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 b
