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

 valued at $270,000. You will receive an additional Restricted Stock grant valued at

$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 19428-2380

T: 610.832.4000

quakerhoughton.com

2

Employee Offer Acceptance

I accept the terms and conditions outlined above:

/s/ Joseph C. Berquist

18-August-2021

Joseph Berquist

Date