<SEC-DOCUMENT>0001104659-25-116984.txt : 20251128
<SEC-HEADER>0001104659-25-116984.hdr.sgml : 20251128
<ACCEPTANCE-DATETIME>20251128172704
ACCESSION NUMBER:		0001104659-25-116984
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20251125
FILED AS OF DATE:		20251128
DATE AS OF CHANGE:		20251128

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:		251536565

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		VISTRA (CAYMAN) LIMITED, GRAND PAVILION
		STREET 2:		802 WEST BAY ROAD, PO BOX 31119
		CITY:			GRAND CAYMAN
		NON US STATE TERRITORY:  	GRAND CAYMAN
		PROVINCE COUNTRY:   	E9
		ZIP:			KY1-1205
		BUSINESS PHONE:		36 1 646 4638

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		VISTRA (CAYMAN) LIMITED, GRAND PAVILION
		STREET 2:		802 WEST BAY ROAD, PO BOX 31119
		CITY:			GRAND CAYMAN
		NON US STATE TERRITORY:  	GRAND CAYMAN
		PROVINCE COUNTRY:   	E9
		ZIP:			KY1-1205

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
		EIN:				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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        <issuerCik>0000081362</issuerCik>
        <issuerName>QUAKER CHEMICAL CORP</issuerName>
        <issuerTradingSymbol>KWR</issuerTradingSymbol>
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            <rptOwnerName>QH Hungary Holdings Ltd</rptOwnerName>
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            <rptOwnerCity>BUDAPEST</rptOwnerCity>
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            <rptOwnerStateDescription>HUNGARY</rptOwnerStateDescription>
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            <transactionAmounts>
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                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
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                <footnoteId id="F2"/>
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            <underlyingSecurity>
                <underlyingSecurityTitle>
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                <footnoteId id="F3"/>
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                    <footnoteId id="F3"/>
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    <footnotes>
        <footnote id="F1">See Note 1 and 1(a) in Exhibit 99.1.</footnote>
        <footnote id="F2">See Note 2 in Exhibit 99.1.</footnote>
        <footnote id="F3">See Note 1 and 1(b) in Exhibit 99.1.</footnote>
        <footnote id="F4">See Note 1 and 1(c) in Exhibit 99.1.</footnote>
        <footnote id="F5">See Note 1 and 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/ Michael Kelleher, Managing Director of the Reporting Person</signatureName>
        <signatureDate>2025-11-28</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Judit Rozsa, Managing Director of the Reporting Person</signatureName>
        <signatureDate>2025-11-28</signatureDate>
    </ownerSignature>
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<DOCUMENT>
<TYPE>EX-99.1
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<FILENAME>tm2532392d3_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0pt">&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"><B>Note 1.</B>&#8239;&#8239;&#8239;&#8239;&#8239;</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-indent: 0.5in">On November&nbsp;25, 2025,&nbsp;QH Hungary Holdings
Limited (&ldquo;<U>QH Hungary</U>&rdquo; or the &ldquo;<U>Reporting Person</U>&rdquo;), a wholly owned subsidiary of Gulf Hungary Holding
Korlatolt Felelossegu Tarsasag&nbsp;, (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;<U>Citibank</U>&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"><B>Amended and Restated VPFs</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 0pt 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
first of the amended and restated VPFs was originally entered into with Citibank on May&nbsp;22, 2024 and amended and restated on November&nbsp;25,
2025 (&ldquo;<U>Citi VPF No.&nbsp;8</U>&rdquo;) was reduced to, and covers a maximum aggregate amount of 192,200 shares divided into 25
components of 7,688 shares each. In exchange for amending and restating Citi VPF No.&nbsp;8, QH Hungary paid Citibank $3,246,816 to Citibank
and delivered 45,000 Shares to Citibank. See note 2 below.</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 0pt 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
second of the amended and restated VPFs was originally entered into with RBC on May&nbsp;22, 2024 and amended and restated on November&nbsp;25,
2025 (the &ldquo;<U>RBC VPF No.&nbsp;5</U>&rdquo;) was reduced to, and covers a maximum aggregate amount of 128,133 shares divided into
17 components of 5,125 shares each for a total 87,125 shares and 8 components of 5,126 shares each for a total of 41,008 shares. In
exchange for amending and restating RBC VPF No.&nbsp;5, QH Hungary paid $2,164,547 to RBC and delivered 30,000 shares to RBC. See note
2 below.</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"><B>New VPFs</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 0pt 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
first of the new VPFs was entered into with Citibank on November&nbsp;25, 2025 (the &ldquo;<U>Citi VPF No.&nbsp;10</U>&rdquo;) and covers
a maximum aggregate amount of&nbsp;13,900 shares divided into 25 components of 556 shares each. In exchange for entering into Citi VPF
No.&nbsp;10, Citibank paid $1,699,801 to QH Hungary. See note 3 below.</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 0pt 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
second of the new VPFs was entered into with RBC on November&nbsp;25, 2025 (the &ldquo;<U>RBC VPF No.&nbsp;&nbsp;7</U>&rdquo;) and covers
a maximum aggregate amount of 9,267 shares divided into 17 components of 371 shares each for a total of 6,307 shares and 8 components
of 370 shares each for a total of 2,960 shares. In exchange for entering into RBC VPF No.&nbsp;7, RBC paid $1,133,241 to QH Hungary. See
note 3 below.</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"><B>Note 2.&#8239;&#8239;&#8239;&#8239;&#8239;</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-indent: 0.5in">(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;29,
2027 to January&nbsp;3, 2028 either, at QH Hungary&rsquo;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 &ldquo;Subject Number&rdquo;) 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; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;The number of shares (or,
at QH Hungary&rsquo;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 &ldquo;<U>Settlement Price</U>&rdquo;) is equal to or less than $139.28 per share (for this clause
2(b)&nbsp;only, the &ldquo;<U>Forward Floor Price</U>&rdquo;), 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 $153.21 per share (for this clause 2(b)&nbsp;only, the &ldquo;<U>Forward
Cap Price</U>&rdquo;), 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"><B>Note 3.&#8239;&#8239;&#8239;&#8239;&#8239;</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-indent: 0.5in">(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;29, 2027 to January&nbsp;3,
2028 either, at QH Hungary&rsquo;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-indent: 0.5in">(b)&nbsp; The number of shares (or, at QH Hungary&rsquo;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 $139.28 per share (for this clause 3(b)&nbsp;only, the &ldquo;<U>Forward Floor Price</U>&rdquo;),
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 $153.21 per share (for this clause 3(b)&nbsp;only, the &ldquo;<U>Forward Cap Price</U>&rdquo;), 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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