<SEC-DOCUMENT>0001104659-24-123025.txt : 20241126
<SEC-HEADER>0001104659-24-123025.hdr.sgml : 20241126
<ACCEPTANCE-DATETIME>20241126143929
ACCESSION NUMBER:		0001104659-24-123025
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20241122
FILED AS OF DATE:		20241126
DATE AS OF CHANGE:		20241126

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Gulf Hungary Holding Korlatolt Felelossegu Tarsasag
		CENTRAL INDEX KEY:			0001783455
		ORGANIZATION NAME:           	
		STATE OF INCORPORATION:			K5
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12019
		FILM NUMBER:		241502136

	BUSINESS ADDRESS:	
		STREET 1:		FURJ UTCA 2
		CITY:			BUDAPEST
		STATE:			K5
		ZIP:			1124
		BUSINESS PHONE:		36-1-6464628

	MAIL ADDRESS:	
		STREET 1:		FURJ UTCA 2
		CITY:			BUDAPEST
		STATE:			K5
		ZIP:			1124

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			QUAKER CHEMICAL CORP
		CENTRAL INDEX KEY:			0000081362
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS PRODUCTS OF PETROLEUM &  COAL [2990]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				230993790
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		ONE QUAKER PARK
		STREET 2:		901 HECTOR STREET
		CITY:			CONSHOHOCKEN
		STATE:			PA
		ZIP:			19428
		BUSINESS PHONE:		6108324000

	MAIL ADDRESS:	
		STREET 1:		ONE QUAKER PARK
		STREET 2:		901 HECTOR ST
		CITY:			CONSHOHOCKEN
		STATE:			PA
		ZIP:			19428
</SEC-HEADER>
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<TYPE>4
<SEQUENCE>1
<FILENAME>tm2429563d3_4seq1.xml
<DESCRIPTION>OWNERSHIP DOCUMENT
<TEXT>
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    <periodOfReport>2024-11-22</periodOfReport>

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    <issuer>
        <issuerCik>0000081362</issuerCik>
        <issuerName>QUAKER CHEMICAL CORP</issuerName>
        <issuerTradingSymbol>KWR</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001783455</rptOwnerCik>
            <rptOwnerName>Gulf Hungary Holding Korlatolt Felelossegu Tarsasag</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>BAH CENTER, 2 FURJ STREET</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>BUDAPEST</rptOwnerCity>
            <rptOwnerState>K5</rptOwnerState>
            <rptOwnerZipCode>1124</rptOwnerZipCode>
            <rptOwnerStateDescription>HUNGARY</rptOwnerStateDescription>
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    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Variable Prepaid Forward Sale Contract</value>
            </securityTitle>
            <conversionOrExercisePrice>
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                <footnoteId id="F2"/>
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            <transactionDate>
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                <footnoteId id="F2"/>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>105002</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
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                <footnoteId id="F2"/>
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                <sharesOwnedFollowingTransaction>
                    <value>105002</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By QH Hungary Holdings Limited</value>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Variable Prepaid Forward Sale Contract</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F2"/>
                <footnoteId id="F3"/>
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            <transactionDate>
                <value>2024-11-22</value>
            </transactionDate>
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                    <footnoteId id="F3"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
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                <footnoteId id="F3"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>105002</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>105002</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By QH Hungary Holdings Limited</value>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Variable Prepaid Forward Sale Contract</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F4"/>
                <footnoteId id="F6"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2024-11-22</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
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                <transactionCode>J</transactionCode>
                <equitySwapInvolved>1</equitySwapInvolved>
                <footnoteId id="F4"/>
                <footnoteId id="F6"/>
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            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>300000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F4"/>
                    <footnoteId id="F6"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
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                <footnoteId id="F4"/>
                <footnoteId id="F6"/>
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                <footnoteId id="F4"/>
                <footnoteId id="F6"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>300000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>300000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By QH Hungary Holdings Limited</value>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Variable Prepaid Forward Sale Contract</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F5"/>
                <footnoteId id="F6"/>
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            <transactionDate>
                <value>2024-11-22</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>1</equitySwapInvolved>
                <footnoteId id="F5"/>
                <footnoteId id="F6"/>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>200000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F5"/>
                    <footnoteId id="F6"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
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            <exerciseDate>
                <footnoteId id="F5"/>
                <footnoteId id="F6"/>
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            <expirationDate>
                <footnoteId id="F5"/>
                <footnoteId id="F6"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>200000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>200000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By QH Hungary Holdings Limited</value>
                </natureOfOwnership>
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        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">See Note 1(a) in Exhibit 99.1.</footnote>
        <footnote id="F2">See Note 2 in Exhibit 99.1.</footnote>
        <footnote id="F3">See Note 1(b) in Exhibit 99.1.</footnote>
        <footnote id="F4">See Note 1(c) in Exhibit 99.1.</footnote>
        <footnote id="F5">See Note 1(d) in Exhibit 99.1.</footnote>
        <footnote id="F6">See Note 3 in Exhibit 99.1.</footnote>
    </footnotes>

    <remarks>Exhibit 99.1 - Explanation of Responses</remarks>

    <ownerSignature>
        <signatureName>/s/ Judit Rozsa, Managing Director, on behalf of the Reporting Person</signatureName>
        <signatureDate>2024-11-26</signatureDate>
    </ownerSignature>
</ownershipDocument>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tm2429563d3_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;99.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Note 1.&#8239;&#8239;&#8239;&#8239;&#8239;On November&nbsp;22,
2024,&nbsp;<FONT STYLE="background-color: white">QH Hungary Holdings Limited (&ldquo;<U>QH Hungary</U>&rdquo;)</FONT>, a wholly owned
subsidiary of Gulf Hungary Holding Korlatolt Felelossegu Tarsasag <FONT STYLE="background-color: white">(&ldquo;<U>Gulf Hungary</U>&rdquo;
or the &ldquo;<U>Reporting Person</U>&rdquo;)</FONT>, (i)&nbsp;amended and restated two existing and previously reported variable prepaid
forward sale contracts (&ldquo;<U>VPFs</U>&rdquo;) (one with Citibank N.A. (&ldquo;Citibank&rdquo;) and one with the Royal Bank of Canada
(&ldquo;<U>RBC</U>&rdquo;)) and (ii)&nbsp;entered into two new VPFs, one with Citibank and one with RBC, in each case, described in more
detail as follows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amended
and Restated VPFs</B></FONT>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The first of the amended and restated VPFs was originally entered into with Citibank on May&nbsp;26, 2020 and amended and restated on each of March&nbsp;9, 2021, November&nbsp;24, 2021, August&nbsp;10, 2022, March&nbsp;6, 2023, May&nbsp;22, 2024 and November&nbsp;22, 2024 (&ldquo;<U>Citi VPF No.&nbsp;2</U>&rdquo;) and covers a maximum aggregate amount of 105,002 shares divided into three tranches, with </FONT>tranche 1 comprised of 50 components of 1,070 Shares each for a total 53,500 Shares, tranche 2 comprised of 50 components (48 components of 350 Shares each, and 2 components of 351 Shares each) for a total of 17,502 Shares and tranche 3 comprised of 75 components (50 components of 453 Shares each, and 25 components of 454 Shares each) for a total of 34,000 Shares. In exchange for amending Citi VPF No.&nbsp;2, QH Hungary paid $624,592.91 to Citibank. See note 2 below. </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The second of the amended and restated VPFs was originally entered into with RBC on May&nbsp;26, 2020 and amended and restated on each of March&nbsp;9, 2021, November&nbsp;24, 2021, August&nbsp;10, 2022, March&nbsp;6, 2023, May&nbsp;22, 2024 and November&nbsp;22, 2024 (the &ldquo;<U>RBC VPF No.&nbsp;1</U>&rdquo;) and covers a maximum aggregate amount of 105,002 shares divided into three tranches, </FONT>with tranche 1 comprised of 50 components of 1,070 Shares each for a total 53,500 Shares, tranche 2 comprised of 50 components (48 components of 350 Shares each, and 2 components of 351 Shares each) for a total of 17,502 Shares and tranche 3 comprised of 75 components (50 components of 453 Shares each, and 25 components of 454 Shares each) for a total of 34,000 Shares. In exchange for amending RBC VPF No.&nbsp;1, QH Hungary paid $624,592.91 to RBC. See note 2 below.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>New
VPFs</B></FONT>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The first of the new VPFs was entered into with Citibank on November&nbsp;22, 2024 (the &ldquo;<U>Citi VPF No.&nbsp;9</U>&rdquo;) and covers a maximum aggregate amount of </FONT>300,000 Shares divided into 75 components of 4,000 Shares each. In exchange for entering into Citi VPF No.&nbsp;9, Citibank paid $41,832,900 to QH Hungary. See note 3 below.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The second of the new VPFs was entered into with RBC on November&nbsp;22, 2024 (the &ldquo;<U>RBC VPF No.&nbsp;6</U>&rdquo;) and covers a maximum aggregate amount of </FONT>200,000 Shares divided into 75 components (25 components of 2,666 Shares each and 50 components of 2,667 Shares each). In exchange for entering into RBC VPF No.&nbsp;6, Citibank paid $27,888,600 to QH Hungary. See note 3 below.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Note 2.&#8239;&#8239;&#8239;&#8239;&#8239;(a)&nbsp;
With respect to each of the amended and restated VPFs described above in clauses (a)&nbsp;and (b)&nbsp;of note 1 above, for each component,
QH Hungary is obligated to deliver on the settlement date for such component determined based on the specified scheduled valuation date
within the period from November&nbsp;25, 2024 to February&nbsp;10, 2025 for tranche 1, May&nbsp;27, 2026 to August&nbsp;6, 2026 for tranche
2 and November&nbsp;30, 2026 to March&nbsp;19, 2027 for tranche 3 either, at QH Hungary's option, (i)&nbsp;up to the maximum number of
shares of such component (such maximum number of shares with respect to each component (the &quot;<U>Subject Number</U>&quot;) based on
the average market price of the shares determined as described below in note 2(b)&nbsp;below or (ii)&nbsp;an amount of cash equivalent
to the value of the shares to be delivered in the preceding clause (i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(b)&#8239;&#8239;&#8239;The
number of shares (or, at QH Hungary's option, the cash equivalent) to be delivered to the applicable bank on each settlement date is to
be determined as follows: (a)&nbsp;if the volume-weighted average price per share on the relevant valuation date, as reasonably determined
by the applicable bank in accordance with the applicable VPF (the &quot;<U>Settlement Price</U>&quot;) is equal to or less than $199.7500
per Share in the case of tranche 1, $186.3683 per Share in the case of tranche 2 or $159.0000 per Share in the case of tranche 3 (for
this clause 2(b)&nbsp;only, as applicable, the &quot;<U>Forward Floor Price</U>&quot;), QH Hungary will deliver to the applicable bank
the Subject Number of shares; (b)&nbsp;if the Settlement Price is between the Forward Floor Price and $219.7250 per Share in the case
of tranche 1, $292.5982 per Share in the case of tranche 2 or $174.9000 per Share in the case of tranche 3 (for this clause 2(b)&nbsp;only,
as applicable, the &quot;<U>Forward Cap Price</U>&quot;), QH Hungary will deliver to the applicable bank a number of shares equal to the
Subject Number multiplied by a fraction, the numerator of which is the Forward Floor Price and the denominator of which is the Settlement
Price; and (c)&nbsp;if the Settlement Price is greater than the Forward Cap Price, QH Hungary will deliver to the applicable bank a number
of shares equal to the product of (i)&nbsp;the Subject Number and (ii)&nbsp;a fraction (A)&nbsp;the numerator of which is the sum of (x)&nbsp;the
Forward Floor Price and (y)&nbsp;the Settlement Price minus the Forward Cap Price, and (B)&nbsp;the denominator of which is the Settlement
Price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Note 3.&#8239;&#8239;&#8239;&#8239;&#8239;(a)&nbsp;With
respect to each of the new VPFs described above in clauses (c)&nbsp;and (d)&nbsp;of note 1 above, for each component, QH Hungary is obligated
to deliver on the settlement date for such component determined based on the specified scheduled valuation date within the period from
November&nbsp;30, 2026 to March&nbsp;19, 2027 either, at QH Hungary's option: (i)&nbsp;up to the Subject Number of shares for such component
based on the average market price of the shares determined as described below in note 3(b)&nbsp;below or (ii)&nbsp;an amount of cash equivalent
to the value of the shares to be delivered in the preceding clause (i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b)&nbsp; The number of shares (or, at QH Hungary's
option, the cash equivalent) to be delivered to the applicable bank on each settlement date is to be determined as follows: (a)&nbsp;if
the Settlement Price is equal to or less than $159.0000 per share (for this clause 3(b)&nbsp;only, the &quot;<U>Forward Floor Price</U>&quot;),
QH Hungary will deliver to the applicable bank the Subject Number of shares; (b)&nbsp;if the Settlement Price is between the Forward Floor
Price and $174.9000 per share (for this clause 3(b)&nbsp;only, the &quot;<U>Forward Cap Price</U>&quot;), QH Hungary will deliver to the
applicable bank a number of shares equal to the Subject Number multiplied by a fraction, the numerator of which is the Forward Floor Price
and the denominator of which is the Settlement Price; and (c)&nbsp;if the Settlement Price is greater than the Forward Cap Price, QH Hungary
will deliver to the applicable bank a number of shares equal to the product of (i)&nbsp;the Subject Number and (ii)&nbsp;a fraction (A)&nbsp;the
numerator of which is the sum of (x)&nbsp;the Forward Floor Price and (y)&nbsp;the Settlement Price minus the Forward Cap Price, and (B)&nbsp;the
denominator of which is the Settlement Price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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</SEC-DOCUMENT>
