Document:

9.30.2014 Exhibit 10.19

EXHIBIT 10.19

RESTRICTED STOCK UNIT AGREEMENT

Name of Ashland:                    Ashland Inc.

Name of Participant:                    XXXXXXX

Name of Plan:                    Amended and Restated 2011 Ashland Inc. Incentive Plan

Number of Restricted Stock Units:             XXXXXXX

Vesting Dates:                    XXXXXXX

Date of Award:                    _______________ _____, 20_____

Ashland Inc. (“Ashland”), hereby awards to the above-named Participant (hereinafter called the “Participant”) XXXXXX Restricted Stock Units (the “Award”) pursuant to the Amended and Restated 2011 Ashland Inc. Incentive Plan (hereinafter called the “Plan”), in order to provide the Participant with an additional incentive to continue his/her services to Ashland and to continue to work for the best interests of the Ashland.  Each Restricted Stock Unit represents the contingent right (as set forth herein) of Participant to receive a share of Ashland Common Stock, par value $0.01 per share, on the Vesting Date. 

Ashland confirms this Award to the Participant, as a matter of separate agreement and not in lieu of salary or any other compensation for services, of the number of Restricted Stock Units set forth above, subject to and upon all the terms, provisions and conditions contained herein and in the Plan.      

The applicable number of Restricted Stock Units set forth above will become vested, provided that the Participant remains in the continuous employment of Ashland through the Vesting Dates set forth above.  Unless otherwise determined and directed by the Personnel and Compensation Committee of Ashland, in the case of the Participant’s termination for any reason prior to a Vesting Date, all Restricted Stock Units which have not vested will be forfeited.

While this Award is outstanding, on each date that cash dividends are paid to holders of Common Stock, the Participant will be credited with a number of additional Restricted Stock Units (which shall be subject to all the terms and conditions of this Agreement and the Plan), determined as (1) the product of the number of outstanding Restricted Stock Units held by the Participant as of the date of record for such dividend times the per share cash dividend amount, divided by (2) the closing stock price of Common Stock on the NYSE Composite Tape on the date of record for such dividend.  Such additional Restricted Stock Units will be subject to the same vesting conditions and restrictions as the underlying Restricted Stock Units to which they relate.

Personal and Confidential

-1-

The Restricted Stock Units and the Participant’s rights under this Agreement may not be sold, assigned, transferred, pledged, or otherwise encumbered.

When the Restricted Stock Units are paid, the Participant will owe applicable federal income and employment taxes and state and local income and employment taxes.  The number of shares issued will be netted down to cover the taxes owed.     

Nothing contained in this Agreement or in the Plan shall confer upon the Participant any right to continue in the employment of, or remain in the service of, Ashland or its subsidiaries.  

Information about the Participant and the Participant’s participation in the Plan may be collected, recorded and held, used and disclosed by and among Ashland, its subsidiaries and any third party Plan administrators as necessary for the purpose of managing and administering the Plan.  The Participant understands that such processing of this information may need to be carried out by Ashland, its affiliates and subsidiaries and by third party administrators whether such persons are located within the Participant’s country or elsewhere, including the United States of America.  By accepting this Award, the Participant consents to the processing of information relating to the Participant and the Participant’s participation in the Plan in any one or more of the ways referred to above.

The Participant consents and agrees to electronic delivery of any documents that Ashland may elect to deliver (including, but not limited to, prospectuses, prospectus supplements, grant or award notifications and agreements, account statements, annual and quarterly reports, and all other forms of communications) in connection with this and any other award made or offered under the Plan.  The Participant understands that, unless earlier revoked by the Participant by giving written notice to Ashland Inc. at 50 E. RiverCenter Blvd., Covington, KY 41012 Attention Shea Blackburn, this consent shall be effective for the duration of the Award.  The Participant also understands that the Participant shall have the right at any time to request that Ashland deliver written copies of any and all materials referred to above at no charge.

This Award is granted under, and is subject to, all the terms and conditions of the Plan, including, but not limited to, the forfeiture provision of Section 16(H) of the Plan.  
    
Subject to the terms and conditions specified herein and of the Plan, this Award of Restricted Stock Units shall be confirmed by execution of this Agreement and delivery thereof no later than XXXXXXXX to Ashland Inc. at 50 E. RiverCenter Blvd., Covington, KY 41012 Attention Shea Blackburn.  The right to the Restricted Stock Units under the Plan shall expire if not accepted by XXXXXXXXX as set forth above.

IN WITNESS WHEREOF, Ashland Inc. has caused this instrument to be executed and delivered effective as of the day and year first above written.

	
			
	 
	ASHLAND INC.

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Susan B. Esler

	 
	Name:
	Susan B. Esler

	 
	Title:
	Vice President, Human Resources

Personal and Confidential

-2-

I hereby elect to receive this Award of Restricted Stock Units subject to the terms and conditions of the Amended and Restated 2011 Ashland Inc. Incentive Plan.  My election to accept this Award of Restricted Stock Units is effective XXXXXXXXX.  I hereby acknowledge receipt of a copy of the Plan, Prospectus, and Ashland’s most recent Annual Report and Proxy Statement (the “Prospectus Information”). I represent that I am familiar with the terms and provisions of the Prospectus Information and hereby accept this Award on the terms and conditions set forth herein and in the Plan.

______________________________________________________________________
Name                            Date

Personal and Confidential

-3-9.30.2014 Exhibit 10.25

Exhibit 10.25

Ashland Inc.
                                                                                                                                      
Peter J. Ganz                                    50 E. RiverCenter Blvd.
Senior Vice President, General Counsel                        Covington, KY  41012-0391
and Secretary                                    Tel: 859 815-3048, Fax: 859 815-5053
pganz@ashland.com

ashland.com
                                            

October 28, 2014

Susan B. Esler
3581 Raymar Boulevard
Cincinnati, Ohio 45208

Dear Susan:

This letter ("Letter Agreement") is intended to set forth the understanding between you and Ashland Inc. ("Ashland"), regarding your continued employment with, and future severance from, Ashland. With the pending departure of Jim O'Brien, Ashland's current CEO, in December of this year, Ashland considers the services you provide in your role as Chief Human Resources and Communications Officer to be essential to a successful transition for his successor. Because you have also expressed a desire to leave Ashland at the end of this year, Ashland would like to extend the following severance offer to you, in order to encourage your continued employment through this upcoming transition period.

The Company has targeted May 31, 2015 as the date on which your active employment will end (your "Release Date"), however you understand and agree that the Company may, at its discretion, accelerate your Release Date to an earlier date in 2015, or extend your Release Date as late as September 30, 2015. In the event you remain employed through your Release Date, then you will be offered a Separation Agreement and General Release (the "Separation Agreement") which will provide you with severance benefits equal to 18 months of base salary continuation, using your rate of base pay in effect on your Release Date. This 18 month period is referred to as your Payroll Continuation Period.   Your severance payments will be made subject to the provisions of IRC §409A, as applicable. Currently, this would require that no severance payments are made during the first six months of your Payroll Continuation Period. Then on the first day of the seventh month of your Payroll Continuation period you would receive a lump sum payment equal to six months of base pay, less applicable withholdings, and also commence bi-weekly salary continuation payments, less applicable withholdings which would continue for 12 months.

In addition, and subject to the terms of any applicable plan or program documents, during your Payroll Continuation Period you will be treated as an employee on inactive status, however you will continue to earn age and service credit and be eligible to participate in many of Ashland's employee benefit plans and programs, including the medical and dental plans, on the same terms as active employees. You will be eligible to receive Incentive Compensation and Long Term Incentive Plan (LTIP) payments for applicable plan cycles prorated through your Release Date. Any restricted stock and stock appreciation rights granted to you by Ashland prior to your Release Date will continue to vest during your Payroll Continuation Period. However, those stock ownership requirements you were subject to as an executive of Ashland will end on 

Susan B. Esler
October 28, 2014
Page 2 of 3

your Release Date. All restricted stock and SARS that have vested on or before the last day of your Payroll Continuation Period will then be exercisable for the remaining term of the applicable grants. Any equity awards that have not vested by the last day of your Payroll Continuation Period will be forfeited. Your benefit under the SERF will be calculated using your compensation history through your Release Date and your age and service through the last day of your Payroll Continuation Period. You will also be eligible to receive financial planning assistance through the end of the year in which your Payroll Continuation Period ends, and for one additional year thereafter. However your eligibility to contribute to the Savings Plan will end on your Release Date.

At the end of your Payroll Continuation Period, your employment will terminate, and you will then be eligible to retire, should you so elect, effective the first day of the following month.

You understand and agree that the Separation Agreement offered to you will contain a general release of any and all claims you may have against Ashland, and a two-year non-competition agreement, that will be in addition to any other confidentiality, non-disclosure and non-competition agreements already in place between you and Ashland. You must sign the Separation Agreement and General Release, and it must take effect, before you will be entitled to the benefits arising under it.

You further understand and agree that if, following your Release Date, you refuse to sign the Separation Agreement within the time period provided therein, or you revoke your acceptance of general release within the 7-day revocation period, then the your employment will be deemed to have terminated on your Release Date, and you will be entitled only to those benefits ordinarily available to employees in payroll classifications similar to the one you are in at the time your employment terminates. Without limiting the generality of the preceding sentence, you understand you will not be eligible for the lump sum or salary continuation severance payments, prorated IC or LTIP payments, any further vesting of existing equity awards, or the continuation of benefits at regular employee rates discussed above.

You understand and agree that during the term of this Agreement you will continue to perform your regular job duties in your current role, and Ashland agrees that your base compensation will not be reduced, and you will continue to be eligible to participate in those compensation and benefit programs offered to regular, full-time employees within your salary band.

However you understand and agree that during the term of this Letter Agreement Ashland will be relieved of any further obligations under this Letter Agreement, and of any obligation to offer or complete the Separation Agreement should any of the following occur:

		
	(1)
	you elect to terminate your employment with Ashland prior to your Release Date;

		
	(2)
	Ashland terminates your employment for cause prior to your Release Date; For the purposes of this letter, termination for cause will arise if you: (a) substantially fail to perform your duties with Ashland, unless such failure is due to your incapacity as a result of physical or mental illness; or (b) you engage in willful misconduct or gross negligence in performing your duties.

Susan B. Esler
October 28, 2014
Page 3 of 3

		
	(3)
	you are disabled prior to your Release Date, in which case payment of those severance benefits provided for hereunder will be determined in accordance with the provisions of the "Deferred Terminations" section of the Ashland Inc. Severance Pay Plan; or

		
	(4)
	in the event of your death prior to your Release Date. Provided, however, that Ashland will not be relieved of any obligations under its employee benefits plans, including the SERP, which arise due to your death.

You agree and understand that this Letter Agreement is not intended to be, and should not be construed as, a contract guaranteeing your continued employment for any definite term.

To evidence your acceptance of the foregoing, please sign and date each original of this Letter Agreement in the space provided for your signature, and return one original to me on or before November 12, 2014. Should you have any questions, please feel free to contact me.

	
			
	 
	Sincerely yours,

	 
	 
	 

	 
	By:
	/s/ Peter J. Ganz

	 
	Name:
	Peter J. Ganz

    	
		
	Agreed to and accepted 

	this 30th day of October 2014.

	 
	 

	By:
	/s/ Susan B. Esler

	Name:
	Susan B. Esler

cc:  James J. O'Brien

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00238-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00238-of-00352.parquet"}]]