Quaker Chemical Corp 8-K, filed Oct 20, 2022
Quaker Chemical Corp (KWR)
About this 8-K
Quaker Chemical Corp filed this 8-K on October 20, 2022, reporting on events of October 17, 2022.
Items reported
- Item 5.02: Director or officer change, or executive pay
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
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INFORMATION TO BE INCLUDED IN THE REPORT
| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On October 17, 2022, the Board of Directors (the “Board”) of Quaker Chemical Corporation d/b/a Quaker Houghton (the “Company”) approved certain changes to the Company’s Executive Leadership Team. Effective January 1, 2023, Mr. Joseph Berquist will serve as the Chief Commercial Officer. Mr. Berquist has been employed by the Company since 1997, and has served as Executive Vice President, Chief Strategy Officer, and Managing Director, Global Specialty Businesses since September 9, 2021. No changes will be made to Mr. Berquist’s compensation arrangement in connection with his new role.
Also, effective January 1, 2023, Mr. Jeewat Bijlani will serve as the Chief Strategy Officer. Mr. Bijlani has served as Senior Vice President, Managing Director - Americas since he joined the Company in August 2019 following the combination with Houghton International, Inc. (“Houghton”). Mr. Bijlani served as President, Americas and Global Strategic Businesses of Houghton from March 2015 until July 2019.
In connection with his new role, certain changes are being made to Mr. Bijlani’s compensation. He will receive a base salary of $500,000 per annum and will continue to be eligible to participate in the Company’s Annual Incentive Plan with a target award percentage of 65% of his base salary for 2022, with actual payout dependent on Company and individual performance. Mr. Bijlani will also continue to be eligible to participate in the Company’s Long-Term Incentive Plan and, beginning in 2023, Mr. Bijlani’s target award opportunity under the LTIP will be increased to $500,000 and will include an even mix of time-based restricted stock, stock options and performance-dependent stock units. Additionally, Mr. Bijlani is receiving an equity sign-on award of time-based restricted stock that will vest in March of 2025, with a value of $130,000.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| QUAKER CHEMICAL CORPORATION | ||
| Date: October 20, 2022 | By: | /s/ Robert T. Traub |
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Robert T. Traub Senior Vice President, General Counsel and Corporate Secretary | ||