UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On August 8, 2024, the Compensation Committee of the Board of Directors (the “Board”) of Westlake Corporation (the “Company”) approved the following changes to the compensation of Albert Chao in connection with Mr. Chao’s transition from President and Chief Executive Officer of the Company to Executive Chairman of the Board. As of July 15, 2024, the effective date of the transition, Mr. Chao’s annual base salary was changed to $1,019,000 and his target bonus under the Company’s Annual Incentive Plan with respect to 2024 was changed to 105% of his base salary. Mr. Chao’s 2024 bonus under the Company’s Annual Incentive Plan will be calculated based on his base salary in effect as of the end of 2024. His long-term incentive target under the Company’s amended and restated 2013 Omnibus Incentive Plan is expected to be changed to an identical percentage as that of Mr. James Chao, Senior Chairman of the Board, in the upcoming annual compensation review by the Board in February 2025. Currently, Mr. James Chao’s long-term incentive target is 400% of his base salary.
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.
| WESTLAKE CORPORATION | ||||||
| Date: August 12, 2024 | By: | /s/ L. Benjamin Ederington | ||||
| L. Benjamin Ederington Executive Vice President, Performance and Essential Materials, General Counsel and Chief Administrative Officer | ||||||