Document:

EX-10.4

 Exhibit 10.4 

TAX MATTERS AGREEMENT dated as of September 22, 2016 (this “Agreement”) between ASHLAND GLOBAL HOLDINGS INC.,
a Delaware corporation (“Ashland Global”), and VALVOLINE INC., a Kentucky corporation (“Valvoline”, collectively, the “Companies”). 

WHEREAS Ashland Global is the common parent of an affiliated group of corporations, within the meaning of Section 1504(a) of the Code,
that has elected to file consolidated Federal income Tax Returns, and Valvoline is a member of that group; 
 WHEREAS, pursuant to the
Separation Agreement, the Companies have effected or agreed to effect the Internal Transactions, Additional Pre-IPO Restructuring Transactions and Initial Public Offering; 

WHEREAS, following the Initial Public Offering, pursuant to the Separation Agreement, Ashland Global intends to effect the Distribution; 

WHEREAS the Companies intend each of the Internal Transactions, Additional Pre-IPO Restructuring Transactions, Initial Public Offering and
Distribution (the “Transactions”) to qualify for its Intended Tax Treatment; and 
 WHEREAS Valvoline will cease to be
wholly owned, directly or indirectly, by Ashland Global following the Initial Public Offering and will cease to be a member of the Ashland Global Consolidated Group after the Distribution; 

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, Ashland Global and Valvoline hereby agree as
follows: 
 ARTICLE I 

Definitions 
 SECTION
1.01. Definition of Terms. The following terms shall have the following meanings (such meanings to apply equally to the singular and plural forms of the terms defined). Capitalized terms used but not defined in this Agreement shall have the
meanings ascribed to them in the Separation Agreement. All section references are to this Agreement unless otherwise stated. All references to “includes” and “including” mean “includes without limitation” or
“including without limitation”, as the case may be. 
 “5% Acquisition Transaction” has the meaning set forth in
Section 5.05(b). 
 “Actual Tax Return Amount” has the meaning set forth in Section 3.02(a)(i)(A). 

“Agreement” has the meaning set forth in the preamble. 

“Ancillary Agreement” means an Ancillary Agreement, as defined in the Separation Agreement, other than this Agreement. 

 “Ashland Global” has the meaning set forth in the preamble. 

“Ashland Global Combined Return” has the meaning set forth in Section 2.01(b). 

“Ashland Global Consolidated Group” means Ashland Global (or, for periods prior to the Ashland Merger, Ashland Inc., a
Kentucky corporation) and the affiliated group of corporations, within the meaning of Section 1504(a) of the Code, of which Ashland Global (or Ashland Inc., as applicable) is the common parent. 

“Ashland Global Consolidated Return” has the meaning set forth in Section 2.01(a). 

“Ashland Global Tax Opinions” means the written opinions or memoranda, as applicable, of Cravath, Swaine & Moore LLP
and Deloitte Tax LLP issued to Ashland Global, in form and substance satisfactory to Ashland Global in its sole discretion, as to the qualification of the steps of each Transaction for its Intended Tax Treatment. 

“Ashland Global Tax Representations” means any representations made by Ashland Global in Representation Letters that serve as
a basis for any Ashland Global Tax Opinion. 
 “Ashland Global Transaction Tax Percentage” means, with respect to any
Transaction Tax, the fraction, expressed as a percentage, the numerator of which is the amount of such Transaction Tax allocated to Ashland Global pursuant to Section 4.03 and the denominator of which is the total amount of such Transaction
Tax. 
 “Business Day” means any day on which the New York Stock Exchange, or its successor, is open for trading. 

“Chemicals Business” means the business and operations of the Specialty Ingredients and Performance Materials business
segments, as described in Ashland Inc.’s and/or Ashland Global’s most recently filed (as of the date of this Agreement) Annual Report on Form 10-K or Quarterly Report on Form 10-Q. 

“Clause (iii) Taxes” has the meaning set forth in Section 4.01(b)(iii). 

“Companies” has the meaning set forth in the preamble. 

“Consolidation Year” means any taxable period (or portion thereof) ending on or before the date on which Deconsolidation
occurs. 
 “Deconsolidation” means that the Valvoline Consolidated Group ceases to be included in the Ashland Global
Consolidated Group. 

  
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 “Determination” means the final resolution of liability for any tax for any
taxable period by or as a result of (i) a final and unappealable decision, judgment, decree or other order by any court of competent jurisdiction; (ii) a final settlement, compromise or other agreement with the relevant Taxing Authority,
an agreement that constitutes a determination under Section 1313(a)(4) of the Code, an agreement contained in an IRS Form 870-AD, a closing agreement or accepted offer in compromise under Section 7121 or 7122 of the Code or a comparable
agreement under state, local or foreign Law; (iii) the expiration of the applicable statute of limitations; or (iv) the payment of the tax by the party responsible for payment of that tax under Section 2.04 if Ashland Global and
Valvoline agree that no action should be taken to recoup that payment. 
 “Excess Loss Account” means any excess loss
account within the meaning of Section 1.1502-19 of the Regulations. 
 “Hypothetical Tax Return Amount” has the
meaning set forth in Section 3.02(a)(i)(B). 
 “Indemnifying Party” means a Person that has any obligation to
indemnify an Indemnitee pursuant to this Agreement, the Separation Agreement or any Ancillary Agreement. 
 “Indemnitee”
means a Person entitled to indemnification by an Indemnifying Party pursuant to this Agreement, the Separation Agreement or any Ancillary Agreement. 

“Intended Tax Treatment” means the tax treatment as specified in Schedule A. 

“IRS” means the Internal Revenue Service. 

“Legacy Tax Attribute” means any Tax Attribute in existence at the opening of the taxable period that begins on
October 1, 2016. 
 “Market Capitalization” means (i) in the case of Valvoline, the product of (a) the mean
of the daily volume-weighted average trading price per share of the common stock of Valvoline for each of the 20 consecutive trading days beginning on and following the first trading day following the Separation Date, as quoted by Bloomberg
Financial Services through its “Volume at Price” function, rounded to the nearest whole cent, multiplied by (b) the mean of the number of common shares of Valvoline outstanding, on a fully diluted basis (calculated under the treasury
stock method), on each of such 20 trading days, rounded to two decimal places, and (ii) in the case of Ashland Global, (a) the mean of the daily volume-weighted average trading price per share of the common stock of Ashland Global for
each of the 20 consecutive trading days beginning on and following the first trading day following the Separation Date, as quoted by Bloomberg Financial Services through its “Volume at Price” function, rounded to the nearest whole
cent, multiplied by (b) the mean of the number of common shares of Ashland Global outstanding, on a fully diluted basis (calculated under the treasury stock method), on each of such 20 trading days, rounded to two decimal places, less
(c) the mean volume-weighted average trading price per share of the common stock of Valvoline, as calculated pursuant to clause (i)(a) of this definition, multiplied by the mean of the number of common shares of Valvoline held by Ashland Global
on each of the trading days described in clause (i)(b) of this definition, rounded to two decimal places. 

  
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 “Post-consolidation Year” means any taxable period (or portion thereof)
beginning on or after the date on which Deconsolidation occurs. 
 “Pro Forma Return Start Date” means the first day of the
calendar month closest to the Separation Date; provided, however, that if the Separation Date falls exactly in the middle of a calendar month, the Pro Forma Return Start Date means the first day of such calendar month. 

“Pro Forma Valvoline Combined Return” has the meaning set forth in Section 2.05(a)(ii). 

“Pro Forma Valvoline Consolidated Return” has the meaning set forth in Section 2.05(a)(i). 

“Pro Forma Valvoline Returns” means the Pro Forma Valvoline Consolidated Returns and the Pro Forma Valvoline Combined
Returns. 
 “Proportionate Share Factor” means (i) in the case of Ashland Global, the quotient, rounded to four
decimal places, of the Market Capitalization of Ashland Global, divided by the sum of the Market Capitalization of each of Ashland Global and Valvoline and (ii) in the case of Valvoline, 1 minus the number computed in clause (i) of this
definition. 
 “Proposed Acquisition Transaction” has the meaning set forth in Section 5.04(b)(i). 

“Protective Section 336(e) Election” means, with respect to an entity, a protective election under Section 336(e)
of the Code and Section 1.336-2(j) of the Regulations (and any similar provision of U.S. state or local Law) to treat the disposition of the Stock of such entity, pursuant to certain of the Transactions, as a deemed sale of the assets of such
entity in accordance with Section 1.336-2(h) of the Regulations (or any similar provision of U.S. state or local Law). 

“Records” has the meaning set forth in Section 7.03. 

“Refund Recipient” has the meaning set forth in Section 4.05. 

“Regulations” means the Treasury regulations promulgated under the Code or any successor Treasury regulations. 

“Representation Letters” means the representation letters delivered in connection with the rendering by Tax Advisors of any
opinions in connection with the Transactions. 

  
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 “Return Items” means any item of income, gain, loss, deduction or credit. 

“Ruling” means a private letter ruling (including any supplemental ruling) issued by the IRS in connection with the
Transactions. 
 “Satisfactory Guidance” has the meaning set forth in Section 5.04(c)(ii). 

“Separate Returns” has the meaning set forth in Section 2.01(c). 

“Separation Agreement” means the Separation Agreement dated as of the date hereof by and between Ashland Global and
Valvoline. 
 “Stock” means (i) all classes or series of stock or other equity interests and (ii) all other
instruments properly treated as stock for U.S. Federal income tax purposes. 
 “Straddle Period Return” has the meaning set
forth in Section 2.01(c)(ii). 
 “tax” means all taxes, assessments, duties or similar charges of any kind whatsoever, in
the nature of a tax, whether direct or indirect, plus any interest, penalties, additional amounts or additions thereto. 
 “Tax
Advisor” means a tax counsel or accountant of recognized national standing. 
 “Tax Attributes” means any
carryovers or carrybacks of net operating losses, net capital losses, excess tax credits and any other similar tax attributes as determined for Federal, state, local or foreign tax purposes. For the avoidance of doubt, the existence or amount of
basis and computations of previously taxed income and earnings and profits are not Tax Attributes. 
 “Tax Return” means
any tax return, declaration, statement, report, form, estimate and information return relating to taxes, including any amendments thereto and any related or supporting information. 

“Taxing Authority” means any governmental body charged with the determination, collection or imposition of taxes. 

“Transaction Taxes” means all taxes arising as a result of or in connection with the Transactions and, if such taxes result
from the failure of a Transaction to qualify for its Intended Tax Treatment, all reasonable out-of-pocket legal, accounting and other advisory and court fees incurred in connection with liability for such taxes. 

“Transactions” has the meaning set forth in the recitals. 

“Unqualified Tax Opinion” has the meaning set forth in Section 5.04(c)(iii). 

“Valvoline” has the meaning set forth in the preamble. 

  
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 “Valvoline Consolidated Group” means Valvoline and the affiliated group of
corporations, within the meaning of Section 1504(a) of the Code, of which Valvoline would be the common parent if it were not included in the Ashland Global Consolidated Group. 

“Valvoline Pro Forma Financial Statements” means the unaudited pro forma condensed combined financial statements contained in
the IPO Registration Statement. 
 “Valvoline Pro Forma Tax Attributes” has the meaning set forth in
Section 3.02(a)(i)(B)(2). 
 “Valvoline Tax Representations” means any representations made by Valvoline in
Representation Letters that serve as a basis for any Ashland Global Tax Opinion. 
 ARTICLE II 

Preparation and Filing of Tax Returns 

SECTION 2.01. Filing of Returns. (a) Consolidated Returns. Ashland Global shall prepare and timely file (or cause to be
prepared and timely filed) each Federal income Tax Return required to be filed on behalf of the Ashland Global Consolidated Group (an “Ashland Global Consolidated Return”). Ashland Global shall include the Valvoline Consolidated
Group in such Tax Return if entitled to do so. 
 (b) Combined Returns. For each taxable year for which it is permissible to file a
Tax Return on a consolidated, combined, unitary or similar basis (other than an Ashland Global Consolidated Return) that would include one or more members of the Valvoline Group and one or more members of the Ashland Global Group (an
“Ashland Global Combined Return”), then the relevant member of the Ashland Global Group may, in its sole discretion but subject to applicable Law, determine whether to file such Ashland Global Combined Return and whether to include
certain or all of the relevant members of the Valvoline Group in such Tax Return. Ashland Global shall prepare and timely file (or cause to be prepared and timely filed) any Ashland Global Combined Returns. Schedule B sets out a list of Ashland
Global Combined Returns. 
 (c) Separate Returns. For all Tax Returns other than Ashland Global Consolidated Returns and Ashland
Global Combined Returns (“Separate Returns”), Ashland Global shall prepare and timely file (or cause to be prepared and timely filed) any such Separate Return for a taxable period that (i) ends on or before the Pro Forma Return
Start Date or (ii) begins before the Pro Forma Return Start Date and ends after the Pro Forma Return Start Date (a “Straddle Period Return”). For all other Separate Returns, Ashland Global and Valvoline shall prepare and timely file (or
cause to be prepared and timely filed) any such Separate Return for one or more members of the Ashland Global Group or Valvoline Group, respectively. Schedule C sets out a list of Separate Returns that the parties presently intend will be prepared
(or caused to be prepared) for members of the Valvoline Group. 

  
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 SECTION 2.02. Preparing of Tax Returns. (a) Ashland Global-Prepared Tax
Returns. To the extent that any Ashland Global Consolidated Return, Ashland Global Combined Return or Separate Return prepared (or caused to be prepared) by Ashland Global directly relates to matters for which Valvoline must indemnify the
Ashland Global Group under Section 4.02 or to matters affecting a Pro Forma Valvoline Return or Separate Return prepared (or caused to be prepared) by Valvoline (including any refund or other Tax Attribute to which a member of the Valvoline
Group is entitled), Ashland Global shall prepare (or cause to be prepared) the relevant portion of such Ashland Global Consolidated Return, Ashland Global Combined Return or Separate Return, as the case may be, on a basis consistent with past
practice (except as required by applicable Law or as determined by Ashland Global). Ashland Global shall notify Valvoline of any such portions not prepared on a basis consistent with past practice. 

(b) Valvoline-Prepared Tax Returns. To the extent that any Separate Return prepared (or caused to be prepared) by Valvoline directly
relates to matters for which Ashland Global must indemnify the Valvoline Group under Section 4.01 or to matters affecting any Ashland Global Consolidated Return, Ashland Global Combined Return or Separate Return prepared (or caused to be
prepared) by Ashland Global (including any refund or other Tax Attribute to which a member of the Ashland Global Group is entitled), Valvoline shall prepare (or cause to be prepared) the relevant portion of such Separate Return on a basis consistent
with such Ashland Global Consolidated Return, Ashland Global Combined Return or Separate Return and with past practice (except as required by applicable Law), in each case subject to Section 2.07. Valvoline shall notify Ashland Global of any
such portions not prepared on a basis consistent with any Ashland Global Consolidated Return, Ashland Global Combined Return or Separate Return prepared (or caused to be prepared) by Ashland Global or with past practice. 

(c) Review of Tax Returns. The party responsible under Section 2.01 for preparing (or causing to be prepared) a Tax Return shall
make such Tax Return or relevant portions thereof and related workpapers available for review by the other party at least 30 days prior to the due date (including any available extensions) for filing such Tax Return and shall consider the reasonable
comments made by such other party, in each case to the extent (i) such Tax Return relates to taxes for which such other party may be liable or otherwise affects the preparation of Tax Returns prepared (or caused to be prepared) by such other
party (including any Pro Forma Valvoline Return) or (ii) adjustments to the amount of taxes reported on such Tax Return may affect the determination of taxes for which such other party may be liable. The parties shall attempt in good faith to
resolve any issues arising out of the review of such Tax Returns. 

  
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 SECTION 2.03. Consents and Elections. Ashland Global and Valvoline shall prepare, sign and
timely file (or cause to be prepared, signed and timely filed) any consents, elections and other documents and take any other actions necessary or appropriate to effect the filing of the Tax Returns described in Section 2.01. 

SECTION 2.04. Payment of Taxes. The party responsible under Section 2.01 for preparing (or causing to be prepared) a Tax Return
shall timely pay (or cause to be paid) any taxes shown as due on that Tax Return to the relevant Taxing Authority or the party that files (or causes to be filed) that Tax Return, as applicable. The parties shall cooperate to ensure that such taxes
are timely paid to the relevant Taxing Authority as required under applicable Law. The obligation to make these payments shall not affect the payor’s right, if any, to receive payments under Section 2.05 or otherwise be indemnified with
respect to that tax liability. 
 SECTION 2.05. Pro Forma Valvoline Returns 

(a) Pro Forma Valvoline Returns in General. (i) For each taxable period (or portion thereof) that includes or begins after the Pro
Forma Return Start Date in which the Valvoline Consolidated Group is included in an Ashland Global Consolidated Return, Valvoline shall prepare (or cause to be prepared) a pro forma Federal income Tax Return for the Valvoline Consolidated Group (a
“Pro Forma Valvoline Consolidated Return”). Except as otherwise provided in this Section 2.05, the Pro Forma Valvoline Consolidated Return shall be prepared as if Valvoline filed a consolidated return on behalf of the Valvoline
Consolidated Group. 
 (ii) For each taxable period (or portion thereof) that includes or begins after the Pro Forma Return
Start Date in which one or more members of the Valvoline Group is included in an Ashland Global Combined Return, Valvoline shall prepare (or cause to be prepared) a pro forma Tax Return for those members of the Valvoline Group (a “Pro Forma
Valvoline Combined Return”). Except as otherwise provided in this Section 2.05, the Pro Forma Valvoline Combined Return shall be prepared as if the members of the Valvoline Group included in the Ashland Global Combined Return instead
filed a single combined return. 
 (b) Preparation of the Pro Forma Valvoline Returns. Except as provided in Section 2.07, the
Pro Forma Valvoline Returns shall be prepared in a manner consistent with all elections, positions and methods used in the relevant Tax Returns prepared (or caused to be prepared) by Ashland Global pursuant to Section 2.01 and in accordance
with the principles set forth in Schedule D. Valvoline shall provide Ashland Global a reasonable opportunity to review any Pro Forma Valvoline Returns. Valvoline shall notify Ashland Global of any portions of such Pro Form Valvoline Returns not
prepared on a basis consistent with a relevant Tax Return prepared (or caused to be prepared) by Ashland Global pursuant to Section 2.01. 

(c) Payments with Respect to Pro Forma Valvoline Returns. Each Company shall make payments (including estimated payments) to the other
Company with respect to any Pro Forma Valvoline Return as if (i) that Pro Forma Valvoline Return were actually required to be filed under the Laws of the applicable taxing jurisdiction and (ii) Ashland Global were the relevant Taxing
Authority of that taxing jurisdiction. In applying this Section 2.05(c), all Laws and regulations relating to timing and computation of payments and estimated payments, interest, penalties, additions to tax and additional amounts shall be
applied. 

  
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 SECTION 2.06. Recalculation of Pro Forma Valvoline Return for a Determination. If a
Determination is made with respect to a Return Item, or an amended Tax Return is filed, for any taxable period for which a Pro Forma Valvoline Return is required to be prepared, a corresponding adjustment shall be made to the corresponding Return
Items (if any) of the Pro Forma Valvoline Return for such taxable period. Within 15 days of being provided with written notice of any such adjustment, each Company shall make (or cause to be made) payments to the other Company, including interest
and any other amounts determined under Section 2.05(c), as appropriate, reflecting such adjustment. 
 SECTION 2.07. Valvoline Tax
Return Dispute Resolution. If Valvoline wishes to take a position (a) on either a Pro Forma Valvoline Return, or a Separate Return prepared (or caused to be prepared) by Valvoline, that is inconsistent with a position taken on a Tax Return
prepared (or caused to be prepared) by Ashland Global pursuant to Section 2.01 or (b) on a Separate Return prepared (or caused to be prepared) by Valvoline that is inconsistent with past practice, then in each case, Valvoline may do so
only if: 
 (i) (A) Ashland Global’s position on such Tax Return (1) is inconsistent with past practice and
(2) would result in an increased payment obligation by Valvoline or any of its Affiliates under Article II, obligate Valvoline to make an increased indemnity payment under Article IV, cause Valvoline or any of its Affiliates to incur any
increased taxes for which it is not indemnified under this Agreement or adversely affect a refund or other Tax Attribute to which Valvoline or any of its Affiliates is entitled and (B) the position Valvoline wishes to take on such Pro Forma
Valvoline Return or Separate Return prepared (or caused to be prepared) by Valvoline, as the case may be, is consistent with past practice and permitted by applicable Law; or 

(ii) Valvoline obtains an opinion from a Tax Advisor that there is no substantial authority for Ashland Global’s position
on such Tax Return prepared (or caused to be prepared) by Ashland Global pursuant to Section 2.01 or past practice, as applicable, and that there is substantial authority for the position Valvoline wishes to take on such Pro Forma Valvoline
Return or Separate Return prepared (or caused to be prepared) by Valvoline, as the case may be. 
 SECTION 2.08. Amendments. Each
Company shall not (and shall cause its Affiliates not to) file, amend, withdraw, revoke or otherwise alter any Tax Return if doing so would reasonably be expected to (a) obligate the other Company to make an indemnity payment under Article IV,
(b) cause the other Company or any of its Affiliates to incur any taxes for which it is not indemnified under this Agreement or (c) adversely affect a refund or other Tax Attribute to which the other Company or any of its Affiliates is
entitled, in each case without the prior written consent of the other Company. 

  
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 ARTICLE III 

Post-consolidation Periods 

SECTION 3.01. Post-consolidation Year Carrybacks. Valvoline shall (and shall cause members of the Valvoline Group to) waive, to the
extent permitted under applicable Law, carrybacks of Tax Attributes from any Post-consolidation Year to any Consolidation Year unless such carryback does not have a material effect on Ashland Global (as determined by Ashland Global in its sole
discretion). If any member of the Valvoline Group carries back a Tax Attribute from a Post-consolidation Year to a Consolidation Year, no payment shall be due from Ashland Global with respect to that carryback, regardless of whether such carryback
is required by Law or permitted by Ashland Global. 
 SECTION 3.02. Tax Attributes. (a) Annual Payments. For each of the
5 taxable years after the date of Deconsolidation, Valvoline shall pay to Ashland Global the excess (if any) of the Hypothetical Tax Return Amount over the Actual Tax Return Amount, and Ashland Global shall pay to Valvoline the excess (if any) of
the Actual Tax Return Amount over the Hypothetical Tax Return Amount. 
 (i) For purposes of this Agreement,
(A) “Actual Tax Return Amount” means the aggregate, actual tax liability reported on all Tax Returns for such taxable year that Valvoline files with a Taxing Authority (including all Tax Returns of members of the Valvoline
Group) and (B) “Hypothetical Tax Return Amount” means the aggregate tax liability that would have been reported on such Tax Returns if the relevant member of the Valvoline Group were (1) not able to utilize any Legacy
Tax Attributes but (2) able to utilize (one time, without duplication) any Tax Attributes of the Valvoline Group (other than Legacy Tax Attributes) that were not utilized on a Pro Forma Valvoline Return but that Ashland Global utilized on a Tax
Return (“Valvoline Pro Forma Tax Attributes”). 
 (ii) The amount payable under this Section 3.02(a)
shall be payable within 20 Business Days after the last Tax Return for such taxable year is filed by Valvoline; provided, however, that any amount payable by Ashland Global shall be due no sooner than 10 Business Days after receiving
an invoice from Valvoline therefor. 
 (b) Lump Sum Settlement Payment. Within 20 Business Days after the later of the filing of
Valvoline’s (or its successor’s) Annual Report on Form 10-K for the fifth fiscal year ending after the Distribution or Other Disposition, as the case may be, or the filing by Valvoline of the last Tax Return for the fifth taxable year
after the date of Deconsolidation: 
 (i) Valvoline shall deliver to Ashland Global a statement setting forth (A) the
amounts of remaining (1) Legacy Tax Attributes that are reflected (or would be reflected if Ashland Global were not entitled to the benefit of such Legacy Tax Attributes under this Agreement) in its audited balance sheet in such Annual Report
on Form 10-K, net of any valuation allowance or any similar reserve (except to the extent such valuation allowance or similar reserve was established as a result of Ashland Global being entitled to the benefit of such Legacy Tax Attributes under
this Agreement), and (2) Valvoline Pro Forma Tax Attributes that it reasonably expects the Valvoline Group would be able to utilize on Tax Returns for future taxable periods if such Valvoline Pro Forma Tax Attributes were Tax Attributes of the
Valvoline Group under then-existing applicable Law (or, if applicable, that are reflected in its audited balance sheet in such Annual Report on Form 10-K, net of any valuation allowance or any similar reserve), in each case, without duplication of
any amounts attributable to Tax Attributes previously taken into account in computing any Hypothetical Tax Return Amount and (B) the taxable year in which it estimates such Legacy Tax Attributes or Valvoline Pro Forma Tax Attributes will be
utilized, as the case may be, consistent with the workpapers or methodology used in preparing such audited balance sheet; 
  

  
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 (ii) Valvoline shall separately compute the net present value of the tax benefit
in respect of amounts described in each of clauses (A)(1) and (A)(2) of Section 3.02(b)(i) and the relevant taxable year described in clause (B) of Section 3.02(b)(i) using a discount rate equal to the interest rate described in
Section 8.01; and 
 (iii) Valvoline shall pay to Ashland Global the excess (if any) of the net present value of such
amounts described in such clause (A)(1) over the net present value of such amounts described in such clause (A)(2), and Ashland Global shall pay to Valvoline the excess (if any) of the net present value of such amounts described in such clause
(A)(2) over the net present value of such amounts described in such clause (A)(1); provided, however, that any amount payable by Ashland Global shall be due no sooner than 10 Business Days after receiving an invoice from Valvoline
therefor. 
 (c) Cooperation. Valvoline agrees to share any calculations, workpapers or relevant Tax Returns reasonably requested by
Ashland Global in connection with matters related to this Section 3.02. The parties shall attempt in good faith to resolve any issues or disputes related to this Section 3.02. 

ARTICLE IV 
 Indemnity 

SECTION 4.01. Ashland Global Indemnity. Ashland Global shall indemnify the Valvoline Group and hold it harmless from: 

(a) any taxes payable for a taxable period (or portion thereof) ending prior to the date of Deconsolidation (other than taxes
that arise out of a contest, examination or audit by a Taxing Authority) with respect to a Tax Return required to be prepared (or caused to be prepared) by Ashland Global pursuant to Section 2.01; 

(b) with respect to taxes payable for a taxable period (or portion thereof) ending prior to the date of Deconsolidation that
arise out of a contest, examination or audit by a Taxing Authority: 
 (i) 100% of such taxes that are directly attributable
to the Chemicals Business; 
 (ii) 100% of such taxes that are directly attributable to neither the Chemicals Business nor
the Valvoline Business and are payable to a Taxing Authority other than a Taxing Authority of the United States or any state or political subdivision thereof or the District of Columbia; and 

  
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 (iii) if such taxes are directly attributable to neither the Chemicals Business
nor the Valvoline Business and are payable to a Taxing Authority of the United States or any state or political subdivision thereof or the District of Columbia (“Clause (iii) Taxes”): 

(A) 0% of all Clause (iii) Taxes until the aggregate amount of all Clause (iii) Taxes paid by any party hereto or any
Affiliate thereof equals $26 million; and 
 (B) 50% of all Clause (iii) Taxes thereafter; 

in each case, as such taxes are attributed pursuant to Section 4.06; 

(c) any taxes incurred as a result of any gain recognized pursuant to a gain recognition agreement entered into by any member
of the Ashland Global Consolidated Group by reason of an action or failure to act on or after the Separation Date by any member of the Ashland Global Group in accordance with Section 1.367(a)-8 of the Regulations, excluding any gain required to
be recognized as a result of Deconsolidation being a “triggering event” (within the meaning of those Regulations); and 

(d) any Transaction Taxes allocated to Ashland Global pursuant to Section 4.03; 

excluding, in each case, any tax for which Valvoline is responsible under Section 4.02. 

SECTION 4.02. Valvoline Indemnity. In addition to payments pursuant to Section 2.05(c), Valvoline shall indemnify the Ashland
Global Group and hold it harmless from: 
 (a) with respect to taxes payable for a taxable period (or portion thereof) ending
prior to the Pro Forma Return Start Date that arise out of a contest, examination or audit by a Taxing Authority: 
 (i) 100%
of such taxes that are directly attributable to the Valvoline Business; and 
 (ii) if such taxes are Clause
(iii) Taxes: 
 (A) 100% of all Clause (iii) Taxes until the aggregate amount of all Clause (iii) Taxes paid
by any party hereto or any Affiliate thereof equals $26 million; and 
 (B) 50% of all Clause (iii) Taxes thereafter;

 in each case, as such taxes are attributed pursuant to Section 4.06; 

(c) any taxes payable with respect to a Straddle Period Return allocated to Valvoline pursuant to Section 4.08; 

 

  
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 (d) if the Separation Date occurs prior to the Pro Forma Return Start Date, any
taxes that arise from the Valvoline Group entering into or engaging in any action or transaction outside of the ordinary course of business on or after the Separation Date and prior to the Pro Forma Return Start Date; 

(e) any taxes payable with respect to a Separate Return prepared (or caused to be prepared) by Valvoline pursuant to
Section 2.01(c); 
 (f) any taxes incurred as a result of any gain recognized pursuant to a gain recognition agreement
entered into by any member of the Ashland Global Consolidated Group by reason of an action or failure to act on or after the Separation Date by any member of the Valvoline Group in accordance with Section 1.367(a)-8 of the Regulations,
excluding any gain required to be recognized as a result of Deconsolidation being a “triggering event” (within the meaning of those Regulations); and 

(g) any Transaction Taxes allocated to Valvoline pursuant to Section 4.03. 

SECTION 4.03. Allocation of Transaction Taxes. (a) Except as otherwise provided in this Section 4.03, all Transaction Taxes
shall be allocated to (i) Ashland Global in an amount equal to such Transaction Taxes multiplied by the Proportionate Share Factor of Ashland Global and (ii) Valvoline in an amount equal to such Transaction Taxes multiplied by the
Proportionate Share Factor of Valvoline. 
 (b) Any Transaction Taxes to the extent set forth in Schedule E shall be allocated in accordance
with such schedule. 
 (c) Subject to Section 4.03(d), Transaction Taxes not allocated pursuant to Section 4.03(b) shall be
allocated to a Company if such Transaction Taxes would not have been imposed but for: 
 (i) the failure of any of the
Ashland Global Tax Representations, in the case of Ashland Global, and of any of the Valvoline Tax Representations, in the case of Valvoline, to be true when made; 

(ii) the breach by such Company of any covenant herein or in the Separation Agreement or any Ancillary Agreement; 

(iii) the application of Section 355(e) or 355(f) of the Code after the Separation Date as a result of any acquisition
(or deemed acquisition) of Stock or assets of such Company or its Affiliates; 
 (iv) a determination that the Distribution
was used principally as a device for the distribution of the earnings and profits within the meaning of Section 355(a)(1)(B) of the Code if such determination was based in whole or in part on any sale or exchange of the Stock of such Company;
or 

  
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 (v) any other act or omission by such Company or its Affiliates that it knows or
reasonably should expect, after consultation with its Tax Advisor, could give rise to Transaction Taxes (except to the extent such act or omission is otherwise expressly required or permitted by this Agreement (other than under
Section 5.04(c)), the Separation Agreement or any Ancillary Agreement). 
 (d) To the extent any Transaction Taxes described in
Section 4.03(c) would be allocated to both Ashland Global and Valvoline, such Transaction Taxes shall be allocated between Ashland Global and Valvoline in proportion to the relative contribution of the members of the Ashland Global Group (and
such members’ Affiliates), on the one hand, and the members of the Valvoline Group (and such members’ Affiliates and counterparties to any consummated Proposed Acquisition Transactions, if applicable), on the other hand, to the
circumstances giving rise to such Transaction Taxes. 
 SECTION 4.04. Treatment of Indemnity Payments. (a) Character. Any
payment made pursuant to this Agreement, the Separation Agreement or any Ancillary Agreement shall be treated for all tax purposes, if made by Valvoline to Ashland Global (or by or to their respective Affiliates), as a distribution from Valvoline to
Ashland Global and, if made by Ashland Global to Valvoline (or by or to their respective Affiliates), as a contribution from Ashland Global to Valvoline. If such payment is made after the Distribution or Other Disposition, as the case may be, such
distribution or contribution shall be treated as made immediately before the Distribution or Other Disposition, as the case may be, except to the extent otherwise required by Law. 

(b) Net of Taxes. The amount of any indemnity payment made pursuant to this Agreement, the Separation Agreement or any Ancillary
Agreement shall be (i) increased to take account of any taxes imposed on any taxable income or gain to the Indemnitee with respect to such payment or the creation or increase of an Excess Loss Account caused by such payment (in each case,
including taxes imposed on payments of such additional amounts pursuant to this paragraph) and (ii) reduced to take account of the present value of any cash tax benefit reasonably likely to be realized (including with respect to any increase in
the basis of any asset, but solely to the extent such increase in basis is depreciable or amortizable) by the Indemnitee arising from the incurrence or payment of the loss giving rise to such indemnity. 

(c) Assumed Tax Rate. For purposes of computing (i) amounts subject to indemnification under Section 4.01 or 4.02 and (ii) indemnity
payments under Section 4.04(b), each Person is assumed to pay tax at the maximum applicable tax rate. 
 (d) Timing of Indemnity
Payments. Any amount payable under Section 4.01 or 4.02 shall be due within 10 Business Days after receiving an invoice from the other party therefor. 

SECTION 4.05. Refunds after Indemnity Payments. If Ashland Global, Valvoline or any of their respective Affiliates receives any refund
of any amounts for which the other Company has previously made an indemnity payment or with respect to taxes allocated to the other Company pursuant to Section 4.08 (the Company receiving, or whose Affiliate receives, such refund, a “Refund
Recipient”), the Refund Recipient shall pay to the other Company the entire amount of the refund (net of any taxes imposed with respect to such refund) within 20 Business Days of receipt; provided, however, that the other
Company, upon the request of the Refund Recipient, shall repay the amount paid to the other Company (plus any penalties, interest or other charges imposed by the relevant Taxing Authority) in the event the Refund Recipient or any of its Affiliates
is required to repay such refund. Any tax credit, tax reduction or tax offset shall be treated as a refund for purposes of this Section 4.05 and shall be treated as received by the Refund Recipient (or one of its Affiliates) as and when applied
(on a “with and without” basis) to reduce the cash tax liability of such Refund Recipient (or one of its Affiliates). 

  
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 SECTION 4.06. Taxes Attributable to the Chemicals Business or Valvoline Business. For
purposes of Sections 4.01(b) and 4.02(a), a tax shall be deemed directly attributable: 
 (a) to the Chemicals Business to the extent such
tax (i) arises out of the profits before tax of the operations of the Chemicals Business or the results of the operations of the Chemicals Business that would have been reflected in unaudited pro forma condensed combined financial statements
for the Chemicals Business had such financial statements been prepared for the same periods for which, and in accordance with similar principles under which, the Valvoline Pro Forma Financial Statements were prepared or (ii) would otherwise be
attributable to the Chemicals Business under such principles; 
 (b) to the Valvoline Business to the extent such tax (i) arises out of
the profits before tax of the operations of the Valvoline Business or the results of the operations that were reflected in the Valvoline Pro Forma Financial Statements (or is otherwise reflected in the Valvoline Pro Forma Financial Statements)
or (ii) would otherwise be attributable to the Valvoline Business under the principles used to prepare the Valvoline Pro Forma Financial Statements; or 

(c) to neither the Chemicals Business nor the Valvoline Business if such tax is described in Schedule F or is not otherwise deemed directly
attributable to either business under Section 4.06(a) or 4.06(b). 
 Attribution shall be narrowly construed in uncertain or doubtful
cases of attributing a tax to the Chemicals Business or Valvoline Business (i.e., uncertain or doubtful cases shall generally be deemed directly attributable to neither business under Section 4.06(c)). 

SECTION 4.07. Calculation of Market Capitalization. Within 10 Business Days following the period of time described in clause (i)(a) of
the definition of “Market Capitalization”, Ashland Global shall calculate, in its reasonable exercise of good faith, the Market Capitalization of each of Ashland Global and Valvoline and send to Valvoline its calculations thereof.
Valvoline shall have 10 Business Days to review such calculations and provide comments to Ashland Global. The Market Capitalization thus agreed upon by the parties shall be the Market Capitalizations of the Companies for all purposes of this
Agreement. The parties shall attempt in good faith to resolve any issues or disputes related to this Section 4.07. 
 SECTION 4.08.
Valvoline Straddle Period Taxes. Taxes attributable to any Straddle Period Return for one or more members of the Valvoline Group shall be allocated to Valvoline, except that: 

(a) in the case of real, personal and intangible property taxes, there shall be allocated to Ashland Global an amount equal to the amount of
such taxes multiplied by a fraction, the numerator of which is the number of days from the beginning of the taxable period of such Straddle Period Return through the close of business on the day prior to the Pro Forma Return Start Date, and the
denominator of which is the total number of days in such taxable period; and 
 (b) in the case of all other taxes, there shall be allocated
to Ashland Global an amount of such taxes as determined by closing the books of the relevant members of the Valvoline Group as of the close of business on the day prior to the Pro Forma Return Start Date. 

For purposes of this Section 4.08, the taxable period of any partnership, passthrough entity or controlled foreign corporation (within the meaning of Section
957(a) of the Code or any comparable provision of state, local or foreign Law) in which a member of the Valvoline Group holds a beneficial interest shall be deemed to terminate on the close of business on the day prior to the Pro Forma Return Start
Date. 

  
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 ARTICLE V 

Tax Matters Relating to the Distribution 

SECTION 5.01. Mutual Representations. Each Company represents that as of the date of this Agreement: 

(a) all information contained in its Representation Letters (and those delivered by its Affiliates) is true, correct and
complete; and 
 (b) it has no plan or intention to take any action inconsistent with the qualification of the Transactions
for the Intended Tax Treatment. 
 SECTION 5.02. Tax Opinions. The Companies shall use their best efforts to cause the Ashland Global
Tax Opinions to be issued, including by executing any Representation Letters reasonably requested in connection with the Ashland Global Tax Opinions, provided that each Company shall have been provided with a reasonable opportunity to review,
comment and consent to the content of any Representation Letter to be executed by it, such consent not to be unreasonably withheld. 

SECTION 5.03. Mutual Covenants. Neither Company shall take or fail to take, or permit their respective Affiliates to take or fail to
take, any action, if such action or omission would be inconsistent with its respective Representation Letters or cause any representation made in such Representation Letters to be untrue when made. 

SECTION 5.04. Restricted Actions. (a) Subject to Section 5.04(b), from the date hereof until the first day after the 2-year
anniversary of the Distribution (or if Ashland Global publicly announces that it has abandoned its plan to effect the Distribution, the first day after the 2-year anniversary of the date of the Valvoline-ChemCo Spin), Valvoline shall not (and shall
not cause or permit any of its Affiliates to), in a single transaction or a series of transactions: 
 (i) cause or allow the
Valvoline Consolidated Group to cease to be engaged in the applicable active trade or business (within the meaning of Section 355(b) of the Code and the Regulations thereunder) that formed the basis of the Ashland Global Tax Opinions; 

(ii) liquidate or partially liquidate, by way of a merger, consolidation, conversion or otherwise (except as pursuant to the
Separation Agreement); 
 (iii) sell or transfer 50% or more of the gross assets of the Valvoline Business or 50% or more of
the consolidated gross assets of Valvoline (other than (A) sales, transfers or dispositions of assets in the ordinary course of business, (B) payments of cash to acquire assets from an unrelated Person in an arm’s length transaction,
(C) sales, transfers or dispositions of assets to a Person that is disregarded as an entity separate from the transferor for U.S. Federal income tax purposes or (D) any mandatory or optional repayments (or prepayments) of any indebtedness
of Valvoline or any of its Subsidiaries for borrowed money that is evidenced by a bond, debenture, note, loan agreement or similar instrument); 

  
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 (iv) redeem or otherwise repurchase (directly or indirectly) any Stock of
Valvoline, except to the extent such redemptions or repurchases meet the following requirements: (A) there is a bona fide, non-tax business purpose for the repurchases of such Stock, (B) such Stock is widely held, (C) the repurchases
of such Stock will be made on the open market and (D) the aggregate amount of repurchases of such Stock will be less than 20% of the total value of the outstanding Stock of Valvoline; 

(v) enter into a Proposed Acquisition Transaction; or 

(vi) take any affirmative action that permits a Proposed Acquisition Transaction to occur by means of an agreement to which it
is not a party (including by (A) redeeming rights under a shareholder rights plan, (B) making a determination that a tender offer is a “permitted offer” under any such plan or otherwise causing any such plan to be inapplicable or
neutralized with respect to any Proposed Acquisition Transaction or (C) approving any Proposed Acquisition Transaction, whether for purposes of Section 203 of the Delaware General Corporate Law or any similar corporate statute, any
“fair price” or other provision of its charter or bylaws or otherwise). 
 (b) Definition of Proposed Acquisition
Transaction. (i) For the purposes of this Agreement, “Proposed Acquisition Transaction” means a transaction or series of transactions (or any agreement, understanding or arrangement to enter into a transaction or series of
transactions) as determined for purposes of Section 355(e) of the Code, in connection with which one or more Persons would (directly or indirectly) acquire, or have the right to acquire (including pursuant to an option, warrant or other
conversion right), from any other Person or Persons, Stock of Valvoline that, when combined with any other acquisitions of the Stock of Valvoline that occur on or after the Initial Public Offering (but excluding any other acquisition that occurs in
(A) the Initial Public Offering itself, (B) the Distribution or (C) any transaction that is excluded from the definition of Proposed Acquisition Transaction under Section 5.04(b)(ii)), comprises 10% or more of the value or the
total combined voting power of all interests that are treated as outstanding equity in Valvoline for U.S. Federal income tax purposes immediately after such transaction or, in the case of a series of transactions, immediately after any transaction
in such series. For this purpose, any recapitalization, repurchase or redemption of the Stock of, and any amendment to the certificate of incorporation (or other organizational documents) of, Valvoline shall be treated as an indirect acquisition of
the Stock of Valvoline by any shareholder to the extent such shareholder’s percentage interest in interests that are treated as outstanding equity in Valvoline for U.S. Federal income tax purposes increases by vote or value. 

  
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 (ii) Notwithstanding Section 5.04(b)(i), a Proposed Acquisition Transaction
shall not include (A) the adoption by Valvoline of a shareholder rights plan that meets the requirements of IRS Revenue Ruling 90-11, 1990-1 C.B. 10, (B) issuances of Stock of Valvoline that satisfy Safe Harbor VIII (relating to
acquisitions in connection with a person’s performance of services) or Safe Harbor IX (relating to acquisitions by a retirement plan of an employer) of Section 1.355-7(d) of the Regulations or (C) any acquisition of the Stock of
Valvoline that satisfies Safe Harbor VII (relating to acquisitions of stock listed on an established market) of Section 1.355-7(d) of the Regulations; provided, however, that such transaction or series of transactions shall
constitute a Proposed Acquisition Transaction if meaningful factual diligence is necessary to establish that Section 5.04(b)(ii)(A), (B) or (C) applies. 

(iii) The provisions of this Section 5.04(b), including the definition of “Proposed Acquisition Transaction”,
are intended to monitor compliance with Section 355(e) of the Code and shall be interpreted accordingly. Any clarification of, or change in, Section 355(e) of the Code or the Regulations thereunder shall be incorporated in this
Section 5.04(b) and its interpretation. 
 (c) Consent to Take Certain Restricted Actions. (i) Valvoline may (and may cause
or permit its Affiliates to) take an action otherwise prohibited under Section 5.04(a) if Ashland Global consents. Ashland Global may not withhold its consent if Valvoline has received Satisfactory Guidance. In all other cases, Ashland
Global’s consent shall be at its sole discretion. 
 (ii) For purposes of this Agreement, “Satisfactory
Guidance” means either a Ruling or an Unqualified Tax Opinion, at the election of Valvoline, in either case satisfactory to Ashland Global in its sole discretion in both form and substance, including with respect to any underlying
assumptions or representations and any legal analysis contained therein, and concluding that the proposed action will not cause any of the Transactions to fail to qualify for its Intended Tax Treatment. 

(iii) For purposes of this Agreement, “Unqualified Tax Opinion” means an unqualified “will” opinion
of a Tax Advisor that permits reliance by Ashland Global. The Tax Advisor, in issuing its opinion, shall be permitted to rely on the validity and correctness, as of the date given, of Rulings and any tax opinions previously issued by a Tax Advisor,
unless such reliance would be unreasonable under the circumstances, and shall assume that each of the Transactions would have qualified for its Intended Tax Treatment if the action in question did not occur. 

(d) Procedures Regarding Opinions and Rulings. (i) If Valvoline notifies Ashland Global that it desires to take a restricted
action described in Section 5.04(a) and seeks Satisfactory Guidance for purposes of Section 5.04(c), Ashland Global, at the request of Valvoline, shall use commercially reasonable efforts to expeditiously obtain, or assist Valvoline in
obtaining, such Satisfactory Guidance. Notwithstanding the 

  
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foregoing, Ashland Global shall not be required to take any action pursuant to this Section 5.04(d) if, upon request, Valvoline fails to certify that all information and representations
relating to Valvoline or any of its Affiliates in the relevant documents are true, correct and complete or fails to obtain certification from any counterparty to any Proposed Acquisition Transaction that all information and representations relating
to such counterparty in the relevant documents are true, correct and complete. Valvoline shall reimburse Ashland Global for all reasonable out-of-pocket costs and expenses incurred by Ashland Global or any of its Affiliates in obtaining Satisfactory
Guidance within 10 Business Days after receiving an invoice from Ashland Global therefor. 
 (ii) Ashland Global shall have
the right to obtain a Ruling, any other guidance from any Taxing Authority or an opinion of a Tax Advisor relating to the Transactions at any time in Ashland Global’s sole discretion. Valvoline, at the request of Ashland Global, shall use
commercially reasonable efforts to expeditiously obtain, or assist Ashland Global in obtaining, any such Ruling, other guidance or opinion; provided, however, that Valvoline shall not be required to make any representation or covenant
that it does not reasonably believe is (and will continue to be) true and accurate. Ashland Global shall reimburse Valvoline for all reasonable out-of-pocket costs and expenses incurred by Valvoline or any of its Affiliates in obtaining any such
Ruling, other guidance or opinion requested by Ashland Global within 10 Business Days after receiving an invoice from Valvoline therefor. 

(iii) Ashland Global shall have exclusive control over the process of obtaining any Ruling or other guidance from any Taxing
Authority concerning the Transactions, and Valvoline shall not independently seek any Ruling or other guidance concerning the Transactions at any time. In connection with any Ruling requested by Valvoline pursuant to Section 5.04(d) or that can
reasonably be expected to affect Valvoline’s liabilities under this Agreement, Ashland Global shall (A) keep Valvoline informed of all material actions taken or proposed to be taken by Ashland Global, (B) reasonably in advance of the
submission of any ruling request provide Valvoline with a draft thereof, consider Valvoline’s comments on such draft and provide Valvoline with a final copy thereof and (C) provide Valvoline with notice reasonably in advance of, and
(subject to the approval of the IRS or other applicable Taxing Authority) permit Valvoline to attend, any formally scheduled meetings with the IRS or other applicable Taxing Authority that relate to such Ruling. 

(iv) Notwithstanding anything herein to the contrary, Valvoline shall not seek a ruling with respect to a taxable period (or
portion thereof) that ends on or before the date of the Distribution (whether or not relating to the Transactions) if Ashland Global determines that there is a reasonable possibility that such action could have a significant adverse impact on
Ashland Global or any of its Affiliates. 

  
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 SECTION 5.05. Notification and Certification Respecting Certain Acquisition Transactions.
(a) If Valvoline proposes to enter into any 5% Acquisition Transaction or takes any affirmative action to permit any 5% Acquisition Transaction to occur at any time during the 30-month period following the date of the Distribution, Valvoline
shall undertake in good faith to provide Ashland Global, no later than 10 Business Days following the signing of any written agreement with respect to such 5% Acquisition Transaction or obtaining knowledge of the occurrence of any such 5%
Acquisition Transaction that takes place without a written agreement, with a written description of such transaction (including the type and amount of Stock to be issued) and an explanation as to why such transaction does not result in the
application of Section 355(e) of the Code to the Transactions. 
 (b) For purposes of this Section 5.05, “5% Acquisition
Transaction” means any transaction or series of transactions that would be a Proposed Acquisition Transaction if the percentage specified in the definition of Proposed Acquisition Transaction were 5% instead of 10%. 

SECTION 5.06. Reporting. Ashland Global and Valvoline each (a) shall timely file (or cause to be filed) the appropriate
information and statements (including as required by Section 6045B of the Code and Section 1.355-5 and, to the extent applicable, Section 1.368-3 of the Regulations) to report the Transactions as qualifying for the Intended Tax
Treatment and (b) absent a change of Law or a Determination in respect of the Transactions, shall not take any position on any Tax Return, financial statement or other document that is inconsistent with the Transactions qualifying for the
Intended Tax Treatment. 
 SECTION 5.07. Protective Section 336(e) Elections. (a) The Companies shall, at Ashland
Global’s election, timely enter into a written, binding agreement (within the meaning of Section 1.336-2(h) of the Regulations) to make any Protective Section 336(e) Election that Ashland Global chooses (it being understood, for the
avoidance of doubt, that such Protective Section 336(e) Elections shall have a tax effect on the Companies only if (x) Section 355(d) or 355(e) of the Code applies to any Transaction or (y) any Transaction otherwise fails its
Intended Tax Treatment to qualify for nonrecognition treatment under Section 355(c) of the Code). Ashland Global shall timely make such Protective Section 336(e) Elections and timely file such forms as may be contemplated by applicable tax
Law or administrative practice to effect such Protective Section 336(e) Elections and shall have the exclusive right to prepare and file (i) the relevant purchase price allocation and any corresponding IRS Form 8883 (or any successor
thereto) and (ii) any similar forms required or permitted to be filed under U.S. state or local Law in connection with such Protective Section 336(e) Elections. 

(b) To the extent any such Transaction constitutes a “qualified stock disposition” (as defined in Section 1.336-1(b)(6) of the
Regulations) pursuant to a Determination, the Companies shall not and shall not permit any of their respective Affiliates to, take any position for tax purposes inconsistent with any of the Protective Section 336(e) Elections, except as may be
required pursuant to a Determination. 

  
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 (c) If there is a failure of one or more of the Transactions to qualify (in whole or in part) for
its Intended Tax Treatment and, as a consequence, a relevant Protective Section 336(e) Election results in a step-up in the basis of any asset of the Valvoline Group, then Valvoline shall make quarterly payments to Ashland Global equal to
(i) the actual tax savings, if, as and when realized, arising from such step-up in tax basis, determined on a “with and without” basis (treating any deductions or amortization attributable to such step-up in tax basis resulting from
such Protective Section 336(e) Election as the last items claimed for any taxable period, including after the utilization of any available net operating loss carryforwards), and less a reasonable charge for administrative expenses and other
reasonable out-of-pocket expenses necessary to secure the tax savings multiplied by (ii) the Ashland Global Transaction Tax Percentage of any Transaction Taxes resulting from such failure of one or more of the Transactions to qualify (in whole
or in part) for its Intended Tax Treatment. 
 ARTICLE VI 

Audits and Contests 

SECTION 6.01. Audits and Contests. (a) Subject to Section 6.01(b), (i) Ashland Global shall have exclusive and sole
responsibility and control with respect to the conduct and settlement of any examinations and contests by a Taxing Authority of any Ashland Global Consolidated Returns or Ashland Global Combined Returns and (ii)Ashland Global and Valvoline shall
each have exclusive and sole responsibility and control with respect to the conduct and settlement of any examinations and contests by a Taxing Authority of the respective Separate Returns that each party is responsible for preparing under Article
II. 
 (b) If the conduct or settlement of any portion or aspect of any examination or contest of a party’s Tax Return could reasonably
be expected to obligate the other Company to make an indemnity payment under Article IV or result in an additional payment obligation of the other Company under Article II, then (i) the other Company shall have the right to share joint control
over the conduct and settlement of that portion or aspect and (ii) whether or not the other Company exercises that right, such party shall not accept or enter into any settlement that would obligate the other Company to make an indemnity
payment under Article IV or result in an additional payment obligation of the other Company under Article II without the consent of the other Company (which consent shall not unreasonably be withheld or delayed). Within 15 Business Days of the
commencement of any such examination or contest, such party shall give the other Company notice of, and consult with the other Company with respect to, any issues that could reasonably be expected to obligate the other Company as described in the
preceding sentence; provided, however, that the other Company shall not be relieved of any obligation to make additional payments under this Agreement if such party fails to timely deliver the notice described above except to the
extent that the other Company is actually prejudiced thereby. If the other Company does not respond to such party’s request for consent within 15 Business Days, the other Company shall be deemed to have consented. 

  
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 SECTION 6.02. Expenses. Each Indemnifying Party shall reimburse the Indemnitee for all
reasonable out-of-pocket expenses (including legal, consulting and accounting fees) in the course of proceedings described in Section 6.01 to the extent those expenses are reasonably attributable to the Indemnifying Party or any of its
Affiliates, or to any matter for which the Indemnifying Party is required to indemnify under Article IV or which would result in an additional payment obligation of the Indemnifying Party under Article II. 

ARTICLE VII 
 General
Cooperation and Document Retention 
 SECTION 7.01. Cooperation and Good Faith. Each member of the Ashland Global Group and the
Valvoline Group shall cooperate fully with all reasonable requests from the other party in connection with the preparation and filing of Tax Returns, audits, contests and other matters covered by this Agreement. Such cooperation shall include the
execution of any document that may be necessary or reasonably helpful in connection with any audit or contest, the filing or amending of a Tax Return by a member of the Ashland Global Group or the Valvoline Group, obtaining any tax opinion or Ruling
or, for no more than 2 years following the date of this Agreement, the provision of services described in Schedule G (which services shall, for the avoidance of doubt, be provided without remuneration). 

SECTION 7.02. Duty to Mitigate Recognition or Recapture of Income. Prior to any event that may result in recognition or recapture of
income (including under any gain recognition agreement or domestic use agreement), Ashland Global and Valvoline shall use (and shall cause the members of the Ashland Global Group and Valvoline Group, respectively, to use) all commercially reasonable
efforts to eliminate such recognition or recapture of income or otherwise avoid or minimize the impact thereof. For the avoidance of doubt: 

(a) Valvoline shall enter into (or shall cause the appropriate member of the Valvoline Group to enter into) a new gain recognition agreement
pursuant to Section 1.367(a)-8 of the Regulations, if entering into that gain recognition agreement would preclude or defer the recognition of gain by any member of the Ashland Global Group. 

(b) To the extent that any member of the Valvoline Group is a “U.S. transferor” (within the meaning of
Section 1.367(a)-8(b)(1)(xvii) of the Regulations) with respect to property for which a gain recognition agreement was entered into, Valvoline shall comply (or shall cause the appropriate member of the Valvoline Group to comply) with the annual
certification requirements of Section 1.367(a)-8(g) of the Regulations for the term of such gain recognition agreement and promptly provide copies of those annual certifications to Ashland Global. A list of gain recognition
agreements, which includes gain recognition agreements that a member of the Ashland Global Group or Valvoline Group has or expects to enter into, is set out in Schedule H. 

(c) Valvoline shall enter into any agreements (including new domestic use agreements under Section 1.1503(d)-6(f)(2) of the Regulations),
make any elections and take any other actions, in each case as requested by Ashland Global or as otherwise required in order to avoid causing the Distribution or Other Disposition, as the case may be, to be a

  
 22 

 
“triggering event” requiring recapture of any “dual consolidated loss” (in each case, within the meaning of Section 1503(d) of the Code and the Regulations thereunder)
for which an Ashland Global Consolidated Group member has made a “domestic use election” under Section 1.1503(d)-6(d) of the Regulations and that was incurred by a member of the Valvoline Group during a Consolidation Year. 

SECTION 7.03. Document Retention; Access to Records and Use of Personnel. Until the expiration of the relevant statute of limitations
(including extensions), each of Ashland Global and Valvoline shall (i) retain records, documents, accounting data, computer data and other information (collectively, the “Records”) necessary for the preparation, filing, review,
audit or defense of all Tax Returns or relevant to an obligation, right or liability of either party under this Agreement and (ii) give each other reasonable access to such Records and to its personnel (ensuring their cooperation) and premises
to the extent relevant to an obligation, right or liability of either party under this Agreement. Prior to disposing of any such Records, each of Ashland Global and Valvoline shall notify the other party in writing of such intention and afford the
other party the opportunity to take possession or make copies of such Records at its discretion. 
 ARTICLE VIII 

Miscellaneous Provisions 

SECTION 8.01. Interest. Except as provided in Section 2.05(c), any payments required pursuant to this Agreement that are not made
within the time period specified in this Agreement shall bear interest at a rate equal to 200 basis points above the average interest rate on the senior bank debt of Ashland Global. 

SECTION 8.02. No Duplication of Payment. Notwithstanding anything to the contrary herein, nothing in this Agreement shall require
Ashland Global or Valvoline, as the case may be, to make any payment to the extent that the payment is attributable to a Tax Attribute, Return Item or any other amount for which payment has previously been made under this Agreement. 

SECTION 8.03. Confidentiality. Each of the Companies agrees that any information furnished pursuant to this Agreement is confidential
and, except as and to the extent required by Law or otherwise during the course of an audit or contest or other administrative or legal proceeding, shall not be disclosed to other Persons. In addition, each of Ashland Global and Valvoline shall
cause its Affiliates, employees, agents and advisors to comply with the terms of this Section 8.03. 
 SECTION 8.04. Successors and
Access to Information. This Agreement shall be binding upon and inure to the benefit of any successor to any of the parties, by merger, acquisition of assets or otherwise, to the same extent as if the successor had been an original party to this
Agreement, and in such event, all references herein to a party shall refer instead to the successor of such party. 

  
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 SECTION 8.05. Injunctions. The Companies acknowledge that irreparable damage would occur
to them in the event that any of the provisions of this Agreement were not performed in accordance with its specific terms or were otherwise breached. The Companies agree that they shall be entitled to an injunction or injunctions to prevent
breaches of the provisions of this Agreement and to enforce specifically the terms and provisions hereof in any court having jurisdiction, such remedy being in addition to any other remedy to which it may be entitled at Law or in equity. Nothing in
this Agreement shall prevent any Company from seeking injunctive relief as it deems necessary or appropriate. 
 SECTION 8.06. Governing
Law. This Agreement shall be governed by and construed in accordance with the Laws of New York excluding (to the greatest extent permissible by Law) any rule of Law that would cause the application of the Laws of any jurisdiction other than the
State of New York. 
 SECTION 8.07. Headings. The headings in this Agreement are for convenience only and shall not be deemed for any
purpose to constitute a part or to affect the interpretation of this Agreement. 
 SECTION 8.08. Counterparts. This Agreement may be
executed simultaneously in two or more counterparts, each of which shall be deemed an original, and it shall not be necessary in making proof of this Agreement to produce or account for more than one counterpart. 

SECTION 8.09. Notice. All notices or other communications under this Agreement shall be in writing and shall be deemed to be duly given
(a) when delivered in person, (b) on the date received, if sent by a nationally recognized delivery or courier service or (c) upon the earlier of confirmed receipt or the fifth Business Day following the date of mailing if sent by
registered or certified mail, return receipt requested, postage prepaid, in each case addressed as follows: 
 If to Ashland Global, to:

 ASHLAND GLOBAL HOLDINGS INC. 

50 East RiverCenter Boulevard 

Covington, KY 41011 

Attn:    Scott A. Gregg 

             Peter Ganz

 Email:    sagregg@ashland.com 

               
pganz@ashland.com 

  
 24 

 with a copy to: 

Cravath, Swaine & Moore LLP 

Worldwide Plaza 
 825 Eighth
Avenue 
 New York, NY 10019 

Attn:    Stephen L. Gordon 

             Lauren
Angelilli 
 Email:    gordon@cravath.com 

               
langelilli@cravath.com 
 Facsimile: (212) 474-3700 

If to Valvoline, to: 

VALVOLINE INC. 
 3499 Blazer
Parkway 
 Lexington, KY 40509 

Attn:    Nicolas H. Schmelzer 

             Julie M.
O’Daniel 
 Email:    nhschmelzer@valvoline.com 

               jmodaniel@valvoline.com 

Either Company may, by notice to the other Company, change the address to which such notices are to be given. Any payment required to be made
under this Agreement shall be delivered to the relevant Company at an address to which notice under this Section 8.09 may be given to such Company. 

SECTION 8.10. Severability. If any provision of this Agreement is held to be unenforceable for any reason, it shall be adjusted rather
than voided, if possible, in order to achieve the intent of the parties to the maximum extent practicable. In any event, all other provisions of this Agreement shall be deemed valid, binding and enforceable to their full extent. 

SECTION 8.11. Termination. This Agreement shall remain in force and be binding for 90 days following the expiration of the applicable
period of assessments (including extensions) for any taxes contemplated by this Agreement; provided, however, that neither Ashland Global nor Valvoline shall have any liability to the other party with respect to tax liabilities for
taxable periods (or portions thereof) in which Valvoline is not included in the Ashland Global Consolidated Returns except as provided in Article II or IV of this Agreement. 

SECTION 8.12. Successor Provisions. Any reference herein to any provisions of the Code or Regulations shall be deemed to include any
amendments or successor provisions thereto as appropriate. 
 SECTION 8.13. Compliance by Group Members. Ashland Global and Valvoline
each shall cause all present and future members of the Ashland Global Group and the Valvoline Group to comply with the terms of this Agreement. 

  
 25 

 SECTION 8.14. Survival. Notwithstanding anything in this Agreement to the contrary, the
provisions of this Agreement shall survive for the full period of all applicable statutes of limitations (giving effect to any waiver, mitigation or extensions thereof) plus 90 days. 

SECTION 8.15. Integration; Amendments. Except as explicitly stated herein, this Agreement embodies the entire understanding between the
parties relating to its subject matter and supersedes and terminates all prior agreements and understandings among the parties with respect to such matters. No promises, covenants or representations of any kind, other than those expressly stated
herein, have been made to induce any party to enter into this Agreement. This Agreement shall not be modified or terminated except by a writing duly signed by each of the parties hereto, and no waiver of any provisions of this Agreement shall be
effective unless in a writing duly signed by the party sought to be bound. If, and to the extent, the provisions of this Agreement conflict with the TSA, the provisions of this Agreement shall control. 

SECTION 8.16. Third-Party Beneficiaries. (a) The provisions of this Agreement are solely
for the benefit of the Companies and are not intended to confer upon any Person except the Companies any rights or remedies hereunder and (b) there are no third-party beneficiaries of this Agreement and
this Agreement shall not provide any third Person with any remedy, claim, liability, reimbursement, cause of action or other right in excess of those existing without reference to this Agreement. 

SECTION 8.17. Waiver of Jury Trial. EACH OF THE COMPANIES ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS
AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH OF THE COMPANIES HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY
ARISING OUT OF OR RELATING TO THIS AGREEMENT. EACH OF THE COMPANIES CERTIFIES AND ACKNOWLEDGES THAT (a) NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER COMPANY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT THE OTHER COMPANY WOULD NOT, IN THE
EVENT OF ANY LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (b) EACH OF THE COMPANIES UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (c) EACH OF THE COMPANIES MAKES THIS WAIVER VOLUNTARILY AND (d) EACH OF THE
COMPANIES HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 8.17. 

  
 26 

 IN WITNESS WHEREOF, the Companies have caused this Agreement to be executed by their duly
authorized representatives as of the date first set forth above. 
  

			
	ASHLAND GLOBAL HOLDINGS INC.
		
		 	by
		
		 	/s/ Peter J. Ganz
		 	Name: Peter J. Ganz
		 	 Title: Senior Vice President, General Counsel,

          and Secretary

  

			
	VALVOLINE INC.
		
		 	by
		
		 	/s/ Julie O’Daniel
		 	Name: Julie O’Daniel
		 	Title: General Counsel and Secretary

  
 27EX-10.5

 Exhibit 10.5 
  

 
  

EMPLOYEE MATTERS AGREEMENT 
 by
and between 
 ASHLAND GLOBAL HOLDINGS INC. 

and 
 VALVOLINE INC. 

Dated as of September 22, 2016 
  

 
  

 TABLE OF CONTENTS 

ARTICLE I 
 Definitions 

 

							
	 SECTION 1.01.
	 	 Definitions
	  	 	1	  
	 SECTION 1.02.
	 	 Glossary of Defined Terms
	  	 	8	  
	
	ARTICLE II	  
	
	General	  
			
	 SECTION 2.01.
	 	 Transferred Employees
	  	 	9	  
	 SECTION 2.02.
	 	 Employee Liabilities Generally
	  	 	10	  
	 SECTION 2.03.
	 	 Employee Benefits Generally
	  	 	10	  
	 SECTION 2.04.
	 	 Non-Termination of Employment or Benefits
	  	 	10	  
	 SECTION 2.05.
	 	 No Right to Continued Employment
	  	 	11	  
	 SECTION 2.06.
	 	 Service Providers
	  	 	11	  
	
	ARTICLE III	  
	
	Collective Bargaining Agreements	  
			
	 SECTION 3.01.
	 	 Continuity and Performance of Agreements
	  	 	12	  
	
	ARTICLE IV	  
	
	Valvoline Plans Generally	  
			
	 SECTION 4.01.
	 	 Valvoline Benefit Plans
	  	 	12	  
	 SECTION 4.02.
	 	 Standalone Valvoline Benefit Plans
	  	 	13	  
	 SECTION 4.03.
	 	 Power to Amend
	  	 	13	  
	
	ARTICLE V	  
	
	Welfare Plans	  
			
	 SECTION 5.01.
	 	 Welfare Plans
	  	 	13	  
	 SECTION 5.02.
	 	 Workers’ Compensation Claims
	  	 	14	  

							
	ARTICLE VI	  
	
	Pension Plans	  
			
	 SECTION 6.01.
	 	 U.S. Qualified Pension Plans
	  	 	15	  
	 SECTION 6.02.
	 	 Excess Benefit and Supplemental Pension Plans; Establishment of Valvoline Plans
	  	 	16	  
	 SECTION 6.03.
	 	 Non-U.S. Pension Plans
	  	 	18	  
	 SECTION 6.04.
	 	 LESOP
	  	 	18	  
	
	ARTICLE VII	  
	
	401(k) Plans	  
			
	 SECTION 7.01.
	 	 Establishment of Valvoline 401(k) Plan
	  	 	18	  
	 SECTION 7.02.
	 	 Transfer and Assumption of Liabilities
	  	 	18	  
	 SECTION 7.03.
	 	 Trust to Trust Transfer of Assets
	  	 	19	  
	 SECTION 7.04.
	 	 Stock Fund Considerations
	  	 	19	  
	
	ARTICLE VIII	  
	
	Equity-Based Incentive Compensation Awards	  
			
	 SECTION 8.01.
	 	 Adoption of the Valvoline Equity Incentive Plan
	  	 	20	  
	 SECTION 8.02.
	 	 Treatment of Outstanding Awards
	  	 	20	  
	
	ARTICLE IX	  
	
	Annual Bonus Awards; Retention; Individual Agreements	  
			
	 SECTION 9.01.
	 	 Annual Bonus Awards; Retention
	  	 	22	  
	 SECTION 9.02.
	 	 Individual Agreements
	  	 	22	  
	
	ARTICLE X	  
	
	Deferred Compensation Plans	  
			
	 SECTION 10.01.
	 	 Establishment of Valvoline Deferred Compensation Plans
	  	 	22	  
	 SECTION 10.02.
	 	 Participation in Deferred Compensation Plans; Allocation of Liabilities
	  	 	23	  
	 SECTION 10.03.
	 	 No Distributions
	  	 	24	  
	 SECTION 10.04.
	 	 Limitation of Liability
	  	 	24	  
	 SECTION 10.05.
	 	 No Transfer of Assets Pertaining to Deferred Compensation Plans
	  	 	25	  
	
	ARTICLE XI	  
	
	Vacation and Other Paid Time Off	  
			
	 SECTION 11.01.
	 	 Vacation and Other Paid Time Off
	  	 	25	  

  
 ii 

							
	ARTICLE XII	  
	
	Retiree Medical and Welfare Liabilities	  
			
	 SECTION 12.01.
	 	 Assumption of Liabilities
	  	 	25	  
	
	ARTICLE XIII	  
	
	Non-Solicitation	  
			
	 SECTION 13.01.
	 	 Non-Solicitation
	  	 	26	  
	
	ARTICLE XIV	  
	
	Payroll Services	  
			
	 SECTION 14.01.
	 	 Payroll Services
	  	 	26	  
	
	ARTICLE XV	  
	
	Cooperation; Access to Information; Litigation; Confidentiality	  
			
	 SECTION 15.01.
	 	 Cooperation
	  	 	27	  
	 SECTION 15.02.
	 	 Access to Information; Litigation; Confidentiality
	  	 	27	  
	
	ARTICLE XVI	  
	
	Reimbursements	  
			
	 SECTION 16.01.
	 	 Reimbursements by the Valvoline Group
	  	 	28	  
	
	ARTICLE XVII	  
	
	Termination	  
			
	 SECTION 17.01.
	 	 Termination
	  	 	29	  
	 SECTION 17.02.
	 	 Effect of Termination
	  	 	29	  
	
	ARTICLE XVIII	  
	
	Miscellaneous	  
			
	 SECTION 18.01.
	 	 Counterparts; Entire Agreement; Corporate Power
	  	 	30	  
	 SECTION 18.02.
	 	 Governing Law; Jurisdiction
	  	 	30	  
	 SECTION 18.03.
	 	 Assignability
	  	 	30	  
	 SECTION 18.04.
	 	 Third-Party Beneficiaries
	  	 	30	  
	 SECTION 18.05.
	 	 Notices
	  	 	31	  
	 SECTION 18.06.
	 	 Severability
	  	 	31	  

  
 iii 

							
	 SECTION 18.07.
	 	 Headings
	  	 	32	  
	 SECTION 18.08.
	 	 Survival of Covenants
	  	 	32	  
	 SECTION 18.09.
	 	 Specific Performance
	  	 	32	  
	 SECTION 18.10.
	 	 Amendments
	  	 	32	  
	 SECTION 18.11.
	 	 Interpretation
	  	 	32	  
			
	 SCHEDULES
	 		  			

  

					
	 SCHEDULE 1.01: Certain Excluded Excess Benefit and Supplemental Pension Plans
	  	 	S-1	  
	 SCHEDULE 3.01: Collective Bargaining Agreements
	  	 	S-2	  
	 SCHEDULE 4.01: New Valvoline Plans
	  	 	S-3	  
	 SCHEDULE 6.02: Certain Assumed Excess Benefit and Supplemental Pension Plans
	  	 	S-4	  
	 SCHEDULE 6.03: Treatment of Non-U.S. Pension Plans
	  	 	S-5	  
	 SCHEDULE 10.01: Certain Ashland Global Deferred Compensation Plans
	  	 	S-6	  
	 SCHEDULE 10.02: Transitioning Directors
	  	 	S-7	  

  
 iv 

 EMPLOYEE MATTERS AGREEMENT, dated as of September 22, 2016, by and
between ASHLAND GLOBAL HOLDINGS INC., a Delaware corporation (“Ashland Global”) and parent of Ashland LLC, and VALVOLINE INC., a Kentucky corporation (“Valvoline”). 

R E C I T A L S 
 WHEREAS the
Parties are entering into the Separation Agreement (the “Separation Agreement”) concurrently herewith, pursuant to which Ashland Global intends to effect the Initial Public Offering (as defined below) and the Distribution
(as defined below); and 
 WHEREAS the Parties (as defined below) wish to set forth their agreements as to certain matters regarding
employment, compensation and employee benefits and arrangements with certain non-employee service providers. 
 NOW, THEREFORE, in
consideration of the mutual agreements, provisions and covenants contained in this Agreement (as defined below), the Parties, intending to be legally bound, hereby agree as follows: 

ARTICLE I 
 Definitions

 SECTION 1.01. Definitions. For purposes of this Agreement, the following terms shall have the following meanings. All
capitalized terms used but not defined herein shall have the meanings assigned to them in the Separation Agreement, unless otherwise indicated. 

“Action” shall have the meaning set forth in the Separation Agreement. 

“Affiliate” shall have the meaning set forth in the Separation Agreement. 

“Agreement” means this Employee Matters Agreement, including the schedules hereto. 

“Ancillary Agreements” shall have the meaning set forth in the Separation Agreement. 

“Ashland Global Benefit Plan” means any Benefit Plan sponsored or maintained by any member of the Ashland Global Group or to
which any member of the Ashland Global Group is a party. 
 “Ashland Global Business” shall have the meaning set forth in
the Separation Agreement. 

 “Ashland Global Common Stock” shall have the meaning set forth in the Separation
Agreement. 
 “Ashland Global Deferred Compensation Plan” means each nonqualified Ashland Global Benefit Plan or Individual
Agreement that provides employees or non-employee directors an election to defer compensation, other than the Hercules Deferred Compensation Plan. 

“Ashland Global Employee” means (i) each individual who was employed by a member of the Ashland Global Group as of
immediately following August 1, 2016, including any such individual who was not actively at work at such time due to a leave of absence (including vacation, holiday, illness, injury or short-term disability, but excluding leave under the
Ashland Global Group’s long-term disability plan) from which such employee was permitted to return to active employment in accordance with the Ashland Global Group’s personnel policies, (ii) each individual who, as of immediately
following August 1, 2016 (A) is on leave under part I of the Ashland Global Group’s long-term disability plan, (B) was primarily charged to an Ashland cost center at the time such leave commenced and (C) is reasonably likely
to return to work prior to transitioning to part II of the Ashland Global Group’s long-term disability plan, as determined by Ashland Global in its sole discretion, but excluding in the case of this clause (ii) any individual covered by a
collective bargaining set forth on Schedule 3.01, and (iii) each individual who commenced or commences employment with a member of the Ashland Global Group any time following August 1, 2016, in each case excluding any Former Ashland
Global Employee, Valvoline Employee or Former Valvoline Employee. 
 “Ashland Global Equity Awards” means Ashland Global
Performance Units, Ashland Global Restricted Share Units, Ashland Global Restricted Shares and Ashland Global Stock Appreciation Rights. 

“Ashland Global Excess Benefit and Supplemental Pension Plan” means each Ashland Global Benefit Plan that provides
nonqualified excess or supplemental pension benefits, other than those set forth on Schedule 1.01. 
 “Ashland Global General
Employee Liabilities” means all actual or potential employee-related Liabilities (i) that are incurred on or after August 1, 2016 in respect of or relating to any Ashland Global Employee or (ii) that are incurred prior to
August 1, 2016 and are not covered by clause (ii) of the definition of Valvoline General Employee Liabilities. 
 “Ashland
Global Group” shall have the meaning set forth in the Separation Agreement. 
 “Ashland Global Liabilities” shall
have the meaning set forth in the Separation Agreement. 
 “Ashland Global Performance Unit” means each award of
performance units payable in whole or in part in shares of Ashland Global Common Stock, or the value of which is determined with reference to the value of shares of Ashland Global Common Stock, whether granted pursuant to an equity-based incentive
compensation plan or otherwise. 

  
 2 

 “Ashland Global Restricted Share Unit” means each award of restricted share
units or restricted share equivalents payable in whole or in part in shares of Ashland Global Common Stock, or the value of which is determined with reference to the value of shares of Ashland Global Common Stock, whether granted pursuant to an
equity-based incentive compensation plan or otherwise. For the avoidance of doubt, deferred compensation balances denominated or hypothetically invested in shares of Ashland Global Common Stock shall be treated in accordance with Article X and shall
not be considered “Ashland Global Restricted Share Units” for purposes of this Agreement. 
 “Ashland Global Restricted
Share” means each award of restricted shares of Ashland Global Common Stock, whether granted pursuant to an equity-based incentive compensation plan or otherwise. 

“Ashland Global Stock Appreciation Right” means each award of stock appreciation rights payable in whole or in part in shares
of Ashland Global Common Stock, or the value of which is determined with reference to the value of shares of Ashland Global Common Stock, whether granted pursuant to an equity-based incentive compensation plan or otherwise. 

“Ashland Hercules Pension Plan” means the Ashland Hercules Pension Plan. For the avoidance of doubt, each reference to the
Ashland Hercules Pension Plan in this Agreement shall refer to such plan prior to or after it has been assumed by a member of the Valvoline Group in accordance with Section 6.01(a), as the context requires. 

“Ashland Hercules Pension Plan Trust” means the trust (or the relevant portion of a master trust) or other funding vehicle
that has been established to fund the Ashland Hercules Pension Plan. For the avoidance of doubt, each reference to the Ashland Hercules Pension Plan Trust in this Agreement shall refer to such trust or other funding vehicle prior to or after it has
been assumed by a member of the Valvoline Group in accordance with Section 6.01(a), as the context requires. 
 “Benefit
Plan” means any plan, program, policy, agreement, arrangement or understanding that is an employment, consulting, deferred compensation, executive compensation, incentive bonus or other bonus, employee pension, profit sharing, savings,
retirement, supplemental retirement, stock option, stock purchase, stock appreciation right, restricted stock, restricted stock unit, performance unit, deferred stock unit or other equity-based compensation, severance pay, retention, change in
control, salary continuation, life insurance, death benefit, health, hospitalization, workers’ compensation, welfare benefits, perquisites, sick leave, vacation pay, disability or accident insurance or other employee benefit plan, program,
agreement or arrangement, including any “employee benefit plan” (as defined in Section 3(3) of ERISA), whether or not subject to ERISA. 

  
 3 

 “Benefit Plan Transfer Date” means, with respect to an applicable Valvoline
Benefit Plan, the date set forth opposite such Valvoline Benefit Plan in Schedule 4.01, or such other date prior to the Distribution Date as determined by Ashland Global in its sole discretion. 

“CHPP” means the Pension Plan for Hourly Employees of Ashland Chemical. 

“CHPP Transfer Interest Amount” means an interest increment on the absolute value of the Section 414(l) Increment for
the period from the Pension Spin-Off Date until the CHPP True-Up Transfer Date at a rate equal to the select interest rate that the Pension Benefit Guaranty Corporation publishes as of the Pension Spin-Off Date for the purpose of determining the
present value of annuities in involuntary and distress terminations of single-employer plans, as described in 29 CFR 4044. 
 “CHPP
Trust” means the trust or other funding vehicle that has been established to fund the CHPP. 
 “COBRA” means the
U.S. Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, and any similar applicable Laws. 
 “Code” shall
have the meaning set forth in the Separation Agreement. 
 “Distribution” shall have the meaning set forth in the
Separation Agreement. 
 “Distribution Date” shall have the meaning set forth in the Separation Agreement. 

“Employment Taxes” means all fees, taxes, social insurance payments or similar contributions to a fund of a Governmental
Authority with respect to wages or other compensation. 
 “Equity Award Exchange Ratio” means the ratio that will be
determined by the board of directors of Ashland Global (or the appropriate committee thereof), in its sole discretion, in a manner designed to preserve the aggregate value of the applicable outstanding equity awards. 

“ERISA” means the U.S. Employee Retirement Income Security Act of 1974, as amended. 

“Final CHPP Transfer Amount” means the sum of: 

(A) the Section 414(l) Increment, 

(B) plus the CHPP Transfer Interest Amount, if the Section 414(l) Increment is a positive number, or less the CHPP Transfer
Interest Amount, if the Section 414(l) Increment is a negative number, 

  
 4 

 (C) less the amount of any benefit payments that are made from the Ashland Hercules
Pension Plan to Hopewell Pension Plan Participants in respect of the Transferred to CHPP Accrued Benefits between the Pension Spin-Off Date and the CHPP True-Up Transfer Date, if any. 

“Former Ashland Global Employee” means each former employee whose employment terminated prior to August 1, 2016 and who
is not a Former Valvoline Employee. 
 “Former Valvoline Employee” means each former employee whose employment terminated
prior to August 1, 2016 and who, as of immediately prior to such individual’s termination of employment, was employed by a member of the Valvoline Group, was primarily engaged in the conduct of any terminated, divested or discontinued
business or operations of the Valvoline Business or was a U.S. employee primarily engaged in the conduct of any other terminated, divested or discontinued business or operations of the Ashland Global Group (other than the Valvoline Business or any
terminated, divested or discontinued businesses or operations of the Valvoline Business). 
 “Governmental Authority” shall
have the meaning set forth in the Separation Agreement. 
 “Hercules Rabbi Trusts” means the Hercules Incorporated Amended
and Restated Compensation Benefits Grantor Trust Agreement for Management Employees and the Hercules Incorporated Amended and Restated Compensation Benefits Grantor Trust Agreement for Nonemployee Directors. 

“Hopewell Pension Plan Participant” means each individual who participates in or has an accrued benefit under the Ashland
Hercules Pension Plan who is an active employee covered by the Hopewell collective bargaining agreement as of the Pension Spin-Off Date. 

“Individual Agreement” means an individual employment contract or other similar agreement that specifically pertains to any
Valvoline Employee, Former Valvoline Employee, Ashland Global Employee or Former Ashland Global Employee. 
 “Information”
shall have the meaning set forth in the Separation Agreement. 
 “Initial Public Offering” shall have the meaning set forth
in the Separation Agreement. 
 “Joint Development Agreement” means the Workday Joint Implementation Agreement dated as of
the date of this Agreement between Ashland Global and Valvoline and the Supplemental IT Transition Services Agreement dated as of the date of this Agreement between Ashland Global and Valvoline. 

“Law” shall have the meaning set forth in the Separation Agreement. 

“LESOP” means the Ashland Inc. Leveraged Employee Stock Ownership Plan. 

“LESOP Trust” means the trust or other funding vehicle that has been established to fund the LESOP. 

  
 5 

 “Liabilities” shall have the meaning set forth in the Separation Agreement. For
the avoidance of doubt, for purposes of this Agreement, “Liabilities” shall include the employer-paid portion of any Employment Taxes. 

“Party” means either party hereto, and “Parties” means both parties hereto. 

“Person” shall have the meaning set forth in the Separation Agreement. 

“Proportionate Share Factor” shall have the meaning set forth in the TMA. 

“RTSA” shall have the meaning set forth in the Separation Agreement. 

“Section 414(l) Amount” means the amount required to be transferred from the Ashland Hercules Pension Plan Trust to the CHPP
Trust in respect of the Transferred to CHPP Accrued Benefits pursuant to Section 414(l) of the Code and Treasury Regulation Section 1.414(l)-1(n)(2) or, if the requirements thereof cannot be satisfied, in accordance with the applicable
requirements of ERISA and the Code as determined by Ashland Global in its sole discretion, in each case using actuarial assumptions and methodology deemed reasonable by the administrator of the Ashland Hercules Pension Plan in its sole discretion
(for the avoidance of doubt, such actuarial assumptions and methodology may, but need not, include the safe harbor assumptions specified in Section 414(l) of the Code), subject to any requirements under the Code and ERISA. 

“Section 414(l) Increment” means (i) the Section 414(l) Amount, as recalculated by the Actuary following the
Pension Spin-Off Date, less (ii) the Initial CHPP Transfer Amount. 
 “Service Provider” means any individual
who provided or is providing services for a member of the Valvoline Group or a member of the Ashland Global Group, whether as a consultant, an independent contractor or other similar role (other than as an employee), including, for the avoidance of
doubt, any non-employee member of the board of directors of Ashland Global or the board of directors of Valvoline. 
 “Specified
Performance Factor” means: 
 (i) in the case of Ashland Global Performance Units granted with respect to the
three-year vesting period ending September 30, 2017, the actual level of achievement of all relevant performance goals as of immediately prior to the Distribution, as determined by the board of directors of Ashland Global (or the
appropriate committee thereof) in its sole discretion prior to the Distribution; and 
 (ii) in the case of Ashland Global
Performance Units granted with respect to the three-year vesting period ending September 30, 2018 and any Ashland Global Performance Units granted following the date hereof, the actual level of achievement of all relevant performance goals
as of the conclusion of the applicable performance period, as determined by the board of directors of Ashland Global (or the appropriate committee thereof) in its sole discretion as soon as practicable following the conclusion of the applicable
performance period, in accordance with the terms of the applicable award agreement. 

  
 6 

 “Subsidiary” shall have the meaning set forth in the Separation Agreement. 

“taxes” shall have the meaning set forth in the TMA. 

“Taxing Authority” shall have the meaning set forth in the TMA. 

“TMA” shall have the meaning set forth in the Separation Agreement. 

“Transition Services Employee” means each individual who spends or spent 50% or more of his or her work time engaged in
providing services pursuant to one or more of the TSA, the RTSA or a Joint Development Agreement, collectively, in each case as determined by Ashland Global in its sole discretion. 

“TSA” shall have the meaning set forth in the Separation Agreement. 

“Valvoline Benefit Plan” means any Benefit Plan sponsored or maintained by any member of the Valvoline Group or to which any
member of the Valvoline Group is a party. 
 “Valvoline Business” shall have the meaning set forth in the Separation
Agreement. 
 “Valvoline Common Stock” shall have the meaning set forth in the Separation Agreement. 

“Valvoline Employee” means (i) each individual who was employed by a member of the Valvoline Group as of immediately
following August 1, 2016, including any such individual who was not actively at work at such time due to a leave of absence (including vacation, holiday, illness, injury or short-term disability, but excluding leave under the Ashland Global
Group’s long-term disability plan) from which such employee was permitted to return to active employment in accordance with the Valvoline Group’s personnel policies, (ii) each individual who, as of immediately following August 1,
2016, is on leave under part I or part II of the Ashland Global Group’s long-term disability plan, other than any individual described in clause (ii) of the definition of Ashland Global Employee, and
(iii) each individual who commenced or commences employment with a member of the Valvoline Group any time following August 1, 2016, in each case excluding any Former Valvoline Employee, Ashland Global Employee or Former Ashland Global
Employee. 
 “Valvoline General Employee Liabilities” means all actual or potential employee-related Liabilities
(i) that are incurred on or after August 1, 2016 in respect of or relating to any Valvoline Employee or (ii) that are incurred prior to August 1, 2016 and are Valvoline Legacy Claims. 

  
 7 

 “Valvoline Group” shall have the meaning set forth in the Separation Agreement.

 “Valvoline Legacy Claims” shall have the meaning set forth in the Separation Agreement. 

“Valvoline Liabilities” shall have the meaning set forth in the Separation Agreement. 

“Welfare Plan” means any Benefit Plan that provides life insurance, health care, dental care, accidental death and
dismemberment insurance, disability benefits or other group welfare or fringe benefits. 
 SECTION 1.02. Glossary of Defined Terms.
The following terms shall have the meanings set forth in the Sections set forth below: 
  

			
	 Definition
	  	 Section

	 Actuary
	  	6.01(c)(i)
	 Ashland Global
	  	Preamble
	 Ashland Global 401(k) Plan
	  	7.01
	 Ashland Global Deferred Compensation Plans
	  	10.01
	 Ashland Global Excess Benefit and Supplemental Pension Plans
	  	6.02(a)
	 Ashland Global Pension Plans
	  	6.01(a)
	 Ashland Global Welfare Plan
	  	5.01(b)
	 Ashland Global Workers’ Compensation Plan
	  	5.02
	 CHPP True-Up Transfer Date
	  	6.01(c)(ii)
	 Continuing Valvoline Employee
	  	8.02
	 Excess Benefit Plan Assumption Date
	  	6.02(a)
	 Initial CHPP Transfer Amount
	  	6.01(c)(i)
	 New Valvoline Plans
	  	4.01(a)
	 Pension Spin-Off Date
	  	6.01(b)
	 Separation Agreement
	  	Recitals
	 Transferred Employee
	  	2.01
	 Transferred to CHPP Accrued Benefits
	  	6.01(b)
	 Transitioning Director
	  	10.02
	 Valvoline
	  	Preamble
	 Valvoline 401(k) Plans
	  	7.01(a)
	 Valvoline Deferred Compensation Plans
	  	10.01
	 Valvoline Equity Plan
	  	8.01
	 Valvoline Excess Benefit and Supplemental Pension Plans
	  	6.02(a)
	 Valvoline Pension Plans
	  	6.01(a)
	 Valvoline Welfare Plans
	  	Schedule 4.01
	 Valvoline Workers’ Compensation Plan
	  	5.02
	 Workers’ Compensation Event
	  	5.02

  
 8 

 ARTICLE II 

General 
 SECTION 2.01.
Transferred Employees. Following the date hereof the Parties may jointly agree to, or to cause their Subsidiaries to, transfer the employment of one or more individuals from a member of the Ashland Global Group to a member of the Valvoline
Group, or from a member of the Valvoline Group to a member of the Ashland Global Group, as applicable, in each case in connection with the transactions contemplated by this Agreement, the Separation Agreement and the Ancillary Agreements (each such
individual, a “Transferred Employee”). Except as otherwise expressly provided in this Agreement, effective as of the date the employment of a Transferred Employee is transferred in accordance with the immediately preceding sentence,
or such other date as may otherwise be agreed in writing by the Parties, the members of the Valvoline Group or the members of the Ashland Global Group, as applicable, shall assume all Liabilities outstanding as of the date of such transfer of the
type or nature that would have been assumed by such members of the Valvoline Group or members of the Ashland Global Group, as applicable, had such Transferred Employee transferred to and been employed by a member of the Valvoline Group or a member
of the Ashland Global Group, as applicable, as of August 1, 2016, except that Liabilities under any Benefit Plan shall be determined as of the date such Transferred Employee transferred employment. Without limiting the foregoing, the Parties
shall cooperate to determine whether each Transition Services Employee shall be employed by a member of the Valvoline Group or a member of the Ashland Global Group or terminated following the expiration of the TSA, RTSA or applicable Joint
Development Agreement, the early termination of the subpart of the TSA, RTSA or Joint Development Agreement pursuant to which such Transition Services Employee provides or provided services, or such other time as the Parties may mutually agree in
writing. For the avoidance of doubt, the foregoing provisions shall not apply to an individual employed by or previously employed by a member of the Valvoline Group who commences employment with a member of the Ashland Global Group, or an individual
employed by or previously employed by a member of Ashland Global Group who commences employment with a member of the Valvoline Group, in each case in the ordinary course of business following the date hereof and not in connection with the
transactions contemplated by this Agreement, the Separation Agreement and the Ancillary Agreements. 
 SECTION 2.02. Employee Liabilities
Generally. Except as otherwise expressly provided in this Agreement, (a) effective as of August 1, 2016, a member of the Valvoline Group has assumed or retained Liability for paying, performing, fulfilling and discharging in
accordance with their respective terms all Valvoline General Employee Liabilities and shall be obligated to reimburse the members of the Ashland Global Group in accordance with Section 16.01 with respect thereto, and (b) a member of the
Ashland Global Group hereby assumes or retains Liability for paying, performing, fulfilling and discharging in accordance with their respective terms all Ashland Global General Employee Liabilities. 

  
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 SECTION 2.03. Employee Benefits Generally. Except as otherwise expressly provided in this
Agreement or as otherwise required by applicable Law and subject to the reimbursement obligations of the members of the Valvoline Group pursuant to Section 16.01, each Valvoline Employee or Former Valvoline Employee who is eligible to
participate in any Ashland Global Benefit Plan shall participate in such Ashland Global Benefit Plan following the date hereof and through the applicable Benefit Plan Transfer Date on the terms and conditions applicable thereto in effect from time
to time. 
 SECTION 2.04. Non-Termination of Employment or Benefits. (a) Except as otherwise required by applicable Law or the
express terms of any Individual Agreement, neither this Agreement, the Separation Agreement nor any Ancillary Agreement shall be construed to create any right, or to accelerate any entitlement, to any compensation or benefit on the part of any
Valvoline Employee, Former Valvoline Employee, Ashland Global Employee or Former Ashland Global Employee. Without limiting the generality of the foregoing, except as otherwise required by applicable Law or the express terms of any Individual
Agreement, neither the Initial Public Offering, the Distribution nor the transfers of employment contemplated by Section 2.01 shall cause any individual to be deemed to have incurred a termination of employment or to have created any
entitlement to any severance payments or benefits or the commencement of any other benefits under any Ashland Global Benefit Plan, any Valvoline Benefit Plan or any Individual Agreement; provided, however, that: 

(i) in the event the Parties do not mutually agree in writing pursuant to Section 2.01 that a Transition Services Employee
shall be employed by a member of either of the Valvoline Group or the Ashland Global Group following the expiration of the TSA, RTSA or applicable Joint Development Agreement, or the early termination of the subpart of the TSA, RTSA or Joint
Development Agreement pursuant to which such Transition Services Employee provides or provided services, or such other time as the Parties may mutually agree in writing, as applicable, and the employment of such Transition Services Employee is
terminated as a result, any severance or other Liabilities associated with such termination of employment shall be divided equally between the Parties; and 

(ii) in the event such transactions or such transfers (other than those described in the immediately preceding clause (i))
result in severance or other separation payments or benefits to any individual, such Liabilities shall be allocated among the Parties in accordance with their Proportionate Share Factors. 

SECTION 2.05. No Right to Continued Employment. Nothing contained in this Agreement shall confer any right to continued employment on
any Valvoline Employee or Ashland Global Employee. Except as otherwise expressly provided in this Agreement, this Agreement shall not limit the ability of any member of the Valvoline Group or any member of the Ashland Global Group to change the
position, compensation or benefits of any of its employees for performance-related, business or any other reasons or require any such entity to continue the employment of any such employee for any period of time; provided, however,
that in the event of any such termination of employment or modification of the terms and conditions of employment 

  
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(other than those described in clause (i) of Section 2.04(a)), any associated Liabilities shall be Valvoline Liabilities if undertaken by a member of the Valvoline Group with respect to
Valvoline Employees and shall be Ashland Global Liabilities if undertaken by a member of the Ashland Global Group with respect to Ashland Global Employees. 

SECTION 2.06. Service Providers. Except as provided in Article X with respect to deferred compensation benefits provided to
non-employee members of the board of directors of Ashland Global or the board of directors of Valvoline or as otherwise expressly provided in this Agreement, the provisions of this Agreement shall not apply to any Service Providers, and all actual
or potential Liabilities relating to services provided by Service Providers to any member of the Ashland Global Group or any member of the Valvoline Group, including (a) Liabilities relating to the misclassification of any individual as a
Service Provider and not as an employee, (b) Liabilities for taxes (including Employment Taxes), (c) accounts payable owed to any Service Provider and (d) any claims made by any Service Provider with respect to benefits under any
Benefit Plan, shall be allocated among the members of the Valvoline Group and the members of the Ashland Global Group in accordance with the cost center (other than a shared cost center) to which such Service Provider’s services are or were
charged and/or the method of allocating the costs and expenses of such services (other than any such costs and expenses that are or were charged to a shared cost center) as in effect as of the date hereof (or as of the date of the termination of
such Service Provider’s services, if earlier). 
 ARTICLE III 

Collective Bargaining Agreements 

SECTION 3.01. Continuity and Performance of Agreements. From and after the date hereof, any unions, works councils or similar
organizations representing the Valvoline Employees shall continue to represent those employees for purposes of collective bargaining with any member of the Valvoline Group, and the members of the Valvoline Group shall comply with the terms of, and
assume all Liabilities of the Ashland Global Group with respect to, each works council, collective bargaining or other labor union agreement that covers one or more Valvoline Employees, including those set forth on Schedule 3.01, in each case
as in effect as of the date hereof, and shall comply with all applicable Laws with respect thereto, until such time as the Valvoline Group negotiates a new works council, collective bargaining or other labor union agreement. 

ARTICLE IV 
 Valvoline Plans
Generally 
 SECTION 4.01. Valvoline Benefit Plans. (a) Establishment of Certain Valvoline Benefit Plans. Effective as of
no later than the applicable Benefit Plan Transfer Date, a member of the Valvoline Group shall establish or shall cause to be established the Benefit Plans set forth in Schedule 4.01 (the “New Valvoline Plans”). A member
of the Valvoline Group shall be the sole plan sponsor of, and from and after the 

  
 11 

 
date of adoption thereof, shall have the sole responsibility and liability for, each New Valvoline Plan. The members of the Valvoline Group shall cease to be participating members in each
corresponding Ashland Global Benefit Plan as of the applicable Benefit Plan Transfer Date. 
 (b) Service and Other Factors Determining
Benefits. Each New Valvoline Plan shall provide that all service, all compensation and all other factors affecting benefit determinations that were recognized under the corresponding Ashland Global Benefit Plan for Valvoline Employees and Former
Valvoline Employees who participate in such New Valvoline Plan shall be fully recognized and credited and shall be taken into account under such New Valvoline Plan to the same extent as though arising thereunder; provided that, in the case of
any such individuals who become employed by a member of the Valvoline Group following a break in employment, such recognition and credit shall be subject to any applicable policies of the members of Valvoline Group regarding non-continuous
employment, to the extent permitted by applicable Law. Notwithstanding the foregoing, in no event shall such crediting of service or any other action taken pursuant to this Section 4.01 result in the duplication of benefits for any Valvoline
Employee or Former Valvoline Employee. All beneficiary designations made by Valvoline Employees and Former Valvoline Employees under the corresponding Ashland Global Benefit Plan shall be transferred to and shall be in full force and effect under
the applicable New Valvoline Plan until such beneficiary designations are replaced or revoked by the applicable Valvoline Employee or Former Valvoline Employee. 

SECTION 4.02. Standalone Valvoline Benefit Plans. To the extent that any member of the Valvoline Group maintains any Benefit Plans as
of the date hereof that are separate and distinct from the Ashland Global Benefit Plans, such member of the Valvoline Group shall continue to maintain, operate and contribute to such separate Benefit Plans immediately following the date hereof in
accordance with their terms, and all Liabilities relating to, arising out of or resulting from such separate Benefit Plans shall be Valvoline Liabilities. 

SECTION 4.03. Power to Amend. Subject to the Parties’ compliance with the remaining terms of this Agreement, nothing in this
Agreement shall prevent any member of the Valvoline Group or any member of the Ashland Global Group from amending, merging, modifying, terminating, eliminating, reducing or otherwise altering in any respect any Valvoline Benefit Plan or Ashland
Benefit Plan, any benefit under any Valvoline Benefit Plan or Ashland Benefit Plan or any trust, insurance policy or funding vehicle related to any Valvoline Benefit Plan or Ashland Benefit Plan, as applicable. 

ARTICLE V 
 Welfare Plans

 SECTION 5.01. Welfare Plans. (a) Comparable Benefits. Effective as of no later than each applicable Benefit Plan
Transfer Date, a member of the Valvoline Group shall establish or cause to be established the Valvoline Welfare Plans for the benefit of the Valvoline Employees and Former Valvoline Employees, as applicable.

  
 12 

 
Subject to the Valvoline Group’s compliance with the remaining terms of this Agreement, the members of the Valvoline Group shall retain the right to modify, alter, amend or terminate the
terms of any Valvoline Welfare Plan to the same extent that a member of the Ashland Global Group had such rights under the corresponding Ashland Global Welfare Plan. 

(b) Participation in Valvoline Welfare Plans. Effective as of each applicable Benefit Plan Transfer Date, each Valvoline Employee shall
become covered under the applicable Valvoline Welfare Plan and shall cease to be covered under the Welfare Plan maintained by a member of the Ashland Global Group to which such Valvoline Welfare Plan most closely corresponds (such applicable plan,
the applicable “Ashland Global Welfare Plan”). Valvoline shall cause the Valvoline Welfare Plans to (i) waive all limitations as to preexisting conditions, exclusions, service conditions and waiting period limitations and any
evidence of insurability requirements applicable to any Valvoline Employees, other than such limitations, exclusions, conditions and requirements that were in effect with respect to such Valvoline Employees as of the applicable Benefit Plan Transfer
Date, in each case under the corresponding Ashland Global Welfare Plan and subject to any applicable policies of the Valvoline Group regarding credit to employees who service or employment has not been continuous, and (ii) honor any
deductibles, out-of-pocket maximums and co-payments incurred by the Valvoline Employees under the corresponding Ashland Global Welfare Plan in satisfying the applicable deductibles, out-of-pocket maximums or co-payments under such Valvoline Welfare
Plans for the plan year in which the applicable Benefit Plan Transfer Date occurs. 
 (c) Claims Arising Prior to and Following Benefit
Plan Transfer Date. Subject to the reimbursement obligations of the members of the Valvoline Group pursuant to Section 16.01, (i) the members of the Ashland Global Group shall retain responsibility in accordance with the Ashland Global
Welfare Plans for all reimbursement claims (such as health and dental care claims) for expenses incurred by, for all non-reimbursement claims (such as life insurance claims) incurred by and for providing continued health care coverage under COBRA
with respect to Valvoline Employees and Former Valvoline Employees (and their dependents and beneficiaries) under such plans prior to each applicable Benefit Plan Transfer Date and (ii) the members of the Valvoline Group shall retain
responsibility in accordance with the Valvoline Welfare Plans for all reimbursement claims (such as health and dental care claims) for expenses incurred by, for all non-reimbursement claims (such as life insurance claims) incurred by and for
providing continued health care coverage under COBRA with respect to Valvoline Employees and Former Valvoline Employees (and their dependents and beneficiaries) under such plans on or following each applicable Benefit Plan Transfer Date. For
purposes of this Section 5.01(c), a benefit claim shall be deemed to be incurred as follows: (1) health, dental, vision and prescription drug benefits (including in respect of hospital confinement), upon provision of such services,
materials or supplies and (2) life, accidental death and dismemberment and business travel accident insurance benefits, upon the death, cessation of employment or other event giving rise to such benefits. 

  
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 (d) No Transfer of Assets Pertaining to Welfare Plans. Except as otherwise described in
Section 16.01, nothing in this Agreement shall require any member of the Ashland Global Group or any Ashland Global Welfare Plan to transfer assets or reserves with respect to the Ashland Global Welfare Plans to any member of the Valvoline
Group or any Valvoline Welfare Plan. 
 SECTION 5.02. Workers’ Compensation Claims. Effective as of August 1, 2016, a
member of the Valvoline Group has assumed liability for the Valvoline Legacy Claims (to the extent related to work-related injury or illness (including workers’ compensation claims, disability or other insurance providing medical care and/or
compensation to injured workers)) and shall be obligated to reimburse the members of the Ashland Global Group in accordance with Section 16.01 with respect thereto. Subject to the reimbursement obligations of the members of the Valvoline Group
pursuant to Section 16.01, in the case of any workers’ compensation claim of any Valvoline Employee or Former Valvoline Employee who participates in a workers’ compensation plan of a member of the Ashland Global Group (an
“Ashland Global Workers’ Compensation Plan”), such claim shall be covered (a) under such Ashland Global Workers’ Compensation Plan if the event, injury, illness or condition giving rise to such workers’
compensation claim (the applicable “Workers’ Compensation Event”) occurred prior to the applicable Benefit Plan Transfer Date and (b) under a workers’ compensation plan of a member of the Valvoline Group (a
“Valvoline Workers’ Compensation Plan”) if the applicable Workers’ Compensation Event occurred on or following the applicable Benefit Plan Transfer Date. Subject to the reimbursement obligations of the members of the
Valvoline Group pursuant to Section 16.01, if the applicable Workers’ Compensation Event occurs over a period both preceding and following the applicable Benefit Plan Transfer Date, the claim shall be covered jointly under the Ashland
Global Workers’ Compensation Plan and the Valvoline Workers’ Compensation Plan and shall be equitably apportioned between them based upon the relative periods of time that the Workers’ Compensation Event transpired preceding and
following the applicable Benefit Plan Transfer Date. 
 ARTICLE VI 

Pension Plans 
 SECTION
6.01. U.S. Qualified Pension Plans. (a) (i) Assumption of Ashland Global Pension Plans. Effective as of August 1, 2016, a member of the Valvoline Group has assumed liability for the Ashland Hercules Pension Plan, and
thereafter shall be obligated to reimburse the members of the Ashland Global Group in accordance with Section 16.01 with respect to any contributions with respect to such plan and any plan-related expenses that are not payable by the Ashland
Hercules Pension Plan Trust, in each case that become payable on or after August 1, 2016. Effective as of a date prior to the date hereof, a member of the Valvoline Group assumed and became the sponsor of each of the Ashland Hercules Pension
Plan and the Ashland Hercules Pension Plan Trust, and thereafter any required contributions with respect to the Ashland Hercules Pension Plan and any plan-related expenses that are not payable by the Ashland Hercules Pension Plan Trust shall be made
by the Valvoline Group. The Parties hereby agree that 

  
 14 

 
any required contributions with respect to the Ashland Hercules Pension Plan and any plan-related expenses that are not payable by the Ashland Hercules Pension Plan Trust, in each case that
became payable prior to August 1, 2016 and had not been satisfied as of August 1, 2016, shall be Ashland Global Liabilities. 

(ii) Effective as of immediately following the assumption of the sponsorship of the Ashland Hercules Pension Plan as described
in the immediately preceding paragraph, (1) Valvoline has and shall cause the Ashland Hercules Pension Plan and the Ashland Hercules Pension Plan Trust to make any benefit payments required thereunder in respect of the benefits accrued or
deemed accrued under the Ashland Hercules Pension Plan as of the date of such assumption and thereafter and (2) the members of the Ashland Global Group shall have no further obligations to provide the participants in the Ashland Hercules
Pension Plan with benefits accrued or deemed accrued thereunder prior to, on or after the date of such assumption. Notwithstanding anything in this Agreement to the contrary, in the event that any Action results in a Liability relating to the
operation of the Ashland Hercules Pension Plan prior to the assumption of the sponsorship of such plan as described in the immediately preceding paragraph, such Liability shall be allocated among the Parties in accordance with their Proportionate
Share Factors; provided that, in the event such Action results in a requirement to provide pension benefits to a plan participant (or his or her dependents or beneficiaries), such benefits shall be paid from the Ashland Hercules Pension Plan
Trust, rather than allocated among the Parties as described in this sentence. 
 (b) Spin-Off of Certain Pension Liabilities. As of a
date prior to the date here of (such date, the “Pension Spin-Off Date”), (i) each Hopewell Pension Plan Participant ceased to participate in or accrue additional benefits under the Ashland Hercules Pension Plan and became a
participant in the CHPP, (ii) the CHPP assumed and became responsible for the benefits accrued or deemed accrued under the Ashland Hercules Pension Plan as of the Pension Spin-Off Date in respect of the Hopewell Pension Plan Participants (such
benefits, the “Transferred to CHPP Accrued Benefits”), (iii) Ashland Global has and shall cause the CHPP to make any required benefit payments in respect of the Transferred to CHPP Accrued Benefits and (iv) none of the
members of the Valvoline Group, the Ashland Hercules Pension Plan nor the Ashland Hercules Pension Plan Trust shall have any obligation to provide the Hopewell Pension Plan Participants with benefits accrued or deemed accrued under the Ashland
Hercules Pension Plan prior to, on or after the Pension Spin-Off Date. 
 (c) Asset Transfers. (i) Effective on or around the
Pension Spin-Off Date, assets, in such form as the administrator of the Ashland Hercules Pension Plan determined in its sole discretion, in an amount (the “Initial CHPP Transfer Amount”) equal to the product of (1) a reasonable
estimate of the Section 414(l) Amount and (2) 0.80, as determined by an enrolled actuary selected by Ashland Global in its sole discretion (the “Actuary”), were transferred from the Ashland Hercules Pension Plan Trust to
the CHPP Trust. 

  
 15 

 (ii) As soon as practicable following the Pension Spin-Off Date, the Parties
shall cause an additional transfer of assets in such form as the administrator of the Ashland Hercules Pension Plan shall determine in its sole discretion, (1) from the Ashland Hercules Pension Plan Trust to the CHPP Trust in an amount equal to
the Final CHPP Transfer Amount, if the Final CHPP Transfer Amount is a positive number, or (2) from the CHPP Trust to the Ashland Hercules Pension Plan Trust in an amount equal to the Final CHPP Transfer Amount, if the Final CHPP Transfer
Amount is a negative number (the date of such transfer, the “CHPP True-Up Transfer Date”). 
 (d) Filings. The
Parties shall cooperate in making all appropriate filings required under the Code and ERISA in connection with the transfers described in this Section 6.01. 

SECTION 6.02. Excess Benefit and Supplemental Pension Plans; Establishment of Valvoline Plans. (a) Effective as of August 1,
2016, a member of the Valvoline Group has assumed liability for each Ashland Global Excess Benefit and Supplemental Pension Plan, including those set forth on Schedule 6.02, and shall be obligated to reimburse the members of the Ashland
Global Group in accordance with Section 16.01 with respect to any required payments under the Ashland Global Excess Benefit and Supplemental Pension Plans made after August 1, 2016 (whether relating to Valvoline Employees, Former
Valvoline Employees, Ashland Global Employees or Former Ashland Global Employees and regardless of when accrued, earned or vested), including with respect to any Liabilities that became payable prior to, and have not been satisfied as of,
August 1, 2016. Effective as of a date prior to the date hereof (the “Excess Benefit Plan Assumption Date”), a member of the Valvoline Group assumed and became the sponsor of the Ashland Global Excess Benefit and
Supplemental Pension Plans (such plans, collectively, following such assumption, the “Valvoline Excess Benefit and Supplemental Pension Plans”). The Parties may mutually agree in writing that, for a period following the Excess
Benefit Plan Assumption Date to be agreed by the Parties, a member of Ashland Global Group shall continue to process the payments (but not otherwise assume any Liability for such payments) under the Valvoline Excess Benefit and Supplemental Pension
Plan on behalf of the applicable member of the Valvoline Group. From and after the Excess Benefit Plan Assumption Date, the members of the Valvoline Group shall be liable for all benefits accrued or deemed accrued under the Valvoline Excess Benefit
and Supplemental Pension Plans as of the Excess Benefit Plan Assumption Date (whether relating to Valvoline Employees, Former Valvoline Employees, Ashland Global Employees or Former Ashland Global Employees and regardless of when accrued, earned or
vested) and thereafter, and for all other Liabilities relating to the Valvoline Excess Benefit and Supplemental Pension Plans, including any obligations relating to the reporting of taxes and remitting the amounts of any such taxes required to be
withheld (including any Employment Taxes) to the appropriate Governmental Authority in connection with any payments to participants in such plan. All distributions from the Valvoline Excess Benefit and Supplemental Pension Plans, to the extent
applicable, shall be administered in a manner consistent with the provisions of Section 409A of the Code and the regulations promulgated thereunder. Except as required to comply with Section 409A of the Code, the members of the

  
 16 

 
Valvoline Group shall not have any obligation to allow participants in the Valvoline Excess Benefit and Supplemental Pension Plans to accrue additional benefits under such plans from and after
the Excess Benefit Plan Assumption Date. 
 (b) No Distributions. The Parties acknowledge that none of the transactions contemplated
by this Agreement shall trigger a payment or distribution of compensation under the Ashland Global Excess Benefit and Supplemental Pension Plans (or the Valvoline Excess Benefit and Supplemental Plans) for any participant therein and, consequently,
the payment or distribution of any compensation to which any such participant is entitled under such plan shall occur upon such participant’s separation from service from Valvoline or its Subsidiaries or Ashland Global or its Subsidiaries, as
applicable, or at such other time as provided pursuant to the terms of the Valvoline Excess Benefit and Supplemental Pension Plans. 
 (c)
Limitation of Liability. In no event shall any member of the Ashland Global Group have any responsibility for any failure of the Ashland Global Excess Benefit and Supplemental Pension Plans (or the Valvoline Excess Benefit and Supplemental
Pension Plans) to be administered in accordance with their terms and applicable Law, including any failure to properly administer the accounts of the participants therein and their respective beneficiaries. 

(d) No Transfer of Assets Pertaining to Excess Benefit Plan. Except as otherwise described in Section 16.01, nothing in this
Agreement shall require any member of the Ashland Global Group to transfer assets or reserves with respect to the Ashland Global Excess Benefit and Supplemental Pension Plans to any member of the Valvoline Group; provided that the Parties
hereby acknowledge that prior to the date hereof a member of the Valvoline Group assumed and became the sponsor of the Hercules Rabbi Trusts. 

SECTION 6.03. Non-U.S. Pension Plans. The Parties agree to comply with the provisions of Schedule 6.03. 

SECTION 6.04. LESOP. Effective as of a date prior to the date hereof, a member of the Valvoline Group assumed and became the sponsor of
the LESOP and the LESOP Trust and thereafter any required contributions with respect to the LESOP (whether relating to Valvoline Employees, Former Valvoline Employees, Ashland Global Employees or Former Ashland Global Employees) and any plan-related
expenses that are not payable by the LESOP Trust shall be made by a member of the Valvoline Group. At a time and in a manner to be determined by Ashland Global in its sole discretion, the LESOP shall be merged with and into a Valvoline 401(k) Plan.
The treatment of the LESOP offset accounts in connection with such merger and the treatment of any Ashland Global Common Stock in the LESOP prior to the Distribution shall be determined by Ashland Global in its sole discretion. 

  
 17 

 ARTICLE VII 

401(k) Plans 
 SECTION
7.01. Establishment of Valvoline 401(k) Plan. Effective as of no later than the applicable Benefit Plan Transfer Date, Valvoline shall establish or cause to be established one or more defined contribution plans and trusts for the benefit of
the Valvoline Employees (collectively, the “Valvoline 401(k) Plans”). Each Valvoline 401(k) Plan shall have terms substantially similar in all material respects to the Ashland Global 401(k) plan to which it most closely corresponds
(the applicable “Ashland Global 401(k) Plan”), except as otherwise determined by Ashland Global in its sole discretion. The members of the Valvoline Group shall be responsible for taking or causing to be taken all necessary,
reasonable and appropriate actions to establish, maintain and administer the Valvoline 401(k) Plans so that they qualify under Section 401(a) of the Code and the related trusts thereunder are exempted from Federal income taxation under
Section 501(a)(1) of the Code. For the avoidance of doubt, nothing in this Agreement shall be construed to require Valvoline to maintain any investment option which the fiduciaries of the Valvoline 401(k) Plan deem to be imprudent or
inappropriate for the Valvoline 401(k) Plan or which cannot be maintained without commercially unreasonable cost or administrative burden for the Valvoline 401(k) Plan and its administrator. 

SECTION 7.02. Transfer and Assumption of Liabilities. Subject to the transfer of assets described in Section 7.03 effective as of
the applicable Benefit Plan Transfer Date, Valvoline and the Valvoline 401(k) Plans shall assume and be solely responsible for all Liabilities under the corresponding Ashland 401(k) Plan for or relating to Valvoline Employees. The members of the
Valvoline Group shall be responsible for all ongoing rights of or relating to Valvoline Employees for future participation (including the right to make contributions through payroll deductions) in the Valvoline 401(k) Plans. The Ashland Global
401(k) Plans shall retain and be solely responsible for all Liabilities under the Ashland Global 401(k) Plans relating to Ashland Employees, Former Ashland Employees and Former Valvoline Employees. 

SECTION 7.03. Trust to Trust Transfer of Assets. Effective as of each applicable Benefit Plan Transfer Date, Ashland Global shall cause
the account balances (including any outstanding loan balances) in the applicable Ashland Global 401(k) Plan attributable to Valvoline Employees to be transferred in cash and in-kind (including participant loans) to the applicable Valvoline 401(k)
Plan, and Valvoline shall cause the Valvoline 401(k) Plans to accept such transfer of accounts and underlying assets. Such transfer shall be conducted in accordance with Section 414(l) of the Code, Treasury Regulation Section 1.414(l)-1
and Section 208 of ERISA. Without limiting the generality of the foregoing, the fiduciaries of the Valvoline 401(k) Plans and the Ashland Global 401(k) Plans shall cooperate in good faith to effect the transfers contemplated by this
Section 7.03 in an efficient and effective manner and in the best interests of participants and beneficiaries, including determining whether and to what extent any investments held under the Ashland Global 401(k) Plans (other than participant
loans) shall be liquidated prior to the date of such transfer in order to enable the value of such investments to be transferred to the Valvoline 401(k) Plans in cash or cash equivalents. 

  
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 SECTION 7.04. Stock Fund Considerations. (a) To the extent that Valvoline Employees
hold shares of Ashland Global Common Stock under the Valvoline 401(k) Plans, such shares will be deposited in a stock fund under the applicable Valvoline 401(k) Plan, subject to such limitations (including the ability to dispose of such shares of
Ashland Global Common Stock in accordance with the terms of the Valvoline 401(k) Plans), or the removal of such stock fund, in each case, as determined solely by Valvoline or the applicable fiduciary of the Valvoline 401(k) Plan. Following the
Distribution, Valvoline Employees shall not be permitted to acquire shares of Ashland Global Common Stock in any stock fund under the Valvoline 401(k) Plans, except for the shares of Ashland Global Common Stock held at the time of the Distribution.

 (b) To the extent that Ashland Employees, Former Ashland Employees or Former Valvoline Employees receive shares of Valvoline Common Stock
in connection with the Distribution with respect to Ashland Global Common Stock held under the Ashland Global 401(k) Plan, such shares will be deposited in the Ashland Global 401(k) Plan, subject to such limitations (including the ability to dispose
of such shares of Valvoline Common Stock in accordance with the terms of the Ashland Global 401(k) Plans), or the removal of such fund, in each case, as determined solely by Ashland Global or the applicable fiduciary of the Ashland Global 401(k)
Plan. Following the Distribution, Ashland Employees, Former Ashland Employees and Former Valvoline Employees shall not be permitted to acquire shares of Valvoline Common Stock fund under the Ashland Global 401(k) Plan, except for the shares of
Valvoline Common Stock acquired in connection with the Distribution. 
 (c) Ashland Global and Valvoline shall assume sole responsibility
for ensuring that their respective 401(k) plans are maintained in compliance with applicable laws (including the fiduciary requirements under ERISA) with respect to holding shares of their respective common stock and common stock of the other Party.

 ARTICLE VIII 

Equity-Based Incentive Compensation Awards 

SECTION 8.01. Adoption of the Valvoline Equity Incentive Plan. Effective as of no later than the Initial Public Offering, Valvoline
shall establish or cause to be established an equity-based incentive compensation plan (the “Valvoline Equity Plan”) for purposes of awarding certain Valvoline non-employee directors, officers and employees equity-based incentive
compensation on the terms and conditions set forth therein; provided that Valvoline shall not grant any equity-based incentive compensation awards pursuant to the Valvoline Equity Plan or otherwise prior to the Distribution without Ashland
Global’s prior written consent. 
 SECTION 8.02. Treatment of Outstanding Awards. The Parties shall use commercially reasonable
efforts to take all actions necessary or appropriate so that 

  
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the Ashland Global Restricted Share Units, Ashland Global Restricted Shares and Ashland Global Performance Units held by Valvoline Employees who remain employed by a member of the Valvoline Group
as of immediately following the Distribution (each a, “Continuing Valvoline Employee”), and the Ashland Global Stock Appreciation Rights held by Valvoline Employees (whether or not they are Continuing Valvoline Employees), shall be
treated as follows, in lieu of the receipt of any shares of Valvoline Common Stock with respect to such Ashland Global Equity Awards in connection with the Distribution; provided that the provisions of this Section 8.02 shall be effected
in a manner that complies with applicable law: 
 (a) Initial Public Offering. No adjustments shall be made to any Ashland Global
Equity Awards in connection with the execution of this Agreement or the Initial Public Offering. 
 (b) Stock Appreciation Rights.
Effective as of immediately prior to the Distribution, each award of Ashland Global Stock Appreciation Rights held by a Valvoline Employee (whether or not the Valvoline Employee is a continuing Valvoline Employee) that is outstanding and unexercised
as of immediately prior to the Distribution, whether vested or unvested, shall be assumed by Valvoline and converted into an award of stock appreciation rights with respect to a number of shares of Valvoline Common Stock equal to the product of
(i) the number of shares of Ashland Global Common Stock subject to such award of Ashland Global Stock Appreciation Rights as of immediately prior to the Distribution multiplied by (ii) the Equity Award Exchange Ratio, rounded down to the
nearest whole share, at a base price per share equal to the quotient of (A) the base price per share of such award of Ashland Global Stock Appreciation Rights as of immediately prior to the Distribution divided by (B) the Equity Award
Exchange Ratio, rounded up to the nearest whole cent, and otherwise on the same terms and conditions as were applicable to such award of Ashland Global Stock Appreciation Rights as of immediately prior to the Distribution. 

(c) Restricted Share Units. Effective as of immediately prior to the Distribution, each award of Ashland Global Restricted Share Units
held by a Continuing Valvoline Employee that is outstanding as of immediately prior to the Distribution shall be assumed by Valvoline and converted into an award of restricted share units with respect to a number of shares of Valvoline Common Stock
equal to the product of (i) the number of shares of Ashland Global Common Stock subject to such award of Ashland Global Restricted Share Units as of immediately prior to the Distribution multiplied by (ii) the Equity Award Exchange Ratio,
rounded to the nearest whole share, and otherwise on the same terms and conditions as were applicable to such award of Ashland Global Restricted Share Units as of immediately prior to the Distribution. 

(d) Restricted Shares. Effective as of immediately prior to the Distribution, each award of Ashland Global Restricted Shares held by a
Continuing Valvoline Employee that is outstanding as of immediately prior to the Distribution shall be assumed by Valvoline and converted into an award of a number of restricted shares of Valvoline Common Stock equal to the product of (i) the
number of shares of Ashland Global Common Stock subject to such award of Ashland Global Restricted Shares as of 

  
 20 

 
immediately prior to the Distribution multiplied by (ii) the Equity Award Exchange Ratio, rounded to the nearest whole share, and otherwise on the same terms and conditions as were
applicable to such award of Ashland Global Restricted Shares as of immediately prior to the Distribution. 
 (e) Performance Units.
Effective as of immediately prior to the Distribution, each award of Ashland Global Performance Units held by a Continuing Valvoline Employee that is outstanding as of immediately prior to the Distribution shall be assumed by Valvoline and converted
into an award of restricted share units with respect to a number of shares of Valvoline Common Stock equal to the product of (i) the number of shares of Ashland Global Common Stock subject to such award of Ashland Global Performance Units as of
immediately prior to the Distribution, determined based on the applicable Specified Performance Factor, multiplied by (ii) the Equity Award Exchange Ratio, rounded to the nearest whole share, and otherwise on the same terms and conditions as
were applicable to such award of Ashland Global Performance Units as of immediately prior to the Distribution (except that such award of restricted share units as so converted shall not be subject to any performance goals and the vesting of such
award shall be based solely on the continued service of the holder thereof, subject to any terms and conditions relating to accelerated vesting upon a termination of the holder’s employment; provided that any terms and conditions
regarding accelerated or continued vesting in connection with the holder’s retirement shall no longer apply following the Distribution). 

(f) Compliance with Applicable Law. The Parties shall take such additional or alternative actions as deemed necessary or advisable by
Ashland Global in its sole discretion in order to effectuate the foregoing provisions of this Article VIII in compliance with securities and tax Laws and other legal requirements associated with equity-based incentive compensation awards or in order
to avoid adverse legal, accounting or tax consequences for the members of the Ashland Global Group, the members of the Valvoline Group or any award holders. 

ARTICLE IX 
 Annual Bonus
Awards; Retention; Individual Agreements 
 SECTION 9.01. Annual Bonus Awards; Retention. The members of the Valvoline Group
shall be responsible for the payment of any annual bonus awards to any Valvoline Employee or Former Valvoline Employee with respect to the fiscal year ending September 30, 2016 and each fiscal year thereafter, in each case pursuant to the
applicable annual bonus award program established for the Valvoline Business for such fiscal year. Valvoline shall be responsible for the payment of any retention bonus awards to each eligible Valvoline Employee and Former Valvoline Employee,
whether pursuant to plans, agreements or arrangements sponsored or maintained by a member of the Ashland Global Group or a member of the Valvoline Group. 

SECTION 9.02. Individual Agreements. Effective as of a date prior to the date hereof, a member of the Valvoline Group has assumed
liability for each 

  
 21 

 
Individual Agreement in which any Valvoline Employee or Former Valvoline Employee, on the one hand, and any member of the Ashland Group, on the other hand, are parties, and thereafter shall be
obligated to reimburse the members of the Ashland Group in accordance with Section 16.01 with respect thereto. Without limiting the generality of the foregoing, in the event that a change in control of Ashland Global shall occur following the
date hereof and prior to the Distribution Date which would activate the protection afforded under the change in control agreements to which Ashland Global is a party, the members of the Valvoline Group shall be responsible for the payment of any
compensation and benefits that become payable under the terms of any such agreement to any Valvoline Employee who is a party to any such agreement; provided that any compensation or benefits payable by a member of the Ashland Global Group or
payable in the form of Ashland Global Common Stock shall be subject to the reimbursement obligations of the members of the Valvoline Group pursuant to Section 16.01. 

ARTICLE X 
 Deferred
Compensation Plans 
 SECTION 10.01. Establishment of Valvoline Deferred Compensation Plans. Effective as of August 1, 2016,
a member of the Valvoline Group has assumed liability under each Ashland Global Deferred Compensation Plan, including those set forth on Schedule 10.01, for, and shall be obligated to reimburse the members of the Ashland Global Group in
accordance with Section 16.01 with respect to, any required payments made to any non-employee member of the board of directors of Valvoline or any Valvoline Employee under the Ashland Global Deferred Compensation Plans after August 1,
2016, including with respect to any Liabilities that became payable prior to, and have not been satisfied as of, August 1, 2016. Effective as of no later than the Initial Public Offering, Valvoline shall establish or cause to be
established nonqualified deferred compensation plans for the benefit of eligible Valvoline Employees and Valvoline non-employee directors (the “Valvoline Deferred Compensation Plans”). The
terms of the Valvoline Deferred Compensation Plans shall be substantially similar to the terms of the Ashland Global Deferred Compensation Plans, except that (a) the plan sponsor and plan administrator of the Valvoline Deferred Compensation
Plans shall be a member of the Valvoline Group and (b) the Valvoline Deferred Compensation Plans for the benefit of Valvoline Employees shall not permit new deferrals of any compensation earned in calendar year 2016 (and, for the avoidance of
doubt, existing deferrals shall remain in effect unless expressly provided otherwise). 
 SECTION 10.02. Participation in Deferred
Compensation Plans; Allocation of Liabilities. (a) Except as required to comply with Section 409A of the Code, (i) the non-employee members of the board of directors of Valvoline shall be permitted to participate in the applicable
Valvoline Deferred Compensation Plan as of the Initial Public Offering with respect to compensation earned for their service on the board of directors of Valvoline; provided that, in the case of any non-employee member of the board of
directors of Valvoline who is set forth on Schedule 10.02 (each, a “Transitioning Director”), compensation earned for his or her service on the board of directors of Valvoline for the calendar year in which the Initial Public
Offering occurs shall be 

  
 22 

 
subject to such director’s existing election to defer (or not to defer) his or her compensation earned for service on the board of directors of Ashland Global for such calendar year,
(ii) each Transitioning Director shall be permitted to continue to participate in the applicable Ashland Global Deferred Compensation Plan with respect to compensation earned for his or her service on the board of directors of Ashland Global in
accordance with such director’s existing election to defer (or not to defer) and (iii) all balances to the credit of the Transitioning Directors under the applicable Ashland Global Deferred Compensation Plan shall be credited to the
account of such individual under the applicable Valvoline Deferred Compensation Plan effective as of the Distribution. Valvoline and the applicable Valvoline Deferred Compensation Plan shall assume and be solely responsible for all Liabilities under
the applicable Ashland Global Deferred Compensation Plan for or relating to the Transitioning Directors as of the Distribution, including all obligations relating to the reporting of taxes and remitting the amounts of any such taxes required to be
withheld (including any Employment Taxes) to the appropriate Governmental Authority. All elections made by such individual under the applicable Ashland Global Deferred Compensation Plan with respect to such balances shall remain in effect under the
applicable Valvoline Deferred Compensation Plan with respect to such balances, unless and until such elections are changed in accordance with Section 409A of the Code and the terms of the applicable Valvoline Deferred Compensation Plan. Any
such balances that are denominated or hypothetically invested in shares of Ashland Global Common Stock as of immediately prior to the Distribution shall become denominated or hypothetically invested in shares of Valvoline Common Stock, as adjusted
to preserve the value of such balance in accordance with the methodology described in Section 8.02(c). 
 (b) Except as required to
comply with Section 409A of the Code and subject to the reimbursement obligations of the members of the Valvoline Group pursuant to Section 16.01, (i) eligible Valvoline Employees shall be permitted to continue to participate in each
applicable Ashland Global Deferred Compensation Plan with respect to compensation earned in the calendar year in which the Initial Public Offering occurs, and all existing elections made by such individual under the applicable Ashland Global
Deferred Compensation Plan with respect to such calendar year shall remain in effect during the portion of such calendar year that follows the Initial Public Offering, (ii) eligible Valvoline Employees shall be permitted to participate in the
applicable Valvoline Deferred Compensation Plan with respect to the compensation earned in the calendar year following the calendar year in which the Initial Public Offering occurs and calendar years thereafter and (iii) all balances to the
credit of the Valvoline Employees under the applicable Ashland Global Deferred Compensation Plan shall be credited to the accounts of such individuals under the applicable Valvoline Deferred Compensation Plan as of January 1, 2017.
Valvoline and the applicable Valvoline Deferred Compensation Plan shall assume and be solely responsible for all Liabilities under the applicable Ashland Global Deferred Compensation Plan for or relating to such Valvoline Employees as of
January 1, 2017, including all obligations relating to the reporting of taxes and remitting the amounts of any such taxes required to be withheld (including any Employment Taxes) to the appropriate Governmental Authority. All elections made by
each such plan participants under the applicable Ashland Global Deferred Compensation Plan with respect to such balances shall remain in effect under the applicable Valvoline 

  
 23 

 
Deferred Compensation Plan with respect to such balances, unless and until such elections are changed in accordance with Section 409A of the Code and the terms of the applicable Valvoline
Deferred Compensation Plan. Any such balances that are denominated or hypothetically invested in shares of Ashland Global Common Stock as of immediately prior to January 1, 2017 that remain so denominated or invested as of the Distribution
shall become denominated or hypothetically invested in shares of Valvoline Common Stock effective as of the Distribution, as adjusted to preserve the value of such balances in accordance with the methodology described in Section 8.02(c). 

SECTION 10.03. No Distributions. The Parties acknowledge that none of the transactions contemplated by this Agreement shall trigger a
payment or distribution of compensation under the Ashland Global Deferred Compensation Plans or Valvoline Deferred Compensation Plans for any Valvoline Employees or Valvoline non-employee directors and, consequently, the payment or distribution of
any compensation to which any such employee or non-employee director is entitled under such plans will occur upon such employee’s or such non-employee director’s separation from service from Valvoline or its Subsidiaries, as applicable, or
at such other time as provided pursuant to the terms of the applicable plan. 
 SECTION 10.04. Limitation of Liability. In no event
shall the members of the Ashland Global Group have any responsibility for any failure of the Ashland Global Deferred Compensation Plans or the Valvoline Deferred Compensation Plans to be administered in accordance with their terms and applicable
Law, including any failure to properly administer the accounts of Valvoline Employees and Valvoline non-employee directors and their respective beneficiaries in such Valvoline Deferred Compensation Plans. 

SECTION 10.05. No Transfer of Assets Pertaining to Deferred Compensation Plans. Except as otherwise described in Section 16.01,
nothing in this Agreement shall require any member of the Ashland Global Group or the Ashland Global Deferred Compensation Plans to transfer assets or reserves with respect to the Ashland Global Deferred Compensation Plans to any member of the
Valvoline Group or the Valvoline Deferred Compensation Plans; provided that the Parties hereby acknowledge that prior to the date hereof a member of the Valvoline Group assumed and became the sponsor of the Hercules Rabbi Trusts. 

ARTICLE XI 
 Vacation and Other
Paid Time Off 
 SECTION 11.01. Vacation and Other Paid Time Off. Effective as of August 1, 2016, a member of the Valvoline
Group has assumed Liability for vacation and other paid time off benefits accrued or earned (but not yet taken) by the Valvoline Employees as of August 1, 2016 or accrued or earned by Valvoline Employees thereafter, and shall be obligated to
reimburse the members of the Ashland Global Group in accordance with Section 16.01 with respect to required payments to the Valvoline Employees in lieu of such vacation or other paid time off benefits pursuant to applicable Law or any
applicable works council, collective bargaining or other labor union agreement. 

  
 24 

 ARTICLE XII 

Retiree Medical and Welfare Liabilities 

SECTION 12.01. Assumption of Liabilities. Effective as of August 1, 2016, a member of the Valvoline Group (a) has
assumed Liability for all post-employment retiree medical, dental and life insurance benefits in the United States (whether relating to Valvoline Employees, Former Valvoline Employees, Ashland Global Employees or Former Ashland Global Employees and
regardless of when accrued, earned or vested), including any such Liabilities arising under the Ashland Inc. Medical Plan; provided, however, that Valvoline has not assumed, and the members of the Ashland Global Group shall retain, any
such Liabilities relating to (i) the Hercules Incorporated Executive Survivor Benefit Plans (Plan I and Plan II) and (ii) post-employment retiree medical, dental and life insurance benefits associated with any collective bargaining agreements other
than those set forth on Schedule 3.01, and (b) shall be obligated to reimburse the members of the Ashland Group in accordance with Section 16.01 with respect to required payments of any such Liabilities so assumed by such member of the
Valvoline Group, including any Liabilities that became payable prior to, and have not been satisfied as of, August 1, 2016. 
 ARTICLE
XIII 
 Non-Solicitation 

SECTION 13.01. Non-Solicitation. (a) During the period commencing on the Distribution Date and concluding on the one-year anniversary thereof, Ashland Global agrees that neither it nor any member of the Ashland Global Group shall, without Valvoline’s prior written consent, directly or indirectly (including through a
representative of a member of the Ashland Global Group) solicit for employment or to provide services (whether as a director, officer, employee, consultant or temporary employee) any person who is at such time, or who at any time during the
three-month period prior to such time had been, employed by or providing services to a member of the Valvoline Group (whether as a director, officer, employee, consultant or temporary employee), except that this Section 13.01(a) shall not
preclude any member of the Ashland Global Group or any other person from entering into discussions with or soliciting any person (i) who responds to any public advertisement or general solicitation; provided that the soliciting party did
not instruct such agency to target such person specifically, (ii) who initiates discussions with the soliciting party regarding such employment on his or her own initiative and without direct solicitation by the soliciting party or its
representatives, or (iii) at any time after the date of such person’s termination of employment or services by a member of the Valvoline Group without cause. 

(b) During the period commencing on the Distribution Date and concluding on the one-year anniversary thereof, Valvoline agrees that neither it
nor any member of the Valvoline Group shall, without Ashland Global’s prior written consent, 

  
 25 

 
directly or indirectly (including through a representative of a member of the Valvoline Group) solicit for employment or to provide services (whether as a director, officer, employee, consultant
or temporary employee) any person who is at such time, or who at any time during the three-month period prior to such time had been, employed by or providing services to a member of the Ashland Global Group, except that this Section 13.01(b)
shall not preclude any member of the Valvoline Group or any other person from entering into discussions with or soliciting any person (i) who responds to any public advertisement or general solicitation; provided that the soliciting
party did not instruct such agency to target such person specifically, (ii) who initiates discussions with the soliciting party regarding such employment on his or her own initiative and without direct solicitation by the soliciting party or
its representatives or (iii) at any time after the date of such person’s termination of employment or services by a member of the Ashland Global Group without cause. 

ARTICLE XIV 
 Payroll Services

 SECTION 14.01. Payroll Services. Subject to the obligations of the Parties as set forth in the TSA or RTSA, as
applicable, as of no later than the Initial Public Offering, (a) the members of the Valvoline Group shall be solely responsible for providing payroll services (including for any payroll period already in progress) to the Valvoline Employees and
Former Valvoline Employees and for any Liabilities with respect to garnishments of the salary and wages thereof and (b) the members of the Ashland Global Group shall be solely responsible for providing payroll services (including for any
payroll period already in progress) to the Ashland Global Employees and Former Ashland Global Employees and for any Liabilities with respect to garnishments of the salary and wages thereof. Notwithstanding the foregoing, the Parties shall cooperate
to provide such payroll services to Former Valvoline Employees. 
 ARTICLE XV 

Cooperation; Access to Information; Litigation; Confidentiality 

SECTION 15.01. Cooperation. Following the date of this Agreement, the Parties shall, and shall cause their respective Subsidiaries to,
use commercially reasonable efforts to cooperate with respect to any employee compensation or benefits matters that either Party reasonably determines require the cooperation of the other Party in order to accomplish the objectives of this
Agreement; provided that Ashland Global shall determine in its sole discretion which (if any) tax or securities filings, rulings or other actions to pursue prior to the Distribution regarding the treatment of Ashland Global Equity Awards in
connection with the Distribution; provided, further, that any Liabilities that may be incurred as a result of the Parties taking or failing to take any such actions shall be Valvoline Liabilities if related to Valvoline Employees or
Former Valvoline Employees and shall be Ashland Global Liabilities if related to Ashland Global Employees or Former Ashland Global Employees. Without limiting the generality of the preceding sentence, (a) the Parties shall cooperate in
connection with any audits of any 

  
 26 

 
Benefit Plan with respect to which such Party may have Information, (b) the Parties shall cooperate in connection with any audits of their respective payroll services (whether by a
Governmental Authority in the U.S. or otherwise) in connection with the services provided by one Party to the other Party, (c) the Parties shall cooperate in connection with administering the Ashland Global Benefit Plans, Valvoline Benefit
Plans, Ashland Global Welfare Plans and Valvoline Welfare Plans and (d) Ashland Global and Valvoline shall cooperate in good faith in connection with the notification and consultation with works councils, labor unions and other employee
representatives of employees of the Ashland Global Group and the Valvoline Group. The obligations of the Ashland Global Group and the Valvoline Group to cooperate pursuant to this Section 15.01 shall remain in effect until the later of
(i) the date all audits of all Benefit Plans with respect to which a Party may have Information have been completed or (ii) the date the applicable statute of limitations with respect to such audits has expired. 

SECTION 15.02. Access to Information; Litigation; Confidentiality. Article VII of the Separation Agreement is hereby incorporated into
this Agreement mutatis mutandi. 
 ARTICLE XVI 

Reimbursements 
 SECTION
16.01. Reimbursements by the Valvoline Group. (a) Promptly following the last business day of each calendar month ending following the date hereof, Ashland Global shall provide Valvoline with one or more invoices, in each case including
reasonable substantiating documentation, that set forth the aggregate costs, if any, incurred by any member of the Ashland Global Group during such month (or, in the case of the first calendar month ending after the date hereof, the aggregate costs
incurred by any member of the Ashland Global Group on or following August 1, 2016) relating to compensation and benefits provided to the Valvoline Employees and Former Valvoline Employees, including: 

(i) as a result of participation in the Ashland Global Benefit Plans or pursuant to an Individual Agreement (including any
change in control agreement described in Section 12.01), including any 401(k) employer-matching contributions and 401(k) profit-sharing contributions in an Ashland Global 401(k) Plan; 

(ii) in respect of reimbursement and non-reimbursement claims incurred under the Ashland Global Welfare Plans and continued
health care coverage under COBRA; and 
 (iii) relating to the coverage of a workers’ compensation claim under the
Ashland Global Workers’ Compensation Plan (or, in the case of any Workers’ Compensation Event that occurs over a period both preceding and following the applicable Benefit Plan Transfer Date, the coverage of the portion of such claim
relating to the time that the applicable Workers’ Compensation Event transpired 

  
 27 

 
prior to the applicable Benefit Plan Transfer Date (in which case the remainder of such claim shall be covered under a Valvoline Workers’ Compensation Plan, as described in
Section 5.03, and shall not be subject to reimbursement under this Section 16.01)); 
 as well as any costs of other obligations or Liabilities
that a member of the Ashland Global Group elects to, or is compelled to, pay or otherwise satisfy that are or that pursuant to this Agreement have become the responsibility of the members of the Valvoline Group, in each case including any such
Liabilities that became payable prior to, but have not been satisfied as of, August 1, 2016. 
 (b) The costs incurred by the members
of the Ashland Global Group with respect to compensation paid to Valvoline Employees and Former Valvoline Employees in the form of Ashland Global Common Stock (whether pursuant to an Ashland Global Equity Award, an Ashland Global Deferred
Compensation Plan or an Individual Agreement) shall be determined based on the closing stock price of Ashland Global Common Stock on the New York Stock Exchange Composite Tape on the date of such payment. Any reimbursement made pursuant to this
Section 16.01(b) shall be treated by the Parties for all tax purposes as purchase price or partial purchase price for such shares of Ashland Global Common Stock. 

(c) The costs described in clauses (ii) and (iii) of Section 16.01(a) shall be determined based on a fixed percentage of the
total costs incurred under the applicable plan with respect to such period, determined in a manner that is consistent with the Parties’ practices for allocating such costs among the Ashland Global Business and the Valvoline Business as of the
date hereof; provided that such percentage shall equal 100% in the case of the Valvoline Instant Oil Change hourly welfare benefit plans. 

(d) Within 20 business days following the receipt by Valvoline of each such invoice, Valvoline shall pay Ashland Global an amount in cash
equal to the aggregate amounts set forth thereon. In no event shall any member of the Valvoline Group be required to reimburse any member of the Ashland Global Group for any costs (i) that are charged directly to the members of the Valvoline
Group in the ordinary course of business consistent with past practice, (ii) with respect to any Ashland Global Liabilities or (iii) for which the Ashland Global Group is reimbursed in respect of a payment provided under an Ashland Global
Benefit Plan to the extent such reimbursement reduces the assets in a Hercules Rabbi Trust. 
 (e) All invoices provided pursuant to this
Article XVIII shall be denominated in U.S. dollars. 
 (f) For the avoidance of doubt, no reimbursement made pursuant to this
Section 16.01 shall be treated by the Parties for tax purposes as a distribution from Valvoline to Ashland Global immediately prior to the Distribution or as consideration for any property contributed to a member of the Valvoline Group in
connection with the transactions contemplated by this Agreement, the Separation Agreement and the Ancillary Agreements. 

  
 28 

 ARTICLE XVII 

Termination 
 SECTION
17.01. Termination. This Agreement may be terminated by Ashland Global at any time, in its sole discretion, prior to the Separation (as defined in the Separation Agreement); provided that this Agreement shall automatically terminate
upon the termination of the Separation Agreement in accordance with its terms. 
 SECTION 17.02. Effect of Termination. In the event
of any termination of this Agreement in accordance with Section 17.01, none of the Parties (or any of their directors or officers) shall have any Liability or further obligation to any other Party under this Agreement. 

ARTICLE XVIII 
 Miscellaneous

 SECTION 18.01. Counterparts; Entire Agreement; Corporate Power. This Agreement may be executed in one or more counterparts,
all of which counterparts shall be considered one and the same agreement, and shall become effective when one or more counterparts have been signed by each Party and delivered to the other Party. This Agreement may be executed by facsimile or PDF
signature and a facsimile or PDF signature shall constitute an original for all purposes. 
 SECTION 18.02. Governing Law;
Jurisdiction. This Agreement shall be governed by, and construed in accordance with, the Laws of the State of New York, regardless of the Laws that might otherwise govern under applicable principles of conflicts of Laws thereof. Each Party
irrevocably consents to the exclusive jurisdiction, forum and venue of the Commercial Division of the Supreme Court of the State of New York, New York County and the United States District Court for the Southern District of New York
over any and all claims, disputes, controversies or disagreements between the Parties or any of their respective Subsidiaries, Affiliates, successors and assigns under or related to this Agreement or any document executed pursuant to this Agreement
or any of the transactions contemplated hereby or thereby. 
 SECTION 18.03. Assignability. Neither this Agreement nor any of the
rights, interests or obligations under this Agreement shall be assigned, in whole or in part, by operation of Law or otherwise by either Party without the prior written consent of the other Party. Any purported assignment without such consent shall
be void. Subject to the preceding sentences, this Agreement shall be binding upon, inure to the benefit of, and be enforceable by, the Parties and their respective successors and assigns. Notwithstanding the foregoing, either Party may assign this
Agreement without consent in connection with (a) a merger transaction in which such Party is not the surviving entity and the surviving entity acquires or assumes all or substantially all of such Party’s assets, or (b) the sale of all
or substantially all of such Party’s assets; provided, however, that the assignee expressly assumes in writing all of the obligations of the assigning Party under 

  
 29 

 
this Agreement, and the assigning Party provides written notice and evidence of such assignment and assumption to the non-assigning Party. No assignment permitted by this Section 18.03 shall
release the assigning Party from liability for the full performance of its obligations under this Agreement. 
 SECTION 18.04.
Third-Party Beneficiaries. Except for the indemnification rights under the Separation Agreement of any Ashland Global Indemnitee or Valvoline Indemnitee (as such terms are defined in the Separation Agreement) in their respective capacities as
such, (a) the provisions of this Agreement are solely for the benefit of the Parties hereto and are not intended to confer upon any Person (including any Valvoline Employee, Former Valvoline Employee, Ashland Global Employee or Former Ashland
Global Employee, or any beneficiary or dependent thereof) except the Parties hereto any rights or remedies hereunder and (b) there are no third-party beneficiaries of this Agreement and this Agreement shall not provide any third person
(including any Valvoline Employee, Former Valvoline Employee, Ashland Global Employee or Former Ashland Global Employee, or any beneficiary or dependent thereof) with any remedy, claim, liability, reimbursement, cause of action or other right in
excess of those existing without reference to this Agreement and (c) nothing contained in this Agreement shall be treated as an amendment to any Valvoline Benefit Plan or Ashland Global Benefit Plan or prevent the members of the Valvoline Group
or the members of the Ashland Global Group from amending or terminating any Benefit Plans. 
 SECTION 18.05. Notices. All notices or
other communications under this Agreement shall be in writing and shall be deemed to be duly given when (a) delivered in person, (b) on the date received, if sent by a nationally recognized delivery or courier service, or (c) upon the
earlier of confirmed receipt or the fifth business day following the date of mailing if sent by registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 

If to Ashland Global, to: 

ASHLAND HOLDINGS INC. 
 50 E.
RiverCenter Blvd. 
 Covington, KY 41011 

Attn: Peter J. Ganz 
 e-mail:
PGanz@ashland.com 
 with a copy to: 

Cravath, Swaine & Moore LLP 

Worldwide Plaza 
 825 Eighth
Avenue 
 New York, NY 10019 

Attn: Susan Webster and Thomas E. Dunn 

e-mail: swebster@cravath.com, tdunn@cravath.com 

Facsimile: (212) 474-3700 

  
 30 

 If to Valvoline, to: 

VALVOLINE INC. 
 3499 Blazer
Parkway 
 Lexington, KY 40509 

Attn: Julie M. O’Daniel 

e-mail: JMODaniel@valvoline.com 

Either Party may, by notice to the other Party, change the address to which such notices are to be given. 

SECTION 18.06. Severability. If any provision of this Agreement or the application thereof to any Person or circumstance is determined
by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions hereof, or the application of such provision to Persons or circumstances or in jurisdictions other than those as to which it has been held invalid or
unenforceable, shall remain in full force and effect and shall in no way be affected, impaired or invalidated thereby, so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially
adverse to either Party. Upon any such determination, any such provision, to the extent determined to be invalid, void or unenforceable, shall be deemed replaced by a provision that such court determines is valid and enforceable and that comes
closest to expressing the intention of the invalid, void or unenforceable provision. 
 SECTION 18.07. Headings. The article, section
and paragraph headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. 

SECTION 18.08. Survival of Covenants. Except as expressly set forth in this Agreement, the covenants in this Agreement and the
liabilities for the breach of any obligations in this Agreement shall survive the Initial Public Offering and the Distribution, as applicable, and shall remain in full force and effect. 

SECTION 18.09. Specific Performance. In the event of any actual or threatened default in, or breach of, any of the terms, conditions
and provisions of this Agreement, the affected Party shall have the right to specific performance and injunctive or other equitable relief of its rights under this Agreement, in addition to any and all other rights and remedies at Law or in equity,
and all such rights and remedies shall be cumulative. The other Party shall not oppose the granting of such relief on the basis that money damages are an adequate remedy. The Parties agree that the remedies at Law for any breach or threatened breach
hereof, including monetary damages, are inadequate compensation for any loss and that any defense in any action for specific performance that a remedy at Law would be adequate is waived. Any requirements for the securing or posting of any bond with
such remedy are waived. 
 SECTION 18.10. Amendments. No provisions of this Agreement shall be deemed waived, amended, supplemented
or modified by any Party, unless such waiver, amendment, supplement or modification is in writing and signed by the authorized representative of each Party. 

  
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 SECTION 18.11. Interpretation. Words in the singular shall be held to include the plural
and vice versa and words of one gender shall be held to include the other gender as the context requires. The terms “hereof”, “herein” and “herewith” and words of similar import, unless otherwise stated, shall be
construed to refer to this Agreement as a whole (including all of the schedules hereto) and not to any particular provision of this Agreement. Article, Section or Schedule references are to the articles, sections and schedules of or to this
Agreement unless otherwise specified. Any capitalized terms used in any Schedule to this Agreement but not otherwise defined therein shall have the meaning as defined in this Agreement. Any reference herein to this Agreement, unless otherwise
stated, shall be construed to refer to this Agreement as amended, supplemented or otherwise modified from time to time, as permitted by Section 18.10. The word “including” and words of similar import when used in this Agreement shall
mean “including, without limitation”, unless the context otherwise requires or unless otherwise specified. The word “or” shall not be exclusive. All references here in to the “Distribution” and the “Distribution
Date” shall be construed to refer to an “Other Disposition” (as defined in the Separation Agreement) or the date of an “Other Disposition”, as applicable. 

[Remainder of page left intentionally blank] 

  
 32 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed by their duly
authorized representatives. 
  

			
	ASHLAND GLOBAL HOLDINGS INC.,
		
	By	 	 /s/ Peter J. Ganz

		 	Name: Peter J. Ganz
		 	Title: Senior Vice President, General Counsel,           and Secretary
	
	VALVOLINE INC.,
		
	By	 	 /s/ Julie O’Daniel

		 	Name: Julie O’Daniel
		 	Title: General Counsel and Corporate Secretary

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