Amendment to Compensation Arrangement between Albemarle Corporation and Paul F. Rocheleau (March 4, 2005)
Albemarle Corporation and Paul F. Rocheleau have agreed to amend the terms of Rocheleau's employment, specifically the section regarding Change of Control. The amendment clarifies that if a Change of Control occurs and certain events affecting Rocheleau's employment happen within 24 months, he may resign and receive a lump sum payment and other benefits. This change is effective as of March 4, 2005, and is accepted by both parties as indicated by their signatures.
Exhibit 10.4
March 4, 2005
Paul F. Rocheleau
9700 Cragmont Drive
Richmond, Virginia 23233
Dear Paul:
On May 8, 2002, Albemarle Corporation provided you a letter agreement outlining the terms of your employment with the Company. Item 8 of that letter outlines the agreement regarding a Change of Control. Upon further review and discussion with the Executive Compensation Committee, the Company would like to amend and replace the first sentence of Item 8 as follows:
“In the event a Change of Control were to occur and one or more of the following events happen with respect to your employment within a period of 24 months thereafter, you may resign and receive a lump sum payment and other benefits as described below.”
This amendment is effective as of March 4, 2005. By signing below, you acknowledge your acceptance of this amendment.
Sincerely,
| /s/ Jack P. Harsh |
| Jack P. Harsh |
| Vice President, Human Resources |
| /s/ Paul F. Rocheleau |
| Paul F. Rocheleau |
