Document:

EX-10.7

 Exhibit 10.7 

FORM OF 
 PQ GROUP
HOLDINGS INC. 
 STOCK INCENTIVE PLAN 

NONQUALIFIED STOCK OPTION AWARD AGREEMENT 

THIS AGREEMENT (this “Award Agreement”) is made effective as of
             (the “Date of Grant”) by and between PQ Group Holdings Inc., a Delaware corporation (the “Company”), and
             (the “Participant”). Capitalized terms not otherwise defined herein shall have the meanings set forth in the PQ Group Holdings Inc. Stock Incentive Plan
(formerly known as the Second Amended and Restated PQ Holdings Inc. Stock Incentive Plan; the “Plan”); provided that, if the Participant is party to an employment agreement with the Company or any of its Subsidiaries
that is then in effect, the terms “Disability”, “Retirement” or “Cause” shall, if defined in such employment agreement, have the meanings ascribed to such terms in such employment agreement). 

R E C I T A L S: 

WHEREAS, the Participant is an employee of the Company or one of its Subsidiaries; and 

WHEREAS, the Board has determined that it would be in the best interests of the Company and its stockholders to grant the option provided for
herein to the Participant pursuant to the Plan and the terms set forth herein. 
 NOW THEREFORE, in consideration of the mutual covenants
hereinafter set forth, the parties agree as follows: 
 1. Grant of the Option. The Company hereby grants to the Participant the right
and option to purchase, on the terms and conditions set forth in the Plan and this Award Agreement, all or any part of an aggregate of              Shares at an option price of
$         per Share (the “Option Price”), which is the per Share Fair Market Value on the Date of Grant.
                 (        ) shares of the Option shall be subject to time-based vesting criteria (the “Time
Option”), and              (            ) shares of the Option shall be subject to performance-based vesting
criteria (the “Performance Option”). The Time Option and the Performance Option are referred to collectively as the “Option.” The Option is intended to be a Nonqualified Stock Option. 

2. Vesting. The portion of the Option that has become vested is hereinafter referred to as the “Vested
Portion.” Subject to the terms set forth in the Plan and this Award Agreement, the Option shall vest as follows: 
 a. Time
Option. 
 i. General.
                    . 
 b.
Performance Option.                     . 

  
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 3. Forfeiture; Expiration. 

a. Termination of Employment. 

i. Except as otherwise provided in Section 3(a)(iv) below, in the event that the Participant’s employment is terminated for any
reason, any unvested portion of the Option shall immediately terminate and be forfeited effective as of the Termination Date. 
 ii. In the
event that the Participant’s employment is terminated for Cause or the Participant has breached any Restrictive Covenant Obligation, the Vested Portion shall immediately terminate and be forfeited effective as of the Termination Date or the
Discovery Date (as defined below), as applicable. 
 iii. In the event that the Participant’s employment is terminated by the Company
for any reason other than for Cause or the Participant resigns for any reason, the Vested Portion shall terminate and be forfeited on the earlier of (A) the Expiration Date and (B) six months following the Termination Date. 

iv. In the event that the Participant’s employment is terminated due to death, Disability, Retirement, or by the Company without Cause,
the Performance Option shall vest if the CCMP Investors shall have received Proceeds resulting in an MOI of at least          on or before the
             month anniversary of the Participant’s Termination Date. The Performance Option that remains unvested at the end of such six month period shall immediately terminate and
be forfeited. 
 b. Expiration of Option Term. Any unexercised portion of the Option shall expire upon the tenth (10th) anniversary
of the Date of Grant (the “Expiration Date”). 
 4. Period of Exercise. Subject to the provisions of the Plan
and this Award Agreement, the Participant may exercise all or any part of the Vested Portion at any time prior to the earliest to occur of: 

a. the Termination Date, if the Participant’s employment with the Company or a Subsidiary is terminated by the employer for Cause; 

b. the date that occurs six months following the Termination Date upon a (i) termination of employment by the Company or a Subsidiary for
any reason other than for Cause or (ii) resignation of employment by the Participant for any reason; and 
 c. the Expiration Date.

 5. Exercise Procedures. 

a. Notice of Exercise. Subject to Section 4 hereof, the Vested Portion may be exercised by delivering to the Company at its
principal office written notice of intent to so exercise in the form attached hereto as Exhibit A (such notice, a “Notice of Exercise”). Such Notice of Exercise shall be accompanied by payment in full of the aggregate
Option Price for the Shares to be exercised. In the event that the Option is being exercised by the Participant’s 

  
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representative, the Notice of Exercise shall be accompanied by proof (satisfactory to the Board) of the representative’s right to exercise the Option. The aggregate Option Price for the
Shares to be exercised may be paid (i) in cash or its equivalent (e.g., by cashier’s check); (ii) to the extent permitted by the Board, in its sole discretion, in Shares (whether or not previously owned by the Participant) having a Fair
Market Value equal to the aggregate Option Price for the Shares being purchased and satisfying such other requirements as may be imposed by the Board; (iii) partly in cash and, to the extent permitted by the Board in its sole discretion, partly
in such Shares (as described in (ii) above); (iv) to the extent permitted by the Board, in its sole discretion, by reducing the number of Shares otherwise deliverable upon the exercise of the Option by the number of Shares having a Fair Market
Value equal to the aggregate Option Price; or (v) if there is a public market for the Shares at such time, subject to such requirements as may be imposed by the Board, through the delivery of irrevocable instructions to a broker to sell Shares
obtained upon the exercise of the Option and to deliver promptly to the Company an amount out of the proceeds of such sale equal to the aggregate Option Price for the Shares being purchased. In the event of the Participant’s death, the Vested
Portion shall be exercisable by the trustee of any family trust or estate planning entity to which the Option has been transferred, by the executor or administrator of the Participant’s estate, or the person or persons to whom the
Participant’s rights under this Award Agreement shall pass by will or by the laws of descent and distribution, as the case may be. Any heir or legatee of the Participant shall take rights herein granted subject to the terms and conditions of
this Award Agreement and the Plan. 
 b. Stockholder Rights. Except as otherwise provided in this Agreement, neither the Participant
nor the Participant’s representative shall have any rights to dividends, voting rights or other rights of a stockholder with respect to Shares subject to the Option until (i) the Participant has delivered to the Company a Notice of
Exercise for the Option, (ii) the Participant has paid the Option Price for such Shares, (iii) such Shares have been issued, (iv) the Participant has executed a joinder to or has otherwise become a party to the Stockholders’
Agreement and (v) the Participant has executed such other agreements or certificates that the Board reasonably determines are necessary to comply with applicable securities laws and other applicable laws. 

6. Repurchase Right on Termination of Service Prior to a Public Offering. 

a. Rights of the Company. Upon the Participant’s termination of employment for any reason prior to a Public Offering, or,
if the Participant breaches any Restrictive Covenant Obligation, the Company may elect to purchase all or a portion of the Shares acquired pursuant to the exercise of an Option by written notice to the Participant delivered on or before the later of
the six-month anniversary of the Termination Date or the six-month anniversary of the day the Company discovers (the “Discovery Date”) that the
Participant has breached any Restrictive Covenant Obligation, as applicable. 
 b. Purchase Price. The purchase price per
Share pursuant to this Section 6 upon a termination of employment for death, Disability, Retirement or by the Company without Cause shall equal the Fair Market Value as of the date of termination. The purchase price per
Share upon a termination of employment for any other reason or in the event the Participant has breached a Restrictive Covenant Obligation shall equal the lesser of (i) the Fair Market Value of such Share as of the Termination
Date and (ii) the Option Price. The purchase price per Share payable pursuant to this Section 6(b) shall be the “Purchase Price.” 

  
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 c. Closing of Purchase; Payment of Purchase Price. Subject to
Section 6(e), the closing of a purchase pursuant to this Section 6 shall take place at the principal office of the Company no later than the date that is 30 days after the six-month anniversary of the Termination Date or Discovery Date, as applicable. At the closing, (i) the Company shall, subject to Section 6(d), pay the Purchase Price to the Participant (or the
Participant’s estate) and (ii) the Participant (or the Participant’s estate) shall deliver to the Company such certificates or other instruments representing the Shares so purchased, appropriately endorsed by the Participant
(or the Participant’s estate) or directing that the Shares be so transferred to the purchaser thereof, as the Company may reasonably require. If the Closing of the purchase occurs prior to the Discovery Date, the Participant shall, within 30
days of notice from the Company of the breach of the Restrictive Covenant Obligation, pay the Company the excess, if any, of the repurchase price paid over the lower price payable due to the breach of Restrictive Covenant Obligation. 

d. Application of the Purchase Price to Certain Loans or Other Obligations. The Company shall be entitled to apply any amounts
otherwise payable pursuant to this Section 6 to discharge any indebtedness for borrowed money of the Participant to the Company or any of its Subsidiaries or such indebtedness of the Participant that is guaranteed by the
Company or any of its Subsidiaries. 
 e. Certain Restrictions on Repurchases; Delay of Repurchase. Notwithstanding any
other provision of this Award Agreement, the Company shall not be permitted or obligated to make any payment with respect to a repurchase of any Shares from the Participant if (i) such repurchase (or the payment of a dividend by a
Subsidiary to the Company to fund such repurchase) would result in a violation of the terms or provisions of, or result in a default or an event of default under any guaranty, financing or security agreement or document entered into by the
Company or any Subsidiary from time to time (the “Financing Agreements”), (ii) such repurchase would violate any of the terms or provisions of the Certificate of Incorporation of the Company or
(iii) the Company has no funds legally available to make such payment under the General Corporation Law of the State of Delaware. If a repurchase by the Company otherwise permitted under this Section 6 is
prevented by the terms of the preceding sentence: (i) the purchase and payment of the applicable Purchase Price shall be postponed and will take place at the first opportunity thereafter when the Company has funds legally available to
make such payment and when such payment will not result in any default, event of default or violation under any of the Financing Agreements or in a violation of any term or provision of the Certificate of Incorporation of the Company,
(ii) such repurchase obligation shall rank against other similar repurchase obligations with respect to shares of Common Stock according to priority in time of the termination date giving rise to such repurchase (provided that any
repurchase commitment arising from a termination of employment because of Disability or death shall have priority over any other repurchase obligation) and (iii) the Purchase Price (except in the case of a termination for Cause or
following the Participant’s breaching a Restrictive Covenant Obligation) shall be increased by an amount equal to interest on such Purchase Price for the period during which payment is delayed at the Applicable Federal Rate. 

  
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 f. Right to Retain Shares. If the option of the Company to purchase the Shares
pursuant to Section 6 is not exercised with respect to all of the Shares, the Participant shall be entitled to retain the remaining Shares, although those Shares shall remain subject to all of the other provisions of this Agreement and
the Stockholders Agreement. 
 7. No Right to Continued Service. The granting of the Option shall impose no obligation on the Company
or any Subsidiary to continue the employment of the Participant and shall not lessen or affect any right that the Company or any Subsidiary may have to terminate the employment of the Participant. 

8. Withholding. The Company shall have the power and the right to deduct or withhold automatically from any payment or Shares
deliverable under this Award Agreement, or to require the Participant to remit to the Company, the minimum statutory amount to satisfy federal, state and local taxes, domestic or foreign, required by law or regulation to be withheld with respect to
any taxable event arising as a result of this Award Agreement. The Participant may elect, subject to the approval of the Board, in its sole discretion, to satisfy the withholding requirement, in whole or in part, by having the Company withhold
shares having a Fair Market Value equal to the minimum statutory total tax that could be imposed in connection with any such taxable event. 

9. Transferability. Unless otherwise determined by the Board, the Participant shall not be permitted to transfer or assign the Option
except in the event of death (subject to the applicable laws of descent and distribution). 
 10. Restrictive Covenant Obligation.
The Participant agrees and acknowledges that each Restrictive Covenant Obligation has been made in consideration of: (a) the Option granted herein; (b) the Participant’s ongoing employment by the Company or a Subsidiary; (c) the
importance of protecting the confidential information of the Company, its Subsidiaries and its Affiliates and their other legitimate interests, including without limitation the valuable confidential information and goodwill that they have developed
or acquired; (d) the Participant being granted access to trade secrets and other confidential information of the Company, its Subsidiaries and its Affiliates; and (e) other good and valuable consideration. 

11. Definitions. For purposes of this Award Agreement: 

a. “CCMP Investors” means CCMP Capital Investors III, L.P., a Delaware limited partnership, CCMP Capital Investors III
(Employee), L.P., a Delaware limited partnership, Quartz Co-invest L.P., a Delaware limited partnership, CCMP Capital Investors III (AV-7), L.P., a Delaware limited
partnership, CCMP Capital Investors III (AV-8), L.P., a Delaware limited partnership, CCMP Capital Investors III AV-9, L.P., a Delaware limited partnership and CCMP
Capital Investors III AV-10, L.P., a Delaware limited partnership, together with their respective permitted transferees and controlled affiliates. 

b. “CCMP Exit Event” means an event (e.g. a disposition) resulting in the CCMP Investors no longer holding any CCMP
Investors Securities or non-cash property received in respect of CCMP Investors Securities. 

  
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 c. “CCMP Investors Securities” means the equity securities of the Company
or any of its subsidiaries acquired by the CCMP Investors from time to time. 
 d. “Liquidity Threshold Price”
means, at any time, the lowest average closing trading price for Shares over any consecutive ten (10) day trading period that, when multiplied by the number of the CCMP Investors Securities then held by the CCMP Investors and then added to the
Proceeds received by the CCMP Investors prior to the start of such period, would yield an MOI that is greater than or equal to            . 

e. “Measurement Date” means any date upon which Proceeds are received by the CCMP Investors. 

f. “MOI” means, as of the Measurement Date, the quotient obtained by dividing (i) the sum of Proceeds received on
such Measurement Date and all prior Measurement Dates, by (ii) the Principal Investment. 
 g. “Principal
Investment” means the sum, without duplication, of: (i) the aggregate consideration paid by the CCMP Investors to acquire the CCMP Investors Securities, plus (ii) the amount of cash and the value (as determined by the Board in
good faith) of any property contributed by the CCMP Investors to the Company, contributed from time to time. 
 h.
“Proceeds” means, without duplication, all pre-tax: (i) cash proceeds actually received by the CCMP Investors from the disposition of the CCMP Investors Securities; (ii) cash
dividends and other cash distributions actually received by the CCMP Investors in respect of the CCMP Investors Securities; and (iii) cash proceeds actually received by the CCMP Investors from the disposition of any non-cash proceeds (including non-cash dividends or other non-cash distributions) received in exchange for or in respect of the CCMP
Investors Securities, provided, that, for the avoidance of doubt, in determining the amount of Proceeds paid to the CCMP Investors in respect of the CCMP Investors Securities, such amount shall exclude any Sponsor Fees paid by the Company or any of
its Subsidiaries to the CCMP Investors or any of their affiliates, as applicable. For the avoidance of doubt, except as provided in Section 2(b), any property other than cash (including marketable securities) that the CCMP Investors receive or
retain in connection with a Change in Control or otherwise shall not be treated as Proceeds received by the CCMP Investors, however, cash received by the CCMP Investors from the disposition of such property, if any, shall be treated as Proceeds if
and when such cash actually is received by the CCMP Investors. 
 i. “Restrictive Covenant Obligation” means each of
the restrictive covenants set forth Exhibit B hereto and other any noncompetition, nonsolicitation, confidentiality, intellectual property assignment or other similar covenants, agreements or obligations contained in any written agreement
between the Participant and the Company or any of its Subsidiaries. 
 j. “Shares” means the shares of Class A
Common Stock of the Company purchased by Participant pursuant to this Award Agreement. 
 k. “Termination Date”
means the last day of active employment and does not include any period of non-working notice or any period for which pay in lieu of notice, termination pay, severance pay or any other monies in relation to
the cessation of employment are paid. 

  
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 12. Reserved. 

13. Option Subject to Plan. By entering into this Award Agreement, the Participant agrees and acknowledges that the Participant has
received and read a copy of the Plan. The Option is subject to the terms and conditions of the Plan. Notwithstanding the foregoing, in the event of a conflict between any term hereof and a term of the Plan, the applicable term of this Award
Agreement shall govern and prevail. 
 14. Stockholders’ Agreement; Conditions and Restrictions on Shares. Shares
received upon the exercise of the Option shall be subject to all of the terms and conditions of the Stockholders’ Agreement, including all transfer restrictions set forth in Article 2 thereof. The Option may not be exercised prior to the
Participant’s execution of a joinder to the Stockholders’ Agreement if the Participant is not a party to the Stockholders’ Agreement prior to any such exercise. The certificates for Shares may include any legend that the Board deems
appropriate to reflect any conditions and restrictions applicable to such Shares. 
 15. Choice of Law. This Award Agreement, and all
claims or causes of action or other matters that may be based upon, arise out of or relate to this Award Agreement, shall be governed by and construed in accordance with the laws of the State of Delaware, excluding any conflict- or choice-of-law rule or principle that might otherwise refer construction or interpretation thereof to the substantive laws of another jurisdiction. 

16. Consent to Jurisdiction. The Company and the Participant, by their execution hereof, (a) hereby irrevocably submit to the
exclusive jurisdiction of the state and federal courts in the State of Delaware for the purposes of any claim or action arising out of or based upon this Award Agreement or relating to the subject matter hereof and agree that a final judgment in any
such claim or action shall be conclusive and may be enforced in any other jurisdiction by suit on the judgment or in any other manner provided by applicable law; (b) hereby waive, to the extent not prohibited by applicable law, and agree not to
assert by way of motion, as a defense or otherwise, in any such claim or action, any claim that they are not subject personally to the jurisdiction of the above-named courts, that their property is exempt or immune from attachment or execution, that
any such proceeding brought in the above-named court is improper or that this Award Agreement or the subject matter hereof may not be enforced in or by such court; and (c) hereby agree not to commence any claim or action arising out of or based
upon this Award Agreement or relating to the subject matter hereof other than before the above-named courts or to make any motion or take any other action seeking or intending to cause the transfer or removal of any such claim or action to any court
other than the above-named courts whether on the grounds of inconvenient forum or otherwise. The Company and the Participant hereby consent to service of process in any such proceeding and agree that service of process by registered or certified
mail, return receipt requested, at the address specified pursuant to Section 19, is reasonably calculated to give actual notice. 

17. WAIVER OF JURY TRIAL. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, EACH PARTY HERETO HEREBY

  
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WAIVES AND COVENANTS THAT HE, SHE OR IT SHALL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE OR ACTION, CLAIM, CAUSE OF
ACTION OR SUIT (IN CONTRACT, TORT OR OTHERWISE), INQUIRY, PROCEEDING OR INVESTIGATION ARISING OUT OF OR BASED UPON THIS AWARD AGREEMENT OR THE SUBJECT MATTER HEREOF OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE TRANSACTIONS
CONTEMPLATED HEREBY, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING. EACH PARTY HERETO ACKNOWLEDGES THAT IT HAS BEEN INFORMED BY THE OTHER PARTY HERETO THAT THIS SECTION 17 CONSTITUTES A MATERIAL INDUCEMENT UPON WHICH HE, SHE OR IT IS
RELYING AND SHALL RELY UPON IN ENTERING INTO THIS AWARD AGREEMENT. ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 17 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF HIS, HER
OR ITS RIGHT TO TRIAL BY JURY. 
 18. Shares Not Registered. Shares shall not be issued pursuant to this Award Agreement unless the
issuance and delivery of such Shares comply with (or are exempt from) all applicable requirements of law, including, without limitation, the Securities Act of 1933, as amended, the rules and regulations promulgated thereunder, state securities laws
and regulations and the regulations of any stock exchange or other securities market on which the Company’s securities may then be traded. Except as otherwise provided in the Stockholders’ Agreement, the Company shall not be obligated to
file any registration statement under any applicable securities laws to permit the purchase or issuance of any Shares, and accordingly, any certificates for Shares may have an appropriate legend or statement of applicable restrictions endorsed
thereon. If the Company deems it necessary to ensure that the issuance of Shares under this Award Agreement is not required to be registered under any applicable securities laws, the Participant shall deliver to the Company an agreement containing
such representations, warranties and covenants as the Company may reasonably require. 
 19. Notices. Any notice or other
communication provided for herein or given hereunder to a party hereto must be in writing and shall be deemed to have been given (a) when personally delivered or delivered by facsimile transmission with confirmation of delivery or (b) upon
delivery after deposit with Federal Express or similar overnight courier service. A notice shall be addressed to the Company at its principal executive office, attention General Counsel, and to the Participant at the address that he/she most
recently provided to the Company. 
 20. Entire Agreement. This Award Agreement, including the exhibits attached hereto, the Plan and
the Stockholders’ Agreement constitute the entire agreement and understanding among the parties hereto in respect of the subject matter hereof and supersede all prior and contemporaneous arrangements, agreements and understandings, whether oral
or written and whether express or implied, and whether in term sheets, presentations or otherwise, among the parties hereto, or between any of them, with respect to the subject matter hereof. 

21. Amendment; Waiver. No amendment or modification of any term of this Award Agreement shall be effective unless signed in writing by
or on behalf of the Company and the Participant. No waiver of any breach or condition of this Award Agreement shall be deemed to be a waiver of any other or subsequent breach or condition, whether of like or different nature. 

  
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 22. Successors and Assigns; No Third-Party Beneficiaries. The provisions of this Award
Agreement shall inure to the benefit of, and be binding upon, the Company and its successors and assigns and upon the Participant and the Participant’s heirs, successors, legal representatives and permitted assigns. Nothing in this Award
Agreement, express or implied, is intended to confer on any person other than the Company and the Participant, and their respective heirs, successors, legal representatives and permitted assigns, any rights, remedies, obligations or liabilities
under or by reason of this Award Agreement. 
 23. Signature in Counterparts. This Award Agreement may be signed in counterparts,
each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 

[signature page follows] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Award Agreement as of the date first
written above. 
  

			
	PQ GROUP HOLDINGS INC.

 
			
		
	By:	 	  

 
			
	Name:
	Title:

 
			
	
	PARTICIPANT
	
	  

	 Name:

	
	BY SIGNING THIS AGREEMENT, PARTICIPANT AGREES TO BE BOUND BY THE RESTRICTIVE COVENANTS SET FORTH IN EXHIBIT B.

 [Signature Page to Nonqualified Stock Option Award Agreement] 

 EXHIBIT A 

NOTICE OF EXERCISE 
  

			
	PQ Group Holdings Inc.	  	
	 300 Lindenwood Drive
 Valleybrooke Corporate
Center
 Malvern, PA 19355
 Attention: General Counsel
	  	Date of Exercise:                     

 Ladies & Gentlemen: 

1. Exercise of Option. This constitutes notice to PQ Group Holdings Inc. (the “Company”) that pursuant to my
Nonqualified Stock Option Award Agreement, dated              (the “Award Agreement”), I elect to purchase the number of Shares set forth below for the price set
forth below. Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to such terms in the Award Agreement. By signing and delivering this notice to the Company, I hereby acknowledge that I am the holder of the Option
exercised by this notice and have full power and authority to exercise the same. 
  

			
	 Number of Shares as to

which Option is exercised

(“Optioned Shares”):
	  	  

		
	 Shares to be issued in

name of:
	  	  

		
	Date of Grant:	  	  

		
	Total exercise price:	  	  

 2. Delivery of Payment. With this notice, I hereby deliver to the Company the full exercise price of
the Optioned Shares and any and all withholding taxes due in connection with the exercise of my Option, or I have otherwise satisfied such requirements. 

3. Rights as Stockholder. While the Company shall endeavor to process this notice in a timely manner, I acknowledge that until the
issuance of the Optioned Shares (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company) and my satisfaction of any other conditions imposed by the Board pursuant to the Plan or as set
forth in the Award Agreement, no right to vote or receive dividends or any other rights as a stockholder shall exist with respect to such shares, notwithstanding the exercise of my Option. No adjustment shall be made for a dividend or other right
for which the record date is prior to the date of issuance of the Optioned Shares. 
 4. Interpretation. Any dispute regarding the
interpretation of this notice shall be submitted promptly by me or by the Company to the Board. The resolution of such a dispute by the Board shall be final and binding on all parties. 

  
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 5. Entire Agreement. The Plan and the Award Agreement under which the Optioned Shares were
granted are incorporated herein by reference, and together with this notice constitute the entire agreement of the parties with respect to the subject matter hereof. 
  

			
		  	Very truly yours,
		
	Signature:	  	  

		
	Name:	  	  

		
	Social Security Number:	  	  

  
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 EXHIBIT B 

RESTRICTIVE COVENANTS 
  

	1.	Confidentiality. The Participant shall not, at any time whether during or after the Participant’s period of employment with the Company or one of its Subsidiaries, without the prior written consent of the
Company in each instance or as otherwise may be required by law or legal process, disclose to any Person any confidential information of the Company or one of its Subsidiaries, or utilize such confidential information for the Participant’s own
benefit, or for the benefit of any third party (other than the Company and its Subsidiaries). The Participant will take all reasonable steps necessary, or reasonably requested by the Company and its Subsidiaries, to ensure that all such information
is kept confidential for the sole use and benefit of the Company and its Subsidiaries. 

  

	2.	Non-Compete. During or after the Participant’s period of employment with the Company or one of its Subsidiaries, the Participant shall not, directly or indirectly,
engage or act as an executive, employee, employer, consultant, agent, principal, partner, stockholder, officer, director, licensor, lender, lessor or in any other individual or representative capacity for a competitor of the Company or one of its
Subsidiaries or Affiliates or on behalf of any such competitor solicit any Person that was at the time of such termination and remains a customer or prospective customer or a supplier or prospective supplier of the Company or any of its
Subsidiaries, provided, however, that Participant may be a stockholder in a mutual fund or a diversified investment company or a passive stockholder of not more than one percent (1%) of the outstanding stock of any class of a corporation that
has a publicly traded class of equity securities. 

  

	3.	Non-Solicit. During or after the Participant’s period of employment with the Company or one of its Subsidiaries, the Participant shall not (x) solicit, entice,
persuade or induce, directly or indirectly, any employee of any of the Company and its Subsidiaries (or any person who within the preceding one-hundred eighty (180) days was an employee of, any of the
Company and its Subsidiaries) to (i) terminate such employee’s employment with the Company and its Subsidiaries, (ii) refrain from extending or renewing the same (upon the same or new terms) at the expiration of such party’s
applicable employment term, (iii) refrain from rendering services to or for the Company and its Subsidiaries, (iv) become employed by or enter into a consulting or management relationship with any Persons other than the Company and its
Subsidiaries, (v) enter into any other contractual relationship with any Persons other than the Company and its Subsidiaries that would materially or be reasonably likely to materially harm the business of the Company and its Subsidiaries, or
(vi) enter into a relationship with a Competitor or (y) hire, or cause the hiring of, any such employee for any position other than with an Affiliate of the Company provided, however, nothing shall prevent Participant from
engaging in general solicitations of employment not specifically directed at such Persons provided that any hiring of such Persons shall not occur as a result thereof.EX-10.8

 Exhibit 10.8 

FORM OF 
 RESTRICTED
STOCK AGREEMENT 
 RESTRICTED STOCK AGREEMENT, dated as of
                    , 20     (this “Agreement”) between PQ Group Holdings Inc. (the “Company”)
and                      (the “Participant”). (Capitalized terms used in this Agreement and not defined herein shall have the
meaning ascribed to such terms in the PQ Group Holdings Inc. Stock Incentive Plan (formerly known as the Second Amended and Restated PQ Holdings Inc. Stock Incentive Plan; the “Plan”); provided that, if the Participant is
party to an employment agreement with the Company or any of its Subsidiaries that is then in effect, the terms “Disability”, “Retirement”, “Cause” or “Good Reason” shall, if defined in such employment
agreement, have the meanings ascribed to such terms in such employment agreement). 
 WHEREAS, the Participant is a valuable employee of the
Company; 
 WHEREAS, the Company wishes to grant to the Participant the number of shares of Restricted Stock set forth on the signature page
hereof; and 
 WHEREAS, the Restricted Stock shall consist of restricted shares of Class B common stock of the Company, par value $0.01
per share (“Restricted Class B Common Stock”). 
 1. Plan. The Restricted Stock granted hereunder is being issued
pursuant to and in accordance with the Plan and, as such, is subject in all respects to the Plan, all of the terms of which are made a part of and incorporated into this Agreement. In the event of any conflict between any term of this Agreement and
the terms of the Plan, the terms of the Plan shall control. 
 2. Definitions. 

(a) “Applicable Federal Rate” shall mean the applicable federal rate then in effect, as established by the U.S. Internal
Revenue Service. 
 (b) “CCMP Investors” means CCMP Capital Investors III, L.P., a Delaware limited partnership, CCMP
Capital Investors III (Employee), L.P., a Delaware limited partnership, Quartz Co-invest L.P., a Delaware limited partnership, CCMP Capital Investors III (AV-7), L.P., a
Delaware limited partnership, CCMP Capital Investors III (AV-8), L.P., a Delaware limited partnership, CCMP Capital Investors III AV-9, L.P., a Delaware limited
partnership and CCMP Capital Investors III AV-10, L.P., a Delaware limited partnership, together with their respective permitted transferees and controlled affiliates. 

 (c) “CCMP Investors Securities” means the equity securities of the Company or
any of its subsidiaries acquired by the CCMP Investors from time to time. 
 (d) “Grant Date” means
                    , 20    . 

(e) “Liquidity Threshold Price” means, at any time, the lowest average closing trading price for Shares over any consecutive
ten (10) day trading period that, when multiplied by the number of the CCMP Investors Securities then held by the CCMP Investors and then added to the Proceeds received by the CCMP Investors prior to the start of such period, would yield an MOI
that is greater than or equal to             . 
 (f) “Measurement
Date” means any date upon which Proceeds are received by the CCMP Investors. 
 (g) “MOI” means, as of the
Measurement Date, the quotient obtained by dividing (i) the sum of Proceeds received on such Measurement Date and all prior Measurement Dates, by (ii) the Principal Investment. 

(h) “Performance Shares” means shares of Restricted Stock which shall vest, if at all, as provided in Section 5(b).

 (i) “Principal Investment” means the sum, without duplication, of: (i) the aggregate consideration paid by the CCMP
Investors to acquire the CCMP Investors Securities, plus (ii) the amount of cash and the value (as determined by the Board in good faith) of any property contributed by the CCMP Investors to the Company, contributed from time to time. 

(j) “Primary Restrictive Covenant Obligation” means any noncompetition or nonsolicitation covenant, agreement or obligation
contained in any written agreement between the Participant and the Company or any of its Subsidiaries 
 (k) “Proceeds”
means, without duplication, all pre-tax: (i) cash proceeds actually received by the CCMP Investors from the disposition of the CCMP Investors Securities; (ii) cash dividends and other cash
distributions actually received by the CCMP Investors in respect of the CCMP Investors Securities; and (iii) cash proceeds actually received by the CCMP Investors from the disposition of any non-cash
proceeds (including non-cash dividends or other non-cash distributions) received in exchange for or in respect of the CCMP Investors Securities, provided, that, for the
avoidance of doubt, in determining the amount of Proceeds paid to the CCMP Investors in respect of the CCMP Investors Securities, such amount shall exclude any Sponsor Fees paid by the Company or any of its Subsidiaries to the CCMP Investors or any
of their affiliates, as applicable. For the avoidance of doubt, except as provided in Section 5(b)(iii), any property other than cash (including marketable securities) that the CCMP Investors receive or retain in connection with a Change in
Control or otherwise shall not be treated 

  
 2 

 
as Proceeds received by the CCMP Investors, however, cash received by the CCMP Investors from the disposition of such property, if any, shall be treated as Proceeds if and when such cash actually
is received by the CCMP Investors. 
 (l) “Restrictive Covenant Obligation” means any noncompetition, nonsolicitation,
confidentiality, intellectual property assignment or other similar covenants, agreements or obligations contained in any written agreement between the Participant and the Company or any of its Subsidiaries. 

(m) “Service Shares” means shares of Restricted Stock which shall vest, if at all, as provided in Section 5(a). 

(n) “Shares” means the shares of Restricted Class B Common Stock granted pursuant to this Agreement. 

(o) “Sponsor Fees” means sponsor fees, transaction fees and other similar items paid to the CCMP Investors or any affiliated
investment manager by the Company or its Subsidiaries or taken out of the proceeds of any transaction with the Company or any of the Subsidiaries or in connection with the acquisition or disposition of the CCMP Investors Securities (or dividends or
distributions on the CCMP Investors Securities). 
 (p) “Start Date” means
                    , 20    . 
 3.
Grant of Restricted Stock. Subject to the terms and conditions of this Agreement and the Plan, and subject to (i) the Participant becoming a party to the Stockholders Agreement and (ii) the Participant’s delivery
to the Company of duly executed and undated instruments of transfer or assignment in blank, to be used by the Company only for transfers required under the Plan, this Agreement or the Stockholders Agreement, the Company hereby evidences and confirms
its grant to the Participant, effective as of the Grant Date of the number of Service Shares and Performance Shares set forth on the signature page hereof. Upon grant, one or more stock certificates registered in the Participant’s name and
representing the Restricted Stock, which certificates shall bear the legends set forth in Section 11(b), will be delivered on behalf of the Participant to the Secretary of the Company, to be held in custody (but only consistent with the terms
and conditions of this Agreement) until the later of the date (i) they become vested in accordance with Section 5 and (ii) the Participant requests such instrument from the Company. 

4. Forfeiture Risk. The Participant hereby (i) appoints the Company as the limited attorney-in-fact of the Participant to take such actions as may be necessary or appropriate solely to effectuate a transfer of the record ownership of any such shares that are unvested and forfeited hereunder
and (ii) agrees to sign such stock powers and take such other actions as the Company may reasonably request to accomplish the transfer of any unvested Shares that are forfeited hereunder. The Company does hereby indemnify and hold
harmless the Participant from any wrongful use of the power of attorney granted above. 

  
 3 

 5. Vesting. 

(a) Service Shares.
                        . 

(b) Performance Shares.
                        . 
 6.
Normal Forfeiture Date. All unvested Performance Shares shall be forfeited upon a Change in Control that results in the CCMP Investors no longer holding any shares of Class B Common Stock. 

7. Restrictions on Transfer. The Shares are subject to the transfer restrictions contained in the Stockholders Agreement. In addition, unvested
Restricted Stock may not be Transferred, other than by will or by the laws of descent and distribution or with the consent of the Company, which consent will not be unreasonably withheld in the case of a Transfer following Retirement, and provided
that the deceased Participant’s beneficiary or the representative of his or her estate or such transferee, as applicable, acknowledges and agrees in writing, in a form reasonably acceptable to the Company, to be bound by the provisions of the
Plan, this Agreement and the Stockholders Agreement as if such beneficiary, estate or other transferee were the Participant. 
 8. Termination of
Service. 
 (a) Service Shares. 

(i) Termination for death, Disability, Retirement, by the Company without Cause. Upon the Participant’s Termination of Service
due to death, Disability, Retirement, by the Company without Cause or, if the Participant is party to an employment agreement with the Company or any of its Subsidiaries then in effect that provides for termination of the Participant’s
employment for Good Reason, a Termination of Service by the Participant for Good Reason, a number of the Participant’s Service Shares shall vest equal to the number of Service Shares that would have vested during the two year period following
the date of the Participant’s Termination of Service (such number of Service Shares that vest pursuant to this Section 8(a)(i), the “Additional Vested Shares”) (provided that, notwithstanding anything to the
contrary in this Agreement, the Additional Vested Shares shall be forfeited for no consideration in the event that the Participant breaches any Primary Restrictive Covenant Obligation or materially breaches any other Restrictive Covenant Obligation
or if the Participant fails to execute a release of claims (in substantially the form attached to any employment agreement between the Participant and the Company or any of its Subsidiaries then in effect) that becomes effective and irrevocable in
accordance with its terms within forty five (45) days following the date of Termination of Service); 

  
 4 

 (ii) Termination for Cause. Upon the Participant’s Termination of Service by the
Company for Cause, all of the Participant’s Service Shares, vested and unvested, shall be forfeited; 
 (iii) Termination for Any
Other Reason. Upon the Participant’s Termination of Service other than as set forth in Sections 8(a)(i) and 8(a)(ii), any unvested Service Shares shall be forfeited; and 

(iv) Any Service Shares that remain unvested on the date of the Participant’s Termination of Service after giving effect to clauses (i),
(ii) and (iii) of this Section 8(a), shall be forfeited as of the date of the Participant’s Termination of Service. 
 (b)
Performance Shares. 
 (i) Termination for death, Disability, Retirement, by the Company without Cause. Upon the
Participant’s Termination of Service due to death, Disability, Retirement, by the Company without Cause or, if the Participant is party to an employment agreement with the Company or any of its Subsidiaries then in effect that provides for
termination of the Participant’s employment for Good Reason, a Termination of Service by the Participant for Good Reason, any unvested Performance Shares shall vest if the CCMP Investors shall have received Proceeds resulting in an MOI of at
least          on or before the six month anniversary of the Participant’s termination of employment; 

(ii) Termination for Cause. Upon the Participant’s Termination of Service by the Company for Cause, all of the Participant’s
Performance Shares, vested and unvested, shall be forfeited; 
 (iii) Termination for Any Other Reason. Upon the Participant’s
Termination of Service for any reason other than as set forth in Sections 8(b)(i) or 8(b)(ii), any unvested Performance Shares shall be forfeited; and 

(iv) Any Performance Shares that remain unvested on the six-month anniversary of the
Participant’s Termination of Service after giving effect to clauses (i), (ii) and (iii) of this Section 8(b), shall be forfeited as of the date of the Participant’s Termination of Service. 

9. Repurchase Right on Termination of Service Prior to a Public Offering. 

(a) Rights of the Company. Upon a Participant’s Termination of Service for any reason prior to a Public Offering, or, if the
Participant breaches any Primary Restrictive Covenant Obligation or materially breaches any other Restrictive Covenant Obligation, the Company may elect to purchase all or a portion of the Shares by written notice to the Participant delivered on or
before the later of the six-month anniversary of 

  
 5 

 
such termination or the six-month anniversary of the day the Company discovers (the “Discovery Date”) that the Participant has breached
any Primary Restrictive Covenant Obligation or materially breached any other Restrictive Covenant Obligation, as applicable. 
 (b)
Purchase Price. The purchase price per Share pursuant to this Section 9 upon a Termination of Service for death, Disability, Retirement, by the Company without Cause or, if the Participant is party to an employment
agreement with the Company or any of its Subsidiaries then in effect that provides for termination of the Participant’s employment for Good Reason, a Termination of Service by the Participant for Good Reason, shall equal the Fair Market Value
as of the date of termination. The purchase price per Share upon a Termination of Service for any other reason or in the event the Participant has breached any Primary Restrictive Covenant Obligation or materially breached any other Restrictive
Covenant Obligation shall equal the lesser of (i) the Fair Market Value of such Share as of the termination date and (ii) the Fair Market Value of such Share at the Grant Date. 

(c) Closing of Purchase; Payment of Purchase Price. Subject to Section 9(e), the closing of a purchase
pursuant to this Section 9 shall take place at the principal office of the Company no later than the date that is 30 days after the six-month anniversary of the termination date or
Discovery Date, as applicable. At the closing, (i) the Company shall, subject to Section 9(d), pay the Purchase Price to the Participant (or the Participant’s estate) and (ii) the Participant (or the
Participant’s estate) shall deliver to the Company such certificates or other instruments representing the Shares so purchased, appropriately endorsed by the Participant (or the Participant’s estate) or directing that the Shares be so
transferred to the purchaser thereof, as the Company may reasonably require. If the Closing of the purchase occurs prior to the Discovery Date, the Participant shall, within 30 days of notice from the Company of the breach of the Primary Restrictive
Covenant Obligation or material breach of any other Restrictive Covenant Obligation, pay the Company the excess, if any, of the repurchase price paid over the lower price payable due to the breach of the Primary Restrictive Covenant Obligation or
material breach of any other Restrictive Covenant Obligation. 
 (d) Application of the Purchase Price to Certain Loans or Other
Obligations. The Company shall be entitled to apply any amounts otherwise payable pursuant to this Section 9 to discharge any indebtedness for borrowed money of the Participant to the Company or any of its Subsidiaries
or such indebtedness of the Participant that is guaranteed by the Company or any of its Subsidiaries. 
 (e) Certain Restrictions on
Repurchases; Delay of Repurchase. Notwithstanding any other provision of this Agreement, the Company shall not be permitted or obligated to make any payment with respect to a repurchase of any Shares from the Participant if (i) such
repurchase (or the payment of a dividend by a Subsidiary to the Company to fund such repurchase) would result in a violation of the terms or 

  
 6 

 
provisions of, or result in a default or an event of default under any guaranty, financing or security agreement or document entered into by the Company or any Subsidiary from time to time
(the “Financing Agreements”), (ii) such repurchase would violate any of the terms or provisions of the Certificate of Incorporation of the Company or (iii) the Company has no funds legally available to make
such payment under the General Corporation Law of the State of Delaware. If a repurchase by the Company otherwise permitted under this Section 9 is prevented by the terms of the preceding sentence: (i) the
purchase and payment of the applicable Purchase Price shall be postponed and will take place at the first opportunity thereafter when the Company has funds legally available to make such payment and when such payment will not result in any default,
event of default or violation under any of the Financing Agreements or in a violation of any term or provision of the Certificate of Incorporation of the Company, (ii) such repurchase obligation shall rank against other similar
repurchase obligations with respect to shares of Common Stock according to priority in time of the termination date giving rise to such repurchase (provided that any repurchase commitment arising from a Termination of Service because of
Disability or death shall have priority over any other repurchase obligation) and (iii) the Purchase Price (except in the case of a termination for Cause or following the Participant’s breaching a Restrictive Covenant Obligation)
shall be increased by an amount equal to interest on such Purchase Price for the period during which payment is delayed at the Applicable Federal Rate. 

10. Right to Retain Shares. If the option of the Company to purchase the Shares pursuant to Section 9 is not exercised with respect to all
of the Shares, the Participant shall be entitled to retain the remaining Shares, although those Shares shall remain subject to all of the other provisions of this Agreement and the Stockholders Agreement. 

11. Participant’s Representations, Warranties, Covenants and Agreements. 

(a) Investment Intention. Participant represents and warrants that the Participant is acquiring the Shares solely for the
Participant’s own account for investment and not with a view to, or for sale in connection with, any distribution thereof. The Participant agrees that the Participant will not, directly or indirectly, offer, transfer, sell, pledge, hypothecate
or otherwise dispose of any of the Restricted Stock (or solicit any offers to buy, purchase or otherwise acquire or take a pledge of any Restricted Stock), or any interest therein or any rights relating thereto, except in compliance with the
Securities Act of 1933, as amended (the “Securities Act”), and the rules and regulations of the Securities and Exchange Commission (the “Commission”) thereunder, and in compliance with all applicable state or non-U.S. securities or “blue sky” laws and the Stockholders Agreement. The Participant further understands, acknowledges and agrees that none of the Shares may be transferred, sold, pledged, hypothecated
or otherwise disposed of (i) unless (A) such disposition is pursuant to an effective registration statement under the Securities Act or other applicable non-U.S. securities laws,
(B) the Participant shall have delivered to the Company an opinion of counsel, which opinion and counsel shall be 

  
 7 

 
reasonably satisfactory to the Company, to the effect that such disposition is exempt from the provisions of section 5 of the Securities Act, (C) a
no-action letter from the Commission, reasonably satisfactory to the Company, shall have been obtained with respect to such disposition, or (D) following a Public Offering, in an exempt transaction
under Rule 144, (ii) unless such disposition is pursuant to registration under any applicable state and non-U.S. securities laws or an exemption therefrom and (iii) unless the applicable
provisions of the Plan, this Agreement and the Stockholders Agreement shall have been complied with or have expired. 
 (b)
Legends. The Participant acknowledges that any certificate evidencing the Shares shall bear the following legends: 
 “THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), AND ARE “RESTRICTED SECURITIES” AS DEFINED IN RULE 144 PROMULGATED UNDER THE ACT. THE SECURITIES
REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TRANSFER, REPURCHASE AND OTHER PROVISIONS OF A STOCKHOLDERS AGREEMENT, A RESTRICTED STOCK AGREEMENT, AND THE PQ GROUP HOLDINGS INC. STOCK INCENTIVE PLAN (FORMERLY KNOWN AS THE SECOND AMENDED AND
RESTATED PQ HOLDINGS INC. STOCK INCENTIVE PLAN; THE “PLAN”) (COPIES OF WHICH ARE ON FILE WITH THE SECRETARY OF THE COMPANY). NO TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER DISPOSITION OF THE SECURITIES REPRESENTED BY THIS
CERTIFICATE MAY BE MADE EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF SUCH STOCKHOLDERS AGREEMENT, RESTRICTED STOCK AGREEMENT AND PLAN AND (A) PURSUANT TO A REGISTRATION STATEMENT EFFECTIVE UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
(B) IN COMPLIANCE WITH RULE 144 OR OTHER APPLICABLE NON-U.S. LAWS OR (C) PURSUANT TO AN EXEMPTION FROM REGISTRATION THEREUNDER. THE HOLDER OF THIS CERTIFICATE, BY ACCEPTANCE OF THIS CERTIFICATE,
AGREES TO BE BOUND BY ALL OF THE PROVISIONS OF SUCH STOCKHOLDERS AGREEMENT, RESTRICTED STOCK AGREEMENT AND PLAN.” 
 (c) Securities
Law Matters. The Participant acknowledges receipt of advice from the Company that (i) the Restricted Stock has not been registered (or the equivalent) under the Securities Act or any state or
non-U.S. securities or “blue sky” laws, (ii) it is not anticipated that there will be any public market for the Restricted Stock, (iii) the Restricted Stock must be held
indefinitely and the Participant must continue to bear the economic risk of the investment in the Restricted Stock unless the Restricted Stock is subsequently registered under the Securities Act and such state or
non-U.S. laws or an 

  
 8 

 
exemption from registration (or the equivalent) is available, (iv) Rule 144 promulgated under the Securities Act (“Rule 144”) is not presently available with respect
to sales of securities of the Company and the Company has made no covenant to make Rule 144 available, (v) when and if the Restricted Stock may be disposed of without registration in reliance upon Rule 144 (or other applicable non-U.S. law), such disposition can generally be made only in limited amounts in accordance with the terms and conditions of such rule, (vi) the Company does not plan to file reports with the Commission
or other applicable securities regulatory authority or make information concerning the Company publicly available unless required to do so by law or agreement, (vii) if the exemption afforded by Rule 144 is not available, sales of
the Restricted Stock may be difficult to effect because of the absence of public information concerning the Company, (viii) restrictive legends in the form heretofore set forth shall be placed on the certificates representing the
Restricted Stock and (ix) a notation shall be made in the appropriate records of the Company indicating that the Restricted Stock is subject to restrictions on transfer set forth in this Agreement (including, but not limited to, the
Stockholders Agreement as incorporated by reference herein) and, if the Company should in the future engage the services of a stock transfer agent, appropriate stop-transfer restrictions will be issued to such transfer agent with respect to the
Restricted Stock. 
 (d) Compliance with Rule 144. If any of the Restricted Stock is to be disposed of in accordance with Rule 144,
the Participant shall transmit to the Company an executed copy of Form 144 (if required by Rule 144) no later than the time such form is required to be transmitted to the Commission for filing and such other documentation as the Company may
reasonably require to assure compliance with Rule 144 in connection with such disposition. 
 (e) Investor Status. The Participant
represents and warrants that, as of the date hereof, the Participant is an officer, employee or director of the Company or a Subsidiary. 
 12.
Representations, Warranties and Agreements of the Company. 
 (a) Due Organization, etc.. The Company represents and warrants
to the Participant that (i) the Company has been duly organized and is an existing corporation in good standing under the laws of the State of Delaware, (ii) this Agreement has been duly authorized, executed and delivered by
the Company and constitutes a valid and legally binding obligation of the Company enforceable against the Company in accordance with its terms, and (iii) the Restricted Stock, when issued, delivered and paid for in accordance with the
terms hereof, will be duly and validly issued, fully paid and nonassessable.  
 13. Dividends, etc. The Participant shall not be entitled to
receive dividends or other distributions on the Restricted Stock granted hereunder during such time as the shares are not vested. Instead, the Participant shall be entitled to receive a grant of Dividend Equivalents in respect of all dividends or
other distributions paid with respect to unvested 

  
 9 

 
Shares of which the Participant is the record owner on the record date for such dividend or distribution at the same time dividends or distributions are paid, which Dividend Equivalents shall
vest on the date the Restricted Stock with respect to which the Dividend Equivalent was granted (the “Related Share”) vests and shall be forfeited on the date the Related Share is forfeited. Dividend Equivalents shall be settled in
cash (with respect to dividends or distributions paid in cash) or with respect to dividends or distributions paid in property, in property or, at the Company’s option, the cash value thereof within 90 days after the Dividend Equivalent vests,
but no later than March 15 of the year after such Dividend Equivalent vests, provided that, with respect to any Dividend Equivalent that is subject to Section 409A of the Code, no settlement shall be made upon vesting due to Retirement
until the Participant’s Separation from Service and shall be subject to delay as provided in Section 14.10 of the Plan. Any property (other than cash) distributed with respect to a Share or a Related Share (the “Associated
Share”) acquired hereunder, including without limitation a distribution of Shares by reason of a stock dividend, stock split or otherwise, or a distribution of other securities with respect to an Associated Share, shall be subject to the
restrictions of this Agreement in the same manner and for so long as the Associated Share remains subject to such restrictions, and shall be promptly forfeited if and when the Associated Share is so forfeited. The Participant shall be entitled to
(i) receive all dividends or other distributions at the time (and within the same calendar year) as such dividends or distributions are paid with respect to those vested Shares of which the Participant is the record owner on the record
date for such dividend or other distribution and (ii) subject to the terms of the Stockholders Agreement, vote any Shares of which the Participant is the record owner on the record date for such vote. 

14. [Intentionally Omitted.] 
 15. Restrictive
Covenant Obligation. The Participant agrees and acknowledges that each Restrictive Covenant Obligation has been made in consideration of: (a) the Restricted Stock granted herein; (b) the Participant’s ongoing employment by the
Company or a Subsidiary; (c) the importance of protecting the confidential information of the Company, its Subsidiaries and its Affiliates and their other legitimate interests, including without limitation the valuable confidential information
and goodwill that they have developed or acquired; (d) the Participant being granted access to trade secrets and other confidential information of the Company, its Subsidiaries and its Affiliates; and (e) other good and valuable
consideration. 
 16. Miscellaneous. 

(a) Administration. The Plan and this Agreement shall be administered by the Board, as provided in the Plan. 

(b) Binding Effect; Benefits; Assignability. This Agreement shall be binding upon and inure to the benefit of the parties to this
Agreement and their respective successors, heirs, executors and assigns. Nothing in this Agreement, express or implied, 

  
 10 

 
is intended or shall be construed to give any person other than the parties to this Agreement or their respective successors, heirs, executors or assigns any legal or equitable right, remedy or
claim under or in respect of any agreement or any provision contained herein. Neither this Agreement nor any right, remedy, obligation or liability arising hereunder or by reason hereof shall be assignable by the Company or the Participant without
the prior written consent of the other party; provided that the Company shall have the right to assign any and all rights under Section 9. 

(c) Amendment. This Agreement may be amended, modified or supplemented only by a written instrument executed by the Participant and the
Company. 
 (d) Entire Agreement. This Agreement, the Stockholders Agreement and any employment agreement that the Participant has
entered into with the Company or any of its Subsidiaries constitute the entire agreement between the Participant and the Company with respect to the subject matter hereof, and supersede all undertakings and agreements, whether oral or in writing,
previously entered into by the parties with respect thereto. 
 (e) Tax Withholding. Whenever any cash or other payment is to be made
hereunder or with respect to the Restricted Stock (including but not limited to any deemed payment upon grant, the making of any tax election or vesting of a Share or other right), the Company or the Subsidiary employing a Participant shall have the
power to withhold, or to require such Participant to remit to the Company or such Subsidiary, an amount (in cash, from other compensation payable to the Participant, or in Shares, including Restricted Stock) sufficient to satisfy all U.S. federal,
state, local and any non-U.S. withholding tax or other governmental tax, charge or fee requirements in respect of any Shares granted under this Agreement and the Company or such Subsidiary may withhold the
payment of cash or other payment until such requirements are satisfied. 
 (f) No Right to Continued Employment. Nothing in the Plan
or this Agreement shall interfere with or limit in any way the right of the Company or any of its Subsidiaries to terminate the Participant’s employment at any time, or confer upon the Participant any right to continue in the employ of the
Company or any of its Subsidiaries. 
 (g) Section and Other Headings, etc. The section and other headings contained in this
Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement. 
 (h) Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which together shall constitute one and the same instrument. The parties hereto agree to accept a signed facsimile copy of this
Agreement as a fully binding original. 

  
 11 

 (i) Applicable Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAW OF THE STATE OF DELAWARE, WITHOUT REGARD TO THE APPLICATION OF RULES OF CONFLICT OF LAW THAT WOULD APPLY THE LAWS OF ANY OTHER JURISDICTION. 

—Signature page follows— 

  
 12 

 IN WITNESS WHEREOF, the Company and the Participant have executed this Agreement as of the date
first above written. 
  

			
	PQ GROUP HOLDINGS INC.
		
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page to Restricted Stock Agreement] 

 
			
	PARTICIPANT

 
			
		
	By:	 	  

 Service Shares:              shares of Class B Common
Stock 
 Performance Shares:              shares of Class B Common Stock 

[Signature Page to Restricted Stock Agreement]

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