Document:

Exhibit 10.1

    

    

    

    

    	
             

              

             

            

             

            

             

            

          	
            efficacy  usability  allure  integrity  profitabilityTM

             

          

    

    

    

    

    October 8, 2019

    

    

    Mr. Guillermo Novo

    [Redacted]

    

    Dear Guillermo:

    

    

    This letter confirms the employment offer extended to you for the positions of Chairman of the Board and Chief Executive Officer of Ashland Global Holdings Inc. (together with
      its subsidiaries, “Ashland”) and Chief Executive Officer of Ashland LLC, reporting solely and directly to Ashland’s Board of Directors. You will also continue as a member of the Ashland Board of Directors. Your principal place of employment will be
      Ashland’s corporate headquarters in Wilmington, Delaware. The details of the offer are outlined below.

    

    

    Your start date will be December 31, 2019.

    

    

    Your base salary will be $1,050,000 annually. You will participate in the Ashland Incentive Compensation Plan (IC). Your annual incentive opportunity at target performance is
      120% of base salary with a maximum opportunity of 200% of target. You will be eligible for an award covering the full 2020 fiscal year. Ashland IC payouts are based on various Ashland performance metrics and are usually made in December.

    

    

    You will participate in Ashland’s Long Term Incentive Program (LTIP). Your annual long-term compensation target is 400% of base salary, and is subject to the discretion of the
      Compensation Committee each year. Your initial long-term incentive award will be equal to 400% of your full year base salary and will have an approximate weighting of 50% Performance Units (PUs), 25% Stock Appreciation Rights (SARs) and 25%
      Restricted Stock Units (RSUs). The Compensation Committee retains the right to alter the types of long-term incentive vehicles and their respective weightings from year to year. Your first LTIP grant will be made in January 2020. Thereafter, grants
      under this program will typically be made in November of each year, starting with November of 2020.

    

    

    You will be granted a sign-on award on December 31, 2019 consisting of (i) a cash award of $1 million (payable on December 31, 2019), (ii) a $2 million grant of time-vested RSUs
      (with the number of shares to be determined based on the stock price on the date hereof) with a ratable three-year vesting schedule and (iii) a $2 million grant of performance-based RSUs (with the number of shares to be determined based on the stock
      price as of the date hereof) with a three-year performance period, each as outlined below. The complete terms and conditions of each such grant will be set forth in the applicable award agreement you will receive at the time of the grant, which will
      be promptly after your start date. The time-vested RSUs will vest in equal installments on December 15, 2020, 2021 and 2022 (with any vested shares delivered no later than December 31 of the applicable year) and the performance-based RSUs will vest
      (if, and to the extent, earned) on December 15, 2022 (with any vested shares delivered no later than December 31, 2022).

    

    

    
      
        

    

    
     

    

    

    With respect to equity-based awards, notwithstanding anything to the contrary in any applicable plan or arrangement of Ashland (provided, that, any more favorable vesting or
      delivery provisions generally applicable to senior executives will apply), in the event that your employment terminates on or prior to December 31, 2022 (i) involuntarily for reasons other than “Cause” (as defined in the Ashland Severance Pay Plan),
      including upon your death or disability or (ii) due to your resignation with Good Reason (as defined below), all outstanding equity-based awards will be pro-rated and vest on an accelerated basis upon the date of termination (and the shares delivered
      upon or as soon as practicable following the date of termination), or in the case of performance-based awards, pro-rated and settled on or as soon as practicable after the end of the applicable performance period based on actual performance. For the
      avoidance of doubt, upon your termination of employment, all vested SARs (whether previously vested or which accelerate and vest as a result of your termination of employment) must be exercised prior to the earlier of (A) the expiration date (as set
      forth in the applicable award agreement) and (B) the three-month anniversary of your termination of employment.

    

    

    In the event of “Retirement” (as defined below) (provided, that, any more favorable vesting or delivery provisions generally applicable to senior executives will apply), all
      outstanding equity-based awards will be pro-rated and vest on an accelerated basis upon the date of Retirement (and the shares delivered upon or as soon as practicable following the date of Retirement), or in the case of performance-based awards,
      pro-rated and settled on or as soon as practicable after the end of the applicable performance period based on actual performance. For the avoidance of doubt, upon your Retirement, all vested SARs (whether previously vested or which accelerate and
      vest as a result of your Retirement) must be exercised prior to the earlier of (A) the expiration date (as set forth in the applicable award agreement) and (B) the three-month anniversary of your termination of employment.

    

    

    For purposes of this letter, and notwithstanding anything to the contrary in any applicable plan or arrangement of Ashland, “Retirement” shall mean the termination of your
      employment at any time that you have at least five (5) years of service with Ashland.

    

    

    With respect to severance benefits, you will be entitled to separation payments and benefits provided under the Ashland Severance Pay Plan (or any successor plan thereto) in the
      event of an involuntary termination of employment by the Company without Cause; provided, however, that during the period beginning on December 31, 2019 and ending on December 31, 2022 (i) you will be entitled to payments and benefits no less than
      those provided under the Ashland Severance Pay Plan as in effect on the date hereof, (ii) your separation benefits will include (A) a pro-rata payment under the Ashland IC Plan, based on actual performance, for the year of termination and (B) if
      applicable, a COBRA continuation coverage period equal to two (2) weeks for each completed year of service, subject to a minimum period of twenty (20) weeks and (iii) you will also be entitled to the payments and benefits provided in clauses (i) and
      (ii) in the event of a resignation from employment with Good Reason.

    

    

    
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    For purposes of this letter, “Good Reason” shall mean the occurrence of any of the following without your express written consent: (i) the significant diminution of your
      positions, duties, responsibilities or status as described herein, or a significant diminution in your titles or offices or any removal of you from, or any failure to reelect you to, any positions described herein, (ii) a reduction of fifteen (15)
      percent or more to your base salary, (iii) the failure by Ashland to continue in effect any incentive plan or arrangement described herein (or the failure to substitute and continue other plans or arrangements providing you with substantially similar
      benefits), or the taking of any action by Ashland which would adversely affect your participation in or materially reduce your benefits under any such plan, (iv) the failure by Ashland to continue in effect any plan or arrangement to receive Ashland
      securities described herein (or the failure to substitute and continue plans or arrangements providing you with substantially similar benefits), or the taking of any action by Ashland which would adversely affect your participation in or materially
      reduce your benefits under any such plan, (v) the relocation of your principal place of business to a location that exceeds a fifty (50) mile radius from Ashland’s current principal place of business, except for required travel on Ashland business to
      an extent substantially consistent with your business travel obligations or (vi) any breach by Ashland of any material provision of this letter. Notwithstanding the foregoing, Good Reason will not exist unless: (A) you provide Ashland with written
      notice of the act(s) alleged to constitute Good Reason within ninety (90) days of your knowledge of the occurrence of such act(s), (B) Ashland fails to cure such acts within thirty (30) days of receipt of such notice and (C) you exercise your right
      to terminate your employment for Good Reason within sixty (60) days thereafter.

    

    

    In addition, you will be offered an individual Change in Control Agreement, in substantially the same form as the current Form of CEO Change in Control Agreement, which would
      provide you with separation benefits in the event of a qualifying termination following a Change in Control (as defined therein) of Ashland. A copy of the current Ashland Severance Pay Plan and Form of CEO Change in Control Agreement are enclosed.
      The benefits they provide, as described herein, do not create a contract of employment between you and Ashland.

    

    

    You understand that Ashland reserves the right to amend its severance plans, and that Ashland may elect not to renew your individual CEO Change in Control Agreement in the
      future, and in such case, other than as provided herein, your severance benefits, whether for a termination occurring prior to or following a Change in Control (as defined by the applicable plan or agreement) would be governed by the plans and
      program then in effect.

    

    

    
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    You will be eligible for relocation benefits for a qualifying relocation which occurs between December 31, 2019 and December 31, 2021. You will accrue twenty (20) days of
      vacation annually, in addition to three (3) floating holidays, in accordance with the applicable Ashland policy. In addition, you will receive financial planning assistance from AYCO, provided at Ashland’s expense, as well as annual reimbursement of
      up to $10,000 of eligible financial planning expenses, and an annual executive physical exam up to a maximum cost of $5,000. You will be eligible to participate in employee benefit plans provided to senior executives of Ashland.

    

    

    This employment offer is conditional upon the completion of appropriate reference checks and the successful completion of a drug screen. Separately, we will advise you of a
      date, time and place of the pre-employment drug screen.

    

    

    The intent of the parties is that this letter comply with Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder (“Section
      409A”) or is exempt therefrom, and accordingly, to the maximum extent permitted, this letter will be interpreted to be in accordance therewith. In no event, however, will this letter be construed to require Ashland to provide any gross-up for tax
      consequences under Section 409A of payments made under this letter and Ashland will have no responsibility for tax consequences under Section 409A to you (or your beneficiaries) resulting from the terms or operation of this letter. Notwithstanding
      anything to the contrary in this letter, if at the time of your separation from service, you are a “specified employee,” as defined in Section 1.409A-1(i) of the Treasury Regulations, any and all amounts payable under this letter on account of such
      separation from service that constitute deferred compensation (within the meaning of Section 409A) and would (but for this paragraph) be payable within six (6) months following such separation from service, will instead be paid on the next business
      day following the expiration of such six-month period or, if earlier, upon your death. To the extent required by Section 409A, any payment or benefit that would be considered deferred compensation subject to, and not exempt from, Section 409A,
      payable or provided upon a termination of your employment, will only be paid or provided to you upon your separation from service (within the meaning of Section 409A). For purposes of Section 409A, each payment hereunder will be deemed to be a
      separate payment as permitted under Treasury Regulation Section 1.409A-2(b)(2)(iii). With regard to any provision herein that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted by Section 409A, (i) the right to
      reimbursement or in-kind benefits will not be subject to liquidation or exchange for another benefit, (ii) the amount of expenses eligible for reimbursement, or in-kind benefits, provided during any taxable year will not affect the expenses eligible
      for reimbursement, or in-kind benefits to be provided, in any other taxable year and (iii) such payments will be made on or before the last business day of your taxable year following the taxable year in which the expense occurred, or such earlier
      date as required hereunder.

    

    

    This letter will be governed in all respects by the laws of the State of Delaware.

    

    

    
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    Guillermo, on behalf of the Ashland Board of Directors, I am very pleased to extend this offer of employment to you. We look forward to an excellent opportunity for both you
      and Ashland as a result of your acceptance. If you choose to accept this offer, please confirm with your written acceptance below by October 8, 2019.

    

    

    If you have any questions, concerns or need additional information, please feel free to contact me on [redacted].

    
      

      

      	 	
              Very truly yours,

            
	 	 
	 	
              /s/ Jay V. Ihlenfeld

            	 
	 	
              Dr. Jay V. Ihlenfeld

            
	 	
              Lead Director

            
	 	
              Ashland Global Holdings Inc.

            

      

      

      

      

      	
              Enclosures

            	 	 
	 	 	 
	
              ACCEPTED:

            	
              /s/ Guillermo Novo

            	 
	 	 	 
	
              DATE:

            	
              October 8, 2019

            	 

    

    

    

    

    

    

    

  

  5Exhibit 10.2

      

      

      	
               

                

               

              

               

              

            	
              efficacy  usability  allure  integrity  profitabilityTM

               

            

      

      

      

      

      October 8, 2019

      

      

      − Personal and Confidential –

      

      

      William A. Wulfsohn

      

      

      Dear Bill:

      

      

      This letter (the “Letter Agreement”) is meant to confirm the understanding between you, Ashland Global Holdings Inc., and Ashland LLC (Ashland Global Holdings Inc. and Ashland
        LLC collectively, “Ashland”) concerning your continued employment with Ashland. As you are aware, Ashland considers your continued services to be essential to protecting and enhancing the best interests of the company as we transition from your
        leadership to that of a new Chief Executive Officer. For this reason, we would like to encourage your continued employment through December 31, 2019. If you accept the terms of this Letter Agreement, you understand that this will supersede,
        rescind, and replace the terms of any prior agreements already offered or in place between you and Ashland that would otherwise govern the timing of your separation from employment with Ashland and any severance payments and benefits in connection
        with such separation from employment. Notwithstanding the foregoing, in the event a “Change in Control” of Ashland (as defined in the Change in Control Agreement between you and Ashland Inc., dated as of October 12, 2015 (the “Change in Control
        Agreement”)) occurs prior to your Separation Date, as defined below, then the more favorable benefits provided for under the Change in Control Agreement in the event of a termination of your employment following a Change in Control will apply in
        connection with your separation from employment as of the Separation Date.

      

      

      It is anticipated that you will continue in your current role as Chief Executive Officer and Chairman of the Board of Directors (the “Board”) through your Separation Date. You
        understand and agree that in addition to performing your regular duties during this period of transition (the “Transition Period”), you will also work with the Board to execute a transition plan that will allow for a successful transition of your
        duties to a successor. At all times during the Transition Period your base compensation will not be reduced. Your existing equity awards will continue to vest during the Transition Period; however, you will not receive any additional equity awards.

      

      

      Your “Separation Date” shall be the earlier of: i) December 31, 2019; and ii) such earlier date on which you and Ashland mutually agree that your employment will end.

      

      

      

      

       

      
        
          

      

      

      

      Subject to the conditions provided herein, your employment with Ashland will end on your Separation Date, and you will be offered a Separation Agreement and General Release
        (your “Separation Agreement”). Pursuant to your Separation Agreement, you will be entitled to a lump sum severance payment equal to 104 weeks of your base salary as in effect on your Separation Date (your “Severance Benefit”). Your Severance
        Benefit will be paid within five (5) business days following the first day of the seventh calendar month following the month in which the Separation Date occurs.

      

      

      Your Separation Agreement will include provisions addressing the impact of your separation from employment on your participation in various health and welfare plans and programs
        offered by Ashland, including your eligibility to receive free COBRA continuation coverage of your company provided medical and dental coverage for 20 weeks following your Separation Date. In general, your coverage under all other health and
        welfare plans will end as of your Separation Date.

      

      

      In addition, your Separation Agreement will provide for i) a pro-rata payment of your FY2020 short term incentive payment, determined based on the number of months worked during
        the plan year, which will be paid based on actual Ashland performance at the time FY2020 short term incentive payments (if any) are made to Ashland employees generally; ii) accelerated, pro-rata vesting of any outstanding portions of your RSU and
        SAR awards, which will be calculated through your Separation Date, based on the portion of the vesting period that elapsed prior to the Separation Date; and iii) proration of any existing Performance Unit (LTIP) awards through your Separation Date,
        based on the portion of the applicable vesting period that elapsed prior to your Separation Date, to be paid at the normal time of payment under the plan, based on actual plan measures, and in accordance with all other terms and conditions of the
        LTIP award. You understand and agree that any portions of your equity and LTIP awards that are not accelerated or prorated as a result of the application of the above formulas will be forfeited.

      

      

      Your Separation Agreement will also provide for i) reimbursement of up to $5,200 of expenses you incur obtaining executive level outplacement services, from the provider of your
        choice, during the 12-month period following your Separation Date, ii) continued financial planning from AYCO at Ashland’s expense during calendar year 2020, and iii) reimbursement of up to an additional $10,000 of eligible financial planning
        expenses you incur during calendar year 2020.

      

      

      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 its affiliates,
        including Ashland Global Holdings Inc., as well as confidentiality obligations 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 it must take effect, before you will be entitled to the Severance Benefit and the additional benefits it provides.

      

      

      
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      If you refuse to sign the Separation Agreement within the time period provided therein, or you revoke your acceptance of the general release within the 7-day revocation period,
        then your employment will be deemed to have terminated on your Separation Date, but you will not be entitled to receive the Severance Benefit or any other benefits provided for thereunder, or any severance benefits under any severance pay plan or
        program of Ashland, and you will be entitled only to those benefits ordinarily available to employees who voluntarily terminate their employment with Ashland. You specifically understand and agree that this means you will not receive the Severance
        Benefit described above, free COBRA continuation coverage, pro-rata payment of your FY2020 short-term incentive award, the special equity and LTIP treatment described above, reimbursement of your outplacement assistance expenses, additional
        financial planning assistance during calendar year 2020, or reimbursement of your otherwise eligible financial planning expenses incurred during calendar year 2020.

      

      

      You further understand that this Letter Agreement will immediately terminate (an “Early Termination without Severance Offer”), if any of the following occurs prior to your
        Separation Date:

      

      

      	 	
              i)

            	
              you elect to terminate your employment, for any reason prior to December 31, 2019 without Ashland’s agreement;

            
	 	
              ii)

            	
              your employment is terminated for “Cause”, as defined below;

            
	 	
              iii)

            	
              in the event of your death, or the termination of your active employment because you become disabled and are unable to return to the performance of the duties of your position within a
                reasonable time; provided, however, that, in such event, Ashland will not be relieved of any obligations under any applicable employee benefit plans which arise due to your death or disability.

            

      

      

      For the purposes of this Agreement, "Cause" shall occur hereunder only upon:

      

      

      	 	
              i)

            	
              the willful and continued failure by you to substantially perform your duties with Ashland (other than any such failure resulting from your incapacity due to physical or mental illness or
                injury) after a written demand for substantial performance is delivered to you by the Board which specifically identifies the manner in which the Board believes that you have not substantially performed your duties;

            
	 	
              ii)

            	
              the willful engaging by you in gross misconduct materially and demonstrably injurious to Ashland after a written demand to cease such misconduct is delivered to you by the Board; or

            
	 	
              iii)

            	
              your conviction of or the entering of a plea of nolo contendre to the commission of a felony involving moral turpitude.

            

      

      

      
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      Provided, that no act, or failure to act, on your part shall be considered "willful" unless done, or omitted to be done, by you not in good faith and without reasonable belief that your action or
        omission was in the best interest of Ashland. Notwithstanding the foregoing, you shall not be deemed to have been terminated for Cause unless and until there shall have been delivered to you a copy of a resolution duly adopted by the affirmative
        vote of not less than three-quarters of the entire membership of the Board at a meeting of the Board called and held for such purpose, alone or in conjunction with any other purpose, (after at least 20 days prior notice to you and an opportunity
        for you, together with your counsel, to be heard before the Board), finding that in the good faith opinion of the Board you failed to perform your duties or engaged in misconduct as set forth above in subparagraph (a) or (b) of this paragraph, and
        that you did not correct such failure or cease such misconduct after being requested to do so by the Board, or as set forth in subparagraph (c) of this paragraph, finding that you have been convicted of or have entered a plea of nolo contendre to
        the commission of a felony involving moral turpitude.

      

      

      In the event of an Early Termination without Severance Offer, Ashland will be relieved of any obligation to offer you the Separation Agreement, the Severance Benefit or any
        other benefits described above, or any severance benefits under any severance pay plan or program of Ashland, and you will be entitled only to those benefits ordinarily available to employees whose employment has ended either voluntarily or
        involuntarily for “cause”, as applicable. For the avoidance of doubt, you understand and agree the this means you will not be entitled to receive the Severance Benefit, free COBRA continuation coverage, pro-rata payment of your FY2020 short-term
        incentive award, or the special equity and LTIP treatment described above, or any other severance benefits under any severance pay plan or program of Ashland, and you will be entitled only to those benefits ordinarily available to employees who
        voluntarily terminate their employment with Ashland. In addition, if your employment terminates prior to the date on which payments under the FY2019 short term incentive plan were made, then you would also be ineligible for any payment of the
        FY2019 short-term incentive amount.

      

      

      This Letter Agreement shall terminate on the earlier of i) your Separation Date, or ii) the date on which an Early Termination without Severance Offer occurs, provided that any
        obligations on the part of Ashland which arise under this Letter Agreement during its term, or are triggered under this Letter Agreement on the date of its termination, shall survive the termination of this Letter Agreement.

      

      

      If you agree with 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 today,
        October 8, 2019. You may also retain a copy for your records.

      

      

      
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      Should you have any questions, please feel free to contact me.

      

      

      
        	 	
                Sincerely yours,

                 

                 

              
	 	
                /s/ Peter J. Ganz

              	 
	 	
                Peter J. Ganz

              

      

      

      

      

      

      

      

      

      

      
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              Agreed to and accepted

            
	 	
              this 8th day of October 2019.

            
	 	 
	 	 
	 	
              /s/ William A. Wulfsohn

            	 
	 	
              William A. Wulfsohn

            
	 	 
	 	 
	
              cc:

            	
              Anne T. Schumann

            

      

      

      

      

    

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