On March 14, the companies announced that Berkshire Hathaway would acquire100 percent of Lubrizols shares for $135 per share. After the close of the transaction, Lubrizol will operate as a subsidiary of Berkshire Hathaway.

Wickliffe, Ohio-based Lubrizols preliminary proxy filing also detailed the value of stock options and other equity for 16 other executives, totaling about $51.2 million. They included Charles Cooley, senior vice president and chief financial officer ($9.1 million); Stephen Kirk, senior vice president and chief operating officer ($9.1 million); Joseph Bauer, who retired as corporate vice president and general counsel in January ($5.6 million); and Daniel Sheets, corporate vice president and president of Lubrizol Additives ($2.6 million).

Lubrizol has a long history of providing competitive compensation and incentive programs that allow it to attract and retain the highest-quality executive talent in our industry, the company said in a statement. The board of directors regularly reviews these programs, which are in line with the standard talent management practices for companies similar to Lubrizol.

The proxy also detailed how the agreement with Berkshire came about. It noted that as of Jan. 10, 2011, when Lubrizols board was convening a special meeting to discuss Berkshires possible interest in the company, Lubrizol was in the process of evaluating a number of potential acquisitions (including one large potential acquisition). The acquisition targets were not named.

The company said that, at this time, it will not comment beyond what is included in Fridays proxy filed with the Securities and Exchange Commission.