Document:

Form of Long-Term Incentive Plan Restricted Stock Award Agreement

 Exhibit 10.14 
 ZEP INC. 
 LONG-TERM INCENTIVE PLAN 
 RESTRICTED STOCK AWARD AGREEMENT 
 THIS AGREEMENT, made and entered into as of
                     by and between Zep Inc., a Delaware Corporation, (the “Company”) and
                                        
(“Grantee”). 
 W • I • T • N • E • S • S • E • T • H      T
• H • A • T: 
 WHEREAS, the Company maintains the Zep Inc. Long-Term Incentive Plan (the “Plan”), and Grantee
has been selected by the Committee to receive a Restricted Stock Award under the Plan; 
 WHEREAS, the Company and Grantee have determined
that Grantee shall enter into certain non-competition, non-solicitation and non-recruitment covenants, attached hereto as Exhibits A, B and C respectively, in consideration for receipt of the Restricted Stock award pursuant hereto, receipt of any
such awards that Grantee may receive in the future, continued employment, and other good and valuable consideration, and ; 
 NOW, THEREFORE,
IT IS AGREED, by and between the Company and Grantee, as follows: 
  

	 	1.	Award of Restricted Stock 

 1.1 The Company hereby
grants to Grantee an award of              Shares of restricted stock (“Restricted Stock”), subject to, and in accordance with, the restrictions, terms, and conditions set
forth in this Agreement. The grant date of this award of Restricted Stock is                      (the “Grant Date”). 
 1.2 This Agreement (including any appendices or exhibits) shall be construed in accordance with, and subject to, the provisions of the Plan (the
provisions of which are incorporated herein by reference) and, except as otherwise expressly set forth herein, the capitalized terms used in this Agreement shall have the same definitions as set forth in the Plan. 
  

	 	2.	Restrictions 

 2.1 Subject to Sections 2.3, 2.5, and
2.6 below, if the Grantee remains employed by the Company, the Restricted Stock shall vest as follows (each such date on which the Restricted Stock vests is hereinafter referred to as a “Vesting Date”): 
  

					
	 Number of Shares
	 	 	 	 Vesting Date

			
	 	 		 	 
			
	 	 		 	 
			
	 	 		 	 
			
	 	 		 	 

 For purposes of this Agreement, employment with a Subsidiary of the Company or service as a member of the Board of
Directors of the Company shall be considered employment with the Company. 
 2.2 Except as otherwise provided below, on each Vesting Date,
Grantee shall own the Vested Shares of Restricted Stock free and clear of all restrictions imposed by this Agreement (except those imposed by Section 3.4 below). The Company shall transfer the Vested Shares of Restricted Stock to an
unrestricted account in the name of the Grantee as soon as practical after each Vesting Date. 
 2.3 In the event, prior to the Vesting Date,
(i) Grantee dies while actively employed by the Company, or (ii) Grantee has his employment terminated by reason of Disability, any Restricted Stock shall become fully vested and nonforfeitable as of the date of Grantee’s death or
Disability. The Company shall transfer the Shares of Restricted Stock, free and clear of any restrictions imposed by this Agreement (except for Section 3.4) to Grantee (or, in the event of death, his surviving spouse or, if none, to his estate)
as soon as practical after his date of death or termination for Disability. 
 2.4 In exchange for receipt of consideration in the form of
the Restricted Stock award pursuant to this Agreement, the prospect of receiving such awards in the future, continued employment, and other good and valuable consideration, Grantee agrees that, upon his termination of employment with the Company,
for the period set forth in the Exhibits attached hereto (the “Restricted Period”), Grantee shall comply with the non-competition, non-recruitment, and non-disclosure restrictions attached hereto as Exhibits “A,”
“B,” and “C,” respectively (the “Restrictive Covenants”). The parties hereto recognize that Grantee may experience periodic material changes in his job title and/or to the principal duties, responsibilities or
services that he is called upon to perform on the behalf of the Company. If Grantee experiences such a material job change, the parties shall, as soon as is practicable, enter into a signed, written addendum to Exhibit “A” hereto
reflecting such material change. Moreover, in the event of any material change in corporate organization on the part of the Direct Competitors set forth in Exhibit A hereto, the parties agree to amend Exhibit “A”, as necessary, at
the Company’s request, in order to reflect such change. Upon execution, any such written modification to Exhibit “A” shall represent an enforceable amendment to this Agreement and shall augment and supplant the definitions of
the terms Executive Services or Direct Competitor set forth in Exhibit “A” hereto, as applicable. 
 2.5 Except for death or
Disability as provided in Section 2.3, or except as otherwise provided in a severance agreement, employment agreement or similar agreement with Grantee, if Grantee terminates his employment or if the Company terminates Grantee prior to the
Vesting Date, the Restricted Stock shall cease to vest further, the unvested Shares of Restricted Stock shall be immediately forfeited, and Grantee shall only be entitled to the Restricted Stock that has vested as of his date of termination.

 2.6 Notwithstanding the other provisions of this Agreement, in the event of a Change in Control prior to the Vesting Date, all Shares of
Restricted Stock shall become fully vested and 

  

 – 2 – 

 
nonforfeitable as of the date of the Change in Control. The Company shall transfer the Shares of Restricted Stock that become vested pursuant to this
Section 2.5 to an unrestricted account in the name of Grantee as soon as practical after the date of the Change in Control. 
 2.7 The
Restricted Stock may not be sold, assigned, transferred, pledged, or otherwise encumbered prior to the date Grantee becomes vested in the Restricted Stock. 
  

	 	3.	Stock; Dividends; Voting 

 3.1 The Restricted Stock
shall be registered in the name of Grantee as of the respective Grant Date for such Shares of Restricted Stock. The Company may issue stock certificates or evidence Grantee’s interest by using a restricted book entry account with the
Company’s transfer agent. Physical possession or custody of any stock certificates that are issued shall be retained by the Company until such time as the Shares are vested in accordance with Section 2. The Company reserves the right to
place a legend on such stock certificate(s) restricting the transferability of such certificates and referring to the terms and conditions (including forfeiture) of this Agreement and the Plan. 
 3.2 During the period the Restricted Stock is not vested, the Grantee shall be entitled to receive dividends or similar distributions declared on such
Restricted Stock and Grantee shall be entitled to vote such Restricted Stock. 
 3.3 In the event of a Change in Capitalization, the number
and class of Shares or other securities that Grantee shall be entitled to, and shall hold, pursuant to this Agreement shall be appropriately adjusted or changed by the Committee to reflect the Change in Capitalization in accordance with Section 4(d)
of the Plan, provided that any such additional Shares or additional or different shares or securities shall remain subject to the restrictions in this Agreement. 
 3.4 Grantee represents and warrants that he is acquiring the Restricted Stock for investment purposes only, and not with a view to distribution thereof. Grantee is aware that the Restricted Stock may not be registered
under the federal or any state securities laws and that in that event, in addition to the other restrictions on the Shares, they will not be able to be transferred unless an exemption from registration is available or the Shares are registered. By
making this award of Restricted Stock, the Company is not undertaking any obligation to register the Restricted Stock under any federal or state securities laws. 
  

	 	4.	No Right to Continued Employment or Additional Grants 

 Nothing in this Agreement or the Plan shall be interpreted or construed to confer upon Grantee any right with respect to continuance of employment by the Company or a subsidiary, nor shall this Agreement or the Plan interfere in any way
with the right of the Company or a Subsidiary to terminate Grantee’s employment at any time. The Plan may be terminated at any time, and even if the Plan is not terminated, Grantee shall not be entitled to any additional awards under the Plan.

  

 – 3 – 

	 	5.	Taxes and Withholding 

 Grantee shall be responsible
for all federal, state, and local income taxes payable with respect to this award of Restricted Stock and dividends paid on unvested Restricted Stock. Grantee shall have the right to make such elections under the Internal Revenue Code of 1986, as
amended, as are available in connection with this award of Restricted Stock. The Company and Grantee agree to report the value of the Restricted Stock in a consistent manner for federal income tax purposes. The Company shall have the right to retain
and withhold from any payment of Restricted Stock or cash the amount of taxes required by any government to be withheld or otherwise deducted and paid with respect to such payment. At its discretion, the Company may require Grantee to reimburse the
Company for any such taxes required to be withheld and may withhold any distribution in whole or in part until the Company is so reimbursed. In lieu thereof, the Company shall have the right to withhold from any other cash amounts due to Grantee an
amount equal to such taxes required to be withheld or withhold and cancel (in whole or in part) a number of shares of Restricted Stock having a market value not less than the amount of such taxes. 
  

	 	6.	Grantee Bound by the Plan 

 Grantee hereby
acknowledges receipt of a copy of the Plan and the prospectus for the Plan, and agrees to be bound by all the terms and provisions thereof. 
  

	 	7.	Modification of Agreement 

 This Agreement may be
modified, amended, suspended, or terminated, and any terms or conditions may be waived, but only by mutual agreement of the parties in writing. 
  

	 	8.	Severability 

 Should any provision of this
Agreement be held by a court of competent jurisdiction to be unenforceable or invalid for any reason, the remaining provisions of this Agreement shall not be affected by such holding and shall continue in full force in accordance with their terms.

  

	 	9.	Governing Law 

 The validity, interpretation,
construction, and performance of this Agreement shall be governed by the laws of the state of Delaware without giving effect to the conflicts of laws principles thereof. 
  

	 	10.	Successors in Interest 

 This Agreement shall inure
to the benefit of, and be binding upon, the Company and its successors and assigns, whether by merger, consolidation, reorganization, sale of assets, or otherwise. This Agreement shall inure to the benefit of Grantee’s legal representatives.
All obligations imposed upon Grantee and all rights granted to the Company under this Agreement shall be final, binding, and conclusive upon Grantee’s heirs, executors, administrators, and successors. 
  

 – 4 – 

	 	11.	Resolution of Disputes 

 Any dispute or disagreement
which may arise under, or as a result of, or in any way relate to the interpretation, construction, or application of this Agreement shall be determined by the Committee. Any determination made hereunder shall be final, binding, and conclusive on
Grantee and the Company for all purposes. 
  

	 	12.	Pronouns; Including 

 Wherever appropriate in this
Agreement, personal pronouns shall be deemed to include the other genders and the singular to include the plural. Wherever used in this Agreement, the term “including” means “including, without limitation.” 
 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written. 
  

							
	ATTEST:	 		 	ZEP INC.
				
	  
	 		 	By:	 	  

			
		 		 	GRANTEE:
			
		 		 	  

  

 – 5 – 

 EXHIBIT A 
 TO ZEP INC. 
 LONG-TERM INCENTIVE PLAN 
 RESTRICTED STOCK AWARD AGREEMENT 
 NON-COMPETITION COVENANT 
  

	1.	DEFINITIONS 

 Capitalized terms contained
herein shall have the same meaning as those defined terms set forth in the Restricted Stock Award Agreement. In addition, the following terms used in this Exhibit “A” shall have the following meanings: 
 (A) “Direct Competitor” means the following entities: (1) Ecolab Inc.; (2) JohnsonDiversey Inc; (3) NCH
Corporation; (4) State Industrial Products Corporation; (5) Rochester Midland Corporation; (6) Amrep, Inc.; and (7) Ondeo Nalco Company, as well as any of their respective affiliates, subsidiaries and/or parent companies that are
either located or transact business within the United States of America, but only to the extent each, and only with respect to the business operation which, engages in the manufacture and/or sale of one or more of the following classes of products:
specialty chemical products, cleaners, degreasers, absorbants, sanitizers, deodorizers, polishes, floor finishes, sealants, lubricants, disinfectants, janitorial supplies, paint strippers, paint removers, rust strippers, soaps and detergents,
bleaches, fabric softeners, liquid sweeping compounds, aerosol gasket forming compositions, non-slip adhesive film for brakes, tire and rubber mat dressings, floor waxes, asphalt and tar removers, concrete removers, vehicle drying agents, vehicle
rain repellant and glass treatment, steam cleaning compositions, chemical preparations for unclogging pipes and septic tank cleaning, spill treatments, anti-seize compounds, treatment products for hazardous solvents, pesticides, pest control
products and/or drain care products, preparations for killing weeds, fungicides, herbicides, rodenticides, vermicides, insect repellants, ground control chemicals, power operated industrial and commercial cleaning equipment (namely, sprayers, fog
sprayers, steam cleaning machines, pressure washers, and air agitation cleaners and pumps for use in connection therewith, steam cleaners, vacuum cleaners, carpet cleaning and shampooing machines, floor cleaning and polishing machines and parts
associated therewith), or manually operated cleaning equipment and accessories (namely, brooms, dustpans, scrubbing brushes, mops, squeegees, dispensers for floor wax, buckets, mop wringers, sponges, scouring pads, plastic janitorial mats, wiping
cloths, steel wool, chamois skins, soap and chemical dispensers, towel and sanitary napkin dispensers, cleaning gloves, pails and parts therefore, and waste receptacles); 
 (B) “Executive Services” means those principal duties and responsibilities that Executive performs on behalf of the Company
during his employment, consistent with the Position Description covering Executive’s job position, as of the date hereof. As
                    , Executive: [to be added for specific Grantee] 
  

 – 1 – 

 (C) “Restricted Period” means a period of
             months following the Grantee’s Date of Termination. 
  

	 	2.	ACKNOWLEDGEMENTS 

 Executive acknowledges that during the period of
his employment with the Company as the
                                        ,
he has and will render executive, strategic and managerial services, including the Executive Services, to and for the Company throughout the United States, which are special, unusual, extraordinary, and of peculiar value to the Company. Executive
further acknowledges that the services he performs on behalf of the Company, including the Executive Services, are at a senior managerial level and are not limited in their territorial scope to any particular city, state, or region, but instead have
nationwide impact throughout the United States. Executive further acknowledges and agrees that: (a) the Company’s business is, at the very least, national in scope; (b) these restrictions are reasonable and necessary to protect the
Confidential Information, business relationships, and goodwill of the Company; and (c) should Executive engage in or threaten to engage in activities in violation of these restrictions, it would cause the Company irreparable harm which would
not be adequately and fully redressed by the payment of damages to the Company. In addition to other remedies available to the Company, the Company shall accordingly be entitled to injunctive relief in any court of competent jurisdiction for any
actual or threatened breach by Executive of the provisions of this Exhibit A. Executive further acknowledges that he will not be entitled to any compensation or benefits from the Company or any of its affiliates in the event of a final
non-appealable judgment that he materially breached his duties or obligations under this Exhibit A. 
  

	 	3.	NON-COMPETITION 

 Executive agrees that while employed by the
Company and for a period equal to the Restricted Period thereafter, he will not, directly (i.e., as an officer or employee) or indirectly (i.e., as an independent contractor, consultant, advisor, board member, agent, shareholder, investor, joint
venturer, or partner), engage in, provide or perform any of the Executive Services on behalf of any Direct Competitor anywhere within the United States. Nothing in this provision shall divest Executive from the right to acquire as a passive
investor(with no involvement in the operations or management of the business) up to 1% of any class of securities which is: (i) issued by any Direct Competitor, and (ii) publicly traded on a national securities exchange or over-the-counter
market. 
  

	 	4.	SEPARABILITY 

 Executive acknowledges that the foregoing
non-competition covenant is a separate and distinct obligation of Executive and is deemed to be separable from the remaining covenants of the Restricted Stock Award Agreement. If any of the provisions of the foregoing covenant should ever be deemed
to exceed the time, geographic, product, or other limitations permitted by applicable law in any jurisdiction, then such provisions shall be deemed reformed in such 

  

 – 2 – 

 
jurisdiction to the maximum time, geographic, product, or other limitations permitted by applicable law. If any particular provision of the foregoing
covenant is held to be invalid, the remainder of the covenant and the remaining obligations of the Restricted Stock Award Agreement shall not be affected thereby and shall remain in full force and effect. 
  

 – 3 – 

 EXHIBIT B 
 TO ZEP INC. 
 LONG-TERM INCENTIVE PLAN 
 RESTRICTED STOCK AWARD AGREEMENT 
 NON-RECRUITMENT COVENANT 
  

	1.	DEFINITIONS 

 The following terms used in
this Exhibit “B” shall have the following meanings: 
 (A) “Person” means any individual, firm,
partnership, association, corporation, limited liability entity, trust, venture or other business organization, entity or enterprise; 
 (B) “Restricted Period” means a period of              months following the Grantee’s termination of employment with the Company.

  

	2.	NON-RECRUITMENT COVENANT 

 During the
Restricted Period, the Grantee will not, directly or indirectly, for himself or on behalf of any other Person, solicit, induce, persuade, or encourage, or attempt to solicit, induce, persuade, or encourage, any management-level employee of the
Company or the Company’s business unit in which the Grantee was employed (if applicable) to terminate such employee’s position with Zep Inc., whether or not such employee is a full-time or temporary employee of Zep Inc. and whether or not
such employment is pursuant to a written agreement, for a determined period or at will. 
  

	3.	SEPARABILITY 

 The Grantee acknowledges that
the foregoing covenant, as well as each of those covenants set forth in Exhibits A and C to the Agreement, is a separate and distinct obligation of the Grantee and is deemed to be separable from the remaining covenants. If any of the provisions of
any other such covenant should ever be held invalid, the foregoing covenant shall not be affected thereby and shall remain in full force and effect. 
  

 – 1 – 

 EXHIBIT C 
 TO ZEP INC. 
 LONG-TERM INCENTIVE PLAN 
 RESTRICTED STOCK AWARD AGREEMENT 
 NON-DISCLOSURE COVENANT 
  

	1.	DEFINITIONS 

 The following terms used in
this Exhibit “C” shall have the following meanings: 
 (A) “Trade Secrets” means information, without
regard to form, relating to the Company’s business which is not commonly known by or available to the public and which derives economic value, actual or potential, from not being generally known to other persons and is the subject of efforts
that are reasonable under the circumstances to maintain its secrecy or confidentiality, including, but not limited to, technical or nontechnical data, formulae, patterns, compilations, programs, devices, methods, techniques, drawings, processes,
financial data, financial plans, product plans, or lists of actual or potential customers or suppliers. 
 (B)
“Confidential Information” means information of the Company which is non-public, proprietary and confidential in nature but is not a Trade Secret. 
 (C) “Person” means any individual, firm, partnership, association, corporation, limited liability entity, trust, venture or
other business organization, entity or enterprise; 
 (D) “Restricted Period” means a period of
             months following the Grantee’s termination of employment with the Company. 
  

	2.	NON-DISCLOSURE COVENANT 

 The Grantee will
not, directly or indirectly, for himself or on behalf of any other Person, use for the Grantee’s own benefit or disclose to any other party, any Trade Secrets or Confidential Information of the Company. The foregoing confidentiality obligations
shall continue (A) with respect to all Trade Secrets, at all times so long as such Trade Secrets constitute trade secrets under applicable law, and (B) with respect to all Confidential Information, at all times during the Restricted
Period. 
  

	3.	SEPARABILITY 

 The Grantee acknowledges that
the foregoing covenant, as well as each of those covenants set forth in Exhibits A and B to the Agreement, is a separate and distinct obligation of the Grantee and is deemed to be separable from the remaining covenants. If any of the provisions of
any other such covenant should ever be held invalid, the foregoing covenant shall not be affected thereby and shall remain in full force and effect. 
  

 – 1 –Form of Long-Term Incentive Plan Restricted Stock Units Award Agreement

 Exhibit 10.15 
 ZEP INC. 
 LONG-TERM INCENTIVE PLAN 
 RESTRICTED STOCK UNITS AWARD AGREEMENT 
 THIS AGREEMENT, made and entered into
as of                      by and between Zep Inc., a Delaware Corporation, (the “Company”) and
                                        
(“Grantee”). 
 W • I • T • N • E • S • S • E • T • H      T
• H • A • T: 
 WHEREAS, the Company maintains the Zep Inc. Long-Term Incentive Plan (the “Plan”), and Grantee
has been selected by the Committee to receive a Restricted Stock Units Award under the Plan; 
 NOW, THEREFORE, IT IS AGREED, by and between
the Company and Grantee, as follows: 
  

	 	1.	Award of Restricted Stock 

 1.1 The Company hereby
grants to Grantee an award of                      restricted stock units (“Restricted Stock Units” or “RSUs”), with each
Restricted Stock Unit representing the right to receive one Share, subject to, and in accordance with, the restrictions, terms, and conditions set forth in this Agreement. The grant date of this award of Restricted Stock Units is
                     (the “Grant Date”). 
 1.2 This Agreement (including any appendices or exhibits) shall be construed in accordance with, and subject to, the provisions of the Plan (the provisions of which are incorporated herein by reference) and, except as
otherwise expressly set forth herein, the capitalized terms used in this Agreement shall have the same definitions as set forth in the Plan. 
  

	 	2.	Restrictions 

 2.1 Subject to Sections 2.3, 2.4, and
2.5 below, if the Grantee remains employed by the Company, the Restricted Stock Units shall vest as follows (each such date on which the Restricted Stock Units vest is hereinafter referred to as a “Vesting Date”): 
  

					
	 Number of RSUs
	 	 	 	 Vesting Date

			
	 	 		 	 
			
	 	 		 	 
			
	 	 		 	 
			
	 	 		 	 

 For purposes of this Agreement, employment with a Subsidiary of the Company or service as a member of the Board of
Directors of the Company shall be considered employment with the Company. 
 2.2 Except as otherwise provided below, on each Vesting Date,
Grantee shall own the Shares obtained as a result of the vesting of the Restricted Stock Units free and clear of all restrictions imposed by this Agreement (except those imposed by Section 3.4 below). The Company shall transfer such Shares to
Grantee in accordance with Section 3 below. 
 2.3 In the event, prior to the Vesting Date, (i) Grantee dies while actively
employed by the Company, or (ii) Grantee has his employment terminated by reason of Disability, any Restricted Stock Units shall become fully vested and nonforfeitable as of the date of Grantee’s death or Disability. The Company shall
transfer the Shares resulting from the vesting of the Restricted Stock Units, in accordance with Section 3 below, free and clear of any restrictions imposed by this Agreement (except for Section 3.4) to Grantee (or, in the event of death,
his surviving spouse or, if none, to his estate) as soon as practical after his date of death or termination for Disability. 
 2.4 Except
for death or Disability as provided in Section 2.3, or except as otherwise provided in a severance agreement, employment agreement, or similar agreement with Grantee, if Grantee terminates his employment or if the Company terminates Grantee
prior to the Vesting Date, the Restricted Stock Units shall cease to vest further, the unvested Restricted Stock Units shall be immediately forfeited, and Grantee shall only be entitled to the Shares issued as a result of Restricted Stock Units that
had vested as of his date of termination. 
 2.5 Notwithstanding the other provisions of this Agreement, in the event of a Change in Control
prior to the Vesting Date, all Restricted Stock Units shall become fully vested and nonforfeitable as of the date of the Change in Control. The Company shall transfer the Shares issuable as a result of Restricted Stock Units that become vested
pursuant to this Section 2.5 in accordance with Section 3 below. 
 2.6 The Restricted Stock Units may not be sold, assigned,
transferred, pledged, or otherwise encumbered prior to the date Grantee becomes vested in the Restricted Stock Units. 
  

	 	3.	Issuance of Shares; Dividend Equivalents 

 3.1 No
Shares shall be issued to Grantee prior to the date on which the Restricted Stock Units vest, and the restrictions with respect to the Restricted Stock Units lapse, in accordance with Sections 2.1, 2.3 and 2.5. After any Restricted Stock Units vest,
the Company 

  

 – 2 – 

 
shall promptly cause Shares to be issued in book-entry form with the Company’s transfer agent, registered in the Grantee’s name or in the name of
Grantee’s legal representatives, beneficiaries or heirs, as the case may be, in payment of such vested Restricted Stock Units. In addition, the Company will cause to be paid in cash the Dividend Equivalents, described in Section 3.2,
attributed to the Shares issued as a result of the vesting of the Restricted Stock Units, as soon as practical after the Vesting Date. 
 3.2
During the period that the Grantee holds Restricted Stock Units granted pursuant to this Award, the Company shall credit to a non-interest bearing account on its books for Grantee, on each date that the Company pays a cash dividend to holders of its
Common Stock, an amount equal to the dollar amount paid per Share of the Company’s Common Stock that is subject to the Restricted Stock Units under this Agreement and that have not vested (the “Dividend Equivalents”). The Company will
cause to be paid in cash the Dividend Equivalents attributed to the Restricted Stock Units as soon as practical after each Vesting Date. The Dividend Equivalents credited to Grantee’s non-interest bearing account shall be forfeited in
the event that the Restricted Stock Units are forfeited. 
 3.3 The Restricted Stock Units granted pursuant to this Award do not and shall
not entitle the Grantee to any rights of a shareholder of the Company’s Common Stock. The rights of the Grantee with respect to the Restricted Stock Units shall remain forfeitable at all times prior to the date on which such rights become
vested, and the restrictions with respect to the Restricted Stock Units lapse, in accordance with Sections 2.1, 2.3 and 2.5 above. 
 3.4 In
the event of a Change in Capitalization, the number and class of Shares or other securities that Grantee shall be entitled to pursuant to this Agreement shall be appropriately adjusted or changed by the Committee to reflect the Change in
Capitalization in accordance with Section 4(d) of the Plan, provided that any such additional Shares or additional or different shares or securities shall remain subject to the restrictions in this Agreement. 
 3.5 Grantee represents and warrants that he is acquiring the Shares underlying the Restricted Stock Units for investment purposes only, and not with a
view to distribution thereof. Grantee is aware that the Restricted Stock Units, or Shares issued in connection therewith, may not be registered under the federal or any state securities laws and that in that event, in addition to the other
restrictions on the Shares, they will not be able to be transferred unless an exemption from registration is available or the Shares are registered. By making this award of Restricted Stock Units, the Company is not undertaking any obligation to
register the Shares underlying the Restricted Stock Units under any federal or state securities laws. 
  

	 	4.	No Right to Continued Employment or Additional Grants 

 Nothing in this Agreement or the Plan shall be interpreted or construed to confer upon Grantee any right with respect to continuance of employment by the Company or a subsidiary, nor shall this Agreement or the Plan interfere in any way
with the right of the Company or a Subsidiary to terminate Grantee’s employment at any time. The Plan may be terminated at any time, and even if the Plan is not terminated, Grantee shall not be entitled to any additional awards under the Plan.

  

 – 3 – 

	 	5.	Taxes and Withholding 

 Grantee shall be responsible
for all federal, state, and local income taxes payable with respect to this award of Restricted Stock Units and dividends paid on unvested Restricted Stock Units. The Company shall have the right to retain and withhold from any payment of Shares or
cash the amount of taxes required by any government to be withheld or otherwise deducted and paid with respect to such payment. At its discretion, the Company may require Grantee to reimburse the Company for any such taxes required to be withheld
and may withhold any distribution in whole or in part until the Company is so reimbursed. In lieu thereof, the Company shall have the right to withhold from any other cash amounts due to Grantee an amount equal to such taxes required to be withheld
or withhold and cancel (in whole or in part) a number of Shares having a market value not less than the amount of such taxes. 
  

	 	6.	Grantee Bound by the Plan 

 Grantee hereby
acknowledges receipt of a copy of the Plan and the prospectus for the Plan, and agrees to be bound by all the terms and provisions thereof. 
  

	 	7.	Modification of Agreement 

 This Agreement may be
modified, amended, suspended, or terminated, and any terms or conditions may be waived, but only by mutual agreement of the parties in writing. 
  

	 	8.	Severability 

 Should any provision of this
Agreement be held by a court of competent jurisdiction to be unenforceable or invalid for any reason, the remaining provisions of this Agreement shall not be affected by such holding and shall continue in full force in accordance with their terms.

  

	 	9.	Governing Law 

 The validity, interpretation,
construction, and performance of this Agreement shall be governed by the laws of the state of Delaware without giving effect to the conflicts of laws principles thereof. 
  

	 	10.	Successors in Interest 

 This Agreement shall inure
to the benefit of, and be binding upon, the Company and its successors and assigns, whether by merger, consolidation, reorganization, sale of assets, or otherwise. This Agreement shall inure to the benefit of Grantee’s legal representatives.
All obligations imposed upon Grantee and all rights granted to the Company under this Agreement shall be final, binding, and conclusive upon Grantee’s heirs, executors, administrators, and successors. 
  

 – 4 – 

	 	11.	Resolution of Disputes 

 Any dispute or disagreement
which may arise under, or as a result of, or in any way relate to the interpretation, construction, or application of this Agreement shall be determined by the Committee. Any determination made hereunder shall be final, binding, and conclusive on
Grantee and the Company for all purposes. 
  

	 	12.	Pronouns; Including 

 Wherever appropriate in this
Agreement, personal pronouns shall be deemed to include the other genders and the singular to include the plural. Wherever used in this Agreement, the term “including” means “including, without limitation.” 
 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written. 
  

							
	ATTEST:	 		 	ZEP INC.
				
	  
	 		 	By:	 	  

			
		 		 	GRANTEE:
			
		 		 	  

  

 – 5 –

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00131-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00131-of-00352.parquet"}]]