Document:

EX-10.6

 Exhibit 10.6 

REGISTRATION RIGHTS AGREEMENT (this “Agreement”) made and entered into as of September 22, 2016, between
Ashland Global Holdings Inc., a Delaware corporation (“Ashland”), and Valvoline Inc., a Kentucky corporation (the “Company”). 

WHEREAS, the Company is offering and selling to the public (the “IPO”) by means of a Registration Statement (File No.
333-211720) initially filed with the Securities and Exchange Commission (the “SEC”) on Form S-1 on May 31, 2016 (the “Registration Statement”) shares of common stock, par value $0.01 per share, of the Company (the
“Common Stock”); 
 WHEREAS, in connection with the IPO, Ashland and the Company have entered into a Separation Agreement
of even date herewith (the “Separation Agreement”) and certain other ancillary agreements; 
 WHEREAS, Ashland currently
owns all of the issued and outstanding shares of the Common Stock of the Company; 
 WHEREAS, Ashland intends to preserve its ability to
evaluate strategic options with respect to its remaining ownership interest in the Company after the IPO consistent with its rights and obligations under the Separation Agreement, including pursuant to Section 5.02 thereunder after the Separation
Date (as defined in the Separation Agreement); and 
 WHEREAS, Ashland and the Company desire to make certain arrangements to provide
Ashland with registration rights with respect to the Common Stock that it holds. 
 NOW THEREFORE, in consideration of the mutual covenants
and agreements set forth herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged and intending to be legally bound hereby, the parties hereby agree as follows: 

Section 1. Effectiveness of Agreement. 

1.1 Effective Time. This Agreement shall become effective upon the Separation Date (the “Effective Time”).

 1.2 Shares Covered. This Agreement covers all shares of Common Stock that are beneficially owned by Ashland as of the
Effective Time (the “Shares”). The Shares shall include any securities issued or issuable with respect to the Shares by way of a stock dividend or a stock split or in connection with a combination of shares, recapitalization,
merger, consolidation or other reorganization. 
 Ashland and any Permitted Transferees (as defined in Section 2.5) are each referred
to herein as a “Holder” and collectively as the “Holders” and the Holders of Shares proposed to be included in any registration under this Agreement are each referred to herein as a “Selling Holder”
and collectively as the “Selling Holders.” 

 Section 2. Demand Registration. 

2.1 Notice. Upon the terms and subject to the conditions set forth herein, upon written notice of any Holder requesting that
the Company effect the registration under the Securities Act of 1933, as amended (the “Securities Act”), of any or all of the Shares held by it, which notice shall specify the intended method or methods of disposition of such Shares
(which methods may include, without limitation, a Shelf Registration (as such term is defined in Section 2.6)), the Company will, within five business days of receipt of such notice from any Holder, give written notice of the proposed
registration to all other Holders, if any, and will use its commercially reasonable efforts to effect (at the earliest reasonable date) the registration under the Securities Act of such Shares (and the Shares of any other Holders joining in such
request as are specified in a written notice received by the Company within 15 days after receipt of the Company’s written notice of the proposed registration) for disposition in accordance with the intended method or methods of disposition
stated in such request (each registration request pursuant to this Section 2.1 is sometimes referred to herein as a “Demand Registration”); provided, however, that: 

(a) the Company shall not be obligated to effect registration with respect to Shares pursuant to this Section 2.1 in
violation of Section 3(i) of the underwriting agreement entered into in connection with the IPO or (ii) within 60 days after the effective date of a previous registration, other than a Shelf Registration, effected with respect to Shares
pursuant to this Section 2; 
 (b) if at the time a Demand Registration is requested pursuant to this Section
2, the Company determines in the good faith judgment of the general counsel of the Company, to be confirmed within 7 days by the Company’s board of directors (the “Board”), that (i) such Demand Registration would require
the disclosure of material information that the Company has a bona fide business purpose for preserving as confidential and the disclosure of which would have a material adverse effect on the Company or (ii) the Company is unable to comply with SEC
requirements for effectiveness of such Demand Registration (a “Disadvantageous Condition”), the Company may postpone the filing or effectiveness (but not the preparation) of such registration until the earlier of
(i) 7 days after the date on which the Disadvantageous Condition no longer exists, or (ii) 75 days after the Company makes such determination; provided, however, that the Company may delay a Demand Registration pursuant to
this Section 2.1(b) no more than once during any 12 month period following the Separation Date; provided further that the postponement rights in this Section 2.1(b) and Section 4.3(a) and the holdback obligation in Section 4.5(c)
shall not be applicable to the Holders for more than a total of 120 days during any 12 month period; 

  
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 (c) the number of the Shares originally requested to be registered pursuant to
any registration requested pursuant to this Section 2 shall cover Shares with an aggregate Fair Market Value as of the date of the notice delivered to the Company pursuant to this Section 2.1 of at least $75,000,000 million (for
purposes of this Agreement, “Fair Market Value” shall mean, as of any date, the closing price per share of the Common Stock on the New York Stock Exchange (“NYSE”) on the trading day immediately preceding such
date); and 
 (d) if the intended method of disposition is a Demand Registration and is an underwritten offering and the
managing underwriters advise the Company in writing that in their opinion the number of Shares requested to be included in such offering exceeds the number of Shares which can be sold in an orderly manner in such offering within a price range
acceptable to the Holders of a majority of the Shares initially requesting such registration or without materially adversely affecting the market for the Common Stock, the Company shall include in such registration the number of Shares requested by
Holders of a majority of the Shares to be included therein which, in the opinion of such Holders based upon advice of the managing underwriters, can be sold in an orderly manner within the price range of such offering and without materially
adversely affecting the market for the Common Stock, pro rata among the respective Holders thereof on the basis of the amount of Shares owned by each Holder requesting inclusion of Shares in such registration. 

2.2 Registration Expenses. All Registration Expenses (as defined in Section 8) for any registration requested pursuant
to this Section 2 (including any registration that is delayed or withdrawn) shall be paid by the Company. 
 2.3 Selection of
Professionals. The Holders of a majority of the Shares included in any Demand Registration shall have the right to select the investment banker(s) and manager(s) to underwrite or otherwise administer the offering, provided that, such
investment banker(s) and managers(s) are of national standing and reputation (the “Investment Bankers”). The Holders of a majority of the Shares included in any Demand Registration shall have the right to select the financial
printer and counsel for the Selling Holders. The Company shall select its own outside counsel and independent auditors. 

2.4 Third Person Shares. The Company shall have the right to cause the registration of securities for sale for the account of
any Person (as defined in Section 6(e)) (including the Company) other than the Selling Holders (the “Third Person Shares”) in any registration of the Shares requested pursuant to this Section 2 so
long as the Third Person Shares are disposed of in accordance with the intended method or methods of disposition requested pursuant to this Section 2. 

If a Demand Registration in which the Company proposes to include Third Person Shares is an underwritten offering and the managing
underwriters advise the Company in writing that in their opinion the number of Shares and Third Person Shares requested to be included in such offering exceeds the number of Shares and Third Person 

  
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Shares which can be sold in an orderly manner in such offering within a price range acceptable to the Holders of a majority of the Shares initially requesting such registration or without
materially adversely affecting the market for the Common Stock (the “Maximum Number”), the Company shall not include in such registration any Third Person Shares unless all of the Shares initially requested to be included therein
are so included, and then only to the extent of the Maximum Number. 
 2.5 Permitted Transferees. As used in this Agreement,
“Permitted Transferees” shall mean any transferee, whether direct or indirect, of Shares that (i) (x) as of the time of transfer of the Shares to such transferee is, and as of immediately prior to the sale of Shares pursuant to the
Demand Registration or Piggyback Registration (as defined in Section 3.1 below), as the case may be, will be, a member of the Ashland Global Group (as defined in the Separation Agreement), (y) is a third-party lender participating in an
equity-for-debt exchange (i.e. any transfer of Valvoline Common Stock by Ashland Global to one or more third-party lenders in repayment of indebtedness of Ashland Global or any subsidiary thereof) owed to such lenders) (or an Affiliate of such
third-party lender) or (z) acquires at least 5% of the issued and outstanding shares of Valvoline Common Stock as of the time of such acquisition and executes an agreement to be bound by this Agreement, a copy of which shall be furnished to the
Company and (ii) is designated by Ashland (or a subsequent Holder) in a written notice to the Company as provided for in Section 9.3. Any Permitted Transferees of the Shares shall be subject to and bound by all of the terms and
conditions herein applicable to Holders. The notice required by this Section 2.5 shall be signed by both the transferring Holder and the Permitted Transferees so designated and shall include an undertaking by the Permitted Transferees to
comply with the terms and conditions of this Agreement applicable to Holders. 
 2.6 Shelf Registration; Distribution. With
respect to any Demand Registration, the requesting Holders may, but shall not be required to, request the Company to effect a registration of the Shares (a) under a registration statement pursuant to Rule 415 under the Securities Act (or any
successor rule) (a “Shelf Registration”); or (b) in the form of a Distribution or Other Disposition (as defined in the Separation Agreement). The Company shall use its commercially reasonable efforts to comply with any such
request. 
 2.7 SEC Form; Information. The Company shall use its commercially reasonable efforts to cause Demand
Registrations to be registered on Form S-3 (or any successor form), and if the Company is not then eligible under the Securities Act to use Form S-3, such Demand Registrations shall be registered on Form S-1 (or any successor form). The Company
shall use its commercially reasonable efforts to become eligible to use Form S-3 and, after becoming eligible to use Form S-3, shall use its commercially reasonable efforts to remain so eligible. All such Demand Registrations shall comply with
the applicable requirements of the Securities Act and the SEC’s rules and regulations thereunder, and, together with each prospectus included, filed or otherwise furnished by the Company in connection therewith, shall not contain any untrue
statement of material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. The Company shall timely file 

  
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all reports on Forms 10-K, 10-Q and 8-K (or any successor forms), and all material required to be filed, pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), to the extent that such filing shall be a condition to the initial filing or continued use or effectiveness of any Demand Registration or to the extent required to enable any Holder to sell Shares without registration under the
Securities Act within the limitation of the exemptions provided by Rule 144 under the Securities Act (or any similar rule or regulation hereafter promulgated by the SEC). From and after the date hereof through the earlier of the expiration or
termination of this Agreement or the date upon which the Ashland Global Group ceases to own any Shares, the Company shall forthwith upon written request furnish any Holder (i) a written statement by the Company as to whether it has complied with
such requirements and, if not, the specifics thereof, (ii) a copy of the most recent annual or quarterly report of the Company and (iii) such other reports and documents filed by the Company with the SEC as such Holder may reasonably request in
availing itself of an exemption for the sale of Shares without registration under the Securities Act. 
 2.8 Other Registration
Rights. The Company shall not grant to any Persons the right to request the Company to register any equity securities of the Company, or any securities convertible or exchangeable into or exercisable for such securities, whether pursuant to
“demand,” “piggyback” or other rights, unless such rights are subject and subordinate to the rights of the Holders under this Agreement. 

2.9 Withdrawal. The Holders may withdraw a Demand Registration at any time and under any circumstances. 

Section 3. Piggyback Registrations. 

3.1 Notice and Registration. If the Company proposes to register any of its securities for public sale under the Securities
Act (whether proposed to be offered for sale by the Company or any other Person), on a form and in a manner that would permit registration of the Shares for sale to the public under the Securities Act (a “Piggyback Registration”),
it will give at least 20 days’ advance written notice to the Holders of its intention to do so, and upon the written request of any or all of the Holders delivered to the Company within 15 days after the giving of any such notice (which request
shall specify the Shares intended to be disposed of by such Holders), the Company will use its commercially reasonable efforts to effect, in connection with the registration of such other securities, the registration under the Securities Act of all
of the Shares which the Company has been so requested to register by such Holders (which shall then become Selling Holders), to the extent required to permit the disposition (in accordance with the same method of disposition as the Company proposes
to use to dispose of the other securities) of the Shares to be so registered; provided, however, that: 
 (a)
if, at any time after giving such written notice of its intention to register any of its other securities and prior to the effective date of the registration statement filed in connection with such registration, the Company shall determine for any
reason not to register such other securities, the Company may, at its election, give written notice of such determination to the Selling Holders (or, if 

  
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prior to delivery of the Holders’ written request described above in this Section 3.1, the Holders) and thereupon the Company shall be relieved of its obligation to
register such Shares in connection with the registration of such other securities (but not from its obligation to pay Registration Expenses to the extent incurred in connection therewith as provided in Section 3.3), without prejudice,
however, to the rights (if any) of any Selling Holders immediately to request (subject to the terms and conditions of Section 2) that such registration be effected as a registration under Section 2 or to include such Shares in any
subsequent Piggyback Registration pursuant to this Section 3; 
 (b) the Company shall not be required to effect any
registration of the Shares under this Section 3 incidental to the registration of any of its securities (i) on Form S-4 or S-8 or any successor or similar forms, (ii) relating to equity securities issuable upon exercise of employee stock
or similar options or in connection with any employee benefit or similar plan of the Company or (iii) in connection with an acquisition of, or an investment in, another entity by the Company; 

(c) if a Piggyback Registration is an underwritten registration on behalf of the Company (whether or not selling security
holders are included therein) and the managing underwriters advise the Company in writing that in their opinion the number of securities requested to be included in such registration exceeds the number that can be sold in such offering without
materially adversely affecting the marketability of the offering or the market for the Common Stock (the “Piggyback Maximum Number”), the Company shall include the following securities in such registration up to the Piggyback
Maximum Number and in accordance with the following priorities: (w) first, the securities the Company proposes to sell, (x) second, up to the number of Shares requested to be included in such registration by Ashland, (y) third, up to the
number of Shares requested to be included in such registration, pro rata among the Selling Holders (other than Ashland) of such Shares on the basis of the number of Shares owned by each such Selling Holder and (z) fourth, up to the number of any
other securities requested to be included in such registration; 
 (d) no registration of the Shares effected under this
Section 3 shall relieve the Company of its obligation to effect a registration of Shares pursuant to Section 2; and 

(e) any Selling Holder may withdraw any or all of its Shares from a Piggyback Registration at any time under any circumstances.

 3.2 Selection of Professionals. If any Piggyback Registration is an underwritten offering, the Company shall select the
Investment Bankers to administer any such underwritten offering. The Holders of a majority of the Shares included in any such Piggyback Registration shall have the right to select counsel for the Selling Holders. The Company shall select
its own outside counsel and independent auditors. 

  
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 3.3 Registration Expenses. The Company will pay all of the Registration Expenses
in connection with any registration pursuant to this Section 3. 
 Section 4. Registration Procedures. 

4.1 Registration and Qualification. If and whenever the Company is required to use its commercially reasonable efforts to
effect the registration of any of the Shares under the Securities Act as provided in Sections 2 and 3, including an underwritten offering pursuant to a Shelf Registration, the Company shall use its commercially reasonable efforts to: 

(a) as promptly as practicable (and, in any event within 30 days (in the case of a registration statement on Form S-3) or 90
days (in the case of all other registration statements)) after the date of any demand under Section 2, prepare and file with the SEC a registration statement with respect to such Shares and cause such registration statement to become
effective as soon as practicable after the initial filing thereof (provided that, before filing a registration statement or prospectus or any amendment or supplement thereto, the Company shall furnish to the Selling Holders and the underwriters or
dealer managers, if any, copies of all such documents proposed to be filed (which documents shall be subject to the review and comment of such counsel) and the Company shall not file with the SEC any registration statement or prospectus or
amendments or supplements thereto to which the Selling Holders or the underwriters or dealer managers, if any, shall reasonably object); 

(b) except in the case of a Shelf Registration effected on Form S-3, prepare and file with the SEC such amendments and
supplements to such registration statement and the prospectus used in connection therewith as may be necessary to keep such registration statement effective and to comply with the provisions of the Securities Act with respect to the disposition of
all of the Shares until the earlier of (i) such time as all of such Shares have been disposed of in accordance with the intended methods of disposition set forth in such registration statement or (ii) the expiration of 120 days after such
registration statement becomes effective, plus the number of days that any filing or effectiveness has been delayed under Section 2.1(b); 

(c) in the case of a Shelf Registration effected on Form S-3, prepare and file with the SEC such amendments and supplements to
such registration statement and the prospectus used in connection therewith as may be necessary to keep such registration statement effective and to comply with the provisions of the Securities Act with respect to the disposition of all Shares
subject thereto for a period ending on the earlier of (i) 36 months after the effective date of such registration statement plus the number of days that any filing or effectiveness has been delayed under Section 2.1(b) and/or suspended under
Section 4.3(a) and (ii) the date on which all the Shares subject thereto have been sold pursuant to such registration statement (the “Shelf Effective Period”); 

  
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 (d) furnish to the Selling Holders and to any underwriter(s) such number of
conformed copies of such registration statement and of each such amendment and supplement thereto (in each case including all exhibits), such number of copies of the prospectus included in such registration statement (including each preliminary
prospectus and any summary prospectus), in conformity with the requirements of the Securities Act, such documents incorporated by reference in such registration statement or prospectus and such other documents as the Selling Holders or such
underwriter(s) may reasonably request; 
 (e) register or qualify all of the Shares covered by such registration statement
under such other securities or blue sky laws of such jurisdictions as the Selling Holders or any underwriter of such Shares shall reasonably request, and do any and all other acts and things which may be necessary or advisable to enable the Selling
Holders or any underwriter to consummate the disposition in such jurisdictions of the Shares covered by such registration statement, except that the Company shall not for any such purpose be required to qualify generally to do business as a foreign
corporation in any jurisdiction where it is not so qualified, or to subject itself to taxation in any such jurisdiction, or to consent to general service of process in any such jurisdiction; 

(f) (i) furnish to the Selling Holders, addressed to them, an opinion of counsel for the Company and (ii) furnish to the
Selling Holders, addressed to them, a “cold comfort” letter signed by the independent public accountants who have certified the Company’s financial statements included in such registration statement, covering substantially the same
matters with respect to such registration statement (and the prospectus included therein) and, in the case of such accountants’ letter, with respect to events subsequent to the date of such financial statements, as are customarily covered in
opinions of issuer’s counsel and in accountants’ letters delivered to underwriters in underwritten public offerings of securities and such other matters as the Selling Holders may reasonably request, in each case, in form and substance and
as of the dates reasonably satisfactory to the Selling Holders; 
 (g) enter into such customary agreements (including, if
applicable, an underwriting agreement containing customary provisions for indemnification and contribution covering the underwriters and their affiliates) and take such other actions as the Selling Holders shall reasonably request in order to
expedite or facilitate the disposition of such Shares (it being understood that the relevant Selling Holders may be parties to any such underwriting agreement and may, at their option, require that the Company make to and for the benefit of such
Selling Holders the representations, warranties and covenants of the Company which are being made to and for the benefit of such underwriters); 

(h) notify the Selling Holders and the managing underwriter(s), if any and (if requested) confirm such advice in writing and
provide copies of the relevant documents, as soon as reasonably practicable after notice thereof is received by the Company (A) when the applicable registration statement or any amendment 

  
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thereto has been filed or becomes effective, when the applicable prospectus or any amendment or supplement to such prospectus has been filed, (B) of any comments (written or oral) by the SEC or
any request by the SEC or any other federal or state governmental authority (written or oral) for amendments or supplements to such registration statement or such prospectus or for additional information, (C) of the issuance by the SEC of any stop
order suspending the effectiveness of such registration statement or any order preventing or suspending the use of any preliminary or final prospectus or the initiation or threatening of any proceedings for such purposes, (D) if, at any time, the
representations and warranties of the Company in any applicable underwriting agreement or dealer manager agreement cease to be true and correct and in all material respects and (E) of the receipt by the Company of any notification with respect to
the suspension of the qualification of the Shares for offering or sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; 

(i) comply with all applicable rules and regulations of the SEC, and make generally available to its security holders, as soon
as reasonably practicable after the effective date of the relevant registration statement (and in any event within 90 days after the end of such twelve month period described hereafter), an earnings statement (which need not be audited) covering the
period of at least twelve consecutive months beginning with the first day of the Company’s first calendar quarter after the effective date of such registration statement, which earnings statement shall satisfy the provisions of Section 11(a) of
the Securities Act and Rule 158 thereunder; 
 (j) immediately notify the Selling Holders and the managing
underwriter(s), if any, at any time when a prospectus relating to a registration pursuant to Section 2 or 3 is required to be delivered under the Securities Act, of the happening of any event as a result of which the prospectus included in
such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which
they were made, not misleading, and at the request of the Selling Holders or the underwriter(s) prepare and file with the SEC (and furnish to the Selling Holders and the underwriter(s) or dealer manager(s) a reasonable number of copies of) a
supplement to or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the purchasers of such Shares, such prospectus shall not include an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they are made, not misleading; 

(k) permit any Selling Holder(s) comprising holders of a majority of the Shares to be included in such registration, in their
sole and exclusive judgment, to participate in the preparation of such registration or comparable statement (including but not limited to having prompt access to any SEC comment letters or other communications in connection with such registration
and the Company’s responses thereto) and to require the insertion therein of material, furnished to the Company in writing, which in the reasonable judgment of such Selling Holder(s) and their counsel should be included; 

  
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 (l) provide and cause to be maintained a transfer agent and registrar for all
such Registrable Securities covered by such registration statement not later than the effective date of such registration statement; 

(m) provide a CUSIP number for all such Shares, not later than the effective date of the relevant registration statement; 

(n) make reasonably available its employees and personnel for participation in “road shows” and other marketing
efforts and otherwise provide reasonable assistance to the underwriters (taking into account the needs of the Company’s businesses and the requirements of the marketing process) in the marketing of such Shares in any underwritten offering; 

(o) cooperate with the relevant Selling Holders and the managing underwriter, if any, to facilitate the timely preparation and
delivery of certificates not bearing any restrictive legends representing the Shares to be sold, and cause such Shares to be issued in such denominations and registered in such names in accordance with the underwriting agreement prior to any sale of
Shares to the underwriters or, if not an underwritten offering, in accordance with the instructions of the relevant Selling Holders at least three business days prior to any sale of Shares and instruct any transfer agent and registrar of
Shares to release any stop transfer orders in respect thereof; 
 (p) take all such other commercially reasonable
actions as are necessary or advisable in order to expedite or facilitate the disposition of such Shares; 
 (q) take no
direct or indirect action prohibited by Regulation M under the Exchange Act; provided, however, that to the extent that any prohibition is applicable to the Company, the Company will take such action as is necessary to make any such
prohibition inapplicable; 
 (r) in the event of the issuance of any stop order suspending the effectiveness of a
registration statement, or of any order suspending or preventing the use of any related prospectus or suspending the qualification of any securities included in such registration statement for sale in any jurisdiction, the Company shall use its
reasonable best efforts promptly to obtain the withdrawal of such order; 
 (s) in the case of a Demand Registration relating
to an underwritten offering, cause the senior executive officers of the Company, as selected by mutual agreement of the Company and the Selling Holders to facilitate, cooperate with, and participate in each proposed offering contemplated herein and
customary selling efforts related thereto, including participation of such officers in road show presentations, except to the extent that such participation materially interferes with the management of the Company’s business; provided that the
effectiveness period for any Demand Registration shall be increased on a day-for-day basis by the period of time that management cannot participate; and 

  
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 (t) cause the Shares covered by such registration statement to be registered with
or approved by such other government agencies or authorities as may be necessary to enable the sellers thereof to consummate the disposition of such Shares. 

The Company may require the Selling Holders to furnish the Company with such information regarding the Selling Holders and the distribution of
such Shares as the Company may from time to time reasonably request in writing and as shall be required by law, the SEC or any securities exchange on which any shares of Common Stock are then listed for trading in connection with any registration.

 Each Selling Holder will as promptly as reasonably practicable notify the Company at any time when a prospectus relating thereto is
required to be delivered (or deemed delivered) under the Securities Act, of the occurrence of an event, of which such Selling Holder has knowledge, relating to such Selling Holder or its disposition of Shares thereunder requiring the preparation of
a supplement or amendment to such prospectus so that, as thereafter delivered (or deemed delivered) to the purchasers of such Shares, such prospectus will not contain an untrue statement of a material fact or omit to state any material fact required
to be stated therein or necessary to make the statements therein, in light of the circumstances under which they are made, not misleading. 

Ashland agrees, and any other Selling Holder agrees by acquisition of such Shares, that, upon receipt of any written notice from the Company
of the occurrence of any event of the kind described in Section 4.1(j), such Selling Holder will forthwith discontinue disposition of Shares pursuant to such registration statement until such Selling Holder’s receipt of the copies of the
supplemented or amended prospectus contemplated by Section 4.1(j), or until such Selling Holder is advised in writing by the Company that the use of the prospectus may be resumed, and if so directed by the Company, such Selling Holder will
deliver to the Company (at the Company’s expense) all copies, of the prospectus covering such Shares current at the time of receipt of such notice. In the event the Company shall give any such notice, the period during which the applicable
registration statement is required to be maintained effective shall be extended by the number of days during the period from and including the date of the giving of such notice to and including the date when each seller of Shares covered by such
registration statement either receives the copies of the supplemented or amended prospectus contemplated by Section 4.1(j) or is advised in writing by the Company that the use of the prospectus may be resumed. 

No Selling Holder may participate in any underwritten offering or registered exchange offer hereunder unless such Selling Holder (i) agrees to
sell such Selling Holder’s securities on the basis provided in any underwriting arrangements or dealer manager agreements approved by the Company or other Persons entitled to approve such arrangements and (ii) completes and executes all
questionnaires, powers of attorney, indemnities, underwriting agreements, dealer manager agreements, and other documents reasonably required under the terms of such underwriting arrangements or this Agreement. 

  
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 4.2 Underwriting. If requested by the underwriters for any underwritten offering
in connection with a registration requested hereunder (including any registration under Section 3 which involves, in whole or in part, an underwritten offering), the Company will enter into an underwriting agreement with such underwriters for
such offering, such agreement to contain such representations and warranties by the Company and such other terms and provisions as are customarily contained in underwriting agreements with respect to that offering, including, without limitation,
indemnities, contribution and the provision of opinions of counsel and accountants’ letters to the effect and to the extent provided in Section 4.1(f). The Company may require that the Shares requested to be registered pursuant to
Section 3 be included in such underwriting on the same terms and conditions as shall be applicable to the other securities being sold through underwriters under such registration; provided, however, that no Selling Holder shall
be required to make any representations or warranties to the Company or the underwriters (other than representations and warranties regarding such Holder and such Holder’s intended method of distribution) or to undertake any indemnification
obligations to the Company or the underwriters with respect thereto, except as otherwise provided in Section 6 hereof. The Selling Holders shall be parties to any such underwriting agreement, and the representations and warranties by,
and the other agreements on the part of, the Company to and for the benefit of such underwriters shall also be made to and for the benefit of such Selling Holders. 

4.3 Blackout Periods for Shelf Registrations. 

(a) At any time when a Shelf Registration effected pursuant to Section 2 relating to the Shares is effective, upon written notice
from the Company to the Selling Holders that the Company has determined in the good faith judgment of the general counsel of the Company, to be confirmed within 7 days by the Board, that (i) the Selling Holders’ sale of the Shares pursuant to
the Shelf Registration would require the disclosure of material information that the Company has a bona fide business purpose for preserving as confidential and the disclosure of which would have a material adverse effect on the Company or (ii) the
Company is unable to comply with SEC requirements for continued use or effectiveness of the Shelf Registration (in the case of either clause (i) or (ii), for convenience, referred to as an “Information Blackout”), the Selling
Holders shall suspend sales of the Shares pursuant to such Shelf Registration until the earlier of (A) the date upon which such material information is disclosed to the public or ceases to be material (or the Company otherwise complies with
applicable SEC requirements), (B) 75 days after the general counsel of the Company made such good faith determination (as subsequently confirmed by the Board) unless resuming use of the Shelf Registration is then prohibited by applicable SEC
rules or published interpretations, or (C) such time as the Company notifies the Selling Holders that sales pursuant to such Shelf Registration may be resumed (the number of days from such suspension of sales of the Selling Holders until the day
when such sales may be resumed hereunder is hereinafter called a “Sales Blackout Period”). The postponement rights in this Section 4.3(a) and Section 2.1(b) and the holdback obligation in Section 4.5(c) shall not be
applicable to the Holders for more than a total of 120 days during any 12 month period 

  
 12 

 (b) If there is an Information Blackout and the Selling Holders do not notify the Company in
writing of their desire to cancel such Shelf Registration, the period set forth in Section 4.1(c)(i) shall be extended for a number of days equal to the number of days in the Sales Blackout Period. The fact that a Sales Blackout Period
is required under this Section 4.3 or SEC rules shall not relieve the contractual duty of the Company as set forth in Section 2.7 to file timely reports and otherwise file material required to be filed under the Exchange Act. 

4.4 Listing and Other Requirements. In connection with the registration of any offering of the Shares pursuant to this
Agreement, the Company agrees to use its commercially reasonable efforts to effect the listing of such Shares on any securities exchange on which any shares of the Common Stock are then listed and otherwise facilitate the public trading of such
Shares. The Company will take all other lawful actions reasonably necessary and customary under the circumstances to expedite and facilitate the disposition by the Selling Holders of Shares registered pursuant to this Agreement as described in
the prospectus relating thereto, including without limitation timely preparation and delivery of stock certificates in appropriate denominations and furnishing any required instructions or legal opinions to the Company’s transfer agent in
connection with Shares sold or otherwise distributed pursuant to an effective registration statement. 
 4.5 Holdback Agreements.

 (a) The Company shall not effect any public sale or distribution of its equity securities, or any securities convertible into or
exchangeable or exercisable for such securities, during the seven days prior to, and during the 90-day period beginning on, the effective date of any registration statement in connection with a Demand Registration (other than a Shelf Registration)
or a Piggyback Registration, except pursuant to registrations on Form S-8 or S-4 or any successor form or unless the underwriters managing any such public offering otherwise agree. 

(b) If the Holders of Shares notify the Company in writing that they intend to effect an underwritten sale of Shares registered pursuant
to a Shelf Registration pursuant to Section 2 hereof, the Company shall not effect any public sale or distribution of its equity securities, or any securities convertible into or exchangeable or exercisable for its equity securities, during
the seven days prior to, and during the 90-day period beginning on, the date specified in such notice for such proposed sale, except pursuant to registrations on Form S-8 or Form S-4 or any successor form or unless the underwriters managing any such
public offering otherwise agree. 
 (c) If the Company completes an underwritten registration with respect to any of its securities
(whether offered for sale by the Company or any other Person) on a form and in a manner that would have permitted registration of the Shares, if no Holder requested the inclusion of any Shares in such registration, and if the Company gives each

  
 13 

 
Holder at least 20 days prior written notice of the approximate date on which such offering is expected to be commenced, the Holders shall not effect any public sales or distributions of equity
securities of the Company, or any securities convertible into or exchangeable or exercisable for such securities, until the termination of the holdback period required from the Company by any underwriters in connection with such previous
registration, provided that the holdback period applicable to the Holders shall (i) in no event be longer than a period of seven days prior to, and during the 90-day period beginning on the effective date of such registration statement, (ii) not
apply to any Distribution under the Separation Agreement, (iii) not apply to any Holder owning less than 10% of the Company’s outstanding voting securities, (iv) not apply unless all directors and officers of the Company and holders of 10%
or more of the Company’s outstanding voting securities are bound by the same holdback restrictions as are intended to apply to the Holders and (v) not apply unless the directors and executive officers of the Company are subject to substantially
comparable restrictions as those proposed to be imposed on the Holders; provided that for the purposes of clause (iii), all Ashland Global Group members shall be treated as a single Selling Holder. The holdback obligation in this Section
4.5(c) and the postponement rights in Section 2.1(b) and Section 4.3(a) shall not be applicable to the Holders for more than a total of 120 days during any 12 month period. 

Section 5. Preparation; Reasonable Investigation. In connection with the preparation and filing of each registration
statement registering the Shares under the Securities Act and each sale of the Shares thereunder, the Company will give each Selling Holder and the underwriters, if any, and their respective counsel and accountants representing such Selling Holders
and underwriters, access to its financial and other records, pertinent corporate documents and properties of the Company and such opportunities to discuss the business of the Company with its officers and the independent public accountants who have
certified its financial statements as shall be necessary, in the opinion of the Selling Holders and such underwriters or such counsel, to conduct a reasonable investigation within the meaning of the Securities Act; provided that for purposes
of this Section 5, all Ashland Global Group members shall be treated as a single Selling Holder. 
 Section
6. Indemnification and Contribution. 
 (a) In the event of any registration of any of the Shares hereunder, the Company
will enter into customary indemnification arrangements to indemnify and hold harmless each of the Selling Holders, each of their respective directors and officers, each Person who participates as an underwriter in the offering or sale of such
securities, each officer and director of each underwriter, and each Person, if any, who controls each such Selling Holder or any such underwriter within the meaning of the Securities Act (collectively, the “Covered Persons”) against
any losses, claims, damages, liabilities and expenses, joint or several, to which such Person may be subject under the Securities Act or otherwise insofar as such losses, claims, damages, liabilities or expenses (or actions or proceedings in respect
thereof) arise out of or are based upon (i) any untrue statement or alleged untrue statement of any material fact contained in any related registration statement filed under the Securities Act, any preliminary prospectus or final prospectus

  
 14 

 
included therein, or any amendment or supplement thereto, or any document incorporated by reference therein, or (ii) any omission or alleged omission to state therein a material fact required to
be stated therein or necessary to make the statements therein not misleading, and the Company will reimburse each such Covered Person, as incurred, for any legal or any other expenses reasonably incurred by such Covered Person in connection with
investigating or defending any such loss, claim, liability, action or proceeding; provided, however, that the Company shall not be liable in any such case to the extent that any such loss, claim, damage, liability (or action or
proceeding in respect thereof) or expense arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in such registration statement, any such preliminary prospectus or final prospectus,
amendment or supplement in reliance upon and in conformity with written information furnished to the Company after the Separation Date by such Selling Holder or such underwriter specifically for use in the preparation thereof. Such indemnity
shall remain in full force and effect regardless of any investigation made by or on behalf of any such Covered Person and shall survive the transfer of such securities by the Selling Holders. In order to provide for just and equitable
contribution to joint liability under the Securities Act in any case in which either (a) any Holder exercising rights under this Agreement, or any controlling person of any such Holder, makes a claim for indemnification pursuant to this Section
6, but it is judicially determined (by the entry of a final judgment or decree by a court of competent jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in
such case notwithstanding the fact that this Section 6 provides for indemnification in such case, or (b) contribution under the Securities Act may be required on the part of any such Selling Holder or any such controlling person in
circumstances for which indemnification is provided under this Section 6; then, and in each such case, the Company and such Holder will contribute to the aggregate losses, claims, damages or liabilities to which they may be subject (after
contribution from others) in such proportion so that such Holder is responsible for the portion represented by the percentage that the public offering price of its Shares offered by and sold under the registration statement bears to the public
offering price of all securities offered by and sold under such registration statement, and the Company and other Selling Holders are responsible for the remaining portion; provided, however, that, in any such case: (i) no
such Holder will be required to contribute any amount in excess of the net amount of proceeds of all such Shares offered and sold by such Holder pursuant to such registration statement and (ii) no person or entity guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any person or entity who was not guilty of such fraudulent misrepresentation. 

(b) Each of the Selling Holders, by virtue of exercising its respective registration rights hereunder, agrees and undertakes to enter into
customary indemnification arrangements to indemnify and hold harmless (in the same manner and to the same extent as set forth in clause (a) of this Section 6) the Company, its directors and officers, each Person who participates as an
underwriter in the offering or sale of such securities, each officer and director of each underwriter, and each Person, if any, who controls the Company or any such underwriter within the meaning of the Securities Act, with respect to any statement
in or omission from such registration statement, any 

  
 15 

 
preliminary prospectus or final prospectus included therein, or any amendment or supplement thereto, if such statement or omission is contained in written information furnished by such Selling
Holder to the Company specifically for inclusion in such registration statement or prospectus; provided, however, that the obligation for each Selling Holder to indemnify shall be several and not joint, and shall be limited to the net
amount of proceeds received by such Selling Holder from the sale of Shares pursuant to such registration statement. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of the Company or any
such director, officer or Person and shall survive the transfer of the registered securities by the Selling Holders. 
 (c) Any Person
entitled to indemnification hereunder shall (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided, however, that the failure to give prompt notice shall not
impair any Person’s rights to indemnification hereunder to the extent such failure has not prejudiced the indemnifying party) and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified
and indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party
shall not be subject to any liability for any settlement made by the indemnified party without the indemnifying party’s consent (but such consent shall not be unreasonably withheld). An indemnifying party who is not entitled to (as a
result of a conflict of interest, as determined in the indemnified party’s reasonable judgment), or who elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel for all parties
indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect to
such claim. 
 (d) “Person” means an individual, a partnership, a corporation, a limited liability company, an
association, a joint stock company, a trust, a joint venture, an unincorporated organization and a governmental entity, or any department, agency or political subdivision thereof. 

(e) The rights and obligations of the Company and the Selling Holders under this Section 6 shall survive the termination of this
Agreement. 
 Section 7. Benefits and Termination of Registration Rights. (a) The Holders may exercise the
registration rights granted hereunder in such manner and proportions as they shall agree among themselves. The registration rights hereunder shall cease to apply to any particular Shares and such securities shall cease to be Shares
when: (i) a registration statement with respect to the sale of such Shares shall have become effective under the Securities Act and such Shares shall have been disposed of in accordance with such registration statement; (ii) such Shares shall
have been sold to the public pursuant to Rule 144 under the Securities Act (or any successor provision); (iii) such Shares shall have been otherwise transferred, new certificates for them not bearing a legend restricting further transfer shall
have been delivered by the Company and subsequent public distribution of them shall not require registration or qualification of them under the Securities Act or any similar state law then in force or (iv) such Shares shall have ceased to be
outstanding.

  
 16 

 (b) If any Shares are held in non-certificated book-entry form and are subject to any stop
transfer or similar instructions or restrictions, the Company shall, at the request of the applicable Holder, promptly cause such stop transfer or similar instructions or restrictions to be promptly terminated and removed if (i) such Shares are
registered for resale under the Securities Act or (b) the applicable Holder provides the Company with reasonable assurance that such Shares can be sold, assigned or transferred pursuant to Rule 144 or otherwise without registration under the
applicable requirements of the Securities Act, including, if requested by the Company, an opinion of outside legal counsel, reasonably acceptable to the Company, to such effect. Following the effective date of any Registration Statement pursuant to
which Shares are registered for resale, the Company shall cause any stop transfer or similar instructions or restrictions relating to such Shares to be terminated and removed. 

Section 8. Registration Expenses. As used in this Agreement, the term “Registration Expenses” means all
expenses incident to the Company’s performance of or compliance with the registration requirements set forth in this Agreement including, without limitation, the following: 

(a) the fees, disbursements and expenses of the Company’s counsel and accountants in connection with the registration of
the Shares to be disposed of under the Securities Act; 
 (b) all expenses in connection with the preparation, printing and
filing of the registration statement, any preliminary prospectus or final prospectus, any other offering document and amendments and supplements thereto and the mailing and delivering of copies thereof to the underwriters; 

(c) the cost of printing and producing any agreements among underwriters, underwriting agreements, and blue sky or legal
investment memoranda, any selling agreements and any amendments thereto or other documents in connection with the offering, sale or delivery of the Shares to be disposed of; 

(d) all expenses in connection with the qualification of the Shares to be disposed of for offering and sale under state
securities laws, including the fees and disbursements of counsel for the underwriters in connection with such qualification and in connection with any blue sky and legal investment surveys; 

(e) the filing fees incident to securing any required review by the NYSE and any other securities exchange on which the Common
Stock is then traded or listed of the terms of the sale of the Shares to be disposed of and the trading or listing of all such Shares on each such exchange; 

(f) the costs of preparing stock certificates; 

  
 17 

 (g) the costs and charges of the Company’s transfer agent and registrar; and

 (h) the fees and disbursements of any custodians or agents. 

Registration Expenses shall not include (i) underwriting discounts and underwriters’ commissions attributable to the Shares being
registered for sale on behalf of the Selling Holders, which shall be paid by the Selling Holders and (ii) the fees, disbursements and expenses of the Selling Holders’ counsel and accountants in connection with the registration of the Shares to
be disposed of under the Securities Act. 
 Section 9. Miscellaneous. 

9.1 Adjustments Affecting Registrable Securities. The Company agrees that it shall not effect or permit to occur any
combination or subdivision of Common Stock which would adversely affect the ability of any Holder of any Shares to include such Shares in any registration contemplated by this Agreement or the marketability of such Shares in any such
registration. The Company agrees that it will take all reasonable steps necessary to effect a subdivision of shares if in the reasonable judgment of (a) the majority of Holders or (b) the managing underwriter for the relevant
offering, such subdivision would enhance the marketability of the Shares. Each Holder agrees to vote all of its shares in a manner, and to take all other actions necessary, to permit the Company to carry out the intent of the preceding sentence
including, without limitation, voting in favor of an increase in the share capital. 
 9.2 Rule 144. The Company covenants
that (i) upon such time as it becomes, and so long as it remains, subject to the reporting provisions of the Exchange Act, it will timely file the reports required to be filed by it under the Securities Act or the Exchange Act (including, but
not limited to, the reports under Sections 13 and 15(d) of the Exchange Act referred to in subparagraph (c)(1) of Rule 144 under the Securities Act) and (ii) it will take such further action as any Holder may reasonably request, all to the
extent required from time to time to enable such Holder to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by (A) Rule 144 under the Securities Act, as such Rule may be
amended from time to time, or (B) any similar rule or regulation hereafter adopted by the SEC. Upon the request of any Holder, the Company will deliver to such Holder a written statement as to whether it has complied with such
requirements. 
 9.3 Ownership Reporting. The Company agrees that it will provide assistance to the Holders (or the ultimate
beneficial owners of the Common Shares held by such Holders) in connection with the filing of beneficial ownership reports on Schedule 13D or Schedule 13G (or any successor form) or any amendment thereto pursuant to Rule 13d-1 under the Exchange
Act, including the payment of any reasonable fees or expenses incurred in connection therewith. 

  
 18 

 9.4 Nominees for Beneficial Owners. If Shares are held by a nominee for the
beneficial owner thereof, the beneficial owner thereof may, at its option, be treated as the Holder of such Shares for purposes of any request or other action by any Holder pursuant to this Agreement (or any determination of any number or percentage
of shares constituting Shares held by any Holder contemplated by this Agreement), provided that the Company shall have received assurances reasonably satisfactory to it of such beneficial ownership. 

9.5 Entire Agreement. This Agreement, the Separation Agreement, all the other Ancillary Agreements (as defined in the
Separation Agreement) and all other Exhibits and Schedules attached hereto and thereto constitute the entire agreement between the parties with respect to the subject matter hereof and thereof and supersede all prior written and oral and all
contemporaneous oral agreements and understandings with respect to the subject matter hereof and thereof. 
 9.6 Governing
Law. 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. 

9.7 Notices. All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given
when delivered in person, by telecopy with answer back, by express or overnight mail delivered by a nationally recognized air courier (delivery charges prepaid), or by registered or certified mail (postage prepaid, return receipt requested) to the
respective parties as follows: 
 If to Ashland: 

Ashland Global Holdings Inc. 

50 E. RiverCenter Blvd. 

Covington, KY 41011 

Attn: Peter J. Ganz, Esq. 

e-mail: PGanz@ashland.com 

with a copy to: 

Cravath, Swaine & Moore LLP 

Worldwide Plaza 

825 Eighth Avenue 

New York, NY 10019 

Attn: Thomas E. Dunn 

e-mail: TDunn@cravath.com 

Facsimile: (212) 474-3700 

If to the Company: 

Valvoline Inc. 

3499 Blazer Parkway 

Lexington, KY 40509 

Attn: Julie M. O’Daniel, Esq. 

e-mail: JMODaniel@valvoline.com 

  
 19 

 or to such other address as the party to whom notice is given may have previously furnished to the others in
writing in the manner set forth above. Any notice or communication delivered in person shall be deemed effective on delivery. Any notice or communication sent by telecopy shall be deemed effective on the day at the place such notice or
communication is received if confirmed by return facsimile. Any notice or communication sent by air courier shall be deemed effective on the day at the place at which such notice or communication is received if delivery is confirmed by the air
courier. Any notice or communication sent by registered or certified mail shall be deemed effective on the fifth business day at the place from which such notice or communication was mailed following the day on which such notice or
communication was mailed.
 9.8 Parties in Interest. This Agreement shall be binding upon and inure solely to the benefit of
each party hereto and its legal representatives and successors, and each affiliate of such party hereto, and nothing in this Agreement, express or implied, is intended to confer upon any other Person, other than any Permitted Transferee, any rights
or remedies of any nature whatsoever under or by reason of this Agreement. 
 9.9 Counterparts. This Agreement may be
executed in counterparts, each of which shall be deemed to be an original, but all of which shall constitute one and the same agreement. 

9.10 Assignment. This Agreement may not be assigned by any party hereto other than by Ashland to a Permitted Transferee as
provided for in Section 2.5; provided further that Ashland may assign this Agreement in connection with a merger transaction in which Ashland is not the surviving entity, or the sale of all or substantially all of its assets. 

9.11 Jurisdiction. If any dispute, controversy or claim arises out of or in connection with this Agreement, the parties
irrevocably (a) consent and submit to the exclusive jurisdiction 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, (b) waive any
objection to that choice of forum based on venue or to the effect that the forum is not convenient and (c) WAIVE TO THE FULLEST EXTENT PERMITTED BY LAW ANY RIGHT TO TRIAL OR ADJUDICATION BY JURY. Any party hereto may make service on another
party by sending or delivering a copy of the process to the party to be served at the address and in the manner provided for the giving of notices in Section 9.3. Nothing in this Section 9.7, however, shall affect the right to
serve legal process in any other manner permitted by law. 
 9.12 Severability. If any term or other provision of this
Agreement is invalid, illegal or incapable of being enforced by any rule of law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of
the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate
in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner to the end that transactions contemplated hereby are fulfilled to the fullest extent possible. 

  
 20 

 9.13 Failure or Indulgence Not Waiver; Remedies Cumulative. No failure or delay
on the part of any party hereto in the exercise of any right hereunder shall impair such right or be construed to be a waiver of, or acquiescence in, any breach of any representation, warranty or agreement herein, nor shall any single or partial
exercise of any such right preclude other or further exercise thereof or of any other right. All rights and remedies existing under this Agreement are cumulative to, and not exclusive of, any rights or remedies otherwise available. 

9.14 Amendment. No change, amendment or waiver will be made to this Agreement, except by an instrument in writing signed on
behalf of each of the parties hereto. 
 9.15 Authority. Each of the parties hereto represents to the other that: 

(a) it has the corporate or other requisite power and authority to execute, deliver and perform this Agreement; 

(b) the execution, delivery and performance of this Agreement by it have been duly authorized by all necessary corporate or
other action; 
 (c) it has duly and validly executed and delivered this Agreement; and 

(d) this Agreement is a legal, valid and binding obligation, enforce-able against it in accordance with its terms subject to
applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and general equity principles. 

9.16 Interpretation. The headings contained in this Agreement are for reference purposes only and shall not affect in any way
the meaning or interpretation of this Agreement. When a reference is made in this Agreement to an Article or a Section, such reference shall be to an Article or Section of this Agreement unless otherwise indicated. All references made
herein to the Company as a party which operate as of a time following the Effective Time shall be deemed to refer to the Company and its subsidiaries as a single party. 

[SIGNATURES ON FOLLOWING PAGE] 

  
 21 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered as of the date and year first written above. 
  

			
	 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 Corporate Secretary

  
 [Signature Page to
Registration Rights Agreement]EX-10.7

 Exhibit 10.7 

ASHLAND GLOBAL HOLDINGS INC. 

NONQUALIFIED DEFINED CONTRIBUTION PLAN 

(Effective October 1, 2016) 

 ASHLAND GLOBAL HOLDINGS INC. 

NONQUALIFIED DEFINED CONTRIBUTION PLAN 

ARTICLE 1 
 PURPOSE
AND EFFECTIVE DATE 
 1.1    Purpose. Ashland Global Holdings Inc. hereby establishes the
Plan to provide benefits for certain employees that supplements the limitation on compensation imposed by Section 401(a)(17) of the Code (including successor provisions thereto) on the Savings Plan. It is intended that the Plan be maintained
primarily for a select group of management or highly compensated employees and be exempt from the Employee Retirement Income Security Act of 1974, as amended. 

1.2    Effective Date. The Plan is effective October 1, 2016. 

 ARTICLE 2 

DEFINITIONS 

Pronouns used in the Plan are in the masculine gender but include the feminine gender unless the context clearly indicates
otherwise. Wherever used herein, the following terms have the meanings set forth below, unless a different meaning is clearly required by the context: 

2.1    “Account” means an account established for the purpose of recording amounts credited on
behalf of a Participant and any income, expenses, gains, losses or distributions included thereon. The Account shall be a bookkeeping entry only and shall be utilized solely as a device for the measurement and determination of the amounts to be
paid to a Participant pursuant to the Plan. Separate Accounts shall be established for a Participant by Plan Year and by type of contribution to the Participant. 

2.2    “Ashland” means Ashland LLC, a wholly-owned subsidiary of the Company. 

2.3    “Base Compensation” means, with respect to each Plan Year, compensation paid to a
Participant that is included in the definition of Compensation for deferral purposes in the Savings Plan without giving effect to any reduction required by Code Section 401(a)(17) and which is not Incentive Compensation. 

2.4    “Base Compensation Deferrals” means, with respect to each Plan Year, Base Compensation that
is deferred into the Deferred Compensation Plan. 
 2.5    “Base Contribution” means, with
respect to each Plan Year, the Base Contribution as provided in Section 4.1. 

2.6    “Beneficiary” means the Participant’s estate. 

2.7    “Board” means the Board of Directors of the Company.

2.8    “Cause”, for Participants with a Change in Control agreement with the Employer, as defined
by the Participant’s Change in Control agreement; and for Participants without a Change in Control agreement, the willful and continuous failure of a Participant to substantially perform his or her duties to the Employer (other than any such
failure resulting from incapacity due to physical or mental illness), or the willful engaging by a Participant in gross misconduct materially and demonstrably injurious to the Employer or the Company, each to be determined by the Company in its sole
discretion. 
 2.9    “Change in Control” shall be deemed to have occurred if: 

 

	 	(1)	 there shall be consummated (A) any consolidation or merger of the Company (a “Business
Combination”), other than a consolidation or merger of the Company into or with a direct or indirect wholly-owned subsidiary, as a result of which the shareholders of the Company own (directly or indirectly), immediately after the Business
Combination, less than fifty percent (50%) of the then outstanding shares of common stock 

  
 - 2 - 

	 	
that are entitled to vote generally for the election of directors of the corporation resulting from such Business Combination, or pursuant to which shares of the Company’s Common Stock would
be converted into cash, securities or other property, other than a Business Combination in which the holders of the Company’s Common Stock immediately prior to the Business Combination have substantially the same proportionate ownership of
common stock of the surviving corporation immediately after the Business Combination, or (B) any sale, lease, exchange or transfer (in one transaction or a series of related transactions) of all or substantially all the assets of the Company,
provided, however, that no sale, lease, exchange or other transfer of all or substantially all the assets of the Company shall be deemed to occur unless assets constituting at least eighty percent (80%) of the total assets of the Company are
transferred pursuant to such sale, lease, exchange or other transfer; 

  

	 	(2)	the shareholders of the Company shall approve any plan or proposal for the liquidation or dissolution of the Company; 

  

	 	(3)	any Person shall become the Beneficial Owner of securities of the Company representing twenty percent (20%) or more of the combined voting power of the Company’s then outstanding securities ordinarily (and
apart from rights accruing in special circumstances) having the right to vote in the election of directors, as a result of a tender or exchange offer, open market purchases, privately-negotiated purchases or otherwise, without the approval of the
Board; or 

  

	 	(4)	at any time during a period of two (2) consecutive years, individuals who at the beginning of such period constituted the Board shall cease for any reason to constitute at least a majority thereof, unless the
election or the nomination for election by the Company’s shareholders of each new director during such two- (2-) year period was approved by a vote of at least two-thirds (2/3) of the directors then still in office who were directors at the
beginning of such two- (2-) year period. 

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

2.10    “Code” means the Internal Revenue Code of 1986, as amended. 

2.11    “Committee” means the Personnel and Compensation Committee of the Board and its
designees.

  
 - 3 - 

 2.12    “Company” means Ashland Global Holdings Inc.,
and any successor thereto. 
 2.13    “Deferred Compensation Plan” means the Ashland Deferred
Compensation Plan for Employees, as may be amended, and amended and restated, from time to time. 

2.14    “Disabled” or “Disability” means a determination that the Participant is,
by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period
of not less than three months under an accident and health plan covering employees of the Employer. A Participant also will be considered disabled if he is determined (a) to be totally disabled by the Social Security Administration, or (b) to
be disabled in accordance with a disability insurance program, provided that the definition of disability applied under such disability insurance program complies with the requirements of Treasury Regulation Section 1.409A-3(i)(4). The
Committee or its delegate shall determine whether a Participant has incurred a Disability. 

2.15    “Discretionary Contribution” means, with respect to each Plan Year, the portion of the
Employer Contribution as provided in Section 4.2(b).
 2.16    “Effective Date” means October 1,
2016.
 2.17     “Eligible Employee” means an employee of the Employer who is determined to be a
member of a select group of management or highly compensated employees within the meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA, and who are classified in base salary and grades 21 and above and are not eligible for the SERP. 

2.18    “Employer” means the Company, Ashland and the present and future Related Entities that
employ a Participant. 
 2.19    “Employer Contribution” means the Employer contributions
provided in ARTICLE 4. 
 2.20    “ERISA” means the Employee Retirement Income Security Act of
1974, as amended. 
 2.21    “Excess Base Compensation” means, with respect to each Plan Year,
Base Compensation paid to a Participant that is included in the definition of Compensation in the Savings Plan but that is in excess of the limitation in Code Section 401(a)(17) and which is not Incentive Compensation. 

2.22    “Excess Base Compensation Deferrals” means, with respect to each Plan Year, Excess Base
Compensation that is deferred to the Deferred Compensation Plan other than Incentive Compensation Deferrals. 

2.23    “Identification Date” means the date at which Key Employees are determined which shall be
December 31st. 

  
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 2.24    “Incentive Compensation” means, with respect
to a Plan Year, bonuses paid to a Participant under any applicable incentive compensation plans that are excluded from the definition of “Compensation” in the Savings Plan and which is not Base Compensation. 

2.25    “Incentive Compensation Deferrals” means Incentive Compensation that is deferred into the
Deferred Compensation Plan. 
 2.26    “Key Employee” means a “specified employee”
within the meaning of Code Section 409A(a)(2)(B)(i) who satisfies the conditions set forth in Section 8.3. 

2.27    “Matching Contribution” means, with respect to each Plan Year, the portion of the Employer
Contribution provided in Section 4.2(a). 
 2.28    “Participant” means an Eligible Employee who
commences participation in the Plan in accordance with ARTICLE 3. 
 2.29    “Period of Service”
means, except as otherwise provided in Section 4.2(b)(iv), a period of employment with the Employer commencing on the date an Employee works at least one hour for which the Employee is paid and ending on the date such Employee has a Separation
from Service. 
 2.30    “Plan” means this Ashland Global Holdings Inc. Nonqualified Defined
Contribution Plan effective October 1, 2016, and as amended from time to time. 
 2.31    “Plan
Year” means each twelve (12) month period beginning January 1st and ending on December 31st, except for the first Plan Year that shall begin on the Effective Date and ends on
December 31, 2016. 
 2.32    “Related Entities” means (a) any corporation that is a member of a
controlled group of corporations as defined in Code Section 414(b) that includes the Company, and (b) any trade or business that is under “common control” as defined in Code Section 414(c) that includes the Company. 

2.33    “Savings Plan” means the tax-qualified Ashland LLC Employee Savings Plan, as amended from
time to time. 
 2.34    “Separation from Service” and “Separated from Service”
means a Participant’s termination of employment with the Employer for any reason, including death, that meets the requirements of the definition of “separation from service” set forth in Treasury Regulation Section
1.409A-1(h). For purposes of determining whether a Separation from Service has occurred, the twenty percent (20%) default threshold set forth in Treasury Regulation Section 1.409A-1(h)(1)(ii) shall be utilized. 

2.35    “Valuation Date” means the last day of each calendar month during a Plan Year, or such
other date or dates as determined by the Committee. 
 2.36    “Valvoline Spin Off” means
the transaction or series of transactions initially approved by the board of directors of Ashland Inc. on September 16, 2015, intended to separate the Valvoline business from Ashland Inc.’s specialty chemical business and create two
independent, publicly-traded companies. 

  
 - 5 - 

 ARTICLE 3 

PARTICIPATION 

3.1    Participation. Each Eligible Employee of the Employer shall be eligible for the Plan
immediately. 
 3.2    Termination of Participation. The Employer may terminate a Participant’s
participation in the Plan, provided, however, any such termination at the direction of the Employer shall not take effect until the first day of the next Plan Year. 

  
 - 6 - 

 ARTICLE 4 

EMPLOYER CONTRIBUTIONS 

4.1    Base Contribution. 

If a Participant has not Separated from Service in a Plan Year, a Participant’s Account will be credited with a Base Contribution in an
amount equal to four percent (4%) of the Participant’s Incentive Compensation, Excess Base Compensation and Excess Base Compensation Deferrals for the Plan Year. 

4.2    Other Employer Contributions. 

(a)    Matching Contribution. If a Participant has not Separated from Service in a Plan Year, a
Participant’s Account will be credited with a Matching Contribution in an amount equal to four percent (4%) of the Participant’s Incentive Compensation, Excess Base Compensation and Excess Base Compensation Deferrals for the Plan Year.

 (b)    Discretionary Contributions. A Discretionary Contribution may be credited to one or
more Participants’ Accounts in an amount determined solely by the Employer for any Plan Year. 

4.3    Crediting Employer Contributions. Each Participant shall be credited with the applicable
Employer Contributions in accordance with this ARTICLE 4, as soon as administratively feasible following each Plan Year. 

  
 - 7 - 

 ARTICLE 5 

PAYMENT SCHEDULE AND FORM OF PAYMENT 

5.1    Payment Schedule and Form of Payment. Amounts credited to a Participant’s Account shall be
paid to the Participant in a lump sum on or within sixty (60) days following the Participant’s Separation from Service other than for Cause (provided that if such sixty (60) day period begins in one calendar year and ends in the next calendar
year, the Participant shall not designate the year of payment). Notwithstanding anything in the Plan to the contrary, a Participant who is a Key Employee shall not have the lump sum payment of such amounts credited to his Account until the
first business day of the seventh month following his Separation from Service other than for Cause. 

5.2    Death Before Payment. If a Participant dies prior to a Separation from Service for any other
reason, the amount credited to the deceased Participant’s Account as of his date of death shall be paid in a lump sum to the Participant’s Beneficiary within sixty (60) days following the Participant’s date of death (provided that if
such sixty (60) day period begins in one calendar year and ends in the next calendar year, the Beneficiary shall not designate the calendar year of payment). 

  
 - 8 - 

 ARTICLE 6  

ACCOUNTS AND CREDITS AND FUNDING 

6.1    Contribution Credits to Account. A Participant’s Account will be credited with the Employer
Contributions credited on his behalf under ARTICLE 4.
 6.2    Credits and Debits to Account. The
Participant’s Account shall be credited (or debited) on each Valuation Date with hypothetical income (or loss) based upon a hypothetical investment in any one or more of the hypothetical investment options available under the Plan, as
prescribed by the Committee or its delegate. The crediting or debiting on each Valuation Date of hypothetical income (or loss) shall be made for each respective Account. All hypothetical investments of a Participant’s Account shall be
valued at fair market value. Additionally, all payments, distributions, investments and investment exchanges allowed and made under the Plan shall be as of the relevant Valuation Date at fair market value. 

6.3    Adjustment of Accounts. Each Account maintained for a Participant shall be adjusted for
hypothetical credits and any expenses allocable under the terms of the Plan to the Account. The Account shall be adjusted as of each Valuation Date to reflect: (a) the hypothetical credits and expenses described in this ARTICLE 6; (b) amounts
credited pursuant to ARTICLE 4; and (c) payments, distributions or withdrawals.
 6.4    Establishment of
Trust for Funding. The Employer may, but is not required to, establish a trust to hold amounts which the Employer may contribute from time to time to correspond to some or all amounts credited to Participants under this ARTICLE 6. If
the Employer establishes a trust, the provisions of Sections 6.4(a) and (b) shall become operative. 

(a)    Grantor Trust. Any trust established by the Employer shall be between the Employer and a
trustee pursuant to a separate written agreement under which assets are held, administered and managed, subject to the claims of the Employer’s creditors in the event of the Employer’s insolvency, until paid to the Participant and/or his
Beneficiaries. The trust is intended to be treated as a grantor trust under the Code, and it is intended that the establishment of the trust shall not cause the Participant to realize current income on amounts contributed thereto. The
Employer must notify the trustee in the event of a lawsuit regarding the Plan or regarding its bankruptcy or insolvency. 

(b)    Investment of Trust Funds. Any amounts contributed to the trust by the Employer shall be
invested by the trustee in accordance with the provisions of the trust and the instructions of the Committee or its delegate. 

  
 - 9 - 

 ARTICLE 7  

RIGHT TO BENEFITS 

7.1    Vesting. Unless a Participant is terminated for Cause, a Participant shall be one hundred
percent (100%) vested in his Accounts upon the earlier of a Change in Control or the Participant’s Separation from Service. Notwithstanding the preceding sentence, if a Participant is terminated for Cause, the Participant shall forfeit all
rights to the Participant’s Account. 
 7.2    Amount of Benefits. The vested amounts credited
to a Participant’s Account as determined under ARTICLE 4 shall determine and constitute the basis for the amount payable to the Participant (or, in the event of the Participant’s death, to the Participant’s Beneficiary) under the
Plan. 

  
 - 10 - 

 ARTICLE 8 

PAYMENTS OF AMOUNTS CREDITED TO ACCOUNTS 

8.1    Method and Timing of Payments. Except as otherwise provided under the Plan, including this
ARTICLE 8, payments under the Plan shall be made in accordance with ARTICLE 5 of the Plan. 

8.2    Prohibition on Acceleration. Except as otherwise provided in the Plan and except as may be
allowed in guidance from the Secretary of the Treasury, distributions/payments from a Participant’s Account(s) may not be made earlier than the time such amounts would otherwise be distributed pursuant to the terms of the Plan. 

8.3    Key Employees. Unless an exception to Code Section 409A applies to a payment to a Participant,
in no event shall a distribution made to a Key Employee from his Accounts due to his Separation from Service occur before the date which is six (6) months after his Separation from Service, or, if earlier, his date of death. For purposes of
this Section 8.3, a Key Employee means an employee of an employer, including any corporation that is a member of a controlled group of corporations as defined in Code Section 414(b) that includes the employer and any trade or business that is
under common control as defined in Code Section 414(c) with the employer, any of whose stock is publicly traded on an “established securities market,” within the meaning of Section 1.409A-1(k), or otherwise who satisfies the requirements
of Code Sections 416(i)(1)(A)(i), (ii) or (iii), determined without regard to Code Section 416(i)(5), at any time during the twelve- (12-) month period ending on the Identification Date. An employee who is determined to be a Key Employee on an
Identification Date shall be treated as a Key Employee for purposes of the six- (6-) month delay in distributions set forth in this Section 8.3 for the twelve- (12-) month period beginning on the first day of the fourth month following the
Identification Date. Whether any stock of the Employer is traded on an established securities market or otherwise is determined on the date a Participant experiences a Separation from Service. This Section 8.3 shall not apply to an
accelerated distribution made in accordance with Section 11.9. 
 8.4    Permissible Delays in
Payment. Distributions may be delayed beyond the date payment would otherwise occur in accordance with the provisions of ARTICLE 5 in any of the following circumstances: 

(a)    Payments Subject to Code Section 162(m). The Employer may delay payment if it reasonably
anticipates that its deduction with respect to such payment would not be permitted due to the application of Code Section 162(m); provided, however, that (i) the deduction limitation of Code Section 162(m) shall be applied to all payments to
similarly situated Participants on a reasonably consistent basis; (ii) the payment must be made either during the Participant’s first taxable year in which the Employer reasonably anticipates, or should reasonably anticipate, that if the
payment is made during such year, the deduction of such payment will not be barred by application of Code Section 162(m) or during the period beginning with the date of the Participant’s Separation from Service (or, if the Participant is a Key
Employee, beginning with the date that is six (6) months after Separation from Service) and 

  
 - 11 - 

 
ending on the later of the last day of the Employer’s taxable year in which the Participant incurs a Separation from Service for the 15th day of the third month following the
Participant’s Separation from Service (or, if the Participant is a Key Employee, the 15th day of the third month following the date that is six (6) months after Separation from Service); (iii) where any payment to a particular Participant is
delayed because of Code Section 162(m), the delay in payment will be treated as a subsequent deferral election under Code Section 409A, unless all scheduled payments to such Participant that could be delayed are also delayed; and (iv) no election
may be provided to a Participant with respect to the timing of payment hereunder. 
 (b)    Payments that
would violate Federal Securities Laws or Other Applicable Law. The Employer may also delay payment if it reasonably anticipates that the marking of the payment will violate Federal securities laws or other applicable laws provided
payment is made at the earliest date on which the Employer reasonably anticipates that the making of the payment will not cause such violation. 

(c)    Other Events and Conditions. The Employer also reserves the right to delay payment upon
such other events and conditions as the Secretary of the Treasury may prescribe in generally applicable guidance published in the Internal Revenue Bulletin. 

Except as may be otherwise required under Code Section 409A, a payment is treated as made upon the date contemplated under the provisions of
the Plan if the payment is made at such date or a later date within the same calendar year or, if later, by the 15th day of the third calendar month following the date contemplated by the Plan. If calculation of the amount of the payment is not
administratively practicable due to events beyond the control of the Participant (or Participant’s Beneficiary), the payment will be treated as made upon the date contemplated by the Plan if the payment is made during the first calendar year in
which the payment is administratively practicable. Similarly, if the funds of the Employer are not sufficient to make the payment at the date specified under the Plan without jeopardizing the solvency of the Employer, the payment will be
treated as made upon the date contemplated by the Plan if the payment is made during the first calendar year in which the funds of the Employer are sufficient to make the payment without jeopardizing the solvency of the Employer. 

If a payment is not made, in whole or in part, as of the date contemplated by the Plan because the Employer refuses to make such payment, the
payment will be treated as made upon the date contemplated by the Plan if the Participant accepts the portion (if any) of the payment that the Employer is willing to make (unless such acceptance will result in forfeiture of the claim to all or part
of the remaining account), makes prompt and reasonable, good faith efforts to collect the remaining portion of the payment and any further payment (including payment of a lesser amount that satisfies the obligation to make the payment) is made no
later than the end of the first calendar year in which the Employer and the Participant enter into a legally binding settlement of such dispute, the Employer concedes that the amount is payable, or the Employer is required to make such payment
pursuant to a final and nonappealable judgment or other binding decision. For purposes of this paragraph, efforts to collect the payment will be presumed not to be prompt, reasonable, good faith efforts, unless the Participant provides notice
to the Employer within ninety (90) days of the latest date upon which the payment could have been timely made in accordance with the terms of the Plan and the Treasury Regulations promulgated under Code Section 409A, and unless, if not paid, the
Participant takes further enforcement measures within 

  
 - 12 - 

 
one hundred eighty (180) days after such latest date. For purposes of this paragraph, the Employer is not treated as having refused to make a payment where pursuant to the terms of the Plan
the Participant is required to request payment, or otherwise provide information to take any other action, and the Participant has failed to take such action. In addition, for purposes of this paragraph, the Participant is deemed to have
requested that a payment not be made, rather than the Employer having refused to make such payment, where the Employer’s decision to refuse to make the payment is made by the Participant or a member of the Participant’s family (as defined
in Code Section 267(c)(4) applied as if the family of an individual includes the spouse of any member of the family), or any person or group of persons over whom the Participant’s family member has effective control, or any person any portion
of whose compensation is controlled by the Participant or the Participant’s family member. 

  
 - 13 - 

 ARTICLE 9 

AMENDMENT AND TERMINATION 

9.1    Plan Amendment. The Company reserves the sole right to amend the Plan pursuant to a resolution
of the Board approving such amendment. An amendment must be in writing and executed by a representative of the Company authorized to take such action. The Company hereby reserves the right to amend the Plan without the consent of the
Participants in the future, as required to comply with any present or future law, regulation or rule applicable to the Plan, including, but not limited to Code Section 409A and all applicable guidance promulgated thereunder, and to prevent any
Participant from becoming subject to any additional tax or penalty under Code Section 409A. No amendment can directly or indirectly deprive any current or former Participant or Beneficiary of all or any portion of his vested Account which had
accrued prior to the amendment, except to the extent required by the Code or other applicable law. 

9.2    Retroactive Amendments. An amendment to the Plan made by the Company in accordance with Section
9.1 may be made effective on a date prior to the first day of the Plan Year in which it is adopted. Any retroactive amendment by the Company shall be subject to the provisions of Section 9.1. 

9.3    Plan Termination. The Plan will terminate automatically as of the date that no amounts remain to
be paid/distributed under the Plan. 
 The Company reserves the right to terminate the Plan and accelerate the time of payment of all
amounts to be distributed under the Plan in accordance with the following provisions of this Section 9.3. The Company may make an irrevocable election to terminate the Plan and distribute all amounts credited to all Participant Accounts within
the thirty (30) days preceding or the twelve (12) months following a Change in Control. For this purpose, the Plan will be treated as terminated only if all other arrangements sponsored by the Employer immediately after the time of the Change
in Control with respect to which deferrals of compensation are treated as having been deferred under a single plan under Treasury Regulation Section 1.409A-1(c)(2) are terminated and liquidated with respect to each Participant that experienced the
Change in Control, so that under the terms of the termination and liquidation all such Participants are required to receive all amounts of compensation deferred under the terminated arrangements within twelve (12) months of the date the Company
irrevocably takes all necessary action to terminate and liquidate the Plan and such other arrangements. In addition, the Company reserves the right to terminate the Plan within twelve (12) months of a corporate dissolution taxed under Code
Section 331, or with the approval of a bankruptcy court pursuant to Section 503(b)(1)(A) of Title 11 of the United States Code, provided that amounts deferred under the Plan are included in the gross incomes of Participants in the earlier of (a) the
taxable year in which the amount is actually or constructively received, or (b) the latest of the following years: (1) the calendar year in which the termination occurs, (2) the first calendar year in which the amount is no longer subject to a
substantial risk of forfeiture, or (3) the first calendar year in which payment is administratively practicable. The Company retains the discretion to terminate the Plan if (1) the termination does not occur proximate to a downturn in the
financial health of the Company; 

  
 - 14 - 

 
(2) all arrangements sponsored by the Employer that would be aggregated with any terminated arrangement under Treasury Regulation Section 1.409A-1(c) if the same service provider
participated in all of the arrangements are terminated, (3) no payments other than payments that would be payable under the terms of the arrangements if the termination had not occurred are made within twelve (12) months of the termination of the
arrangements, (4) all payments are made within twenty-four (24) months of the termination of the arrangements, and (5) the Employer does not adopt new arrangements that would be aggregated with any terminated arrangement under Treasury Regulation
Section 1.409A-1(c), if the same service provider participated in both arrangements, at any time with the three- (3-) year period following the date of termination of the arrangement. The Company also reserves the right to terminate the Plan
and accelerate the time of payment of all amounts to be distributed under the Plan under such conditions and events as may be prescribed by the Internal Revenue Service in generally applicable guidance published in the Internal Revenue Bulletin.

 9.4    Distribution Upon Termination of the Plan. Except as provided in Section 9.3, the Plan may
not be terminated before the date on which all amounts credited to all Participant Accounts have been paid in accordance with the terms of the Plan. 

  
 - 15 - 

 ARTICLE 10 

PLAN ADMINISTRATION 

10.1    Powers and Responsibilities of the Company. The Company or its delegate shall be responsible
for the general operation and administration of the Plan and for carrying out the provisions thereof. The Company’s (or its delegate’s) powers and responsibilities include, but are not limited to, the following, which powers and
responsibilities shall be exercised in its sole discretion: 
 (a)    To make and enforce such rules and
regulations as it deems, in its sole discretion, necessary or proper for the efficient administration of the Plan; 

(b)    To decide all questions concerning the Plan and the eligibility of any person to participate in the Plan, in
its sole discretion, subject to review by the Committee or its delegate. 
 (c)    To administer the claims and
review procedures specified in Section 10.3; 
 (d)    To compute the amount of benefits which will be payable to
any Participant, former Participant or Beneficiary in accordance with the provisions of the Plan in its discretion; 

(e)    To determine the person or persons to whom such benefits will be paid in its discretion; 

(f)    To authorize the payment of benefits; 

(g)    To comply with any applicable reporting and disclosure requirements of Part 1 of Subtitle B of Title 1 of
ERISA; 
 (h)    To appoint such agents, counsel, accountants, and consultants as may be required to assist in
administering the Plan; 
 (i)    To allocate and delegate its responsibilities in its discretion, including the
formation of any administrative sub-committee to administer the Plan. 
 10.2    Powers and Responsibilities
of the Committee. The Committee or its delegate shall be responsible (a) for determining the hypothetical investments relating to Participants’ Accounts pursuant to ARTICLE 6, and (b) for the review of denied claims pursuant to
Section 10.3(b) in its sole discretion. In the course of reviewing a denied claim, the Committee or its delegate shall have the power to interpret the Plan, in its sole discretion, and its interpretation thereof shall be final, conclusive
and binding on all persons claiming benefits under the Plan. 

  
 - 16 - 

 10.3  Claims and Review Procedures. 

(a)    Claims Procedure. If any person believes he is being denied any rights or benefits under
the Plan, such person may file a claim in writing with the Company. If any such claim is wholly or partially denied, the Company or its delegate will notify such person of its decision in writing. Such notification will contain (i)
specific reasons for the denial, (ii) specific reference to pertinent Plan provisions, (iii) a description of any additional material or information necessary for such person to perfect such claim and an explanation of why such material or
information is necessary, and (iv) information as to the steps to be taken if the person wishes to submit a request for review. Such notification will be given within ninety (90) days after the claim is received by the Company (or within one
hundred eighty (180) days, if special circumstances require an extension of time for processing the claim, and if written notice of such extension and circumstances is given to such person within the initial ninety- (90-) day period). If such
notification is not given within such period, the claim will be considered denied as of the last day of such period and such person may request a review of his claim. 

(b)    Review Procedure. Within sixty (60) days after the date on which a person receives a
written notification of denial of claim (or, if written notification is not provided, within sixty (60) days of the date denial is considered to have occurred), such person (or his duly authorized representative) may (i) file a written request with
the Company for a review of his denied claim and of pertinent documents and (ii) submit written issues and comments to the Company. The Company or its delegate will notify such person of its decision in writing. Such notification will be
written in a manner calculated to be understood by such person and will contain specific reasons for the decision as well as specific references to pertinent Plan provisions. The decision on review will be made within sixty (60) days after the
request for review is received by the Company (or within one hundred twenty (120) days, if special circumstances require an extension of time for processing the request, such as an election by the Company or its delegate to hold a hearing, and if
written notice of such extension and circumstances is given to such person within the initial sixty- (60-) day period). If the decision on review is not made within such period, the claim will be considered denied. 

10.4    Plan Administrative Costs. All reasonable costs and expenses (including legal, accounting, and
employee communication fees) incurred by the Company in administering the Plan shall be paid by the Company. 

  
 - 17 - 

 ARTICLE 11 

MISCELLANEOUS 

11.1    Unsecured General Creditor of the Employer. The Plan at all times shall be entirely
unfunded. Participants and their Beneficiaries, heirs, successors and assigns shall have no legal or equitable rights, interests or claims in any property or assets of the Employer. For purposes of the payment of benefits under the plan,
the assets of the Employer shall be, and shall remain, the general, unpledged, unrestricted assets of the Employer. The Employer’s obligation under the Plan shall be merely that of an unfunded and unsecured promise to pay money in the
future. 
 11.2    Employer’s Liability. The Employer’s liability for the
payment of benefits under the Plan shall be defined only by the Plan. The Employer shall have no obligation or liability to a Participant under the Plan except as provided by the Plan. 

11.3    Limitation of Rights. Neither the establishment of the Plan, nor any amendment thereof, nor the
creation of any fund or account, nor the payment of any benefits, will be construed as giving to the Participant or any other person any legal or equitable right against the Employer or the Committee except as provided herein; and in no event will
the terms of employment or service of the Participant be modified or in any way affected hereby. 

11.4    Anti-Assignment. Except as otherwise provided in connection with a division of property under a
domestic relations proceeding under state law and subject to the terms of the Plan, no right or interest of the Participants shall be subject to involuntary alienation, assignment or transfer of any kind. An eligible employee may voluntarily
assign his rights under the Plan. The Employer, the Board, the Committee and any of their delegates shall not review, confirm, guarantee or otherwise comment on the legal validity of any voluntary assignment. Employer and its delegates may
review, provide recommendations and approve submitted domestic relations orders using procedures similar to those that apply to qualified domestic relations orders under the qualified pension plans sponsored by the Employer. A domestic
relations order intended to assign a benefit hereunder to a former spouse of an eligible employee must be delivered to the Employer. The Employer will review the order to determine if it is qualified. Upon notification by the Employer that
the order is qualified, the spouse will be able to elect a distribution of the assigned benefit by the end of the fifth calendar year following the calendar year during which the Employer notifies the former spouse that the order is
qualified. In all events, the entire assigned benefit must be distributed by the end of the fifth calendar year following the calendar year during which the Employer notifies the former spouse that the order is qualified. The Employer may
prescribe procedures that are consistent with this Section 11.4 and applicable law to implement benefit assignments pursuant to qualified orders. 

11.5    Facility of Payment. If the Employer determines, on the basis of medical reports or other
evidence satisfactory to the Employer, that the recipient of any benefit payments under the Plan is incapable of handling his affairs by reason of minority, illness, infirmity or other incapacity, such payments may be disbursed to a person or
institution designated by a court which has jurisdiction over such recipient or a person or institution otherwise having the legal 

  
 - 18 - 

 
authority under State law for the care and control of such recipient. The receipt by such person or institution of any such payments, and any such payment to the extent thereof, shall
discharge the liability of the Employer for the payment of benefits hereunder to such recipient. 

11.6    Notices. Any notice or other communication required or permitted to be given in connection with
the Plan shall be in writing and shall be deemed to have been duly given (i) upon request, if delivered personally or via courier, (ii) upon confirmation of receipt, if given by facsimile or electronic transmission, and (iii) on the third business
day following mailing, if mailed first-class, postage prepaid, registered or certified mail as follows: 

(a)    If it is sent to the Employer, it will be at the address specified by the Employer; or 

(b)    If it is sent to a Participant or Beneficiary, it will be at the last address filed with the Employer by the
Participant (or Beneficiary). 
 11.7    Tax Withholding. The Employer shall have the right to deduct
from all payments or deferrals made under the Plan any tax required by law to be withheld. If the Employer concludes that tax is owing with respect to any deferral or payment hereunder, the Employer shall withhold such amounts from any payments
due the Participant or his Beneficiary, as permitted by law, or otherwise make appropriate arrangements with the Participant or his Beneficiary for satisfaction of such obligation. Tax, for purposes of this Section 11.7, means any federal,
state, local, foreign or any other governmental income tax, employment or payroll tax, excise tax, or any other tax or assessment owing with respect to amounts deferred, any earnings thereon, and any payments made to Participants or Beneficiaries
under the Plan. 
 11.8    Indemnification. To the fullest extent allowed by law, the Company shall
indemnify and hold harmless each member of the Committee and each employee, officer, or director of the Employer to whom is delegated duties, responsibilities, and authority with respect to the Plan against all claims, liabilities, fines and
penalties, and all expenses reasonably incurred by or imposed upon him (including but not limited to reasonable attorneys’ fees) which arise as a result of his actions or failure to act in connection with the operation and administration of the
Plan to the extent lawfully allowable and to the extent that such claim, liability, fine, penalty, or expense is not paid for by liability insurance purchased or paid for by the Employer. Notwithstanding the foregoing, the Company shall not
indemnify any person for any such amount incurred through any settlement or compromise of any action unless the Company consents in writing to such settlement or compromise. 

11.9    Permitted Acceleration of Payment. The Company or its delegate, in its sole discretion, may
accelerate the time in which payment shall be made under the Plan to: (a) an individual other than the Participant as may be necessary to fulfill a domestic relations order within the meaning of Code Section 414(p)(1)(B), (b) the extent
reasonably necessary to avoid the violation of an applicable federal, state, local, or foreign ethics law or conflicts of interest law (including where such payment is reasonably necessary to permit the Participant to participate in activities in
the normal course of his position in which the Participant would otherwise not be able to participate under an applicable rule), determined in accordance with Treasury Regulation Section 1.409A-3(j)(4)(iii)(B), (c) pay the FICA tax imposed under
Code Sections 3101, 3121(a) 

  
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and 3121(v)(2) on compensation deferred under the Plan, (d) pay the income tax at source on wages imposes under Code Section 3401 or the corresponding withholding provisions of the applicable,
state, local or foreign tax laws as a result of the payment of any FICA tax described in clause (c), and to pay the additional income tax at source on wages attributable to the pyramiding Code Section 3401 wages and taxes, (e) pay state, local, or
foreign tax obligations arising from participation in the Plan that apply to an amount deferred under the Plan before the amount is paid or made available to the Participant, (f) pay the income tax at source on wages imposed under Code Section 3401
as a result of the payment described in clause (e) and to pay the additional income tax at source on wages imposed under Code Section 3401 attributable to such additional Code Section 3401 wages and taxes, (g) satisfy the debt of a Participant
to the Employer where such debt is incurred in the ordinary course of the service relationship between the Participant and the Employer, as applicable, the entire amount of the reduction in any Plan year does not exceed $5,000, and the reduction is
made at the same time and in the same amount as the debt otherwise would have been due and collected from the Participant, and (h) pay the amount required to be included in gross income as a result of the failure of the Plan to comply with the
requirements of Code Section 409A. The total payment under clauses (c) and (d) shall, in no event, exceed the aggregate of the FICA tax and the income tax withholding related to such FICA tax. The total payment under clause (e) shall, in
no event, exceed the amount of such taxes due as a result of participation in the Plan. The total payment under clauses (e) and (f) shall, in no event, exceed the aggregate of the state, local, and foreign tax amount, and the income tax
withholding related to such state, local, and foreign tax amount. The total payment under clause (h) shall, in no event, exceed the amount required to be included in income as a result of the failure to comply with requirements of Code Section
409A. 
 11.10    No Guarantee or Employment or Participation. Nothing in the Plan shall interfere
with or limit in any way the right of the Employer to terminate any Participant’s employment at any time and for any reason, nor confer upon any Participant any right to continue in the employ of the Employer. No employee of the Employer
shall have a right to be selected as a Participant under the Plan or, if selected, to continue to participate for any Plan Year. 

11.11    Unclaimed Benefit. Each Participant shall keep the Employer informed of his current
address. The Employer shall not be obligated to search for the whereabouts of any person. If the location of a Participant is not made known to the Employer within three (3) years after the date on which payment of the Participant’s
vested Account is scheduled to be made, payment may be made as though the Participant had died at the end of the three- (3-) year period. If within one additional year after such three- (3-) year period has elapsed, or, within three (3) years
after the actual death of a Participant, the Employer is unable to locate the Beneficiary of the Participant, then the Employer shall have no further obligation to pay any benefit hereunder to such Participant or Beneficiary or any other person and
such benefit shall be irrevocably forfeited. 
 11.12    Governing Law. The Plan will be construed,
administered and enforced according to the laws of the Commonwealth of Kentucky without regard to principles of conflicts of law to the extent not otherwise preempted by ERISA. 

  
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 11.13    Erroneous Payment. Any amount paid under this
Plan in error to a Participant or to a Participant’s Beneficiary shall be returned to the Employer. A payment made in error does not create on the part of the recipient a legally binding right to such payment. 

11.14    Effective Date. The Plan was approved by the Personnel and Compensation Committee of the Board
of Directors of Ashland Inc. and established by the Company to be effective as of October 1, 2016. 
 [signature page immediately
follows] 

  
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 IN WITNESS WHEREOF, Ashland Global Holdings Inc. has caused its duly authorized
representative to execute the Plan, this      day of         , 2016. 
  

			
	 ASHLAND GLOBAL HOLDINGS INC.

		
	 By:
	 	  

		
	 Print Name:
	 	  

		
	 Title:
	 	  

  
 - 22 -

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