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ALBEMARLE CORP

For the period ended May 7, 2024. Filed Mar 26, 2024.

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About this filing

What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.

May 7, 2024 · Filed Mar 26, 2024

ALB$99.25+0.9%Stored close · as of Nov 6, 2026
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(a) of

the Securities Exchange Act of 1934

Filed by the RegistrantX
Filed by a Party other than the Registrant

Check the appropriate box:

Preliminary Proxy Statement
Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
XDefinitive Proxy Statement
Definitive Additional Materials

ALBEMARLE CORPORATION

(Name of registrant as specified in its charter)

N/A

(Name of person(s) filing proxy statement, if other than the registrant)

Payment of Filing Fee (Check all boxes that apply):

XNo fee required.
Fee paid with preliminary materials.
Fee computed on table on exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11.

NOTICE OF ANNUAL MEETING OF SHAREHOLDERS

The Albemarle Corporation 2024 Annual Meeting of Shareholders (the “Annual Meeting”) will be held at Albemarle Corporation, 4250 Congress Street, Charlotte, North Carolina 28209, on Tuesday, May 7, 2024, at 7:00 a.m., Eastern Time, for the following purposes:

  1. Elect theten nominees named in the accompanying Proxy Statement to the Board of Directors to serve for the ensuing year or until their successors are duly elected and qualified;

  2. Approve, on a non-binding advisory basis, the compensation of our named executive officers as disclosed in the accompanying Proxy Statement;

  3. Approve an amendment to Albemarle's Amended and Restated Articles of Incorporation to increase the number of authorized shares of common stock;

  4. Ratify the appointment of PricewaterhouseCoopers LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2024; and

  5. Transact any other business properly brought before the Annual Meeting or any adjournments or postponements thereof.

Only holders of record of our common stock at the close of business on Tuesday, March 12, 2024 (the “Record Date”), are entitled to receive notice of and vote at the Annual Meeting.

To ensure your vote is counted, you are requested to vote your shares promptly, regardless of whether you expect to attend the Annual Meeting. Voting by the Internet or telephone is fast and convenient, and your vote is immediately tabulated. In addition, by using the Internet or telephone, you help reduce our postage and proxy tabulation costs. If you requested paper copies of the materials, you may also vote by completing, signing, dating, and returning by Monday, May 6, 2024, the proxy in the postage-paid envelope provided.

We are electronically disseminating Annual Meeting materials to our shareholders, as permitted under the “Notice and Access” rules approved by the U.S. Securities and Exchange Commission (the “SEC”). Shareholders to whom Notice and Access applies will receive a Notice of Internet Availability of Proxy Materials (the “Notice”) containing instructions on how to access Annual Meeting materials via the Internet. The Notice also provides instructions on how to obtain paper copies if desired.

If you are present at the Annual Meeting, you may vote in person even if you already voted your proxy by the Internet, telephone, or mail. Seating at the Annual Meeting will be on a first-come basis.

By Order of the Board of Directors

Kristin M. Coleman

Executive Vice President, General Counsel

and Corporate Secretary

Approximate Date of Mailing of Proxy Materials or

Notice of Internet Availability:

March 26, 2024

TABLE OF CONTENTS

PROXY STATEMENT SUMMARY1
PROPOSAL 1 – ELECTION OF DIRECTORS6
Summary of Skills, Experience, and Background for Director Nominees7
Director Nominees8
CORPORATE GOVERNANCE14
Process for Selecting Directors14
Director Candidate Recommendations and Nominations by Shareholders15
Director Independence15
Board Meetings16
Attendance at Annual Meeting16
Meetings of Non-Employee Directors16
Leadership Structure; Risk Oversight; Sustainability Oversight; and ESG Matters16
Director Retirement Policy19
Director Continuing Education19
Committees of the Board of Directors; Assignments and Meetings19
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS23
DIRECTOR COMPENSATION24
Annual Compensation24
Deferred Compensation25
2023 Directors Plan25
Other Benefits and Perquisites25
Director Compensation Table26
STOCK OWNERSHIP27
Stock Ownership Guidelines27
Principal Shareholders28
Directors and Executive Officers29
DELINQUENT SECTION 16(a) REPORTS29
COMPENSATION DISCUSSION AND ANALYSIS31
2023 Named Executive Officers31
2023 Key Compensation Highlights31
Executive Summary32
Navigating the CD&A38
Executive Compensation Framework39
Executive Compensation Management42
2023 Compensation Decisions and Outcomes48
Additional Information59
COMPENSATION COMMITTEE REPORT61
COMPENSATION TABLES AND OTHER INFORMATION62
Summary Compensation Table62
Grants of Plan-Based Awards66
Outstanding Equity Awards and Fiscal Year-End69
Option Exercises and Stock Vested71
Retirement Benefits72
Potential Payments Upon Termination73
Equity Compensation Plan Information79
CEO Pay Ratio79
SEC Disclosure on Pay Versus Performance81

i

PROPOSAL 2 – ADVISORY RESOLUTION APPROVING EXECUTIVE COMPENSATION85
PROPOSAL 3 – APPROVAL OF AMENDMENT TO THE COMPANY'S AMENDED AND RESTATED ARTICLES OF INCORPORATION TO INCREASE THE NUMBER OF AUTHORIZED SHARES OF COMMON STOCK86
AUDIT & FINANCE COMMITTEE MATTERS89
Audit & Finance Committee Report89
Audit & Finance Committee Pre-Approval Policy91
Fees Billed by PwC91
PROPOSAL 4 – RATIFICATION OF APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM92
QUESTIONS AND ANSWERS ABOUT THIS PROXY STATEMENT AND THE ANNUAL MEETING93
SHAREHOLDER PROPOSALS100
OTHER MATTERS101
Important Notice Regarding the Internet Availability of Proxy Materials102
PROXY BALLOT103

ii

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.