Carvalho Renato 4

What Happened

• Renato Carvalho, SVP and Regulatory Compliance Lead—Americas at Quaker Chemical (KWR), had multiple equity events on March 15, 2026. He received awards and converted/exercised derivative awards (RSUs/PSUs/DERs) into shares and related derivative settlements. As part of the vesting/settlement, Carvalho surrendered 126 shares to satisfy withholding taxes, valued at $14,925 (126 shares × $118.45).
• Reported transactions include grants/settlements (63 shares and 844 shares), several exercises/conversions of derivatives (totaling multiple small lots like 53, 207 and 4 shares), and disposals tied to the exercises and tax withholding. No open-market sale proceeds other than the tax withholding were reported.

Key Details

• Transaction date: March 15, 2026; Form 4 filed March 17, 2026 (filed within the typical 2-business-day window).
• Tax withholding: 126 shares surrendered at $118.45/share for $14,925 to satisfy withholding obligations (transaction code F).
• Awards/settlements: Grants or settlements reported for 63 shares and 844 shares (transaction code A); several derivative exercises/conversions reported (transaction code M).
• DERs/PSUs/RSUs: Footnotes indicate PSUs vested based on ROIC performance, RSUs convert one-for-one to common shares, and dividend equivalent rights (DERs) were settled into shares for certain installments.
• Shares owned after the transactions: not specified in the provided filing details.
• Transaction codes: A = award/grant, M = exercise/conversion of derivative, F = shares surrendered for tax withholding.

Context

• These transactions appear to be routine equity compensation settlements (vesting of PSUs/RSUs and associated derivative conversions) with shares surrendered to cover withholding taxes—not an open-market sale signaling a change in investment stance.
• For derivative exercises: the filing reflects conversions/exercises of performance- and time-based awards and settlement of dividend equivalents; some derivative-conversion line items are reported as disposed (net settlement or surrender) rather than open-market sales.