Delaware
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981081725
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(State or other jurisdiction of
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(IRS Employer
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incorporation)
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Identification No.)
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On March 20, 2009, Mr. Paul W. Jennings resigned as President and Chief Executive Officer and director of Innospec Inc. (the "Company"). The resignation was not the result of any disagreement with the Company and was accepted immediately. A copy of the press release issued by the Company in connection with the resignation is filed as Exhibit 99.1 hereto and is incorporated herein by reference.
(c) Appointment of new Chief Executive Officer
On March 20, 2009, the Company announced that it would be conducting a search for a new President and Chief Executive Officer, but that, while the search progressed, Dr. Robert E. Bew, the current Chairman of the Board, would oversee the Company in conjunction with its senior management team.
(e) Agreement with Mr. Jennings
The terms of Mr. Jennings' separation from the Company are covered by an agreement (the "Separation Agreement") with the Company which provides, among other things, for certain separation payments and continued benefits in line with contractual obligations, including continued base salary payments through to March 31, 2009, payment of three months accrued bonus from the beginning of 2009, GBP50,000 as compensation for loss of employment and lapse of options under the Company's Performance Related Stock Option Plan ("PRSOP"), GBP428,000 as payment in lieu of notice and approximately GBP107,000 as compensation for lost pension and pension supplement benefits and pension contributions. The Separation Agreement also provides for cancellation of options under the PRSOP and awards under the Company's Executive Co-Investment Plan and payments for unused vacation time, loss of life assurance benefits and car allowance. The Company has also agreed to continue medical benefits for Mr. Jennings and his spouse until June 2010 and to cover up to GBP500,000 (exclusive of tax) for Mr. Jennings' legal fees in relation to defense of actions taken during his time as an officer or director of the Company which are not recovered under the Company's liability insurance policy for directors and officers. The foregoing description of the Separation Agreement is qualified in its entirety by reference to the Separation Agreement which is attached hereto as Exhibit 10.1, and which is incorporated herein by reference.
Exhibit No. Description
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Innospec Inc.
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Date: March 24, 2009
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By:
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/s/ Andrew Hartley
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Andrew Hartley
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Vice President & General Counsel
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Exhibit No.
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Description
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EX-99.1
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Press Release
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EX-10.1
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Separation Agreement
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