
Year	Summary Compensation Table Total for PEO (1)	Compensation Actually Paid to PEO (1) (2) (5) (8)	Summary Compensation Table Total for former PEO(1)	Compensation Actually Paid to former PEO (1)(2)(5)	Average Summary Compensation Table Total for Non-PEO NEOs (3)	Average Compensation Actually Paid to Non-PEO NEOs(3) (4) (5)	Value of Initial Fixed $100 Investment Based on		Net (loss) /Income (in thousands)	Adjusted EBITDA (7) (in thousands)
							Total Shareholder Return (6)	Peer Group Total Shareholder Return (6)
2023	$4,809,759	$5,130,084	$—	$—	$1,830,213	$1,927,256	$134.47	$165.81	$112,872	$320,379
2022	$3,555,003	$2,624,688	$—	$—	$1,427,714	$1,059,279	$104.15	$142.32	$(15,842)	$257,150
2021	$2,456,970	$2,361,197	$4,400,422	$2,648,915	$935,317	$613,817	$142.48	$146.31	$121,431	$274,109
2020	—	—	$7,045,414	$10,839,520	$1,244,976	$1,837,408	$155.41	$110.65	$39,787	$221,974

Total Shareholder Return assumes $100 invested on December 31, 2020, including reinvestment of dividends. Peer TSR represents the S&P 400 MidCap Materials Index. Previously, in our proxy statement for the 2023 annual meeting of shareholders, peer TSR represented the S&P 400 MidCap Index. The Company shifted from the S&P 400 MidCap Index to the S&P 400 MidCap Materials Index to align with the peer group industry index reported in our Annual Report on Form 10-K for the year ended December 31, 2023, as amended.

Non-PEO NEO Average Total Compensation Amount

$ 1,830,213

$ 1,427,714

$ 935,317

$ 1,244,976

Adjustment to Non-PEO NEO Compensation Footnote

The non-PEO named executive officers reflected in the above table consist of Messrs. Hostetter, Berquist, Bijlani and Ms. Leneis for 2023 and 2022; Ms. Hall and Messrs. Hostetter, Berquist, Bijlani and Platzer for 2021; and Ms. Hall and Messrs. Berquist, Bijlani and Platzer for 2020.

(4) To calculate average Compensation Actually Paid (“CAP”) for the other NEOs, the following amounts were deducted from and added to average Summary Compensation Table total compensation:

Other NEOs


Year	Summary Compensation Table Total for Other NEOs	Pension Benefit Adjustment (a)	Equity Adjustment (b)	Compensation Actually Paid to Other NEOs Total

2023	$1,830,213	$—	$97,043	$1,927,256
2022	$1,427,714	$—	$(368,435)	$1,059,279
2021	$935,317	$—	$(321,500)	$613,817
2020	$1,244,976	$(125,415)	$717,847	$1,837,408

(a):


Year	Add: For all Summary Compensation table Defined Benefit and Pension Plans the Value of the Aggregate of:		Deduct: Summary Compensation Table Aggregate Change in Value of Accumulated Benefits Under Defined Benefit and Pension Plans	Total Adjustment to Summary Compensation Table for Pension Plans
	Value of Service Cost Attributable to NEOs Under the Defined Benefit and Pension Plans for Services during FY	Value of Prior Service Cost of Benefits Granted in a Defined Benefit and Pension Plans Amendment Attributable to NEOs for Services in Years Prior to Amendment
2023	$—	$—	$—	$—
2022	$—	$—	$—	$—
2021	$—	$—	$—	$—
2020	$30,322	$—	$(155,737)	$(125,415)

(b):


Year	Total Fair Value of Current Equity Awards at Year End	Add: Year Over Year Change in Fair Value of Unvested Stock and Option Awards from Prior Years	Add: Year End Fair Value of Unvested Stock and Option Awards Granted during FY	Add: Change in Fair Value of Stock and Option Awards from Prior Years that Vested in FY	Average Prior Year End Fair Value of Awards from Prior Years Forfeited in Covered Year	Add: Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value	Deduct: Value of Stock and Option Awards in Summary Compensation Table	Equity Value included in CAP
2023	$763,872	$124,493	$—	$(27,390)	$—	$—	$(763,932)	$97,043
2022	$769,667	$(231,544)	$—	$(146,463)	$—	$—	$(760,095)	$(368,435)
2021	$262,702	$(206,627)	$561	$67,796	$(87,326)	$—	$(358,606)	$(321,500)
2020	$739,491	$310,580	$—	$(32,838)	$—	$—	$(299,386)	$717,847

(5) In calculating CAP, the Company determined the fair value of outstanding and vested equity awards in the applicable fiscal year in accordance with the SEC rules for CAP and computed in a manner consistent with the fair valuation methodology used to account for share-based payments for financial reporting purposes consistent with U.S. generally accepted accounting principles. For restricted stock, CAP values are based on closing share price at the applicable measurement date. For performance share units, the CAP values are estimated using a Monte Carlo simulation incorporating assumptions regarding risk-free interest rate, dividend yield and expected term as of the applicable measurement date, as well as estimates as to the probable outcome of performance conditions as of the measurement date. For options, the valuations of outstanding awards as of the applicable measurement date are based on a Black-Scholes option pricing model that incorporate assumptions regarding dividend yield, expected volatility, risk-free interest rate and expected term to determine the fair value for CAP purposes. For more information about the Company’s share-based accounting, see Note 8 of Notes to Consolidated Financial Statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, as amended, provided with this proxy statement. For more information about the probability of achievement of outstanding performance units, see the “Outstanding Equity Awards at Fiscal Year-End” table.

Compensation Actually Paid vs. Net Income

CAP versus Net Income

The chart below illustrates the relationship between PEO and other NEOs average CAP to the Company’s net income.

Total Shareholder Return Vs Peer Group

TSR: Company versus Peer Group

The following graph compares the cumulative total return (assuming reinvestment of dividends) from December 31, 2019 to December 31, 2023 for Quaker Houghton’s common stock and the S&P 400 MidCap Materials Index assuming the investment of $100 on December 31, 2019 in each of Quaker Houghton’s common stock and the stocks comprising the S&P 400 MidCap Materials Index. In our proxy statement for the 2023 annual meeting of shareholders, peer TSR represented the S&P 400 MidCap Index. Accordingly, we have also presented the cumulative total return of an assumed investment in companies comprising the S&P 400 MidCap Index for comparison.


	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023
Quaker Chemical Corporation	$100.00	$155.41	$142.48	$104.15	$134.47
S&P MidCap 400 Index	100.00	113.66	141.80	123.28	143.54
S&P 400 Materials Group Index	100.00	110.65	146.31	142.32	165.81

Peer Group Total Shareholder Return Amount

165.81

142.32

146.31

110.65

Company Selected Measure Amount

320,379,000

257,150,000

274,109,000

221,974,000

Name

Adjusted EBITDA

Name

Relative TSR