Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-08-25

Newmarket (NEU)

CEO Thomas Gottwald was paid $3,694,678 in fiscal year 2025, ↑ up 19.6% from fiscal year 2024, the 1st percentile of its disclosed peer group (SEC filing 0001193125-26-102973 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$3,694,678 ↑
Thomas Gottwald total, FY2025
1st
CEO pay percentile vs peers
28:1
CEO-to-median pay ratio
97.24%
Say-on-pay support, latest vote

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NEU's next annual pay disclosure, estimated March 12, 2027.est. Filing ↗

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Thomas Gottwald$1,275,333$0$368,188$0$750,000$1,207,391$93,767$3,694,678
President and Chief Executive Officer
Bruce Hazelgrove579,0000368,1880590,000385,10228,9501,951,240
Executive Vice President and Chief Administrative Officer
Brian Paliotti620,0000368,1880600,000193,92332,0001,814,110
President of Afton Chemical Corporation
Bryce Jewett525,0000368,1880590,00090,06627,2501,600,503
Executive Vice President and General Counsel
Timothy Fitzgerald400,0000167,3580350,00073,56521,0001,011,923
Vice President and Chief Financial Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Thomas Gottwald$3,694,678$3,088,406$3,195,097↑ +606,272
Bruce Hazelgrove1,951,2401,793,7061,783,123↑ +157,534
Brian Paliotti1,814,1101,623,3791,536,300↑ +190,731
Bryce Jewett1,600,5031,431,6831,224,467↑ +168,820
Timothy Fitzgerald1,011,923———

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

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Companies that benchmark against NEU
9 companies name NEU as a compensation peer

The list of companies that name NEU as a peer is temporarily unavailable — recheck shortly.

01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2025 total
Bruce C. GottwaldFormer director (through FY2025)$100,000
H. Hiter Harris IIIIndependent Director$226,605
James E. RogersIndependent Director$221,605
Lilo S. UkropIndependent Director$201,605
Mark M. GambillLead Independent Director$231,605
Ting XuIndependent Director$226,605
02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Bryce JewettPSU2025-03-05330660——$368,188
Bruce HazelgrovePSU2025-03-05330660——368,188
Timothy FitzgeraldPSU2024-03-05150300——167,358
Brian PaliottiPSU2025-03-05330660——368,188
Thomas E. GottwaldPSU2025-03-05330660——368,188
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Bryce Jewett$0$368,188$0100.0%
Bruce Hazelgrove0368,1880100.0%
Timothy Fitzgerald0167,3580100.0%
Brian Paliotti0368,1880100.0%
Thomas E. Gottwald0368,1880100.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Bruce HazelgroveRSU735—$505,136
GottwaldRSU880—604,789
GottwaldRSU798—548,433
Brian PaliottiRSU735—505,136
GottwaldRSU660—453,592
Brian PaliottiRSU660—453,592
Bruce HazelgroveRSU660—453,592
Bryce JewettRSU660—453,592
GottwaldPSU655—450,155
Brian PaliottiRSU653—448,781
Bryce JewettRSU590—405,483
Bruce HazelgroveRSU580—398,611
GottwaldRSU570—391,738
Brian PaliottiPSU535—367,684
Brian PaliottiRSU526—361,499
Bruce HazelgroveRSU526—361,499
Bryce JewettRSU526—361,499
Bryce JewettRSU508—349,128
Bruce HazelgrovePSU475—326,449
Bryce JewettPSU415—285,213
Timothy FitzgeraldRSU135—92,780
Timothy FitzgeraldRSU116—79,722
05

Incentive-plan design — the Compensation Discussion & Analysis

Our executive compensation philosophy is to create a long-term direct relationship between pay and performance. The program is designed to deliver a balanced total compensation package over executives' careers, attract, motivate, and retain qualified executives, and align the interests of executives and shareholders.

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultantFrederic W. Cook & Co., Inc. (FWC)
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingfalse
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-04-238,002,241226,9749,12497.24%Passed
20252025-04-247,844,44059,53611,54699.25%Passed
20242024-04-258,305,086126,08915,59498.5%Passed
20232023-04-278,538,88153,42413,54299.38%Passed
20222022-04-288,615,830117,77715,43098.65%Passed
20202020-04-239,429,06661,97014,74999.35%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-04-2397.24%a
20252025-04-2499.25%b
20242024-04-2598.5%c

a. Approved under the standard stated in the filing — “Abstentions will have no effect on the proposal to ratify the appointment of PricewaterhouseCoopers LLP.”.

b. Approved under the standard stated in the filing — “Abstentions and broker non-votes will have no effect on the say-on-pay advisory proposal.”.

c. Approved under the standard stated in the filing — “Abstentions will have no effect on the proposal to ratify the appointment of PricewaterhouseCoopers LLP.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)28 : 1
CEO total compensation$3,694,678
Median employee compensation—
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Mark M. GambillIndependent · Lead Independent Director · Executive · Nominating and Corporate Governance$130,000$101,605—$0$0$231,605
Ting XuIndependent · Audit · Compensation (Chair)125,000101,605—00226,605
H. Hiter Harris IIIIndependent · Audit · Nominating and Corporate Governance (Chair)125,000101,605—00226,605
James E. RogersIndependent · Audit (Chair) · Compensation120,000101,605—00221,605
Lilo S. UkropIndependent · Compensation · Nominating and Corporate Governance100,000101,605—00201,605
Bruce C. GottwaldNot independent · Not standing for re-election · Departed during FY100,0000—00100,000
Bruce R. Hazelgrove IIIEmployee director · Executive · Newly elected—————0
Thomas E. GottwaldEmployee director · Board Chair · Executive (Chair)—————0
09

Board fee structure and ownership guideline

Annual cash retainer$100,000
Annual equity retainer$125,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)5,000 / 3,750 / 3,750
Stock ownership guideline$5
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$700,000
Equity awards (grant-date value)$508,025
All other compensation$0
Total cost of the board$1,208,025

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Newmarket names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Newmarket.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Eastman Chemical2025Mark Costa$1,406,958$12,682,200$3,278,151$987,000$19,498,966
2Ingevity Corporation2025David Li810,6858,500,0862,000,0071,293,60012,839,719
3FMC Corporation2025Pierre Brondeau1,334,1256,257,9192,373,4201,798,26112,038,391
4RPM International Inc.2026Frank Sullivan1,135,0005,194,5432,665,6731,703,00011,133,668
5Celanese2025Scott Richardson—5,249,9582,249,9901,342,62510,137,072
6Cabot Corporation2025Sean Keohane1,100,0004,224,8472,274,9251,402,5019,307,883
7H.B. Fuller Company2025Celeste Mastin1,082,6922,971,9763,025,5381,339,8918,830,569
8Innospec Inc.2025Patrick Williams1,380,5485,285,62301,365,3368,252,747
9Ashland Corporation2025Guillermo Novo1,152,3325,233,86301,313,8307,907,423
10Minerals Technologies Inc.2025Douglas Dietrich1,050,0002,310,022768,8032,891,1607,405,693
11Avient Corporation2025Ashish Khandpur1,128,2693,763,1590753,7775,818,257
12Valvoline Inc.2025Lori Flees923,1782,198,255750,066823,3914,844,663
13Stepan Company2025Luis Rojo940,0002,279,746800,003230,3004,327,042
14Quaker Chemical Corporation2025Joseph Berquist800,0002,420,3190461,8403,709,451
15Newmarket2025Thomas Gottwald1,275,333368,1880750,0003,694,678
—Sensient Technologies Corporation——————not in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Newmarketnot disclosedPRSU 100NoFrederic W. Cook & Co., Inc. (FWC)
Ashland Corporation90.4%not disclosedYes — Relative Total Shareholder Return (rTSR)Meridian Compensation Partners
Avient Corporation51.6%not disclosednot disclosednot disclosed
Cabot Corporation90%not disclosedNoMeridian Compensation Partners
Celanese93.4%PSU 70 · Options 30NoWillis Towers Watson PLC
Eastman Chemical47%PSA 60 · Option 20 · RSU 20Yes — Relative total shareholder return (rTSR)Aon plc
FMC Corporationnot disclosednot disclosedYesAon
H.B. Fuller Companynot disclosednot disclosednot disclosedWillis Towers Watson US LLC
Ingevity Corporationnot disclosedPSU 50 · RSU 50not disclosedPearl Meyer
Innospec Inc.not disclosednot disclosednot disclosedWillis Towers Watson
Minerals Technologies Inc.not disclosednot disclosednot disclosedFW Cook
Quaker Chemical Corporationnot disclosedPSU 60 · RSU 40not disclosedMeridian Compensation Partners
RPM International Inc.not disclosednot disclosedNoWillis Towers Watson
Sensient Technologies Corporationnot disclosednot disclosednot disclosednot disclosed
Stepan Companynot disclosedRSU 50 · SAR 25 · PSU 25not disclosedExequity LLP
Valvoline Inc.not disclosednot disclosednot disclosedDeloitte

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

10d

Frequently asked questions

Who was the highest-paid executive at Newmarket in fiscal 2025?
As disclosed, Thomas Gottwald (President and Chief Executive Officer) was the highest-paid executive at Newmarket in fiscal 2025, with total compensation of $3,694,678.
How does Newmarket's chief executive pay compare to its disclosed peer group?
As disclosed, Thomas Gottwald's total compensation ranked at the 1st percentile of Newmarket's disclosed peer group.
What is Newmarket's CEO-to-median employee pay ratio?
As disclosed, Newmarket's CEO-to-median employee pay ratio was 28:1.
How did shareholders vote on Newmarket's executive compensation?
As disclosed, 97.24% of shareholders supported Newmarket's executive compensation in the latest say-on-pay vote.
How much does Newmarket spend in total on board compensation for fiscal 2025?
As disclosed, Newmarket reported total board compensation of $1,208,025 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Thomas GottwaldDEF 14A2026-03-120001193125-26-102973Section “Executive Compensation”. As printed: 3,694,678. Filing ↗machine: span 355173–355182
2Section 01, Bruce HazelgroveDEF 14A2026-03-120001193125-26-102973Section “Executive Compensation”. As printed: 1,951,240. Filing ↗machine: span 376672–376681
3Section 01, Brian PaliottiDEF 14A2026-03-120001193125-26-102973Section “Executive Compensation”. As printed: 1,814,110. Filing ↗machine: span 368892–368901
4Section 01, Bryce JewettDEF 14A2026-03-120001193125-26-102973Section “Executive Compensation”. As printed: 1,600,503. Filing ↗machine: span 386137–386146
5Section 01, Timothy FitzgeraldDEF 14A2026-03-120001193125-26-102973Section “Executive Compensation”. As printed: 1,011,923. Filing ↗machine: span 362952–362961
6Section 03, Bryce Jewett PSUDEF 14A1900-01-010001193125-26-102973Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
7Section 03, Bruce Hazelgrove PSUDEF 14A1900-01-010001193125-26-102973Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
8Section 03, Timothy Fitzgerald PSUDEF 14A1900-01-010001193125-26-102973Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
9Section 03, Brian Paliotti PSUDEF 14A1900-01-010001193125-26-102973Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
10Section 03, Thomas E. Gottwald PSUDEF 14A1900-01-010001193125-26-102973Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 418082–418089
11Section 07, pay ratioDEF 14A2026-03-120001193125-26-102973Section “CEO Pay Ratio”. As printed: 28 : 1. Filing ↗
12Section 08, Mark M. GambillDEF 14A2026-03-120001193125-26-102973Section “Director Compensation”. As printed: 231,605. Filing ↗machine: span 219913–219920
13Section 08, Ting XuDEF 14A2026-03-120001193125-26-102973Section “Director Compensation”. As printed: 226,605. Filing ↗machine: span 227987–227994
14Section 08, H. Hiter Harris IIIDEF 14A2026-03-120001193125-26-102973Section “Director Compensation”. As printed: 226,605. Filing ↗machine: span 223958–223965
15Section 08, James E. RogersDEF 14A2026-03-120001193125-26-102973Section “Director Compensation”. As printed: 221,605. Filing ↗machine: span 225967–225974
16Section 08, Lilo S. UkropDEF 14A2026-03-120001193125-26-102973Section “Director Compensation”. As printed: 201,605. Filing ↗machine: span 229992–229999
17Section 08, Bruce C. GottwaldDEF 14A2026-03-120001193125-26-102973Section “Director Compensation”. As printed: 100,000. Filing ↗machine: span 220617–220624
18Section 08, Bruce R. Hazelgrove IIIDEF 14A2026-03-120001193125-26-102973Section “Director Compensation”. As printed: 0. Filing ↗
19Section 08, Thomas E. GottwaldDEF 14A2026-03-120001193125-26-102973Section “Director Compensation”. As printed: 0. Filing ↗
20Section 06, 2026 voteForm 8-K2026-04-230001193125-26-173975Item 5.07 · say-on-pay result. As reported: 97.24% (votes for as printed: 8,002,241). Filing ↗
21Section 06, 2025 voteForm 8-K2025-04-240001193125-25-093701Item 5.07 · say-on-pay result. As reported: 99.25% (votes for as printed: 7,844,440). Filing ↗
22Section 06, 2024 voteForm 8-K2024-04-250001193125-24-114258Item 5.07 · say-on-pay result. As reported: 98.5% (votes for as printed: 8,305,086). Filing ↗
23Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
24Section 03b vehicle mix (computed)Computed——RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
25Section 09b board cost (computed)Computed——Cash 700,000 + equity 508,025 + all other 0 = 1,208,025, summed across the director compensation table rows.machine: formula: Σ = 1,208,025
26Eastman Chemical, Section 10b CEO totalDEF 14A2026-03-240000915389-26-000074CEO total compensation as printed in Eastman Chemical's own proxy. As printed: 19,498,966. Filing ↗machine: r2 · c27 · span 1263333–1263343
27Ingevity Corporation, Section 10b CEO totalDEF 14A2026-03-170001104659-26-029507CEO total compensation as printed in Ingevity Corporation's own proxy. As printed: 12,839,719. Filing ↗
28FMC Corporation, Section 10b CEO totalDEF 14A2026-03-130001308179-26-000056CEO total compensation as printed in FMC Corporation's own proxy. As printed: 12,038,391. Filing ↗machine: r1 · c18 · span 737212–737222
29RPM International Inc., Section 10b CEO totalDEF 14A2026-08-250001193125-26-365259CEO total compensation as printed in RPM International Inc.'s own proxy. As printed: 11,133,668. Filing ↗machine: r4 · c35 · span 859166–859176
30Celanese, Section 10b CEO totalDEF 14A2026-03-040001306830-26-000052CEO total compensation as printed in Celanese's own proxy. As printed: 10,137,072. Filing ↗
31Cabot Corporation, Section 10b CEO totalDEF 14A2026-01-270001193125-26-023681CEO total compensation as printed in Cabot Corporation's own proxy. As printed: 9,307,883. Filing ↗machine: r3 · c39 · span 853934–853943
32H.B. Fuller Company, Section 10b CEO totalDEF 14A2026-03-040001437749-26-006811CEO total compensation as printed in H.B. Fuller Company's own proxy. As printed: 8,830,569. Filing ↗machine: r2 · c18 · span 903228–903237
33Innospec Inc., Section 10b CEO totalDEF 14A2026-03-260001174947-26-000427CEO total compensation as printed in Innospec Inc.'s own proxy. As printed: 8,252,747. Filing ↗machine: r4 · c9 · span 1939600–1939609
34Ashland Corporation, Section 10b CEO totalDEF 14A2025-12-090001193125-25-312753CEO total compensation as printed in Ashland Corporation's own proxy. As printed: 7,907,423. Filing ↗machine: t125 · r3 · c21 · span 2021429–2021438
35Minerals Technologies Inc., Section 10b CEO totalDEF 14A2026-04-020001104659-26-039205CEO total compensation as printed in Minerals Technologies Inc.'s own proxy. As printed: 7,405,693. Filing ↗machine: r2 · c48 · span 1633829–1633838
36Avient Corporation, Section 10b CEO totalDEF 14A2026-03-270001628280-26-021576CEO total compensation as printed in Avient Corporation's own proxy. As printed: 5,818,257. Filing ↗machine: r2 · c24 · span 748439–748448
37Valvoline Inc., Section 10b CEO totalDEF 14A2025-12-190001104659-25-122788CEO total compensation as printed in Valvoline Inc.'s own proxy. As printed: 4,844,663. Filing ↗machine: r1 · c54 · span 1209553–1209562
38Stepan Company, Section 10b CEO totalDEF 14A2026-03-250001193125-26-122725CEO total compensation as printed in Stepan Company's own proxy. As printed: 4,327,042. Filing ↗machine: span 378020–378029
39Quaker Chemical Corporation, Section 10b CEO totalDEF 14A2026-03-310001628280-26-022236CEO total compensation as printed in Quaker Chemical Corporation's own proxy. As printed: 3,709,451. Filing ↗machine: r2 · c27 · span 836235–836244
40Newmarket (subject), Section 10b CEO totalDEF 14A2026-03-120001193125-26-102973CEO total compensation as printed in Newmarket's own proxy. As printed: 3,694,678. Filing ↗machine: span 355173–355182
41Section 10a, Ashland Corporation reciprocityDEF 14A—0000950170-24-134511Ashland Corporation's most recent proxy was read; its disclosed peer group does not include Newmarket. Filing ↗
42Section 10a, Cabot Corporation reciprocityDEF 14A—0001193125-26-023681Cabot Corporation names Newmarket in its own disclosed peer group (read from its most recent proxy). Filing ↗
43Section 10a, Quaker Chemical Corporation reciprocityDEF 14A—0001628280-26-022236Quaker Chemical Corporation names Newmarket in its own disclosed peer group (read from its most recent proxy). Filing ↗
44Section 10a, Celanese reciprocityDEF 14A—0001306830-26-000052Celanese's most recent proxy was read; its disclosed peer group does not include Newmarket. Filing ↗
45Section 10a, Avient Corporation reciprocityDEF 14A—0001628280-26-021576Avient Corporation's most recent proxy was read; its disclosed peer group does not include Newmarket. Filing ↗
46Section 10a, Eastman Chemical reciprocityDEF 14A—0000915389-26-000074Eastman Chemical's most recent proxy was read; its disclosed peer group does not include Newmarket. Filing ↗
47Section 10a, FMC Corporation reciprocityDEF 14A—0001308179-26-000056FMC Corporation's most recent proxy was read; its disclosed peer group does not include Newmarket. Filing ↗
48Section 10a, H.B. Fuller Company reciprocityDEF 14A—0001437749-26-006811H.B. Fuller Company's most recent proxy was read; its disclosed peer group does not include Newmarket. Filing ↗
49Section 10a, Ingevity Corporation reciprocityDEF 14A—0001104659-26-029507Ingevity Corporation's most recent proxy was read; its disclosed peer group does not include Newmarket. Filing ↗
50Section 10a, Innospec Inc. reciprocityDEF 14A—0001174947-26-000427Innospec Inc. names Newmarket in its own disclosed peer group (read from its most recent proxy). Filing ↗
51Section 10a, Minerals Technologies Inc. reciprocityDEF 14A—0001104659-26-039205Minerals Technologies Inc.'s most recent proxy was read; its disclosed peer group does not include Newmarket. Filing ↗
52Section 10a, RPM International Inc. reciprocityDEF 14A—0001193125-26-365259RPM International Inc.'s most recent proxy was read; its disclosed peer group does not include Newmarket. Filing ↗
53Section 10a, Stepan Company reciprocityDEF 14A—0001193125-26-122725Stepan Company names Newmarket in its own disclosed peer group (read from its most recent proxy). Filing ↗
54Section 10a, Valvoline Inc. reciprocityDEF 14A—0001104659-25-122788Valvoline Inc.'s most recent proxy was read; its disclosed peer group does not include Newmarket. Filing ↗

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