EX-10 5 form102.txt FORM OF NOTICE OF GRANT Exhibit 10.2 Form of Notice of Grant of Non-Qualified Stock Option. NOTICE OF GRANT OF NON-QUALIFIED STOCK OPTION Name of Employee: Number of Option Shares: Exercise Price Per Share: $ 28.1300 Date of Option Grant: September 19, 2002 Exercise Schedule: 50% or XX on 09/19/2003 25% or XX on 09/19/2004 25% or XX on 09/19/2005 Expiration Date: October 19, 2012 ASHLAND INC ("Ashland") hereby confirms the grant of a non-qualified stock option to purchase shares of Ashland Common Stock (the "Option") to the above-named Marathon Ashland Petroleum LLC ("MAP") employee ("Employee"). This Option is granted under, and is subject to, all of the terms and conditions of this Notice of Grant and the Plan. A copy of the Plan is attached for your information. Each Employee granted an A ward under this Plan shall agree by his or her acceptance of such A ward to remain in the service of MAP, Ashland or Marathon Oil Corporation ("Marathon") for a period of at least one year from the date of the Award. Nothing in the Plan, or in any Award granted pursuant to the Plan, shall confer from Ashland to any individual any right to continue in the employment of or service to MAP or interfere in any way with the right of MAP to terminate the Employee's employment at any time. In the event the Employee should transfer from MAP to Ashland or Marathon, this Option shall continue to vest in accordance with the exercise schedule described above and be governed by the terms of this Notice of Grant and the Plan and such Employee shall continue to have all rights and obligations of an Employee as provided in this Notice of Grant and the Plan. In the event of the Employee's retirement from or death or disability while employed by MAP, Ashland or Marathon, this option shall continue to be exercisable until the expiration date of this Option for the number of shares which the Employee could have acquired under the Option immediately prior to the retirement, death or disability. In the event the Employee should terminate employment from MAP, Ashland or Marathon for any reason other than stated above, this Option shall be exercisable until the earlier to occur of the expiration date of this Option or thirty (30) days after termination only for the number of shares which the Employee could have acquired under this Option immediately prior to termination. Please acknowledge your receipt of this Notice by signing, dating and returning the enclosed copy of this Notice of Grant to Carrie Ramey, Ashland Inc., 50 E. RiverCenter Boulevard, P. 0. Box 391, Covington, KY 41012-0391, on or before November 19, 2002, or the Option will become null and void. ASHLAND INC. By: --------------------------------------- Signature: -------------------------------- Date: -------------------------------------