Document:

EX-10.1

 Exhibit 10.1 
 Albemarle Corporation 
 2013 Stock Compensation and Deferral Election Plan

 for Non-Employee Directors 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
			
	 ARTICLE 1
	  	 ESTABLISHMENT, PURPOSE, AND DURATION
	  	 	2	  
			
	 ARTICLE 2
	  	 DEFINITIONS
	  	 	2	  
			
	 ARTICLE 3
	  	 ADMINISTRATION
	  	 	7	  
			
	 ARTICLE 4
	  	 SHARES SUBJECT TO THIS PLAN AND MAXIMUM GRANTS
	  	 	8	  
			
	 ARTICLE 5
	  	 ELIGIBILITY AND PARTICIPATION
	  	 	8	  
			
	 ARTICLE 6
	  	 GRANTS OF SHARES
	  	 	8	  
			
	 ARTICLE 7
	  	 DEFERRAL ELECTIONS
	  	 	10	  
			
	 ARTICLE 8
	  	 DISTRIBUTIONS
	  	 	13	  
			
	 ARTICLE 9
	  	 HARDSHIP DISTRIBUTIONS
	  	 	14	  
			
	 ARTICLE 10
	  	 BENEFICIARY DESIGNATION
	  	 	14	  
			
	 ARTICLE 11
	  	 SUCCESSORS
	  	 	14	  
			
	 ARTICLE 12
	  	 AMENDMENT, MODIFICATION, SUSPENSION, AND TERMINATION
	  	 	14	  
			
	 ARTICLE 13
	  	 GENERAL PROVISIONS
	  	 	16	  

  
 -i-

 Albemarle Corporation 

2013 Stock Compensation and Deferral Election Plan 
 for Non-Employee Directors 
  

	Article 1	Establishment, Purpose, and Duration 

 1.1 Establishment. Albemarle Corporation, a Virginia corporation (hereinafter referred to as the “Company”), hereby establishes a compensation plan to be known as the Albemarle
Corporation 2013 Stock Compensation and Deferral Election Plan for Non-Employee Directors (hereinafter referred to as the “Plan”), in accordance with the terms and conditions of the Plan as set forth in this document. 

This Plan shall constitute a merger of the 2008 Stock Compensation Plan for Non-Employee Directors originally effective April 30,
2008 (“Stock Plan”) and the Directors’ Deferred Compensation Plan originally effective July 1, 1996 (“Deferral Plan”). 
 This Plan shall become effective on the date the Plan is approved by the Company’s shareholders at an Annual Meeting (the “Effective Date”) and shall remain in effect as provided in
Section 1.3 hereof. 
 1.2 Purpose of this Plan. The purpose of this Plan is to enable the Company to pay part of
the compensation of its non-employee Directors in shares of the Company’s common stock and to allow the Company’s non-employee Directors to defer some or all of their directors’ fees. 

1.3 Duration of this Plan. Unless terminated earlier as provided herein, this Plan shall terminate on the tenth
(10th) anniversary of the Effective Date. 
  

	Article 2	Definitions 

 Whenever
used in this Plan, the following capitalized terms shall have the meanings set forth below. 
 2.1
“Administrator” means the General Counsel of the Company. 
 2.2 “Affiliate” shall have the
meaning ascribed to such term in Rule 12b-2 of the General Rules and Regulations under the Exchange Act, and is designated as an Affiliate for purposes of this Plan by the Administrator. 

2.3 “Annual Grant Limit” and “Annual Grant Limits” shall mean the number of shares or dollar amounts
set forth in Section 4.1. 
 2.4 “Annual Meeting” means the annual meeting of the shareholders of the
Company held in the relevant year. 
 2.5 “Associate” shall have the meaning ascribed to such term in Rule
12b-2 of the General Rules and Regulations under the Exchange Act on the date of this Plan, and is designated as an Associate for purposes of this Plan by the Administrator. 

  
 -2-

 2.6 “Beneficiary” or “Beneficiaries” means any Person or
persons designated on a Beneficiary Designation Form by a Director as allowed in Article 10 to receive Stock Compensation and unpaid Deferred Benefits under this Plan. If there is no valid designation by the Director, or if the designated
Beneficiary or Beneficiaries fail to survive the Director or otherwise fail to take the benefit, the Director’s Beneficiary shall be the first of the following who survives the Director: (i) a Director’s spouse (the person legally
married to the Director when the Director dies); (ii) the Director’s children in equal shares, and (iii) the Director’s estate. 
 2.7 “Beneficiary Designation Form” means a form acceptable to the Administrator or its designee used by a Director pursuant to Article 10 hereof to name his or her Beneficiary or
Beneficiaries who will receive his or her Stock Compensation and unpaid Deferred Benefits under this Plan, if any, when he or she dies. 
 2.8 “Beneficial Owner” shall have the meaning ascribed to such term in Rule 13d-3 of the General Rules and Regulations under the Exchange Act. A Person shall be deemed to
“beneficially own” any securities owned, directly or indirectly by such Person or such Person’s Affiliates or Associates. A Person shall not be deemed to be the “Beneficial Owner” of, or to “beneficially own,”
securities: (i) tendered pursuant to a tender or exchange offer made by such Person or any such Person’s Affiliates or Associates until such tendered securities are accepted for purchase or exchange; (ii) as a result of an agreement,
arrangement or understanding to vote such securities if such agreement, arrangement or understanding: (1) arises solely from a revocable proxy given in response to a public proxy solicitation made pursuant to, and in accordance with the
applicable provisions of the General Rules and Regulations under the Exchange Act and (2) is not also then reportable by such Person on Schedule 13D under the Exchange Act (or any comparable or successor report); or (iii) if such Person is
engaged in business as an underwriter of securities who acquires any securities of the Corporation through such Person’s participation in good faith in a firm commitment underwriting registered under the Securities Act of 1933, as amended (the
“Securities Act”), until the expiration of forty days after the date of acquisition. In no case shall an officer or director of the Corporation be deemed the Beneficial Owner of any securities: (1) beneficially owned by another
officer or director of the Corporation solely by reason of actions undertaken by such persons in their capacity as officers or directors of the Corporation; or (2) held of record by the trustee of any employee benefit plan of the Corporation or
any Subsidiary of the Corporation for the benefit of any employee of the Corporation or any Subsidiary of the Corporation, other than the officer or director, by reason of any influences that such officer or director may have over the voting of the
securities held in the trust. 
 2.9 “Board” or “Board of Directors” means the Board of Directors of
the Company or its successors. 
 2.10 “Cash Compensation” means a Director’s Chair Fee and Director Fee
for the Compensation Year, which fees are paid on a quarterly basis. With respect to the Non-Executive Chairman (“NEC”) of the Company, Cash Compensation shall also include additional fees paid to him or her for services rendered as NEC of
the Company. 
 2.11 “Cash Distribution Date” means the date specified under Section 7.3(b)(iii)
used for determining earnings and losses accrued on a Deferred Cash Benefit subject to Directed Investments. 
 2.12
“Chair Fee” means that portion of a Director’s Cash Compensation that is fixed and paid for service as a Chair of the Audit Committee, the Executive Compensation Committee, the Health Safety and Environment Committee or the
Nominating and Governance Committee of the Board. 

  
 -3-

 2.13 “Change in Control” means the occurrence of any of the following
events: 
  

	 	(i)	any person or group, as defined in Section 13(d)(3) of the Exchange Act becomes, directly or indirectly, the Beneficial Owner of 20% or more of the combined voting
power of the then outstanding voting securities (other than as a result of an issuance of securities approved by Continuing Directors, or open market purchases approved by Continuing Directors at the time the purchases are made); provided,
however, in the event such person or group becomes the Beneficial Owner of 20% or more, and less than 30%, of such voting securities, such event shall not constitute a Change in Control if so determined by a vote of at least two-thirds of the
Continuing Directors; 

  

	 	(ii)	as a result of a reorganization, merger, share exchange or consolidation (each, a “Business Combination”), contested election of Directors or a combination of
any such items (each, a “Business Change”), the Continuing Directors cease to constitute a majority of the Board of Directors within two years of the last such Business Change; or 

 

	 	(iii)	the Company’s shareholders approve a Business Combination and such Business Combination is consummated, provided, however, such event shall not constitute a
Change in Control if all or substantially all of the Beneficial Owners of the Company’s outstanding voting securities immediately prior to such Business Combination beneficially own more than 60% (and no one Person owns more than 30%) of the
combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors of the Person resulting from the Business Combination in substantially the same proportions as immediately prior to such Business
Combination, and at least a majority of the directors of the Person resulting from such Business Combination are Continuing Directors. 

 2.14 “Code” means the U.S. Internal Revenue Code of 1986, as amended from time to time. For purposes of this Plan, references to sections of the Code shall be deemed to include references
to any applicable regulations thereunder and any successor or similar provision. 
 2.15 “Common Stock” means
the common stock of the Company. 
 2.16 “Company” or “Corporation” means Albemarle
Corporation, a Virginia corporation, and any successor thereto as provided in Article 11 herein. 
 2.17
“Compensation Year” means the 12-month period commencing on July 1st each year. 
 2.18 “Continuing Director” means, as of any date of
determination, any member of the Board who (a) was a member of the Board on December 31, 2012, or (b) was nominated for election or elected to the Board with the approval of the majority of the Board at the time of such nomination or
election. 
 2.19 “Deferral Election” means a Director’s election to defer Cash Compensation or Stock
Compensation granted or earned during the Deferral Year. 
 2.20 “Deferral Election Form” means a document
governed by the provisions of Article 7 of this Plan, including the portion that is the Distribution Election Form and the related Beneficiary Designation Form that applies to all of that Director’s Deferred Benefits under the Plan. 

  
 -4-

 2.21 “Deferral Plan” means the Directors’ Deferred Compensation Plan
as in effect on the day before the Effective Date. 
 2.22 “Deferral Year” means a calendar year for which a
Director has an operative Deferral Election Form. 
 2.23 “Deferred Benefit” means either a Deferred Cash
Benefit or a Deferred Stock Benefit under the Plan for a Director who has submitted an operative Deferral Election Form pursuant to Article 7 of this Plan. 
 2.24 “Deferred Cash Account” means that bookkeeping record established for each Director who elected a Deferred Cash Benefit under the Prior Plan, elects to defer some or all of his or
her Cash Compensation for a Compensation Year, or elects to make the one-time election available under Section 7.4(c) to transfer amounts from his or her Deferred Stock Account to a Deferred Cash Account. A Deferred Cash Account is established
only for purposes of measuring a Deferred Cash Benefit and not to segregate assets or to identify assets that may or must be used to satisfy a Deferred Cash Benefit. A Deferred Cash Account will be credited with the Director’s Cash Compensation
deferred as a Deferred Cash Benefit according to a Deferral Election Form and according to Section 7.3 of this Plan. A Deferred Cash Account will be credited periodically with amounts based upon Interest Crediting or as Directed Investments, as
applicable, pursuant to Section 7.3(b) of this Plan. 
 2.25 “Deferred Cash Benefit” means the Deferred
Benefit elected by a Director under the Prior Plan or Cash Compensation that a Director elects to defer under Article 7 or transfer from a Deferred Stock Account under Section 7.4(c), that results in payments governed by Section 7.3 and
Article 8 of this Plan. 
 2.26 “Deferred Stock Account” means that bookkeeping record established for each
Director who elected a Deferred Stock Benefit under the Prior Plan or who elects to defer some or all of his or her Stock Compensation for a Compensation Year. A Deferred Stock Account is established only for purposes of measuring a Deferred Stock
Benefit and not to segregate assets or to identify assets that may or must be used to satisfy a Deferred Stock Benefit. A Deferred Stock Account will be credited with the Director’s Stock Compensation deferred as a Deferred Stock Benefit
according to a Deferral Election Form and according to Section 7.4 of this Plan. A Deferred Stock Account will be credited periodically with amounts determined under Section 7.4(b) of this Plan. 

2.27 “Deferred Stock Benefit” means the Deferred Benefit elected by a Director under the Prior Plan or Stock
Compensation that a Director elects to defer under Article 7 that results in payments governed by Section 7.4 and Article 8 of this Plan. 
 2.28 “Directed Investments” shall mean the crediting of earnings and losses for a Director’s Deferred Cash Account pursuant to Section 7.3(b)(ii) of the Plan which earnings and
losses shall be based on the experience of investment options designated for the Plan by the Administrator and selected by each Director. 
 2.29 “Director” means each director of the Company who is not an employee of the Company. 
 2.30 “Director Fee” means that portion of a Director’s Cash Compensation that is fixed and paid without regard to attendance at meetings. 

  
 -5-

 2.31 “Disabled” or “Disability” means a Director’s
inability to engage in any substantial gainful activity because of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted, or can be expected to last, for a continuous period of twelve
(12) months or longer. 
 2.32 “Distribution Election Form” means that part of a Deferral Election Form
used by a Director according to this Plan to establish the duration of deferral and the form of payments (lump sum or a designated number of annual installments) of a Deferred Benefit. If a Deferred Benefit has no Distribution Election Form that is
operative according to Article 7 of this Plan, distribution of that Deferred Benefit is governed by Article 8 of this Plan. 

2.33 “Effective Date” has the meaning set forth in Section 1.1. 

2.34 “Election Date” means the date established by this Plan as the date before which a Director must submit a valid
Deferral Election Form to the Administrator. For each Deferral Year, the Election Date is December 31 of the preceding calendar year. However, for an individual who becomes a Director during a Deferral Year, the Election Date is the thirtieth
day following the date that he becomes a Director. The Administrator may set an earlier date as the Election Date for any Deferral Year. 
 2.35 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, or any successor act thereto. 

2.36 “Fair Market Value” or “FMV” means, on any given date, the closing price of a Share as reported on
the New York Stock Exchange (“NYSE”) composite tape on such date, or if Shares were not traded on the NYSE on such day, then on the next preceding day that Shares were traded on the NYSE; in the event Shares are traded only on an exchange
other than the NYSE, references herein to the NYSE shall mean such other exchange. 
 2.37 “Financial
Emergency” means a severe financial hardship to the Director resulting from an illness or accident of the Director, the Director’s spouse, or the Director’s dependent; loss of the Director’s property due to casualty; or other
similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Director and qualifying as an Unforeseeable Emergency for purposes of Section 409A. 

2.38 “Grant” means the grant of Shares made to Directors pursuant to Article 6 of this Plan. 

2.39 “Grant Date” means the date a Grant is made to a Director pursuant to Article 6 of this Plan. 

2.40 “Grant Price” means the FMV of Shares on the Grant Date. 

2.41 “Interest Crediting” shall mean the crediting of interest for a Director’s Deferred Cash Account pursuant to
Section 7.3(b)(i) of the Plan which interest shall be calculated at interest rates determined by the Administrator. 

2.42 “Person” means any individual, corporation, partnership, limited liability company, joint venture, association,
joint-stock company, trust or unincorporated organization. 
 2.43 “Plan” means this Albemarle Corporation 2013
Stock Compensation and Deferral Election Plan for Non-Employee Directors. 

  
 -6-

 2.44 “Prior Plan” means the Stock Plan or Deferral Plan, as applicable.

 2.45 “Section 409A” means Section 409A of the Code and all rulings and regulations promulgated
thereunder. 
 2.46 “Share” means a share of Common Stock of the Company and, where applicable, means
specifically the shares of Common Stock granted pursuant to Article 6 of this Plan. 
 2.47 “Stock
Compensation” means Shares of stock issued to the Directors as part of their annual compensation. 
 2.48
“Stock Plan” means the 2008 Stock Compensation Plan for Non-Employee Directors as in effect on the day before the Effective Date. 
 2.49 “Subsidiary” means any corporation or other entity, whether domestic or foreign, in which the Company has or obtains, directly or indirectly, more than fifty percent
(50%) equity interests or is otherwise controlled by the Company. 
 2.50 “Terminate”,
“Terminating”, or “Termination”, with respect to a Director, means cessation of his or her relationship with the Company as a director whether by death, Disability or severance for any other reason provided there is
a “separation from service” for purposes of Section 409A. 
  

	Article 3	Administration 

 3.1
General. The Administrator shall be responsible for administering this Plan, subject to this Article 3 and the other provisions of this Plan. The Administrator may employ attorneys, consultants, accountants, agents, and other individuals, any of
whom may be an employee, and the Administrator, the Company, and its officers and Directors shall be entitled to rely upon the advice, opinions, or valuations of any such individuals. All actions taken and all interpretations and determinations made
by the Administrator shall be final and binding upon the Directors, the Company, and all other interested individuals. 
 3.2
Authority of the Administrator. The Administrator shall have full and exclusive discretionary power to interpret the terms and the intent of this Plan and any agreement or document ancillary to or in connection with this Plan, to determine
eligibility for Grants and the right to make deferrals, and to adopt such rules, regulations, forms, instruments, and guidelines for administering this Plan as the Administrator may deem necessary or proper. Such authority shall include, but not be
limited to, determining Grant recipients, establishing Grant and deferral terms and conditions, construing any ambiguous provision of the Plan, and, subject to Article 12, adopting modifications and amendments to this Plan, including without
limitation, any that are necessary to comply with applicable laws. 
 3.3 Delegation. The Administrator may delegate to
one or more officers of the Company, and/or its Subsidiaries and Affiliates or to one or more agents or advisors such administrative duties or powers as it may deem advisable, and the Administrator or any individuals to whom it has delegated duties
or powers as aforesaid may employ one or more individuals to render advice with respect to any responsibility the Administrator or such individuals may have under this Plan. 

  
 -7-

	Article 4	Shares Subject to this Plan and Maximum Grants 

 4.1 Number of Shares Available for Grants. 
  

	 	(a)	Subject to adjustment as provided in Section 4.3, the maximum number of Shares available for issuance to Directors under this Plan on or after the Effective Date
shall be 500,000 Shares (the “Share Authorization”). As of the Effective Date, any Shares remaining available for issuance under the Prior Plans shall be cancelled. 

 

	 	(b)	The aggregate Fair Market Value (determined as of the Grant Date) of Shares that may be issued as Stock Compensation Grants under Article 6 of this Plan to a Director
in any Compensation Year shall not exceed $150,000. 

 4.2 Share Usage. Shares covered by a Grant shall
only be counted as used to the extent they are actually issued. Any Shares related to Grants or Deferred Stock which terminate by forfeiture, cancellation, or otherwise shall be available again for grant under this Plan. The Shares available for
issuance under this Plan shall be registered under the Securities Act on Form S-8 (or any successor form or another appropriate form). 
 4.3 Adjustments in Authorized Shares. In the event of any corporate event or transaction (including, but not limited to, a change in the Shares of the Company or the capitalization of the Company)
such as a merger, consolidation, reorganization, recapitalization, separation, partial or complete liquidation, stock dividend, stock split, reverse stock split, split up, spin-off, or other distribution of stock or property of the Company,
combination of Shares, exchange of Shares, dividend in kind, or other like change in capital structure, number of outstanding Shares or distribution (other than normal cash dividends) to shareholders of the Company, or any similar corporate event or
transaction, the Administrator, in its sole discretion, in order to prevent dilution or enlargement of Directors’ rights under this Plan, shall substitute or adjust, as applicable, the number and kind of Shares that may be issued under this
Plan, the number and kind of Shares subject to outstanding Grants, the Annual Grant Limits, and other value determinations applicable to outstanding Grants. 
 Subject to the provisions of Section 6.7 and notwithstanding anything else herein to the contrary, without affecting the number of Shares reserved or available hereunder, the Administrator may
authorize the issuance or assumption of benefits under this Plan in connection with any merger, consolidation, acquisition of property or stock, or reorganization upon such terms and conditions as it may deem appropriate. 

 

	Article 5	Eligibility and Participation 

 5.1 Eligibility. Each non-employee who is a Director of the Corporation on the Effective Date of the Plan or who thereafter becomes a non-employee Director of the Corporation shall be eligible to
participate in the Plan until the non-employee Director is no longer serving as a non-employee Director of the Corporation. 
  

	Article 6	Grants of Shares 

 6.1
Annual Grants. As of each July 1st, commencing with July 1, 2013, the Company will grant to each Director a number of Shares for that Compensation Year. The number of Shares granted to each Director shall be determined by
(i) dividing the amount of each Director’s cash retainer for the Compensation Year by the Fair Market Value of the Shares on the first day of the Compensation Year (which date is the Grant Date for purposes of this Plan), and
(ii) rounding such number of Shares up to the nearest increment of 25 Shares. Except as provided herein, the Shares shall remain unvested and forfeitable. 

  
 -8-

 6.2 Partial Year Directors. For individuals who become Directors after the first day
of the Compensation Year, such Directors shall receive a pro-rata number of Shares for the Compensation Year based on the number of days remaining in the Compensation Year. The number of Shares granted under this Section 6.2 shall be determined
pursuant to Section 6.1 but based on the Fair Market Value of the Shares on the date the Director becomes a Director, which date shall be the Grant Date with respect to such Shares. 

6.3 Limits on Shares. The Administrator shall have the authority to increase the number of Shares granted to each Director during
a Compensation Year but in no event shall the amount granted exceed the limits set forth in Article 4 above. 
 6.4 Vesting of Shares. Subject to Section 6.7, each Director’s Shares pursuant to a Grant (including the Shares of Directors whose Grants were subject to Section 6.2) shall become
vested and non-forfeitable on the July 1st next
following the Grant Date referred to in Section 6.1. Notwithstanding the foregoing, the Administrator may determine each year, in its sole discretion, that a different vesting schedule shall apply to the Grant for that year. 

6.5 Death or Disability Before Vesting. Subject to Section 6.7, if a Director dies or becomes Disabled while he or she is a
Director, all Shares that are forfeitable shall become non-forfeitable as of the date of the Director’s death or Disability. 
 6.6 Forfeiture of Nonvested Shares. (a) Subject to paragraph (b) and Section 6.7, all Shares that are forfeitable shall be forfeited if a Director Terminates his or her service as a
Director before the Shares become vested under Section 6.4, except by reason of the Director’s death or Disability. 

(b) Notwithstanding paragraph (a) hereof, with respect to a Director who does not stand for reelection as a Director for the
following Compensation Year, but who is still serving as a Director as of the last day of the Compensation Year for which he or she holds unvested Shares, such Shares shall not be forfeited but shall vest pursuant to Section 6.4 hereof.

 6.7 Change in Control of the Company. Notwithstanding any other provision of this Plan to the contrary, the provisions
of this Section 6.7 shall apply in the event of a Change in Control, unless otherwise determined by the Administrator in connection with a Grant. 
 (a) Upon a Change in Control, except to the extent that another Grant meeting the requirements of paragraph (b) of this Section 6.7 (the “Replacement Grant”) is provided to the
Director to replace such Grant (the “Replaced Grant”), all then-outstanding Shares that are not vested, shall vest in full and be free of restrictions related to the vesting of such Grants. 

Except to the extent that a Replacement Grant is provided to the Director, the Administrator may, in its sole discretion, determine
that any or all outstanding Grants made under the Plan will be canceled and terminated and that in connection with such cancellation and termination the holder of such Grant may receive for each Share of common stock subject to such Grant a cash
payment (or the delivery of shares of stock, other securities or a combination of cash, stock and securities equivalent to such cash payment) equal to the value received by shareholders of the Company in respect of a Share of common stock in
connection with such transaction. 
 (b) A Grant shall meet the conditions of a Replacement Grant under this Section 6.7(b)
(and hence qualify as a Replacement Grant) if: (i) it has a value at least equal to the value of the Replaced Grant as determined by the Administrator in its sole discretion; (ii) it relates to publicly traded equity securities of the
Company or its successor in the Change in Control or another entity that is affiliated with 

  
 -9-

 
the Company or its successor following the Change in Control; and (iii) its other terms and conditions are not less favorable to the Director than the terms and conditions of the Replaced
Grant (including the provisions that would apply in the event of a subsequent Change in Control). Without limiting the generality of the foregoing, the Replacement Grant may take the form of a continuation of the Replaced Grant if the requirements
of the preceding sentence are satisfied. The determination of whether the conditions of this Section 6.7(b) are satisfied shall be made by the Administrator in its sole discretion. 

(c) With respect to Grants for which a Deferral Election has been made under Article 7, such Deferred Benefits shall vest pursuant to
paragraph (a) but the Deferral Election with respect to such Shares shall remain in place. 
 6.8 Dividends. On and
after the Grant Date, Directors shall receive, as additional cash payments, amounts representing the cash dividends paid on their Shares. If, however, a Director elects to defer his or her Stock Compensation pursuant to Section 7.1(c) of this
Plan, dividend equivalents shall accrue in the Deferred Stock Account from the Grant Date. 
  

	Article 7	Deferral Elections 

7.1 Right to Elect Deferrals. A Director may elect a Deferred Benefit for any Deferral Year if he or she is a Director at the
beginning of that Deferral Year or becomes a Director during that Deferral Year. 
 (a) A Deferral Election is valid when a
Deferral Election Form is completed, signed by the electing Director, and received by the Administrator. Deferral Elections are governed by the provisions of this Article 7. 
 (b) Before each Deferral Year’s Election Date, each Director will be provided with a Deferral Election Form. Under the Deferral Election Form for a single Deferral Year, a Director may elect on or
before the Election Date to defer the receipt of all or part of his or her Chair Fee (in 10% multiples), or all or part of his or her Director Fees (in 10% multiples), or a combination thereof for the Deferral Year, that will be earned and payable
after the Election Date. 
 (c) Before each Deferral Year’s Election Date, a Director may also elect on his or her
Deferral Election Form, to defer the receipt of all or part of his or her Stock Compensation granted during the Deferral Year (in 10% multiples). 
 (d) A Director’s Deferral Election Form for the Director’s Cash Compensation shall only be deferred as a Deferred Cash Benefit (in 10% increments of the deferred amount). A Director’s
deferral of Stock Compensation shall only be deferred as a Deferred Stock Benefit (in 10% increments of the deferred amount). Except as provided in Section 7.4(c) hereof, a Director may not elect to convert a Deferred Cash Benefit to a Deferred
Stock Benefit or to convert a Deferred Stock Benefit to a Deferred Cash Benefit. 
 (e) Each Distribution Election Form is part
of the Deferral Election Form on which it appears or to which it states that it is related. The Administrator may allow a Director to file one Distribution Election Form for all of his or her Deferred Stock Benefits, all of his or her Deferred Cash
Benefits or all of his or her Deferred Benefits. The Administrator may allow a Director to file multiple Distribution Election Forms that each relate to Deferred Stock Benefits, Deferred Cash Benefits, or both for one or more Deferral Years. The
provisions of Article 8 of this Plan apply to any Deferred Benefit under this Plan if there is no operative Distribution Election Form for that Deferred Benefit. 

  
 -10-

 (f) If the Administrator does so before the Election Date, the Administrator may
(i) reject any Deferral Election Form or any Distribution Election Form or both, and the Administrator is not required to state a reason for any rejection, and (ii) modify any Distribution Election Form to the extent necessary to comply
with any federal tax or securities laws or regulations. However, the Administrator’s rejection of any Deferral Election Form or any Distribution Election Form or the Administrator’s modification of any Distribution Election Form must be
based upon action taken without regard to any vote of the Director whose Deferral Election Form or Distribution Election Form is under consideration, and the Administrator’s rejections must be made on a uniform basis with respect to similarly
situated Directors. If the Administrator rejects a Deferral Election Form, the Director must be paid the amounts such Director would then have been entitled to receive if such Director had not submitted the rejected Deferral Election Form.

 (g) Subject to the last paragraph of Section 8.1(c) hereof, a Director may not revise or revoke a Deferral Election
Form or a Distribution Election Form after the Deferral Year begins. Any revocation before the beginning of the Deferral Year is the same as a failure to submit a Deferral Election Form or a Distribution Election Form. Any writing signed by a
Director expressing an intention to revoke his or her Deferral Election Form or a related Distribution Election Form and delivered to the Administrator before the close of business on the relevant Election Date is a revocation. 

(h) The Plan is unfunded. A Deferred Benefit is at all times a mere contractual obligation of the Company. The Company will not
segregate any funds or assets for Deferred Benefits nor issue any notes or security for the payment of any Deferred Benefit. 

(i) A Director has no control over Deferred Benefits except according to his or her Deferral Election Forms, Distribution Election
Forms, and Beneficiary Designation Forms, and his or her right to select investments under Directed Investments, if applicable. 
 (j) A Deferred Cash Account and a Deferred Stock Account relating to a Director under this Plan are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance,
or charge, and any attempt to do so is void. Deferred Benefits are not subject to attachment or legal process for a Director’s debts or other obligations. Nothing contained in this Plan gives any Director any interest, lien, or claim against
any specific asset of the Company. A Director or his or her Beneficiary has no rights to receive Deferred Benefits other than as a general creditor. 
 7.2 Effect of No Election. A Director who has not submitted a valid Deferral Election Form to the Administrator on or before the relevant Election Date may not defer his or her Cash Compensation or
Stock Compensation for the applicable Deferral Year. The Deferred Benefit of a Director who submits a valid Deferral Election Form but fails to submit a valid Distribution Election Form for that Deferred Benefit before the relevant Election Date or
who otherwise has no valid Distribution Election Form for that Deferred Benefit is governed by Article 8 of this Plan. 
 7.3
Deferred Cash Benefits. 
 (a) Deferred Cash Benefits will be set up in a Deferred Cash Account for each Director and
credited with interest pursuant to Interest Crediting and subparagraph (b)(i) of this Section 7.3. Alternatively, in lieu of Interest Crediting, the Administrator may determine that Deferred Cash Accounts shall be credited with earnings and
losses based on the experience of Directed Investments pursuant to subparagraph (b)(ii) of this Section 7.3. Deferred Cash Benefits are credited to the applicable Director’s Deferred Cash Account as of the day they would have been paid but
for the deferral. 

  
 -11-

 (b) (i) Initially, Interest will be credited to Deferred Cash Accounts based on the yield
on the Barclays Capital U.S. Corporate Bond Index, as published in the Wall Street Journal or the Wall Street Journal On-Line, on the day preceding the day that interest is credited. Notwithstanding the preceding sentence, the Administrator may
change the basis on which the interest rate is determined. Interest credits are accrued monthly on accumulated Deferred Cash Accounts. 
 (ii) At such time as the Administrator may determine that Directed Investments shall apply to Deferred Cash Benefits in lieu of Interest Crediting, the provisions of this subparagraph (ii) shall
apply. Pursuant to Directed Investments, each Director shall complete a portfolio allocation form electing from among a series of hypothetical investment options designated by the Administrator into which the Deferred Cash Benefits shall be
credited. The performance of a Director’s Deferred Cash Benefits shall be measured based upon the investment options selected. A Director’s Deferred Cash Benefits shall be credited with such hypothetical crediting rates calculated after
any investment managers’ and other applicable expenses have been deducted. Investment options may be changed at such times and in the form and manner prescribed by the Administrator, with such form and manner typically being an on-line election
made via a third party record keeper’s secure website. Except as otherwise determined by the Administrator, revised or changed investment elections shall be effective consistent with the timing disclosed on the third party record keeper’s
secure website, typically by the next business day provided that the election is properly made before any stated deadlines. Directors’ Deferred Cash Benefits shall be credited daily with investment gains and losses as if such Benefits were
invested in one or more of the Plan’s investment options, as selected by the Director, less administrative charges applied against the particular investment options. To the extent a Director fails to make an election pursuant to this
subparagraph (ii), the Director shall be deemed to have elected that all Deferred Cash Benefits be invested in the investment option that constitutes the applicable default investment alternative as designated by the Administrator. 

(iii) Interest shall accrue through the end of the month preceding the month of distribution of a Deferred Cash Benefit. Once Directed
Investments are available under the Plan, interest and earnings and losses shall accrue through the latest date administratively practicable preceding the date of distribution of a Deferred Cash Benefit, which date is referred to in this Plan as the
Cash Distribution Date. 
 7.4 Deferred Stock Benefits. 

(a) Deferred Stock Benefits will be set up in a Deferred Stock Account for each electing Director and credited with earnings in
accordance with subsection (b). A Director’s Deferred Stock Benefit is credited to the Director’s Deferred Stock Account as the number of shares of Common Stock awarded under Article 6 of this Plan. 

(b) The basis for additional credits to Deferred Stock Accounts (in whole and fractional shares of Common Stock) will be based on the
value of dividends paid on Common Stock and the Fair Market Value on the date that such dividends are paid on Common Stock. The value of a Deferred Stock Account at any relevant time equals the value of the shares of Common Stock as if the Stock
Compensation deferred by the Director under the Plan and any additional credits under this Section 7.4 had been used to purchase Common Stock at the Fair Market Value on the date the Deferred Stock Account is being valued. Additional credits
are accrued through the end of the month preceding the month of distribution of a Deferred Stock Benefit. 
 (c) Directors may
exercise a one-time election to transfer some or all of the amounts deferred in their Deferred Stock Accounts to Deferred Cash Accounts which shall thereafter accrue value at either the Interest Crediting rate or as Directed Investments pursuant to
Section 7.3(b), as applicable, 

  
 -12-

 
provided, that, the one-time election right under this Section 7.4(c) shall be available only if (i) at the time of such election, the Director has completed 5 or more years of
service on the Board, (ii) the Director shall satisfy the Company’s stock holding requirements then in effect following such transfer, and (iii) the Director’s election is made during an open window period as defined in the
Company’s Insider Trading Policy. 
  

	Article 8	Distributions 

 8.1
Time and Form of Payments. 
 (a) According to a Director’s Distribution Election Form, a Deferred Cash Benefit
(including a Deferred Cash Benefit pursuant to Section 7.4(c)) will be distributed in cash and a Deferred Stock Benefit will be distributed in shares of Common Stock equal to the number of whole shares of Common Stock credited to the
Director’s Deferred Stock Account determined as of the last day of the month preceding the month of distribution. However, cash will be paid in lieu of a fractional share of Common Stock credited to the Director’s Deferred Stock Account as
of the last day of the month preceding the month of distribution. 
 (b) Except for distributions triggered by a
Director’s Disability, Deferred Benefits will be paid in a lump sum unless the Director’s Distribution Election Form specifies annual installment payments over a period of up to 10 years. A Deferred Benefit payable in installments will
continue to accrue additional credits under Plan subsection 7.3(b) or 7.4(b), as applicable, on the unpaid balance of a Deferred Cash Account and Deferred Stock Account through the end of the month preceding the month of distribution or the Cash
Distribution Date, as applicable. 
 (c) Unless otherwise specified in a Director’s Distribution Election Form, any lump
sum payment will be paid or installment payments will begin to be paid on the February 15 of the year after the Director’s sixty-fifth birthday or on the February 15 of the year after the Director’s Termination, if earlier. For
distributions that would automatically be caused under the preceding sentence by a Director’s Termination (other than due to death or Disability) or for distributions that would otherwise automatically begin because a Director reaches age
sixty-five, the Director may elect on his or her Distribution Election Form that payments are to begin: 
 (i) on the
February 15 following his or her Termination, without regard to his or her age; or 
 (ii) on the February 15
following the later of his or her Termination and his or her attainment of a specified age; or 
 (iii) even if the Director
does not Terminate, on the February 15 following his or attainment of a specified age. 
 For purposes of these
distribution election alternatives, the specified age must be not less than the Director’s age two years from the Election Date pertaining to the applicable Deferral Year. A Director may amend his or her Distribution Election Form to postpone
the commencement of benefit payments only if (i) the amendment is made at least twelve months before the date distributions would otherwise have commenced, (ii) the amended payment date is at least five years after the original payment
date, and (iii) the amendment otherwise conforms to the requirements of the Plan and Section 409A. 

  
 -13-

 8.2 Disability. If a Director becomes Disabled, Deferred Benefits will be paid to
such Director in annual installment payments over a period of 10 years commencing on the date his or her Disability is certified by the Administrator. 
 8.3 Death. Upon a Director’s death, his or her Beneficiary will receive his or her portion of the Director’s Deferred Cash Account and Deferred Stock Account in a lump sum payment as soon
as administratively feasible following the Director’s death. 
  

	Article 9	Hardship Distributions 

(a) At the request of a Director before or after the Director’s Termination, or at the request of any of the Director’s
Beneficiaries after the Director’s death, a Director’s Deferred Benefits under this Plan shall be paid in the event of a Financial Emergency. An accelerated distribution on account of a Financial Emergency must be limited to the amount
determined by the Administrator to be necessary to satisfy the Financial Emergency plus amounts necessary to pay applicable income taxes and penalties. 
 (b) For purposes of an accelerated distribution under this section, the Deferred Stock Benefit’s value is determined by the value of the Deferred Stock Account, as set out in Article 7.4(b), at the
time of distribution. 
 (c) Distributions under this section must first be made from the Director’s Deferred Cash Account
before accelerating the distribution of any amount attributable to a Deferred Stock Benefit. 
 (d) A distribution under this
section is in lieu of that portion of the Deferred Benefit that would have been paid otherwise. A Deferred Cash Benefit is adjusted for a distribution under this section by reducing the Director’s Deferred Cash Account by the amount of the
distribution. A Deferred Stock Benefit is adjusted for a distribution under this section by reducing the value of the Director’s Deferred Stock Account by the amount of the distribution. 

 

	Article 10	Beneficiary Designation 

Each Director under this Plan may, from time to time, name a Beneficiary or Beneficiaries (who may be named contingently or successively)
who will receive any Stock Compensation or unpaid Deferred Benefit under this Plan in case of the Director’s death before his or her Stock Compensation vests or Deferred Benefits are paid. Each such designation shall revoke all prior
designations by the same Director, shall be in a form prescribed by the Administrator, and will be effective only when filed by the Director in writing with the Company during the Director’s lifetime. In the absence of any such Beneficiary
designation, benefits remaining unpaid at the Director’s death shall be paid to the default Beneficiary specified under Section 2.6. 
  

	Article 11	Successors 

 All
obligations of the Company under this Plan with respect to Grants made hereunder shall be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or
otherwise, of all or substantially all of the business and/or assets of the Company. 
  

	Article 12	Amendment, Modification, Suspension, and Termination 

 12.1 Amendment, Modification, Suspension, and Termination. The Administrator may, at any time and from time to time, alter, amend, modify, suspend, or terminate this Plan in whole or in part,

  
 -14-

 
provided, however, that no such amendment shall increase the number of Shares that may be granted to any Director, except as otherwise described in this Plan, or increase the total number of
Shares that may be granted under the Plan. In addition, any amendment of the Plan must comply with the rules of the NYSE and no material amendment of this Plan shall be made without shareholder approval if shareholder approval is required by law,
regulation, or stock exchange rule. 
 12.2 Plan Termination. Except for a termination of the Plan caused by the
determination of the Board that the laws upon which the Plan is based have changed in a manner that negates the Plan’s objectives, this Plan may not be altered, amended, suspended, or terminated without the majority consent of all Directors who
are Directors if that action would result either in a distribution of all Deferred Benefits in any manner other than as provided in this Plan or that would result in immediate taxation of Deferred Benefits to Directors. 

Upon termination of the Plan, all vested benefits shall be paid upon the earliest to occur of the following events: 

 

	 	1.	Termination and liquidation of the Plan within 12 months of a qualifying corporate dissolution or bankruptcy; 

 

	 	2.	Termination and liquidation of the Plan pursuant to irrevocable action of the Company within 30 days before, or 12 months after, a Change in Control that qualifies as a
distribution event under Section 409A; 

  

	 	3.	A termination and liquidation of the Plan (i) that does not occur proximate to a downturn in the Company’s financial condition; (ii) where all plans
required to be aggregated with the Plan are terminated; (iii) where no liquidation payments are made for at least 12 months after the Plan is terminated; (iv) where all payments are made by 24 months after the Plan is terminated; and
(v) where the Company does not adopt a new plan of the same type, for at least three years after the Plan is terminated; or 

  

	 	4.	The occurrence of an applicable distribution event pursuant to the other terms of the Plan. 

Distributions made under this Section 12.2, other than pursuant to paragraph 4 above, shall be paid in the form of a lump sum.

 12.3 Adjustment of Grants Upon the Occurrence of Certain Unusual or Nonrecurring Events. The Administrator may make
adjustments in the terms and conditions of, and the criteria included in, Grants in recognition of unusual or nonrecurring events (including, without limitation, the events described in Section 4.3 hereof) affecting the Company or the financial
statements of the Company or of changes in applicable laws, regulations, or accounting principles, whenever the Administrator determines that such adjustments are appropriate in order to prevent unintended dilution or enlargement of the benefits or
potential benefits intended to be made available under this Plan. The determination of the Administrator as to the foregoing adjustments, if any, shall be conclusive and binding on Directors under this Plan. 

12.4 Amendment to Conform to Law. Notwithstanding any other provision of this Plan to the contrary, the Plan shall be amended, to
take effect retroactively or otherwise, as deemed necessary or advisable for the purpose of conforming the Plan to any present or future law relating to plans of this or similar nature (including, but not limited to, Section 409A), and to the
administrative regulations and 

  
 -15-

 
rulings promulgated thereunder. By accepting a Grant under this Plan, a Director agrees to any amendment made pursuant to this Section 12.4 to any Grant made granted under the Plan without
further consideration or action. 
  

	Article 13	General Provisions 

13.1 Legend. The certificates for Shares may include any legend which the Administrator deems appropriate to reflect any
restrictions on transfer of such Shares. 
 13.2 Non-Assignability. Deferred Benefits may not be assigned by a Director
or Beneficiary. 
 13.3 Severability. In the event any provision of this Plan shall be held illegal or invalid for any
reason, the illegality or invalidity shall not affect the remaining parts of this Plan, and this Plan shall be construed and enforced as if the illegal or invalid provision had not been included. 

13.4 Requirements of Law. The granting and issuance of Shares under this Plan shall be subject to all applicable laws, rules, and
regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required. 
 13.5
Delivery of Title. The Company shall have no obligation to issue or deliver evidence of title for Shares issued under this Plan prior to: (a) obtaining any approvals from governmental agencies that the Company determines are necessary or
advisable; and (b) completion of any registration or other qualification of the Shares under any applicable national or foreign law or ruling of any governmental body that the Company determines to be necessary or advisable. 

13.6 Inability to Obtain Authority. The inability of the Company to obtain authority from any regulatory body having jurisdiction,
which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, shall relieve the Company of any liability in respect of the failure to issue such Shares as to which such requisite
authority shall not have been obtained. 
 13.7 Uncertificated Shares. To the extent that this Plan provides for issuance
of certificates to reflect the transfer of Shares, the transfer of such Shares may be effected on a noncertificated basis, to the extent not prohibited by applicable law or the rules of any stock exchange. 

13.8 Unfunded Plan. Directors shall have no right, title, or interest whatsoever in or to any investments that the Company, and/or
its Subsidiaries, and/or its Affiliates may make to aid it in meeting its obligations under this Plan. Nothing contained in this Plan, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind, or a
fiduciary relationship between the Company and any Director, beneficiary, legal representative, or any other individual. To the extent that any individual acquires a right to receive payments from the Company, its Subsidiaries, and/or its Affiliates
under this Plan, such right shall be no greater than the right of an unsecured general creditor of the Company, a Subsidiary, or an Affiliate, as the case may be. All payments to be made hereunder shall be paid from the general funds of the Company,
a Subsidiary, or an Affiliate, as the case may be and no special or separate fund shall be established and no segregation of assets shall be made to assure payment of such amounts except as expressly set forth in this Plan. 

13.9 Nonexclusivity of this Plan. The adoption of this Plan shall not be construed as creating any limitations on the power of the
Board or Administrator to adopt such other compensation arrangements as it may deem desirable for any Director. 

  
 -16-

 13.10 No Constraint on Corporate Action. Nothing in this Plan shall be construed to:
(i) limit, impair, or otherwise affect the Company’s or a Subsidiary’s or an Affiliate’s right or power to make adjustments, reclassifications, reorganizations, or changes of its capital or business structure, or to merge or
consolidate, or dissolve, liquidate, sell, or transfer all or any part of its business or assets; or, (ii) limit the right or power of the Company or a Subsidiary or an Affiliate to take any action which such entity deems to be necessary or
appropriate. 
 13.11 Governing Law. The Plan and each Grant and Deferred Benefit hereunder shall be governed by the laws
of the State of Virginia, excluding any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of this Plan to the substantive law of another jurisdiction. Recipients of a Grant or Deferred Benefit
under this Plan are deemed to submit to the exclusive jurisdiction and venue of the federal or state courts of Virginia, to resolve any and all issues that may arise out of or relate to this Plan. 

13.12 Section 409A. Notwithstanding any other provision of this Plan, it is intended that all benefits under this Plan that
are subject to Section 409A, including vested Stock Compensation that has been deferred pursuant to Article 7, shall satisfy the provisions of Section 409A and this Plan shall be interpreted and administered, as necessary, to comply with
such provisions. 
 13.13 Notices. Notices and elections under this Plan must be in writing. A notice or election is
deemed delivered if it is delivered personally or if it is mailed by registered or certified mail to the person at his or her last known business address. 
 13.14 Waiver. The waiver of a breach of any provision in this Plan does not operate as and may not be construed as a waiver of any later breach. 

13.15 Gender and Number. Except where otherwise indicated by the context, any masculine term used herein also shall include the
feminine, the plural shall include the singular, and the singular shall include the plural. 

  
 -17-EX-10.1

 Exhibit 10.1 
 EXECUTION COPY 
 AGREEMENT 

This Agreement (this “Agreement”) is made and entered into as of May 13, 2013, by and among Quantum Corporation, a
Delaware corporation (the “Company”), and the entities and natural persons listed on Exhibit A hereto and their respective Affiliates (collectively, “Starboard”) (each of the Company and Starboard, a
“Party” to this Agreement, and collectively, the “Parties”). 
 RECITALS 

WHEREAS, the Company and Starboard have engaged in various discussions and communications concerning the Company’s business, assets
and financial performance; 
 WHEREAS, Starboard is deemed to beneficially own shares of common stock of the Company (the
“Common Stock”) totaling, in the aggregate, 44,243,875 shares, including shares underlying the Company’s convertible senior subordinated notes, or approximately seventeen percent (17.0%) of the Common Stock of the Company
issued and outstanding on the date hereof; and 
 WHEREAS, the Company and Starboard have determined to come to an agreement
with respect to the election of members of the Company’s board of directors (the “Board”) at the 2013 annual meeting of stockholders of the Company (the “2013 Annual Meeting”) and certain other matters, as
provided in this Agreement. 
 NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants and
agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto, intending to be legally bound hereby, agree as follows: 

1. Board Matters; Board Appointments; 2013 Annual Meeting. 

(a) The Company agrees that the Board and all applicable committees of the Board shall take all necessary actions, effective immediately
following the execution of this Agreement, to (i) increase the size of the Board from eight (8) members to nine (9) members, and (ii) appoint Jeffrey Smith (“Nominee One”) as a member of the Board. The Company
further agrees that prior to the mailing of its definitive proxy statement for the 2013 Annual Meeting, the Board and all applicable committees of the Board shall take all necessary actions, subject to Section 1(d) and (j) below, to
nominate Louis DiNardo (“Nominee Two”) and Philip Black (“Nominee Three,” and together with Nominee One and Nominee Two, the “Starboard Nominees”) for election to the Board at the 2013 Annual
Meeting. During the Standstill Period (as defined below), the Board and all applicable committees of the Board shall not increase the size of the Board to more than nine (9) directors. 

(b) Upon the execution of this Agreement, Starboard hereby agrees not to (i) nominate any person for election at the 2013 Annual
Meeting, (ii) submit any proposal for consideration at, or bring any other business before, the 2013 Annual Meeting, directly or indirectly, or (iii) initiate, encourage or participate in any “withhold” or similar campaign with
respect to the 2013 Annual Meeting, directly or indirectly, and shall not permit any of its Affiliates or Associates to do any of the items in this Section 1(b). Starboard shall not publicly or privately encourage or support any other
stockholder to take any of the actions described in this Section 1(b). 

 (c) The Company agrees that it will recommend, support and solicit proxies for the election
of the Starboard Nominees at the 2013 Annual Meeting in the same manner as for the Company’s other nominees standing for election to the Board at the 2013 Annual Meeting. 
 (d) The Company agrees that if any of the Starboard Nominees or any Replacement Director (as defined below) is unable to serve as a director, resigns as a director or is removed as a director prior to the
2014 annual meeting of stockholders of the Company (the “2014 Annual Meeting”), and at such time Starboard beneficially owns in the aggregate, excluding shares of Common Stock underlying the Company’s convertible senior
subordinated notes, at least three percent (3.0%) of the Company’s then outstanding Common Stock (subject to adjustment for stock splits, reclassifications, combinations and similar adjustments), Starboard shall have the ability to
recommend a substitute person(s) for approval by the Corporate Governance and Nominating Committee of the Board (the “Governance Committee”), in good faith after exercising its fiduciary duties, which approval shall not be
unreasonably withheld (any such replacement nominee recommended in accordance with the terms of this Section 1(d) shall be referred to as the “Replacement Director”). Any Replacement Director shall (i) other than in the
case of a substitute for Nominee One, be independent of Starboard, (ii) qualify as “independent” pursuant to NYSE listing standards, as do Nominee Two and Nominee Three, and (iii) have relevant financial and business experience.
In the event the Governance Committee does not accept a substitute person recommended by Starboard, Starboard will have the right to recommend additional substitute person(s), who meet the requirements of (i) through (iii) in the preceding
sentence. Upon the recommendation of a Replacement Director nominee by the Governance Committee, the Board shall vote on the appointment of such Replacement Director to the Board no later than five (5) business days after the Governance
Committee recommendation of such Replacement Director; provided, however, that if the Board does not elect such Replacement Director to the Board, the Parties shall continue to follow the procedures of this Section 1(d) until a Replacement
Director is elected to the Board. 
 (e) At the 2013 Annual Meeting, Starboard agrees to appear in person or by proxy at the
2013 Annual Meeting and vote all shares of Common Stock beneficially owned by it (i) in favor of the election of each of the Company’s nominees for election to the Board (ratably with respect to all nominees) and (ii) and in
accordance with the Board’s recommendation with respect to the Company’s “say-on-pay” proposal, unless Institutional Shareholder Services Inc. recommends otherwise with respect to such “say-on-pay” proposal. 

(f) Starboard agrees that it will cause its Affiliates and Associates to comply with the terms of this Agreement. As used in this
Agreement, the terms “Affiliate” and “Associate” shall have the respective meanings set forth in Rule 12b-2 promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended, or the rules
or regulations promulgated thereunder (the “Exchange Act”) and shall include all persons or entities that at any time during the term of this Agreement become Affiliates or Associates of any person or entity referred to in this
Agreement. 
 (g) As of the date of this Agreement, each of Nominee Two and Nominee Three is appointed as an observer to the
Board (the “Board Observers”) until the 2013 Annual Meeting. Each of the Board Observers will (i) receive copies of all notices and written information furnished to the full Board, reasonably in advance of each meeting to the
extent practicable, and (ii) be permitted to be present at all meetings of the full Board (whether by telephone or in person). Notwithstanding the foregoing, (A) the Company shall be entitled to withhold any information and exclude the
Board Observers from any meeting, or any portion thereof, as is reasonably determined by the Company to be necessary to protect the Company’s attorney-client privilege, or as otherwise may be appropriate until the Board Observers are elected to
the Board, and (B) the Board Observers shall execute a confidentiality agreement in form and substance reasonably acceptable to the Company with respect to the information and discussions to which the Board Observers will have access.

  
 2 

 (h) The Company shall use its reasonable best efforts to hold the 2013 Annual Meeting no
later than September 15, 2013. 
 (i) The Company agrees that promptly following the date hereof, but in any event no later
than thirty (30) days from the date hereof, the Board will take all action necessary to cause the appointment of Nominee One to the Leadership and Compensation Committee of the Board. The Company further agrees that promptly following the
conclusion of the 2013 Annual Meeting, but in any event no later than thirty (30) days thereafter, the Board will take all action necessary to cause (i) the appointment of Nominee Two as chairman of the Governance Committee of the Board
and (ii) the appointment of the Nominee Three to the Audit Committee of the Board. 
 (j) Starboard agrees to obtain from
Nominee One an irrevocable resignation letter pursuant to which Nominee One shall resign from the Board and all applicable committees thereof if at any time during the Standstill Period Starboard’s aggregate beneficial ownership of Common
Stock, excluding shares of Common Stock underlying the Company’s convertible senior subordinated notes, decreases to less than three percent (3.0%) of the Company’s then outstanding Common Stock (subject to adjustment for stock
splits, reclassifications and similar adjustments). Also at such time, the right of Starboard pursuant to Section 1(d) to participate in the recommendation of a Replacement Director to fill the vacancy caused by any such resignation of Nominee
One shall automatically terminate. 
 (k) Starboard shall cause each Starboard Nominee (and any Replacement Director) to agree
in writing, during the term of any service as a director of the Company, (i) to comply with all policies, procedures, processes, codes, rules, standards and guidelines applicable to members of the Board, including, without limitation, the
Company’s code of conduct, insider trading policy, its Regulation FD policy, its related party transactions policy and corporate governance guidelines and (ii) to keep confidential and not publicly disclose discussions and matters
considered in meetings of the Board and Board committees, unless previously disclosed publicly by the Company. Each Starboard Nominee (and any Replacement Director), within five (5) business days of appointment to serve as a director, shall
submit to the Company a fully completed copy of the Company’s standard director & officer questionnaire and other reasonable and customary director onboarding documentation required by the Company in connection with the appointment or
election of new Board members. 
 2. Standstill Provisions. 

(a) Starboard agrees that, from the date of this Agreement until the earlier of (i) the date that is fifteen (15) business days
prior to the deadline for the submission of stockholder nominations for the 2014 Annual Meeting pursuant to the Company’s bylaws or (ii) the date that is one hundred (100) days prior to the first anniversary of the 2013 Annual Meeting
(the “Standstill Period”), neither it nor any of its Affiliates or Associates under its control or direction will, and it will cause each of such Affiliates and Associates not to, directly or indirectly, in any manner: 

(i) engage in any solicitation of proxies or consents or become a “participant” in a “solicitation” as such terms
are defined in Regulation 14A under the Exchange Act of proxies or consents (including, without limitation, any solicitation of consents that improperly seeks to call a special meeting of stockholders), in each case, with respect to securities of
the Company; 
 (ii) form, join or in any way participate in any “group” (within the meaning of Section 13(d)(3)
of the Exchange Act) with respect to the Common Stock (other than a “group” that includes all or some of the persons identified on Exhibit A, but does not include any other entities or persons not identified on Exhibit A as
of the date hereof); provided, however, that nothing herein shall 

  
 3 

 
limit the ability of an Affiliate of Starboard to join the “group” following the execution of this Agreement, so long as any such Affiliate agrees to be bound by the terms and
conditions of this Agreement; 
 (iii) deposit any Common Stock in any voting trust or subject any Common Stock to any
arrangement or agreement with respect to the voting of any Common Stock, other than any such voting trust, arrangement or agreement solely among the members of Starboard and otherwise in accordance with this Agreement; 

(iv) seek or encourage any person to submit nominations in furtherance of a “contested solicitation” for the election or
removal of directors with respect to the Company or seek, encourage or take any other action with respect to the election or removal of any directors; 
 (v)(A) make any proposal for consideration by stockholders at any annual or special meeting of stockholders of the Company, (B) make any offer or proposal (with or without conditions) with respect to
any merger, acquisition, recapitalization, restructuring, disposition or other business combination involving the Company, or encourage, initiate or support any other third party in any such related activity or (C) make any public communication
in opposition to any Company acquisition or disposition activity approved by the Board; 
 (vi) seek, alone or in concert with
others, representation on the Board, except as specifically contemplated in Section 1; 
 (vii) seek to advise, encourage,
support or influence any person with respect to the voting or disposition of any securities of the Company at any annual or special meeting of stockholders, except in accordance with Section 1; or 

(viii) make any request or submit any proposal to amend the terms of this Agreement other than through non-public communications with
the Company that would not be reasonably determined to trigger public disclosure obligations for any Party. 
 (b) Except as
expressly provided in Section 1 or Section 2(a), each member of Starboard shall be entitled to: 
 (i) vote their
shares on any other proposal duly brought before the 2013 Annual Meeting, or otherwise vote as each member of Starboard determines in its sole discretion; or 
 (ii) disclose, publicly or otherwise, how it intends to vote or act with respect to any securities of the Company, any stockholder proposal or other matter to be voted on by the stockholders of the
Company and the reasons therefore; provided that, as applicable, all such activity is in compliance with the requirements of this Agreement. 
 3. Representations and Warranties of the Company. 
 The Company represents
and warrants to Starboard that (a) the Company has the corporate power and authority to execute this Agreement and to bind it thereto, (b) this Agreement has been duly and validly authorized, executed and delivered by the Company,
constitutes a valid and binding obligation and agreement of the Company, and is enforceable against the Company in accordance with its terms, except as enforcement thereof may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium, fraudulent conveyance or similar laws generally affecting the rights of creditors and subject to general equity principles, and (c) the execution, delivery and performance of this Agreement by the Company does not and will not
violate or conflict with (i) any law, rule, regulation, order, judgment or 

  
 4 

 
decree applicable to the Company, or (ii) result in any breach or violation of or constitute a default (or an event which with notice or lapse of time or both could constitute such a breach,
violation or default) under or pursuant to, or result in the loss of a material benefit under, or give any right of termination, amendment, acceleration or cancellation of, any organizational document, agreement, contract, commitment, understanding,
or arrangement to which the Company is a party or by which it is bound. 
 4. Representations and Warranties of
Starboard. 
 Starboard represents and warrants to the Company that (a) the authorized signatory of Starboard set forth
on the signature page hereto has the power and authority to execute this Agreement and any other documents or agreements to be entered into in connection with this Agreement and to bind it thereto, (b) this Agreement has been duly authorized,
executed and delivered by Starboard, and is a valid and binding obligation of Starboard, enforceable against Starboard in accordance with its terms, except as enforcement thereof may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium, fraudulent conveyance or similar laws generally affecting the rights of creditors and subject to general equity principles, (c) the execution of this Agreement, the consummation of any of the transactions contemplated hereby, and
the fulfillment of the terms hereof, in each case in accordance with the terms hereof, will not conflict with, or result in a breach or violation of the organizational documents of Starboard as currently in effect, (d) the execution, delivery
and performance of this Agreement by Starboard does not and will not violate or conflict with (i) any law, rule, regulation, order, judgment or decree applicable to Starboard, or (ii) result in any breach or violation of or constitute a
default (or an event which with notice or lapse of time or both could constitute such a breach, violation or default) under or pursuant to, or result in the loss of a material benefit under, or give any right of termination, amendment, acceleration
or cancellation of, any organizational document, agreement, contract, commitment, understanding or arrangement to which such member is a party or by which it is bound, (e) as of the date of this Agreement, (i) Starboard is deemed to
beneficially own in the aggregate 44,243,875 shares of Common Stock, including shares of Common Stock underlying the Company’s convertible senior subordinated notes, and (ii) Starboard does not currently have, and does not currently have
any right to acquire, any interest in any other securities of the Company (or any rights, options or other securities convertible into or exercisable or exchangeable (whether or not convertible, exercisable or exchangeable immediately or only after
the passage of time or the occurrence of a specified event) for such securities or any obligations measured by the price or value of any securities of the Company or any of its Affiliates, including any swaps or other derivative arrangements
designed to produce economic benefits and risks that correspond to the ownership of Common Stock, whether or not any of the foregoing would give rise to beneficial ownership (as determined under Rule 13d-3 promulgated under the Exchange Act), and
whether or not to be settled by delivery of Common Stock, payment of cash or by other consideration, and without regard to any short position under any such contract or arrangement), (f) each of Nominee Two and Nominee Three is independent of
Starboard, and (g) Starboard has not, directly or indirectly, compensated or agreed to, and will not, compensate Nominee Two or Nominee Three for their service as a nominee or director of the Company with any cash, securities (including any
rights or options convertible into or exercisable for or exchangeable into securities or any profit sharing agreement or arrangement), or other form of compensation directly or indirectly related to the Company or its securities, other than cash
compensation, if any, to be used by Nominee Two and Nominee Three to purchase securities of the Company, which compensation has been previously disclosed to the Company, has been paid in full prior to the date hereof and Starboard has no remaining
compensation obligation to Nominee Two or Nominee Three. 
 5. Press Release. 

Promptly following the execution of this Agreement, the Company and Starboard shall jointly

  
 5 

 
issue a mutually agreeable press release (the “Mutual Press Release”) announcing certain terms of this Agreement, in the form attached hereto as Exhibit B. Prior to the
issuance of the Mutual Press Release, neither the Company nor Starboard shall issue any press release or public announcement regarding this Agreement without the prior written consent of the other Party. Until the 2013 Annual Meeting, neither the
Company nor Starboard or any of the Starboard Nominees shall make any public announcement or statement that is inconsistent with or contrary to the statements made in the Mutual Press Release, except as required by law or the rules of any stock
exchange or with the prior written consent of the other Party. 
 6. Specific Performance. 

Each of Starboard, on the one hand, and the Company, on the other hand, acknowledges and agrees that irreparable injury to the other
party hereto would occur in the event any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached and that such injury would not be adequately compensable by the remedies available at
law (including the payment of money damages). It is accordingly agreed that Starboard, on the one hand, and the Company, on the other hand (the “Moving Party”), shall each be entitled to specific enforcement of, and injunctive
relief to prevent any violation of, the terms hereof, and the other party hereto will not take action, directly or indirectly, in opposition to the Moving Party seeking such relief on the grounds that any other remedy or relief is available at law
or in equity. This Section 6 is not the exclusive remedy for any violation of this Agreement. 
 7. Expenses.

 The Company shall reimburse Starboard for its reasonable, documented out-of-pocket fees and expenses (including legal
expenses) incurred in connection with the matters related to the 2013 Annual Meeting, the filing of a Schedule 13D amendment in connection with this Agreement and the negotiation and execution of this Agreement, provided that such reimbursement
shall not exceed thirty thousand dollars ($30,000) in the aggregate. 
 8. Severability. 

If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, void or
unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated. It is hereby stipulated and declared to be the
intention of the Parties that the Parties would have executed the remaining terms, provisions, covenants and restrictions without including any of such which may be hereafter declared invalid, void or unenforceable. In addition, the Parties agree to
use their best efforts to agree upon and substitute a valid and enforceable term, provision, covenant or restriction for any of such that is held invalid, void or enforceable by a court of competent jurisdiction. 

9. Notices. 
 Any notices, consents, determinations, waivers or other communications required or permitted to be given under the terms of this Agreement must be in writing and will be deemed to have been delivered:
(i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending party); or (iii) one business
day after deposit with a nationally recognized overnight delivery service, in each case properly addressed to the party to receive the same. The addresses and facsimile numbers for such communications shall be: 

  
 6 

					
	If to the Company:	 	
			
		  	Quantum Corporation	 	
		  	1650 Technology Drive, Suite 800	 	
		  	San Jose, California 95110	 	
		  	Attention: Shawn Hall	 	
		  	Telephone: (408) 944-4000	 	
		  	Facsimile: (408) 944-6581	 	
		
	with a copy (which shall not constitute notice) to:	 	
			
		  	Wilson Sonsini Goodrich & Rosati, Professional Corporation	 	
		  	1301 Avenue of the Americas, 40th Floor	 	
		  	New York, New York 10019	 	
		  	Attention: Warren S. de Wied, Esq.	 	
		  	Telephone: (212) 999-5800	 	
		  	Facsimile: (212) 999-5899	 	
		
	If to Starboard or any member thereof:	 	
			
		  	Starboard Value LP	 	
		  	830 Third Avenue, 3rd Floor	 	
		  	New York, New York 10022	 	
		  	Attention: Jeffrey C. Smith	 	
		  	Telephone: (212) 845-7977	 	
		  	Facsimile: (212) 845-7988	 	
		
	with a copy (which shall not constitute notice) to:	 	
			
		  	Olshan Frome Wolosky LLP	 	
		  	Park Avenue Tower	 	
		  	65 East 55th Street	 	
		  	New York, New York 10022	 	
		  	Attention: Steve Wolosky, Esq.	 	
		  	Telephone: (212) 451-2333	 	
		  	Facsimile: (212) 451-2222	 	

 10. Applicable Law. 
 This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware without reference to the conflict of laws principles thereof. Each of the Parties hereto
irrevocably agrees that any legal action or proceeding with respect to this Agreement and the rights and obligations arising hereunder, or for recognition and enforcement of any judgment in respect of this Agreement and the rights and obligations
arising hereunder brought by the other party hereto or its successors or assigns, shall be brought and determined exclusively in the Delaware Court of Chancery and any state appellate court therefrom within the State of Delaware (or, if the Delaware
Court of Chancery declines to accept jurisdiction over a particular matter, any state or federal court within the State of Delaware). Each of the Parties hereto hereby irrevocably submits, with regard to any such action or proceeding for itself and
in respect of its property, generally and unconditionally, to the personal jurisdiction of the aforesaid courts and agrees that it will not bring any action relating to this Agreement 

  
 7 

 
in any court other than the aforesaid courts. Each of the Parties hereto hereby irrevocably waives, and agrees not to assert in any action or proceeding with respect to this Agreement,
(i) any claim that it is not personally subject to the jurisdiction of the above-named courts for any reason, (ii) any claim that it or its property is exempt or immune from jurisdiction of any such court or from any legal process
commenced in such courts (whether through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise) and (iii) to the fullest extent permitted by applicable legal
requirements, any claim that (A) the suit, action or proceeding in such court is brought in an inconvenient forum, (B) the venue of such suit, action or proceeding is improper or (C) this Agreement, or the subject matter hereof, may
not be enforced in or by such courts. 
 11. Counterparts. 

This Agreement may be executed in two or more counterparts, each of which shall be considered one and the same agreement and shall become
effective when counterparts have been signed by each of the Parties and delivered to the other Party (including by means of electronic delivery or facsimile). 
 12. Entire Agreement; Amendment and Waiver; Successors and Assigns; Third Party Beneficiaries. 
 This Agreement contains the entire understanding of the Parties hereto with respect to its subject matter. There are no restrictions, agreements, promises, representations, warranties, covenants or
undertakings between the Parties other than those expressly set forth herein. No modifications of this Agreement can be made except in writing signed by an authorized representative of each the Company and Starboard, except that the signature of an
authorized representative of the Company will not be required to permit an Affiliate of Starboard to agree to be listed on Exhibit A and be bound by the terms and conditions of this Agreement. No failure on the part of any party to exercise,
and no delay in exercising, any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of such right, power or remedy by such party preclude any other or further exercise thereof or the exercise
of any other right, power or remedy. All remedies hereunder are cumulative and are not exclusive of any other remedies provided by law. The terms and conditions of this Agreement shall be binding upon, inure to the benefit of, and be enforceable by
the Parties hereto and their respective successors, heirs, executors, legal representatives, and permitted assigns. No party shall assign this Agreement or any rights or obligations hereunder without, with respect to any member of Starboard, the
prior written consent of the Company, and with respect to the Company, the prior written consent of Starboard. This Agreement is solely for the benefit of the Parties hereto and is not enforceable by any other persons. 

13. Mutual Non-Disparagement. 
 Subject to applicable law, each of the Parties covenants and agrees that, during the Standstill Period, or if earlier, until such time as the other Party or any of its agents, subsidiaries, affiliates,
successors, assigns, officers, key employees or directors shall have breached this Section, neither it nor any of its respective agents, subsidiaries, affiliates, successors, assigns, officers, key employees or directors, shall in any way publicly
disparage, call into disrepute, or otherwise defame or slander the other Parties or such other Parties’ subsidiaries, affiliates, successors, assigns, officers (including any current officer of a Party or a Parties’ subsidiaries who no
longer serves in such capacity following the execution of this Agreement), directors (including any current director of a Party or a Parties’ subsidiaries who no longer serves in such capacity following the execution of this Agreement),
employees, stockholders, agents, attorneys or representatives, or any of their products or services, in any manner that would 

  
 8 

 
damage the business or reputation of such other Parties, their products or services or their subsidiaries, affiliates, successors, assigns, officers (or former officers), directors (or former
directors), employees, stockholders, agents, attorneys or representatives. For purposes of this Section 13, the Starboard Nominees shall not be deemed to be an agent, affiliate, officer, key employee or director of the Company or
Starboard and no actions taken by any agent or other representative of a Party in any capacity other than as a representative of such Party shall be covered by this Agreement. 
 [The remainder of this page intentionally left blank] 

  
 9 

 IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by the duly
authorized signatories of the Parties as of the date hereof. 
  

					
	 	 	QUANTUM CORPORATION
			
		 	By:	 	 /s/ Jon W. Gacek

		 	Name:	 	Jon W. Gacek
		 	Title:	 	President and Chief Executive Officer
	STARBOARD:	 		 	
		
	STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD	 	STARBOARD VALUE LP
	By: Starboard Value LP, its investment manager	 	By: Starboard Value GP LLC, its general partner
		
	STARBOARD VALUE AND OPPORTUNITY S LLC	 	STARBOARD VALUE GP LLC
	By: Starboard Value LP, its manager	 	By: Starboard Principal Co LP, its member
		
	STARBOARD VALUE AND OPPORTUNITY C LP	 	STARBOARD PRINCIPAL CO LP
	By: Starboard Value LP, its investment manager	 	By: Starboard Principal Co GP LLC, its general partner
		
		 	STARBOARD PRINCIPAL CO GP LLC
			
		 	By:	 	 /s/ Jeffrey C. Smith

		 	Name:	 	Jeffrey C. Smith
		 	Title:	 	Authorized Signatory

 [Signature Page to Agreement] 

 EXHIBIT A 
 STARBOARD 
 STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD 

STARBOARD VALUE AND OPPORTUNITY S LLC 
 STARBOARD
VALUE AND OPPORTUNITY C LP 
 STARBOARD VALUE LP 
 STARBOARD VALUE GP LLC 
 STARBOARD PRINCIPAL CO LP 

STARBOARD PRINCIPAL CO GP LLC 
 JEFFREY C. SMITH

 MARK R. MITCHELL 
 PETER A. FELD

 EXHIBIT B 
 PRESS RELEASE

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00217-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00217-of-00352.parquet"}]]