Document:

Exhibit 10.8

  
  
 EXHIBIT 10.8 

 Exhibit 10.8 
 Third Federal Savings and Loan Association, MHC 
 Board of Directors Meeting 
 August 22, 2002 
 SUPPLEMENTAL LIFE INSURANCE BENEFITS 
 FOR KEY ASSOCIATES 
 Upon motion made
by Director Pender and seconded by Director Stefanik the following resolution was unanimously adopted: 
 WHEREAS, the Board of Directors
(“Board”) recognizes the contributions provided by members of the senior management team that promotes the growth of Third Federal Savings and Loan Association (“Association”); and 
 WHEREAS, the Board will periodically review the option to offer additional benefits to key associates to reward and continue to remain competitive in
preserving the services provided by these individuals; and 
 WHEREAS, it is recommended that the Association provide supplemental life
insurance benefits to key associates above and beyond the Group Life Insurance Plan as noted in Exhibit “T”; and 
 WHEREAS, the
Association has purchased a Bank Owned Life Insurance Policy (“BOLI”) which can fund this type of benefit. The policy is owned by the Association and will assign the death benefit to the beneficiary(ies) as designated by the executive; and

 WHEREAS, the cost of the insurance will be included in the executive’s annual reported compensation as additional compensation. Now,
therefore, 
 BE IT RESOLVED, that the Board of Directors unanimously approves the supplemental life insurance coverage for the key
associates as outlined in Exhibit “T”; and 
 FURTHER BE IT RESOLVED, that the implementation of this coverage will be put in force
at the direction of Daniel F. Weir, Vice President, and that Exhibit “T” and documentation will be held in the custody of Jodi Hajduk. 

 EXHIBIT 
 BOARD OF DIRECTORS MEETING HELD ON AUG 22 2002 
 Third Federal Savings and Loan Association
(“Association”) 
 Supplemental Executive Split Dollar Life Insurance 
 BOLI Program Segment 
 Selected C-Class members
will have a supplemental life insurance benefit funded through the BOLI program. This benefit is being provided to assist selected executives in securing appropriate levels of life insurance in order to mitigate the effects of lost compensation to
their families. The insurance cost will be allocated to the division(s) for which the particular executive provides services. The insurance cost will be determined using only the mortality and expenses charges (M&E), the cost of insurance
charges (COI), and policy or administrative charges. No charges will be allocated for investment management or any other charges associated with the underlying asset value of the BOLI program. 
 The Association will own the policies and will assign the death benefit to the beneficiary(ies) as designated by the executive. The cost of the insurance as determined
above will be included in the executive’s annual reported compensation as additional compensation. Neither the executive nor his /her designated beneficiary (ies) will have any right to the underlying asset value associated with the policies.

 The supplemental life insurance death benefit amounts are determined according to the ranges of salary and bonus compensation as of the date of issuance
of the life insurance policy as stated below: 
  

				
	 Annual Compensation Range
	  	Life Insurance
Death Benefits
	 $0 - $500,000
	  	$	2,000,000
	 $500,001 - $1,000,000
	  	$	4,000,000
	 $1,000,000 -$1,500,000
	  	$	6,000,000
	 $1,500,000 +
	  	$	10,000,000

 The following supplemental life insurance death benefits are to be allocated to the C-Class executives as follows:

  

						
	 Social Security Number
	  	 Name
	  	Supplemental Life
Insurance
	 [Information Removed]
	  	Mark S. Allio	  	$	4,000,000
	 [Information Removed]
	  	Ralph M. Betters	  	$	2,000,000
	 [Information Removed]
	  	David S. Huffman	  	$	2,000,000
	 [Information Removed]
	  	Marianne V. Piterans	  	$	2,000,000
	 [Information Removed]
	  	John P. Ringenbach	  	$	4,000,000
	 [Information Removed]
	  	Marc A. Stefanski	  	$	6,000,000
	 [Information Removed]
	  	Daniel F. Weir	  	$	4,000,000

 Third Federal Savings and Loan Association: Imputed Income 
  

																																												
	 	  	 	 	 	  	 	  	12/31/05	  	Total
Endorsed	 	 	Imputed Income
	 Name
	  	SSN	 	Sex	  	DOB	  	Age	  	Amount	 	 	2005	  	2006	  	2007	  	2008	  	2009	  	2010	  	2011	  	2012	  	2013	  	2014	  	2015	  	2016	  	2017	  	2018	  	2019	  	2020
	 Rigenbach, John
	  	[Information Removed]	 	M	  	08/15/49	  	56	  	4,000,000	 	 	6,341	  	6,833	  	7,462	  	8,179	  	9,050	  	10,068	  	11,232	  	12,597	  	14,170	  	15,771	  	17,683	  	19,777	  	22,088	  	24,568	  	26,954	  	29,651
	 Weir, Dan
	  	[Information Removed]	 	M	  	01/15/51	  	55	  	4,000,000	*	 	5,999	  	4,611	  	4,969	  	5,414	  	5,911	  	6,514	  	7,222	  	8,022	  	8,987	  	10,102	  	11,237	  	12,593	  	14,073	  	15,720	  	17,458	  	19,152
	 Betters, Ralph
	  	[Information Removed]	 	M	  	08/21/51	  	54	  	2,000,000	 	 	2,626	  	2,791	  	2,961	  	3,197	  	3,482	  	3,807	  	4,190	  	4,636	  	5,136	  	5,725	  	6,398	  	7,083	  	7,907	  	8,813	  	9,848	  	10,896
	 Huffman, Dave
	  	[Information Removed]	 	M	  	06/25/52	  	54	  	2,000,000	 	 	2,626	  	2,791	  	2,961	  	3,197	  	3,482	  	3,807	  	4,190	  	4,636	  	5,136	  	5,725	  	6,398	  	7,083	  	7,907	  	8,813	  	9,848	  	10,896
	 Piterans, Marianne
	  	[Information Removed]	 	F	  	03/25/54	  	52	  	2,000,000	 	 	2,469	  	2,635	  	2,789	  	2,961	  	3,131	  	3,369	  	3,667	  	4,012	  	4,425	  	4,913	  	5,471	  	6,123	  	6,870	  	7,631	  	8,552	  	9,558
	 Stefanski, Marc
	  	[Information Removed]	 	M	  	04/23/54	  	52	  	4,675,000	 	 	5,658	  	6,028	  	6,389	  	6,791	  	7,190	  	7,756	  	8,468	  	9,280	  	10,255	  	11,387	  	12,674	  	14,186	  	15,924	  	17,694	  	19,804	  	22,120

  

	*	Endorsed amount reduced from $4.0 million in 2005 to $3.0 million in 2006+. 

 Supplemental Executive Life Insurance Benefits under 
 Third Federal Savings and Loan Association Bank 
 Owned Life Insurance Program 
 Acknowledgement Form Addendum 
 I,
                                    , am currently insured and
have named a beneficiary for life insurance benefits at my death in the amount of $                    , as granted under the Third Federal
Savings and Loan Association Bank Owned Life Insurance Program. I understand that I am not entitled to any net cash surrender values accumulated within the policy(ies) for which I am the named insured. 
 I also understand this benefit provided to me is based on the approval by the Board of Directors as noted in the attached resolution dated August 22, 2002. The
resolution indicates the intent is to provide these benefits as a key associate of Third Federal Savings and Loan Association. This benefit will continue as long as I remain employed by the Association. I understand this benefit is not portable and
will cease upon my resignation of employment. 
  

	
	
	   
	 Signature

 Supplemental Executive Life Insurance Benefits under 
 Third Federal Savings and Loan Association Bank 
 Owned Life Insurance Program 
 Acknowledgement Form 
 I,
                                    , am currently insured and
have named a beneficiary for life insurance benefits at my death in the amount of                         , as granted
under the Third Federal Savings and Loan Association Bank Owned Life Insurance Program. I understand that I am not entitled to any net cash surrender values accumulated within the policy for which I am the named insured. 
 I have received and read Ohio Revised Code §3956.04, Life and Health Insurance Guaranty Association: Covered persons; policies and contracts; liability of
Association. I understand that if the insurer of the policies on my life becomes insolvent, the benefit for which the insurer would be liable for shall not exceed the lesser of either of the following: the contractual obligations for which the
insurer is liable for if it were not an insolvent insurer or three hundred thousand dollars in life insurance death benefits, but not more than one hundred thousand dollars in net cash surrender and net cash withdrawal values for life insurance.

  

	
	
	   
	 Signature

	
	 _________________

	 Date

 Third Federal Savings & Loan Association’s Supplemental Executive Split Dollar Life

 Insurance Program 
 Benefit Acknowledgement 
 I,
                                    , hereby acknowledge the
following benefit: 
 Third Federal Savings Loan & Association (“Association”) has granted you a supplemental life insurance benefit in the
amount of                             . The Association will own the policy and will assign the death
benefit to your designated beneficiary (ies). Neither you nor your designated beneficiary (ies) will have any right to the underlying asset value associated with the policies. 
 The cost is determined under Internal Revenue Regulation 1.61-22(d)(2). “The cost of the current life insurance protection provided to the non-owner in any year equals the amount of the current life insurance
protection provided to the non-owner multiplied by the life insurance premium factor designated or permitted in guidance.” The cost of the insurance will be included in your form W-2 as additional compensation. The initial cost of your benefit
is                                      and will be included
in your annual income. Thus, your cost is the tax on the imputed income. The annual cost will be adjusted as determined under the Internal Revenue Regulation reference above. 
 DATED this              day of
                        , 2002. 
  

	
	   

 Third Federal Savings & Loan Association’s Supplemental Executive Split Dollar Life

 Insurance Program 
 Beneficiary Designation 
 I, Daniel F. Weir, direct that all amounts payable at my death under the terms of the Third Federal
Savings & Loan Association’s Supplemental Executive Split Dollar Life Insurance Program be paid as provided below. As used below “survive me” means “survive me by more than 30 days.” (Fill in the blank(s) of only
one of the following.) 
  

	1.	To __________________________, if such person survives me, otherwise in equal shares to my children who survive me; but if any child of mine does not survive me and leaves a child
or children, then such child’s share equally to his or her children, who survive me. At this time, my children are ________________________________________________________________. 

  

	2.	To my children who survive me in equal shares but if any child of mine does not survive me and leaves a child or children, then such child’s share equally to his or her
children who survive me. At this time, my children are ___________________________ _______________________________________. 

	

  

	3.	To __________________________, trustee (or any successor trustee) of a trust agreement of which I am the grantor dated ________________________. 

  

	4.	To ____________________________________________________________________________________________________ 

	    	_______________________________________________________________________________________________________ 

	    	_______________________________________________________________________________________________________ 

	    	_______________________________________________________________________________________________________. 

 DATED this              day of
                      , 2002.Fourth Supplemental Indenture

 Exhibit 4.1 
 FOURTH SUPPLEMENTAL INDENTURE 
 FOURTH SUPPLEMENTAL INDENTURE (this “Fourth Supplemental
Indenture”), dated as of December 6, 2006, among NewMarket Corporation, a Virginia corporation (“NewMarket”), each of the guaranteeing subsidiaries listed on the signature pages hereto (the
“Guarantors”) and Wells Fargo Bank, National Association, as trustee under the Indenture referred to below (the “Trustee”). 
 W I T N E S S E T H: 
 WHEREAS, Ethyl Corporation, a Virginia corporation (“Ethyl”), has
heretofore executed and delivered to the Trustee an indenture, dated as of April 30, 2003 (the “Initial Indenture”), providing for the issuance of 8 7/8% Senior Notes due 2010 (the “Notes”); and 
 WHEREAS, pursuant to an Agreement and Plan of Merger, dated as of March 5, 2004 (the “Plan of Merger”), by and among NewMarket, Ethyl and Ethyl Merger Sub, Inc., a wholly-owned subsidiary of NewMarket, NewMarket became
the holding company for Ethyl effective as of June 18, 2004; and 
 WHEREAS, pursuant to the Supplemental Indenture, dated as of
June 18, 2004 (the “First Supplemental Indenture”), among NewMarket, Ethyl, the Guaranteeing Subsidiaries (as defined therein), the other Guarantors named on the signature pages thereto and the Trustee, NewMarket agreed to
assume all of Ethyl’s obligations under the Indenture and the Notes; and 
 WHEREAS, NewMarket, Afton Chemical SPRL, a
société privée à responsibilité limitée organized under the laws of the Kingdom of Belgium and an indirect wholly-owned subsidiary of NewMarket (“Afton Chemical”), and the Trustee executed
and delivered a Second Supplemental Indenture, dated as of July 1, 2004 (the “Second Supplemental Indenture”), pursuant to which Afton Chemical agreed to become a Guarantor; and 
 WHEREAS, NewMarket, Old Town LLC, a Virginia limited liability company and an indirect wholly-owned subsidiary of NewMarket (“Old
Town”), and the Trustee executed and delivered a Third Supplemental Indenture, dated as of November 2, 2004 (the “Third Supplemental Indenture” and, together with the Initial Indenture, the First Supplemental Indenture
and the Second Supplemental Indenture, the “Indenture”), pursuant to which Old Town agreed to become a Guarantor; and 
 WHEREAS, NewMarket and the Guarantors desire to enter into this Fourth Supplemental Indenture to eliminate from the Indenture substantially all of the covenants and certain events of default contained therein and make certain other changes
therein; and 
 WHEREAS, pursuant to Section 9.02 of the Indenture, NewMarket has obtained the consent of the Holders of at least a
majority in aggregate principal amount of the Notes, the only outstanding securities issued under the Indenture; and 
  

 WHEREAS, an Officers’ Certificate and an Opinion of Counsel, have been delivered to the Trustee in
accordance with Sections 9.06 and 12.04 of the Indenture; and 
 WHEREAS, all things necessary to make this Fourth Supplemental Indenture a
valid agreement of NewMarket, in accordance with its terms, have been done; and 
 WHEREAS, on the execution of this Fourth Supplemental
Indenture by the parties hereto, the provisions hereof will become effective but not operative until the time specified in Section 11 herein. 
 NOW, THEREFORE, in consideration of the mutual agreements and covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, NewMarket, the Guarantors and the Trustee,
agree as follows: 
 1. DELETION OF SECTIONS IN THE
INITIAL INDENTURE RELATED TO COVENANTS. The provisions of each of the following sections and subsections of the Initial Indenture, including any related cross-references,
events of default provisions, defined terms and other references thereto made irrelevant as a result of their deletion, are hereby deleted in their entirety and replaced with the phrase “Intentionally Omitted”: 
 Section 3.09 
 Section 4.03 
 Section 4.04 
 Section 4.05 
 Section 4.06 
 Section 4.07 
 Section 4.08 
 Section 4.09 
 Section 4.10 
 Section 4.11 
 Section 4.12 
 Section 4.13 
 Section 4.14 
 Section 4.15 
 Section 4.16 
 Section 4.17 
 Section 4.18 
 Subsection 5.01(4) 
 Subsection 10.04(2)(b). 
 2.
DELETION OF SECTIONS IN THE INITIAL INDENTURE RELATED TO EVENTS OF
DEFAULT. The provisions of each of the following subsections of Section 6.01 of the Initial Indenture, including any related cross-references, defined terms and other references thereto made irrelevant as a result of their
deletion, are hereby deleted in their entirety and replaced with the phrase “Intentionally Omitted”: 
 Subsection
6.01(3) 
 Subsection 6.01(4) 
 Subsection 6.01(5) 
 Subsection 6.01(6) 
 Subsection 6.01(8) 
 Subsection 6.01(9). 
  

 -2- 

 3. DELETION OF SECTIONS IN THE
INITIAL INDENTURE RELATED TO LEGAL OR COVENANT DEFEASANCE. The provisions of each of the following subsections of
Section 8.04 of the Initial Indenture, including any related cross-references, defined terms and other references thereto made irrelevant as a result of their deletion, are hereby deleted in their entirety and replaced with the phrase
“Intentionally Omitted”: 
 Subsection 8.04(2) 
 Subsection 8.04(3) 
 Subsection 8.04(5) 
 Subsection 8.04(6) 
 Subsection 8.04(7). 
 4.
DEFINITIONS. Capitalized terms used but not defined in this Fourth Supplemental Indenture shall have the meanings ascribed thereto in the Indenture. 
 5. CONFIRMATION OF THE INDENTURE. The Indenture, as modified, supplemented and superseded by this Fourth Supplemental Indenture, is in all respects ratified
and confirmed, and the Indenture and this Fourth Supplemental Indenture shall be read, taken and construed as one and the same instrument. (Reference herein to the Indenture shall be deemed to be to the Indenture, as modified, supplemented and
superseded by this Fourth Supplemental Indenture). 
 6. GOVERNING LAW. NEW YORK LAW TO GOVERN. THE INTERNAL
LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS FOURTH SUPPLEMENTAL INDENTURE BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD
BE REQUIRED THEREBY. 
 7. SEPARABILITY. In case any provision in this Fourth Supplemental Indenture shall for any reason be
held to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 8. COUNTERPARTS. The parties may sign any number of copies of this Fourth Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement.

 9. EFFECT OF HEADINGS. The Section headings herein are for convenience only and shall not
affect the construction hereof. 
 10. THE TRUSTEE. The Trustee shall not be responsible in any manner
whatsoever for or in respect of the validity or sufficiency of this Fourth Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guarantors and NewMarket. 
  

 -3- 

 11. EFFECTIVENESS AND OPERATIVENESS. The provisions of this
Fourth Supplemental Indenture will become operative on the first date that NewMarket (a) accepts for payment a majority in aggregate principal amount of the outstanding securities pursuant to the Offer to Purchase and Consent Solicitation
Statement dated November 21, 2006 and (b) provides notice of such acceptance to the Trustee. 
 [Signature Pages Follow] 

 

 -4- 

 IN WITNESS WHEREOF, the parties hereto have caused this Fourth Supplemental Indenture to be duly
executed, all as of the date first above written. 
  

			
	NEWMARKET CORPORATION
		
	By:	 	 /s/ Thomas Gottwald

	Name:	 	Thomas Gottwald
	Title:	 	President
	
	NEWMARKET SERVICES CORPORATION
		
	By:	 	 /s/ Thomas Gottwald

	Name:	 	Thomas Gottwald
	Title:	 	President
	
	ETHYL CORPORATION
		
	By:	 	 /s/ Russell L. Gottwald, Jr.

	Name:	 	Russell L. Gottwald, Jr.
	Title:	 	President
	
	ETHYL ASIA PACIFIC LLC
		
	By:	 	 /s/ Russell L. Gottwald, Jr.

	Name:	 	Russell L. Gottwald, Jr.
	Title:	 	Manager

  

 -5- 

			
	ETHYL EXPORT CORPORATION
		
	By:	 	 /s/ Russell L. Gottwald, Jr.

	Name:	 	Russell L. Gottwald, Jr.
	Title:	 	President
	
	ETHYL INTERAMERICA CORPORATION
		
	By:	 	 /s/ Russell L. Gottwald, Jr.

	Name:	 	Russell L. Gottwald, Jr.
	Title:	 	President
	
	ETHYL VENTURES, INC.
		
	By:	 	 /s/ Russell L. Gottwald, Jr.

	Name:	 	Russell L. Gottwald, Jr.
	Title:	 	President
	
	INTERAMERICA TERMINALS CORPORATION
		
	By:	 	 /s/ Russell L. Gottwald, Jr.

	Name:	 	Russell L. Gottwald, Jr.
	Title:	 	President
	
	ETHYL CANADA HOLDINGS, INC.
		
	By:	 	 /s/ Russell L. Gottwald, Jr.

	Name:	 	Russell L. Gottwald, Jr.
	Title:	 	President

  

 -6- 

			
	AFTON CHEMICAL INTANGIBLES LLC
		
	By:	 	 /s/ C.S. Warren Huang

	Name:	 	C.S. Warren Huang
	Title:	 	Manager
	
	AFTON CHEMICAL ASIA PACIFIC LLC
		
	By:	 	 /s/ C.S. Warren Huang

	Name:	 	C.S. Warren Huang
	Title:	 	Manager
	
	AFTON CHEMICAL CANADA HOLDINGS, INC.
		
	By:	 	 /s/ C.S. Warren Huang

	Name:	 	C.S. Warren Huang
	Title:	 	President
	
	AFTON CHEMICAL JAPAN HOLDINGS, INC.
		
	By:	 	 /s/ C.S. Warren Huang

	Name:	 	C.S. Warren Huang
	Title:	 	President
	
	AFTON CHEMICAL CORPORATION
		
	By:	 	 /s/ C.S. Warren Huang

	Name:	 	C.S. Warren Huang
	Title:	 	President

  

 -7- 

			
	AFTON CHEMICAL ADDITIVES CORPORATION
		
	By:	 	 /s/ C.S. Warren Huang

	Name:	 	C.S. Warren Huang
	Title:	 	President
	
	THE EDWIN COOPER CORPORATION
		
	By:	 	 /s/ C.S. Warren Huang

	Name:	 	C.S. Warren Huang
	Title:	 	President
	
	OLD TOWN LLC
		
	By:	 	 /s/ Bruce R. Hazelgrove, III

	Name:	 	Bruce R. Hazelgrove, III
	Title:	 	Manager
	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,
 as Trustee

		
	By:	 	 /s/ Timothy P. Mowdy

	Name:	 	Timothy P. Mowdy
	Title:	 	Vice President

  

 -8-

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