Document:

Innospec Inc.Executive  CO-Investment Stock Plan 2004

 Exhibit 10.10 
  

 
  

  

RULES 

of the 

2004 INNOSPEC INC. EXECUTIVE CO-INVESTMENT PLAN 

 

  
  

 
  

 CONTENTS 
  

											
	1.	  	 	PURPOSE AND DEFINITIONS	  	 	2	  
				
	 	  	 	1.1.	  	  	Purpose	  	 	2	  
	 	  	 	1.2.	  	  	Definitions	  	 	2	  
			
	2.	  	 	PROCEDURE FOR SHARE MATCHING	  	 	3	  
				
	 	  	 	2.1.	  	  	Purchase of Shares with Bonus	  	 	3	  
	 	  	 	2.2.	  	  	Purchase of Shares When Target Bonus is Exceeded	  	 	4	  
	 	  	 	2.3.	  	  	Procedure for Share Matching	  	 	4	  
			
	3.	  	 	CONDITIONS RELATING TO MATCHING SHARES	  	 	4	  
				
	 	  	 	3.1.	  	  	Requirement to Remain in Employment	  	 	4	  
	 	  	 	3.2.	  	  	Forfeit of Matching Shares	  	 	4	  
			
	4.	  	 	RESTRICTIONS ON MATCHING SHARES	  	 	4	  
				
	 	  	 	4.1.	  	  	Maximum Aggregate Number of Matching Shares	  	 	4	  
	 	  	 	4.2.	  	  	Matching Shares may not be sold or transferred	  	 	5	  
	 	  	 	4.3.	  	  	No Rights Under Matching Shares	  	 	5	  
	 	  	 	4.4.	  	  	Right to Matching Shares Prematurely	  	 	5	  
	 	  	 	4.5.	  	  	Admission to NASDAQ	  	 	5	  
	 	  	 	4.6.	  	  	Ranking of Matching Shares	  	 	5	  
			
	5.	  	 	TAKE-OVER, RECONSTRUCTION AND AMALGAMATION AND LIQUIDATION	  	 	5	  
				
	 	  	 	5.1.	  	  	Take-over pursuant to General Offer	  	 	5	  
	 	  	 	5.2.	  	  	Voluntary Winding Up of the Company	  	 	6	  
			
	6.	  	 	ADMINISTRATION	  	 	6	  
				
	 	  	 	6.1.	  	  	Maintenance of Unissued Share Capital	  	 	6	  
	 	  	 	6.2.	  	  	The Committee’s Power to Administer Plan	  	 	6	  
	 	  	 	6.3.	  	  	The Committee’s Decision is Final and Conclusive	  	 	6	  
	 	  	 	6.4.	  	  	Costs of Administering Plan	  	 	6	  
			
	7.	  	 	ALTERATIONS	  	 	6	  
				
	 	  	 	7.1.	  	  	Power to alter Rules	  	 	6	  
	 	  	 	7.2.	  	  	Alterations which affect subsisting rights of former or current Eligible Employees	  	 	6	  
			
	8.	  	 	GENERAL	  	 	6	  
				
	 	  	 	8.1.	  	  	Effective Date	  	 	6	  
	 	  	 	8.2.	  	  	Termination of the Plan	  	 	6	  
	 	  	 	8.3.	  	  	Governing Law	  	 	6	  

  
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	1.	PURPOSE AND DEFINITIONS 

  

	 	1.1.	Purpose 

  

The 2004 Innospec Inc. Executive Co-Investment Stock Plan, adopted by the Board of Directors of the Company on 24 February 2004, for
certain senior executives of the Company, is intended to align the interests of such persons with the Company by allowing such senior executives to elect to utilize a portion of his or her Bonus for the purchase of Shares and provisionally receive
certain Matching Shares provided by the Company, to facilitate the shareholding requirement for senior management as set out by the Committee. 
  

	 	1.2.	Definitions 

  

In this Plan, the following words and expressions shall, where the context so permits, have the meanings set forth below: 

 
 “the Act” 

the Income and Corporation Taxes Act 1988; 
  

“Acquiring Company” 
 the person mentioned in Section 5.1, being a company within the meaning of Section 8.32 of the Act; 
  

“Board of Directors” 
 the board of directors of the Company; 
  

“Bonus” 
 the net amount of bonus compensation, after the deduction of all applicable income tax and social security liabilities, as determined by the Committee, awarded to an Eligible Employee in addition to such
person’s base salary; 
  

“Bonus Notification Date” 
 the date on which the Company notifies each Eligible Employee of his Bonus amount; 
  

“the Code” 
 the United States Internal Revenue Code of 1986 (as amended); 
  

“the Committee” 
 the Innospec Inc. Compensation Committee; 
  

“the Company” 
 Innospec Inc., a Delaware Corporation; 
  

“Control” 
 the meaning ascribed by Section 840 of the Act; 
  

“Election Date” 
 the date on which an Eligible Employee elects to utilize a portion of his Bonus pursuant to Sections 2.1(a) and 2.2(a); 

 
 “Eligible Employee”

 the senior executives of the Group designated as participants in the Plan, as determined by the Committee, whether annually
or otherwise, who are employed by the Company or any of its Subsidiaries; 
  
 “Fair Market Value” 
 in relation to a Share on any day, either:

  

	 	(1) if and for so long as the Shares are listed on NASDAQ, the reported closing price of shares of Innospec Inc. common stock on NASDAQ for that day, or the last
preceding trading day if that day is not a day that NASDAQ is open for business; or 

  
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 (2) its fair market value as determined by the Board of Directors; 

 
 “Group” 

the Company and each of its Subsidiaries; 
  

“Matching Shares” 
 the matching Shares provisionally issued by the Company to the Eligible Employees pursuant to Sections 2.3(a) and 2.3(b). 

 
 “NASDAQ” 

The Nasdaq Stock Market, including its three market ties: NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market or
their successors; 
  

“Parent” 
 any company which is a parent corporation of the Company within the meaning of Section 424(e) of the Code; 
  

“Purchase Period” 
 the next available trading opportunity in accordance with the Company’s trading policy; 
  

“the Plan” 
 the 2004 Innospec Inc. Executive Co-Investment Stock Plan (as amended on July 1, 2006) in its present form, or as from time to time altered in accordance with the Rules; 

 
 “Rules” 

the Rules of the Plan and “Rule” shall be construed accordingly; 
  
 “Share” 

a share of common stock, par value $0.01 per share, in the Company; 

 
 “Share Price” 

the price paid for a Share during the Purchase Period; 

 
 “Subsidiary” 

any company which is a subsidiary corporation within the meaning of Section 424(f) of the Code; 

 
 “Target Bonus” 

a target amount, set annually at the absolute discretion of the Board of Directors, for each Eligible Employee regarding his Bonus.

  
 References to any statutory provision are to that provision as
amended or re-enacted from time to time, and, unless the context otherwise requires, words in the singular shall include the plural (and vice versa) and words importing the masculine the feminine (and vice versa). 

 

	2.	PROCEDURE FOR SHARE MATCHING 

  

	 	2.1.	Purchase of Shares with Bonus 

  

	 	(a)	Within 21 days after each Bonus Notification Date, each Eligible Employee may elect to utilize a minimum of zero and a maximum of fifty percent of his Bonus earned for
the purchase of Shares in the Company during the following Purchase Period. 

  

	 	(b)	During the Purchase Period, each Eligible Employee shall purchase a number of Shares equal to the quotient of the amount determined in Section 2.1(a) and the Share
Price, rounded down to the nearest whole number. 

  

	 	(c)	In the event that an Eligible Employee does not make an election pursuant to Section 2.1(a) within 21 days after the relevant Bonus Notification Date, then such
Eligible Employee shall not receive any Matching Shares granted pursuant to Section 2.3(a). 

  
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	 	2.2.	Purchase of Shares When Target Bonus is Exceeded 

  

	 	(a)	If the Committee has awarded an Eligible Employee a bonus in an amount that exceeds the aggregate Target Bonus for such Eligible Employee, then in addition to the
Shares purchased pursuant to Section 2.1 above, such Eligible Employee must utilize at least one-third of the amount in excess of Target Bonus and may, within 21 days after the relevant Bonus Notification Date, elect to utilize up to one
hundred percent of the excess over Target Bonus for the purchase of Shares in the Company during the following Purchase Period. 

  

	 	(b)	During the following Purchase Period, each Eligible Employee (or the Company if applicable) shall purchase a number of Shares equal to the quotient of the amount
determined in Section 2.2(a) (or Section 2.2(c) if applicable) and the Share Price, rounded down to the nearest whole number. 

  

	 	(c)	In the event that an Eligible Employee is required to make an election pursuant to Section 2.2(a) within 21 days after the relevant Bonus Notification Date but
does not make such an election, then the Company shall withhold from such Eligible Employee an amount equal to one-third of such Eligible Employee’s Bonus in excess of the Target Bonus and the Company shall purchase on behalf of such Eligible
Employee, during the following Purchase Period, a number of Shares in the Company as determined by Section 2.2(b) 

  

	 	2.3.	Procedure for Share Matching 

  

	 	(a)	Subject to Sections 3 and 4 below, for every two Shares purchased by an Eligible Employee pursuant to Section 2.1, the Company shall provisionally provide to such
Eligible Employee by reason of his or her employment one additional Matching Share. 

  

	 	(b)	Subject to Sections 3 and 4 below, for every one Share purchased by or on behalf of an Eligible Employee pursuant to Section 2.2, the Company shall provisionally
provide to such Eligible Employee one additional Matching Share. 

  

	 	(c)	Subject to Sections 4.2, 5.1, and 5.2, Matching Shares shall not be transferred by the Company to Eligible Employees until the conditions set forth in Section 3
are satisfied. 

  

	3.	CONDITIONS RELATING TO MATCHING SHARES 

  

	 	3.1.	Requirement to Remain in Employment 

  

Subject to Sections 4.4, 5.1, and 5.2, each Eligible Employee must remain employed by the Company for a period of three years after the
Election Date, at which time all Matching Shares granted by the Company for such utilized bonus shall become vested and shall be transferred to the Eligible Employee. 

 

	 	3.2.	Forfeit of Matching Shares 

  

Subject to Sections 4.4, 5.1, and 5.2, if an Eligible Employee leaves the employment (for any reason whatsoever) of the Company before the
Matching Shares have been transferred to him, then such Matching Shares shall be forfeited by such Eligible Employee and, upon such a forfeiture, the Eligible Employee shall not possess any rights or claims of any kind to or under the forfeited
Matching Shares. 
  

	4.	RESTRICTIONS ON MATCHING SHARES 

  

	 	4.1.	Maximum Aggregate Number of Matching Shares 

  

The maximum aggregate number of Matching Shares which may be issued under the Plan, or purchased from the Company in accordance with
Section 6.1, shall be 190,000 (which represents the 

  
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95,000 set forth in the Plan as originally adopted, as adjusted to give effect to the 2-for-1 stock split in the Shares that was effected in 2007), subject to any future increase in this limit
which may be adopted by and at the discretion of the Committee with approval by the stockholders of the Company to the extent such approval is required by applicable law. 

 

	 	4.2.	Matching Shares may not be sold or transferred 

  

Matching Shares provisionally provided to Eligible Employees under this Plan shall be personal to such Eligible Employee and shall not be
capable of being sold, transferred, assigned, or charged until the conditions set forth in Section 3 are satisfied. 
  

	 	4.3.	No Rights Under Matching Shares 

  

Eligible Employees shall have no voting or other rights under the Matching Shares provisionally provided to such Eligible Employees until
the conditions set forth in Section 3 are satisfied. 
  

	 	4.4.	Right to Matching Shares Prematurely 

  

Notwithstanding any other provision of these Rules, Matching Shares may, at the discretion of the Committee, be transferred by the Company
to an Eligible Employee (or a personal representative in the case of death) following the date on which such Eligible Employee ceases to hold any office or employment with the Company or a Subsidiary on account of: 

 

	 	(a)	death, injury, or disability, as evidenced to the satisfaction of the Committee; 

 

	 	(b)	redundancy (within the meaning of the Employment Rights Act 1996); 

 

	 	(c)	retirement on reaching age 65 or such earlier retirement date as agreed with the Company; 

  

	 	(d)	the transfer of the undertaking or part-undertaking in which the Eligible Employee is employed to a person other than the Company or a Subsidiary;

  

	 	(e)	the Company or Subsidiary by which the Eligible Employee is employed ceasing to be under the Control of the Company; or 

 

	 	(f)	termination of employment by the Company or Subsidiary for a reason other than gross misconduct. 

  

	 	4.5.	Admission to NASDAQ 

  

If and so long as the Matching Shares are listed on NASDAQ the Company shall use its best endeavours to procure that as soon as
practicable after the allotment of any Matching Shares pursuant to the Plan, application shall be made to NASDAQ for permission to deal in these Matching Shares unless such application has already been made. 

 

	 	4.6.	Ranking of Matching Shares 

  

Subject to the provisions of Sections 3 and 4, all Matching Shares issued pursuant to this Plan shall, as to voting, dividend, and other
rights (including those arising on a liquidation), not rank pari passu in all respects with the Shares then in issue until such Matching Shares are transferred by the Company to the Eligible Employee. 

 

	5.	TAKE-OVER, RECONSTRUCTION AND AMALGAMATION AND LIQUIDATION 

  

	 	5.1.	Take-over pursuant to General Offer 

  

If any company (“the Acquiring Company”) becomes a Parent of the Company as a result of making either a tender offer to acquire
the whole of the Company’s issued share capital (other than any shares already owned by the Acquiring Company or any Subsidiary of the Acquiring Company) and which is made on a condition that if it is satisfied the Acquiring Company will become
the Parent, then all restrictions placed on the Matching Shares pursuant to this Plan shall be removed. 

  
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	 	5.2.	Voluntary Winding Up of the Company 

  

If a resolution is passed for the voluntary winding-up of the Company, then all restrictions placed on the Matching Shares pursuant to
this Plan shall be removed. 
  

	6.	ADMINISTRATION 

  

	 	6.1.	Maintenance of Unissued Share Capital 

  

The Company shall at all times either keep available sufficient unissued Shares to satisfy the issuance of Matching Shares under the Plan
(taking account of any other obligations of the Company to allot unissued or treasury Shares) or shall ensure that sufficient issued Shares will be available to satisfy the terms of this Plan. Notwithstanding anything in the Plan to the contrary, to
the extent that any terms of the Plan permit or require an Eligible Employee to purchase Shares, an Eligible Employee shall (i) purchase such Shares directly from the Company at the then Fair Market Value; or (ii) purchase such Shares on
the open market. Shares purchased from the Company shall be subject to the limit regarding the total number of Shares which may be issued under the Plan or purchased from the Company as specified in Rule 4.1. 

 

	 	6.2.	The Committee’s Power to Administer Plan 

  

The Committee may make such regulations for the administration of the Plan as it deems fit, provided that no regulation shall be valid to
the extent it is inconsistent with the Rules. 
  

	 	6.3.	The Committee’s Decision is Final and Conclusive 

  

The decision of the Committee in any dispute relating to an issuance pursuant to this Plan, or any other matter in respect of the Plan,
shall be final and conclusive. 
  

	 	6.4.	Costs of Administering Plan 

  

The costs of introducing and administering the Plan shall be borne by the Company. 

 

	7.	ALTERATIONS 

  

	 	7.1.	Power to alter Rules 

  

Subject to Section 7.2, the Committee may in its discretion alter the Rules, provided that no such alteration shall be made without
stockholder approval to the extent such approval is required by law. 
  

	 	7.2.	Alterations which affect subsisting rights of former or current Eligible Employees 

  
 The Committee may not alter the Rules such that such alteration would abrogate or adversely affect the
subsisting rights of former or current Eligible Employees. 
  

	8.	GENERAL 

  

	 	8.1.	Effective Date 

  

The Plan shall become effective as of the date it is approved by the Board of Directors. 

 

	 	8.2.	Termination of the Plan 

  

The Plan shall terminate on the tenth anniversary of the date on which it is approved by the Committee or at any earlier time by the
passing of a resolution by the Committee. Termination of the Plan shall be without prejudice to the subsisting rights of former or current Eligible Employees. 
  

	 	8.3.	Governing Law 

  

This Plan shall be governed by and construed in accordance with English Law. 

  
 6Compromise Agreement, Andrew Hartley dated December 21, 2011

 Exhibit 10.19 

 
 DATED
                December 21, 2011 

  

CONFORMED COPY 
  

	(1)	Innospec Inc 

  

	(2)	Innospec Limited 

  

	(3)	Andrew Hartley 

  

 

  
 COMPROMISE AGREEMENT 
  

  
 Without prejudice 
 and 
 subject to contract 

 
  

Eversheds LLP 

Eversheds House 

70 Great Bridgewater Street 
 Manchester M1 5ES 

 WITHOUT PREJUDICE AND SUBJECT TO CONTRACT 

 
 THIS AGREEMENT is made on 21 December 2011 

 
 BETWEEN: 
  

	(4)	Innospec Inc of 8375 South Willow Street, Littleton, Colorado, 80124 USA (“the Parent”). 

 

	(5)	Innospec Limited whose registered office is at Innospec Manufacturing Park, Oil Sites Road, Ellesmere Port, CH65 4EY (“the Employer”).

  

	(6)	Andrew Hartley of Seymour House, 12 Seymour Chase, Knutsford, Cheshire, WA16 4BY, UK (“the Executive”). 

 

	1.	Definitions 

  

	1.1	In this Agreement the following expressions have the following meanings: 

  

			
	“the Acts”	  	the Equal Pay Act 1970, the Sex Discrimination Act 1975, the Race Relations Act 1976, the Employment Rights Act 1996, the Disability Discrimination Act 1995, the Working Time
Regulations 1998, the National Minimum Wage Act 1998, the Public Interest Disclosure Act 1998, the Employment Relations Act 1999, the Transnational Information and Consultation of Executives Regulations 1999, the Employment Equality (Sexual
Orientation) Regulations 2003, the Employment Equality (Religion or Belief) Regulations 2003, the Employment Equality (Age) Regulations 2006 and paragraphs (c) and (d) of section 147(3) of the Equality Act 2010 all as subsequently consolidated,
modified or re-enacted from time to time;
		
	“the Group”	  	means any company wherever registered or incorporated which is for the time being a subsidiary or a holding company of the Parent or the Employer or a subsidiary of any such
company (as “subsidiary” and “holding company” are defined in Section 1159 of the Companies Act 2006 (as amended) or which is an associated company of any such company (as “associated company” is
defined in the Income and Corporation Taxes Act 1988 (as amended));
		
	“the Pension Scheme”	  	the Innospec Limited Pension Plan of which the Executive is a deferred member.
		
	“PAYE deductions”	  	deductions made to comply with or to meet any liability of the Employer to account for tax pursuant to regulations made under Chapter 2 of Part 11 Income Tax (Earnings and
Pensions) Act 2003 and to comply with any obligation to make a deduction in respect of national insurance contributions;
		
	“the Service Agreement”	  	the terms and conditions governing the Executive’s employment dated 2 April 2006.

  
 2 

	2.	Basis of Agreement 

  

	2.1	The parties have entered into this Agreement to record and implement the terms upon which they have agreed to settle all outstanding claims which the Executive has or
may have against the Parent, the Employer or the Group arising out of or in connection with or as a consequence of his employment and its proposed termination and the Parent, the Employer or the Group has or may have against the Executive arising
out of or in connection with or as a consequence of his directorships, employment and their proposed termination, excluding any claims that may arise where the Executive has been wilfully dishonest or otherwise involved in criminal activities. The
terms set out in this Agreement constitute the entire Agreement between the parties and are without admission of liability on the part of the Parent the Employer or the Group. 

  

	2.2	The Parent and the Employer are entering into this Agreement for themselves and as agent for and trustee of all Group companies and are duly authorised to do so. The
parties intend that each Group company should be able to enforce in its own right the terms of this Agreement which expressly or impliedly confer a benefit on that company subject to and in accordance with the provisions of the Contracts (Right of
Third Parties) Act 1999. 

  

	3.	Termination 

  

	3.1	The Executive’s employment will terminate by reason of redundancy on 31 December 2011 (“the Termination Date”). 

 

	3.2	The Employer will pay at the next available opportunity the Executive’s salary, and any accrued but untaken holiday pay (subject to tax, national insurance and
pension deductions) and will continue to provide the Executive with all other contractual benefits pursuant to the Service Agreement in the usual way until the Termination Date. 

  

	3.3	Unless specifically provided for in this agreement the Executive’s entitlement under or participation in any other benefit plans provided by the Parent and the
Employer will cease with effect from the Termination Date. 

  

	4.	Termination arrangements 

  

In consideration for the Executive agreeing to the provisions of clause 9 below, the Employer and Parent agree, without any admission of
liability: 
  

	4.1	to pay to the Executive the sums of 

  

	 	4.1.1	£117,177 in lieu of notice; 

  

	 	4.1.2	£13,650 in lieu of car allowance; and 

  

	 	4.1.3	£98,428 in respect of bonus earned under the Management Incentive Compensation Plan (MICP) for the calendar year 2011, 

 
 subject to PAYE deductions. 

 

	4.2	to make a Termination Payment of £64,500 which includes any entitlement to statutory redundancy or any other sums arising from the Executive’s employment and
its termination. The parties believe that in accordance with the relevant legislation the first £30,000 of the Termination Payment is not subject to tax and/or national insurance contributions and will be paid gross, the balance of the Sum
will be subject to income tax deductions but not employee national insurance deductions. 

  
 3 

	4.3	Payment of the sums due under clauses 4.1 and 4.2 to be made within 21 days of the Termination Date subject to the Employer receiving a copy of this Agreement signed by
the Executive and Advisor. 

  

	4.4	to continue and maintain Directors and Officers insurance cover for any period in which the Executive was or would be potentially liable as a director or officer or
former director or officer of the Employer or any other company in the Group. 

  

	4.5	The Employer confirms that to the extent that 

  

(i) the Executive incurs legal fees in relation to actions carried out by him during his period of employment in the execution of his
duties as a director or officer of the Parent, the Employer or any Group Company (including without limitation in relation to any regulatory authorities’ investigation into the Parent, the Employer or Group) ; and 

 
 (ii) the cost of such legal fees are not recoverable under
the Employer’s liability insurance for directors and officers in force from time to time (the “D&O Policy”), 
  

then, in full and final settlement of any potential claim against the Parent, the Employer or the Group in respect of such legal fees, the
Employer agrees to pay such legal fees up to a maximum of £100,000 exclusive of VAT Such payment is subject to the production by the Executive of such evidence of such legal fees as the Employer may reasonably require and will be paid within a
reasonable period of time, and in any event within two months of receipt by the Employer of such evidence. 
  

	4.6	to confirm that for the purposes of Rule 5.3.3 of the Pension Scheme, the Executive will be treated as leaving at the Employer’s request and to procure that the
Executive’s entitlement to benefits arising from the Pension Scheme will be calculated according to the rules of the Pension Scheme. 

  

	4.7	to exercise their discretion (the Compensation Committee of the Parent having exercised their discretion) to vest the options under the PRSOP Plan granted to the
Executive on 24 March 2009. The option applies to 7908 shares and must be exercised within 12 months from the Termination Date. All other options granted to the Executive under the PRSOP lapse. 

 

	4.8	to grant the Executive (the Compensation Committee of the Parent having exercised their discretion) all options under the CSOP Plan which will vest on the Termination
Date and must be exercised within 12 months of the Termination Date. The options under the CSOP are as listed below. 

  

													
	 Date granted

	  	Plan type

	 	  	Number granted

	 	  	Option price

	 
	 24 March 2009
	  	 	CSOP A	  	  	 	2	  	  	$	4.62	  
	 21 Feb 2007
	  	 	CSOP A	  	  	 	246	  	  	$	27.09	  
	 17 Feb 2010
	  	 	CSOP B	  	  	 	1758	  	  	$	10.38	  
	 24 March 2009
	  	 	CSOP B	  	  	 	2874	  	  	$	4.62	  
	 21 Feb 2007
	  	 	CSOP B	  	  	 	1022	  	  	$	27.09	  

  

	4.9	to exercise their discretion (the Compensation Committee of the Parent having exercised their discretion) to vest the SEUs (Phantom options) granted to the Executive on
24 March 2009 as listed below. 

  

													
	 Date granted

	  	Plan type

	 	  	Number granted

	 	  	Option price

	 
	 24 March 2009
	  	 	SEU	  	  	 	14763	  	  	 	0	  
	 24 March 2009
	  	 	SEU	  	  	 	5368	  	  	 	4.62	  

  
 Any gain the Executive may
make in terms of the exercise of these options is capped at $9.24 for each SEU; The SEUs must be exercised within 12 months of the Termination Date 

  
 4 

	4.10	to exercise their discretion (the Compensation Committee of the Parent having exercised their discretion) to vest the 2361 SEUs (Phantom options) with an option price
of $10.38 granted to the Executive on 17 February 2010. The SEUs must be exercised within 12 months of the Termination Date 

  

	4.11	to continue to provide cover for the Employer and his immediate family under its Private Health Plan with SimplyHealth until 30 June 2012.

  

	4.12	to confirm that, the Executive has no rights in relation to options granted under the Co-Invest Plan and that these options will lapse on the Termination Date.

  

	5.	Legal Fees and Outplacement 

  

	5.1	The Employer agrees, subject to receipt of an invoice from the Executive’s Adviser, to pay to the Adviser the Executive’s reasonable legal fees up to a
maximum of £1500 exclusive of VAT incurred exclusively in connection with this Agreement. Any invoice should be addressed to the Executive but expressed to be payable by the Employer and sent under private and confidential cover to Cathy
Hessner at the Employer’s address as set out in this Agreement. 

  

	5.2	The Employer will meet the cost of providing the Executive with outplacement support up to a maximum cost of £8,500 plus VAT from a provider to be chosen by the
Employer. 

  

	6.	Return of property 

  

	6.1	On or before the Termination Date the Executive will return to the Parent or the Employer, all credit cards, keys, his security pass, laptop computer, Blackberry,
mobile phone, all computer disks, facsimile machine, all documents and copies together with all other property belonging to the Parent, Employer or the Group or relating to its or their business in his possession or control except for such property
as the parties agree in writing that the Executive may retain. 

  

	7.	Reference 

  

The Employer agrees to provide the Executive with a reference in the terms of the letter at schedule 3 and agrees to respond to all
employment reference enquiries in a manner consistent with this reference, subject to any amendments which may be necessary to reflect material facts which come to the knowledge of the Employer following the date of this Agreement 

 

	8.	Warranties and representations 

  

	8.1	The Executive warrants and represents to the Parent and the Employer that up to and as at the date this Agreement becomes binding in accordance with Clause 15
the Executive: 

  

	 	8.1.1	has not knowingly committed any repudiatory breach of any duty owed to the Parent, the Employer or any Group company. ; 

 

	 	8.1.2	has not done or failed to do anything amounting to a repudiatory breach of the express or implied terms of his employment with the Parent or the Employer or which, if
it had been done or omitted after the execution of this Agreement, would have been in breach of any of its terms; 

  

	 	8.1.3	is not aware of any matters relating to any acts or omissions by him or any director, officer, Executive or agent of the Parent or the Employer (or any Group company)
which if disclosed to the Parent or the Employer would or might reasonably affect its decision to enter into this Agreement; 

  
 5 

	 	8.1.4	confirms there are no circumstances of which he is aware or of which he ought to be aware which would constitute a repudiatory breach on his part of his contract of
employment which would entitle or have entitled the Parent or the Employer to terminate his employment without notice. 

  

	8.2	The Executive undertakes to forthwith notify the Parent and the Employer if at any time in the period from the date of this Agreement to the Termination Date he is in
breach of any of sub clauses 8.1.1 to 8.1.4 above or he believes that he may have any of the claims set out in clause 10.1 which arise as a result of any acts or omissions by the Parent or the Employer which occur between the date of this Agreement
and the Termination Date. 

  

	8.3	The Executive agrees to comply with reasonable requests to be available and to cooperate with and assist the Parent, the Employer or its advisers in relation to any
administrative, regulatory, judicial or quasi-judicial proceedings including but not limited to attending interviews with the Serious Fraud Office. The Executive acknowledges that this could involve, but is not limited to, pursuing or defending any
regulatory or legal process, providing information in relation to any such process, providing a witness statement and giving evidence in person on behalf of the Parent and the Employer. The Employer shall reimburse the Executive for any
reasonable fees and expenses and any loss of earnings incurred in complying with his obligations under this clause. 

  

	8.4	The Executive agrees to provide appropriate support and assistance to the Employer in relation to the handover of any duties formerly performed by the Executive for no
than 25 hours per month in the period from the Termination Date to 31 March 2012. Such assistance may include meetings and conference calls with the Vice President, General Counsel and Chief Compliance Officer, David Williams and other
employees of the Parent or the Employer. 

  

	8.5	The Executive agrees to be responsible for the payment of any tax in respect of any of the sums payable or services or benefits provided under clauses 4 and 8 (other
than for the avoidance of doubt, any tax withheld by the Employer in paying the sums to the Executive) and the Executive agrees to indemnify the Employer and to keep the Employer indemnified on a continuing basis against all liabilities to taxation
(including, but not limited to, any interest, penalties and costs other than any interest, penalties or costs incurred as a result of any delay or failure on the part of the Employer to deal promptly with payment of any tax the Employer is liable to
pay under this Agreement or any demands for taxation or correspondence from the Her Majesty’s Revenue and Customs (“HMRC”)) which the Employer may incur in respect of or by reason of payment of those sums or provision of those
services or benefits to the Executive. In consideration of this undertaking, the Employer agrees that, if it receives any assessment relating to income tax which would be the subject of this indemnity, it will, before making any payment to the
relevant authorities pursuant to such assessment or requiring the Executive to make any payment to it pursuant to this indemnity, allow the Executive a reasonable opportunity to challenge such assessment and to provide him with all documentation and
co-operation that he may reasonably request in relation thereto. 

  

	9.	Confidentiality and other restrictions 

  

	9.1	In consideration for the payment of £500.00 which sum will be subject to PAYE deductions: 

  

	9.2	The Executive accepts and agrees that his express and implied duties relating to confidential information, restrictive covenants and intellectual property rights as set
out in the Service Agreement continue after the Termination Date 

  

	9.3	 The Executive agrees and undertakes not to divulge to any person, firm or company or use for his own benefit or the benefit of any person, firm or
company any trade secret or information of a private, secret 

  
 6 

	 	 
or confidential nature concerning the business, finances or affairs of the Parent, the Employer or any Group company or any of its/their respective customers, clients or suppliers (including but
not limited to terms of contracts or arrangements, existing and potential projects, accounts, information regarding customers, clients or suppliers, disputes, business development and/or marketing programmes and plans) which have or may have come to
his knowledge during the course of his employment with the Parent, he Employer or any company in the Group. 

  

	9.4	The Parent, Employer and the Executive agree and undertake that they will not: 

 

	 	9.4.1	make or publish any statement to a third party concerning the terms of this Agreement, the dispute settled by it or the circumstances surrounding the termination of the
Executive’s employment; 

  

	 	9.4.2	make or publish any derogatory or disparaging statement or do anything in relation to the other (and in the Executive’s case to the Parent, Employer or any company
in the Group, or officers or executives of the Parent, the Employer or any company in the Group) which is intended to or which might be expected to damage or lower their respective reputations. 

 
 provided that this clause will not prevent the Parent and the
Employer from complying with their disclosure obligation under the Companies Acts and the NASDAQ Stock Exchange listing rules and the Executive will not be prevented from making a disclosure: 
  

	 	(i)	for the purposes of seeking legal advice in relation to this Agreement provided the professional adviser is bound by a duty of confidence; 

 

	 	(ii)	to the proper authorities as required by law; 

  

	 	(iii)	to his wife or partner, immediate family and professional advisors provided such person agrees to maintain confidentiality 

 

	10.	Full and final settlement 

  

	10.1	This Agreement has effect for the purpose of compromising without any admission of liability on the part of the Parent, the Employer or any Group companies by means of
full and final settlement all claims whether known or not in all jurisdictions under contract, tort, statute or otherwise which the Executive has or may have against the Parent, the Employer or any Group companies and their respective officers and
Executives arising out of or in connection with or as a consequence of his employment, or the termination of his employment including in particular for the avoidance of doubt the following claims which the Executive has raised or intimated:

  

	 	10.1.1	damages for breach of contract howsoever arising including in respect of stigma; 

 

	 	10.1.2	pay in lieu of notice or damages for termination of employment without notice or on short notice; 

 

	 	10.1.3	outstanding pay, car allowance, holiday pay (including under the Working Time Regulations 1998), overtime, bonuses, commission and benefits in kind;

  

	 	10.1.4	unlawful deductions from wages under the Employment Rights Act 1996; 

 

	 	10.1.5	unfair dismissal; 

  

	 	10.1.6	a redundancy payment whether statutory or other; 

  

	 	10.1.7	discrimination, harassment, victimisation or detriment under the Sex Discrimination Act 1975; 

  

	 	10.1.8	discrimination, harassment, victimisation or detriment under the Race Relations Act 1976; 

  
 7 

	 	10.1.9	disability discrimination or victimisation under the Disability Discrimination Act 1995; 

  

	 	10.1.10	damages or compensation for personal injury of any kind to the extent that an employment tribunal would have jurisdiction over such a claim; 

 

	 	10.1.11	detriment suffered under the Employment Rights Act 1996; 

  

	 	10.1.12	a breach of the Working Time Regulations 1998; 

  

	 	10.1.13	damages under the Data Protection Act 1998; 

  

	 	10.1.14	a claim under Part VII of the Transnational Information and Consultation of Executives Regulations 1999; 

 

	 	10.1.15	any future claim under section 192 of the Trade Union and Labour Relations (Consolidation) Act 1992 (“TULRCA”) for failure to pay remuneration under any
protective award that may in the future be made under section 189 of TULRCA; 

  

	 	10.1.16	discrimination on the grounds of sexual orientation under the Employment Equality (Sexual Orientation) Regulations 2003; 

 

	 	10.1.17	discrimination on the grounds of religion or belief under the Employment Equality (Religion or Belief) Regulations 2003; 

 

	 	10.1.18	discrimination on the grounds of age under the Employment Equality (Age) Regulations 2006 

  

	 	10.1.19	save as provided for in this agreement any claim relating to awards or prospective awards under the Employer’s Performance Share Plans or any Share Award Schemes
including the PRSOP, CSOP, SEU and Colnvest Plans; 

  

	 	10.1.20	a complaint under section 120 of the Equality Act 2010 relating to: age discrimination or harassment relating to age; disability discrimination or harassment relating
to disability; gender reassignment discrimination or harassment relating to gender reassignment; marriage or civil partnership discrimination; pregnancy and maternity discrimination or discrimination because of he protected characteristic of
pregnancy or maternity; race discrimination or harassment related to race; religious or belief-related discrimination or harassment related to religion or belief; sex discrimination, harassment related to sex, or sexual harassment under section
26(2); harassment under section 26(3) (less favourable treatment because of a rejection of or submission to harassment related to sex, or gender reassignment, or sexual harassment); sexual orientation discrimination or harassment related to sexual
orientation; victimisation 

  

	 	10.1.21	a complaint relating to a breach of an equality clause under the Equality Act 2010; 

 

	 	10.1.22	a complaint relating to a breach of an equality rule or non-discrimination rule under the Equality Act 2010 

 
 but excluding any claim in respect of pension rights
accrued as at the Termination Date any personal injury claims of which the Executive was not aware at the date of signing this Agreement, and any claim or action to enforce the terms of this Agreement. 

 

	10.2	 This Agreement has effect for the purpose of compromising without any admission of liability on the part of the Executive by means of full and final
settlement all claims whether known or not in all jurisdictions under contract, tort, statute or otherwise which the Parent, the Employer or any Group companies and their respective officers and Executives has or may have against the Executive
arising out of or in connection with or as a consequence of his employment, directorships or the termination of either, provided always that the Executive has in accordance with the warranties at Clauses 8.1.1 to 8.1.4 of this Agreement disclosed to
the Parent and the Employer any matters within his knowledge 

  
 8 

	 	 
which might have entitled the Parent, the Employer or any Group Company to pursue claims against him and that this clause does not apply to any claims that may arise where the Executive has been
wilfully dishonest or otherwise involved in criminal activities 

  

	11.	For the avoidance of doubt, if any claims referred to in Clause 10 of this Agreement have not been validly excluded by the provisions of this Agreement and if the
Executive brings any such claims and an employment tribunal or other court of competent jurisdiction finds that the Executive is entitled to any remedy against the Parent, the Employer or any Group companies: 

 

	 	11.1.1	If a monetary award is made the Parent, Employer, or relevant Group company, will be entitled to set off the Termination Payment (and the monetary value of any benefits
provided under this Agreement) against any such monetary award; or 

  

	 	11.1.2	If a non-monetary award is made, the Executive will repay the Termination Payment (and the monetary value of any benefits provided under this Agreement) to the Parent,
the Employer, or relevant Group company in full. 

  

	12.	Directorship 

  

The Executive confirms that he will resign from any offices or directorships he holds in connection with the Parent, the Employer and the
Group by signing letters of resignation in the form annexed to Schedule 2 to this Agreement. 
  

	13.	No knowledge of other claims 

  

	13.1	The Executive confirms that he is aware of no other claim or grounds to make a claim against the Parent, Employer or any Group companies in relation to any other
matters howsoever arising. 

  

	13.2	The Executive represents and warrants that: 

  

	 	13.2.1	he has instructed the Adviser to advise as to whether he has or may have any claims, including statutory claims, against the Parent or the Employer arising out of or in
connection with his employment or its termination; 

  

	 	13.2.2	he has provided the Adviser with all available information which the Adviser requires or may require in order to advise whether he has any such claims; and

  

	 	13.2.3	the Adviser has advised him that on the basis of the information available to the Adviser his only claims or particular complaints against the Parent or the Employer
whether statutory or otherwise, are those listed in Clause 10 of this Agreement and that he has no other claim against the Parent or the Employer whether statutory or otherwise. 

 

	14.	Compliance with statutory provisions 

  

	14.1	This Agreement is intended to satisfy the conditions regulating compromise agreements and compromise contracts under such of the Acts as are relevant.

  

	14.2	The Executive confirms that: 

  

	 	14.2.1	he has received advice from a relevant independent adviser (within the meaning of the Acts) as to the terms and effect of this Agreement and in particular its effect on
his ability to pursue his rights before an Employment Tribunal; 

  

	 	14.2.2	the adviser at 14.2.1 above was Michael Burns of DLA Piper UK LLP (“the Adviser”). 

 

	 	14.2.3	he will procure that the Adviser signs the Certificate in Schedule 1. 

  
 9 

	15.	Without prejudice 

  

	15.1	Notwithstanding that this Agreement is marked “without prejudice and subject to contract”, it will, when dated and signed by all the parties named below and
accompanied by the Certificate in Schedule 1 signed by the Adviser become an open and binding agreement between the parties. 

  

	16.	Governing law and jurisdiction 

  

	16.1	This Agreement is governed by the law of England and Wales and any dispute is subject to the exclusive jurisdiction of the courts and tribunals of England and Wales.

  
 10 

 SCHEDULE 1 

 
 ADVISER’S CERTIFICATE 

 
 I confirm that: 
  

	17.	I am a relevant independent adviser as defined in the Acts (as defined in the Agreement between Andrew Hartley (“the Executive”) and Innospec Inc (“the
Parent”) and Innospec Limited (“the Employer”) to which this Certificate is annexed). 

  

	18.	I have advised the Executive of the terms and the effect of the Agreement and in particular its effect on his ability to pursue a claim before an Employment Tribunal.

  

	19.	There is in force a contract of insurance covering the risk of a claim by the Executive in respect of loss arising in consequence of the advice.

  

			
		
	 Adviser’s signature
	  	 
		
	Adviser’s name	  	Michael Burns
		
	 Title
	  	Solicitor
		
	Adviser’s business address	  	DLA Piper UK LLP
		
	 	  	 101 Barbirolli Square

		
	 	  	 Bridgewater

		
	 	  	 Manchester

		
	 	  	 M3 2DL

  
 11 

 SCHEDULE 2 

 
 LETTER OF RESIGNATION 

 

			
	 To:
	  	 
		
	The Company Secretary	  	The Company Secretary
	Innospec Limited	  	Innospec Inc
	 	  	 8375 South Willow Street

	 	  	 Littleton, Colorado

	 	  	 80124

	 	  	 USA

		
	 Innospec Manufacturing Park
	  	 
	 Oil Sites Road
	  	 
	 Ellesmere Port
	  	 
	 CH65 4EY
	  	 

  
 [DATE]

  
 Dear Sir 
  
 I confirm my resignation from my position as a Director and Officer of the Parent and Group Companies as listed in Appendix 1
to this letter 
  
 Yours sincerely

  
 Andrew Hartley 

  
 12 

 SCHEDULE 3 

 
 REFERENCE 

 
 To: 

 
 [DATE] 

 
 Dear 

 
 ANDREW HARTLEY 

 
 Andrew Hartley was employed by Innospec Limited from 1 November 2004 to
31 December 2011. During his employment with Innospec, Andrew initially served as the Vice President and General Counsel for Innospec Inc. and latterly as the Vice President and General Counsel for the Corporation covering Europe, Middle East
and Africa and Asia Pacific. Andrew was an Officer of Innospec Inc and a member of the senior executive team. He was also a Director of a number of Group Companies in the UK, USA and Europe. 
  
 Innospec is a circa $650 million revenue international speciality chemical business listed on NASDAQ in the US and employs
almost 850 employees in 20 countries. Innospec has manufacturing sites in the UK, USA, France and Germany and a number of regional sales offices in Asia Pacific, the USA, Europe, Middle East and Africa. 

 
 As VP and General Counsel, Andrew led the Legal team based in the UK and was
responsible for the provision of legal advice covering a range of areas including corporate, commercial and intellectual property matters. In addition, he was responsible for managing the provision of external legal advice and the associated budget.
Andrew also contributed to the establishment of our Enhanced Compliance programme, which included the development of an on line training programme for all employees through a third party provider. Andrew was also responsible for managing the
provision of insurance and risk management services across the Corporation, including the management of the Company’s captive insurance company. 
  

Andrew left Innospec on 31 December 2011 due to redundancy and we wish him every success in the future. 

 
 This reference is given in strict confidence and, as is our unvarying
practice , solely for the purpose for which it was requested and without liability on the part of Innospec Limited or Innospec Inc or any employee of Innospec Limited or Innospec Inc. 
  
 Yours sincerely 

 
 Dr C Hessner 

Senior Vice President, Human Resources 

  
 13 

 IN WITNESS whereof this Agreement has been signed on behalf of the
Parent, the Employer and the Executive. 
  

			
	 SIGNED by Joachim Roeser
	  	)
		
	 Duly authorised for and on behalf of
	  	)
		
	Innospec Inc	  	)             JOACHIM ROESER
		
	 and the Group 
	  	)
		
	SIGNED by Catherine Hessner	  	 )

		
	Duly authorised for and on behalf of	  	)
		
	Innospec Limited	  	)            CATHERINE HESSNER
		
	and the Group	  	)
		
	SIGNED by Andrew Hartley	  	ANDREW HARTLEY
		
	the Executive	  	 
		
	 In the presence of:
	  	 

  

			
	Name:	  	LAURA WILBRAHAM
		
	Signature:	  	LAURA WILBRAHAM
		
	Address:	  	RESIDENTIAL ADDRESS
		
	 	  	 COMPLETED ON ORIGINAL

  
 14

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