# EDGAR Filing Document

**Accession Number:** 0000009326
**File Stem:** 0000009326-26-000018
**Filing Date:** 2026-4
**Character Count:** 245196
**Document Hash:** 88454770775aac2cb551f8f992446b37
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000009326-26-000018.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0000009326-26-000018

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 89

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BALCHEM CORP
- **CENTRAL INDEX KEY:** 0000009326
- **STANDARD INDUSTRIAL CLASSIFICATION:** CHEMICALS & ALLIED PRODUCTS [2800]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 132578432
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13648
- **FILM NUMBER:** 26926256

**BUSINESS ADDRESS:**
- **STREET 1:** 5 PARAGON DRIVE
- **CITY:** MONTVALE
- **STATE:** NJ
- **ZIP:** 07645
- **BUSINESS PHONE:** (845) 326-5600

**MAIL ADDRESS:**
- **STREET 1:** 5 PARAGON DRIVE
- **CITY:** MONTVALE
- **STATE:** NJ
- **ZIP:** 07645

?xml version='1.0' encoding='ASCII'? bcpc-20260331

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q**

(Mark One)

☑&nbsp;&nbsp;&nbsp;&nbsp;QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

&nbsp;&nbsp;&nbsp;&nbsp;For the quarterly period ended March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;OR

☐&nbsp;&nbsp;&nbsp;&nbsp;TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

&nbsp;&nbsp;&nbsp;&nbsp;For the transition period from ____ to ____

Commission file number: 1-13648

**_______________________________________________________________________________________________________________**

**Balchem Corporation** 

(Exact name of Registrant as specified in its charter)

Maryland 13-2578432 <br> (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number)

5 Paragon Drive, Montvale, NJ 07645

(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: (845) 326-5600

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading symbol | Name of each exchange on which registered |
| Common Stock, par value $.06-2/3 per share | BCPC | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (Check one): | Large accelerated filer | ☑ | Accelerated filer | ☐ | | |
| | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

As of April 23, 2026, the registrant had 32,129,836 shares of its Common Stock, $.06 2/3 par value, outstanding.

------

<u>[**Table of Contents**](#if02ab20e6af041c4af686428a95fcc97_7)</u>

**BALCHEM CORPORATION**

**QUARTERLY REPORT ON FORM 10-Q**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| | | **<u>Page No.</u>** |
| **<u>[PART I](#if02ab20e6af041c4af686428a95fcc97_10)</u>** | **<u>[FINANCIAL INFORMATION](#if02ab20e6af041c4af686428a95fcc97_10)</u>** | |
| <u>[Item 1.](#if02ab20e6af041c4af686428a95fcc97_13)</u> | <u>[Financial Statements (unaudited)](#if02ab20e6af041c4af686428a95fcc97_13)</u> |  |
|  | <u>[Condensed Consolidated Balance Sheets as of](#if02ab20e6af041c4af686428a95fcc97_16)[March](#if02ab20e6af041c4af686428a95fcc97_16)[3](#if02ab20e6af041c4af686428a95fcc97_16)[1](#if02ab20e6af041c4af686428a95fcc97_16)[, 202](#if02ab20e6af041c4af686428a95fcc97_16)[6](#if02ab20e6af041c4af686428a95fcc97_16)[and December 31,](#if02ab20e6af041c4af686428a95fcc97_16)[2025](#if02ab20e6af041c4af686428a95fcc97_16)</u> | <u>[3](#if02ab20e6af041c4af686428a95fcc97_16)</u> |
|  | <u>[Condensed Consolidated Statements of Earnings for the Three](#if02ab20e6af041c4af686428a95fcc97_19)[Months Ended](#if02ab20e6af041c4af686428a95fcc97_19)[March](#if02ab20e6af041c4af686428a95fcc97_19)[3](#if02ab20e6af041c4af686428a95fcc97_19)[1](#if02ab20e6af041c4af686428a95fcc97_19)[, 202](#if02ab20e6af041c4af686428a95fcc97_19)[6](#if02ab20e6af041c4af686428a95fcc97_19)[and 2025](#if02ab20e6af041c4af686428a95fcc97_19)</u> | <u>[4](#if02ab20e6af041c4af686428a95fcc97_19)</u> |
|  | <u>[Condensed Consolidated Statements of Comprehensive Income for the Three](#if02ab20e6af041c4af686428a95fcc97_22)[Months Ended](#if02ab20e6af041c4af686428a95fcc97_22)[March](#if02ab20e6af041c4af686428a95fcc97_22)[3](#if02ab20e6af041c4af686428a95fcc97_22)[1](#if02ab20e6af041c4af686428a95fcc97_22)[, 202](#if02ab20e6af041c4af686428a95fcc97_22)[6](#if02ab20e6af041c4af686428a95fcc97_22)[and 2025](#if02ab20e6af041c4af686428a95fcc97_22)</u> | <u>[5](#if02ab20e6af041c4af686428a95fcc97_22)</u> |
|  | <u>[Condensed Consolidated Statements of Changes in Stockholders' Equity for the Three](#if02ab20e6af041c4af686428a95fcc97_25)[Months Ended](#if02ab20e6af041c4af686428a95fcc97_25)[March](#if02ab20e6af041c4af686428a95fcc97_25)[3](#if02ab20e6af041c4af686428a95fcc97_25)[1](#if02ab20e6af041c4af686428a95fcc97_25)[, 202](#if02ab20e6af041c4af686428a95fcc97_25)[6](#if02ab20e6af041c4af686428a95fcc97_25)[and 2025](#if02ab20e6af041c4af686428a95fcc97_25)</u> | <u>[6](#if02ab20e6af041c4af686428a95fcc97_25)</u> |
|  | <u>[Condensed Consolidated Statements of Cash Flows for the](#if02ab20e6af041c4af686428a95fcc97_28)[Three](#if02ab20e6af041c4af686428a95fcc97_28)[Months Ended](#if02ab20e6af041c4af686428a95fcc97_28)[March](#if02ab20e6af041c4af686428a95fcc97_28)[3](#if02ab20e6af041c4af686428a95fcc97_28)[1](#if02ab20e6af041c4af686428a95fcc97_28)[, 202](#if02ab20e6af041c4af686428a95fcc97_28)[6](#if02ab20e6af041c4af686428a95fcc97_28)[and 2025](#if02ab20e6af041c4af686428a95fcc97_28)</u> | <u>[7](#if02ab20e6af041c4af686428a95fcc97_28)</u> |
|  | <u>[Notes to Condensed Consolidated Financial Statements](#if02ab20e6af041c4af686428a95fcc97_31)</u> | <u>[8](#if02ab20e6af041c4af686428a95fcc97_31)</u> |
| <u>[Item 2.](#if02ab20e6af041c4af686428a95fcc97_88)</u> | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#if02ab20e6af041c4af686428a95fcc97_88)</u> | <u>[23](#if02ab20e6af041c4af686428a95fcc97_88)</u> |
| <u>[Item 3.](#if02ab20e6af041c4af686428a95fcc97_109)</u> | <u>[Quantitative and Qualitative Disclosures About Market Risk](#if02ab20e6af041c4af686428a95fcc97_109)</u> | <u>[29](#if02ab20e6af041c4af686428a95fcc97_109)</u> |
| <u>[Item 4.](#if02ab20e6af041c4af686428a95fcc97_112)</u> | <u>[Controls and Procedures](#if02ab20e6af041c4af686428a95fcc97_112)</u> | <u>[29](#if02ab20e6af041c4af686428a95fcc97_112)</u> |
| **<u>[PART II](#if02ab20e6af041c4af686428a95fcc97_115)</u>** | **<u>[OTHER INFORMATION](#if02ab20e6af041c4af686428a95fcc97_115)</u>** |  |
| <u>[Item 1.](#if02ab20e6af041c4af686428a95fcc97_118)</u> | <u>[Legal Proceedings](#if02ab20e6af041c4af686428a95fcc97_118)</u> | <u>[29](#if02ab20e6af041c4af686428a95fcc97_118)</u> |
| <u>[Item 1A.](#if02ab20e6af041c4af686428a95fcc97_121)</u> | <u>[Risk Factors](#if02ab20e6af041c4af686428a95fcc97_121)</u> | <u>[30](#if02ab20e6af041c4af686428a95fcc97_121)</u> |
| <u>[Item 2.](#if02ab20e6af041c4af686428a95fcc97_124)</u> | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#if02ab20e6af041c4af686428a95fcc97_124)</u> | <u>[30](#if02ab20e6af041c4af686428a95fcc97_124)</u> |
| <u>[Item 5.](#if02ab20e6af041c4af686428a95fcc97_127)</u> | <u>[Other Information](#if02ab20e6af041c4af686428a95fcc97_127)</u> | <u>[31](#if02ab20e6af041c4af686428a95fcc97_127)</u> |
| <u>[Item 6.](#if02ab20e6af041c4af686428a95fcc97_130)</u> | <u>[Exhibits](#if02ab20e6af041c4af686428a95fcc97_130)</u> | <u>[32](#if02ab20e6af041c4af686428a95fcc97_130)</u> |
| **<u>[SIGNATURE PAGE](#if02ab20e6af041c4af686428a95fcc97_133)</u>** | **<u>[SIGNATURE PAGE](#if02ab20e6af041c4af686428a95fcc97_133)</u>** | <u>[33](#if02ab20e6af041c4af686428a95fcc97_133)</u> |

---

------

<u>[**Table of Contents**](#if02ab20e6af041c4af686428a95fcc97_7)</u>

**Part I.&nbsp;&nbsp;&nbsp;&nbsp;Financial Information**

**Item 1.&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements**

**BALCHEM CORPORATION**

**Condensed Consolidated Balance Sheets**

*(Dollars in thousands, except share and per share data)*

---

| | | |
|:---|:---|:---|
| **<u>Assets</u>** | **March 31, 2026** | **December 31, 2025** |
| **Current assets:** | (unaudited) |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $72873 | $74570 |
| &nbsp;&nbsp;Accounts receivable, net of allowance for credit losses of $1,148 and $862 at March 31, 2026 and December 31, 2025, respectively | 154232 | 143596 |
| &nbsp;&nbsp;&nbsp;Inventories, net | 146743 | 131449 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 8955 | 9778 |
| &nbsp;&nbsp;&nbsp;Other current assets | 6138 | 6221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current assets** | **388941** | **365614** |
| &nbsp;&nbsp;&nbsp;Property, plant and equipment, net | 303070 | 306648 |
| &nbsp;&nbsp;&nbsp;Goodwill | 811452 | 816375 |
| &nbsp;&nbsp;&nbsp;Customer relationships and lists, net | 127678 | 132994 |
| &nbsp;&nbsp;&nbsp;Other intangible assets with finite lives, net | 28784 | 30295 |
| &nbsp;&nbsp;&nbsp;Right of use assets - operating leases | 13661 | 14672 |
| &nbsp;&nbsp;&nbsp;Right of use assets - finance lease | 1469 | 1520 |
| &nbsp;&nbsp;&nbsp;Other non-current assets | 18687 | 18134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**1693742** | $**1686252** |
| **<u>Liabilities and Stockholders' Equity</u>** |  |  |
| **Current liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Trade accounts payable | $70729 | $60425 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 51820 | 49288 |
| &nbsp;&nbsp;&nbsp;Accrued compensation and other benefits | 12698 | 27896 |
| &nbsp;&nbsp;&nbsp;Dividends payable | 169 | 31044 |
| &nbsp;&nbsp;&nbsp;Income taxes payable | 13473 | 3912 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities - current | 3444 | 3614 |
| &nbsp;&nbsp;&nbsp;Finance lease liabilities - current | 207 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current liabilities** | **152540** | **176384** |
| &nbsp;&nbsp;&nbsp;Revolving loan | 169000 | 164000 |
| &nbsp;&nbsp;&nbsp;Deferred income taxes | 53376 | 54143 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities - non-current | 10571 | 11324 |
| &nbsp;&nbsp;&nbsp;Finance lease liabilities - non-current | 1492 | 1544 |
| &nbsp;&nbsp;&nbsp;Other long-term obligations | 21647 | 21444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **408626** | **428839** |
| &nbsp;&nbsp;&nbsp;Commitments and contingencies (Note 15) |  |  |
| **Stockholders' equity:** |  |  |
| &nbsp;&nbsp;Preferred stock, $25 par value. Authorized 2,000,000 shares; none issued and outstanding |  |  |
| &nbsp;&nbsp;Common stock, $0.0667 par value. Authorized 120,000,000 shares; 32,128,526 and 32,058,121 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively | 2143 | 2139 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 89543 | 92331 |
| &nbsp;&nbsp;&nbsp;Retained earnings | 1161681 | 1121396 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 31749 | 41547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total stockholders' equity** | **1285116** | **1257413** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and stockholders' equity** | $**1693742** | $**1686252** |

---

*See accompanying notes to condensed consolidated financial statements.*

------

<u>[**Table of Contents**](#if02ab20e6af041c4af686428a95fcc97_7)</u>

**BALCHEM CORPORATION**

**Condensed Consolidated Statements of Earnings**

*(Dollars in thousands, except per share data)*

(unaudited)

---

| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| | **2026** | **2025** |
| **Net sales** | $**270709** | $**250519** |
| **Cost of sales** | **169625** | **162351** |
| **Gross margin** | **101084** | **88168** |
| **Operating expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;Selling expenses | 21096 | 16926 |
| &nbsp;&nbsp;&nbsp;Research and development expenses | 5881 | 4662 |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | 18481 | 15565 |
|  | 45458 | 37153 |
| **Earnings from operations** | **55626** | **51015** |
| **Other expenses, net:** |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense, net | 2213 | 2924 |
| &nbsp;&nbsp;&nbsp;Other expense, net | 891 | 151 |
|  | 3104 | 3075 |
| **Earnings before income tax expense** | **52522** | **47940** |
| &nbsp;&nbsp;&nbsp;Income tax expense | 12237 | 10887 |
| **Net earnings** | $**40285** | $**37053** |
| **Net earnings per common share - basic** | $**1.26** | $**1.14** |
| **Net earnings per common share - diluted** | $**1.25** | $**1.13** |

---

*See accompanying notes to condensed consolidated financial statements.*

------

<u>[**Table of Contents**](#if02ab20e6af041c4af686428a95fcc97_7)</u>

**BALCHEM CORPORATION**

**Condensed Consolidated Statements of Comprehensive Income**

*(Dollars in thousands)*

(unaudited)

---

| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| | **2026** | **2025** |
| **Net earnings** | $**40285** | $**37053** |
| Other comprehensive (loss) income, net of tax: |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translation adjustment | (10102) | 21722 |
| &nbsp;&nbsp;&nbsp;Change in postretirement benefit plans | 304 | (238) |
| **Other comprehensive (loss) income** | **(9798)** | **21484** |
| **Comprehensive income** | $**30487** | $**58537** |

---

*See accompanying notes to condensed consolidated financial statements.*

------

<u>[**Table of Contents**](#if02ab20e6af041c4af686428a95fcc97_7)</u>

**BALCHEM CORPORATION**

**Condensed Consolidated Statements of Changes in Stockholders' Equity**

**For the Three Months Ended March 31, 2026 and 2025**

*(Dollars in thousands, except share and per share data)*

(Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Total<br>Stockholders'<br>Equity** | **Retained<br>Earnings** | **Accumulated<br>Other<br>Comprehensive<br>Income (Loss)** | **Common Stock** | **Common Stock** | **Additional<br>Paid-in<br>Capital** |
| | **Total<br>Stockholders'<br>Equity** | **Retained<br>Earnings** | **Accumulated<br>Other<br>Comprehensive<br>Income (Loss)** | **Shares** | **Amount** | **Additional<br>Paid-in<br>Capital** |
| **Balance - December 31, 2025** | $**1257413** | $**1121396** | $**41547** | **32058121** | $**2139** | $**92331** |
| Net earnings | 40285 | 40285 |  |  |  |  |
| Other comprehensive loss | (9798) |  | (9798) |  |  |  |
| Repurchases of common stock | (14923) |  |  | (89880) | (6) | (14917) |
| Shares and options issued under stock plans | 12139 |  |  | 160285 | 10 | 12129 |
| **Balance - March 31, 2026** | $**1285116** | $**1161681** | $**31749** | **32128526** | $**2143** | $**89543** |
| **Balance - December 31, 2024** | $**1149913** | $**997493** | $**(23747)** | **32527244** | $**2170** | $**173997** |
| Net earnings | 37053 | 37053 |  |  |  |  |
| Other comprehensive income | 21484 |  | 21484 |  |  |  |
| Repurchases of common stock | (5325) |  |  | (32869) | (2) | (5323) |
| Shares and options issued under stock plans | 5576 |  |  | 117169 | 7 | 5569 |
| **Balance - March 31, 2025** | $**1208701** | $**1034546** | $**(2263)** | **32611544** | $**2175** | $**174243** |

---

*See accompanying notes to condensed consolidated financial statements.*

------

<u>[**Table of Contents**](#if02ab20e6af041c4af686428a95fcc97_7)</u>

**BALCHEM CORPORATION**

**Condensed Consolidated Statements of Cash Flows**

*(Dollars in thousands)*

(unaudited)

---

| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| | **2026** | **2025** |
| **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;**Net earnings** | $**40285** | $**37053** |
| &nbsp;&nbsp;Adjustments to reconcile net earnings to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 12491 | 11014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock compensation expense | 5356 | 3810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | (187) | (115) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for (recovery of) credit losses | 289 | (79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized loss on foreign currency transactions and deferred compensation | 717 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on disposal of assets and asset impairment | 151 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (11409) | (10069) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (16216) | (12897) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 763 | (859) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | (1554) | (737) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes | 9487 | 9123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (112) | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by operating activities** | **40061** | **36457** |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures and intangible assets acquired | (6252) | (5559) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash paid for acquisitions, net of cash acquired |  | (323) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of assets | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment in affiliates | (42) | (30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in investing activities** | **(6292)** | **(5912)** |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from revolving loan | 52000 | 29000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal payments on revolving loan | (47000) | (29000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal payments on finance leases | (51) | (49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from stock options exercised | 6727 | 1668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends paid | (30769) | (28263) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchases of common stock | (15690) | (5325) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in financing activities** | **(34783)** | **(31969)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect of exchange rate changes on cash | (683) | 1810 |
| **(Decrease) increase in cash and cash equivalents** | **(1697)** | **386** |
| **Cash and cash equivalents beginning of period** | **74570** | **49515** |
| **Cash and cash equivalents end of period** | $**72873** | $**49901** |

---

*See accompanying notes to condensed consolidated financial statements.*

------

<u>[**Table of Contents**](#if02ab20e6af041c4af686428a95fcc97_7)</u>

**BALCHEM CORPORATION**

**Notes to Condensed Consolidated Financial Statements (Unaudited)**

*(All dollar amounts in thousands, except share and per share data)*

**<u>NOTE 1 – CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</u>**

The condensed consolidated financial statements presented herein have been prepared in accordance with the accounting policies described in the December 31, 2025 consolidated financial statements, and should be read in conjunction with the consolidated financial statements and notes, which appear in the Annual Report on Form 10-K for the year ended December 31, 2025. The condensed consolidated financial statements reflect the operations of Balchem Corporation and its subsidiaries (the "Company" or "Balchem"). All intercompany balances and transactions have been eliminated in consolidation.

In the opinion of management, the unaudited condensed consolidated financial statements furnished in this Form 10-Q include all adjustments necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented. All such adjustments are of a normal, recurring nature. The condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP" or "GAAP") governing interim financial statements and the instructions to Form 10-Q and Article 10 of Regulation S-X under the Securities Exchange Act of 1934 (the "Exchange Act") and therefore do not include some information and notes necessary to conform to annual reporting requirements. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the operating results expected for the full year or any interim period.

Certain reclassifications have been made to prior period amounts to conform with the current period's presentation.

**<u>Recent Accounting Pronouncements</u>**

***Recently Issued Accounting Standards***

In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2024-03, "Income Statement - Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40)." The new guidance is intended to enhance transparency and disclosures by requiring public entities to provide disaggregated disclosures of certain categories of expenses on an annual and interim basis. The ASU is effective for fiscal years beginning after December 15, 2026 and interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact that the adoption of ASU 2024-03 will have on the consolidated financial statements and related disclosures.

**<u>NOTE 2 - STOCKHOLDERS' EQUITY</u>**

***Stock-Based Compensation***

The Company's results for the three months ended March 31, 2026 and 2025 reflected the following stock-based compensation cost, and such compensation cost had the following effects on net earnings:

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| | | |
|:---|:---|:---|
| | **Increase/(Decrease) for the** | **Increase/(Decrease) for the** |
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Cost of sales | $531 | $438 |
| Operating expenses | 4825 | 3372 |
| Net earnings | (4120) | (2928) |

---

The Company's omnibus incentive plan ("the Plan") allows for the granting of stock awards and options to purchase common stock. Both incentive stock options and nonqualified stock options can be awarded under the plan. The Company has approved and reserved a number of shares to be issued upon exercise of the outstanding options that is adequate to cover all exercises. As of March 31, 2026, the Plan had 503,567 shares available for future awards.

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Option activity for the three months ended March 31, 2026 and 2025 is summarized below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For the Three Months Ended March 31, 2026** | **Shares (000s)** | **Weighted<br>Average<br>Exercise<br>Price** | **Aggregate<br>Intrinsic<br>Value** | **Weighted<br>Average<br>Remaining<br>Contractual<br>Term** |
| Outstanding as of December 31, 2025 | 900 | $120.48 | $29888 |  |
| &nbsp;&nbsp;&nbsp;Granted | 71 | 178.68 |  |  |
| &nbsp;&nbsp;&nbsp;Exercised | (66) | 101.52 |  |  |
| &nbsp;&nbsp;&nbsp;Forfeited |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Canceled | (2) | 139.31 |  |  |
| Outstanding as of March 31, 2026 | 903 | $126.38 | $39577 | 5.5 |
| Exercisable as of March 31, 2026 | 653 | $114.89 | $35662 | 4.5 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **For the Three Months Ended March 31, 2025** | **Shares (000s)** | **Weighted<br>Average<br>Exercise<br>Price** | **Aggregate<br>Intrinsic<br>Value** | **Weighted<br>Average<br>Remaining<br>Contractual<br>Term** |
| Outstanding as of December 31, 2024 | 962 | $114.81 | $46346 |  |
| &nbsp;&nbsp;&nbsp;Granted | 51 | 159.18 |  |  |
| &nbsp;&nbsp;&nbsp;Exercised | (18) | 90.50 |  |  |
| &nbsp;&nbsp;&nbsp;Forfeited |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Canceled |  |  |  |  |
| Outstanding as of March 31, 2025 | 995 | $117.53 | $48212 | 5.6 |
| Exercisable as of March 31, 2025 | 688 | $105.78 | $41408 | 4.4 |

---

ASC 718, "Compensation-Stock Compensation", requires companies to measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The weighted average fair values of the stock options granted under the Plan were calculated using either the Black-Scholes model or the Binomial model, whichever was deemed to be most appropriate. For the three months ended March 31, 2026, the fair value of each option grant was estimated on the date of the grant using the following weighted average assumptions:

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Dividend yields | 0.5% | 0.6% |
| Expected volatilities | 23.5% | 26.0% |
| Risk-free interest rates | 3.8% | 4.5% |
| Expected lives | 5.2 years | 5.2 years |

---

Other information pertaining to option activity during the three months ended March 31, 2026 and 2025 is as follows:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Weighted-average fair value of options granted | $48.90 | $48.86 |
| Total intrinsic value of stock options exercised ($000s) | $4754 | $1388 |

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Non-vested restricted stock activity for the three months ended March 31, 2026 and 2025 is summarized below:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2026** | **2025** | **2025** |
| | **Shares (000s)** | **Weighted<br>Average Grant<br>Date Fair<br>Value** | **Shares (000s)** | **Weighted<br>Average Grant<br>Date Fair<br>Value** |
| Non-vested balance as of December 31 | 147 | $150.15 | 122 | $141.62 |
| Granted | 59 | 178.34 | 54 | 159.11 |
| Vested | (50) | 145.25 | (28) | 138.21 |
| Forfeited | (1) | 155.53 | (1) | 140.76 |
| Non-vested balance as of March 31 | 155 | $162.45 | 147 | $148.68 |

---

Non-vested performance share activity for the three months ended March 31, 2026 and 2025 is summarized below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2026** | **2025** | **2025** |
| | **Shares (000s)** | **Weighted<br>Average Grant<br>Date Fair<br>Value** | **Shares (000s)** | **Weighted<br>Average Grant<br>Date Fair<br>Value** |
| Non-vested balance as of December 31 | 81 | $160.14 | 79 | $150.73 |
| Granted | 50 | 173.60 | 50 | 147.96 |
| Vested | (35) | 148.64 | (44) | 109.95 |
| Forfeited |  |  | (4) | 150.11 |
| Non-vested balance as of March 31 | 96 | $171.52 | 81 | $160.14 |

---

The Company also has performance share ("PS") awards, which provide the recipients the right to receive a certain number of shares of the Common Stock in the future, subject to certain performance hurdles, depending on the date of the grant: (1) an EBITDA performance hurdle, where vesting is dependent upon the Company achieving a certain EBITDA percentage growth over the performance period (typically three years), (2) a relative total shareholder return ("TSR") market condition where vesting is dependent upon the Company's TSR performance over the performance period (typically three years) relative to a comparator group consisting of the Russell 2000 index constituents, or (3) an EBITDA performance hurdle, where vesting is dependent upon the Company achieving a certain EBITDA percentage growth over the performance period (typically three years) and modified based on the Company's TSR performance over the performance period relative to a comparator group consisting of the Russell 2000 index constituents. Expense is measured based on the fair value of the grant at the date of grant. A Monte-Carlo simulation has been used to estimate the fair value using the following assumptions:

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Dividend yields | —% | —% |
| Expected volatilities | 22.8% | 25.5% |
| Risk-free interest rates | 3.5% | 4.3% |
| Initial TSR's | 16.0% | -8.8% |

---

As of March 31, 2026 and 2025, there were $35,802 and $31,427, respectively, of total unrecognized compensation costs related to non-vested share-based compensation arrangements granted under the plans. As of March 31, 2026, the unrecognized compensation cost is expected to be recognized over a weighted-average period of approximately 1.8 years. The Company estimates that share-based compensation expense for the year ended December 31, 2026 will be $19,467.

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<u>[**Table of Contents**](#if02ab20e6af041c4af686428a95fcc97_7)</u>

***Repurchases of Common Stock***

On December 9, 2025, the Company's Board of Directors approved a new stock repurchase program (the "December 2025 program"), which replaced the previously approved June 1999 program. The December 2025 program authorizes the repurchases of up to and including 4,000,000 shares of the Company's ordinary shares. This new stock repurchase program has no expiration date, does not oblige the Company to acquire any particular amount of the Company's ordinary shares, and may be terminated at any time. Since the inception of the December 2025 program, a total of 159,539 shares have been repurchased.

During the three months ended March 31, 2026 and 2025, the Company purchased 89,880 and 32,869 shares, respectively, from open market purchases and from employees on a net-settlement basis to provide cash to employees to cover the associated employee payroll taxes. These shares were purchased at an average cost of $166.03 and $161.99 per share, respectively. The Company records the applicable excise taxes payable related to repurchases of our common stock as an incremental cost of the shares repurchased and a corresponding liability for the excise tax payable in "Other accrued liabilities" on our condensed consolidated balance sheet. The excise tax payable was $779 as of December 31, 2025. There was no excise tax payable as of March 31, 2026.

**<u>NOTE 3 – INVENTORIES</u>**

Inventories, net of reserves at March 31, 2026 and December 31, 2025 consisted of the following:

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| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| Raw materials | $50563 | $41858 |
| Work in progress | 10832 | 6527 |
| Finished goods | 85348 | 83064 |
| &nbsp;&nbsp;&nbsp;Total inventories | $146743 | $131449 |

---

On a regular basis, the Company evaluates its inventory balances for excess quantities and obsolescence by analyzing demand, inventory on hand, sales levels and other information. Based on these evaluations, inventory balances are reserved, if necessary. The reserve for inventory was $3,537 and $3,414 at March 31, 2026 and December 31, 2025, respectively.

**<u>NOTE 4 – PROPERTY, PLANT AND EQUIPMENT</u>**

Property, plant and equipment at March 31, 2026 and December 31, 2025 are summarized as follows:

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| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| Land | $12299 | $12428 |
| Building | 116549 | 116395 |
| Equipment | 339401 | 340322 |
| Construction in progress | 98604 | 95229 |
|  | 566853 | 564374 |
| Less: accumulated depreciation | 263783 | 257726 |
| Property, plant and equipment, net | $303070 | $306648 |

---

**<u>NOTE 5 - INTANGIBLE ASSETS</u>**

The Company had goodwill in the amount of $811,452 and $816,375 as of March 31, 2026 and December 31, 2025, respectively, subject to the provisions of ASC 350, "Intangibles-Goodwill and Other." The decrease in goodwill is due to foreign currency translation adjustments.

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<u>[**Table of Contents**](#if02ab20e6af041c4af686428a95fcc97_7)</u>

Identifiable intangible assets with finite lives at March 31, 2026 and December 31, 2025 are summarized as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Amortization<br>Period<br>(in years)** | **Gross Carrying Amount at March 31, 2026** | **Accumulated Amortization at March 31, 2026** | **Gross Carrying Amount at December 31, 2025** | **Accumulated Amortization at December 31, 2025** |
| Customer relationships and lists | 10-20 | $367849 | $240171 | $370763 | $237769 |
| Trademarks and trade names | 2-17 | 51656 | 43525 | 52256 | 43655 |
| Developed technology | 5-12 | 41982 | 23898 | 42385 | 23415 |
| Other | 2-18 | 25140 | 22571 | 25178 | 22454 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other intangible assets with finite lives |  | $118778 | $89994 | $119819 | $89524 |

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Amortization of identifiable intangible assets was $4,399 and $4,060 for the three months ended March 31, 2026 and 2025, respectively. Assuming no change in the gross carrying value of identifiable intangible assets, estimated amortization expense is $12,943 for the remainder of 2026, $16,623 for 2027, $16,175 for 2028, $15,761 for 2029, $15,376 for 2030 and $15,258 for 2031. At March 31, 2026 and December 31, 2025, there were no identifiable intangible assets with indefinite useful lives as defined by ASC 350. Identifiable intangible assets are reflected in "Customer relationships and lists, net" and "Other intangible assets with finite lives, net" on the Company's condensed consolidated balance sheets. There were no changes to the useful lives of intangible assets subject to amortization during the three months ended March 31, 2026 and 2025.

**<u>NOTE 6 - EQUITY METHOD INVESTMENT</u>**

In January 2014, BCP Ingredients, Inc. ("BCP"), a subsidiary of the Company, and Taminco US Inc. (note: Taminco was subsequently acquired by Eastman Chemical Company) formed a joint venture (66.66% / 33.34% ownership), St. Gabriel CC Company, LLC, to design, develop, and construct an expansion of BCP's St. Gabriel aqueous choline chloride plant. BCP contributed the St. Gabriel plant, at cost, and all continued expansion and improvements are funded by the owners. The joint venture became operational as of July 1, 2016, at which point, Taminco US Inc. was succeeded by Taminco US LLC. St. Gabriel CC Company, LLC is a Variable Interest Entity (VIE) because the total equity at risk is not sufficient to permit the joint venture to finance its own activities without additional subordinated financial support. Additionally, voting rights (2 votes each) are not proportionate to the owners' obligation to absorb expected losses or receive the expected residual returns of the joint venture. BCP receives the majority of the production offtake capacity, which may be adjusted from time to time to the extent the owners agree as such, and absorbs operating expenses approximately proportional to the actual percentage of offtake. The joint venture is accounted for under the equity method of accounting since BCP is not the primary beneficiary as BCP does not have the power to direct the activities of the joint venture that most significantly impact its economic performance. BCP recognized a loss of $124 and $122 for the three months ended March 31, 2026 and 2025, respectively, relating to its portion of the joint venture's expenses in other expense. BCP made capital contributions to the investment totaling $42 and $30 for the three months ended March 31, 2026 and 2025, respectively. The carrying value of the joint venture at March 31, 2026 and December 31, 2025 was $3,635 and $3,717, respectively, and is recorded in "Other non-current assets" on the condensed consolidated balance sheets.

**<u>NOTE 7 – REVOLVING LOAN</u>**

On July 27, 2022, the Company entered into an Amended and Restated Credit Agreement (the "2022 Credit Agreement") with certain lenders in the form of a senior secured revolving credit facility, due on July 27, 2027. The 2022 Credit Agreement allows for up to $550,000 of borrowing. The loans may be used for working capital, letters of credit, and other corporate purposes and may be drawn upon at the Company's discretion. As of March 31, 2026 and December 31, 2025, the total balance outstanding on the 2022 Credit Agreement amounted to $169,000 and $164,000, respectively. There are no installment payments required on the revolving loans; they may be voluntarily prepaid in whole or in part without premium or penalty, and all outstanding amounts are due on the maturity date.

Amounts outstanding under the 2022 Credit Agreement are subject to an interest rate equal to a fluctuating rate as defined by the 2022 Credit Agreement plus an applicable rate. The applicable rate is based upon the Company's consolidated net leverage ratio, as defined in the 2022 Credit Agreement, and the interest rate was 4.78% at March 31, 2026. The Company is also required to pay a commitment fee on the unused portion of the revolving loan, which is based on the Company's consolidated net leverage ratio as defined in the 2022 Credit Agreement and ranges from 0.150% to 0.225% (0.150% at March 31, 2026). The unused portion of the revolving loan amounted to $381,000 at March 31, 2026. The Company is also required to pay, as applicable, letter of credit fees, administrative agent fees, and other fees to the arrangers and lenders.

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Costs associated with the issuance of the revolving loans are capitalized and amortized on a straight-line basis over the term of the 2022 Credit Agreement, which is not materially different than the effective interest method. Capitalized costs net of accumulated amortization were $384 and $455 at March 31, 2026 and December 31, 2025, respectively, and are included in "Other non-current assets" on the condensed consolidated balance sheets. Amortization expense pertaining to these costs totaled $71 for both the three months ended March 31, 2026 and 2025 and are included in "Interest expense, net" in the accompanying condensed consolidated statements of earnings.

The 2022 Credit Agreement contains quarterly covenants requiring the consolidated leverage ratio to be less than a certain maximum ratio and the consolidated interest coverage ratio to exceed a certain minimum ratio. At March 31, 2026, the Company was in compliance with these covenants. Indebtedness under the Company's loan agreements is secured by assets of the Company.

**<u>NOTE 8– NET EARNINGS PER SHARE</u>**

The following presents a reconciliation of the net earnings and shares used in calculating basic and diluted net earnings per share:

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| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| | **2026** | **2025** |
| Net Earnings - Basic and Diluted | $40285 | $37053 |
| *Shares (000s)* |  |  |
| Weighted Average Common Shares - Basic | 31937 | 32440 |
| Effect of Dilutive Securities – Stock Options, Restricted Stock, and Performance Shares | 347 | 367 |
| Weighted Average Common Shares - Diluted | 32284 | 32807 |
| Net Earnings Per Share - Basic | $1.26 | $1.14 |
| Net Earnings Per Share - Diluted | $1.25 | $1.13 |

---

The number of anti-dilutive shares were 214,602 and 223,820 for the three months ended March 31, 2026 and 2025, respectively. Anti-dilutive shares could potentially dilute basic earnings per share in future periods and therefore, were not included in diluted earnings per share.

**<u>NOTE 9 – INCOME TAXES</u>**

The Company's effective tax rate for the three months ended March 31, 2026 and 2025, was 23.3% and 22.7%, respectively. The higher effective tax rate for the quarter was primarily due to an increase in certain state taxes.

On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was signed into law in the United States which includes a broad range of tax provision. The Company has assessed that the OBBBA will not have a material impact on its estimated annual effective tax rate in 2026.

The Company files income tax returns in the U.S. and in various states and foreign countries. As of March 31, 2026, in the major jurisdictions where the Company operates, it is generally no longer subject to income tax examinations by tax authorities for years before 2021. The Company had $6,838 and $6,731 of unrecognized tax benefits, which are included in "Other long-term obligations" on the Company's condensed consolidated balance sheets, as of March 31, 2026 and December 31, 2025, respectively. The Company includes interest expense or income as well as potential penalties on uncertain tax positions as a component of "Income tax expense" in the condensed consolidated statements of earnings. Total accrued interest and penalties related to uncertain tax positions at March 31, 2026 and December 31, 2025 were $2,457 and $2,350, respectively, and are included in "Other long-term obligations" on the Company's condensed consolidated balance sheets.

The European Union ("EU") member states formally adopted the EU's Pillar Two Directive on December 15, 2022, which was established by the Organization for Economic Co-operation and Development. Pillar Two generally provides for a 15 percent minimum effective tax rate for the jurisdictions where multinational enterprises operate. While the Company does not anticipate that this will have a material impact on its tax provision or effective tax rate, the Company continues to monitor evolving tax legislation in the jurisdictions in which it operates.

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**<u>NOTE 10 – SEGMENT INFORMATION</u>**

Balchem Corporation reports three reportable segments: Human Nutrition and Health, Animal Nutrition and Health, and Specialty Products. Sales and production of products outside of our reportable segments and other minor business activities are included in "Other and Unallocated".

The Company's Chief Operating Decision Maker ("CODM") is the Chief Executive Officer. The CODM receives a profit and loss reporting package which provides segment information including revenue, cost of goods sold, gross margin, total operating expenses, and earnings from operations. The CODM utilizes this monthly profit and loss reporting package to analyze segment performance and appropriately allocate resources.

Pursuant to ASU 2023-07, "Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures", the significant segment information is summarized as follows:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** |
| | **HNH** | | **ANH** | | **SP** | | **Other and Unallocated** | | **Total** |
| **Net sales** | $171628 |  | $62189 |  | $34727 |  | $2165 |  | $270709 |
| **Cost of sales** | 105772 | (1) | 47200 | (1) | 14264 | (1) | 2389 | (1) | 169625 |
| **Gross margin** | 65856 |  | 14989 |  | 20463 |  | (224) |  | 101084 |
| **Operating expenses** | 25836 | (2) | 9297 | (3) | 8528 | (4) | 1797 | (5) | 45458 |
| **Earnings from operations** | 40020 |  | 5692 |  | 11935 |  | (2021) |  | 55626 |
| **Other expenses:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net |  |  |  |  |  |  |  |  | 2213 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expense, net |  |  |  |  |  |  |  |  | 891 |
|  |  |  |  |  |  |  |  |  | 3104 |
| **Earnings before income tax expense** | **Earnings before income tax expense** |  |  |  |  |  |  |  | 52522 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense |  |  |  |  |  |  |  |  | 12237 |
| **Net earnings** |  |  |  |  |  |  |  |  | $40285 |

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| |
|:---|
| <sup>(1)</sup> Cost of sales are primarily comprised of raw materials consumed in the manufacture of product, as well as manufacturing labor, depreciation expense, and other overhead expenses necessary to convert purchased materials and supplies into finished product. Cost of sales also includes inbound freight and duty costs, outbound freight costs for shipping products to customers, warehousing costs, quality control and obsolescence expense. |
| <sup>(2)</sup> Operating expenses within HNH are primarily comprised of compensation-related costs, professional services, including advertising and marketing costs, and amortization expense in connection with certain acquired intangible assets. |
| <sup>(3)</sup> Operating expenses within ANH are primarily comprised of compensation-related costs and professional services, including advertising and marketing costs. |
| <sup>(4)</sup> Operating expenses within SP are primarily comprised of compensation-related costs, professional services, and amortization expense in connection with certain acquired intangible assets. |
| <sup>(5)</sup> Operating expenses within Other and Unallocated are primarily comprised of compensation-related costs and transaction and integration costs.  |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** |
| | **HNH** | | **ANH** | | **SP** | | **Other and Unallocated** | | **Total** |
| **Net sales** | $158457 |  | $57277 |  | $33275 |  | $1510 |  | $250519 |
| **Cost of sales** | 99383 | (6) | 44917 | (6) | 15986 | (6) | 2065 | (6) | 162351 |
| **Gross margin** | 59074 |  | 12360 |  | 17289 |  | (555) |  | 88168 |
| **Operating expenses** | 21100 | (7) | 7124 | (8) | 7704 | (9) | 1225 | (10) | 37153 |
| **Earnings from operations** | 37974 |  | 5236 |  | 9585 |  | (1780) |  | 51015 |
| **Other expenses:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net |  |  |  |  |  |  |  |  | 2924 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expense, net |  |  |  |  |  |  |  |  | 151 |
|  |  |  |  |  |  |  |  |  | 3075 |
| **Earnings before income tax expense** | **Earnings before income tax expense** |  |  |  |  |  |  |  | 47940 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense |  |  |  |  |  |  |  |  | 10887 |
| **Net earnings** |  |  |  |  |  |  |  |  | $37053 |

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| |
|:---|
| <sup>(6)</sup> Cost of sales are primarily comprised of raw materials consumed in the manufacture of product, as well as manufacturing labor, depreciation expense, and other overhead expenses necessary to convert purchased materials and supplies into finished product. Cost of sales also includes inbound freight and duty costs, outbound freight costs for shipping products to customers, warehousing costs, quality control and obsolescence expense. |
| <sup>(7)</sup> Operating expenses within HNH are primarily comprised of compensation-related costs, professional services, including advertising and marketing costs, and amortization expense in connection with certain acquired intangible assets. |
| <sup>(8)</sup> Operating expenses within ANH are primarily comprised of compensation-related costs and professional services, including advertising and marketing costs. |
| <sup>(9)</sup> Operating expenses within SP are primarily comprised of compensation-related costs, professional services, and amortization expense in connection with certain acquired intangible assets. |
| <sup>(10)</sup> Operating expenses within Other and Unallocated are primarily comprised of compensation-related costs and transaction and integration costs.  |

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| | | |
|:---|:---|:---|
| ***Business Segment Assets*** | **March 31,<br>2026** | **December 31,<br>2025** |
| Human Nutrition and Health | $1250779 | $1243522 |
| Animal Nutrition and Health | 181036 | 176608 |
| Specialty Products | 169768 | 172076 |
| Other and Unallocated <sup>(11)</sup> | 92159 | 94046 |
| Total | $1693742 | $1686252 |

---

<sup>(11)</sup> Other and Unallocated assets consist of certain cash, capitalized loan issuance costs, other assets, investments, and income taxes, which the Company does not allocate to its individual business segments. It also includes assets associated with a few minor businesses which individually do not meet the quantitative thresholds for separate presentation.

---

| | | |
|:---|:---|:---|
| ***Depreciation/Amortization*** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Human Nutrition and Health | $8647 | $7303 |
| Animal Nutrition and Health | 1859 | 1761 |
| Specialty Products | 1755 | 1726 |
| Other and Unallocated | 230 | 224 |
| Total | $12491 | $11014 |

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| | | |
|:---|:---|:---|
| ***Capital Expenditures*** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Human Nutrition and Health | $3155 | $2327 |
| Animal Nutrition and Health | 2389 | 2344 |
| Specialty Products | 597 | 722 |
| Other and Unallocated | 77 | 28 |
| Total | $6218 | $5421 |

---

**<u>NOTE 11 – REVENUE</u>**

The following table presents revenues disaggregated by revenue source:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| | **2026** | **2025** |
| Product Sales Revenue | $270216 | $250061 |
| Royalty Revenue | 493 | 458 |
| &nbsp;&nbsp;&nbsp;Total Revenue | $270709 | $250519 |

---

The following table presents revenues disaggregated by geography, based on customers' delivery addresses:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| | **2026** | **2025** |
| United States | $197382 | $185722 |
| Foreign Countries | 73327 | 64797 |
| &nbsp;&nbsp;&nbsp;Total Revenue | $270709 | $250519 |

---

**<u>NOTE 12 – SUPPLEMENTAL CASH FLOW INFORMATION</u>**

Cash paid during the three months ended March 31, 2026 and 2025 for income taxes and interest is as follows:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Income taxes | $1394 | $1443 |
| Interest | $2320 | $3010 |

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**<u>NOTE 13 – ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)</u>**

The changes in accumulated other comprehensive income (loss) were as follows:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| | **2026** | **2025** |
| Net foreign currency translation adjustment <sup>(1)</sup> | $(10102) | $21722 |
| Net change in postretirement benefit plan (see Note 14 for<br> further information) |  |  |
| &nbsp;&nbsp;&nbsp;Amortization of gain | (11) | (2) |
| &nbsp;&nbsp;&nbsp;Prior service loss (gain) arising during the period | 411 | (319) |
| &nbsp;&nbsp;&nbsp;Total before tax | 400 | (321) |
| &nbsp;&nbsp;&nbsp;Tax | (96) | 83 |
| &nbsp;&nbsp;&nbsp;Net of tax | 304 | (238) |
| Total other comprehensive (loss) income | $(9798) | $21484 |
| <sup>(1)</sup> Includes gains of $1,829 and $3,117 on intra-entity foreign currency transactions for the three months ended March 31, 2026 and 2025, respectively. | <sup>(1)</sup> Includes gains of $1,829 and $3,117 on intra-entity foreign currency transactions for the three months ended March 31, 2026 and 2025, respectively. | <sup>(1)</sup> Includes gains of $1,829 and $3,117 on intra-entity foreign currency transactions for the three months ended March 31, 2026 and 2025, respectively. |

---

Accumulated other comprehensive income (loss) at March 31, 2026 and December 31, 2025 consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
| | **Foreign currency<br>translation<br>adjustment** | **Postretirement<br>benefit plan** | **Total** |
| Balance December 31, 2025 | $41353 | $194 | $41547 |
| Other comprehensive (loss) income | (10102) | 304 | (9798) |
| Balance March 31, 2026 | $31251 | $498 | $31749 |

---

**<u>NOTE 14 – EMPLOYEE BENEFIT PLANS</u>**

***Defined Contribution Plans***

The Company sponsors one 401(k) savings plan for eligible employees, which allows participants to make pretax or after tax contributions, and the Company matches certain percentages of those contributions with shares of the Company's Common Stock. The plan also has a discretionary profit sharing portion. All amounts contributed to the plan are deposited into a trust fund administered by independent trustees.

***Postretirement Medical Plans***

The Company provides postretirement benefits in the form of two unfunded postretirement medical plans; one that is under a collective bargaining agreement and covers eligible retired employees of the Verona facility and one for officers of the Company pursuant to the Balchem Corporation Officer Retiree Program.

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Net periodic benefit costs for such retirement medical plans were as follows:

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Service cost | $23 | $29 |
| Interest cost | 13 | 18 |
| Amortization of gain | (14) | (3) |
| Net periodic benefit cost | $22 | $44 |

---

The amounts recorded for these obligations on the Company's condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025 are $1,112 and $1,122, respectively, and are included in "Other long-term obligations" on the Company's condensed consolidated balance sheets. These plans are unfunded and approved claims are paid from Company funds. Historical cash payments made under such plans have typically been less than $200 per year.

***Defined Benefit Pension Plan***

On May 27, 2019, the Company acquired Chemogas Holding NV, a privately held specialty gases company headquartered in Grimbergen, Belgium ("Chemogas"), which has an unfunded defined benefit pension plan. The plan provides for the payment of a lump sum at retirement or payments in case of death of the covered employees. The amounts recorded for these obligations on the Company's condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025 were $887 and $869, respectively, and were included in "Other long-term obligations" on the Company's condensed consolidated balance sheets.

Net periodic benefit costs for such benefit pension plan were as follows:

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Service cost with interest to end of year | $57 | $49 |
| Interest cost | 26 | 19 |
| Expected return on plan assets | (17) | (14) |
| Amortization of loss | 3 | 1 |
| Total net periodic benefit cost | $69 | $55 |

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***Deferred Compensation Plan***

The Company provides an unfunded, nonqualified deferred compensation plan maintained for the benefit of a select group of management or highly compensated employees. Assets of the plan are held in a rabbi trust, and are subject to additional risk of loss in the event of bankruptcy or insolvency of the Company. The Company may, at its discretion, provide matching contributions to eligible employee deferred compensation contributions, with no obligation to make such contributions in future periods. The deferred compensation liability was $13,271 as of March 31, 2026, of which $13,248 was included in "Other long-term obligations" and $23 was included in "Accrued compensation and other benefits" on the Company's condensed consolidated balance sheets. The deferred compensation liability was $12,806 as of December 31, 2025, of which $12,781 was included in "Other long-term obligations" and $25 was included in "Accrued compensation and other benefits" on the Company's consolidated balance sheets. The related assets of the irrevocable trust funds (also known as "rabbi trust funds") were $13,265 as of March 31, 2026, of which $13,242 was included in "Other non-current assets" and $23 was included in "Other current assets" on the Company's condensed consolidated balance sheet. The rabbi trust funds were $12,798 as of December 31, 2025, of which $12,773 was included in "Other non-current assets" and $25 was included in "Other current assets" on the Company's condensed consolidated balance sheets.

**<u>NOTE 15 – COMMITMENTS AND CONTINGENCIES</u>**

The Company is obligated to make rental payments under non-cancelable operating and finance leases. Aggregate future minimum rental payments required under these leases at December 31, 2025 are disclosed in Note 18, *Leases*.

The Company's Verona, Missouri facility, while held by a prior owner, Syntex Agribusiness, Inc. ("Syntex"), was designated by the U.S. Environmental Protection Agency (the "EPA") as a Superfund site and placed on the National Priorities List in 1983

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because of dioxin contamination on portions of the site. Remediation was conducted by Syntex under the oversight of the EPA and the Missouri Department of Natural Resources. The Company is indemnified by the sellers under its May 2001 asset purchase agreement covering its acquisition of the Verona, Missouri facility for potential liabilities associated with the Superfund site. One of the sellers, in turn, has the benefit of certain contractual indemnification by Syntex in relation to the implementation of the above-described Superfund remedy. In June 2023, in response to a Special Notice Letter received from the EPA in 2022, BCP Ingredients, Inc. ("BCP"), the Company's subsidiary that operates the site, Syntex, EPA, and the State of Missouri entered into an Administrative Settlement Agreement and Order on Consent ("ASAOC") for a focused remedial investigation/feasibility study ("RI/FS") under which (a) BCP will conduct a source investigation of potential source(s) of releases of 1,4-dioxane and chlorobenzene at a portion of the site and (b) BCP and Syntex will complete a RI/FS to determine a potential remedy, if any is required. Activities under the ASAOC are underway and are expected to continue for some period of time.

Separately, in June 2022, the EPA conducted an inspection of BCP's Verona, Missouri facility ("2022 EPA Inspection") which was followed by BCP entering into an Administrative Order for Compliance on Consent ("AOC") with the EPA in relation to its risk management program at the Verona facility. Further, in January 2023, BCP entered into an Amended AOC with the EPA whereby the parties agreed to the extension of certain timelines. BCP timely completed all requirements under the Amended AOC. In November 2023, BCP received a notice from the Environment and Natural Resources Division of the U.S Department of Justice ("DOJ") primarily related to the 2022 EPA Inspection, which extended the opportunity to discuss alleged violations of Sections 112(r)(7) of the Clean Air Act and regulations in 40 C.F.R. Part 68, commonly known as the Risk Management Plan Rule ("RMP Rule"). BCP participated in such discussions during 2024, and in December 2024, BCP reached a settlement with the EPA and DOJ to resolve these alleged violations. Pursuant to the settlement, which was entered into on January 31, 2025, BCP agreed to: (a) pay a $300 civil penalty; (b) complete a new scrubber system project; and (c) spend $350 to implement projects benefiting the surrounding community, such as emergency equipment for the local fire department and two vehicles to be used as mobile health clinics. The amount associated with this settlement was consistent with the amount previously accrued as a loss contingency. BCP has completed most of its obligations under this settlement and will continue to take steps to timely complete any remaining items.

In addition to the above, from time to time, the Company is a party to various legal proceedings, litigation, claims and assessments. While it is not possible to predict the ultimate disposition of each of these matters, management believes that the ultimate outcome of such matters will not have a material effect on the Company's consolidated financial position, results of operations, liquidity or cash flows.

**<u>NOTE 16 – FAIR VALUE OF FINANCIAL INSTRUMENTS</u>**

The Company has a number of financial instruments, none of which are held for trading purposes. The Company estimates that the fair value of all financial instruments at March 31, 2026 and December 31, 2025 does not differ materially from the aggregate carrying values of its financial instruments recorded in the accompanying condensed consolidated balance sheets. The estimated fair value amounts have been determined by the Company using available market information and appropriate valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value, and, accordingly, the estimates are not necessarily indicative of the amounts that the Company could realize in a current market exchange.

The following fair value hierarchy is used to classify assets and liabilities and the table below presents the carrying amounts and the estimated fair values of the Company's financial assets and liabilities measured on a recurring basis as defined by ASC 820, "Fair Value Measurement."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 - Inputs are quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 - Inputs include observable inputs other than quoted prices in active markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 - Inputs are unobservable inputs for which there is little or no market data available.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Carrying Amount** | **Fair Value Measurements** | **Fair Value Measurements** | **Fair Value Measurements** |
| | **Carrying Amount** | **Level 1** | **Level 2** | **Level 3** |
| **March 31, 2026** | | | | |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;Money market funds <sup>(1)</sup> | $1508 | $1508 | $— | $— |
| &nbsp;&nbsp;Certificates of deposit with maturities of three<br>&nbsp;&nbsp;&nbsp;&nbsp;months or less <sup>(2)</sup> | 23010 |  | 23010 |  |
| &nbsp;&nbsp;Rabbi trust funds - current <sup>(3)</sup> | 23 | 23 |  |  |
| &nbsp;&nbsp;Rabbi trust funds - non-current <sup>(3)</sup> | 13242 | 13242 |  |  |
| **December 31, 2025** |  |  |  |  |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;Money market funds <sup>(1)</sup> | $1464 | $1464 | $— | $— |
| &nbsp;&nbsp;Rabbi trust funds - current <sup>(3)</sup> | 25 | 25 |  |  |
| &nbsp;&nbsp;Rabbi trust funds - non-current <sup>(3)</sup> | 12773 | 12773 |  |  |
| <sup>(1)</sup> Money market funds are categorized as cash equivalents. | <sup>(1)</sup> Money market funds are categorized as cash equivalents. | <sup>(1)</sup> Money market funds are categorized as cash equivalents. | <sup>(1)</sup> Money market funds are categorized as cash equivalents. | <sup>(1)</sup> Money market funds are categorized as cash equivalents. |
| <sup>(2)</sup> Certificates of deposit with original maturities of three months or less are categorized as cash equivalents. Due to the short-term nature of the instruments, the Company has determined the cost approximates fair value. | <sup>(2)</sup> Certificates of deposit with original maturities of three months or less are categorized as cash equivalents. Due to the short-term nature of the instruments, the Company has determined the cost approximates fair value. | <sup>(2)</sup> Certificates of deposit with original maturities of three months or less are categorized as cash equivalents. Due to the short-term nature of the instruments, the Company has determined the cost approximates fair value. | <sup>(2)</sup> Certificates of deposit with original maturities of three months or less are categorized as cash equivalents. Due to the short-term nature of the instruments, the Company has determined the cost approximates fair value. | <sup>(2)</sup> Certificates of deposit with original maturities of three months or less are categorized as cash equivalents. Due to the short-term nature of the instruments, the Company has determined the cost approximates fair value. |
| <sup>(3)</sup> Rabbi trust funds - current and Rabbi trust funds - non-current are included in "Other current assets" and "Other non-current assets" on the consolidated balance sheets, respectively. | <sup>(3)</sup> Rabbi trust funds - current and Rabbi trust funds - non-current are included in "Other current assets" and "Other non-current assets" on the consolidated balance sheets, respectively. | <sup>(3)</sup> Rabbi trust funds - current and Rabbi trust funds - non-current are included in "Other current assets" and "Other non-current assets" on the consolidated balance sheets, respectively. | <sup>(3)</sup> Rabbi trust funds - current and Rabbi trust funds - non-current are included in "Other current assets" and "Other non-current assets" on the consolidated balance sheets, respectively. | <sup>(3)</sup> Rabbi trust funds - current and Rabbi trust funds - non-current are included in "Other current assets" and "Other non-current assets" on the consolidated balance sheets, respectively. |

---

The Company's financial instruments also include accounts receivable, accounts payable, and accrued liabilities, which are carried at cost and approximate fair value due to the short-term maturity of these instruments. The carrying value of debt approximates fair value based upon prices of identical or similar instruments in the marketplace, which are considered Level 2 inputs.

**<u>NOTE 17 – RELATED PARTY TRANSACTIONS</u>**

The Company provides services under a contractual agreement to St. Gabriel CC Company, LLC. These services include accounting, information technology, quality control, and purchasing services, as well as operation of the St. Gabriel CC Company, LLC plant. The Company also sells raw materials to St. Gabriel CC Company, LLC. These raw materials are used in the production of finished goods that are, in turn, sold by Saint Gabriel CC Company, LLC to the Company for resale to unrelated parties. As such, the sale of these raw materials to St. Gabriel CC Company, LLC in this scenario lacks economic substance and therefore the Company does not include them in net sales within the condensed consolidated statements of earnings.

Payments for the services the Company provided amounted to $1,117 and $1,127 for the three months ended March 31, 2026 and 2025, respectively. The raw materials purchased and subsequently sold amounted to $9,951 and $9,925 for the three months ended March 31, 2026 and 2025, respectively. These services and raw materials are primarily recorded in cost of goods sold, net of the finished goods received from St. Gabriel CC Company, LLC of $8,045 and $7,918 during the three months ended March 31, 2026 and 2025, respectively. At March 31, 2026 and December 31, 2025, the Company had receivables of $4,454 and $4,225, respectively, recorded in accounts receivable from St. Gabriel CC Company, LLC for services rendered and raw materials sold. At March 31, 2026 and December 31, 2025, the Company had payables of $3,420 and $3,369, respectively, recorded in accounts payable for finished goods received from St. Gabriel CC Company, LLC. The Company had payables in the amount of $296 related to non-contractual monies owed to St. Gabriel CC Company, LLC, recorded in accounts payable as of both March 31, 2026 and December 31, 2025. In addition, the Company had receivables in the amount of $150 related to non-contractual monies owed from St. Gabriel CC Company, LLC, recorded in other current assets as of March 31, 2026.

**<u>NOTE 18 – LEASES</u>**

The Company has both real estate leases and equipment leases. The Company developed four tranches of leases based on lease terms and these tranches reflect the composition of the current lease portfolio. The Company's borrowing history shows that interest rates of a term loan or a line of credit depend on the duration of the loan rather than the nature of the assets purchased by those funds. Based on this understanding, the Company elected to use a portfolio approach to discount rates, applying corporate rates to the tranches of leases based on lease terms. Based on the Company's risk rating, the Company applied the following

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discount rates for new leases entered into during the first quarter of 2026: (1) 1-2 years, 5.02% (2) 3-4 years, 5.61% (3) 5-9 years, 5.95% and (4) 10+ years, 6.67%.

Right of use assets and lease liabilities at March 31, 2026 and December 31, 2025 are summarized as follows:

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| | | |
|:---|:---|:---|
| ***Right of use assets*** | **March 31, 2026** | **December 31, 2025** |
| &nbsp;&nbsp;&nbsp;Operating leases | $13661 | $14672 |
| &nbsp;&nbsp;&nbsp;Finance leases | 1469 | 1520 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $15130 | $16192 |

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| | | |
|:---|:---|:---|
| ***Lease liabilities - current*** | **March 31, 2026** | **December 31, 2025** |
| &nbsp;&nbsp;&nbsp;Operating leases | $3444 | $3614 |
| &nbsp;&nbsp;&nbsp;Finance leases | 207 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $3651 | $3819 |

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| | | |
|:---|:---|:---|
| ***Lease liabilities - non-current*** | **March 31, 2026** | **December 31, 2025** |
| &nbsp;&nbsp;&nbsp;Operating leases | $10571 | $11324 |
| &nbsp;&nbsp;&nbsp;Finance leases | 1492 | 1544 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $12063 | $12868 |

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For the three months ended March 31, 2026 and 2025, the Company's total lease costs were as follows, which included amounts recognized in earnings, amounts capitalized on the balance sheets, and the cash flows arising from lease transactions:

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| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| | **2026** | **2025** |
| **Lease Cost** |  |  |
| Operating lease cost | $1302 | $1325 |
| Finance lease cost |  |  |
| &nbsp;&nbsp;Amortization of ROU asset | 52 | 52 |
| &nbsp;&nbsp;Interest on lease liabilities | 22 | 24 |
| Total finance lease | 74 | 76 |
| **Total lease cost** | $1376 | $1401 |
| **Cash paid for amounts included in the measurement of lease liabilities** |  |  |
| Operating cash flows from operating leases | $1303 | $1357 |
| Operating cash flows from finance leases | 22 | 24 |
| Financing cash flows from finance leases | 51 | 49 |
|  | $1376 | $1430 |
| Right-of-use assets obtained in exchange for new operating lease liabilities, net <br> of right-of-use assets disposed | $133 | $1202 |
| Weighted-average remaining lease term - operating leases | 5.61 years | 8.84 years |
| Weighted-average remaining lease term - finance leases | 7.00 years | 8.12 years |
| Weighted-average discount rate - operating leases | 7.0% | 7.6% |
| Weighted-average discount rate - finance leases | 5.1% | 5.1% |

---

Rent expense charged to operations under operating lease agreements for the three months ended March 31, 2026 and 2025 aggregated to $1,302 and $1,325, respectively.

Aggregate future minimum rental payments required under all non-cancelable operating and finance leases at March 31, 2026 are as follows:

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| | |
|:---|:---|
| **Year** | |
| April 1, 2026 to December 31, 2026 | $3540 |
| 2027 | 3719 |
| 2028 | 2930 |
| 2029 | 2506 |
| 2030 | 2050 |
| 2031 | 1826 |
| Thereafter | 2573 |
| &nbsp;&nbsp;Total undiscounted lease payments | 19144 |
| Less: Present value adjustment | (3430) |
| Present value of lease liabilities | $15714 |

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**Item 2.&nbsp;&nbsp;&nbsp;&nbsp;Management's Discussion and Analysis of Financial Condition and Results of Operations** 

*(All amounts in thousands, except share and per share data)*

**<u>Forward-Looking Statements</u>**

This report contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect our expectation or belief concerning future events that involve risks and uncertainties. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "forecast," "outlook," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," or the negative thereof or variations thereon or similar expressions generally intended to identify forward-looking statements. Actions and performance could differ materially from what is contemplated by the forward-looking statements contained in this report. Factors that might cause differences from the forward-looking statements include those referred to or identified in Item 1A of the Annual Report on Form 10-K for the year ended December 31, 2025 and other factors that may be identified elsewhere in this report. Reference should be made to such factors and all forward-looking statements are qualified in their entirety by the above cautionary statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Factors that may affect our forward-looking statements include, among other things: (1) our ability to manage risks associated with our sales to customers and manufacturing operations outside the United States, including changes in tariffs, sanctions, trade restrictions and trade relations, political and economic instability and geopolitical tensions; (2) supply chain disruptions due to political unrest, terrorist acts, and national and international conflicts; (3) reliability and sufficiency of our manufacturing facilities; (4) our ability to recruit and retain a highly qualified and motivated workforce; (5) our ability to effectively manage labor relations; (6) the effects of global climate change or other unexpected events, including global health crises, that may disrupt our operations; (7) our ability to manage risks related to our information technology and operational technology systems and cybersecurity; (8) our reliance on third-party vendors for many of the critical elements of our global information and operational technology infrastructure and their failure to provide effective support for such infrastructure; (9) disruption and breaches of our information systems; (10) increased competition and our ability to anticipate evolving trends in the market; (11) global economic conditions, including inflation, recession, changes in tariffs and trade relations; (12) raw material shortages or price increases; (13) currency translation and currency transaction risks; (14) interest rate risks; (15) our ability to successfully consummate and manage acquisitions, joint ventures and divestitures; (16) our ability to effectively manage and implement restructuring initiatives or other organizational changes; (17) changes in our relationships with our vendors, changes in tax or trade policy, interruptions in our operations or supply chain, political or financial instability and geopolitical tensions; (18) adverse publicity or consumer concern regarding the safety or quality of food products containing our products; (19) the outcome of any litigation, governmental investigations or proceedings; (20) product liability claims and recalls; (21) our ability to protect our brand reputation and trademarks; (22) claims of infringement of intellectual property rights by third parties; (23) risks related to corporate social responsibility and reputational matters; (24) improper conduct by any of our employees, agents or business partners; (25) changes to, or changes in interpretations of, current laws and regulations, and loss of governmental permits and approvals; and (26) regulatory requirements for ethylene oxide users that have impacted, and may continue to impact, such users' ability to use the ethylene oxide process to sterilize medical devices, among other things.

**<u>Overview</u>**

We develop, manufacture, distribute and market specialty performance ingredients and products for the nutritional, food, pharmaceutical, animal health, performance gases, plant nutrition and industrial markets. Our three reportable segments are strategic businesses that offer products and services to different markets: Human Nutrition & Health, Animal Nutrition & Health, and Specialty Products. Sales and production of products outside of our reportable segments and other minor business activities are included in "Other and Unallocated".

Balchem is committed to solving today's challenges to shape a healthier tomorrow by operating responsibly and providing innovative solutions for the health and nutritional needs of the world. Sustainability is at the heart of our company's vision to make the world a healthier place and plays an important role in our strategies and in long-term value creation for our stakeholders. Our framework focuses on the sustainability topics most relevant to our business and stakeholders, and has been fully integrated into our governance structure and everyday operations. We are very proud of our significant progress relating to the Company's corporate social responsibilities and will continue to foster these fundamental principles broadly along our entire value chain, develop new ideas and technologies that help us work smarter, and help build a world that is a better place to live.

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As of March 31, 2026, we employed approximately 1,368 full time employees worldwide. We continue to see improvement in the labor markets and we feel that our team has been successful in attracting and retaining skilled and experienced employees in a competitive landscape. Additionally, we continue to enhance and leverage our existing technology capabilities to further optimize productivity and performance, and explore new solutions to drive efficiencies.

**<u>Recent Developments</u>**

*<u>Geopolitical Conflicts</u>*

We are monitoring the heightened geopolitical tensions in the Middle East, including conflicts involving Iran, which may have certain effects on our business and broader consequences, including increased energy prices, certain raw material costs, increased freight costs, and volatility in shipping patterns. All above impacts may adversely affect the global economy and may have the effect of heightening the operational risks disclosed in the "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025.

*<u>Supreme Court Tariff Ruling</u>*

In February 2026, the U.S. Supreme Court issued a ruling striking down certain tariffs previously imposed under the International Emergency Economic Powers Act ("IEEPA"). While the online portal and process to submit IEEPA tariff refund requests became available on April 20, 2026, the availability, timing, and amount of any potential refunds related to these tariffs remain highly uncertain and are subject to ongoing legal, regulatory, and administrative developments. Following the ruling, the U.S. presidential administration imposed additional tariffs under other statutory authorities, resulting in a rapidly evolving tariff environment. At this time, we cannot reasonably estimate the total financial impact of these developments; however, we do not expect them to have a material effect on our future results of operations or cash flows. We will continue to monitor and evaluate new information as it becomes available.

**<u>Segment Results</u>**

We sell products for all three segments through our own sales force, independent distributors, and sales agents.

The following tables summarize consolidated net sales by segment and business segment earnings from operations for the three months ended March 31, 2026 and 2025:

---

| | | |
|:---|:---|:---|
| ***Business Segment Net Sales*** | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| *(in thousands)* | **2026** | **2025** |
| Human Nutrition & Health | $171628 | $158457 |
| Animal Nutrition & Health | 62189 | 57277 |
| Specialty Products | 34727 | 33275 |
| Other and Unallocated <sup>(1)</sup> | 2165 | 1510 |
| Total | $270709 | $250519 |

---

---

| | | |
|:---|:---|:---|
| ***Business Segment Earnings From Operations*** | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| *(in thousands)* | **2026** | **2025** |
| Human Nutrition & Health | $40020 | $37974 |
| Animal Nutrition & Health | 5692 | 5236 |
| Specialty Products | 11935 | 9585 |
| Other and Unallocated <sup>(1)</sup> | (2021) | (1780) |
| Total | $55626 | $51015 |

---

<sup>(1)</sup> Other and Unallocated consists of a few minor businesses which individually do not meet the quantitative thresholds for separate presentation and corporate expenses that have not been allocated to a segment. Unallocated corporate expenses consist of transaction and integration costs of $895 and $489 for the three months ended March 31, 2026 and 2025, respectively. <br>

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**<u>Results of Operations - Three Months Ended March 31, 2026 and 2025</u>**

***Net Earnings***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Increase<br>(Decrease)** | |
| *(in thousands)* | **2026** | **2025** | **Increase<br>(Decrease)** | **% Change** |
| Net sales | $270709 | $250519 | $20190 | 8.1% |
| Gross margin | 101084 | 88168 | 12916 | 14.6% |
| Operating expenses | 45458 | 37153 | 8305 | 22.4% |
| Earnings from operations | 55626 | 51015 | 4611 | 9.0% |
| Interest and other expenses | 3104 | 3075 | 29 | 0.9% |
| Income tax expense | 12237 | 10887 | 1350 | 12.4% |
| Net earnings | $40285 | $37053 | $3232 | 8.7% |

---

***Net Sales***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Increase<br>(Decrease)** | |
| *(in thousands)* | **2026** | **2025** | **Increase<br>(Decrease)** | **% Change** |
| Human Nutrition & Health | $171628 | $158457 | $13171 | 8.3% |
| Animal Nutrition & Health | 62189 | 57277 | 4912 | 8.6% |
| Specialty Products | 34727 | 33275 | 1452 | 4.4% |
| Other | 2165 | 1510 | 655 | 43.4% |
| Total | $270709 | $250519 | $20190 | 8.1% |

---

• The increase in net sales within the Human Nutrition & Health segment for the first quarter of 2026 as compared to the first quarter of 2025 was driven by higher sales within both the nutrients business and the food ingredients and solutions businesses. Total sales for this segment grew 8.3%, with volume and mix contributing 7.1%, the change in foreign currency exchange rates contributing 1.6%, and average selling prices contributing -0.5%.

• The increase in net sales within the Animal Nutrition & Health segment for the first quarter of 2026 compared to the first quarter of 2025 was driven by higher sales in both the monogastric and ruminant species markets. Total sales for this segment increased by 8.6%, with average selling prices contributing 6.5%, the change in foreign currency exchange rates contributing 2.2%, and volume and mix contributing -0.2%.

• The increase in net sales within the Specialty Products segment for the first quarter of 2026 compared to the first quarter of 2025 was due to higher sales in the performance gases business. Total sales for this segment increased by 4.4%, with average selling prices contributing 4.0%, the change in foreign currency exchange rates contributing 3.3%, and volume and mix contributing -2.9%.

• Sales may fluctuate in future periods based on macroeconomic conditions, competitive dynamics, changes in customer preferences, and our ability to successfully introduce new products to the market.

***Gross Margin***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Increase<br>(Decrease)** | |
| *(in thousands)* | **2026** | **2025** | **Increase<br>(Decrease)** | **% Change** |
| Gross margin | $101084 | $88168 | $12916 | 14.6% |
| % of net sales | 37.3% | 35.2% |  |  |

---

Gross margin dollars increased in the first quarter of 2026 compared to the first quarter of 2025 due to the sales growth and manufacturing efficiencies, partially offset by raw material inflation.

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***Operating Expenses***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Increase<br>(Decrease)** | |
| *(in thousands)* | **2026** | **2025** | **Increase<br>(Decrease)** | **% Change** |
| Operating expenses | $45458 | $37153 | $8305 | 22.4% |
| % of net sales | 16.8% | 14.8% |  |  |

---

The increase in operating expenses in the first quarter of 2026 compared to the first quarter of 2025 was primarily due to higher compensation-related costs of $4,901 and higher professional services of $1,403.

***Earnings from Operations***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Increase<br>(Decrease)** | |
| *(in thousands)* | **2026** | **2025** | **Increase<br>(Decrease)** | **% Change** |
| Human Nutrition & Health | $40020 | $37974 | $2046 | 5.4% |
| Animal Nutrition & Health | 5692 | 5236 | 456 | 8.7% |
| Specialty Products | 11935 | 9585 | 2350 | 24.5% |
| Other and unallocated | (2021) | (1780) | (241) | (13.5)% |
| Earnings from operations | $55626 | $51015 | $4611 | 9.0% |
| % of net sales (operating margin) | 20.5% | 20.4% |  |  |

---

• Human Nutrition & Health segment earnings from operations increased $2,046 primarily due to a gross margin contribution of $6,782. The increase in gross margin was primarily due to the aforementioned higher sales and a favorable mix, partially offset by certain higher manufacturing input costs. The increase in gross margin was partially offset by an increase in operating expenses of $4,736, primarily due to higher compensation-related costs of $2,281, higher professional services of $561, and higher amortization of $412.

• Animal Nutrition & Health segment earnings from operations increased $456. Gross margin contribution was $2,629, which was driven by the aforementioned higher sales, partially offset by certain higher manufacturing input costs. The increase in gross margin was partially offset by an increase in operating expenses of $2,173, primarily due to higher compensation-related costs of $1,582 and higher professional services of $324.

• Specialty Products segment earnings from operations increased $2,350 primarily due to a gross margin contribution of $3,174. The increase in gross margin was mainly due to the aforementioned higher sales. The increase in gross margin was partially offset by an increase in operating expenses of $824, primarily due to higher compensation-related costs of $928.

***Other Expenses***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Increase<br>(Decrease)** | |
| *(in thousands)* | **2026** | **2025** | **Increase<br>(Decrease)** | **% Change** |
| Interest expense, net | $2213 | $2924 | $(711) | (24.3)% |
| Other expense, net | 891 | 151 | 740 | 490.1% |
|  | $3104 | $3075 | $29 | 0.9% |

---

Interest expense for the three months ended March 31, 2026 and 2025 was primarily related to outstanding borrowings under the 2022 Credit Agreement. The decrease in net interest expense is primarily due to lower outstanding borrowings and lower interest rates. The increase in net other expense for the three months ended March 31, 2026 and 2025 was primarily related to foreign currency losses.

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***Income Tax Expense***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Increase<br>(Decrease)** | |
| *(in thousands)* | **2026** | **2025** | **Increase<br>(Decrease)** | **% Change** |
| Income tax expense | $12237 | $10887 | $1350 | 12.4% |
| Effective tax rate | 23.3% | 22.7% |  |  |

---

The higher effective tax rate was primarily due to an increase in certain state taxes.

**<u>Liquidity and Capital Resources</u>**

During the three months ended March 31, 2026, there were no material changes outside the ordinary course of business in the specified contractual obligations set forth in our Annual Report on Form 10-K for the year ended December 31, 2025. We expect our operations to continue generating sufficient cash flow to fund working capital requirements and necessary capital investments. We are actively pursuing additional acquisition candidates. We could seek additional bank loans or access to financial markets to fund such acquisitions, our operations, working capital, necessary capital investments or other cash requirements should we deem it necessary to do so.

***Cash***

Cash and cash equivalents decreased to $72,873 at March 31, 2026 from $74,570 at December 31, 2025. At March 31, 2026, the Company had $66,825 of cash and cash equivalents held by foreign subsidiaries. We intend to permanently reinvest a significant portion of these foreign-held funds in foreign operations by continuing to make additional plant related investments, and potentially invest in partnerships or acquisitions; however, we may also repatriate a portion of cash held by certain foreign subsidiaries to support U.S. liquidity needs and capital allocation priorities. To the extent amounts are repatriated, we could be required to pay applicable withholding taxes on such repatriations. Subsequent to March 31, 2026, we repatriated $23,460 from our Belgium subsidiary to pay down U.S. debt. Working capital was $236,401 at March 31, 2026 as compared to $189,230 at December 31, 2025, an increase of $47,171. Significant cash payments during the three months ended March 31, 2026 included the payment of dividends declared in 2025 of $30,769, repurchases of common stock of $15,690, and capital expenditures and intangible assets acquired of $6,252.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Increase<br>(Decrease)** | |
| *(in thousands)* | **2026** | **2025** | **Increase<br>(Decrease)** | **% Change** |
| Cash flows provided by operating activities | $40061 | $36457 | $3604 | 9.9% |
| Cash flows used in investing activities | (6292) | (5912) | (380) | (6.4)% |
| Cash flows used in financing activities | (34783) | (31969) | (2814) | (8.8)% |

---

***Operating Activities***

The increase in cash flows from operating activities was primarily driven by the increases in net earnings, partially offset by the impact from the changes in working capital.

***Investing Activities***

We continue to invest in corporate projects, improvements across all production facilities, and intangible assets. Total investments in property, plant and equipment and intangible assets were $6,252 and $5,559 for the three months ended March 31, 2026 and 2025, respectively.

***Financing Activities***

During the three months ended March 31, 2026, we borrowed $52,000 to fund the 2025 dividend, bonus payments, and share repurchases. We made total loan payments of $47,000, resulting in $381,000 available under the 2022 Credit Agreement (see Note 7, *Revolving Loan*) as of March 31, 2026.

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On December 9, 2025, the Company's Board of Directors approved a new stock repurchase program (the "December 2025 program"), which replaced the previously approved June 1999 program. The December 2025 program authorizes the repurchases of up to and including 4,000,000 shares of the Company's ordinary shares. This new stock repurchase program has no expiration date, does not oblige the Company to acquire any particular amount of the Company's ordinary shares, and may be terminated at any time. Since the inception of the December 2025 program, a total of 159,539 shares have been repurchased. We intend to acquire shares from time to time at prevailing market prices if and to the extent we deem it is advisable to do so based on our assessment of corporate cash flow, market conditions and other factors. Open market repurchases of common stock could be made pursuant to a share repurchase agreement in compliance with Rule 10b-18 or a trading plan established pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, which would permit common stock to be repurchased at a time that we might otherwise be precluded from doing so under insider trading laws or self-imposed trading restrictions. We also repurchase (withhold) shares from employees in connection with the tax settlement of vested shares and/or exercised stock options, as applicable, under the Company's omnibus incentive plan. Such repurchases of shares from employees are funded with existing cash on hand. Repurchases of common stock were $15,690 and $5,325 for the three months ended March 31, 2026 and 2025, respectively.

Proceeds from stock options exercised were $6,727 and $1,668 for the three months ended March 31, 2026 and 2025, respectively. Dividend payments were $30,769 and $28,263 for the three months ended March 31, 2026 and 2025, respectively.

**<u>Other Matters Impacting Liquidity</u>**

As of March 31, 2026 and December 31, 2025, we have a liability of $6,838 and $6,731, respectively, for uncertain tax positions, including the related interest and penalties, recorded in accordance with ASC 740-10, for which we are unable to reasonably estimate the timing of settlement, if any.

We currently provide postretirement benefits in the form of two retirement medical plans, as discussed in Note 14, *Employee Benefit Plans*. The liabilities recorded in "Other long-term obligations" on the condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025 were $1,112 and $1,122, respectively, and the plans are not funded. Historical cash payments made under these plans have typically been less than $200 per year. We do not anticipate any changes to the payments made in the current year for the plans.

Chemogas has an unfunded defined benefit plan. The plan provides for the payment of a lump sum at retirement or payments in case of death of the covered employees. The amounts recorded for this obligation on our balance sheets as of March 31, 2026 and December 31, 2025 was $887 and $869, respectively, and was included in "Other long-term obligations" on the condensed consolidated balance sheets.

We provide an unfunded, nonqualified deferred compensation plan maintained for the benefit of a select group of management or highly compensated employees. Assets of the plan are held in a rabbi trust and are subject to additional risk of loss in the event of bankruptcy or insolvency of the Company. The deferred compensation liability was $13,271 as of March 31, 2026, of which $13,248 was included in "Other long-term obligations" and $23 was included in "Accrued compensation and other benefits" on our consolidated balance sheets. The deferred compensation liability was $12,806 as of December 31, 2025, of which $12,781 was included in "Other long-term obligations" and $25 was included in "Accrued compensation and other benefits" on our consolidated balance sheets. The related rabbi trust assets were $13,265 as of March 31, 2026, of which $13,242 was included in "Other non-current assets" and $23 was included in "Other current assets" on the condensed consolidated balance sheets. The rabbi trust assets were $12,798 as of December 31, 2025, of which $12,773 was included in "Other non-current assets" and $25 was included in "Other current assets" on the Company's condensed consolidated balance sheets.

***Significant Accounting Policies***

There were no changes to our Significant Accounting Policies, as described in our December 31, 2025 Annual Report on Form 10-K, during the three months ended March 31, 2026.

***Related Party Transactions***

We were engaged in related party transactions with St. Gabriel CC Company, LLC during the three months ended March 31, 2026. Refer to Note 17, *Related Party Transactions*.

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**Item 3.&nbsp;&nbsp;&nbsp;&nbsp;Quantitative and Qualitative Disclosures About Market Risk**

Our cash and cash equivalents are held primarily in checking accounts, certificates of deposit, and money market investment funds. Additionally, as of March 31, 2026, our borrowings were under a revolving loan bearing interest at a fluctuating rate as defined by the 2022 Credit Agreement plus an applicable rate (See Note 7, *Revolving Loan*). The applicable rate is based upon our consolidated net leverage ratio, as defined in the 2022 Credit Agreement. A 100 basis point increase or decrease in interest rates, applied to our borrowings at March 31, 2026, would result in an increase or decrease in annual interest expense and a corresponding reduction or increase in cash flow of approximately $1,690. We are exposed to commodity price risks, including prices of our primary raw materials. Our objective is to seek a reduction in the potential negative earnings impact of raw material pricing arising in our business activities. We manage these financial exposures, where possible, through pricing and operational means. Our practices may change as economic conditions change.

***Interest Rate Risk***

We have exposure to market risk for changes in interest rates, including the interest rate relating to the 2022 Credit Agreement.

***Foreign Currency Exchange Risk***

The financial condition and results of operations of our foreign subsidiaries are reported in local currencies and then translated into U.S. dollars at the applicable currency exchange rate for inclusion in our consolidated financial statements. Therefore, we are exposed to foreign currency exchange risk related to these currencies.

**Item 4.&nbsp;&nbsp;&nbsp;&nbsp;Controls and Procedures**

***(a) Evaluation of Disclosure Controls and Procedures***

Prior to filing this report, we completed an evaluation under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures as defined in Rule 13a-15(e) of the Exchange Act as of March 31, 2026. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective at the reasonable assurance level as of March 31, 2026.

***(b) Changes in Internal Controls***

There have been no changes in the internal controls over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Act) during the fiscal quarter ended March 31, 2026, that have materially affected, or are reasonably likely to materially affect, internal control over financial reporting.

**Part II.&nbsp;&nbsp;&nbsp;&nbsp;Other Information**

**Item 1.&nbsp;&nbsp;&nbsp;&nbsp;Legal Proceedings**

In the normal course of business, we are involved in a variety of lawsuits, claims and legal proceedings, from time to time, including commercial and contract disputes, labor and employment matters, product liability claims, environmental liabilities, trade regulation matters, intellectual property disputes and tax-related matters. Further, in connection with normal operations at our plant facilities, our manufacturing sites may, from time to time, be subject to inspections or inquiries by the EPA and other agencies. To the extent any consent orders or other agreements are entered into as a result of findings from such inspections or inquiries, the Company is committed to ensuring compliance with such orders or agreements.

Information with respect to certain legal proceedings is included in Note 15, *Commitments and Contingencies,* to our consolidated financial statements for the quarter ended March 31, 2026 contained in this Quarterly Report on Form 10-Q, and is incorporated herein by reference.

In our opinion, we do not expect pending legal matters to have a material adverse effect on our consolidated financial position, results of operations, liquidity or cash flows.

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**Item 1A.&nbsp;&nbsp;&nbsp;&nbsp;Risk Factors**

There have been no material changes in the Risk Factors identified in the Company's Annual report on Form 10-K for the year ended December 31, 2025. For a further discussion of our Risk Factors, refer to the "Risk Factors" discussion contained in our Annual Report on Form 10-K for the year ended December 31, 2025.

**Item 2. &nbsp;&nbsp;&nbsp;&nbsp;Unregistered Sales of Equity Securities and Use of Proceeds**

The following table summarizes the share repurchases activity for the three months ended March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Total Number of Shares<br>Purchased <sup>(1)</sup> | Average Price Paid Per Share | Total Number of Shares<br>Purchased as<br>Part of Publicly Announced Plans or<br>Programs <sup>(2)</sup> | Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be <br>Purchased Under the<br>Plans or Programs <sup>(2)(3)</sup> |
| January 1-31, 2026 | 53543 | $158.94 | 53543 | $616178274 |
| February 1-28, 2026 | 36337 | $176.46 | 36337 | $677687748 |
| March 1-31, 2026 |  | $— |  | $677687748 |
| &nbsp;&nbsp;&nbsp;&nbsp;First Quarter | 89880 |  | 89880 |  |
| <sup>(1)</sup> The Company repurchased shares from open market purchases and/or withheld shares from employees in connection with the tax settlement of vested shares under the Company's omnibus incentive plan.  | <sup>(1)</sup> The Company repurchased shares from open market purchases and/or withheld shares from employees in connection with the tax settlement of vested shares under the Company's omnibus incentive plan.  | <sup>(1)</sup> The Company repurchased shares from open market purchases and/or withheld shares from employees in connection with the tax settlement of vested shares under the Company's omnibus incentive plan.  | <sup>(1)</sup> The Company repurchased shares from open market purchases and/or withheld shares from employees in connection with the tax settlement of vested shares under the Company's omnibus incentive plan.  | <sup>(1)</sup> The Company repurchased shares from open market purchases and/or withheld shares from employees in connection with the tax settlement of vested shares under the Company's omnibus incentive plan.  |
| <sup>(2)</sup> On December 9, 2025, the Board of Directors of the Company approved a new stock repurchase program which replaced the previously approved June 1999 program. The December 2025 program authorizes the repurchases of up to and including 4,000,000 shares of the Company's ordinary shares. This new stock repurchase program has no expiration date, does not oblige the Company to acquire any particular amount of the Company's ordinary shares, and may be terminated at any time. Since the inception of the new program on December 9, 2025, a total of 159,539 shares have been repurchased under the December 2025 program.  | <sup>(2)</sup> On December 9, 2025, the Board of Directors of the Company approved a new stock repurchase program which replaced the previously approved June 1999 program. The December 2025 program authorizes the repurchases of up to and including 4,000,000 shares of the Company's ordinary shares. This new stock repurchase program has no expiration date, does not oblige the Company to acquire any particular amount of the Company's ordinary shares, and may be terminated at any time. Since the inception of the new program on December 9, 2025, a total of 159,539 shares have been repurchased under the December 2025 program.  | <sup>(2)</sup> On December 9, 2025, the Board of Directors of the Company approved a new stock repurchase program which replaced the previously approved June 1999 program. The December 2025 program authorizes the repurchases of up to and including 4,000,000 shares of the Company's ordinary shares. This new stock repurchase program has no expiration date, does not oblige the Company to acquire any particular amount of the Company's ordinary shares, and may be terminated at any time. Since the inception of the new program on December 9, 2025, a total of 159,539 shares have been repurchased under the December 2025 program.  | <sup>(2)</sup> On December 9, 2025, the Board of Directors of the Company approved a new stock repurchase program which replaced the previously approved June 1999 program. The December 2025 program authorizes the repurchases of up to and including 4,000,000 shares of the Company's ordinary shares. This new stock repurchase program has no expiration date, does not oblige the Company to acquire any particular amount of the Company's ordinary shares, and may be terminated at any time. Since the inception of the new program on December 9, 2025, a total of 159,539 shares have been repurchased under the December 2025 program.  | <sup>(2)</sup> On December 9, 2025, the Board of Directors of the Company approved a new stock repurchase program which replaced the previously approved June 1999 program. The December 2025 program authorizes the repurchases of up to and including 4,000,000 shares of the Company's ordinary shares. This new stock repurchase program has no expiration date, does not oblige the Company to acquire any particular amount of the Company's ordinary shares, and may be terminated at any time. Since the inception of the new program on December 9, 2025, a total of 159,539 shares have been repurchased under the December 2025 program.  |
| <sup>(3)</sup> Dollar amounts in this column equal the number of shares remaining available for repurchases under the stock repurchase program as of the last date of the applicable month multiplied by the monthly average price paid per share.  | <sup>(3)</sup> Dollar amounts in this column equal the number of shares remaining available for repurchases under the stock repurchase program as of the last date of the applicable month multiplied by the monthly average price paid per share.  | <sup>(3)</sup> Dollar amounts in this column equal the number of shares remaining available for repurchases under the stock repurchase program as of the last date of the applicable month multiplied by the monthly average price paid per share.  | <sup>(3)</sup> Dollar amounts in this column equal the number of shares remaining available for repurchases under the stock repurchase program as of the last date of the applicable month multiplied by the monthly average price paid per share.  | <sup>(3)</sup> Dollar amounts in this column equal the number of shares remaining available for repurchases under the stock repurchase program as of the last date of the applicable month multiplied by the monthly average price paid per share.  |

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**Item 5. &nbsp;&nbsp;&nbsp;&nbsp;Other Information**

No directors or officers adopted, modified or terminated a Rule 10b5-1 trading arrangement during the fiscal quarter ended March 31, 2026.

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**Item 6.&nbsp;&nbsp;&nbsp;&nbsp;Exhibits**

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| | |
|:---|:---|
| **<u>Exhibit Number</u>** | **<u>Description</u>** |
| <u>[Exhibit 10.1](ex101-restrictedstocktempl.htm)</u> | <u>[Form of Agreement, Balchem Corporation Restricted Stock Grant Agreement (filed herewith).\*](ex101-restrictedstocktempl.htm)</u> |
| <u>[Exhibit 10.2](ex102-psutemplate_ex102.htm)</u> | <u>[Form of Agreement, Balchem Corporation Performance Share Unit Grant Agreement (filed herewith).\*](ex102-psutemplate_ex102.htm)</u> |
| <u>[Exhibit 10.3](ex103-stockoptionstemplate.htm)</u> | <u>[Form of Agreement, Balchem Corporation Stock Option Grant Agreement (filed herewith).\*](ex103-stockoptionstemplate.htm)</u> |
| <u>[Exhibit 31.1](bcpcq1202610qex311.htm)</u> | <u>[Certification of Chief Executive Officer pursuant to Rule 13a-14(a).](bcpcq1202610qex311.htm)</u> |
| <u>[Exhibit 31.2](bcpcq1202610qex312.htm)</u> | <u>[Certification of Chief Financial Officer pursuant to Rule 13a-14(a).](bcpcq1202610qex312.htm)</u> |
| <u>[Exhibit 32.1](bcpcq1202610qex321.htm)</u> | <u>[Certification of Chief Executive Officer pursuant to Rule 13a-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code.](bcpcq1202610qex321.htm)</u> |
| <u>[Exhibit 32.2](bcpcq1202610qex322.htm)</u> | <u>[Certification of Chief Financial Officer pursuant to Rule 13a-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code.](bcpcq1202610qex322.htm)</u> |
| 101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
| \* Compensatory plan or arrangement. | \* Compensatory plan or arrangement. |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

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| | |
|:---|:---|
| | <u>BALCHEM CORPORATION</u><br>By: /s/ Theodore L. Harris |
| | Theodore L. Harris, Chairman, President, and <br>Chief Executive Officer<br>By: /s/ Martin Bengtsson |
| | Martin Bengtsson, Executive Vice President and <br>Chief Financial Officer |
| Date: April 30, 2026 |  |

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## Exhibit 10.1

**EXHIBIT 10.1**

FORM OF AGREEMENT (AS OF FEBRUARY 2026)

**BALCHEM CORPORATION**

**RESTRICTED STOCK GRANT AGREEMENT**

**2017 Omnibus Incentive Plan**

This RESTRICTED STOCK GRANT AGREEMENT (the "***Agreement***"), is made as of this __th day of __________, _____, between Balchem Corporation, a Maryland corporation (the "***Company***") and ________________ ("***Grantee***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Grant of Restricted Stock</u>. Pursuant to the Company's 2017 Omnibus Incentive Plan, as the same may be amended from time to time (the "***Plan***"), the Company hereby grants to Grantee _______________ (______) shares of the common stock par value six and two-thirds cents ($0.06 2/3) per share of the Company (the "***Restricted Shares***"), on the terms and subject to the conditions and restrictions and other provisions set forth in this Agreement and in the Plan. Any capitalized terms used in this Agreement and not defined herein shall have the meanings set forth in the Plan. This grant of Restricted Shares is subject to Grantee's execution and delivery to the Company of a copy of this Agreement. Grantee is not required to pay any purchase price for the Restricted Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Vesting of Restricted Shares</u>. Grantee's right to receive Restricted Shares shall vest in accordance with the table below (each date being a "Vesting Date"), subject to Grantee's continued employment with the Company and/or any member of the Group on each Vesting Date unless otherwise specified in Section 4 of this Agreement. [Add any additional conditions, as applicable.]

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| | |
|:---|:---|
| **Vesting Date** | **Shares** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Restrictions on the Restricted Shares</u>. Until the Restricted Shares have vested, Grantee may not sell, transfer, assign, pledge, or otherwise encumber them except as permitted in <u>Section 6</u> hereof. Stock certificates representing the Restricted Shares will be registered in Grantee's name (or Grantee will be recorded as the owner of the shares on the Company's books) as of the date of this Agreement, but such certificates will be held by the Company on Grantee's behalf until such shares vest. When all or a portion of the Restricted Shares vest, a certificate representing such shares (minus any shares retained to satisfy tax withholding obligations, as described in <u>Section 10</u> hereof) will be delivered to Grantee (or the vesting of such shares will be duly recorded on the Company's books) as soon as practicable. To the extent the Restricted Shares have vested, they shall be fully transferable (subject to applicable securities

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law requirements) and not subject to forfeiture upon termination of employment or otherwise. Except in circumstances where a different treatment is provided in <u>Section 4</u> hereof, in the event of a termination of Grantee's employment with the Company and the other members of the Group for any reason, all of the Restricted Shares that have not previously vested will be forfeited and automatically transferred to and reacquired by the Company at no cost to the Company. At the request of the Company, Grantee shall execute and deliver to the Company a stock power, endorsed in blank, relating to the Restricted Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Acceleration of Vesting</u>. Notwithstanding the Vesting Dates set forth in <u>Section 2</u> hereof, the following vesting rules shall apply upon the following events.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Death</u>. In the event of Grantee's death while employed by the Company or a member of the Group, all unvested Restricted Shares shall immediately vest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Disability</u>. If the Grantee ceases to be employed by the Company and all other members of the Group by reason of his or her Disability (as such term is defined below), the Restricted Shares shall continue to vest during the Grantee's lifetime and vest in accordance with the vesting schedule set forth in Section 2 of this Agreement. For the purposes of this Agreement, the term "***Disability***" shall mean "permanent and total disability" as defined in Section 22(e)(3) of the Code or successor statute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Change in Control</u>. The treatment of the Restricted Shares in the event of a Change in Control (as defined in the Plan), shall be governed by the terms of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Committee Discretion</u>. The Committee shall have absolute discretion to determine the date and circumstances of Grantee's termination of employment or of the occurrence of Disability or a Change in Control, and its determination shall be final, conclusive and binding. The Committee, in its sole discretion, may accelerate the vesting of Restricted Shares, in whole or in part, based on service, performance, and/or such other factors or criteria as the Committee may determine, subject to the minimum vesting restrictions set forth in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Voting and Dividends</u>. Grantee shall have the right to vote the Restricted Shares and to receive dividends with respect to the Restricted Shares equal to the dividends paid on the Stock. If any dividend is declared and paid in cash, such cash dividend will be accrued without interest until, and will be paid within thirty (30) days following the date that, the restrictions applicable to such Restricted Shares lapse, or will be forfeited at such time as such Restricted Shares are forfeited. If any dividend is declared and paid by the Company in a form other than cash, such non-cash dividend shall be subject to the same vesting schedule, forfeiture terms and other restrictions as are applicable to the Restricted Shares with respect to which the dividends were paid. Any dividends received or accrued by Grantee applicable to the Restricted Shares granted hereunder shall be forfeited and, if applicable, returned to the Company in the event the Restricted Shares do not vest in accordance with <u>Section 2</u> above.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Permitted Transfers</u>. The following transactions shall be exempt from the restrictions on transfer set forth in <u>Section 3</u> hereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Grantee's transfer of any or all of the Restricted Shares either during his/her lifetime or on death by will or intestacy to his/her immediate family or to a trust the beneficiaries of which are exclusively one or more of Grantee and a member or members of Grantee's immediate family, except any such transfers made pursuant to any divorce or separation proceedings or settlement (for purposes hereof, the term "immediate family" shall mean spouse, lineal descendant, father, mother, brother or sister of Grantee making the transfer); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;a transfer of Restricted Shares to the guardian or conservator of Grantee; provided, however, that in any such case, the transferee or other recipient shall receive and hold such Restricted Shares subject to the provisions of this Agreement and there shall be no further transfer of such Restricted Shares except in accordance with this Agreement.

No transfer pursuant to this <u>Section 6</u> shall be effective, and the Company shall not be required to recognize any transferee of Restricted Shares hereunder as a stockholder of the Company, unless and until the transferee agrees in writing to be bound by the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Restrictive Legend</u>. At the discretion of the Company, all certificates (electronic or otherwise) representing Restricted Shares owned by Grantee shall have affixed thereto a legend in substantially the following form, in addition to any other legends that may be required under federal or state securities laws or under any applicable shareholders agreement:

THE SHARES EVIDENCED BY THIS CERTIFICATE ARE SUBJECT TO FORFEITURE AND RESTRICTIONS ON TRANSFER AS SET FORTH IN A CERTAIN RESTRICTED STOCK GRANT AGREEMENT BETWEEN THE CORPORATION AND THE REGISTERED OWNER OF THIS CERTIFICATE (OR HIS/HER PREDECESSOR IN INTEREST), AND SUCH AGREEMENT IS AVAILABLE FOR INSPECTION WITHOUT CHARGE AT THE OFFICE OF THE CORPORATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Adjustments for Stock Splits, Stock Dividends, etc</u>. In the event of any stock split-up, stock dividend, stock distribution or other reclassification of the stock of the Company, any and all new, substituted or additional securities to which Grantee is entitled by reason of his or her ownership of the Restricted Shares shall be automatically subject to the same vesting schedule, forfeiture terms and other restrictions in the same manner and to the same extent as the Restricted Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 83(b) Election</u>. Grantee understands that under Section 83 of the Internal Revenue Code of 1986, as amended (the "***Code***"), unless Grantee files an election under Section

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83(b) of the Code, Grantee will recognize ordinary compensation income on the date the Restricted Shares are no longer subject to a substantial risk of forfeiture (which is generally the date such shares vest) in an amount equal to the fair market value of the Restricted Shares on that date. Grantee may, however, elect to recognize income with respect to some or all of the Restricted Shares as of the date of grant of such Restricted Shares in an amount equal to the fair market value of the Restricted Shares on that date (without any discount for the transfer and forfeiture restrictions on the Restricted Shares). In order to make this election, Grantee must file an election under Section 83(b) of the Code with the Internal Revenue Service no later than 30 days after the date of grant of the Restricted Shares. Grantee also understands that if he or she makes a Section 83(b) election and subsequently forfeits some or all of the Restricted Shares that were subject to the election, he or she will not be able to claim a deduction or capital loss with respect to the forfeited shares. Grantee also understands that cash dividends accrued on the Restricted Shares (prior to vesting) will be taxable as ordinary compensation income when received if Grantee did not make a Section 83(b) election, and will be taxable as dividend income if Grantee made a Section 83(b) election; and that non-cash dividends on the Restricted Shares generally will be taxable as ordinary compensation income at the same time as the Restricted Shares to which such dividends relate if Grantee did not make a Section 83(b) election, or treated as dividend income when received if Grantee made a Section 83(b) election. **Grantee acknowledges that it is Grantee's sole responsibility, and not the Company's, to file a timely election under Section 83(b) if he or she chooses to do so. Grantee is relying *solely* on Grantee's advisors with respect to the decision as to whether or not to file a Section 83(b) election. Grantee also agrees to provide the Company with a copy of the Section 83(b) election if one is filed.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Withholding</u>. Grantee shall be required to remit to the Company, and the Company shall have the right to deduct from any compensation payable to Grantee, the amount sufficient to satisfy any federal, state or local withholding tax liability in respect of the Restricted Shares and to take all such other action as the Committee deems necessary to satisfy all obligations for payment of such withholding taxes. To the extent permitted by the Committee, and subject to any terms and conditions imposed by the Committee, Grantee may elect to have the Company's withholding obligation for federal, state and local taxes, including payroll taxes, with respect to the Restricted Shares satisfied (i) by having the Company withhold from the shares otherwise deliverable to Grantee shares of Stock having a value equal to the amount of such withholding obligation with respect to the Stock or (ii) by delivering to the Company shares of unrestricted Stock. Alternatively, the Committee may require that a portion of shares of Stock otherwise deliverable be withheld and applied to satisfy the statutory withholding obligation with respect to the Restricted Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;<u>Severability</u>. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement and each other provision of this Agreement shall be severable and enforceable to the extent permitted by law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendment</u>. No provision of this Agreement shall be amended, either generally or in any particular instance, except in a writing signed by the Company and Grantee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;<u>Binding Effect</u>. This Agreement shall be binding upon and inure to the benefit of the Company and Grantee and their respective heirs, executors, administrators, legal representatives, and permitted transferees. No transfer of any of the Restricted Shares shall be effective unless the transferee first agrees in writing to all of the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Rights to Employment</u>. Nothing contained in this Agreement or the Plan shall be construed as giving Grantee any right to be retained, in any position, as an employee of or consultant or advisor to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;&nbsp;&nbsp;&nbsp;<u>Notices</u>. All notices required or permitted hereunder shall be in writing and deemed effectively given upon personal delivery, delivery by Federal Express or other recognized overnight delivery service or upon deposit in the United States Post Office, by registered or certified mail, postage prepaid, return receipt requested, if to the Company at its executive offices and if to Grantee at the address shown beneath his or her signature to this Agreement, or in either case at such other address or addresses as either party shall designate to the other in accordance with this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;&nbsp;&nbsp;&nbsp;<u>Pronouns</u>. Whenever the context may require, any pronouns used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns and pronouns shall include the plural, and vice versa.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.&nbsp;&nbsp;&nbsp;&nbsp;<u>Entire Agreement</u>. This Agreement and the documents and agreements referenced herein constitute the entire agreement between the parties, and supersede all prior agreements and understandings, relating to the subject matter of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law</u>. This Agreement shall be construed, interpreted and enforced in accordance with the laws of the State of Maryland without regard to conflict of law principles. The Company and Grantee hereby (a) agree that any action, suit or other proceeding arising out of or based upon this Agreement shall be brought in the courts of the State of Maryland or any federal court located in such state, and (b) irrevocably consent and submit to the exclusive jurisdiction of such courts for the purpose of any such action, suit or proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.&nbsp;&nbsp;&nbsp;&nbsp;<u>Terms of Plan Control</u>. The Restricted Shares are issued pursuant to the provisions of the Plan, a copy of which has been furnished to Grantee, and are subject to the Plan in all respects. Nothing contained in this Agreement shall in any way be deemed to alter or modify the provisions of the Plan and no act of the Company or its directors, officers or employees shall be deemed to be a waiver or modification of any provision of the Plan. The provisions of the Plan shall in all respects govern this Agreement. The Committee shall have authority in its discretion, but subject to the express provisions of the Plan, to interpret the Plan and this Agreement; to prescribe, amend and rescind rules and regulations relating to the Plan and this Agreement; and to make all other determinations deemed necessary or advisable for the administration of the

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Plan or this Agreement. The Committee's determination on the foregoing matters shall be conclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 409A Compliance</u>. This Agreement is intended to comply with, or be exempt from, the requirements of Section 409A of the Code and the regulations issued thereunder. To the extent of any inconsistencies with the requirements of Section 409A, this Agreement shall be interpreted and amended in order to meet such Section 409A requirements. Notwithstanding anything contained in this Agreement or in any amendments hereto to the contrary, it is the intent of the Company to have the Plan interpreted and construed to comply with, or be exempt from, any and all provisions of Section 409A including any subsequent amendments, rulings or interpretations from appropriate governmental agencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Privacy</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;<u>Data Collection and Usage</u>. The Company may collect, process and use certain personal information about Grantee, including, but not limited to, Grantee's name, home address and telephone number, email address, date of birth, social insurance number, passport or other identification number, salary, nationality, job title, any shares or directorships held in the Company, details of all Restricted Shares granted under the Plan or any other entitlement to shares awarded, canceled, exercised, vested, unvested or outstanding in Grantee's favor ("Data"), for the purposes of implementing, administering and managing the Plan. The Company, with its address at 5 Paragon Drive, Montvale, New Jersey 07645, acts as the data controller in respect of such Data and may be contacted at DataPrivacy@balchem.com.

For Grantees in the European Union / European Economic Area / Switzerland / United Kingdom ("EEA+"), the legal basis for the processing of Data is that it is necessary for the performance of the Company's contractual obligation to deliver shares (if the conditions of the Plan and the Award Agreement are satisfied) and, generally, for the Company's legitimate interests to manage and administer Grantee's participation in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Disclosures</u>. The Company transfers Data to service providers which assist the Company with the implementation, administration and management of the Plan. In the future, the Company may select different service providers and share Data with such other providers serving in a similar manner. Grantee may be asked to acknowledge or (where applicable) agree to separate terms and data processing practices with the service providers, with such agreement (where applicable) being a condition to the ability to participate in the Plan. The Company may also share Data: with its affiliates: with other businesses in connection with a substantial corporate transaction (such as a sale, merger, consolidation, initial public offering, or in the unlikely event of bankruptcy); in response to a subpoena, court order, legal process, law enforcement request, legal claim or government inquiry; to protect and defend the rights, interests, safety, and security of the Company, Grantee, or others; or for any other purposes disclosed to the Grantee at the time the Company collects the Data. The Company does not sell Data or share Data for cross-context behavioral / targeted advertising purposes.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>International Data Transfers</u>. The Company and its service providers are based in the United States, and Data may be transferred to the United States to administer the Plan as a result. Grantee's country or jurisdiction may have different data privacy laws and protections than the United States, and the Company complies with applicable laws that may place certain restrictions on such transfers.

For Grantees in the EEA+, the Company implements appropriate safeguards in accordance with applicable law to ensure the protection of Data outside of the EEA+, including by implementing standard contractual clauses, for which Grantees based in the EEA+ may request a copy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Retention</u>. The Company will hold and use Data only as long as is necessary to implement, administer and manage Grantee's participation in the Plan, or as required to comply with applicable law, exercise or defense of legal rights, and for archiving, back-up and deletion processes. This may extend beyond Grantee's period of employment with the Company or the Employer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Subject Rights</u>. Depending on where Grantee is based, and subject to applicable exceptions or exemptions, Grantee may have rights to access, correct, delete, restrict processing, or port their Data and lodge complaints with competent authorities in Grantee's jurisdiction. Grantee or Grantee's authorized agent may contact the Company at DataPrivacy@balchem.com to exercise such rights where applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.&nbsp;&nbsp;&nbsp;&nbsp;<u>Electronic Delivery</u>. The Company may, in its sole discretion, decide to deliver any documents related to the Restricted Shares or other equity awards granted by the Company, whether under the Plan or otherwise, or any other Company securities by electronic means. By accepting this grant of Restricted Shares, whether electronically or otherwise, Grantee hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through any on-line or electronic system established and maintained by the Company or another third party designated by the Company, including but not limited to the use of electronic signatures or click-through acceptance of terms and conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.&nbsp;&nbsp;&nbsp;&nbsp;<u>Compensation Recovery</u>. The Restricted Shares shall be subject to the provisions of any applicable compensation recovery policy contained in the Plan or implemented by the Company, including without limitation any compensation recovery policy adopted to comply with the requirements of applicable law, to the extent set forth in such compensation recovery policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.&nbsp;&nbsp;&nbsp;&nbsp;<u>Parachute Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Grantee shall bear all expense of, and be solely responsible for, any excise tax imposed by Section 4999 of the Code (the "***Excise Tax***"); provided, however, that any payment or benefit received or to be received by Grantee (whether payable under the terms of this Agreement or any other plan, arrangement or agreement with the Company or any of its affiliates) (collectively, the "***Payments***") that would constitute a "parachute payment" within the meaning of Section 280G of the Code, shall be reduced to the extent necessary so that no portion

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thereof shall be subject to the Excise Tax but only if, by reason of such reduction, the net after-tax benefit received by Grantee exceeds the net after-tax benefit that would be received by Grantee if no such reduction was made. If a reduction in payments or benefits constituting "parachute payments" is necessary under the preceding sentence, the reduction shall be made in the manner that results in the greatest economic benefit for Grantee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The "net after-tax benefit" shall mean (i) the Payments that Grantee receives or is then entitled to receive from the Company that would constitute "parachute payments" within the meaning of Section 280G of the Code, less (ii) the amount of all federal, state and local income and employment taxes payable by Grantee with respect to the foregoing calculated at the highest marginal income tax rate for each year in which the foregoing shall be paid to Grantee (based on the rate in effect for such year as set forth in the Code as in effect at the time of the first payment of the foregoing), less (iii) the amount of Excise Tax imposed with respect to the payments and benefits described in <u>Section 24(a)</u> above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The independent registered public accounting firm engaged by the Company for general audit purposes as of the day prior to the effective date of the event described in Section 280G(b)(2)(A)(i) of the Code shall perform the foregoing calculations. If the independent registered public accounting firm so engaged by the Company is serving as accountant or auditor for the individual, entity or group effecting such change in control, change of ownership or similar transaction, the Company shall appoint a nationally recognized independent registered public accounting firm to make the determinations required hereunder. The Company shall bear all expenses with respect to the determinations by such independent registered public accounting firm required to be made hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The independent registered public accounting firm engaged to make the determinations hereunder shall provide its calculations, together with detailed supporting documentation, to the Company and Grantee within thirty (30) calendar days after the date on which Grantee's right to a Payment is triggered (if requested at that time by the Company or Grantee) or such other time as reasonably requested by the Company or Grantee. Any good faith determinations of the independent registered public accounting firm made hereunder shall be final, binding and conclusive upon the Company and Grantee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts</u>. This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together will constitute one and the same instrument.

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

BALCHEM CORPORATION

By: ________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Theodore L. Harris

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chairman, President and CEO

GRANTEE:

___________________________________<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Signature)

Print Name: ____________________________________

Address:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;

<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;

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**Appendix**

**to**

**Balchem Corporation**

**Restricted Stock Grant Agreement** 

**Country-Specific Terms and Conditions**

This Appendix includes special terms and conditions applicable to Grantee if Grantee is primarily employed in one of the countries listed below. These terms and conditions supplement or replace (as indicated) the terms and conditions set forth in the Award Agreement. If Grantee is a citizen or resident of a country other than the one in which he or she is currently primarily working, or if Grantee transfers primary employment or residency to another country after the Restricted Shares is granted, the Company, in its discretion but subject to applicable laws, will determine the extent to which the terms and conditions set forth in this Appendix will apply to the Grantee.

This Appendix also includes information relating to exchange control, foreign asset / account reporting requirements and other issues of which Grantee should be aware with respect to his or her participation in the Plan. Such laws are often complex and change frequently. As a result, the Company strongly recommends that Grantee not rely on the information herein as the only source of information relating to the consequences of participation in the Plan because the information may be out of date at the time the Restricted Shares vests or the shares acquired under the Plan are sold.

In addition, the information is general in nature and may not apply to Grantee's particular situation. The Company is not in a position to assure Grantee of any particular result. Accordingly, Grantee should seek appropriate professional advice as to how the relevant laws in his or her country may apply to his or her situation. Finally, if Grantee is a citizen or resident of a country other than the one in which he or she is currently primarily working, or if Grantee transfers employment or residency to another country after the Restricted Shares are granted, the information contained herein may not be applicable to Grantee.

**<u>France</u>**

**Restricted Shares Not Tax-Qualified.** The Restricted Shares are not intended to be French tax-qualified.

**Language Consent.** In accepting the Restricted Shares, Grantee confirms having read and understood the documents relating to the Restricted Shares (the Plan and the Award Agreement

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including this Appendix), which were provided in English. Grantee accepts the terms of those documents accordingly.

***Consentement Relatif à la Langue Utilisée.*** *En acceptant cette Attribution, le Grantee confirme avoir lu et compris les documents relatifs à cette Attribution (le Plan, le Contrat d'Attribution incluant cette Annexe), qui ont été remis en langue anglaise. Le Grantee accepte les termes de ces documents en conséquence.*

**Foreign Asset/Account Reporting Information.** Grantee is required to report any shares and foreign bank accounts, including accounts closed during the tax year, to the French tax authorities when filing his or her annual tax return on form Cerfa number 3916. This also applies to foreign accounts holding the allocated shares.

**<u>Germany</u>**

**Exchange Control Information.** Grantee must report any cross-border payments in excess of €50,000 to the German Federal Bank (*Bundesbank*). The report must be filed electronically by the 7th day of the month following the month in which the payment occurred. The form of report (*Allgemeine Meldeportal Statistik*) can be accessed via the Bundesbank's website (<u>www.bundesbank.de</u>). *Grantee should consult his or her personal legal advisor to ensure compliance with applicable reporting obligations.*

**Sole Contractual Relationship.** Grantee understands that the Restricted Shares are offered solely by the Company and not by any other member of the Group or entity that may be employing Grantee from time to time. Only the terms and conditions of the Plan and this Agreement shall govern the Agreement as well as the Restricted Shares as a contractual relationship solely between the Company and Grantee.

**Language Consent.** In accepting the Restricted Shares, Grantee confirms having read and understood the documents relating to the Restricted Shares (the Plan and the Award Agreement including this Appendix), which were provided in English. Grantee accepts the terms of those documents accordingly.

***Einwilligung zur Sprache.*** *Mit der Annahme der Restricted Shares bestätigt der Teilnehmer, dass er die mit den Restricted Shares zusammenhängenden Dokumente (den Plan und diese Zuteilungsvereinbarung einschließlich dieses Anhangs), die jeweils in englischer Sprache zur Verfügung gestellt wurden, gelesen und verstanden hat. Der Teilnehmer akzeptiert die Bedingungen dieser Dokumente entsprechend.*

**<u>Italy</u>**

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**Language Consent.** In accepting the Restricted Shares, Grantee confirms having read and understood the documents relating to the Restricted Shares (the Plan and the Award Agreement including this Appendix), which were provided in English. Grantee accepts the terms of those documents accordingly.

**<u>Consenso Linguistico.</u>** Accettando le Azioni Vincolate, il Beneficiario conferma di aver letto e compreso i documenti relativi alle Azioni Vincolate (il Piano e il Contratto di Assegnazione, inclusa la presente Appendice), che gli sono stati forniti in lingua inglese. Il Beneficiario accetta pertanto i termini di tali documenti.

**<u>Netherlands</u>**

**Language Consent.** In accepting the Restricted Shares, Grantee confirms having read and understood the documents relating to the Restricted Shares (the Plan and the Award Agreement including this Appendix), which were provided in English. Grantee accepts the terms of those documents accordingly.

***Instemming taal.*** *Met het accepteren van de voorwaardelijk toegekende aandelen (RSU's), bevestigt de Deelnemer dat hij/zij de documenten met betrekking tot de voorwaardelijk toegekende aandelen (RSU's) (het Plan en de toekenningsovereenkomst inclusief deze Bijlage), die in het Engels zijn opgesteld, heeft gelezen en begrepen. De deelnemer aanvaardt de voorwaarden van deze documenten dienovereenkomstig.*

**<u>Norway</u>**

**Tax information**: Norwegian Grantees who acquire shares will be required to report certain information related to their holdings with their annual tax return. Grantee should consult with Grantee's personal tax or legal advisor, as appropriate, regarding any reporting requirements with respect to any shares acquired upon settlement of their award.

**Language Consent:** In accepting the Restricted Shares, Grantee confirms having read and understood the documents relating to the Restricted Shares (the Plan and the Award Agreement including this Appendix), which were provided in English. Grantee accepts the terms of those documents accordingly.

***Språksamtykke****: Ved å akseptere bundne aksjer bekrefter mottakeren å ha lest og forstått dokumentene knyttet til bundne aksjer (planen og tildelingsavtalen, inkludert dette vedlegget), som ble gitt på engelsk. Mottakeren godtar vilkårene i disse dokumentene tilsvarende*

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## Exhibit 10.2

**EXHIBIT 10.2**

FORM OF AGREEMENT (AS OF FEBRUARY 2026)

**BALCHEM CORPORATION**

**PERFORMANCE SHARE UNIT**

**GRANT AGREEMENT**

**2017 Omnibus Incentive Plan**

This PERFORMANCE SHARE UNIT GRANT AGREEMENT (the "***Agreement***") made as of this _________th day of _____________, is between Balchem Corporation, a Maryland corporation (the "***Company***") and ________________ ("***Grantee***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Grant of PSUs</u>. Pursuant to the Company's 2017 Omnibus Incentive Plan, as the same may be amended from time to time (the "***Plan***"), the Company hereby grants to Grantee an award for a target number of ______ Performance Share Units (the "***Target PSUs***"). Each Performance Share Unit ("***PSU***") represents the right to receive one share of the Company's common stock, par value six and two-thirds cents ($0.06 2/3) per share ("***Stock***"), subject to the terms and conditions, restrictions and other provisions set forth in this Agreement and in the Plan. The number of PSUs that Grantee actually earns (the "***Earned PSUs***") will depend on the extent to which the performance criteria for the award (as set forth in <u>Section 3</u> hereof) have been satisfied during the Performance Period (as defined in <u>Section 2</u> hereof), and may be more or less than the Target PSUs based on the level of performance achieved. Any Target PSUs in excess of the Earned PSUs shall be forfeited as of the last day of the Performance Period. Any capitalized terms used in this Agreement and not defined herein shall have the meanings set forth in the Plan. This grant of PSUs is subject to Grantee's execution and delivery to the Company of a copy of this Agreement. Grantee is not required to pay any purchase price for the PSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Performance Period</u>. The performance period for this award is January 1, [*insert year 1*] through December 31, [*insert year 3*] (the "***Performance Period***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Performance Criteria</u>. _____________ shares of the Target PSUs are granted with respect to the Company's EBITDA growth performance (as recorded by the Company) for the Performance Period, subject to a modifier based on the Company's relative Total Shareholder Return (TSR) as compared to the TSR of the constituents of the Russell 2000 market index for the Performance Period. Additional detail regarding the vesting criteria is set forth as <u>Exhibit A</u> to this Agreement. The Committee shall have absolute discretion to determine the manner of making the calculations called for under this <u>Section 3</u> and the extent to which the performance criteria set forth in this <u>Section 3</u> have been attained, and its determination shall be final, conclusive and binding on Grantee. In addition, the Committee shall retain absolute discretion to reduce the number of Earned PSUs that will be treated as earned by Grantee based on such factors as the Committee may deem appropriate in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Time-Vesting Requirement</u>. The PSUs are subject to forfeiture until they vest. Unless they vest on an earlier date as provided in <u>Section 5</u> hereof, the Earned PSUs will vest on the date that

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the Committee determines the number of Earned PSUs under <u>Section 3</u> hereof, provided that Grantee has remained in continuous employment with the Company and/or the other members of the Group through such vesting date (the "Vesting Date"). Except in circumstances where a different treatment is provided in <u>Section 5</u> hereof, in the event of Grantee's termination of employment with the Company and/or the other members of the Group (whether by Grantee or by his or her employer) all of Grantee's PSUs (whether or not Earned PSUs) which have not vested prior to such termination of employment will be forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Acceleration of Vesting</u>. Notwithstanding the Vesting Date set forth in <u>Section 4</u> hereof, the PSUs shall vest upon the following events, and shall be deemed Earned PSUs to the extent set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Death or Disability</u>. In the event of Grantee's death while employed by the Company or any other member of the Group, or if the Grantee ceases to be employed by the Company and all other members of the Group by reason of his or her Disability (as such term is defined below), the number of PSUs that shall vest (and be deemed to be Earned PSUs) at the end of the Performance Period shall be the number of whole PSUs equal to the product of (A) 1/36th of the total number of Earned PSUs determined by the Committee under <u>Section 3</u> hereof at the end of the Performance Period and (B) the number of full months of Grantee's continuous employment with the Company and/or the other members of the Group from the beginning of the Performance Period to the date of Grantee's death or Disability, as the case may be. To the extent vested, such PSUs shall be settled in accordance with <u>Section 7</u> hereof, and all PSUs not so vested shall be forfeited. For the purposes of this Agreement, the term "***Disability***" shall mean "permanent and total disability" as defined in Section 22(e)(3) of the Code or successor statute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Retirement</u>. In the event of Grantee's Retirement (as such term is defined below) from the Company or any other member of the Group on or following the first anniversary of the date of grant of the PSUs, the number of PSUs that shall vest (and be deemed to be Earned PSUs) at the end of the Performance Period shall be the number of whole PSUs equal to the product of (A) 1/36th of the total number of Earned PSUs determined by the Committee under <u>Section 3</u> hereof at the end of the Performance Period and (B) the number of full months of Grantee's continuous employment with the Company and/or the other members of the Group from the beginning of the Performance Period to the date of Grantee's Retirement. To the extent vested, such PSUs shall be settled in accordance with <u>Section 7</u> hereof, and all PSUs not so vested shall be forfeited. For the avoidance of doubt, in the event of Grantee's Retirement from the Company or any other member of the Group prior to the first anniversary of the date of grant of the PSUs, all of Grantee's PSUs will be forfeited. For purposes of this Agreement, the term "***Retirement***" shall mean termination of employment, with no less than one (1) year's prior notice to the Company (unless otherwise agreed to by the Company), at a time when the sum of Grantee's age and years of service is at least seventy (70), provided that Grantee has at least ten (10) years of service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Change in Control</u>. The treatment of the PSUs in the event of a Change in Control (as defined in the Plan) shall be governed by the terms of the Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Committee Discretion</u>. The Committee shall have absolute discretion to determine the date and circumstances of Grantee's termination of employment or of the occurrence of Disability or a Change in Control, and its determination shall be final, conclusive and binding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Voting and Dividends Equivalents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Voting; Rights as Stockholder</u>. Grantee shall have no voting rights or other rights as a stockholder with respect to the PSUs or the shares of Stock underlying the PSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Dividend Equivalents</u>. Grantee shall have the right to receive dividend equivalents with respect to the PSUs (to the extent they are Earned PSUs) equal to the cash dividends paid on the Company's Stock. If the Company declares a cash dividend on its Stock, Grantee will be entitled to be credited with dividend equivalent units equal to (i) the amount of such dividend declared and paid with respect to one share of Stock, *multiplied by* (ii) the number of Target PSUs subject to this Agreement plus the number of dividend equivalent units previously credited with respect to such Target PSUs, that are outstanding on the applicable dividend payment date, divided by (iii) the Fair Market Value of a share of Stock on the dividend payment date. Dividend equivalent units will not be credited with interest. Each dividend equivalent unit represents one share of Stock, and will be paid in shares of Stock at the same time and to the same extent to which the Company issues the shares of Stock underlying the PSUs with respect to which they were credited. (In other words, if the PSUs are earned at the Target level, 100% of the dividend equivalent units will be paid; if the PSUs are earned at Threshold level, 50% of the dividend equivalent units will be paid; and if the PSUs are earned at Maximum level, 200% of the dividend equivalent units will be paid.) Subject to the restrictions contained in the Plan, the Committee may prospectively change the method of crediting dividend equivalent units as it, in its sole discretion, determines appropriate from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Settlement of PSUs</u>. Grantee's PSUs that vest under this Agreement will be settled on the date the Committee determines the number of Earned PSUs under <u>Section 3</u> hereof, but in no event later than the March 15 of the calendar year after the calendar year in which the Performance Period ends. On (or as soon as practicable after) the settlement date of a PSU, the Company will deliver to Grantee (or record Grantee as the owner on the Company's books) one share of Stock for each of Grantee's PSUs and dividend equivalent units being settled on such date. The Stock delivered upon the settlement of Grantee's PSUs and dividend equivalent units will be fully transferable (subject to any applicable securities law restrictions) and not subject to forfeiture. The shares of Stock delivered upon such settlement will have full voting and dividend rights and will entitle the holder to all other rights of a stockholder of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.<u>Restrictions on Transfer of PSUs</u>. Grantee may not sell, transfer, assign, or pledge Grantee's PSUs or any rights under this Agreement. Notwithstanding the foregoing, Grantee may designate one or more members of Grantee's immediate family or a trust whose beneficiaries are exclusively one or more members of Grantee's immediate family to receive Grantee's PSUs upon Grantee's death. For purposes of this Agreement, the term "immediate family" shall mean the spouse, lineal descendant, father, mother, brother or sister of Grantee. In the absence of any such designation, shares of Stock that Grantee is entitled to receive upon his/her death shall instead be delivered to the legal representative of Grantee's estate.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.<u>Adjustments for Stock Splits, Stock Dividends, etc</u>. In the event of any stock split-up, stock dividend, stock distribution or other reclassification of Stock, the number of Grantee's Target PSUs shall be appropriately adjusted to prevent enhancement or dilution of benefits, and Grantee's Earned PSUs shall be determined with respect to such adjusted number. In addition, the Committee has the authority, in its discretion, to make changes to the PSUs to reflect a corporate transaction, such as a merger of the Company into another corporation, any consolidation of the Company with another company, any separation of the Company, any reorganization of the Company or any partial or complete liquidation of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.<u>Withholding</u>. Grantee shall be required to remit to the Company, and the Company shall have the right to deduct from any compensation payable to Grantee, the amount sufficient to satisfy any federal, state or local withholding tax liability in respect of the PSUs and to take all such other action as the Committee deems necessary to satisfy all obligations for payment of such withholding taxes. To the extent permitted by the Committee, and subject to any terms and conditions imposed by the Committee, Grantee may elect to have the Company's withholding obligation for federal, state and local taxes, including payroll taxes, with respect to the PSUs satisfied (i) by having the Company withhold from the shares otherwise deliverable to Grantee shares of Stock having a value equal to the amount of such withholding obligation with respect to the Stock or (ii) by delivering to the Company shares of unrestricted Stock. Alternatively, the Committee may require that a portion of shares of Stock otherwise deliverable be withheld and applied to satisfy the statutory withholding obligation with respect to the PSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.<u>Severability</u>. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement and each other provision of this Agreement shall be severable and enforceable to the extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.<u>Amendment</u>. No provision of this Agreement shall be amended, either generally or in any particular instance, except in a writing signed by the Company and Grantee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.<u>Binding Effect</u>. This Agreement shall be binding upon and inure to the benefit of the Company and Grantee and their respective heirs, executors, administrators, legal representatives, and permitted transferees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.<u>No Rights to Employment</u>. Nothing contained in this Agreement or the Plan shall be construed as giving Grantee any right to be retained, in any position, as an employee of or consultant or advisor to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.<u>Notices</u>. All notices required or permitted hereunder shall be in writing and deemed effectively given upon personal delivery, delivery by Federal Express or other recognized overnight delivery service or upon deposit in the United States Post Office, by registered or certified mail, postage prepaid, return receipt requested, if to the Company at its executive offices and if to Grantee at the address shown beneath his or her signature to this Agreement, or in either case at such other address or addresses as either party shall designate to the other in accordance with this Section.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.<u>Pronouns</u>. Whenever the context may require, any pronouns used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns and pronouns shall include the plural, and vice versa.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.<u>Entire Agreement</u>. This Agreement and the documents and agreements referenced herein constitute the entire agreement between the parties, and supersede all prior agreements and understandings, relating to the subject matter of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.<u>Governing Law</u>. This Agreement shall be construed, interpreted and enforced in accordance with the laws of the State of Maryland without regard to conflict of law principles. The Company and Grantee hereby (a) agree that any action, suit or other proceeding arising out of or based upon this Agreement shall be brought in the courts of the State of Maryland or any federal court located in such state, and (b) irrevocably consent and submit to the exclusive jurisdiction of such courts for the purpose of any such action, suit or proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.<u>Terms of Plan Control</u>. The PSUs are issued pursuant to the Plan, a copy of which has been furnished to Grantee, and are subject to the Plan in all respects. Nothing contained in this Agreement shall in any way be deemed to alter or modify the provisions of the Plan and no act of the Company or its directors, officers or employees shall be deemed to be a waiver or modification of any provision of the Plan. The provisions of the Plan shall in all respects govern this Agreement. The Committee shall have authority in its discretion, but subject to the express provisions of the Plan, to interpret the Plan and this Agreement; to prescribe, amend and rescind rules and regulations relating to the Plan and this Agreement; and to make all other determinations deemed necessary or advisable for the administration of the Plan or this Agreement. The Committee's determination on the foregoing matters shall be conclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.<u>Section 409A Compliance</u>. This Agreement is intended to comply with, or be exempt from, the requirements of Section 409A of the Code and the regulations issued thereunder. To the extent of any inconsistencies with the requirements of Section 409A, this Agreement shall be interpreted and amended in order to meet such Section 409A requirements. Notwithstanding anything contained in this Agreement or in any amendments hereto to the contrary, it is the intent of the Company to have the Plan interpreted and construed to comply with, or be exempt from, any and all provisions of Section 409A including any subsequent amendments, rulings or interpretations from appropriate governmental agencies. Without limiting the foregoing, notwithstanding the provisions of <u>Section 7</u> hereof, if Grantee is a "specified employee" within the meaning of Section 409A of the Code, as determined by the Committee in accordance with Section 409A, any shares to be delivered in settlement of Grantee's PSUs and dividend equivalent units that constitute "deferred compensation" within the meaning of Section 409A and that are otherwise payable or deliverable upon Grantee's termination from employment (other than any payments that are permitted under Section 409A to be paid within six months following termination of employment of a specified employee) shall be suspended until the six-month anniversary of Grantee's termination of employment (or date of death, if earlier), at which time all share deliveries that were suspended shall be paid to Grantee in a lump sum. A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the settlement of PSUs upon or following a termination of employment unless such termination is also a "separation from service" within the meaning of Section 409A.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.<u>Data</u> <u>Privacy</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Collection and Usage</u>. The Company may collect, process and use certain personal information about Grantee, including, but not limited to, Grantee's name, home address and telephone number, email address, date of birth, social insurance number, passport or other identification number, salary, nationality, job title, any shares or directorships held in the Company, details of all Restricted Shares granted under the Plan or any other entitlement to shares awarded, canceled, exercised, vested, unvested or outstanding in Grantee's favor ("Data"), for the purposes of implementing, administering and managing the Plan. The Company, with its address at 5 Paragon Drive, Montvale, New Jersey 07645, acts as the data controller in respect of such Data and may be contacted at DataPrivacy@balchem.com.

For Grantees in the European Union / European Economic Area / Switzerland / United Kingdom ("EEA+"), the legal basis for the processing of Data is that it is necessary for the performance of the Company's contractual obligation to deliver shares (if the conditions of the Plan and the Award Agreement are satisfied) and, generally, for the Company's legitimate interests to manage and administer Grantee's participation in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Disclosures</u>. The Company transfers Data to service providers which assist the Company with the implementation, administration and management of the Plan. In the future, the Company may select different service providers and share Data with such other providers serving in a similar manner. Grantee may be asked to acknowledge or (where applicable) agree to separate terms and data processing practices with the service providers, with such agreement (where applicable) being a condition to the ability to participate in the Plan. The Company may also share Data: with its affiliates: with other businesses in connection with a substantial corporate transaction (such as a sale, merger, consolidation, initial public offering, or in the unlikely event of bankruptcy); in response to a subpoena, court order, legal process, law enforcement request, legal claim or government inquiry; to protect and defend the rights, interests, safety, and security of the Company, Grantee, or others; or for any other purposes disclosed to the Grantee at the time the Company collects the Data. The Company does not sell Data or share Data for cross-context behavioral / targeted advertising purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>International Data Transfers</u>. The Company and its service providers are based in the United States, and Data may be transferred to the United States to administer the Plan as a result. Grantee's country or jurisdiction may have different data privacy laws and protections than the United States, and the Company complies with applicable laws that may place certain restrictions on such transfers.

For Grantees in the EEA+, the Company implements appropriate safeguards in accordance with applicable law to ensure the protection of Data outside of the EEA+, including by implementing standard contractual clauses, for which Grantees based in the EEA+ may request a copy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Retention</u>. The Company will hold and use Data only as long as is necessary to implement, administer and manage Grantee's participation in the Plan, or as required to comply with

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applicable law, exercise or defense of legal rights, and for archiving, back-up and deletion processes. This may extend beyond Grantee's period of employment with the Company or the Employer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Subject Rights</u>. Depending on where Grantee is based, and subject to applicable exceptions or exemptions, Grantee may have rights to access, correct, delete, restrict processing, or port their Data and lodge complaints with competent authorities in Grantee's jurisdiction. Grantee or Grantee's authorized agent may contact the Company at DataPrivacy@balchem.com to exercise such rights where applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.<u>Electronic Delivery</u>. The Company may, in its sole discretion, decide to deliver any documents related to the PSUs or other equity awards granted by the Company, whether under the Plan or otherwise, or any other Company securities by electronic means. By accepting this grant of PSUs, whether electronically or otherwise, Grantee hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through any on-line or electronic system established and maintained by the Company or another third party designated by the Company, including but not limited to the use of electronic signatures or click-through electronic acceptance of terms and conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.<u>Counterparts</u>. This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together will constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.<u>Compensation Recovery</u>. The PSUs shall be subject to the provisions of any applicable compensation recovery policy contained in the Plan or implemented by the Company, including without limitation any compensation recovery policy adopted to comply with the requirements of applicable law, to the extent set forth in such compensation recovery policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.<u>Parachute</u> <u>Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Grantee shall bear all expense of, and be solely responsible for, any excise tax imposed by Section 4999 of the Code (the "***Excise Tax***"); provided, however, that any payment or benefit received or to be received by Grantee (whether payable under the terms of this Agreement or any other plan, arrangement or agreement with the Company or any of its affiliates) (collectively, the "***Payments***") that would constitute a "parachute payment" within the meaning of Section 280G of the Code, shall be reduced to the extent necessary so that no portion thereof shall be subject to the Excise Tax but only if, by reason of such reduction, the net after-tax benefit received by Grantee exceeds the net after-tax benefit that would be received by Grantee if no such reduction was made. If a reduction in payments or benefits constituting "parachute payments" is necessary under the preceding sentence, the reduction shall be made in the manner that results in the greatest economic benefit for Grantee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The "net after-tax benefit" shall mean (i) the Payments that Grantee receives or is then entitled to receive from the Company that would constitute "parachute payments" within the meaning of Section 280G of the Code, less (ii) the amount of all federal, state and local income and employment taxes payable by Grantee with respect to the foregoing calculated at the highest marginal income tax rate for each year in which the foregoing shall be paid to Grantee (based on the rate in effect for such year as set forth in the Code as in effect at the time of the first payment of the foregoing), less

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(iii) the amount of Excise Tax imposed with respect to the payments and benefits described in <u>Section 25(a)</u> above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The independent registered public accounting firm engaged by the Company for general audit purposes as of the day prior to the effective date of the event described in Section 280G(b)(2)(A)(i) of the Code shall perform the foregoing calculations. If the independent registered public accounting firm so engaged by the Company is serving as accountant or auditor for the individual, entity or group effecting such change in control, change of ownership or similar transaction, the Company shall appoint a nationally recognized independent registered public accounting firm to make the determinations required hereunder. The Company shall bear all expenses with respect to the determinations by such independent registered public accounting firm required to be made hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The independent registered public accounting firm engaged to make the determinations hereunder shall provide its calculations, together with detailed supporting documentation, to the Company and Grantee within thirty (30) calendar days after the date on which Grantee's right to a Payment is triggered (if requested at that time by the Company or Grantee) or such other time as reasonably requested by the Company or Grantee. Any good faith determinations of the independent registered public accounting firm made hereunder shall be final, binding and conclusive upon the Company and Grantee.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

BALCHEM CORPORATION

By: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Theodore L. Harris

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chairman, President and CEO

GRANTEE:

<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Signature)

Print Name:&nbsp;&nbsp;&nbsp;&nbsp;____________________________________

Address:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;

<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;- 8 -

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**Exhibit A**

**Performance Metrics Table**

**EBITDA Metric (Target PSU Payout subject to Relative TSR Metric Modifier)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Below Threshold** | **Threshold** | **Target** | **Maximum** |
| **EBITDA Growth [*insert year 1 - year 3*]** | below<br>[•]% | [•]%<br>([•]% of Target) | [•]%<br>([•]% of Target) | [•]%<br>([•]% of Target) |
| **Payout (Percentage of Target PSUs)** | 0% | 50% | 100% | 200% |

---

<u>Note</u>: &nbsp;&nbsp;&nbsp;&nbsp;Awards for results between points above threshold will be interpolated on straight-line basis.

**&nbsp;&nbsp;&nbsp;&nbsp;**

**Relative TSR Metric Modifier** 

The Target PSU Payout under this Exhibit A is subject to a relative TSR Metric Modifier based on the Company's TSR for the Performance Period relative to the TSRs of the Peer Companies (as defined below), as determined by the Compensation Committee. "<u>TSR</u>" means, for the Company and each of the Peer Companies, such company's total shareholder return, expressed as a percentage, which will be calculated by dividing (i) the Closing Average Share Value by (ii) the Opening Average Share Value and subtracting one from the quotient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)"<u>Opening Average Share Value</u>" means the average Share Value over the trading days in the Opening Average Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)"<u>Opening Average Period</u>" means the sixty (60) calendar days ending on the day immediately preceding the first day of the Performance Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)"<u>Accumulated Shares</u>" means, for a given trading day, the sum of (i) one (1) share and (ii) the cumulative number of shares of a company's common stock purchasable with dividends declared on such company's common stock to that point during the Opening Average Period and the Performance Period, assuming same day reinvestment of such dividends at the closing price on the ex-dividend date.

&nbsp;&nbsp;&nbsp;&nbsp;- 9 -

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)"<u>Closing Average Share Value</u>" means the average Share Value over the trading days in the Closing Average Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)"<u>Closing Average Period</u>" means the sixty (60) calendar days ending on the last day of the Performance Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)"<u>Share Value</u>" means, with respect to a given trading day, the closing price of a company's common stock multiplied by the Accumulated Shares for such trading day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)"<u>Peer Companies</u>" means the constituents of the Russell 2000 Index as of the first day of the Performance Period. The Peer Companies may be changed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;In the event of a merger, acquisition or business combination transaction of a Peer Company with or by another Peer Company, the surviving entity shall remain a Peer Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) &nbsp;&nbsp;&nbsp;&nbsp;In the event of a merger of a Peer Company with an entity that is not a Peer Company, or the acquisition or business combination transaction by or with a Peer Company, or with an entity that is not a Peer Company, in each case where the Peer Company is the surviving entity and remains publicly traded, the surviving entity shall remain a Peer Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) &nbsp;&nbsp;&nbsp;&nbsp;In the event of a merger or acquisition or business combination transaction of a Peer Company by or with an entity that is not a Peer Company, a "going private" transaction involving a Peer Company or the liquidation of a Peer Company, where the Peer Company is not the surviving entity or is otherwise no longer publicly traded, the company shall no longer be a Peer Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) &nbsp;&nbsp;&nbsp;&nbsp;In the event a Peer Company files for bankruptcy, regardless of whether the Peer Company is still trading on a market where an independent price can be determined (i.e., an over-the-counter market), it will remain a Peer Company and its TSR for the entire Performance Period shall equal negative 100%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(v)&nbsp;&nbsp;&nbsp;&nbsp;*In the event of a stock distribution from a Peer Company consisting of the shares of a new publicly-traded company (a "spin-off"), the Peer Company shall remain a Peer Company and the stock distribution shall be treated as a dividend from the Peer Company based on the closing price of the shares of the spun-off company on its first day of trading. The performance of the shares of the spun-off company shall not thereafter be tracked for purposes of calculating TSR.

Each Peer Company's "common stock" shall mean that series of common stock that is publicly traded on a registered U.S. exchange or, in the case of a non-U.S. company, an equivalent non-U.S. exchange.

&nbsp;&nbsp;&nbsp;&nbsp;- 10 -

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)"<u>Relative Total Shareholder Return</u>" means the Company's TSR relative to the TSR of the Peer Companies. Relative Total Shareholder Return will be determined by ranking the Peer Companies (including the Company) from highest to lowest according to their respective TSRs. After this ranking, the percentile performance of each of the Peer Companies will be determined as follows:

*P* = *N – R* <br> *N –* 1

where:&nbsp;&nbsp;&nbsp;&nbsp;"P" represents the percentile performance.

"N" represents the number of Peer Companies as of the Vesting Date.

"R" represents the Peer Company's ranking among the Peer Companies.

***Example:*** If there are 1,674 Peer Companies, the Peer Company that ranked 345<sup>th</sup> would be at the 79.44<sup>th</sup> percentile: 0.7944 = ((1,674 – 345) / (1674 – 1)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)"<u>Modifier</u>" means the percentage determined according to the following table:

---

| | | | |
|:---|:---|:---|:---|
| **Relative TSR Percentile [*insert year 1 – year 3*]** | Below<br>25<sup>th</sup><br>percentile | Between 25<sup>th</sup> and 75<sup>th</sup> <br>percentile | Above 75<sup>th</sup> <br>percentile |
| **Modifier (Percentage of EBITDA PSU Payout Results)** | - 25% |  | +25% |

---

**Limitations on the Modifier**: Notwithstanding the criteria in the table above, in the event the Company's TSR over the Performance Period is negative, the application of the Modifier shall not result in a payout of more than 100% of the Target PSUs.

[*TO BE INSERTED IF APPLICABLE:* Further, except as provided under Section 5 of the Agreement, shares of the Company's common stock earned as vested PSUs shall be subject to a mandatory holding period of one year from the Vesting Date, during which period the Grantee may not sell, transfer, or otherwise dispose of the shares, other than to cover required withholding taxes due upon the settlement of the vested PSUs.]

&nbsp;&nbsp;&nbsp;&nbsp;- 11 -

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**Appendix**

**to**

**Balchem Corporation**

**Performance Share Unit Grant Agreement** 

**Country-Specific Terms and Conditions**

This Appendix includes special terms and conditions applicable to Grantee if the Grantee is primarily employed in one of the countries listed below. These terms and conditions supplement or replace (as indicated) the terms and conditions set forth in the Award Agreement. If the Grantee is a citizen or resident of a country other than the one in which he or she is primarily currently working, or if the Grantee transfers employment or residency to another country after the PSUs are granted, the Company, in its discretion but subject to applicable laws, will determine the extent to which the terms and conditions set forth in this Appendix will apply to the Grantee.

This Appendix also includes information relating to exchange control, foreign asset / account reporting requirements and other issues of which the Grantee should be aware with respect to his or her participation in the Plan. Such laws are often complex and change frequently. As a result, the Company strongly recommends that the Grantee not rely on the information herein as the only source of information relating to the consequences of participation in the Plan because the information may be out of date at the time the PSUs vest or the shares acquired under the Plan are sold.

In addition, the information is general in nature and may not apply to the Grantee's particular situation. The Company is not in a position to assure the Grantee of any particular result. Accordingly, the Grantee should seek appropriate professional advice as to how the relevant laws in his or her country may apply to his or her situation. Finally, if Grantee is a citizen or resident of a country other than the one in which he or she is currently primarily working, or if Grantee transfers employment or residency to another country after the PSUs are granted, the information contained herein may not be applicable to Grantee.

**<u>France</u>**

**PSUs Not Tax-Qualified.** The PSUs are not intended to be French tax-qualified.

**Language Consent.** In accepting the Option, Grantee confirms having read and understood the documents relating to the Option (the Plan and the Award Agreement including this Appendix), which were provided in English. Grantee accepts the terms of those documents accordingly.

***Consentement Relatif à la Langue Utilisée.*** *En acceptant cette Attribution, le Grantee confirme avoir lu et compris les documents relatifs à cette Attribution (le Plan, le Contrat d'Attribution incluant cette Annexe), qui ont été remis en langue anglaise. Le Grantee accepte les termes de ces documents en conséquence.*

&nbsp;&nbsp;&nbsp;&nbsp;- 12 -

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**Foreign Asset/Account Reporting Information.** Grantee is required to report any shares and foreign bank accounts, including accounts closed during the tax year, to the French tax authorities when filing his or her annual tax return.

**<u>Germany</u>**

**Exchange Control Information.** Grantee must report any cross-border payments in excess of €50,000 to the German Federal Bank (*Bundesbank*). The report must be filed electronically by the 7th day of the month following the month in which the payment occurred. The form of report (*Allgemeine Meldeportal Statistik*) can be accessed via the Bundesbank's website (<u>www.bundesbank.de</u>). *Grantee should consult his or her personal legal advisor to ensure compliance with applicable reporting obligations.*

**Sole Contractual Relationship.** Grantee understands that the PSUs are offered solely by the Company and not by any other member of the Group or entity that may be employing Grantee from time to time. Only the terms and conditions of the Plan and this Agreement shall govern the Agreement as well as the PSUs as a contractual relationship solely between Company and Grantee.

**Language Consent.** In accepting the PSUs, Grantee confirms having read and understood the documents relating to the PSUs (the Plan and the Award Agreement including this Appendix), which were provided in English. Participant accepts the terms of those documents accordingly.

***Einwilligung zur Sprache.*** *Mit der Annahme der PSUs bestätigt der Teilnehmer, dass er die mit den PSUs zusammenhängenden Dokumente (den Plan und diese Zuteilungsvereinbarung einschließlich dieses Anhangs), die jeweils in englischer Sprache zur Verfügung gestellt wurden, gelesen und verstanden hat. Der Teilnehmer akzeptiert die Bedingungen dieser Dokumente entsprechend.*

**<u>Italy</u>**

**Language Consent.** In accepting the Restricted Shares, Grantee confirms having read and understood the documents relating to the PSUs (the Plan and the Award Agreement including this Appendix), which were provided in English. Grantee accepts the terms of those documents accordingly.

**<u>Consenso Linguistico.</u>** Accettando le Azioni Vincolate, il Beneficiario conferma di aver letto e compreso i documenti relativi alle PSUs (il Piano e il Contratto di Assegnazione, inclusa la presente Appendice), che gli sono stati forniti in lingua inglese. Il Beneficiario accetta pertanto i termini di tali documenti.

**<u>Netherlands</u>**

**Language Consent.** In accepting the PSUs, Grantee confirms having read and understood the documents relating to the PSUs (the Plan and the Award Agreement including this Appendix), which were provided in English. Grantee accepts the terms of those documents accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;- 13 -

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***Instemming taal.*** *Met het accepteren van de prestatieaandelen (PSU's), bevestigt de Deelnemer dat hij/zij de documenten met betrekking tot de prestatieaandelen (het Plan en de toekenningsovereenkomst inclusief deze Bijlage), die in het Engels zijn opgesteld, heeft gelezen en begrepen. De deelnemer aanvaardt de voorwaarden van deze documenten dienovereenkomstig.*

**<u>Norway</u>**

**Tax information**: Grantees who acquire shares will be required to report certain information related to their holdings with their annual tax return. Grantee should consult with Grantee's personal tax or legal advisor, as appropriate, regarding any reporting requirements with respect to any shares acquired upon settlement of their award.

**Language Consent:** In accepting the PSUs, Grantee confirms having read and understood the documents relating to the PSUs (the Plan and the Award Agreement including this Appendix), which were provided in English. Grantee accepts the terms of those documents accordingly.

***Språksamtykke****: Ved å akseptere PSU-ene bekrefter mottakeren å ha lest og forstått dokumentene knyttet til PSU-ene (planen og tildelingsavtalen, inkludert dette vedlegget), som ble gitt på engelsk. Mottakeren godtar vilkårene i disse dokumentene tilsvarende.*

&nbsp;&nbsp;&nbsp;&nbsp;- 14 -

## Exhibit 10.3

**EXHIBIT 10.3**

FORM OF AGREEMENT (AS OF FEBRUARY 2026)

**BALCHEM CORPORATION**

**STOCK OPTION GRANT AGREEMENT**

**2017 Omnibus Incentive Plan**

This STOCK OPTION GRANT AGREEMENT (the "***Grant***"), dated as of ________, is between BALCHEM CORPORATION, a Maryland corporation (the "***Company***") and

<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> ("***Optionee***").

**W I T N E S S E T H:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Grant of Options</u>. Pursuant to the provisions of the Company's 2017 Omnibus Incentive Plan, as the same may be amended from time to time (the "***Plan***"), the Company has on the date set forth on <u>Exhibit A</u> hereto (such date, the "***Grant Date***") granted to Optionee, subject to the terms and conditions of the Plan and subject further to the terms and conditions herein set forth, the right and option to purchase from the Company the number of shares of the Company's common stock par value six and two-thirds cents ($0.06 2/3) per share ("***Stock***") set forth in <u>Exhibit A</u> at the price per share set forth in <u>Exhibit A</u> (the stock options granted hereby being referred to as the "***Option***" or the "***Options***"). The Option is a non-qualified stock option. Any capitalized terms used in this Grant and not defined herein shall have the meanings set forth in the Plan. This grant of Options is subject to Optionee's execution and delivery to the Company of a copy of this Grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Terms and Conditions.</u> The term of the Option shall be for the period specified in <u>Exhibit A</u>. The Option shall vest and become exercisable on the date or dates set forth, or upon satisfaction of the conditions set forth, in <u>Exhibit A</u>, provided that (unless expressly provided otherwise in <u>Section 4</u> hereof or in <u>Exhibit A</u>) Optionee is an employee of the Company or any other member of the Group on each such date. To the extent the Option has become exercisable, it may be exercised, prior to the end of the Option term, at any time in whole or in part and from time to time, subject to earlier termination as provided in <u>Sections 3 and 4</u> of this Grant, unless otherwise expressly provided in <u>Exhibit A</u>. Unless otherwise provided in <u>Exhibit A</u>, the Option may not be exercised (a) as to fewer than 100 shares at any one time (or for the remaining shares then purchasable under the Option, if fewer than 100 shares), and (b) until fulfillment of any conditions precedent set forth in <u>Section 7</u> hereof. The holder of any Option shall not have any rights as a stockholder with respect to the Stock issuable upon exercise of an Option until certificates for such Stock shall have been issued and delivered to him or her after the exercise of the Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Termination of Employment.</u> In the event that the employment of Optionee with the Company or other member of the Group terminates (other than by reason of (i) death, (ii) Disability (as such term is defined in <u>Section 4</u> hereof), (iii) Retirement (as such term is defined

316819059.3 <br>

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in <u>Section 4</u> hereof) on or after the first anniversary of the Grant Date, or (iv) for Cause), the Option shall be exercisable (to the extent that Optionee shall have been entitled to do so at the termination of his or her employment) at any time prior to the expiration of the period of sixty (60) days after such termination, but in no event later than the specified expiration date of the Option, except as may be expressly provided in <u>Exhibit A</u>. Notwithstanding anything herein to the contrary, in the event that the employment of Optionee is terminated for Cause, all vested and unvested portions of the Option shall be immediately forfeited by Optionee without any consideration.

This Grant does not constitute an employment contract. Nothing in the Plan or in this Grant shall confer upon Optionee any right to continue to be employed by the Company or any other member of the Group for the length of any vesting schedule or for any portion thereof or for any other period of time, or interfere in any way with the right of the Company or any other member of the Group to terminate or otherwise modify the terms of Optionee's employment; provided, that a change in Optionee's duties or position shall not affect Optionee's Option so long as Optionee is still an employee of the Company or any other member of the Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Death, Disability, or Retirement of Optionee or Change in Control</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Death</u>. If Optionee ceases to be employed by the Company and all other members of the Group by reason of his or her death, the vesting of the Option shall accelerate and the Option shall become fully exercisable upon such termination of employment and may be exercised by Optionee's estate, personal representative or Beneficiary who has acquired the Option by will or by the laws of descent and distribution, at any time prior to the earlier of the specified expiration date of the Option or two (2) years after the date of Optionee's death, except as may otherwise be provided in <u>Exhibit A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Disability</u>. If Optionee ceases to be employed by the Company and all other members of the Group by reason of his or her Disability, the Option shall continue to vest during the Optionee's lifetime and become exercisable in accordance with the vesting schedule set forth in <u>Exhibit A</u>. Except as otherwise provided in <u>Exhibit A</u>, any unexercised portion of the Option may be exercised by Optionee (or in the event of death, by Optionee's estate, personal representative or Beneficiary who has acquired the Option by will or by the laws of descent and distribution) prior to the later of (i) two (2) years after Optionee's termination of employment or (ii) two (2) years after the vesting date of the Option, but in any case, not beyond the specified expiration date of the Option. For the purposes of the Grant, the term "***Disability***" shall mean "permanent and total disability" as defined in Section 22(e)(3) of the Code or successor statute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Retirement</u>. If Optionee ceases to be employed by the Company and all members of the Group by reason of his or her Retirement on or after the first anniversary of the Grant Date, the Option shall continue to vest during the Optionee's lifetime and become exercisable in accordance with the vesting schedule set forth in <u>Exhibit A</u>. Except as otherwise provided in <u>Exhibit A</u>, any unexercised portion of the Option may be exercised by Optionee (or

~2~

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in the event of death, by Optionee's estate, personal representative or Beneficiary who has acquired the Option by will or by the laws of descent and distribution) prior to the later of (i) two (2) years after Optionee's termination of employment or (ii) two (2) years after the vesting date of the Option, but in any case not beyond the specified expiration date of the Option. For the avoidance of doubt, if Optionee ceases to be employed by the Company and all members of the Group by reason of his or her Retirement prior to the first anniversary of the Grant Date, the Option shall immediately be forfeited by Optionee for no consideration. For purposes of this Agreement, the term "***Retirement***" shall mean termination of employment, with no less than one (1) year's prior notice to the Company (unless otherwise agreed to by the Company), at a time when the sum of Grantee's age and years of service is at least seventy (70), provided that Grantee has at least ten (10) years of service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Change in Control</u>. The treatment of the Option in the event of a Change in Control (as defined in the Plan) shall be governed by the terms of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Transferability of Option.</u> The Option shall not be transferable otherwise than by will or the laws of descent and distribution, except as, and then only to the extent, if any, provided in <u>Exhibit A</u> hereto or as subsequently approved by the Board or the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Adjustments Upon Changes in Capitalization</u>. In the event of changes in the outstanding stock of the Company by reason of stock dividends, stock splits, recapitalizations, mergers, consolidations, combinations or exchanges of shares, separations, reorganizations or liquidations, the number and class of shares subject to the Option shall be correspondingly adjusted as provided in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Conditions Precedent to Exercise of Option.</u> In the event that the exercise of the Option or the issuance and delivery of the shares hereunder shall be subject to, or shall require, any prior exchange listing, prior approval of the stockholders of the Company, or other prior condition or act, pursuant to the applicable laws, regulations or policies of any stock exchange, federal or local government or its agencies or representatives, and/or pursuant to the Plan, then the Option shall not be deemed to be exercisable under this Grant until such condition is satisfied. The Company shall not be liable in any manner to Optionee or any other party for any failure or delay by the Company on its part to fulfill any such condition, and any such failure or delay shall not extend the term of the Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.<u>Methods of Exercising Option.</u> Subject to the terms and conditions of this Grant, the Option may be exercised by delivering a signed, completed exercise notice in the form of <u>Exhibit B</u> hereto, as the same may be modified from time to time by determination of the Company in its discretion, to the Company, at its office at 5 Paragon Drive, Montvale, New Jersey 07645 or such other address as the Company may designate. Such notice shall (i) identify the Option to which it applies, (ii) state the election to exercise the Option, (iii) designate the number of shares in respect of which the Option is being exercised, and (iv) be signed by the person or persons so exercising the Option, and shall otherwise be in such form and substance as

~3~

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the Company may require. Such notice shall be accompanied by payment of the full purchase price of such shares. The Company shall deliver to Optionee, at such address as is provided in the notice, a certificate or certificates representing such shares as soon as practicable after the notice shall be received and all conditions to the exercise of the Option are fulfilled and satisfied. Payment of such purchase price shall be made (a) in United States dollars in cash or by check, or (b) through delivery of shares of Stock previously owned by Optionee for at least six months and having a Fair Market Value equal as of the date of the exercise to the cash exercise price of the Option, or (c) by any combination of the above. Notwithstanding the foregoing, Optionee may not pay any part of the exercise price hereof by transferring Stock to the Company if such Stock is not fully vested or is subject to a substantial risk of forfeiture within the meaning of Section 83 of the Code. The certificate or certificates for the shares as to which the Option shall have been so exercised shall be issued in the name of the person or persons so exercising the Option (or, if the Option shall be exercised by Optionee and if Optionee shall so request in the notice exercising the Option, the certificate shall be issued in the name of Optionee and another person jointly, with right of survivorship) and shall be delivered as provided above to or upon the written order of the person or persons exercising the Option. In the event the Option shall be exercised by any person or persons other than Optionee, such notice shall be accompanied by appropriate proof of the right of such person or persons to exercise the Option. At the election of the Company, such certificate may bear such legends regarding the limited transferability of the shares under applicable securities laws as the Company may require. All shares that shall be purchased upon the exercise of the Option as provided herein shall be fully paid and non-assessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.<u>Compliance with Law</u>. The exercise of the Option and the issuance and transfer of shares of Stock shall be subject to compliance by the Company and Optionee with all applicable requirements of federal and state securities laws and with all applicable requirements of any stock exchange on which the Company's Stock may be listed. No share of Stock shall be issued pursuant to the Option unless and until any then applicable requirements of state or federal laws and regulatory agencies have been fully complied with to the satisfaction of the Company and its counsel. Optionee understands that the Company is under no obligation to register the shares with the U.S. Securities and Exchange Commission, any state securities commission or any stock exchange to effect such compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.<u>Capital Changes and Business Successions</u>. The Plan contains provisions covering the treatment of the Option in a number of contingencies such as stock splits and mergers. Provisions in the Plan for adjustment with respect to stock subject to options and the related provisions with respect to successors to the business of the Company are hereby made applicable hereunder and are incorporated herein by reference. In general, Optionee should not assume that the Option necessarily would survive the acquisition of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.<u>Withholding Taxes</u>. Optionee shall be required to remit to the Company, and the Company shall have the right to deduct from any compensation payable to Optionee, the amount sufficient to satisfy any federal, state or local withholding tax liability in respect of the Options

~4~

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and to take all such other action as the Committee deems necessary to satisfy all obligations for payment of such withholding taxes. To the extent permitted by the Committee, and subject to any terms and conditions imposed by the Committee, Optionee may elect to have the Company's withholding obligation for federal, state and local taxes, including payroll taxes, with respect to the Options satisfied (i) by having the Company withhold from the shares otherwise deliverable to Optionee shares of Stock having a value equal to the amount of such withholding obligation with respect to the Stock or (ii) by delivering to the Company shares of unrestricted Stock. Alternatively, the Committee may require that a portion of shares of Stock otherwise deliverable be withheld and applied to satisfy the statutory withholding obligation with respect to the Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.<u>Terms of Plan Control.</u> The Option granted hereunder is granted pursuant to the provisions of the Plan, a copy of which has been made available to Optionee, and are subject to the Plan in all respects. Nothing contained in this Grant shall in any way be deemed to alter or modify the provisions of the Plan and no act of the Company or its directors, officers or employees shall be deemed to be a waiver or modification of any provision of the Plan. The provisions of the Plan shall in all respects govern the Option. The Committee shall have authority in its discretion, but subject to the express provisions of the Plan, to interpret the Plan and this Grant; to prescribe, amend and rescind rules and regulations relating to the Plan and the Option; and to make all other determinations deemed necessary or advisable for the administration of the Plan or the Option. The Committee's determination on the foregoing matters shall be conclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.<u>Governing Law</u>. This Grant shall be construed, interpreted and enforced in accordance with the laws of the State of Maryland without regard to conflict of law principles. The Company and the Optionee hereby (a) agree that any action, suit or other proceeding arising out of or based upon this Grant shall be brought in the courts of the State of Maryland or any federal court located in such state, and (b) irrevocably consent and submit to the exclusive jurisdiction of such courts for the purpose of any such action, suit or proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.<u>No Right as Shareholder</u>. Optionee shall not have any rights as a shareholder with respect to any shares of Stock subject to the Option prior to the date of exercise of the Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.<u>Severability</u>. The invalidity or unenforceability of any provision of this Grant shall not affect the validity or enforceability of any other provision of this Grant and each other provision of this Grant shall be severable and enforceable to the extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.<u>Pronouns</u>. Whenever the context may require, any pronouns used in this Grant shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns and pronouns shall include the plural, and vice versa.

~5~

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.<u>Entire Agreement</u>. This Grant and the documents and agreements referenced herein constitute the entire agreement between the parties, and supersede all prior agreements and understandings, relating to the subject matter of this Grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.<u>Notices</u>. All notices required or permitted hereunder shall be in writing and deemed effectively given upon personal delivery, delivery by Federal Express or other recognized overnight delivery service or upon deposit in the United States Post Office, by registered or certified mail, postage prepaid, return receipt requested, if to the Company at its executive offices and if to Optionee at the address shown beneath his or her signature to this Grant, or in either case at such other address or addresses as either party shall designate to the other in accordance with this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.<u>Electronic Delivery</u>. The Company may, in its sole discretion, decide to deliver any documents related to this Option, any future options or other equity awards granted by the Company, whether under the Plan or otherwise, or any other Company securities by electronic means. By accepting this Option, whether electronically or otherwise, Optionee hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through any on-line or electronic system established and maintained by the Company or another third party designated by the Company, including but not limited to the use of electronic signatures or click-through electronic acceptance of terms and conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.<u>Counterparts</u>. This Grant may be executed in counterparts, each of which shall be deemed an original but all of which together will constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.<u>Data Privacy</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Data Collection and Usage</u>. The Company may collect, process and use certain personal information about Optionee, including, but not limited to, Optionee's name, home address and telephone number, email address, date of birth, social insurance number, passport or other identification number, salary, nationality, job title, any shares or directorships held in the Company, details of all Restricted Shares granted under the Plan or any other entitlement to shares awarded, canceled, exercised, vested, unvested or outstanding in Optionee's favor ("Data"), for the purposes of implementing, administering and managing the Plan. The Company, with its address at 5 Paragon Drive, Montvale, New Jersey 07645, acts as the data controller in respect of such Data and may be contacted at DataPrivacy@balchem.com.

For Optionees in the European Union / European Economic Area / Switzerland / United Kingdom ("EEA+"), the legal basis for the processing of Data is that it is necessary for the performance of the Company's contractual obligation to deliver shares (if the conditions of the Plan and the Award Agreement are satisfied) and, generally, for the Company's legitimate interests to manage and administer Optionee's participation in the Plan.

~6~

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Disclosures</u>. The Company transfers Data to service providers which assist the Company with the implementation, administration and management of the Plan. In the future, the Company may select different service providers and share Data with such other providers serving in a similar manner. Optionee may be asked to acknowledge or (where applicable) agree to separate terms and data processing practices with the service providers, with such agreement (where applicable) being a condition to the ability to participate in the Plan. The Company may also share Data: with its affiliates: with other businesses in connection with a substantial corporate transaction (such as a sale, merger, consolidation, initial public offering, or in the unlikely event of bankruptcy); in response to a subpoena, court order, legal process, law enforcement request, legal claim or government inquiry; to protect and defend the rights, interests, safety, and security of the Company, Optionee, or others; or for any other purposes disclosed to the Optionee at the time the Company collects the Data. The Company does not sell Data or share Data for cross-context behavioral / targeted advertising purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>International Data Transfers</u>. The Company and its service providers are based in the United States, and Data may be transferred to the United States to administer the Plan as a result. Optionee's country or jurisdiction may have different data privacy laws and protections than the United States, and the Company complies with applicable laws that may place certain restrictions on such transfers.

For Optionees in the EEA+, the Company implements appropriate safeguards in accordance with applicable law to ensure the protection of Data outside of the EEA+, including by implementing standard contractual clauses, for which Optionees based in the EEA+ may request a copy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Retention</u>. The Company will hold and use Data only as long as is necessary to implement, administer and manage Optionee's participation in the Plan, or as required to comply with applicable law, exercise or defense of legal rights, and for archiving, back-up and deletion processes. This may extend beyond Optionee's period of employment with the Company or the Employer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Subject Rights</u>. Depending on where Optionee is based, and subject to applicable exceptions or exemptions, Optionee may have rights to access, correct, delete, restrict processing, or port their Data and lodge complaints with competent authorities in Optionee's jurisdiction. Optionee or Optionee's authorized agent may contact the Company at DataPrivacy@balchem.com to exercise such rights where applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.<u>Compensation Recovery</u>. The Options shall be subject to the provisions of any applicable compensation recovery policy contained in the Plan or implemented by the Company, including without limitation any compensation recovery policy adopted to comply with the requirements of applicable law, to the extent set forth in such compensation recovery policy.

~7~

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.<u>Parachute Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Optionee shall bear all expense of, and be solely responsible for, any excise tax imposed by Section 4999 of the Code (the "***Excise Tax***"); provided, however, that any payment or benefit received or to be received by Optionee (whether payable under the terms of this Agreement or any other plan, arrangement or agreement with the Company or any of its affiliates) (collectively, the "***Payments***") that would constitute a "parachute payment" within the meaning of Section 280G of the Code, shall be reduced to the extent necessary so that no portion thereof shall be subject to the Excise Tax but only if, by reason of such reduction, the net after-tax benefit received by Optionee exceeds the net after-tax benefit that would be received by Optionee if no such reduction was made. If a reduction in payments or benefits constituting "parachute payments" is necessary under the preceding sentence, the reduction shall be made in the manner that results in the greatest economic benefit for Optionee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The "net after-tax benefit" shall mean (i) the Payments that Optionee receives or is then entitled to receive from the Company that would constitute "parachute payments" within the meaning of Section 280G of the Code, less (ii) the amount of all federal, state and local income and employment taxes payable by Optionee with respect to the foregoing calculated at the highest marginal income tax rate for each year in which the foregoing shall be paid to Optionee (based on the rate in effect for such year as set forth in the Code as in effect at the time of the first payment of the foregoing), less (iii) the amount of Excise Tax imposed with respect to the payments and benefits described in <u>Section 23(a)</u> above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The independent registered public accounting firm engaged by the Company for general audit purposes as of the day prior to the effective date of the event described in Section 280G(b)(2)(A)(i) of the Code shall perform the foregoing calculations. If the independent registered public accounting firm so engaged by the Company is serving as accountant or auditor for the individual, entity or group effecting such change in control, change of ownership or similar transaction, the Company shall appoint a nationally recognized independent registered public accounting firm to make the determinations required hereunder. The Company shall bear all expenses with respect to the determinations by such independent registered public accounting firm required to be made hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The independent registered public accounting firm engaged to make the determinations hereunder shall provide its calculations, together with detailed supporting documentation, to the Company and Optionee within thirty (30) calendar days after the date on which Optionee's right to a Payment is triggered (if requested at that time by the Company or Optionee) or such other time as reasonably requested by the Company or Optionee. Any good faith determinations of the independent registered public accounting firm made hereunder shall be final, binding and conclusive upon the Company and Optionee.

~8~

------

IN WITNESS WHEREOF, the Company has caused this Grant to be executed by its duly authorized officer and Optionee has executed this Grant as of the date first written above.

BALCHEM CORPORATION

By: ____________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Theodore L. Harris

&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chairman, President and CEO

AGREED AND ACCEPTED:

________________________________

OPTIONEE:

Address: ________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;________________________

&nbsp;&nbsp;&nbsp;&nbsp; ________________________

~9~

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**Exhibit A**

Balchem Corporation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 Paragon Drive

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montvale, NJ 07645

**Notice of Grant of Stock Options &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

[Employee Name]

Participant ID: XXX-XX-XXXX

Dear [●],

Effective [insert date], you have been granted a non-qualified stock option ("<u>Option</u>") to buy shares of Balchem Corporation (the "<u>Company</u>") common stock par value six and two-thirds cents ($0.06 2/3) per share with the following parameters:

**Plan Name:** Balchem Corporation 2017 Omnibus Incentive Plan

**Award Number:** [●]

**Shares Subject to Option Granted:** [●]

**Award Type:** Non-Qualified Stock Option

**Award Date:** [●]

**Award Price per Share:** [●]

**Vesting Schedule:** 

**<u>Shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vest Type&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vest Date</u>** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

[●]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On Vest Date&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[●]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

[●]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On Vest Date&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[●]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

[●]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On Vest Date&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[●]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>**

By your signature and the Company's signature below, you and the Company agree that these Options are granted under and governed by the terms and conditions of the Company's 2017 Omnibus Incentive Plan, as the same may be amended from time to time, and the Stock Option Grant Agreement between you and the Company, which are attached and made a part of this Notice. This Notice may be executed in two or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same document.

~10~

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**Appendix**

**to**

**Balchem Corporation**

**Stock Option Grant Agreement** 

**Country-Specific Terms and Conditions**

This Appendix includes special terms and conditions applicable to the Optionee if the Optionee primarily employed is in one of the countries listed below. These terms and conditions supplement or replace (as indicated) the terms and conditions set forth in the Stock Option Grant Agreement. If the Optionee is a citizen or resident of a country other than the one in which he or she is currently primarily working, or if the Optionee transfers primary employment or residency to another country after the Option is granted, the Company, in its discretion but subject to applicable laws, will determine the extent to which the terms and conditions set forth in this Appendix will apply to the Optionee.

This Appendix also includes information relating to exchange control, foreign asset / account reporting requirements and other issues of which the Optionee should be aware with respect to his or her participation in the Plan. Such laws are often complex and change frequently. As a result, the Optionee should not rely on the information herein as the only source of information relating to the consequences of participation in the Plan because the information may be out of date at the time the Option is exercised or the shares acquired under the Plan are sold.

In addition, the information is general in nature and may not apply to the Optionee's particular situation. The Company is not in a position to assure the Optionee of any particular result. Accordingly, the Optionee should seek appropriate professional advice as to how the relevant laws in his or her country may apply to his or her situation. Finally, if the Optionee is a citizen or resident of a country other than the one in which he or she is currently primarily working and/or residing, or if the Optionee transfers employment or residency to another country after the Option is granted, the information contained herein may not be applicable to the Optionee.

**<u>The Netherlands</u>**

**Language Consent.** In accepting the Option, Optionee confirms having read and understood the documents relating to the Option (the Plan and the Award Agreement including this Appendix), which were provided in English. Optionee accepts the terms of those documents accordingly.

***Instemming taal.*** *Met het accepteren van de Optie, bevestigt de Deelnemer dat hij/zij de documenten met betrekking tot de Optie (het Plan en de toekenningsovereenkomst inclusief deze* 

~11~

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*Bijlage), die in het Engels zijn opgesteld, heeft gelezen en begrepen. De deelnemer aanvaardt de voorwaarden van deze documenten dienovereenkomstig.*

~12~

## Exhibit 31.1

Exhibit 31.1

**CERTIFICATIONS** 

I, Theodore L. Harris, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of Balchem Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: April 30, 2026 | <u>/s/ Theodore L. Harris</u> |
| | Theodore L. Harris |
| | Chairman, President, and Chief Executive Officer |
| | (Principal Executive Officer) |

---

## Exhibit 31.2

Exhibit 31.2

**CERTIFICATIONS** 

I, Martin Bengtsson, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of Balchem Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: April 30, 2026 | <u>/s/ Martin Bengtsson</u> |
| | Martin Bengtsson |
| | Executive Vice President and <br>Chief Financial Officer |
| | (Principal Financial Officer) |

---

## Exhibit 32.1

Exhibit 32.1

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Balchem Corporation (the "Company") on Form 10-Q for the period ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Theodore L. Harris, President, and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

---

| |
|:---|
| <u>/s/ Theodore L. Harris</u> |
| Theodore L. Harris |
| Chairman, President, and Chief Executive Officer |
| (Principal Executive Officer) |
| April 30, 2026 |

---

This certification accompanies the above-described Report on Form 10-Q pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by such Act, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

## Exhibit 32.2

Exhibit 32.2

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Balchem Corporation (the "Company") on Form 10-Q for the period ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Martin Bengtsson, Chief Financial Officer and Treasurer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

---

| |
|:---|
| <u>/s/ Martin Bengtsson</u> |
| Martin Bengtsson |
| Executive Vice President and <br>Chief Financial Officer |
| (Principal Financial Officer) |
| April 30, 2026 |

---

This certification accompanies the above-described Report on Form 10-Q pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by such Act, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

<br>