Document:

Settlement Agreement and Release between Registrant

 Exhibit 10(zzz) 
 SETTLEMENT AGREEMENT AND RELEASE 
 This Settlement Agreement and Release (“Agreement”) is
made between Quaker Chemical Corporation and SB Decking, Inc. on the one hand, and Federal Insurance Company on the other hand. Collectively, Quaker Chemical Corporation, SB Decking, Inc. and Federal Insurance Company are referred to as the
“Parties.” 
 RECITALS 
 WHEREAS, Federal Insurance Company issued or is alleged to have issued certain insurance policies to SB Decking, Inc. and Quaker Chemical Corporation (the “Policies,” as defined below); and 
 WHEREAS, SB Decking, Inc. has been named as a defendant in numerous actions involving Asbestos Claims (as defined below), and it anticipates that it will
be named in additional Asbestos Claims in the future; and 
 WHEREAS, SB Decking, Inc. has made certain requests to Federal Insurance Company
for insurance coverage in connection with Asbestos Claims under the SB Decking Policies (as defined below); and 
 WHEREAS, for many years,
under a reservation of rights, Federal Insurance Company has provided a defense and paid indemnity under the SB Decking Policies for Asbestos Claims; and 
 WHEREAS, SB Decking, Inc. and Federal Insurance Company disagree over the extent to which the SB Decking Policies afford coverage for Asbestos Claims (the “Coverage Disputes”); and 
 WHEREAS, the Parties, without admitting in any way the validity of the positions or arguments advanced by the other side, now find it in their respective
best interests to settle, resolve and compromise their Coverage Disputes and other coverage disputes amicably and to provide for the releases contained herein; and 
 WHEREAS, this Agreement represents a good faith compromise of the Parties’ Coverage Disputes and not an agreement as to the merits of their respective claims, defenses, and positions, all of which they maintain;
and 
 WHEREAS, the Parties have each received the advice of counsel in the preparation, drafting, and execution of this Agreement, which was
negotiated at arms’ length; and 
 WHEREAS, the Settlement Amount (as defined below) represents fair value for the full releases of the
SB Decking Policies and for the partial releases of the Quaker Policies (as defined below) and is a good faith estimate of the total amount that Federal could otherwise become obligated to pay on behalf of SB Decking (as defined below) and/or Quaker
(as defined below) for any and all 

 
Claims (as defined below), including without limitation Asbestos Claims, under the SB Decking Policies, and for certain released Claims under the Quaker
Policies (as set forth in Section 4 below); 
 NOW, THEREFORE, in consideration of the mutual covenants and promises contained herein,
the sufficiency of which is hereby acknowledged, and intending to be legally bound, the Parties agree as follows: 
 AGREEMENT

 1. Definitions. For purposes of this Agreement only, the following defined terms shall have the following meanings. The
singular shall include the plural and vice-versa. 
 1.1. “Asbestos Claim” means any non-workers compensation Claim alleging
personal injury, bodily injury, mental injury, mental anguish, shock, sickness, disease, disability, or death or the fear or apprehension thereof, property damage, loss of use, financial loss, loss of consortium, or seeking compensation for the cost
of medical monitoring or screening, or seeking relief of any kind for any other injury, damage or condition of any kind or sort whatsoever, arising out of, caused by or related to, in whole or in part, directly or indirectly, the manufacture, sale,
handling, distribution, installation, repair, removal, exposure to or use of asbestos or asbestos-containing products or material, or any conduct that results or is alleged to result in the exposure to asbestos or asbestos-containing material, alone
or in combination with any other dust, mineral, fiber, substance or material, including without limitation any Claim arising out of actual, threatened or alleged exposure to asbestos (alone or in combination with any other dust, mineral, fiber,
substance or material), any Claim seeking the removal, repair, abatement or replacement of asbestos or asbestos-containing material, any Claim arising out of the alleged failure to produce an asbestos-free product, and any Claim based on or arising
out of any theory of liability or basis of recovery based upon, growing out of or related to asbestos or any asbestos-containing product, whether the injury associated with such Claim falls within or outside of the definitions of Products Hazard or
Completed Operations Hazard, or their equivalents, contained in the Policies. 
 1.2. “Claim” means any past, present, or future
claim, demand, action, cause of action, suit or liability of any kind or nature whatsoever, whether at law or in equity, known or unknown, asserted or unasserted, anticipated or unanticipated, accrued or unaccrued, fixed or contingent, which has
been or may be asserted by or on behalf of any Person, whether seeking damages (including compensatory, punitive or exemplary damages) or equitable, mandatory, injunctive, or any other type of relief, including cross-claims, counterclaims,
third-party claims, suits, lawsuits, administrative proceedings, notices of liability or potential liability, arbitrations, actions, rights, requests, causes of action or orders, and including without limitation Asbestos Claims and any
“Claim” as that term is defined in United States Bankruptcy Code, 11 U.S.C. § 101(5) and “future demands” as that term is defined in United States Bankruptcy Code, 11 U.S.C. § 524(g)(5). 
  

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 1.3. “Claims Account” means an account that is owned by SB Decking and established by SB
Decking at a financial institution. 
 1.4. “Effective Date” means the date the last signature of the Parties is placed hereon, and
this Agreement shall be effective as of such date. 
 1.5. “Federal” means Federal Insurance Company and all of its respective past
or present corporate parents, subsidiaries, affiliates and divisions, and all of their respective past, present, and future directors, officers, principals, employees, agents, representatives, attorneys, joint ventures, predecessors, successors,
beneficiaries, grantees, vendees, transferees and assigns, and all other Persons acting on their behalf with respect to the events, transactions, or occurrences that are the subject of this Agreement. The corporate Persons currently within the
definition of “Federal” are listed on Exhibit 1. 
 1.6. “Indemnified Claim” means any Claim, whether based in tort,
contract or any other theory of recovery, seeking any type of damages or relief, made by any Person against Federal seeking amounts that are allegedly owed under the SB Decking Policies in addition to the Settlement Amount and amounts that have
previously been paid by Federal under the SB Decking Policies, except that an Indemnified Claim shall not include a Claim for coverage that has been preserved under Section 4.4 of this Agreement. 
 1.7. “Non-Insurance Assets” means all of the assets of SB Decking, Inc. except the proceeds of any insurance policies that provide insurance
coverage to SB Decking, Inc., including the payments in the Claims Account, or the proceeds of any loan from Quaker Chemical Corporation to SB Decking, Inc. 
 1.8. “Person” means any individual, group of individuals, corporation, partnership, association, trust or estate (or beneficiary thereof), government agency or other organization or entity, and any successor
in interest, heir, guardian, executor, administrator, trustee, trustee in bankruptcy, or receiver of any person or entity. 
 1.9.
“Policies” means the SB Decking Policies and the Quaker Policies. 
 1.10. “Quaker” means Quaker Chemical Corporation and
all of its past or present corporate parents, subsidiaries, affiliates and divisions, and all of its respective past, present, and future directors, officers, principals, employees, agents, representatives, attorneys, joint ventures, predecessors,
successors, beneficiaries, grantees, vendees, transferees and assigns, and all other Persons acting on its behalf with respect to the events, transactions, or occurrences that are the subject of this Agreement. 
 1.11. “Quaker Policies” means Quaker Pre-1978 Policies and Quaker 78-79 Policy. 
 1.12. “Quaker Pre-1978 Policies” means the liability policies issued or allegedly issued by Federal Insurance Company to Quaker Chemical
Corporation identified on Exhibit 3. 
  

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 1.13. “Quaker 78-79 Policy” means the umbrella liability policy issued by Federal to Quaker
Chemical Corporation, bearing policy number (79) 7925 04 73, and with a policy term of January 1, 1978 to January 1, 1979. 
 1.14. “Retained Counsel” means counsel selected to defend an Indemnified Claim pursuant to Section 5.2 of this Agreement. 
 1.15. “Selby Asbestos Claims” means those Asbestos Claims asserted against and/or arising out of the business of Selby Decking, Inc. or Selby Battersby & Co. 
 1.16. “Settlement Amount” means the sum total of the payments identified to be made by Federal pursuant to Section 2.1 of this Agreement.

 1.17. “SB Decking” means SB Decking, Inc., formerly known as Selby Battersby & Co., and all of its past or present
corporate parents, subsidiaries, affiliates and divisions, and all of its respective past, present, and future directors, officers, principals, employees, agents, representatives, attorneys, joint ventures, predecessors, successors, beneficiaries,
grantees, vendees, transferees and assigns, and all other Persons acting on its behalf with respect to the events, transactions, or occurrences that are the subject of this Agreement. 
 1.18. “SB Decking Policies” means all general liability, umbrella liability or excess liability, or any other insurance policies, known or
unknown, issued or alleged to have been issued prior to the Effective Date by Federal to SB Decking, Inc. or Selby Battersby & Co., including without limitation, the policies listed on Exhibit 2. 
 2. Payments to SB Decking, Inc. 
 2.1. Federal shall make payments to SB Decking, Inc. totaling Twenty Million Dollars ($20,000,000) (the “Settlement Amount”) payable in four installments in the following amounts at the following times: 
  

	 	a.	Within thirty days after the Effective Date, the sum of Five Million Dollars ($5,000,000); 

  

	 	b.	Within one year after the Effective Date, the sum of Five Million Dollars ($5,000,000); 

  

	 	c.	Within two years after the Effective Date, the sum of Five Million Dollars ($5,000,000); and 

  

	 	d.	Within three years after the Effective Date, the sum of Five Million Dollars ($5,000,000). 

 2.2. The Parties agree, subject to Section 4.4, that: (a) the Settlement Amount is the total amount that Federal ever will be obligated to pay
to Quaker, SB Decking, or any other Person under or arising out of the SB Decking Policies in connection with any Claim, including without limitation Asbestos Claims; (b) the Settlement Amount is the total amount that Federal ever will be

  

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obligated to pay to Quaker, SB Decking, or any other Person under or arising out of the Quaker Pre-1978 Policies in connection with any Selby Asbestos
Claims; (c) Federal is not acting as a volunteer in paying the Settlement Amount pursuant to this Agreement; and (d) the Settlement Amount is based on a compromise reached through arms-length negotiations and represents fair value for the
releases provided for in Section 4 of this Agreement. 
 3. The Claims Account. 
 3.1. The four settlement payments as set forth in Section 2.1 shall be made by check, on or before the due date, to SB Decking, Inc. for deposit into
the Claims Account. The Claims Account shall be a conservative, high quality interest-bearing investment account and, except as set forth in Sections 3.2 and 3.4 below, shall be used solely to pay defense and indemnity costs incurred by or on behalf
of SB Decking or Quaker in connection with Asbestos Claims arising out of the business of SB Decking. 
 3.2. If it ever becomes clear that,
while funds remain in the Claims Account, neither SB Decking nor Quaker will have any future obligation to pay defense or indemnity costs in connection with Asbestos Claims (a circumstance that the Parties agree is very unlikely to occur), the funds
then remaining in the Claims Account may be used to reimburse Quaker or SB Decking for any amounts expended by them for defense and indemnity for other claims that would have been eligible for insurance coverage under the Policies. 
 3.3. The Claims Account shall be closed upon the exhaustion of the account or on December 12, 2020, whichever occurs first. 
 3.4. The Parties agree that the Settlement Amount represents a good faith estimate of the total amount that Federal could otherwise become obligated to
pay under the SB Decking Policies in connection with Asbestos Claims. If it appears at the time the Claims Account is closed that any sums remaining in the account may be needed to pay defense or indemnity costs in connection with Asbestos Claims or
other Claims that would have been eligible for coverage under the Policies, then SB Decking shall use the remaining sums for such purposes. If, however, there are sums remaining in the Claims Account at the time that it is closed, and it should at
any time thereafter become clear that there is only a remote possibility that such sums will ever be needed to pay defense or indemnity costs in connection with Asbestos Claims or other Claims that would have been eligible for coverage under the
Policies (a contingency that the Parties to this Agreement believe is very unlikely to occur), such sums may then be used by SB Decking for any purpose. 
 4. Releases. 
 4.1. With respect to the SB Decking Policies, SB Decking, Quaker and Federal
each separately, fully, finally and completely, to the full extent that the Parties have the right, power or authority to do so, releases, remises, acquits and forever discharges each other from, and covenants not to sue each other regarding, any
and all past, present and future Claims of any kind, 

  

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whether actual or alleged, known or unknown, accrued or unaccrued, existing or potential, or suspected or unsuspected, in connection with, relating to, or
arising out of, in any manner or fashion, the SB Decking Policies, including without limitation: 
  

	 	a.	Claims related to Asbestos Claims, 

  

	 	b.	Claims for breach of contract, 

  

	 	c.	Claims for indemnity, contribution, subrogation, equitable allocation, apportionment, or reimbursement that SB Decking and Quaker may have, either in their own right or by
acquisition from another insurer, and 

  

	 	d.	Claims for bad faith, extra-contractual damages, violation of an alleged duty of good faith and fair dealing, or comparable statutory Claim relating to the SB Decking Policies,
including (1) any such Claim arising out of or relating to Federal’s handling of SB Decking’s or Quaker’s requests for insurance coverage for any Claims under the SB Decking Policies, including without limitation any Asbestos
Claims or (2) the conduct of the Parties with regard to the negotiation of this Agreement, 

 whether such Claims seek compensatory
damages, punitive damages, exemplary damages, statutorily multiplied damages, attorneys’ fees, interest, costs or any other type of relief. 
 The
Parties understand that Claims that have been made or may be asserted against SB Decking and/or Quaker may increase or decrease in amount or severity over time, that Claims asserted against SB Decking and/or Quaker may include progressive,
cumulative, unknown and/or unforeseen elements, and that there may be hidden, unknown and unknowable damages, defense expenses or other costs related to such Claims. Nonetheless, the Parties, and SB Decking, Quaker, and Federal, to the full extent
that the Parties have the right, power or authority to bind them, irrevocably and knowingly agree that the releases contained in this Section 4.1 include a full, complete and irrevocable release and discharge from all known or unknown rights or
Claims under the SB Decking Policies. In furtherance of this express intent, the Parties, and SB Decking, Quaker, and Federal, to the full extent that the Parties have the right, power or authority to bind them, expressly waive any and all rights
they may have under any contract, statute, code, regulation, ordinance or the common law that may limit or restrict the effect of the general release of Claims in this Section 4.1 not known or suspected to exist in its favor at the time of the
execution of the Agreement. The Parties, and SB Decking, Quaker, and Federal, to the full extent that the Parties have the right, power or authority to bind them, expressly assume the risk that acts, omissions, matters, causes or things may have
occurred or will occur that it does not know and does not suspect to exist. 
 4.2. With respect to the Quaker Pre-1978 Policies, SB
Decking, Quaker and Federal each separately, fully, finally and completely, to the full extent that the Parties have the right, power or authority to do so, releases, remises, acquits and forever 

  

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discharges each other from, and covenants not to sue each other regarding, any and all past, present and future Selby Asbestos Claims of any kind, whether
actual or alleged, known or unknown, accrued or unaccrued, existing or potential, or suspected or unsuspected, in connection with, relating to, or arising out of, in any manner or fashion, the Quaker Pre-1978 Policies. 
 4.3. With respect to the Quaker 78-79 Policy, SB Decking, Quaker and Federal agree that, notwithstanding any policy language to the contrary, the
available limits for indemnity coverage for Selby Asbestos Claims shall be $5 million, with defense costs to be paid in addition to the $5 million limit. The Parties agree that, at the time of the Effective Date, there is no impairment of the Quaker
78-79 Policy. 
 4.4. Notwithstanding any provision of this Agreement to the contrary, the coverage provided by any worker’s
compensation, employer’s liability, or automobile policies that Federal issued or allegedly issued to SB Decking shall not be impaired by this Agreement; provided further, however, that nothing contained in this paragraph shall alter or limit
the release of Federal and its affiliated entities with respect to Selby Asbestos Claims. 
 4.5. Subject to the provisions of Sections 6 and
7 of this Agreement, each Party expressly reserves any and all rights, positions and defenses it may have against any Person not a Party to this Agreement with respect to the matters addressed in this Agreement. Nothing in this Agreement is intended
to release any reinsurance claim that Federal has made or may make in the future. 
 4.6. The releases set forth in Section 4 are not
intended to, and shall not, extend to or otherwise release or discharge any rights, privileges, benefits, duties, or obligations of any of the Parties arising under this Agreement. 
 4.7. The Parties acknowledge, warrant, and represent that they are aware of and familiar with section 1542 of the California Civil Code, which provides
as follows: 
 “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME
OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR.” 
 The Parties further
acknowledge, warrant, and represent that the effect and import of California Civil Code section 1542 has been fully explained to them by their attorneys, and that, after consultation with their attorneys, they herein expressly waive and relinquish
all rights and benefits which they may have under California Civil Code section 1542 or the law of any other state or jurisdiction, or common law principle to the same or similar effect. 
  

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	5.	Indemnification. 

 5.1. SB Decking, Inc. (which, for
purposes of this section 5 only shall include any successor to SB Decking, Inc.), to the extent of its Non-Insurance Assets, shall defend, indemnify, protect, save, and hold harmless Federal from and against any Indemnified Claim. 
 5.2. In connection with any Indemnified Claim, Federal, upon consultation with SB Decking, Inc. and subject to SB Decking, Inc.’s consent, which
shall not be unreasonably withheld, shall have the right to choose Retained Counsel. SB Decking, Inc. shall acknowledge its responsibility to indemnify for the Indemnified Claim to the extent of its Non-Insurance Assets, and it shall have the right,
following consultation with and consideration of the views of Federal, to direct and control the defense and determine defense strategy, subject to the following limitations: (a) SB Decking, Inc. may not take any position with respect to
insurance coverage in Federal’s name without Federal’s written consent in advance, and SB Decking, Inc. shall provide copies of all pleadings and briefs filed on behalf of Federal in advance of filing; (b) SB Decking, Inc. shall
indicate that all pleadings, briefs, discovery responses and other filings are filed by SB Decking, Inc. as indemnitor of Federal, and that the positions taken are those of SB Decking, Inc. not Federal; and (c) SB Decking, Inc. shall not agree
to provide any information or documents from Federal, nor produce any Federal witness for testimony or deposition, without Federal’s written consent in advance, which consent shall not be unreasonably withheld. SB Decking, Inc. shall have the
right to settle or compromise any Indemnified Claim for which it is paying the entire settlement amount, subject to input from and consideration of the views of Federal, and provided that such settlement does not adopt or signify acquiescence in any
insurance policy interpretations or coverage theories. Nothing in this paragraph shall constitute a waiver of Federal’s attorney-client privilege. 
 5.3. SB Decking, Inc. shall, to the extent of its Non-Insurance Assets, pay all defense costs incurred by Retained Counsel in connection with any Claim indemnified under Section 5.1 of this Agreement and shall
pay all settlement and judgments entered in connection with such Claims. 
 5.4. Sections 5.2 and 5.3 shall not apply if SB Decking, Inc.
does not have Non-Insurance Assets with which to defend, indemnify, protect, save, and hold harmless Federal from and against any Indemnified Claim. Moreover, notwithstanding any other provision of this Section 5 to the contrary, Federal shall
have the right to assume at its own expense its defense in any Indemnified Claim. In that event, Federal shall control its defense and the settlement or compromise of the Indemnified Claim (except that if Federal settles or compromises an
Indemnified Claim without the consent of SB Decking, Inc., which may not unreasonably be withheld, SB Decking, Inc. shall have no obligation to indemnify Federal for such settlement or compromise). Subject to the foregoing, Federal’s assumption
of its defense shall not act as a waiver or release of SB Decking Inc.’s obligations with respect to any Indemnified Claim. 
  

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 5.5. Quaker Chemical Corporation (and any successor to Quaker Chemical Corporation) shall indemnify and
hold Federal harmless from Claims by any Person that are the result of the actual (i.e., in fact, as opposed to alleged) use of the Claims Account in a manner inconsistent with Section 3 of this Agreement. 
 5.6. Quaker Chemical Corporation’s (or its successor’s) obligation to indemnify and hold Federal harmless under Section 5.5 of this
Agreement shall arise only upon a final judgment or award that is not subject to further appeal by a court or arbitrator(s), in a proceeding to which Quaker Chemical Corporation or its successor is a party, of Federal’s liability to a Person(s)
that is the result of the actual use of the Claims Account in a manner inconsistent with Section 3 of this Agreement. Upon the entry of such a final judgment or award, Quaker Chemical Corporation (or its successor) shall indemnify and hold
Federal harmless against: (1) all of Federal’s reasonable costs, including but not limited to attorney’s fees, of defending against liability that is the result of the actual use of the Claims Account in a manner inconsistent with
Section 3 of this Agreement; and, (2) the judgment or award entered against Federal, or reasonable settlement made by Federal, for liability that is the result of the actual use of the Claims Account in a manner inconsistent with
Section 3 of this Agreement. 
 6. Contribution Claims By Other Insurers and Judgment Reduction. 
 6.1. In the event that SB Decking and/or Quaker seek coverage (i) for any Claim from another insurer and such insurer claims a right of contribution
or indemnity from Federal under the SB Decking Policies, or (ii) for any Selby Asbestos Claim from another insurer and such insurer claims a right of contribution or indemnity from Federal under the Quaker Policies, SB Decking and Quaker will
take the position, which Federal will not oppose, that the releases set forth in this Agreement extinguish any such right of contribution or indemnity against Federal. Federal will also not oppose the position that such other insurer, at most, is
entitled only to credit against obligations that it would otherwise owe to SB Decking and/or Quaker for amounts that would otherwise have been owed by Federal under the Policies only to the extent that such amounts remain available from the proceeds
of this Settlement. In the event that it is finally established by a final judgment from which no further appeal is possible that another insurer is entitled to obtain contribution or indemnification from Federal (i) under the SB Decking
Policies for some portion of amounts that such other insurer has become obligated under its insurance policies to pay to SB Decking or Quaker, or (ii) under the Quaker Policies for some portion of amounts that such other insurer has become
obligated under its insurance policies to pay to SB Decking or Quaker for Selby Asbestos Claims, SB Decking and/or Quaker will reduce the amount of any judgment obtained against such other insurer to the extent of any amount Federal has been
adjudged liable to pay to such other insurer by way of contribution or indemnity. To ensure that such a reduction is accomplished, Federal shall be entitled to assert this Section 6 as an additional defense to any action that may be brought
against it by other insurers and to request that the court or appropriate tribunal issue such orders as are appropriate to protect Federal’s rights under this Agreement and applicable law. 
  

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 7. Contribution/Indemnification Claims. 
 7.1. SB Decking and Quaker agree that they will use their best efforts to obtain an agreement from any insurers with which either of them in the future
may enter into any settlement agreement regarding Asbestos Claims against SB Decking and/or Quaker that such settling insurer will not seek indemnification, contribution, subrogation or similar relief from Federal. 
 7.2. Contribution Claims By Federal: Federal agrees that it will not seek contribution or indemnification from any other insurer (other than a Federal
reinsurer) for any amounts that it has paid for Asbestos Claims against SB Decking and/or Quaker in the past or pursuant to this Settlement unless such other insurer asserts claims for contribution or indemnity against Federal with respect to
amounts that such other insurer has paid under its insurance policies for Asbestos Claims against SB Decking and/or Quaker, and then only to that extent. Quaker and SB Decking agree to seek a similar commitment from any of their other insurers with
which they make a future settlement. 
 8. Bankruptcy. SB Decking, Inc. has no current intent of filing for bankruptcy under the United
States Bankruptcy Code. However, in the event that SB Decking, Inc. in the future files a proceeding under Chapter 11 of the Bankruptcy Code, then SB Decking, Inc. shall use reasonable efforts to cause Federal to be included as an express
beneficiary or protected party under a channeling injunction or order pursuant to 524(g), provided that such efforts are not inconsistent with applicable law. 
 9. Payments Through March 21, 2007 and Transition of Claims Handling Responsibility. 
 9.1.
Federal shall be responsible for and shall pay 80 percent of all indemnity and defense costs for Selby Asbestos Claims that are incurred in 2007 through March 21, 2007, and such costs shall be paid by Federal in addition to the Settlement
Amount. Within 90 days after March 21, 2007, SB Decking shall send statements to Federal for all indemnity and defense costs incurred through March 21, 2007 that have not previously been paid by Federal, and Federal shall pay 80% of those
costs by check made payable to SB Decking, Inc. within 30 days after Federal’s receipt of the statements. 
 9.2. Federal shall provide
reasonable cooperation and assistance to SB Decking in the transition of claims-handling responsibilities for the Selby Asbestos Claims, for a period of 90 days after March 21, 2007. 
 10. Confidentiality. 
 10.1. This
Agreement and all of its terms, and all documents, discussions and negotiations leading or related to it shall be and remain confidential and shall not be disclosed to any non-Party, except that such disclosures may be made by: 
  

	 	a.	Federal in connection with reinsurance Claims and obligations in connection with the subject matter of this Agreement; 

  

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	 	b.	Quaker and SB Decking in connection with Claims against, or settlement negotiations with, other insurers relating to insurance coverage for Asbestos Claims; provided, however, that
disclosure shall be made only upon such insurer executing an agreement or becoming subject to a court order requiring such insurer to maintain the disclosed information as confidential; 

  

	 	c.	Any Party to their respective auditors, actuaries, regulators and lenders as deemed reasonably necessary; 

  

	 	d.	Any Party as required by law, including but not limited to the securities laws of the United States or any state thereof, or as ordered by a court of competent jurisdiction;

  

	 	e.	Any Party with the written consent of the other; 

  

	 	f.	Any Party, in an action to enforce the terms of this Agreement against another Party, provided that the Party shall make reasonable efforts to seek the entry of a protective order
or confidentiality agreement in advance to limit disclosure of the terms of the Agreement. 

 10.2. Any Party making a
disclosure pursuant to Section 10.1.c shall notify the Person receiving the information that the information is confidential and, to the extent reasonably practicable, shall obtain a commitment from that Person to maintain its confidentiality.

 11. Representations and Warranties. 
 11.1. Each Party represents and warrants that it has full power and authority to enter into and deliver this Agreement; that each individual signing this Agreement on behalf of the Party is fully authorized to do so;
that it has not sold, assigned, transferred, conveyed, or otherwise disposed of any claim, demand or right surrendered by virtue of this Agreement; and that this Agreement is enforceable in accordance with its terms. 
 11.2. Each Party further represents and warrants on its own behalf that: 
  

	 	a.	It is a corporation duly organized and validly existing in good standing under the laws of one of the states of the United States of America; 

  

	 	b.	It has taken all necessary corporate and internal legal actions to duly approve the making and performance of this Agreement and that no further corporate or other internal approval
is necessary; 

  

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	 	c.	The making and performance of this Agreement will not violate any provision of law, or its articles of incorporation, charter or by-laws; and 

  

	 	d.	It has read this entire Agreement and (i) knows and understands the contents thereof, (ii) knows that the terms are contractual and not merely recitals, (iii) has
signed this Agreement of its own free will, and (iv) has obtained and relied on advice of legal counsel. 

 11.3. Quaker
represents and warrants that it knows of no entity entitled or which claims to be entitled to coverage under the Policies except those entities that have released Federal under Section 4 of this Agreement. 
 11.4. Quaker and SB Decking represent and warrant that they shall use the Claims Account solely to pay defense and indemnity costs incurred by or on
behalf of SB Decking or Quaker in connection with Asbestos Claims arising out of the business of SB Decking, or as is otherwise permitted by Section 3 of this Agreement. 
 11.5. SB Decking, Quaker, and Federal represent and warrant that they have conducted a reasonably diligent search and are aware of no other policies that
Federal issued or allegedly issued to SB Decking or Quaker other than the Policies. 
 12. Reliance on Representations. Each of the
Parties acknowledges that, but for the provision of each of the warranties, representations, and acknowledgments set forth herein, neither of the Parties would enter into this Agreement. 
 13. Binding Effect. This Agreement shall be binding upon and inure to the benefit of the Parties and, subject to any provisions restricting
assignment, to their successors and assigns. 
 14. Asbestos Legislation. In the event that within three years after the Effective
Date there is federal legislation enacted (“Asbestos Legislation”) that (1) eliminates or terminates Federal’s obligation to make payment under the SB Decking Policies for Selby Asbestos Claims and (2) requires payment by
Federal of funds into a trust or similar vehicle as a result of Federal’s issuance of the SB Decking Policies that would be duplicative of its payment obligations under this Agreement, Federal shall have no further obligation under this
Agreement, as of the effective date of the Asbestos Legislation and according to its provisions, to make any installment payments of the Settlement Amount that become due, pursuant to Section 2.1 above, after the effective date of the Asbestos
Legislation. In the event that the Asbestos Legislation (1) partially but not totally eliminates Federal’s obligation to make payment under the SB Decking Policies for Selby Asbestos Claims and (2) requires payment by Federal of funds
into a trust or similar vehicle as a result of Federal’s issuance of the SB Decking Policies that would be partially but not totally duplicative of its payment obligations under this Agreement, the Parties shall meet and confer to determine to
what extent a reduction of installment payments under this Agreement due after the effective date of the Asbestos Legislation is appropriate, and in the event they are unable to agree shall arbitrate the issue before a single arbitrator to be agreed
upon by the parties. 
  

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 15. No Admission. This Agreement is intended to be and is a commercial accommodation among the
Parties. Nothing in this Agreement, nor in the payment or receipt of the Settlement Amount under this Agreement, shall be construed as an admission by any Party of liability or of any duties, rights or obligations under the Policies. Nothing in this
Agreement shall be construed as signifying acquiescence in, admission of or acceptance by any Party of another Party’s claims, defenses, arguments, positions, or interpretations. 
 16. Agreement Inadmissible. Any evidence of the terms, negotiations or discussions associated with this Agreement shall be inadmissible in any
action or proceeding for purposes of establishing any rights, duties, or obligations of the Parties, except in (i) an action or proceeding to enforce the terms of this Agreement, or (ii) any possible action or proceeding between Federal
and any of its reinsurers. This Agreement shall not be used, as evidence or in any other manner, in any court or dispute resolution proceeding to create, prove or interpret Federal obligations under any insurance policy issued to SB Decking or to
any other Person. 
 17. No Precedential Value. The compromise reflected in this Agreement shall be without precedential value and is
not intended to be, nor shall it be, construed as an interpretation of any insurance policy. 
 18. Entire And Integrated Agreement.
This Agreement, together with any exhibits hereto, is intended by the Parties as a final expression of their agreement and is intended to be a complete and exclusive statement of the agreement and understanding of the Parties with respect to the
subject matters contained herein. 
 19. Headings. The section titles, captions, and headings contained in this Agreement are inserted
only as a matter of convenience and for reference, and shall in no way be construed to define, limit, or extend the scope of this Agreement or the effect of any of its provisions. 
 20. Amendments. Neither this Agreement nor any term set forth herein may be changed, waived, discharged, or terminated orally or in writing,
except by a writing signed by all of the Parties, and the observance of any such term may be waived (either generally or in a particular instance either retroactively or prospectively) by a writing signed by the Parties against whom such waiver is
to be asserted. 
 21. Severability. If any provisions of this Agreement, or the application thereof, shall for any reason or to any
extent be construed by a court of competent jurisdiction to be invalid or unenforceable, the remainder of this Agreement, and application of such provisions to other circumstances, shall remain in effect and be interpreted so as best to reasonably
effect the intent of the Parties. Notwithstanding the foregoing, if the releases set forth in Section 4, or the indemnification obligations set forth in Section 5 are found to be unenforceable or invalid by a court of competent
jurisdiction, then it shall be the intent of the Parties that such invalidity or unenforceability shall be cause for rescission of the entire Agreement at the election of the Party whose interests are injured by the finding of invalidity or
unenforceability and in the event such election is made by Federal, it shall be entitled to the 

  

 13 

 
return of any monies still contained in the Claims Account from those moneys which Federal contributed to the Claims Account. 
 22. No Waiver. Neither the waiver by a Party of a breach of or a default under any of the provisions of this Agreement, nor the failure of a
Party, on one or more occasion, to enforce any of the provisions of this Agreement or to exercise any right or privilege hereunder shall thereafter be construed as a waiver of any subsequent breach or default of a similar nature, or as a waiver of
any such provisions, rights, or privileges hereunder. 
 23. Attorneys’ Fees, Costs and Expenses. Each of the Parties shall bear
its own costs, attorneys’ fees, and expenses in connection with the matters set forth in this Agreement, including the negotiation and preparation of this Agreement. 
 24. Assignment. This Agreement shall not be assignable by any Party hereto without the prior written consent of the other Parties hereto, which consent shall not be unreasonably withheld; provided, however,
that this provision shall not require such prior written consent for an assignment by a Party hereto by merger, consolidation, or operation of law. 
 25. No Benefits to Third Parties. This Agreement is intended to confer rights and benefits only on SB Decking, Quaker and Federal. No other Person shall have any legally enforceable rights or benefits under this Agreement, except for
the Parties’ respective successors and assigns as permitted hereunder, and except to the extent the releases set forth in this Agreement inure to the benefit of Persons not signatories hereto. 
 26. Third-Party Challenge to Agreement. In the event that any action or proceeding of any type whatsoever is commenced or prosecuted by any Person
not a Party hereto to invalidate, interpret, or prevent the validation, enforcement, or carrying out of all or any of the provisions of this Agreement, the Parties mutually agree, represent, warrant, and covenant to cooperate fully in opposing such
action or proceeding. 
 27. Additional Necessary Documents. The Parties agree to execute such additional documents as may be
reasonably required in order to carry out the purpose and intent of this Agreement, or to evidence anything contained herein. 
 28.
Written Notice. All notices, demands, or other communications to be provided pursuant to this Agreement shall be in writing and sent by facsimile, overnight mail or United States first-class mail, postage prepaid, to the other Party at the
addresses set forth below, or to such other person or address as either SB Decking, Quaker or Federal may designate in writing from time to time: 
 Federal: 
 Thomas R. Kerr, Esquire 
 Vice President 
 Chubb Group of Insurance Companies 
  

 14 

 15 Mountain View Road 
 P.O. Box 1615 
 Warren, N.J. 07061-1615 
 and 
 William P. Shelley, Esquire

 Cozen O’Connor 
 1900
Market Street 
 Philadelphia, PA 19103 
 Quaker: 
 Robert T. Traub, Esquire 
 Senior Counsel 
 Quaker Chemical Corporation 
 One Quaker Park 
 901 Hector Street

 Conshohocken, PA 19428 
 and

 Anna P. Engh, Esquire 
 Covington & Burling LLP 
 1201 Pennsylvania Avenue, N.W. 
 Washington, DC 20004 
 SB Decking:

 Ms. Florence Larcamp 
 SB
Decking 
 c/o Quaker Chemical Corp. 
 One Quaker Park 
 901 Hector Street 
 Conshohocken, PA 19428 
 and 
 Anna P. Engh, Esquire 
 Covington & Burling LLP 
 1201 Pennsylvania Avenue, N.W. 
 Washington,
DC 20004 
 29. Execution In Counterparts. This Agreement may be signed by the Parties and counterparts of the signature pages may be
combined to create a document binding on all of the Parties hereto and together shall constitute one and the same instrument. 
 30.
Construction. This Agreement is not a contract of insurance and shall not be interpreted as such. Each of the Parties hereto participated in the drafting of this Agreement after consulting with counsel. Accordingly, the language of this
Agreement shall not be presumptively construed either in favor of or against any of the Parties hereto. 
  

 15 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date set forth opposite the
respective signatures below. 
 On Behalf of Federal Insurance Company: 
  

					
	By:	  	/s/ Thomas R. Kerr	  	
			
	Name:	  	Thomas R. Kerr	  	
			
		  	 V.P. Chubb & Son
	  	
	Title:	  	A Division of Federal Ins. Co.	  	
			
	Date:	  	3/26/07	  	
			
	Witness:	  	/s/ William P. Shelley	  	
		
	On Behalf of Quaker Chemical Corporation:	  	
			
	By:	  	/s/ D. Jeffry Benoliel	  	
			
	Name:	  	D. Jeffry Benoliel	  	
			
	Title:	  	Vice President	  	
			
	Date:	  	3/26/07	  	
			
	Witness:	  	/s/ Robert T. Traub	  	

  

 16 

					
	On Behalf of SB Decking, Inc.:	  	
			
	By:	  	/s/ Florence J. Larcamp	  	
			
	Name:	  	Florence J. Larcamp	  	
			
	Title:	  	Treasurer	  	
			
	Date:	  	3/26/07	  	
			
	Witness:	  	/s/ Robert T. Traub	  	

  

 17 

 EXHIBIT 1 
 Bellemead Development Corporation 
 Bhakdikij Company, Ltd. 
 CA Managers (Bermuda) Ltd. 
 Caldecott Holdings LLC 
 CC
Canada Holdings Ltd. 
 Chubb & Son Inc. 
 Chubb & Son
Inc. (Illinois) 
 Chubb Argentina de Seguros, S.A. 
 Chubb Asset
Managers, Inc. 
 Chubb Atlantic Indemnity Ltd. 
 Chubb Capital
Corporation 
 Chubb Computer Services, Inc. 
 Chubb Custom
Insurance Company 
 Chubb Custom Market Inc. 
 Chubb de Chile
Compañía de Seguros Generales, S.A. 
 Chubb de Columbia Compañía de Seguros, S.A. 
 Chubb de México Compañía Afianzadora, S.A. de S.V. 
 Chubb de México Compañía de Seguros, S.A. de S.V. 
 Chubb do Brasil Compania de Seguros 
 Chubb do Brasil Servicos e Participacoes Ltd. 
 Chubb Equity Managers, Inc.

 Chubb Executive Risk, Inc. 
 Chubb Financial Solutions
(Bermuda) LTD. 
 Chubb Financial Solutions Holdings Inc. 
 Chubb
Financial Solutions LLC 
 Chubb Financial Solutions Representative Services Limited 
 Chubb Financial Solutions, Inc. 
 Chubb FS (Bermuda) LTD. (f/k/a ER (Bermuda) LTD.) 
 Chubb Global Financial Services Corporation 
 Chubb Indemnity Insurance
Company 
 Chubb Insurance Company (Thailand) Ltd. 
 Chubb
Insurance Company of Australia Ltd. 
 Chubb Insurance Company of Canada 
 Chubb Insurance Company of Europe, S.A. 
 Chubb Insurance Company of New Jersey 
 Chubb Insurance Holdings (Hong Kong) Limited (f/k/a Mollers’ Brokers LTD.) 
 Chubb Insurance Services (Hong Kong)
Limited (f/k/a Mollers’ Insurance Services LTD.) 
 Chubb Insurance Solutions Agency, Inc. 
 Chubb Insurance Underwriters (Hong Kong) Limited (f/k/a Mollers’ Insurance Underwriters LTD.) 
 Chubb Investment Company
of Bermuda, Ltd. 
 Chubb Investment Company of New Jersey, Inc. 
 Chubb Investment Holdings INC. 
 Chubb Investment Services, Ltd. 
 Chubb Licensing Services LLC 
 Chubb Lloyd’s Insurance Company of Texas 
 Chubb Multinational Manager, Inc. 
 Chubb National Insurance Company

 Chubb Pacific Underwriting Management Services Pte. Ltd. 
 Chubb Re (Bermuda) LTD. 
 Chubb Re Inc. 
 Chubb
Seguros-Holdings Chile S.A. 
 Chubb Services Corporation 
 Chubb
Underwriting Management Services of Thailand Ltd. 
 DHC Corporation 
 Executive Risk Capital Trust 
 Executive Risk Indemnity Inc. 
 Executive Risk Management Associates 
 Executive Risk Specialty Insurance Company 
 Federal Insurance Company 
 Great Northern Insurance Company 
 Harbor Island Indemnity LTD. 
 HDFC Chubb General Insurance Company Ltd. 
 Masterpiece Netherlands B.V. 
 Mountain View Indemnity Ltd. 
 Northwestern Pacific Indemnity Company 
 Pacific Indemnity Company 

PT Asuransi Chubb Indonesia 
 Quadrant Indemnity Company 
 Sullivan Kelly of Arizona, Inc. 
 Sullivan Kelly, Inc. 
 Texas Pacific Indemnity Company 
 The Chubb Corporation 
 Transit Air Services, Inc. 
 Vigilant Insurance Company 

 Exhibit 2 
 SB Decking, Inc. Policies 
  

					
	 Insurer
	 	 Policy Number
	 	 Policy Period

	 Federal Insurance Co.
	 	FMP 06950876	 	4/1/1973 - 4/30/1974
			
	 Federal Insurance Co.
	 	7780 1009	 	4/1/1973 - 4/30/1974
			
	 Federal Insurance Co.
	 	FMP 06950876	 	4/30/1974 - 4/30/1975
			
	 Federal Insurance Co.
	 	7920 7080	 	4/30/1974 - 4/30/1975
			
	 Federal Insurance Co.
	 	FMP 06950876	 	4/30/1975 - 4/30/1976
			
	 Federal Insurance Co.
	 	7923 5727	 	4/30/1975 - 4/30/1976
			
	 Federal Insurance Co.
	 	7924 2331	 	4/30/1976 - 4/30/1977

 Exhibit 3 
 Quaker Pre-1978 Policies 
  

					
	 Insurer
	 	 Policy Number
	 	 Policy Period

	 Federal Insurance Co.
	 	77166724	 	12/13/70-12/13/73
			
	 Federal Insurance Co.
	 	7925 0473	 	1/12/1977-1/1/1978Change in Control Agreement

 Exhibit 10(aaaa) 
 CHANGE IN CONTROL AGREEMENT 
 THIS AGREEMENT,
dated April 2nd, 2007, between QUAKER CHEMICAL CORPORATION, a Pennsylvania corporation (the
“Company”), and L. WILLEM PLATZER (the “Manager”), 
 WITNESSETH THAT 
 WHEREAS, the Board of Directors of the Company has determined that it is in the best interests of the Company and its shareholders that the Company and
its subsidiaries be able to attract, retain, and motivate highly qualified management personnel and, in particular, that they be assured of continuity of management in the event of any actual or threatened change in control of the Company; and

 WHEREAS, the Board of Directors of the Company believes that the execution by the Company of change in control agreements with certain
management personnel, including the Manager, is an important factor in achieving this desired end; 
 NOW, THEREFORE, IN CONSIDERATION of the
mutual obligations and agreements contained herein and intending to be legally bound hereby, the Manager and the Company agree as follows: 
  

	1.	Term of Agreement. 

 This Agreement shall
become effective on January 1, 2007 (the “Effective Date”), and shall continue in effect through December 31, 2007, provided, however, that the term of this Agreement shall automatically be extended for one additional year beyond
December 31, 2007 and successive one year periods thereafter, unless, not later than eighteen (18) months preceding the calendar year in which the term would otherwise automatically extend, the Company shall have given written notice to
the Manager of intention not to extend this Agreement for an additional year, in which event this Agreement shall continue in effect until December 31 of the calendar year immediately preceding the calendar year in which the term would have
otherwise automatically extended. Notwithstanding any such notice not to extend, if a Change in Control (as defined in Section 2) occurs during the original or extended term of this Agreement, this Agreement shall remain in effect after a
Change in Control until all obligations of the parties hereto under this Agreement shall have been satisfied. 

	2.	Change in Control. 

 As used in this
Agreement, a “Change in Control” of the Company shall be deemed to have occurred if: 
 (a) Any person (a “Person”), as
such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (other than (i) the Company and/or its wholly owned subsidiaries; (ii) any ESOP or other employee benefit plan
of the Company and any trustee or other fiduciary in such capacity holding securities under such plan; (iii) any corporation owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as their
ownership of stock of the Company; or (iv) any other Person who, within the one year prior to the event which would otherwise be a Change in Control, is an executive officer of the Company or any group of Persons of which he voluntarily is a
part), is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 30% or more of the combined voting power of the Company’s then
outstanding securities or such lesser percentage of voting power, but not less than 15%, as determined by the members of the Board of Directors of the Company who are independent directors (as defined in the New York Stock Exchange, Inc. Listed
Company Manual); provided, however, that a Change in Control shall not be deemed to have occurred under the provisions of this subsection (a) by reason of the beneficial ownership of voting securities by members of the Benoliel family (as
defined below) unless and until the beneficial ownership of all members of the Benoliel family (including any other individuals or entities who or which, together with any member or members of the Benoliel family, are deemed under Sections 13(d) or
14(d) of the Exchange Act to constitute a single Person) exceeds 50% of the combined voting power of the Company’s then outstanding securities; 
 (b) During any two-year period after the Effective Date, Directors of the Company in office at the beginning of such period plus any new Director (other than a Director designated by a Person who has entered into an
agreement with the Company to effect a transaction within the purview of subsections (a) or (c)) whose election by the Board of Directors of the Company or whose nomination for election by the Company’s shareholders was approved by a vote
of at least two-thirds of the Directors then still in office who either were Directors at the beginning of the period or whose election or nomination for election was previously so approved shall cease for any reason to constitute at least a
majority of the Board; 
 (c) The consummation of (i) any consolidation or merger of the Company in which the Company is not the
continuing or surviving corporation or pursuant to which the Company’s voting common shares (the “Common Shares”) would be converted into cash, securities, and/or other property, other than a merger of the Company in which holders of
Common Shares immediately prior to the merger have the same proportionate ownership of voting shares of the surviving corporation immediately after the merger as they had in the Common Shares immediately before; or (ii) any sale, lease,
exchange, or other transfer (in one transaction or a series of related transactions) of all or substantially all the assets or earning power of the Company; or 
  

 - 2 - 

 (d) The Company’s shareholders or the Company’s Board of Directors shall approve the
liquidation or dissolution of the Company. 
 As used in this Agreement, “members of the Benoliel family” shall mean Peter A.
Benoliel, his wife and children and their respective spouses and children, and all trusts created by or for the benefit of any of them. 
  

	3.	Entitlement to Change in Control Benefits; Certain Definitions. 

 The Manager shall be entitled to the benefits provided in this Agreement in the event the Manager’s employment with the Company or its affiliates is terminated under the circumstances described in (a) or
(b) below (a “Covered Termination”), provided the Manager executes and does not revoke a Release (as defined below), if any, provided by the Company. 
 (a) A Covered Termination shall have occurred within the meaning of this subsection (a) in the event the Manager’s employment with the Company or its affiliates is terminated within two (2) years
following a Change in Control by: 
 (i) The Company or its affiliates without Cause (as defined below); or 
 (ii) Resignation of the Manager for Good Reason (as defined below). 
 (b) A Covered Termination shall have occurred within the meaning of this subsection (b) in the event the Manager’s employment with the Company
or its affiliates is terminated by the Company or its affiliates without Cause within six months prior to a Change in Control and the Manager reasonably demonstrates after such Change in Control that such termination was at the request or suggestion
of any individual or entity who or which has taken steps reasonably calculated to effect such Change in Control. 
 The Manager shall have no
rights to any payments or benefits under this Agreement in the event the Manager’s employment with the Company and its affiliates is terminated (i) as a result of death or disability, or (ii) by the Company or its affiliates for
Cause. Except as provided in subsection (b), in the event the Manager’s employment is terminated for any reason prior to a Change in Control, the Manager shall have no rights to any payments or benefits under this Agreement and, after any such
termination, this Agreement shall be of no further force or effect. 
 “Cause” shall mean (i) the Manager’s
willful and material breach of the employment agreement, if any, between the Manager and the Company (after having received notice thereof and a reasonable opportunity to cure or correct), (ii) dishonesty, fraud, willful malfeasance, gross
negligence, or other gross misconduct, in each case relating to the performance of the Manager’s employment with the Company or its affiliates which is materially injurious to the Company, or (iii) conviction of or plea of guilty to a
felony, such Cause to be determined, in each case, by a resolution approved by at least two-thirds of the Directors of the Company after having afforded the Manager a reasonable opportunity to appear before the Board of Directors of the Company and
present his position. 
 “Code” shall mean the Internal Revenue Code of 1986, as amended, together with any applicable
regulations thereunder. 
  

 - 3 - 

 “Good Reason” shall mean any of the following actions without the Manager’s
consent, other than due to the Manager’s death or disability: (i) any reduction in the Manager’s base salary from that provided immediately before the Covered Termination or, if higher, immediately before the Change in Control;
(ii) any reduction in the Manager’s bonus opportunity (including cash and noncash incentives) or increase in the goals or standards required to accrue that opportunity, as compared to the opportunity and goals or standards in effect
immediately before the Change in Control; (iii) a material adverse change in the nature or scope of the Manager’s authorities, powers, functions, or duties from those in effect immediately before the Change in Control; (iv) a
reduction in the Manager’s benefits from those provided immediately before the Change in Control, disregarding any reduction under a plan or program covering employees generally that applies to all employees covered by the plan or program; or
(v) the Manager being required to accept a primary employment location which is more than twenty-five (25) miles from the location at which he primarily was employed during the ninety (90) day period prior to a Change in Control.

 “Payment Date” shall mean (i) in the case of a Covered Termination described in Section 3(a), the last business
day of the second month following the month in which the Manager’s Separation from Service occurs, subject to Section 9, or (ii) in the case of a Covered Termination described in Section 3(b), (A) the last business day of
the second month following the month in which the Change in Control giving rise to such Covered Termination occurs, if the Change in Control is also a “change in control event” under Section 409A of the Code, or (B) the last
business day of the eighth month following the month in which the Manager’s Separation from Service occurs, if such Change in Control is not a “change in control event” under Section 409A of the Code. 
 “Release” shall mean a release (in a form satisfactory to the Company) of any and all claims against the Company and all related parties
with respect to all matters arising out of the Manager’s employment by the Company and its affiliates, or the termination thereof (other than claims for any entitlements under the terms of this Agreement or under any plans or programs of the
Company under which the Manager has accrued a benefit) that the Company provides to the Manager no later than (i) in the case of a Covered Termination described in Section 3(a), three days after the date of the Manager’s Covered
Termination, or (ii) in the case of a Covered Termination described in Section 3(b), three days after the date of the Change in Control giving rise to such Covered Termination. Notwithstanding any provision of this Agreement to the
contrary, if the Company provides a Release to the Manager, the Manager shall not be entitled to any payments or benefits under this Agreement unless the Manager executes and does not revoke the Release. 
 “Separation from Service” shall mean the Manager’s separation from service with the Company and its affiliates within the meaning
of Prop. Treas. Reg. §1.409A-1(h) or any successor thereto. 
 “Specified Employee” shall mean the Manager if he is a
specified employee as defined in Section 409A of the Code as of the date of his Separation from Service. 
  

 - 4 - 

	4.	Severance Allowance. 

 (a) Amount of
Severance Allowance. In the event of a Covered Termination, the Company shall pay or cause to be paid to the Manager in cash a severance allowance (the “Severance Allowance”) equal to 1.5 times the sum of the amounts determined in
accordance with the following paragraphs (i) and (ii): 
  

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

  

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

 In no event shall any retention bonus or change in control or success fee be taken into account when determining the amount of the Severance Allowance hereunder. 
 (b) Payment of Severance Allowance. The Severance Allowance shall be paid to the Manager in a lump sum on the Payment Date. 
 If a court awards the Manager a severance pay and/or any compensation in relation to the termination of the Manager’s employment, the Manager may no longer assert
any rights under this Agreement. If and insofar the Company or any of its affiliates has already made any payments under this Agreement, the Company or any of its affiliates may set off the payments that have been made against any net salary payment
to which the Manager is entitled, or recover such from the Manager in any other way. 
  

	5.	Outplacement and Welfare Benefits. 

 (a)
Outplacement. Subject to Section 6, for a period of one year following a Covered Termination of the Manager (or the Change in Control resulting in a Covered Termination, if later), the Company shall make or cause to be made available to
the Manager, at its expense, outplacement counseling and other outplacement services comparable to those available for the Company’s senior managers prior to the Change in Control. 
  

 - 5 - 

 If the Manager does not wish to make use of Outplacement, the Manager will not be able to claim a lump sum payment
instead. 
 (b) Welfare Benefits. It is at the employer’s discretion to either provide the Manager with welfare benefits 18
months following a Covered Termination of the Manager or prefer to pay the value of the welfare benefits to the Manager by means of a gross lump sum payment. 
 Subject to Section 6 and the preceding sentence, for a period of 18 months following a Covered Termination of the Manager (or the Change in Control resulting in a Covered Termination, if later), the Manager and the Manager’s
dependents shall be entitled to participate in the Company’s or its affiliate’s, as applicable, life and medical insurance plans at the Company’s expense, in accordance with the terms of such plans at the time of such Covered
Termination as if the Manager were still employed by the Company or its affiliate under this Agreement. If, however, life or medical insurance benefits are not paid or provided under any such plan to the Manager or his dependents because the Manager
is no longer an employee of the Company or its affiliates, the Company itself shall, to the extent necessary, pay or otherwise provide for such benefits to the Manager and his dependents. 
  

	6.	Effect of Other Employment. 

 In the event
the Manager becomes employed (as defined below) during the period with respect to which benefits are continuing pursuant to Section 5: (a) the Manager shall notify the Company not later than the day such employment commences; and
(b) the benefits provided for in Section 5 shall terminate as of the date of such employment. For the purposes of this Section 6, the Manager shall be deemed to have become “employed” by another entity or person only if the
Manager becomes essentially a full-time employee of a person or an entity (not more than 30% of which is owned by the Manager and/or members of his family); and the Manager’s “family” shall mean his parents, his siblings and their
spouses, his children and their spouses, and the Manager’s spouse and her parents and siblings. Nothing herein shall relieve the Company of its obligations for compensation or benefits accrued up to the time of termination provided for herein.

  

	7.	Other Payments and Benefits. 

 On the Payment
Date, the Company shall pay or cause to be paid to the Manager the aggregate of: (a) the Manager’s earned but unpaid base salary through the Covered Termination at the rate in effect on the date of the Covered Termination, or if higher, at
the rate in effect at any time during the 90-day period preceding the Change in Control; (b) any unpaid bonus or annual incentive payable to the Manager in respect of the calendar year ending prior to the Covered Termination; (c) any and
all unpaid bonuses and annual incentive awards for the calendar year in which the Covered Termination occurs which would have been payable had (i) the Covered Termination not occurred in such calendar year, and (ii) the target level of
performance been achieved for the calendar year; and (d) the pro rata portion of any and all awards under the Company’s long term incentive plan for the performance period(s) in which the Covered Termination occurs, said pro rata portion
to be calculated on the fractional portion (the numerator of said fraction being the number of days between the first day of the applicable performance period and the date of the Covered Termination, and the denominator of which is the total number
of days in the applicable performance period) of the amount of the award which would have 

  

 - 6 - 

 
been payable had (i) the Covered Termination not occurred, and (ii) the target level of performance been achieved for the applicable performance
period. The Manager shall be entitled to receive any other payments or benefits that the Manager is entitled to pursuant to the express terms of any compensation or benefit plan or arrangement of the Company or any of its affiliates; provided that:
(x) the Severance Allowance (i) shall be in lieu of any severance payments to which the Manager might otherwise be entitled under the terms of any severance pay plan, policy, or arrangement maintained by the Company or any of its
affiliates or the employment agreement between the Manager and Quaker Chemical B.V. dated August 21, 2006, and (ii) shall be credited against any severance payments to which the Manager may be entitled by statute and/or a court in
accordance with Section 4(b); (y) any annual incentive described in subsection (b) or (c) shall decrease (but not below zero) the amount of the annual incentive payable under the Company’s annual incentive plan (currently
the 2001 Global Annual Incentive Plan) with respect to the same calendar year; and (z) any amount described in subsection (d) shall decrease (but not below zero) the amount of the analogous performance award payable under the
Company’s long term incentive plan(s) (currently the 2001 and 2006 Long-Term Performance Incentive Plans) with respect to the same performance period(s). 
  

	8.	Death After Covered Termination. 

 In the
event the Manager dies after a Covered Termination occurs, (a) any payments due to the Manager under Section 4 and the first sentence of Section 7 and not paid prior to the Manager’s death shall be made to the person or persons
who may be designated by the Manager in writing or, in the event he fails to so designate, to the Manager’s personal representatives, and (b) the Manager’s dependents shall be eligible for the welfare benefits described in
Section 5(b). Payments pursuant to subsection (a) shall be made on the later of (i) the date payment would have been made to the Manager without regard to Section 9, or (ii) the date of the Manager’s death. 

 

	9.	Specified Employee. 

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

 - 7 - 

	10.	Confidentiality and Noncompetition. 

 (a)
Confidential Information. The Manager acknowledges that information concerning the method and conduct of the Company’s (and any affiliate’s) business, including, without limitation, strategic and marketing plans, budgets, corporate
practices and procedures, financial statements, customer and supplier information, formulae, formulation information, application technology, manufacturing information, and laboratory test methods and all of the Company’s (and any
affiliate’s) manuals, documents, notes, letters, records, and computer programs (“Proprietary Business Information”), are the sole and exclusive property of the Company (and/or the Company’s affiliates, as the case may be) and
are likely to constitute, contain or reveal trade secrets (“Trade Secrets”) of the Company (and/or the Company’s affiliate’s, as the case may be). The term “Trade Secrets” as used herein does not include Proprietary
Business Information that is known or becomes known to the public through no act or failure to act on the part of the Manager, or which can be clearly shown by written records to have been known by the Manager prior to the commencement of his
employment with the Company. 
  

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

  

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

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

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

  

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

  

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

 (c) Severability. The Manager acknowledges and agrees that all of the foregoing restrictions are reasonable as to the period of time and scope.
However, if any paragraph, sentence, clause, or other provision is held invalid or unenforceable by a court of competent and relevant jurisdiction, such provision shall be deemed to be modified in a manner consistent with the intent of such original
provision so as to make it valid and enforceable, and this Agreement and the application of such provision to persons and circumstances other than those with respect to which it would be invalid or unenforceable shall not be affected thereby.

 (d) Remedies. The Manager agrees and recognizes that in the event of a breach or threatened breach of the provisions of the
restrictive covenants contained in this Section 10, the Company may suffer irreparable harm, and monetary damages may not be an adequate remedy. Therefore, if any breach occurs or is threatened, the Company shall be entitled to seek equitable
remedies, including injunctive relief in any court of applicable jurisdiction notwithstanding the provisions of Section 12. In the event of any breach of the restrictive covenant contained in this Section 10, the term of the restrictive
covenant specified herein shall be extended by a period of time equal to that period beginning on the date such violation commenced and ending when the activities constituting such violation cease, to the extent allowed by applicable local law.
Furthermore, if a court or arbitration panel determines that the Manager has breached any of the provisions of this Section 10, the Company’s obligations to pay amounts and continue the benefits under this Agreement to the Manager (and his
dependents) shall immediately terminate. 
  

	11.	Set-Off Mitigation. 

 Except as provided in
Section 6, the Company’s obligation to make the payments provided for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense, or other claim, right, or
action which the Company may have against the Manager or others. In no event shall the Manager be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Manager under any of the provisions of
this Agreement. 
  

	12.	Arbitration: Costs and Expenses of Enforcement. 

 (a) Arbitration. Except as otherwise provided in Sections 10(d) and 13, any controversy or claim arising out of or relating to this Agreement or the breach thereof which cannot promptly be resolved by the parties shall be promptly
submitted to and settled exclusively by arbitration in the City of Philadelphia, Pennsylvania, in accordance with the laws of the Commonwealth of Pennsylvania by three arbitrators, one of whom shall be appointed by the Company, one by the Manager,
and the third of whom shall be appointed by the first two arbitrators. The arbitration shall be conducted in accordance with the rules of the American Arbitration Association, except with respect to the selection of arbitrators which shall be as
provided in this Section 12. Judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction thereof. 
  

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 (b) Costs and Expenses. In the event that it shall be necessary or desirable for the Manager to
retain legal counsel and/or incur other costs and expenses in connection with the enforcement of any and all of his rights under this Agreement, the Company shall pay (or the Manager shall be entitled to recover from the Company, as the case may be)
his reasonable attorneys’ fees and costs and expenses in connection with the enforcement of his said rights (including those incurred in or related to any arbitration proceedings provided for in subsection (a) and the enforcement of any
arbitration award in court), regardless of the final outcome. 
  

	13.	Limitation on Payment Obligation. 

 (a) For
purposes of this Section 13, all terms capitalized but not otherwise defined herein shall have the meanings as set forth in Section 280G of the Code. In addition: 
  

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

  

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

  

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

 (b) Notwithstanding any other provision of this Agreement, each
Parachute Payment to be made to or for the benefit of the Manager, whether pursuant to this Agreement or otherwise, with respect to a Change in Control shall be reduced if and to the extent necessary so that the aggregate Present Value of all such
Parachute Payments shall be at least one dollar ($1.00) less than the greater of (i) three times the Manager’s Base Amount and (ii) the aggregate Reasonable Compensation allocable to such Parachute Payments. Unless otherwise agreed by
the Manager and the Company, any reduction in Parachute Payments caused by reason of this subsection (b) shall be made proportionately with respect to each such Parachute Payment. 
 This subsection (b) shall be interpreted and applied to limit the amounts otherwise payable to the Manager under this Agreement or otherwise only to
the extent required to avoid any material risk of the imposition of excise taxes on the Manager under Section 4999 of the Code or the disallowance of a deduction to the Company under Section 280G(a) of the Code. In the making of any such
interpretation and application, the Manager shall be presumed to be a disqualified individual for purposes of applying the limitations set forth in this subsection (b) without regard to whether or not the Manager meets the definition of
disqualified individual set forth in Section 280G(c) of the Code. In the event that the Manager and the Company are unable to agree as to the application of this subsection (b), the Company’s independent auditors shall select independent
tax counsel to determine the amount of such limits. Such selection of tax counsel shall be subject to the Manager’s consent, provided that the Manager shall not unreasonably withhold 

  

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his consent. The determination of such tax counsel under this Section 13 shall be final and binding upon the Manager and the Company. 
 (c) Notwithstanding any other provision of this Agreement, no payment shall be made hereunder to or for the benefit of the Manager if and to the extent
that such payments are determined to be illegal. 
  

	14.	Notices. 

 Any notices, requests, demands,
and other communications provided for by this Agreement shall be sufficient if in writing, and if hand delivered or if sent by registered or certified mail, if to the Manager, at the last address he had filed in writing with the Company or if to the
Company, at its principal executive offices. Notices, requests, etc. shall be effective when actually received by the addressee or at such address. 
  

	15.	Withholding. 

 Notwithstanding any provision
of this Agreement to the contrary, the Company may, to the extent required by law, withhold applicable Federal, state and local income and other taxes from any payments due to the Manager hereunder. 
  

	16.	Assignment and Benefit. 

 (a) This Agreement
is personal to the Manager and shall not be assignable by the Manager, by operation of law, or otherwise without the prior written consent of the Company otherwise than by will or the laws of descent and distribution. This Agreement shall inure to
the benefit of and be enforceable by the Manager’s heirs and legal representatives. 
 (b) This Agreement shall inure to the benefit of
and be binding upon the Company and its successors and assigns, including, without limitation, any subsidiary of the Company to which the Company may assign any of its rights hereunder; provided, however, that no assignment of this Agreement by the
Company, by operation of law, or otherwise shall relieve it of its obligations hereunder except an assignment of this Agreement to, and its assumption by, a successor pursuant to subsection (c). 
 (c) The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation, operation of law, or otherwise) to all or
substantially all of the business and/or assets of the Company to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place,
but, irrespective of any such assignment or assumption, this Agreement shall inure to the benefit of and be binding upon such a successor. As used in this Agreement, “Company” shall mean the Company as hereinbefore defined and any
successor to its business and/or assets as aforesaid. 
  

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	17.	Governing Law. 

 The provisions of this
Agreement shall be construed in accordance with the laws of the Commonwealth of Pennsylvania without reference to principles of conflicts of laws. 
  

	18.	Entire Agreement; Amendment. 

 (a) This
Agreement supersedes the Change in Control Agreement entered into between the Manager and the Company on January 1, 2001, which agreement shall be null and void as of the earliest of the Effective Date, the day and year first above written, or
the date set forth in such agreement. Except for the change in control provisions set forth in the Company’s annual incentive plan and long term incentive plans, this Agreement represents the entire agreement and understanding of the parties
with respect to the subject matter hereof. The Manager understands and acknowledges that the Company’s severance plan, annual incentive plan and long term incentive plans are hereby amended with respect to the Manager to avoid duplication of
benefits, as provided in Section 7. 
 (b) The Company reserves the right to unilaterally amend this Agreement without the consent of
the Manager to the extent the Compensation/Management Development Committee of the Company’s Board of Directors (in its sole discretion) determines is necessary or appropriate to avoid the additional tax under Section 409A(a)(1)(B) of the
Code; otherwise, this Agreement may not be altered or amended except by an agreement in writing executed by the Company and the Manager. 
  

	19.	No Waiver. 

 The failure to insist upon
strict compliance with any provision of this Agreement by any party shall not be deemed to be a waiver of any future noncompliance with such provision or of noncompliance with any other provision. 
  

	20.	Severability. 

 In the event that any
provision or portion of this Agreement shall be determined to be invalid or unenforceable for any reason, the remaining provisions of this Agreement shall be unaffected thereby and shall remain in full force and effect. 
  

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	21.	Indemnification. 

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

			
	MANAGER
	
	 /s/ L.W. Platzer

	
	QUAKER CHEMICAL CORPORATION
		
	By:	 	 /s/ D.Jeffry Benoliel

	Title:	 	Vice President, General Counsel
		 	and Corporate Secretary

  

	
	ATTEST:
	
	 /s/ Irene M. Kisleiko

  

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