Balchem Corporation (NASDAQ:BCPC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On February 4, 2019, Balchem Corporation (the “Company”) announced that Martin Bengtsson has been appointed Chief Financial Officer of the Company, effective immediately.

Martin Bengtsson, age 41, joins the Company from Honeywell International, where he served as Vice President and Chief Financial Officer for the Performance Materials and Technologies business unit from April 2018 until January 2019. Prior to that, Mr. Bengtsson was Vice President and Chief Financial Officer for the following Honeywell business units: (i) Advanced Materials’ (August 2016 – April 2018), (ii) Specialty Products (March 2016 – August 2016), and (iii) Fluorine Products’ April 2014 – February 2016). Prior to these roles, Mr. Bengtsson held a number of positions in Honeywell’s accounting and finance unit, each with increasing responsibility, including Vice President, Global Controller for the Performance Materials and Technologies business unit from October 2011 until March 2014 and as Vice President, Finance – Group Corporate Audit from February 2009 until September 2011.

The Company’s press release describing these events is attached as Exhibit 99.1 hereto and is incorporated by reference herein.

In connection with the hiring of Mr. Bengtsson as Chief Financial Officer, the Company and Mr. Bengtsson have entered into an offer letter that outlines his responsibilities and compensation. The offer letter provides for a base salary of $435,000 and a one-time sign-on bonus of $171,000. The offer letter also provides that Mr. Bengtsson will be eligible to participate in the Company’s Long-Term Incentive Plan with a target award level of 50% of his base salary. Mr. Bengtsson will also receive 12,000 shares of Company restricted stock, which will vest ratably over three years after the date of grant, with one-third vesting each year beginning in 2020, and options to acquire15,000 shares of Company stock, which options will vest 20% after Year 1, 40% after Year 2, and 40% after Year 3.

The foregoing summary of the offer letter does not purport to be a complete description and is qualified in its entirety by reference to the full text of the offer letter, which is filed as Exhibit 10.1 and incorporated herein by reference.

William Backus, who has served as interim Chief Financial Officer since October 2018, will return to his role as Chief Accounting Officer.

BALCHEM CORP Exhibit
EX-10.1 2 ex10_1.htm EXHIBIT 10.1 EXHIBIT 10.1 January 10,…
To view the full exhibit click here

About Balchem Corporation (NASDAQ:BCPC)

Balchem Corporation (Balchem) is engaged in the development, manufacture, distribution and marketing of specialty performance ingredients and products for the food, nutritional, feed, pharmaceutical and medical sterilization industries. The Company operates in four segments: SensoryEffects, Animal Nutrition & Health (ANH), Specialty Products and Industrial Products. Its SensoryEffects segment provides creamer systems, dairy replacers, powdered fats, nutritional beverage bases, beverages, juice and dairy bases, chocolate systems, ice cream bases and variegates, grain-based snacks and cereal-based ingredients. ANH segment provides basic choline chloride, and microencapsulation and chelation technologies-based nutritional products. Specialty Products segment provides ethylene oxide and propylene oxide products. Its Industrial Products segment provides Choline Chloride and methylamines. The Company sells its products through its own sales force, independent distributors and sales agents.