J. Kent Masters

Chairman and Chief Executive Officer at Albemarle Corp

Board

Since April 2020

Age

64 years

Tenure

Joined the board of directors in 2015, served as Lead Independent Director starting in 2018, and was promoted to Chairman, President, and Chief Executive Officer in April 2020.

Also at Albemarle Corp

CRL

Cynthia R. Lima

Senior Vice President, Chief External Affairs and Communications Officer

DJLJ

Donald J. LaBauve, Jr.

Vice President, Corporate Controller, and Chief Accounting Officer

EWN

Eric W. Norris

Chief Commercial Officer

About

J. Kent Masters is a seasoned executive with a diverse background that spans several key industries including engineering, construction, and industrial gases. He held significant leadership roles such as Chief Executive Officer at Foster Wheeler AG between 2011 and 2014 where he steered the company through a major acquisition process, and he was a member of the executive board at Linde AG with responsibility for operations across multiple global regions.

His transition to Albemarle marked a pivotal step in his career, as he joined the board in 2015 during the company’s acquisition of Rockwood Holdings, Inc. and later served as the Lead Independent Director until his promotion in April 2020 to assume the role of Chairman, President, and Chief Executive Officer. His leadership at Albemarle has been instrumental in driving strategic initiatives and large capital projects that align with the company’s global business strategy.

Beyond his work at Albemarle, he has contributed to the broader business community through roles such as an Operating Partner at Advent International and by serving on the board of Vibrantz Technologies as well as participating in the Charlotte Executive Leadership Council. These roles underscore his commitment to fostering innovation and guiding strategic growth across various sectors.

$ALB Performance Under J. Kent Masters

Past Roles

Organization	Role	Date Range	Details
Albemarle Corporation	Lead Independent Director	2018 - April 2020	Served as Lead Independent Director before promotion to Chairman and CEO
Albemarle Corporation	Board Member	2015 - April 2020	Joined the board as part of the acquisition of Rockwood Holdings, Inc.
Foster Wheeler AG	Chief Executive Officer	2011 - 2014	Served as CEO; the company was later acquired to form Amec Foster Wheeler plc
Linde AG	Executive Board Member	2006 - 2011	Member of the executive board at a global leader in industrial gases
Advent International	Operating Partner	N/A	N/A
Rockwood Holdings, Inc.	Board Member	N/A	Served on the board prior to its acquisition by Albemarle Corporation

External Roles

Organization	Role	Date Range	Details
Vibrantz Technologies	Board of Directors	Present	Global technology leader in color solutions, functional coatings, and specialty minerals
Charlotte Executive Leadership Council	Member	Present	N/A

Fixed Compensation

Data from FY 2023

Component Name	Amount	Payment Schedule	Additional Details
Base Salary	$1,334,038	Earned in 2023 (prorated from an annualized salary effective April 1, 2023)	Annualized Base Salary of $1,400,000 effective April 1, 2023; actual earned salary is $1,334,038
All Other Compensation	$483,585	Paid in 2023	Includes Company Contributions to Savings Plan ($16,200), DCPB ($16,500), EDCP ($436,335), and Perquisites ($14,550: Personal Financial Consulting Expenses $14,000 and Annual Credit Card Fees $550)

Performance Compensation

Data from FY 2023

rTSR PSUs

Metric	Value/Details
Performance Metric	Relative Total Shareholder Return (rTSR) relative to the 2023 Peer Group
Performance Levels	Threshold: 30th percentile (30% of awards), Target: 50th percentile (100% of awards), Superior: 75th percentile (200% of awards)
Grant Date	February 24, 2023
Units Granted	Threshold: 3,006 units, Target: 10,020 units, Superior: 20,040 units
Grant Date Fair Value	$3,321,730
Grant Date Stock Price	$331.51 per share
Vesting Schedule	Vest in full at performance determination in Q1 2026
Additional Conditions	Payout capped at 100% if absolute TSR is negative

Adjusted ROIC PSUs

Metric	Value/Details
Performance Metric	Adjusted Return on Invested Capital (ROIC) (calculation using Earnings Before Taxes, Depreciation/Amortization, CAPEX Maintenance, and Investment base)
Performance Levels	Threshold: 30% of grant, Target: 100% of grant, Superior: 200% of grant
Grant Date	February 24, 2023
Units Granted	Threshold: 3,006 units, Target: 10,020 units, Superior: 20,040 units
Grant Date Fair Value	$2,455,401
Grant Date Stock Price	$245.05 per share
Vesting Schedule	3-year performance period (2023-2025), vest in full after performance certification
Additional Conditions	Performance interpolation applied between thresholds; maximum payout capped at 200% of target

Annual Incentive Plan (AIP)

Metric	Value/Details
Plan Basis	Enterprise Plan based on multiple metrics
Key Performance Metrics	Adjusted EBITDA (50% weighting), Adjusted Cash Flow from Operations (25% weighting), Stewardship (10% weighting), Individual Performance (15% weighting)
Adjusted EBITDA Targets	Threshold: $4,119M, Target: $4,846M, Superior: $5,573M; Actual: $4,593M (≈95% of target)
Adjusted Cash Flow Targets	Threshold: $2,069M, Target: $2,434M, Superior: $2,799M; Actual: $2,639M (≈108% of target)
Stewardship Metrics	Occupational Safety (Target ≤0.26, Superior ≤0.15; Actual = 0.14), Process Safety (Target ≤16, Superior ≤8; Actual = 9.00), Environment (Target ≤12, Superior ≤4; Actual = 7.00)
Overall Payout Levels	Threshold Performance: 50%, Target: 100%, Superior: 200%; Actual Business Performance Payout: 96.3% (excludes individual performance adjustment)
Payout Settlement	50% in cash and 50% in immediately vested shares (resulted in 7,908 shares) settled in March 2024
Grant Date	February 24, 2023
Grant Date Stock Price for Equity Portion	$249.52 per share

Time-Based Awards (RSUs & Stock Options)

Award Type	Details
RSUs	Time-based awards with no performance metrics. Grant Date: February 24, 2023; 10,020 RSUs granted; Grant Date Fair Value: $2,455,401; Stock Price: $245.05; Vest fully on February 24, 2026 or earlier if a successor CEO is appointed.
Stock Options	Time-based awards with no performance metrics. Grant Date: February 24, 2023; 25,340 stock options granted; Grant Date Fair Value: $2,500,044; Base Price: $249.52 per share; Vest fully on February 24, 2026 (accelerated non-forfeitable vesting possible upon early conditions); Expiration: February 24, 2033.

The above tables summarize the detailed performance compensation components for 2023, including specific dollar amounts, unit quantities, performance targets, vesting schedules, and evaluation periods as provided in the documents.