Document:

EX-10.67

  EXHIBIT 10.67

  FORM OF RESTRICTED STOCK UNIT AGREEMENT
(Independent Directors)

  Ashland Inc.
2021 Omnibus Incentive Compensation Plan

  Participant:					_______________________________

  Number of RSUs:				_______________________________

  Grant Date:					_______________________________

  Vesting Date:	The one (1) year anniversary of the Grant Date; provided, however, if the Participant does not seek re-election to the Board, such forfeitable amounts shall become non-forfeitable on the date of the Board meeting that immediately precedes such one (1) year anniversary so long as the Participant is an Independent Director on the day before such Board meeting. 

  1.	Grant. Ashland Inc. (“Ashland”) hereby grants to the above-named Participant (the “Participant”) ___________ RSUs (the “Award”) pursuant to the Ashland Inc. 2021 Omnibus Incentive Compensation Plan (the “Plan”) and this Restricted Stock Unit Agreement (this “Agreement”), in order to provide the Participant with an additional incentive to continue his or her services to Ashland and its Affiliates and to continue to work for the best interests of Ashland. Capitalized terms used but not defined in this Agreement shall have the meanings given to such terms in the Plan.

  2.	Value. Each RSU represents the contingent right (as set forth herein) of the Participant to receive a Share in accordance with this Agreement. Ashland confirms this Award to the Participant, of the number of RSUs set forth above, subject to and upon all the terms, provisions and conditions contained herein and in the Plan.

  3.	Vesting. Following acceptance of this Award by the Participant, as provided for hereunder, the applicable number of RSUs set forth above will become vested on the applicable vesting date set forth above (the applicable “Vesting Date”).

  4.	Forfeiture. Except as otherwise provided below or as otherwise determined by the Committee, in the event the Participant ceases to serve on the Board for any reason prior to a Vesting Date, all RSUs which have not vested prior to such cessation shall be forfeited. Notwithstanding the foregoing, the Committee may, in its sole discretion, provide for accelerated vesting of the Award or any portion thereof at any time and for any reason.

   

  

   

  5.	Death, Disability or Retirement. If the Participant’s service on the Board is terminated due to the Participant’s death or Disability, prior to a Vesting Date, the unvested RSUs will become immediately vested in full.  For purposes of this Agreement, “Disability” shall mean a total and permanent disability as defined in Section 22(e)(3) of the Code.

  6.	Time of Payment and Taxation. Except as otherwise provided under the Ashland Inc. Independent Director Deferred Compensation Program, the Shares underlying any RSUs that become vested in accordance with this Agreement (with any fractional Share rounded up to the nearest whole Share) will be delivered within thirty (30) days after such RSUs become vested as provided herein, subject to tax deductions and withholding as set forth in Section 9(d) of the Plan. The Company will withhold from the Award the number of shares to satisfy the minimum statutory withholding requirement.

  7.	Dividends. While this Award is outstanding, on each date that cash dividends are paid to holders of Shares, the Participant will be credited with a number of additional whole and fractional RSUs equal to (1) the product of the number of outstanding RSUs 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 Shares on the date of record for such dividend. Such additional RSUs will be subject to all the terms and conditions of this Agreement and the Plan and to the same vesting conditions and restrictions as the underlying RSUs to which they relate.

  8.	Change of Control. The Award shall be treated in accordance with Section 8 of the Plan in the event of a Change of Control prior to the Vesting Date and while the Award remains outstanding.

  9.	Nontransferability. The Participant may not sell, transfer, pledge, assign, attach or otherwise alienate or hypothecate any rights under this Agreement other than by will or by the laws of descent or distribution and may be exercised during the lifetime of the Participant only by him or her. The terms of this Award shall be binding upon the executors, administrators, heirs, successors and assigns of the Participant.

  10.	No Right to Employment. 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 any of its Affiliates.

  11.	Data Privacy. 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 Affiliates 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 and its Affiliates 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 

  
Personal and Confidential

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  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.

  12.	Electronic Delivery and Participation. Ashland may, in its sole discretion, deliver any documents related to current or future participation in the Plan by electronic means. The Participant hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an online or electronic system established and maintained by Ashland or a third party designated by Ashland.

  13. 	Acceptance. This Award of RSUs is subject to the Participant’s on-line acceptance of the terms and conditions of this Agreement through the Fidelity website. The right to the RSUs under the Plan shall expire if not accepted by __________, 20__.

  By accepting the terms and conditions of this Agreement, the Participant acknowledges receipt of a copy of the Plan, Prospectus, and Ashland’s most recent Annual Report and Proxy Statement (the “Prospectus Information”). A copy of these documents can be found on the Company’s intranet or your Fidelity account and may also be obtained by contacting the Company’s Human Resources Department. The terms and provisions of the Plan are incorporated herein by reference. The Participant represents that he or she is familiar with the terms and provisions of the Prospectus Information and hereby accepts this Award on the terms and conditions set forth herein and, in the Plan, and acknowledges that he or she has had the opportunity to obtain independent legal advice at his or her expense prior to accepting this Award.

  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.

  Eileen Drury, Senior Vice President and Chief Human Resources Officer

  By:  ______________________

  Name: ____________________

  Date:  ____________________

  
Personal and Confidential

  3EX-10.74

  EXHIBIT 10.74

  FIRST AMENDMENT TO THE
SECOND AMENDED AND RESTATED
PURCHASE AND SALE AGREEMENT

  This FIRST AMENDMENT TO THE SECOND AMENDED AND RESTATED PURCHASE AND SALE AGREEMENT (this “Amendment”), dated as of August 1, 2022 is entered into by and among the following parties:

  (i)ASHLAND, INC., a Delaware corporation (successor by merger to Ashland LLC, a Kentucky limited liability company, and f/k/a Ashland Global Holdings Inc.) (“Ashland Inc.”), as an Originator and as Servicer;

  (ii)ASHLAND SPECIALTY INGREDIENTS G.P., a Delaware general partnership, as an Originator; and

  (iii)CVG CAPITAL III LLC, a Delaware limited liability company (the “Buyer”).

  Capitalized terms used but not otherwise defined herein (including such terms used above) have the respective meanings assigned thereto in the Purchase and Sale Agreement described below.

  BACKGROUND

  A.	The parties hereto have entered into that certain Second Amended and Restated Purchase and Sale Agreement, dated as of March 17, 2021 (as amended, restated, supplemented or otherwise modified through the date hereof, the “Purchase and Sale Agreement”).

  B.	Substantially concurrently with this Amendment, (i) first, Ashland LLC, a Kentucky limited liability company (“Ashland LLC”), merged with and into Ashland Chemco Inc., a Delaware corporation, which was the surviving entity of such merger, (ii) second, Ashland Chemco Inc. merged with and into Ashland Global Holdings Inc., a Delaware corporation, which was the surviving entity of such merger, and (iii) third, Ashland Global Holdings Inc. changed its registered corporate name in the State of Delaware to Ashland Inc. (such transactions, the “Reorganization”).

  C.	As a result of the Reorganization, (i) Ashland Inc. is the successor to, and has assumed, all rights, obligations and liabilities of Ashland LLC under the Transaction Documents, including in Ashland LLC’s individual capacity and in its capacities as Servicer, an Originator and a Performance Guarantor, and (ii) Ashland Inc. is the direct or indirect owner of 100% of the membership interests in the Buyer.

  D.	Concurrently herewith in order to reflect and permit the Reorganization, the parties to the Receivables Purchase Agreement are entering into that certain Second Amendment thereto (the “2nd RPA Amendment”).  Pursuant to the 2nd RPA Amendment, the Purchaser Parties are consenting to this Amendment, which constitutes the “1st PSA Amendment” referenced in the 2nd RPA Amendment.  

   

  

   

  E.	In connection with, and in order to permit, the Reorganization, the parties hereto desire to amend the Purchase and Sale Agreement as set forth herein.

   NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

  SECTION 1.Amendments to the Purchase and Sale Agreement.  The Purchase and Sale Agreement is hereby amended as follows:

  (a)Each reference to Ashland LLC in the Purchase and Sale Agreement is hereby replaced with a reference to Ashland Inc.

  (b) Existing Schedules I, II, III and IV to the Purchase and Sale Agreement are hereby replaced with new Schedules I, II, III and IV attached to this Amendment.

  SECTION 2.Consent.  The Buyer hereby consents to the Reorganization.

  SECTION 3.Representations and Warranties of the Buyer and the Originators.  Each of the Buyer and each Originator hereby represents and warrants, as to itself, to the other parties hereto, the Administrative Agent and each Purchaser Party, as follows:

  (a)Representations and Warranties.  Immediately after giving effect to this Amendment, the representations and warranties made by such Person in the Transaction Documents to which it is a party are true and correct as of the date hereof (unless stated to relate solely to an earlier date, in which case such representations or warranties were true and correct as of such earlier date).

  (b)Enforceability.  This Amendment and each other Transaction Document to which it is a party, as amended hereby, constitute the legal, valid and binding obligation of such Person enforceable against such Person in accordance with its respective terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity, regardless of whether enforceability is considered in a proceeding in equity or at law.

  (c)No Termination Event.  No event has occurred and is continuing, or would result from the Reorganization or the other transactions contemplated hereby, that constitutes an Event of Termination, Servicer Default or Unmatured Event of Termination.

  SECTION 4.Effect of Amendment.  All provisions of the Purchase and Sale Agreement and the other Transaction Documents, as expressly amended and modified by this Amendment, shall remain in full force and effect. After this Amendment becomes effective, all references in the Purchase and Sale Agreement (or in any other Transaction Document) to “this Purchase and Sale Agreement”, “this Agreement”, “hereof”, “herein” or words of similar effect referring to the Purchase and Sale Agreement shall be deemed to be references to the Purchase and Sale Agreement as amended by this Amendment. This Amendment shall not be deemed, either expressly or impliedly, to waive, amend or supplement any provision of the Purchase and Sale Agreement other than as set forth herein.

   

  			
	 
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  SECTION 5.Effectiveness.  This Amendment shall become effective as of the date hereof upon the Administrative Agent’s receipt of counterparts to this Amendment executed by each of the parties hereto and effectiveness of the 2nd RPA Amendment in accordance with its terms.

  SECTION 6.Counterparts.  This Amendment may be executed in any number of counterparts and by different parties on separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute but one and the same instrument.  Delivery of an executed counterpart of a signature page to this Amendment by facsimile or e-mail transmission shall be effective as delivery of a manually executed counterpart hereof.

  SECTION 7.GOVERNING LAW.  THIS AMENDMENT, INCLUDING THE RIGHTS AND DUTIES OF THE PARTIES HERETO, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BUT WITHOUT REGARD TO ANY OTHER CONFLICTS OF LAW PROVISIONS THEREOF).

  SECTION 8.Section Headings.  The various headings of this Amendment are included for convenience only and shall not affect the meaning or interpretation of this Amendment, the Purchase and Sale Agreement or any provision hereof or thereof.

   [Signature Pages Follow.]

   

  			
	 
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  IN WITNESS WHEREOF, the parties hereto have executed this Amendment by their duly authorized officers as of the date first above written.

   

  ASHLAND INC.,
as an Originator and as Servicer

By:		
Name: William Whitaker	
Title:   Vice President & Treasurer	

  By: 		
Name: Matthew Spence 	
Title:   Assistant Treasurer 		

   

  ASHLAND SPECIALTY INGREDIENTS G.P.,
as an Originator

By:		
Name: William Whitaker	
Title:   Vice President & Treasurer	

  CVG CAPITAL III LLC, 
as Buyer

By:		
Name: William Whitaker	
Title:   Vice President & Treasurer

   

   

  	S-1	1st PSA Amendment

  		(Ashland / CVG Capital III LLC)

   

  

   

  Schedule I
 

  LIST AND LOCATION OF EACH ORIGINATOR
 

   

  		
	Originator
	Location

	Ashland Inc.
	Delaware

	Ashland Specialty Ingredients G.P.
	Delaware

   

   

   

  

   

  Schedule II
 

  LOCATION OF BOOKS AND RECORDS OF ORIGINATORS
 

  Ashland Inc.:

  5475 Rings Road
Dublin, OH 43017

  5200 Blazer Memorial Parkway
Dublin, OH 43017

  ATOS

  6431 Longhorn Drive

  Irving, TX 75063

   

  Ashland Specialty Ingredients G.P.:

  8145 Blazer Drive

  Wilmington, DE 19808

   

  ATOS

  6431 Longhorn Drive

  Irving, TX 75063

   

   

  

   

  Schedule III
 

  TRADE NAMES

  Ashland Inc.:

  Valvoline

  Valvoline Instant Oil Change

  Ashland Performance Materials

  Ashland Distribution

  Ashland Consumer Markets, a Commercial Unit of Ashland Inc.

  Valvoline Oil & Tire

  Ashland Specialty Chemical

  Ashland LLC

   

  Ashland Specialty Ingredients G.P.:

  Aqualon Company

   

   

   

   

  

   

  Schedule IV

   

  NOTICE ADDRESSES

   

  If to Ashland:

   

  Ashland Inc.

  Suite 450, 5475 Rings Road
Dublin, OH 43017

  Attention:	William Whitaker

  Telephone:	(614) 790-2095

  Facsimile:	(614) 790-5299

  Email:	wcwhitaker@ashland.com 

   

   

  If to any other Originator:

   

  c/o Ashland Inc.

  Suite 450, 5475 Rings Road
Dublin, OH 43017

  Attention:	William Whitaker

  Telephone:	(614) 790-2095

  Facsimile:	(614) 790-5299

  Email:	wcwhitaker@ashland.com

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