EX-10.3 5 exhibit103.htm EMPLOYMENT AGREEMENT - J. BERQUIST exhibit103
exhibit103p1i0.jpg
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