnifying Party an amount equal to
the excess of the Indemnity Payment received over the amount of the Indemnity Payment that would have been due if such Insurance Proceeds or Third-Party Proceeds had been received, realized or recovered before the Indemnity Payment was made. 

(b) An insurer that would otherwise be obligated to pay any claim shall not be relieved of the responsibility with respect thereto or have any
subrogation rights with respect thereto by virtue of the indemnification provision contained in this Agreement or any Ancillary Agreement, it being expressly understood and agreed that no insurer or any other third party shall be entitled to a
“wind-fall” (i.e., a benefit they would not be entitled to receive, or the reduction or elimination of an insurance coverage provision obligation that they would otherwise have, in the absence of the indemnification provisions) by
virtue of the indemnification provisions contained in this Agreement or any Ancillary Agreement. Each member of the Ashland Global Group and Valvoline Group shall use reasonable best efforts to seek to collect or recover, or allow the Indemnifying
Party to collect or recover, or cooperate with each other in collecting or recovering, any Insurance Proceeds and any Third-Party Proceeds to which such Person is entitled in connection with any Liability for which such Person seeks indemnification
pursuant to this Article VI; provided, however, that such Person’s inability to collect or recover any such Insurance Proceeds or Third-Party Proceeds shall not limit the Indemnifying Party’s obligations hereunder.
Notwithstanding the foregoing, an Indemnifying Party may not delay making an indemnification payment required under the terms of this Agreement, or otherwise satisfying any indemnification obligation, pending the outcome of any Actions to collect or
recover any Insurance Proceeds, and an Indemnitee need not attempt to collect any Insurance Proceeds prior to making a claim for indemnification or receiving any Indemnity Payment otherwise owed to it under this Agreement or any Ancillary Agreement.

  
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 (c) The calculation of any Indemnity Payments required by this Agreement shall be subject to
Section 4.04 of the TMA. 
 SECTION 6.05. Procedures for Indemnification of Third-Party Claims. (a) If an Indemnitee shall
receive notice or otherwise learn of a Third-Party Claim with respect to which an Indemnifying Party may be obligated to provide indemnification to such Indemnitee pursuant to this Agreement, such Indemnitee shall give such Indemnifying Party
written notice thereof as soon as reasonably practicable, but no later than 30 calendar days after becoming aware of such Third-Party Claim. Any such notice shall describe the Third-Party Claim in reasonable detail. Notwithstanding the foregoing,
the failure of any Indemnitee or other Person to give notice as provided in this Section 6.05(a) shall not relieve the related Indemnifying Party of its obligations under this Article VI, except to the extent that such Indemnifying Party
is actually prejudiced by such failure to give notice. 
 (b) The Indemnifying Party shall have the right, exercisable by written notice to
the Indemnitee within 30 calendar days after receipt of notice from an Indemnitee in accordance with Section 6.05(a) (or sooner, if the nature of such Third-Party Claim so requires), to assume and conduct the defense of such Third-Party Claim
in accordance with the limits set forth in this Agreement with counsel selected by the Indemnifying Party and reasonably acceptable to the Indemnitee; provided, however, that (i) the defense of such Third-Party Claim by the
Indemnifying Party will not, in the reasonable judgment of the Indemnitee, affect the Indemnitee or any of its controlled Affiliates in a materially adverse manner and (ii) the Third-Party Claim solely seeks (and continues to seek) monetary
damages (the conditions set forth in this proviso, the “Litigation Condition”). 
 (c) If the Indemnifying Party elects not
to assume the defense of a Third-Party Claim (or is not permitted to assume the defense of a Third-Party Claim as a result of the Litigation Condition not being met with respect thereto) in accordance with this Agreement, or fails to notify an
Indemnitee of its election as provided in Section 6.05(b), such Indemnitee may defend such Third-Party Claim at the cost and expense of the Indemnifying Party. 

(d) If the Indemnifying Party elects (and is permitted) to assume the defense of a Third-Party Claim in accordance with the terms of this
Agreement, the Indemnitees shall, subject to the terms of this Agreement, cooperate with the Indemnifying Party with respect to the defense of such Third-Party Claim. 

(e) If the Indemnifying Party elects (and is permitted) to assume the defense of a Third-Party Claim in accordance with the terms of this
Agreement, the Indemnifying Party will not be liable for any additional legal expenses subsequently incurred by the Indemnitee in connection with the defense of the Third-Party Claim; provided, however, that if (i) the Litigation
Condition ceases to be met or (ii) the Indemnifying Party fails to take reasonable steps necessary to defend diligently such Third-Party Claim, the Indemnitee may assume its own defense, and the Indemnifying Party will be liable for all
reasonable costs or expenses paid or incurred in connection with such defense. The Indemnifying Party or the Indemnitee, as the case may be, shall have the right to participate in (but, subject to the prior sentence, not control), at its own
expense, the defense of any Third-Party Claim that the other is defending as provided in this Agreement. In the event, however, that such Indemnitee reasonably determines that 

  
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representation by counsel to the Indemnifying Party of both such Indemnifying Party and the Indemnitee could reasonably be expected to present such counsel with a conflict of interest, then the
Indemnitee may employ separate counsel to represent or defend it in any such action or proceeding and the Indemnifying Party will pay the reasonable fees and expenses of such counsel. 

(f) No Indemnifying Party shall consent to entry of any judgment or enter into any settlement of any Third-Party Claim without the consent of
the applicable Indemnitee or Indemnitees; provided, however, that such Indemnitee(s) shall be required to consent to such entry of judgment or to such settlement that the Indemnifying Party may recommend if the judgment or settlement
(i) contains no finding or admission of any violation of Law or any violation of the rights of any Person, (ii) involves only monetary relief which the Indemnifying Party has agreed to pay and (iii) includes a full and unconditional
release of the Indemnitee. Notwithstanding the foregoing, in no event shall an Indemnitee be required to consent to any entry of judgment or settlement if the effect thereof is to permit any injunction, declaratory judgment, other order or other
nonmonetary relief to be entered, directly or indirectly, against any Indemnitee. 
 (g) Whether or not the Indemnifying Party assumes the
defense of a Third-Party Claim, no Indemnitee shall admit any liability with respect to, or settle, compromise or discharge, such Third-Party Claim without the Indemnifying Party’s prior written consent (such consent not to be unreasonably
withheld or delayed). 
 SECTION 6.06. Additional Matters. (a) Any claim on account of a Liability that does not result from a
Third-Party Claim shall be asserted by written notice given by the Indemnitee to the related Indemnifying Party. Such Indemnifying Party shall have a period of 30 calendar days after the receipt of such notice within which to respond thereto.
If such Indemnifying Party does not respond within such 30-day period, such Indemnifying Party shall be deemed to have refused to accept responsibility to make payment. If such Indemnifying Party does not respond within such 30-day period or rejects
such claim in whole or in part, such Indemnitee shall be free to pursue such remedies as may be available to such Party as contemplated by this Agreement. 

(b) In the event of payment by or on behalf of any Indemnifying Party to any Indemnitee in connection with any Third-Party Claim, such
Indemnifying Party shall be subrogated to and shall stand in the place of such Indemnitee as to any events or circumstances in respect of which such Indemnitee may have any right, defense or claim relating to such Third-Party Claim against any
claimant or plaintiff asserting such Third-Party Claim or against any other Person. Such Indemnitee shall cooperate with such Indemnifying Party in a reasonable manner, and at the cost and expense of such Indemnifying Party, in prosecuting any
subrogated right, defense or claim. 
 (c) In the event of an Action relating to a Liability that has been allocated to an Indemnifying
Party pursuant to the terms of this Agreement or any Ancillary Agreement in which the Indemnifying Party is not a named defendant, if the Indemnifying Party shall so request, the Parties shall endeavor to substitute the Indemnifying Party for the
named defendant or add the Indemnifying Party as an additional named defendant, if at all practicable. If such 

  
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substitution or addition cannot be achieved for any reason or is not requested, the named defendant shall allow the Indemnifying Party to manage the Action and the Indemnifying Party shall fully
indemnify the named defendant against all reasonable costs of defending the Action (including court costs, sanctions imposed by a court, attorneys’ fees, experts, fees and all other external expenses), the costs of any judgment or settlement
and the cost of any interest or penalties relating to any judgment or settlement. Notwithstanding the foregoing, this Section 6.06(c) shall not apply to tax matters to the extent such matters are governed by the TMA. 

SECTION 6.07. Remedies Cumulative. The remedies provided in this Article VI shall be exclusive and, subject to the provisions of
Article X, shall preclude assertion by any Indemnitee of any other rights or the seeking of any and all other remedies against any Indemnifying Party. 

SECTION 6.08. Survival of Indemnities. The rights and obligations of each of Ashland Global and Valvoline and their respective
Indemnitees under this Article VI shall survive the sale or other transfer by any Party or its Affiliates of any Assets or businesses or the assignment by it of any Liabilities. 

SECTION 6.09. Limitation on Liability. Except as may expressly be set forth in this Agreement, none of Ashland Global, Valvoline or any
other member of either Group shall in any event have any Liability to the other or to any other member of the other’s Group, or to any other Ashland Global Indemnitee or Valvoline Indemnitee, as applicable, under this Agreement (i) with
respect to any matter to the extent that such Party seeking indemnification has engaged in any knowing violation of Law or fraud in connection therewith or (ii) for any indirect, special, punitive or consequential damages, whether or not caused
by or resulting from negligence or breach of obligations hereunder and whether or not informed of the possibility of the existence of such damages; provided, however, that the provisions of this Section 6.09(ii) shall not limit an
Indemnifying Party’s indemnification obligations hereunder with respect to any Liability any Indemnitee may have to any third party not affiliated with any member of the Ashland Global Group or the Valvoline Group for any indirect, special,
punitive or consequential damages. 
 ARTICLE VII 

Access to Information; Confidentiality 

SECTION 7.01. Agreement for Exchange of Information; Archives. (a) Except in the case of an adversarial Action or threatened
adversarial Action by either Ashland Global or Valvoline or a Person or Persons in its Group against the other Party or a Person or Persons in its Group, and subject to Section 7.01(b), each of Ashland Global and Valvoline, on behalf of its
respective Group, shall provide, or cause to be provided, to the other Party, at any time after the Separation, as soon as reasonably practicable after written request therefor, any Information relating to time periods on or prior to the Separation
Date in the possession or under the control of such respective Group, including reasonable access to any employees of such respective Group with relevant knowledge regarding any actual or alleged Environmental Liability, but only to the extent that
such access does not unreasonably interfere with the relevant employee’s normal duties, which Ashland Global or Valvoline, or any member of its respective Group, as 

  
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applicable, reasonably needs (i) to comply with reporting, disclosure, filing, notification or other requirements imposed on Ashland Global or Valvoline, or any member of its respective
Group, as applicable (including under applicable securities laws), by any national securities exchange or by any Governmental Authority having jurisdiction over Ashland Global or Valvoline, or any member of its respective Group, as applicable,
(ii) for use in any other judicial, regulatory, administrative or other Action (including with respect to evaluating, managing and defending actual or potential Environmental Liabilities of either Party, any member of its respective Group or
any Valvoline Entities) or in order to satisfy audit, accounting, regulatory, litigation or other similar requirements or (iii) to comply with its obligations under this Agreement or any Ancillary Agreement. The receiving Party shall use any
Information received pursuant to this Section 7.01(a) solely to the extent reasonably necessary to satisfy the applicable obligations or requirements described in clause (i), (ii) or (iii) of the immediately preceding sentence. 

(b) In the event that either Ashland Global or Valvoline reasonably determines that the exchange of any Information pursuant to
Section 7.01(a) could be commercially detrimental, violate any Law or agreement or waive or jeopardize any attorney-client privilege or attorney work product protection, such Party shall not be required to provide access to or furnish such
Information to the other Party; provided, however, that both Ashland Global and Valvoline shall take all commercially reasonable measures to permit compliance with Section 7.01(a) in a manner that avoids any such harm or
consequence. Both Ashland Global and Valvoline intend that any provision of access to or the furnishing of Information pursuant to this Section 7.01 that would otherwise be within the ambit of any legal privilege shall not operate as waiver of
such privilege. 
 (c) Each of Valvoline and Ashland Global agrees, on behalf of itself and each member of the Group of which it is a
member, not to disclose or otherwise waive any privilege or protection attaching to any privileged Information relating to a member of the other Group or relating to or arising in connection with the relationship between the Groups prior to the
Separation, without providing prompt written notice to and obtaining the prior written consent of the other (not to be unreasonably withheld or delayed). 

(d) Ashland Global and Valvoline each agrees that it will only process personal data provided to it by the other Group in accordance with all
applicable privacy and data protection law obligations (including any applicable privacy policies of the Valvoline Group or the Ashland Global Group, as the case may be) and will implement and maintain at all times appropriate technical and
organizational measures to protect such personal data against unauthorized or unlawful processing and accidental loss, destruction, damage, alteration and disclosure. In addition, each Party agrees to provide reasonable assistance to the other Party
in respect of any obligations under privacy and data protection legislation affecting the disclosure of such personal data to the other Party and will not knowingly process such personal data in such a way to cause the other Party to violate any of
its obligations under any applicable privacy and data protection legislation. 
 SECTION 7.02. Ownership of Information. Any
Information owned by one Group that is provided to the requesting Party hereunder shall be deemed to remain the property of the providing Party. Except as specifically set forth herein, nothing herein shall be construed as granting or conferring
rights of license or otherwise in any such Information. 

  
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 SECTION 7.03. Compensation for Providing Information. Ashland Global and Valvoline shall
reimburse each other for the direct costs, if any, in complying with a request for Information pursuant to this Article VII (which costs shall not include the costs of salaries and benefits of employees of such Party or any pro rata portion of
overhead or other costs of employing such employees which would have been incurred by such employees’ employer regardless of the employee’s service with respect to the foregoing), as may be reasonably incurred in providing such Information
or access to such Information. 
 SECTION 7.04. Record Retention. To facilitate the possible exchange of Information pursuant to this
Article VII and other provisions of this Agreement, each Party shall use its reasonable best efforts to retain all Information in such Party’s possession relating to the other Party or its businesses, Assets or Liabilities, this Agreement
or the Ancillary Agreements (the “Retained Information”) substantially in accordance with the record retention policies and/or practices of Ashland LLC as in effect immediately prior to the Separation Date or such other record
retention policies and/or practices as may be reasonably adopted by the respective Party on or after the Separation Date or such longer or shorter period as required by Law, this Agreement or the Ancillary Agreements. For the avoidance of doubt,
such policies shall be deemed to apply to any Information in a Party’s possession or control on or after the Separation Date relating to the other Party or members of its Group. Notwithstanding the foregoing, to the extent such Information
relates to employee benefits or Environmental Liabilities, such period shall be extended to the expiration of the applicable statute of limitations (giving effect to any extensions thereof). 

SECTION 7.05. Accounting Information. Without limiting the generality of Section 7.01 but subject to Section 7.01(b), Ashland
Global and Valvoline agree that, for so long as Ashland Global is required by Law to consolidate the financial results or financial position of Valvoline and any other members of the Valvoline Group in its financial statements (either on a
consolidation or equity accounting basis, determined in accordance with GAAP and consistent with Commission reporting requirements) or complete a financial statement audit for any period during which the financial results or financial position of
the Valvoline Group were consolidated with those of Ashland Global: 
 (a) Valvoline shall use its reasonable best efforts to enable Ashland
Global to meet its timetable for dissemination of its financial statements and to enable Ashland Global’s auditors to timely complete their annual audit and quarterly reviews of financial statements. As part of such efforts, to the extent
reasonably necessary for the preparation of financial statements or completing an audit or review of financial statements or an audit of internal control over financial reporting, (i) Valvoline shall authorize and direct its auditors to make
available to Ashland Global’s auditors, within a reasonable time prior to the date of Ashland Global’s auditors’ opinion or review report, both (x) the personnel who performed or will perform the annual audits and quarterly
reviews of Valvoline and (y) work papers related to such annual audits and quarterly reviews, to enable Ashland Global’s auditors to perform any procedures they consider reasonably necessary to take responsibility for the work of
Valvoline’s auditors as it relates to Ashland Global’s auditors’ opinion or report and (ii) until all governmental audits are complete, Valvoline shall provide reasonable access during normal business hours for Ashland
Global’s internal auditors, counsel and other designated representatives to (x) the premises of Valvoline and its Subsidiaries and all Information (and duplicating rights) within the knowledge,

  
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possession or control of Valvoline and its Subsidiaries and (y) the officers and employees of Valvoline and its Subsidiaries, so that Ashland Global may conduct reasonable audits relating to
the financial statements provided by Valvoline and its Subsidiaries; provided, however, that (A) such access shall not be unreasonably disruptive to the business and affairs of the Valvoline Group and (B) Ashland Global shall
provide reasonable advance notice of its intent to exercise its access rights pursuant to this clause (ii), it being agreed that the failure to do so shall not result in an indefinite bar to the exercise of such access right but shall only relieve
Valvoline of its obligation to comply with such request earlier than is reasonable given the actual notice provided. 
 (b) Ashland Global
shall use its reasonable best efforts to enable Valvoline to meet its timetable for dissemination of its financial statements and to enable Valvoline’s auditors to timely complete their annual audit and quarterly reviews of financial
statements. As part of such efforts, to the extent reasonably necessary for the preparation of financial statements or completing an audit or review of financial statements or an audit of internal control over financial reporting, (i) Ashland
Global shall authorize and direct its auditors to make available to Valvoline’s auditors, within a reasonable time prior to the date of Valvoline’s auditors’ opinion or review report, both (x) the personnel who performed or will
perform the annual audits and quarterly reviews of Ashland Global and (y) work papers related to such annual audits and quarterly reviews, to enable Valvoline’s auditors to perform any procedures they consider reasonably necessary to take
responsibility for the work of Ashland Global’s auditors as it relates to Valvoline’s auditors’ opinion or report and (ii) until all governmental audits are complete, Ashland Global shall provide reasonable access during normal
business hours for Valvoline’s internal auditors, counsel and other designated representatives to (x) the premises of Ashland Global and its Subsidiaries and all Information (and duplicating rights) within the knowledge, possession or
control of Ashland Global and its Subsidiaries and (y) the officers and employees of Ashland Global and its Subsidiaries, so that Valvoline may conduct reasonable audits relating to the financial statements provided by Ashland Global and its
Subsidiaries; provided, however, that (A) such access shall not be unreasonably disruptive to the business and affairs of the Ashland Global Group and (B) Valvoline shall provide reasonable advance notice of its intent to
exercise its access rights pursuant to this clause (ii), it being agreed that the failure to do so shall not result in an indefinite bar to the exercise of such access right but shall only relieve Ashland Global of its obligation to comply with such
request earlier than is reasonable given the actual notice provided. 
 (c) In order to enable the principal executive officer(s) and
principal financial officer(s) (as such terms are defined in the rules and regulations of the Commission) of Ashland Global to make any certifications required of them under Section 302 or 906 of the Sarbanes-Oxley Act of 2002, Valvoline shall,
within a reasonable period of time following a request from Ashland Global in anticipation of filing such reports, cause its principal executive officer(s) and principal financial officer(s) to provide Ashland Global with certifications of such
officers in support of the certifications of Ashland Global’s principal executive officer(s) and principal financial officer(s) required under Section 302 or 906 of the Sarbanes-Oxley Act of 2002 with respect to each Quarterly Report on
Form 10-Q and Annual Report on Form 10-K of Ashland Global for which Ashland Global is required by Law to consolidate the financial results or financial position of Valvoline and any other members of the Valvoline Group in its financial
statements (either on a consolidation or equity accounting basis, determined in accordance with 

  
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GAAP and consistent with Commission reporting requirements) or complete a financial statement audit for any period during which the financial results or financial position of the Valvoline Group
were consolidated with those of Ashland Global. Such certifications shall be provided in substantially the same form and manner as such Valvoline officers provided prior to the Separation (reflecting any changes in certifications necessitated by the
Initial Public Offering or any other transactions related thereto) or as otherwise agreed upon between Ashland Global and Valvoline. 

SECTION 7.06. Limitations of Liability. Neither Ashland Global nor Valvoline shall have any Liability to the other Party in the event
that any Information exchanged or provided pursuant to this Agreement that is an estimate or forecast, or that is based on an estimate or forecast, is found to be inaccurate in the absence of wilful misconduct by the providing Person. Neither
Ashland Global nor Valvoline shall have any Liability to the other Party if any Information is destroyed after reasonable best efforts by Valvoline or Ashland Global, as applicable, to comply with the provisions of Section 7.04. 

SECTION 7.07. Production of Witnesses; Records; Cooperation. (a) After the Separation Date and until the fifth
(5th) anniversary thereof, except in the case of an adversarial Action or threatened adversarial Action by either Ashland Global or Valvoline or a Person or Persons in its Group against the other Party or a Person or Persons in its Group, each
of Ashland Global and Valvoline shall take all reasonable steps to make available, upon written request, the former, current and future directors, officers, employees, other personnel and agents of the Persons in its respective Group (whether as
witnesses or otherwise) and any books, records or other documents within its control or that it otherwise has the ability to make available, to the extent that such Person (giving consideration to business demands of such directors, officers,
employees, other personnel and agents) or books, records or other documents may reasonably be required in connection with any Action or threatened or contemplated Action (including preparation for such Action) in which Ashland Global or Valvoline,
as applicable, may from time to time be involved, regardless of whether such Action is a matter with respect to which indemnification may be sought hereunder. The requesting Party shall bear all reasonable out-of-pocket costs and expenses in
connection therewith. 
 (b) Without limiting the foregoing, Ashland Global and Valvoline shall use their reasonable best efforts to
cooperate and consult to the extent reasonably necessary with respect to any Actions or threatened or contemplated Actions, other than an adversarial Action against the other Group. 

(c) The obligation of Ashland Global and Valvoline to make available former, current and future directors, officers, employees and other
personnel and agents or provide witnesses and experts pursuant to this Section 7.07 is intended to be interpreted in a manner so as to facilitate cooperation and shall include the obligation to make available employees and other officers
without regard to whether such individual or the employer of such individual could assert a possible business conflict (subject to the exception set forth in the first sentence of Section 7.07(a)). 

(d) Upon the reasonable request of Ashland Global or Valvoline, in connection with any Action contemplated by this Article VII, Ashland Global
and Valvoline will enter into a mutually acceptable common interest or joint defense agreement so as to maintain to the extent practicable any applicable attorney-client privilege or work product immunity of any member of either Group. 

  
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 SECTION 7.08. Confidential Information. (a) Each of Ashland Global and Valvoline, on
behalf of itself and each Person in its respective Group, shall hold, and cause its respective directors, officers, employees, agents, accountants, counsel and other advisors and representatives to hold, in strict confidence and not release or
disclose, with at least the same degree of care, but no less than a reasonable degree of care, that Ashland LLC applies to its own confidential and proprietary information pursuant to policies in effect immediately prior to the Separation Date, all
Information concerning the other Group or its business that is either in its possession (including Information in its possession prior to the Separation) or furnished by the other Group or its respective directors, officers, employees, agents,
accountants, counsel and other advisors and representatives at any time pursuant to this Agreement, and shall not use any such Information other than for such purposes as shall be expressly permitted hereunder, except, in each case, to the extent
that such Information is (i) in the public domain through no fault of any member of the Ashland Global Group or the Valvoline Group, as applicable, or any of its respective directors, officers, employees, agents, accountants, counsel and other
advisors and representatives, (ii) later lawfully acquired from other sources by any of Ashland Global, Valvoline or their respective Group, employees, directors or agents, accountants, counsel and other advisors and representatives, as
applicable, which sources are not themselves bound by a confidentiality obligation to the knowledge of any of Ashland Global, Valvoline or Persons in its respective Group, as applicable, (iii) independently generated without reference to any
proprietary or confidential Information of the Ashland Global Group or the Valvoline Group, as applicable, or (iv) required to be disclosed by Law; provided, however, that the Person required to disclose such Information gives the
applicable Person prompt, and to the extent reasonably practicable, prior notice of such disclosure and an opportunity to contest such disclosure and shall use reasonable best efforts to cooperate, at the expense of the requesting Person, in seeking
any reasonable protective arrangements requested by such Person. In the event that such appropriate protective order or other remedy is not obtained, the Person that is required to disclose such Information shall furnish, or cause to be furnished,
only that portion of such Information that is legally required to be disclosed and shall use reasonable best efforts to ensure that confidential treatment is accorded such Information. Notwithstanding the foregoing, each of Ashland Global and
Valvoline may release or disclose, or permit to be released or disclosed, any such Information concerning the other Group (x) to their respective directors, officers, employees, agents, accountants, counsel and other advisors and
representatives who need to know such Information (who shall be advised of the obligations hereunder with respect to such Information), and (y) to any nationally recognized statistical rating organization as it reasonably deems necessary,
solely for the purpose of obtaining a rating of securities or other debt instruments upon normal terms and conditions; provided, however, that the Party whose Information is being disclosed or released to such rating organization is
promptly notified thereof. Each Party’s obligations under this Section 7.08 shall expire five years from the date of this Agreement. 

(b) Without limiting the foregoing, when any Information concerning the other Group or its business is no longer needed for the purposes
contemplated by this Agreement or any Ancillary Agreement, each of Ashland Global and Valvoline will, promptly after request of 

  
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the other Party, either return all Information in a tangible form (including all copies thereof and all notes, extracts or summaries based thereon) or certify to the other Party, as applicable,
that it has destroyed such Information, other than, in each case, any such Information electronically preserved or recorded within any computerized data storage device or component (including any hard-drive or database) pursuant to automatic or
routine backup procedures generally accessible only by legal, IT or compliance personnel. 
 ARTICLE VIII 

Insurance 
 SECTION 8.01.
Insurance. (a) Until the earlier of (x) the date Valvoline has obtained in effect such insurance policies as meet the specifications set forth in clauses (i) and (ii) of Section 8.01(d) and (y) the Trigger Date,
Ashland Global shall (i) cause the members of the Valvoline Group and their respective employees, officers and directors to continue to be covered as insured parties under Ashland Global Insurance Policies in a manner which is no less favorable
than the coverage provided for the Ashland Global Group and (ii) permit the members of the Valvoline Group and their respective employees, officers and directors to submit claims arising from or relating to facts, circumstances, events or
matters that occurred prior to the Trigger Date to the extent permitted under such policies; provided that Valvoline shall use commercially reasonable efforts to obtain, effective as of the Separation Date, insurance policies that meet the
specifications set forth in clauses (i) and (ii) of Section 8.01(d). With respect to policies currently procured by Valvoline for the sole benefit of the Valvoline Group (“Valvoline Insurance Policies”), Valvoline
shall continue to maintain such insurance coverage through the Distribution Date in a manner no less favorable than currently provided. Without limiting any of the rights or obligations of the parties pursuant to Section 8.01, Ashland Global
and Valvoline acknowledge that, as of immediately prior to the Trigger Date, Ashland Global intends to take such action as it may deem necessary or desirable to remove the members of the Valvoline Group and their respective employees, officers and
directors as insured parties under any policy of insurance issued to any member of the Ashland Global Group by any insurance carrier effective immediately prior to the Trigger Date. Valvoline further acknowledges and agrees that, from and after the
Trigger Date, neither Valvoline nor any member of the Valvoline Group shall have any rights to or under such Ashland Global Insurance Policy other than as expressly provided in Section 8.01(b). 

(b) From and after the Separation Date, with respect to any Liability accrued and/or incurred by the Valvoline Group prior to the Trigger
Date, Ashland Global shall provide members of the Valvoline Group with access to, and, if and to the extent determined by Ashland Global at its sole discretion, the Ashland Global Group and the Valvoline Group may jointly make claims under the
Ashland Global Insurance Policies if and solely to the extent that the terms of such policies provide for such coverage to the Valvoline Group with respect to any Liabilities accrued or incurred by the Valvoline Group prior to the Trigger Date, and
subject to the terms and conditions of such insurance policies, including any limits on coverage or scope, any deductibles and other fees and expenses, and subject to the following conditions: 

(i) Valvoline shall, or shall cause the applicable member of the Valvoline Group to, report any potential claims under Ashland
Global Insurance Policies arising 

  
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from the Valvoline Business as soon as practicable to Ashland Global and Ashland Global shall determine whether and at what time to report any such claims directly to the applicable insurance
company, and to submit a claim for coverage thereunder, and Ashland Global shall provide a copy of all such claim reports and submissions to Valvoline; provided, that, with respect to any such claims, Valvoline shall provide Ashland
Global with the information regarding the claims and provide recommendations with regard to the reporting and submission of such claims, and Ashland Global shall consult with Valvoline with regard to the timing thereof. 

(ii) If and to the extent that Valvoline is the sole entity recovering proceeds under one or more Ashland Global Insurance
Policies in respect of a particular claim arising from the Valvoline Business, Valvoline shall exclusively bear and be responsible for (and Ashland Global shall have no obligation to repay or reimburse Valvoline for) and pay the applicable insurers
as required under the Ashland Global Insurance Policy for any and all costs as a result of having access to, or making claims under, such Ashland Global Insurance Policy, including any amounts of deductibles and self-insured retention associated
with such claims, claim handling and administrative costs, taxes, surcharges, state assessments, reinsurance costs and other related costs, as well as for any applicable increase in Ashland Global’s future premiums for the coverage provided by
such policy, relating to all open, closed, re-opened claims covered by the applicable insurance policies, whether such claims are made by Valvoline, its employees or third parties, and Valvoline shall indemnify, hold harmless and reimburse Ashland
Global for any such amounts incurred by Ashland Global to the extent resulting from any access to, any claims made by Valvoline under, any Ashland Global Insurance Policy provided pursuant to this Section 8.01(b)(ii). 

(iii) If Ashland Global and Valvoline jointly make a claim for coverage under any Ashland Global Insurance Policy for amounts
that have been or may in the future be incurred partially by Ashland Global and partially by Valvoline, any insurance recovery resulting therefrom will first be allocated to reimburse Ashland Global and/or Valvoline for their respective costs, legal
and consulting fees, and other out-of-pocket expenses incurred in pursuing such insurance recovery, as well as to reimburse Ashland Global for any applicable increase in Ashland Global’s future premiums for the coverage provided by such policy
attributable to the Valvoline portion of such joint claim, with the remaining net proceeds from the insurance recovery to be allocated as between Ashland Global and Valvoline in a manner to be negotiated in good faith by Ashland Global and Valvoline
at or near the time of such recovery, provided that if the Parties cannot agree to an allocation within twenty (20) business days of the grant, settlement or other agreement, either Party may exercise any remedies available to it under this
Agreement. 
 (iv) Valvoline shall exclusively bear (and Ashland Global shall have no obligation to repay or reimburse
Valvoline for) and shall be liable for all uninsured, uncovered, unavailable or uncollectible amounts, incurred from and after the Trigger Date, of all such claims pursued by Valvoline under the Ashland Global Insurance Policies as provided for in
this Section 8.01(b). 

  
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 (v) In connection with making any joint claim under any Ashland Global Insurance
Policy pursuant to this Section 8.01(b), Ashland Global shall control the administration of all such claims, including the timing of any assertion and pursuit of coverage, and Valvoline shall not take any action that would be reasonably likely
to: (A) have an adverse impact on the then-current relationship between Ashland Global and the applicable insurance company; (B) result in the applicable insurance company terminating or reducing coverage to Ashland Global or Valvoline, or
increasing the amount of any premium owed by Ashland Global under the applicable Ashland Global Insurance Policy; (C) otherwise compromise, jeopardize or interfere with the rights of Ashland Global under the applicable Ashland Global Insurance
Policy or (D) otherwise compromise or impair Ashland Global’s ability to enforce its rights with respect to any indemnification under or arising out of this Agreement, and Ashland Global shall have the right, in its sole discretion, to
cause Valvoline to desist from any action that Ashland Global determines, in its sole discretion, would compromise or impair Ashland Global’s rights in accordance with this clause (D). 

Each of Ashland Global and Valvoline shall, and shall cause each member of the Ashland Global Group and the Valvoline Group, respectively, to, cooperate and
assist the applicable member of the Valvoline Group and the Ashland Global Group, as applicable, with respect to such claims. 
 (c) Any
payments, costs and adjustments required pursuant to Section 8.01(b) shall be billed by Ashland Global to Valvoline on a quarterly basis and Valvoline shall pay such billed payments, costs and adjustments to Ashland Global within 60 days from
receipt of invoice. If Ashland Global incurs costs to enforce Valvoline’s obligations under this Section 8.01, Valvoline agrees to indemnify Ashland Global for such enforcement costs, including reasonable attorneys’ fees. 

(d) At the Trigger Date, Valvoline shall have in effect all insurance programs required to comply with Valvoline’s statutory obligations.
Valvoline further agrees that from and after the Trigger Date and until the Distribution Date, Valvoline will maintain with (i) financially sound and reputable insurance companies and (ii) insurance companies that are not Affiliates of the
Valvoline Group, insurance with respect to its properties and business in such amounts, with such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses and owning similar properties in localities
where the Valvoline Group operates. 
 (e) This Agreement shall not be considered an attempted assignment of any policy of insurance in its
entirety, nor is it considered to be itself a contract of insurance, and further this Agreement shall not be construed to waive any right or remedy of Ashland under or with respect to any 

(f) Ashland Global shall not be liable to Valvoline for claims not reimbursed by insurers for any reason, including coinsurance provisions,
deductibles, quota share deductibles, exhaustion of aggregates, self-insured retentions, bankruptcy or insolvency of an insurance carrier, Ashland Global Insurance Policy limitations or restrictions, any coverage disputes, any failure to timely
claim by Ashland Global or any defect in such claim or in its processing. For the avoidance of doubt, this provision shall not supersede any obligation of Ashland Global to indemnify Valvoline as provided in Section 6.03. 

  
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 (g) In the event that any insurance claims of both Ashland Global and Valvoline for any Liability
accrued and/or incurred prior to the Trigger Date exist relating to the same occurrence, both Parties shall jointly defend and waive any conflict of interest to the extent necessary to the conduct of the joint defense. Nothing in this
Section 8.01(g) shall be construed to limit or otherwise alter in any way the obligations of the Parties, including those obligations under Article VI of this Agreement or otherwise, by operation of law or otherwise. 

(h) In the event of any Action by either Valvoline or Ashland Global (or both) to recover or obtain insurance proceeds, or to defend against
any Action by an insurance carrier to deny any benefits under an insurance policy, both Parties may join in any such Action and be represented by joint counsel and both Parties shall waive any conflict of interest to the extent necessary to conduct
any such Action. Nothing in this Section 8.01(h) shall be construed to limit or otherwise alter in any way the obligations of both Parties, including those obligations under Article VI of this Agreement or otherwise, by operation of law or
otherwise. 
 (i) Notwithstanding anything contained in this Section 8.01, to the extent Ashland Global has entered into or agrees to
enter into, whether on its own or with respect to any arrangement provided for under this Section 8.01, any settlement or agreement or other arrangement with any insurance provider regarding coverage under any Ashland Global Insurance Policy
that provides for any limitation of coverage or release of such insurance provider with regard to any coverage thereunder, whether in whole or in part (collectively, the “Released Insurance Matters”), Valvoline agrees that it shall
(a) abide by the terms of and, to the extent required, consent to, any such settlement or arrangement relating to the Released Insurance Matters as a condition to receiving any coverage under any Ashland Global Insurance Policy related thereto,
(b) have no rights to any such coverage under the Ashland Global Insurance Policies with respect to any Released Insurance Matters and (c) make no claims under any Ashland Global Insurance Policy with respect to any Released Insurance
Matters. 
 SECTION 8.02. Director and Officer Liability Insurance. (a) Until the Separation Date, Ashland Global shall maintain
directors and officers liability insurance policies or fiduciary liability insurance policies (collectively, “D&O Insurance Policies”) for officers and directors of the Valvoline Group in a manner which is no less favorable than
the coverage provided for the Ashland Global Group. Ashland Global and Valvoline acknowledge that, as of immediately prior to the Separation Date, Ashland Global intends to take such action as it may deem necessary or desirable to terminate any
D&O Insurance Policy issued to any officer or director of the Valvoline by any insurance carrier effective immediately prior to the Separation Date. 

(b) On and after the Separation Date, to the extent that any claims have been duly reported before the Separation Date under the D&O
Insurance Policies maintained by members of the Ashland Global Group, Ashland Global shall not, and shall cause the members of the Ashland Global Group not to, take any action that would limit the coverage of the individuals who acted as directors
or officers of Valvoline (or members of the Valvoline Group) prior to the Separation Date under any D&O Insurance Policies maintained by the members of the Ashland 

  
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Global Group. On and after the Separation Date, Valvoline shall maintain in effect for each past or present director of Valvoline or any of its subsidiaries, as well as each individual who prior
to the effectiveness of the Separation Agreement becomes a director or officer of Valvoline or any of its subsidiaries, for a period of at least six years after the Separation Date, D&O Insurance Policies of at least the same coverage and
containing terms and conditions which are, in the aggregate, no less advantageous to the insured, as the current D&O Insurance Policies of Ashland Global with respect to claims arising from acts or omissions that occurred on or prior to the
Separation Date. Ashland Global shall provide, and shall cause other members of the Ashland Global Group to provide, such cooperation as is reasonably requested by Valvoline in order for Valvoline to have in effect on and after the Separation Date
such new D&O Insurance Policies as Valvoline deems appropriate with respect to claims reported on or after the Separation Date. Except as provided in this Section 8.02, the Ashland Global Group may, at any time, without liability or
obligation to the Valvoline Group, amend, commute, terminate, buy-out, extinguish liability under or otherwise modify any “occurrence-based” insurance policy or “claims-made-based” insurance policy (and such claims will be
subject to any such amendments, commutations, terminations, buy-outs, extinguishments and modifications); provided, however, that Ashland Global will immediately notify Valvoline of any termination of any insurance policy. 

(c) From and after the Separation Date and until the day following the Distribution Date, Valvoline shall maintain D&O Insurance Policies
for officers and directors of the Valvoline Group in a manner which is no less favorable than the coverage provided for the Ashland Global Group. 

(d) The Parties shall use reasonable best efforts to cooperate with respect to the various insurance matters contemplated by this
Section 8.02. 
 ARTICLE IX 

Intellectual Property 

SECTION 9.01. Consent To Use Intellectual Property And Duty To Cooperate. (a) Valvoline, on behalf of itself and each other member
of the Valvoline Group, (i) consents to the use and registration of the Ashland Global IP in the business and operations conducted by Ashland Global and its Subsidiaries, Affiliates and their respective licensees and (ii) agrees to use
reasonable best efforts, prior to, on and after the Separation Date, to take, or cause to be taken, all actions, and to do, or cause to be done, all things, reasonably necessary, proper or advisable to effect the transfer, assignment, registration
or any related recordation of Ashland Global IP contemplated by this Agreement, on a worldwide basis. 
 (b) Ashland Global, on behalf of
itself and each other member of the Ashland Global Group, (i) consents to the use and registration of the Valvoline IP in the Valvoline Business by Valvoline and its Affiliates and their respective licensees and (ii) agrees to use
reasonable best efforts, prior to, on and after the Separation Date, to take, or cause to be taken, all actions, and to do, or cause to be done, all things, reasonably necessary, proper or advisable to effect the transfer, assignment, registration
and any related recordation of Valvoline IP contemplated by this Agreement, on a worldwide basis. 

  
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 (c) Valvoline agrees that it will not, and agrees to cause its Subsidiaries not to
(i) oppose, challenge, petition to cancel, contest or threaten in any way, or assist another party in opposing, challenging, petitioning to cancel, contesting or threatening in any way, any application or registration by Ashland Global or its
Affiliates or their respective licensees for any Ashland Global IP, the use of which is consistent with the use to which Valvoline has consented under this Agreement or (ii) engage in any act, or purposefully omit to perform any act, that
impairs or adversely affects the rights of Ashland Global or any member of the Ashland Global Group in and to any Ashland Global IP, in each case for a period of five years after the Separation Date. 

(d) Ashland Global agrees that it will not, and agrees to cause its Subsidiaries not to (i) oppose, challenge, petition to cancel,
contest or threaten in any way, or assist another party in opposing, challenging, petitioning to cancel, contesting or threatening in any way, any application or registration by Valvoline or its Affiliates or their respective licensees for any
Valvoline IP, the use of which is consistent with the use to which Ashland Global has consented under this Agreement or (ii) engage in any act, or purposefully omit to perform any act, that impairs or adversely affects the rights of Valvoline
or any member of the Valvoline Group in and to any Valvoline IP, in each case for a period of five years after the Separation Date. 
 (e)
Valvoline hereby acknowledges (on behalf of itself and each other member of the Valvoline Group) Ashland Global’s right, title and interest in and to the Ashland Global IP, and will not in any way, directly or indirectly, do or cause to be done
any act or thing contesting or in any way impairing or tending to impair any part of such right, title and interest within the business and operations conducted by Ashland Global and its Subsidiaries, Affiliates and their respective licensees, or
with respect to goods or services provided in connection with the business and operations conducted by Ashland Global and its Subsidiaries, Affiliates and their respective licensees, in each case for a period of five years after the Separation Date.

 (f) Ashland Global hereby acknowledges (on behalf of itself and each other member of the Ashland Global Group) Valvoline’s right,
title and interest in and to the Valvoline IP, and will not in any way, directly or indirectly, do or cause to be done any act or thing contesting or in any way impairing or tending to impair any part of such right, title and interest within the
Valvoline Business or with respect to goods or services provided in connection with the Valvoline Business, in each case for a period of five years after the Separation Date. 

(g) Prior to, on and after the Separation Date, Ashland Global shall cooperate with Valvoline, without any further consideration, but at the
expense of Valvoline, to obtain, or cause to be obtained, the Consents of any third parties necessary to effect the assignment or transfer of any Intellectual Property assets or rights contemplated under this Agreement or any Ancillary Agreement.
If, for any reason, the assignment or transfer of any Intellectual Property assets or rights contemplated under this Agreement or any Ancillary Agreement is otherwise impossible or ineffective, Ashland Global shall, and shall cause its Subsidiaries
to, use their reasonable best efforts to work together (and, if necessary and desirable, to work with any applicable third parties) in an effort to sublicense, divide, partially assign, modify and/or replicate (in whole or in part) the respective
rights and obligations under and in respect of any planned assignment or transfer. 

  
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 (h) Prior to, on and after the Separation Date, Ashland Global shall cooperate with Valvoline,
without any further consideration and at no expense to Valvoline, to obtain, cause to be obtained or properly record the release of any outstanding liens or security interests attached to any Valvoline IP and to take, or cause to be taken, all
actions as Ashland Global may reasonably be requested to take in order to obtain, cause to be obtained or properly record such release. 

(i) Valvoline agrees not to use, and agrees to cause its Subsidiaries not to use, any of the Trademark Assets included in the Ashland Global
Assets (the “Ashland Global Marks”), including any names, trademarks or domain names that incorporate the Ashland Global Marks for any purpose, except where (i) the use is a use, otherwise than as a mark, of a member of the Ashland
Global Group’s individual name in its own business, or of the individual name of anyone in privity with the Ashland Global Group, or of a term or device which is descriptive of and used fairly and in good faith only to describe the goods or
services of the Ashland Global Group, or their geographic origin; or, (ii) if used as a mark, such use does not conflict with, and is unlikely to cause consumer confusion with, dilute or tarnish, any Ashland Global Marks, and is in no way
contrary to the terms of this Article IX. 
 In the event that, as of the Separation Date, Ashland Global Marks prominently appear on any
publicly available or promoted business or promotional materials used by Valvoline or its Affiliates within the Valvoline Business, Valvoline shall remove and cease using, and shall cause its Subsidiaries to remove and cease using, such prominently
appearing marks as soon as reasonably practical following the Separation Date but in any event within 180 days of the Separation Date or, with respect to products for sale produced prior to the Separation Date on which any Ashland Global Mark
prominently appears, within 365 days of the Separation Date; provided that Valvoline shall promptly arrange for the destruction of any such products for sale produced prior to the Separation Date that remain unsold following such 365-day
period and on which any Ashland Global Mark prominently appears. 
 Notwithstanding anything in this Agreement to the contrary, and without
limiting the rights otherwise granted in this Section 9.01(i), the Valvoline Group shall have the right, at all times before, during and after the Separation Date, to retain records and other historical or archived documents containing or
referencing (i) the Ashland Global Marks or (ii) any other Information previously held by the Ashland Global Group, to the extent relating to the Valvoline Business. 

(j) Ashland Global agrees not to use, and agrees to cause its Subsidiaries not to use, any of the Trademark Assets included in the Valvoline
Assets (the “Valvoline Marks”) for any purpose, except where (i) the use is a use, otherwise than as a mark, of a member of the Valvoline Group’s individual name in its own business, or of the individual name of anyone in privity
with the Valvoline Group, or of a term or device which is descriptive of and used fairly and in good faith only to describe the goods or services of the Valvoline Group, or their geographic origin; or, (ii) if used as a mark, such use does not
conflict with, and is unlikely to cause consumer confusion with, dilute or tarnish, any Valvoline Marks, and is in no way contrary to the terms of this Article IX. 

  
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 In the event that, as of the Separation Date, Valvoline Marks prominently appear on any publicly
available or promoted business or promotional materials used by Ashland Global or its Affiliates within the business and operations conducted by Ashland Global and its Subsidiaries, Ashland Global shall remove and cease using, and shall cause its
Subsidiaries to remove and cease using, such prominently appearing marks as soon as reasonably practical following the Separation Date but in any event within 180 days of the Separation Date or, with respect to products for sale produced or
published prior to the Separation Date on which any Valvoline Mark prominently appears, within 365 days of the Separation Date; provided that Ashland Global shall promptly arrange for the destruction of any such products for sale produced or
published prior to the Separation Date that remain unsold following such 365-day period and on which any Valvoline Mark prominently appears. 

Notwithstanding anything in this Agreement to the contrary, and without limiting the rights otherwise granted in this Section 9.01(j),
the Ashland Global Group shall have the right, at all times before, during and after the Separation Date, to retain records and other historical or archived documents containing or referencing (i) the Valvoline Marks or (ii) any other
Information previously held by the Valvoline Group, to the extent relating to the Ashland Global Business. 
 (k) (i) As of the
Separation Date, any and all photographs, artwork and similar objects and other physical assets owned by the Ashland Global Group or the Valvoline Group that relate to the history or historical activities of the Valvoline Business
(“Valvoline Memorabilia”) shall be deemed to be owned, as between the Ashland Global Group and the Valvoline Group, by (i) the Valvoline Group to the extent located on the premises of any member of the Valvoline Group and
(ii) the Ashland Global Group to the extent located on the premises of any member of the Ashland Global Group. Valvoline hereby grants the Ashland Global Group from the Separation Date a worldwide, transferable, perpetual, royalty-free,
irrevocable (with right to sub-license), fully paid license to use any Valvoline Memorabilia in documenting, memorializing and (if desired) marketing its history. 

(ii) As of the Separation Date, any and all photographs, artwork and similar objects and other physical assets owned by the
Ashland Global Group or the Valvoline Group that relate to the history or historical activities of the Ashland Global Business (“Ashland Global Memorabilia”) shall be deemed to be owned, as between the Ashland Global Group and the
Valvoline Group, by (i) the Valvoline Group to the extent located on the premises of any member of the Valvoline Group and (ii) the Ashland Global Group to the extent located on the premises of any member of the Ashland Global Group.
Ashland Global hereby grants the Valvoline Group from the Separation Date a worldwide, transferable, perpetual, royalty-free, irrevocable (with right to sub-license), fully paid license to use any Ashland Global Memorabilia in documenting,
memorializing and (if desired) marketing its history. 
 (l) Each of Ashland Global and Valvoline believes its respective Trademark Assets
are sufficiently distinctive and different to ensure consumers will not be confused as to source or sponsorship, and each agrees to employ its reasonable best efforts to use its respective Trademark Assets in a manner that does not cause actual
confusion or a likelihood of confusion as to source or sponsorship of its respective goods or services in its respective channels of trade. 

  
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If, despite Ashland Global’s and Valvoline’s reasonable best efforts, such actual confusion shall be brought to the attention of either such Party, the Parties agree to consult
regarding steps to be taken to mitigate or correct such actual confusion. 
 (m) Each of Ashland Global and Valvoline shall be responsible
for policing, protecting and enforcing its own Intellectual Property. Notwithstanding the foregoing, each of Ashland Global and Valvoline will promptly give notice to the other of any known, actual or threatened, use or infringement of any of the
other Party’s Intellectual Property, including, without limitation, infringement of the other Party’s Trademark Assets, in each case for a period of five years after the Separation Date. 

SECTION 9.02. Trade Secrets. All Trade Secrets included in the Valvoline Assets (“Valvoline Trade Secrets”) shall be
in or shall be moved to the physical possession of the Valvoline Group in a tangible form (including all copies thereof and all notes, extracts or summaries based thereon) prior to or on the Separation Date. Within a commercially reasonable time
after placing the Valvoline Trade Secrets within the Valvoline Group, Ashland Global shall destroy or shall have destroyed any form or copy of Valvoline Trade Secrets in the possession of Ashland Global or any members of its Group, other than
Valvoline Trade Secrets that were electronically preserved or recorded by an electronic backup system prior to the Separation Date and remain within a secure, encrypted data backup system that is subject to industry practice defense, protection and
access restriction measures. If any Valvoline Trade Secrets are discovered to remain in the possession of the Ashland Global Group after the Separation Date, Ashland Global shall destroy or shall have destroyed any form or copy of such Valvoline
Trade Secrets as promptly as possible, and within no more than a commercially reasonable amount of time. 
 All Trade Secrets included in
the Ashland Global Assets (“Ashland Global Trade Secrets”) shall be in or shall be moved to the physical possession of the Ashland Global Group in a tangible form (including all copies thereof and all notes, extracts or summaries
based thereon) prior to or on the Separation Date. Within a commercially reasonable time after placing the Ashland Global Trade Secrets within the Ashland Global Group, Valvoline shall destroy or shall have destroyed any form or copy of Ashland
Global Trade Secrets in the possession of Valvoline or any members of its Group, other than Ashland Global Trade Secrets that were electronically preserved or recorded by an electronic backup system prior to the Separation Date and remain within a
secure, encrypted data backup system that is subject to industry practice defense, protection and access restriction measures. If any Ashland Global Trade Secrets are discovered to remain in the possession of the Valvoline Group after the Separation
Date, Valvoline shall destroy or shall have destroyed any form or copy of such Ashland Global Trade Secrets as promptly as possible, and within no more than a commercially reasonable amount of time. 

SECTION 9.03. Intellectual Property Cross License. The Parties acknowledge that through the course of a history of integrated
operations they and the members of their respective Groups have each obtained knowledge of and access to Intellectual Property, including Trade Secrets, copyrighted content, proprietary know-how, and other Intellectual Property rights that are not
governed expressly by this Agreement or any of the Ancillary Agreements or identified expressly in any of the schedules thereto (collectively, “Shared  

  
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Background IP”). With regard to this Shared Background IP, the Parties seek to ensure that each has the freedom to use such Shared Background IP in the future. Hence, as of the
Separation Date, each Group hereby grants to the other Group a non-exclusive, royalty-free, fully-paid, perpetual, sublicenseable (through multiple tiers), worldwide license to use and exercise rights under any Shared Background IP (excluding
Trademark Assets and the subject matter of any Ancillary Agreement) owned by such Group and used in the other Group’s businesses prior to the Separation Date solely for use of the same type, of the same scope, and to the same extent as used by
such Group prior to the Separation Date, in connection with such Group’s businesses, including both internal business activities and distribution and sublicensing through multiple tiers carried out in the ordinary course of business. Such
license shall be and is on an “as-is, where-is” basis, and each Group hereby expressly disclaims all representations and warranties of any type or nature, provided that the disclaimer set forth in this Section 9.03 is expressly
limited to this Section 9.03 and does not limit, supersede or modify any other representation or warranty set forth elsewhere in this Agreement or any other Ancillary Agreement. 

SECTION 9.04. Scope. The geographic scope of this Article IX shall be worldwide. 

SECTION 9.05. Licenses; Assignments. Any license, assignment or other transfer of rights in the Ashland Global IP or the Valvoline IP
to a third party shall be accompanied by the restrictions provided in this Article IX. 
 ARTICLE X 

Further Assurances and Additional Covenants 

SECTION 10.01. Further Assurances. (a) In addition to the actions specifically provided for elsewhere in this Agreement, each of
the Parties shall, subject to Section 4.04, use reasonable best efforts, prior to, on and after the Separation Date, to take, or cause to be taken, all actions, and to do, or cause to be done, all things, reasonably necessary, proper or
advisable under applicable Laws and agreements to consummate and make effective the transactions contemplated by this Agreement. 
 (b)
Without limiting the foregoing, prior to, on and after the Separation Date, each Party shall cooperate with the other Party, without any further consideration, (i) to execute and deliver, or use reasonable best efforts to execute and deliver,
or cause to be executed and delivered, all Conveyancing and Assumption Instruments as such Party may reasonably be requested to execute and deliver by the other Party, (ii) to make, or cause to be made, all filings with, and to obtain, or cause
to be obtained, all Governmental Approvals or other Consents required by Law or otherwise necessary or advisable under any ruling, judgment, Permit, license, agreement, indenture or other instrument, (iii) to obtain, or cause to be obtained,
any Governmental Approvals or other Consents required to effect the Separation, the Initial Public Offering, the Distribution or the Other Disposition, or to conduct the Valvoline Business or the Ashland Global Business, as each was conducted as of
the Separation Date, from and after the Separation Date and (iv) to take, or cause to be taken, all such other actions as such Party may reasonably be requested to take by the other Party from time to time, consistent with the terms of this
Agreement and the Ancillary Agreements, in order to effectuate the provisions and purposes of this Agreement and any transfers of Assets or assignments and assumptions of Liabilities hereunder and the other transactions contemplated hereby. 

  
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 (c) On or prior to the Separation Date, Ashland Global and Valvoline, in their respective
capacities as direct and indirect shareholders of their respective Subsidiaries, shall each ratify any actions that are reasonably necessary or desirable to be taken by Valvoline or any other Subsidiary of Ashland Global, as the case may be, to
effectuate the transactions contemplated by this Agreement. 
 (d) Prior to the Separation, if either Party identifies any commercial or
other service that is needed to ensure a smooth and orderly transition of its business in connection with the consummation of the transactions contemplated hereby, and that is not otherwise governed by the provisions of this Agreement or any
Ancillary Agreement, the Parties will cooperate in determining whether there is a mutually acceptable arm’s-length basis on which the other Party will provide such service. 

(e) Prior to the Distribution Date, Valvoline will not, without the prior written consent of Ashland Global (which it may withhold in its sole
and absolute discretion), issue (i) any shares of Valvoline Common Stock or any rights, warrants or options to acquire Valvoline Common Stock (including, without limitation, securities convertible into or exchangeable for Valvoline Common
Stock) or (ii) any share of Valvoline Non-Voting Stock; provided that, regardless or whether or not Ashland Global shall have consented thereto, in no case shall any such issuance (after giving effect to such issuance and considering all
the shares of Valvoline Common Stock acquirable pursuant to such rights, warrants and options that may be outstanding on the date of such issuance (whether or not then exercisable)), result in Ashland Global owning directly or indirectly less than
the number of shares necessary to (x) constitute control of Valvoline within the meaning of Section 368(c) of the Code or (y) meet the stock-ownership requirements described in Section 1504(a)(2) of the Code (in each case, if the
number 81 were substituted for the number 80 each time it appears in such sections). 
 ARTICLE XI 

Termination 
 SECTION
11.01. Termination. This Agreement may be terminated by Ashland Global at any time, in its sole discretion, prior to the Separation. 

SECTION 11.02. Effect of Termination. In the event of any termination of this Agreement prior to the Separation, neither Party (nor any
of its directors or officers) shall have any Liability or further obligation to the other Party under this Agreement or the Ancillary Agreements. 

ARTICLE XII 
 Miscellaneous

 SECTION 12.01. Counterparts; Entire Agreement; Corporate Power. (a) This Agreement may be executed in one or more
counterparts, all of which counterparts shall be 

  
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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. 
 (b) This Agreement, the
Ancillary Agreements and the Appendices, Exhibits and Schedules hereto and thereto contain the entire agreement between the Parties with respect to the subject matter hereof and supersede all previous agreements, negotiations, discussions, writings,
understandings, commitments and conversations with respect to such subject matter, and there are no agreements or understandings between the Parties with respect to the subject matter hereof other than those set forth or referred to herein or
therein. If there is a conflict between any provision of this Agreement and any specific provision of an applicable Ancillary Agreement, such Ancillary Agreement shall control; provided that with respect to any Conveyancing and Assumption
Instrument, this Agreement shall control unless specifically stated otherwise in such Conveyancing and Assumption Instrument. 
 (c) Ashland
Global represents on behalf of itself and each other member of the Ashland Global Group, and Valvoline represents on behalf of itself and each other member of the Valvoline Group, as follows: 

(i) each such Person has the requisite corporate or other power and authority and has taken all corporate or other action
necessary in order to execute, deliver and perform each of this Agreement and each Ancillary Agreement to which it is a party and to consummate the transactions contemplated hereby and thereby; and 

(ii) this Agreement and each Ancillary Agreement to which it is a party has been (or, in the case of any Ancillary Agreement,
will be on or prior to the Separation Date) duly executed and delivered by it and constitutes, or will constitute, a valid and binding agreement of it enforceable in accordance with the terms thereof. 

SECTION 12.02. Governing Law; Dispute Resolution; Jurisdiction. (a)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. 

(b) Unless otherwise set forth in this Agreement, in the event of any dispute arising under this Agreement between the Parties, either Party
shall have a right to refer such dispute to the respective general counsels, and such general counsels shall attempt in good faith to resolve such dispute. If the Parties are unable to resolve a given dispute within 10 days of such dispute being
referred to the general counsels, then either Party shall have a right to refer such dispute to the respective chief executive officers, and such chief executive officers shall attempt in good faith to resolve such dispute. If the Parties are unable
to resolve a given dispute within 10 days of such dispute being referred to the chief executive officers as provided in this Section 12.02(b), then, subject to Section 6.07, each Party shall have the right to exercise any and all remedies
available under law or equity with respect to such dispute. 

  
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 (c) 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. 

(d) Notwithstanding anything in this Agreement to the contrary, a Party may seek a temporary restraining order or a preliminary injunction
from any court of competent jurisdiction, at any time, in order to prevent immediate and irreparable injury, less or damage on a provisional basis, pending the resolution of any dispute hereunder, including under Sections 12.02(b) or
(c) hereof. 
 SECTION 12.03. 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 will 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 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 12.03 shall release the assigning Party from liability for the full performance of its obligations under this Agreement. 

SECTION 12.04. Third-Party Beneficiaries. Except for the indemnification rights under this Agreement of any Ashland Global Indemnitee
or Valvoline Indemnitee 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 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 with any remedy, claim, liability, reimbursement, cause of action
or other right in excess of those existing without reference to this Agreement. 
 SECTION 12.05. 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: 

  
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 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 

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 12.06. 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 12.07. Publicity. Each of Ashland
Global and Valvoline shall consult with the other, and shall, subject to the requirements of Section 7.08, provide the other Party the opportunity to review and comment upon, any press releases or other public statements in connection with the
Separation, the Initial Public Offering, the Distribution or the Other Disposition or any of the other transactions contemplated hereby and any filings with any Governmental Authority or national securities exchange with respect thereto, in each
case prior 

  
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to the issuance or filing thereof, as applicable (including the IPO Registration Statement, the Parties’ respective Current Reports on Form 8-K to be filed on the Distribution Date, the
Parties’ respective Quarterly Reports on Form 10-Q filed with respect to the fiscal quarter during which the Distribution Date occurs, or if such quarter is the fourth fiscal quarter, the Parties’ respective Annual Reports on
Form 10-K filed with respect to the fiscal year during which the Distribution Date occurs (each such Quarterly Report on Form 10-Q or Annual Report on Form 10-K, a “First Post-Distribution Report”)). Each Party’s
obligations pursuant to this Section 12.07 shall terminate on the date on which such Party’s First Post-Distribution Report is filed with the Commission. 

SECTION 12.08. Expenses. Ashland Global and Valvoline shall each bear the costs and expenses incurred or paid as of the Distribution
Date in connection with the Separation, the Initial Public Offering and the Distribution or the Other Disposition, as applicable, for the services and to the financial, legal, accounting and other advisors set forth below their respective names on
Schedule VII. Except as expressly set forth in this Agreement or in any Ancillary Agreement, all other third-party fees, costs and expenses paid or incurred in connection with the Separation, the Initial Public Offering and the Distribution or the
Other Disposition, as applicable, will be paid by the Party incurring such fees or expenses, whether or not the Separation is consummated, or as otherwise agreed by the Parties in writing. 

SECTION 12.09. 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 12.10. 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 Separation, the Initial Public Offering and any Distribution or Other Disposition, as
applicable, and shall remain in full force and effect. 
 SECTION 12.11. Waivers of Default. No failure or delay of any Party (or the
applicable member of its Group) in exercising any right or remedy under this Agreement or any Ancillary Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or
discontinuance of steps to enforce such right or power, or any course of conduct, preclude any other or further exercise thereof or the exercise of any other right or power. Waiver by any Party of any default by the other Party of any provision of
this Agreement shall not be deemed a waiver by the waiving Party of any subsequent or other default. 
 SECTION 12.12. Specific
Performance. Subject to Section 4.04 and notwithstanding the procedures set forth in Article X, 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. 

  
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 SECTION 12.13. 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. 

SECTION 12.14. 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 or to any Ancillary Agreement but not otherwise defined therein shall have the meaning as defined in this Agreement or the Ancillary Agreement to which such Schedule is attached, as
applicable. 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 12.13. 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.

 SECTION 12.15. Waiver of Jury Trial. EACH OF THE PARTIES ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS
AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH OF THE PARTIES HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY
ARISING OUT OF OR RELATING TO THIS AGREEMENT. EACH OF THE PARTIES CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER COMPANY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT THE OTHER PARTY WOULD NOT, IN THE
EVENT OF ANY LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) EACH OF THE PARTIES UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) EACH OF THE PARTIES MAKES THIS WAIVER VOLUNTARILY AND (D) EACH OF THE PARTIES
HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 12.15. 

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

			
	ASHLAND GLOBAL HOLDINGS INC.,
		
	by	 	/s/ Peter J. Ganz
		 	Name: Peter J. Ganz
		 	 Title:   Senior Vice President, General Counsel,

            and Secretary

	
	VALVOLINE INC.,
		
	by	 	/s/ Julie O’Daniel
		 	Name: Julie O’Daniel
		 	Title:   General Counsel and Secretary

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