Albemarle Corporation 2006 Outside Directors’ Compensation Summary
Albemarle Corporation will pay its outside directors $15,800 per quarter ($63,200 annually) for serving on the Board in 2006. Additional annual payments are provided for committee service: Audit Committee members receive $9,000, with an extra $9,000 for the Chairman; Executive Compensation Committee members receive $7,000, with an extra $4,500 for the Chairman; and Corporate Governance and Social Responsibility Committee members receive $5,000, with an extra $3,000 for the Chairman. Non-employee directors are also reimbursed for reasonable travel expenses. Employee directors do not receive separate compensation.
Exhibit 10.14
Summary of Directors’ Compensation
For 2006, outside directors serving on the Board of Directors of Albemarle Corporation will be paid $15,800 per quarter ($63,200 per year) for service as a director. In addition, directors receive an annual amount based on their committee service: Audit Committee members receive $9,000 and the Chairman of the Audit Committee receive an additional $9,000; Executive Compensation Committee members receive $7,000 and the Chairman of the Executive Compensation Committee will receive an additional $4,500; and Corporate Governance and Social Responsibility Committee members receive $5,000 and the Chairman of Corporate Governance and Social Responsibility Committee will receive an additional $3,000. In addition, we reimburse each of our non-employee directors for reasonable travel expenses incurred in connection with attending Board and Board Committee meetings. Employee members of the Board of Directors are not paid separately for service on the Board of Directors.
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