Form of Performance Stock Unit Award Agreement for executive officers and other employees under Registrants

EX-10.6 12 exhibit106.htm FORM OF PERFORMANCE STOCK UNIT AWARD AGREEMENT FOR EXECUTIVE OFFICERS AND OTHER EMPLOYEES exhibit106

 
1 
EXHIBIT 10.6 
PERFORMANCE STOCK UNIT AWARD 
The Compensation and Human 
Resources Committee (the “Committee”) 
of the Board of Directors 
of Quaker Houghton 
has approved 
the award (the 
“Award”) 
to FIRST NAME 
LAST NAME 
(the “Grantee”) 
, 
of XXX performance 
stock units 
(PSUs) as of 
MM DD, 
YEAR (the “Grant Date”), 
subject to achieving a 
pre-determined targeted performance based on 
the Company’s relative total shareholder 
return (“TSR”) as compared to the TSR of the S&P Mid Cap 400 
(Materials Group) over the three-year period from January 
1, 2022 
to 
December 31, 202 
4 
under the Quaker 
Houghton 2016 Long 
-Term Performance 
Incentive Plan (the “Plan”). 
This Award 
is subject to 
your acceptance 
of the terms 
and conditions 
of this Award 
set forth 
in this agreement 
(the “Agreement”). 
The level of 
payment can 
range from 0% to 200% (the “achievement 
percentage”) of the Target 
PSU award depending on our TSR performance. 
The terms and conditions 
of this Award 
are governed by this Agreement 
and the Plan. 
Unless otherwise defined herein, 
terms used in 
this Agreement have the meanings assigned to them in the Plan. 
In the event of any inconsistency between the terms of this Agreement 
and the terms of the Plan, the terms of 
the Plan shall govern. 
1.
 
PSUs will be 
paid in the 
calendar year 
following the 
end of the 
performance period. 
The number 
of shares of 
Quaker 
Houghton that will be paid under the PSU award will be equal to (i) the achievement percentage times (ii) the Target 
PSU 
award. 
 
2.
 
Grantee (or Grantee’s 
beneficiary) will have no voting 
rights with respect to the PSUs. 
 
3.
 
Grantee will not be entitled to receive cash dividends 
or dividend equivalents on PSUs. 
 
4.
 
PSUs may not be transferred in any 
manner other than by will or the 
laws of descent or distribution. 
 
5.
 
Unvested PSUs will 
be forfeited 
in the event 
Grantee’s employment 
ends prior to 
the completion 
of the vesting 
period, 
unless such termination is due 
to (i) death, (ii) Total 
Disability or (iii) retirement on 
or after attainment of age 60 
, 
in each 
case, as 
provided in 
the Plan. 
If the 
Grantee’s termination 
occurs due 
to the 
aforementioned circumstances, 
then the 
Grantee’s PSUs will be prorated 
based on active service during the performance 
period, as provided in the Plan. 
 
6.
 
All distributions to Grantee or to Grantee’s 
beneficiary upon vesting of the PSUs hereunder will 
be subject to withholding 
by the Plan’s third-party administrator 
of amounts sufficient to cover the applicable withholding obligations. 
In the event 
that any 
required tax 
withholding upon 
the settlement 
of such 
PSUs exceeds 
your other 
compensation due 
from the 
Company, Grantee agrees to 
remit to the Company, as a condition to settlement of such PSUs, such additional 
amounts in 
cash as are necessary to satisfy the 
required withholding. 
Any and all withholding obligations may 
be settled with shares 
of Common Stock. 
 
7.
 
Nothing in the Plan or 
this Agreement will be construed 
as creating any right in 
the Grantee to continued 
employment or 
service, 
or as altering or amending the existing 
terms and conditions of the Grantee’s 
employment or service. 
 
8.
 
All notices required to 
be given hereunder shall be 
mailed by registered or 
certified mail to the Company 
to the attention 
of its Secretary, 
at 901 E. 
Hector Street, Conshohocken, 
Pennsylvania 19428, 
and to Grantee 
at Grantee’s 
address as it 
appears on the Company’s books and records unless either of said parties has duly notified 
the other in writing of a change 
in address. 
 
Quaker Chemical Corporation 
A Quaker Houghton Company 
901 E. Hector Street 
Conshohocken, PA ###-###-#### 
T: 610 ###-###-#### 
quakerhoughton.com.

 
 
 
2 
9.
 
To the extent not preempted 
by Federal law, this Agreement 
shall be construed, administered and governed in all respects 
under and by the laws of the Commonwealth 
of Pennsylvania, without giving effect 
to its conflict of laws principles. 
 
10.
 
This Agreement contains all the understandings 
between the parties hereto pertaining to the matter 
referred to herein, and 
supersedes all 
undertakings and 
agreements, whether 
oral or 
in writing, 
previously entered 
into by 
them with 
respect 
thereto. 
Grantee represents 
that, in executing this Agreement, Grantee has not relied upon any representation or statement 
not set forth herein made by the 
Company with regard to the subject matter 
of this Agreement. 
 
QUAKER HOUGHTON 
 
 
BY: 
 
Michael F. Barry 
 
 
 
Grantee represents that Grantee is familiar with the terms and provisions of the Plan, and hereby accepts this Award 
subject to 
the terms and 
provisions of the 
Plan insofar 
as they relate 
to PSUs granted 
thereunder. 
Grantee agrees 
hereby to accept 
as binding, 
conclusive, and final all decisions or interpretations of the Committee upon 
any questions arising under the Plan or this Grant. 
Grantee 
authorizes the Company 
to withhold in accordance 
with applicable law from 
any compensation payable 
to Grantee any taxes 
required 
to be withheld by 
Federal, state, or local 
law as a 
result of the 
vesting of this Award. 
Grantee represents that, in 
executing this Agreement, 
Grantee has not relied upon any representation or statement not set forth herein made by the Company with regard 
to the subject matter 
of this Agreement. 
 
 
 
BY: 
First Name Last Name 
 
 