SEC Contract Filing

Filing Date: 2020-03-04

Document Content:
<DOCUMENT>
<TYPE>EX-10.5
<SEQUENCE>6
<FILENAME>a030420208kexhibit105.htm
<DESCRIPTION>EXHIBIT 10.5
<TEXT>
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<div><a name="s00061F946E3969611DCFA283352BC1FF"></a></div><div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">EXHIBIT 10.5</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:180%;text-align:center;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;font-weight:bold;text-decoration:underline;">NOTICE OF OPTION GRANT</font></div><div style="line-height:180%;text-align:center;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;font-weight:bold;">under the</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;font-weight:bold;">ALBEMARLE CORPORATION 2017 INCENTIVE PLAN</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:142%;padding-bottom:16px;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">No. of shares subject to option:</font><font style="font-family:Arial;font-size:11pt;font-weight:bold;">&#32;</font><font style="font-family:Arial;font-size:11pt;font-weight:bold;text-decoration:underline;">_&#171;Stock_Options_&#187;_</font></div><div style="line-height:120%;text-align:left;text-indent:49px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">This GRANT, made as </font><font style="font-family:Arial;font-size:11pt;font-weight:bold;">of the _____ day of ___________, _____</font><font style="font-family:Arial;font-size:11pt;">&#32;by Albemarle Corporation, a Virginia corporation (the &#8220;Company&#8221;), to </font><font style="font-family:Arial;font-size:11pt;font-weight:bold;">&#32;</font><font style="font-family:Arial;font-size:11pt;font-weight:bold;text-decoration:underline;">&#171;First_Name&#187; &#171;Last_Name&#187;</font><font style="font-family:Arial;font-size:11pt;font-weight:bold;">&#32;</font><font style="font-family:Arial;font-size:11pt;font-weight:bold;">&#32;</font><font style="font-family:Arial;font-size:11pt;">(&#8220;Participant&#8221;), is made pursuant and subject to the provisions of the Company&#8217;s 2017 Incentive Plan (the &#8220;Plan&#8221;), a copy of which has been given to Participant. All terms used herein that are defined in the Plan have the same meanings given them in the Plan.</font></div><div style="line-height:120%;text-align:left;text-indent:49px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">1.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:Arial;font-size:11pt;font-weight:bold;text-decoration:underline;">Grant of Option</font><font style="font-family:Arial;font-size:11pt;">. Pursuant to the Plan, the Company, on </font><font style="font-family:Arial;font-size:11pt;font-weight:bold;">____________, _____ </font><font style="font-family:Arial;font-size:11pt;">(&#8220;Grant Date&#8221;), granted to Participant, subject to the terms and conditions of the Plan and subject further to</font><font style="font-family:Arial;font-size:11pt;">&#32;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 </font><font style="font-family:Arial;font-size:11pt;font-weight:bold;text-decoration:underline;">$XX.XX</font><font style="font-family:Arial;font-size:11pt;font-weight:bold;">&#32;</font><font style="font-family:Arial;font-size:11pt;">per share (the &#8220;Option Price&#8221;) (this grant referred to herein as the &#8220;Option&#8221;), being not less than the Fair Market Value per share of the Common Stock on the Grant Date of the Option. 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.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:Arial;font-size:11pt;font-weight:bold;text-decoration:underline;">Expiration Date</font><font style="font-family:Arial;font-size:11pt;">. The </font><font style="font-family:Arial;font-size:11pt;">Expiration</font><font style="font-family:Arial;font-size:11pt;">&#32;Date of this Option is the date that is ten (10) years from the Grant Date. This Option may not be exercised on or after the Expiration Date.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:Arial;font-size:11pt;font-weight:bold;text-decoration:underline;">Vesting of Option</font><font style="font-family:Arial;font-size:11pt;font-weight:bold;">.</font><font style="font-family:Arial;font-size:11pt;">&#32;&#32;Except as provided in paragraphs 7, 8, or 10, this Option shall become vested on the third anniversary of the Grant Date.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:12pt;"