Document:

Exhibit 4.8 12.31.2014 10-K

Exhibit 4.8

THIS SECURITY HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE SECURITIES ACT) AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, UNITED STATES PERSONS EXCEPT IN CERTAIN TRANSACTIONS EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.  THIS LEGEND SHALL CEASE TO APPLY UPON THE EXPIRY OF THE PERIOD OF 40 DAYS AFTER THE COMPLETION OF THE DISTRIBUTION OF ALL THE NOTES OF THE TRANCHE OF WHICH THIS NOTE FORMS PART.
	
					
	€700,000,000
	 
	XS1148074518
	 
	No. 00001

GLOBAL NOTE
ALBEMARLE CORPORATION
Guaranteed to the extent described herein by 
ALBEMARLE HOLDINGS CORPORATION (Holdings) and 
ALBEMARLE HOLDINGS II CORPORATION (Holdings II and, 
together with Holdings, the Guarantors and each, a Guarantor)
€700,000,000
1.875% Notes due 2021
1.    Albemarle Corporation (the Issuer), a corporation duly organized and existing under the laws of the Commonwealth of Virginia, for value received, hereby promises (i) to pay to HSBC Issuer Services Common Depositary Nominee (UK) Limited as registered holder (the Holder) on December 8, 2021 (the Maturity Date) the principal sum of seven hundred million euro (€700,000,000) and (ii) to pay interest thereon annually (in arrears) on December 8 of each year (an Interest Payment Date) at the rate of 1.875% per annum from the date hereof or from the most recent Interest Payment Date to which interest has been paid or duly provided for, commencing on December 8, 2015, to the Holder as of the close of business on the record date for each interest payment, which shall be the business day immediately preceding the respective Interest Payment Date (whether or not a Business Day (as defined herein)).  Upon the date fixed for redemption of this Global Note as provided in Paragraph 6 if payment thereof has been provided, this Global Note shall cease to bear interest.
The Issuer covenants that so long as the Notes are listed on the Global Exchange Market of the Irish Stock Exchange plc, it shall at all times maintain an agency in London or such other place as the rules and regulations of the Irish Stock Exchange plc may permit for the payment of the principal of and interest on this Global Note as herein provided. The Issuer undertakes that it will ensure that it maintains a Paying Agent in a Member State of the European Union that is not obliged to withhold or deduct tax pursuant to European Council Directive 2003/48/EC or any other Directive implementing the conclusions of the ECOFIN Council meeting of 26-27 November 2000 on the taxation of savings income or any law implementing or complying with, or introduced in order to conform to, such Directive (so long as there is such a Member State).  In the event of any variation, 

termination or change of any of the specified offices, the Issuer shall notify the holders of the Notes in advance of any such variation, termination or change in accordance with Paragraph 11.
This Global Note may be exchanged in whole but not in part (free of charge) for definitive registered Notes (Definitive Registered Notes) only upon the occurrence of an Exchange Event.  An Exchange Event shall occur if Euroclear or Clearstream, Luxembourg notifies the Issuer that it is unwilling or unable to continue to act as depositary and a successor depositary is not appointed by the Issuer within 120 days.
The Issuer will promptly give notice to Noteholders in accordance with Paragraph 11 upon the occurrence of an Exchange Event.  In the event of the occurrence of any Exchange Event, Euroclear and/or Clearstream, Luxembourg or any person acting on their behalf, acting on the instructions of any holder of an interest in this Global Note, may give written notice to the Registrar requesting exchange.  Any exchange shall occur no later than 10 days after the date of receipt of the relevant notice by the Registrar.
Exchanges will be made upon presentation of this Global Note at the office of the Registrar at 8 Canada Square, London E14 5HQ, United Kingdom by the holder of it on any day (other than a Saturday or Sunday) on which banks are open for general business in the United Kingdom.  The aggregate principal amount of Definitive Registered Notes issued upon an exchange of this Global Note will be equal to the aggregate principal amount of this Global Note.
On an exchange in whole of this Global Note, this Global Note shall be surrendered to the Registrar for cancellation.
On any exchange or transfer following which either (i) Notes represented by this Global Note are no longer to be so represented or (ii) details of the transfer of Notes not so represented shall be entered by the Registrar in the Register, the principal amount of this Global Note shall be increased or reduced (as the case may be) by the principal amount so transferred.
Until the exchange of the whole of this Global Note, the registered holder of this Global Note shall in all respects (except as otherwise provided in this Global Note) be entitled to the same benefits as if he were the registered holder of the Definitive Registered Notes represented by this Global Note.
Ownership of interests in this Global Note (the Book-Entry Interests) are limited to persons that have accounts (participants) with Euroclear and/or Clearstream, Luxembourg (together, the Clearing Systems) or persons that hold interests through such participants.  The Clearing Systems hold interests in this Global Note on behalf of their participants through customers’ securities accounts in their respective names on the books of their respective depositaries.  Except under the limited circumstances set forth above, Book-Entry Interests will not be held in definitive certificated form.
So long as the Notes are held in global form, Euroclear and/or Clearstream, Luxembourg, as applicable (or their respective nominees), will be considered the sole holders of this Global Note for all purposes (save as expressly provided in the Fiscal Agency Agreement).  Participants must 

rely on the procedures of Euroclear and/or Clearstream, Luxembourg and indirect participants must rely on the procedures of Euroclear, Clearstream, Luxembourg and the participants through which they own Book-Entry Interests, to transfer their interests or to exercise any rights of holders under the Notes and/or the Fiscal Agency Agreement.
None of the Issuer, the Guarantors, the Registrar, the Fiscal Agent, the Transfer Agent or any other party to the Fiscal Agency Agreement has any responsibility, nor are they liable, for any aspect of the records relating to the Book-Entry Interests.
In the event this Global Note (or any portion hereof) is redeemed, Euroclear and/or Clearstream, Luxembourg, as applicable, will redeem an equal amount of the Book-Entry Interests in this Global Note from the amount received by it in respect of the redemption of this Global Note.  The redemption price payable in connection with the redemption of such Book-Entry Interests will be equal to the amount received by Euroclear and Clearstream, Luxembourg, as applicable, in connection with the redemption of this Global Note (or any portion hereof).
If fewer than all of the Notes are to be redeemed at any time, Euroclear and Clearstream, Luxembourg will credit their respective participants’ accounts on a proportionate basis (with adjustments to prevent fractions), by lot or on such other basis as they deem fair and appropriate under the existing practices of Euroclear and Clearstream, Luxembourg; provided, however, that no Book-Entry Interest of €100,000 principal amount or less may be redeemed in part.
The Issuer or any of its subsidiaries may at any time purchase Notes in any manner and at any price.  Any Notes so purchased may, at the option of the Issuer, be held, reissued, resold or surrendered to the Fiscal Agent for cancellation.
The Notes constitute part of the Issuer’s unsecured and unsubordinated obligations and rank equally in right of payment to all of the Issuer’s other unsecured senior obligations.  The Issuer’s rights and the rights of its creditors, including holders of Notes, to participate in the distribution of assets of any of the Issuer’s subsidiaries upon such subsidiary’s liquidation or recapitalization, or otherwise, will be subject to the prior claims of such subsidiary’s preferred equity holders and creditors, except to the extent that the Issuer may itself be a creditor with recognized claims against such subsidiary.
2.    The Issuer shall, subject to the exceptions and limitations set forth below, pay as additional interest on the Notes, such additional amounts as are necessary in order that the net payment by the Issuer or the Paying Agent of the principal of and interest on the Notes to a holder who is not a United States person (as defined below), after deduction for any present or future tax, assessment, or governmental charge of the United States (as defined below) or a political subdivision or taxing authority thereof or therein, imposed by withholding with respect to the payment, will not be less than the amount provided in the Notes to be then due and payable; provided, however, that the foregoing obligation to pay additional amounts shall not apply:
		
	(1)
	to a tax, assessment or governmental charge that is imposed or withheld solely by reason of the holder, or a fiduciary, settlor, beneficiary, member, or shareholder of the holder if the holder is an estate, trust, partnership, or corporation, or a person 

holding a power over an estate or trust administered by a fiduciary holder, being considered as:
		
	(a)
	being or having been present or engaged in trade or business in the United States or having or having had a permanent establishment in the United States;

		
	(b)
	having a current or former relationship with the United States, including a relationship as a citizen or resident thereof;

		
	(c)
	being or having been a foreign or domestic personal holding company, a passive foreign investment company, or a controlled foreign corporation with respect to the United States or a corporation that has accumulated earnings to avoid United States federal income tax; or

		
	(d)
	being or having been a “10 percent shareholder” of the obligor under the Notes as defined in section 871(h)(3) of the United States Internal Revenue Code of 1986, as amended (the Code) or any successor provisions;

		
	(2)
	to any holder that is not the sole beneficial owner of the Note, or a portion thereof, or that is a fiduciary or partnership, but only to the extent that a beneficiary or settlor with respect to the fiduciary, a beneficial owner or member of the partnership would not have been entitled to the payment of an additional amount had the beneficiary, settlor, beneficial owner, or member received directly its beneficial or distributive share of the payment;

		
	(3)
	to a tax, assessment, or government charge that is imposed or withheld solely by reason of the failure to comply with certification, identification, or information reporting requirements concerning the nationality, residence, identity, or connection with the United States of the holder or beneficial owner of such Note, if compliance is required by statute or by regulation of the United States Treasury Department as a precondition to exemption from such tax, assessment, or other governmental charge;

		
	(4)
	to a tax, assessment, or governmental charge that is imposed otherwise than by withholding by the Issuer or a Paying Agent from the payment;

		
	(5)
	to a tax, assessment, or governmental charge that is imposed or withheld solely by reason of a change in law, regulation, or administrative or judicial interpretation that becomes effective more than 15 days after the payment becomes due or is duly provided for, whichever occurs later;

		
	(6)
	to an estate, inheritance, gift, sales, excise, transfer, wealth or personal property tax, or a similar tax, assessment or governmental charge;

		
	(7)
	to any tax, assessment, or other governmental charge required to be withheld by any Paying Agent from any payment of principal of or interest on any Note, if such payment can be made without such withholding by any other Paying Agent;

		
	(8)
	to any tax, assessment, or governmental charge that is imposed or levied by reason of the presentation (where presentation is required in order to receive payment) of such Notes for payment on a date more than 30 days after the date on which such payment became due and payable, except to the extent that the holder or beneficial owner thereof would have been entitled to additional amounts had the Notes been presented for payment on any date during such 30 day period;

		
	(9)
	to any withholding or deduction in respect of any tax, assessment, or governmental charge where such withholding or deduction is imposed on a payment to an individual and is required to be made pursuant to European Council Directive 2003/48/EC or any other Directive implementing the conclusions of the ECOFIN Council meeting of 26-27 November 2000 on the taxation of savings income or any law implementing or complying with, or introduced in order to conform to, such Directive;

		
	(10)
	to any taxes imposed under Sections 1471 through 1474 of the Code (or any amended or successor provisions that are substantively comparable) and any current or future regulations or official interpretations thereof (FATCA); or

		
	(11)
	in the case of any combination of any items (1) through (10).

The Notes are subject in all cases to any tax, fiscal or other law or regulation, or administrative or judicial interpretation applicable thereto.  Except as specifically provided under this Paragraph 2, the Issuer shall not be required to make any payment with respect to any tax, assessment, or governmental charge imposed by any government or a political subdivision or taxing authority thereof or therein. Any reference herein to any amounts in respect of the Notes shall be deemed also to refer to any additional amounts which may be payable under this Paragraph 2.
3.    This Global Note is a duly authorized issue of Notes of the Issuer all of like maturity, initially limited to the aggregate principal amount of seven hundred million euro (€700,000,000), known as its “1.875% Notes due 2021” (the Notes).  The Issuer, for the benefit of the holders from time to time of the Notes, has entered into an Fiscal Agency Agreement dated as of December 8, 2014 (the Fiscal Agency Agreement) between the Issuer and HSBC Bank plc, as Fiscal Agent, Principal Paying Agent, Paying Agent, Registrar and Transfer Agent (the Fiscal Agent, Principal Paying Agent, Paying Agent, Registrar and Transfer Agent),  copies of which Fiscal Agency Agreement are on file and available for inspection at the main office of the Fiscal Agent and Paying Agent in London.
The Issuer may, without notice to or consent of the holders or beneficial owners of the Notes, issue in a separate offering additional notes having the same ranking, interest rate, maturity and other terms (except for the date on which the additional notes are issued and public offering price) as the Notes.  The Notes and any such additional notes will constitute a single series.

4.    In order to provide for the payment of the principal of and interest on the Notes as the same shall become due and payable, the Issuer shall pay or cause to be paid to the Paying Agent at its main office in London, subject in each case to any laws or regulations applicable thereto, in euro as at the time of payment is legal tender for the payment of public and private debts, the following amounts, to be held and applied by the Paying Agent as hereinafter set forth:
(a)    The Issuer shall pay or cause to be paid to the Paying Agent, on each Interest Payment Date, an amount in cash or in same-day funds sufficient to pay the interest due on all the Notes on such Interest Payment Date (including any Notes called for redemption on such Interest Payment Date), and the Paying Agent shall apply the amounts so paid to it to the payment of such interest on such Interest Payment Date.
(b)    If interest is required to be calculated for a period of less than one year, it will be calculated on the basis of the actual number of days elapsed from and including the immediately preceding Interest Payment Date (or, if none, December 8, 2014) to but excluding the due date for payment divided by the actual number of days in the period from and including the immediately preceding Interest Payment Date (or, if none, December 8, 2014) to but excluding the next Interest Payment Date.
(c)    If the Issuer shall elect or be required to redeem the Notes in accordance with Paragraph 6 hereof the Issuer will, on the date fixed for redemption thereof, pay or cause to be paid to the Paying Agent an amount in cash or in same-day funds sufficient (together with any amount then held by the Paying Agent and available for the purpose) to pay the redemption price of all the Notes, together with interest accrued thereon to the date fixed for redemption and not paid pursuant to Paragraph 4(a) hereof, and the Paying Agent shall apply such amount to the payment of the redemption price and interest accrued in accordance with the terms of the Notes.
(d)    On the Maturity Date, the Issuer shall pay or cause to be paid to the Paying Agent an amount in cash or in same-day funds which, together with any amounts then held by the Paying Agent and available for the payment thereof, shall be equal to the entire amount of principal of and interest to be due on such Maturity Date on all the Notes then outstanding, and the Paying Agent shall apply such amount to the payment of the principal of and interest on the Notes in accordance with the terms of the Notes.
In any case where any Interest Payment Date, a date fixed for redemption of the Notes or the Maturity Date is not a Business Day (as hereinbelow defined), then (notwithstanding anything to the contrary contained in this Global Note) payment of principal, premium (if any) or interest need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on such Interest Payment Date, date fixed for redemption or Maturity Date; provided that no interest shall accrue for the period from and after such Interest Payment Date, date fixed for redemption or Maturity Date, as the case may be, to the date of such payment, except as otherwise provided pursuant to Paragraph 2.  For purposes hereof, Business Day means a day on which commercial banks and foreign exchange markets are open for business in New York, London and in the place where any Note is presented for payment (if presentation is applicable), and which is a day on which the Trans-European Automated Real-Time Gross Settlement Express 

Transfer System (TARGET2) is operating. Payment at the office of a Paying Agent will be made by credit or transfer to a euro account specified by the payee or by check.
5.    Any money held by a Paying Agent for payment of principal, interest or any other amount on any Note, which money remains unclaimed for two years after it is first due and payable, will be paid over by such Paying Agent to the Issuer, and the holder of such Note must thereafter look solely to the Issuer for payment thereof, provided such payment is not illegal or effectively precluded because of exchange controls or similar restrictions.
6.    Upon any call for redemption of the Notes pursuant to this Paragraph 6, the Issuer shall publish a notice of such redemption in accordance with Paragraph 11.  The Issuer shall inform the Irish Stock Exchange plc of the principal amount of the Notes that have not been redeemed in connection with any redemption pursuant to this Paragraph 6:
(a)  Redemption Upon Changes in Withholding Taxes.  If (1) as a result of any change in, or amendment to, the laws (or any regulations or rulings promulgated thereunder) of the United States (or any political subdivision or taxing authority thereof or therein), or any change in, or amendment to, official position regarding the application or interpretation of such laws, regulations or rulings, which change or amendment is announced or becomes effective on or after December 4, 2014, the Issuer becomes or will become obligated to pay additional amounts as set forth herein or (2) any act is taken by a taxing authority of the United States on or after December 4, 2014, whether or not such act is taken with respect to the Issuer or any affiliate, that results in a substantial probability that the Issuer will or may be required to pay such additional amounts, then the Issuer may, at its option, redeem the Notes, as a whole but not in part, upon not less than 35 days’ nor more than 60 days’ published notice in accordance with the provisions herein at 100% of their principal amount, together with interest accrued thereon to the date fixed for redemption; provided that the Issuer determines, in its business judgment, that the obligation to pay such additional amounts cannot be avoided by the use of reasonable measures available to it, not including substitution of the obligor under the Notes.  No redemption pursuant to (2) above may be made unless the Issuer shall have received an opinion of independent counsel to the effect that an act taken by a taxing authority of the United States results in a substantial probability that the Issuer will or may be required to pay the additional amounts set forth in Paragraph 2 and the Issuer shall have delivered to the Fiscal Agent a certificate, signed by a duly authorized officer, stating that based on such opinion the Issuer is entitled to redeem the Notes pursuant to their terms.
(b)  Redemption at the Option of the Issuer.  At any time, or from time to time, the Issuer may redeem all or a portion of the Notes on no less than 30 nor more than 60 days’ published notice in accordance with the provisions herein, at a redemption price equal to the greater of (a) 100% of the principal amount of the Notes to be redeemed and (b) the sum of the present values of the Remaining Scheduled Payments (as defined below) discounted to the redemption date on an annual basis (assuming an Actual/Actual (ICMA) day count fraction) at the Bond Rate (as defined below) plus 0.25% (25 basis points), plus accrued 

and unpaid interest, if any, on the principal amount being redeemed to, but excluding, the redemption date.
Bond Rate means, with respect to any redemption date, the rate per year equal to the annual equivalent yield to maturity (computed as of the second business day immediately preceding such redemption date) of the Comparable Government Issue, assuming a price for the Comparable Government Issue (expressed as a percentage of its principal amount) equal to the Comparable Price for such redemption date.
Comparable Government Issue means the euro-denominated security issued by a European Union government selected by an Independent Investment Banker that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of euro-denominated corporate debt securities of comparable maturity of the Notes to be redeemed.
Comparable Price means, with respect to any redemption date, (a) the average of the Reference Dealer Quotations for such redemption date, after excluding the highest and lowest of such Reference Dealer Quotations, or (b) if fewer than five such Reference Dealer Quotations are obtained, the average of all such Reference Dealer Quotations.
Independent Investment Banker means an investment bank of international standing appointed by the Issuer.
Reference Dealer means a broker of, or a market maker in, the Comparable Government Issue selected by the Independent Investment Banker.
Reference Dealer Quotation means, with respect to each Reference Dealer and any redemption date, the average of the bid and asked prices for the Comparable Government Issue (expressed in each case as a percentage of its principal amount) quoted in writing by such Reference Dealer as of 3:30 p.m., Central European time, on the third business day preceding such redemption date. 
Remaining Scheduled Payments means, with respect to each Note to be redeemed, the remaining scheduled payments of the principal thereof and interest thereon that would be due after the related redemption date but for such redemption; provided, however, that, if such redemption date is not an interest payment date with respect to such Note, the amount of the next succeeding scheduled interest payment thereon shall be reduced by the amount of interest accrued thereon to, but excluding, such redemption date.
On and after the redemption date, interest shall cease to accrue on the Notes called for redemption.  On or before any redemption date, the Issuer shall deposit with a Paying Agent (which may be the Fiscal Agent) money sufficient to pay the redemption price of and accrued interest on the Notes to be redeemed on such date.
(c)  Special Mandatory Redemption. In the event that the Issuer does not consummate the proposed acquisition (the Merger) by the Issuer of Rockwood Holdings, Inc. (Rockwood) on or prior to August 15, 2015, or the agreement and plan of merger, dated as 

of July 15, 2014 (the Merger Agreement), by and among the Issuer, Holdings and Rockwood, is terminated at any time prior thereto, then the Issuer shall be required to redeem all the Notes on the Special Mandatory Redemption Date (as defined below) at a redemption price equal to 101% of the principal amount of the Notes, plus accrued and unpaid interest from the date of initial issuance to but excluding the Special Mandatory Redemption Date.  The Special Mandatory Redemption Date means the earlier to occur of (1) September 15, 2015, if the Merger has not been completed on or prior to August 15, 2015, or (2) the 30th day (or if such day is not a business day, the first business day thereafter) following the termination of the Merger Agreement for any reason.
The Issuer shall cause the notice of special mandatory redemption to be published, with a copy to the Fiscal Agent, within five business days after the occurrence of the event triggering the redemption in accordance with Paragraph 11, and such notice shall include, but need not be limited to, a statement that as of the Special Mandatory Redemption Date, interest shall cease to accrue on the Notes if funds sufficient to pay the special mandatory redemption price of all Notes to be redeemed on such Special Mandatory Redemption Date are deposited with a Paying Agent, on or before such Special Mandatory Redemption Date.  If funds sufficient to pay the special mandatory redemption price of all Notes to be redeemed on the Special Mandatory Redemption Date are deposited with a Paying Agent, on or before such Special Mandatory Redemption Date, as of such Special Mandatory Redemption Date, interest shall cease to accrue on the Notes.
7.    (a)    Limitation on Liens and Other Encumbrances.  The Issuer shall not and shall not permit any Restricted Subsidiary (as defined below) to incur, issue, assume or guarantee any Indebtedness secured by any Lien (as defined below) upon any Principal Property (as defined below) or shares of capital stock or indebtedness of any Restricted Subsidiary without securing the Notes equally and ratably with all other Indebtedness secured by the Lien.
The first paragraph of this Paragraph 7(a) shall not apply to:
		
	(1)
	Liens existing on the date of the indenture governing the Issuer’s 3.000% Senior Notes due 2019, 4.150% Senior Notes due 2024 and 5.450% Senior Notes due 2044; 

		
	(2)
	Liens existing on any Principal Property owned or leased by a corporation at the time it becomes a Restricted Subsidiary; 

		
	(3)
	Liens existing on any Principal Property at the time of its acquisition by the Issuer or a Restricted Subsidiary, which Lien was not incurred in anticipation of such acquisition and was outstanding prior to such acquisition; 

		
	(4)
	Liens to secure any Indebtedness incurred prior to, at the time of, or within 12 months after the acquisition of any Principal Property for the purpose of financing all or any part of the purchase price thereof and any Lien to the extent that it secures Indebtedness which is in excess of such purchase price 

and for the payment of which recourse may be had only against such Principal Property; 
		
	(5)
	Liens to secure any Indebtedness incurred prior to, at the time of, or within 12 months after the completion of the construction and commencement of commercial operation, alteration, repair or improvement of any Principal Property for the purpose of financing all or any part of the cost thereof and any Lien to the extent that it secures Indebtedness which is in excess of that cost and for the payment of which recourse may be had only against the Principal Property; 

		
	(6)
	Liens in favor of the Issuer or any of its Restricted Subsidiaries; 

		
	(7)
	Liens in favor of the United States or any state or any other country, or any agency, instrumentality or political subdivision of any of the foregoing, to secure partial, progress, advance or other payments or performance pursuant to the provisions of any contract or statute, or to secure any Indebtedness incurred for the purpose of financing all or any part of the purchase price or the cost of constructing or improving the property subject to such Liens; 

		
	(8)
	Liens imposed by law, such as mechanics’, workmen’s, repairmen’s, materialmen’s, carriers’, warehousemen’s, vendors’ or other similar Liens arising in the ordinary course of business, or federal, state or municipal government Liens arising out of contracts for the sale of products or services by the Issuer or any Restricted Subsidiary, or deposits or pledges to obtain the release of any of the foregoing; 

		
	(9)
	Pledges or deposits under workmen’s compensation laws or similar legislation and Liens of judgments thereunder which are not currently dischargeable, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of money) or leases to which the Issuer or any Restricted Subsidiary is a party, or deposits to secure public or statutory obligations of the Issuer or any Restricted Subsidiary, or deposits in connection with obtaining or maintaining self-insurance or to obtain the benefits of any law, regulation or arrangement pertaining to unemployment insurance, old age pensions, social security or similar matters, or deposits of cash or obligations of the United States to secure surety, appeal or customs bonds to which the Issuer or any Restricted Subsidiary is a party, or deposits in litigation or other proceedings such as, but not limited to, interpleader proceedings; 

		
	(10)
	Liens in connection with legal proceedings being contested in good faith by appropriate proceedings, including liens arising out of judgments or awards against the Issuer or any Restricted Subsidiary, which judgments or awards are being appealed, and Liens incurred for the purpose of obtaining a stay 

order or discharge during a legal proceeding to which the Issuer or any Restricted Subsidiary is a party; 
		
	(11)
	Liens for taxes or assessments or governmental charges or levies not yet due or delinquent, or which can thereafter be paid without penalty, or which are being contested in good faith by appropriate proceedings; 

		
	(12)
	Liens consisting of easements, rights of way and restrictions on the use of real property, and defects in title, which do not (a) interfere materially with the use of the property covered thereby in the ordinary course of the Issuer’s or any Restricted Subsidiary’s business or (b) materially detract from the property’s value in the Issuer’s opinion; and 

		
	(13)
	Any extension, renewal or replacement (or successive extensions, renewals or replacements), in whole or in part, of any Lien referred to in the foregoing subclauses (2) through (12) above, so long as the principal amount of the Indebtedness secured thereby does not exceed the principal amount of Indebtedness so secured at the time of the extension, renewal or replacement (except that, where an additional principal amount of Indebtedness is incurred to provide funds for the completion of a specific project, the additional principal amount, and any related financing costs, may be secured by the Lien as well) and the Lien is limited to the same property subject to the Lien so extended, renewed or replaced, plus improvements on the property. 

Notwithstanding the foregoing in this Paragraph 7(a), the Issuer and any one or more of its Restricted Subsidiaries may issue, assume or guarantee Indebtedness secured by a Lien that would otherwise be subject to the foregoing restrictions in this Paragraph 7(a) if at the time of incurrence (the Incurrence Time), the amount equal to the sum of: 
		
	•
	the aggregate amount of the Indebtedness, plus

		
	•
	all of the Issuer’s other Indebtedness and the Indebtedness of the Issuer’s Restricted Subsidiaries secured by a Lien that would otherwise be subject to the foregoing restrictions in this Paragraph 7(a) (not including Indebtedness permitted to be secured under the foregoing restrictions in this Paragraph 7(a)), plus

		
	•
	the aggregate Attributable Debt (as defined below) determined as of the Incurrence Time of Sale and Leaseback Transactions (as defined below), other than Sale and Leaseback Transactions permitted pursuant to Paragraph 7(b) entered into after the date of the Fiscal Agency Agreement and in existence at the Incurrence Time, less

		
	•
	the aggregate amount of proceeds of such Sale and Leaseback Transactions that have been applied as provided pursuant to Paragraph 7(b), does not exceed 15% of the Issuer’s Consolidated Net Tangible Assets (as defined below).

Attributable Debt means, in respect of a Sale and Leaseback Transaction and as of any particular time, the present value of the obligation of the lessee thereunder for net rental payments during the remaining term of such lease, including any extensions.  The present value of the obligation of the lessee is discounted at the rate of interest implicit in the terms of the lease involved in the Sale and Leaseback Transaction, as determined in good faith by the Issuer.  Net rental payments exclude any amounts required to be paid by the lessee, whether or not designated as rent or additional rent, on account of maintenance and repairs, services, insurance, taxes, assessments, water rates or similar charges or any amounts required to be paid by the lessee, subject to monetary inflation or the amount of sales, maintenance and repairs, insurance, taxes, assessments, water rates or similar charges. 
Consolidated Net Tangible Assets means the aggregate amount of assets after deducting the following:
		
	(a)
	applicable reserves and other properly deductible items; 

		
	(b)
	all goodwill, trade names, trademarks, patents, unamortized debt discount and expense and other like intangibles; and 

		
	(c)
	all current liabilities, as reflected in the Issuer’s latest consolidated balance sheet contained in its most recent annual report on Form 10-K or quarterly report on Form 10-Q filed pursuant to the Securities Exchange Act of 1934, as amended (the Exchange Act) prior to the time as of which “Consolidated Net Tangible Assets” will be determined. 

Indebtedness means, with respect to any Person on any date of determination, without duplication: 
		
	(a)
	the principal and premium (if any) in respect of indebtedness of such Person for borrowed money; 

		
	(b)
	the principal and premium (if any) in respect of all obligations of such Person in the form of or evidenced by notes, debentures, bonds or other similar instruments, including obligations incurred in connection with its acquisition of property, assets or businesses; 

		
	(c)
	capitalized lease obligations of such Person; 

		
	(d)
	all obligations of such Person under letters of credit, bankers’ acceptances or similar facilities issued for its account; 

		
	(e)
	all obligations of such Person issued or assumed in the form of a deferred purchase price of property or services, including master lease transactions pursuant to which such Person or its subsidiaries have agreed to be treated as owner of the subject property for federal income tax purposes (but excluding trade accounts payable or accrued liabilities arising in the ordinary course of business); 

		
	(f)
	all payment obligations of such Person under swaps and other hedging arrangements; 

		
	(g)
	all obligations of such Person pursuant to its guarantee or assumption of certain of another entity’s obligations and all dividend obligations guaranteed or assumed by such Person; 

		
	(h)
	all obligations to satisfy the expenses and fees of the Fiscal Agent under the Fiscal Agency Agreement;

		
	(i)
	all obligations pursuant to all amendments, modifications, renewals, extensions, refinancings, replacements and refundings by such Person of the obligations referred to in subclauses (a) through (h) above; and 

		
	(j)
	guarantees of any of the foregoing, 

provided, however, that Indebtedness shall not include any indebtedness of a subsidiary to the Issuer or another subsidiary. 
Lien means any mortgage, lien, pledge, charge of any kind (including any conditional sale or other title retention agreement or lease in the nature thereof), security interest or other encumbrance. 
Principal Property means all real and tangible personal property owned or leased by the Issuer or any Restricted Subsidiary constituting a part of any manufacturing or processing plant or warehouse located within the United States, exclusive of (1) motor vehicles and other rolling stock, (2) office furnishings and equipment, and information and electronic data processing equipment, (3) any property financed through the issuance of tax-exempt industrial development bonds, (4) any real property held for development or sale, or (5) any property which in the opinion of the Issuer’s board of directors as evidenced by a resolution of the board of directors is not of material importance to the total business conducted by the Issuer and its Restricted Subsidiaries as an entirety. 
Restricted Subsidiary means any of the Issuer’s subsidiaries (a) substantially all of whose property is located within the United States and (b) which owns a Principal Property or in which the Issuer’s investment exceeds 1% of the aggregate amount of assets included on the Issuer’s consolidated balance sheet as of the end of the last fiscal quarter for which financial information is available.
Sale and Leaseback Transaction means any arrangement involving any bank, insurance company, or other lender or investor (in each case that is not the Issuer or an affiliate of the Issuer) or to which any such lender or investor is a party that provides for the lease by the Issuer or one of the Issuer’s Restricted Subsidiaries for a period, including renewals, in excess of three years of any Principal Property which has been or is to be sold or transferred by the Issuer or any Restricted Subsidiary to the lender or investor or to any Person to whom funds have been or are to be advanced by such lender or investor on the security of the Principal Property. 

(b)    Restrictions on Sale and Leaseback Transactions.  The Issuer shall not and shall not permit any Restricted Subsidiary to, enter into any Sale and Leaseback Transaction, unless:
		
	(1)
	the Issuer or the Restricted Subsidiary would, at the time of entering into the arrangement, be entitled, without equally and ratably securing the Notes, to incur, issue, assume or guarantee Indebtedness secured by a lien on the property, under subclauses (2) through (13) of Paragraph 7(a); or 

		
	(2)
	the Issuer, within 180 days after the sale or transfer, applies to the retirement of its Funded Debt an amount equal to the greater of: 

		
	(a)
	the net proceeds of the sale of the Principal Property sold and leased back in connection with the arrangement; or

		
	(b)
	the fair market value of the Principal Property so sold and leased back at the time of entering into such arrangement.

Notwithstanding the preceding paragraph of this Paragraph 7(b), the Issuer and its Restricted Subsidiaries, or any of them, may enter into a Sale and Leaseback Transaction that would otherwise be prohibited as set forth in the preceding paragraph of this Paragraph 7(b), if either: 
		
	(1)
	such transaction involves the transfer of property to a governmental body, authority or corporation, such as a development authority, and is entered into primarily for the purpose of obtaining economic incentives and does not involve a third-party lender or investor; or

		
	(2)
	at the time of and giving effect to the transaction, the amount equal to the sum of: 

		
	•
	the aggregate amount of the Attributable Debt in respect of all Sale and Leaseback Transactions existing at the time that could not have been entered into except in reliance on this paragraph of this Paragraph 7(b), plus

		
	•
	the aggregate amount of outstanding Indebtedness secured by Liens in reliance on the second paragraph of Paragraph 7(a),

does not at the time exceed 15% of the Issuer’s Consolidated Net Tangible Assets. 
Funded Debt means:  (a) all Indebtedness maturing one year or more from the date of its creation, (b) all Indebtedness directly or indirectly renewable or extendable, at the option of the debtor, by its terms or by the terms of the instrument or agreement relating thereto, to a date one year or more from the date of its creation, and (c) all Indebtedness under a revolving credit or similar agreement obligating the lender or lenders to extend credit over a period of one year or more.
(c)    Offer to Repurchase Upon Change of Control Triggering Event.  Upon the occurrence of a Change of Control Triggering Event with respect to the Notes, unless the Issuer has exercised its right to redeem the Notes pursuant to Paragraph 6(b) by giving irrevocable written notice to the 

Fiscal Agent in accordance with the Fiscal Agency Agreement, each Holder of Notes shall have the right to require the Issuer to purchase all or a portion of such Holder’s Notes pursuant to the offer set forth below (the Change of Control Offer), at a purchase price equal to 101% of the principal amount thereof plus accrued and unpaid interest, if any, up to but not including the date of purchase (the Change of Control Payment).
Unless the Issuer has exercised its right to redeem the Notes, within 30 days following the date upon which the Change of Control Triggering Event occurs or, at the Issuer’s option, prior to any Change of Control but after the public announcement of the pending Change of Control, the Issuer shall be required to publish notice to Holders of Note in accordance with Paragraph 11, which notice shall govern the terms of the Change of Control Offer. Such notice shall state, among other things, the purchase date, which must be no earlier than 30 days nor later than 60 days from the date such notice is mailed, other than as may be required by law (the Change of Control Payment Date). The notice, if published prior to the date of consummation of the Change of Control, shall state that the Change of Control Offer is conditioned on the Change of Control being consummated on or prior to the Change of Control Payment Date.
On the Change of Control Payment Date, the Issuer shall, to the extent lawful: 
		
	•
	accept or cause a third party to accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer;

		
	•
	deposit or cause a third party to deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions of Notes properly tendered; and

		
	•
	deliver or cause to be delivered to the Fiscal Agent the Notes properly accepted together with an officer’s certificate stating the aggregate principal amount of Notes or portions of Notes being repurchased.

The Issuer shall not be required to make a Change of Control Offer with respect to the Notes if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for such an offer made by the Issuer and such third party purchases all the Notes properly tendered and not withdrawn under its offer. In addition, the Issuer will not repurchase any Notes if there has occurred and is continuing on the Change of Control Payment Date an event of default under the Fiscal Agency Agreement or the Notes, other than a default in the payment of the Change of Control Payment on the Change of Control Payment Date.
If applicable, the Issuer shall comply in all material respects with the requirements of Rule 14e‐1 under the Exchange Act, and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Triggering Event. To the extent that the provisions of any such securities laws or regulations conflict with the Change of Control Offer provisions of the Notes, the Issuer shall be required to comply with those securities laws and regulations and shall not be 

deemed to have breached our obligations under the Change of Control Offer provisions of the Notes by virtue of any such conflict. 
For purposes of the foregoing provisions of this Paragraph 7(c) regarding a Change of Control Offer, the following definitions are applicable:
Change of Control means the occurrence of any of the following after the date of issuance of the Notes:
		
	(1)
	the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the Issuer’s assets and the assets of its subsidiaries taken as a whole to any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act) other than to the Issuer or one of its subsidiaries;

		
	(2)
	the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act) (other than the Issuer or one of its subsidiaries) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of the Issuer’s Voting Stock representing a majority of the voting power of its outstanding Voting Stock;

		
	(3)
	the Issuer consolidates with, or merges with or into, any Person, or any Person consolidates with, or merges with or into, us, in any such event pursuant to a transaction in which any of the Issuer’s outstanding Voting Stock or Voting Stock of such other Person is converted into or exchanged for cash, securities or other property, other than any such transaction where the Issuer’s Voting Stock outstanding immediately prior to such transaction constitutes, or is converted into or exchanged for, Voting Stock representing a majority of the voting power of the Voting Stock of the surviving Person immediately after giving effect to such transaction; or

		
	(4)
	the adoption by the Issuer’s stockholders of a plan relating to its liquidation or dissolution. 

Notwithstanding the foregoing, a transaction (or series of related transactions) shall not be deemed to involve a Change of Control under subclause (2) above if (i) the Issuer becomes a direct or indirect wholly-owned subsidiary of a holding company and (ii)(A) the direct or indirect holders of the Voting Stock of such holding company immediately following that transaction are substantially the same as the holders of the Issuer’s Voting Stock immediately prior to that transaction or (B) immediately following that transaction no person (as that term is used in Section 13(d)(3) of the Exchange Act) (other than a holding company satisfying the requirements of this sentence) is the beneficial owner, directly or indirectly, of more than 50% of the Voting Stock of such holding company. 
Change of Control Triggering Event means, with respect to the Notes, (i) the rating of the Notes is lowered by each of the Rating Agencies on any date during the period (the Trigger Period) 

commencing on the earlier of (a) the occurrence of a Change of Control and (b) the first public announcement by the Issuer of any Change of Control (or pending Change of Control), and ending 60 days following consummation of such Change of Control (which Trigger Period shall be extended following consummation of a Change of Control for so long as any of the Rating Agencies has publicly announced that it is considering a possible ratings change), and (ii) the Notes are rated below Investment Grade by each of the Rating Agencies on any day during the Trigger Period; provided that a Change of Control Trigger Event shall not be deemed to have occurred in respect of a particular Change of Control if each Rating Agency making the reduction in rating does not publicly announce or confirm or inform the Fiscal Agent at the Issuer’s or its request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the Change of Control. 
Notwithstanding the foregoing, no Change of Control Triggering Event shall be deemed to have occurred in connection with any particular Change of Control unless and until such Change of Control has actually been consummated. 
Investment Grade means a rating of Baa3 or better by Moody’s (or its equivalent under any successor rating category of Moody’s) and a rating of BBB- or better by S&P (or its equivalent under any successor rating category of S&P), and the equivalent investment grade credit rating from any replacement rating agency or rating agencies selected by the Issuer under the circumstances permitting us to select a replacement rating agency and in the manner for selecting a replacement rating agency, in each case as set forth in the definition of “Rating Agency.” 
Moody’s means Moody’s Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors. 
Person means any individual, corporation, partnership, limited liability company, business trust, association, joint-stock company, joint venture, trust, incorporated or unincorporated organization or government or any agency or political subdivision thereof. 
Rating Agency means each of Moody’s and S&P; provided, that if either Moody’s or S&P ceases to provide rating services to issuers or investors, the Issuer may appoint another “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange Act as a replacement for such Rating Agency; provided that the Issuer shall give written notice of such appointment to the Fiscal Agent.
S&P means Standard & Poor’s Ratings Services, a division of McGraw Hill Financial, Inc., and its successors. 
Voting Stock of any specified Person as of any date means the capital stock of such Person that is at the time entitled to vote generally in the election of the board of directors of such Person.
8.    (a)    The Holders of 25% in aggregate principal amount of Notes may give written notice to the Issuer declaring that the outstanding Notes are, and they shall accordingly forthwith become, immediately due and repayable at their respective principal amounts, together with interest 

accrued and unpaid through the date of declaration, if any of the following events shall have occurred and be continuing:
		
	(i)
	    default for 30 days in payment of any interest on the Notes when it becomes due and payable; or

		
	(ii)
	    default in payment of principal of or any premium on the Notes upon redemption, repayment or otherwise when the same becomes due and payable; or

		
	(iii)
	    default by the Issuer in the performance of any other covenant contained in the terms of the Notes or the Fiscal Agency Agreement for the benefit of the Notes that has not been remedied by the end of a period of 60 days following the service by the holders of at least 25% in principal amount of all outstanding Notes on the Issuer of notice requiring the same to be remedied; or

		
	(iv)
	    default in the payment of principal or an acceleration of other indebtedness for borrowed money of the Issuer, the Guarantors or any Significant Subsidiary where the aggregate principal amount with respect to which the default or acceleration has occurred exceeds $100 million and such acceleration has not been rescinded or annulled or such indebtedness repaid within a period of 30 days after written notice to the Issuer by the Fiscal Agent or to the Issuer and the Fiscal Agent by the holders of at least 25% in principal amount of all outstanding Notes, provided that if any such default is cured, waived, rescinded or annulled, then the Event of Default by reason thereof would be deemed not to have occurred.

(b)    If any of the following events occurs and is continuing, then the principal amount of all Notes outstanding, together with any accrued interest through the occurrence of such event, shall become and be due and payable immediately, without any declaration or other act by any Noteholder or the Fiscal Agent:
		
	(i)
	the Issuer or a Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law: (a) commences a voluntary case or proceeding; (b) consents to the entry of a judgment, decree or order for relief against it in an involuntary case or proceeding; (c) consents to the appointment of a Custodian of it or for any substantial part of its property; (d) makes a general assignment for the benefit of its creditors; (e) consents to or acquiesces in the institution of a bankruptcy or an insolvency proceeding against it; (f) takes any corporate action to authorize or effect any of the foregoing; or (g) takes any comparable action under any foreign laws relating to insolvency; or

		
	(ii)
	a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: (a) is for relief in an involuntary case against the Issuer 

or a Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law; (b) appoints a Custodian for all or substantially all of the property of the Issuer or a Significant Subsidiary; or (c) orders the winding up or liquidation of the Issuer or a Significant Subsidiary; and in each case, the order, decree or relief remains unstayed and in effect for 60 days.
(e)    The events described in paragraphs 8(a)(i)-(iv), inclusive, and 8(b)(i)‐(ii), inclusive, are together referred to as Events of Default.
For the purposes of this Paragraph 8, Bankruptcy Law means Title 11, United States Code, or any similar federal or state law for the relief of debtors, Significant Subsidiary means any of the Issuer’s subsidiaries that would be a “Significant Subsidiary” of the Issuer within the meaning of Rule 1-02 under Regulation S-X promulgated by the U.S. Securities and Exchange Commission and Custodian means any receiver, trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law.
9.    At any time after a declaration of acceleration with respect to any Notes has been made and before a judgment or decree for payment of the money due has been obtained, the holders of a majority in aggregate principal amount of the Notes outstanding may, by written notice to the Issuer, rescind and annul such declaration and its consequences if:
		
	(a)
	the Issuer has paid to the holders a sum sufficient to pay in euro:

(i)    all overdue interest, if any, on all Notes outstanding,
		
	(ii)
	all unpaid principal of (and premium, if any, on) any Notes outstanding which has become due otherwise than by such a declaration of acceleration, and interest on such unpaid principal (or premium) at the rate borne by the Notes during the period of such default, and

		
	(iii)
	to the extent that payment of such interest is enforceable under applicable law, interest upon overdue interest to the date of such payment or deposit at the rate borne by the Notes during the period of such default; and

		
	(b)
	all Events of Default with respect to the Notes, other than the non-payment of the principal of (or premium, if any, on) or interest on the Notes which have become due solely by such an acceleration, have been cured or waived as provided in Paragraph 10.

10.    Subject to Paragraph 9, the holders of a majority in principal amount of Notes outstanding may on behalf of the holders of all the Notes waive any past Event of Default with respect to the Notes except a default in respect of the payment of the principal of or any premium or interest on the Notes and any default in respect of a covenant or provision of the Notes or the Fiscal Agency Agreement which pursuant to its terms cannot be modified or amended by the holders 

of a majority in principal amount of Notes outstanding (in which case, the holders of such higher percentage in principal amount of Notes outstanding may waive such Event of Default).
Upon any such waiver, any such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose under the terms of the Notes and the Fiscal Agency Agreement, and the Issuer and the Noteholders shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other default or Event of Default or impair any right consequent thereon.
11.    All notices to the Noteholders will be valid if mailed to them at their respective addresses in the register of Noteholders maintained by the Registrar or published through the newswire service of Bloomberg or, if Bloomberg does not then operate, any similar agency.  The Issuer shall ensure that notices are duly given or published in a manner which complies with the rules and regulations of any stock exchange or other relevant authority on which the Notes are for the time being listed.  Any notice shall be deemed to have been given on the second day after being so mailed or on the date of publication or, if so published more than once or on different dates, on the date of the first publication.
12.    The Fiscal Agency Agreement provides for meetings of the holders of Notes regarding any matter affecting their interests, including the modification by Extraordinary Resolution of the terms of the Notes or any provisions of the Fiscal Agency Agreement.  A quorum of holders of Notes representing more than 50% in principal amount of the Notes outstanding is required for a meeting to pass an Extraordinary Resolution (or for any adjourned meeting one or more holders of Notes will constitute a quorum, whatever the principal amounts of the Notes held or represented), except when the Extraordinary Resolutions propose to modify certain terms of the Notes for which case a quorum of holders of Notes representing at least two-thirds in principal amount of the Notes outstanding is required (or for any adjourned meeting holders of Notes representing at least one-third of the principal amount of the Notes outstanding constitutes a quorum). An Extraordinary Resolution passed at any meeting of the holders of Notes will be binding on all holders of Notes, whether or not they are present at the meeting.
13.    The Notes and the Fiscal Agency Agreement are governed by, and shall be construed in accordance with, the laws of the State of New York.  Any legal action in connection with the Notes or the Fiscal Agency Agreement may be brought in a competent court of the State of New York.
14.    Subject to Paragraph 15 hereof, the Issuer hereby certifies and declares that all acts, conditions and things required to be done and performed and to have happened precedent to the creation and issuance of this Global Note, and to constitute the same the valid obligation of the Issuer, have been done and performed and have happened in due compliance with all applicable laws.
15.    This Global Note shall not be valid or obligatory for any purpose unless and until this Global Note has been authenticated by HSBC Bank plc or a successor Registrar.

16.    (a)    Guarantee.     (1)    Each Guarantor hereby fully and unconditionally guarantees, on a joint and several basis, to each Holder, the due and punctual payment of the principal of (and premium, if any, on) and interest (including, in case of default, interest on principal and, to the extent permitted by applicable law, on overdue interest and including any additional interest required to be paid according to the terms of the Notes), if any, on each Note, when and as the same shall become due and payable, whether at the Maturity Date, upon redemption, upon acceleration, upon tender for repayment at the option of any Holder or otherwise, according to the terms of this Note and of the Fiscal Agency Agreement (the Guarantor Obligations). In case of the failure of the Issuer or any successor thereto punctually to pay any such principal, premium or interest payment, each Guarantor hereby agrees to cause any such payment to be made punctually when and as the same shall become due and payable, whether at the Maturity Date, upon redemption, upon declaration of acceleration, upon tender for repayment at the option of any Holder or otherwise, as if such payment were made by the Issuer.
(2)    Each Guarantor hereby agrees that its Guarantor Obligations hereunder shall be as if it were principal debtor and not merely surety and shall be absolute and unconditional, irrespective of the identity of the Issuer, the validity, regularity or enforceability of any such Note or the Fiscal Agency Agreement, the absence of any action to enforce the same, any waiver or consent by the Holder with respect to any provisions thereof, the recovery of any judgment against the Issuer or any action to enforce the same, or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a Guarantor. Each Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer, protest, notice and all demands whatsoever and covenants that its Guarantee will not be discharged except by complete performance of its obligations contained in the Notes and in this Guarantee.

(3)    Each Guarantor hereby agrees that, in the event of a default in payment of principal or premium, if any, or interest on any Note, whether at its Maturity Date, by acceleration, purchase or otherwise, legal proceedings may be instituted by the Holder of any Note, subject to the terms and conditions set forth in this Note and the Fiscal Agency Agreement, directly against each such Guarantor to enforce its Guarantee without first proceeding against the Issuer.

(4)    If any Holder, the Fiscal Agent or any Paying Agent is required by any court or otherwise to return to the Issuer or any Guarantor, or any custodian, trustee, liquidator or other similar official acting in relation to either the Issuer or any Guarantor, any amount paid in respect of a Note by any of them to the Fiscal Agent, any Paying Agent or such Holder, this Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect.

(5)    This Guarantee shall remain in full force and effect and continue to be effective should any petition be filed by or against the Issuer for liquidation, reorganization, should the Issuer become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be appointed for all or any significant part of the Issuer’s assets, and shall, to the fullest extent permitted by law, continue to be effective or be reinstated, as the case may be, if at any time payment and performance of any Note are, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee on any Note, whether as a “voidable 

preference”, “fraudulent transfer” or otherwise, all as though such payment or performance had not been made. In the event that any payment or any part thereof is rescinded, reduced, restored or returned, any Note shall, to the fullest extent permitted by law, be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned.

(b)    Severability.    In case any provision of this Guarantee shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

(c)    Priority of Guarantee.        This Guarantee shall be an unsecured and unsubordinated obligation of each Guarantor, ranking pari passu with all other existing and future unsubordinated and unsecured indebtedness of the Issuer and each such Guarantor, respectively.

(d)    Limitation of Guarantors’ Liability.    Each Guarantor and by its acceptance hereof each Holder confirms that it is the intention of all such parties that this Guarantee does not constitute a fraudulent transfer or conveyance for purposes of the Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law or the provisions of its local law relating to fraudulent transfer or conveyance. To effectuate the foregoing intention, the Holders and each Guarantor hereby irrevocably agree that the obligations of each such Guarantor under this Guarantee shall be limited to the maximum amount that will not, after giving effect to all other contingent and fixed liabilities of each such Guarantor, result in the obligations of such Guarantor under this Guarantee constituting such fraudulent transfer or conveyance.

(e)    Subrogation.    Each Guarantor shall be subrogated to all rights of Holders against the Issuer in respect of any amounts paid by any such Guarantor on account of the Notes or the Fiscal Agency Agreement; provided, however, that, if an Event of Default has occurred and is continuing, each Guarantor shall not be entitled to enforce or receive any payments arising out of, or based upon, such right of subrogation until all amounts then due and payable by the Issuer under the Fiscal Agency Agreement or the Notes shall have been paid in full.

(f)    Reinstatement.        Each Guarantor hereby agrees that its Guarantee provided for in Paragraph 16(a) shall continue to be effective or be reinstated, as the case may be, if at any time, payment, or any part thereof, of any obligations or interest thereon is rescinded or must otherwise be restored by a Holder to the Issuer upon the bankruptcy or insolvency of the Issuer or such Guarantor. Subject to the preceding sentence, once released in accordance with its terms, a Guarantee shall not be required to be reinstated for any reason.

(g)    Release of Guarantor.        (1)    So long as no Event of Default exists or upon the occurrence of the following events, with notice or lapse of time or both, would exist, this Guarantee and any Liens securing this Guarantee shall be automatically and unconditionally released and discharged:

		
	(i)
	upon any sale, exchange or transfer to any Person that is not an affiliate of the Issuer of all of the Issuer’s capital stock in a Guarantor, which transaction is otherwise in compliance with the Fiscal Agency Agreement and this Note;

		
	(ii)
	upon any consolidation or merger of a Guarantor with or into the Issuer or another Guarantor, which transaction is otherwise in compliance with the Fiscal Agency Agreement and this Note; or

		
	(iii)
	upon the redemption, defeasance, retirement or any other discharge in full of the 4.625% Senior Notes due 2020 issued by Rockwood’s wholly owned subsidiary, Rockwood Specialties Group, Inc.

(2)    Upon written instruction from the Issuer, the Fiscal Agent shall execute and deliver any documents, instructions or instruments evidencing any release of a Guarantee.

(h)    Benefits Acknowledged.    Each Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by the Fiscal Agency Agreement and the Notes and that its guarantee and waivers pursuant to the Guarantee are knowingly made in contemplation of such benefits.

All terms used in this Global Note that are defined in the Fiscal Agency Agreement shall have the meanings assigned to them therein.
[Signature Page Follows]

IN WITNESS whereof the Issuer has caused this Global Note to be duly executed on its behalf.
Dated: 
ALBEMARLE CORPORATION
By:    __________________________
Name:     
Title:     
     
    

Attest:  __________________________
Name:     
Title:    

	
	
	Authenticated without recourse, warranty or  
liability by

	HSBC BANK plc

	By:

	 

	Dated:

Albemarle Holdings Corporation, a Delaware corporation, and Albemarle Holdings II Corporation, a Delaware corporation (together, the Guarantors), which term includes any successor person under the Fiscal Agency Agreement dated as of December 8, 2014 (the Fiscal Agency Agreement), among Albemarle Corporation, as issuer (the Issuer), the Guarantors and HSBC Bank plc, as Fiscal Agent, Principal Paying Agent, Paying Agent, Registrar and Transfer Agent pursuant to which this Note (together with any other such 1.875% Notes due 2021 of the same series of the Issuer, the Notes) was issued by the Issuer, unconditionally guarantee, to the extent set forth in the Notes and subject to the provisions of the Notes and the Fiscal Agency Agreement, the due and punctual payment of the principal of, any premium and interest on the Notes, when and as the same shall become due and payable, whether at maturity, redemption, repayment or otherwise, all in accordance with the terms set forth in this Note.

The obligations of the undersigned to the Holders of the Notes pursuant to these Guarantees are expressly set forth in this Note and reference is hereby made to the terms of this Note for the precise terms of the Guarantees and all of the other provisions of this Note and the Fiscal Agency Agreement to which these Guarantees relate.

[Signature Page Follows]

IN WITNESS WHEREOF, each of the Guarantors has caused this Note to be duly executed.

Dated: 

ALBEMARLE HOLDINGS CORPORATION
ALBEMARLE HOLDINGS II CORPORATION

By: ____________________________
Name:    
Title:    

Attest: ___________________________
Name:     
Title:Exhibit 10.13 12.31.2014 10-K

Exhibit 10.13

ALBEMARLE CORPORATION

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

As Amended and Restated
Effective January 1, 2005

Albemarle Corporation
Supplemental Executive Retirement Plan
As Amended and Restated Effective January 1, 2005

INTRODUCTION

Albemarle Corporation adopted the Albemarle Corporation Supplemental Executive Retirement Plan (the “Plan”) effective April 26, 2000.  This Plan represents an amendment and restatement of the Albemarle Corporation Excess Benefit Plan and the Albemarle Corporation Supplemental Retirement Plan which were originally adopted by the Board on February 8, 1994.  The Excess Benefit Plan and the Supplemental Retirement Plan were amended effective April 26, 2000, to simplify the Plans’ administration with respect to the calculation of benefits and to clarify the benefits provided to certain employees.  In addition, effective as of April 26, 2000 the Excess Benefit Plan and the Supplemental Plan were merged.  The resulting plan was renamed the Albemarle Corporation Supplemental Executive Retirement Plan.
The Board believes that the adoption of the Plan will assist it in attracting and retaining those employees, whose judgment, abilities and experience will contribute to the Company’s success.
The Plan is intended to be a plan that is unfunded and maintained primarily for the purpose of providing supplemental retirement benefits for a “select group of management or highly compensated employees” (as such phrase is used in the Employee Retirement Income Security Act of 1974, as amended).  The Plan must be administered and construed in a manner that is consistent with that intent.  The Plan is intended to comply with the provisions of Section 409A of the Code, and any and all rules and regulations promulgated thereunder.
The Plan provides the following benefits:
1.    The difference between (i) the employee’s accrued benefit under the Company’s tax-qualified defined benefit pension plan in light of the benefit limitations provided under Code section 415, and (ii) the full value of the benefits such employee would otherwise have received under such plan but for such limitation;
2.    The difference between (i) the employee’s accrued benefits under the Company’s tax-qualified defined benefit pension plan in light of the compensation cap provided under Code section 401(a)(17), and (ii) the full value of the benefits such employee would otherwise have received under such plan but for such limitation;
3.    Certain benefits lost as a result of deferrals under the Executive Deferred Compensation Plan.
4.    The Board also approved the provision of supplemental executive retirement benefits to designated executives whose relatively short service with the Company or an Affiliate would otherwise limit their career retirement benefits.  To the extent an individual is specifically designated as entitled to these supplemental retirement benefits, those benefits are provided under this Plan.

    

Albemarle Corporation
Supplemental Executive Retirement Plan
As Amended and Restated Effective January 1, 2005

ARTICLE I
DEFINITIONS
1.01    Actuarial Equivalent means a benefit of equivalent value based on the factors and assumptions employed in determining actuarial equivalencies to the normal form of benefit under the Retirement Plan.
1.02    Affiliate means any entity that is a member of a controlled group of corporations as defined in Code section 1563(a), determined without regard to Code sections 1563(a)(4) and 1563(e)(3)(c), of which the Corporation is a member according to Code section 414(b), and which has, with the approval of the Board, adopted the Plan by action of its board.
1.03    Annuity Starting Date means the first day of the first month for which a benefit is payable under the Plan.
1.04    Beneficiary means the person or persons who are designated by a Participant on a form provided by the Company for such purpose, to receive any benefits that may become payable under the Plan after the death of the Participant.  In the absence of a designation of a Beneficiary or in the event a Participant’s designated Beneficiary predeceases him or her, the Participant’s Beneficiary shall be his or her spouse, or if there is no spouse, the Participant’s estate.
1.05    Benefit means a Participant’s Excess Benefit, Short Service Benefit, and/or Supplemental Benefit, as applicable, under the Plan.
1.06    Board means the Board of Directors of Albemarle Corporation.
1.07    Code means the Internal Revenue Code of 1986, as amended.
1.08    Committee means the Employee Relations Committee of the Company or any successor committee, which shall, in accordance with the provisions of Article IX hereof, be responsible for the management and administration of the Plan.
1.09    Company or Corporation means Albemarle Corporation.
1.10    Change in Control is defined in Appendix II attached hereto.
1.11    Disability or Disabled shall mean a Participant’s inability to engage in any substantial gainful activity because of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted, or can be expected to last, for a continuous period of twelve (12) months or longer.
1.12    Eligible Employee means an individual employed by the Company or an Affiliate who is in a select group of management or is a highly compensated employee of the Company and its Affiliates.  An individual shall remain an Eligible Employee only so long as the individual remains in such select management group or continues to be highly compensated.

1

1.13    Excess Benefit means the benefit, if any, that a Participant becomes entitled to pursuant to Section 3.01(a) of this Plan.
1.14    Executive Deferred Compensation Plan or EDCP means the Albemarle Corporation Executive Deferred Compensation Plan, as amended from time to time.
1.15    Participant means, so long as he remains so designated or to the extent he has accrued a vested benefit under the Plan, an Eligible Employee who becomes a participant in the Plan in accordance with Article II.
1.16    Plan means this Plan which restates and amends the Albemarle Corporation Supplemental Executive Retirement Plan, originally established as a result of the April 26, 2000 merger of the Albemarle Corporation Supplemental Retirement Plan and the Albemarle Corporation Excess Benefit Plan, as amended from time to time.
1.17    Retirement and Retire mean separation from service with the Company or an Affiliate at or after (a) attaining age 65 or (b) attaining age 55 and either (i) having completed 10 years of service with the Company, or (ii) having qualified for benefits under the Company’s long-term disability plan.  A year of service for this purpose means a calendar year during which the individual has completed 1,000 hours of service.
1.18    Retirement Plan means the Albemarle Corporation Pension Plan, as amended from time to time.
1.19    Section 409A means Section 409A of the Code and any and all rules and regulations promulgated thereunder.
1.20    Short Service Benefit means the benefit, if any, that a Participant becomes entitled to pursuant to the provisions of Section 3.01(b) of this Plan.
1.21    Supplemental Benefit means the benefit, if any, that a Participant becomes entitled to pursuant to the provisions of Section 3.01(c) of the Plan.
1.22    Survivor Annuity means a benefit in the form of a life and 100% survivor annuity with 60 monthly payments guaranteed.
ARTICLE II
PARTICIPATION
Each Eligible Employee shall automatically become a Participant in the Plan, with respect to the Excess Benefits provided under Plan section 3.01(a), as of the date such Employee’s benefit under the Retirement Plan is first limited by Code section 401(a)(17) and/or 415 or, if earlier, the Eligible Employee makes a deferral under the EDCP.  An Eligible Employee recommended by the Company’s Executive Committee and approved by the Executive Compensation Committee shall become a Participant in the Plan, with respect to the Short Service Benefit provided under Plan section 3.01(b) or the Supplemental Benefit provided under Plan Section 3.01(c), as of the effective date designated by the Company’s Executive 

2

Committee.  An Eligible Employee who becomes a Participant with respect to a benefit under Plan section 3.01(b) or 3.01(c), shall continue to participate in the Plan with respect to such benefit until such date as the Company’s Executive Committee may declare the individual in question no longer eligible to participate.
ARTICLE III
BENEFITS
3.01    Amount of Benefit.
Subject to the limitations set forth in Articles IV (Vesting), V (Guarantees) and VI (Termination, Amendment, or Modification of Plan), the benefits of a Participant and his Beneficiary shall be as follows:
(a)    Excess Benefits.  A Participant shall be entitled to Excess Benefits under this Plan as follows:
		
	(i)
	A Participant shall be entitled to a benefit equal to the difference between (A) the benefits that accrue to the Participant under the Retirement Plan and (B) the benefits the Participant would have accrued under the Retirement Plan but for the application of Code section 415 (the annual limit on benefits under the Retirement Plan ($170,000 for 2005, $175,000 for 2006, $180,000 for 2007, and $185,000 for 2008)).

		
	(ii)
	A Participant shall be entitled to a benefit equal to the difference between (A) the benefits the Participant would have accrued under the Retirement Plan but for (i) the application of the limits set forth in Code section 401(a)(17) (the annual limit on compensation taken into account under the Retirement Plan ($210,000 for 2005, $220,000 for 2006, $225,000 for 2007, and $230,000 for 2008)) and (ii) any deferrals made by the Participant under the EDCP, and Code section 415, as applicable, and (B) the benefits that accrue to the Participant under the Retirement Plan.

		
	(iii)
	In no event shall a Participant accrue a duplicate benefit attributable to the same service or compensation under paragraphs (i) and (ii).

		
	(iv)
	To the extent a Participant’s Excess Benefit becomes payable prior to the time his benefit payable pursuant to the Retirement Plan commences, the amount of his Excess Benefit under this Plan shall be determined as if his Retirement Plan benefit were commencing at the same time as his Excess Benefit.

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(b)    Short Service Benefits.  A Participant shall be entitled to a Short Service Benefit under this Plan as follows:
		
	(i)
	Participants who have completed five years of service with the Company or an Affiliate (including service with Ethyl Corporation or one of its affiliates) and who are specifically designated for this purpose, in accordance with Article II shall also accrue an additional benefit hereunder equal to (A) minus (B) below, where:

(A)    is a benefit equal to the product of 4% times the Participant’s total years of service with the Company or an Affiliate (up to a maximum of fifteen years) payable as a life annuity and 5 year certain form of benefit, expressed in years and fractions of years and measured in cumulative monthly increments from the Participant’s initial date of employment, excluding any intervening period during which the Participant was not in the employ of the Company or an Affiliate, times the Participant’s Final Average Compensation; and
(B)    is the sum of the Actuarial Equivalents as of the time benefits are paid, of:
(I)    the Participant’s employer-provided Retirement Plan benefit, not including any Temporary Supplementary Early Retirement Allowance;
(II)    100% of the Participant’s Primary Social Security Benefit payable at his Social Security Retirement Age, as determined under the provisions of the Social Security Act in effect at the date of the occurrence triggering the determination, assuming that the Participant had continued in the employ of the Company at the annual base salary he was earning at the time such event occurred until what would have been his Social Security Retirement Age;
(III)    the benefit accrued by the Participant under Plan Section 3.01(a)(i); and
(IV)    the benefit accrued by the Participant under Plan Section 3.01(a)(ii).
(C)    Notwithstanding the foregoing provisions of this Section 3.01(b), in the event a Participant’s employment is terminated in connection with a Change in Control, the Participant’s Short Service Benefit under this Section 3.01(b) shall be calculated without regard to the offsets set forth in paragraph (B)(II) hereof.

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	(ii)
	A Participant’s Short Service Benefit under this Section 3.01(b) shall be subject to reduction for early commencement as follows:

(A)    where a Participant commences the Short Service Benefit at a time at which he would be eligible to commence an Early Retirement Allowance (as defined in the Retirement Plan) under the Retirement Plan, the Short Service Benefit shall be reduced for payment prior to the Participant’s attainment of age 60; the amount of the reduction shall be determined using the same reduction factors as are used for determining a Participant’s Early Retirement Allowance (as defined in the Retirement Plan) under the Retirement Plan, and
(B)    where a Participant commences the Short Service Benefit at a time where he has not satisfied the requirements for an Early Retirement Allowance (as defined in the Retirement Plan) under the Retirement Plan, the Short Service Benefit shall be reduced for payment prior to the Participant’s attainment of age 65; the amount of the reduction shall be determined using the same reduction factors as are used for determining a Participant’s deferred Vested Allowance (as defined in the Retirement Plan) benefit under the Retirement Plan.
(c)    Supplemental Benefits
For any Participant who is specifically designated by the Company, such Participant shall be entitled to a Supplemental Benefit under this Plan as follows:
		
	(i)
	The Participant’s Supplemental Benefit shall be calculated under Plan Sections 3.01(a)(i) and (ii) based on the formula under the Retirement Plan, and using the Participant’s service and compensation with Ethyl Corporation and the Company.

		
	(ii)
	Except as otherwise provided on Appendix I, benefits payable under this Section 3.01(c) shall be offset by any benefits payable under the qualified retirement plans sponsored by Ethyl Corporation and the Company and any benefits payable under non-qualified retirement plans sponsored by Ethyl Corporation and the Company.

		
	(iii)
	With regard to the Participant indicated on Appendix I whose benefit was frozen, the benefit determined under this paragraph (c) shall be frozen as of December 31, 2002, provided, however, the frozen benefit shall (A) include an additional three years of service, and (B) be actuarially increased by a factor, the numerator of which is the Participant’s life expectancy as of December 31, 2002 and the denominator of which is the Participant’s life expectancy as of December 31, 2005, which adjustment under this clause (B) is made to reflect the delay in the commencement of benefits from December 31, 2002.

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(d)    Special Rules on Final Average Compensation. 
		
	(i)
	For purposes of determining a Participant’s benefit under Plan Section 3.01(b), Final Average Compensation means, effective April 26, 2000, for a Participant as of any date, one-third of the sum of (i) the Participant’s annual base salary and (ii) 100% of any annual cash bonus paid pursuant to the Albemarle Corporation 1998 Incentive Plan (or any successor Plan) and (iii) the value (as of January 31, 2002) of any vested Restricted Incentive Units awarded pursuant to the Restricted Incentive Unit Award Agreement between the Company and the Participant dated January 31, 2002 (“1/31/02 Agreement”), which salary and bonus are received by the Participant and which vested Restricted Incentive Units were granted, during the three consecutive highest paid calendar years of employment by the Company or an Affiliate during the ten consecutive calendar years or the total period of employment, if less, immediately preceding the date of the event the occurrence of which triggers the determination.

		
	(ii)
	Effective December 31, 2010, for Participants who retire on or after December 31, 2010, for purposes of determining such Participants’ benefits under this Plan, the amount of each Participant’s Final Average Compensation shall be frozen as of December 31, 2010; provided, however, that, for Participants who retire on or after December 31, 2015, such Participants’ Final Average Compensation shall be determined as of December 31, 2012, and for Participants who retire on or after December 31, 2020, such Participants’ Final Average Compensation shall be determined as of December 31, 2014.  For purposes of determining Short Service Benefits under Section 3.01(b), to the extent a Participant's Final Average Compensation is frozen under this paragraph (ii), such Participant's Primary Social Security Benefit shall also be frozen for purposes of determining the offset under Section 3.01(b)(i)(B)(II).

		
	(iii)
	For purposes of determining Excess Benefits under Section 3.01(a), for Participants whose Final Average Compensation is limited under the provisions of Code Section 401(a)(17), Final Average Compensation as of December 31, 2010, December 31, 2012 or December 31, 2014, as applicable, shall be determined based on the applicable Code Section 401(a)(17) limit in effect on the relevant benefit determination date, but not in excess of the Participant’s total compensation (without regard to the Code Section 401(a)(17) limit) as of December 31, 2010, December 31, 2012 or December 31, 2014, as applicable.

(e)    For purposes of determining a Participant’s accrued benefits under this Plan section 3.01:
		
	(i)
	compensation and benefits shall be calculated without regard to any elections by a Participant to defer any amount under the Executive 

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Deferred Compensation Plan that otherwise would have been paid to the Participant for the relevant period in the absence of such an election.
		
	(ii)
	compensation used in the calculation of benefits that the Participant would have accrued under the Retirement Plan but for the limitations of Sections 401(a)(17) and 415 of the Code, shall include (a) the income recognized on account of a bonus (whether in the form of cash or other property) granted to such Participant on April 24, 1996, who was a full-time employee of the Company on such date, and any cash payment made by the Company to reimburse the Participant for the federal and state income taxes resulting from such income recognition, and (b) fifty percent (50%) of the value of any vested Restricted Incentive Units awarded pursuant to the 1/31/02 Agreement, provided that the value of such vested Restricted Incentive Units shall be determined and included as compensation for purposes of this paragraph (d) for the year in which such Units were granted.

(f)    A Participant shall accrue benefits under this Plan section 3.01, as applicable, from the effective date of his eligibility to participate in the Plan through the date of his death, Disability or Retirement or other separation from service or the date he is notified by the Company’s Executive Committee that he is no longer eligible to participate.
(g)    For Participants whose employment was terminated and Plan benefits commenced prior to 2005, such Participants’ benefits have been calculated under the terms of the Plan as in effect when they terminated employment.
(h)    In addition to any Excess Benefit, Supplemental Benefit and/or Short Service Benefit, to which a Participant is entitled, the Plan shall also be deemed to include any additional non-qualified retirement benefits resulting from individual agreements entered into between the Company and the Participant.  Appendix III hereof reflects the special rules that apply to Participants' benefits under such individual agreements.
3.02    Death Benefits
(a)    With respect to the vested Excess Benefits accrued by a Participant under Plan section 3.01(a), if a Participant dies prior to payment of his Excess Benefit hereunder, the Participant’s surviving spouse, if any, shall be entitled to a benefit equal to 50% of the single life annuity benefit the Participant would have received at his earliest retirement date, calculated using the actuarial assumptions and methods set forth in the Retirement Plan.  Benefits payable under this paragraph (a) shall be paid to the surviving spouse in a lump sum payment on the date the Participant would have attained age 55, provided, however, that if, at the time of death, the Participant had not yet completed ten years of service with the Company, then the benefit hereunder shall be paid on the date the Participant would have attained age 65.  In the event a Participant subject to this paragraph (a) has no surviving spouse, no death benefit shall be paid under this paragraph.

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(b)    With respect to a Participant’s vested Short Service Benefits and Supplemental Benefits accrued under Plan sections 3.01(b) and 3.01(c), if such Participant dies prior to payment of his Benefit hereunder, the Participant’s surviving spouse, if any, shall be paid a benefit that is equal to a 100% survivor’s annuity based on the Participant’s accrued benefit under the Plan as of his date of death calculated using the actuarial assumptions and methods set forth in the Retirement Plan.  Short Service and Supplemental Benefits payable under this paragraph (b) shall be paid in a lump sum on the date the Participant would have attained age 55, provided, however, that if, at the time of death, the Participant had not yet completed ten years of service with the Company (and/or, for the Supplemental Benefit, Ethyl Corporation), then the benefit hereunder shall be paid on the date the Participant would have attained age 65.  In the event a Participant subject to this paragraph (b) has no surviving spouse, no death benefit shall be paid under this paragraph.
(c)    In the event of a Participant’s death after his Annuity Starting Date the following rules shall apply:  (i) with respect to Supplemental Benefits being paid in the form of a Survivor Annuity, benefits shall be paid to the individual (designated at the time benefits commence) to receive the 100% survivor annuity, and upon the death of the survivor annuitant, or in the event such annuitant does not survive the Participant, no additional benefit shall be paid unless the Participant (and survivor annuitant) had not yet received payments for the guaranteed 60 months of payments, in which latter event payments for the remainder of the 60 month period shall be made to the Participant’s Beneficiary, and (ii) any Benefits that should have been paid to the Participant but had not been paid as of the date of the Participant’s death shall be paid in a lump sum to the Participant’s personal representative, determined in accordance with state law.
(d)    For purposes of this Section 3.02, a lump sum shall be calculated using (i) a discount rate equal to the discount rate used by the Company for pension expense purposes for the year in which the lump sum is being calculated, and (ii) the mortality table used for pension expense purposes for such year.
3.03    Timing and Form of Payment
(a)    All Benefits.  Subject to paragraph (b) hereof, vested Excess Benefits, Short Service Benefits and Supplemental Benefits under this Plan shall be paid in a lump sum on the later of (i) the first day of the month coincident with or next following the Participant’s fifty-fifth birthday (provided, however, that if the Participant has not completed 10 years of service for the Company, then the Participant’s sixty-fifth birthday), and (ii) the first day of the month following the Participant’s “separation from service” within the meaning of Section 409A, provided, however, that if the Participant is a “specified employee” (as such term is defined within the meaning of Section 409A) at the time of such separation from service, Benefits shall in no event be paid prior to six months after the Participant’s separation from service (referred to herein as the “Six-Month Rule”).  Notwithstanding the preceding sentence, with regard to a Participant for whom the payment of Benefits has been delayed due to the Participant’s status as a specified employee:  (a) a portion of such Participant’s Benefit equal to the employment taxes due on such Benefit, shall be paid out at the time the Participant’s Benefit would have been paid but for the required six-months delay; and (b) for the period from when such Benefit would have been paid but for the required six-months delay, until the time of payment to the Participant, the balance of 

8

the Benefit shall be credited with interest on such balance calculated at the same rate as the discount rate used for calculating a lump sum under paragraph (e) of this Section 3.03.
(b)    Special Payment Rules.  Notwithstanding the provisions of paragraph (a), (i) prior to February 1, 2006, Excess Benefits shall be paid in the same form and for the same period as benefits are paid under the Retirement Plan, (ii) effective February 1, 2006, Excess Benefits (other than those for which payment has already commenced) shall be paid in a lump sum, (iii) Supplemental Benefits, with respect to Participants designated on Appendix I, shall be paid as a Survivor Annuity, and (iv) for the Participant designated on Appendix IV, Excess Benefits and Short Service Benefits shall be paid at the time and in the form set forth in Appendix IV.
(c)    Change in Control.  Notwithstanding any of the foregoing, in the event there is a Change in Control and a Participant’s employment is terminated within 24 months after the Change in Control, the Participant’s Benefits shall be paid in a lump sum payment upon the termination of employment, subject to the Six-Month Rule (as described in paragraph (a) above).
(d)    Disability.  Notwithstanding any of the foregoing, in the event a Participant has a Disability, the Participant’s Short Service Benefits shall be paid in a lump sum payment upon the Disability.
(e)    Lump Sums.  For purposes of this Section 3.03, a lump sum shall be calculated using (i) a discount rate equal to the discount rate used by the Company for pension expense purposes for the year in which the lump sum is being calculated, and (ii) the mortality table used for pension expense purposes for such year.
ARTICLE IV
VESTING
4.01    Vesting of Benefits
A Participant shall vest in his benefits under this Plan as follows:
(a)    Excess and Supplemental Benefits.  A Participant’s right to receive an Excess Benefit under Plan section 3.01(a) and a Supplemental Benefit under Plan Section 3.01(c), exists only if his employment terminates at a time or as a result of an event that would have caused such benefit to vest under the terms of the Retirement Plan, while the Plan is in effect and the Participant remains designated as a Participant at the time of such termination.
(b)    Short Service Benefits.  No Short Service Benefits under Plan section 3.01(b) shall be vested unless and until the Participant has completed five years of service with the Company.
(c)    Death.  In the event a Participant dies prior to vesting in his Excess, Short Service or Supplemental Benefits under this Plan, no benefits shall be payable under this Plan.

9

(d)    Forfeitures for Inappropriate Conduct.  Notwithstanding any of the foregoing, a Participant shall forfeit all benefits from the Plan if the Committee determines, in its sole discretion, that his employment is terminated as a result of fraud, dishonesty, conviction of or pleading guilty to a felony, or embezzlement from the Company or an Affiliate.  Further, in the event the Committee determines, in its sole discretion, that a Participant who has separated from service for any reason is guilty of fraud, or dishonesty against the Company or an Affiliate or is convicted of or pleads guilty to a felony against or embezzlement from the Company or an Affiliate shall forfeit his entitlement to any further payments or benefits under the Plan.
(e)    Change in Control.  Notwithstanding any of the foregoing, in the event of a Change in Control, all Benefits shall be fully vested.
ARTICLE V
GUARANTEES
Albemarle Corporation and any Affiliate participating in the Plan has only a contractual obligation to pay the benefits described in Article III.  All benefits are to be satisfied solely out of the general corporate assets of the Company or the appropriate Affiliate which shall remain subject to the claims of its creditors.  No assets of the Company or a participating Affiliate will be segregated or committed to the satisfaction of its obligations to any Participant or Beneficiary under this Plan.  If the Company in its sole discretion, elects to purchase life insurance on the life of a Participant in connection with the Plan, the Participant must submit to a physical examination, if required by the insurer, and otherwise cooperate in the issuance of such policy or his rights under the Plan will be forfeited.
ARTICLE VI
TERMINATION, AMENDMENT OR MODIFICATION OF PLAN
6.01    Plan Termination
Except as otherwise specifically provided, the Company reserves the right to terminate, amend or modify this Plan, wholly or partially, at any time and from time to time.  Any such termination, amendment or change may not affect or alter the benefits paid or obligations to any employee who died, became Disabled or Retired before the termination, amendment, or change or whose benefits vested in accordance with Article IV.  Such right to terminate, amend or modify the Plan shall be exercised for the Company either by its Board or Executive Compensation Committee.  In addition, the Employee Relations Committee has the authority to amend or modify the Plan (i) to the extent such amendment is required by law, (ii) if the amendment constitutes minor administrative changes necessary for the administration of the Plan; or (iii) if such amendment is of general applicability to Participants and does not create an incremental cost in excess of $250,000 per year.
6.02    Notice Requirement

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(a)    Plan section 6.01 notwithstanding, no action to terminate the Plan shall be taken except upon written notice to each Participant to be affected thereby.
(b)    Any notice which shall be or may be given under the Plan shall be in writing and shall be mailed by United States mail, postage prepaid.  If notice is to be given to the Company, such notice shall be addressed to it at 451 Florida Street, Baton Rouge, LA 70801; addressed to the attention of the Corporate Secretary.  If notice is to be given to a Participant, such notice shall be addressed to the Participant’s last known address.
6.03    Effect of Plan Termination
Except as provided in Plan section 6.01 and subject to the distribution of all vested benefits under the Plan, upon the termination of this Plan by the Board or Executive Compensation Committee, the Plan shall no longer be of any further force or effect, and, except as provided in Plan section 6.01 and subject to the distribution of all vested benefits under the Plan, neither the Company nor any Participant shall have any further obligation or right under this Plan.  Likewise, except to the same extent protected in the event of termination, amendment or modification of the Plan, the rights of any individual who was a Participant and who is declared by the Committee to be no longer eligible shall cease upon such action.
Upon termination of the Plan, all vested Accounts shall be paid in a lump sum, only upon the occurrence of the earliest of the following events:
		
	1.
	Termination and liquidation of the Plan within 12 months of a qualifying corporate dissolution or bankruptcy;

		
	2.
	Termination and liquidation of the Plan pursuant to irrevocable action of the Company within 30 days before, or 12 months after, a Change in Control;  

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

		
	4.
	The applicable time or event under Section 3.03 of the Plan.

ARTICLE VII
OTHER BENEFITS AND AGREEMENTS
The benefits provided for a Participant and his Beneficiary under the Plan are in addition to any other benefits available to such Participant under any other plan or program of the Company or a participating Affiliate for its employees, and, except as may otherwise be expressly provided for, the Plan shall supplement and shall not supersede, modify or amend any 

11

other plan or program of the Company or a participating Affiliate in which a Participant is participating.
ARTICLE VIII
RESTRICTIONS ON TRANSFER OF BENEFITS
No right or benefit under the Plan shall be subject to anticipation, alienation, sale, assignment, pledge, encumbrance or charge, and any attempt to do so shall be void.  No right or benefit hereunder shall in any manner be liable for or subject to the debts, contracts, liabilities, or torts of the person entitled to such benefit.  If any Participant or Beneficiary under the Plan should become bankrupt or attempt to anticipate, alienate, sell, assign, pledge, encumber or charge any right to a benefit hereunder, then such right or benefit, in the discretion of the Committee, shall cease and terminate, and, in such event, the Committee may hold or apply the same or any part thereof for the benefit of such Participant or Beneficiary, his or her spouse, children, or other dependents, or any of them, in such manner and in such portion as the Committee may deem proper.
ARTICLE IX
ADMINISTRATION OF THE PLAN
9.01    The Committee
The Plan shall be administered by the Committee.  Subject to the provisions of the Plan, the Committee may adopt such rules and regulations as may be necessary to carry out the purposes hereof.  The Committee’s interpretation and construction of any provision of the Plan shall be final and conclusive.
9.02    Indemnification of the Committee
The Company shall indemnify and save harmless each member of the Committee against any and all expenses and liabilities arising out of his membership on the Committee, excepting only expenses and liabilities arising out of his own willful misconduct.  Expenses against which a member of the Committee shall be indemnified hereunder shall include without limitation, the amount of any settlement or judgment, costs, counsel fees, and related charges reasonably incurred in connection with a claim asserted, or a proceeding brought or settlement thereof.  The foregoing right of indemnification shall be in addition to any other rights to which any such member may be entitled.
9.03    Powers of the Committee
In addition to the powers hereinabove specified, the Committee shall have the power to compute and certify the amount and kind of benefits from time to time payable to Participants, and Beneficiaries under the Plan, and to authorize all disbursements for such purposes.
9.04    Information

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To enable the Committee to perform its functions, the Company and any participating Affiliate shall supply full and timely information to the Committee on all matters relating to the compensation of all Participants, their retirement, death or other cause for termination of employment, and such other pertinent facts as the Committee may require.
9.05    Claims Review Procedures
The benefit claims review procedure set forth in the Retirement Plan, as amended from time to time, is incorporated herein by reference and made applicable to the Plan.

ARTICLE X
MISCELLANEOUS
10.01    No Guarantee of Employment
The Plan does not in any way limit the right of the Company or any participating Affiliate at any time and for any reason to terminate the employment of a Participant in its employ.  In no event shall the Plan, by its terms or by implication, constitute an employment contract of any nature whatsoever between the Company and a Participant.
10.02    Binding Nature
The Plan shall be binding upon the Company, any participating Affiliate and successors and assigns, and, subject to the powers set forth in Article VI, upon a Participant’s, his Beneficiary’s or any of their assigns, heirs, executors and administrators.
10.03    Governing Law
To the extent not preempted by federal law, the Plan shall be governed and construed under the laws of the Commonwealth of Virginia (including its choice-of-law rules, except to the extent those laws would require the application of the law of a state other than Virginia) as in effect from time to time.
10.04    Masculine and Feminine; Singular and Plural
Masculine pronouns wherever used shall include feminine pronouns and the use of the singular shall include the plural.
10.05    Section 409A
(a)    Notwithstanding any other provision of this Plan, it is intended that all post-2004 benefits under this Plan satisfy the provisions of Section 409A and this Plan shall be interpreted and administered, as necessary, to comply with such provisions.

13

(b)    With regard to benefits under this Plan that were earned and vested as of December 31, 2004, such benefits are intended to be grandfathered pursuant to the special grandfathering provision under Code section 409A, as described in IRS Notice 2005-1, Q&A 16.
ARTICLE XI
ADOPTION
The Company has adopted this Plan pursuant to action taken by the Board.  With the approval of the Board, any Affiliate may adopt this Plan by action of its board of directors.
As evidence of its adoption of the Plan, Albemarle Corporation has caused this document to be signed by its duly authorized officer, this 30th day of December, 2008, and made effective as of  January 1, 2005.
ALBEMARLE CORPORATION
	
		
	By:
	/s/ Darian Rich

    

14

APPENDIX I

PARTICIPANTS DESIGNATED FOR PLAN SECTIONS 3.01(b)(i) and 3.01(c)

	
			
	Plan Section
	Name
	Service Date

	3.01(b)(i)
	Mark C. Rohr
	3/22/1999

	3.01(b)(i)
	Jack P. Harsh
	11/16/1998

	*3.01(c)
	Floyd D. Gottwald
	3/1/1996

	**3.01(c)
	William M. Gottwald
	9/1/1996

	3.01(b)(i)
	John M. Steitz
	7/1/2000

	3.01(b)(i)
	George P. Manson, Jr.
	5/1/2001

	3.01(b)(i)
	Scott A. Martin
	7/1/2001

	3.01(b)(i)
	Paul F. Rocheleau
	6/17/2002

	3.01(b)(i)
	Luther C. Kissam, IV
	10/1/2003

(Last amended per action of the Executive Compensation Committee effective 10/1/2003.)
*Floyd D. Gottwald’s benefit was frozen in accordance with Section 3.01(c)(iii) of the Plan; when payable, his benefit shall be paid in the form of a Survivor Annuity.

**William M. Gottwald’s benefit shall not be offset by his benefit under any of the Ethyl Corporation plans, nor shall his benefit be frozen in accordance with Section 3.01(c)(iii) of the Plan.

15

APPENDIX II

Albemarle Corporation
Change In Control Provision
(a)    Change in Control means the occurrence of any of the following events that also constitutes a “change in the ownership or effective control” of the Company or a “change in the ownership of a substantial portion of assets” of the Company, in each case, within the meaning of Section 409A:
		
	(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 Company that are entitled to vote generally for the election of the Company’s directors (the “Voting Securities”) (other than as a result of an issuance of securities by the Company 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 Company’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 Company 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 Company resulting from such Business Combination (including, without limitation, a company which as a result of such transaction owns the Company 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 Company or the Company 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 Company resulting from such Business Combination, and (iii) at least a majority of the members of the board of 

16

directors of the Company resulting from such Business Combination are Continuing Directors.
For purposes of this Appendix II and other provisions of this Plan, 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;
(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 

17

proxy as described in ‘the proviso to subsection (iii) of this definition) or disposing of any voting securities of the Company 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 Company 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 Company be deemed (1) the beneficial owner of any securities beneficially owned by another officer or director of the Company solely by reason of actions undertaken by such persons in their capacity as officers or directors of the Company; or (2) the beneficial owner of securities held of record by the trustee of any employee benefit plan of the Company or any Subsidiary of the Company for the benefit of any employee of the Company or any Subsidiary of the Company, 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 Company’s Board, while a member of that Board, and (i) who was a member of the Company’s Board prior to December 15, 2006, or (ii) whose subsequent nomination for election or election to the Company’s Board was recommended or approved by a majority of the Continuing Directors.
(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.

18

APPENDIX III

PROVISIONS FOR INDIVIDUAL AGREEMENTS
UNDER PLAN SECTION 3.01(h)

		
	(1)
	For benefits payable pursuant to the Agreement dated October 24, 2000, between the Company and J. Robert Greenwood, Mr. Greenwood's Plan benefits, which are grandfathered pursuant to Section 10.05(b) of the Plan and have been in pay status since January 1, 2001, shall continue to be paid in the same form and frequencies as his benefits have been paid since January 1, 2001.

		
	(2)
	For benefits payable pursuant to the Agreement dated September 30, 2000, between the Company and John S. Narcisse, Mr. Narcisse's Plan benefits, which are grandfathered pursuant to Section 10.05(b) of the Plan, shall be paid at the same time and in the same form as his benefits that are paid under the Retirement Plan.

		
	(3)
	For benefits payable pursuant to the Agreement dated January 15, 2000, between the Company and Vincent Gatto, Mr. Gatto's Plan benefits shall be paid at the same time and in the same form as provided for under Section 3.03 and other relavant provisions of the Plan.

19

APPENDIX IV

SPECIAL PAYMENT PROVISIONS UNDER
PLAN SECTION 3.03(b)(iv)

	
		
	George Manson
	Excess Benefits to be paid upon attainment of age 65 and Short Service Benefits to be paid as of January 1, 2009.

20

TABLE OF CONTENTS

	
				
	 
	 
	 
	Page

	INTRODUCTION
	 
	 
	1

	ARTICLE I
	 
	DEFINITIONS
	1

	1.01
	 
	Actuarial Equivalent
	1

	1.02
	 
	Affiliate
	1

	1.03
	 
	Annuity Starting Date
	1

	1.04
	 
	Beneficiary
	1

	1.05
	 
	Benefit
	1

	1.06
	 
	Board
	1

	1.07
	 
	Code
	1

	1.08
	 
	Committee
	1

	1.09
	 
	Company or Corporation
	1

	1.10
	 
	Change in Control
	1

	1.11
	 
	Disability or Disabled
	1

	1.12
	 
	Eligible Employee
	1

	1.13
	 
	Excess Benefit
	2

	1.14
	 
	Executive Deferred Compensation Plan or EDCP
	2

	1.15
	 
	Participant
	2

	1.16
	 
	Plan
	2

	1.17
	 
	Retirement and Retire
	2

	1.18
	 
	Retirement Plan
	2

	1.19
	 
	Section 409A
	2

	1.20
	 
	Short Service Benefit
	2

	1.21
	 
	Supplemental Benefit
	2

	1.22
	 
	Survivor Annuity
	2

	ARTICLE II
	 
	PARTICIPATION
	2

	ARTICLE III
	 
	BENEFITS
	3

	3.01
	 
	Amount of Benefit
	3

	3.02
	 
	Death Benefits
	7

	3.03
	 
	Timing and Form of Payment
	8

	ARTICLE IV
	 
	VESTING
	9

	4.01
	 
	Vesting of Benefits
	9

	ARTICLE V
	 
	GUARANTEES
	10

	ARTICLE VI
	 
	TERMINATION, AMENDMENT OR MODIFICATION OF PLAN
	10

	6.01
	 
	Plan Termination
	10

	6.02
	 
	Notice Requirement
	10

	6.03
	 
	Effect of Plan Termination
	11

	ARTICLE VII
	 
	OTHER BENEFITS AND AGREEMENTS
	11

	ARTICLE VIII
	 
	RESTRICTIONS ON TRANSFER OF BENEFITS
	12

	ARTICLE IX
	 
	ADMINISTRATION OF THE PLAN
	12

	9.01
	 
	The Committee
	12

	9.02
	 
	Indemnification of the Committee
	12

	
			
	 
	i
	 

TABLE OF CONTENTS
(continued)

	
				
	 
	 
	 
	Page

	9.03
	 
	Powers of the Committee
	12

	9.04
	 
	Information
	12

	9.06
	 
	Claims Review Procedures
	13

	ARTICLE X
	 
	MISCELLANEOUS
	13

	10.01
	 
	No Guarantee of Employment
	13

	10.02
	 
	Binding Nature
	13

	10.03
	 
	Governing Law
	13

	10.04
	 
	Masculine and Feminine; Singular and Plural
	13

	10.05
	 
	Section 409A
	13

	ARTICLE XI
	 
	ADOPTION
	14

	APPENDIX I
	 
	PARTICIPANTS DESIGNATED FOR PLAN SECTIONS 3.01(B)(I) AND 3.01(C)
	15

	APPENDIX II
	 
	ALBEMARLE CORPORATION CHANGE IN CONTROL PROVISION    
	16

	APPENDIX III
	 
	PROVISIONS FOR INDIVIDUAL AGREEMENTS UNDER PLAN SECTION 3.01(H)
	19

	APPENDIX IV
	 
	SPECIAL PAYMENT PROVISIONS UNDER PLAN SECTION 3.03(B)(IV)
	20

	
			
	 
	ii

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