Document:

SUMMARY OF DIRECTOR COMPENSATION

  
 Exhibit 10.13

  
 Summary of Directors’ Compensation 

 
 For 2005, outside directors serving on the Board of Directors of Albemarle
Corporation will be paid $15,800 per quarter ($63,200 per year) for service as a director. In addition, directors will receive an annual amount based on their committee service: Audit Committee members will receive $9,000 and the Chairman of the
Audit Committee will receive an additional $6,000; Executive Compensation Committee members will receive $7,000 and the Chairman of the Executive Compensation Committee will receive an additional $4,500; and Nominating and Governance Committee
members will receive $5,000 and the Chairman of the Nominating and Governance Committee will receive an additional $3,000. Employee members of the Board of Directors are not paid separately for service on the Board of Directors. 
  

 84FORM OF STOCK OPTION AGREEMENT

  
 Exhibit 10.14

  
 NOTICE OF OPTION GRANT 
  
 under the 
  
 2003 ALBEMARLE CORPORATION INCENTIVE PLAN 
  
 No. of shares subject to option:             
  
 This GRANT, made as of the
            day of                 , by Albemarle Corporation, a Virginia corporation (the
“Company”), to              (“Participant”), is made pursuant and subject to the provisions of the Company’s 2003 Incentive Plan (the
“Plan”), a copy of which has been given to Participant. All terms used herein that are defined in the Plan have the same meaning given them in the Plan. 
  
 1. Grant of Option. Pursuant to the Plan, the Company, on
            , granted to Participant, subject to the terms and conditions of the Plan and subject further to the terms and conditions herein set forth, the right and option to
purchase from the Company all or any part of the aggregate of             shares of Common Stock at the option price of
$            per share (the “Option Price”), being not less than the Fair Market Value per share of the Common Stock on the date the option was granted. Such option
will be exercisable as hereinafter provided. This option is not intended to be treated as an incentive stock option under Code section 422. 
  
 2. Expiration Date. The Expiration Date of this option is the date that
is             from the date of the grant of this option. This option may not be exercised on or after the tenth anniversary of its grant. 
  
 3. Exercisability of Option. Except as provided in paragraphs
6, 7, 8, or 9, this option shall be exercisable on             . Once this option has become exercisable in accordance with the preceding sentence, it shall continue to be
exercisable until the termination of Participant’s rights hereunder pursuant to paragraphs 6, 7, 8, or 9, or until the option period has expired. A partial exercise of this option shall not affect Participant’s right to exercise this
option with respect to the remaining shares, subject to the terms and conditions of the Plan and those set forth herein. 
  
 4. Method of Exercising and Payment for Shares. This option shall be exercised through a licensed brokerage firm at Participant’s
expense, in conjunction with established procedures and coordinated with the Company’s Human Resources and Law Departments. From time to time the procedures for exercising this option may be subject to modification by the aforesaid departments,
but in no case shall the number of shares subject to option or its terms for vesting be changed by the procedures for exercise or by the modification thereof. Procedures for the exercise of this option will be provided to Participant by the
Company’s Human Resources Department. 
  
 5.
Nontransferability. This option is nontransferable except by will or the laws of descent and distribution. During Participant’s lifetime, this option may be exercised only by Participant. 
  
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 6. Exercise in the Event of Death. If the Participant dies while employed by the Company or
an Affiliate and prior to the Expiration Date, this option (to the extent not already vested) shall remain in effect and shall be exercisable according to the terms provided in Paragraph 3, notwithstanding the date of death. This option may be
exercised by Participant’s beneficiary. Participant shall have the right to designate his beneficiary on a form filed with the Committee. If Participant fails to designate a beneficiary, or if at the time of his death there is no surviving
beneficiary, this option may be exercised by his estate. Participant’s beneficiary (or estate as the case my be) may exercise this option during the remainder of the period preceding the Expiration Date. 
  
 7. Exercise in the Event of Permanent and Total Disability. If
the Participant becomes permanently and totally disabled (within the meaning of Section 22(e)(3) of the Code) (“Disabled”) while employed by the Company or an Affiliate and prior to the Expiration Date, this option shall remain in effect
and shall be exercisable according to the terms provided in Paragraph 3, notwithstanding the date of permanent and total disability. The Participant may exercise this option during the remainder of the period preceding the Expiration Date.

  
 8. Exercise in the Event of Retirement. In the
event that the Participant Retires from the employ of the Company or an Affiliate prior to the Expiration Date, Participant may exercise this option with respect to the shares he is entitled to purchase as of the date of his Retirement pursuant to
paragraph 3 above or would have become entitled to exercise had the Participant not retired. In any such event, Participant may exercise this option as of the date of Retirement, or the date the option would have become exercisable, if later,
provided that the option must be exercised during the remainder of the period preceding the Expiration Date or within three (3) years of the date he ceases to be employed by the Company or an Affiliate, whichever is shorter. For purposes of this
Grant, the terms “Retires” and “Retirement” mean separation from service on or after Participant has satisfied the requirements for an early, normal or delayed retirement allowance under a tax-qualified pension plan maintained by
the Company or an Affiliate and in which Participant is eligible to participate. The preceding sentence shall not apply to a separation from service following the date that Participant is advised (upon recommendation by the Executive Committee of
the Board of Directors of Albemarle Corporation) that his employment is being, or will be, terminated for cause, on account of performance or in circumstances that prevent him from being in good standing with the Company, in which case all rights
under this Grant shall terminate, and this option shall expire on the date of Participant’s termination of employment. 
  
 9. Exercise After Termination of Employment. Except as provided in paragraphs 6, 7, or 8, in the event Participant ceases to be employed by
the Company or an Affiliate prior to the Expiration Date, within sixty (60) days of the date of such termination of employment (but in any event prior to the Expiration Date) Participant may exercise this option with respect to the shares he is
entitled to purchase pursuant to paragraph 3 above on the date of his termination of employment with the Company or an Affiliate. 
  
 10. Fractional Shares. Fractional shares shall not be issuable hereunder, and when any provision hereof may entitle Participant to a
fractional share such fraction shall be disregarded. 
  
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 11. No Right to Continued Employment. This option does not confer upon Participant any
right with respect to continuance of employment by the Company or an Affiliate, nor shall it interfere in any way with the right of the Company or an Affiliate to terminate his employment at any time. 
  
 12. Change in Capital Structure. The terms of this option shall
be adjusted as the Committee determines is equitable in the event the Company effects one or more stock dividends, stock split-ups, subdivisions or consolidations of shares or other similar changes in capitalization. 
  
 13. Governing Law. This Grant shall be governed by the laws of
the Commonwealth of Virginia. All disputes arising under this Grant shall be adjudicated solely within the state or federal courts located within the Commonwealth of Virginia. 
  
 14. Conflicts. In the event of any conflict between the provisions of the Plan as in effect on the date hereof
and the provisions of this Grant, the provisions of the Plan shall govern. All references herein to the Plan shall mean the Plan as in effect on the date hereof. 
  
 15. Binding Effect. Subject to the limitations set forth herein and in the Plan, this Grant shall be binding
upon and inure to the benefit of the legatees, distributees, and personal representatives of Participant and the successors of the Company. 
  
 16. Taxes. All income and employment tax withholding requirements attributable to the exercise of this option will be satisfied by the
Participant as instructed in the established procedures for exercising this option. 
  
 IN WITNESS WHEREOF, the Company has caused this Grant to be signed by a duly authorized officer. 
  

			
	ALBEMARLE CORPORATION
		
	By:	 	 

  

 87FORM OF RESTRICTED STOCK AGREEMENT

 Exhibit 10.15 
  
 NOTICE OF RESTRICTED STOCK AWARD 
  
 under the 
  
 ALBEMARLE CORPORATION 2003 INCENTIVE PLAN 
  
              Shares of Restricted Stock 
  
 THIS AWARD, made as of the
             day of             , by Albemarle Corporation, a Virginia Corporation (the “Company”),
to              (“Participant”), is made pursuant to and subject to the provisions of the Company’s 2003 Incentive Plan (the “Plan”). All terms that are used
herein that are defined in the Plan shall have the same meaning given them in the Plan. 
  
 1. Award of Stock. Pursuant to the Plan, the Company, on              (the “Date of Grant”), granted Participant,
subject to the terms and conditions of the Plan and subject further to the terms and conditions set forth herein, an award of              shares of Common Stock, hereinafter
described as “Restricted Stock.” 
  
 2.
Restrictions. Except as provided in this Notice of Award, the Restricted Stock is nontransferable and is subject to a substantial risk of forfeiture. 
  
 3. Stock Power. Participant shall deliver to the Company a stock power, endorsed in blank, with respect to the
Restricted Stock evidenced by the Certificate. The Company shall use the stock power to cancel any shares of Restricted Stock that do not become Vested (defined below). The Company shall return the stock power to Participant with respect to any
shares of Restricted Stock that become Vested. 
  
 4.
Vesting. Participant’s interest in the shares of Restricted Stock shall become transferable and nonforfeitable (“Vested”) as of the              of the
Date of Grant. 
  
 5. Death or Disability. Paragraph
4 to the contrary notwithstanding, if Participant dies or becomes Disabled while in the employ of the Company or an Affiliate and prior to the forfeiture of the shares of Restricted Stock under Paragraph 6, all shares of Restricted Stock that are
not then Vested shall become Vested as of the date of Participant’s death or of his becoming Disabled. For purposes of this Notice of Award, “Disabled” means a Participant’s permanent and total disability within the meaning of
Section 22(e)(3) of the Code. 
  
 6. Forfeiture. All
shares of Restricted Stock that are not then Vested shall be forfeited if Participant’s employment with the Company or an Affiliate terminates for any reason other than by reason of Participant’s death or Disability. 
  
 7. Change in Control. Notwithstanding any other provision of
this Notice of Award, all shares of Restricted Stock not previously forfeited shall become Vested on a Control Change Date as defined in the Plan. 
  
 8. Custody of Certificates. The Certificate shall be retained by the Company so long as the Restricted Stock evidenced by the Certificate is
nontransferable. The Company shall deliver to Participant the Certificate when the Restricted Stock evidenced by the Certificate becomes Vested. 
  
 9. Shareholder Rights. Participant will have the right to receive dividends on and to vote the Restricted Stock as of the Date of Grant.

  
 10. No Right to Continued Employment. Neither
this Notice of Award nor the issuance of Restricted Stock shall confer upon Participant any right with respect to continuance of employment by the Company or an Affiliate, nor shall it interfere in any way with the right of the Company or an
Affiliate to terminate his employment at any time. 
  
 11.
Change in Capital Structure. In accordance with the terms of the Plan, the terms of this grant shall be adjusted as the Committee determines is equitable in the event the Company effects one or more stock dividends, stock split-ups,
subdivisions or consolidations of shares or other similar changes in capitalization. 
  
 12. Governing Law. This Notice of Award shall be governed by the laws of the Commonwealth of Virginia. 
  
 13. Conflicts. In the event of any conflict between the provisions of the Plan as in effect on the Date of Grant and the provisions of this
Notice of Award, the provisions of the Plan shall govern. All references herein to the Plan shall mean the Plan as in effect on the Date of Grant. 
  
 14. Participant Bound by Plan. Participant hereby acknowledges receipt of a copy of the Plan and agrees to be bound by all the terms and
provisions thereof. 
  
 15. Binding Effect. Subject
to the limitations stated above and in the Plan, this Notice of Award shall be binding upon and inure to the benefit of the legatees, distributees, and personal representatives of the Participant and the successors of the Company. 
  
 16. Taxes. Participant shall be responsible for the
satisfaction of income and employment tax withholding requirements attributable to the vesting of shares of Restricted Stock. 
  
 IN WITNESS WHEREOF, the Company has caused this Notice of Award to be signed on its behalf. 
  

			
	ALBEMARLE CORPORATION
		
	By	 	 

  

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