Document:

Change In Control Agreement

 EXHIBIT 10 (hhh) 
  
 CHANGE IN CONTROL AGREEMENT 
  
 THIS AGREEMENT, dated August 5, 2004, between QUAKER CHEMICAL CORPORATION, a Pennsylvania corporation (the “Company”), and Michael F. Barry (the
“Manager”), 
  
 W I T N E S S E T
H    T H A T 
  
 WHEREAS, the Board of
Directors of the Company has determined that it is in the best interests of the Company and its shareholders that the Company and its subsidiaries be able to attract, retain, and motivate highly qualified management personnel and, in particular,
that they be assured of continuity of management in the event of any actual or threatened change in control of the Company; and 
  
 WHEREAS, the Board of Directors of the Company believes that the execution by the Company of change in control agreements with certain management
personnel, including the Manager, is an important factor in achieving this desired end; 
  
 NOW, THEREFORE, IN CONSIDERATION of the mutual obligations and agreements contained herein and intending to be legally bound hereby, the Manager and the Company agree as follows: 
  
 1. Term of Agreement. 
  
 This Agreement shall become effective on May 14, 2004 (the “Effective
Date”), and shall continue in effect through December 31, 2005; provided, however, that the term of this Agreement shall automatically be extended for one additional year beyond December 31, 2005, and successive one year periods thereafter,
unless, not later than eighteen (18) months (sixteen (16) months with respect to the automatic extension that would otherwise begin on January 1, 2006) preceding the calendar year in which the term would otherwise automatically extend, the Company
shall have given written notice to the Manager of intention not to extend this Agreement for an additional year, in which event this Agreement shall continue in effect until December 31 of the calendar year immediately preceding the calendar year in
which the term would have otherwise automatically extended. Notwithstanding any such notice not to extend, if a Change in Control (as defined in Section 2) occurs during the original or extended term of this Agreement, this Agreement shall remain in
effect after a Change in Control until all obligations of the parties hereto under this Agreement shall have been satisfied. 
  
 2. Change in Control. 
  
 As used in this Agreement, a “Change in Control” of the Company shall be deemed to have occurred if: 
  
 (a) Any person (a “Person”), as such term is used in Sections
13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (other than (i) the Company and/or its wholly owned subsidiaries; (ii) any ESOP or other employee benefit plan of the 

 Company and any trustee or other fiduciary in such capacity holding securities under such plan; (iii) any corporation
owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of stock of the Company; or (iv) any other Person who, within the one year prior to the event which would otherwise be a
Change in Control, is an executive officer of the Company or any group of Persons of which he voluntarily is a part), is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of
securities of the Company representing 30% or more of the combined voting power of the Company’s then outstanding securities or such lesser percentage of voting power, but not less than 15%, as determined by the members of the Board of
Directors of the Company who are independent directors (as defined in the New York Stock Exchange, Inc. Listed Company Manual); provided, however, that a Change in Control shall not be deemed to have occurred under the provisions of this subsection
(a) by reason of the beneficial ownership of voting securities by members of the Benoliel family (as defined below) unless and until the beneficial ownership of all members of the Benoliel family (including any other individuals or entities who or
which, together with any member or members of the Benoliel family, are deemed under Sections 13(d) or 14(d) of the Exchange Act to constitute a single Person) exceeds 50% of the combined voting power of the Company’s then outstanding
securities; 
  
 (b) During any two-year period after the Effective
Date, Directors of the Company in office at the beginning of such period plus any new Director (other than a Director designated by a Person who has entered into an agreement with the Company to effect a transaction within the purview of subsections
(a) or (c)) whose election by the Board of Directors of the Company or whose nomination for election by the Company’s shareholders was approved by a vote of at least two-thirds of the Directors then still in office who either were Directors at
the beginning of the period or whose election or nomination for election was previously so approved shall cease for any reason to constitute at least a majority of the Board; 
  
 (c) The consummation of (i) any consolidation or merger of the Company in which the Company is not the continuing or
surviving corporation or pursuant to which the Company’s voting common shares (the “Common Shares”) would be converted into cash, securities, and/or other property, other than a merger of the Company in which holders of Common Shares
immediately prior to the merger have the same proportionate ownership of voting shares of the surviving corporation immediately after the merger as they had in the Common Shares immediately before; or (ii) any sale, lease, exchange, or other
transfer (in one transaction or a series of related transactions) of all or substantially all the assets or earning power of the Company; or 
  
 (d) The Company’s shareholders or the Company’s Board of Directors shall approve the liquidation or dissolution of the Company. 
  
 As used in this Agreement, “members of the Benoliel family” shall
mean Peter A. Benoliel, his wife and children and their respective spouses and children, and all trusts created by or for the benefit of any of them. 
  

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 3. Entitlement to Change in Control Benefits; Certain Definitions. 
  
 The Manager shall be entitled to the benefits provided in this Agreement in
the event the Manager’s employment with the Company or its affiliates is terminated under the circumstances described in (a) or (b) below (a “Covered Termination”), provided the Manager executes and does not revoke a Release (as
defined below). 
  
 (a) A Covered Termination shall have occurred
within the meaning of this subsection (a) in the event the Manager’s employment with the Company or its affiliates is terminated within two (2) years following a Change in Control by: 
  

	 	(i)	The Company or its affiliates without Cause (as defined below); or 

  

	 	(ii)	Resignation of the Manager for Good Reason (as defined below). 

  
 (b) A Covered Termination shall have occurred within the meaning of this subsection (b) in the event the Manager’s employment with the Company or its
affiliates is terminated by the Company or its affiliates without Cause within six months prior to a Change in Control and the Manager reasonably demonstrates after such Change in Control that such termination was at the request or suggestion of any
individual or entity who or which has taken steps reasonably calculated to effect such Change in Control. 
  
 The Manager shall have no rights to any payments or benefits under this Agreement in the event the Manager’s employment with the Company and its
affiliates is terminated (i) as a result of death or Disability (as defined below), or (ii) by the Company or its affiliates for Cause. Except as provided in subsection (b), in the event the Manager’s employment is terminated for any reason
prior to a Change in Control, the Manager shall have no rights to any payments or benefits under this Agreement and, after any such termination, this Agreement shall be of no further force or effect. 
  
 “Cause” shall mean (i) the Manager’s willful and
material breach of the employment agreement, if any, between the Manager and the Company (after having received notice thereof and a reasonable opportunity to cure or correct), (ii) dishonesty, fraud, willful malfeasance, gross negligence, or other
gross misconduct, in each case relating to the performance of the Manager’s employment with the Company or its affiliates which is materially injurious to the Company, or (iii) conviction of or plea of guilty to a felony, such Cause to be
determined, in each case, by a resolution approved by at least two-thirds of the Directors of the Company after having afforded the Manager a reasonable opportunity to appear before the Board of Directors of the Company and present his position.

  
 “Disability” shall mean: (i) a physical or
mental disability which, at least twenty-six (26) weeks after its commencement, is determined to be total and permanent by a physician selected by the Company or its insurers and reasonably acceptable to the Manager or the Manager’s legal
representative, or (ii) if the Company then has in effect a long-term disability plan covering employees generally, including the Manager, the definition of covered total and permanent “disability” set forth in such plan. 
  

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 “Good Reason” shall mean any of the following actions without the Manager’s
consent, other than due to the Manager’s death or Disability: (i) any reduction in the Manager’s base salary from that provided immediately before the Covered Termination or, if higher, immediately before the Change in Control; (ii) any
reduction in the Manager’s bonus opportunity (including cash and noncash incentives) or increase in the goals or standards required to accrue that opportunity, as compared to the opportunity and goals or standards in effect immediately before
the Change in Control; (iii) a material adverse change in the nature or scope of the Manager’s authorities, powers, functions, or duties from those in effect immediately before the Change in Control; (iv) a reduction in the Manager’s
benefits from those provided immediately before the Change in Control, disregarding any reduction under a plan or program covering employees generally that applies to all employees covered by the plan or program; or (v) the Manager being required to
accept a primary employment location which is more than twenty-five (25) miles from the location at which he primarily was employed during the ninety (90) day period prior to a Change in Control. 
  
 “Release” shall mean a release (in a form satisfactory to
the Company) of any and all claims against the Company and all related parties with respect to all matters arising out of the Manager’s employment by the Company and its affiliates, or the termination thereof (other than claims for any
entitlements under the terms of this Agreement or under any plans or programs of the Company under which the Manager has accrued a benefit). Notwithstanding any provision of this Agreement to the contrary, the Manager shall not be entitled to any
payments or benefits under this Agreement unless the Manager executes and does not revoke a Release. 
  
 4. Severance Allowance. 
  
 (a) Amount of Severance Allowance. In the event of a Covered Termination, except as provided in Section 7, the Company shall pay or cause to be paid to the Manager in cash a severance allowance (the “Severance Allowance”)
equal to 1.5 times the sum of the amounts determined in accordance with the following paragraphs (i) and (ii): 
  

	 	(i)	An amount equivalent to the highest annualized base salary which the Manager was entitled to receive from the Company and its subsidiaries at any time during his employment prior to
the Covered Termination; and 

  

	 	(ii)	An amount equal to the average of the aggregate annual amounts paid to the Manager under all applicable annual incentive compensation plans maintained by the Company and its
affiliates (other than compensation relating to relocation expense; the grant, exercise, or settlement of stock options or performance incentive units or the sale or other disposition of shares received upon exercise or settlement of such options)
during the three (3) calendar years prior to the year such Covered Termination occurs or, if higher, prior to the year such Change in Control occurs (provided, however, that (x) in determining the average amount paid under the annual incentive plan
during such period there shall be excluded any year in which no amounts were paid to the Manager under that plan; and (y) there shall be excluded from such calculation any amounts paid to the Manager under any such incentive compensation plan as a
result of the acceleration of such payments under such plan due to termination of the plan, a Change in Control, or a similar occurrence). 

  

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 In no event shall any retention bonus or change in control or success fee be taken into account when determining the
amount of the Severance Allowance hereunder. 
  
 (b) Payment of
Severance Allowance. The Severance Allowance shall be paid to the Manager (i) in a lump sum within sixty (60) days after the date of any termination of the Manager covered by Section 3(a), or (ii) in the case of a termination described in
Section 3(b), in a lump sum within sixty (60) days after the date of the Change in Control giving rise to such Covered Termination. 
  
 5. Outplacement and Welfare Benefits. 
  
 (a) Outplacement. Subject to Section 7, for a period of one year following a Covered Termination of the Manager (or the Change in Control resulting
in a Covered Termination, if later), the Company shall make or cause to be made available to the Manager, at its expense, outplacement counseling and other outplacement services comparable to those available for the Company’s senior managers
prior to the Change in Control. 
  
 (b) Welfare Benefits.
Subject to Section 7, for a period of 18 months following a Covered Termination of the Manager (or the Change in Control resulting in a Covered Termination, if later), the Manager and the Manager’s dependents shall be entitled to participate in
the Company’s life, medical, and dental insurance plans at the Company’s expense, in accordance with the terms of such plans at the time of such Covered Termination as if the Manager were still employed by the Company or its affiliates
under this Agreement. If, however, life, medical, or dental insurance benefits are not paid or provided under any such plan to the Manager or his dependents because the Manager is no longer an employee of the Company or its subsidiaries, the Company
itself shall, to the extent necessary, pay or otherwise provide for such benefits to the Manager and his dependents. 
  
 6. Supplemental Retirement Income Program. 
  
 In the event of a Covered Termination, Manager shall be entitled to receive a supplemental retirement benefit determined under the provisions of the
Quaker Chemical Corporation Supplemental Retirement Income Program (the “SRIP”), regardless of whether Manager has otherwise satisfied the requirements for eligibility to participate in or to receive benefits under the SRIP. Such benefit,
determined in the form of a single life annuity commencing at age 65, shall be based on service and compensation through the date of the Covered Termination. The following rules shall apply in determining Manager’s benefit under the SRIP:

  
 (a) All reductions for applicable taxes shall be based on tax
rates in effect on the payment commencement date. 
  
 (b)
Manager’s projected Social Security benefits payable at age 65 shall be determined assuming that Manager continued employment to age 65 at the level of compensation in effect immediately prior to the Covered Termination. 
  

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 (c) Manager’s projected benefits payable from the Company’s qualified pension plan at age 65
shall equal his actual accrued benefit under the Quaker Chemical Corporation Pension Plan or any successor thereto (including his Prior Plan Benefit and Cash Balance Benefit, as such terms are defined in such plan as currently in effect), in the
form of a single life annuity commencing at age 65. 
  
 Such benefit shall be paid
to Manager in the form of a single life annuity commencing at Manager’s attainment of age 65 in the event a Change in Control occurs after December 31, 2005. Notwithstanding any provision of the SRIP to the contrary, in the event a Change in
Control occurs in 2004 or 2005, such benefit shall be paid in a lump sum distribution within 60 days of Manager’s Covered Termination in an amount equal to the present value of the benefit payable in the form of a single life annuity commencing
at age 65. Notwithstanding any provision of the SRIP to the contrary, such present value shall be determined using the discount rate set forth in Treas. Reg. §1.280G-1 Q/A-32 (or any successor thereto) and such other actuarial assumptions
necessary for determining present value as set forth in the Quaker Chemical Corporation Pension Plan (or any successor thereto). 
  
 7. Effect of Other Employment. 
  
 In the event the Manager becomes employed (as defined below) during the period with respect to which benefits are continuing pursuant to Section 5: (a)
the Manager shall notify the Company not later than the day such employment commences; and (b) the benefits provided for in Section 5 shall terminate as of the date of such employment. For the purposes of this Section 7, the Manager shall be deemed
to have become “employed” by another entity or person only if the Manager becomes essentially a full-time employee of a person or an entity (not more than 30% of which is owned by the Manager and/or members of his family); and the
Manager’s “family” shall mean his parents, his siblings and their spouses, his children and their spouses, and the Manager’s spouse and her parents and siblings. Nothing herein shall relieve the Company of its obligations for
compensation or benefits accrued up to the time of termination provided for herein. 
  
 8. Other Payments and Benefits. 
  
 Within
(30) business days after the Covered Termination (or the Change in Control resulting in a Covered Termination, if later), the Company shall pay or cause to be paid to the Manager the aggregate of: (a) the Manager’s earned but unpaid base salary
through the Covered Termination at the rate in effect on the date of the Covered Termination, or if higher, at the rate in effect at any time during the 90-day period preceding the Change in Control; (b) any unpaid bonus or annual incentive payable
to the Manager in respect of the calendar year ending prior to the Covered Termination; (c) the pro rata portion of any and all unpaid bonuses and annual incentive awards for the calendar year in which the Covered Termination occurs, 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 Covered Termination, and the denominator of which is 365) of the target bonuses or annual incentive
awards for such calendar year; and (d) the pro rata portion of any and all awards under the Company’s long term incentive plan for the performance period(s) in which the Covered Termination occurs, said pro rata 
  

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 portion to 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 Covered Termination, 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 Covered Termination not occurred, and (ii) the target level of performance been achieved for the applicable performance period. The Manager shall be entitled to receive any other payments or benefits that the Manager is entitled to pursuant to
the express terms of any compensation or benefit plan or arrangement of the Company or any of its affiliates; provided that the Severance Allowance (x) shall be in lieu of any severance payments to which the Manager might otherwise be entitled under
the terms of any severance pay plan, policy, or arrangement maintained by the Company or the employment agreement, if any, between the Manager and the Company, and (y) shall be credited against any severance payments to which the Manager may be
entitled by statute. 
  
 9. Death After Covered Termination.

  
 In the event the Manager dies after a Covered Termination
occurs, (a) any payments due to the Manager under Section 4 and the first sentence of Section 8 and not paid prior to the Manager’s death shall be made to the person or persons who may be designated by the Manager in writing or, in the event he
fails to so designate, to the Manager’s personal representatives, and (b) the Manager’s dependents shall be eligible for the welfare benefits described in Section 5(b). 
  
 10. Confidentiality and Noncompetition. 
  
 (a) Confidential Information. The Manager acknowledges that information concerning the method and conduct of the
Company’s (and any affiliate’s) business, including, without limitation, strategic and marketing plans, budgets, corporate practices and procedures, financial statements, customer and supplier information, formulae, formulation
information, application technology, manufacturing information, and laboratory test methods and all of the Company’s (and any affiliate’s) manuals, documents, notes, letters, records, and computer programs (“Proprietary Business
Information”), are the sole and exclusive property of the Company (and/or the Company’s affiliates, as the case may be) and are likely to constitute, contain or reveal trade secrets (“Trade Secrets”) of the Company (and/or the
Company’s affiliate’s, as the case may be). The term “Trade Secrets” as used herein does not include Proprietary Business Information that is known or becomes known to the public through no act or failure to act on the part of
the Manager, or which can be clearly shown by written records to have been known by the Manager prior to the commencement of his employment with the Company. 
  

	 	(i)	The Manager agrees that at no time during or following his employment with the Company will he use, divulge, or pass on, directly or through any other individual or entity, any
Trade Secrets. 

  

	 	(ii)	Upon termination of the Manager’s employment with the Company regardless of the reason for the termination of the Manager’s employment hereunder, or at any other time upon
the Company’s request, the Manager agrees to forthwith surrender to the Company any and all materials in his possession or control which constitute or contain any Proprietary Business Information. 

  

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 (b) Noncompetition. The Manager agrees that during his employment and for a period of one (1) year
thereafter, regardless of the reason for the termination of the Manager’s employment, he will not: 
  

	 	(i)	directly or indirectly, together or separately or with any third party, whether as an individual proprietor, partner, stockholder, officer, director, joint venturer, investor, or in
any other capacity whatsoever actively engage in business or assist anyone or any firm in business as a manufacturer, seller, or distributor of specialty chemical products or chemical management services which are the same, like, similar to, or
which compete with the products and services offered by the Company (or any of its affiliates); 

  

	 	(ii)	recruit or solicit any employee of the Company (or any of its affiliates) or otherwise induce such employee to leave the employ of the Company (or any of its affiliates) or to
become an employee or otherwise be associated with his or any firm, corporation, business or other entity with which he is or may become associated; or 

  

	 	(iii)	solicit, directly or indirectly, for himself or as agent or employee of any person, partnership, corporation, or other entity (other than for the Company), any then or former
customer, supplier, or client of the Company with the intent of actively engaging in business which would cause competitive harm to the Company (or any of its affiliates). 

  
 (c) Severability. The Manager acknowledges and agrees that all of the foregoing restrictions are reasonable as to the
period of time and scope. However, if any paragraph, sentence, clause, or other provision is held invalid or unenforceable by a court of competent and relevant jurisdiction, such provision shall be deemed to be modified in a manner consistent with
the intent of such original provision so as to make it valid and enforceable, and this Agreement and the application of such provision to persons and circumstances other than those with respect to which it would be invalid or unenforceable shall not
be affected thereby. 
  
 (d) Remedies. The Manager agrees
and recognizes that in the event of a breach or threatened breach of the provisions of the restrictive covenants contained in this Section 10, the Company may suffer irreparable harm, and monetary damages may not be an adequate remedy. Therefore, if
any breach occurs or is threatened, the Company shall be entitled to seek equitable remedies, including injunctive relief in any court of applicable jurisdiction notwithstanding the provisions of Section 12. In the event of any breach of the
restrictive covenant contained in this Section 10, the term of the restrictive covenant specified herein 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. Furthermore, if a court or arbitration panel determines that the Manager has breached any of the provisions of this Section 10, the Company’s obligations to pay amounts and continue the benefits under this
Agreement to the Manager (and his dependents) shall immediately terminate. 
  

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 11. Set-Off Mitigation. 
  
 Except as provided in Section 7, the Company’s obligation to make the payments provided for in this Agreement and
otherwise to perform its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense, or other claim, right, or action which the Company may have against the Manager or others. In no event shall the Manager be
obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Manager under any of the provisions of this Agreement. 
  
 12. Arbitration: Costs and Expenses of Enforcement. 
  
 (a) Arbitration. Except as otherwise provided in Sections 10(d) and 13, any controversy or claim arising out of or
relating to this Agreement or the breach thereof which cannot promptly be resolved by the parties shall be promptly submitted to and settled exclusively by arbitration in the City of Philadelphia, Pennsylvania, in accordance with the laws of the
Commonwealth of Pennsylvania by three arbitrators, one of whom shall be appointed by the Company, one by the Manager, and the third of whom shall be appointed by the first two arbitrators. The arbitration shall be conducted in accordance with the
rules of the American Arbitration Association, except with respect to the selection of arbitrators which shall be as provided in this Section 12. Judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction
thereof. 
  
 (b) Costs and Expenses. In the event that it
shall be necessary or desirable for the Manager to retain legal counsel and/or incur other costs and expenses in connection with the enforcement of any and all of his rights under this Agreement, the Company shall pay (or the Manager shall be
entitled to recover from the Company, as the case may be) his reasonable attorneys’ fees and costs and expenses in connection with the enforcement of his said rights (including those incurred in or related to any arbitration proceedings
provided for in subsection (a) and the enforcement of any arbitration award in court), regardless of the final outcome. 
  
 13. Limitation on Payment Obligation. 
  
 (a) Application. This Section 13 shall not apply in the event a Change in Control occurs in 2004 or 2005. This Section 13 shall apply in the event
a Change in Control occurs after December 31, 2005. 
  
 (b)
Definitions. For purposes of this Section 13, all terms capitalized but not otherwise defined herein shall have the meanings as set forth in Section 280G of the Internal Revenue Code of 1986, as amended, together with any applicable
regulations thereunder (the “Code”). In addition: 
  

	 	(i)	the term “Parachute Payment” shall mean a payment described in Section 280G(b)(2)(A) or Section 280G(b)(2)(B) (including, but not limited to, any stock option rights,
stock grants, and other cash and noncash compensation amounts that are treated as payments under either such section) and not excluded under Section 280G(b)(4)(A) or Section 280G(b)(6) of the Code; 

  

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	 	(ii)	the term “Reasonable Compensation” shall mean reasonable compensation for prior personal services as defined in Section 280G(b)(4)(B) of the Code and subject to the
requirement that any such reasonable compensation must be established by clear and convincing evidence; and 

  

	 	(iii)	the portion of the “Base Amount” and the amount of “Reasonable Compensation” allocable to any “Parachute Payment” shall be determined in accordance
with Section 280G(b)(3) and (4) of the Code. 

  
 (c)
Limitation. Notwithstanding any other provision of this Agreement, each Parachute Payment to be made to or for the benefit of the Manager, whether pursuant to this Agreement or otherwise, with respect to a Change in Control that occurs after
December 31, 2005 shall be reduced if and to the extent necessary so that the aggregate Present Value of all such Parachute Payments shall be at least one dollar ($1.00) less than the greater of (i) three times the Manager’s Base Amount and
(ii) the aggregate Reasonable Compensation allocable to such Parachute Payments. Unless otherwise agreed by the Manager and the Company, any reduction in Parachute Payments caused by reason of this subsection (c) shall be made proportionately with
respect to each such Parachute Payment. 
  
 This subsection (c)
shall be interpreted and applied to limit the amounts otherwise payable to the Manager under this Agreement or otherwise with respect to a Change in Control that occurs after December 31, 2005 only to the extent required to avoid any material risk
of the imposition of excise taxes on the Manager under Section 4999 of the Code or the disallowance of a deduction to the Company under Section 280G(a) of the Code. In the making of any such interpretation and application, the Manager shall be
presumed to be a disqualified individual for purposes of applying the limitations set forth in this subsection (c) without regard to whether or not the Manager meets the definition of disqualified individual set forth in Section 280G(c) of the Code.
In the event that the Manager and the Company are unable to agree as to the application of this subsection (c), the Company’s independent auditors shall select independent tax counsel to determine the amount of such limits. Such selection of
tax counsel shall be subject to the Manager’s consent, provided that the Manager shall not unreasonably withhold his consent. The determination of such tax counsel under this Section 13 shall be final and binding upon the Manager and the
Company. 
  
 (d) Illegal Payments. Notwithstanding any
other provision of this Agreement, no payment shall be made hereunder to or for the benefit of the Manager if and to the extent that such payments are determined to be illegal. 
  
 14. Notices. 
  
 Any notices, requests, demands, and other communications provided for by this Agreement shall be sufficient if in writing, and if hand delivered or if
sent by registered or certified mail, if to the Manager, at the last address he had filed in writing with the Company or if to the Company, at its principal executive offices. Notices, requests, etc. shall be effective when actually received by the
addressee or at such address. 
  

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 15. Withholding. 
  

Notwithstanding any provision of this Agreement to the contrary, the Company may, to the extent required by law, withhold applicable Federal, state and
local income and other taxes from any payments due to the Manager hereunder. 
  
 16. Assignment and Benefit. 
  
 (a) This
Agreement is personal to the Manager and shall not be assignable by the Manager, by operation of law, or otherwise without the prior written consent of the Company otherwise than by will or the laws of descent and distribution. This Agreement shall
inure to the benefit of and be enforceable by the Manager’s heirs and legal representatives. 
  
 (b) This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns, including, without limitation, any
subsidiary of the Company to which the Company may assign any of its rights hereunder; provided, however, that no assignment of this Agreement by the Company, by operation of law, or otherwise shall relieve it of its obligations hereunder except an
assignment of this Agreement to, and its assumption by, a successor pursuant to subsection (c). 
  
 (c) The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation operation of law, or otherwise) to all or
substantially all of the business and/or assets of the Company to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place,
but, irrespective of any such assignment or assumption, this Agreement shall inure to the benefit of and be binding upon such a successor. As used in this Agreement, “Company” shall mean the Company as hereinbefore defined and any
successor to its business and/or assets as aforesaid. 
  
 17. Governing
Law. 
  
 The provisions of this Agreement shall be
construed in accordance with the laws of the Commonwealth of Pennsylvania without reference to principles of conflicts of laws. 
  
 18. Entire Agreement. 
  
 This Agreement represents the entire agreement and understanding of the parties with respect to the subject matter hereof, and it may not be altered or
amended except by an agreement in writing executed by the Company and the Manager. 
  
 19. No Waiver. 
  
 The failure to insist
upon strict compliance with any provision of this Agreement by any party shall not be deemed to be a waiver of any future noncompliance with such provision or of noncompliance with any other provision. 
  

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 20. Severability. 
  

In the event that any provision or portion of this Agreement shall be determined to be invalid or unenforceable for any reason, the remaining
provisions of this Agreement shall be unaffected thereby and shall remain in full force and effect. 
  
 21. Indemnification. 
  
 The Company shall defend and hold the Manager harmless to the fullest extent permitted by applicable law in connection with any claim, action, suit, investigation or proceeding arising out of or relating to performance by the Manager of
services for, or action of the Manager as a director, officer or employee of the Company or any parent, subsidiary or affiliate of the Company, or of any other person or enterprise at the Company’s request. Expenses incurred by the Manager in
defending a claim, action, suit or investigation or criminal proceeding shall be paid by the Company in advance of the final disposition thereof upon the receipt by the Company of an undertaking by or on behalf of the Manager to repay said amount
unless it shall ultimately be determined that the Manager is entitled to be indemnified hereunder; provided, however, that this shall not apply to a nonderivative action commenced by the Company against the Manager. 
  
 IN WITNESS WHEREOF, the Manager has hereunto set his hand and, pursuant to
the authorization from its Board of Directors, the Company has caused these presents to be executed in its name and on its behalf and attested by its Secretary or Assistant Secretary, all as of the day and year first above written. 
  

					
	 	 	 MANAGER

		
	 	 	 /s/ Michael F. Barry

	 	 	 Michael F. Barry

		
	 	 	 QUAKER CHEMICAL CORPORATION

			
	 	 	By:	 	 /s/ Ronald J. Naples

	 	 	 	 	 Ronald J. Naples

			
	 	 	Title:	 	 Chairman & Chief Executive Officer

	 ATTEST:
	 	 	 	 
			
	 /s/ D. Jeffry Benoliel

	 	 	 	 
	 D. Jeffry Benoliel
	 	 	 	 

  

 - 12 -FORM OF AMENDED AND RESTATED RESTRICTED STOCK AGREEMENT

 Exhibit 10.1 
  
 Confidential Materials omitted and filed separately with the Securities and Exchange Commission. Asterisks denote omissions.

  
 PerkinElmer, Inc. 
  
 Restricted Stock Agreement 
 Granted under 2001 Incentive Plan 
  
 This AMENDED AND RESTATED AGREEMENT made as of the twenty-seventh day of January, 2004, between PerkinElmer, Inc., a Massachusetts corporation (the
“Company”), and                      (the “Participant”). 
  
 For valuable consideration, receipt of which is acknowledged, the parties hereto agree as follows: 
  
 1. Grant of Shares. 
  
 (a) Grant. The Company shall issue to the Participant, subject to the
terms and conditions set forth in this Agreement and in the Company’s 2001 Incentive Plan (the “Plan”),              shares (the “Shares”) of common stock,
$1.00 par value per share, of the Company (“Common Stock”). The Company shall issue to the Participant one or more certificates in the name of the Participant for that number of Shares issued to the Participant. The Participant agrees that
the Shares shall be subject to vesting as set forth in Section 2 of this Agreement and the restrictions on transfer set forth in Section 3 of this Agreement. 
  
 (b) Forfeiture. If the Participant ceases to be employed by the Company for any reason or no reason, with or without cause, before the Shares vest,
the Shares shall be immediately forfeited to the Company in exchange for $.001 per Share. Notwithstanding anything herein to the contrary, if the Shares do not vest on or before the occurrence of one or more of the events set forth in Section 2, the
Shares shall automatically be forfeited to the Company in exchange for $.001 per Share. 
  
 (c) Deferral. The Participant may within 90 days of the date hereof make an irrevocable election to exchange any Shares for an account balance under the Company’s 1998 Deferred Compensation Plan, 1999
Restatement (the “Deferred Compensation Plan”), denominated in units equal in value to the value of the Shares and distributable only in shares of Common Stock at the time designated by the Participant at the time of such election;
provided, however, that such units shall be subject to the vesting provisions of Section 2 of this Agreement. Such account balance shall be reduced to $.001 per share with respect to any unvested share units if the Participant ceases to be employed
by the Company for any reason or no reason, with or without cause, before such share units vest pursuant to Section 2 of this Agreement. 
  
 2. Vesting. Provided that the Participant remains employed by the Company on the occurrence of the following events or date(s), the Shares will
become exercisable (“vest”) as to: 
  
 (a) 33% of the
original number of Shares upon achievement of earnings per share (EPS) of the Company equal to or greater than $[**] on or before the last day of the Company’s 2006 fiscal year; 

 (b) as to an additional 33% of the original number of Shares upon achievement of earnings per share (EPS)
of the Company equal to or greater than $[**] on or before the last day of the Company’s 2006 fiscal year; 
  
 (c) as to the remaining 34% of the original number of Shares upon achievement of earnings per share (EPS) of the Company equal to or greater than $[**] on
or before the last day of the Company’s 2006 fiscal year; 
  
 (d) EPS is defined in Exhibit A. Notwithstanding the above, the Compensation and Benefits Committee, may, in its sole discretion determine that the vesting criteria have been met; 
  
 (e) 100% of any remaining unvested Shares upon the death or permanent
disability of the Participant on or before the last day of the Company’s 2006 fiscal year. The Participant shall be deemed to be permanently disabled if he has been unable to perform his duties for the Company for a six consecutive month period
and if he is entitled to long-term disability benefits under the Company’s long term disability plan, as determined by the long term disability carrier; or 
  

(f) 100% of any remaining unvested Shares upon the occurrence of a Change in Control on or before the last day of the Company’s 2006 fiscal year.
For purposes of this Agreement, a “Change in Control” means an event or occurrence set forth in one or more of paragraphs (i) to (iv) below (including an event or occurrence that constitutes a Change in Control under one of such
subsections but that is specifically exempted under another such subsection): 
  
 (i) The acquisition by an individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), (a “Person”) of
beneficial ownership of any capital stock of the Company if, after such acquisition, such Person beneficially owns (within the meaning of Rule 13d-3 promulgated under the Exchange Act) 20% or more of either (A) the then-outstanding shares of Common
Stock of the Company (the “Outstanding Company Common Stock”) or (B) the combined voting power of the then-outstanding securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting
Securities”); provided, however, that for purposes of this subsection (i), none of the following acquisitions of Outstanding Company Common Stock or Outstanding Company Voting Securities shall constitute a Change in Control: (I) any acquisition
directly from the Company (excluding an acquisition pursuant to the exercise, conversion, or exchange of any security exercisable for, convertible into or exchangeable for common stock or voting securities of the Company, unless the Person
exercising, converting or exchanging such security acquired such security directly from the Company or an underwriter or agent of the Company), (II) any acquisition by the Company, (III) any acquisition by an employee benefit plan (or related trust)
sponsored or maintained by the Company or any corporation controlled by the Company, or (IV) any acquisition by any corporation pursuant to a transaction which complies with clauses (A) and (B) of paragraph (iii) of this Section 2(f); 
  

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 (ii) Such time as the Continuing Directors (as defined below) do not constitute a majority of the Board
(or, if applicable, the Board of Directors of a successor corporation to the Company), where the term “Continuing Director” means at any date a member of the Board (A) who is a member of the Board on the date of the execution of this
Agreement, or (B) who was nominated or elected subsequent to such date by at least a majority of the directors who were Continuing Directors at the time of such nomination or election or whose election to the Board was recommended or endorsed by at
least a majority of the directors who were Continuing Directors at the time of such nomination or election; provided, however, that there shall be excluded from this clause (B) any individual whose initial assumption of office occurred as a result
of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents, by or on behalf of a person other than the Board; 
  
 (iii) The consummation of a merger, consolidation, reorganization,
recapitalization or share exchange involving the Company or a sale or other disposition of all or substantially all of the assets of the Company (a “Business Combination”), unless, immediately following such Business Combination, each of
the following two conditions is satisfied: (A) all or substantially all of the individuals or entities who were the beneficial owners of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such
Business Combination beneficially own, directly or indirectly, more than 50% of the then-outstanding shares of common stock and the combined voting power of the then-outstanding securities entitled to vote generally in the election of directors,
respectively, of the surviving, resulting or acquiring corporation in such Business Combination (which shall include, without limitation, a corporation which as a result of such transaction owns the Company or substantially all of the Company’s
assets either directly or indirectly through one or more other entities) (such resulting or acquiring corporation is referred to herein as the “Acquiring Corporation”) in substantially the same proportions as their ownership immediately
prior to such Business Combination, of the Outstanding Company Common Stock and Outstanding Company Voting Securities, respectively; and (B) no Person beneficially owns, directly or indirectly, 20% or more of the combined voting power of the
then-outstanding securities of such corporation entitled to vote generally in the election of directors (except to the extent that such ownership existed prior to the Business Combination); or 
  
 (iv) Approval by the stockholders of the Company of a complete liquidation
or dissolution of the Company. 
  
 For purposes of this Agreement, employment with
the Company shall include employment with a parent or subsidiary of the Company. Absent a determination otherwise by the Committee, the Participant must be employed through the vesting date to be entitled to the Shares. 
  
 3. Restrictions on Transfer. 
  
 (a) The Participant shall not sell, assign, transfer, pledge, hypothecate or
otherwise dispose of, by operation of law or otherwise (collectively “transfer”) any Shares, or any interest therein, that are unvested, except that the Participant may transfer such Shares (i) to or for the benefit of any spouse,
children, parents, uncles, aunts, siblings, grandchildren and any other relatives approved by the Board of Directors (collectively, “Approved Relatives”) or to a 
  

 - 3 - 

 trust established solely for the benefit of the Participant and/or Approved Relatives, provided that such Shares
shall remain subject to this Agreement (including without limitation the restrictions on transfer set forth in this Section 3) and such permitted transferee shall, as a condition to such transfer, deliver to the Company a written instrument
confirming that such transferee shall be bound by all of the terms and conditions of this Agreement, (ii) as part of the sale of all or substantially all of the shares of capital stock of the Company (including pursuant to a merger or
consolidation), or (iii) to the Company in exchange for an account balance under the Company’s Deferred Compensation Plan subject to the terms set forth in Section 1 of this Agreement. 
  
 (b) The Company shall not be required (i) to transfer on its books any of the
Shares which have been transferred in violation of any of the provisions set forth in this Agreement or (ii) to treat as owner of such Shares or to pay dividends to any transferee to whom such Shares have been transferred in violation of any of the
provisions of this Agreement. 
  
 4. Restrictive Legends.

  
 All certificates representing Shares shall have affixed
thereto legends in substantially the following form, in addition to any other legends that may be required under federal or state securities laws: 
  
 “The shares of stock represented by this certificate are subject to restrictions on transfer set forth in a certain Restricted Stock Agreement
between the corporation and the registered owner of these shares (or his predecessor in interest), and such Agreement is available for inspection without charge at the office of the Clerk of the corporation.” 
  
 5. Provisions of the Plan This Agreement is subject to the provisions
of the Plan, a copy of which is furnished to the Participant with this Agreement. 
  
 6. Adjustments for Stock Splits, Stock Dividends, Etc. 
  
 (a) If from time to time during the term of this Agreement, there is any stock split-up, reverse stock split, stock dividend, stock distribution, recapitalization, combination of shares, reclassification of shares,
spin-off or other similar change in capitalization event or other reclassification of the Common Stock of the Company, or any distribution to holders of Common Stock other than a normal cash dividend, then any and all new, substituted or additional
securities to which the Participant is entitled by reason of his ownership of the Shares shall be immediately considered unvested to the extent that the Shares in respect of which such new, substituted or additional securities are received were
unvested at the time of receipt of such new, substituted or additional securities, and shall be subject to the restrictions on transfer and other provisions of this Agreement to the same extent as such unvested Shares. 
  
 (b) If the Shares are converted into or exchanged for, or stockholders of the
Company receive by reason of any distribution in total or partial liquidation, securities of another corporation, or other property (including cash), pursuant to any merger of the Company or acquisition of its assets, other than one that constitutes
a Change in Control for the purposes of 
  

 - 4 - 

 Section 2 of this Agreement, then the rights of the Company under this Agreement shall inure to the benefit of the
Company’s successor and this Agreement shall apply to the securities or other property received upon such conversion, exchange or distribution in the same manner and to the same extent as to the Shares. 
  
 7. Withholding Taxes; Section 83(b) Election. 
  
 (a) The Participant acknowledges and agrees that the Company has the right
to deduct from payments of any kind otherwise due to the Participant any federal, state or local taxes of any kind required by law to be withheld with respect to the vesting of the Shares. 
  
 (b) The Participant acknowledges and agrees that he may not make an election
under Section 83(b) of the Internal Revenue Code with respect to the Shares. The Participant has reviewed with the Participant’s own tax advisors the federal, state, local and foreign tax consequences of this investment and the transactions
contemplated by this Agreement. The Participant is relying solely on such advisors and not on any statements or representations of the Company or any of its agents. The Participant understands that the Participant (and not the Company) shall be
responsible for the Participant’s own tax liability that may arise as a result of this investment or the transactions contemplated by this Agreement. 
  
 8. Miscellaneous. 
  
 (a) No Rights to Employment. The Participant acknowledges and agrees that the vesting of the Shares pursuant to Section 2 hereof is earned only by
continuing service as an employee at the will of the Company (not through the act of being hired or purchasing shares hereunder) and satisfying the other terms and conditions set forth in Section 2. The Participant further acknowledges and agrees
that the transactions contemplated hereunder and the vesting schedule set forth herein do not constitute an express or implied promise of continued engagement as an employee or consultant for the vesting period, for any period, or at all.

  
 (b) Severability. The invalidity or unenforceability of
any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, and each other provision of this Agreement shall be severable and enforceable to the extent permitted by law. 
  
 (c) Waiver. Any provision for the benefit of the Company contained in
this Agreement may be waived, either generally or in any particular instance, by the Board of Directors of the Company. 
  
 (d) Binding Effect. This Agreement shall be binding upon and inure to the benefit of the Company and the Participant and their respective heirs,
executors, administrators, legal representatives, successors and assigns, subject to the restrictions on transfer set forth in Section 3 of this Agreement. 
  
 (e) Notice. All notices required or permitted hereunder shall be in writing and deemed effectively given upon personal delivery or five days after
deposit in the United States Post Office, by registered or certified mail, postage prepaid, addressed to the other party 
  

 - 5 - 

 hereto at the address shown beneath his or its respective signature to this Agreement, or at such other address or
addresses as either party shall designate to the other in accordance with this Section 8(e). 
  
 (f) Pronouns. Whenever the context may require, any pronouns used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns and pronouns shall include
the plural, and vice versa. 
  
 (g) Entire Agreement. This
Agreement and the Plan constitute the entire agreement between the parties, and supersede all prior agreements and understandings, relating to the subject matter of this Agreement. 
  
 (h) Amendment. This Agreement may be amended or modified only by a written instrument executed by both the Company
and the Participant. 
  
 (i) Governing Law. This Agreement
shall be construed, interpreted and enforced in accordance with the internal laws of the Commonwealth of Massachusetts without regard to any applicable conflicts of laws. 
  
 (j) Participant’s Acknowledgments. The Participant acknowledges that he or she: (i) has read and understands
this Agreement; (ii) has been represented in the preparation, negotiation, and execution of this Agreement by legal counsel of the Participant’s own choice or has voluntarily declined to seek such counsel; (iii) understands the terms and
consequences of this Agreement; (iv) is fully aware of the legal and binding effect of this Agreement; and (v) understands that the law firm of Hale and Dorr LLP, is acting as counsel to the Company in connection with the transactions contemplated
by the Agreement, and is not acting as counsel for the Participant. 
  
 (k) Delivery of Certificates. The Participant authorizes the Company, on his behalf, to hold the Shares on book entry until the date on which the Shares vest. 
  

 - 6 - 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above
written. 
  

			
	 PERKINELMER, INC.

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 
	 Address:
	 	 45 William Street

	 	 	 Wellesley, Massachusetts 02481

	
	 PARTICIPANT

	  
  
  

  

 - 7 - 

 EXHIBIT A 
  

Definition of Earnings Per Share 
  
 (a) Earnings Per Share (EPS) shall mean post-tax earnings per common share on a GAAP basis for the applicable fiscal year determined on a fully diluted
basis as reported in the Company’s annual consolidated financial statements, except that EPS shall be computed disregarding option expense and LTIP expense, adjusted as hereinafter described. 
  
 (b) If any of the following events occurs after the end of the Company’s
2003 fiscal year, then in each fiscal year in which any such event directly affects post-tax earnings per share, including the 2003 fiscal year, a corresponding adjustment shall be made to arrive at EPS for such year: 
  

	 	(1)	Any common stock split or common stock dividend, common stock subdivision or reclassification. 

  

	 	(2)	Any change in accounting principles or Company accounting practices. 

  

	 	(3)	Any change in laws, regulations or interpretations thereof. 

  

	 	(4)	Any items of a non-recurring nature, as evidenced by their exclusion from adjusted earnings in the Company’s reported quarterly financial statements. 

 

	 	(5)	Any extraordinary item, determined under generally accepted accounting principles. 

  
 (c) In the event of acquisitions, divestitures, or other growth or improvement initiatives, the Board of Directors may
adjust the vesting targets (as defined in Section 2) as it deems appropriate to take account of the impact on EPS. 
  

 - 8 -

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