KMG Chemicals, Inc. (NYSE:KMG) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e) Nonqualified Deferred Compensation Plan
The Board of Directors of KMG Chemicals, Inc. (the Company”) has approved and adopted the KMG Chemicals Deferred Compensation Plan (the “Plan”), effective as of September 13, 2017. The Plan is an unfunded nonqualified deferred compensation plan maintained for the benefit of certain key employees, including the Company’s named executive officers.
to the Plan and subject to applicable tax laws, participants may elect to defer up to 90% of each of base salary, short‑term incentive compensation, or long-term incentive compensation, or 50% of Form 1099 compensation. The Company may, in its sole discretion, provide discretionary contributions to the Plan. Participants will be 50% vested at all times in their deferral accounts. A Participant may receive a distribution from the Plan upon a qualifying distribution event such as separation from service, disability, death or unforeseeable emergency, or an in-service distribution at times elected by the Participant, all as defined in the Plan. Distributions from the Plan will be made in the manner elected by the Participant to the terms of the Plan. Compensation deferred under the Plan represents an unsecured obligation of the Company.
The foregoing summary of the Plan does not purport to be complete and is qualified in its entirety by reference to the Plan’s Adoption Agreement and the Plan Document, copies of which are filed as Exhibits 10.1 and 10.2 to this Current Report on Form 8-K and incorporated by reference into this Item 5.02(e).
Financial Statements and Exhibits
KMG CHEMICALS INC ExhibitEX-10.1 2 kmg-ex101_7.htm EX-10.1 kmg-ex101_7.htm Exhibit 10.1 NOTE: Execution of this Adoption Agreement creates a legal liability of the Employer with significant tax consequences to the Employer and Participants. Principal Life Insurance Company disclaims all liability for the legal and tax consequences which result from the elections made by the Employer in this Adoption Agreement. Principal Life Insurance Company,…To view the full exhibit click
About KMG Chemicals, Inc. (NYSE:KMG)
KMG Chemicals, Inc. manufactures, formulates and globally distributes specialty chemicals. The Company operates businesses selling electronic chemicals, industrial wood treating chemicals, and industrial valve lubricants and sealants. The Company operates through two segments: Electronic chemicals and Other chemicals. The Company operates through its subsidiaries, KMG Electronic Chemicals, Inc. (KMG EC), KMG-Bernuth, Inc. (KMG Bernuth) and KMG Val-Tex, LLC (Val-Tex). The Company’s Electronic chemicals business sells high purity and ultra-purity wet process chemicals primarily to the semiconductor industry. The Company’s Other chemicals segment includes its industrial lubricants business and wood treating chemicals business. The Company’s products sulfuric, phosphoric, nitric and hydrofluoric acids, ammonium hydroxide, hydrogen peroxide, isopropyl alcohol, other specialty organic solvents and various blends of chemicals.
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