On and effective as of April 2, 2009 the Company's Board of Directors appointed Mr. Patrick S. Williams as the Company's new President and Chief Executive Officer. The Company expects that Mr. Williams will also be appointed to the Company's Board of Directors at some point soon to fill the vacancy created by the departure of the Company's former President and Chief Executive Officer, Mr. Paul Jennings.

Mr. Williams has served as the Company's Executive Vice President and President, Fuel Specialties since 2005. In addition, he also assumed responsibility for the Active Chemicals business in 2008. Prior to 2005, he was Chief Executive Officer for the Company's Fuel Specialties business in the Americas, having held a number of senior management and sales leadership roles in that business since 1993.

On April 2, 2009, the Company entered into an employment agreement (the "Agreement") with Mr. Williams to serve as President and Chief Executive Officer. The Agreement provides for an indefinite term of employment and may be terminated by either Mr. Williams or the Company upon 12 months' written notice, or by the Company in the event of a Change of Control or for Cause (as described further in the Agreement).

The Agreement generally provides that Mr. Williams will receive an annual base salary of $700,000, subject to annual review from 2011 (inclusive of any director's fees). In addition, subject to the discretion of the Compensation Committee, Mr. Williams will be eligible to participate in the Company's Management Incentive Compensation Plan, and will continue to be eligible for the Company's Reward for Exceptional Performance One Off Bonus Plan for performance bonuses. Mr. Williams will also receive a cash value bonus for 2009 of at least $536,161 and will not participate in other bonus schemes.

Mr. Williams will also be eligible for grants under the Company's long-term incentive share option plan as determined by the Compensation Committee. The Agreement also provides for him to be granted 90,000 options under the Company's Share Option Plan, at an exercise price equal to the market value on the day of the grant and vesting in annual tranches of 30,000 from 2012. The Agreement also provides for Mr. Williams to be granted 60,000 options under the Company's Performance Related Stock Option Plan at zero cost, with 45,000 vesting after two years and 15,000 after three years, subject to continued employment and satisfactory performance.

Mr. Williams will continue to be eligible to participate in the Company's group health insurance plan or other group insurance plans, 401k and pension scheme plan and receive parking and all other benefits he is currently entitled to as an employee of the Company.

In the event of a Change of Control, if Mr. Williams terminates his employment for Good Reason or is terminated other than for Cause, he will be entitled to 24 months compensation from the date of Change of Control, which includes base salary, bonus at target, car allowance and certain other benefits.

The foregoing description of the Agreement is a summary only and is qualified in its entirety by reference to the full Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by reference herein. Capitalized terms used herein without definition having the meanings given such terms in the Agreement.