secwatch.observer — SEC 8-K summary
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Issuer:     ALBEMARLE CORP (ALB)
CIK:        0000915913
Form:       8-K
Filed at:   2023-03-20T23:59:59+00:00
Accession:  0000915913-23-000088
Event type: leadership
Sentiment:  neutral
Materiality: 0.50
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Albemarle amends CEO Kent Masters' employment agreement, extends term to 2025, raises base salary to $1.4M
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- Base salary increased to $1,400,000 annually, effective April 1, 2023.
- Annual bonus target set at 150% of base salary; maximum 200% of target.
- Employment extended through December 31, 2025, or until successor CEO appointed.
- Non-competition and non-solicitation covenants for three years post-employment.
- Change-in-control severance provides 3x base plus target bonus, accelerated vesting.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/915913/000091591323000088/0000915913-23-000088-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/915913/000091591323000088/alb-20230314.htm
  HTML page:      https://secwatch.observer/filing/0000915913-23-000088

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer