SECURITIES AND EXCHANGE COMMISSION
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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 June 7, 2022, the People Resources Committee of the Board of Directors of Diversey Holdings, Ltd. (the “Company”) approved an amendment to the employment agreement of Philip Wieland, its Chief Executive Officer.
The amendment provides that effective June 1, 2022, Mr. Wieland’s compensation will be converted from United States Dollars (“US$”) to British Pound Sterling (“GBP”), calculated using the GBP/US$ exchange rate on June 1, 2022 of 0.799 GBP/US$. Following such modification, Mr. Wieland’s base salary will be £719,200 and Mr. Wieland’s annual cash bonus will be paid in GBP.
The amendment was entered into because Mr. Wieland’s employment agreement provided for his base salary and bonus amounts to be paid in US$. Mr. Wieland performs substantially all of his services to the Company in the United Kingdom. Accordingly, the People Resources Committee adopted the amendment in order to reflect the intention of the Company that Mr. Wieland be paid in the currency of the country in which he resides and to avoid any changes in salary that could potentially result from currency exchange rate fluctuations.
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.
|DIVERSEY HOLDINGS, LTD.|
|Date: June 8, 2022||By:||/s/ Philip Wieland|
|Chief Executive Officer|