Employment Agreement by and between Registrant and Joseph Berquist dated August 18, 2021, effective on
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EX-10.3 5 exhibit103.htm EMPLOYMENT AGREEMENT - J. BERQUIST exhibit103 
valued at $270,000. You will receive an additional Restricted Stock grant valued at
EXHIBIT 10.3
1
August 18, 2021
Joe Berquist
Quaker Houghton
Dear Joe:
Congratulations! I am pleased to offer you this promotion to the EVP, Chief Strategy Officer and MD, Global Specialty Businesses. In
addition to your current responsibilities for directing the Company’s strategic priorities and leading the Global Specialty Business
segment, you will be responsible for directing the Company’s global merger & acquisition process and organization, leading our
Corporate Sustainability efforts, directing our strategic and operational approach for supporting our information technology
infrastructure, and our plan and execution for digitization by leading our Information Technology organization.
Your tentative start date for this position is September 9, 2021.
We believe you can make significant contributions in this role and will
find this opportunity engaging and rewarding. Please review the details of the offer below.
Salary
Your new annualized salary is $500,000, effective on September 9, 2021. You will be eligible for your next merit increase in April
2022, reflective of performance year 2021.
Annual Incentive Plan
You will continue to participate in our 2021 Annual Incentive Plan (AIP), with an annual bonus target of 65% of your base salary. This
is inclusive of the full 2021 annual performance for your responsibility areas and based on your revised base salary.
Long Term Incentive Plan
You will be eligible to participate in our Long Term Incentive Plan (LTIP) at a target value of 100% of your base salary. For the 2021
plan year, you received a grant on March 15
th
$230,000 in October 2021 to reflect the difference from the grant provided in March of 2021. The Restricted Stock grant is time based
and will vest in accordance with the LTIP rules.
The terms and conditions of your employment remain in effect, except as specifically set forth above. 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 Joe and look forward to you accepting this expanded 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/ Michael F. Barry
Mike Barry
CEO, President and Chairman of the Board
Quaker Chemical Corporation
A Quaker Houghton Company
901 E. Hector Street
Conshohocken, PA ###-###-####
T: 610 ###-###-####
quakerhoughton.com
2
Employee Offer Acceptance
I accept the terms and conditions outlined above:
/s/ Joseph C. Berquist
18-August-2021
Joseph Berquist
Date
