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
,
eligible for your next merit increase in April 2022, reflective of
performance year 2021.
You
will be eligible to participate in our 2021 Annual Incentive Plan
(AIP), with an annual bonus target of 30% of
your base salary.
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: