Document:

Agreement by and between Artesyn Technologies, Inc. and Ken Blake

 Exhibit 10.38 
 AMENDED AND RESTATED SEVERANCE AGREEMENT 
 THIS AMENDED AND RESTATED SEVERANCE AGREEMENT
(“Agreement”) is made and entered into as of October 21, 2005 (the “Effective Date”) by and among Artesyn Technologies, Inc., a Florida corporation (hereinafter referred to as the “Company”), and the individual
identified on the signature page of this Agreement (the “Employee”). The Company and the Employee are parties to a Severance Agreement, dated July 6, 2001 (the “Existing Agreement”). The parties wish to amend the Existing
Agreement as set forth herein to conform with the severance provisions recently entered into with certain other key executives of the Company. 
 WITNESSETH 
 WHEREAS, the Employee is a key employee of the Company; and 
 WHEREAS, the Company is entering into this amended and restated Agreement with the Employee providing for certain severance protection under the specific
circumstances set forth below; 
 NOW THEREFORE, to assure the Company that it will have the continued dedication of the Employee and the
availability of his advice and counsel, and to induce the Employee to remain in the employ of the Company and agree to the covenants set forth in this Agreement, and for other good and valuable consideration, the Company and the Employee agree to
amend and restate the Existing Agreement, and be legally bound, as follows: 
 Article 1. Definitions 
  

	1.1	Whenever used in this Agreement, the following terms have the meanings set forth below; 

  

	1.2	“Base Salary” means the salary of record paid by the Company to the Employee as an annual salary, excluding amounts received under incentive or other bonus plans, whether
or not deferred. 

  

	1.3	“Cause” means the occurrence of any one or more of the following: 

  

	 	1.3.1	Any conviction of the Employee of a felony under Federal or state law; 

  

	 	1.3.2	Any failure of the Employee to perform, in any material respect, any of his duties or obligations for the Company or any affiliate of the Company (other than as a result of a
disability), and if such failure continues for more than thirty (30) days after notice from the Company thereof; provided, however, that if such failure is incapable of being cured, in the good faith determination of the Company,
no such thirty (30)-day notice period shall apply; or 

  

	 	1.3.3	Any action or omission to take action by the Employee in connection with his duties and/or responsibilities for the Company or any affiliate of the Company that constitutes willful
misconduct or gross negligence and such actions or omissions adversely affect the business, reputation, financial or other condition of the Company. 

 The parties hereto acknowledge and agree that matters of the business judgment of the
Executive or the economic performance of the Company or any segment thereof shall not be factors in determining Cause, except to the extent that they involve gross negligence or willful misconduct. 
  

	1.4	“Change in Control” means, and shall be deemed to have occurred upon the occurrence of, any one of the following events: 

  

	 	1.4.1	The consummation of any of the following transactions: (A) a merger, recapitalization or other business combination of the Company with or into another corporation, or an
acquisition of securities or assets by the Company, pursuant to which the Company is not the continuing or surviving corporation or pursuant to which all or substantially all of the shares of the Company’s common stock are converted into cash,
securities of another corporation or other property, other than a transaction in which the holders of the Company’s common stock immediately prior to such transaction (including any preliminary or other transactions relating to such
transaction) will continue to own at least 50% of the total voting power of the than outstanding securities of the surviving or continuing corporation immediately after such transaction, (B) any sale, lease, exchange or other transfer (in one
transaction or a series of related transactions) of all, or substantially all, of the assets of the Company or (C) the liquidation or dissolution of the Company, except in connection with the voluntary or involuntary declaration of bankruptcy
or insolvency under applicable Federal and/or state law; 

  

	 	1.4.2	A transaction in which any Person (as such term is used in Sections 13(d)(3) and 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)),
corporation or other entity (other than the Company, an affiliate of the Company, or any profit sharing, employee ownership or other employee benefit or similar plan sponsored by the Company or any of its subsidiaries, or any trustee of or fiduciary
with respect to any such plan when acting in such capacity, or any group comprised solely of such entities): (A) shall purchase common stock (or securities convertible into common stock) representing at least 40% of the total voting power of
the then-outstanding securities of the Company for cash, securities or any other consideration pursuant to a tender offer or exchange offer, or (B) shall become the “beneficial owner” (as such term is defined in Rule 13d-3 under the
Exchange Act), directly or indirectly (in one transaction or a series of related transactions), of securities of the Company representing 50% or more of the total voting power of the then-outstanding securities of the Company ordinarily (and apart
from the rights accruing under special circumstances) having the right to vote in the election of the Company’s directors; or 

  

	 	1.4.3	If, during any period of two (2) consecutive years, individuals who at the beginning of such period constituted the entire Board of Directors of the Company (the
“Board”) and any new director whose election by the Board or nomination for election by the Company’s stockholders was 

  

 - 2 - 

	 	 	approved by a vote of at least a majority of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election
by the stockholders was previously so approved, cease for any reason to constitute a majority thereof. 

  

	 	1.4.4	The consummation of (A) any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all, or substantially all, of the assets of the
Employee’s Division, or (B) any spin-off or other transaction pursuant to which the Employee’s Division is acquired by an unrelated party or becomes unaffiliated with the Company. 

  

	1.5	“Division” means Company business unit, either the Power Conversion or Communications Products division as of the Effective Date, that employs the Employee or to which the
Employee is otherwise assigned as of the date of any Change of Control. 

  

	1.6	“Eligible Termination” means either (i) a Termination Without Cause by the Company, or (ii) a Resignation With Good Reason by the Employee.

  

	1.7	“Resignation With Good Reason” means any termination by the Employee of the Employee’s employment after the occurrence of any of the following to which the Employee
shall not have consented: (i) a material breach by the Company of the terms of this Agreement, (ii) the assignment to the Employee of positions or duties materially inconsistent with the Employee’s positions and duties as of the
Effective Date, (iii) a material diminution of the Employee’s position, authority, responsibilities or benefits to which he is entitled as of the Effective Date, (iv) a material reduction of the Employee’s base salary or the
Employee’s “target award” opportunity under the Company’s incentive bonus program, (v) a relocation of the Employee’s workplace further than a fifty (50) mile radius from the present location or (vi) the
Company’s common stock no longer being publicly traded under The Nasdaq Stock Market or a national stock exchange. 

 A Resignation With Good Reason shall not be effective unless and until the Employee has given notice of the condition giving rise to the Resignation With Good Reason and such condition is not corrected within thirty
(30) days of such notice. 
  

	1.8	“Severance Benefits” means the benefits described in Section 2.1 or Section 2.2 of this Agreement as, and solely to extent that, the Employee is entitled to such
benefits as provided under the terms of this Agreement. 

  

	1.9	“Termination Without Cause” means a discharge by the Company of the Employee from his employment other than for Cause. 

 Article 2. Severance Benefits 
  

	2.1	Severance Benefits. In the event that, during the term of this Agreement, an Eligible Termination shall occur prior to or more than one (1) year after the occurrence of
a Change in Control, the Company shall pay to the Employee a single lump sum payment within ten (10) days of the date of such termination in an amount equal to the sum of (i) the product of the highest monthly Base Salary during the
12-month period immediately prior to the date of termination times 12, (ii) an amount equal to the product of (A) the full “target award” fixed for the Employee under the Company’s incentive bonus program for the then
current fiscal year times (B) a fraction, the 

  

 - 3 - 

 numerator of which is the number of days in the then current fiscal year through the date of termination
and the denominator of which is 365 (the “Pro Rata Bonus”), and (iii) an amount equal to the sum of (A) the Employee’s Base Salary through the date of termination to the extent not theretofore paid, (B) the amount of
any bonus, incentive compensation, deferred compensation and other cash compensation earned by the Employee and otherwise payable as of the date of termination to the extent not theretofore paid and (C) any vacation pay, expense reimbursements
and other cash entitlements earned by the Employee and otherwise payable as of the date of termination to the extent not theretofore paid (the “Accrued Benefits”). In addition to payment of the above benefits, the Employee shall, to the
extent allowable under the law, COBRA limits or the provisions of the applicable plan, continue to receive during such twelve (12) month period following the termination date all benefits and service credits for benefits under medical insurance
and other employee welfare benefit plans and programs to which he was entitled at the termination date as if he were still employed by the Company. 
  

	2.2	Change in Control Severance Benefits. In the event that, during the term of this Agreement, an Eligible Termination shall occur within one (1) year after the occurrence
of a Change in Control, the Company shall pay to the Employee a single lump sum payment within ten (10) days of the date of such termination in an amount equal to the sum of (i) the product of the highest monthly Base Salary during the
12-month period immediately prior to the date of termination times 24, (ii) an amount equal to two times the Employee’s Pro Rata Bonus, and (iii) an amount equal to the Employee’s Accrued Benefits. In addition to payment of the
above benefits, the Employee shall, to the extent allowable under the law, COBRA limits or the provisions of the applicable plan, continue to receive during such twelve (12) month period following the termination date all benefits and service
credits for benefits under medical insurance and other employee welfare benefit plans and programs to which he was entitled at the termination date as if he were still employed by the Company. 

  

	2.3	Termination for any other Reason. If the Employee’s employment with the Company is terminated under any circumstances other than those set forth in Section 1.5,
including without limitation by reason of retirement, death, disability, discharge for Cause or resignation other than a Resignation With Good Reason, the Employee shall have no right to receive the Severance Benefits under this Agreement or to
receive any payments in respect of this Agreement. 

  

	2.4	Withholding of Taxes. The Company shall withhold from any amounts payable under this Agreement all Federal, state, local, or other taxes as legally shall be required to be
withheld. 

  

	2.5	Certain Limitations on Payments by the Company. Notwithstanding the foregoing or any other provision of this Agreement to the contrary, if tax counsel selected by the Company
and acceptable to the Employee determines that any portion of any payment under this Agreement would constitute an “excess parachute payment,” then the payments to be made to the Employee under this Agreement shall be reduced (but not
below zero) such that the value of the aggregate payments that the Employee is entitled to receive under this Agreement and any other agreement or plan or program of the Company shall be one dollar ($1) less than the maximum amount of payments which
the Employee may receive without becoming subject to the tax imposed by Section 4999 of the Internal Revenue Code; provided, however, that the foregoing limitation shall not apply in the event that such tax counsel determines that the benefits
to the Employee under this Agreement on an after-tax basis (i.e., after federal, state and local income and excise taxes) if such limitation is not applied would exceed the after-tax benefits to the Employee if such limitation is applied.

  

 - 4 - 

	2.6	Certain Adjustments to Payments by the Company. Notwithstanding anything in this Agreement to the contrary, in the event that any benefits payable or otherwise provided under
this Agreement would be deemed to constitute non-qualified deferred compensation subject to Section 409A of the Internal Revenue Code, the Company shall have the discretion to adjust the terms of such payment or benefit as it deems necessary,
in a commercially-reasonable manner to comply with the requirements of Section 409A to avoid the imposition of any excise tax or other penalty with respect to such payment or benefit under Section 409A. 

  

	2.7	Condition to Entitlement to Severance Benefits. In addition to the other terms and conditions of this Agreement, the Employee shall be eligible to receive Severance Benefits
hereunder only if prior to the receipt of such benefits he executes a release of claims against the Company, its affiliates and other appropriate releasees, in a form reasonably acceptable to the Company. 

 Article 3. Unconditional Obligations; Dispute Resolution 
  

	3.1	General. The Company’s obligation to make the payments provided for under 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 Employee or others. Any dispute under this Agreement arising out of or relating to Section 2 hereof shall be settled by
arbitration in accordance with this Section 3. 

  

	3.2	Commencement. Either party may serve upon the other party written notice that the dispute, specifying the nature thereof, shall be submitted to arbitration. Within ten
(10) days after the service of such notice, each of the parties shall designate a disinterested arbitrator and serve written notice of such appointment upon the other party. If either party fails within the specified time to appoint such
arbitrator, the other party (if such party shall timely designate an arbitrator) shall be entitled to appoint both arbitrators. The two arbitrators so appointed shall appoint a third arbitrator. If the two arbitrators appointed shall fail to agree
upon a third arbitrator within ten (10) days after their appointment, then an application may be made by either party hereto, upon written notice to the other party, to the American Arbitration Association, or any successor thereto, or if the
American Arbitration Association or its successor shall fail to appoint a third arbitrator within ten (10) days after such request, then either party may apply, with written notice to the other, to any court of competent jurisdiction for the
appointment of a third arbitrator, and any such appointment so made shall be binding upon both parties hereto. 

  

	3.3	Applicable Rules and Procedures. The arbitration shall be conducted, to the extent consistent with this Section 3, in accordance with the then prevailing rules and
procedures of the American Arbitration Association or its successor. The arbitrators shall have the right to retain and consult experts and competent authorities skilled in the matters under arbitration, but all consultations shall be made in the
presence of both parties who shall have full right to cross-examine the experts and authorities. Unless otherwise agreed by the parties, any such arbitration shall take place in Boca Raton, Florida, and shall be conducted in accordance with the
Commercial Arbitration Rules of the American Arbitration Association. 

  

	3.4	Decision. The arbitrators shall render their award, upon the concurrence of at least two (2) of their number, not later than thirty (30) days after the appointment
of the third arbitrator. Their decision and award shall be in writing, and counterpart copies shall be delivered to each of the parties. Such decision of the arbitrators shall be final and binding upon the parties hereto. In rendering their award,
the arbitrators shall have no power to modify any of the provisions of the Agreement, and the jurisdiction and power of the arbitrators are expressly limited accordingly. Judgment may be entered on the award of the arbitrators and may be enforced in
any court having jurisdiction. 

  

 - 5 - 

	3.5	Cost and Expenses. Each of the parties hereto shall bear all of its own fees, costs and expenses, including attorneys fees incurred by it in connection with any arbitration
proceeding pursuant to this Section 3. Notwithstanding the foregoing, in the event any party fails to comply with the decision of the arbitrators and the other party undertakes any action(s) or proceeding(s) to enforce such compliance, all
costs and expenses (including reasonable legal fees) incurred by the party seeking to enforce such compliance shall be borne by the party failing to so comply. 

 Article 4. Binding Effect: Successors 
  

	4.1	Non-Assignment. This Agreement is personal to the Employee and without the prior written consent of the Company shall not be assignable by the Employee otherwise than by will
or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by the Employee’s legal representatives. This Agreement shall inure to the benefit of and be binding upon the Company and its successors
and assigns. The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company, or the Employee’s Division, 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. 

 Article 5. Term of Agreement 
  

	5.1	Term. The term of this Agreement hereunder shall commence on the Effective Date and shall continue through the date of termination of the Employee’s employment with the
Company. 

 Article 6. Confidentiality 
  

	6.1	Confidential Information. The Employee hereby agrees that he shall not, at any time during the Employment Term (other than as may be required in connection with the
performance by him of his duties hereunder) or thereafter, directly or indirectly use, communicate, disclose or disseminate any Confidential Information relating to the Company or any of its affiliated companies, and their respective businesses in
any manner whatsoever (except as may be required under legal process by subpoena or other court order), without the prior written consent of the Company. Such information shall include but is not limited to any and all information (verbal and
written) of the Company or any of its subsidiaries or with respect to any of their activities including, but not limited to, information relating to the Company’s technology; research; test procedures and results; manufacturing process,
machinery and equipment; financial information; products, identity of raw materials and services used; purchasing; trade secrets; costs; pricing; engineering; customers and prospects; marketing; and selling and servicing; provided, that Confidential
Information shall not include information of a general, non-proprietary nature generally known in the industry and company specific information that in such form is or becomes publicly available other than through improper means in which the
Employee participated or of which he has knowledge. Promptly following the termination of the Employee’s employment for any reason, the Employee shall return all property, credit cards, and materials, etc. belonging to this Company which are in
the Employee’s possession or control. 

  

	6.2	Non-Compete Covenant. The Employee hereby agrees that he shall not, during the term of this Agreement and for a period of twelve (12) months thereafter, directly or
indirectly engage in any business (whether as owner, manager, operator, lender, partner, stockholder, licensor, licensee, 

  

 - 6 - 

 joint venturer, employee, consultant or otherwise) in which the Company or any of its subsidiaries, as of
the termination date is engaged as a significant portion of its business (it is hereby agreed that (i) any business that constitutes at least twenty (20%) percent of the Company’s prior fiscal year’s revenues and (ii) the
Company’s Power Conversion and Communications Products business areas shall automatically be deemed “significant” hereunder) in any geographical area in which the Company or any of its subsidiaries then is so engaged. Notwithstanding
the foregoing, the Employee shall be permitted to own (as a passive investment) not more than two (2%) percent of the economic interests of a person or entity; provided, however, that said two (2%) percent limitation shall apply to the
aggregate holdings of the Employee and those of all other persons and entities with whom the Employee has agreed to act for the purpose of acquiring, holding, voting or disposing of such securities, except pursuant to a bona fide operating agreement
in respect of such person or entity, such as a stockholders’ agreement or partnership agreement. In the event of a termination of the Employee’s employment within twelve (12) months after a “Change of Control,” the
non-compete covenant contained in this paragraph shall not apply to the Employee following such termination. 
  

	6.3	Non-Solicitation Covenant. The Employee hereby agrees that he shall not, during the term of this Agreement and for a period of twelve (12) months thereafter, directly or
indirectly, hire, offer to hire, entice away or in any other manner persuade or attempt to persuade any officer, employee, agent, lessor, lessee, licensor, licensee, customer (including those that are being actively solicited to become customers),
creditor or supplier (each a “Solicited Person”) of the Company or any of its subsidiaries so that such person can start or develop a relationship with any other person in which the Employee has an interest as referred to in
Section 6.1 hereof. For purposes of this Section 6.3, a Solicited Person shall be deemed to include any person or entity who was an officer, employee, agent, lessor, lessee, licenser, licensee, customer, prospective customer, creditor or
supplier at any time during the six-month period prior to the Employee’s termination date. 

  

	6.4	Injunctive Relief, etc. The parties hereto acknowledge and agree that (i) the Company would be irreparably injured in the event of a breach by the Employee of any of his
obligations under this Section 6; (ii) monetary damages would not be an adequate remedy for any such breach; and (iii) the Company shall be entitled to injunctive relief, in addition to any other remedies that it may have, in the
event of any such breach. It is hereby also agreed that the existence of any claims that the Employee may have against the Company or any of its subsidiaries, whether under this Agreement or otherwise, shall not be a defense to the enforcement by
the Company of any of he rights under Section 6. 

  

	6.5	Scope of Restrictions. It is the intent of the parties that the covenants and restrictions contained in this Section 6 shall be enforced to the fullest extent sought.
The Employee hereby acknowledges that said restrictions are reasonably necessary for the protection of the Company. Accordingly, it is hereby agreed that if any provision of this Section 6 shall be adjudicated to be invalid or unenforceable for
any reason whatsoever, said provision shall be (only with respect to the operation thereof in the particular jurisdiction in which such adjudication is made) construed by limiting and reducing it so as to be enforceable to the fullest extent
permissible, without invalidating or limiting the remaining provisions of this Agreement or affecting the validity or enforceability of said provision in any other jurisdiction. 

  

	6.6	Nonexclusivity. The undertakings and obligations of the Employee contained in this Section 6 shall be in addition to, and not in lieu of, any obligations which he may
have with respect to the subject matter hereof, whether by contract, as a matter of law or otherwise. 

  

 - 7 - 

	6.7	Survival of Provisions of Section 6. It is understood and agreed that the provisions of this Section 6 shall survive the date of termination or expiration of this
Agreement. 

  

	6.8	Effect on Company Obligations Under this Agreement. An asserted violation of the provisions of this Section 6 shall constitute a basis for deferring or withholding
amounts or benefits otherwise payable to the Employee under this Agreement. 

 Article 7. Miscellaneous 
  

	7.1	Employment Status. Neither this Agreement nor any provision hereof shall be deemed to constitute a contract that in any way restricts the Company’s rights to make
changes in personnel, compensation, benefits or other changes in managing the Company or any subsidiary or other affiliate thereof. 

  

	7.2	Entire Agreement. This Agreement contains the entire understanding of the Company and the Employee with respect to the subject matter hereof. The payments provided for under
this Agreement in the event of the Employee’s termination of employment shall be in lieu of any severance benefits payable under any severance plan, program or policy of the Company to which he might otherwise be entitled. Other than this
Agreement, there are no agreements, oral or written, between the Company and its subsidiaries and the Employee with respect to severance or termination pay or benefits. 

  

	7.3	Gender and Number. Except where otherwise indicated by the context, any masculine term used herein also shall include the feminine; the plural shall include the singular and
the singular shall include the plural. 

  

	7.4	Notices. All notices, requests, demands, and other communications hereunder must be in writing and shall be deemed to have been duly given if delivered by hand or mailed
within the continental United States by first-class certified mail, return receipt requested, postage prepaid, to the other party, addresses as follows: 

 (a) if to the Company: 
    Attn: Chief Executive Officer 
    Artesyn Technologies, Inc. 
    7900 Glades Road 
    Suite 500 
    Boca Raton, FL 33434-4105 
 (b) if to the Employee, to him at the address set forth at the end of this Agreement. Addresses may be changed by written notice sent to
the other party at the last recorded address of that party. 
  

	7.5	Execution in Counterparts. This Agreement may be executed by the parties hereto in counterparts, each of which shall be deemed to be original, but all such counterparts shall
constitute one and the same instrument, and all signatures need not appear on any one counterpart. 

  

	7.6	Severability. In the event any provision of this Agreement shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts
of the Agreement, and the Agreement shall be construed and enforced as if the illegal or invalid provision had not been included. Further, the captions of this Agreement are not part of the provisions hereof and shall have no force and effect.

  

 - 8 - 

	7.7	Modification. No provision of this Agreement may be modified, waived, or discharged unless such modification, waiver or discharge is agreed to in writing and signed by the
Employee and on behalf of the Company. 

  

	7.8	Applicable Law. To the extent not preempted by the laws of the United States, the laws of the State of Florida, without reference to conflict of laws provisions, shall be the
controlling law in all matters relating to this Agreement. 

 Employee acknowledges that he/she has read the Agreement in its
entirety, fully understands the Agreement, had either consulted with an attorney prior to signing the Agreement, or had the opportunity to consult an attorney prior to signing the Agreement and chose not to do so. The Employee understands that the
Employer has entered into this Agreement in reliance on the Employee’s statement and acknowledgement. 
 IN WITNESS WHEREOF, the parties
have executed this Agreement as of the day and year first above written. 
  

			
	ARTESYN TECHNOLOGIES, INC.
		
	By:	 	 /s/ Joseph M. O’Donnell

		 	Joseph M. O’Donnell
		 	Chairman, President & Chief Executive Officer
	
	EMPLOYEE
		
	Name:	 	 /s/ Ken Blake

		 	Ken Blake
		
	Address:	 	  

		 	  

		 	  

  

 - 9 -Director's Deferred Compensation Plan

 Exhibit 10(kkk) 
 QUAKER CHEMICAL CORPORATION 
 DIRECTORS’ DEFERRED COMPENSATION PLAN 
 (Amended and Restated as of May 5, 2004) 
 Section 1 - Statement of Purpose 
 This Plan is designed and implemented for the purpose of providing to the members of the Board who
have made significant contributions to the Company’s success, the opportunity to accumulate capital on a tax-deferred basis, thereby increasing the incentive for such Directors to remain on the Board and to make the Company more profitable.
This goal is accomplished through a pre-tax deferral of Board compensation and the investment of those funds on a tax-deferred basis. 
 Section 2 -
Definitions 
 2.1 “Account Balance” means the amount, as denominated in dollars, of a Participant’s account as indicated in the records of
the Plan Administrator. 
 2.2 “Administrator” means the person designated by the Company pursuant to Section 3.1 to administer the Plan on
behalf of the Company. 
 2.3 “Beneficiary” means the person to whom the share of a deceased Participant’s total account is payable, as
designated by a Participant in writing on a form satisfactory to the Company. In the absence of any living designated Beneficiary, a deceased Participant’s Beneficiary shall be the deceased Participant’s then living spouse, if any, for his
or her life; if none, or from and after such spouse’s death, then the living children of the deceased Participant, if any, in equal shares, for each of their lives; and if none, or after the death of all such children, the estate of the
deceased Participant. 
 2.4 “Board” means the Board of Directors of the Company, or any committee of such Board that is authorized to oversee,
administer and amend the Plan. 
 2.5 “Company” means Quaker Chemical Corporation and any successors that shall maintain this Plan. The Company is
a corporation, with principal offices in the Commonwealth of Pennsylvania. 
 2.6 “Compensation” with respect to Participants means all fees paid
to Participants by reason of serving on the Board or on committees of the Board. 
  

	2.7	“Director” means a member of the Board. 

 2.8 “Participant” means any Director who participates in the Plan as provided in Section 4 and has not for
any reason become ineligible to participate further in the Plan. 
 2.9 “Plan” means the Quaker Chemical Corporation Directors’ Deferred
Compensation Plan, as contained in this instrument, including all amendments thereto. 
 2.10 “Plan Participation Agreement” means the agreement
signed by a Director authorizing the deferral of his or her Compensation to the Plan pursuant to Sections 4.2 and 5.1. 
 2.11 “Plan Year” means
the Plan’s accounting year. On and after May 5, 2004, the Plan Year shall be the period beginning on the date of the annual meeting of the Company’s shareholders and ending on the date immediately preceding the next such annual
meeting. The Plan Years prior to May 5, 2004, were as follows: 
 (a) The six-month period beginning July 1, 2002, and ending
December 31, 2002; 
 (b) The calendar year beginning January 1, 2003, and ending December 31, 2003; and 
 (c) The period beginning January 1, 2004, and ending May 4, 2004. 
 2.12 “Vested” means the nonforfeitable portion of any account maintained on behalf of a Participant. 
 Section 3 - Plan Administration 
 3.1 Powers and Duties of the Administrator. The Company shall appoint the
Administrator,- who shall administer the Plan for the exclusive benefit of the Participants and their Beneficiaries, subject to the specific terms of the Plan. The Administrator shall administer the Plan in accordance with its terms and shall have
the power and discretion to construe the terms of the Plan and to determine all questions arising in connection with the administration, interpretation, and application of the Plan. Any such determination by the Administrator shall be conclusive and
binding upon all persons. The Administrator may establish procedures, correct any defect, supply any information, or reconcile any inconsistency in such manner and to such extent as shall be deemed necessary or advisable to carry out the purpose of
the Plan; provided, however, that any procedure, discretionary act, interpretation or construction shall be done in a nondiscriminatory manner based upon uniform principles consistently applied. The Administrator shall have all powers necessary or
appropriate to accomplish the duties under this Plan. 
 The Administrator shall be charged with the duties of the general administration of the Plan,
including, but not limited to, the following: 
 (a) The discretion to determine all questions relating to the eligibility of a Director to
participate or remain a Participant hereunder and to receive benefits under the Plan; 
  

 - 2 - 

 (b) To compute and make determinations with respect to the amount of benefits to which any Participant
shall be entitled hereunder; 
 (c) To authorize and make nondiscretionary or otherwise directed disbursements to Participants; 

(d) To maintain all necessary records for the administration of the Plan; 
 (e) To interpret the provisions of the Plan and to make and publish such rules for the regulation of the Plan as are consistent with the terms hereof;

 (f) To prepare and implement a procedure to notify Directors that they may elect to have a portion of Compensation deferred or paid to
them in cash; and 
 (g) To assist any Participant regarding his or her rights, benefits, or elections available under the Plan. 

3.2 Records and Reports. The Administrator shall keep a record of all actions taken and shall keep all other books of account, records, and other data
that may be necessary for proper administration of the Plan and shall be responsible for supplying all information and reports to the Company, Participants and Beneficiaries. 
 3.3 Information from Company. To enable the Administrator to perform the functions under the Plan, the Company shall supply full and timely information to the Administrator on all matters relating to the
Compensation of all Participants, their retirement, death, disability, or termination of service as a member of the Board, and such other pertinent facts as the Administrator may require. The Administrator may rely upon such information as is
supplied by the Company and shall have no duty or responsibility to verify such information. 
 3.4 Claims Procedure. Claims for benefits under
the Plan may be filed with the Administrator on forms supplied by the Company. Written or electronic notice of the disposition of a claim shall be furnished to the claimant within 90 days after the application is filed. In the event the claim is
denied, in whole or in part, the notice shall set forth in language calculated to be understood by the claimant (i) the specific reason or reasons for the denial, (ii) specific reference to pertinent Plan. provisions on which the denial is based, (iii) a description of any additional material or information necessary for the claimant to perfect the
claim and an explanation of why such material or information is necessary, and (iv) a description of the Plan’s review procedures and the time limits applicable to such procedures, including a statement of the claimant’s right, if
any, to bring a civil action under section 502(a) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), following an adverse benefit determination on review. 
 3.5 Claims Review Procedure. Any Director, former Director, or Beneficiary who has been denied a benefit by a decision of the Administrator pursuant to
Section 3.4, or his or her authorized representative (the “claimant”), shall be entitled to request the Administrator to give further consideration to his or her claim by filing with the Administrator a request for a hearing. Such
request, together with a written statement of the reasons why the claimant believes his or 

  

 - 3 - 

 
her claim should be allowed, shall be filed with the Administrator no later than 60 days after receipt of the notification provided for in Section 3.4.
The claimant shall be provided, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the claimant’s claim for benefits. The Administrator shall then conduct a hearing
within the next 60 days, at which the claimant shall have an opportunity to submit comments, documents, records, and other information relating to the claim without regard to whether such information was submitted or considered in the initial
benefit determination. The Administrator shall make a final decision as to the allowance of the claim within 60 days of receipt of the appeal, unless special circumstances require an extension of time, in which case notice of the extension and
circumstances shall be provided to the claimant prior to the termination of the initial 60-day period and a decision shall be rendered as soon as possible but not later than 120 days after receipt of the request for review; provided, however, in the
event the claimant fails to submit information necessary to make a benefit determination on review, such period shall be tolled from the date on which the extension notice is sent to the claimant until the date on which the claimant responds to the
request for additional information. The decision on review shall be written or electronic and, in the case of an adverse determination, shall include specific reasons for the decision, in a manner calculated to be understood by the claimant, and
specific references to the pertinent Plan provisions on which the decision is based. The decision on review shall also include (i) a statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and
copies of, all documents, records, or other information relevant to the claimant’s claim for benefits, and (ii) a statement describing any voluntary appeal procedures offered by the Plan, and a statement of the claimant’s right, if
any, to bring an action under section 502(a) of ERISA. 
 Section 4 - Eligibility 
 4.1 Eligibility. The Company shall identify and notify those Directors who are serving on the Board on June 30, 2002. A Director whose service on the Board commences after June 30, 2002 shall
be identified and notified of the Plan at that time. Participation in the Plan shall be voluntary. 
 4.2 Participation. A Director becomes a
Participant in the Plan upon the execution and delivery by him or her and the Company of a Plan Participation Agreement. Elections by Participants with respect to a Plan Year shall be made before the beginning of the Plan Year. In the first year in
which a Director becomes eligible to participate in the Plan, the Director may make an election, within 30 days after the date the Director becomes eligible to Participate, with respect to Compensation for services to be performed subsequent to the
election during that Plan Year. Elections made with respect to any Plan Year are irrevocable once the Plan Year has begun. 
 4.3 Effective Date of
Participation. A Director shall become a Participant effective as of the first day of the Plan Year for which a Plan Participation Agreement under Section 4.2 is in effect, provided that the Director is still serving on such date. A new
Director shall become a Participant as of the first day for which his or her election to defer is effective. 
  

 - 4 - 

 4.4 Election Not to Participate. Any Director may elect not to participate in the Plan. A Director who
fails to execute and deliver a Plan Participation Agreement in accordance with Section 4.2 shall be deemed to have elected not to participate in the Plan. 
 Section 5 - Contributions to the Plan 
 5.1 Participant’s Compensation Deferral. A Participant may elect to defer up
to 100% of his or her Compensation each Plan Year. The total amount of Compensation that is deferred shall be considered as the Participant’s contribution to the Plan for that year. Deferral elections shall continue in effect from year to year
unless changed or revoked by the Participant. Any change or revocation shall not be effective prior to the first day of the Plan Year beginning after the date on which such change or revocation is filed with the Company. 
 5.2 Vesting of Contributions. Participant contributions shall be Vested at all times. 
 Section 6 - Participants’ Accounts 
 6.1 Maintenance of Participants’ Accounts. The
Administrator shall maintain a separate account for each Participant, to which shall be credited Participants’ contributions. Accounts shall be credited for contributions as of the date the relevant amounts would otherwise have been payable to
the Participant in cash. Each Participant’s account also shall be credited with any increases in value determined under Section 6.2. Each Participant’s account shall be charged with any withdrawals, distributions, or transfers
permitted under the Plan. These Participant accounts shall be for recordkeeping purposes only and no actual funds will be deposited or set aside for any individual Participant or for the group of Participants as a whole. 
 6.2 Earnings or Losses Credited to Participant Accounts. 
 (a) Each Participant may from time to time designate the investment vehicle or vehicles which shall be used to determine the earnings and losses of his or her account from among available investment vehicles
designated by the Administrator in its sole discretion. Any such designation shall be made at the time and in the manner prescribed by the Administrator. Each Participant’s Account Balance shall be adjusted on a daily basis to reflect the
earnings and losses of the designated investment vehicle or vehicles. In the event that no designation is in effect under this Section 6.2(a) for any period, the Participant shall be deemed to have designated such default investment vehicle as
may be designated by the Administrator. 
 (b) Notwithstanding Section 6.2(a), a Participant’s Account Balance as of any date shall
not be less than the amount determined (i) by crediting his account with interest on a daily basis at the prime lending rate charged by the Company’s principal banking institution on January 1 of the calendar year for which such
interest credit is made (or July 1, 2002, with regard to interest credits made during 2002); (ii) without regard to any contributions made on or after May 5, 2004; and (iii) without regard to any adjustments under
Section 6.2(a). 
  

 - 5 - 

 6.3 Statements of Participants’ Accounts. The Administrator shall prepare or have prepared each
quarter a statement for each Participant of his or her Account Balance and shall send such statement to the Participant. 
 Section 7 - Distributions

 7.1 Distributions from the Plan. A Participant will be entitled to payment from the Company of an amount equal to his or her Account
Balance upon the Participant’s termination of service as a member of the Board. All payments shall be made or commence as soon as administratively possible following the date of termination. 
 7.2 Form of Payment. Distribution shall be made in a single-sum payment equal to the Participant’s Account Balance; provided, however, that the
Company may, in its sole and absolute discretion, approve a Participant’s request for an alternate form of distribution of the Account Balance, in which case such distribution or distributions shall be in the amount of the Actuarial Equivalent
of the benefit otherwise distributable hereunder. Any such request for an alternate form of distribution must be made not later than the last day of the calendar year preceding the Participant’s termination of service as a member of the Board.

 7.3 Loans. Loans from the Plan are not permitted. 
 7.4 Distribution for Minor Beneficiary. In the event a distribution is to be made to a minor, then the Administrator may direct that such distribution be paid to the legal guardian, or if none, to a parent of such Beneficiary,
or to the custodian of such Beneficiary under the Uniform Gifts to Minors Act or a similar statute, if such is permitted by the laws of the state in which said Beneficiary resides. Such a payment to the legal guardian, custodian or parent of a minor
Beneficiary shall fully discharge the Company and the Plan from further liability on account thereof. 
 Section 8 - Amendment and Termination

 8.1 Amendment. The Company shall have the right at any time to amend this Plan. However, no amendment shall be effective so as to reduce
the amount of any Participant’s Account Balance, to reduce future interest credits (with respect to the Participant’s Account Balance attributable to contributions made prior to May 5, 2004) below the amount provided under
Section 6.2(b) (as in effect prior to the amendment), to adversely affect the Participant’s right to adjustments for earnings or losses under Section 6.2(a), or to delay the payment of any amount to a Participant beyond the time that
such amount would be payable without regard to such amendment. 
 8.2 Termination. The Company shall have the right at any time to notify the
Participants of the termination of the Plan by delivering to the Directors and Administrator written notice of such termination. Upon any such notice of termination, beginning with the following Plan Year no additional amounts may be deferred and
credited to Participants’ accounts; however, Participants’ accounts shall continue to be credited with any increases or decreases in value pursuant to Section 6.2. In the event of termination, at the Company’s election, each
Participant’s 

  

 - 6 - 

 
Account Balance may be paid to the Participant in full, or any payment may be made to each Participant in accordance with the terms of the Plan. 

Section 9 - Company-Owned Life Insurance 
 9.1 Company
Owns All Rights. In the event that, in its discretion, the Company purchases a life insurance policy or policies insuring the life of any Participant to allow the Company to informally finance and/or recover, in whole or in part, the cost of
providing the benefits hereunder, neither the Participant nor any Beneficiary shall have any rights whatsoever therein. The Company shall be the sole owner and beneficiary of any such policy or policies and shall possess and may exercise all
incidents of ownership therein. 
 9.2 Participant Cooperation. If the Company decides to purchase a life insurance policy or policies on any
Participant, the Company will so notify such Participant. Each Participant shall consent to being insured for the benefit of the Company and shall take whatever actions may be necessary to enable the Company to timely apply for and acquire such life
insurance and to fulfill the requirements of the insurance carrier relative to the issuance thereof as a condition of eligibility to participate in the Plan. 
 9.3 Participant Misrepresentation. If (a) any Participant is required by this Plan to submit information to any insurance carrier; and (b) the Participant makes a material misrepresentation in any application for
such insurance; and (c) as a result of that material misrepresentation the insurance carrier is not required to pay all or any part of the proceeds provided under that insurance, then the Participant’s (or the Participant’s
Beneficiary’s) rights to any benefits under this Plan may be, in the sole discretion of the Board, reduced to the extent of any reduction of proceeds that is paid by the insurance carrier because of such material misrepresentation. 

9.4 Suicide. Notwithstanding any other terms or provision of the Plan or the Plan Participation Agreement, if a Participant dies by reason of suicide
and if the Company’s receipt of insurance proceeds is as a result reduced, then the Participant’s (or the Participant’s Beneficiary’s) rights to any benefits under this Plan may be, in the sole discretion of the Board, reduced to
the extent of any reduction of proceeds that is paid by the insurance carrier. 
 Section 10 - Resignation and Removal of the Administrator

 10.1 Resignation. The Administrator may resign at any time by written notice to the Board, which shall be effective 30 days after receipt
of such notice unless the Administrator and the Board agree otherwise. 
 10.2 Removal. The Administrator may be removed by the Board on 30
days notice or upon shorter notice accepted by the Administrator. 
 10.3 Appointment of Successor. If the Administrator resigns or is removed,
a successor shall be appointed, in accordance with Section 11, by the effective date of resignation or removal under this Section 10. If no such appointment has been made, the Administrator may apply to a court of competent jurisdiction
for appointment of a successor or for instructions. All expenses 

  

 - 7 - 

 
of the Administrator in connection with the proceeding shall be allowed as administrative expenses of the Plan. 
 Section 11 - Appointment of Successor Administrator 
 11.1
Successor Administrator. If the Administrator resigns or is removed in accordance with Section 10.1 or 10.2, the Board shall appoint a successor Administrator. The appointment shall be effective when accepted in writing by the new
Administrator. The new Administrator shall have all of the rights and powers of the former Administrator. 
 Section 12 - The Administrator’s
Consultant 
 12.1 Consultant. The Company agrees to the designation by the Administrator of NYLEX Benefits LLC (“NYLEX”),
headquartered in Stamford, Connecticut, as the Administrator’s consultant (the “Administrator’s Consultant”) under this Plan. The Administrator shall have no responsibility for the performance of the duties of the
Administrator’s Consultant. 
 12.2 Independent Consultant. It is recognized that NYLEX also acts as an independent consultant for the
Administrator with respect to the Administrator’s obligations under the Plan. 
 12.3 Resignation or Removal of Consultant. The
Administrator’s Consultant may resign at any time by delivery of written notice of resignation to the Administrator. The Administrator’s Consultant may be removed by the Administrator at any time by delivery of written notice of such
removal to the Administrator’s Consultant. Any such resignation or removal shall take effect as of a future date specified in the notice, which date shall not be earlier than 30 days after such notice is delivered, or such earlier date as may
be agreed to by the Administrator’s Consultant and the Administrator. As soon as practicable after the Administrator’s Consultant has resigned or has been removed hereunder, it shall deliver to the successor Administrator’s Consultant
or to the Administrator all reports, records, documents, and other written information in its possession regarding the Plan, the Participants and Beneficiaries, and thereupon shall be paid all unpaid fees, compensation and reimbursements to which it
is entitled and shall be relieved of all responsibilities and duties under the Plan. 
 12.4 Records to be Maintained. The Administrator’s
Consultant shall maintain or cause to be maintained all of the records contemplated by the current agreement between the Administrator and the Administrator’s Consultant. The Administrator’s Consultant shall also perform such other duties
and responsibilities under this Plan as agreed in writing between the Administrator’s Consultant and the Administrator. 
 12.5 Furnishing of
Information. The Administrator shall furnish to the Administrator’s Consultant all the information necessary to determine the benefits payable to or with respect to each Participant and Beneficiary, and the name, address and Social
Security number of each Participant and Beneficiary. The Administrator shall regularly, at least annually, or promptly at the request of the Administrator’s Consultant, furnish to the Administrator’s Consultant revised and updated
information, including copies of any amendments or supplements to the Plan or the Administrator’s obligations. Based on the foregoing information, the Administrator’s Consultant 

  

 - 8 - 

 
shall prepare annual statements for each Participant and Beneficiary and shall furnish a copy of same to the Administrator. In the event the Administrator
refuses or neglects to provide updated information, as contemplated herein, the Administrator’s Consultant shall be entitled to rely upon the most recent information furnished to it by the Administrator. The Administrator’s Consultant has
no responsibility to verify information provided to it by the Administrator. 
 12.6 Annual Valuation. The Administrator’s Consultant
shall assist the Administrator in providing all required Plan information to the Company. The Administrator’s Consultant shall also perform an annual actuarial valuation of the obligations under the Plan and the funding requirements therefore,
based solely on the most recent information furnished to it by the Administrator. 
 Section 13 - Miscellaneous 
 13.1 Unsecured Company Liability. The obligation of the Company to make payments hereunder to a Participant shall constitute an unsecured liability of the
Company. Such payments shall be made from the general funds of the Company, and the Company shall not be required to establish or maintain any special or separate fund, to purchase or acquire life insurance on a Participant’s life, or otherwise
to segregate assets to assure that such payments shall be made. Neither a Participant nor any other person shall have any interest in any particular asset of the Company by reason of its obligations hereunder, and the right of any of them to receive
payments under this Plan shall be no greater than the right of any other unsecured general creditor of the Company. Nothing contained in the Plan shall create or be construed as creating a trust of any kind or any other fiduciary relationship
between the Company and a Participant or any other person. 
 13.2 No Contract of Employment. This Plan shall not be deemed to constitute a
contract between the Company and any Participant or to be a consideration or an inducement for the service as a Director of any Participant. Nothing contained in this Plan shall be deemed to give any Participant the right to be retained as a
Director regardless of the effect which any such cessation of service shall have upon him or her as a Participant in this Plan. 
 13.3 Nonalienation
of Benefits. No benefit which shall be payable by this Plan to any person (including a Participant or his or her Beneficiary) shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, or
charge, and any attempt to anticipate, alienate, sell, transfer, assign, pledge, encumber, or charge the same shall be void; and no such benefit shall in any manner be liable for, or subject to, the debts, contracts, liabilities, engagements, or
torts of any such person, nor shall it be subject to attachment or legal process for or against such person, and the same shall not be recognized by the Administrator or Company, except to such extent as may be required by law. 
 13.4 Designation of Beneficiary. Each Participant shall file with the Company a notice in writing, in a form acceptable to the Board, designating one or
more Beneficiaries to whom payments becoming due by reason of or after his or her death shall be made. Participants shall have the right to change the Beneficiary or Beneficiaries so designated from time to time; 

  

 - 9 - 

 
provided, however, that no such change shall become effective until received in writing and acknowledged by the Company. 
 13.5 Payment to Incompetents. The Company shall make the payments provided herein directly to the Participant or Beneficiary entitled thereto or, if such
Participant or Beneficiary has been determined by a court of competent jurisdiction to be mentally or physically incompetent, then payment shall be made to the duly appointed guardian, committee or other authorized representative of such Participant
or Beneficiary. The Company shall have the right to make payment directly to a Participant or Beneficiary until it has received actual notice of the physical or mental incapacity of such Participant or Beneficiary and actual notice of the
appointment of a duly authorized representative of his or her estate. Any payment to or for the benefit of a Participant or Beneficiary shall be a complete discharge of all liability of the Company therefore. 
 13.6 Authority to Establish a Trust. The Company shall have the right at any time to establish a trust to which the Company may transfer from time to time
certain assets to be used by the trustee of such trust to satisfy some or all of the Company’s obligations and liabilities under the Plan. All assets held by such trust shall be subject to the claims of the Company’s creditors in the event
of the Company’s Insolvency (as defined herein). The Company shall be considered Insolvent for purposes of said trust if: (a) the Company is unable to pay its debts as they become due; or (b) the Company is subject to a pending
proceeding as a debtor under the United States Bankruptcy Act. 
 13.7 Binding Effect. Obligations incurred by the Company pursuant to this
Plan shall be binding upon and inure to the benefit of the Company, its successors and assigns, and the Participant, his or her Beneficiaries, personal representatives, heirs, and legatees. 
 13.8 Entire Plan. This document and any amendments hereto contain all the teams and provisions of the Plan and shall constitute the entire Plan, any other
alleged terms or provisions being of no effect. 
 13.9 Merger, Consolidation or Acquisition. In the event of a merger or consolidation of the
Company with another corporation or entity, or the sale or lease of all or substantially all of the Company’s assets to another corporation or entity, or the acquiring of another corporation or entity of a right to elect at least 30% of the
Board, then and in such event the obligation and responsibilities of the Company under this Plan shall be assumed by any such successor or acquiring corporation or entity, and all of the rights, privileges and benefits of the Participants hereunder
shall continue. 
 Section 14 - Construction 
 14.1
Construction of this Plan. This Plan shall be construed and enforced according to the laws of the Commonwealth of Pennsylvania, other than its laws respecting choice of law. 
 14.2 Enforceability. If any term or condition of this Plan shall be invalid or unenforceable to any extent or in any application, then the remainder of the
Plan, and such term or condition except to such extent or in such application, shall not be affected thereby, and each and every 

  

 - 10 - 

 
term and condition of the Plan shall be valid and enforced to the fullest extent and in the broadest application permitted by law. 
 14.3 Number. Wherever any words are used herein in the singular or plural form, they shall be construed as though they were also used in the other form in
all cases where they would so apply. 
 14.4 Headings. The headings and subheadings of this Plan have been inserted for convenience of
reference and are to be ignored in any construction of the provisions hereof. 
 14.5 Uniformity. All provisions of this Plan shall be
interpreted and applied in a uniform, nondiscriminatory manner. In the event of any conflict between the terms of this Plan and any summaries or other descriptions of this Plan, the Plan provisions shall control. 
  

 - 11 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00099-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00099-of-00352.parquet"}]]