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Registrant’s telephone number, including area code: (i412) i248-8000
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate
box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
i☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
i☐ Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
i☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
i☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company i☐
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of each exchange on which registered
iCapital
Stock, par value $1.25 per share
iKMT
iNew York Stock Exchange
iPreferred Stock Purchase Rights
iNew
York Stock Exchange
Item 5.02 Departure of Directors or
Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 8, 2024, Christopher Rossi, President and Chief Executive Officer, notified the Board of Directors (the “Board”) of Kennametal Inc. (the “Company” or “Kennametal”) his decision to retire as a Board member, President and Chief Executive Officer of the Company effective on May 31, 2024.
As part of the Board’s ongoing succession planning process and discussions, the Board announced the appointment of Mr. Sanjay Chowbey to serve as Kennametal’s President and Chief Executive Officer starting on June
1, 2024. Mr. Chowbey has also been appointed to serve as a member of the Board of Directors to hold office from June 1, 2024 until the Annual Meeting of Shareowners in October 2024 and until a successor shall have been elected and qualified or until his earlier death, resignation or removal.
Mr. Chowbey, age 56, currently serves at the Vice President and President, Metal Cutting Business Segment, a position he has held since June 2021. Mr. Chowbey will maintain responsibility for this role until his successor is determined.
Prior to joining Kennametal, Mr. Chowbey worked for Flowserve Corporation, a public company, and a global provider of fluid motion and control products and services, where he served as President, Service and Solutions from July 2019 to June 2021. Prior to this, Mr. Chowbey
was the Senior Vice President and President, TE SubCom, a division of TE Connectivity, from 2017 to 2018, and previously spent over 11 years at Danaher / Fortive Corporation (from 2006 through 2017) serving in various roles of increasing responsibility, the latest being President, Thomson Industries.
In connection with his appointment as President and Chief Executive Officer on June 1, 2024, Mr. Chowbey will be entitled to the following:
•Annual base salary of $925,000.
•Participation in the Company’s Annual Incentive Plan with a target bonus for fiscal year 2025 of 110% of annual base salary.
•On
or about August 15, 2025, subject to Board approval, Mr. Chowbey will be eligible to receive a long-term incentive grant of $3,850,000, consisting of 60% Performance Stock Units (PSU’s) and 40% Time Vesting Restricted Stock Units (RSU’s). PSU’s cliff vest after 3 years and are subject to achievement of Company performance goals, and RSU’s vest over a three-year period, with one-third vesting on each anniversary date of the grant. Long term incentive grants will be made under the terms of the Kennametal Inc. 2020 Stock and Incentive Plan.
•Participation in all general employee benefit plans and programs as well as participation in any plans and programs for executives.
•While Mr. Chowbey serves as President and Chief Executive Officer, he will not sit on any Board committees or receive
any additional compensation for his Board service.
Mr. Chowbey will maintain his indemnification agreement with the Company in the form previously approved by the Board.
He will also enter into a new officer’s employment agreement, specifically for the role of President and CEO, with Kennametal in the form previously approved by the Board. Generally, the officer’s employment agreement will provide:
•General. Mr. Chowbey will be required to devote his entire time and attention to the business and affairs of Kennametal while he is employed.
•Term. There is no predetermined term.
•Non-competition/non-disclosure. Unless Kennametal provides prior consent in writing, if Kennametal terminates his employment without cause, then for one year after the date of termination, Mr. Chowbey cannot, in any geographic area in which Kennametal is offering its services and products: (a) directly or indirectly engage in; or (b) assist or have an active interest in; or (c) enter the employ of, or act as agent for, or advisor or consultant to, any entity which is or is about to become directly or indirectly engaged in any business that is competitive with any business of the Company or any of its subsidiaries or affiliates in which the executive is or was engaged. In the event that (i) Mr. Chowbey voluntarily
terminates his employment; or (ii) Mr. Chowbey’s employment is terminated for reason of a Change in Control or any other reason, the aforementioned non-compete obligation is two years after the date of termination. However, in case of termination for any reason, Mr. Chowbey cannot disclose any of Kennametal’s confidential or trade secret information.
•Assignment of Inventions. Mr. Chowbey must assign to Kennametal all inventions conceived or made during his employment with Kennametal.
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•Termination. Mr. Chowbey’s employment may be terminated by either
party at any time, for any reason or no reason at all; provided, that the Company may only terminate Mr. Chowbey’s employment with the approval and authorization of the Board.
•Severance. If Mr. Chowbey has been employed with the Company for a minimum of two years, and if (with Board authorization) Kennametal involuntarily terminates Mr. Chowbey’s employment prior to a change in control and not for cause, he will be entitled to 24 months of severance.
•Change in Control. The agreement provides for payments to Mr. Chowbey if he resigns for good reason or if he is terminated by the
Company without cause within six months prior to a change in control of the Company, or within 24 months following a change in control of the Company. In this event, he will receive a payment equal to two times his base salary and two times his target bonus.
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
