Document:

Warrant, dated September 25, 2008

 Exhibit 10.3 
 Execution Copy 
 THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR ANY OTHER SECURITIES LAWS AND MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF (1) AN EFFECTIVE REGISTRATION
STATEMENT COVERING SUCH SECURITIES UNDER THE SECURITIES ACT AND ANY OTHER APPLICABLE SECURITIES LAWS, OR (2) AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED. 
 AmeriCredit Corp. 
 WARRANT 

 1,000,000 shares of Common Stock 
 September 25, 2008 
 This WARRANT (this “Warrant”) of AmeriCredit Corp.,
a Texas corporation (the “Company”), is being issued to Wachovia Investment Holdings, LLC, a Delaware limited liability company (the “Recipient”), in connection with (i) that certain Loan and Security
Agreement, dated September 25, 2008, among AmeriCredit Class B Note Funding Trust, AmeriCredit Financial Services, Inc., AFS SenSub Corp., Wachovia Bank, National Association, Wachovia Capital Markets, LLC, and Wells Fargo Bank, National
Association, and (ii) that certain Loan and Security Agreement, dated September 25, 2008, among AmeriCredit Class C Note Funding Trust, AmeriCredit Financial Services, Inc., AFS SenSub Corp., Wachovia Bank, National Association, Wachovia
Capital Markets, LLC, and Wells Fargo Bank, National Association. 
 1. Issuance of Warrant. For value received, the Company hereby grants to the
Recipient and its permitted successors and assigns (collectively, the “Holder”) the right to purchase from the Company up to 1,000,000 shares of the Company’s common stock, par value $0.01 per share (the “Common
Stock”) (such shares underlying this Warrant, the “Warrant Shares”), at a per share purchase price equal to $13.55 (the “Exercise Price”), subject to the terms, conditions and adjustments set forth below in
this Warrant. 
 2. Expiration of Warrant. This Warrant shall expire at 5:00 PM, prevailing Eastern time, on September 24, 2015 (the
“Expiration Date”). 
 3. Exercise of Warrant. This Warrant shall be exercisable pursuant to the terms of this Section 3.

 3.1 Manner of Exercise. 
 (a) This Warrant may only be exercised by the Holder hereof on or prior to the Expiration Date, in accordance with the terms and conditions hereof, in whole or in part (but not as to fractional shares), during the Company’s normal
business hours on any day other than a Saturday or a Sunday or a day on which commercial banking institutions in New York, New York are authorized by law to be closed (a “Business Day”), by surrender of this Warrant to the Company
at its office maintained pursuant to Section 10.2(a) hereof, accompanied by a written exercise notice in the form attached as Exhibit A hereto (or a reasonable facsimile thereof) duly executed by the Holder, together with the
payment of the aggregate Exercise Price for the number of Warrant Shares purchased upon exercise of 

 
this Warrant. Upon surrender of this Warrant, the Company shall cancel this Warrant document and shall, in the event of partial exercise, replace it with a
new Warrant document in accordance with Section 3.3. Notwithstanding the foregoing, the Company shall not be required to issue a Warrant covering less than 1,000 shares of Common Stock. 
 (b) Except as provided for in Section 3.1(c) below, each exercise of this Warrant must be accompanied by payment in full of the aggregate
Exercise Price in cash, by cashier’s check or wire transfer of immediately available funds for the number of Warrant Shares being purchased by the Holder upon such exercise. 
 (c) The aggregate Exercise Price for the number of Warrant Shares being purchased may also, in the sole discretion of the Holder, be paid in full or in
part on a “cashless basis” at the election of the Holder in the form of Warrant Shares withheld by the Company from the Warrant Shares otherwise to be received upon exercise of this Warrant having an aggregate Fair Market Value on the date
of exercise equal to the aggregate Exercise Price of the Warrant Shares being purchased by the Holder. For purposes of this Warrant, the term “Fair Market Value” means with respect to a particular date, the volume weighted average
trading price of the Common Stock on and as reported by the principal securities exchange on which the Common Stock is then listed or admitted to trading for the ten (10) trading days immediately preceding such date, or, if the Common Stock is
not listed or admitted to trading on any securities exchange, as determined in good faith and in a commercially reasonable manner by resolution of the Board of Directors of the Company, based on the best information available to it. 
 For purposes of illustration of a cashless exercise of this Warrant under Section 3.1(c), the calculation of such exercise shall be as
follows: 
  

					
		 		 	 X = Y (A-B)/A

	
	where:
			
	X	 	=	 	the number of Warrant Shares to be issued to the Holder (rounded up to the nearest whole share)
			
	Y	 	=	 	the number of Warrant Shares with respect to which this Warrant is being exercised
			
	A	 	=	 	the Fair Market Value of the Common Stock
			
	B	 	=	 	the Exercise Price

 (d) For purposes of Rule 144 and sub-section (d)(3)(x) thereof, it is intended, understood, and
acknowledged that such amount of Common Stock that is issued in exchange for non-cash consideration upon exercise of this Warrant and in accordance with Section 3.1(c) above shall be deemed to have been acquired at the time this Warrant
was issued. 
 3.2 When Exercise Effective. Each exercise of this Warrant shall be deemed to have been effected immediately prior to
the close of business on the Business Day on which this Warrant shall have been duly surrendered to the Company as provided in Sections 3.1 and 12 hereof, and, at such time, the Holder in whose name any certificate or certificates for
Warrant Shares shall be issuable upon exercise as provided in Section 3.3 hereof shall be deemed to have become the holder or holders of record thereof of the number of Warrant Shares purchased upon exercise of this Warrant. 

 

 2 

 3.3 Delivery of Common Stock Certificates and New Warrant. As soon as reasonably practicable after
each exercise of this Warrant, in whole or in part, and in any event within ten (10) Business Days thereafter, the Company, at its expense (including the payment by it of any applicable issue taxes), will cause to be issued in the name of and
delivered to the Holder hereof or, subject to Sections 9 and 10 hereof, as the Holder (upon payment by the Holder of any applicable transfer taxes) may direct: 
 (a) a certificate or certificates (with appropriate restrictive legends, as applicable) for the number of duly authorized, validly issued, fully paid and
nonassessable Warrant Shares to which the Holder shall be entitled upon exercise; and 
 (b) in case exercise is in part only, a new Warrant
document of like tenor, dated the date hereof, for the remaining number of Warrant Shares issuable upon exercise of this Warrant after giving effect to the partial exercise of this Warrant. 
 3.4 Fractional Warrant Shares. The Company shall not be required to issue fractional Warrant Shares on the exercise of this Warrant. If any
fraction of a Warrant Share would, except for the provisions of this Section 3.4, be issuable on the exercise of this Warrant (or specified portion thereof), the Company shall round up such fractional share to the nearest whole share.

 3.5 Compliance with Law. 
 (a) Notwithstanding anything in this Warrant to the contrary, in no event shall a Holder be entitled to exercise this Warrant unless (i) a registration statement filed under the Securities Act of 1933, as amended (the
“Securities Act”), in respect of the issuance of the Warrant Shares is then effective or (ii) an exemption from the registration requirements is available under the Securities Act for the issuance of the Warrant Shares at the
time of such exercise. 
 (b) If any shares of Common Stock required to be reserved for purposes of exercise of this Warrant require, under
any other Federal or state law or applicable governing rule or regulation of any national securities exchange, registration with or approval of any governmental authority, or listing on any such national securities exchange before such shares may be
issued upon exercise, the Company will at its own expense use its best efforts to cause such shares to be duly registered or approved by such governmental authority or listed on the relevant national securities exchange, as the case may be.

 3.6 Limitations on Settlement by the Company. Notwithstanding anything herein to the contrary, in no event shall the Company be
required to deliver Warrant Shares in connection with the exercise of this Warrant in excess of 4,000,000 shares of Common Stock (the “Capped Number”). The Company represents and warrants that the Capped Number is equal to or less
than the sum of (a) the number of authorized but unissued shares of Common Stock and (b) the number of treasury shares, in each case, of the Company that are not reserved for future issuance in connection with transactions in the shares of
the capital stock of the Company (other than this Warrant) on the date of this Warrant (such shares, the “Available Shares”). In the event the Company shall not have delivered the full number of Warrant Shares, up to the Capped
Number, otherwise deliverable as a result of the Company not having sufficient authorized but unissued shares of capital stock available at the time or times that this Warrant is exercised (the resulting deficit, the “Deficit
Shares”), the Company shall be continually obligated to deliver, from time to time until the full number of Deficit Shares have been delivered pursuant to this paragraph, Warrant Shares when, and to the extent, that (i) shares of
capital stock are repurchased, acquired or otherwise received by the Company or any of its subsidiaries after the date of exercise of this Warrant (whether or not in exchange for cash, fair value or any other consideration), (ii) authorized and
unissued shares of capital stock reserved for issuance in respect of other transactions become no longer so 

  

 3 

 
reserved and (iii) the Company additionally authorizes any unissued shares of capital stock. The Company shall immediately notify Holder of the
occurrence of any of the foregoing events (including the number of shares of capital stock subject to clause (i), (ii) or (iii) and the corresponding number of shares of capital stock to be delivered) and promptly deliver such Warrant
Shares thereafter. The Company shall not take any action to decrease the number of Available Shares below the Capped Number. 
 4. Certain
Adjustments. For so long as this Warrant is outstanding: 
 4.1 Mergers or Consolidations. If at any time after the date hereof,
there shall be a capital reorganization (other than a combination or subdivision of Common Stock otherwise provided for herein) resulting in a reclassification to or change in the securities issuable upon exercise of this Warrant (a
“Reorganization”), or a merger or consolidation of the Company with another corporation, partnership, limited liability company, or business organization (a “Person” or the “Persons”) (other than a
merger with another Person in which the Company is a continuing corporation and which does not result in any reclassification or change in the securities issuable upon exercise of this Warrant or a merger effected exclusively for the purpose of
changing the domicile of the Company) (a “Merger”), then, as a part of such Reorganization or Merger, lawful provision and adjustment shall be made so that the Holder shall thereafter be entitled to receive, upon exercise of this
Warrant, the number of shares of stock or any other equity or debt securities or property to which the Holder would have been entitled upon consummation of the Reorganization or Merger if such Holder had exercised this Warrant immediately prior to
such Reorganization or Merger. In any such case, appropriate adjustment shall be made in the application of the provisions of this Warrant with respect to the rights and interests of the Holder after the Reorganization or Merger to the end that the
provisions of this Warrant (including adjustment of the Exercise Price then in effect and the number of Warrant Shares) shall be applicable after that event, as near as reasonably may be, in relation to any shares of stock, securities, property or
other assets thereafter deliverable upon exercise of this Warrant. The Company will not effect any Reorganization or Merger unless prior to the consummation thereof each corporation or entity (other than the Company) which may be required to deliver
any securities or other property upon the exercise of the Warrant as provided herein shall assume in a written agreement the obligation to deliver to the Holder such securities or other property as (in accordance with the foregoing provisions) the
Holder may be entitled to receive and agreeing and confirming that this Warrant shall continue in full force and effect, enforceable against the Company and such corporation or entity in accordance with the terms thereof and hereof. The foregoing
provisions of this Section 4.1 shall similarly apply to successive Reorganizations and Mergers. 
 4.2 Splits and
Subdivisions; Dividends. In the event the Company should at any time or from time to time (a) effectuate a split or subdivision of the outstanding shares of Common Stock, (b) pay a dividend in or make a distribution payable in
additional shares of Common Stock or other securities that are convertible or exchangeable or exercisable into shares of Common Stock (“Common Stock Equivalents”), or (c) issue by reclassification of its Common Stock any other
capital stock of the Company, in each case without payment of any consideration by such holder for the additional shares of Common Stock or Common Stock Equivalents (including the additional shares of Common Stock issuable upon conversion or
exercise thereof), then, as of the applicable record date (or the date of such distribution, split, subdivision or reclassification if no record date is fixed), the per share Exercise Price shall be appropriately decreased and the number of Warrant
Shares shall be appropriately increased in proportion to such increase (or potential increase) of outstanding shares; provided, however, that no adjustment shall be made in the event the split, subdivision, dividend, distribution or
reclassification is not effectuated. The adjustment pursuant to this Section 4.2 shall be made successively each time that any event listed in this Section 4.2 above shall occur. 
 4.3 Combination of Shares. If the number of shares of Common Stock outstanding at any time after the date hereof is decreased by a combination or
reverse split of the outstanding shares of Common Stock, the per share Exercise Price shall be appropriately increased and the number of shares of Warrant Shares shall be appropriately decreased in proportion to such decrease in outstanding shares.

  

 4 

 4.4 Cash Dividends and Other Distributions. If, when the Exercise Price is greater than the Fair
Market Value, the Company shall distribute to holders of Common Stock (a) any dividend or other distribution of cash, evidences of its indebtedness, or any other properties or securities (other than any dividend or distribution described in
Section 4.2) or (b) any options, warrants, or other rights to subscribe for or purchase any of the foregoing (other than any rights, options, warrants, or securities described below), the Holder shall thereafter be entitled, in
addition to the Warrant Shares receivable upon exercise of the Warrant, to receive, upon the exercise of the Warrant, the same cash, evidences of indebtedness, other property or securities, or options, warrants or other rights to subscribe for or
purchase the foregoing that the Holder would have received if such Holder had exercised this Warrant immediately prior to such distribution. At the time of such distribution, the Company shall make appropriate reserves to ensure the timely
performance of the provisions of this Section 4.4; provided, however, that the Holder shall not be entitled to receive any of the foregoing upon the exercise of this Warrant (i) if, at the time of such distribution, the
Company makes the same distribution to the Holder of this Warrant as it makes to holders of Common Stock pro rata based on the number of shares of Common Stock for which this Warrant is exercisable (whether or not currently exercisable), or
(ii) as a result of the issuance or other sale by the Company of any of its shares of Common Stock upon (A) the conversion or exchange of any of the Company’s preferred stock, warrants, options or other convertible or exchangeable
securities, provided, such preferred stock, warrants, options or other convertible or exchangeable securities are outstanding as of the date of this Warrant, (B) the grant or exercise of any stock options, restricted stock, restricted
stock units, stock appreciation rights or other forms of stock or stock-based rights granted to officers, directors or employees of the Company pursuant to a stock option plan, benefit plan or incentive plan of the Company, whether in effect as of
the date of this Warrant or approved by the Board of Directors of the Company after the date of this Warrant, or (C) the grant or issuance of rights to holders of Common Stock pursuant to a rights offering. 
 4.5 Redemptions; Tender Offers; Exchange Offers. In the event that the Company or any subsidiary of the Company shall, directly or indirectly,
redeem, purchase or otherwise acquire shares of Common Stock pursuant to a plan of redemption, tender offer or exchange offer for a price per share of Common Stock that is greater than the Fair Market Value of a share of Common Stock (calculated as
of the end of the trading day on the day on which such tender offer or exchange offer expires), then the Exercise Price shall be adjusted to a number determined by multiplying the Exercise Price immediately before such redemption, acquisition or
exchange by a fraction of which the denominator shall be the then Fair Market Value per share of Common Stock immediately prior to such event and the numerator shall be the result of dividing (a) an amount equal to (i) the product of the
number of shares of Common Stock outstanding and the Fair Market Value per share of Common Stock, in each case immediately prior to such event minus (ii) the aggregate consideration paid by the Company in such event (plus, in the case of
such options, rights or convertible or exchangeable securities, the aggregate additional consideration to be paid by the Company upon exercise, conversion or exchange), by (b) the number of shares of Common Stock outstanding immediately after
such redemption, acquisition or exchange. 
 4.6 Certain Issuances. 
 (a) Without duplication of any other items contained in the Warrant, if at any time or from time to time the Company shall issue (i) Common Stock at
a price per share that is lower at the date of such issuance than the then current Fair Market Value or (ii) rights, options, or warrants for, or securities convertible or exchangeable into, Common Stock entitling the holders thereof to
subscribe for or purchase shares of Common Stock at a price per share that is lower at the date of such issuance than the then current Fair Market Value, then the number of shares of Common Stock thereafter purchasable 

  

 5 

 
upon the exercise of the Warrant shall be determined by multiplying the number of shares of Common Stock theretofore purchasable upon exercise of the Warrant
by a fraction, the numerator of which shall be the number of shares of Common Stock outstanding on the date of issuance of such Common Stock, rights, options, warrants, or convertible or exchangeable securities (assuming the exercise or conversion
of all then outstanding rights, options, warrants or convertible or exchangeable securities) plus the number of additional shares of Common Stock offered for subscription or purchase or into which such securities are convertible or exchangeable, and
the denominator of which shall be the number of shares of Common Stock outstanding on the date of issuance of such Common Stock, rights, options, warrants, or convertible or exchangeable securities (assuming the exercise or conversion of all then
outstanding rights, options, warrants or convertible or exchangeable securities) plus the total number of shares of Common Stock that could be purchased with the aggregate consideration received through issuance of such Common Stock, rights,
options, warrants, or convertible or exchangeable securities at the then current Exercise Price. In the event of any such adjustment, the Exercise Price shall be adjusted to a number determined by dividing the Exercise Price immediately before such
date of issuance by the aforementioned fraction. Such adjustment shall be made whenever such shares of Common Stock, rights, options, warrants, or convertible or exchangeable securities are issued and shall become effective retroactively immediately
after the date on which such Persons became entitled to receive such shares of Common Stock, rights, options, warrants or convertible or exchangeable securities. 
 (b) This Section 4.6 shall not apply to issuances of Common Stock, rights, options, warrants, or convertible or exchangeable securities resulting from or in connection with: 
 (i) an issuance of Common Stock, rights, warrants, options and/or convertible or exchangeable securities in connection with any financing transaction,
including, without limitation, senior or subordinated notes, securitizations or similar transactions, commercial bank or non-bank facilities, commitments or arrangements, bridge financing or back-stop facilities, commitments or arrangements,
whole-loan purchase facilities, commitments or arrangements, forward purchase facilities, commitments or arrangements, or other similar facilities, commitments, arrangements or issuances of debt obligations or securities, 
 (ii) the conversion or exchange of any of the Company’s preferred stock, warrants, options or other convertible or exchangeable securities,
provided, such preferred stock, warrants, options or other convertible or exchangeable securities are outstanding as of the date of this Warrant or were issued in connection with a transaction set out in Section 4.6(b)(i),

 (iii) the grant or exercise of any stock options, restricted stock, restricted stock units, stock appreciation rights or other forms of
stock or stock-based rights granted to officers, directors or employees of the Company pursuant to a stock option plan, benefit plan or incentive plan of the Company, whether in effect as of the date of this Warrant or approved by the Board of
Directors of the Company after the date of this Warrant, 
 (iv) the exercise of the Warrant, 
 (v) a Merger or Reorganization, 
 (vi) a
bona fide firm commitment public offering or a best efforts public offering of the Common Stock of the Company, any of which that is consummated more than ninety (90) days following the date hereof, where the issuance price for shares of
Common Stock in such offering is not more than 10% less than the closing sale price for the shares of Common Stock of the Company on the day that the issuance price in such offering is determined, on and as reported by the principal securities
exchange on which the Common Stock is then listed or admitted to trading, or 
  

 6 

 (vii) the grant or issuance of rights pursuant to a shareholder rights plan. 
 (c) If any Common Stock, rights, options, warrants or convertible or exchangeable securities are issued together with other obligations or securities,
then an allocation shall be made of the aggregate consideration received as between such Common Stock, rights, options, warrants or convertible or exchangeable securities, on the one hand, and such other obligations or securities, on the other hand
(as determined in good faith and in a commercially reasonable manner by the Board of Directors, whose determination shall be evidenced by a board resolution, a copy of which will be sent to Holders upon request), to determine a price per share for
such Common Stock, rights, options, warrants or convertible or exchangeable securities for the purposes of this Section 4.6. This Section 4.6 shall apply with equal force and effect to any amendment, revision, adjustment, or
other modification of the terms of any outstanding rights, options, or warrants for, or securities convertible or exchangeable into, Common Stock if and to the extent that such amendment, revision, adjustment, or other modification has the effect of
allowing the holders thereof to subscribe for or purchase shares of Common Stock at a price per share that is lower at the date of such modification than the then current Fair Market Value, subject to the provisions of Section 4.6(b). No
adjustment shall be made pursuant to this Section 4.6 that would have the effect of decreasing the number of shares of Common Stock purchasable upon exercise of the Warrant or of increasing the Exercise Price. 
 4.7 Superseding Adjustment. Upon the expiration of any rights, options, warrants, or conversion or exchange privileges that resulted in any
adjustment pursuant to this Section 4, if any thereof shall not have been exercised, the number of Warrant Shares purchasable upon the exercise of this Warrant shall be readjusted as if (a) the only shares of Common Stock issuable
upon exercise of such rights, options, warrants, or conversion or exchange privileges were the shares of Common Stock, if any, actually issued upon the exercise of such rights, options, warrants, or conversion or exchange privileges and
(b) shares of Common Stock actually issued, if any, were issuable for the consideration actually received by the Company upon such exercise plus the aggregate consideration, if any, actually received by the Company for the issuance, sale, or
grant of all such rights, options, warrants, or conversion or exchange privileges whether or not exercised and the Exercise Price shall be readjusted inversely; provided, however, that no such readjustment shall (except by reason of an
intervening adjustment under Section 4.2) have the effect of either decreasing the number of Warrant Shares purchasable upon the exercise of this Warrant or increasing the Exercise Price by an amount in excess of the amount of the
adjustment to such number of Warrant Shares or to the Exercise Price initially made in respect of the issuance, sale, or grant of such rights, options, warrants, or conversion or exchange privileges. 
 4.8 Notices of Record Date, Etc. In case: 
 (a) the Company shall take a record of the holders of its Common Stock (or other securities at the time receivable upon the exercise of the Warrant) for the purpose of entitling them to receive any dividend or other distribution, or any
right to subscribe for, purchase or otherwise acquire any shares of stock of any class or any other securities, or to receive any other right; 
 (b) of any Reorganization of the Company, any Merger of the Company with or into another corporation, or any conveyance of all or substantially all of the assets of the Company to another corporation; or 
 (c) of any voluntary or involuntary dissolution, liquidation or winding up of the Company, 
 then, and in each such case, the Company shall mail or cause to be mailed to the Holder specifying, as the case may be, (i) the date on which a record is to be taken for the purpose of such dividend, distribution
or 

  

 7 

 
right, and stating the amount and character of such dividend, distribution or right, or (ii) the date on which such Reorganization, Merger, conveyance,
dissolution, liquidation or winding up is to take place, and the time, if any, which is to be fixed, as to which the holders of record of Common Stock (or such other securities at the time receivable upon the exercise of the Warrant) shall be
entitled to exchange their shares of Common Stock (or such other securities) for securities or other property deliverable upon such Reorganization, Merger, conveyance, dissolution, liquidation or winding up. Such notice shall be mailed at least ten
(10) days prior to the date therein specified and the Warrant may be exercised prior to said date during the term of the Warrant. 
 4.9
No Duplication. Notwithstanding anything else contained in this Section 4, no single event shall result in an adjustment to either the Exercise Price or the number of Warrant Shares issuable upon exercise of the Warrant under more
than one of the subsections set forth in this Section 4 so as to result in duplication. 
 5. No Impairment. The Company will not, by
amendment of its Articles of Incorporation or Bylaws or through any consolidation, merger, reorganization, transfer of assets, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or
performance of any of the terms of this Warrant. Without limiting the generality of the foregoing, the Company will not take any action which results in any adjustment of the number of Warrant Shares if the total number of shares of Common Stock
issuable after the action upon the exercise of this Warrant would exceed the Capped Number. 
 6. Chief Financial Officer’s Report as to
Adjustments. With respect to each adjustment pursuant to Section 4 of this Warrant, the Company, at its expense, will promptly compute the adjustment or re-adjustment in accordance with the terms of this Warrant and cause its Chief
Financial Officer to certify the computation (other than any computation of the fair value of property of the Company, as the case may be) and prepare a report setting forth, in reasonable detail, the event requiring the adjustment or re-adjustment
and the amount of such adjustment or re-adjustment, the method of calculation thereof and the facts upon which the adjustment or re-adjustment is based, and the Exercise Price and the number of Warrant Shares or other securities purchasable
hereunder after giving effect to such adjustment or re-adjustment, which report shall be sent by a commercial overnight courier to the Holder. The Company will also keep copies of all reports at its office maintained pursuant to
Section 10.2(a) hereof and will cause them to be available for inspection at the office during normal business hours upon reasonable notice by the Holder or any prospective purchaser of the Warrant designated by the Holder thereof.

 7. Reservation of Shares. The Company shall, solely for the purpose of effecting the exercise of this Warrant, at all times during the term of this
Warrant, reserve and keep available, free from preemptive rights, out of its authorized but unissued shares of Common Stock, such number of its shares of Common Stock equal to the Capped Number. The Company hereby represents and warrants that all
shares of Common Stock issuable upon exercise of this Warrant shall be duly authorized and, when issued and paid for upon exercise in accordance with the terms of this Warrant, shall be validly issued, fully paid and nonassessable, and free of
preemptive rights and free from all taxes, liens, charges and security interests with respect to the issuer thereof, other than restrictions on transfer pursuant to this Warrant and applicable federal and state securities laws. The Company covenants
that the transfer agent for the Common Stock (which may be the Company if it is acting as its own transfer agent) (the “Transfer Agent”) and every subsequent transfer agent for the Company’s Common Stock will be irrevocably
authorized and directed by the Company at all times to reserve such number of authorized shares as is consistent with the provisions of this Section 7. The Company will keep a copy of this Warrant on file with the Transfer Agent, and
will furnish such Transfer Agent a copy of all notices of adjustments and certificates related thereto which are transmitted to each Holder pursuant to Section 6. 
  

 8 

 8. Registration and Listing. 
 8.1 Definitions. As used in this Section 8, the term “Registrable Securities” means any shares of Common Stock issuable upon the exercise of this Warrant and any other securities
issued to the Holder in exchange or substitution for such shares, until the date (if any) on which such shares or other securities may be sold immediately without registration pursuant to Rule 144 promulgated pursuant to the Securities Act. As used
in this Section 8, the term “Best Efforts” means the efforts that a prudent person desirous of achieving a result would use in similar circumstances to ensure that such result is achieved as expeditiously as possible,
but shall not be deemed to mean that the Company shall be required to endanger its financial viability. 
 8.2 Registration.

 (a) The Company shall prepare and file with the United States Securities and
Exchange Commission (the “SEC”), as soon as practicable but no later than the 45th day following the date hereof (the
“Filing Due Date”), a Registration Statement for an offering to be made on a delayed or continuous shelf basis following the date of effectiveness covering the resale of the Registrable Securities by the Holder (the
“Registration Statement”) in accordance with the intended method or methods of distribution thereof. The Registration Statement shall be on Form S-3 under the Securities Act and, if the Company is a well known seasoned issuer, shall
be an automatic shelf registration statement (each within the meaning of Rule 405 under the Securities Act) or, if Form S-3 is not available, another appropriate form selected by the Company permitting registration of the resale of the Registrable
Securities by the Holder from time to time on a delayed or continuous shelf basis. The Company shall use its Best Efforts to cause the Registration Statement to become effective pursuant to the Securities Act as soon as practicable. Notwithstanding
the foregoing, if the Company shall furnish to the Holder a certificate signed by the Chief Executive Officer or Chief Financial Officer of the Company stating that, in the good faith judgment of the Board of Directors of the Company, such
registration, offering or use would reasonably be expected to materially adversely affect or materially interfere with any bona fide and imminent material financing of the Company or any imminent material transaction under consideration by
the Company or would require the disclosure of information that has not been, and is not otherwise required to be, disclosed to the public, the premature disclosure of which would materially adversely affect the Company, the Company shall have the
right to defer taking action with respect to such filing for a period of not more than 90 days after the Filing Due Date. The Company shall not include in the Registration Statement any securities other than the Registrable Securities. The Holder
may select the underwriters for any underwritten offering of the securities pursuant to the Registration Statement, subject to the consent of the Company, not to be unreasonably withheld. 
 (b) The Registration Statement shall not be deemed to have become effective under the Securities Act (i) unless it has been filed and has been
declared effective under the Securities Act by the SEC and remains effective pursuant to the Securities Act with respect to the disposition of all Registrable Securities on a continuous shelf basis until all such Registrable Securities are sold or
cease to be Registrable Securities, or (ii) if the offering of the Registrable Securities pursuant to such Registration Statement is interfered with by any stop order, cease trade order, injunction or other order or requirement of the SEC or
any other governmental agency, court or stock exchange, other than by reason of some act or omission by the Holder. 
 (c) No Holder of
Registrable Securities may participate in any underwritten registration pursuant to a Registration Statement filed pursuant to the terms hereof unless such Holder (i) agrees to sell such Holder’s Registrable Securities on the basis
provided in and in compliance with any underwriting arrangements, (ii) completes and executes all customary questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such

  

 9 

 
underwriting arrangements, and (iii) furnishes to the Company such information regarding such Holder and the distribution of such Registrable Securities
as the Company may, from time to time, reasonably request in writing to comply with the Securities Act and other applicable law. The Company may exclude from such registration the Registrable Securities of any Holder who fails to furnish such
information within a reasonable time after receiving such request. 
 (d) Each Holder of Registrable Securities agrees by acquisition of such
Registrable Securities that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section 8.3(f)(ii), (iii), (v), (vi) or (vii) hereof, such Holder will
forthwith discontinue the offering of such Registrable Securities covered by the Registration Statement or prospectus (a “Blackout”) until such Holder’s receipt of the copies of the supplemented or amended prospectus
contemplated by Section 8(g) hereof, or until it is advised in writing (the “Advice”) by the Company that the use of the applicable prospectus may be resumed, and has received copies of any amendments or supplements
thereto. In the event the Company shall give any such notice, the period of time for which a Registration Statement is required hereunder to be effective shall be extended by the number of days during such periods from and including the date of the
giving of such notice to and including the date when each seller of Registrable Securities covered by such Registration Statement shall have received the Advice or the copies of the supplemented or amended prospectus contemplated by
Section 8(g) hereof and in no event shall (i) any Blackout (or series of Blackouts) persist for more than sixty (60) days, or (ii) the aggregate number of days the Holder shall be subject to Blackouts during any
twelve-month period exceed ninety (90) days. 
 8.3 Registration Procedures. At its expense, the Company will: 
 (a) promptly notify the Holder of the effectiveness of the Registration Statement filed in accordance with this Section 8 and use its Best
Efforts to prepare and file with the SEC such amendments and supplements to such Registration Statement and the prospectus used in connection therewith as may be necessary to (i) keep such registration statement continuously effective and the
prospectus included therein continuously effective and usable for a period commencing on the date that such Registration Statement is initially declared effective by the SEC and ending on the Termination Date (as defined below), and (ii) comply
with the provisions of the Securities Act with respect to the disposition of all securities covered by such Registration Statement during such period in accordance with the intended methods of disposition by the sellers thereof set forth in the
Registration Statement, as so amended or such prospectus as so supplemented from time to time at the request of Holder, including any underwritten offering of Registrable Securities pursuant to the Registration Statement; provided, however,
that (1) before filing the Registration Statement or any amendment thereto, or any related prospectus or any amendment or supplement thereto (including documents that would be incorporated or deemed to be incorporated in any of the foregoing by
reference) the Company will furnish to Holder, not more than one counsel chosen by Holder (“Special Counsel”) and the managing underwriters, if any, copies of all such documents proposed to be filed, which documents will be subject
to the review and comment of Holder, such Special Counsel and such underwriters, and the Company will not file any such Registration Statement or amendment thereto or any prospectus or any supplement thereto (excluding such documents that, upon
filing, will be incorporated or deemed to be incorporated by reference therein) to which Holder or the managing underwriter, if any, shall reasonably object, and (2) the Company shall notify the Special Counsel and each seller of Registrable
Securities of any stop order issued or threatened by the SEC and use its Best efforts to take all action required to prevent the entry of such stop order or to remove it if entered; 
 (b) use its Best Efforts to obtain the withdrawal of any order suspending the effectiveness of the Registration Statement, or the lifting of any
suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction, as soon as reasonably practicable; 
  

 10 

 (c) if requested by the managing underwriters, if any, or Holder, (i) promptly incorporate in an
amended prospectus, prospectus supplement or post-effective amendment to the Registration Statement such information as the managing underwriters, if any, and Holder agree should be included therein as may be required by applicable law, including in
connection with any intended method of disposition by the sellers of securities covered by the Registration Statement, and (ii) make all required filings of such amended prospectus, prospectus supplement or post-effective amendment as soon as
practicable after the Company has received notification of the matters to be incorporated therein; provided, however, that the Company will not be required to take any actions under this Section 8.3(c) that are not, in the written opinion of
counsel for the Company, in compliance with applicable law; 
 (d) furnish to the Holder and each underwriter, if any, without charge, such
number of copies of the Registration Statement, each amendment and supplement thereto, the prospectus included in such Registration Statement (including each preliminary prospectus), each amendment and supplement thereto, and such other documents as
such seller may reasonably request in order to facilitate the disposition of the Registrable Securities owned by the Holder; 
 (e) register
or qualify such Registrable Securities under such other securities or blue sky laws of such jurisdictions as the Holder reasonably requests and do any and all other acts and things which the Holder deems reasonably necessary or advisable to enable
the Holder to consummate the disposition in such jurisdictions of the Registrable Securities owned by the Holder; provided, however, that the Company shall not be required to: (i) qualify generally to do business in any jurisdiction
where it would not otherwise be required to qualify but for this subparagraph; (ii) subject itself to taxation in any such jurisdiction where it is not already subject; or (iii) consent to general service of process in any such
jurisdiction where it is not already subject thereto; 
 (f) notify Holder and the managing underwriters, if any, promptly, and (if requested
by any such Person) confirm such notice in writing, (i) when a prospectus or any prospectus supplement or post-effective amendment has been filed, and, with respect to the Registration Statement or any post-effective amendment, when the same
has become effective, (ii) of any request by the SEC or any other federal or state governmental authority for amendments or supplements to the Registration Statement or any related prospectus or for additional information related thereto,
(iii) of the issuance by the SEC or any other federal or state governmental authority of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings for that purpose, (iv) if at any time
the representations and warranties of the Company contained in any agreement contemplated by Section 8(l) (including any underwriting agreement) cease to be true and correct in any material respect, if and only to the extent that such
representations and warranties are continuing under such agreement or if there is a continuing prospectus delivery requirement, (v) of the receipt by the Company of any notification with respect to the suspension of the qualification or
exemption from qualification of any of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose, (vi) of the occurrence of any event that makes any statement made in the
Registration Statement or any related prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires the making of any changes in the Registration Statement, any related
Prospectus or any such document so that, in the case of the Registration Statement, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements
therein not misleading and, in the case of a Prospectus, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated or necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading, and (vii) of the Company’s reasonable determination that a post-effective amendment to a Registration Statement would be appropriate; 
  

 11 

 (g) upon the occurrence of any event contemplated by Section 8(f)(vi) or 8(f)(vii), prepare a
supplement or post-effective amendment to each Registration Statement or a supplement to the related Prospectus or any document incorporated therein by reference or file any other required document so that, as thereafter delivered to the purchasers
of the Registrable Securities being sold thereunder, such Prospectus will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading; 
 (h) immediately upon their issuance, use its Best Efforts to cause all such
Registrable Securities registered pursuant to the Registration Statement to be listed on each securities exchange on which similar securities issued by the Company are then listed; 
 (i) use its Best Efforts to cause any Registrable Securities covered by such registration statement to be registered with or approved by such other
governmental agencies or authorities as may be necessary to enable the sellers thereof to consummate the disposition of such Registrable Securities; 
 (j) comply with all applicable rules and regulations of the SEC and make generally available to its security holders earnings statements satisfying the provisions of Section 11(a) of the Securities Act and Rule
158 thereunder (or any similar rule later promulgated) no later than no later than 40 calendar days after the end of any 12-month period (or 60 calendar days after the end of any 12-month period if such period is a fiscal year) (i) commencing
at the end of any fiscal quarter in which Registrable Securities are sold to underwriters in a firm commitment or best efforts underwritten offering, or (ii) if not sold to underwriters in such an offering, commencing on the first day of the
first fiscal quarter of the Company, after the effective date of a Registration Statement, which statements shall cover such 12- month period; 
 (k) as needed, (i) engage an appropriate transfer agent and provide the transfer agent with printed certificates for the Registrable Securities in a form eligible for deposit with The Depository Trust Company and (ii) provide a
CUSIP number for the Registrable Securities; 
 (l) enter into such customary agreements (including, in the event of an underwritten
offering, an underwriting agreement in form, scope and substance as is customary in underwritten offerings) and take all such other commercially reasonable and customary actions in connection therewith (including those reasonably requested by Holder
or, in the event of an Underwritten Offering, those reasonably requested by the managing underwriters) in order to facilitate the disposition of such Registrable Securities and in such connection, but only where an underwriting agreement is entered
into in connection with an underwritten offering: (i) make such representations and warranties to the underwriters with respect to the businesses of the Company and its subsidiaries, the Registration Statement, prospectus and documents
incorporated by reference or deemed incorporated by reference therein, if any, in each case, in form, substance and scope as are customarily made by issuers to underwriters in underwritten offerings and confirm the same if and when requested;
(ii) obtain opinions of counsel to the Company and updates thereof, which counsel and opinions (in form, scope and substance) shall be reasonably satisfactory to the managing underwriters, if any, addressed to each of the underwriters covering
the matters customarily covered in opinions requested in underwritten offerings and such other matters as may be reasonably requested by such underwriters; (iii) use its Best Efforts to obtain “comfort” letters and updates thereof
from the independent certified public accountants of the Company (and, if necessary, any other certified public accountants of any subsidiary of the Company or 

  

 12 

 
of any business acquired by the Company for which financial statements and financial data is, or is required to be, included in the Registration Statement),
addressed to each of the underwriters, such letters to be in customary form and covering matters of the type customarily covered in “comfort” letters in connection with underwritten offerings; (iv) cause the Company’s management
to be made available for, and assist in, the marketing and disposition of such Registrable Securities in the manner and to the extent reasonably requested by the underwriters including, without limitation, participation by management in customary
road shows, investor conferences and other similar presentations; and (v) deliver such documents and certificates as may be reasonably requested by the managing underwriters, if any, to evidence the continued validity of the representations and
warranties of the Company and its subsidiaries made pursuant to clause (i) above and to evidence compliance with any customary conditions contained in the underwriting agreement entered into by the Company. The foregoing actions will be taken
in connection with each closing under such underwriting agreement as and to the extent required thereunder; 
 (m) make available for
reasonable inspection during normal business hours by a representative of a Holder holding Registrable Securities being sold, any underwriter participating in any disposition of Registrable Securities, and any attorney, accountant or other agent
retained by a Holder or representatives or any underwriter (each, an “Inspector”), all financial and other records, pertinent corporate documents and properties of the Company and its subsidiaries, and cause the officers, directors
and employees of the Company and its subsidiaries to supply all information reasonably requested by any such Inspector in connection with such Registration Statement; 
 (n) keep Special Counsel advised as to the initiation and progress of any registration under this Section 8; 
 (o) cooperate with each seller of Registrable Securities and each underwriter participating in the disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made with any stock
exchanges or markets in which securities of the Company are listed or quoted; and 
 (p) take all other steps reasonably necessary to effect
the registration of the Registrable Securities contemplated hereby. 
 8.4 Expenses. The Company shall pay all Registration Expenses
(as defined below) relating to the registration and listing obligations set forth in this Section 8. For purposes of this Warrant, the term “Registration Expenses” means: (a) all registration, filing and NASD fees,
(b) all fees and expenses of complying with securities or blue sky laws, (c) all printing expenses, (d) the fees and disbursements of counsel for the Company and of its independent public accountants, including the expenses of any
special audits or “comfort” letters required by or incident to such performance and compliance, (e) premiums and other costs of policies of insurance (if any) against liabilities arising out of the public offering of the Registrable
Securities being registered, if the Company desires such insurance, and (f) reasonable fees and expenses of Special Counsel. 
 8.5
Information Provided by Holders. The Holder shall furnish to the Company such information as the Company may reasonably request in writing to enable the Company to comply with the provisions hereof in connection with any registration referred
to in this Warrant. 
 8.6 Effectiveness Period. The Company shall use its Best Efforts to keep the Registration Statement effective
under the Securities Act until the date (the “Termination Date”) which is the earlier date of when (a) all Registrable Securities covered by such Registration Statement have been sold or (b) all Registrable Securities
covered by such Registration Statement may be sold immediately without registration under the Securities Act and without volume restrictions pursuant to Rule 144 under the 

  

 13 

 
Securities Act, as determined by counsel to the Company pursuant to a written opinion letter to such effect, addressed and reasonably acceptable to the
Company’s transfer agent and the affected holders of Registrable Securities. 
 8.7 Net Cash Settlement. Notwithstanding anything
herein to the contrary, in no event will the Holder be entitled to receive a net-cash settlement as liquidated damages in lieu of physical settlement in shares of Common Stock, regardless of whether the Common Stock underlying this Warrant is
registered pursuant to an effective registration statement; provided, however, that the foregoing will not preclude the Holder from seeking other remedies at law or equity for breaches by the Company of its registration obligations hereunder.

 8.8 Indemnification. 
 (a) The Company agrees to indemnify and hold harmless each Holder, each past Holder, each person, if any, who controls such Holder within the meaning of the Securities Act or the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), and their respective affiliates, directors, officers, employees, representatives and agents (collectively, the “Indemnified Parties”) from and against any losses, claims, damages or liabilities,
joint or several, or any actions in respect thereof (including, but not limited to, any losses, claims, damages, liabilities or actions relating to purchases and sales of the Warrant Shares) to which each Indemnified Party becomes subject under the
Securities Act, the Exchange Act or otherwise, insofar as such losses, claims, damages, liabilities or actions arise out of or are based upon (1) any untrue statement or alleged untrue statement of a material fact contained in a Registration
Statement or prospectus or in any amendment or supplement thereto or in any preliminary prospectus relating to a Registration Statement, or that arise out of, or are based upon, the omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein not misleading, and (2) any failure or alleged failure of the Company to comply with any applicable statute, rule or regulation in connection with the Registration
Statement or any offering contemplated thereby, and shall reimburse, as incurred, the Indemnified Parties for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage,
liability or action in respect thereof; provided, however, that the Company shall not be liable in any such case to the extent that such loss, claim, damage, liability or action arises out of or is based upon any untrue statement or alleged
untrue statement or omission or alleged omission made in a Registration Statement or prospectus or in any amendment or supplement thereto or in any preliminary prospectus relating to a Registration Statement in conformity with written information
pertaining to such Holder and furnished to the Company by or on behalf of such Holder specifically for inclusion therein and; provided further, however, that this indemnity agreement will be in addition to any liability which the Company may
otherwise have to such Indemnified Party. The Company shall also indemnify underwriters, if any, and each person who controls such underwriters within the meaning of the Securities Act or the Exchange Act to the same extent as provided above with
respect to the indemnification of the Indemnified Parties. 
 (b) Each Holder, severally and not jointly, will indemnify and hold harmless
the Company and each person, if any, who controls the Company within the meaning of the Securities Act or the Exchange Act from and against any losses, claims, damages or liabilities or any actions in respect thereof, to which the Company or any
such controlling person may become subject under the Securities Act, the Exchange Act or otherwise, insofar as such losses, claims, damages, liabilities or actions arise out of or are based upon any untrue statement or alleged untrue statement of a
material fact contained in a Registration Statement or prospectus or in any amendment or supplement thereto or in any preliminary prospectus relating to a Registration Statement, or arise out of or are based upon the omission or alleged omission to
state therein a material fact necessary to make the statements therein not misleading, but in each case only to the extent that the untrue statement or omission or alleged untrue statement or omission was made in conformity with written information
pertaining to such Holder and furnished to the 

  

 14 

 
Company by or on behalf of such Holder specifically for inclusion therein; provided, however, that the aggregate liability of each Holder hereunder
shall be limited to the net proceeds received by such Holder from the sale of such Registrable Securities pursuant to such Registration Statement; and, subject to the limitation set forth immediately preceding this clause, shall reimburse, as
incurred, the Company and each person, if any, who controls the Company within the meaning of the Securities Act or the Exchange Act for any legal or other expenses reasonably incurred by the Company or any such controlling person in connection with
investigating or defending any loss, claim, damage, liability or action in respect thereof. Each Holder shall also provide customary indemnities to underwriters and each person who controls any of such underwriters within the meaning of the
Securities Act or the Exchange Act to the same extent as provided above with respect to the indemnification of the Company. 
 (c) Promptly
after receipt by an indemnified party under this Section 8.8 of notice of the commencement of any action or proceeding (including a governmental investigation), such indemnified party will, if a claim in respect thereof is to be made
against the indemnifying party under this Section 8.8, notify the indemnifying party of the commencement thereof; but the omission so to notify the indemnifying party will not, in any event, relieve the indemnifying party from any
obligations to any indemnified party other than the indemnification obligation provided in subsection (a) or (b) above. In case any such action is brought against any indemnified party, and it notifies the indemnifying party of the
commencement thereof, the indemnifying party will be entitled to participate therein and, to the extent that it may wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably
satisfactory to such indemnified party, and after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof the indemnifying party will not be liable to such indemnified party under this
Section 8.8 for any legal or other expenses. An indemnifying party that elects not to assume the defense in any such action brought against an indemnified party shall not be under an obligation to pay the fees and expenses of more than
one counsel for all parties. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened action in respect of which any indemnified party is or could have been a party
and indemnity could have been sought hereunder by such indemnified party unless such settlement includes an unconditional release of such indemnified party that is reasonably satisfactory to such indemnified party from all liability on any claims
that are the subject matter of such action, and does not include a statement as to or an admission of fault. 
 (d) If the indemnification
provided for in this Section 8.8 is unavailable or insufficient to hold harmless an indemnified party under subsection (a) or (b) above, then each indemnifying party shall contribute to the amount paid or payable by such
indemnified party as a result of the losses, claims, damages or liabilities (or actions in respect thereof) referred to in subsection (a) or (b) above (i) in such proportion as is appropriate to reflect the relative benefits received
by the indemnifying party or parties on the one hand and the indemnified party on the other from the sale of the Warrant Shares, pursuant to the Registration Statement, or (ii) if the allocation provided by the foregoing clause (i) is not
permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the indemnifying party or parties on the one hand and the indemnified
party on the other in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities (or actions in respect thereof) as well as any other relevant equitable considerations. The relative fault of the parties
shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the indemnifying party on the
one hand and the indemnified party on the other, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount paid by an indemnified party as a result of the
losses, claims, damages or liabilities referred to in the first sentence of this subsection (d) shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending
any action or claim which is the subject 

  

 15 

 
of this subsection (d). Notwithstanding any other provision of this subsection (d), the Holders of the Registrable Securities shall not be required
to contribute any amount in excess of the amount by which the net proceeds received by such Holders from the sale of the Warrant Shares, net of the Exercise Price, pursuant to a Registration Statement exceeds the amount of damages which such Holders
have otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be
entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this subsection (d), each person, if any, who controls such indemnified party within the meaning of the Securities Act or the
Exchange Act shall have the same rights to contribution as such indemnified party and each person, if any, who controls the Company within the meaning of the Securities Act or the Exchange Act shall have the same rights to contribution as the
Company. 
 (e) The agreements contained in this Section 8.8 shall survive the sale of the Warrant Shares pursuant to a
Registration Statement and shall remain in full force and effect, regardless of any termination or cancellation of this Warrant or any investigation made by or on behalf of any indemnified party. 
 9. Restrictions on Transfer. 
 9.1 Notice of
Proposed Transfer. Prior to any transfer of any securities which are not registered under an effective registration statement under the Securities Act (“Restricted Securities”), which transfer may only occur if there is an
exemption from the registration provisions of the Securities Act and all other applicable securities laws, the Holder shall give written notice to the Company of the Holder’s intention to effect a transfer. The following provisions shall apply
to any proposed transfer of Restricted Securities: 
 (a) If in the opinion of counsel for the Holder reasonably satisfactory to the Company
the proposed transfer may be effected without registration of the Restricted Securities under the Securities Act, the Holder shall thereupon be entitled to transfer the Restricted Securities in accordance with the terms of the notice delivered by
the Holder to the Company. Each certificate representing the Restricted Securities issued upon or in connection with any transfer shall bear the restrictive legends required by Section 9.2 hereof. 
 (b) If the opinion called for in (a) above is not delivered, the Holder shall not be entitled to transfer the Restricted Securities until either:
(i) receipt by the Company of a further notice from such Holder pursuant to the foregoing provisions of this Section 9.1 and fulfillment of the provisions of clause (i) above, or (ii) such Restricted Securities have been
effectively registered under the Securities Act. 
 9.2 Restrictive Legends. This Warrant, each Warrant issued upon transfer or in
substitution for this Warrant pursuant to Section 10 hereof, each certificate for Common Stock issued upon the exercise of the Warrant and each certificate issued upon the transfer of any such Common Stock shall be (a) transferable
only upon satisfaction of the conditions specified above and (b) stamped or otherwise imprinted with a legend reflecting the restrictions on transfer required under the Securities Act or other applicable securities laws. 
 9.3 Termination of Restrictions. The restrictions imposed by this Section 9 upon the transferability of Restricted Securities shall
cease and terminate as to any particular Restricted Securities: (a) which shall have been effectively registered under the Securities Act, or (b) when such restrictions are no longer required in order to insure compliance with the
Securities Act or Section 10 hereof. Whenever 

  

 16 

 
such restrictions shall cease and terminate as to any Restricted Securities, the Holder thereof shall be entitled to receive from the Company, without
expense (other than applicable transfer taxes, if any), new securities of like tenor not bearing the applicable legends required by Section 9.1 hereof or otherwise. 
 10. Ownership, Transfer, Sale and Substitution of Warrant. 
 10.1 Ownership of Warrant. The
Company may treat any Person in whose name this Warrant is registered in the Warrant Register maintained pursuant to Section 10.2(b) hereof as the owner and holder thereof for all purposes, notwithstanding any notice to the contrary,
except that, if and when any Warrant is properly assigned in blank, the Company may (but shall not be obligated to) treat the bearer thereof as the owner of such Warrant for all purposes, notwithstanding any notice to the contrary. Subject to
Sections 9 and 10 hereof, this Warrant, if properly assigned, may be exercised by a new holder without a new Warrant first having been issued. 
 10.2 Office; Exchange of Warrant. 
 (a) The Company will maintain its principal office or at such
other offices as set forth in the Company’s most current filing (as of the date notice is to be given) under the Exchange Act or as the Company otherwise notifies the Holder. 
 (b) The Company shall cause to be kept at its office maintained pursuant to Section 10.2(a) hereof a Warrant Register for the registration
and transfer of the Warrant. The name and address of the holder of the Warrant, the transfers thereof and the name and address of the transferee of the Warrant shall be registered in such Warrant Register. The Person in whose name the Warrant shall
be so registered shall be deemed and treated as the owner and holder thereof for all purposes of this Warrant, and the Company shall not be affected by any notice or knowledge to the contrary. 
 (c) Upon the surrender of this Warrant, properly endorsed, for registration of transfer or for exchange at the office of the Company maintained pursuant
to Section 10.2(a) hereof, the Company at its expense will (subject to compliance with Section 9 hereof, if applicable) execute and deliver to or upon the order of the Holder thereof a new Warrant of like tenor, in the name
of such holder or as such holder (upon payment by such holder of any applicable transfer taxes) may direct, calling in the aggregate on the face thereof for the number of shares of Common Stock called for on the face of the Warrant so surrendered
(after giving effect to any previous adjustment(s) to the number of Warrant Shares). 
 10.3 Replacement of Warrant. Upon receipt of
evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of any such loss, theft or destruction of this Warrant, upon delivery of indemnity reasonably satisfactory to the Company
in form and amount or, in the case of any mutilation, upon surrender of this Warrant for cancellation at the office of the Company maintained pursuant to Section 10.2(a) hereof, the Company, at its expense, will execute and deliver, in
lieu thereof, a new Warrant of like tenor and dated the date hereof. 
 10.4 Opinions. In connection with the sale of the Warrant
Shares by the Holder, the Company agrees to cooperate with the Holder, and at the Company’s expense, have its counsel provide any legal opinions required to remove the restrictive legends from the Warrant Shares in connection with a sale,
transfer or legend removal request of Holder. 
 11. No Rights or Liabilities as Shareholder. No Holder shall be entitled to vote or receive dividends
or be deemed the holder of any shares of Common Stock or any other securities of the Company which may at any time be issuable on the exercise hereof for any purpose, nor shall anything contained herein be construed to confer upon the Holder, as
such, any of the rights of a shareholder of the Company or any 

  

 17 

 
right to vote for the election of directors or upon any matter submitted to shareholders at any meeting thereof, or to give or withhold consent to any
corporate action (whether upon any recapitalization, issuance of stock, reclassification of stock, change of par value, consolidation, merger, conveyance, or otherwise) or to receive notice of meetings, or (subject to Section 4.4) to
receive dividends or subscription rights or other similar rights until the Warrant shall have been exercised, as provided herein. The Holder will not be entitled to share in the assets of the Company in the event of a liquidation, dissolution or the
winding up of the Company until the Warrant shall have been exercised, as provided herein. 
 12. Notices. Any notice or other communication in
connection with this Warrant shall be given in writing and directed to the parties hereto as follows: (a) if to the Holder, to Wachovia Investment Holdings, LLC, One Wachovia Center, TW-10, 301 South College Street, Charlotte, NC 28288,
Attention: Conduit Administration; or (b) if to the Company, to the attention of its Chief Financial Officer at its office maintained pursuant to Section 10.2(a) hereof; provided, that the exercise of the Warrant shall also
be effected in the manner provided in Section 3 hereof. Notices shall be deemed properly delivered and received when delivered to the notice party (i) if personally delivered, upon receipt or refusal to accept delivery, (ii) if
sent via facsimile, upon mechanical confirmation of successful transmission thereof generated by the sending telecopy machine, (iii) if sent by a commercial overnight courier for delivery on the next Business Day, on the first Business Day
after deposit with such courier service, or (iv) if sent by registered or certified mail, five (5) Business Days after deposit thereof in the U.S. mail. 
 13. Payment of Taxes. The Company will pay all taxes and other governmental charges attributable to the issuance of shares of Common Stock underlying this Warrant upon exercise of this Warrant; provided, however, that the
Company shall not be required to pay any tax which may be payable in respect of any transfer involved in the transfer or registration of this Warrant or any certificate for shares of Common Stock underlying this Warrant in a name other than of the
Holder. The Holder is responsible for all other tax liability that may arise as a result of holding or transferring this Warrant or receiving shares of Common Stock underlying this Warrant upon exercise hereof. 
 14. Miscellaneous. This Warrant and any term hereof may be changed, waived, discharged or terminated only by an instrument in writing signed by the party against
which enforcement of the change, waiver, discharge or termination is sought. This Warrant shall be construed and enforced in accordance with and governed by the laws of the State of Texas. The section headings in this Warrant are for purposes of
convenience only and shall not constitute a part hereof. Each of the Company and the Holder hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of any New York State court or Federal court of
the United States of America sitting in New York City, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Warrant, or for recognition or enforcement of any judgment, and each of the parties
hereto hereby irrevocably and unconditionally agrees that all claims in respect to any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each of the parties hereto
agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in the any other manner provided by law. Each of the Company and the Holder hereby irrevocably
and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection that it may now or hereafter have to the laying of venue of any suit, action, or proceeding arising out of or relating to this Warrant in any New
York State or Federal court sitting in New York City. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such
court. 
 [Signature Page Follows] 
  

 18 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be duly executed as of the date first
above written. 
  

			
	AMERICREDIT CORP.
		
	By:	 	  

	Name:	 	J. Michael May
	Title:	 	Executive Vice President
		 	Chief Legal Officer and Secretary

  

 19 

 EXHIBIT A 
 FORM OF EXERCISE NOTICE 
 [To be executed only upon exercise of Warrant] 
 To AmeriCredit Corp.: 
 The undersigned registered holder of the within
Warrant hereby irrevocably exercises the Warrant pursuant to Section 3.1 of the Warrant with respect to
                                         
        Warrant Shares, at an exercise price per share of $13.55, and requests that the certificates for such Warrant Shares be issued, subject to Sections 9 and 10 of the Warrant, in the name of, and delivered
to: 
  

	
	  

	  

	  

	  

 The undersigned is hereby making payment for the Warrant Shares in the following manner: [check one] 

[  ] by cash in accordance with Section 3.1(b) of the Warrant 
 [  ] via cashless exercise in accordance with Section 3.1(c) of the Warrant 
 The undersigned hereby represents and warrants that it
is, and has been since its acquisition of the Warrant, the record and beneficial owner of the Warrant. 
 Dated:
                                 
  

			
	  

	Print or Type Name	 	
	
	  

			
	(Signature must conform in all respects to name of holder as specified on the face of Warrant)

			
	
	  

	(Street Address)	 	
	
	  

	(City) (State) (Zip Code)	 	

  

 A-1Form of Severance Compensation Agreement, as revised

 EXHIBIT 10.1 
 Albemarle Corporation 
 451 Florida Street 
 Baton Rouge, LA 70801 
             , 200   
 Mr.                                       
  
 (Address) 
 Dear
                                        :

 The Board of Directors (the “Board”) of Albemarle Corporation (the “Corporation”) recognizes that the possibility of a
Change in Control of the Corporation exists, and the uncertainty and questions which it may raise among management may result in the departure or distraction of management personnel to the detriment of the Corporation. 
 The Board has determined that appropriate steps should be taken to reinforce and encourage the continued attention and dedication of members of the
Corporation’s management, including yourself, to their assigned duties without distraction in the face of potentially disturbing circumstances arising from a possible Change in Control of the Corporation. 
 In order to induce you to remain in the employ of the Corporation and in consideration of your continued service to the Corporation, the Corporation
agrees that you shall receive certain benefits in the event of a Change in Control and certain severance benefits in the event your employment with the Corporation is terminated subsequent to a Change in Control, as set forth in this Severance
Compensation Agreement (“Agreement”). 
 1. Definitions. 
 a. “Change of Control” means the occurrence of any of the following events: 
  

	 	(i)	any Person, or “group” as defined in section 13(d)(3) of the Securities Exchange Act of 1934, becomes, directly or indirectly, the Beneficial Owner of 20% or more of the
combined voting power of the then outstanding securities of the Corporation that are entitled to vote generally for the election of the Corporation’s directors (the “Voting Securities”) (other than as a result of an issuance of
securities by the Corporation approved by Continuing Directors, or open market purchases approved by Continuing Directors at the time the purchases are made). However, if any such Person or “group” becomes the Beneficial Owner of 20% or
more, and less than 30%, of the Voting Securities, the Continuing Directors may determine, by a vote of at least two-thirds of the Continuing Directors, that the same does not constitute a Change in Control; 

  

	 	(ii)	 as the direct or indirect result of, or in connection with, a reorganization, merger, share exchange or consolidation (a “Business Combination”), a
contested election of directors, or any combination of these transactions, Continuing 

	 	 
Directors cease to constitute a majority of the Corporation’s board of directors, or any successor’s board of directors, within two years of the
last of such transactions; 

  

	 	(iii)	the shareholders of the Corporation approve a Business Combination, unless immediately following such Business Combination, (1) all or substantially all of the Persons who were
the Beneficial Owners of the Voting Securities outstanding immediately prior to such Business Combination Beneficially Own more than 60% of the combined voting power of the then outstanding voting securities entitled to vote generally in the
election of directors of the Corporation resulting from such Business Combination (including, without limitation, a company which as a result of such transaction owns the Corporation through one or more Subsidiaries) in substantially the same
proportions as their ownership, immediately prior to such Business Combination, of the Voting Securities, (ii) no Person (excluding any employee benefit plan or related trust of the Corporation or the Corporation resulting from such Business
Combination) Beneficially Owns 30% or more of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors of the Corporation resulting from such Business Combination, and (iii) at
least a majority of the members of the board of directors of the Corporation resulting from such Business Combination are Continuing Directors. 

 For purposes of this paragraph 1.a. and other provisions of this Agreement, the following terms shall have the meanings set forth below: 
 (A) Affiliate and Associate shall have the respective meanings ascribed to such terms in Rule 12b-2 of the General Rules and Regulations under the Securities Exchange Act of 1934, as amended and as in effect on
the date of this Agreement (the “Exchange Act”). 
 (B) Beneficial Owner means that a Person shall be deemed the
“Beneficial Owner” and shall be deemed to “beneficially own,” any securities: 
 (i) that such Person or
any of such Person’s Affiliates or Associates owns, directly or indirectly; 
 (ii) that such Person or any of such
Person’s Affiliates or Associates, directly or indirectly, has the right to acquire (whether such right is exercisable immediately or only after the passage of time) pursuant to any agreement, arrangement or understanding (whether or not in
writing) or upon the exercise of conversion rights, exchange rights, rights, warrants or options, or otherwise; provided, however, that, a Person shall not be deemed to be the “Beneficial Owner” of, or to “beneficially own,”
securities 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; 
  

 2 

 (iii) that such Person or any of such Person’s Affiliates or Associates, directly
or indirectly, has the right to vote, including pursuant to any agreement, arrangement or understanding, whether or not in writing; provided, however, that a Person shall not be deemed the “Beneficial Owner” of, or to “beneficially
own,” any security under this subsection as a result of an agreement, arrangement or understanding to vote such security 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 
 (iv) that are beneficially owned, directly or indirectly, by any other Person
(or any Affiliate or Associates thereof) with which such Person (or any of such Person’s Affiliates or Associates) has any agreement, arrangement or understanding (whether or not in writing), for the purpose of acquiring, holding, voting
(except pursuant to a revocable proxy as described in ‘the proviso to subsection (iii) of this definition) or disposing of any voting securities of the Corporation provided, however, that notwithstanding any provision of this definition,
any Person 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, shall
not be deemed the “Beneficial Owner” of, or to “beneficially own,” such securities until the expiration of forty days after the date of acquisition; and provided, further, that in no case shall an officer or director of the
Corporation be deemed (1) the beneficial owner of any securities 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) the beneficial owner of securities 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. 
 (C) Continuing Directors means any member of the Corporation’s Board, while a member of that Board, and (i) who was a member of the
Corporation’s Board prior to December 15, 2006, or (ii) whose subsequent nomination for election or election to the Corporation’s Board was recommended or approved by a majority of the Continuing Directors. 
  

 3 

 (D) Person means any individual, firm, company, partnership or other entity. 
 (E) Subsidiary means, with references to any Person, any company or other entity of which an amount of voting securities sufficient to elect a
majority of the directors or Persons having similar authority of such company or other entity is beneficially owned, directly or indirectly, by such Person, or otherwise controlled by such Person. 
 b. “Code” shall mean the Internal Revenue Code of 1986, as amended. 
 c. “Date of Termination” shall mean: 
  

	 	(i)	in case your employment is terminated for Total Disability, thirty (30) days after Notice of Termination is given (provided that you shall not have returned to the full-time
performance of your duties during such thirty (30) day period), and 

  

	 	(ii)	in all other cases, the date specified in the Notice of Termination (which shall not be less than thirty (30) nor more than sixty (60) days, respectively, from the date
such Notice of Termination is given). 

 d. “Good Reason for Resignation” shall mean, without your express
written consent, any of the following: 
  

	 	(i)	a change in your position with the Corporation which in your reasonable judgment does not represent a promotion from your status or position immediately prior to the Change in
Control or the assignment to you of any duties or responsibilities or diminution of duties or responsibilities which in your reasonable judgment are inconsistent with your position with the Corporation in effect immediately prior to the Change in
Control, it being understood that any of the foregoing in connection with termination of your employment for Cause, Retirement, or Total Disability shall not constitute Good Reason for Resignation; 

  

	 	(ii)	a reduction by the Corporation in the annual rate of your base salary as in effect immediately prior to the date of a Change in Control; 

  

	 	(iii)	the Corporation’s requiring your office nearest to your principal residence to be located at a different place which is more than thirty-five (35) miles from where such
office is located immediately prior to a Change in Control; 

  

	 	(iv)	the failure by the Corporation to continue in effect compensation or benefit plans in which you participate, which in the aggregate provide you compensation and benefits
substantially equivalent to those prior to a Change in Control; 

  

 4 

	 	(v)	the failure of the Corporation to obtain a satisfactory agreement from any Successor (as defined in Paragraph 5a hereof) to assume and agree to perform this Agreement, as
contemplated in Paragraph 5a hereof; 

  

	 	(vi)	any purported termination of your employment which is not effected pursuant to a Notice of Termination satisfying the requirements hereof; for purposes of this Agreement, no such
purported termination shall be effective for any purpose except to constitute a Good Reason for Resignation. 

 e.
“Incentive Compensation Award” shall mean payment or payments under Incentive Compensation Plans. 
 f. “Incentive
Compensation Plans” shall mean any variable compensation or other incentive compensation plans maintained by the Corporation, in which awards are paid in cash, stock or other property including, but not limited to: (i) the Albemarle
Corporation 2003 Incentive Plan, as amended (ii) any variable compensation plan, (iii) or any successor plan thereto. 
 g.
“Normal Retirement Date” shall have the meaning set forth in Section 3.01 of the Pension Plan. 
 h. “Notice of
Termination” shall mean a written notice as provided in Paragraph 14 hereof. 
 i. “Pension Plan” shall mean the
Albemarle Corporation Pension Plan, as it may be amended prior to a Change in Control. 
 j. “Pension Program” shall mean
the Pension Plan, the Albemarle Corporation Supplemental Executive Retirement Plan (as amended prior to a Change in Control), plus any other excess or supplemental pension plans maintained by the Corporation. 
 k. “Retirement” shall mean (1) voluntary retirement before your mandatory retirement age, if any, (termination of your employment
by you before your mandatory retirement age, if any, with Good Reason for Resignation shall not be deemed a Retirement for purposes of this Agreement) or (2) termination in accordance with any retirement arrangement other than under the Pension
Program, which is established with your consent with respect to you or (3) mandatory retirement as set forth under the policy of the Corporation as it existed prior to the Change in Control or as agreed to by you following a Change in Control.

 l. “Termination for Cause” shall mean termination of your employment upon your willfully engaging in conduct demonstrably
and materially injurious to the Corporation, monetarily or otherwise, provided that there shall have been delivered to you a copy of a resolution duly adopted by the unanimous affirmative vote of the entire membership of the Board at a meeting of
the Board called and held for such purpose (after reasonable notice to you and an opportunity for you, together with your counsel, to be heard before the Board), finding that in the good faith opinion of the Board you were guilty of the conduct set
forth and specifying the particulars thereof in detail. 
  

 5 

 For purposes of this Paragraph L, no act, or failure to act, on your part shall be deemed
“willful” unless done, or omitted to be done, by you not in good faith and without reasonable belief that your action or omission was in the best interest of the Corporation. Any act or failure to act based upon authority given pursuant to
a resolution duly adopted by the Board or based upon the advice of counsel for the Corporation shall be conclusively presumed to be done or omitted to be done by you in good faith and in the best interests of the Corporation. 
 m. “Severance Multiple” shall mean the lesser of (a) two (2), and (b) the number obtained by multiplying two (2) by a
fraction, the numerator of which is the number of days from the Date of Termination to your Normal Retirement Date and the denominator of which is 730 but such number under this clause (m) shall not be less than one (1). 
 n. “Total Disability” shall mean total physical or mental disability rendering you unable to perform the duties of your employment for a
continuous period of six (6) months. Any question as to the existence of your Total Disability upon which you and the Corporation cannot agree shall be determined by a qualified physician not employed by the Corporation and selected by you (or,
if you are unable to make such selection, it shall be made by any adult member of your immediate family), and approved by the Corporation. The determination of such physician made in writing to the Corporation and to you shall be final and
conclusive for all purposes of this Agreement. 
 2. Compensation Upon Termination or While Disabled. Following a Change in Control,
you shall be entitled to the following benefits: 
 a. Termination Benefits. If your employment by the Corporation shall be terminated
subsequent to the Change in Control and during the term of this Agreement, and under circumstances that would qualify as a “separation from service” under Code section 409A, (a) by reason of your death after you have received a Notice
of Termination, (b) by the Corporation other than a Termination for Cause, or (c) by you for Good Reason for Resignation, then you shall be entitled to the benefits provided below, without regard to any contrary provision of any plan:

  

	 	 (i)
	 Accrued Salary. The Corporation shall pay you, not later than the fifth (5th) day following the Date of Termination, your full base salary and vacation pay accrued through the Date of Termination at the rate in effect at the time the Notice of
Termination is given (or at the rate in effect immediately prior to a Change in Control, if such amounts were higher). 

  

	 	(ii)	Accrued Incentive Compensation. The Corporation shall pay you, not later than five (5) days following your Date of Termination, the amount of your accrued Incentive
Compensation which consists of the annual cash bonus. If the Date of Termination is after the end of a Variable Compensation Year, but before such Incentive Compensation for said Variable Compensation Year has been determined, the Corporation shall
pay you as such Incentive Compensation for that Variable Compensation Year the greater of the amount of your target variable compensation for such Variable Compensation Year and the amount of your actual variable compensation for the last Variable
Compensation Year preceding the year in which the Change in Control occurs for which such Incentive Compensation had been determined. 

  

 6 

 In addition, if the Date of Termination is other than the first day of a Variable Compensation Year, the
Corporation shall pay you, as such cash Incentive Compensation for the Variable Compensation Year in which the Date of Termination occurs, the greater of your target variable compensation for the year in which the Change in Control occurs and your
actual variable compensation for the Variable Compensation Year preceding the year in which the Change in Control occurs, multiplied by a fraction, the numerator of which is the total number of days which have elapsed in the current Variable
Compensation Year to the Date of Termination, and the denominator of which is three hundred sixty-five (365). Payments under this clause (ii) shall be made to you not later than five (5) days after the Date of Termination. 
 If there is more than one Incentive Compensation Program, your accrued Incentive Compensation shall be calculated separately for each Program.

 For the purpose of determining the amount of your accrued Incentive Compensation under this Paragraph 2a(ii), you will be deemed to have
been paid the full amount of all prior variable and incentive compensation, whether or not such award was includible in your gross income for Federal Income tax purposes. 
 For the purpose of this Paragraph 2a(ii), “Incentive Compensation Program” means any of the Incentive Compensation Plans defined in Paragraph 1f and any other plan or program for the payment of incentive
compensation, variable compensation, bonus, benefits or awards for which you were, or your position was, eligible to participate; “Incentive Compensation” means any compensation, variable compensation, bonus, benefit or award paid or
payable under an Incentive Compensation Program; and “Variable Compensation Year” means a calendar or fiscal plan year of an Incentive Compensation Program. 
  

	 	(iii)	Insurance Coverage. The Corporation shall arrange to provide you (and your dependents, if applicable) with the following: 

 (a) If you are eligible, you shall participate in the Corporation’s retiree medical benefit plans as if you retired from the Corporation on your
Date of Termination, except that the Corporation shall provide such medical coverage at no cost to you for two (2) years following your Date of Termination and thereafter, you shall participate therein on the same terms as other retired
employees (to the extent these benefits are provided by a self-insured plan, any reimbursements for claims incurred shall be made as soon as practicable, but in no event can they be made later than the end of the calendar year following the calendar
year in which the claim was incurred); 
  

 7 

 (b) If you are not eligible for the retiree medical plans, you will no longer continue to participate in
the Corporation’s medical benefit plans, except for COBRA, and (i) if you elect to receive COBRA benefits, the Corporation shall provide you with such benefits at no cost to you for the first eighteen (18) months following your loss
of medical coverage, and thereafter, (ii) the Corporation shall, for the subsequent six (6) months, purchase for you, at its cost, a policy of medical insurance providing benefits substantially similar to the benefits you would have
received under the Corporation’s medical benefit plans. 
  

	 	(iv)	Retirement Benefits. [For Employees not eligible for a Short Service Benefit under the SERP: The Supplemental Pension Benefit Credits made on your behalf under
the Albemarle Corporation Executive Deferred Compensation Plan (“EDCP”) as well as all earnings accrued on such amounts, shall be immediately vested and non-forfeitable and shall be paid in accordance with the terms of the EDCP.

 [For Employees with Supplemental Pension Benefits under the EDCP: The calculation of the Short
Service Benefits provided to you pursuant to Section 3.01(b) of the Albemarle Corporation Supplemental Executive Retirement Plan (“SERP”) shall be determined without regard to the benefit offsets provided for in
Section 3.01(b)(i)(B) of the SERP. 
  

	 	(v)	Outplacement Counseling. The Corporation shall make available to you, at the Corporation’s expense, outplacement counseling. You may select the organization that will
provide the outplacement counseling, however, the Corporation’s obligation to provide you benefits under this subsection (v) shall be limited to $25,000. This counseling must be used, if at all, no later than the end of the second calendar
year after the year of your Date of Termination. 

  

	 	(vi)	Financial Counseling. Following your Date of Termination, the Corporation shall make available to you, financial counseling services with a nationally recognized financial
counseling firm. The financial counseling firm may also provide you with tax counseling and tax preparation services. You may select the organization that will provide the financial and tax counseling, however, the Corporation’s obligation to
provide you benefits under this subsection (vi) shall be limited to $10,000. To be eligible for reimbursement, the financial counseling must take place in the calendar year of your Date of Termination, unless such Date of Termination is less
than 60 days before the end of such calendar year, in which case the financial counseling must take place during the following calendar year. 

  

 8 

	 	 (vii)
	 Severance Payment. The Corporation shall pay as severance pay to you, not later than the fifth (5th) day following the Date of Termination, a lump sum severance payment (the “Severance Payment”) equal to the Severance Multiple times the
following: 

 (a) the greater of your annual base compensation which was payable to you by the Corporation immediately
prior to the Date of Termination and your annual base compensation which was payable to you by the Corporation immediately prior to a Change in Control, whether or not such annual base compensation was includible in your gross income for federal
income tax purposes; plus 
 (b) the greater of the amount of your actual annual variable compensation payment you received for the year
preceding the date on which the Change in Control occurs and your target variable compensation for the year in which the Change in Control occurs, (whether or not such award was includible in your gross income for federal income tax purposes).

 The Severance Payment shall be reduced by the amount paid to you under paragraph 7(c) below. 
  

	 	(viii)	Reduction of Severance Payment. 

 If the payments
or benefits to which you will be entitled under this Agreement would cause you to be liable for the federal excise tax levied on certain “excess parachute payments” under Code Section 4999, then the following provisions shall apply.

 If such payments or benefits exceed 2.99 times your “Base Amount” ( as defined in Code Section 280G) (the “Parachute
Limit”), by the lesser of (A) 10% of the Parachute Limit, and (B) $100,000, then your Severance Payment (but not other payments or benefits under this Agreement) shall be reduced by an amount so that your payments and benefits under
this Agreement are 2.99 times the Base Amount. 
 Whether payments to you are to be reduced, and the extent to which they are to be so
reduced, will be determined by the Corporation in good faith and the Corporation will notify you in writing of its determination. Any such notice shall describe in reasonable detail the basis of the Corporation’s determination. If you accept
the Corporation’s determination, you shall so advise the Corporation of your determination within thirty (30) days of receipt of notice from the Corporation. If you object to such determination within thirty (30) days of receipt of
notice from the Corporation, the Corporation will retain, at its expense, a nationally recognized public accounting firm, employment consulting firm or law firm selected by the Corporation and reasonably acceptable to you to review the matter. Such
firm shall meet with you and your representatives and the Corporation and its representatives and thereafter render 

  

 9 

 
its written opinion as to the extent, if any, that in such firm’s reasonable judgment the payments and benefits otherwise due to you hereunder must be
reduced hereunder. The decision of such firm concerning the extent of any required reduction in such payments and benefits shall be final and binding on both you and the Corporation. 
  

	 	(ix)	Payment of Taxes. 

 (a) For purposes of this
subparagraph (ix), the following terms shall have the following meanings: 
  

	 	(I)	Payment shall mean any payment or distribution (or acceleration of benefits) by the Corporation to or for your benefit (whether paid or payable or distributed or
distributable (or accelerated) pursuant to the terms of this Agreement or otherwise, but determined without regard to any additional payments required under this subsection (ix)). In addition, Payment shall mean the amount of income deemed to be
received by you as a result of the acceleration of the exercisability of any of your options to purchase stock of the Corporation or the acceleration of the lapse of any restrictions on performance stock or restricted stock of the Corporation or
Performance Units held by you or the acceleration of any payment from any deferral plan of the Corporation. 

  

	 	(II)	Excise Tax shall mean the excise tax imposed by Section 4999 of the Code, or any interest or penalties incurred by you with respect to such excise tax.

  

	 	(III)	Income Tax shall mean all taxes other than the Excise Tax (including any interest or penalties imposed with respect to such taxes) including, without limitation, any income
and employment taxes imposed by any federal (including (i) FICA and medicare taxes, and (ii) the tax resulting from the loss of any federal deductions or exemptions which would have been available to you but for receipt of the Payment),
state, local, commonwealth or foreign government. 

 (b) Except as provided in subparagraph (viii) above, in the event it
shall be determined that a Payment would be subject to an Excise Tax, then you shall be entitled to receive an additional payment (a “Gross-Up Payment”) in an 

  

 10 

 
amount such that after payment by you of Income Tax and Excise Tax imposed upon the Gross-Up Payment, you retain an amount of the Gross-Up Payment equal to
the Excise Tax imposed upon the Payment. However, the Corporation shall be obligated to pay you no more than Three Million Dollars ($3,000,000) under this clause (b). 
 (c) All determinations required to be made under this subsection (ix), including whether and when a Gross-Up Payment is required and the amount of such Gross-Up Payment and the assumptions to be utilized in arriving
at such determination, shall be made by the public accounting or actuarial consulting firm that is retained by the Corporation as of the date immediately prior to the Change in Control (the “Firm”) which shall provide detailed supporting
calculations both to the Corporation and to you within fifteen (15) business days of the receipt of notice from you that there has been a Payment, or such earlier time as is requested by the Corporation (collectively, the
“Determination”). In the event that the Firm is serving as accountant, auditor or consultant for the individual, entity or group affecting the Change in Control, you may appoint another nationally recognized public Firm to make the
determinations required hereunder (which Firm shall then be referred to as the Firm hereunder). All fees and expenses of the Firm shall be borne solely by the Corporation. Any Gross-Up Payment, as determined pursuant to this subsection (viii), shall
be paid by the Corporation to you within ten (10) days of your receipt of the Determination and in no event later than the end of your taxable year after the tax year in which you pay the Excise Tax. If the Firm determines that no Excise Tax is
payable by you, you may request the Firm to furnish you with a written opinion that failure to report the Excise Tax on your applicable federal income tax return would not result in the imposition of a negligence or similar penalty. The
Determination by the Firm shall be binding upon the Corporation and you. As a result of the uncertainty in the application of Section 4999 of the Code at the time of the Determination, it is possible that Gross-Up Payments which will not have
been made by the Corporation should have been made (“Underpayment”), consistent with the calculations required to be made hereunder. In the event that the Corporation exhausts its remedies pursuant to Section (ix)(d) below and you
thereafter are required to make payment of any Excise Tax or Income Tax, the Firm shall determine the amount of the Underpayment that has occurred and any such Underpayment shall be promptly paid by the Corporation to or for your benefit.

 (d) You shall notify the Corporation in writing of any claim by the Internal Revenue Service that, if successful, would require the
payment by the Corporation of the Gross-Up Payment or the Underpayment. Such notification shall be given as soon as practicable but no later than ten (10) business days after you are informed in writing of such claim and shall apprise the
Corporation of the nature of such claim and the date on which such claim is 

  

 11 

 
requested to be paid. You shall not pay such claim prior to the expiration of the 30-day period following the date on which you give such notice to the
Corporation (or such shorter period ending on the date that any payment of taxes with respect to such claim is due). If the Corporation notifies you in writing prior to the expiration of such period that it desires to contest such claim, you shall:

  

	 	(1)	give the Corporation any information reasonably requested by the Corporation relating to such claim, 

  

	 	(2)	take such action in connection with contesting such claim as the Corporation shall reasonably request in writing from time to time, including, without limitation, accepting legal
representation with respect to such claim by an attorney reasonably selected by the Corporation, 

  

	 	(3)	cooperate with the Corporation in good faith in order effectively to contest such claim, and 

  

	 	(4)	 permit the Corporation to participate in any proceeding relating to such claim; provided, however, that the Corporation shall bear and pay directly all costs and
expenses (including additional interest and penalties) incurred in connection with such contest and shall indemnify and hold you harmless, on an after-tax basis, for any Excise Tax or Income Tax imposed as a result of such representation and payment
of costs and expenses. Without limitation on the foregoing provisions of this Section (ix)(d), the Corporation shall control all proceedings taken in connection with such contest and, at its sole option, may pursue or forego any and all
administrative appeals, proceedings, hearings and conferences with the taxing authority in respect of such claim and may, at its sole option, either direct you to pay the tax claimed and sue for a refund or contest the claim in any permissible
manner, and you agree to prosecute such contest to a determination before any administrative tribunal, in a court of initial jurisdiction and in one or more appellate courts, as the Corporation shall determine; provided further, that if the
Corporation directs you to pay such claim and sue for a refund, the Corporation shall advance the amount of such payment to you on an interest-free basis and shall indemnify and hold you harmless, on an after-tax basis, from any Excise Tax or

  

 12 

	 	 
Income Tax imposed with respect to such advance or with respect to any imputed income with respect to such advance; and provided further, that any extension
of the statute of limitations relating to payment of taxes for your taxable year with respect to which such contested amount is claimed to be due is limited solely to such contested amount. Furthermore, the Corporation’s control of the contest
shall be limited to issues with respect to which a Gross-Up Payment would be payable hereunder and you shall be entitled to settle or contest, as the case may be, any other issue raised by the Internal Revenue Service or any other taxing authority.

 (e) If, after the receipt by you of an amount advanced by the Corporation pursuant to Section (ix)(d) above, you become
entitled to receive, and receive, any refund with respect to such claim, you shall (subject to the Corporation’s complying with the requirements of Section (ix)(d)) promptly pay to the Corporation the amount of such refund (together with any
interest paid or credited thereon after taxes applicable thereto). If, after the receipt by you of an amount advanced by the Corporation pursuant to Section (ix)(d), a determination is made that you shall not be entitled to any refund with respect
to such claims and the Corporation does not notify you in writing of its intent to contest such denial of refund prior to the expiration of thirty (30) days after such determination, then such advance shall be forgiven and shall not be required
to be repaid and the amount of such advance shall be offset, to the extent thereof, the amount of the Gross-Up Payment required to be paid. 
  

	 	(x)	No Duty to Mitigate. You shall not be required to mitigate the amount of any payment provided for in this Paragraph 2 by seeking other employment or otherwise, nor shall the
amount of any payment or benefit hereunder be reduced by any compensation earned by you as the result of employment by another employer or by retirement benefits after the Date of Termination. 

  

	 	(xi)	Six Month Delay. If, as of the Date of Termination, you are considered a Specified Employee (as such term is defined in Code Section 409A) the payments due you which are
described in Sections 2a(iv), 2a(vii) and 2a(ix) shall not be paid until the expiration of the six month period after the Date of Termination (the “Delay Period”), and at the conclusion of the Delay Period any amounts due you under
Sections 2a(iv) and 2a(vii) shall be paid in a single sum. 

  

 13 

 b. Payments While Disabled. During any period prior to the Date of Termination and during the term
of this Agreement that you are unable to perform your full-time duties with the Corporation, whether as a result of your Total Disability or as a result of a physical or mental disability that is not total or is not permanent and therefore is not a
Total Disability, you shall continue to receive your base salary at the rate in effect at the commencement of any such period, together with all other compensation and benefits that are payable or provided under the Corporation’s benefit plans,
including its disability plans. After the Date of Termination, your benefits shall be determined in accordance with the Corporation’s Pension Program, insurance and other applicable programs. The compensation and benefits, other than salary,
payable or provided pursuant to this Paragraph 2b shall be the greater of (x) the amounts computed under the Pension Program, disability benefit plans, insurance and other applicable programs in effect immediately prior to a Change in Control
and (y) the amounts computed under the Pension Program, disability benefit plans, insurance and other applicable programs in effect at the time the compensation and benefits are paid. 
 c. Payments if Termination for Cause, or by You Except With Good Reason. If your employment shall be terminated by the Corporation for Cause or by
you other than with Good Reason for Resignation, the Corporation shall pay you your full base salary and accrued vacation pay then in effect through the Date of Termination, at the rate in effect at the time Notice of Termination is given plus any
benefits or awards which have been earned or become payable but which have not yet been paid to you. You shall receive any payment due under this subsection c. on your Date of Termination. Thereafter the Corporation shall have no further obligation
to you under this Agreement. 
 d. After Retirement or Death. If your employment shall be terminated by your Retirement, or by reason
of your death, your benefits shall be determined in accordance with the Corporation’s Pension Program and insurance programs then in effect except that if your death occurs after the execution of a definitive agreement which results in a Change
in Control, then you shall be entitled to the benefits under this Agreement as if the Corporation issued you a Notice of Termination terminating your employment thirty (30) days after a Change in Control. 
 3. Vesting Upon a Change in Control. 
 a. Upon a Change in Control, all unvested stock options and restricted stock held by you under the Incentive Compensation Programs shall immediately vest and be non-forfeitable. 
 b. With respect to any outstanding Performance Units granted to you under the Incentive Compensation Programs which have not then vested and been paid to
you, then upon a Change in Control the following provisions shall apply to such Performance Units: 
  

	 	(i)	Any Performance Units which have been earned but not yet vested, shall become vested and non-forfeitable and paid to you on the date of the Change in Control;

  

 14 

	 	(ii)	That portion of the unearned Performance Units as specified in clause (iii) below will become vested and non-forfeitable and paid to you on the date of the Change in Control;

  

	 	(iii)	The number of Performance Units to be vested and paid in accordance with clause (ii) above shall equal the greater of: 

  

	 	(A)	the target number of Performance Units granted to you; and 

  

	 	(B)	a number of Performance Units based on actual performance of the Corporation against the performance criteria for the Performance Units for that portion of the performance period
for the Performance Units elapsed up to the end of the most recently completed calendar quarter prior to the date of the Change in Control and based on target performance during the balance of such performance period in accordance with the following
formula: 

  

					
	Number of Units to be vested and paid	 	=	 	(QC/8) x (AP/TP) x
Number of Target Units + ((8-QC)/8) x Number of Target Units

  

							
	Where:	  	QC	  	=	  	the number of completed calendar quarters of the performance period prior to a Change in Control.
				
		  	AP	  	=	  	actual performance of the Corporation under the criteria for the Performance Units for the relevant period.
				
		  	TP	  	=	  	target performance of the Corporation under the criteria for the Performance Units for the relevant period.

 4. Term of Agreement. This Agreement shall commence on the date hereof and shall continue
in effect through December 31, 2007; provided, however, that commencing on January 1, 2008 and each January 1 thereafter, the term of this Agreement shall automatically be extended for one additional year unless, not later than
September 30 of the preceding year, the Corporation or you shall have given notice that it or you do not wish to extend this Agreement. Notwithstanding any such notice by the Corporation or you not to extend the Agreement, if a Change in
Control shall have occurred prior to such termination of this Agreement, the attempted termination of this Agreement shall be deemed ineffective and this Agreement shall continue in full force and effect. In any event, the term of this Agreement
shall expire on the second (2nd) anniversary of the date of the Change in Control. This Agreement shall terminate if your employment is terminated by you or the Corporation prior to a Change in Control. 
 5. Successors; Binding Agreement. 
 a.
Successors of the Corporation. The Corporation will require any Successor to all or substantially all of the business and/or assets of the Corporation to expressly assume and agree, by an agreement in form and substance satisfactory to you,
to perform this Agreement in the same manner and to the same extent that the Corporation would be required to perform it if no such succession 

  

 15 

 
had taken place. Failure of the Corporation to obtain such assent at least five business days prior to the time a person becomes a Successor (or where the
Corporation does not have at least five business days advance notice that a person may become a Successor, within three business days after having notice that such person may become or has become a Successor) shall constitute Good Reason for
Resignation by you and, if a Change in Control has occurred or thereafter occurs, shall entitle you immediately to the benefits provided in Paragraph 2a hereof upon delivery by you of a Notice of Termination which the Corporation, by executing this
Agreement, hereby assents to. For purposes of this Agreement, “Successor” shall mean any person that purchases all or substantially all of the assets of the Corporation or the Surviving Corporation (and Parent Corporation, if applicable)
or obtains or succeeds to, or has the practical ability to control (either immediately or with the passage of time), the Corporation’s business directly, by merger or consolidation, or indirectly, by purchase of voting securities of the
Corporation or by acquisition of rights to vote voting securities of the Corporation or otherwise, including but not limited to any person or group that acquires the beneficial ownership or voting rights described in Paragraph 1a(ii). 
 b. Your Successor. This Agreement shall inure to the benefit of and be enforceable by your personal or legal representatives, executors,
administrators, successors, heirs, distributees, devises and legatees. If you should die following your Date of Termination while any amount would still be payable to you hereunder if you had continued to live, all such amounts, unless otherwise
provided herein, shall be paid in accordance with the terms of this Agreement to your devisee, legatee or other designee or, if there is no such designee, to your estate. 
 6. Confidentiality. 
 a. You acknowledge that: (i) the business conducted by the Corporation and
its subsidiaries (the “Business”) is intensely competitive and the your position with the Corporation has exposed the you to knowledge of Confidential Information (as defined below); (ii) the direct and indirect disclosure of
any such Confidential Information to existing or potential competitors of the Corporation would place the Corporation at a competitive disadvantage and would do damage, monetary or otherwise, to the Corporation’s business; and (iii) the
engaging by you in any of the activities prohibited by this Agreement may constitute improper appropriation and/or use of Confidential Information. For purposes of this Agreement, “Confidential Information” shall mean trade secrets,
know-how and other proprietary information of the Corporation known to you, and which gives the Corporation a competitive advantage, relating to the Corporation’s business, but shall not include information generally available to or known by
the public or information that is or becomes available to you on a non-confidential basis from a source other than the Corporation or its directors, officers or employees (other than by reason of a breach of any obligation of confidentiality).

 b. From and after the date of termination of your employment with the Corporation (“Date of Termination”) until the first
anniversary thereof (the “Non-Competition Period”), you shall not, directly or indirectly, whether individually, as a director, stockholder, owner, partner, employee, consultant, principal or agent of any business, or in any other
capacity, make known, disclose, furnish make available or utilize any of the Confidential Information, other than in the proper performance of the duties 

  

 16 

 
contemplated herein, or as required by law or by a court of competent jurisdiction or other administrative or legislative body; provided that if required to
disclose any of the Confidential Information by law or by a court or other administrative or legislative body, you shall promptly notify the Corporation so that the Corporation may seek a protective order or other appropriate remedy. 
 c. You also agree to comply with the Patent and Confidentiality Agreement previously signed by you and delivered to the Corporation, including those
provisions which are applicable after your Date of Termination. 
 7. Non-Compete; Consideration. 
 a. During the Non-Competition Period, you shall not engage in Competition (as defined below) with the Corporation. For purposes of this Agreement,
“Competition” by you shall mean your engaging in, or otherwise directly or indirectly being employed by or acting as a consultant to, or being a director, officer, employee, principal, agent, stockholder, member, owner, joint
venturer or partner of, or permitting the your name to be used in connection with the competitive activities of any other business or organization in competition with the business of the Corporation as the same shall be constituted on the date of
the Change in Control; provided that it shall not be a violation of this Agreement for you to: (i) become the registered or beneficial owner of less than five percent (5%) of any class of the capital stock of a competing corporation
registered under the Securities Exchange Act of 1934, as amended, provided that you do not actively participate in the business of such corporation until the expiration of the Non-Competition Period; (ii) be involved with the activities of any
other business or organization which did not compete, directly or indirectly, with the business of the Corporation as the same shall be constituted on the date of the Change in Control; or (iii) be engaged in any business from which the
Corporation derives no more than five percent (5%) of its revenues if you were not directly engaged in such business at the Corporation prior to the Date of Termination. 
 b. Without limiting the generality of the foregoing, during the Non-Competition Period, you agree that you will not, directly or indirectly, for your
benefit or for the benefit of any other person, firm or entity, do any of the following: 
  

	 	(i)	solicit from any customer doing business with the Corporation, business of the same or of a similar nature to the business conducted between the Corporation and such customer; or

  

	 	(ii)	solicit the employment or services of, or hire, any person who at the time is employed by or a consultant to the Corporation. 

  

	 	(iii)	solicit the services of any consultant engaged in competitive activities for the Corporation. 

 c. In consideration for your agreement to the provisions of this paragraph 7, the Corporation
shall pay you, not later than the fifth (5th) day following the Date of Termination an amount equal to the sum of the following: 
  

	 	(i)	the greater of your annual base compensation which was payable to you by the Corporation immediately prior to the Date of Termination and your annual base compensation which was
payable to you by the Corporation immediately prior to a Change in Control, whether or not such annual base compensation was includible in your gross income for federal income tax purposes; plus 

  

 17 

	 	(ii)	the amount of your actual annual variable compensation payment you received for a year preceding the date on which the Change in Control occurs, (whether or not such award was
includible in your gross income for federal income tax purposes). 

 8. Remedies. 
 a. You acknowledge that your agreement to the matters set forth in paragraphs 6 and 7 is being entered into in connection with the consummation of a
transaction involving a Change in Control of the Corporation and that the services rendered by you to the Corporation are of a special and unique character, which gives this agreement a particular value to the Corporation, the loss of which may not
be reasonably or adequately compensated for by damages in an action at law; and that a material breach or threatened breach by you of any of the provisions contained in paragraphs 6 or 7 of this Agreement will cause the Corporation irreparable
injury. You therefore agree that, upon breach by you of paragraph 6 or 7 of this Agreement, the Corporation shall be entitled, in addition to any other right or remedy, to a temporary, preliminary and permanent injunction, without the necessity of
proving the inadequacy of monetary damages or the posting of any bond or security, enjoining or restraining you from any such breach or threatened breaches. 
 b. In addition, in the event of a material breach by you of the provisions of clauses a or b of paragraph 7, the Corporation shall be entitled to obtain from you the amounts paid to you under paragraph 7. 

c. You further acknowledge and agree that due to the uniqueness of your services and confidential nature of the information you possess, the covenants
set forth herein are reasonable and necessary for the protection of the business and goodwill of the Corporation. It is the intent of the parties hereto that if in the opinion of any court of competent jurisdiction any provision set forth in this
Agreement is not reasonable in any respect, such court shall have the right, power and authority to modify any and all such provisions as to such court shall appear not unreasonable and to enforce the remainder of this Agreement as so modified.

 9. Notice to Corporation to Cure. In the event that you believe that you have a Good Reason for Resignation, you shall notify the
Corporation in writing of such fact and the reasons therefor. The Corporation, may, within fifteen (15) days after your notice, elect to take such steps that would be necessary so that you would no longer have a Good Reason for Resignation.

 10. Relationship to Other Agreements. To the extent that any provision of any other agreement between the Corporation and you shall
limit, qualify or be inconsistent with any provision of this Agreement, then for purposes of this Agreement, while the same shall remain in force, the provision of this Agreement shall control and such provision of such other agreement shall be
deemed to have been superseded, and to be of no force or effect, as if such other agreement had been formally amended to the extent necessary to accomplish such purpose. 
  

 18 

 11. Nature of Payments. All payments to you under this Agreement shall be considered either
payments in consideration of your continued service to the Corporation or severance payments in consideration of your past service to the Corporation. 
 12. Validity. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and
effect. 
 13. Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original
but all of which together will constitute one and the same instrument. 
 14. Notice. Any purported termination of your employment by
the Corporation or by you following a Change in Control shall be communicated to the other party by a Notice of Termination. A Notice of Termination shall indicate the specific termination provision in this Agreement relied upon and shall set forth
in reasonable detail the facts and circumstances claimed to provide a basis for termination of your employment under the provision so indicated. For the purpose of this Agreement, notices and all other communications provided for in the Agreement
shall be in writing and shall be deemed to have been duly given when delivered or mailed by United States registered mail, return receipt requested, postage prepaid, addressed to the respective addresses set forth on the first page of this
Agreement, provided that all notices to the Corporation shall be directed to the attention of the Board of the Corporation with a copy to the Secretary of the Corporation or to such other address as either party may have furnished to the other in
writing in accordance herewith, except that notice of change of address shall be effective only upon receipt. 
 15. Fees and
Expenses. The Corporation shall pay all legal fees and related expenses incurred by you: (i) as a result of your termination following a Change in Control, (ii) in seeking to obtain or enforce any right or benefit provided by this
Agreement (including all fees and expenses, if any, incurred in contesting or disputing any such termination or incurred by you in seeking advice in connection therewith), (iii) in making the determinations under Paragraph 2.a(viii),
(iv) in seeking advice to determine whether you have a Good Reason for Resignation and providing the notice to the Corporation under paragraph 9, (v) and contesting any claim by the Corporation under paragraph 8; provided that such fees
are incurred no later than the end of the second calendar year after the year of your Date of Termination. 
 16. Release. Upon
payment to you of the amount under paragraph 2.a(i), (ii), (iv) and (vii), you shall execute and deliver to the Corporation the General Release shall contain provisions set forth in Exhibit A to this Agreement and which shall otherwise be in a
form reasonably acceptable to you and the Corporation. 
  

 19 

 17. Survival. The respective obligations of, and benefits afforded to, the Corporation and you as
provided in Paragraphs 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 15 and 16 of this Agreement shall survive termination of this Agreement. 
 18.
Miscellaneous. No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing and signed by you and such officer as may be specifically designated by the Board. No
waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions
or conditions at the same or at any prior or subsequent time. No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not expressly set forth in this
Agreement. 
 19. Governing Law. The validity, interpretation, construction and performance of this Agreement shall be governed by the
laws of the State of Virginia. 
 20. Amendment. No amendment to this Agreement shall be effective unless in writing and signed by
both you and the Corporation. 
 If this letter sets forth our agreement on the subject matter hereof, kindly sign and return to the
Corporation the enclosed copy of this letter which will then constitute our agreement on this subject. 
  

			
	Sincerely,
	ALBEMARLE CORPORATION
		
	By:	 	  

	Name:	 	
	Title:	 	

 Agreed to this      day 
 of              , 200     
  

			
	
	  

	(Name)	 	

  

 20 

 EXHIBIT A 
 GENERAL RELEASE 
 1. This General Release is given by
                                        
(“Employee”) to Albemarle Corporation (the “Corporation”) and its successors. 
 2. Employee agrees to and hereby does
release and discharge the Corporation, its subsidiaries, affiliates and their successors or assigns, directors, officers, representatives and employees (collectively “Releasees”) from any and all claims, causes of action and demands of any
kind, whether known or unknown, which the Employee has or ever has had, which are based on acts or omissions occurring up to and including the date this General Release is fully executed. In this General Release, Employee further releases the
Corporation and its subsidiaries and affiliated entities from any and all compensation owed to the Employee, including vacation pay and any attorneys’ fees, damages and costs Employee could recover under any statute or common law theory, except
arising under the Severance Compensation Agreement between the Employee and the Corporation and any employee benefit plan of the Corporation. Included within this release, without limiting its scope, are claims arising out of Employee’s
employment or the termination of the Employee employment based on Title VII of the Civil Rights Acts of 1964 as amended, the Americans with Disabilities Act of 1990 as amended, the Age Discrimination in Employment Act as amended, the Older Workers
Benefit Protection Act as amended, the Fair Labor Standards Act of 1938 as amended by the Equal Pay Act of 1963, the Family and Medical Leave Act, the Employee Retirement Income Security Act of 1974 as amended, the Civil Rights Act of 1991, [insert
any appropriate reference to Virginia law], the U.S. Patriot Act, the Sarbanes-Oxley Act of 2002, and any other federal, state or local civil rights, disability, discrimination, retaliation or labor law, or any theory of contract or tort law.

  

 2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00148-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00148-of-00352.parquet"}]]