Document:

Form of Severance Agreement

 EXHIBIT 10.10 
 Form Of Severance Agreement 
 Executive Officer 
 ZEP INC. 
 SEVERANCE AGREEMENT 
 THIS AGREEMENT (the “Agreement”), made and entered into as of this      day of
            , 2007, by and between ZEP INC., a Delaware corporation (the “Company”), and
                                        
(the “Executive”). 
 WITNESSETH: 
 WHEREAS, Executive is a key employee of the Company and an integral part of the Company’s management; and 
 WHEREAS, the Company desires to provide the Executive with certain benefits if the Executive’s employment is terminated involuntarily under certain circumstances; and 
 WHEREAS, the Company and the Executive have determined it is in their mutual best interests to enter into this Agreement; 
 NOW, THEREFORE, the parties hereby agree as follows: 
  

	 	1.	TERM OF AGREEMENT 

 Unless earlier terminated as
hereinafter provided, this Agreement shall commence on the date hereof and shall be for a rolling, two-year term (the “Term”) and shall be deemed to extend automatically, without further action by either the Company or Executive, each day
for an additional day, such that the remaining term of the Agreement shall continue to be two years; provided, however, that either party may, by written notice to the other, cause this Agreement to cease to extend automatically and, upon such
notice, the “Term” of this Agreement shall be the two-year period following the date of such notice and this Agreement shall terminate upon the expiration of such Term; provided, further, that in the event of a Change in Control (as
defined in Section 2.3 below), the Term of this Agreement shall not expire prior to the expiration of three (3) years after the occurrence of a Change in Control. This Agreement shall not be considered an employment agreement and in no way
guarantees Executive the right to continue in the employment of the Company or its affiliates. Executive’s employment is considered employment at will, subject to Executive’s right to receive payments and benefits upon certain terminations
of employment as provided below. 
 As of the date hereof, this Agreement is intended to, and shall, supersede and replace in its entirety
the severance agreement, dated as of                     , and the severance obligations contained in any employment letter agreement between
Executive and the Company (or a predecessor to the Company). 
  

	 	2.	DEFINITIONS. For purposes of this Agreement, the following terms shall have the meanings specified below: 

 2.1 “Board” or “Board of Directors”. The Board of Directors of Zep Inc., or its successor. 

 2.2 “Cause”. The involuntary termination of Executive by the Company for the following
reasons shall constitute a termination for Cause: 
 a. If termination shall have been the result of an act or acts by the Executive which
have been found in an applicable court of law to constitute a felony (other than traffic-related offenses); 
 b. If termination shall have
been the result of an act or acts by the Executive which are in the good faith judgment of the Company to be in violation of law or of written policies of the Company and which result in material injury to the Company; 
 c. If termination shall have been the result of an act or acts of dishonesty by the Executive resulting or intended to result directly or indirectly in
gain or personal enrichment to the Executive at the expense of the Company; or 
 d. Upon the continued failure by the Executive
substantially to perform the duties reasonably assigned to Executive given Executive’s training and experience (other than any such failure resulting from incapacity due to mental or physical illness not constituting a Disability, as defined
herein), after a demand in writing for substantial performance of such duties is delivered by the Company, which demand specifically identifies the manner in which the Company believes that the Executive has not substantially performed his duties,
and such failure results in material injury to the Company. 
 If Executive’s employment is terminated for any reason, the supervising
executive to whom Executive directly reports (the “Supervising Executive”) shall make an initial determination whether or not the termination was for Cause. If the Supervising Executive determines that the termination was for Cause, then,
within ten (10) days of such termination, the Company shall provide written notice to the Executive indicating that the termination was for Cause and noting that benefits will not be made available to the Executive pursuant to this Agreement.

 2.3 “Change in Control”. For purposes of this Agreement, a “Change in Control” shall mean any of the following
events: 
 a. The acquisition (other than from the Company in an acquisition that is approved by the Incumbent Board, as defined herein) by
any “Person” (as the term person is used for purposes of Sections 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended (the “1934 Act”), of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the
1934 Act) of twenty percent (20%) or more of the combined voting power of the Company’s then outstanding voting securities; or 
 b. The individuals who, as of                     , 2007, are members of the Board (the “Incumbent Board”), cease for any
reason to constitute at least two-thirds of the Board; provided, however, that if the election, or nomination for election by the Company’s stockholders, of any new director was approved by a vote of at least two-thirds of the Incumbent Board,
such new director shall, for purposes of this Agreement, be considered as a member of the Incumbent Board; or 
  

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 c. Consummation of a merger or consolidation involving the Company if the stockholders of the Company,
immediately before such merger or consolidation do not, as a result of such merger or consolidation, own, directly or indirectly, more than sixty percent (60%) of the combined voting power of the then outstanding voting securities of the
corporation resulting from such merger or consolidation in substantially the same proportion as their ownership of the combined voting power of the voting securities of the Company outstanding immediately before such merger or consolidation; or

 d. Consummation of a complete liquidation or dissolution of the Company or of the sale or other disposition of all or substantially all
of the assets of the Company. 
 Notwithstanding the foregoing, a Change in Control shall not be deemed to occur pursuant to
Section 2.3, solely because twenty percent (20%) or more of the combined voting power of the Company’s then outstanding securities is acquired by (i) a trustee or other fiduciary holding securities under one or more employee
benefit plans maintained by the Company or any of its subsidiaries or (ii) any corporation which, immediately prior to such acquisition, is owned directly or indirectly by the stockholders of the Company in the same proportion as their
ownership of stock in the Company immediately prior to such acquisition. 
 2.4 “Change in Control Agreement”. An agreement
between Executive and the Company providing for the payment of compensation and benefits to Executive in the event of Executive’s termination of employment under certain circumstances following a “change in control” of the Company (as
defined in such agreement). 
 2.5 “Company”. Zep Inc., a Delaware corporation, or any successor to its business and/or
assets. 
 2.6 “Date of Termination”. The date specified in the Notice of Termination (which may be immediate) as the date
upon which the Executive’s employment with the Company is to cease. 
 2.7 “Disability”. Disability shall have the
meaning ascribed to such term in the Company’s long-term disability plan covering the Executive, or in the absence of such plan, a meaning consistent with Section 22(e)(3) of the Code. The determination of Disability shall be made by the
Company in a manner consistent with the requirements of Section 409A. 
 2.8 “Good Reason”. A “Good Reason”
for termination by Executive of Executive’s employment with the Company shall mean the occurrence during the Term after the occurrence of a Change in Control, without Executive’s express consent, of any of the following acts by the
Company, or failures by the Company to act, and such act or failure to act has not been corrected within thirty (30) days after written notice of such act, or failure to act, is given by Executive to the Company: 
 a. an adverse change in Executive’s title or position in the Company from Executive’s title or position immediately prior to the Change in
Control which represents a demotion; 
  

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 b. the Company’s requiring Executive to be based more than 50 miles from the primary workplace
where Executive is based immediately prior to the Change in Control, except for reasonably required travel on the Company’s business which is not significantly greater than such travel requirements prior to the Change in Control; 
 c. a reduction in base salary and target bonus opportunity (not the bonus actually earned) below the level in effect immediately prior to the Change in
Control, unless such reduction is consistent with reductions being made at the same time for other officers of the Company in comparable positions; 
 d. a material reduction in the aggregate benefits provided to Executive by the Company under its “employee benefits plans,” as defined in Section 3(3) of ERISA, immediately prior to the Change in
Control, except in connection with a reduction in such benefits which is consistent with reductions being made at the same time for other officers of the Company in comparable positions; 
 e. an insolvency or bankruptcy filing by the Company; or 
 f. a material breach by the Company of this Agreement. 
 2.9 “Notice of Termination”. A
written notice from one party to the other party specifying the Date of Termination and which sets forth in reasonable detail the facts and circumstances relating to the basis for termination of Executive’s employment. 
 2.10 “Section 409A”. Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations and rulings thereunder.

 2.11 “Severance Period”. A period equal to the lesser of (i)         
months from the Executive’s Date of Termination or (ii) the number of months (rounded to the nearest month) from the Executive’s Date of Termination until the date he attains age 65. 
  

	 	3.	SCOPE OF AGREEMENT. 

 This Agreement provides for
the payment of compensation and benefits to Executive in the event his employment (i) is involuntarily terminated by the Company without Cause, or (ii) is terminated by Executive for Good Reason. If Executive is terminated by the Company
for Cause, dies, incurs a Disability or voluntarily terminates employment (other than for Good Reason), this Agreement shall terminate, and Executive shall be entitled to no payments of compensation or benefits pursuant to the terms of this
Agreement; provided that in such events, Executive will be entitled to whatever benefits are payable pursuant to the terms of any health, life insurance, disability, welfare, retirement, deferred compensation, or other plan or program maintained by
the Company. 
 If, as a result of Executive’s termination of employment, Executive becomes entitled to compensation and benefits under
this Agreement and under a Change in Control Agreement, Executive shall be entitled to receive benefits under whichever agreement provides Executive the greater aggregate compensation and benefits (and not under the other agreement) and there shall
be no duplication of benefits. 
  

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	 	4.	BENEFITS UPON INVOLUNTARY TERMINATION WITHOUT CAUSE BY THE COMPANY OR FOR GOOD REASON 

 If Executive’s employment is involuntarily terminated by the Company during the term of this Agreement without Cause (and such termination does not
arise as a result of Executive’s death or Disability), or if Executive terminates his employment for Good Reason, the Executive shall be entitled to the compensation and benefits described below, provided that Executive, as described in
Section 4.7, executes a valid release of claims in such form as may be required by the Company. In the event Executive is terminated without Cause or Executive terminates his employment for Good Reason, the Company may, in its discretion and to
provide equitable treatment, grant benefits to Executive in addition to those provided below in circumstances where Executive suffers a diminution of projected benefits as a result of Executive’s termination prior to attainment of age 65,
including without limitation, additional retirement benefits, provided that any such grant of additional benefits shall be consistent with the requirements of Section 409A and no such grant shall be made which would violate Section 409A
and the regulations and rulings thereunder. 
 4.1 Base Salary. Executive shall continue to receive his Base Salary (subject to
withholding of all applicable taxes) for the entire Severance Period (as defined in Section 2.11 above), payable in the same manner as it was being paid on his Date of Termination. 
 4.2 Annual Bonus. Executive shall be paid a bonus in an amount equal to the greater of (i) the annual incentive bonus that would be paid or
payable to Executive for the fiscal year of the Company during which Executive’s Date of Termination occurs under the Company’s annual incentive plan (“Incentive Plan”), assuming the target level(s) of performance had been met
for such fiscal year, multiplied by a fraction (the “Pro Rata Fraction”), the numerator of which is the number of days that have elapsed in the then current fiscal year through Executive’s Date of Termination and the denominator of
which is 365, or (ii) the annual incentive bonus that would be paid or payable to Executive for the fiscal year of the Company during which Executive’s Date of Termination occurs under the Incentive Plan based upon the Company’s
actual performance for such fiscal year, multiplied by the Pro Rata Factor. The bonus amount determined pursuant to Section 4.2(i) shall be paid to Executive within ten (10) days of Executive’s Date of Termination and any additional
amount payable pursuant to Section 4.2(ii) shall be payable at the same time as bonuses are payable to other executive under the Incentive Plan. In the event Executive becomes entitled to a bonus under this Section 4.2 and under the
Incentive Plan in connection with a Change in Control, Executive shall be entitled to receive whichever bonus amount is greater and Executive shall not receive a duplicate bonus for the same fiscal year (or portion of a fiscal year). 
 4.3 Restricted Stock. Any Restricted Stock originally granted to Executive under the Acuity Brands, Inc. Long-Term Incentive Plan
(“LTIP”) for which the specific performance targets have been achieved and a Vesting Start Date (as defined in the agreement granting the Restricted Stock to Executive, the “Restricted Stock Agreement”) has been established as of
Executive’s Date of Termination shall become fully vested and nonforfeitable as of Executive’s Date of Termination and subject to the proviso at the end of this sentence, all Restricted Stock 

  

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for which a Vesting Start Date has not been established shall be immediately forfeited; provided, that if the Restricted Stock Agreement granting the
Restricted Stock to Executive provides for more favorable continued vesting after Executive’s Date of Termination, the provisions of such Restricted Stock Agreement shall apply to the vesting of Executive’s Restricted Stock after
Executive’s termination. The Vested Value (as defined in the Restricted Stock Agreement) of the shares of Restricted Stock vesting pursuant to this Section 4.3 shall be delivered to Executive in the manner provided in Section 2.2 of
the Restricted Stock Agreement within ten (10) days of Executive’s Date of Termination, using Executive’s Date of Termination as the date for determining the Vested Value. This Section 4.3 does not apply to Restricted Stock that only
contains time-based vesting. 
 4.4 Health Care and Life Insurance. The health care (including dental and vision coverage, if
applicable) and term life insurance coverages provided to Executive at his Date of Termination shall be continued at the same level as for active executives and in the same manner as if his employment had not terminated, beginning on the Date of
Termination and ending on the last day of the Severance Period. Any additional coverages Executive had at termination, including dependent coverage, will also be continued for such period on the same terms, to the extent permitted by the applicable
policies or contracts. Any costs Executive was paying for such coverages at the time of termination shall be paid by Executive by separate check payable to the Company each month in advance or, at Executive’s election, may be deducted from his
Base Salary payments under Section 4.1. If the terms of the life insurance plan referred to in this Section 4.4, or the laws applicable to such plan, do not permit continued participation by Executive as required by this subsection, then
the Company will arrange for other coverage satisfactory to Executive at the Company’s expense providing substantially identical benefits or, at the Company’s election, the Company will pay Executive an amount each month during the
Severance Period equal to the costs to Executive for the coverage. 
 If the terms of the health care plan referred to in this
Section 4.4 do not permit continued participation by Executive as required by this subsection or if the healthcare benefits to be provided to Executive and his dependents pursuant to this Section 4.4 cannot be provided in a manner such
that the benefit payments will be tax-free to Executive and his dependents, then the Company shall (A) pay to Executive each month during the Severance Period after Executive’s Termination Date an amount equal to the monthly rate for COBRA
coverage under the healthcare plan that is then being paid by former active employees for the level of coverage that applies to Executive and his dependents, minus the amount active employees are then paying for such coverage, and (B) permit
Executive and his dependents to elect to participate in the healthcare plan for the Severance Period upon payment of the applicable rate for COBRA coverage during the Severance Period. A benefit provided under this Section 4.4 shall cease if
Executive obtains other employment and, as a result of such employment, health care or life insurance benefits are available to Executive. At the end of the Severance Period, Executive shall be entitled to elect to continue health care coverage
pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), for the period required by COBRA. In the event Executive’s employment is terminated following a Change in Control under circumstances that
entitle the Executive to benefits under this Section 4.4, Executive shall be entitled to elect to continued health care coverage under COBRA for a thirty-six (36)-month period after the end of the Severance Period. 
  

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 4.5 Outplacement Services. Executive will be provided with customary outplacement services by an
outplacement firm selected by the Company for the Severance Period, provided that the Company’s total cost for such services shall not exceed an amount equal to ten percent (10%) of Executive’s Base Salary. 
 4.6 Other Benefits. Except as expressly provided herein, all other fringe benefits provided to Executive as an active employee of the Company
(e.g., 401(k) plan, AD&D, car allowance, club dues, etc.), shall cease on his Date of Termination, provided that any conversion or extension rights applicable to such benefits shall be made available to Executive at his Date of Termination or
when such coverages otherwise cease at the end of the Severance Period. Except as expressly provided herein, for all other plans sponsored by the Company, the Executive’s employment shall be treated as terminated on his Date of Termination and
Executive’s right to benefits shall be determined under the terms of such plans; provided, however, in no event will Executive be entitled to severance payments or benefits under any other severance plan, policy, program or agreement of the
Company, except to the extent Executive is covered by a Change in Control Agreement. 
 4.7 Release of Claims. To be entitled to any
of the compensation and benefits described above in this Section 4, Executive shall sign a release of claims substantially in the form attached hereto as Exhibit A. No payments shall be made under this Section 4 until such release has been
properly executed and delivered to the Company and until the expiration of the revocation period, if any, provided under the release. If the release is not properly executed by the Executive and delivered to the Company within the reasonable time
periods specified in the release, the Company’s obligations under this Section 4 will terminate. 
 4.8 Section 409A.
The Company shall have the authority to delay the commencement of payments under this Section 4 to “key employees” of the Company (as determined by the Company in accordance with procedures established by the Company that are
consistent with Section 409A) to a date which is six months after the date of Executive’s Termination of Employment (and on such date the payments that would otherwise have been made during such six-month period shall be made) to the
extent such delay is required under the provision of Section 409A, provided that the Company and Executive may agree to take into account any transitional rule available under Section 409A. 
  

	 	5.	CONFIDENTIALITY, NON-SOLICITATION AND NON-COMPETITION 

 5.1 Purpose and Reasonableness of Provisions. Executive acknowledges that, prior to and during the Term of this Agreement, the Company has furnished and will furnish to Executive Trade Secrets and Confidential Information which could
be used by Executive on behalf of a competitor of the Company or other person to the Company’s substantial detriment. Moreover, the parties recognize that Executive during the course of his employment with the Company may develop important
relationships with customers and others having valuable business relationships with the Company. In view of the foregoing, Executive acknowledges and agrees that the restrictive covenants contained in this Section 5 are reasonably necessary to
protect the Company’s legitimate business interests and good will. 
  

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 5.2 Trade Secrets and Confidential Information. Executive agrees that he shall protect the
Company’s Trade Secrets (as defined in Section 5.10(b) below) and Confidential Information (as defined in Section 5.10(a) below) and shall not disclose to any Person, or otherwise use or disseminate, except in connection with the
performance of his duties for the Company, any Trade Secrets or Confidential Information; provided, however, that Executive may make disclosures required by a valid order or subpoena issued by a court or administrative agency of competent
jurisdiction, in which event Executive will promptly notify the Company of such order or subpoena to provide the Company an opportunity to protect its interests. Executive’s obligations under this Section 5.2 shall apply during his
employment and after his termination of employment, and shall survive any expiration or termination of this Agreement, provided that Executive may after such expiration or termination disclose Confidential Information with the prior written consent
of the Chief Executive Officer. 
 The Executive, during employment with the Company, will not offer, disclose or use on Executive’s own
behalf or on behalf of the Company, any information Executive received prior to employment by the Company, which was supplied to Executive confidentially or which Executive should reasonably know to be confidential, to any persons, organization or
entity other than the Company without the written approval of such person, organization or entity. 
 5.3 Return of Property. Upon the
termination his employment with the Company, Executive agrees to deliver promptly to the Company all Company files, customer lists, management reports, memoranda, research, Company forms, financial data and reports and other documents (including all
such data and documents in electronic form) supplied to or created by him in connection with his employment hereunder (including all copies of the foregoing) in his possession or control, and all of the Company’s equipment and other materials
in his possession or control. Executive’s obligations under this Section 5.3 shall survive any expiration or termination of this Agreement. 
 5.4 Inventions. The Executive does hereby assign to the Company the entire right, title and interest in any Invention which is made, conceived, either solely or jointly with others, during employment with the
Company. The Executive agrees to promptly disclose to the Company all such Inventions. The Executive will, if requested, promptly execute and deliver to the Company a specific assignment of title for an Invention and will at the expense of the
Company, take all reasonably required action by the Company to patent, copyright or otherwise protect the Invention. 
 5.5
Non-Competition. The Executive agrees that while employed by the Company and for a period equal to the Severance Period thereafter, Executive shall comply with the non-competition restrictions attached hereto as Exhibit B. The Company and
Executive recognize that Executive may experience periodic material changes in his job title and/or to the duties, responsibilities or services that he is called upon to perform on behalf of the Company. If Executive experiences such a material
change, the parties shall, as soon as is practicable, enter into a signed, written addendum to Exhibit B hereto reflecting such material change. Moreover, in the event of any material change in corporate organization (including, without limitation,
spin-offs, split-offs, or public offerings of subsidiaries’ stock) on the part of the Direct Competitors set forth in Exhibit B hereto, the parties agree to amend Exhibit B, as necessary, at the Company’s request, in order to reflect such
change. Upon execution, each such written 

  

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modification to Exhibit B shall represent an enforceable amendment to this Agreement and shall augment and supplant the definitions of the terms Executive
Services or Direct Competitor as set forth in Exhibit B hereto. 
 5.6 Non-Solicitation of Customers/Suppliers. The Executive agrees
that during the course of employment with the Company, and for a period equal to the Severance Period thereafter, the Executive will not directly or indirectly (i) divert or attempt to divert any person, concern or entity which is furnished
products or services by the Company from doing business with the Company or otherwise change its relationship with the Company; or (ii) induce or attempt to induce any customer, supplier or service provider to cease being a customer, supplier
or service provider of the Company or to otherwise change its relationship with the Company. 
 5.7 Non-Solicitation of Employees. The
Executive agrees that during the course of employment with the Company, and for a period equal to the Severance Period thereafter, the Executive shall not, directly or indirectly, whether on behalf of the Executive or others, solicit, lure or
attempt to hire away any of the employees of the Company with whom the Executive interacted while employed with the Company. 
 5.8
Injunctive Relief. Executive acknowledges that if he breaches or threatens to breach any of the provisions of this Section 5, his actions may cause irreparable harm and damage to the Company which could not be compensated in damages.
Accordingly, if Executive breaches or threatens to breach any of the provisions of this Section 5, the Company shall be entitled to seek injunctive relief, in addition to any other rights or remedies the Company may have. The existence of any
claim or cause of action by Executive against the Company, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by the Company of Executive’s agreements under this Section 5. 
 5.9 Provisions Severable. If any provision in this Section 5 is determined to be in violation of any law, rule or regulation or otherwise
unenforceable, and cannot be modified to be enforceable, such determination shall not affect the validity of any other provisions of this Agreement, but such other provisions shall remain in full force and effect. Each and every provision, paragraph
and subparagraph of this Section 5 is severable from the other provisions, paragraphs and subparagraphs and constitutes a separate and distinct covenant. 
 5.10 Definitions. For purposes of this Section 5, the following definitions shall apply: 
 a.
“Confidential Information” means any and all information regarding the business or affairs of the Company not generally known, including information relating to research and development, operating systems, purchasing, accounting,
engineering, customers, marketing, manufacturing, suppliers, service providers, merchandising, selling, leasing, servicing, finance and business systems and techniques, information concerning customers of the Company and their systems and
applications. All information disclosed to Executive, or to which Executive obtains access, whether originated by Executive or by others, during the period of his employment, which he has reasonable basis to believe to be Confidential Information,
or which is treated by the Company as being Confidential Information, shall be presumed to be Confidential Information. 
  

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 b. “Trade Secrets” means any business, scientific or technical information, design,
process, procedure, formula or improvement of the Company that is valuable and not generally known to the Company’s competitors. 
 c.
“Inventions” means contributions, discoveries, improvements and ideas and works of authorship, whether or not patentable or copyrightable, and (i) which relate directly to the business of the Company or (ii) which result
from any work performed by Executive or by Executive’s fellow employees for the Company or (iii) for which equipment, supplies, facilities, Confidential Information or Trade Secrets of the Company are used, or (iv) which is developed
on the Company’s time. 
  

	 	6.	MISCELLANEOUS 

 6.1 No Obligation to
Mitigate. Executive shall not be required to mitigate the amount of any payment provided for under this Agreement by seeking other employment or otherwise, nor shall the amount of any payment provided for under this Agreement be reduced by any
compensation earned by Executive as a result of employment by another employer after the Date of Termination or otherwise, except as provided in Section 4.4 with respect to benefits coverages. 
 6.2 Contract Non-Assignable. The parties acknowledge that this Agreement has been entered into due to, among other things, the special skills and
knowledge of Executive, and agree that this Agreement may not be assigned or transferred by Executive. 
 6.3 Successors; Binding
Agreement. 
 a. In addition to any obligations imposed by law upon any successor to the Company, the Company will require any successor
(whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company, or who acquires the stock of the Company, to expressly assume and agree to perform this
Agreement, in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. 
 b. This Agreement shall inure to the benefit of and be enforceable by Executive’s personal or legal representative, executors, administrators, successors, heirs, distributees, devisees and legatees. 
 6.4 Notices. All notices, requests, demands and other communications required or permitted hereunder shall be in writing and shall be deemed to
have been duly given when delivered or seven days after mailing if mailed first class, certified mail, postage prepaid, addressed as follows: 
  

			
	 If to the Company:
	  	 Zep Inc.
 Attention: General Counsel
 4401 Northside Parkway
 Suite 700
 Atlanta, GA 30327-3093

		
	 If to the Executive:
	  	To his last known address on file with the Company

  

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 Any party may change the address to which notices, requests, demands and other communications shall be
delivered or mailed by giving notice thereof to the other party in the same manner provided herein. 
 6.5 Provisions Severable. If
any provision or covenant, or any part thereof, of this Agreement should be held by any court to be invalid, illegal or unenforceable, either in whole or in part, such invalidity, illegality or unenforceability shall not affect the validity,
legality or enforceability of the remaining provisions or covenants, or any part thereof, of this Agreement, all of which shall remain in full force and effect. 
 6.6 Waiver. Failure of either party to insist, in one or more instances, on performance by the other in strict accordance with the terms and conditions of this Agreement shall not be deemed a waiver or
relinquishment of any right granted in this Agreement or the future performance of any such term or condition or of any other term or condition of this Agreement, unless such waiver is contained in a writing signed by the party making the waiver.

 6.7 Amendments and Modifications. This Agreement may be amended or modified only by a writing signed by both parties hereto, which
makes specific reference to this Agreement. 
 6.8 Governing Law. The validity and effect of this Agreement shall be governed by and
be construed and enforced in accordance with the laws of the State of Georgia. 
 6.9 Disputes; Legal Fees; Indemnification.

 a. Disputes. All claims by Executive for compensation and benefits under this Agreement shall be in writing and shall be directed
to and be determined by the Chief Executive Officer of the Company, or his designee, provided that such designee shall not be the Supervising Executive (the Chief Executive Officer or such designee is hereinafter referred to as the
“Administrator”). Any denial by the Administrator of a claim for benefits under this Agreement shall be provided in writing to Executive within thirty (30) days of such decision and shall set forth the specific reasons for the denial
and the specific provisions of this Agreement relied upon. The Administrator shall afford a reasonable opportunity to Executive for a review of its decision denying a claim and shall further allow Executive to request in writing that the
Administrator reconsider the denial of the claim within sixty (60) days after notification by the Administrator that Executive’s claim has been denied. To the extent permitted by applicable law, any further dispute or controversy arising
under or in connection with this Agreement shall be settled exclusively by arbitration in Fulton County, Georgia, in accordance with the rules of the American Arbitration Association then in effect for commercial arbitrations. Judgment may be
entered on the arbitrator’s award in any court having jurisdiction. 
  

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 b. Legal Fees. If the Company involuntarily terminates Executive without Cause or Executive
terminates his employment for Good Reason, then, in the event Executive incurs legal fees and other expenses in seeking to obtain or to enforce any rights or benefits provided by this Agreement and is successful to a significant extent in obtaining
or enforcing any such rights or benefits through settlement, mediation, arbitration or otherwise, the Company shall promptly pay Executive’s reasonable legal fees and expenses and related costs incurred in enforcing this Agreement including,
without limitation, attorneys fees and expenses, experts fees and expenses, and investigative fees. Except to the extent provided in the preceding sentence, each party shall pay its own legal fees and other expenses associated with any dispute under
this Agreement. 
 IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written.

  

			
	 EXECUTIVE:

	
	  

	
	 ZEP INC.

		
	 By:
	 	  

  

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 EXHIBIT A 
 TO ZEP INC. 
 SEVERANCE AGREEMENT 
 RELEASE OF CLAIMS 
 The undersigned, an Executive of Zep Inc. (the
“Company”), having entered into that certain Zep Inc. Severance Agreement (the “Agreement”) dated             , 2007, which Agreement is expressly incorporated
herein by reference, hereby enters into the following Release of Claims effective as of the date listed below. Capitalized terms contained herein shall have the same meaning as those defined terms set forth in the Agreement. This Release must be
executed and returned to Zep Inc., without modification, within thirty (30) days of the date of the termination of Executive’s employment in order for Executive to receive any of the compensation and benefits set forth in section 4 of the
Agreement. 
 For the consideration set forth in the Agreement, including the various actual and prospective benefits described therein,
which are more than I would otherwise have received in the event of my severance from the Company, I hereby release the Company, its current and former parents, subsidiaries, divisions, and affiliates, and their current or former directors,
employees and agents and related parties from all known or unknown claims, if any, that I presently could have against any of them, including (but not limited to) all known or unknown claims arising out of my employment with the Company or my
termination therefrom, except Age Discrimination in Employment Act claims, of which I have none. I promise never to file any lawsuit based on a claim purportedly released by this Release. I further promise never to seek any damages, remedies, or
other relief for myself personally (any right to which I hereby waive) by prosecuting a charge with any administrative agency with respect to any claim purportedly released by this Release. I acknowledge and understand that this Release is binding
upon my heirs and personal representatives. This Release, together with the Agreement, sets forth the entire agreement between the Company and me pertaining to the subject matter hereof and fully supersedes any and all prior agreements or
understandings between us pertaining thereto. 
 I have carefully read this Release, I fully understand what it means, and I am entering into
it voluntarily. 
  

					
	                            	 		 	  

	 Date
	 		 	Signature of Executive
			
		 		 	  

		 		 	Print Name

  

 13 

 EXHIBIT B 
 TO ZEP INC. 
 SEVERANCE AGREEMENT 
 AGREED NON-COMPETITION RESTRICTIONS NEGOTIATED AND 
 CONSENTED TO IN
CONSIDERATION FOR SEVERANCE AGREEMENT 
  

	 	1.	DEFINITIONS 

 Capitalized terms contained herein
shall have the same meaning as those defined terms set forth in the Severance Agreement. In addition, the following terms used in this Exhibit “B” shall have the following meanings: 
 (A) “Direct Competitor” means the following entities: (1) Ecolab Inc.; (2) JohnsonDiversey Inc; (3) NCH
Corporation; (4) State Industrial Products Corporation; (5) Rochester Midland Corporation; (6) Amrep, Inc.; and (7) Ondeo Nalco Company, as well as any of their respective affiliates, subsidiaries and/or parent companies that are
either located or transact business within the United States of America, but only to the extent each, and only with respect to the business operation which, engages in the manufacture and/or sale of one or more of the following classes of products:
specialty chemical products, cleaners, degreasers, absorbants, sanitizers, deodorizers, polishes, floor finishes, sealants, lubricants, disinfectants, janitorial supplies, paint strippers, paint removers, rust strippers, soaps and detergents,
bleaches, fabric softeners, liquid sweeping compounds, aerosol gasket forming compositions, non-slip adhesive film for brakes, tire and rubber mat dressings, floor waxes, asphalt and tar removers, concrete removers, vehicle drying agents, vehicle
rain repellant and glass treatment, steam cleaning compositions, chemical preparations for unclogging pipes and septic tank cleaning, spill treatments, anti-seize compounds, treatment products for hazardous solvents, pesticides, pest control
products and/or drain care products, preparations for killing weeds, fungicides, herbicides, rodenticides, vermicides, insect repellants, ground control chemicals, power operated industrial and commercial cleaning equipment (namely, sprayers, fog
sprayers, steam cleaning machines, pressure washers, and air agitation cleaners and pumps for use in connection therewith, steam cleaners, vacuum cleaners, carpet cleaning and shampooing machines, floor cleaning and polishing machines and parts
associated therewith), or manually operated cleaning equipment and accessories (namely, brooms, dustpans, scrubbing brushes, mops, squeegees, dispensers for floor wax, buckets, mop wringers, sponges, scouring pads, plastic janitorial mats, wiping
cloths, steel wool, chamois skins, soap and chemical dispensers, towel and sanitary napkin dispensers, cleaning gloves, pails and parts therefore, and waste receptacles); 
 (B) “Executive Services” means those principal duties and responsibilities that Executive performs on behalf of the Company
during his employment, consistent with the Position Description covering Executive’s job position, as of the date hereof. As
                                        ,
Executive: (1) [To Be Added For Specific Executive]  
  

					
		  	Page 1 of 3	  	Executive’s Initials:         

 (C) “Restricted Period” means the “Severance Period” in the Severance
Agreement, namely, a period equal to the lesser of (i)          months from the Executive’s Date of Termination or (ii) the number of months (rounded to the nearest month) from the
Executive’s Date of Termination until the date he attains age 65. 
  

	 	2.	ACKNOWLEDGEMENTS 

 Executive acknowledges that
during the period of his employment with the Company as the
                                        ,
he has and will render executive, strategic and managerial services, including the Executive Services, to and for the Company throughout the United States, which are special, unusual, extraordinary, and of peculiar value to the Company. Executive
further acknowledges that the services he performs on behalf of the Company, including the Executive Services, are at a senior managerial level and are not limited in their territorial scope to any particular city, state, or region, but instead have
nationwide impact throughout the United States. Executive further acknowledges and agrees that: (a) the Company’s business is, at the very least, national in scope; (b) these restrictions are reasonable and necessary to protect the
Confidential Information, business relationships, and goodwill of the Company; and (c) should Executive engage in or threaten to engage in activities in violation of these restrictions, it would cause the Company irreparable harm which would
not be adequately and fully redressed by the payment of damages to the Company. In addition to other remedies available to the Company, the Company shall accordingly be entitled to injunctive relief in any court of competent jurisdiction for any
actual or threatened breach by Executive of the provisions of this Exhibit B. Executive further acknowledges that he will not be entitled to any compensation or benefits from the Company or any of its affiliates in the event of a final
non-appealable judgment that he materially breached his duties or obligations under this Exhibit B. 
  

	 	3.	NON-COMPETITION 

 Executive agrees that while
employed by the Company and for a period equal to the Restricted Period thereafter, but only for such period as Base Salary is paid to Executive under Section 4.1 of the Severance Agreement, he will not, directly (i.e., as an officer or
employee) or indirectly (i.e., as an independent contractor, consultant, advisor, board member, agent, shareholder, investor, joint venturer, or partner), engage in, provide or perform any of the Executive Services on behalf of any Direct Competitor
anywhere within the United States. Nothing in this provision shall divest Executive from the right to acquire as a passive investor (with no involvement in the operations or management of the business) up to 1% of any class of securities which is:
(i) issued by any Direct Competitor, and (ii) publicly traded on a national securities exchange or over-the-counter market. 
  

	 	4.	SEPARABILITY 

 Executive acknowledges that
the foregoing non-competition covenant is a separate and distinct obligation of Executive and is deemed to be separable from the remaining covenants of the Severance Agreement. If any of the provisions of the foregoing covenant should ever be deemed
to exceed the time, geographic, product, or other limitations permitted by applicable law in any jurisdiction, then such provisions shall be deemed reformed in such jurisdiction to the maximum time, geographic, product, or other limitations
permitted by applicable law. If any 

  

					
		  	Page 2 of 3	  	Executive’s Initials:         

 
particular provision of the foregoing covenant is held to be invalid, the remainder of the covenant and the remaining obligations of the Severance Agreement
shall not be affected thereby and shall remain in full force and effect. 
  

	 	5.	ENTIRE AGREEMENT 

 This non-competition
covenant, together with the provisions set forth in Section 5.5 of the Agreement, constitute the entire agreement between the parties hereto with respect to non-competition, and supersede any and all prior communications, agreements and
understandings, written or oral, with respect to Executive’s non-competition obligations. No provision of this Exhibit B may be modified, waived or discharged unless such waiver, modification or discharge is approved and agreed to in writing by
both parties hereto. Failure of either party to insist, in one or more instances, on performance by the other in strict accordance with the terms and conditions of this Exhibit B shall not be deemed a waiver or relinquishment of any right granted in
this Exhibit B or the future performance of any such term or condition or of any other term or condition of this Exhibit B, unless such waiver is contained in a writing signed by the party making the waiver. No agreements or representations, oral or
otherwise, express or implied, with respect to Executive’s non-competition obligations have been made by either party which are not set forth expressly in this Exhibit B and/or in the Agreement. 
  

					
		  	Page 3 of 3	  	Executive’s Initials:Zep Inc Management Compensation and Incentive Plan

 Exhibit 10.11 
 ZEP INC. 
 MANAGEMENT COMPENSATION AND INCENTIVE PLAN 
 Effective as of September __, 2007 
 1.
Establishment and Effective Date of Plan 
 Zep Inc. (the “Corporation”) hereby adopts the Zep Inc. Management Compensation and
Incentive Plan (the “Plan”) for its executive officers and certain other executives of the Corporation, its Subsidiaries and Business Units who are in management positions designated as eligible for participation by the Compensation
Committee of the Board of Directors of the Corporation or such other committee appointed by the Board (the “Committee”) or its designee. The Plan shall be effective on ____________, 2007 and shall remain in effect, subject to the rights of
amendment and termination in Section 13, until the Incentive Awards are paid for the Corporation’s fiscal year ending in 2013. Payments under the Plan shall only be made to Named Executive Officers after the Plan is approved by the
stockholder(s) of the Corporation. 
 2. Purpose of the Plan 
 The purpose of the Plan is to further the growth and financial success of the Corporation by offering performance incentives to designated executives who have significant responsibility for such success. 

3. Definitions 
 (a) “Base Annual
Salary” means the actual base salary paid to a Participant during the applicable Plan Year, increased by the amount of any pre-tax deferrals or other pre-tax payments made by the Participant to the Corporation’s deferred compensation
or welfare plans (whether qualified or non-qualified). 
 (b) “Board of Directors” means the Board of Directors of the
Corporation. 
 (c) “Business Unit” means a separate business operating unit of the Corporation with respect to which
separate performance goals are established hereunder. 
 (d) “Change in Control” means any of the following events:

 (i) The acquisition (other than from the Corporation) by any “Person” [as the term person is used for purposes of
Sections 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended (the “1934 Act”)] of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the 1934 Act) of twenty percent (20%) or more of the
combined voting power of the Corporation’s then outstanding voting securities; or 
 (ii) The individuals who, as of
__________, 2007, are members of the Board of Directors (the “Incumbent Board”), cease for any reason to constitute at least two-thirds of the Board of Directors; provided, however, that if the election, or nomination for 

 
election by the Corporation’s stockholders, of any new director was approved by a vote of at, least two-thirds of the Incumbent Board, such new director
shall, for purposes of this Plan, be considered as a member of the Incumbent Board; or 
 (iii) Consummation of a merger or
consolidation involving the Corporation if the stockholders of the Corporation, immediately before such merger or consolidation do not, as a result of such merger or consolidation, own, directly or indirectly, more than sixty percent (60%) of
the combined voting power of the then outstanding voting securities of the corporation resulting from such merger or consolidation in substantially the same proportion as their ownership of the combined voting power of the voting securities of the
Corporation outstanding immediately before such merger or consolidation; or 
 (iv) Consummation of a complete liquidation or
dissolution of the Corporation or an agreement for the sale or other disposition of all or substantially all of the assets of the Corporation. 
 Notwithstanding the foregoing, a Change in Control shall not be deemed to occur pursuant to subsection (i) above, solely because twenty percent (20%) or more of the combined voting power of the Corporation’s then outstanding
securities is acquired by (i) a trustee or other fiduciary holding securities under one or more employee benefit plans maintained by the Corporation or any of its Subsidiaries, or (ii) any corporation which, immediately prior to such
acquisition, is owned directly or indirectly by the stockholders of the Corporation in the same proportion as their ownership of stock in the Corporation immediately prior to such acquisition. 
 (e) “Chief Executive Officer” means the chief executive officer of the Corporation, unless otherwise specified. 
 (f) “Code” means the Internal Revenue Code of 1986, as amended. 
 (g) “Committee” means the Compensation Committee of the Board of Directors or any other committee designated by the Board of Directors
which is responsible for administering the Plan. 
 (h) “Corporation” means Zep Inc. and its successors. 
 (i) “Incentive Award” or “Award” means the bonus awarded to a Participant under the terms of the Plan. 
 (j) “Maximum Award” means the maximum percentage of Base Annual Salary which may be paid based upon the Relative Performance during the
Plan Year. 
 (k) “Named Executive Officer” means a Participant who as of the date of payment of an Incentive Award is one
of the group of “covered employees” under Code Section 162(m) and the regulations and rulings thereunder. 
 (l)
“Participant” means an employee of the Corporation, a Subsidiary or a Business Unit who is designated by the Committee to participate in the Plan. 
  

 2 

 (m) “Performance Measure” means the performance measures described on Appendix A
attached hereto, as they may be amended from time to time. 
 (n) “Personal Performance Goals” means the goals established
for each Participant each year to improve the effectiveness of the Participant’s area of responsibility as well as the Corporation as a whole. 
 (o) “Plan Rules” means the guidelines established annually by the Committee pursuant to Section 4, subject to ratification by the Board of Directors. 
 (p) “Plan Year” means the twelve month period which is the same as the Corporation’s fiscal year. The initial Plan Year shall be
September __, 2007 through August 31, 2008. Thereafter, the Plan Year shall be September 1 through the next following August 31. 
 (q) “Relative Performance” means the extent to which the Corporation, designated Business Unit or Subsidiary, as applicable, achieves the performance measurement criteria set forth in the Plan Rules. 
 (r) “Subsidiary” means any corporation in an unbroken chain of corporations, beginning with the Corporation, if each of the corporations
other than the last corporation in the unbroken chain owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. 
 (s) “Target Award” means the percentage (which may vary among Participants and from Plan Year to Plan Year) of Base Annual Salary which
will be paid to a Participant as an Incentive Award if the performance measurement criteria applicable to the Participant for the Plan Year is achieved, as reflected in the Plan Rules for such Plan Year. 
 (t) “Threshold Award” means the percentage of Base Annual Salary which may be paid based on the minimum acceptable Relative Performance
during the Plan Year. 
 4. Administration of the Plan 
 The Plan will be administered by the Committee, subject to its right to delegate responsibility for administration of the Plan as it applies to Participants other than Named Executive Officers pursuant to
Section 7. The Committee will have authority to establish Plan Rules with respect to the following matters, subject to the right of the Board of Directors to ratify such Plan Rules: 
 (a) the employees who are to become Participants in the Plan; 
 (b) the Target Award, Maximum Award and Threshold Award that can be granted to each Participant and the method for determining such award, which the Committee may amend from time to time; 
 (c) the performance targets and the measurement criteria to be used in determining the Corporation’s or a Business Unit’s or a
Subsidiary’s Relative Performance, which will 

  

 3 

 
include one or more of the Performance Measures listed on Appendix A attached hereto, as determined by the Committee each year; and 
 (d) the time or times and the conditions subject to which any Incentive Award may become payable. 
 The Plan Rules will be adopted by the Committee prior to, or as soon as practical after, the commencement of each Plan Year. Subject to the provisions of
the Plan and the Committee’s right to delegate its responsibilities, the Committee will also have the discretionary authority to interpret the Plan, to prescribe, amend and rescind rules and regulations relating to it, and to make all other
determinations deemed necessary or advisable in administering the Plan. The determinations of the Committee on the matters referred to in paragraphs (a) through (d) of this Section 4 shall be submitted at least annually to the Board
of Directors for its consideration and ratification. For Participants who are not Named Executive Officers, the Committee may in its discretion (i) establish performance measures and criteria not listed on Appendix A without obtaining
shareholder approval; and (ii) during a Plan Year revise the performance targets and measurement criteria to the extent the Committee deems necessary to achieve the purposes of the Plan to reflect any changed or unexpected or unusual
circumstances. 
 5. Participation 
 Eligibility for participation in the Plan is limited to executive officers of the Corporation and certain other executives of the Corporation, Business Units or Subsidiaries who hold key management and staff positions. From among those
eligible and based upon the recommendations of the Chief Executive Officer and other designees, the Committee will designate by name or position the Participants each Plan Year. Any employee who is a Participant in one Plan Year may be excluded from
participation in any other Plan Year. If, during the Plan Year, a Participant other than a Named Executive Officer changes employment positions to a new position which corresponds to a different award level, the Committee may, in its discretion,
adjust the Participant’s award level for such Plan Year. The Committee may, in its discretion, designate employees who are hired after the beginning of the Plan Year as Participants for such Plan Year and as eligible to receive full or partial
Incentive Awards for such year. 
 6. Incentive Awards 
 (a) Determination of the Amount of Incentive Awards 
 At the end of each Plan Year, the Committee
shall certify the extent to which the performance targets and measurement criteria established pursuant to Section 4 have been achieved for such Plan Year based upon financial and other information provided by the Corporation. Subject to the
right to decrease an award as described in the next paragraph, the Participant’s Incentive Award shall be computed by the Committee based upon the achievement of the established performance targets, measurement criteria and the requirements of
the Plan. In addition to any adjustments provided for in the Incentive Award, the Committee may in determining whether performance targets have been met adjust the Corporation’s financial results to exclude the effect of unusual charges or
income items, changes in accounting, or other 

  

 4 

 
events (such as acquisitions, divestitures, equity and other restructurings, reductions in force and currency fluctuations), which are distortive of results
year over year (either on a segment or consolidated basis); provided, that for purposes of determining the Incentive Awards of Named Executive Officers that are intended to qualify as performance-based compensation under Code Section 162(m),
the Committee shall exclude unusual items whose exclusion has the effect of increasing Relative Performance if such items constitute “extraordinary” or “unusual” events or items under generally accepted accounting principles or
are unusual events or items. In addition, the Committee will adjust its calculations to exclude the unanticipated effect on financial results of changes in the Code or other tax laws, or the regulations relating thereto. 
 The Committee may, in its discretion, decrease the amount of a Participant’s Incentive Award for a Plan Year based upon such factors as it may
determine, including the failure of the Corporation, Business Unit or Subsidiary to meet certain performance goals or of a Participant to meet his Personal Performance Goals. The factors to be used in reducing an Incentive Award may be established
at the beginning of a Plan Year and may vary among Participants. 
 In the event that the Corporation’s, Business Unit’s or
Subsidiary’s performance is below the performance thresholds for the Plan Year and the Incentive Awards are reduced or cancelled, the Committee may in its discretion grant Incentive Awards to deserving Participants, except for Participants who
are Named Executive Officers. 
 The Plan Rules and Incentive Awards under the Plan shall be administered in a manner to qualify payments
under the Plan to the Named Executive Officers for the performance-based exception under Code Section 162(m) and the regulations thereunder, except where the Board of Directors determines such compliance is not necessary or not in the best
interests of the Company or its stockholders. The maximum Incentive Award that may be paid to an individual Participant for a Plan Year shall be $4 million. 
 (b) Eligibility for Payment of Incentive Award 
 No Participant will have any vested right to receive
any Incentive Award until such date as the Board of Directors has ratified the Committee’s determination with respect to the payment of individual Incentive Awards, except where the Committee determines such ratification is not necessary. No
Incentive Award will be paid to any Participant who is not an active employee of the Corporation, a Business Unit or a Subsidiary at the end of the Plan Year to which the Incentive Award relates; provided, however, at the discretion of the Committee
or its designee (subject to ratification by the Board of Directors, where required), partial Incentive Awards may be authorized by the Committee to be paid to Participants (or their beneficiaries) who are terminated without cause or who retire, die
or become permanently and totally disabled during the Plan Year. No Participant entitled to receive an Incentive Award shall have any interest in any specific asset of the Corporation, and such Participant’s rights shall be equivalent to that
of a general unsecured creditor of the Corporation. 
 (c) Payment of Awards 
 Payment of the Incentive Awards will be made as soon as practicable after their determination pursuant to Sections 6.1 and 6.2, subject to the
Corporation’s right to allow a 

  

 5 

 
Participant to defer payment pursuant to an applicable deferred compensation plan of the Corporation. Payment will generally be made in a lump sum in cash,
unless the Committee otherwise determines at the beginning of the Plan Year. 
 7. Delegation of Authority by Committee 
 Notwithstanding the responsibilities of the Committee set forth herein, the Committee may delegate to the Chief Executive Officer or others all or any
portion of its responsibility for administration of the Plan as it relates to Participants other than Named Executive Officers. Such delegation may include, without limitation, the authority to designate employees who can participate in the Plan, to
establish Plan Rules, to interpret the Plan, to determine the extent to which performance criteria have been achieved, and to adjust Incentive Awards payable. In the case of each such delegation, the administrative actions of the delegate shall be
subject to the approval of the person within the Corporation to whom the delegate reports (or, in the case of a delegation to the Chief Executive Officer, to the approval of the Committee). 
 8. Change in Control 
 Upon the occurrence of a Change
in Control, unless the Participant otherwise elects in writing in accordance with such rules as the Committee may establish, the Participant’s Incentive Award for the Plan Year shall be determined as if the Target Award level of performance has
been achieved (without any reductions under Section 6.1) and shall be deemed to have been fully earned for the Plan Year, provided that the Participant shall only be entitled to a pro rata portion of the Incentive Award based upon the number of
days within the Plan Year that had elapsed as of the effective date of the Change in Control. The Incentive Award amount shall be paid only in cash within thirty (30) days of the effective date of the Change in Control. The Incentive Award
payable upon a Change in Control to a Participant for the Plan Year during which a Change in Control occurs shall be the greater of the amount provided for under this Section 8 or the amount of the Incentive Award payable to such Participant
for the Plan Year under the terms of any employment agreement or severance agreement with the Corporation, its Business Units or Subsidiaries, provided that the Participant shall not receive a duplicate Incentive Award for the same Plan Year (or
portion of a Plan Year). Notwithstanding the above, the Committee may provide in the Plan Rules for alternative consequences upon a Change in Control, which may apply to some or all Participants and which may vary among Participants. 
 9. Beneficiary 
 The Committee may provide for each
Participant to designate a person or persons to receive, in the event of death, any Incentive Award to which the Participant would then be entitled under Section 6.2. Such designation will be made in the manner determined by the Committee and
may be revoked by the Participant in writing. If the Committee does not provide for such designation or if a Participant fails effectively to designate a beneficiary, then the estate of the Participant will be deemed to be the beneficiary.

  

 6 

 10. Withholding Taxes 
 The Corporation shall deduct from each Incentive Award the amount of any taxes required to be withheld by any governmental authority. 
 11. Employment 
 Nothing in the Plan or in any Incentive Award shall confer (or be deemed to confer)
upon any Participant the right to continue in the employ of the Corporation, a Business Unit or a Subsidiary, or interfere with or restrict in any way the rights of the Corporation, a Business Unit or a Subsidiary to discharge any Participant at any
time for any reason whatsoever, with or without cause. 
 12. Successors 
 All obligations of the Corporation under the Plan with respect to Incentive Awards granted hereunder shall be binding upon any successor to the Corporation, whether such successor is the result of an acquisition of
stock or assets of the Corporation, a merger, a consolidation or otherwise. 
 13. Termination and Amendment of the Plan 
 The Committee, subject to the ratification rights of the Board of Directors, has the right to suspend or terminate the Plan at any time, or to amend the
Plan in any respect provided that no such action will, without the consent of an affected Participant, adversely affect the Participant’s rights under an Incentive Award approved under Section 6.2. 
 14. Governing Law 
 The Plan shall be interpreted and
construed under the laws of the State of Georgia. 
  

 7 

 APPENDIX A 
 to 
 ZEP INC. 
 MANAGEMENT COMPENSATION AND INCENTIVE PLAN 
  

			
	 Performance Measure
	  	 General Definition

		
	 AATP Margin
	  	AATP divided by Sales
		
	 Adjusted After-Tax Profit (AATP)
	  	APTP minus book income taxes (reported tax rate applied to APTP)
		
	 Adjusted EBIT
	  	EBIT excluding gain on asset sales
		
	 Adjusted Pre-Tax Profit (APTP)
	  	Income before provision for income taxes plus interest expense plus implied interest on capitalized operating leases. The measure may include or exclude income from discontinued operations,
extraordinary items, changes in accounting principles, and restructuring expense.
		
	 Capitalized Economic Profit
	  	Economic Profit divided by a predetermined rate reflecting the cost of capital
		
	 Capitalized Entity Value
	  	Sum of average invested capital in the business and the Capitalized Economic Profit
		
	 Capitalized Equity Value
	  	Capitalized Entity Value minus total debt
		
	 Cashflow
	  	Net cash provided by operating activities
		
	 Cashflow Return on Capital
	  	Cash flow divided by average invested capital
		
	 Cashflow Return on Capitalized Entity/ Equity Value
	  	Cash flow divided by Capitalized Value
		
	 Cashflow Return on Investment
	  	The amount comprised of net income plus depreciation and amortization minus working capital expenditures, divided by the amount comprised of gross fixed assets plus net working capital excluding
cash and debt
		
	 Change in Price of Shares
	  	Percentage increase in per-share price, adjusted for change in capitalization
		
	 Debt
	  	Third party debt recorded on the balance sheet
		
	 Debt Reduction
	  	Decrease in total debt from one period to another
		
	 Earnings Before Interest and Taxes (EBIT)
	  	Earnings minus interest and taxes
		
	 Earnings Per Share
	  	Basic or diluted earnings per share
		
	 Economic Profit
	  	AATP minus a charge for capital
		
	 Net Income
	  	Net income as reported in Zep Inc.’s annual financial statements or the books and records of its segments. The measure may include or exclude income from discontinued operations,
extraordinary items, changes in accounting principles, and restructuring expense.
		
	 Net Income Return on Capital
	  	Net Income divided by average invested capital

  

 8 

			
	 Operating Working Capital
	  	Net accounts receivable plus inventory minus accounts payable
		
	 Return on Assets (ROA)
	  	Net Income divided by average total assets
		
	 Return on Equity (ROE)
	  	Net Income divided by average stockholders’ equity
		
	 Return on Gross Investment
	  	Sum of Net Income plus depreciation divided by sum of average invested capital plus accumulated depreciation
		
	 Return on Invested Capital
	  	Net Income or AATP divided by average invested capital
		
	 Return on Net Assets (RONA)
	  	Net Income, APTP, or income before taxes, divided by average net assets
		
	 Sales
	  	Net sales of products
		
	 Sales Growth
	  	Percentage change in Sales from year to year
		
	 Total Return to Stockholders
	  	Percentage change in stockholder value (stock price plus reinvested dividends)

  

 9

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