Employment Agreement



 Exhibit 10.2 

 

 

 MEMORANDUM OF EMPLOYMENT 

Effective: April 1, 2010 
  

			
	NAME:	  	Joseph Berquist
		
	ADDRESS:	  	 8952 Oakbrook Circle

Twinsburg, OH 44087



The parties to this Memorandum of Employment (“Agreement”) are JOSEPH BERQUIST and Quaker Chemical Corporation, a
Pennsylvania corporation (“Quaker”). 
 You have been employed by Quaker as Senior Director NA Commercial. Effective
April 1, 2010, you were appointed Quaker’s Vice President and Managing Director (North America) and Quaker now wishes to adjust your compensation and enter into this memorandum containing certain covenants in connection with this
appointment. 
 NOW THEREFORE in consideration of the mutual promises and covenants herein contained and intending to be legally
bound hereby the parties hereto agree as follows: 
  

	1.	Duties 

 Effective
as of the date written above, Quaker agrees to employ you and you agree to serve as Quaker’s Vice President and Managing Director (North America). You shall perform all duties consistent with such position as well as any other duties that are
assigned to you from time to time by Quaker’s Chief Executive Officer. You agree that during the term of your employment with Quaker to devote your knowledge, skill, and working time solely and exclusively to the business and interests of
Quaker and its subsidiaries. Any and all prior employment agreements, with the exception of the March 10, 2010 Change of Control agreement with Quaker are hereby terminated and have no legal effect except to the extent to recognize years of
service from original date of hire. 

 

 









	2.	Compensation 


Quaker agrees to pay you a base salary, which shall be payable semimonthly. Your base salary is set forth in an addendum, which is
attached hereto and made a part hereof. The rate of base salary will be reviewed and adjusted on an annual basis consistent with Quaker’s then current practice for reviewing executive officers’ salaries and performance. In addition, you
will be entitled to participate, to the extent eligible, in any of Quaker’s annual and long term incentive plans, retirement savings plan (401k plan), Quaker Chemical Corporation Pension Plan (frozen 12/31/2005), stock purchase plan, and will
be entitled to vacations, paid holidays, and medical, dental, and other benefits as are made generally available by Quaker to its full-time employees. Your salary and/or any benefits being made available to you may be changed at any time at
Quaker’s sole option, and any such change shall not affect any other provision of this Agreement. 
  

	3.	Term of Employment. 


Your employment with Quaker may be terminated on thirty (30) days’ written notice by either party, with or without cause or
reason whatsoever. Within thirty (30) days after termination of your employment, you will be given an accounting of all monies due you. 
  

	4.	Covenant Not to Disclose 


You acknowledge that the identity of Quaker’s (and any of Quaker’s affiliates’) customers, the requirements of such
customers, pricing and payment terms quoted and charged to such customers, the identity of Quaker’s suppliers and terms of supply (and the suppliers and related terms of supply of any of Quaker’s customers for which management services are
being provided), information concerning the method and conduct of Quaker’s (and any affiliate’s) business such as formulae, formulation information, application technology, manufacturing information, marketing information, strategic and
marketing plans, financial information, financial statements (audited and unaudited), budgets, corporate practices and procedures, research and development efforts, and laboratory test methods and all of Quaker’s (and its affiliates’)
manuals, documents, notes, letters, records, and computer programs are Quaker’s trade secrets (“Trade Secrets”) and are Quaker’s (and/or any of its affiliates’, as the case may be) sole and exclusive property. You agree that
at no time during or following your employment with Quaker will you appropriate for your own use, divulge or pass on, directly or through any other individual or entity or to any third party, any Quaker Trade Secrets. Upon termination of your
employment with Quaker and prior to final payment of all monies due to you under Paragraph 2 or at any other time upon Quaker’s request, you agree to surrender immediately to Quaker any and all materials in your possession or control which
include or contain any Quaker Trade Secrets. 
  

 2 









	5.	Covenant Not to Compete 


In consideration of your employment with Quaker and the training you are to receive from Quaker, you agree that during your employment
with Quaker and for a period of one (1) year thereafter, regardless of the reason for your termination, you will not: 
 a.
directly or indirectly, together or separately or with any third party, whether as an employee, individual proprietor, partner, stockholder, officer, director, or investor, or in a joint venture or any other capacity whatsoever, actively engage in
business or assist anyone or any firm in business as a manufacturer, seller, or distributor of chemical specialty products which are the same, like, similar to, or which compete with Quaker (or any of its affiliates’) products or services; and

 b. at the Chemical Management Services sites to which you are, have, or will specifically ever be assigned in the future,
directly or indirectly, together or separately or with any third party, whether as an employee, individual proprietor, partner, stockholder, officer, director, or investor, or in a joint venture or any other capacity whatsoever, actively engage in
business or assist anyone or any firm in business as a provider of chemical management services which are the same, like, similar to, or which compete with Quaker (or any of its affiliates’) services; and 

c. recruit or solicit any Quaker employee or otherwise induce such employee to leave Quaker’s employ, or to become an employee or
otherwise be associated with you or any firm, corporation, business, or other entity with which you are or may become associated; and 

d. solicit or induce any of Quaker’s suppliers of products and/or services (or a supplier of products and/or services of a customer
who is being provided or solicited for the provision of chemical management services by Quaker) to terminate or alter its contractual relationship with Quaker (and/or any such customer). 

The parties consider these restrictions reasonable, including the period of time during which the restrictions are effective. However, if
any restriction or the period of time specified should be found to be unreasonable in any court proceeding, then such restriction shall be modified or the period of time shall be shortened as is found to be reasonable so that the foregoing covenant
not to compete may be enforced. You agree that in the event of a breach or threatened breach by you of the provisions of the restrictive covenants contained in Paragraph 4 or in this Paragraph 5, Quaker will suffer irreparable harm, and monetary
damages may not be an adequate remedy. Therefore, if any breach occurs, or is threatened, in addition to all other remedies available to Quaker, at law or in equity, Quaker shall be entitled as a matter of right to specific performance of the
covenants contained herein by way of temporary or permanent injunctive relief. In the event of any breach of the restrictive covenant contained in this Paragraph 5, the term of the restrictive covenant shall be extended by a period of time equal to
that period beginning on the date such violation commenced and ending when the activities constituting such violation cease. 
  

 3 









	6.	Contractual Restrictions 


You represent and warrant to Quaker that: (a) there are no restrictions, agreements, or understandings to which you are a party that
would prevent or make unlawful your employment with Quaker and (b) your employment by Quaker shall not constitute a breach of any contract, agreement, or understanding, oral or written, to which you are a party or by which you are bound.

  

	7.	Inventions 

 All
improvements, modifications, formulations, processes, discoveries or inventions (“Inventions”), whether or not patentable, which were originated, conceived or developed by you solely or jointly with others (a) during your working
hours or at Quaker’s expense or at Quaker’s premises or at a customer’s premises or (b) during your employment with Quaker and additionally for a period of one year thereafter, and which relate to (i) Quaker’s business
or (ii) any research, products, processes, devices, or machines under actual or anticipated development or investigation by Quaker at the earlier of (i) that time or (ii) as the date of termination of employment, shall be
Quaker’s sole property. You shall promptly disclose to Quaker all Inventions that you conceive or become aware of at any time during your employment with Quaker and shall keep complete, accurate, and authentic notes, data and records of all
Inventions and of all work done by you solely or jointly with others, in the manner directed by Quaker. You hereby transfer and assign to Quaker all of your right, title, and interest in and to any and all Inventions which may be conceived or
developed by you solely or jointly with others during your employment with Quaker. You shall assist Quaker in applying, obtaining, and enforcing any United States Letters Patent and Foreign Letters Patent on any such Inventions and to take such
other actions as may be necessary or desirable to protect Quaker’s interests therein. Upon request, you shall execute any and all applications, assignments, or other documents that Quaker deems necessary and desirable for such purposes. You
have attached hereto a list of unpatented inventions that you have made or conceived prior to your employment with Quaker, and it is agreed that those inventions shall be excluded from the terms of this Agreement. 

 

	8.	Termination. 


Quaker, in its sole discretion, may terminate your employment at any time and without notice for any reason, including Cause. If you incur
a Separation from Service by action of Quaker for any reason other than Cause, death, disability or normal retirement age, Quaker agrees to: 

a. Provide you with reasonable outplacement assistance, either by providing the services in-kind, or by reimbursing reasonable expenses
actually incurred by you in connection with your Separation from Service. The outplacement services must be provided during the one-year period following your Separation from Service. If any expenses are to be reimbursed, you must request the
reimbursement within eighteen months of your Separation from Service and reimbursement will be made within 30 days of your request. 
  

 4 








 b. Pay you one year’s severance in twenty-four semi-monthly installments commencing on
the Payment Date and continuing on Quaker’s normal semi-monthly payroll dates each month thereafter, each of which is equal to your semi-monthly base salary at the time of your Separation from Service, provided you sign a Release within 45 days
of the later of the date you receive the Release or your Separation from Service. Continuation of medical and dental coverage’s will be consistent with current Quaker severance program in place at the time of termination, 

“Separation from Service” means your separation from service with Quaker and its affiliates within the meaning of Treas.
Reg. §1.409A-1(h) or any successor thereto. 
 “Cause” means your employment with Quaker has been
terminated by reason of (i) your willful and material breach of this Memorandum of Employment, (ii) dishonesty, fraud, willful malfeasance, gross negligence, or other gross misconduct, in each case relating to the performance of your
duties hereunder which is materially injurious to Quaker, or (iii) conviction of or plea of guilty or nolo contendere to a felony. 

“Payment Date” means (x) the 60th day after your Separation from Service or (y) if you are a specified
employee (as defined in Treas. Reg. §1.409A-1(i)) as of the date of your Separation from Service, and the severance described in subsection (b) is deferred compensation subject to section 409A of the Code, the first business day of the
seventh month following the month in which your Separation from Service occurs. If the Payment Date is described in clause (y), the amount paid on the Payment Date shall include all monthly installments that would have been paid earlier had clause
(y) not been applicable, plus interest at the Wall Street Journal Prime Rate published in the Wall Street Journal on the date of your Separation from Service (or the previous business day if such day is not a business day), for the period from
the date payment would have been made had clause (y) not been applicable through the date payment is made. 

“Release” means a release (in a form satisfactory to Quaker) of any and all claims against Quaker and all related
parties with respect to all matters arising out of your employment with Quaker, or the termination thereof (other than for claims for any entitlements under the terms of this Memorandum of Employment or any plans or programs of Quaker under which
you have accrued a benefit) that Quaker provides to you no later than ten days after your Separation from Service. If a release is not provided to you within this time period, the severance shall be paid even if you do not sign a release.

  

 5 









	9.	Miscellaneous 


This Agreement constitutes the entire integrated agreement concerning the subjects covered herein. In case any provision of this Agreement
shall be invalid, illegal, or otherwise unenforceable, the validity, legality, and enforceability of the remaining provisions shall not thereby be affected or impaired. You may not assign any of your rights or obligations under this Agreement
without Quaker’s prior written consent. This Agreement shall be governed by, and construed in accordance with, the laws of the Commonwealth of Pennsylvania without regard to any conflict of laws. This Agreement shall be binding upon you, your
heirs, executors, and administrators and shall inure to the benefit of Quaker as well as its successors and assigns. 
 IN
WITNESS WHEREOF, the parties hereto have executed this Agreement the day and year first above written. 
  

					
	ATTEST:	 		  	QUAKER CHEMICAL CORPORATION
			
	 /s/ W. Timothy Haines
	 		  	 /s/ Sandy Timinski

			
	WITNESS:	 		  	
			
	 /s/ Ann M. Berquist
	 		  	 /s/ Joseph Berquist

		 		  	Joseph Berquist

  

 6 








 ADDENDUM 1 

 

			
	Base Salary:	  	 Your salary will be payable on a semi-monthly basis at the rate of

$8,333.34, which is annualized at $200,000.16. You will be eligible for your next salary increase in 2011.

		
	 Annual and Long-

Term Bonuses:
	  	For your position, you are eligible to participate in the Global Annual Incentive Plan (GAIP). Your annual cash bonus is up to a maximum of 50% of your base salary. For the LTIP
2011-2013 plan period , you will be recommended to the Compensation/Management Development Committee of the Board of Directors (the “Compensation Committee”). All incentive compensation awards are made at the Company’s discretion, are
subject to change, and require the approval of the Compensation Committee.
		
	Other Items:	  	You will be allowed 12 months severance if you are asked to leave Quaker for other than Cause.
		
	Benefits:	  	 Quaker offers a Flexible Benefits Program. This gives you the opportunity to choose from a variety of options creating a customized
benefits package. The following benefits are part of the program. In each of these areas, you are offered a range of options so you may choose the ones that make the most sense for your personal situation.

 
 •     Medical

  

•     Dental

 
 •     Life
& AD&D Insurance
  

•     Long-term Disability

 
 •     Health
Care and Dependent Care Flexible Spending Accounts (FSAs)
  
 In addition to
these flexible benefits, Quaker also offers the following benefit plans:
  

•     Retirement Savings Plan (401K)

		
	Vacation / Holidays:	  	You are eligible for four weeks of vacation annually and the same paid holidays made generally available by Quaker to its other full-time employees. The company currently has
11 1/2 paid
holidays.

  

 7