Document:

Form of Performance Share Unit Award Agreement

 Exhibit 10.4 
 THE LUBRIZOL CORPORATION 
 2010 STOCK INCENTIVE PLAN 

PERFORMANCE SHARE UNIT AWARD AGREEMENT 
 THIS PERFORMANCE SHARE UNIT AWARD AGREEMENT, dated this                  day of
                    , 2        , (the “Grant Date”) by The Lubrizol Corporation (the
“Company”) to
                                         
           , an employee of the Company and/or a Subsidiary (as defined in the Plan). 
 The following terms and provisions apply to this Performance Share Unit Award: 
 1.    The Company
hereby grants to you, under the provisions of Section 10 of the Company’s 2010 Stock Incentive Plan, as amended (the “Plan”), the number of Performance Share Units, in accordance with the three-year performance target approved by
the Organization and Compensation Committee. The Performance Share Units granted hereunder are referred to herein as the “Units”. 

2.    Any Performance Share Units that are payable to you, will be paid to you in
                     [cash, shares] between the January 1 and March 15 of the year following the end of the three-year cycle based on
actual performance at the end of the performance period. 
 3.    If there is a Change in Control, as defined in Section 12(b) of
the Plan, the portion of this Award that may be paid to you will be based on performance as of the date of the Change in Control as determined by Exhibit A. Thereafter, (a) if you separate from service for Good Reason or if you are separated
from service by Lubrizol for other than Cause (as defined in Section 12 of the Plan) prior to the end of the performance period, or (b) if you do not separate from service prior to the end of the performance period, you will receive payout
of the portion of the Award determined by application of Exhibit A at the time specified in Section 2 of this Agreement. 

4.    If you separate from service due to retirement (either normal or early retirement) or die prior to the end of the performance period you
or your beneficiary will receive a pro-rata number of Performance Share Units at the time specified in Section 2 of this Agreement based on actual performance at the end of the performance period and on the number of full months which have
elapsed since the beginning of the performance period at the time of your separation from service or death. If the Company does not have a beneficiary election on file at the time of your death, the Performance Share Units will be issued to your
spouse, or if your spouse is not living at the time of issuance, your children who are living, or if you have no living children at the time of issuance, your estate. 
 If you separate from service (voluntarily or involuntarily) for any other reason prior to the end of the performance period you will forfeit any Performance Share Units under this Award, unless otherwise
specifically approved by the Committee, upon the recommendation of the Chief Executive Officer, in which case, payment with respect to such Performance Share Units will be made at the time specified in Section 2 of this Agreement. 

Notwithstanding the foregoing, if prior to separation from service due to retirement or death, you go on a company-approved long-term disability
leave of absence prior to the end of the performance period you will receive a pro-rata number of Shares at the time specified in Section 2 of this Agreement, based on actual performance at the end of the performance period and on the number of
full months that you were considered an active employee during the three-year performance cycle. 

 5.    The Award is not transferable by you during your life. 

6.    Prior to the issuance of Performance Share Units to you, you will not be a shareholder of the Company and you will have no rights under
the Award as a shareholder of the Company. No dividends or other amount will be allocated or paid to you with respect to the Award. 

7.    The number of Performance Share Units subject to this Award outstanding at the time of any change in the Company’s capitalization,
including stock splits, stock dividends, mergers, reorganizations, consolidations, recapitalizations or other changes in corporate structure, will be adjusted in the manner the Committee deems equitable; provided, however, that the number of Shares
will always be a whole number. 
 8.    Performance Share Units will not be distributed as Shares under this Award if the issuance of
the Performance Share Units would violate: 
  

	 	(a)	any applicable state securities law; 

  

	 	(b)	any applicable registration or other requirements under the Securities Act of 1933, as amended (the “Securities Act”), the Securities Exchange Act of 1934, as amended,
or the listing requirements of any stock exchange on which the Company’s common shares are listed; or 

  

	 	(c)	any similar legal requirement of any governmental authority regulating the issuance of shares by the Company. 

Further, if a Registration Statement with respect to the Performance Share Units to be issued is not in effect or if counsel for the Company deems it necessary or
desirable in order to avoid possible violation of the Securities Act, the Company may require, as a condition to its issuance and delivery of certificates for the Shares, that you deliver to the Company a statement in writing that you understand the
Shares may be “restricted securities” as defined in Rule 144 of the Securities and Exchange Commission and that any resale, transfer or other disposition of the Shares will be accomplished only in compliance with Rule 144, the Securities
Act, or other or subsequent applicable Rules and Regulations thereunder. Further still, the Company may place on the certificates evidencing the Shares an appropriate legend under Rule 144. 

 

	9.	(a)    When the Common Shares are distributable to you may be subject to income and other taxes on the value of the Shares on the date of distribution. The
Company is authorized to withhold from any payment under this Award, withholding taxes due in respect of the payment hereunder, but in no event more than the statutory minimum for tax withholding, to the extent required to avoid adverse accounting
treatment, and to take such other action as may be necessary in the opinion of the Company to satisfy all obligations for the payment of such taxes 

 (b)    For purposes of determining the number of Common Shares that are to be withheld to provide for the tax withholding pursuant to Section 8(a), Common Shares will be valued at the
closing price of a Common Share on the New York Stock Exchange on the date Shares are distributable to you. If the determination of the tax withholding requires the withholding of a fractional Share, the Company shall withhold the nearest whole
number of Shares needed to pay the tax withholding, rounded up, and remit to you in cash the amount of the excess after the withholding taxes have been satisfied. 

  
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 10.    Notwithstanding any other provision of this Agreement, the Committee may cause any
outstanding Award to be forfeited and may seek to recoup from you any economic gains pursuant to this Award if you engage in conduct that is not in good faith and that disrupts, damages, impairs or interferes with the business, reputation or
employees of the Company or its Subsidiaries, including but not limited to, conduct that leads to a restatement of the Company’s financial statements. 
 11.    Prior to the distribution of Shares the Committee has the right in its sole discretion to reduce the amount of this Award. 
 12.    The Committee has conclusive authority, subject to the express provisions of the Plan, as in effect from time to time, and this Award, to interpret this Award and the Plan, and to
establish, amend and rescind rules and regulations for the administration of the Plan. The Committee may correct any defect or supply any omission or reconcile any inconsistency in this Award in the manner and to the extent it deems expedient to
carry the Plan into effect, and it is the sole and final judge of such expediency. The Board of Directors of the Company may from time to time grant to the Committee such further powers and authority as the Board determines to be necessary or
desirable. 
 13.    You must hold any Shares that are distributed to you under this Award at least until you have met your Share
ownership guideline. 
 14.    Notwithstanding any other provision of this Award, your Award will be subject to all of the provisions
of the Plan in force from time to time. 
 15.    The terms of this Award will be interpreted as necessary to comply with the
requirements of Section 409A of the Internal Revenue Code of 1986, as amended and the regulations promulgated thereunder. 
  

									
	THE LUBRIZOL CORPORATION	 		 	EMPLOYEE
				
	By	 	 	 		 	 
	 James L. Hambrick
 Chairman, President
and CEO
	 		 		 	

  
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 EXHIBIT A 
 Determination of Number of Service-Based Share Units 
 Upon a Change in Control Under Section 3

 Pursuant to the terms of Section 3, upon a Change in Control the portion of a performance-based Award that may be paid to you will
be determined as follows: 
 1.    Zero if 12 months has not elapsed since the beginning of the performance period. 

2.    If more than 12 months has elapsed since the beginning of the performance period: 

(a)    Determine the measurement growth rate for each full year that has elapsed in the 3-year period as of the date of the
Change in Control, 
 (b)    The 3-year cumulative measurement growth will be imputed as either the 1-year measurement
growth (if the Change in Controls occurs during the second year) or the 2-year cumulative measurement growth (if the Change in Control occurs during the third year). 
 (c)    The portion of this Award that may be paid to you is the number of Units that would have been payable had the 3-year performance been as determined in (b) above. 

  
 42005 Officers' Supplemental Retirement Plan, as amended November 9, 2010

 Exhibit 10.8 
 THE LUBRIZOL CORPORATION 
 2005 OFFICERS’ SUPPLEMENTAL 

RETIREMENT PLAN 
 (As Amended,
November 9, 2010) 
 The Lubrizol Corporation hereby establishes, effective as of January 1, 2005 as amended, The Lubrizol
Corporation 2005 Officers’ Supplemental Retirement Plan (the “Plan”) for the purpose of providing deferred compensation benefits to a select group of management or highly compensated employees. 

Section 1. Definitions. For the purposes hereof, the following words and phrases shall have the meanings indicated, unless a different
meaning is plainly required by the context: 
 (a) Beneficiary. The term “Beneficiary” shall mean a
person who is designated by a Participant to receive benefits payable upon his death pursuant to the provisions of Section 6. 
 (b) Code. The term “Code” shall mean the Internal Revenue Code as amended from time to time. Reference to a section of the Code shall include such section and any comparable section or sections of
any future legislation that amends, supplements, or supersedes such section. 
 (c) Company. The term
“Company” shall mean The Lubrizol Corporation, an Ohio corporation, its corporate successors and the surviving corporation resulting from any merger of The Lubrizol Corporation with any other corporation or corporations. 

(d) Credited Service. The term “Credited Service” shall mean a Participant’s years of service with the
Company equal to the number of full and fractional years of service (to the nearest twelfth of a year) beginning on the date the Participant first performed an hour of service for the Company and ending on the date he is no longer employed by the
Company. 
 (e) Final Average Pay. The term “Final Average Pay” shall mean the aggregated amount of Basic
Compensation (as that term is defined in the Lubrizol Pension Plan modified to add cash (but not shares), if any, which the Participant has elected to defer under The Lubrizol Corporation 2005 Deferred Compensation Plan for Officers or under The
Lubrizol Corporation 2005 Executive Council Deferred Compensation Plan or, effective January 1, 2006, under The Lubrizol Corporation Senior Management Deferred Compensation Plan, received by the Participant during the three consecutive calendar
years during which such Participant received the greatest aggregate amount of Basic Compensation, as defined above, within the most recent ten years of employment, divided by 36. 

(f) Lubrizol Pension Plan. The term “Lubrizol Pension Plan” shall mean The Lubrizol Corporation Pension Plan as
the same shall be in effect on the date of a Participant’s retirement, death, or other termination of employment. 

(g) Normal Retirement Date. The term “Normal Retirement Date” shall mean the first day of the month following the
date on which a Participant attains age sixty-five (65). 

 (h) Participant. The term “Participant” shall mean the Chief
Executive Officer, the Chief Operating Officer and any other officer of the Company who is designated by the Board of Directors of the Company and the Chief Executive Officer to participate in the Plan, and who has not waived participation in the
Plan. 
 (i) Plan. The term “Plan” shall mean a deferred compensation plan set forth herein, together
with all amendments hereto, which Plan shall be called “The Lubrizol Corporation 2005 Officers’ Supplemental Retirement Plan.” 
 (j) Change in Control. The term “Change in Control” shall mean the occurrence of any of the following events: 

(i) The date that any one person, or more than one person acting as a group, acquires ownership of stock of the Company that,
together with the stock held by such person or group, constitutes more than 50 percent of the total fair market value or total voting power of the stock of the Company. 

(ii) The date any person, or more than one person acting as a group, acquires (or has acquired during the 12-month period ending on
the date of the most recent acquisition by such person or persons) ownership of stock of the Company possessing 30% or more of the total voting power of the stock of the Company. 

(iii) The date a majority of members of the Company’s board of directors is replaced during any 12-month period by directors
whose appointment or election is not endorsed by a majority of the members of the Company’s board of directors before the date of the appointment or election. 

(iv) The date that any one person, or more than one person acting as a group, acquires (or has acquired during the 12-month period
ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value equal to or more than 40% of the total gross fair market value of all of the assets of the Company
immediately before the acquisition or acquisitions. 
 Section 2. Vesting. Each Participant shall become 100 percent vested in
his supplemental pension benefit under this Plan upon the earliest of the following events: his completing five years of service, his reaching age 55; his death; his becoming disabled and receiving benefits pursuant to the Company’s long-term
disability plan; or a Change in Control. 
 Section 3. Normal Retirement Benefit. Each Participant who separates from service
with the Company on or after his Normal Retirement Date shall receive, subject to the provisions of Sections 6 and 7, a monthly supplemental retirement benefit which shall be equal to two percent (2%) of his Final Average Pay multiplied by his
Credited Service (up to 30 years) offset by the following amounts: 
 (a) Benefits payable to the Participant under the
Lubrizol Pension Plan; 
 (b) Benefits payable to the Participant under The Lubrizol Corporation Employees’ Profit
Sharing and Savings Plan, excluding benefits attributable to Matching Contributions, CODA Contributions, Supplemental Contributions, Rollover Contributions, Transferred Contributions, Catch-up Contributions or Other Company Contributions, as defined
thereunder; 

  
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 (c) Benefits payable to the Participant under The Lubrizol Corporation Age-Weighted
Defined Contribution Plan; 
 (d) Benefits payable to the Participant under The Lubrizol Corporation 2005 Excess Defined
Contribution Plan; 
 (e) Benefits payable to the Participant under The Lubrizol Corporation 2005 Excess Defined Benefit
Plan; 
 (f) The Participant’s Social Security benefits; 

(g) Any other employer-provided benefits not specifically excluded herein which are payable to the Participant pursuant to any
qualified or nonqualified retirement plan maintained by the Company. 
 Such offsets shall be determined using the actuarial factors
provided in the Lubrizol Pension Plan. 
 Section 4. Early Retirement Eligibility and Determination of Benefit. Each
Participant who separates from service with the Company at or after age 55, but prior to his Normal Retirement Date, shall receive a percentage of his vested supplemental retirement benefit determined under Section 3, in accordance with the
early retirement schedule provided in the Lubrizol Pension Plan at the time and in the form specified under Section 6. 

Section 5. Payment to Participant. 
 (a) Each Participant who separates from service with the Company and its related corporations shall receive payment of his supplemental pension benefit in the standard form of payment of a single lump-sum payment
payable within 60 days following the later of six months following the separation from service or the beginning of the calendar year following the calendar year in which Participant separated from service. 

(b) Payments hereunder shall be less any applicable withholding taxes. The form of payment described shall be calculated using the
same actuarial factors and interest rates used under The Lubrizol Corporation Pension Plan (or its successor) as in effect on the date of separation from service. 
 Section 6. Payment in the Event of Death Prior to Commencement of Distribution. If a Participant dies prior to commencement of benefits under the Plan, his surviving spouse, if any, shall be eligible
for a survivor benefit which is equal to one-half of the reduced monthly benefit the Participant would have received under the Plan if the Participant was 100 percent vested in his accrued supplemental retirement benefit, had terminated employment
on the day before his death and had elected to receive his benefit hereunder in the form of a 50 percent joint and survivor annuity. In making the determinations and reductions required in this Section 6, the Company shall apply the assumptions
then in use under the Lubrizol Pension Plan. For purposes hereof, a surviving spouse shall only be eligible for a benefit under this Section 6, if such spouse had been married to the deceased Participant for at least one year as of the date of
the Participant’s death. Benefits hereunder shall commence within 60 days after the death of the Participant and shall be paid monthly in substantially equal payments for the life of the surviving spouse. 

  
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 Section 7. Actuarial Factors. All actuarial assumptions and factors used in this Plan
shall be the same as those used in the Lubrizol Pension Plan. 
 Section 8. Funding. The obligation of the Company to pay
benefits provided hereunder shall be unfunded and unsecured and such benefits shall be paid by the Company out of its general funds. In order to provide a source of payment for its obligations under the Plan, the Company may cause a trust fund to be
maintained and/or arrange for insurance contracts. Subject to the provisions of the trust agreement governing any such trust fund or the insurance contract, the obligation of the Company under the Plan to provide a Participant with a benefit shall
nonetheless constitute the unsecured promise of the Company to make payments as provided herein, and no person shall have any interest in, or a lien or prior claim upon, any property of the Company. 

Section 9. Plan Administrator. The Company shall be the plan administrator of the Plan. The plan administrator shall perform all
ministerial functions with respect to the Plan. Further, the plan administrator shall have full power and authority to interpret and construe the Plan and shall determine all questions arising in the administration, interpretation, and application
of the Plan. Any such determination shall be conclusive and binding on all persons. The plan administrator shall employ such advisors or agents as it may deem necessary or advisable to assist it in carrying out its duties hereunder. 

Section 10. Not a Contract of Continuing Employment. Nothing herein contained shall be construed as a commitment or agreement on the
part of the Participant to continue his employment with the Company, and nothing herein contained shall be construed as a commitment or agreement on the part of the Company to continue the employment or the annual rate of compensation of the
Participant for any period, and the Participant shall remain subject to discharge to the same extent as if this Plan had never been put into effect. 
 Section 11. Right of Amendment and Termination. The Company reserves the right to amend or terminate the Plan in whole or in part at any time and to suspend operation of the Plan, in whole or in part,
at any time, by resolution or written action of its Board of Directors or by action of a committee to which such authority has been delegated by the Board of Directors; provided, however, that no amendment shall result in the forfeiture or reduction
of the interest of any Participant or person claiming under or through any one or more of them pursuant to the Plan. Any amendment of the Plan shall be in writing and signed by authorized individuals. 

Section 12. Termination and Distribution of Accrued Benefits. The Plan may be terminated at any time by the Company, and in that event
the amount of the accrued benefits as of the date of such termination shall remain an obligation of the Company and shall be payable as if the Plan had not been terminated. 
 Section 13. Construction. Where necessary or appropriate to the meaning hereof, the singular shall be deemed to include the plural, the plural to include the singular, the masculine to include the
feminine, and the feminine to include the masculine. 
 Section 14. Severability. In the event any provision of the Plan is
deemed invalid, such provision shall be deemed to be severed from the Plan, and the remainder of the Plan shall continue to be in full force and effect. 

  
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 Section 15. Governing Law. Except as otherwise provided, the provisions of the Plan shall
be construed and enforced in accordance with the laws of the State of Ohio. 
 Section 16. Section 409A. The terms of
this Plan will be interpreted as necessary to comply with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended and the regulations promulgated thereunder. 

  
 5

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