Document:

Exhibit

EXHIBIT 10.7

AMENDMENT TO THE ASHLAND INC.
NONQUALIFIED EXCESS BENEFIT PENSION PLAN

WHEREAS, Ashland Inc. (“Ashland”), maintains the Ashland Inc. Nonqualified Excess Benefit Pension Plan (the “Plan”) for the benefit of employees eligible to participate therein; and

WHEREAS, Ashland is the sponsor of the Plan; and

WHEREAS, pursuant to Article IV, Section 5, of the Charter of the Personnel and Compensation Committee of the Board of Directors of Ashland Inc., said Personnel and Compensation Committee (the “Committee”) has retained authority to amend or transfer any of the benefit plans of Ashland and its subsidiaries and affiliates that are more than 50% owned by Ashland; and

WHEREAS, the Committee has approved the transfer of the sponsorship of the Plan from Ashland to Valvoline LLC; and

WHEREAS, the Chief Financial Officer of Ashland Inc. has been delegated the authority by the Committee to prepare and execute any and all amendments necessary to give effect to this decision of the Committee.

NOW, THEREFORE, BE IT RESOLVED, the Plan is amended, effective September 1, 2016, as follows:

I.      The following sentence is added after the first sentence of Section 1:

“In accordance with a corporate reorganization, effective as of September 1, 2016, sponsorship of the Plan was transferred from Ashland Inc. to Valvoline LLC.”

II.     All references to “Ashland” and “Ashland Inc.” in the Plan after the recitals are hereinafter  
            changed to “Valvoline” and “Valvoline LLC” respectively.

III.    In all other respects the Plan shall remain unchanged.

IN WITNESS WHEREOF, the Chief Financial Officer has caused this amendment to the Plan to be executed this _____day of ____________, 2016.

                        
                        	
		
	By:
	/s/ J. Kevin Willis

	 
	Chief Financial Officer, Ashland Inc.Exhibit

EXHIBIT 10.8 

AMENDMENT TO THE
AMENDED AND RESTATED SUPPLEMENTAL EARLY RETIREMENT PLAN FOR CERTAIN EMPLOYEES

WHEREAS, Valvoline LLC ("Valvoline") sponsors for the benefit of certain of its employees the Amended and Restated Supplemental Early Retirement Plan for Certain Employees (the "SERP"); and

WHEREAS, Valvoline desires to cease future benefit accrual under the terms of the SERP effective as of September 30, 2016 (the "Effective Date");

NOW, THEREFORE, the SERP shall be amended as follows:

I.Section 2.08 shall be amended to add the following sentence to the end thereto which shall read as follows:

Notwithstanding the foregoing, Continuous Service shall exclude any service of the Employee with Ashland Inc. (or any entity within the Ashland Inc. controlled group as detem1ined in accordance with Section 414 of the Code) upon the separation of Ashland  Inc. from the   controlled group (as determined in accordance with  Section 414 of the Code) with Valvoline LLC; provided, however, for the purpose of determining whether an Employee separates from service for the purpose of determining a distribution, so long as an Employee remains a service provider (within the terms of Code section 409A) Ashland  LLC (or any entity within the  controlled group of such entity determined in accordance with Section 414 of the Code), the Employee shall not be deemed to have incurred  a separation from   service.

II.Section 2.11 shall be amended to add the following sentences to the end thereof which shall read as follows:

Notwithstanding the foregoing, the Final Average Bonus of a Participant shall not include any amounts paid after September 30, 2016, provided, however, that payments made under the Fiscal Year 2016 Annual Incentive Compensation program, payable in December of 2016, shall be included in determining the Final Average Bonus of a Participant. The determination of a Participant's Final Average  Bonus shall be made  as of  September  30, 2016 and such amount
shall not be modified thereafter.

		
	III.
	Section 2.12 shall be amended to add the following sentence to the end thereof which shall read as follows:

Notwithstanding the foregoing, the Final Average Compensation of a Participant shall not include any amounts paid after September 30, 2016. The determination of a Participant's Final Average Compensation shall be made as of September 30, 2016 and such amount shall not be modified thereafter.

IV.Section 5.06A shall be amended to add the following sentence to the end thereof which shall read as follows:

The determination as to whether a Participant is a Level I or II Participant, or is a Level III, IV and V Participant shall be made as of September 30, 2016 and later modifications to a Participant's employment shall not impact the means of determining benefits under this Plan.

V.    In all other respect the Plan shall remain unchanged.

(Signature Page Immediately Follows)

IN WITNESS WHEREOF, this amendment to the Plan has been is executed this 30th day of September, 2016, to be effective as of the date indicated above. 

On Behalf of Valvoline LLC                    

                    	
		
	By:
	/s/ Peter J. Ganz

	 
	Peter J. Ganz

	 
	Senior Vice President, General Counsel and Secretary

	 
	Ashland Global Holdings Inc.Exhibit

EXHIBIT 10.9

AMENDMENT TO THE 
ASHLAND INC. NONQUALIFIED EXCESS BENEFIT PLAN

WHEREAS, Valvoline LLC (“Valvoline”) sponsors for the benefit of certain of its employees the Ashland Inc. Nonqualified Excess Benefit Plan (the “Excess Plan”); and

WHEREAS, Valvoline desires to cease future benefit accrual under the terms of the Excess Plan effective as of September 30, 2016 (the “Effective Date”);

NOW, THEREFORE, the Excess Plan shall be amended as follows:

I.        Section 3(v) shall be added to the Plan to read as follows:

(v)        Plan Benefit Freeze. The benefit accrual of a Participant shall cease as of September 30, 2016 and no service or compensation of a Participant following that date shall result in any additional benefit due under this Plan. Notwithstanding the provisions of this Section 3(v), any early retirement benefits and subsidization reduction factors to all Participants providing services as of September 30, 2016 shall be provided if the Participant attains age 55 prior to retirement. In addition, any “Rule of 80” requirement to receive an early retirement or subsidized benefit shall be applied by including all service with both Ashland Inc. and Valvoline LLC for Participants for so long as Ashland Inc. (or any entity within the controlled group of Ashland Inc. determined in accordance with Section 414 of the Internal Revenue Code) remains in the same controlled group, as determined within Section 414 of the Internal Revenue Code, of Valvoline LLC. Upon the cessation of Ashland Inc. and Valvoline LLC to be within the same controlled group, determined in accordance with Section 414 of the Internal Revenue Code, only service with Valvoline LLC (or any entity within its controlled group determined in accordance with Section 414 of the Internal Revenue Code) shall be included in determining satisfaction of the “Rule of 80.” For the purpose of determining whether a Participant separates from service, so long as a Participant remains a service provider (within the terms of Code section 409A) for Valvoline LLC or Ashland LLC (or any entity within the controlled group of such entity determined in accordance with Section 414 of the Code), the Participant shall not be deemed to have incurred a separation from service.

II.    In all other respect the Plan shall remain unchanged.

IN WITNESS WHEREOF, this amendment to the Plan has been is executed this 30th day of September, 2016, to be effective as of the date indicated above.

                        	
		
	By:
	/s/ Peter J. Ganz

	 
	Peter J. Ganz 

	 
	Senior Vice President, General Counsel and

	 
	SecretaryExhibit

EXHIBIT 10.11

EXECUTION VERSION

AMENDMENT NO. 1 
TO CREDIT AGREEMENT

THIS AMENDMENT NO. 1 TO CREDIT AGREEMENT (this “Amendment”), dated as of September 21, 2016, is entered into by and among Valvoline Finco One LLC, a Delaware limited liability company (the “Initial Borrower”), The Bank of Nova Scotia, as Administrative Agent (the “Administrative Agent”), and each Lender party hereto.

PRELIMINARY STATEMENTS

The Initial Borrower, The Bank of Nova Scotia, as Administrative Agent, Swing Line Lender and an L/C Issuer, Citibank, N.A., as Syndication Agent, and the Lenders from time to time party thereto entered into that certain Credit Agreement, dated as of July 11, 2016 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time prior to the date hereof, the “Credit Agreement”; the terms defined therein being used herein as therein defined);

The Initial Borrower has requested an amendment to the Credit Agreement, effective as of the Amendment No. 1 Effective Date (as defined below) to amend certain provisions of the Credit Agreement as set forth herein; and

The Initial Borrower, the Lenders and the Administrative Agent have agreed that the Credit Agreement shall be amended as provided in Section 1 hereof, upon the terms and subject to the conditions set forth herein and effective as of the Amendment No. 1 Effective Date.

NOW, THEREFORE, in consideration of the premises and further valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

Section 1. Amendments to the Credit Agreement on the Amendment No. 1 Effective Date. The Credit Agreement shall be, effective as of the Amendment No. 1 Effective Date and subject to the satisfaction of the conditions precedent set forth in Section 2 hereof, hereby amended as follows:

(a)Section 1.01 of the Credit Agreement is hereby amended by inserting the following defined terms in the correct alphabetical order:

(i)“Amendment No. 1” means Amendment No. 1 to this Agreement, dated as of September 21, 2016, among the Initial Borrower, the Administrative Agent and each Lender party thereto.

(ii)“Amendment No. 1 Effective Date” means the date on which Amendment No.  1 to this Agreement became effective in accordance with Section 2 thereof.

(b)The definition of “Audited Financial Statements” in Section 1.01 of the Credit Agreement shall be amended by inserting the text “of the Valvoline Business, for the fiscal years ended September 30, 2014 and September 30, 2015,” immediately after the words “audited combined balance sheet”.

(c)Section 4.02(k) of the Credit Agreement shall be amended by inserting the following proviso immediately before the period (“.”) at the end thereof:

1

“; provided that, so long as the Funding Date occurs prior to November 12, 2016, the delivery of the unaudited consolidated (or combined, as the case may be) balance   sheet

and the related consolidated (or combined, as the case may be) statements of operations and comprehensive income, invested equity and cash flows, including the notes thereto, of the Valvoline Business for (x) the six-month period ended March 31, 2016, and (y) the nine-month period ended June 30, 2016, shall be deemed to satisfy this condition.”

(d)Section 6.01(b) of the Credit Agreement shall be amended by replacing the text “June 30, 2016” therein with the text “December 31, 2016”.

Section 2. Conditions to Amendment No. 1 Effective Date.  Section  1  of this Amendment shall become effective on and as of the date (the “Amendment No. 1 Effective Date”) that the Administrative Agent or its counsel shall have received the following, each of which shall be electronic transmissions (followed promptly by originals), each in form and substance reasonably satisfactory to the Administrative Agent and its legal counsel:

(a)a counterpart of this Amendment, duly executed by the Initial Borrower, each of the Lenders immediately prior to the Amendment No. 1 Effective Date, and the Administrative Agent;

(b)such documents and certifications as the Administrative Agent may reasonably require to evidence that the Initial Borrower is duly organized or formed, and validly existing and in good standing in its state of incorporation;

(c)a certificate executed by a Responsible Officer of the Initial Borrower certifying as to the matters in clause (d) below; and

(d)the following representations and warranties of the Initial Borrower shall be true and correct on and as of the Amendment No. 1 Effective Date:

(i)no Default has occurred and is continuing on and as of the Amendment No. 1 Effective Date, or would result from this Amendment or any transactions contemplated hereby; and

(ii)the representations and warranties of the Initial Borrower set forth in Article V of the Credit Agreement that were required to be made on the Effective Date in accordance with the lead-in paragraph to Article V of the Credit Agreement are true and correct in all material respects (except that any representation and warranty that is qualified as to “materiality” or “Material Adverse Effect” is true and correct in all respects) on and as of the Amendment No. 1 Effective Date, except to the extent such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (except that any representation and warranty that is qualified as to “materiality” or “Material Adverse Effect” shall be true and correct in all respects) as of such earlier date.

Section 3.  Reference to and Effect on Loan Documents.

(a)On and after the Amendment No. 1 Effective Date, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement and each reference in each of the other Loan Documents to “the Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement shall mean and be a reference to the Credit Agreement as amended by this Amendment.
(b)This Amendment is an amendment as referred to in the definition of Loan Documents and shall for all purposes constitute a Loan Document.

(c)On and after the Amendment No. 1 Effective Date, the Credit Agreement and each of the 

2

other Loan Documents, as specifically amended by this Amendment, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed. The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents.

Section 4. Costs and Expenses. The Borrower agrees to pay or reimburse all reasonable and documented out-of-pocket costs and expenses of the Administrative Agent in connection with the preparation, execution, delivery and administration of this Amendment (including, without limitation, the reasonable and documented fees and expenses of a single counsel for the Administrative Agent) in accordance with the terms of Section 10.04(a) of the Credit Agreement, which payment and reimbursement shall occur on the Funding Date to the extent such costs and expenses are invoiced at least three Business Days prior to the Funding Date.

Section 5. Execution in Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute but one and the same agreement. Delivery of an executed counterpart of a signature page to this Amendment by telecopier or other electronic transmission (including “.pdf”, “.tif” or similar format) shall be effective as delivery of a manually executed counterpart of this Amendment.

Section 6. Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

[The remainder of this page intentionally left blank.]

3

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

                        	
		
	VALVOLINE FINCO ONE LLC

	 
	 

	By:
	/s/ Lynn P. Freeman

	 
	Name: Lynn P. Freeman

	 
	Title: Assistant Treasurer

	 
	 

Valvoline - Amendment No. 1 to Credit Agreement 

4

                        	
		
	THE BANK OF NOVA SCOTIA 

	as Administrative Agent

	 
	 

	By:
	/s/ Clement Yu

	 
	Name: Clement Yu

	 
	Title: Director 

	 
	 

Valvoline - Amendment No. 1 to Credit Agreement 

5

                        	
		
	CITIBANK, N.A., as a Lender 

	 
	 

	By:
	/s/ Kirkwood Roland

	 
	Name: KIRKWOOD ROLAND 

	 
	Title: MANAGING DIRECTOR 

	 
	          & VICE PRESIDENT

Valvoline - Amendment No. 1 to Credit Agreement 

6

                        	
		
	BANK OF AMERICA, N.A., 

	as a Lender

	 
	 

	By:
	/s/ Chris Dibiase

	 
	Name: Chris Dibiase

	 
	Title: Director 

	 
	 

Valvoline - Amendment No. 1 to Credit Agreement 

7

                        	
		
	MORGAN STANLEY BANK, N.A., 

	as a Lender

	 
	 

	By:
	/s/ Lisa Vieira 

	 
	Name: Lisa Vieira 

	 
	Title: Authorized Signatory 

	 
	 

Valvoline - Amendment No. 1 to Credit Agreement 

8

                        	
		
	THE BANK OF NOVA SCOTIA, 

	as a Lender

	 
	 

	By:
	/s/ Michael Grad

	 
	Name: Michael Grad

	 
	Title: Director 

	 
	 

Valvoline - Amendment No. 1 to Credit Agreement 

9

                        	
		
	DEUTSCHE BANK AG NEW YORK BRANCH, 

	as a Lender

	 
	 

	By:
	/s/ Marcus M. Tarkington

	 
	Name: Marcus M. Tarkington 

	 
	Title: Director 

	 
	 

                        	
		
	By:
	/s/ Dusan Lazarov

	 
	Name: Dusan Lazarov

	 
	Title: Director 

	 
	 

Valvoline - Amendment No. 1 to Credit Agreement 

10

                        	
		
	GOLDMAN SACHS BANK USA, 

	           as a Lender

	 
	 

	By:
	/s/ Mehmet Barlas

	 
	Name: Mehmet Barlas

	 
	Title: Authorized Signatory 

	 
	 

Valvoline - Amendment No. 1 to Credit Agreement 

11

                        	
		
	JPMORGAN CHASE BANK N.A.,

	as a Lender

	 
	 

	By:
	/s/ Erik Barragan 

	 
	Name: Erik Barragan 

	 
	Title: Authorized Officer 

	 
	 

Valvoline - Amendment No. 1 to Credit Agreement 

12

                        	
		
	PNC BANK NATIONAL ASSOCIATION 

	as a Lender

	 
	 

	By:
	/s/ Jeffrey P Fisher 

	 
	Name: Jeffrey P Fisher 

	 
	Title: Vice President 

	 
	 

Valvoline - Amendment No. 1 to Credit Agreement 

13

                        	
		
	U.S. BANK NATIONAL ASSOCIATION, 

	as a Lender

	 
	 

	By:
	/s/ Mark Irey 

	 
	Name: Mark Irey 

	 
	Title: Vice President 

	 
	 

Valvoline - Amendment No. 1 to Credit Agreement 

14

                        	
		
	COMPASS BANK, 

	as a Lender

	 
	 

	By:
	/s/ Cameron Gateman 

	 
	Name: Cameron Gateman 

	 
	Title: Senior Banker 

	 
	 

Valvoline - Amendment No. 1 to Credit Agreement 

15

                        	
		
	BRANCH BANKING & TRUST COMPANY, as a 

	Lender

	 
	 

	By:
	/s/ Ryan T. Hamilton

	 
	Name: Ryan T. Hamilton 

	 
	Title: Vice President

	 
	 

Valvoline - Amendment No. 1 to Credit Agreement 

16

                        	
		
	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,

	as a Lender

	 
	 

	By:
	/s/ Mark S. Campbell 

	 
	Name: Mark S. Campbell

	 
	Title: Authorized Signatory 

	 
	 

Valvoline - Amendment No. 1 to Credit Agreement 

17

                        	
		
	CITIZENS BANK OF PENNSYLVANIA, 

	as a Lender

	 
	 

	By:
	/s/ Leslie D. Broderick 

	 
	Name: Leslie D. Broderick 

	 
	Title: Senior Vice President 

	 
	 

Valvoline - Amendment No. 1 to Credit Agreement 

18

                	
		
	FIFTH THIRD BANK.

	as a Lender

	 
	 

	By:
	/s/ Mike Gifford

	 
	Name: Mike Gifford 

	 
	Title: Vice President 

	 
	 

Valvoline - Amendment No. 1 to Credit Agreement 

19

                	
		
	KEYBANK NATIONAL ASSOCIATION, 

	as a Lender

	 
	 

	By:
	/s/ Brian P. Fox

	 
	Name: Brian P. Fox

	 
	Title: Senior Vice President

	 
	 

Valvoline - Amendment No. 1 to Credit Agreement 

20

                	
		
	MIZUHO BANK LTD,  

	as a Lender

	 
	 

	By:
	/s/ Donna DeMagistris

	 
	Name: Donna DeMagistris

	 
	Title: Authorized Signatory 

	 
	 

Valvoline - Amendment No. 1 to Credit Agreement 

21

                	
		
	SUNTRUST BANK, 

	as a Lender

	 
	 

	By:
	/s/ Tesha Winslow 

	 
	Name: Tesha Winslow 

	 
	Title: Director 

	 
	 

Valvoline - Amendment No. 1 to Credit Agreement 

22

                	
		
	TD BANK, N.A., 

	as a Lender

	 
	 

	By:
	/s/ Michele Dragonetti

	 
	Name: Michele Dragonetti 

	 
	Title: Senior Vice President 

	 
	 

Valvoline - Amendment No. 1 to Credit Agreement 

23

                	
		
	THE BANK OF NEW YORK MELLON,

	as a Lender

	 
	 

	By:
	/s/ William M. Feathers

	 
	Name: William M. Feathers

	 
	Title: Vice President 

	 
	 

Valvoline - Amendment No. 1 to Credit Agreement 

24

                	
		
	[HUNTINGTON NATIONAL BANK__________],

	as a Lender

	 
	 

	By:
	/s/ Joshua Emerson 

	 
	Name: Joshua Emerson 

	 
	Title: Vice President 

	 
	 

Valvoline - Amendment No. 1 to Credit Agreement 

25

                	
		
	BMO Harris Bank, N.A., 

	as a Lender

	 
	 

	By:
	/s/ L.M. Junior Del Brocco

	 
	Name: L.M. Junior Del Brocco 

	 
	Title: Director  

	 
	 

Valvoline - Amendment No. 1 to Credit Agreement 

26

                	
		
	THE NORTHERN TRUST COMPANY, 

	as a Lender

	 
	 

	By:
	/s/ John Canty

	 
	Name: John Canty

	 
	Title: Senior Vice President 

	 
	 

Valvoline - Amendment No. 1 to Credit Agreement 

27

                	
		
	ING BANK N.V., DUBLIN BRANCH, 

	as a Lender

	 
	 

	By:
	/s/ Sean Hassett

	 
	Name: Sean Hassett

	 
	Title: Director 

	 
	 

                        	
		
	By:
	/s/ Padraig Matthews 

	 
	Name: Padraig Matthews 

	 
	Title: Vice President 

	 
	 

Valvoline - Amendment No. 1 to Credit Agreement 

28

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00265-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00265-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00265-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00265-of-00352.parquet"}]]