Document:

Amendment No. 1 to Supply Agreement

 Exhibit 10.1 

* CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTION HAS BEEN 

FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 

Amendment No. 1 

to Supply Agreement 

between 
 Martek
Biosciences Corporation 
 and 

Mead Johnson & Company, LLC 

This Amendment No. 1 (the “Amendment”) to that certain Supply Agreement between (i) Martek Biosciences
Corporation, a Delaware corporation, having its principal place of business at 6480 Dobbin Road, Columbia, Maryland 21045 (“Martek”) and (ii) Mead Johnson & Company, LLC, a Delaware limited liability company, and
wholly-owned subsidiary of Mead Johnson Nutrition Company, with offices located at 2400 West Lloyd Expressway, Evansville, Indiana 47721 (“MJN”), which is dated as of January 1, 2006, as amended with respect to payment terms on
August 6, 2009 by letter agreement (the “Supply Agreement”) is made and entered into effective as of June 1, 2010 (the “Amendment Effective Date”) by and between Martek and MJN. 

WHEREAS, Martek and MJN entered into a License Agreement dated as of October 28, 1992 (as amended, the “License
Agreement”) wherein Martek granted to MJN certain rights under Licensed Patents (as defined therein) and Technology (as defined therein) (A) to produce the Mead Johnson Product (as defined therein), (B) to use and make the Martek
Product (as defined therein) for purposes of making and having made the Mead Johnson Product and (C) to use, market and distribute directly or indirectly the Mead Johnson Product, in each case as further specified in the License Agreement;

 WHEREAS, pursuant to the Supply Agreement, Martek (“SELLER”) has agreed to supply, and MJN
(“PURCHASER”) has agreed to purchase, Martek Product for use by MJN to manufacture, use, market and distribute the Mead Johnson Product in accordance with the terms of the License Agreement and the Supply Agreement; and 

WHEREAS, the parties now wish to amend the Supply Agreement as provided herein. 

NOW THEREFORE, in consideration of the mutual covenants contained herein and for other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows: 
 1. Amendments. The following changes to
the Supply Agreement shall be effective as of the Amendment Effective Date: 
 A. The definition of “Infant Formula
Product” is hereby amended by replacing the words “characteristics and fed” in the last full line thereof with the words “characteristics and/or fed”. 

 

	*	CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTION HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 

 

 1 

 B. Section 2.1(a) is hereby deleted in its entirety and replaced with the following:

 “During the Term of this Agreement and subject to the terms of this Agreement, PURCHASER shall purchase and/or shall
direct the Designee(s) (as defined in Exhibit B hereto) to purchase, from SELLER, PURCHASER’s and its Affiliates’ total requirements of DHA and ARA as required by PURCHASER and its Affiliates for use in Infant Formula Products in
accordance with the terms of the License Agreement as amended hereby. All quantities of the Martek Product purchased by PURCHASER or any Designee under this Agreement shall be used solely for purposes of production, distribution and/or sale of the
Mead Johnson Product. 
 C. The third sentence of Section 2.2.1, which begins “The Annual Forecast shall be
used...”, is hereby deleted in its entirety. 
 D. Section 2.3.1 is hereby amended by deleting everything after the
first two sentences thereof, starting with “Price calculations...” and continuing through the end of the paragraph, and replacing it with the following: 

“At the end of calendar year 2010, a price reconciliation for purchases in 2010 prior to June 1, 2010 shall occur as follows: If
the quantity actually purchased (as reflected in Purchase Orders accepted by SELLER that satisfy the requirements of Section 2.2.3 above and which are scheduled for shipment within 2010) is less than the quantity specified in the Annual
Forecast for 2010, SELLER shall invoice PURCHASER within thirty (30) days after the end of the calendar year for an amount equal to the difference, if any, between the total price paid and the total purchase price payable for Martek Product
purchased prior to June 1, 2010, based on the quantity of Martek Product actually purchased from SELLER in calendar year 2010, as such price is determined using Exhibit A as in effect prior to the Amendment Effective Date. Alternatively, if the
quantity actually purchased during calendar year 2010 exceeds the quantity specified in the Annual Forecast for purchase in 2010, SELLER shall credit against future purchases of Martek Product by PURCHASER from SELLER an amount equal to the
difference, if any, between the total purchase price payable for Martek Product purchased prior to June 1, 2010, based on the quantity actually purchased in calendar year 2010, as such price is determined using Exhibit A as in effect prior to
the Amendment Effective Date, and the total price paid by PURCHASER for such Martek Product, provided that if this Agreement has terminated, SELLER shall, in lieu of any such credit, pay such amount to PURCHASER.” 

E. Section 2.3.3 is hereby amended by replacing the first sentence thereof with the following: 

“PURCHASER and the Designee(s), as applicable, shall pay all correct invoices for amounts due in accordance with Section 2.3.1
above in the United States in U.S. dollars within * from the postmark date or date of electronic transmission, or transmission by facsimile, as applicable, of SELLER’s invoice, which invoice shall not be deemed to be delivered earlier than the
date of delivery of the invoiced Martek Product; provided, however, that for invoices received by PURCHASER *.” 
  

	*	CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTION HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 

 

 2 

 F. A new Section 2.5 is hereby added as follows: 

“2.5*.” 

G. A new Section 2.6 is hereby added as follows: 

“2.6 Manufacturing Changes. PURCHASER will make commercially reasonable efforts to qualify and accept manufacturing changes
implemented by SELLER from time to time. 
 H. Section 4.1 is hereby deleted in its entirety and replaced with the
following: 
 “4.1 Term: This Agreement shall commence on the Effective Date and, subject to prior termination of
this Agreement in accordance with the terms hereof, shall terminate as of January 1, 2016 (the “Term”); provided, however, that the Term may be extended by PURCHASER beyond December 31, 2015 at the sole discretion of PURCHASER,
upon prior written notice given to SELLER at least twelve (12) months prior to the expiration of the initial Term, for an additional four (4) years (the “Extended Term”).” 

I. Section 4.2.4 is hereby deleted in its entirety and replaced with the following: “[Reserved]”. 

J. For the avoidance of doubt, Section 5.5 is hereby deleted in its entirety and replaced with the following: 

“5.5 The parties reaffirm that Section 6.6 of the License Agreement applies, which reads as follows: Licensee covenants and
agrees that it and its Affiliates shall, throughout the term of this Agreement, use reasonable efforts to use and develop the Technology and the Martek Product with respect to the Mead Johnson Product in a way which is consistent with the
parties’ objective of developing a final marketed product which has a polyunsaturated fatty acid composition effectively equivalent to that of human breast milk.” The parties affirm that PURCHASER, in its sole discretion, may alter the
level of Martek Product contained in the Mead Johnson Product if PURCHASER determines, in its sole discretion, that scientific information indicates that alternate levels of Martek Product may be more beneficial or as beneficial as existing
levels. * 
 K. Exhibits A and A-1 are hereby deleted in their entirety and replaced with the Exhibit A attached to this
Amendment. 
 2. Definitions. The capitalized terms used in this Amendment shall have the meaning set forth in the Supply Agreement
and/or the License Agreement, as relevant, unless specifically defined in this Amendment. 
 3. Press Releases. Upon final execution of
this Amendment, the parties shall each issue a press release in the forms set forth in Exhibit 1A and 1B attached hereto. Subject to Section 9 of the Supply Agreement, the parties shall agree on those portions of this Amendment to be
redacted to the extent such Amendment is publicly filed with the Securities and Exchange Commission. 
  

	*	CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTION HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 

 

 3 

 
Neither party, nor any of their respective affiliates, shall make any public disclosures, including without limitation, press releases, securities filings or investor or analyst calls or
presentations, of any information that has been redacted as described above. 
 4. Entity. MJN represents and warrants to Martek that MJN
has converted its organizational form to a limited liability company and that such conversion did not involve any material changes in the operation, scope, assets, business or net worth of the company. Based on such representation and warranty, the
parties acknowledge and agree that the conversion does not constitute an assignment for which consent is required pursuant to Section 10.7 of the Supply Agreement. All references to “MJN” and “PURCHASER” in this Amendment
and the Supply Agreement shall be read to mean “Mead Johnson & Company, LLC.” MJN further represents and warrants to Martek that MJN is a wholly-owned subsidiary of Mead Johnson Nutrition Company. 

5. Effect of Amendment. Except as expressly modified herein, all terms and conditions set forth in the Supply Agreement shall remain in full force
and effect. 
 6. Counterparts. This Amendment may be executed in two or more counterparts, each of which shall be deemed an original and
all of which together shall constitute one and the same Amendment. 
  

	*	CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTION HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 

 

 4 

 IN WITNESS WHEREOF, the parties have each caused this Amendment to be signed and
delivered by their duly authorized representatives as of the date first written above. 
  

			
	Martek Biosciences Corporation
		
	By:	 	 /s/ Steve Dubin

	Name:	 	Steve Dubin
	Title:	 	Chief Executive Officer
	
	Mead Johnson & Company, LLC
		
	By:	 	 /s/ Richard Baumgart

	Name:	 	Richard Baumgart
	Title:	 	Vice President, RSS and NASC
	
	Martek First Amendment to Supply Agreement; RNB; 06/17/10

 

	*	CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTION HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 

 

 5 

 EXHIBIT 1A 

PRESS RELEASE – MJN 

MEAD JOHNSON EXTENDS 

GLOBAL SOLE-SOURCE SUPPLY AGREEMENT 

WITH MARTEK BIOSCIENCES 

GLENVIEW, Ill., June 21, 2010 – Mead Johnson Nutrition Company (MJN: NYSE) announced today that it has extended its supply agreement with
Martek Biosciences Corporation for DHA (docosahexaenoic acid) and ARA (arachidonic acid) for use in its infant formula products. Under the terms of the amendment, Martek will continue to be Mead Johnson’s global sole-source supplier of DHA and
ARA for all of its infant formula products through Dec. 31, 2015, an extension of four years beyond the earliest possible termination date of the current agreement. 

“Mead Johnson pioneered the inclusion of DHA and ARA in infant formula in the United States. We continue to choose Martek’s DHA and ARA because
of their commitment to innovation and quality in DHA and ARA technology and science,” said Dirk Hondmann, senior vice president – global research & development. “The use of Martek’s trusted sources of DHA and ARA
supports Mead Johnson’s mission to create nutritional products trusted to give infants the best start in life.” 

Martek has been supplying DHA and ARA to Mead Johnson for use in infant formula under a 25-year global license agreement executed in
1992. Mead Johnson launched infant formulas containing DHA and ARA in international markets beginning in 2000 and introduced the first infant formula in the United States with these key nutrients in 2002. In May 2006, a new supply agreement
established Martek as Mead Johnson’s global sole-source supplier of DHA and ARA for use in its infant formula products. Today, Mead Johnson offers these beneficial ingredients in all its U.S. routine infant formula products, led by
Enfamil®
PremiumTM LIPIL®, and is the first and only infant formula manufacturer to date to receive scientific
endorsement by the European Food Safety Authority for an infant formula health claim – specifically involving DHA and visual acuity. 

Under the terms of the amended agreement, Martek will provide graduated price reductions to Mead Johnson over the time period of the extension, beginning
in 2010. In addition, Mead Johnson has the option to add another four years to the extension beyond 2015. Mead Johnson said that estimated cost reductions for 2010 would not be material and would not affect its previously announced annual earnings
guidance. 
 Naturally present in human breast milk, DHA and ARA are fatty acids important to infant development and growth. Clinical studies
have demonstrated numerous benefits for infants receiving DHA and ARA supplemented formula versus non-supplemented formula, including improved mental and visual development. 

 

	*	CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTION HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 

 

 6 

 Forward-Looking Statements 

Certain statements in this news release are forward looking as defined in the Private Securities Litigation Reform Act of 1995. These statements, which
are identified by words such as “expects,” “intends” and “believes,” involve certain risks and uncertainties that may cause actual results to differ materially from expectations as of the date of this news release.
These risks include, but are not limited to: (1) the ability to sustain brand strength, particularly the Enfa family of brands; (2) the effect on the company’s reputation of real or perceived quality issues; (3) the adverse
effect of commodity price increases; (4) increased competition from branded, private label, store and economy-branded products; (5) the effect of an economic downturn on consumers’ purchasing behavior and customers’ ability to
pay for product; (6) inventory reductions by customers; (7) the adverse effect of changes in foreign currency exchange rates; (8) legislative, regulatory or judicial action that may adversely affect the company’s ability to
advertise its products or maintain product margins; (9) the possibility of changes in the Women, Infant and Children (WIC) program, or increases in levels of participation in WIC; and (10) the ability to develop and market new, innovative
products. For additional information on these and other factors, see the risk factors identified in the company’s periodic reports, including the annual report on Form 10-K for 2009, quarterly reports on Form 10-Q and current reports on Form
8-K, filed with, or furnished to, the Securities and Exchange Commission, available upon request or at meadjohnson.com. The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new
information, future events or otherwise. 
 About Mead Johnson 

Mead Johnson, a global leader in pediatric nutrition, develops, manufactures, markets and distributes more than 70 products in 60
markets worldwide. The company’s mission is to create nutritional brands and products trusted to give infants and children the best start in life. The Mead Johnson name has been associated with science-based pediatric nutrition products
for over 100 years. The company’s “Enfa” family of brands, including Enfamil® infant formula, is
the world’s leading brand franchise in pediatric nutrition. For more information, go to meadjohnson.com. 
 # # #

 Contacts: 

Investors: Kathryn Chieger, (847) 832-2419, kathryn.chieger@mjn.com 

Media: Christopher Perille, (847) 832-2178, chris.perille@mjn.com 

 

	*	CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTION HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 

 

 7 

 EXHIBIT 1B 

PRESS RELEASE – MARTEK 

 

 

  

			
	For Immediate Release	 	Contact:
		 	Kyle Stults
		 	Investor Relations
		 	(410) 740-0081
		 	investors@martek.com

Martek Biosciences Announces Extended Global 

Sole-Source Supply Agreement with Mead Johnson 

COLUMBIA, Md., June 21, 2010 – Martek Biosciences Corporation (MATK:NASDAQ) announced today that it has extended its sole-source supply
agreement with Mead Johnson & Company, LLC, for DHA (docosahexaenoic acid) and ARA (arachidonic acid) for infant formula products. Under the terms of the amendment, Martek will remain Mead Johnson’s global sole-source supplier of DHA
and ARA for all of its infant formula products through December 31, 2015, an extension of four years beyond the earliest possible termination date of the current agreement. 

“This agreement solidifies a significant additional portion of Martek’s base infant formula business and continues Martek’s strong
relationship with Mead Johnson, a global leader in pediatric nutrition that has been a leading innovator and proponent of the clinical importance and demonstrated benefits of DHA and ARA in infant development,” said Steve Dubin, Martek CEO.
“This agreement is further evidence that Martek’s trusted, high quality nutritional products, patent position, production capacity, strong research and science base, and long history of experience in DHA and ARA manufacturing and
technology will continue to provide us a meaningful competitive advantage in the marketplace.” 
 Martek has been supplying DHA and ARA to
Mead Johnson for use in infant formula under a global 25-year license agreement executed in 1992. In May 2006, Martek and Mead Johnson entered into a supply agreement that established Martek as Mead Johnson’s global sole-source supplier of DHA
and ARA for use in its infant formula products. Mead Johnson first launched infant formulas containing Martek’s DHA and ARA in international markets in 2000. Mead Johnson launched Enfamil LIPIL®, the first infant formula in the U.S. to
feature DHA and ARA, in 2002. 
  

	*	CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTION HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 

 

 8 

 Under the terms of the amendment, Martek will continue to be Mead Johnson’s global sole-source supplier
of DHA and ARA for all of its infant formula products through December 31, 2015, an incremental four years beyond the terms of the prior agreement. In addition, Mead Johnson has the option to further extend the term of the agreement for an
additional four years beyond 2015. The amendment also provides graduated price reductions to Mead Johnson over the term of the extension, beginning in 2010. The financial terms of this amendment were factored into the company’s recent financial
guidance provided during its second quarter conference call on June 3, 2010. Martek’s strategy is to offset a significant portion of price reductions that result from its infant formula contract extensions by implementing manufacturing
cost savings and product innovation initiatives, and by growing its non-infant formula business. 
 Naturally present in human breast milk, DHA
and ARA are fatty acids important to infant development and growth. Clinical studies have demonstrated numerous benefits for infants receiving DHA and ARA supplemented formula, including improved mental and visual development. Martek’s blend of
DHA and ARA, life’sDHATM & life’sARATM, is the only source of these nutrients currently used in U.S. infant formula, and is present in more than 99 percent of infant formula sold in the U.S. Additionally, Martek is
a leading global supplier of DHA and ARA, and infant formulas containing Martek’s nutritional oils are available in more than 75 countries worldwide. 

Martek Biosciences Corporation is a leader in the innovation and development of DHA and ARA and has developed patented technology for the production and
use of these ingredients. DHA omega-3 products promote health and wellness through every stage of life and ARA omega-6 products support growth and development in infants and children. The company produces life’sDHATM, a sustainable,
vegetarian source of DHA omega-3, for use in foods, beverages, infant formula and supplements, and life’sARATM, a sustainable vegetarian source of ARA omega-6, for use in infant formula and growing-up milks. For more information on
Martek Biosciences, visit http://www.martek.com/. For more information on products containing life’sDHA and life’sARA, visit http://www.lifesdha.com/. 

Sections of this release contain forward-looking statements. These statements are based upon numerous assumptions which Martek cannot control and involve
risks and uncertainties that could cause actual results to differ. These statements should be understood in light of the risk factors set forth in the company’s filings with the Securities and Exchange Commission, including, but not limited to,
the company’s Form 10-K for the fiscal year ended October 31, 2009 and other filed reports on Form 10-K, Form 10-K/A, Form 10-Q and Form 8-K. 
  

	*	CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTION HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 

 

 9 

 EXHIBIT A 

PURCHASE PRICE 
 During
the Term of this Supply Agreement, the pricing provisions set forth in Sections 1 and 2 below shall amend the License Agreement by replacing Sections 2.2(i), 4.1(ii) and 4.1(iii) of the License Agreement in their entirety. Following termination by
either party for any reason, these Sections of the License Agreement shall once again be in full force and effect for actions occurring after such termination. 

1. Pricing Terms: 
 PURCHASER shall pay
SELLER compensation for the Martek Product (in oil form) and/or the rights granted to PURCHASER with respect to the Martek Product in accordance with this Exhibit A. The Purchase Prices set forth herein are applicable per kilogram of DHA and/or ARA
in the Martek Product, as determined based on the Martek Product Specifications in effect on the Amendment Effective Date. * 
 From and after
the Effective Date, provided that PURCHASER is not in material breach of any provision of this Agreement, the Purchase Price charged to PURCHASER hereunder for the Martek Product in any country at any time shall be * than that available at such *
for purchases of the Martek Product for use in an Infant Formula Product in substantially similar quantities and subject to substantially similar terms and conditions without the prior written consent of PURCHASER or unless SELLER offers * to
PURCHASER. 
 Notwithstanding anything to the contrary in this Agreement, the prices set forth in this Exhibit A may be increased
annually by SELLER by up *, and provided that any such percentage increases shall apply to *. 
 In the event SELLER limits the supply of the
Martek Product to PURCHASER during any calendar year during the Term (“Allocation Program”), any * of the Martek Product supplied to PURCHASER, as compared to * placed by PURCHASER during such year, as a result of the Allocation Program
shall be * set forth in this Exhibit A for such year, * the purpose of determining the appropriate * for such year. 
 Per Section 4.2.2.1
of the Agreement, in the event that PURCHASER terminates this Agreement as to a particular jurisdiction within the Territory based on Section 4.2.2, SELLER agrees to annually credit the * of PURCHASER for the particular jurisdiction to * used
in determining PURCHASER’s * for future purchases of Martek Product hereunder. 
 Temporary reductions in the volume of Martek Product
purchased by SELLER caused by product recalls or other similar events shall not result in * under this Agreement. 
  

	*	CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTION HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 

 

 10 

 2. Purchase Price: From and after the Amendment Effective Date, the Purchase Price for Martek Product
will be calculated as follows: 
 Price Schedule for CY2010 - CY2015 

 

																			
	 Calendar Year
	 	2010	 	2011	 	2012	 	2013	 	2014	 	2015*
	 Global Price Schedule (per kg)
	 	$	*	 	$	*	 	$	*	 	$	*	 	$	*	 	$	*

 * 

Royalty: None 
 Additional
conditions: 
 I. Martek Product ordered from SELLER must comprise one hundred percent (100%) of any and all Omega-3 and Omega-6
Long-Chain Polyunsaturated Fatty Acids (“LCPUFA”) contained in any quantity of any Mead Johnson Product (for purposes of this Exhibit A, the term “LCPUFA” shall mean any fatty acid, other than linoleic acid,
gammalinolenic acid and alphalinolenic acid, which contains at least eighteen (18) carbon atoms and at least two (2) double bonds). 

II. The per kilogram pricing outlined above is for annual volumes *. If PURCHASER’s total annual volume of Martek Product for use in Infant Formula
Products actually purchased during any calendar year *, SELLER shall, at SELLER’s sole discretion, * listed for such calendar year in the Price Schedule set forth above. An * for any such *, which shall apply *, shall be *. Notwithstanding the
foregoing, * to PURCHASER shall at all times be subject to the second paragraph in Section 1 above. 
  

	*	CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTION HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 

 

 11Fourth Amendment to Credit Agreement

 EXHIBIT 10.1 

EXECUTION COPY 

FOURTH AMENDMENT TO CREDIT AGREEMENT 

THIS FOURTH AMENDMENT TO CREDIT AGREEMENT (this “Fourth Amendment”), dated as of June 21, 2010, is by and among
Quaker Chemical Corporation, a Pennsylvania corporation (the “Company”), each of the Designated Borrowers party hereto, each of Lenders party hereto, Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer.
Capitalized terms used and not otherwise defined in this Fourth Amendment shall have the respective meanings ascribed to them in the Credit Agreement (as defined below). 

WHEREAS, the parties hereto entered into that certain Credit Agreement dated as of October 14, 2005, as amended by the First
Amendment to Credit Agreement dated as of October 6, 2006, the Second Amendment to Credit Agreement dated as of August 13, 2007 and the Third Amendment to Credit Agreement dated as of February 13, 2009 (as the same may be modified and
amended from time to time, including by this Fourth Amendment, the “Credit Agreement”); and 
 WHEREAS, the
Company has requested, and the other parties hereto have agreed to, among other things: (i) increase the aggregate Commitment available under the Credit Agreement to One Hundred Seventy Five Million Dollars ($175,000,000); (ii) extend the
Maturity Date to June     , 2014; and (iii) amend certain other provisions of the Credit Agreement on the terms and conditions contained herein; and 

WHEREAS, the Commitments for the requested increases being provided pursuant to this Fourth Amendment are, in part, being provided by
Lenders who were not party to the Credit Agreement prior the Fourth Amendment Effective Date (as hereinafter defined) (the “New Lenders”) and, in part, by Lenders who were party to the Credit Agreement prior the Fourth Amendment
Effective Date (the “Existing Lenders”). 
 NOW, THEREFORE, in consideration of the mutual promises herein
contained, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 

Section 1. Amendments to Credit Agreement. Subject to the satisfaction of the conditions precedent set forth in
Section 2 of this Fourth Amendment, the Credit Agreement is hereby amended as follows, effective as of the Fourth Amendment Effective Date, except as otherwise expressly set forth herein: 

(a) Syndication Agent, Joint-Lead Arrangers and Sole Book Manager. The following institutions hereby hold the following titles
with respect to the Credit Agreement: (i) Citizens Bank of Pennsylvania, as Syndication Agent, Joint-Book Manager and Joint-Lead Arranger; (ii) Banc of America Securities LLC, as Joint-Book Manager and Joint-Lead Arranger; and
(iii) PNC Bank, N.A., as Documentation Agent. 
 (b) Schedule 2.01 (Commitments and Applicable Percentages).
Schedule 2.01 to the Credit Agreement is hereby deleted in its entirety and replaced with Schedule 2.01 attached to this Fourth Amendment. 

 (c) Exhibit C. Exhibit C to the Credit Agreement is hereby deleted in its entirety
and replaced with Exhibits C-1 and C-2 attached to this Fourth Amendment. 
 (d) Amended and Restated Definitions.
Section 1.01 of the Credit Agreement is amended by amending and restating the following definitions, to read in their entireties as follows: 

“Interest Period” means, as to each Eurocurrency Rate Loan, the period commencing on the date such
Eurocurrency Rate Loan is disbursed or converted to or continued as a Eurocurrency Rate Loan and ending on the date one (1), two (2), three (3) or six (6) months thereafter, as selected by the Applicable Borrower in its Committed Loan
Notice; provided that: 
 (a) any Interest Period that would otherwise end on a day that is not a Business
Day shall be extended to the next succeeding Business Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day; 

(b) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no
numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period; and 

(c) no Interest Period shall extend beyond the Maturity Date. 

“Lender” means each of the lenders from time to time party to this Agreement (as amended from time to
time) and, for the avoidance of doubt, includes the Swing Line Lender as the context requires. 

“Maturity Date” means June 21, 2014. 

“Note” means each of the Second Amended and Restated Notes and the Fourth Amendment Notes, and
“Notes” means, collectively, all or some of such Second Amended and Restated Notes and Fourth Amendment Notes. 

“Permitted Acquisition” means any purchase of or investments in the capital stock or other equity or
assets of any entity by any Borrower or any Subsidiary: 
 (a) provided that the aggregate purchase price for all
such acquisitions and investments made in any fiscal year does not exceed $100,000,000 in the aggregate in total consideration (including cash and non-cash consideration); and provided further that, the aggregate amount of any such cash
consideration in excess of $75,000,000 is derived from proceeds from any issuance of equity within the twelve (12) month period immediately preceding the closing date of such acquisition or investment. 

 

 - 2 - 

 (b) provided that if after giving effect to such acquisition and any related
dispositions of assets purchased in connection therewith, the Borrower or Subsidiary is in compliance with Section 7.07 (Change in Nature of Business); 

(c) provided that the aggregate value of all “Unrelated Lines of Business” acquired and continuing to be held
after the Closing Date pursuant to Permitted Acquisitions does not exceed the Material Amount; 
 (d) provided
that no Default has occurred and is continuing; and 
 (e) if, after giving effect to such acquisition, including
without limitation, demonstrating compliance with the covenants set forth in Section 7.11 and 7.12 on a pro forma basis, including the stock or assets and liabilities then being acquired, there shall be no Default that has occurred and is
continuing and the applicable Borrower will not be in default under any provision of any of the Credit Documents. 

“Swing Line Sublimit” means an aggregate amount equal to the lesser of (a) $30,000,000 and
(b) the Aggregate Commitments. The Swing Line Sublimit is part of, and not in addition to, the Aggregate Commitments. 

(f) Amended Definition. Section 1.01 of the Credit Agreement is amended by amending the definition of “Applicable
Rate”, as follows: 
 (i) The table that is contained in the definition of “Applicable Rate” is
amended and restated to read in its entirety as follows: 
  

										
	 Pricing
Level
	  	 Consolidated

Leverage Ratio
	  	Commitment
Fee (in bps)	  	Margin for
Eurocurrency
Rate + Letters of
Credit (in bps)	  	Margin for
Base Rate
(in bps)	 
	1	  	<1.00:1	  	20.0	  	175.0	  	(25.0	) 
	2	  	> 1.00:1 but < 2.00:1	  	30.0	  	200.0	  	0.0	  
	3	  	> 2.00:1 but < 3.00:1	  	40.0	  	225.0	  	25.0	  
	4	  	> 3.00:1	  	50.0	  	250.0	  	50.0	  

(ii) The proviso that immediately follows the table that is contained in the definition of “Applicable Rate”
that reads “provided that in no event shall the Eurocurrency Rate plus the Applicable Rate be less than two and one-half percent (2.5%) per annum” is hereby deleted in its entirety. 

 

 - 3 - 

 (g) Additional Definitions. Section 1.01 of the Credit Agreement is further
amended by adding the following additional definitions thereto, to read in their entireties as follows: 

“Existing Lender” has the meaning set forth in the preamble of the Fourth Amendment. 

“Fourth Amendment” means that certain Fourth Amendment to Credit Agreement dated as of June 21,
2010, by and among, inter alia, the Company, the Designated Borrowers, the Lenders, and the Administrative Agent. 

“Fourth Amendment Documents” means the Fourth Amendment, the Second Amended and Restated Notes, the
Fourth Amendment Notes and any other documents, agreements or instruments executed and delivered in connection therewith. 

“Fourth Amendment Effective Date” has the meaning set forth in Section 2 of the Fourth Amendment.

 “Fourth Amendment Note” means any Note delivered to a New Lender in accordance with the terms
of the Fourth Amendment in the form of Exhibit C-2 attached to the Fourth Amendment. 
 “New
Lender” has the meaning set forth in the preamble of the Fourth Amendment. 
 “Second Amended
and Restated Note” means any Note delivered to an Existing Lender in accordance with the terms of the Fourth Amendment in the form of Exhibit C-1 attached to the Fourth Amendment. 

(h) Section 7.02(b) of the Credit Agreement is hereby amended and restated to read in its entirety as follows: 

“advances to officers, directors and employees of the Company and Subsidiaries for travel, entertainment, relocation and analogous
ordinary business purposes existing on the Closing Date and listed on Schedule 7.02(b), and any other advances to officers, directors and employees of the Company and its Subsidiaries for such purposes in an aggregate amount (excluding the advances
listed on Schedule 7.02(b)) not to exceed Two Million Five Hundred Thousand Dollars ($2,500,000) at any time outstanding;” 
  

 - 4 - 

 (i) Section 7.03(j) of the Credit Agreement is hereby amended and restated to read in
its entirety as follows: 
 “additional Indebtedness of Subsidiaries in an aggregate principal amount not to exceed Twenty
Five Million Dollars ($25,000,000) at any time outstanding;” 
 Section 2. Conditions of Effectiveness. This
Fourth Amendment shall become effective as of the date (the “Fourth Amendment Effective Date”) when: 
 (a) the
Administrative Agent shall have received: (i) counterparts of this Fourth Amendment executed by each of the Borrowers, the Lenders and, acknowledged by the Administrative Agent; and (ii) the Fourth Amendment Documents executed by the
parties thereto; 
 (b) the Company shall have paid to the Administrative Agent and/or Banc of America Securities LLC
(“BAS”) those fees as set forth in that certain Fee letter between the Company, the Administrative Agent and BAS dated May 21, 2010 (the “Fee Letter”), including without limitation an upfront fee for the
account of each (i) New Lender executing this Fourth Amendment in the amount of 0.50% of such New Lender’s Commitment, (ii) Existing Lender executing this Fourth Amendment in the amount of 0.25% of the portion such Existing
Lender’s Commitment that it held prior to the Fourth Amendment Effective Date and which it continues to hold after the Fourth Amendment Effective Date, and (iii) Existing Lender executing this Fourth Amendment in the amount of 0.50% of the
incremental portion of such Existing Lender’s Commitment that represents an increase from such Existing Lender’s Commitment prior to the Fourth Amendment Effective Date. 

(c) the Administrative Agent shall have received a: (i) Secretary’s Certificate for each of the Borrowers: (A) attesting
as to the incumbency of authorized officers; (B) certifying that there have been no changes in the certificate of incorporation or bylaws of the Borrowers, since the date of the Secretary’s Certificate delivered in connection with the
execution and delivery of the Credit Agreement; and (C) attaching true and correct copies of evidence of authorization of the Borrowers’ execution and full performance of this Fourth Amendment, the other Fourth Amendment Documents and all
other documents and actions required hereunder; and (ii) good standing or subsistence certificates from the jurisdiction of incorporation of each Borrower (or in the case of any Dutch Borrower, an extract from the commercial register showing
the existence of such Dutch Borrower) certifying to the due organization and good standing of each Borrower; 
 (d) the
Administrative Agent shall have received a favorable opinion of Drinker Biddle & Reath LLP, counsel to the domestic Borrowers and Baker & McKenzie, counsel to the Foreign Obligors in form and substance reasonably acceptable to the
Administrative Agent and its counsel and addressed to the Administrative Agent and each Lender; 
 (e) the Company shall have
paid all reasonable out-of-pocket costs and expenses of the Administrative Agent (including the reasonable fees, charges and disbursements of counsel to the Administrative Agent invoiced to the Company in reasonable detail) incurred in connection
with this Fourth Amendment; and 
  

 - 5 - 

 (f) no Default shall have occurred and be continuing, or would occur as a result of the
transactions contemplated by this Fourth Amendment. 
 Section 3. Representations and Warranties of the Borrowers. Each
of the Borrowers represents and warrants as follows: 
 (a) The execution, delivery and performance by each Borrower of the
Fourth Amendment Documents, have been duly authorized by all necessary corporate or other organizational action, and do not and will not: (a) contravene the terms of any of such Person’s Organization Documents; (b) conflict with or
result in any breach or contravention of, or the creation of any Lien under, or require any payment to be made under (i) any Contractual Obligation to which such Person is a party (other than this Fourth Amendment or the Fee Letter) or
affecting such Person or the properties of such Person or any of its Subsidiaries or (ii) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is subject; or
(c) assuming each of the Lenders is a Professional Market Party, violate any Law. Each Borrower and each Subsidiary thereof is in compliance with all Contractual Obligations referred to in clause (b)(i), except to the extent that failure to do
so could not reasonably be expected to have a Material Adverse Effect. 
 (b) The representations and warranties of (i) the
Borrowers contained in Article V of the Credit Agreement and (ii) each Borrower contained in each other Loan Document, are true and correct in all material respects on and as of the Fourth Amendment Effective Date, except to the extent that
such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date, and except that for purposes of this Section 3(b), the representations and
warranties contained in subsections (a) and (b) of Section 5.05 (Financial Statements; No Material Adverse Effect; No Internal Control Event) shall be deemed to refer to the most recent statements furnished pursuant to clauses
(a) and (b), respectively, of Section 6.01 (Financial Statements). 
 (c) The Fourth Amendment Documents, when
delivered hereunder, will have been, duly executed and delivered by each Borrower. The Fourth Amendment Documents, when so delivered, will constitute, a legal, valid and binding obligation of such Borrower, enforceable against each Borrower in
accordance with its terms, except to the extent that such enforceability may be limited by bankruptcy, receivership, moratorium, conservatorship, or other laws of general application affecting the rights of creditors generally or by general
principles of equity. 
 (d) The execution, delivery and performance of the Fourth Amendment Documents by each Borrower does not
require the obtaining of any consent under any material agreement or instrument by which any Borrower or its property may be bound. 

(e) As of the Fourth Amendment Effective Date, after giving effect to this Fourth Amendment, no Default has occurred and is continuing.

 Section 4. Reference to and Effect on the Loan Documents. 

(a) On and after the effectiveness of this Fourth Amendment, each reference in the Credit Agreement to “this Agreement”,
“hereunder”, “hereof” or words of like import referring to the Credit Agreement, and each reference in the Notes and each of the other Loan Documents to “the Credit Agreement”, “thereunder”,
“thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement, as amended by this Fourth Amendment Documents. On and after the effectiveness of this Fourth Amendment, each
reference in the Credit Agreement to “Lender” shall be deemed to include the terms “Existing Lender” and “New Lender.” 
  

 - 6 - 

 (b) Each Borrower hereby: (i) ratifies and affirms all the provisions of the Credit
Agreement, as amended by the Fourth Amendment, and all the provisions of each of the other Loan Documents, as amended by the Fourth Amendment Documents; and (ii) agrees that the terms and conditions of the Credit Agreement, as amended by the
Fourth Amendment and all of the other Loan Documents, as amended by the Fourth Amendment Documents, shall continue in full force and effect as supplemented and amended hereby. 

(c) The execution, delivery and effectiveness of the Fourth Amendment Documents shall not, except as expressly set forth herein, operate
as a waiver of any right, power or remedy of any Lender or the Agent under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents, or any right, power or remedy of the Administrative Agent or the Lenders
under the Loan Documents; nor shall same be construed as or shall operate as a course of conduct or course of dealing among the parties. 

(d) All terms and provisions of this Fourth Amendment shall be for the benefit of and be binding upon and enforceable by the respective
successors and permitted assigns of the parties hereto. 
 Section 5. Joinder of New Lenders. Each New Lender
executing this Fourth Amendment hereby acknowledges and agrees, by its execution and delivery of this Fourth Amendment, that it joins the Credit Agreement as a Lender thereunder, subject to all the rights and responsibilities of a Lender thereunder.
Each New Lender: (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Fourth Amendment and to consummate the transactions contemplated hereby and to become a
Lender under the Credit Agreement, (ii) is an Eligible Assignee, (iii) from and after the Fourth Amendment Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of its
Commitments, shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions to acquire assets of the type represented by its Commitments and either it, or the Person exercising discretion in making its
decision to acquire its Commitments, is experienced in acquiring assets of such type, (v) it has received a copy of the Credit Agreement, and has received or has been accorded the opportunity to receive copies of the most recent financial
statements delivered pursuant to Section 6.01 thereof, as applicable, and such other Loan Document or other documents and information as it deems appropriate to make its own credit analysis and decision to enter into this Fourth Amendment and
to purchase its Commitments, (vi) it has, independently and without reliance upon the Administrative Agent, and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this
Fourth Amendment and to provide its Commitments, and (vii) if it is a Foreign Lender, it has provided to the Administrative Agent any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and
executed by it; and (b) agrees that it will, independently and without reliance upon the Administrative Agent, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in
taking or not taking action under the Credit Documents. 
  

 - 7 - 

 Section 6. Execution in Counterparts. This Fourth Amendment may be executed in
any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an
executed counterpart of a signature page to this Fourth Amendment by telecopier shall be effective as delivery of a manually executed counterpart of this Fourth Amendment. 

Section 7. GOVERNING LAW. THIS FOURTH AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW IS OF THE
COMMONWEALTH OF PENNSYLVANIA, WITHOUT REFERENCE TO ITS CONFLICTS OF LAW PRINCIPLES. 
 [Signature pages follow] 

  

 - 8 - 

 IN WITNESS WHEREOF, the parties hereto have caused this Fourth Amendment to Credit Agreement
to be duly executed as of the date first above written. 
  

					
	 QUAKER CHEMICAL CORPORATION

	 (a Pennsylvania corporation)

		
	 By:
	 	 /s/ Mark A. Featherstone

		 	 Name:
	 	 Mark A. Featherstone

		 	 Title:
	 	 VP, CFO & Treasurer

		
	 By:
	 	 /s/ D. Jeffry Benoliel

		 	 Name:
	 	 D. Jeffry Benoliel

		 	 Title:
	 	 VP-Global Strategy, General Counsel

		 		 	& Corporate Secretary
	
	 QUAKER CHEMICAL CORPORATION

	 (a Delaware corporation)

		
	 By:
	 	 /s/ Mark A. Featherstone

		 	 Name:
	 	 Mark A. Featherstone

		 	 Title:
	 	 President and Treasurer

	
	 EPMAR CORPORATION

		
	 By:
	 	 /s/ Craig E. Bush

		 	 Name:
	 	 Craig E. Bush

		 	 Title:
	 	 Vice President

	
	 QUAKER CHEMICAL B.V.

		
	 By:
	 	 /s/ Mark A. Featherstone

		 	 Name:
	 	 Mark A. Featherstone

		 	 Title:
	 	 Authorized Representative

(Signature Page to Fourth Amendment) 

					
	 QUAKER CHEMICAL EUROPE B.V.

		
	 By:
	 	 /s/ Mark A. Featherstone

		 	 Name
	 	 : Mark A. Featherstone

		 	 Title:
	 	 Authorized Representative

(Signature Page to Fourth Amendment) 

					
	 BANK OF AMERICA, N.A. as

Administrative Agent

		
	 By:
	 	 /s/ Andrew Richards

		 	 Name:
	 	 Andrew Richards

		 	 Title:
	 	 Senior Vice President

	
	 BANK OF AMERICA, N.A., as Lender, L/C

Issuer and Swing Line Lender

		
	 By:
	 	 /s/ Andrew Richards

		 	 Name:
	 	 Andrew Richards

		 	 Title:
	 	 Senior Vice President

	
	 CITIZENS BANK OF PENNSYLVANIA

		
	 By:
	 	 /s/ Leslie D. Broderick

		 	 Name:
	 	 Leslie D. Broderick

		 	 Title:
	 	 SVP

	
	 PNC BANK, N.A.

		
	 By:
	 	 /s/ John W. LaValley

		 	 Name:
	 	 John W. LaValley

		 	 Title:
	 	 Senior Vice President

	
	 HSBC BANK USA, N.A.

		
	 By:
	 	 /s/ Susan A. Waters

		 	 Name:
	 	 Susan A. Waters

		 	 Title:
	 	 Vice President

	
	 SOVEREIGN BANK

		
	 By:
	 	 /s/ Francis D. Phillips

		 	 Name:
	 	 Francis D. Phillips

		 	 Title:
	 	 SVP

(Signature Page to Fourth Amendment) 

 SCHEDULE 2.01 

COMMITMENTS 

AND APPLICABLE PERCENTAGES 
  

							
	 Lender
	  	Commitment	  	Applicable
Percentage	 
			
	 Bank of America, N.A.
	  	$	43,750,000	  	25	% 
			
	 Citizens Bank of Pennsylvania
	  	$	43,750,000	  	25	% 
			
	 PNC Bank, N.A.
	  	$	37,500,000	  	21.4285714	% 
			
	 HSBC Bank USA, N.A.
	  	$	25,000,000	  	14.2857143	% 
			
	 Sovereign Bank
	  	$	25,000,000	  	14.2857143	% 
			
	 Total
	  	$	175,000,000	  	100	% 

 EXHIBIT C-1 

FORM OF SECOND AMENDED AND RESTATED NOTE 
  

			
	$                     	 	June     , 2010

FOR VALUE RECEIVED, the undersigned (the “Borrower”) hereby promises to pay to
                     or registered assigns (the “Lender”), in accordance with the provisions of the Agreement (as hereinafter
defined), the principal amount of each Loan from time to time made by the Lender to the Borrower under that certain Credit Agreement, dated as of October 14, 2005, as amended by the First Amendment to Credit Agreement dated as of
October 6, 2006, the Second Amendment to Credit Agreement dated of August 13, 2007, the Third Amendment to Credit Agreement dated as of February 13, 2009 and the Fourth Amendment to Credit Agreement dated as of the date hereof (as
amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein defined), among Quaker Chemical Corporation, the Designated
Borrowers from time to time party thereto, the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent, L/C Issuer and Swing Line Lender. 

The Borrower promises to pay interest on the unpaid principal amount of each Loan from the date of such Loan until such principal amount
is paid in full, at such interest rates and at such times as provided in the Agreement. Except as otherwise provided in Section 2.04(f) of the Agreement with respect to Swing Line Loans, all payments of principal and interest shall be
made to the Administrative Agent for the account of the Lender in the currency in which such Committed Loan was denominated and in Same Day Funds at the Administrative Agent’s Office for such currency. If any amount is not paid in full when due
hereunder, such unpaid amount shall bear interest, to be paid upon demand, from the due date thereof until the date of actual payment (and before as well as after judgment) computed at the per annum rate set forth in the Agreement. 

This Note is one of the Notes referred to in the Agreement, is entitled to the benefits thereof and may be prepaid in whole or in part
subject to the terms and conditions provided therein. Upon the occurrence and continuation of one or more of the Events of Default specified in the Agreement, all amounts then remaining unpaid on this Note shall become, or may be declared to be,
immediately due and payable all as provided in the Agreement. Loans made by the Lender shall be evidenced by one or more loan accounts or records maintained by the Lender in the ordinary course of business. The Lender may also attach schedules to
this Note and endorse thereon the date, amount, currency and maturity of its Loans and payments with respect thereto. 
 This
Second Amended and Restated Note constitutes the amendment and restatement of that certain Amended and Restated Note dated as of August 13, 2007 executed by Borrower in favor of Lender (the “Original Note”), and evidences all
indebtedness previously advanced and unpaid under the Original Note. Nothing contained herein shall be deemed to constitute a novation, termination, waiver, release, satisfaction, accord or accord and satisfaction of the Original Note or any
indebtedness evidenced thereby. 

 The Borrower, for itself, its successors and assigns, hereby waives diligence, presentment, protest and
demand and notice of protest, demand, dishonor and non-payment of this Note. 
 THIS SECOND AMENDED AND RESTATED NOTE SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF PENNSYLVANIA WITHOUT REFERENCE TO ITS CONFLICTS OF LAW PRINCIPLES. 
  

			
	[APPLICABLE DESIGNATED BORROWERS]
		
	 By:
	 	  

		
	 Name:
	 	  

		
	 Title:
	 	  

	
	[COMPANY]
		
	 By:
	 	  

		
	 Name:
	 	  

		
	 Title:
	 	  

 EXHIBIT C-2 

FORM OF FOURTH AMENDMENT NOTE 
  

			
	$                     	 	June     , 2010

FOR VALUE RECEIVED, the undersigned (the “Borrower”) hereby promises to pay to
                     or registered assigns (the “Lender”), in accordance with the provisions of the Agreement (as hereinafter
defined), the principal amount of each Loan from time to time made by the Lender to the Borrower under that certain Credit Agreement, dated as of October 14, 2005, as amended by the First Amendment to Credit Agreement dated as of
October 6, 2006, the Second Amendment to Credit Agreement dated of August 13, 2007, the Third Amendment to Credit Agreement dated as of February 13, 2009 and the Fourth Amendment to Credit Agreement dated as of the date hereof (as
amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein defined), among Quaker Chemical Corporation, the Designated
Borrowers from time to time party thereto, the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent, L/C Issuer and Swing Line Lender. 

The Borrower promises to pay interest on the unpaid principal amount of each Loan from the date of such Loan until such principal amount
is paid in full, at such interest rates and at such times as provided in the Agreement. Except as otherwise provided in Section 2.04(f) of the Agreement with respect to Swing Line Loans, all payments of principal and interest shall be
made to the Administrative Agent for the account of the Lender in the currency in which such Committed Loan was denominated and in Same Day Funds at the Administrative Agent’s Office for such currency. If any amount is not paid in full when due
hereunder, such unpaid amount shall bear interest, to be paid upon demand, from the due date thereof until the date of actual payment (and before as well as after judgment) computed at the per annum rate set forth in the Agreement. 

This Note is one of the Notes referred to in the Agreement, is entitled to the benefits thereof and may be prepaid in whole or in part
subject to the terms and conditions provided therein. Upon the occurrence and continuation of one or more of the Events of Default specified in the Agreement, all amounts then remaining unpaid on this Note shall become, or may be declared to be,
immediately due and payable all as provided in the Agreement. Loans made by the Lender shall be evidenced by one or more loan accounts or records maintained by the Lender in the ordinary course of business. The Lender may also attach schedules to
this Note and endorse thereon the date, amount, currency and maturity of its Loans and payments with respect thereto. 
 The
Borrower, for itself, its successors and assigns, hereby waives diligence, presentment, protest and demand and notice of protest, demand, dishonor and non-payment of this Note. 

THIS FOURTH AMENDMENT NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF PENNSYLVANIA WITHOUT REFERENCE TO ITS
CONFLICTS OF LAW PRINCIPLES. 

			
	[APPLICABLE DESIGNATED BORROWERS]
		
	 By:
	 	  

		
	 Name:
	 	  

		
	 Title:
	 	  

	
	[COMPANY]
		
	 By:
	 	  

		
	 Name:
	 	  

		
	 Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00176-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00176-of-00352.parquet"}]]