Document:

exhibit103

 

 

1 
EXHIBIT 10.3 
CHANGE IN CONTROL AGREEMENT 
 
THIS AGREEMENT, 
dated May 24, 2022 between QUAKER CHEMICAL CORPORATION, 
d/b/a QUAKER 
HOUGHTON, a Pennsylvania corporation (the “Company”), 
and MELISSA LENEIS (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 that the Change in Control Agreement is amended 
and restated, as follows: 
1.
Term 
of Agreement. 
 
This Agreement shall become effective on your start date 
with the Company (the “Effective Date”), and shall continue 
in 
effect through December 31, 2022, provided, however, 
that the term of this Agreement shall automatically be extended for successive 
one-year periods thereafter, unless, not later than 
eighteen (18) months preceding the calendar year for 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 for 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; 

 

 

 

 

 

 

 

2 
(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. 
 

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 has a Separation from 
Service under the circumstances described in (a) below (a “Covered 
Termination”), provided the 
Manager executes and does not 
revoke a Release (as defined below), if any, 
provided by the Company. 
(a)
A Covered Termination 
shall have occurred 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).
 
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. 
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. 
“Code” shall mean the Internal Revenue Code of 1986, as amended, together with 
any applicable regulations thereunder. 
“Disability” shall mean covered total and permanent disability as defined 
in the long-term disability plan maintained by the 
Company for employees generally or, if the Company 
does not maintain such a plan, the long-term disability plan most recently 
maintained by the Company for employees generally. 
“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. 

 
“Payment Date” shall mean the 60th day after the Manager’s Separation 
from Service, subject to Section 9. 
 
“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, 
under any employment agreement 
between the Manager and the Company, 
or under any plans or programs of the Company under which the 
Manager has accrued a 

 

 

 

 

 

 

 

 

3 
benefit) 
that the Company provides to the Manager no later than three days after the date of the Manager’s 
Covered Termination. 

Notwithstanding any provision of this Agreement to the contrary, 
if the Company provides a Release to the Manager, 
the Manager 
shall not be entitled to any payments or benefits under this Agreement unless the 
Manager executes the Release within 45 days of the 
later of the date he receives the Release or the date of his Covered Termination, 
and the Manager does not revoke the Release. 
 
“Separation from Service” 
shall mean the Manager’s separation from service with the Company 
and its affiliates within the 
meaning of Treas. Reg. §1.409A-1(h) or 
any successor thereto. 
 
“Specified Employee” 
shall mean the Manager if he is a specified employee as defined in Section 409A 
of the Code as of the 
date of his Separation from Service. 

4.
Severance Allowance. 
(a)
Amount of Severance Allowance. 
In the event of a Covered Termination, 
the Company shall pay or cause to be 
paid to the Manager in cash a severance allowance (the “Severance Allowance 
”) equal to 1.5 (one and one-half) 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 in the Applicable 
Three-Year 
Period 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, 
restricted stock or performance incentive units or the sale or other disposition of 
shares 
received upon exercise or settlement of such awards); provided, 
however, that (x) in determining the 
average amount paid under the annual incentive plan during the Applicable 
Three-Year 
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. 
The Applicable Three-Year 
Period shall be (A) if the Manager 
has received an annual incentive compensation plan payment in the calendar 
year of his Covered 
Termination, 
the calendar year in which such Covered Termination 
occurs and the two preceding calendar 
years, or (B) in any other case, the three calendar years preceding the calendar year 
in which the Manager’s 
Covered Termination 
occurs; provided, however, that the Applicable Three 
-Year 
Period shall be 
determined by substituting “Change In Control” for “Covered Termination” 
if such substitution results in a 
higher amount under this subsection (ii). 

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 in a lump sum on the 
Payment Date if the applicable Change in Control is also a change in control event 
as defined in Treas. Reg. §1.409A-3(i)(5) (or any 
successor thereto). 
In any other case, the Severance Allowance shall be paid in eighteen monthly 
installments commencing on the 
Payment Date, each of which is equal to one eighteenth (1/18th) of the 
amount of the Severance Allowance determined under Section 
4(a), which are treated as a right to a series of separate 
payments for purposes of Section 409A of the Code. 
5.
Outplacement and Welfare 
Benefits. 
(a)
Outplacement. 
Subject to Section 6, for a period of one year following a Covered Termination 
of the Manager, 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 6, for a period eighteen months following a Covered Termination 
of the 
Manager, 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. 

 

 

 

 

 

 

4 
6.
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 6, 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. 
7.
Other Payments and Benefits. 

 
On the Payment Date, 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 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: (x) the 
Severance Allowance (i) 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 (ii) shall be credited against any severance payments to which the Manager 
may be entitled by statute; 
(y) any annual incentive described in subsection (b) or (c) shall decrease (or 
shall be decreased by), but not below zero, the amount of 
the annual incentive payable (or paid) with respect to the same calendar year 
under the Company’s annual incentive plan (currently 
the 
2001 Global Annual Incentive Plan); and (z) any amount described in subsection 
(d) shall decrease (or shall be decreased by), 
but not 
below zero, the amount of the analogous performance award payable 
(or paid) with respect to the same performance period(s) under 
the Company’s long term incentive 
plan(s) (currently the 2011 Long-Term 
Performance Incentive Plan). 

8.
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 7 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 
spouse and dependents 
shall be eligible for the welfare benefits described in Section 5(b). 
Payments pursuant to subsection (a) shall 
be made on the later of (i) the date payment would have been made to the Manager 
without regard to Section 9, or (ii) the date of the 
Manager’s death. 
9.
Certain Section 409A Rules. 

(a)
Specified Employee. 
Notwithstanding any provision of this Agreement to the contrary, 
if the Manager is a Specified 
Employee, any payment or benefit under this Agreement that constitutes deferred 
compensation subject to Section 409A of the Code 
and for which the payment event is Separation from Service shall not be made or provided 
before the date that is six months after the 
date of the Manager’s Separation from Service. 
Any payment or benefit that is delayed pursuant to this Section 9 shall be made 
or 
provided on the first business day of the seventh month following the month 
in which the Manager’s Separation from Service occurs. 

With respect to any cash payment delayed pursuant 
to this Section 9, the first payment shall include interest, at the Wall 
Street Journal 
Prime Rate published in the Wall 
Street Journal on the date of the Manager’s Covered Termination 
(or the previous business day if 
such date is not a business day), for the period from the date the payment would have been 
made but for this Section 9 through the 
date payment is made. 
The provisions of this Section 9 shall apply only to the extent required to avoid 
the Manager’s incurrence of 
any additional tax or interest under Section 409A of the Code. 
(b)
Reimbursement and In-Kind Benefits. 
Notwithstanding any provision of this Agreement to the contrary, 
with 
respect to in-kind benefits provided or expenses eligible for reimbursement 
under this Agreement which are subject to Section 409A 
of the Code, (i) the benefits provided or the amount of expenses eligible for 
reimbursement during any calendar year shall not affect 

 

 

 

 

 

 

5 
the benefits provided or expenses eligible for reimbursement in any other 
calendar year, except as otherwise provided 
in Treas. Reg. 
§1.409A-3(i)(1)(iv)(B), and (ii) the reimbursement of an eligible expense 
shall be made as soon as practicable after the Manager 
requests such reimbursement (subject to Section 9(a)), but not later than the 
December 31 following the calendar year in which the 
expense was incurred. 
(c)
Interpretation and Construction. 
This Agreement is intended to comply with Section 409A of the Code and 
shall be 
administered, interpreted and construed in accordance therewith to avoid 
the imposition of additional tax under Section 409A of the 
Code. 
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. 
(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)
directly or indirectly recruit, solicit or encourage 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 notwithsta 
nding the provisions of Section 12. 
In the event of any 

 

 

 

 

 

 

 

6 
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. 
11.
Set-Off Mitigation. 
 
Except as provided in Section 6, 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 at any time 
during his lifetime, 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)
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 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) of the Code (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; 
(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. 
(b)
Limitation. 
Notwithstanding any other provision of this Agreement, Parachute Payments to be 
made to or for the 
benefit of the Manager but for this subsection (b), whether pursuant to this 
Agreement or otherwise, 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. 
Any reduction in Parachute Payments caused by reason of this subsection 
(b) shall be applied in the manner least 
economically detrimental to the Manager. 
In the event reduction of two or more types of payments would be economically equivalent, 
the reduction shall be applied pro-rata to such types of payments. 
 
This subsection (b) shall be interpreted and applied to limit the amounts otherwise payable 
to the Manager under this 
Agreement or otherwise 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 (b) without regard to whether or not 
the Manager meets the definition of disqualified individual 

 

 

 

 

 

 

 

 

7 
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 (b), 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. 
(c)
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. 
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; 
Amendment. 
(a)
Except for the change in control provisions 
set forth in the Company’s annual incentive 
plan and long term incentive 
plans, this Agreement represents the entire agreement and understanding 
of the parties with respect to the subject matter hereof. 
The 
Manager understands and acknowledges that the Company’s 
severance plan, annual incentive plan and long term incentive plans 
are 
hereby amended with respect to the Manager to avoid duplication of benefits 
, 
as provided in Section 7. 
(b)
The Company reserves the right to unilaterally amend this Agreement without the 
consent of the Manager to the 
extent the Compensation/Management Development Committee of 
the Company’s Board of Directors 
(in its sole discretion) 
determines is necessary or appropriate to avoid the additional tax under Section 
409A(a)(1)(B) of the Code; otherwise, this Agreement 
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. 
20.
Severability. 

 

8 
 
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 permi 
tted 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 such 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/ Melissa Leneis 
05/24/2022 
 
QUAKER CHEMICAL CORPORATION 
 
By: /s/ Andrew E. Tometich 
05/24/2022 
 
Title: CEO & President 
ATTEST: 
/s/ Robert T. Traub 
05/31/2022exhibit104

 

 

 

EXHIBIT 10.4 
1 
EMPLOYMENT AGREEMENT 
June 23, 2022 
NAME: 
Dhruwa Rai 
[ REDACTED ] 
The parties to 
this Employment Agreement 
(“Agreement”) are Dhruwa 
Rai
(“You” or the “Executive”) and Quaker 
Chemical Corporation, 
d/b/a Quaker Houghton, a Pennsylvania corporation (“Quaker Houghton” 
or the “Company”). 
You 
are 
hereby 
appointed 
as 
the 
Company’s 
Senior 
Vice 
President 
and 
Chief 
Information 
and 
Digital 
Officer 
(“CIDO”). 

 
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 
 
Quaker Houghton agrees to employ you and you agree to serve as 
Quaker Houghton’s CIDO. 
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 
Houghton’s CEO. 
You 
agree that during the term 
of your employment with Quaker 
Houghton to devote your knowledge, 
skill, and working time solely and exclusively to the business and interests 
of Quaker Houghton and its subsidiaries. 

2. 
Compensation
 
Your 
base salary 
will be 
determined from 
time to 
time by 
the Quaker 
Houghton Board of 
Directors. In addition, 
you will be entitled to 
participate, to the extent 
eligible, in any of Quaker 
Houghton’s annual and long term incentive 
plans, 
retirement savings plan (401k plan), 
and will be entitled to vacations, 
paid holidays, and medical, dental, 
and other benefits 
as are 
made generally 
available by 
Quaker Houghton 
to its 
full-time U.S. 
employees. 
During your 
employment with 
Quaker 
Houghton, 
your 
salary 
will 
not 
be 
reduced 
by 
Quaker 
Houghton 
without 
your 
prior 
written 
consent. 
Your 
initial 
compensation and benefits are outlined on Addendum 1, which 
is attached hereto and made a part hereof. 

3. 
Term 
of Employment
. 
Your employment with 
Quaker may 
be terminated 
on ninety 
(90) days' 
written notice 
by either 
party, with or 
without 
cause or 
reason whatsoever. 
Within ninety (90) 
days after 
termination of 
your employment, 
you will 
be given 
an accounting 
of all monies 
due you. Notwithstanding the 
foregoing, Quaker has the 
right to terminate your 
employment upon less than 
ninety (90) days’ notice for Cause (as defined below). 

 

 

2 
4. 
Covenant Not to Disclose
a. 
As 
CIDO, 
you 
acknowledge 
that 
the 
identity 
of 
Quaker 
Houghton's 
(and 
any 
of 
Quaker 
Houghton's 
affiliates’) customers, 
the requirements 
of such 
customers, pricing 
and payment 
terms quoted 
and charged 
to such 
customers, 
the identity 
of Quaker 
Houghton's suppliers and 
terms of 
supply (and the 
suppliers and related 
terms of 
supply of 
any of 
Quaker 
Houghton's 
customers 
for 
which 
chemical 
and 
other 
management 
services 
are 
being 
provided), 
information 
concerning 
the 
method 
and 
conduct 
of 
Quaker 
Houghton'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 
Houghton's (and 
its affiliates’) manuals, 
documents, 
notes, letters, 
records, and 
computer programs 
are Quaker 
Houghton's confidential 
information ("Confidential 
Information") 
and are Quaker Houghton’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 Houghton 
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 
Houghton 
Confidential 
Information. Upon termination of your employment with 
Quaker Houghton and prior to final payment of 
all monies due to 
you under Section 2 
or at any other 
time upon Quaker Houghton's request, 
you agree to surrender 
immediately to Quaker 
Houghton any and all materials in your possession or control which include or contain any Quaker Houghton Confidential 
Information. 
b. 
You 
acknowledge that, by this 
Section 4(b), you have been 
notified in accordance with the 
Defend Trade 
Secrets Act that, notwithstanding the foregoing: 
(i)
You 
will not be 
held criminally or civilly 
liable under any federal 
or state trade secret 
law or this 
Agreement for the disclosure 
of Confidential Information that: (A) 
you make (1) in 
confidence to a federal, state, 
or local 
government 
official, 
either 
directly 
or 
indirectly, 
or 
to 
your 
attorney; 
and 
(2) 
solely 
for 
the 
purpose 
of 
reporting 
or 
investigating a suspected 
violation of law; 
or (B) you 
make in a 
complaint or other 
document that is 
filed under seal 
in a 
lawsuit or other proceeding. 
(ii)
If you file a lawsuit for retaliation by Quaker Houghton for reporting a suspected 
violation of law, 
you may disclose Confidential Information 
to your attorney and use the Confidential 
Information in the court proceeding 
if 
you: (A) 
file any 
document containing 
Confidential Information 
under seal 
and (B) 
do not 
disclose Confidential 
Information, 
except pursuant to court order. 
 
c. 
Additionally, Quaker Houghton confirms that nothing in this Agreement is intended to or shall prevent, 
impede or interfere with your right, without prior notice to Quaker Houghton, 
to provide information to the government, 
participate in any government investigations, file a court or administrative 
complaint, testify in proceedings regarding 
Quaker Houghton’s past or future conduct, or engage in any future activities protected under any statute administered 
by 
any government agency. 
5. 
Covenant Not to Compete 
In consideration of your position of 
CIDO for Quaker Houghton and 
the training and Confidential Information 
you 
are to receive from 
Quaker Houghton, you agree that during 
your employment with Quaker Houghton 
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 
specialty chemical 
products which are the same, like, similar to, or which compete with Quaker Houghton’s (or any of its affiliates’) products 
or services; and 

b. 
directly or indirectly recruit, solicit or encourage any Quaker Houghton (or 
any of its affiliates’) employee 
or otherwise induce 
such employee to 
leave Quaker Houghton’s (or 
any of its 
affiliates’) 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 

 

 

 

3 
c. 
solicit or induce any of Quaker Houghton'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 or 
other services 
by Quaker Houghton) to terminate or alter its contractual relationship with Quaker 
Houghton (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 Section 
4 or in 
this Section 5, 
Quaker Houghton 
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 Houghton, at law or in equity, Quaker Houghton 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 Section 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. 
6. 
Contractual Restrictions
 

You 
represent and warrant to Quaker Houghton 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 
Houghton 
and 
(b) 
your 
employment by Quaker 
Houghton 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. 
You further represent that you 
will not use 
any trade secret, 
proprietary 
or otherwise 
confidential information 
belonging to 
a prior 
employer or 
other third 
party in 
connection with 
your employment 
with Quaker Houghton. 
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 Houghton’s 
expense or at Quaker 
Houghton's premises or at 
a customer’s premises 
or (b) during your 
employment with 
Quaker Houghton 
and additionally 
for 
a period 
of one 
year thereafter, 
and which 
relate to 
(i) Quaker 
Houghton’s business or (ii) 
any research, products, 
processes, devices, 
or machines 
under actual or 
anticipated development 
or investigation by Quaker Houghton at the earlier of (i) that 
time or (ii) as the date of termination of employment, shall be 
Quaker Houghton’s 
sole property. 
You 
shall promptly 
disclose to 
Quaker Houghton 
all Inventions 
that you 
conceive or 
become 
aware 
of 
at 
any 
time 
during 
your 
employment 
with 
Quaker 
Houghton 
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 Houghton. You 
hereby transfer and 
assign to 
Quaker Houghton 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 Houghton. 
You 
shall assist Quaker Houghton 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 
Houghton's 
interests 
therein. 
Upon 
request, 
you 
shall 
execute 
any 
and 
all 
applications, 
assignments, 
or 
other 
documents 
that 
Quaker 
Houghton 
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 
Houghton, and it is agreed that those inventions shall be excluded 
from the terms of this Agreement. 
8. 
Termination.
a. 
Either party may terminate this 
Agreement per the terms of 
Section 3 hereof and Quaker 
Houghton, in its 
sole discretion, may terminate your employment at any time for Cause (as defined herein). 
If you incur a Separation from 
Service (as defined 
below) by decision 
and action of Quaker 
Houghton for any 
reason other than 
Cause, death, or 
Disability 
(as defined below), Quaker Houghton agrees to: 
1. 
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. 

 

4 
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 the receipt 
of your request; 
and 
2. 
Pay you twelve 
months’ severance in 
bi-weekly installments commencing 
on the Payment 
Date (as 
defined below) and continuing 
on Quaker Houghton's 
normal payroll dates thereafter, each 
of which is equal 
to 
the total of 
your bi-weekly 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 
all 
medical 
and 
dental 
coverage’s 
will 
also 
be 
available 
for 
18 
months 
at 
a 
level 
equal 
to 
the 
coverage 
provided before your Separation from Service. 
b. 
If the 
Executive dies 
during the 
Term 
of Employment, 
the Company 
shall not 
thereafter be 
obligated to 
make any further payments under 
this Agreement except for amounts 
accrued as of the 
date of the Executive’s 
death, and 
except that 
the Company 
shall pay 
a single-sum 
cash death 
benefit to 
the Executive’s 
Beneficiary equal 
to 200% 
of the 
annual rate 
of the 
Executive’s 
base salary 
as in 
effect on 
the day 
before the 
Executive’s 
death or 
be entitled 
to the 
death 
benefit (as 
a multiple 
of base 
salary) to 
which any 
other executive 
officer 
would be 
entitled. To 
that end, 
the 
Company 
currently has 
a program 
in which 
all executive 
officers in 
the Company’s 
Executive Leadership Team 
participate, which 
entitle each to a death benefit equal 
to 100% of base salary in the year 
of death and 50% of base salary in 
each of the four 
years thereafter. 
“Beneficiary” shall mean 
the person designated by 
the Executive to receive 
benefits under this 
Agreement 
in a writing filed by the Executive with the Company’s human resources department before the Executive’s death or, if the 
Executive 
fails 
to 
designate 
a 
beneficiary 
or 
the 
designated 
beneficiary 
predeceases 
the 
Executive, 
the 
Executive’s 
Beneficiary shall be his surviving 
spouse or, if the Executive has no surviving spouse, his estate. 
c. 
Disability of Executive. 
If the Executive is unable to perform his 
duties hereunder by reason of disability 
as defined in the Company’s Long-Term Disability Plan (“Disability”), then the Board shall have the right to terminate the 
Executive’s 
employment upon 
30 days 
prior written 
notice to 
the Executive 
at any 
time during 
the continuation 
of such 
Disability. 
In 
the 
event 
the 
Executive 
is 
terminated 
pursuant 
to 
this 
Section 
8(c), 
the 
Company 
shall 
not 
thereafter 
be 
obligated to 
make any 
further payments 
under this 
Agreement except 
for amounts 
accrued as 
of the 
date of 
such termination, 
and except that the Executive shall receive 
supplemental disability payments. 
Such supplemental disability payments 
shall 
be paid to the Executive after the Executive’s Separation from Service at the same time that disability payments are due to 
be paid 
to the 
Executive under 
the 
Company’s 
Long-Term 
Disability Plan 
and each 
such payment 
shall be 
equal to 
the 
excess 
of 
(a) 
the 
amount 
that 
would 
be 
payable 
under 
the 
Company’s 
Long-Term 
Disability 
Plan 
(disregarding 
any 
withholding) if the 
Executive elected a 
benefit of 50% 
of applicable pay 
and such plan 
did not limit 
the dollar amount 
of 
periodic payments thereunder, over (b) the amount 
that would be payable under 
the Company’s Long-Term Disability Plan 
(disregarding any withholding) 
if the 
Executive elected a 
benefit of 50% 
of applicable pay. 
The “Company’s 
Long-Term 
Disability Plan” shall 
mean the long-term 
disability plan maintained 
by the Company 
for employees generally; 
provided, 
however, that if the Company does not maintain such a long-term disability plan at the time of the Executive’s termination 
under this 
Section 8(c), or 
terminates such 
plan after the 
Executive’s 
termination of employment 
but before 
all disability 
payments 
have 
been 
paid 
to 
the 
Executive 
under 
the 
terms 
of 
such 
plan 
as 
in 
effect 
prior 
to 
its 
termination, 
(x) 
the 
“Company’s Long-Term Disability Plan” 
shall mean 
the long-term 
disability plan 
most recently 
maintained by 
the Company 
for 
employees 
generally, 
and 
(y) 
the 
amount 
determined 
under 
subsection 
(b) 
shall 
equal 
zero 
dollars 
($0). 
Such 
supplemental disability payments shall be payable from the Company’s general assets or, if the Company so elects, from a 
supplemental disability policy purchased by the Company. 

“Separation from Service”
 
means your separation 
from service with 
Quaker Houghton and 
its affiliates within 
the 
meaning of Treas. Reg. §1.409A-1(h) or any successor thereto. 
 
“Cause”
 
means your 
employment with 
Quaker Houghton 
has been 
terminated by 
reason of 
(i) your 
willful and 
material breach of this Agreement (after having received notice thereof and a reasonable opportunity to cure 
or correct) or 
the Company’s 
policies, (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 
Houghton, 
or 
(iii) 
conviction of or plea of guilty or nolo contendere to a felony. 

 

 

 

5 
“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 
Houghton) 
of 
any 
and 
all 
claims 
against 
Quaker 
Houghton and all related parties 
with respect to all matters arising 
out of your employment with Quaker 
Houghton, or the 
termination thereof (other than for claims for any entitlements under the terms of this Agreement or any plans or programs 
of Quaker Houghton under which you 
have accrued a benefit) that Quaker 
Houghton 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. 
9. 
Indemnification 
Quaker 
Houghton 
shall 
defend 
you 
and 
hold 
you 
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 
you 
of 
services for, or actions of 
you as a director, officer, 
or employee of Quaker Houghton or any parent, subsidiary or affiliate 
of 
Quaker Houghton, 
or 
of 
any other 
person or 
enterprise at 
Quaker Houghton’s 
request. 
Expenses incurred 
by you 
in 
defending such a claim, action, 
suit or investigation or 
criminal proceeding shall be paid 
by Quaker Houghton in advance 
of 
the 
final 
disposition thereof 
upon 
the 
receipt 
by 
the 
Company 
of 
an 
undertaking 
by 
or 
on 
your 
behalf 
to 
repay 
said 
amounts unless it shall ultimately be determined that you are entitled 
to be indemnified hereunder; provided, however, that 
this shall not apply to a nonderivative action commenced by Quaker Houghton 
against you. 

10. 
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. 
11. 
Miscellaneous 
This Agreement 
and the 
Change in 
Control Agreement 
to which 
you are 
a party, 
constitute 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 Houghton’s prior 
written consent. 
Quaker Houghton may assign this Agreement in its discretion, including to any affiliate or upon a sale of 
assets 
or 
equity, 
merger 
or 
other 
corporate 
transaction; 
provided 
that 
Quaker 
Houghton 
obtains 
the 
assignee’s 
written 
commitment to honor the 
terms and conditions contained herein. 
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 Houghton as 
well as 
its successors 
and assigns. 
In the 
event of 
any overlap 
in the 
restrictions contained 
herein, including 
Sections 4 
and/or 5 above, with similar restrictions 
contained in any other agreement, such restrictions 
shall be read together so as 
to 
provide the broadest restriction possible. 

 

 

 

 

6 
IN WITNESS WHEREOF, the parties hereto have executed this Agreement the day and year first above written. 
WITNESS: 
QUAKER CHEMICAL CORPORATION 
DBA QUAKER HOUGHTON 
/s/ Robert T. Traub 
Robert T. Traub, 
SVP, 
General Counsel and 
Corporate Secretary 
WITNESS: 
/s/ James Myran 
/s/ Dhruwa Rai 
James Myran 
Dhruwa Rai 
 

7 
ADDENDUM 1 
Base Salary: 
Your 
salary will be payable on a bi-weekly basis at the rate of 

$14,615, which is annualized at $380,000. 
You 
will be eligible for your next salary 
increase in 2023. 
Annual and Long- 
Term 
Bonuses: 
For your 
position, you 
are eligible 
to participate 
in the 
Annual Incentive 
Plan (“AIP”) 
with 
a 
target 
award 
percentage 
for 
2022 
full 
year 
of 
55% 
of 
your 
base 
salary, 
dependent upon Quaker 
Houghton’s financial 
results and personal 
objectives to be 
determined. 
You 
will 
be 
eligible 
to 
participate 
in 
the 
2022-2024 
Long-Term 
Incentive 
Plan 
(“LTIP”) 
for 
the 
full 
year 
of 
2022. 
Your 
award 
for 
the 
2022-2024 
performance 
period includes an even mix of 
time-based restricted stock, stock options, 
and target 
performance stock units (PSU’s). 
The value, at a target level is $100,000. 

All 
incentive 
compensation 
awards 
are 
made 
at 
the 
Company’s 
discretion, 
are 
subject 
to 
change, 
and 
require 
the 
approval of 
the 
Company’s 
Compensation and 
Human Resources Committee. 
Special One-time Grants: 
You 
will be 
provided a 
one-time cash 
award equaling 
$100,000 in 
order 
to offset 
the cash 
bonus opportunity that 
will expire 
upon your 
accepting employment 
with 
Quaker Houghton. 
Such award will be cash 
and will be paid out 
in October of 2022 
assuming a start date 
prior to then. 
Such cash award 
must be repaid to 
the Company 
if you 
either voluntarily 
leave your 
employment or 
are dismissed 
for cause 
within 
the first two 
(2) years of your 
tenure with Quaker Houghton 
per the attached Sign-
On Bonus Acknowledgement. 

Financial Planning: 
You 
will be eligible to be reimbursed for up to $3,500 per calendar year for 
expenses incurred for financial planning and/or tax preparation. 
Benefits: 
Quaker Houghton offers a Flexible 
Benefits Program that is 
subject to change. 
This 
gives you the opportunity to choose from a variety of options creating a 
customized 
benefits package. 
The following benefits are currently 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 
Houghton 
also 
currently 
offers 
the 
following benefit plans: 
 
Retirement Savings Plan (401K)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00347-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00347-of-00352.parquet"}]]