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stlt_ex1029.htm

EXHIBIT 10.29
 
THIS NOTE AND THE SHARES OF COMMON STOCK WHICH MAY BE PURCHASED PURSUANT TO THE CONVERSION OF THIS NOTE HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). SUCH SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION UNLESS THE TRANSFER IS IN ACCORDANCE WITH RULE 144 OR A SIMILAR RULE AS THEN IN EFFECT UNDER THE SECURITIES ACT OR UNLESS THE COMPANY RECEIVES AN OPINION OF COUNSEL REASONABLY ACCEPTABLE TO IT STATING SUCH SALE OR TRANSFER IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF THE ACT. THIS NOTE IS ISSUED IN A SERIES OF NOTES UP TO AN AGGREGATE PRINCIPAL AMOUNT OF $850,000.
 
SPOTLIGHT INNOVATION INC.
 
Convertible Note
 
	Issuance Date: ______ [ ], 2015
	$___,000.00

		

 
FOR VALUE RECEIVED, Spotlight Innovation Inc., a Nevada corporation (the “Company”), hereby promises to pay to the order of __________, (the “Holder”) the principal sum of ---------- (US$-----) in lawful money of the Unites States of America, together with interest thereon at the Citibank Prime Rate (“Prime Rate”) plus six percent (Prime Rate plus 6.00%) per annum. Prime Rate will be determined as of the last day of each calendar quarter. Interest will being to accrue on the date of this Convertible Note (the “Note”). Interest shall be computed on the basis of a 365-day year for the actual number of days elapsed and shall compound annually.
 
1. Interest Payments. The Company shall make interest payments to Holder on a calendar quarterly basis commencing with the first calendar quarter ending after the date of this Note. 
 
2. Conversion.
 
(a) Automatic Conversion Upon Qualified Financing. 
 
(i) This Note shall convert into shares of common stock of the Company automatically without any further action by the Holder upon a Qualified Financing (defined below) that occurs within six months from the date hereof. Conversion shall be into the securities sold in the Qualified Financing. Conversion shall be at a Thirty Five percent (35%) discount to the pre-money valuation at the time of such financing. The term “Qualified Financing” means the issuance of equity securities to one or more investors in the amount of $2,000,000 or more of gross cash proceeds, exclusive of any conversion of outstanding securities. 
 
(ii) This Note shall convert into shares of common stock of the Company automatically without any further action by the Holder upon a Qualified Financing that occurs between six and twelve months from the date hereof. Conversion shall be into the securities sold in the Qualified Financing. Conversion shall be at a Seventy Five percent (75%) discount to the pre-money valuation at the time of such financing.
 
	 
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(b) Optional Conversion. The Holder shall have a further right to convert the full principal amount of this Note prior to a Qualified Financing and after the three month anniversary of the date hereof, at a price equal to the lower of $.75 or the average price of the common stock of the Company during the 20 consecutive trading days immediately prior to such conversion. If the Holder elects such Optional Conversion the Holder shall send to the Company the completed conversion notice annexed hereto.
 
(c) Fractional Shares. The Company shall not issue any fraction of a share of Common Stock upon any conversion. If the issuance would result in the issuance of a fraction of a share of Common Stock, the Company shall round such fraction of a share of Common Stock up to the nearest whole share. The Company shall pay any and all transfer, stamp and similar taxes that may be payable with respect to the issuance and delivery of Common Stock upon conversion of any Conversion Amount. 
 
(d) Adjustment of Conversion Price upon Subdivision or Combination of Common Stock. If the Company, at any time while this Note is outstanding, shall (i) pay a stock dividend or otherwise make a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common Stock, (ii) subdivide outstanding shares of Common Stock into a larger number of shares, (iii) combine (including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issue by reclassification of shares of the Common Stock any shares of capital stock of the Company, then the conversion price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding before such event and of which the denominator shall be the number of shares of Common Stock outstanding after such event. Any adjustment made pursuant to this Section shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution, or shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.
 
3. Events Of Default. Each of the following shall constitute an “Event of Default”.
 
(a) Failure to make any required payment after ten (10) days of receipt of notice by Holder that such payment was not made; or 
 
(b) Upon any Voluntary Bankruptcy or Insolvency Proceedings, which is defined as any of the following actions by the Company: (i) applying for or consent to the appointment of a receiver, trustee, liquidator or custodian of itself or of all or a substantial part of its property; (ii) making a general assignment for the benefit of its creditors; (iii) dissolution or liquidation; (iv) commencing a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or consent to any such relief or the appointment of or taking possession of its property by any official in an involuntary case or other proceeding commenced against it; or (v) taking any material action to effect any of the foregoing. 
 
(c) upon any Involuntary Bankruptcy or Insolvency Proceedings, which is defined as proceedings for the appointment of a receiver, trustee, liquidator or custodian of the Company or of all or a substantial part of the property thereof, or an involuntary case or other proceedings seeking liquidation, reorganization or other relief with respect to the Company or the debts thereof under any bankruptcy, insolvency, or other similar law now or hereafter in effect shall be commenced and an order for relief entered or such proceeding shall not be dismissed or discharged within sixty (60) days of commencement.
 
Upon the occurence of any Event of Default, the Holder may, at its option, declare in writing all principal and interest due hereunder to be due and payable immediately and, upon any such declaration, the same shall become and be immediately due and payable. Upon the occurence of any Event of Default, the Holder may, in addition to declaring all amounts due hereunder to be immediately due and payable, pursue any available remedy, whether at law or in equity.
 
4. Maturity Date. In the event that a Qualified Financing does not occur and the Holder does not exercise his/its option to convert pursuant to Section 2 hereof, the principal balance of this Note and all accrued interest shall be due and payable by the Company on the two year anniversary of the date hereof.
 
	 
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5. Notices. 
 
(a) Any notices, consents, waivers or other communications required or permitted to be given under the terms hereof must be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending party); or (iii) one (1) Trading Day after deposit with a nationally recognized overnight delivery service, in each case properly addressed to the party to receive the same. The addresses and facsimile numbers for such communications shall be:
 
	If to the Company, to:
	Spotlight Innovation Inc.

	 
	6750 Westown Parkway, Suite 200-226
West Des Moines, Iowa 50266 
Attention: Cristopher Grunewald, Chief Executive Officer
Telephone: (515) 274-9087

 
If to the Holder, at such address as set forth on the signature page attached hereto.
 
6. Choice of law. This Note shall be governed by and construed in accordance with the laws of the State of Iowa without regard to the principles of conflict of laws. The parties further agree that any action between them shall be heard in Polk County, Iowa.
 
7. Waiver of Presentment, Demand and Dishonor. No delay on the part of the Holder in exercising any power or right hereunder shall operate as a waiver of any such power or right; nor shall any single or partial exercise of any power or right preclude any other or further exercise of such power or right, or the exercise of any other power or right, and no waiver whatsoever shall be valid unless in writing, signed by the Holder, and then only to the extent expressly set forth herein. No remedy is exclusive of any other remedy and all remedies shall be cumulative to the maximum extent permitted by applicable law. Except as otherwise set forth herein, the Company hereby waives presentment, demand for repayment, diligence, notice of dishonor and all other notices or demands in connection with the delivery acceptance, performance, default or endorsement of this Note.
 
8. Severability. If any provision of this Note is determined by any court or arbitrator of competent jurisdiction to be invalid, illegal or unenforceable, in any respect under applicable law, such provision will be enforced to the maximum extent possible given the intent of the parties hereto, and the balance of this Note shall remain in effect. 
 
9. Reports. The Holder has been furnished with or has had access at the EDGAR Website of the Securities Exchange Commission to the Company's filings available at the EDGAR Website (hereinafter referred to collectively as the "Reports"). In addition, the Holder has received in writing from the Company such other information concerning its operations, financial condition and other matters as the Holder has requested in writing, and considered all factors the Holder deems material in deciding on the advisability of investing in the Securities. 
 
10. Unconditional Obligation. Except as expressly provided herein, no provision of this Note shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the amounts due under this Note when due. This Note is a direct obligation of the Company. 
 
11. Transaction Costs. Each party shall be responsible for all costs and expenses it incurs in connection with the preparation of this Note.
 
12. Warrants. Upon the closing of a Qualified Financing, the Company will issue to each Holder warrants equal to 33.3% of the shares of Common Stock issuable hereunder upon the closing of a Qualified Financing, at an exercise price equal to One Hundred Ten Percent (110%) of the price offered in the Qualified Financing. Such warrants shall have a term of three years and be in the form of a warrant agreement supplied by the Company at such time. 
 
 [Signature Page Attached Hereto]
 
	 
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IN WITNESS WHEREOF, the Company has caused this Convertible Note to be duly executed by a duly authorized officer as of the date set forth above.
 
	 	COMPANY: SPOTLIGHT INNOVATION INC.
	
	 	 	 	 
		By:		
	 
	Name:
	Cristopher Grunewald
	 
	 	Title:		 

  
IN WITNESS WHEREOF, the undersigned Holder hereby agrees to the terms set forth in this Note.
 
		
	By:		
	Name:
		 
	Address: 		 
	 	 	 
	 
	 
	 

    	 
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SPECIAL CONVERSION OFFER
 
$850,000 OF CONVERTIBLE PROMISSORY NOTES
 
Spotlight Innovation Inc., a Nevada corporation (“Spotlight”), hereby offers the following special conversion offer to the holders (the “Holders”) of that certain series of Convertible Notes dated on or about December, 2016 and January, 2016, with an aggregate principal amount of $850,000 (the “Notes”). 
 
Offer
 
Spotlight hereby grants to the Holders the limited option to convert the Notes into common shares of Spotlight (the “Common Stock”) on the following terms:
 
		·	Principal and accrued interest will convert at the average closing bid price of the Common Stock during the 20 consecutive trading days immediately prior to the date of the Acceptance or Rejection Letter attached hereto (provided it has been accepted). 
		 
	 

		·	In order to convert hereunder, the Holder must convert all of his/her/its outstanding principal and accrued interest related to the Notes.
		 
	 

		·	Spotlight must receive the attached executed acceptance or rejection on or before the close of business on September 15, 2016. 
		 
	 

		·	For any Holder that agrees to convert under the terms set forth above Spotlight will also issue one share of Common Stock for each $2.00 principal amount of the Note converted pursuant to this offer.
		 
	 

		·	Upon conversion, all further rights and obligations of the parties under the Note shall terminate, including but not limited to the warrants referenced therein, and the obligations thereunder shall be deemed satisfied by delivery of the Common Stock as described herein.

 
If you have any questions about this special conversion offer please do not hesitate to contact Jeffrey M. Stein at jstein@jmslg.com or (516) 422-6285. 
 
Regardless of whether you intend to accept or reject this special conversion offer, please complete the attached Acceptance or Rejection of Offer and return it to Spotlight as soon as possible. Failure to reply timely or failure to reply at all will be deemed a Rejection of the Offer 
 
	 	Best wishes, 	 
	 
	 
	 

			Christopher Grunewald	
	 
	 
		 
	 	 	President, Chief Executive Officer	 

    	 
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Acceptance or Rejection of Offer
 
            The undersigned, being authorized to execute this special conversion offer on behalf of the Holder, hereby: 
 
(please initial one)
 
_____  Accepts the special conversion offer above for all of the outstanding principal and accrued interest under the Notes. The original Note is enclosed with this signed special conversion offer.
 
_____  Rejects the special conversion offer above.
 
ORIGINAL NOTE:
 
Date: _____________________________________
 
Principal Amount ($): _________________________
 
Conversion Price: ____________________________
 
# Shares of Common Stock (based on Conversion Price): ___________________
 
# Shares of additional Shares of Common Stock Due: ___________________
 
	AUTHORIZED HOLDER	 	DELIVER COMMON STOCK TO:  	 
	 
	 
	 
	 

	By:		 	Name:		 
			 	 		 
	Print:		 	Address: 		 
	 
	 
	 
	 
	 
	 

	Title:
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	Holder Name: 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	Email: 
	 
	 

	 
	 
	 
	 
	 
	 

	Date: 
	 
	 
	Phone:
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

     	 
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ACCEPTED BY:
 
SPOTLIGHT INNOVATION INC. 
 

	By:		 	Date:		 
			 	 		 
	Print:	Christopher Grunewald	 	 		 
	 
	 
	 
	 
	 
	 

	Title:
	President, Chief Executive Officer
	 
	 
	 
	 

 
 
 
 
	7EX-4.1

 Exhibit 4.1 

ASHLAND INC. 
 FORM OF
INDUCEMENT RESTRICTED STOCK AWARD AGREEMENT 
 As an inducement material to the decision by the grantee listed below (the
“Grantee”) to accept employment with Ashland Inc., a Kentucky corporation (the “Company”), and pursuant to that certain letter agreement entered into by and between the Grantee and the Company, dated
as of November 12, 2014, the Company hereby grants to the Grantee the number of shares of Common Stock set forth below, subject to certain restrictions specified herein (the “Restricted Stock”). This award of Restricted Stock
(the “Award”) is subject to all of the terms and conditions set forth in this Inducement Restricted Stock Award Agreement (the “Agreement”). This Award is made and granted as a stand-alone award and is
not granted under or pursuant to the Amended and Restated 2011 Ashland Inc. Incentive Plan (the “Plan”). 
  

			
	Grantee:	  	William A. Wulfsohn

  

			
	Grant Date:	  	January     , 2015

  

			
	Total Number of Shares of Restricted Stock	  	50,000

  

			
	Vesting Schedule:	  	Subject to the terms and conditions of this Agreement and subject to the Grantee’s continuous employment with the Company or an affiliate through the applicable vesting date, the Restricted Stock shall vest in two substantially
equal annual installments on the first and second anniversaries of the Grant Date.

 TERMS AND CONDITIONS OF AWARD 

ARTICLE I. 
 GENERAL

 1.1 Non-Plan Grant; Incorporation of Certain Terms of Plan. The Award is made and granted as a stand-alone award, separate and
apart from, and outside of, the Plan, and shall not constitute an award granted under or pursuant to the Plan. However, capitalized terms used but not defined in the Agreement shall have the meanings given to those terms in the Plan. 

1.2 Employment Inducement Grant. The Award is intended to constitute an “employment inducement award” under Rule 303A.08
of the New York Stock Exchange Listed Company Manual, and consequently is intended to be exempt from the New York Stock Exchange rules regarding shareholder approval of equity compensation plans. This Agreement and the terms and conditions of the
Award shall be interpreted in accordance and consistent with such exemption. 
 ARTICLE II. 

TERMS AND CONDITIONS OF RESTRICTED STOCK 

2.1 Grant of Restricted Stock. Upon the terms and conditions set forth in this Agreement, effective as of the Grant Date set forth
above, the Company hereby grants to the Grantee an award of Restricted Stock in consideration of the Grantee’s past and/or future services and for other good and valuable consideration. The shares of Restricted Stock shall be fully paid and
nonassessable. In consideration of this Award, the Grantee agrees to render faithful and efficient services to the Company and its affiliates. This Award will be evidenced by entry on the books of Company’s transfer agent. If any certificate is
issued, the Grantee shall be required to execute and deliver to theUpon the terms and conditions set forth in this Agreement, effective as of the Grant Date set forth above, the Company hereby grants to the Grantee an award of Restricted 

 
Company a stock power provided by the Company relating to the Restricted Stock, as a condition to the receipt of this Award. Only whole shares of Common Stock will be issued pursuant to this
Agreement, and any fractional shares will be cancelled. Each entry in respect of shares of Restricted Stock shall be designated in the name of the Grantee and shall bear the following legend: 

“The transferability of this certificate and the shares of stock represented hereby are subject to the terms and conditions (including
forfeitures) contained in the Inducement Restricted Stock Award Agreement entered into between the registered owner and Ashland Inc.” 

2.2 Vesting of Restricted Stock. The Restricted Stock shall vest and become nonforfeitable, if at all, in accordance with the vesting
schedule set forth above and the terms and conditions of this Agreement. The Restricted Stock may not be sold, assigned, transferred, pledged, or otherwise encumbered (except to the extent such shares shall have vested) until such vesting dates.
This Award (and any shares of Common Stock that become vested hereunder) will be subject to the requirements of the Company’s stock ownership guidelines. 

2.3 Forfeiture of Restricted Stock. If the Grantee’s employment with the Company and its affiliates terminates for any reason
prior to a vesting date, all shares of Restricted Stock that have not become vested on or prior to the date of such termination of employment will be forfeited automatically and without further action by the Company or the Grantee. Notwithstanding
the foregoing, in the event that the Grantee’s employment with the Company and its affiliates terminates prior to the vesting of the Restricted Stock as a result of the Grantee’s death, disability (within the meaning of the Company’s
long-term disability plan in which the Grantee participates) or termination by the Company and its affiliates for reasons other than cause, the Grantee will be paid in cash an amount equal to the Fair Market Value on the Grant Date of the shares of
Restricted Stock that are forfeited on the date of such termination of employment, but not including any additional shares of Restricted Stock credited to the Grantee pursuant to Section 2.4 of this Agreement. Any cash payment pursuant to the
immediately preceding sentence will be made within 30 days after the date of termination of the Grantee’s employment. 
 2.4
Dividends on Restricted Stock. 
 (a) While the Restricted Stock granted under this Award remains unvested, on each date that cash
dividends are paid to holders of Common Stock, the Company will credit the Grantee with a number of additional whole shares of Restricted Stock on the unvested portion of the Award, determined as (i) the product of the number of unvested shares of
Restricted Stock held by the Grantee as of the date of record for such dividend times the per share cash dividend amount, divided by (ii) the Fair Market Value per share on the dividend payment date (with any fractional shares cancelled as provided
in Section 2.1 of this Agreement). Such additional Restricted Stock will be subject to the same vesting conditions and restrictions as the underlying Restricted Stock. 

(b) Any additional whole shares of Common Stock or other securities that the Grantee may become entitled to receive pursuant to a stock
dividend, stock split, combination of shares, recapitalization, merger, consolidation, separation or reorganization or any other change in the capital structure of the Company shall be considered Restricted Stock and shall be subject to the same
vesting conditions and restrictions as the Restricted Stock covered by this Agreement (with any fractional shares cancelled as provided in Section 2.1 of this Agreement). 

2.5 Rights as Shareholder. Except for such restrictions as are provided in this Agreement, the Grantee will have all rights of a
shareholder with respect to the shares of Restricted Stock. 

 ARTICLE III. 

MISCELLANEOUS PROVISIONS 

3.1 Tax Withholding. The Company shall have the authority and the right to deduct or withhold, or to require the Grantee to remit to
the Company, an amount sufficient to satisfy all applicable federal, state and local taxes required by law to be withheld with respect to any taxable event arising in connection with the Restricted Stock. The Grantee may elect to satisfy all or any
portion of any such withholding obligation by surrendering to the Company a portion of the shares of Common Stock that become vested hereunder, and the shares of Common Stock so surrendered by the Grantee shall be credited against any such
withholding obligation at the Fair Market Value per share on the date of such surrender. 

 3.2 Administration. The P&C Committee shall have full power and authority to take all
actions and to make all determinations required or provided for under this Agreement, and shall have full power and authority to take all such other actions and make all such other determinations not inconsistent with the specific terms and
provisions of this Agreement that the P&C Committee deems to be necessary or appropriate to the administration of this Agreement. All actions taken and all interpretations and determinations made by the P&C Committee in good faith shall be
final and binding upon the Grantee, the Company and all other interested persons. 
 3.3 Grant Not Transferable. Until vested, the
Restricted Stock may not be sold, pledged, assigned or transferred in any manner other than by will or the laws of descent and distribution. Neither the Restricted Stock nor any interest or right therein shall be liable for the debts, contracts or
engagements of the Grantee or his or her successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by
operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect, except to the extent that such disposition
is permitted by the preceding sentence. 
 3.4 Tax Consultation; Section 83(b) Election Prohibited. The Grantee understands that as
the Restricted Stock vests, the Grantee will owe applicable federal, state and local income and employment taxes as of each date that shares of Restricted Stock become vested, and that the amount of taxes due in each instance will be based on the
fair market value of the vested Common Stock on the applicable vesting date. The Grantee represents that the Grantee has consulted with any tax consultants the Grantee deems advisable in connection with this Award and that the Grantee is not relying
on the Company for any tax advice. As a condition to receiving this award, the Grantee acknowledges and agrees that he shall not file an election under Section 83(b) of the Code with respect to all or any portion of the Restricted Stock. 

3.5 Grantee’s Representations. The Grantee shall, if required by the Company, concurrently with the issuance of any securities
hereunder, make such written representations as are deemed necessary or appropriate by the P&C Committee and/or the Company’s counsel. 

3.6 Conformity to Securities Laws. The Grantee acknowledges that this Agreement is intended to conform to the extent necessary with all
provisions of the Securities Act of 1933, as amended, and the Exchange Act, and any and all regulations and rules promulgated by the Securities and Exchange Commission thereunder, as well as all applicable state securities laws and regulations.
Notwithstanding anything herein to the contrary, this Agreement shall be administered, and the shares of Restricted Stock are granted, only in such a manner as to conform to such laws, rules and regulations. To the extent permitted by applicable
law, this Agreement shall be deemed amended to the extent necessary to conform to such laws, rules and regulations. 
 3.7 Amendment,
Suspension and Termination. This Agreement may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the P&C Committee or the Board; provided, however, that no amendment,
modification, suspension or termination of this Agreement shall adversely affect the Restricted Stock in any material way without the prior written consent of the Grantee. 

3.8 Successors and Assigns. The Company may assign any of its rights under this Agreement to single or multiple assignees, and this
Agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth herein, this Agreement shall be binding upon the Grantee and his or her heirs, executors, administrators, successors
and assigns. 
 3.9 Limitations Applicable to Section 16 Persons. Notwithstanding any other provision of this Agreement, if the
Grantee is subject to Section 16 of the Exchange Act, then the Restricted Stock and this Agreement shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any
amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule. To the extent permitted by applicable law, this Agreement shall be deemed amended to the extent necessary to conform to such applicable
exemptive rule. 

 3.10 Not a Contract of Service Relationship. Nothing in this Agreement shall confer upon
the Grantee any right to continue to serve as an Employee or other service provider of the Company or any of its affiliates or shall interfere with or restrict in any way the rights of the Company and its affiliates, which rights are hereby
expressly reserved, to discharge or terminate the services of the Grantee at any time for any reason whatsoever, with or without cause, except to the extent expressly provided otherwise in a written agreement between the Company or an affiliate and
the Grantee. 

 3.11 Entire Agreement. This Agreement (including all Exhibits hereto) constitutes the
entire agreement of the parties and supersedes in its entirety all prior undertakings and agreements of the Company and the Grantee with respect to the subject matter hereof. 

3.12 Severability. If any portion of this Agreement shall be found to be invalid or unenforceable, the remaining terms and provisions
of this Agreement shall be given effect to the maximum extent permitted without considering the void, invalid or unenforceable provision. 

3.13 Governing Law. The laws of the Commonwealth of Kentucky shall govern the interpretation, validity, administration, enforcement and
performance of the terms of this Agreement regardless of the law that might be applied under principles of conflicts of laws. 
 3.14
Titles. Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement. 

[SIGNATURE PAGE FOLLOWS] 

 IN WITNESS WHEREOF, the parties have executed this Agreement, effective as of the Grant Date.

  

			
	ASHLAND INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 By his signature below, the Grantee agrees to be bound by the terms and conditions of this Agreement. The Grantee has
reviewed this Agreement in its entirety, has had an opportunity to obtain the advice of counsel prior to executing this Agreement and fully understands all provisions of this Agreement. The Grantee hereby agrees to accept as binding, conclusive and
final all decisions or interpretations of the P&C Committee upon any questions arising under this Agreement or relating to the Award. 
  

			
	GRANTEE
	
	  

	Name:	 	William A. Wulfsohn

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