Document:

9.30.2013 Exhibit 10.22

EXHIBIT 10.22

July 29, 2013

Dear Luis:

Ashland Inc. ("Ashland") considers the services you provide in your current role leading the Ashland Water Technologies business unit (“AWT”), which is operated by our wholly owned subsidiary Hercules Inc. (“Hercules”), to be essential to AWT’s  continuing operations.  As Ashland evaluates strategic options for AWT, including the  potential for a change in ownership of AWT, whether through joint venture, sale or other partial or complete divestiture (the “Transaction”), Ashland  would like to extend the following offer to you, in order to encourage your continued employment during this period.  Your acceptance of this offer (the “Letter Agreement”) will rescind and replace any other written or verbal agreements in place between you and Hercules and/or Ashland concerning your continued employment with Hercules.         

Subject to the conditions provided in this Letter Agreement, in the event you remain employed through your Stay Date, as defined below, then Hercules will provide you with a lump sum payment (“Retention Bonus”) equal to $400,000, less applicable withholdings.  Your Retention Bonus will be paid within 15 days of your Stay Date. 

For purposes of this Letter Agreement, your Stay Date shall be the earlier of:

		
	i)
	the date on which the potential Transaction closes;    

		
	ii)
	the date on which a decision is made not to proceed with the potential Transaction,  and to continue to operate AWT under its current ownership; 

		
	iii)
	the date your active employment is terminated by Hercules without cause; or 

		
	iv)
	March 31, 2014.

During the term of this Letter Agreement, you will continue to receive compensation at a rate at least equivalent to your level of base pay in effect at the time this Letter Agreement was executed, and you will also continue to be eligible to participate in those compensation and benefit programs offered to regular, full-time employees of Hercules within your salary band. 
 
You understand and agree that the Retention Bonus provided for under this Letter Agreement will be made in accordance with any applicable requirements of Internal Revenue Code §409A.

In the event your employment with Hercules terminates as a result of the Transaction, then you may also be eligible for severance benefits from Hercules, and nothing in this Letter Agreement will impair your right to receive such benefits under any severance pay plan or program that would otherwise apply to you.  
    
You agree that you will keep the terms of this Letter Agreement completely confidential, and that you will not hereafter disclose any information concerning this agreement to anyone except your immediate family, financial advisor and/or attorney; provided, that they agree in advance of said disclosure to keep this information confidential and not disclose it to others. 

1

You further understand that this agreement will immediately terminate (an “Early Termination”), and Hercules will be relieved of any obligation to provide the Retention Bonus to you if any of the following occurs prior to your Stay Date:  

		
	i)
	you voluntarily terminate your employment with Hercules;

		
	ii)
	you violate the confidentiality provisions contained herein;

		
	iii)
	Hercules terminates your employment for cause;  For the purposes of this letter, termination for cause will arise if you:  (a) substantially fail to perform your duties with Hercules, unless such failure is due to your incapacity as a result of physical or mental illness; or (b) you engage in willful misconduct or gross negligence in performing your duties; 

		
	iv)
	in the event of your death.   Provided, however, that Hercules will not be relieved of any obligations under its employee benefits plans which arise due to your death.  

This Letter Agreement shall terminate on the earlier of your Stay Date or the date on which an Early Termination occurs. Provided, however, that the confidentiality provisions of this Letter Agreement and any obligations on the part of Hercules or Ashland arising under this Letter Agreement during its term, or triggered under this Letter Agreement on the date of its termination, shall survive the termination of this Letter Agreement.  

This Letter Agreement does not, in any way, constitute a contract or agreement guaranteeing your continued employment. Hercules reserves the right to terminate your employment at any time, with or without cause.

If you agree with the foregoing, please sign and date each original of this Letter Agreement in the space provided for your signature, and return one original to me prior to August 9, 2013.  You may retain a copy for your records.

Should you have any questions, please feel free to contact me.

Sincerely yours,
                            
/s/ Susan B. Esler
Susan B. Esler
                            
Agreed to and accepted
this 29th day of July, 2013.

/s/ Luis Fernandez-Moreno
Luis Fernandez-Moreno

29.30.2013 Exhibit 10.23

EXHIBIT 10.23

November 4, 2013

Dear Luis:

This letter (“Letter Agreement”) will confirm the understanding between you and Ashland concerning your transfer from Hercules Inc. (“Hercules”), to Ashland Specialty Ingredients (“ASI”), where you will assume leadership of the ASI business unit. You specifically understand and agree that this Letter Agreement rescinds and replaces the Retention Bonus Agreement between you and Ashland dated July 29, 2013, and thereby relieves Ashland and Hercules of any obligations otherwise arising thereunder. This Letter Agreement also rescinds and replaces all other agreements concerning your employment and compensation currently in place between you and ASI, Hercules and/or Ashland, to the extent said agreements are inconsistent with the terms provided herein.

In exchange for your agreement to assume leadership of the ASI business, you and Ashland agree that as of October 14, 2013, your annual base compensation is increased to Four Hundred, Sixty Thousand Dollars ($460,000). You will also continue to be eligible to participate in those compensation and benefit programs offered to other regular, full-time employees of Ashland or ASI within your salary band. 

Subject to the terms and conditions contained herein, Ashland further agrees that at the November meeting of its Board of Directors, Ashland will recommend to its Personnel and Compensation Committee that you receive a grant of 15,000 shares of Ashland Inc. Restricted Stock, to vest as follows:

		
	•
	5,000 shares will vest on the one-year anniversary of the grant;

		
	•
	5,000 shares will vest on the two-year anniversary of the grant; and

		
	•
	the remaining 5,000 shares will vest on the four-year anniversary of the grant. 

If approved, you understand and agree that this grant of Restricted Stock will be subject to all terms and conditions, including those customary terms and conditions relating to exercise and forfeiture, contained in the grant.

If the above described grant of Restricted Stock is not approved, then within 15 days thereafter, you will receive a lump sum payment (a “Special Bonus Payment”) equal to Four Hundred Thousand ($400,000) Dollars, less applicable withholdings. You understand and agree that this Special Bonus Payment will be made in accordance with any applicable requirements of Internal Revenue Code §409A.

You further understand and agree that this Letter Agreement will immediately terminate (an “Early Termination”), and Ashland and ASI will be relieved of any obligation to recommend the grant of Restricted Stock, or alternatively provide the Retention Bonus Amount, if any of the following occurs prior to the date on which Ashland’s obligation to do the same is triggered:

		
	i)
	you voluntarily terminate your employment with ASI;

		
	ii)
	ASI terminates your employment for cause;  For the purposes of this letter, termination for cause will arise if you:  (a) substantially fail to perform your duties with ASI, unless 

1

such failure is due to your incapacity as a result of physical or mental illness; or (b) you engage in willful misconduct or gross negligence in performing your duties; 

		
	iii)
	in the event of your death.   Provided, however, that ASI and/or Ashland will not be relieved of any obligations under those employee benefits plans in which you participated which arise due to your death.  

This Letter Agreement shall terminate on the earlier of (a) the date on which you are awarded the grant of Restricted Stock described herein; (b) the date on which you receive the Special Bonus payment described herein; or (c) the date on which an Early Termination occurs. Provided, however, that any obligations on the part of ASI or Ashland arising under this Letter Agreement during its term, or triggered under this Letter Agreement on the date of its termination, shall survive the termination of this Letter Agreement.  

This Letter Agreement does not, in any way, constitute a contract or agreement guaranteeing your continued employment. Both you and ASI reserve the right to terminate your employment at any time, with or without cause.

If you agree with the foregoing, please sign and date each original of this Letter Agreement in the space provided for your signature, and return one original to me prior to November 11, 2013.  You may retain a copy for your records.

Should you have any questions, please feel free to contact me.

Sincerely yours,

/s/ Susan B. Esler
Susan B. Esler
                            

Agreed to and accepted
this 4th day of November, 2013.

/s/ Luis Fernandez-Moreno
     Luis Fernandez-Moreno

29.30.2013 Exhibit 10.34

EXHIBIT 10.34

OMNIBUS AMENDMENT
Dated as of August 21, 2013

This OMNIBUS AMENDMENT (this “Amendment”) dated as of August 21, 2013 is entered into among ASHLAND INC., a Kentucky corporation (“Ashland”), CVG CAPITAL III LLC, a Delaware limited liability company (“SPV”), the Originators, the Investors, Letter of Credit Issuers, Managing Agents and Administrators party hereto, and THE BANK OF NOVA SCOTIA, as Agent for the Investors.
RECITALS
WHEREAS, the parties hereto have entered into a certain Transfer and Administration Agreement dated as of August 31, 2012 (as amended, supplemented or otherwise modified from time to time, the “TAA”) and certain related Transaction Documents (as defined therein) in connection therewith;
WHEREAS, Aqualon Company, a Delaware partnership and Originator, on July 1, 2013 changed its name to Ashland Specialty Ingredients G.P., and ISP Synthetic Elastomers LLC, a Delaware limited liability company and Originator, on July 1, 2013 changed its name to Ashland Elastomers LLC (together, the “Name Changes”);
WHEREAS, the parties hereto wish to amend the Transaction Documents to reflect these name changes;
NOW, THEREFORE, in consideration of the premises and the mutual agreements contained herein and in the Transaction Documents, the parties hereto agree as follows:
SECTION 1. Definitions.  All capitalized terms not otherwise defined herein are used as defined in the Transaction Documents.
SECTION 2. Acknowledgment of Name Change and Waiver of Notice Requirement.  Each of the parties hereto acknowledges and consents to the Name Changes. Each of the Agent and the Managing Agents hereby waive any notice requirements under the Transaction Documents with respect to the Name Changes.
SECTION 3. Undertakings and Authorizations.    Ashland Specialty Ingredients G.P. and Ashland Elastomers LLC hereby (i) authorize the Agent to file all such UCC financing statements it deems necessary to continue the perfection of the security interests granted under the Transaction Documents on their behalf and at their expense; (ii) agree to provide such information or documentation reasonably requested by the Agent or any Managing Agent to comply with its obligations under “know your customer” and other similar rules and regulations; and (iii) acknowledge and agree that the Liens granted under the Transaction Documents are in all respects continuing and in full force. 
SECTION 4. Effectiveness.  This Amendment shall be effective on the date on which the Agent shall have received a counterpart (or counterparts) of this Amendment, executed and delivered by each of the parties hereto, or other evidence satisfactory to the Agent of the execution and delivery of this Amendment by such parties.

707267518 12405988                        1

SECTION 5. Miscellaneous.
5.1    Representations and Warranties.  The SPV and each Originator represents and warrants that (i) this Amendment constitutes a legal, valid and binding obligation of such person, enforceable against it in accordance with its terms and (ii) upon the effectiveness of this Amendment, no Termination Event or Potential Termination Event shall exist.
5.2    References to TAA and other Transaction Documents.  Upon the effectiveness of this Amendment, each reference in the TAA and other Transaction Documents to “this Agreement”, “hereunder”, “hereof”, “herein”, or words of like import shall mean and be a reference to the TAA and other Transaction Documents as amended hereby, and each reference to the TAA and other Transaction Documents in any other document, instrument or agreement executed and/or delivered in connection with the TAA and other Transaction Documents shall mean and be a reference to the TAA and other Transaction Documents as amended hereby.
5.3    Effect on TAA and other Transaction Documents.  Except as specifically amended above, the TAA and other Transaction Documents and all other documents, instruments and agreements executed and/or delivered in connection therewith shall remain in full force and effect and are hereby ratified and confirmed.
5.4    Costs and Expenses.  The SPV hereby agrees to the pay the reasonable costs and expenses of the Agent, including legal fees, in connection with this Amendment within thirty (30) days of receipt of a statement therefor.
5.5    No Waiver.  The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of any Agent or any Investor under the TAA and other Transaction Documents or any other document, instrument or agreement executed in connection therewith, nor constitute a waiver of any provision contained therein, except as specifically set forth herein.
5.6    Governing Law.  This Amendment, including the rights and duties of the parties hereto, shall be governed by, and construed in accordance with, the internal laws of the State of New York (without reference to the conflicts of law principles thereof other than Section 5-1401 of the New York General Obligations Law).
5.7    Successors and Assigns.  This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns.
5.8    Headings.  The Section headings in this Amendment are inserted for convenience of reference only and shall not affect the meaning or interpretation of this Amendment or any provision hereof.
5.9     Counterparts.  This Amendment may be executed by the parties hereto in several counterparts, each of which shall be deemed to be an original and all of which shall constitute together but one and the same agreement.

707267518 12405988                        2

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

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Lynn P. Freeman

	 
	Name:
	Lynn P. Freeman

	 
	Title:
	Treasurer

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

S-1

707267518 12405988    

	
			
	 
	ASHLAND INC., individually and as Master Servicer

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Eric N. Boni

	 
	Name:
	Eric N. Boni

	 
	Title:
	Vice President and Treasurer

	
			
	 
	ASHLAND INC., individually and as Originator

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Eric N. Boni

	 
	Name:
	Eric N. Boni

	 
	Title:
	Vice President and Treasurer

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

S-2

707267518 12405988    

	
			
	 
	HERCULES INCORPORATED, as Originator

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Eric N. Boni

	 
	Name:
	Eric N. Boni

	 
	Title:
	Vice President - Finance

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

S-3

707267518 12405988    

	
			
	 
	ASHLAND SPECIALTY INGREDIENTS G.P.,  as Originator

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Lynn P. Freeman

	 
	Name:
	Lynn P. Freeman

	 
	Title:
	Vice President/Assistant Secretary and Treasurer

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

S-4

707267518 12405988    

	
			
	 
	ISP TECHNOLOGIES INC., as Originator

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Lynn P. Freeman

	 
	Name:
	Lynn P. Freeman

	 
	Title:
	Treasurer

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

S-5

707267518 12405988    

	
			
	 
	ASHLAND ELASTOMERS LLC, as Originator

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Lynn P. Freeman

	 
	Name:
	Lynn P. Freeman

	 
	Title:
	Treasurer

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

S-6

707267518 12405988    

	
			
	 
	LIBERTY STREET FUNDING LLC, as a Conduit Investor and Uncommitted Investor

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Frank B. Bilotta

	 
	Name:
	Frank B. Bilotta

	 
	Title:
	Vice President

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

S-7

707267518 12405988    

	
			
	 
	MARKET STREET FUNDING LLC, as a Conduit Investor and Uncommitted Investor

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Doris J. Hearn

	 
	Name:
	Doris J. Hearn

	 
	Title:
	Vice President

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

S-8

707267518 12405988    

	
			
	 
	GOTHAM FUNDING CORPORATION, as a Conduit Investor and Uncommitted Investor

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ David V. DeAngelis 

	 
	Name:
	David V. DeAngelis 

	 
	Title:
	Vice President

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

S-9

707267518 12405988    

    
	
			
	 
	THE BANK OF NOVA SCOTIA, as Agent, as a Letter of Credit Issuer, as a Managing Agent, Administrator and Committed Investor for the Scotiabank Investor Group

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Darren Ward

	 
	Name:
	Darren Ward 

	 
	Title:
	Director

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

S-10

707267518 12405988    

	
			
	 
	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD, as a Managing Agent and Administrator for the BTMU Investor Group

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Eric Williams

	 
	Name:
	Eric Williams

	 
	Title:
	Managing Director

	
			
	 
	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD, as a Letter of Credit Issuer and Committed Investor for the BTMU Investor Group

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Mark S. Campbell

	 
	Name:
	Mark S. Campbell

	 
	Title:
	Authorized Signatory

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

S-11

707267518 12405988    

	
			
	 
	PNC BANK, NATIONAL ASSOCIATION, as a Letter of Credit Issuer, Managing Agent, Administrator and Committed Investor for the PNC Investor Group

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Robyn Reeher

	 
	Name:
	Robyn Reeher

	 
	Title:
	Vice President

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

S-12

707267518 12405988    

	
			
	 
	SUNTRUST BANK, as a Letter of Credit Issuer, a Committed Investor, the Managing Agent and Administrator for the SunTrust Investor Group

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Jason Meyer

	 
	Name:
	Jason Meyer

	 
	Title:
	First Vice President

S-13

707267518 12405988

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00224-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00224-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00224-of-00352.parquet"}]]