EXHIBIT 10(ccc)

 

AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT

DATED MARCH 11, 1999 BETWEEN

QUAKER CHEMICAL CORPORATION AND RONALD J. NAPLES

 

WHEREAS, Quaker Chemical Corporation, a Pennsylvania corporation (the
“Company”), and Ronald J. Naples (“Executive”) entered into an Employment
Agreement dated March 11, 1999 (the “Employment Agreement”);

 

WHEREAS, the term of the Employment Agreement automatically extended for the
one-year period beginning January 1, 2004 pursuant to Paragraph 3 thereof; and

 

WHEREAS, the Company and Executive wish to amend the Employment Agreement in
accordance with Paragraph 21 thereof to (i) provide that the annual bonus award
and long-term incentive award(s) payable upon a covered termination of
employment during one or more performance periods shall be based on the target
award for the applicable performance period (and not actual performance), so
that such determination will be consistent with the determination for other
executive officers, the Company’s administrative burden in determining the
amount of the awards will be eased, and Executive will have a measure of
assurance regarding the determination of the awards, and (ii) correct a
typographical error;

 

NOW THEREFORE, in consideration of the mutual obligations and agreements
contained herein and intending to be legally bound hereby, the Company and
Executive agree that the Employment Agreement is amended as follows effective
July 21, 2004:

 

1. Paragraphs 11(e)(ii) and (iii) are amended to read as follows:

 

(ii) The Company shall pay to Executive, within ninety (90) days after the end
of the calendar year in which the Severance Event occurred, the pro rata portion
of any and all bonuses and annual incentive awards for the calendar year in
which the Severance Event occurred, said pro rata portion to be calculated on
the fractional portion (the numerator of said fraction being the number of days
between January 1 and the date of the Severance Event, and the denominator of
which is 365) of the target bonuses and annual incentive awards for such
calendar year.

 

(iii) The Company shall pay to Executive, within ninety (90) days after the end
of the calendar year in which the Severance Event occurred the pro rata portion
of any and all awards under the Incentive Plan or other long-term incentive
based compensation plans in which Executive is then participating. The pro rata
portion shall be calculated on the fractional portion (the numerator of said
fraction being the number of days between the first day of the applicable
performance period and the date of the Severance Event, and the denominator of
which is the total number of days in the applicable performance period) of the
amount of the award which would have been payable had (i) the Severance Event
not occurred, and (ii) the target level of performance been achieved for the
applicable performance period.

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2. The reference to “Paragraph 11” in the first sentence of Paragraph 12(a) is
hereby changed to refer to “Paragraph 12.”

 

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Amendment No. 1 to the March 11, 1999 Employment Agreement as of the day and
year first written above.

 

            /s/ Ronald J. Naples

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Ronald J. Naples

QUAKER CHEMICAL CORPORATION

By:

 

/s/ Robert H. Rock

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Robert H. Rock, Chairman

    Compensation/Management Development Committee

ATTEST:

            /s/ D. Jeffry Benoliel

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D. Jeffry Benoliel

 

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