On and effective as of June 1, 2009, Phil Boon, 49, has been appointed as the Company's Executive Vice President, Business Operations.

Mr. Boon will be responsible for all Innospec's businesses in Europe, Middle East and Africa (EMEA) and will serve a key role in the strategic development of the Corporation. Mr. Boon has been Regional Director since 2004 and in 2008 assumed responsibility for the Active Chemicals and Octane Additives businesses in the region in addition to his responsibilities for the Fuel Specialties business. Prior to this, he has held a number of senior commercial and business leadership roles in the Fuel Specialties business, since joining the Corporation in 1997. He has over 25 years international experience in the chemicals industry, having previously held positions with Ciba Geigy and FMC in the USA and Europe.

On May 27 2009, the Company entered into an executive service agreement (effective June 1, 2009) (the "Agreement") with Mr. Boon to serve as Executive Vice President, Business Operations. The Agreement provides for an indefinite term of employment and may be terminated by the Company upon twelve months' notice or by Mr. Boon upon six months' written notice.

The Agreement generally provides that Mr. Boon will receive an annual base salary of GBP155,000, subject to annual review from 2010 (inclusive of any director's fees). Subject to the discretion of the Compensation Committee, he may participate in the Company's Management Incentive Compensation Plan and has a current target bonus of 40 percent.

Mr. Boon will continue to be eligible to participate in the Company's group accident and health insurance plans and the Innospec Ltd. Pension Plan.

In the event of a change of control (as described in the Agreement), if Mr. Boon terminates his employment for good reason (as contemplated in the Agreement) or is terminated other than for gross misconduct, he will be entitled to 24 months' compensation (i.e. base salary, bonus at target and any car allowance, but excluding compensation for pension contributions and certain other benefits) from the date of the change of control.

The foregoing description of the Agreement is only a summary and is entirely qualified by reference to the actual Agreement, a copy of which is included as Exhibit 10.1 to this report and is incorporated by reference herein. Any capitalized terms used, but not defined herein have the meanings given such terms in the Agreement.