Document:

Form of 2005 Stock Incentive Plan Performance Share Award, as amended

 Exhibit 10.7 
 THE LUBRIZOL CORPORATION 
 2005 STOCK INCENTIVE PLAN 
 PERFORMANCE SHARE AWARD 
 THIS
PERFORMANCE SHARE AWARD, dated this      day of             , 2        , (the “Grant Date”) by The
Lubrizol Corporation (the “Company”) to
                                        ,
an employee of the Company and/or a Subsidiary (as defined in the Plan). 
 The following terms and provisions apply to this Performance
Share Award: 
 1. The Company hereby grants to you, under the provisions of Section 9 of the Company’s 2005 Stock Incentive Plan, as amended (the
“Plan”), the number of Company Common Shares, without par value, in accordance with the three-year performance target approved by the Organization and Compensation Committee. The Company Common Shares granted hereunder are referred to
herein as the “Shares”. 
 2. If there is a Change in Control, as defined under the Plan, prior to the receipt of Shares under Section 1,
above, you will receive a pro-rata number of Shares within 60 days after the Change in Control. The pro-rata number of Shares will be determined as shown on Exhibit A attached to this Award. 
 3. If you separate from service due to retirement (either normal or early retirement) prior to the receipt of Shares pursuant to Section 1, above, you will receive
a pro-rata number of Shares between the January 1 and March 15 of the year following the end of the three-year cycle based on the number of full months which have elapsed since the date of this Award at the time or your separation from
service or death. In no event will the payment of Shares be made earlier than six months after your separation from service due to retirement. 
 If you separate from service due to death prior to the receipt of Shares pursuant to Section 1, above, your beneficiary will receive a pro-rata number of Shares between the January 1 and March 15 of the year following the end
of the three-year cycle based on the number of full months which have elapsed since the date of this Award at the time or your service or death. If the Company does not have a beneficiary election on file at the time of your death, the Shares will
be issued to your spouse, or if your spouse is not living at the time of issuance, your children who are living, or if you have no living children at the time of issuance, your estate. 
 If you separate from service (voluntarily or involuntarily) for any other reason prior to the receipt of Shares pursuant to Section 1, above, you
will forfeit any Shares under this Award, unless otherwise specifically approved by the Committee, upon the recommendation of the Chief Executive Officer. 
 4. The Award is not transferable by you during your life. 
 5. Prior to the issuance of Shares to you, you will not be a shareholder of the Company
and you will have no rights under the Award as a shareholder of the Company. No dividends or other amount will be allocated or paid to you with respect to the Award. 
 6. If there is a stock split, reverse stock split or stock dividend, the number of Shares specified in Section 1, above will be increased or decreased in direct proportion to the increase or decrease in the
number of Company Shares by reason of the stock split, reverse stock split or stock dividend. 
  

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 7. Shares will not be distributed under this Award if the issuance of the Shares would violate: 
  

	 	(a)	any applicable state securities law; 

  

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

  

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

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

	8.	(a) When the Common Shares are distributable to you pursuant to Section 1, above, you may be subject to income and other taxes on the value of the Shares on the date of
distribution. The Company will withhold a sufficient number of Shares that will provide for the federal, state and/or local income tax at the rates then applicable for supplemental wages, unless otherwise requested by you, but in no event less than
the statutory minimums for tax withholding. 

 (b) For purposes of determining the number of Common Shares that are to be
withheld to provide for the tax withholding pursuant to Section 8(a), Common Shares will be valued at the closing price of a Common Share on the New York Stock Exchange on the date Shares are distributable to you. If the determination of the
tax withholding requires the withholding of a fractional Share, the Company shall withhold the nearest whole number of Shares needed to pay the tax withholding, rounded up, and remit to you in cash the amount of the excess after the withholding
taxes have been satisfied. 
 9. Prior to the distribution of Shares pursuant to Section 1, the Committee has the right in its sole discretion to reduce
the amount of this Award. 
 10. The Committee has conclusive authority, subject to the express provisions of the Plan, as in effect from time to time, and
this Award, to interpret this Award and the Plan, and to establish, amend and rescind rules and regulations for the administration of the Plan. The Committee may correct any defect or supply any omission or reconcile any inconsistency in this Award
in the manner and to the extent it deems expedient to carry the Plan into effect, and it is the sole and final judge of such expediency. The Board of Directors of the Company may from time to time grant to the Committee such further powers and
authority as the Board determines to be necessary or desirable. 
  

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 11. You must hold any Shares that are distributed to you under this Award at least until you have met your Share
ownership guideline. 
 12. Notwithstanding any other provision of this Award, your Award will be subject to all of the provisions of the Plan in force from
time to time. 
  

			
	THE LUBRIZOL CORPORATION
		
	By	 	  

		 	James L. Hambrick
		 	Chairman, President and CEO

  

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 EXHIBIT A 
 Determination of Pro-Rata Common Shares Upon a Change in Control Under Section 2 
 Pursuant to the
terms of Section 2, the number of pro-rata Common Shares upon a Change in Control will be determined as follows: 
  

	1.	No payout if 12 months has not elapsed since the date of this Award. 

  

	2.	If more than 12 months has elapsed since the date of this Award: 

 (a) Determine the measurement growth rate for each full year that has elapsed in the 3-year period as of the date of the Change in Control, 
 (b) The 3-year cumulative measurement growth will be imputed as either the 1-year measurement growth (if the Change in Controls occurs during the second year) or the 2-year cumulative measurement growth (if the Change in Control occurs
during the third year). 
 (c) Payout is then pro-rated based on number of full months that have elapsed since the date of this Award, payable
within 60 days after the Change in Control. 
  

 4Annual Incentive Pay Plan, as amended

 Exhibit 10.8 
 THE LUBRIZOL CORPORATION 
 ANNUAL INCENTIVE PAY PLAN 
 (As Amended September 23, 2008) 
 INTRODUCTION 
 The Lubrizol Corporation (hereinafter referred to as the “Corporation”) hereby establishes, effective as of January 1, 2008, The Lubrizol
Corporation Annual Incentive Pay Plan (hereinafter referred to as the “Plan”) in order to provide an award for employees which reflects the pursuit of superior performance, increased customer satisfaction and enhancement of shareholder
value. Awards for participating employees under the Plan shall depend upon corporate performance measures as determined by the Committee for the Plan Year. 
 Except as otherwise provided, the Plan shall be administered by the Organization and Compensation Committee (hereinafter referred to as the “Committee”) of the Board of Directors of the Corporation. The
Committee shall have conclusive authority to construe and interpret the Plan and any agreements entered into under the Plan and to establish, amend, and rescind rules and regulations for its administration. The Committee shall also have any
additional authority as the Board may from time to time determine to be necessary or desirable. 
 ARTICLE I 
 DEFINITIONS 
 1.01 Definitions.
The following terms shall have the indicated meanings for purposes of the Plan: 
  

	 	(a)	“Board” shall mean the Board of Directors of the Corporation. 

  

	 	(b)	“Chief Executive Officer” shall mean the chief executive officer of the Corporation. 

  

	 	(c)	“Committee” shall mean the Organization and Compensation Committee of the Board, or other designated committee of the Board, consisting of persons who are not Employees or
International Employees. 

  

	 	(d)	“Corporation” shall mean The Lubrizol Corporation, a corporation organized under the laws of the State of Ohio. 

  

	 	(e)	“Director” shall mean a member of the Board. 

  

	 	(f)	‘“Employee” shall mean any person other than an Officer, who is employed for a wage or salary by the Corporation or a domestic Subsidiary. 

 

	 	(g)	“International Employee” shall mean any person who is employed for a wage or salary by an international Subsidiary of the Corporation. 

  

	 	(h)	“International Participant” shall mean any International Employee who has been selected by the Committee pursuant to Article VI of the Plan, and who has not for any reason
becomes ineligible to participate in the Plan. 

  

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	 	(i)	“Individual Award” shall mean the amount paid (or to be paid) to a Participant or International Participant, as the case may be, by the Corporation pursuant to the Plan.

  

	 	(j)	“Individual Target Award” shall have the definition, and shall be determined, as set forth in Section 3.02 herein. 

  

	 	(k)	“Officer” shall mean an employee of the Corporation or a Subsidiary who is a member of the Executive Council of the Corporation. 

  

	 	(l)	“Participant” shall mean all Officers, and any Employee who has been selected by the Committee pursuant to Article II herein to participate in the Plan, and have not for
any reason become ineligible to participate in the Plan. 

  

	 	(m)	“Pay” shall be determined at the time of calculating the Individual Performance Shares and shall be the Participant’s base pay. 

  

	 	(n)	“Plan” shall mean The Lubrizol Corporation Annual Incentive Pay Plan, effective January 1, 2008. 

  

	 	(o)	“Plan Year” shall mean each twelve-month period commencing January 1 and ending December 31. 

  

	 	(p)	“Subsidiary” shall mean any corporation, international or domestic, that is wholly or partially (but not less than 50%) owned directly or indirectly by the Corporation.

 1.02 Construction. Where necessary or appropriate to the meaning of a word, the singular shall be deemed to include
the plural, the plural to include the singular, the masculine to include the feminine, and the feminine to include the masculine. 
 ARTICLE
II 
 ELIGIBILITY AND PARTICIPATION 
 2.01 Eligibility. All Employees and Officers shall be eligible to participate in the Plan. 
 2.02
Participation. All Officers shall participate in the Plan. In addition, the Committee shall determine which Employees shall participate in the Plan for each Plan Year. The Committee may also determine which Employees hired during the Plan
Year shall participate in the Plan for such Plan Year. The Committee’s selection of Participants shall be after considering recommendations presented to it by the Chief Executive Officer. 
 ARTICLE III 
 INDIVIDUAL AWARDS 
 3.01 In General. At the time the Committee selects Participants for any Plan Year, the Committee shall, after consideration of the recommendations
of the Chief Executive Officer, establish, for each Plan Year, an Individual Target Award for each Participant. After the end of the Plan Year Individual Awards are paid. 
 3.02 Calculation of Individual Award. The Individual Award shall be calculated in the following manner: 
  

	 	(a)	The Participant’s Individual Target Award is determined by multiplying the Participant’s Pay by a designated target percentage, which shall take into account the
Participant’s position in the Corporation. Such designated target, percentage, as well as maximum and threshold percentages, shall be determined by the Committee. 

  

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	 	(b)	At the beginning of each Plan Year, the Committee approves annual performance scorecards at the corporate and segment level and specifies the scorecard(s) that apply to a
Participant. The Chief Executive Office approves annual performance scorecards below the segment level. 

  

	 	(c)	After the end of the Plan Year, the Board approves the Individual Awards based on actual performance for the Plan Year under the annual performance scorecard(s) that apply to the
Participant. 

 Individual Target Awards may be either increased or decreased, at any time, or from time to time, during a Plan
Year, for any Participant at the sole discretion of the Committee in order to reflect any change in the individual contribution under the formula set forth in this Section 3.02. 
 3.03 Time and Method of Payment of Individual Awards. In the event the Committee determines that a Participant is entitled to an Individual Award,
the Corporation shall pay such Individual Award to that Participant between January 1 and March 15 following the close of the Plan Year. A Participant who separates from service or dies after the Plan Year but prior to the payment of an
Individual Award shall be eligible to receive any payment under this Plan. A Participant who separates from service prior to the end the Plan Year will not be eligible for payment hereunder, unless otherwise specifically approved by the Committee,
upon the recommendation of the Chief Executive Officer. 
 3.04 Conditions. Anything contained herein to the contrary notwithstanding,
the payment of Individual Awards to Participants with respect to any Plan Year is conditioned upon the availability of adequate corporate profits for the Corporation’s fiscal year coinciding with any Plan Year. The determination of whether
adequate corporate profits exist shall be made by the Board in its sole and unrestricted judgment and discretion and such determination shall be conclusive and binding. 
 ARTICLE IV 
 AWARDS FOR INTERNATIONAL EMPLOYEES 
 4.01 Participation. The Committee shall determine which International Employees shall participate in the Plan for each Plan Year. The
Committee’s selection of International Participants shall be made after considering recommendations presented to it by the Chief Executive Officer. 
 4.02 Individual Awards. At the time the Individual Awards are determined for Participants, the Committee shall, in its discretion, after consideration of the recommendations of the Chief Executive Officer,
establish for each Plan Year Individual Awards for each International Participant. 
 4.03 Payment of Awards. Individual Awards to
each International Participant shall be paid by the international Subsidiary that is the employer of such International Participant at the same time and under the same conditions as payment is made to Participants under Sections 3.03 and 3.04. All
payments shall be converted from the U.S. dollar measurement under the Plan to the currency of the 

  

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country of such Subsidiary at the currency exchange rate in effect at the time the Individual Award is determined. All applicable withholding taxes shall be
withheld from the distribution and remitted by the international subsidiary to the appropriate taxing authority. 
 ARTICLE V 
 CHANGE OF CONTROL 
 5.01
Effect of Change in Control. In the event a Change in Control of the Corporation (as defined in Section 5.02) occurs prior to final determination by the Committee of the amounts of Individual Awards to be paid under the Plan with respect
to any Plan Year, the Committee shall calculate such Individual Awards as soon as practicable after such Change in Control. Individual Awards shall be based upon accruals by the Corporation up to the time of such Change in Control and Individual
Awards shall be calculated in accordance with Sections 3.02 and 4.02 herein. Payment of such Individual Awards shall be made within sixty (60) days after the Change in Control. 
 5.02 For all purposes of the Plan, a “Change in Control of the Corporation” shall have occurred if any of the following events shall occur:

  

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

  

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

  

	 	(c)	The date a majority of members of the Corporation’s Board of Directors is replaced during any 12-month period by Directors whose appointment or election is not endorsed by a
majority of the members of the Corporation’s Board of Directors before the date of the appointment or election. 

  

	 	(d)	The date that any one person, or more than one person acting as a group, acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by
such person or persons) assets from the Corporation that have a total gross fair market value equal to or more than 40% of the total gross fair market value of all of the assets of the Corporation immediately before the acquisition or acquisitions.

 Notwithstanding the foregoing, a Change of Control shall have only occurred in accordance with the regulations promulgated
under Section 409A of the Internal Revenue Code of 1986, as amended. 
 ARTICLE VI 
 ADMINISTRATION 
 6.01 Plan
Administrator. The Committee shall be the Plan administrator. 
  

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 6.02 Duties of Plan Administrator. 
  

	 	(a)	The Committee shall administer the Plan in accordance with its terms and shall have all powers necessary to carry out the provisions of the Plan including, but not limited to, the
following: 

  

	 	(1)	Determination of Employees and International Employees who are eligible for Plan participation; and 

  

	 	(2)	Determination of the Individual Awards to be paid to Participants for each Plan Year. 

  

	 	(b)	The Committee shall interpret the Plan and shall resolve all questions arising in the administration, interpretation, and application of the Plan. Any such determination of the
Committee shall be conclusive and binding on all persons. 

  

	 	(c)	The Committee shall establish such procedures and keep such records or other data as the Committee in its discretion determines necessary or proper for the administration of the
Plan. 

  

	 	(d)	The Committee may delegate administrative responsibilities to such person or persons as the Committee deems necessary or desirable in connection with the administration of the Plan.

 ARTICLE VII 
 MISCELLANEOUS 
 7.01 Unfunded Plan. The Corporation shall be under no obligation to segregate or reserve any funds or
other assets for purposes relating to this Plan and no Participant or International Participant shall have any rights whatsoever in or with respect to any funds or assets of the Corporation. 
 7.02 Non-Alienation. No anticipated payment of any Individual Award shall be subject in any manner to alienation, sale, transfer, assignment,
pledge, attachment, garnishment or encumbrance of any kind. 
 7.03 No Employment Rights. Nothing herein contained shall be construed
as a commitment or agreement upon the part of any Participant, International Participant, Employee or International Employee hereunder to continue his employment with the Corporation or a Subsidiary, and nothing herein contained shall be construed
as a commitment on the part of the Corporation or any Subsidiary to continue the employment or rate of compensation of any Participant or International Participant hereunder or any Employee or International Employee for any period. 
 7.04 Amendment of the Plan. The Corporation reserves the right, to be exercised by instruction from the Committee, to modify or amend this Plan at
any time. 
 7.05 Duration and Termination of the Plan. The Corporation also reserves the right, to be exercised by action of the
Board, to discontinue or terminate the Plan; provided that, and subject to all the provisions of this plan, any termination shall be effective only for all Plan Years following December 31 of the Plan Year in which the decision to terminate
occurs. 
  

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