The Executive Employment Agreement further provides that, for the 2027 annual award cycle of the Company, Mr. Udd will be granted annual equity awards under the 2026 Plan with an aggregate grant date value of $7,500,000 (the “2027 LTI Awards”). The form and design of the 2027 LTI Awards (including any applicable performance-based vesting conditions) will be determined in the sole discretion of the Board, and the applicable performance standards and proportion of performance-based awards will be consistent with that of the other members of the Company’s Executive Leadership Team. The Executive Employment Agreement also provides that Mr. Udd will be granted annual equity awards in each annual cycle in which he is employed by the Company for annual cycles commencing after the 2027 annual award cycle with an aggregate grant date target value, form and design determined by the Board as part of its overall compensation process for the Company’s Executive Leadership Team.

The Executive Employment Agreement further provides that, effective as of Mr. Udd’s start date, he will participate in the Albemarle Corporation Executive Officer Severance Plan (the “ESP”) generally in accordance with the terms of the ESP.  Notwithstanding the foregoing, the Executive Employment Agreement provides that (i) Mr. Udd will generally be eligible to receive severance in accordance with the terms of the ESP upon a termination of employment by Mr. Udd for good reason other than in connection with a change in control, (ii) the severance multiple applicable to Mr. Udd for a qualifying termination of employment other than in connection with a change in control will be “2.0”, (iii) the severance multiple applicable to Mr. Udd for a qualifying termination in connection with a change in control will be “3.0”, and (iv) Mr. Udd will be subject to certain non-competition, non‑solicitation and other post-employment restrictive covenants for a period of two years following his termination of employment.  The Executive Employment Agreement further provides that if Mr. Udd’s employment is terminated by the Company without cause or Mr. Udd resigns for good reason, in either case, within three months prior to the occurrence of a change in control, each-then outstanding equity award will be treated as if Mr. Udd remained employed by the Company through the date of such change in control and was terminated from employment on the date of such change in control.  The ESP is filed as Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed on November 5, 2025, and the material terms of the ESP are summarized in the Company’s Proxy Statement for the year ended December 31, 2025, and incorporated by reference herein.

The Company entered into a letter agreement dated September 2, 2026 with Mr. Masters to outline the terms of his service as Executive Chair effective as of the CEO Employment Commencement Date (the “Letter Agreement”).  The Letter Agreement provides that Mr. Masters will serve as the Executive Chair from the CEO Employment Commencement Date through the date of the Company’s 2027 annual meeting of shareholders and thereafter subject to the Board’s annual director nomination process.  Under the Letter Agreement, the “Term of Employment” within the meaning of the Amended and Restated Executive Employment Agreement, dated as of July 30, 2025, by and between the Company and Mr. Masters (the “Masters Executive Employment Agreement”), will be extended until such date.  Mr. Masters’s compensation will remain unchanged prior to the CEO Employment Commencement Date and, following such date, it will continue in accordance with the terms of the Masters Executive Employment Agreement.  Notwithstanding the foregoing, the Letter Agreement provides that, consistent with the Masters Executive Employment Agreement, Mr. Masters will only be eligible to receive a prorated AIP bonus for 2027 for the portion of the performance period elapsed prior to March 31, 2027.