<SEC-DOCUMENT>0001104659-24-132180.txt : 20241227
<SEC-HEADER>0001104659-24-132180.hdr.sgml : 20241227
<ACCEPTANCE-DATETIME>20241227171218
ACCESSION NUMBER:		0001104659-24-132180
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20241227
FILED AS OF DATE:		20241227
DATE AS OF CHANGE:		20241227

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			QH Hungary Holdings Ltd
		CENTRAL INDEX KEY:			0001808660
		ORGANIZATION NAME:           	
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12019
		FILM NUMBER:		241586298

	BUSINESS ADDRESS:	
		STREET 1:		STERLING TRUST CAYMAN LTD, WH
		STREET 2:		238 NORTH CHURCH STREET, P.O BOX 1043
		CITY:			GEORGE TOWN
		STATE:			E9
		ZIP:			KY1-1102
		BUSINESS PHONE:		36 1 646 4638

	MAIL ADDRESS:	
		STREET 1:		STERLING TRUST CAYMAN LTD, WH
		STREET 2:		238 NORTH CHURCH STREET, P.O BOX 1043
		CITY:			GEORGE TOWN
		STATE:			E9
		ZIP:			KY1-1102

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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    <footnotes>
        <footnote id="F1">See Note 1 in Exhibit 99.1.</footnote>
        <footnote id="F2">See Note 1(a) 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 1(e) in Exhibit 99.1.</footnote>
        <footnote id="F7">See Note 2 in Exhibit 99.1.</footnote>
        <footnote id="F8">See Note 3 in Exhibit 99.1.</footnote>
    </footnotes>

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

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        <signatureName>/s/ Dr. Robert Dennis Partay, Proxy for Michael Kelleher, Managing Director of the Reporting Person</signatureName>
        <signatureDate>2024-12-27</signatureDate>
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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tm2432107d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Note 1.&#9; On December 27, 2024, <FONT STYLE="background-color: white">QH
Hungary Holdings Limited (&ldquo;<U>QH Hungary</U>&rdquo; or the &ldquo;<U>Reporting Person</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;)</FONT>,
settled a portion of five existing and previously reported variable prepaid forward sale contracts (&ldquo;<U>VPFs</U>&rdquo;) (two with
Citibank N.A. (&ldquo;Citibank&rdquo;) and three with the Royal Bank of Canada (&ldquo;<U>RBC</U>&rdquo;)), in each case, described in
more detail as follows.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Citibank
Partially Settled 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 partially settled VPFs with Citibank 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 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><FONT STYLE="font-size: 10pt">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 entering into Citi VPF No.&nbsp;2, Citibank paid QH Hungary $23,825,731.45. </FONT></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 partially settled VPFs with Citibank was originally entered into with Citibank on March 9, 2021 and amended and restated on each of November 24, 2021 and March 6, 2023 (&ldquo;<U>Citi VPF No.&nbsp;4</U>&rdquo;) and covers a maximum aggregate amount of 98,644 shares divided into 50 components, with 44 components of 1,973 shares each and 6 components of 1,972 shares each.&nbsp;&nbsp;In exchange for entering into Citi VPF No.&nbsp;4, Citibank paid QH Hungary $21,148,410.00.</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>RBC
Partially Settled VPFs</B></FONT>:</P>

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<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 partially settled VPFs with RBC 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 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><FONT STYLE="font-size: 10pt">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 entering into RBC VPF No.&nbsp;1, RBC paid QH Hungary $23,825,731.45. </FONT></TD></TR>
  </TABLE>
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<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 partially settled VPFs with RBC was originally entered into with RBC on March 9, 2021 and amended and restated on each of November 24, 2021 and March 6, 2023 (&ldquo;<U>RBC VPF No.&nbsp;2</U>&rdquo;) and covers a maximum aggregate amount of 42,889 shares divided into 50 components with 39 components of 858 shares each and 11 components of 857 shares each.&nbsp;&nbsp;In exchange for entering into RBC VPF No.&nbsp;2, RBC paid QH Hungary $9,195,026.00.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The third of the partially settled VPFs with RBC was originally entered into originally entered into with JPMorgan on March 9, 2021 and amended and restated and novated to RBC on November 24, 2021, and further amended and restated on March 6, 2023 (&ldquo;<U>RBC VPF No.&nbsp;4</U>&rdquo;) and covers a maximum aggregate amount of 51,467 shares is divided into 50 components, with 17 components of 1,030 shares each and 33 components of 1,029 shares each.&nbsp;&nbsp;In exchange for entering into RBC VPF No.&nbsp;4, JPMorgan paid QH Hungary $11,034,074.00.</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Note 2.&#8239;&#8239;&#8239;&#8239;&#8239; With
respect to each of the partially settled VPFs described above in clauses (a) and (c) of note 1 above:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(a)&nbsp; 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 25, 2024 to February 10, 2025 for tranche 1, May 27, 2026 to August 6, 2026 for tranche 2 and November
30, 2026 to March 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>

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<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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Note 3.&#8239;&#8239;&#8239;&#8239; With respect
to each of the partially settled VPFs described above in clauses (b), (d) and (e) of note 1 above:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a)&nbsp; 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 25,
2024 to February 10, 2025 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>

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<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 $199.7500 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 $219.7250 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; text-align: justify">&nbsp;</P>

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