Lennox said the Board of Directors elected Sivasankaran Somasundaram to the Board as a Class III director on March 15, 2024. His term will expire at the company's 2025 annual meeting of stockholders.

1. 01

   Lennox said the Board of Directors elected Sivasankaran Somasundaram to the Board as a Class III director on March 15, 2024. His term will expire at the company's 2025 annual meeting of stockholders.

2. 02

   The company said Somasundaram was named to the Board Governance Committee and the Compensation and Human Resources Committee. He is 58 years old and serves as President and Chief Executive Officer and a Director of ChampionX Corporation.

3. 03

   Lennox said Somasundaram will receive an annual retainer of $105,000 for his Board service, plus annual equity compensation in the form of company common stock of about $150,000. The company said his compensation is consistent with the current Board compensation program for its other non-employee directors.

4. 04

   The company said the Board determined Somasundaram is independent and has no material direct or indirect interest in a related party transaction that requires disclosure. Lennox said it entered into its standard form Indemnification Agreement with him.

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