Memorandum of Employment by and between the Registrant and David Will dated March 22, 2021 and effective April

EX-10.3 3 exhibit103.htm EMPLOYMENT AGREEMENT - D. WILL exhibit103
 
 
1 
EXHIBIT 10.3 
 
 
 
 
 
 
March 22, 2021 
 
David Will 
Quaker Houghton 
 
Dear David: 
 
Congratulations! 
I am pleased to 
offer you this 
promotion with Quaker 
Houghton as VP, 
Global Controller. 
Your 
tentative start date 
for this 
position is 
April 19, 
2021.
 
We believe 
you can 
make significant 
contributions in 
this role 
and will 
find this 
opportunity 
exciting and rewarding. 
Please review the details of the offer below. 
 
Salary 
Your 
new annualized salary 
is $260,000 and 
is inclusive of 
your 2020 merit 
increase and is 
effective on April 
19
, 
2021. 
You 
will be 
eligible for your next merit increase in April 2022, reflective of 
performance year 2021. 
 
Annual Incentive Plan 
You 
will be eligible to participate in our 2021 Annual Incentive Plan 
(AIP), with an annual bonus target of 30% of 
your base salary. 
 
Long Term 
Incentive Plan 
You 
will be eligible to 
participate in our 2021 
Long Term 
Incentive Plan (LTIP) 
at a level valued at 
$70,000 which is inclusive 
of the 
$47,000 grant you 
received on March 
15
th
. 
The $23,000 value 
in the difference 
will be reflected 
in an additional 
grant on your 
start 
date of April 19, 2021. 
As a reminder, the grant will consist of Restricted 
Stock (60%) and Performance Stock Units (40%). 
 
The terms and conditions of your employment 
as they existed remain in effect, except 
as specifically set forth above and in restrictions 
from what you signed previously. 
Quaker Houghton reserves the right to modify 
your job title, duties and compensation, as well as all 
company rules, practices and other terms of employment. 
 
We are 
excited about this 
opportunity for 
you David and 
look forward to 
you accepting this 
role with Quaker 
Houghton. 
After your 
review of this offer, 
please sign below to confirm your acceptance and return 
to me with a copy to Rob Traub and Kym 
Johnson. 
 
Sincerely, 
 
/s/ Shane Hostetter 
Shane Hostetter 
VP, 
Finance and Chief Accounting Officer 
 
Employee Offer Acceptance 
I accept the terms and conditions outlined above: 
 
 
/s/ David Will 
4/7/2021 
David Will 
Date
 
 
 