Document:

Exhibit 10.2

                               LITHIUM CORP.

                              NOTICE OF GRANT

Capitalized  but  otherwise  undefined  terms in this  Notice  of Grant  and the
attached Stock Option  Agreement shall have the same defined  meanings as in the
2009 Stock Plan.

Name:                            Address:
     ----------------------------        ---------------------------------------

You have been granted an option (the  "Option") to purchase  Common Stock of the
Corporation,  subject to the terms and  conditions  of the Plan and the attached
Stock Option Agreement, as follows:

       Date of Grant:
                                    --------------------------------------------

       Vesting Commencement Date:
                                    --------------------------------------------

       Option Price per Share:      $
                                    --------------------------------------------

       Total Number of Shares Granted:

                                    --------------------------------------------

       Total Option Price:          $
                                    --------------------------------------------

       Type of Option:                                 Incentive Stock Option
                                    ------------------
                                                       Nonqualified Stock Option
                                    ------------------

       Term/Expiration Date:        Five (5) years after Date of Grant

Vesting Schedule:

The Option shall vest,  in whole or in part,  in  accordance  with the following
schedule:
<PAGE>
                                  LITHIUM CORP.

                                 2009 STOCK PLAN

                             STOCK OPTION AGREEMENT

     This  STOCK  OPTION  AGREEMENT  ("Agreement"),  dated  as of the ___ day of
________,  2009 is made by and between LITHIUM CORP., a Nevada  corporation (the
"Corporation"),  and  ____________________  (the "Optionee,"  which term as used
herein  shall be deemed to include any  successor  to the Optionee by will or by
the laws of  descent  and  distribution,  unless  the  context  shall  otherwise
require).

                                BACKGROUND

     Pursuant  to  the   Corporation's   2009  Stock  Plan  (the  "Plan"),   the
Corporation,  acting  through  the  Committee  of the Board of  Directors  (if a
committee  has been  formed  to  administer  the  Plan) or its  entire  Board of
Directors (if no such committee has been formed)  responsible for  administering
the Plan (in either case,  referred to herein as the "Committee"),  approved the
issuance to the Optionee, ___________________ share options at $_____ per share,
effective as of the date set forth above,  of a stock option to purchase  shares
of Common Stock of the  Corporation at the price (the "Option  Price") set forth
in the attached Notice of Grant (which is expressly incorporated herein and made
a part hereof, the "Notice of Grant"), upon the terms and conditions hereinafter
set forth.

     NOW,  THEREFORE,  in  consideration of the mutual premises and undertakings
hereinafter set forth, the parties hereto agree as follows:

1. OPTION;  OPTION PRICE.  On behalf of the  Corporation,  the Committee  hereby
grants to the  Optionee the option (the  "Option")  to purchase,  subject to the
terms and  conditions of this Agreement and the Plan (which is  incorporated  by
reference  herein  and  which in all  cases  shall  control  in the event of any
conflict with the terms,  definitions  and provisions of this  Agreement),  that
number of shares of Common Stock of the  Corporation  set forth in the Notice of
Grant,  at an exercise price per share equal to the Option Price as is set forth
in the Notice of Grant (the "Optioned  Shares").  If designated in the Notice of
Grant as an  "incentive  stock  option,"  the Option is  intended to qualify for
Federal income tax purposes as an "incentive stock option" within the meaning of
Section 422 of the Code.  A copy of the Plan as in effect on the date hereof has
been  supplied to the Optionee,  and the Optionee  hereby  acknowledges  receipt
thereof.

2. TERM.  The term (the "Option  Term") of the Option shall commence on the date
of this  Agreement  and  shall  expire on the  Expiration  Date set forth in the
Notice of Grant unless such Option shall  theretofore  have been  terminated  in
accordance with the terms of the Notice of Grant, this Agreement or of the Plan.
<PAGE>
3. TIME OF EXERCISE.

     (a) Unless  accelerated  in the discretion of the Committee or as otherwise
provided  herein,  the  Option  shall  become  exercisable  during  its  term in
accordance with the Vesting Schedule set out in the Notice of Grant.  Subject to
the provisions of Sections 5 and 8 hereof, shares as to which the Option becomes
exercisable  pursuant to the foregoing  provisions  may be purchased at any time
thereafter prior to the expiration or termination of the Option.

     (b) Anything  contained in this Agreement to the contrary  notwithstanding,
to the extent the Option is intended to be an Incentive Stock Option, the Option
shall not be exercisable as an Incentive Stock Option, and shall be treated as a
Non-Statutory  Option, to the extent that the aggregate Fair Market Value on the
date  hereof of all stock with  respect to which  Incentive  Stock  Options  are
exercisable  for the first time by the Optionee  during any calendar year (under
the  Plan  and  all  other  plans  of  the  Corporation,   its  parent  and  its
subsidiaries, if any) exceeds $100,000.

4. TERMINATION OF OPTION.

     (a) The Optionee may exercise the Option (but only to the extent the Option
was  exercisable  at  the  time  of  termination  of  the  Optionee's   Business
Relationship with the Corporation, its parent or any of its subsidiaries) at any
time  within  three (3)  months  following  the  termination  of the  Optionee's
Business   Relationship  with  the  Corporation,   its  parent  or  any  of  its
subsidiaries,  but  not  later  than  the  scheduled  expiration  date.  If  the
termination  of  the  Optionee's   employment  is  for  cause  or  is  otherwise
attributable  to a breach by the  Optionee  of an  employment,  non-competition,
non-disclosure or other material agreement,  the Option shall expire immediately
upon such  termination.  If the Optionee is a natural person who dies while in a
Business   Relationship  with  the  Corporation,   its  parent  or  any  of  its
subsidiaries,  this  option  may be  exercised,  to the  extent of the number of
shares with respect to which the Optionee could have exercised it on the date of
his death, by his estate,  personal  representative  or beneficiary to whom this
option has been  assigned  pursuant to Section 9 of the Plan, at any time within
the twelve (12) month period  following the date of death.  If the Optionee is a
natural person whose Business  Relationship with the Corporation,  its parent or
any of its  subsidiaries is terminated by reason of his disability,  this Option
may be  exercised,  to the extent of the number of shares with  respect to which
the Optionee could have exercised it on the date the Business  Relationship  was
terminated,  at any time within the twelve (12) month period  following the date
of such  termination,  but not later than the scheduled  expiration date. At the
expiration  of such  three  (3) or twelve  (12)  month  period or the  scheduled
expiration date,  whichever is the earlier,  this Option shall terminate and the
only  rights  hereunder  shall  be those as to which  the  Option  was  properly
exercised before such termination.

     (b) Anything contained herein to the contrary  notwithstanding,  the Option
shall not be  affected  by any  change of duties  or  position  of the  Optionee
(including  a  transfer  to or from the  Corporation,  its  parent or any of its
subsidiaries) so long as the Optionee continues in a Business  Relationship with
the Corporation, its parent or any of its subsidiaries.

                                       2
<PAGE>
5. PROCEDURE FOR EXERCISE.

     (a) The Option  may be  exercised,  from time to time,  in whole or in part
(but for the purchase of whole shares only),  by delivery of a written notice in
the form  attached as Exhibit A hereto (the  "Notice")  from the Optionee to the
Secretary of the Corporation, which Notice shall:

     (i) state that the Optionee elects to exercise the Option;

     (ii) state the number of shares  with  respect to which the Option is being
exercised (the "Optioned Shares");

     (iii)  state the method of payment  for the  Optioned  Shares  pursuant  to
Section 5(b);

     (iv)  state the date upon which the  Optionee  desires  to  consummate  the
purchase of the Optioned  Shares (which date must be prior to the termination of
such Option and no later than 30 days from the delivery of such Notice);

     (v) include any  representations  of the Optionee  required  under  Section
8(b);

     (vi) if the Option shall be exercised in  accordance  with Section 9 of the
Plan by any person other than the Optionee, include evidence to the satisfaction
of the Committee of the right of such person to exercise the Option; and

     (b)  Payment  of the Option  Price for the  Optioned  Shares  shall be made
either (i) by delivery of cash or a check to the order of the  Corporation in an
amount equal to the Option Price, (ii) if approved by the Committee, by delivery
to the  Corporation of shares of Common Stock of the  Corporation  having a Fair
Market Value on the date of exercise  equal in amount to the Option Price of the
options being  exercised,  (iii) by any other means which the Board of Directors
determines are consistent  with the purpose of the Plan and with applicable laws
and regulations (including, without limitation, the provisions of Rule 16b-3 and
Regulation  T  promulgated  by  the  Federal  Reserve  Board),  or  (iv)  by any
combination of such methods of payment.

     (c) The  Corporation  shall  issue a stock  certificate  in the name of the
Optionee  (or such other person  exercising  the Option in  accordance  with the
provisions  of  Section  9 of the  Plan)  for  the  Optioned  Shares  as soon as
practicable  after  receipt of the Notice and  payment of the  aggregate  Option
Price for such shares.

6. NO RIGHTS AS A  STOCKHOLDER.  The Optionee shall not have any privileges of a
stockholder  of the  Corporation  with respect to any Optioned  Shares until the
date of issuance of a stock certificate pursuant to Section 5(c).

7. ADJUSTMENTS.  The Plan contains  provisions covering the treatment of options
in a number of contingencies such as stock splits and mergers. Provisions in the
Plan for  adjustment  with  respect to stock  subject to options and the related
provisions  with respect to  successors to the business of the  Corporation  are

                                       3
<PAGE>
hereby made applicable  hereunder and are incorporated  herein by reference.  In
general,  the  Optionee  should  not  assume  that  options  would  survive  the
acquisition of the Corporation.

8. ADDITIONAL PROVISIONS RELATED TO EXERCISE.

     (a) The Option shall be  exercisable  only on such date or dates and during
such  period and for such  number of shares of Common  Stock as are set forth in
this Agreement.

     (b) To exercise the Option,  the Optionee  shall follow the  procedures set
forth in Section 5 hereof.  Upon the exercise of the Option at a time when there
is not in effect a registration  statement  under the Securities Act of 1933, as
amended (the "Securities Act"),  relating to the shares of Common Stock issuable
upon exercise of the Option, the Committee in its discretion may, as a condition
to the exercise of the Option, require the Optionee (i) to execute an Investment
Representation Statement substantially in the form set forth in Exhibit B hereto
and  (ii) to make  such  other  representations  and  warranties  as are  deemed
appropriate by counsel to the Corporation.

     (c) Stock  certificates  representing  shares of Common Stock acquired upon
the exercise of Options that have not been  registered  under the Securities Act
shall,  if required by the  Committee,  bear an appropriate  restrictive  legend
referring to the  Securities  Act. No shares of Common Stock shall be issued and
delivered  upon the  exercise  of the Option  unless  and until the  Corporation
and/or the Optionee  shall have  complied with all  applicable  Federal or state
registration,   listing  and/or   qualification   requirements   and  all  other
requirements of law or of any regulatory agencies having jurisdiction.

9. No Evidence of Employment or Service.  Nothing  contained in the Plan or this
Agreement  shall  confer upon the  Optionee  any right to continue in a Business
Relationship  with the  Corporation,  its parent or any of its  subsidiaries  or
interfere  in any way  with the  right of the  Corporation,  its  parent  or its
subsidiaries (subject to the terms of any separate agreement to the contrary) to
terminate the Optionee's  Business  Relationship  or to increase or decrease the
Optionee's compensation at any time.

10.  RESTRICTION  ON  TRANSFER.  The  Option  may not be  transferred,  pledged,
assigned,  hypothecated  or  otherwise  disposed of in any way by the  Optionee,
except by will or by the laws of descent and distribution,  and may be exercised
during the lifetime of the Optionee only by the Optionee.  If the Optionee dies,
the Option  shall  thereafter  be  exercisable,  during the period  specified in
Section 4, by his  executors or  administrators  to the full extent to which the
Option was  exercisable  by the  Optionee  at the time of his death.  The Option
shall not be subject to execution,  attachment or similar process. Any attempted
assignment,  transfer, pledge,  hypothecation or other disposition of the Option
contrary to the provisions hereof, and the levy of any execution,  attachment or
similar process upon the Option,  shall be null and void and without effect. The
words  "transfer"  and "dispose"  include  without  limitation the making of any
sale,   exchange,   assignment,   gift,  security  interest,   pledge  or  other
encumbrance,  or any contract  therefor,  any voting trust or other agreement or
arrangement  with  respect  to the  transfer  of  any  interest,  beneficial  or

                                       4
<PAGE>
otherwise,  in the Option,  the creation of any other claim thereto or any other
transfer or disposition whatsoever, whether voluntary or involuntary,  affecting
the right, title, interest or possession with respect to the Option.

11. SPECIFIC PERFORMANCE. Optionee expressly agrees that the Corporation will be
irreparably  damaged if the  provisions  of this  Agreement and the Plan are not
specifically  enforced.  Upon a  breach  or  threatened  breach  of  the  terms,
covenants and/or  conditions of this Agreement or the Plan by the Optionee,  the
Corporation shall, in addition to all other remedies, be entitled to a temporary
or permanent  injunction,  without showing any actual damage,  and/or decree for
specific performance,  in accordance with the provisions hereof and thereof. The
Board of Directors  shall have the power to determine what  constitutes a breach
or  threatened  breach of this  Agreement or the Plan.  Any such  determinations
shall be final and conclusive and binding upon the Optionee.

12.  DISQUALIFYING  DISPOSITIONS.  To the extent the Option is intended to be an
Incentive  Stock Option,  and if the Optioned  Shares are disposed of within two
years  following the date of this  Agreement or one year  following the issuance
thereof to the Optionee (a  "Disqualifying  Disposition"),  the Optionee  shall,
immediately prior to such Disqualifying  Disposition,  notify the Corporation in
writing of the date and terms of such Disqualifying Disposition and provide such
other information regarding the Disqualifying Disposition as the Corporation may
reasonably require.

13. NOTICES. All notices or other communications which are required or permitted
hereunder shall be in writing and sufficient if (i) personally delivered or sent
by telecopy, (ii) sent by nationally-recognized  overnight courier or (iii) sent
by registered or certified  mail,  postage  prepaid,  return receipt  requested,
addressed as follows:

     if to the  Optionee,  to the address (or telecopy  number) set forth on the
Notice of Grant; and

     if to the  Corporation,  to its principal  executive office as specified in
any report filed by the Corporation with the Securities and Exchange  Commission
or to such  address as the  Corporation  may have  specified  to the Optionee in
writing, Attention: Corporate Secretary.

or to such  other  address  as the party to whom  notice is to be given may have
furnished  to the  other  party in  writing  in  accordance  herewith.  Any such
communication  shall  be  deemed  to have  been  given  (i) when  delivered,  if
personally  delivered,  or when  telecopied,  if  telecopied,  (ii) on the first
Business   Day   (as   hereinafter   defined)   after   dispatch,   if  sent  by
nationally-recognized  overnight  courier  and (iii) on the third  Business  Day
following the date on which the piece of mail containing such  communication  is
posted, if sent by mail. As used herein,  "Business Day" means a day that is not
a Saturday,  Sunday or a day on which banking  institutions in the city to which
the notice or communication is to be sent are not required to be open.

14. NO WAIVER.  No waiver of any breach or condition of this Agreement  shall be
deemed to be a waiver of any other or subsequent breach or condition, whether of
like or different nature.

                                       5
<PAGE>
15. OPTIONEE UNDERTAKING. The Optionee hereby agrees to take whatever additional
actions and execute  whatever  additional  documents the  Corporation may in its
reasonable  judgment deem necessary or advisable in order to carry out or effect
one or more of the obligations or restrictions  imposed on the Optionee pursuant
to the express provisions of this Agreement.

16.  MODIFICATION  OF  RIGHTS.  The  rights  of  the  Optionee  are  subject  to
modification and termination in certain events as provided in this Agreement and
the Plan.

17.  GOVERNING  LAW.  This  Agreement  shall be governed  by, and  construed  in
accordance  with,  the laws of the State of Nevada  applicable to contracts made
and to be wholly  performed  therein,  without giving effect to its conflicts of
laws principles.

18. COUNTERPARTS;  FACSIMILE EXECUTION. This Agreement may be executed in one or
more counterparts,  each of which shall be deemed to be an original,  but all of
which together shall constitute one and the same instrument. Facsimile execution
and  delivery  of this  Agreement  is legal,  valid and  binding  execution  and
delivery for all purposes.

19. ENTIRE  AGREEMENT.  This  Agreement  (including the Notice of Grant) and the
Plan, and, upon execution, the Notice and Investment  Representation  Statement,
constitute the entire agreement  between the parties with respect to the subject
matter  hereof,  and  supersede  all  previously  written or oral  negotiations,
commitments, representations and agreements with respect thereto.

20.  SEVERABILITY.  In the event one or more of the provisions of this Agreement
should,  for any reason, be held to be invalid,  illegal or unenforceable in any
respect,  such invalidity,  illegality or unenforceability  shall not affect any
other provisions of this Agreement,  and this Agreement shall be construed as if
such  invalid,  illegal or  unenforceable  provision  had never  been  contained
herein.

21.  WAIVER OF JURY  TRIAL.  THE  OPTIONEE  HEREBY  EXPRESSLY,  IRREVOCABLY  AND
UNCONDITIONALLY  WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING
TO THIS AGREEMENT AND FOR ANY COUNTERCLAIM THEREIN.

                            [signature page follows]

<PAGE>
     IN WITNESS WHEREOF,  the parties hereto have executed this Option Agreement
as of the date first written above.

                            LITHIUM CORP.

                            By:
                               ---------------------------------------------
                            Name:
                                 -------------------------------------------
                            Title:
                                  ------------------------------------------

                            Optionee:

                            ------------------------------------------------
                            Name:
                                 -------------------------------------------

                                       6
<PAGE>
                                NOTE RE: EXHIBITS

                        EXHIBITS A AND B ARE TO BE SIGNED

                           WHEN OPTIONS ARE EXERCISED,

                      NOT WHEN OPTION AGREEMENT IS SIGNED.

                                       7
<PAGE>
                                    EXHIBIT A

                                  LITHIUM CORP.

                                 2009 STOCK PLAN

                                 EXERCISE NOTICE

LITHIUM CORP.
Attention:  Chief Executive Officer

     1. Exercise of Option. Effective as of today, ____________________,  20__ ,
the undersigned (the "Optionee") hereby elects to exercise the Optionee's option
to  purchase  ________________  shares of the  Common  Stock (the  "Shares")  of
LITHIUM CORP. (the "Corporation") under and pursuant to the 2009 Stock Plan (the
"Plan") and the Stock  Option  Agreement  dated  _________  (the  "Stock  Option
Agreement"), with the purchase of the Shares to be consummated on ______________
___, ____ (the "Effective Date"),  which date is prior to the termination of the
Option and no later than 30 days from the date of delivery of this Notice.

     2.  Representations  of the Optionee.  The Optionee  acknowledges  that the
Optionee  has  received,  read and  understood  the Plan  and the  Stock  Option
Agreement and agrees to abide by and be bound by their terms and conditions.

     3. Rights as Shareholder;  Shares Subject to Stockholders Agreement.  Until
the stock  certificate  evidencing  such Shares is issued (as  evidenced  by the
appropriate  entry  on the  books  of the  Corporation  or of a duly  authorized
transfer agent of the Corporation), no right to vote or receive dividends or any
other  rights  as  a  stockholder  shall  exist  with  respect  to  the  Shares,
notwithstanding  the  exercise of the Option.  The  Corporation  shall issue (or
cause to be issued) such stock  certificate  promptly after the Effective  Date,
provided the applicable price has been paid and the required documents have been
received. No adjustment will be made for a dividend or other right for which the
record  date is prior to the date the stock  certificate  is  issued,  except as
otherwise provided in the Plan. Unless waived by the Corporation in writing, the
Shares shall  automatically  become  subject to the terms and  conditions of any
stockholders  agreement  or  similar  agreement  to  which  a  majority  of  the
outstanding  capital stock of the Corporation is subject at the time of exercise
and the  Optionee  shall sign as a condition  to the issuance of the Shares such
joinder  agreement,  signature pages or other documents in order to evidence the
Optionee's agreement to be so bound.

     4. Tax Consultation.  The Optionee understands that the Optionee may suffer
adverse tax  consequences as a result of the Optionee's  purchase or disposition
of the Shares. The Optionee  represents that the Optionee has consulted with any
tax  consultants the Optionee deems advisable in connection with the purchase or
disposition  of  the  Shares  and  that  the  Optionee  is  not  relying  on the
Corporation for any tax advice.

     5.  Successors and Assigns.  The  Corporation  may assign any of its rights
under the Stock  Option  Agreement to single or multiple  assignees  (who may be
stockholders, officers, directors, employees or consultants of the Corporation),
<PAGE>
and this  Agreement  shall inure to the benefit of the successors and assigns of
the Corporation.  Subject to the restrictions on transfer set forth in the Stock
Option  Agreement,  this Agreement shall be binding upon the Optionee and his or
her heirs, executors, administrators, successors and assigns.

     6.  Interpretation.  Any  dispute  regarding  the  interpretations  of this
Agreement shall be submitted by the Optionee or by the Corporation  forthwith to
the Committee,  which shall review such dispute at its next regular meeting. The
resolution of such a dispute by the Committee  shall be final and binding on the
Corporation and on the Optionee.

     7. Governing Laws:  Severability.  This Agreement shall be governed by, and
construed in accordance  with,  the laws of the State of New York  applicable to
contracts made and to be wholly performed therein,  without giving effect to its
conflicts  of  laws  principles.  Should  any  provision  of this  Agreement  be
determined  by a  court  of  law  to be  illegal  or  unenforceable,  the  other
provisions shall nevertheless remain effective and shall remain enforceable.

     8. Notices.  Any notice  required or permitted  hereunder shall be given in
writing and shall be deemed  effectively  given if given in the manner specified
in the Stock Option Agreement.

     9.  Further  Instruments.   The  parties  agree  to  execute  such  further
instruments  and to take such further  action as may be reasonably  necessary to
carry out the purposes and intent of this Agreement.

     10. Delivery of Payment.  The Optionee herewith delivers to the Corporation
the full Option Price for the Shares.

     11. Entire  Agreement.  The Plan, the Notice of Grant, and the Stock Option
Agreement are incorporated  herein by reference.  This Agreement,  the Plan, the
Notice of Grant, the Stock Option Agreement,  and the Investment  Representation
Statement  constitute the entire agreement of the parties and supersede in their
entirety  all prior  undertakings  and  agreements  of the  Corporation  and the
Optionee with respect to the subject matter hereof.

Submitted by:                    Accepted by:

OPTIONEE:                        LITHIUM CORP.

                                 By:
                                    ---------------------------------------

---------------------------      Its:
                                     --------------------------------------
Name:
     ----------------------
<PAGE>
                                    EXHIBIT B

                                 2009 STOCK PLAN

                       INVESTMENT REPRESENTATION STATEMENT

OPTIONEE      :        _____________________

CORPORATION   :        LITHIUM CORP.

SECURITY      :        Common Stock

AMOUNT        :        ___________________________________

DATE          :        ___________________________________

In connection with the purchase of the above-listed Securities,  the undersigned
Optionee represents to the Corporation the following:

     (a) The  Optionee  is  aware  of the  Corporation's  business  affairs  and
financial   condition  and  has  acquired   sufficient   information  about  the
Corporation  to reach an  informed  and  knowledgeable  decision  to acquire the
Securities.  The Optionee is acquiring  these  Securities for investment for the
Optionee's  own account only and not with a view to, or for resale in connection
with, a "distribution" thereof within the meaning of the Securities Act of 1933,
as amended (the "Securities Act").

     (b)  The  Optionee   acknowledges   and  understands  that  the  Securities
constitute  "restricted  securities"  under the Securities Act and have not been
registered  under the  Securities  Act in  reliance  upon a  specific  exemption
therefrom,  which  exemption  depends upon,  among other  things,  the bona fide
nature  of the  Optionee's  investment  intent  as  expressed  herein.  In  this
connection,  the Optionee  understands  that, in the view of the  Securities and
Exchange  Commission,  the statutory basis for such exemption may be unavailable
if the Optionee's  representation was predicated solely upon a present intention
to hold these  Securities for the minimum  capital gains period  specified under
tax statutes,  for a deferred  sale, for or until an increase or decrease in the
market price of the  Securities,  or for a period of one year or any other fixed
period in the future. The Optionee further  understands that the Securities must
be  held  indefinitely  unless  they  are  subsequently   registered  under  the
Securities Act or an exemption from such registration is available. The Optionee
further acknowledges and understands that the Corporation is under no obligation
to register  the  Securities.  The  Optionee  understands  that the  certificate
evidencing  the Securities  will be imprinted with a legend which  prohibits the
transfer of the Securities  unless they are registered or such  registration  is
not required in the opinion of counsel satisfactory to the Corporation and other
legends required under the applicable state or federal securities laws.

Signature of Optionee: _____________________________

Date:__________________THIRD AMENDMENT TO SECOND AMENDED

AND RESTATED REVOLVING CREDIT AGREEMENT

 

THIS THIRD AMENDMENT TO SECOND AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT (this "Amendment"), is made and entered into as of December 30, 2009, by and among NEWMARKET CORPORATION, a Virginia corporation (the "Borrower"), the several banks and other financial institutions party hereto and SUNTRUST BANK, in its capacity as Administrative Agent for the Lenders (the "Administrative Agent").

W I T N E S S E T H:

WHEREAS, Borrower, the several banks and other financial institutions from time to time party thereto (collectively, the "Lenders"), PNC Bank, National Association, in its capacity as Documentation Agent for the Lenders, General Electric Capital Corporation and Bank of America, N.A., in their capacities as Co-Syndication Agents for the Lenders, and the Administrative Agent are parties to that certain Second Amended and Restated Credit Agreement, dated as of December 21, 2006, as amended by that certain First Amendment to Second Amended and Restated Revolving Credit Agreement dated as of September 26, 2008 and that certain Second Amendment to Amended and Restated Revolving Credit Agreement dated as of March 24, 2009 (and as further amended, restated, supplemented or otherwise modified from time to time, the "Credit Agreement"; capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Credit Agreement), pursuant to which the Lenders have made certain financial accommodations available to Borrower; and

WHEREAS, the Borrower has requested that the Required Lenders amend certain provisions of the Credit Agreement, and subject to the terms and conditions hereof, the Required Lenders are willing to do so.

NOW, THEREFORE, for good and valuable consideration, the sufficiency and receipt of all of which are acknowledged, Borrower, the Required Lenders and the Administrative Agent agree as follows:

	Amendments.  

  (a)Section 1.1 of the Credit Agreement is hereby amended by adding the following sentence to the end of the definition of "Subsidiary":

For the purposes of this Agreement and the other Loan Documents, the Charitable Foundation shall not be considered to be a Subsidiary of the Borrower.

(b)  Section 1.1 of the Credit Agreement is hereby amended by adding the following definition of "Charitable Foundation" in the appropriate alphabetical order:

"Charitable Foundation" shall mean a non-stock, non-profit Virginia corporation formed or to be formed by the Borrower which qualifies as an exempt organization under section 501(c)(3) of the Code and which is organized and operated for, without limitation, charitable, educational, scientific, religious, and literary purposes.

(c)  Section 7.2 of the Credit Agreement is hereby amended by replacing subsection (j) of such Section with the following:

(j)Liens on cash in an amount not to exceed $20,000,000 for cash collateralization of the Foundry Park Rate Lock.

(d)Section 7.4 of the Credit Agreement is hereby amended by replacing subsection (k) of such Section with the following:

(k)Investments in the Real Estate Subsidiaries not to exceed $55,000,000 in the aggregate at any time outstanding; and 

(e)  Section 7.7 of the Credit Agreement is hereby amended by adding the following sentence to the end of such Section:

Notwithstanding the foregoing, transactions with the Charitable Foundation shall in no event be considered to be transactions with an Affiliate.

	Conditions to Effectiveness of this Amendment.  Notwithstanding any other provision of this Amendment and without affecting in any manner the rights of the Lenders hereunder, it is understood and agreed that this Amendment shall not become effective, and the Borrower shall have no rights under this Amendment, until the Administrative Agent shall have received (i) such fees as the Borrower has previously agreed to pay the Administrative Agent or any of its affiliates in connection with this Amendment, (ii) reimbursement or payment of its costs and expenses incurred in connection with this Amendment or the Credit Agreement (including reasonable fees, charges and disbursements of King & Spalding LLP, counsel to the Administrative Agent) and (iii) executed counterparts to this Amendment from Borrower, each of the Subsidiary Loan Parties and the Required Lenders. 

	Representations and Warranties.  To induce the Lenders and the Administrative Agent to enter into this Amendment, Borrower hereby represents and warrants to the Lenders and the Agent that: 

(a)The execution, delivery and performance by each Loan Party of this Amendment (i) are within such Loan Party's organizational powers and authority; (ii) have been duly authorized by all necessary organizational action; (iii) do not violate any Requirements of Law applicable to Borrower or any of its Subsidiaries, the Organizational Documents of Borrower or any of its Restricted Subsidiaries or any judgment, order or ruling of any Government Authority; (iv) will not conflict with, result in a breach of or constitute (with due notice or lapse of time or both) a default under any Contractual Obligation of Borrower or any of its Subsidiaries; (v) will not violate or result in a default under any material indenture, material agreement or other material instrument binding on Borrower or any of its Restricted Subsidiaries or any of its assets or give rise to a right thereunder to require any payment to be made by Borrower or any of its Restricted Subsidiaries or (vi) will not result in the creation or imposition of any Lien on any asset of Borrower or any of its Restricted Subsidiaries (other than any Liens created under the Loan Documents).

(b)This Amendment has been duly executed and delivered by each Loan Party and constitutes a valid and binding obligation of each Loan Party, enforceable against such Loan Party in accordance with its terms, except as may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors' rights generally and by general principles of equity; and

(c)The representations and warranties contained in the Credit Agreement and the other Loan Documents are true and correct in all material respects, and no Default or Event of Default has occurred and is continuing as of the date hereof.

	Reaffirmations and Acknowledgments.  

(a)Reaffirmation of Guaranty.  Each Subsidiary Loan Party consents to the execution and delivery by Borrower of this Amendment and jointly and severally ratify and confirm the terms of the Subsidiary Guaranty Agreements with respect to the indebtedness now or hereafter outstanding under the Credit Agreement, as amended hereby, and all promissory notes issued thereunder. Each Subsidiary Loan Party acknowledges that, notwithstanding anything to the contrary contained herein or in any other document evidencing any indebtedness of Borrower to the Lenders or any other obligation of Borrower, or any actions now or hereafter taken by the Lenders with respect to any obligation of Borrower, the Subsidiary Guaranty Agreements (i) is and shall continue to be a primary obligation of the Subsidiary Loan Parties, (ii) is and shall continue to be an absolute, unconditional, joint and several, continuing and irrevocable guaranty of payment, and (iii) is and shall continue to be in full force and effect in accordance with its terms.  Nothing contained herein to the contrary shall release, discharge, modify, change or affect the original liability of the Subsidiary Loan Parties under the Subsidiary Guaranty Agreements.  

(b)Acknowledgment of Perfection of Security Interest. Each Loan Party hereby acknowledges that, as of the date hereof, the security interests and liens granted to the Administrative Agent and the Lenders under the Credit Agreement and the Security Documents are in full force and effect, are properly perfected and are enforceable in accordance with the terms of the Credit Agreement and the Security Documents.

	Effect of Amendment.  Except as set forth expressly herein, all terms of the Credit Agreement, as amended hereby, and the other Loan Documents shall be and remain in full force and effect and shall constitute the legal, valid, binding and enforceable obligations of Borrower to the Lenders and the Administrative Agent.  The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of the Lenders under the Credit Agreement, nor constitute a waiver of any provision of the Credit Agreement.  This Amendment shall constitute a Loan Document for all purposes of the Credit Agreement.

	Governing Law.   This Amendment shall be governed by, and construed in accordance with, the internal laws of the State of New York and all applicable federal laws of the United States of America.

	Costs and Expenses.  Borrower agrees to pay on demand all reasonable costs and expenses of the Administrative Agent in connection with the negotiation, preparation and execution of this Amendment, including, without limitation, the reasonable fees and out-of-pocket expenses of outside counsel for the Administrative Agent with respect thereto.

	Counterparts.  This Amendment may be executed by one or more of the parties hereto in any number of separate counterparts, each of which shall be deemed an original and all of which, taken together, shall be deemed to constitute one and the same instrument.  Delivery of an executed counterpart of this Amendment by facsimile transmission or by electronic mail in pdf form shall be as effective as delivery of a manually executed counterpart hereof.

	Binding Nature.  This Amendment shall be binding upon and inure to the benefit of the parties hereto, their respective successors, successors-in-titles, and assigns.

	Entire Understanding.  This Amendment sets forth the entire understanding of the parties with respect to the matters set forth herein, and shall supersede any prior negotiations or agreements, whether written or oral, with respect thereto.

[Signature Pages To Follow]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective authorized officers as of the day and year first above written.
NEWMARKET CORPORATION

By: /s/ David A. Fiorenza

      Name: David A. Fiorenza

      Title: Vice President, Treasurer, &

Principal Financial Officer

ETHYL CORPORATION

By: /s/ Wayne C. Drinkwater

      Name: Wayne C. Drinkwater

      Title: Vice President and Treasurer

AFTON CHEMICAL ADDITIVES CORPORATION

By: /s/ M. Rudolph West

      Name: M. Rudolph West

      Title:  Secretary and Treasurer

ETHYL CANADA HOLDINGS, INC.

By: /s/ M. Rudolph West

      Name: M. Rudolph West

      Title:  Secretary and Treasurer

AFTON CHEMICAL CORPORATION

By: /s/ David A. Fiorenza

      Name: David A. Fiorenza

      Title:   Treasurer

AFTON CHEMICAL JAPAN HOLDINGS, INC.

By: /s/ M. Rudolph West

      Name: M. Rudolph West

      Title:   Secretary and Treasurer

THE EDWIN COOPER CORPORATION

By: /s/ M. Rudolph West

      Name: M. Rudolph West

      Title:   Secretary and Treasurer

AFTON CHEMICAL INTANGIBLES LLC

By: /s/ C.S. Warren Huang

      Name: C.S. Warren Huang

      Title:   Manager

NEWMARKET SERVICES CORPORATION

By: /s/ David A. Fiorenza

      Name: David A. Fiorenza

      Title:   Vice President &

Principal Financial Officer

NEWMARKET INVESTMENT COMPANY

By: /s/ David A. Fiorenza

      Name: David A. Fiorenza

      Title:   Vice President &

Principal Financial Officer

AFTON CHEMICAL ASIA PACIFIC LLC

By: /s/ C.S. Warren Huang

      Name: C.S. Warren Huang

      Title:   Manager

AFTON CHEMICAL CANADA HOLDINGS, INC.

By: /s/ M. Rudolph West

      Name: M. Rudolph West

      Title:   Secretary and Treasurer

ETHYL EXPORT CORPORATION

By: /s/ M. Rudolph West

      Name: M. Rudolph West

      Title:   Secretary and Treasurer

ETHYL INTERAMERICA CORPORATION

By: /s/ M. Rudolph West

      Name: M. Rudolph West

      Title:   Secretary and Treasurer

ETHYL VENTURES, INC.

By: /s/ M. Rudolph West

      Name: M. Rudolph West

      Title:   Secretary and Treasurer

INTERAMERICA TERMINALS CORPORATION

By: /s/ M. Rudolph West

      Name: M. Rudolph West

      Title:   Secretary and Treasurer

ETHYL ASIA PACIFIC LLC

By: /s/ Wayne C. Drinkwater

      Name: Wayne C. Drinkwater

      Title:  Manager

OLD TOWN LLC

By: /s/ Bruce R. Hazelgrove, III

      Name: Bruce R. Hazelgrove, III

      Title:  Manager

 

LENDERS:

SUNTRUST BANK, individually and as Administrative Agent

 

By: /s/ Mark A. Flatin

Name:  Mark A. Flatin

Title:    Managing Director

 

BANK OF AMERICA, N.A.

By: /s/ A. Quinn Richardson

      Name: A. Quinn Richardon

      Title:   Senior Vice President

 
PNC BANK, NATIONAL ASSOCIATION

By: /s/ D. Jermaine Johnson

      Name: D. Jermaine Johnson

      Title:   Vice President

GENERAL ELECTRIC CAPITAL CORPORATION

By: 

       Name:

       Title:

RZB FINANCE LLC

By: /s/ Christoph Hoedl

      Name: Christoph Hoedl

      Title:   First Vice President

By: /s/ Randall Abrams 

      Name:  Randall Abrams

      Title:    Vice President

 
JPMORGAN CHASE BANK, N.A.

By: /s/ Philip A. Mousin

      Name:  Philip A. Mousin

      Title:    Senior Vice President

 

CITIZENS BANK OF PENNSYLVANIA,

By: /s/ Leslie Broderick

Name:  Leslie Broderick

Title:    Senior VP

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