Document:

First Amendment to Albemarle Corporation 2003 Incentive Plan

 Exhibit 10.3 
 FIRST AMENDMENT TO THE 
 ALBEMARLE CORPORATION 
 2003 INCENTIVE PLAN 
 In accordance with Article XV of the Albemarle Corporation 2003
Incentive Plan (the “Plan”), the Plan is hereby amended as follows: 
 1. Section 1.09 of the Plan is amended in its entirety
to read as follows: 
 “1.09 Control Change Date means the date on which there is an event constituting a Change in
Control. If a Change in Control occurs on account of a series of transactions, the Control Change Date is the date of the last of such transactions.” 
 2. Section 7.05 of the Plan is amended to add the following new sentence at the end thereof: 
 “All
Options and SARs granted under this Plan shall provide that such Options and SARs shall become fully exercisable upon a Control Change Date.” 
 3. Section 9.04 of the Plan is amended to add the following new sentence at the end thereof: 
 “All Restricted Stock
granted under this Plan shall provide that such Restricted Stock shall become fully transferable and nonforfeitable upon a Control Change Date.” 
 4. Section 11.03 of the Plan is amended to add the following new sentence at the end thereof: 
 “All Performance Units granted under this Plan shall provide that to the extent such Units have been earned, they shall become fully transferable and nonforfeitable upon a Control Change Date.” 

 5. Appendix A to the Plan is amended in its entirety to read as follows: 
 “a. “Change in Control” means the occurrence of any of the following events: 
  

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

  

	 	(ii)	as the direct or indirect result of, or in connection with, a reorganization, merger, share exchange or consolidation (a “Business Combination”), a contested election of
directors, or any combination of these transactions, Continuing Directors cease to constitute a majority of the Corporation’s board of directors, or any successor’s board of directors, within two years of the last of such transactions;

  

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

  

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 b. For purposes of this Appendix A, 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 proxy as described in ‘the proviso to subsection
(iii) of this definition) or disposing of any voting 

  

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securities of the Corporation provided, however, that notwithstanding any provision of this definition, any Person engaged in business as an underwriter of
securities who acquires any securities of the Corporation through such Person’s participation in good faith in a firm commitment underwriting registered under the Securities Act of 1933, shall not be deemed the “Beneficial Owner” of,
or to “beneficially own,” such securities until the expiration of forty days after the date of acquisition; and provided, further, that in no case shall an officer or director of the Corporation be deemed (1) the beneficial owner of
any securities beneficially owned by another officer or director of the Corporation solely by reason of actions undertaken by such persons in their capacity as officers or directors of the Corporation; or (2) the beneficial owner of securities
held of record by the trustee of any employee benefit plan of the Corporation or any Subsidiary of the Corporation for the benefit of any employee of the Corporation or any Subsidiary of the Corporation, other than the officer or director, by reason
of any influences that such officer or director may have over the voting of the securities held in the trust. 

  

	 	(C)	Continuing Directors means any member of the Corporation’s Board, while a member of that Board, and (i) who was a member of the Corporation’s Board prior to
December 13, 2006, or (ii) whose subsequent nomination for election or election to the Corporation’s Board was recommended or approved by a majority of the Continuing Directors. 

  

	 	(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.” 

 6. This First Amendment shall be effective as of January 1, 2007. 
 IN WITNESS WHEREOF, the Corporation by its duly authorized officer and with its seal affixed, has caused these presents to be signed as of this 13th day of December, 2006. 
  

			
	ALBEMARLE CORPORATION
		
	By:	 	/s/ Jack P. Harsh

  

 4Form of Amendment to outstanding Stock Option Agreements

 Exhibit 10.4 
 AMENDMENT TO 
 NOTICE OF OPTION GRANT 
 under the 
 2003 ALBEMARLE CORPORATION INCENTIVE PLAN 
 This AMENDMENT modifies the NOTICE OF OPTION GRANT made as of the      day of
                        ,             , by
Albemarle Corporation, a Virginia corporation (the “Company”), to «Name» (“Participant”) (referred to herein as the “Option Grant”). 
 1. The following new sentence is added to the end of paragraph 3 of the Option Grant: 
 “Notwithstanding the foregoing, this option shall become exercisable upon a Change in Control (as defined in the Plan). “ 
 2. Except as otherwise provided in this Amendment, all other terms and provisions of the Option Grant shall remain unchanged. 
 3. The provisions of this Amendment to the Option Grant shall be effective as of January 1, 2007. 
 IN WITNESS WHEREOF, the Company has caused this Amendment to be signed on its behalf as of this 13th day of December, 2006. 
  

			
	ALBEMARLE CORPORATION
		
	By:	 	/s/ Jack P. Harsh

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