Document:

Form of Performance Stock Unit Agreement

 Exhibit 10.1 
 NOTICE OF PERFORMANCE UNIT AWARD 
 under the

 2008 ALBEMARLE CORPORATION INCENTIVE PLAN 
 This AWARD, made as of the 12th day of March, 2010, by Albemarle Corporation, a Virginia
corporation (the “Company”), to «Name» (“Participant”), is made pursuant to and subject to the provisions of the Company’s 2008 Incentive Plan (the “Plan”). All terms that are used herein
that are defined in the Plan shall have the same meanings given them in the Plan. 
 Contingent Performance Units

  

	1.	Grant Date. Pursuant to the Plan, the Company, on March 12, 2010 (the “Grant Date”), granted Participant an Award
(“Award”) in the form of «Units» Performance Units (which number of Units is also referred to herein as the “Target Units”), subject to the terms and conditions of the Plan and subject to the terms and
conditions set forth herein. 

  

	2.	Accounts. Performance Units granted to Participant shall be credited to an account (the “Account”) established and maintained for Participant.
The Account of Participant shall be the record of Performance Units granted to the Participant under the Plan, is solely for accounting purposes and shall not require a segregation of any Company assets. 

  

	3.	Terms and Conditions. No Award shall be earned and Participant’s interest in the Performance Units granted hereunder shall be forfeited, except to
the extent that the following paragraphs are satisfied. 

  

	4.	Performance Criteria. Participant’s Performance Units shall be earned as soon as practicable after the end of the Measurement Period based on the
following formula (to the nearest whole Performance Unit). Such Performance Units shall be subject to the terms and conditions set forth in the following paragraphs of this Notice of Award. 

  

	 	(a)	The Measurement Period is the 2010 and 2011 calendar period. 

  

	 	(b)	Earned Award = EBIT % of Target Units x Performance Units 

  

	 	(c)	Trigger = EBITDA excluding special items exceeds 5% of Net Sales. 

 EBIT % of Target Units. The EBIT % of Target Units is determined according to the following table (awards to be interpolated between the dollar amounts and Trigger listed below): 
  

			
	 Cumulative EBIT target
	  	 EBIT % of Target Units

		
	 $ 614 million
	  	200% of Target Units
		
	 $ 573 million
	  	100% of Target Units
		
	 $ 525 million
	  	34% of Target Units
		
	 Trigger
	  	33% of Target Units
		
	 < Trigger
	  	0%

  

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 “EBIT” is combined income of each segment before interest and taxes less corporate
expenses before special items each calendar year in the Measurement Period as determined by the Company for such purpose provided, however, that in accordance with the Plan and as approved by the Committee in its sole and absolute discretion, EBIT
may be adjusted to reflect extraordinary and significant events that distort current earnings. 
 “Cumulative EBIT” is
EBIT for each calendar year in the Measurement Period added together. 
 “EBITDA” and “Net Sales” is the
cumulative EBITDA and Net Sales for each calendar year in the Measurement Period. 
 For purposes of the above calculations,
EBIT % of Target Units will be rounded to the nearest whole percent. 
 Valuation of Performance Units 

 

	5.	Value of Units. The value of each Performance Unit shall be equal to the value of one share of the Company’s common stock.

  

	6.	Value of Stock. For purposes of this Award, the value of the Company’s common stock is the Fair Market Value (as defined in the Plan) on the
date any Performance Units become vested hereunder. 

 Vesting of Earned Performance Units

  

	7.	Earned Awards. As soon as practicable after the end of the Measurement Period, a determination shall be made by the Committee of the number of whole
Performance Units that Participant has earned. The date as of which the Committee determines the number of Performance Units shall be the “Award Date.” 

  

	8.	Restrictions. Except as provided herein, the earned Performance Units shall remain unvested and forfeitable. 

  

	9.	Vesting. Participant’s interest in one-half of the earned Performance Units shall become vested and non-forfeitable on the Award Date and will be
paid as soon as practicable thereafter. The final one-half of the earned Performance Units shall become vested and non-forfeitable as of January 1 of the first calendar year following the calendar year that contains the Award Date.

 Death, Disability, Retirement and Termination by the Company for any Reason other than Cause

  

	10.	During the Measurement Period. Anything in this Notice of Award to the contrary notwithstanding, (a) if a Participant separates from service
for any reason during 2010, then the Participant’s Performance Units shall be forfeited; and (b) if a Participant separates from service during 2011 on account of death, permanent and total disability within the meaning of section 22(e)(3)
of the Code (“Disability” or “Disabled”), Retirement (as defined in paragraph 14 hereof) or termination by the Company for any reason other than Cause, then, provided EBIT for 2010 is equal to or greater than $262.5 million, the
Participant’s Performance Units shall be deemed earned under paragraph 4 above based on EBIT for 2010, 50% of the Cumulative EBIT target, and 50% of the Performance Units granted to the Participant; and any remaining Performance Units shall be
forfeited. The number of Performance Units shall be determined by the Committee in its sole and absolute discretion within the limits provided in the Plan and the Performance Units shall be fully vested and payable pursuant to paragraphs 16-18
hereof. 

  

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	11.	During the Vesting Period. Anything in this Notice of Award to the contrary notwithstanding, if Participant dies, becomes Disabled or Retires while
in the employ of the Company or an Affiliate or is terminated by the Company for any reason other than Cause and prior to the forfeiture of the Performance Units under paragraph 13, all earned Performance Units that are forfeitable shall become
non-forfeitable as of the date of Participant’s death, Disability, Retirement or termination by the Company for any reason other than Cause, as the case may be. 

  

	12.	After the Measurement Period. Anything in this Notice of Award to the contrary notwithstanding, if, after the Measurement Period ends, but prior to the
Award Date, Participant dies, becomes Disabled or Retires while in the employ of the Company or an Affiliate or is terminated by the Company for any reason other than Cause, such Participant shall earn his Performance Units pursuant to paragraph 7
and such earned Units shall be fully vested as of the Award Date and payable pursuant to paragraphs 16-18 hereof. 

  

	13.	Forfeiture. All Performance Units that are forfeitable shall be forfeited if Participant’s employment with the Company or an Affiliate terminates
voluntarily or is terminated with Cause, except by reason of Participant’s death, Retirement, Disability, or his termination by the Company for any reason other than Cause. 

  

	14.	Retirement. Retirement means, for purposes of this Award, early, normal or delayed retirement under the terms of a qualified defined benefit retirement
plan maintained by the Company. 

  

	15.	Termination for Cause. The Committee shall have the authority to determine whether Participant’s termination from employment is for Cause or for any
reason other than Cause. 

 Payment of Awards 
  

	16.	 Time of Payment. Payment of Participant’s Performance Units shall be made as soon as practicable after the Units have become
non-forfeitable, but in no event later than March 15th of the calendar year after the year in which the Units become non-forfeitable. 

  

	17.	Form of Payment. The vested Performance Units shall be paid in whole shares of the Company’s common stock. 

  

	18.	Death of Participant. If Participant dies prior to the payment of his earned and vested Performance Units, an amount equal to the amount of the
Participant’s non-forfeitable Performance Units shall be paid to his or her Beneficiary. Participant shall have the right to designate a Beneficiary on a form filed with the Committee. If Participant fails to designate a Beneficiary, or if at
the time of the Participant’s death there is no surviving Beneficiary, any amounts payable will be paid to the Participant’s estate. 

  

	19.	Taxes. The Company will withhold from Awards the number of whole shares necessary to satisfy tax-withholding requirements.

 General Provisions 
  

	20.	No Right to Continued Employment. Neither this Award nor the granting, earning or vesting of Performance Units 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 the Participant’s employment at any time. 

  

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	21.	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. 

  

	22.	Governing Law. This Award shall be governed by the laws of the Commonwealth of Virginia and applicable Federal law. All disputes arising under this
Award shall be adjudicated solely within the state or federal courts located within the Commonwealth of Virginia. 

  

	23.	Conflicts. In the event of any conflict between the provisions of the Plan as in effect on the Grant Date and the provisions of this Award, the provisions
of the Plan shall govern. All references herein to the Plan shall mean the Plan as in effect on the Grant Date. 

  

	24.	Binding Effect. Subject to the limitations stated above and in the Plan, this Award shall be binding upon and inure to the benefit of the legatees,
distributees, and personal representatives of Participant and the successors of the Company. 

  

	25.	Change in Control. Anything in this Notice of Award to the contrary notwithstanding, upon a Change in Control (as defined in the Plan), the
following rules shall apply: 

  

	(a)	If a Change in Control occurs before the Measurement Period has been completed, a portion of the Participant’s Performance Units shall be deemed earned and will be
vested and paid. The number of Performance Units that will be deemed earned and vested in accordance with the prior sentence shall equal the greater of: 

  

	(1)	the target number of Performance Units granted to the individual; and 

  

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

 Number of Units to be vested and paid = (QC/8) x (AP/TP) x Number of Target Units +
((8-QC)/8) x Number of Target Units 
 Where: QC = the number of completed calendar quarters of the performance period prior to a
Change in Control. 
 AP = actual performance of the Company under the criteria for the Performance Units for the relevant
period. 
 TP = target performance of the Company under the criteria for the Performance Units for the relevant period.

 If a Change in Control occurs after the Measurement Period has been completed, but prior to the forfeiture of the Performance
Units under paragraph 13, all earned Performance Units that are forfeitable shall become non-forfeitable as of the date of the Change in Control. 
  

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 IN WITNESS WHEREOF, the Company has caused this Award to be signed on its behalf. 
  

			
		 	ALBEMARLE CORPORATION
		
	By:	 	  

  

 Page 5 of 5Form of Stock Option Agreement

 Exhibit 10.2 
 NOTICE OF OPTION GRANT 
 under the

 ALBEMARLE CORPORATION 2008 INCENTIVE PLAN 
 No. of shares subject to option: « Stock Options » 
 This GRANT, made as of the 12th day of March, 2010, by Albemarle Corporation, a Virginia corporation (the “Company”), to «First_Name»
«Last_Name» (“Participant”), is made pursuant and subject to the provisions of the Company’s 2008 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 March 12, 2010, 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
ten (10) years 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. Vesting of Option. Except as provided in paragraphs 7,8, 9, 10 or 11, this option shall become Vested as to one-third of the option
(             shares) on March 12, 2011, as to another one-third of the option (             shares) on
March 12, 2012, and as to the final one-third of the option (             shares) on March 12, 2013. 
 4. Exercisability of Option. Except as provided in paragraphs 7, 8, 9, 10 or 11, this option shall be exercisable as to
one-third of the option (             shares) on March 12, 2011, as to another one-third of the option (            
shares) on March 12, 2012, and as to the final one-third of the option (             shares) on March 12, 2013. Once the 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 7, 8, 9, 10 or 11, 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. 
 5. 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 the 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. 

 6. 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. 
 7.
Vesting and Exercise in the Event of Death. If the Participant dies while employed by the Company or an Affiliate, after one year following the date the option was granted and prior to the Expiration Date, this option (to the extent
not already Vested) shall become Vested as to a pro-rata portion of the option; such pro-rata portion shall be determined as follows: the option (i) shall be Vested as to one-third of the option for each completed year of service by the
Participant during the Vesting period and prior to death, and (ii) shall be Vested as to a fraction of one-third of the option for any partial year of service (other than the first year after the option is granted), where the numerator of such
fraction is the number of days in the year prior to Participant’s death, and the denominator of such fraction is 365. The non-Vested portion of the option shall be forfeited. The Vested portion of the option may be immediately exercised and
shall remain exercisable according to the terms provided in Paragraph 4, 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. 
 8. Vesting and 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, after one
year following the date the option was granted and prior to the Expiration Date, this option shall become Vested as to a pro-rata portion of the option; such pro-rata portion shall be determined as follows: the option (i) shall be Vested as to
one-third of the option for each completed year of service by the Participant during the Vesting period and prior to the Disability, and (ii) shall be Vested as to a fraction of one-third of the option for any partial year of service (other
than the first year after the option is granted), where the numerator of such fraction is the number of days in the year prior to Participant’s Disability, and the denominator of such fraction is 365. The non-Vested portion of the option shall
be forfeited. The Vested portion of the option may be immediately exercised and shall remain exercisable according to the terms provided in Paragraph 4, notwithstanding the date of permanent and total disability. The Participant may exercise this
option during the remainder of the period preceding the Expiration Date. 
 9. Vesting and Exercise in the Event of
Retirement. In the event that the Participant Retires from the employ of the Company or an Affiliate after one year following the date the option was granted and prior to the Expiration Date, this option [shall become Vested as to a pro-rata
portion of the option; such pro-rata portion shall be determined as follows: the option (i) shall be Vested as to one-third of the option for each completed year of service by the Participant during the Vesting period, and (ii) shall be
Vested as to a fraction of one-third of the option for any partial year of service (other than the first year after the option is granted), where the numerator of such fraction is the number of days in the year prior to Participant’s
Retirement, and the denominator of such fraction is 365. The non-Vested portion of the option shall be forfeited. Participant may exercise the Vested portion of the option with respect to the shares he is entitled to purchase, as of the date the
option would have become exercisable pursuant to paragraph 4 above] [shall continue to Vest and shall become exercisable in accordance with the provisions of paragraphs 3 and 4 of this Notice], provided that the option must be exercised during the
remainder of the period preceding the Expiration Date. For purposes of this Grant, the terms “Retires” and “Retirement” mean separation from service on or after Participant has satisfied the

  

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requirements for an early, normal or delayed retirement allowance under a tax-qualified defined benefit pension plan maintained by the Company or an Affiliate. 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. 
 10. Vesting and Exercise After Termination of Employment. Except as provided in paragraphs 7,8, or
9, in the event Participant ceases to be employed by the Company or an Affiliate, the rules under this paragraph 10 shall apply. If Participant ceases to be employed prior to the time any portion of the option is Vested, such non-Vested portion of
the option shall be forfeited. If Participant ceases to be employed after the option is Vested, but prior to the Expiration Date, Participant may exercise this option with respect to the shares he is entitled to purchase pursuant to paragraphs 3 and
4 above within sixty (60) days of the date of such termination of employment (but in no event later than the Expiration Date). 
 11. Change in Control. Notwithstanding any other provision of this Notice of Award, all shares of the option not previously forfeited shall become Vested and exercisable on a Change in Control as defined in the Plan.

 12. 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.
 13. 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. 
 14. 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. 
 15. 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. 
 16.
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. 
 17. 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.
 18. 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. 
  

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 IN WITNESS WHEREOF, the Company has caused this Grant to be signed by a duly authorized
officer. 
  

			
	ALBEMARLE CORPORATION
		
	By:	 	  

  

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