Quaker Chemical Corporation (NYSE:KWR), a global provider of process fluids, chemical specialties, and technical expertise to a wide range of industries, has announced the granting of special long-term incentive equity compensation awards to two of its executive officers.
The Compensation and Human Resources Committee of Quaker Chemical’s Board of Directors approved the awards on December 15, 2024. Tom Coler, Executive Vice President and Chief Financial Officer, received a target number of 5,565 restricted stock units (RSUs), and Jeewat Bijlani, Executive Vice President and Chief Strategy Officer, was granted a target number of 4,255 RSUs.
These RSUs are time-based but include a performance modifier linked to the company's Total (EPA:TTEF) Shareholder Return (TSR) relative to the S&P 1500 Chemicals Index over a three-year period ending December 15, 2027. Depending on Quaker Chemical's TSR performance compared to the index, the final number of RSUs vested could range from 75% to 125% of the target number.
Vesting of the RSUs is contingent upon the executives' continued employment through the vesting date, with certain provisions allowing for prorated vesting in cases of termination due to death, disability, without cause, or in the event of a change in control. Each vested RSU entitles the executive to one share of Quaker Chemical’s common stock.
The news above is based on an SEC filing.
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