# EDGAR Filing Document

**Accession Number:** 0001808660
**File Stem:** 0001104659-25-116984
**Filing Date:** 2025-11
**Character Count:** 14173
**Document Hash:** 6ce01b693177464ae3a52ea5befce1e6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-116984.hdr.sgml**: 20251128

**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

## Exhibit 99.1

**Exhibit 99.1**

**Note 1.**

On November 25, 2025, QH Hungary Holdings Limited ("<u>QH Hungary</u>" or the "<u>Reporting Person</u>"), a wholly owned subsidiary of Gulf Hungary Holding Korlatolt Felelossegu Tarsasag , (i) amended and restated two existing and previously reported variable prepaid forward sale contracts ("<u>VPFs</u>") (one with Citibank N.A. ("<u>Citibank</u>") and one with the Royal Bank of Canada ("<u>RBC</u>")) and (ii) entered into two new VPFs, one with Citibank and one with RBC, in each case, described in more detail as follows.

**Amended and Restated VPFs**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The first of the amended and restated VPFs was originally entered into with Citibank on May 22, 2024 and amended and restated on November 25, 2025 ("<u>Citi VPF No. 8</u>") 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. 8, QH Hungary paid Citibank $3,246,816 to Citibank and delivered 45,000 Shares to Citibank. See note 2 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The second of the amended and restated VPFs was originally entered into with RBC on May 22, 2024 and amended and restated on November 25, 2025 (the "<u>RBC VPF No. 5</u>") 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. 5, QH Hungary paid $2,164,547 to RBC and delivered 30,000 shares to RBC. See note 2 below.

**New VPFs**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The first of the new VPFs was entered into with Citibank on November 25, 2025 (the "<u>Citi VPF No. 10</u>") and covers a maximum aggregate amount of 13,900 shares divided into 25 components of 556 shares each. In exchange for entering into Citi VPF No. 10, Citibank paid $1,699,801 to QH Hungary. See note 3 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The second of the new VPFs was entered into with RBC on November 25, 2025 (the "<u>RBC VPF No. 7</u>") 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. 7, RBC paid $1,133,241 to QH Hungary. See note 3 below.

**Note 2.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to each of the amended and restated VPFs described above in clauses (a) and (b) 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 29, 2027 to January 3, 2028 either, at QH Hungary's option, (i) up to the maximum number of shares of such component (such maximum number of shares with respect to each component (the "Subject Number") based on the average market price of the shares determined as described below in note 2(b) below or (ii) an amount of cash equivalent to the value of the shares to be delivered in the preceding clause (i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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) 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 "<u>Settlement Price</u>") is equal to or less than $139.28 per share (for this clause 2(b) only, the "<u>Forward Floor Price</u>"), QH Hungary will deliver to the applicable bank the Subject Number of shares; (b) if the Settlement Price is between the Forward Floor Price and $153.21 per share (for this clause 2(b) only, the "<u>Forward Cap Price</u>"), 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) 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) the Subject Number and (ii) a fraction (A) the numerator of which is the sum of (x) the Forward Floor Price and (y) the Settlement Price minus the Forward Cap Price, and (B) the denominator of which is the Settlement Price.

**Note 3.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to each of the new VPFs described above in clauses (c) and (d) 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 29, 2027 to January 3, 2028 either, at QH Hungary's option: (i) 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) below or (ii) an amount of cash equivalent to the value of the shares to be delivered in the preceding clause (i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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) if the Settlement Price is equal to or less than $139.28 per share (for this clause 3(b) only, the "<u>Forward Floor Price</u>"), QH Hungary will deliver to the applicable bank the Subject Number of shares; (b) if the Settlement Price is between the Forward Floor Price and $153.21 per share (for this clause 3(b) only, the "<u>Forward Cap Price</u>"), 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) 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) the Subject Number and (ii) a fraction (A) the numerator of which is the sum of (x) the Forward Floor Price and (y) the Settlement Price minus the Forward Cap Price, and (B) the denominator of which is the Settlement Price.

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>QH Hungary Holdings Ltd<br><sub>(Last) (First) (Middle)</sub><br>BAH CENTER, 2 FURJ STREET<br><sub>(Street)</sub><br>BUDAPEST, K5 1124<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-11-25 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>QUAKER CHEMICAL CORP [ KWR ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Stock | 2025-11-25 |  | J<sup>(1)(2)</sup> |  | 45000 | D | <sup>(1)(2)</sup> | 3665112 | D |  |
| Common Stock | 2025-11-25 |  | J<sup>(2)(3)</sup> |  | 30000 | D | <sup>(2)(3)</sup> | 3635112 | D |  |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Variable Prepaid Forward Sale Contract | <sup>(1)(2)</sup> | 2025-11-25 |  | J<sup>(1)(2)</sup> |  | 192200 |  | <sup>(1)(2)</sup> | <sup>(1)(2)</sup> | Common Stock | 192200 | <sup>(1)(2)</sup> | 192200 | D |  |
| Variable Prepaid Forward Sale Contract | <sup>(2)(3)</sup> | 2025-11-25 |  | J<sup>(2)(3)</sup> |  | 128133 |  | <sup>(2)(3)</sup> | <sup>(2)(3)</sup> | Common Stock | 128133 | <sup>(2)(3)</sup> | 128133 | D |  |
| Variable Prepaid Forward Sale Contract | <sup>(4)(6)</sup> | 2025-11-25 |  | J<sup>(4)(6)</sup> |  | 13900 |  | <sup>(4)(6)</sup> | <sup>(4)(6)</sup> | Common Stock | 13900 | <sup>(4)(6)</sup> | 13900 | D |  |
| Variable Prepaid Forward Sale Contract | <sup>(5)(6)</sup> | 2025-11-25 |  | J<sup>(5)(6)</sup> |  | 9267 |  | <sup>(5)(6)</sup> | <sup>(5)(6)</sup> | Common Stock | 9267 | <sup>(5)(6)</sup> | 9267 | D |  |

---

### Footnotes:

(1) See Note 1 and 1(a) in Exhibit 99.1.

(2) See Note 2 in Exhibit 99.1.

(3) See Note 1 and 1(b) in Exhibit 99.1.

(4) See Note 1 and 1(c) in Exhibit 99.1.

(5) See Note 1 and 1(d) in Exhibit 99.1.

(6) See Note 3 in Exhibit 99.1.

**Remarks:**
Exhibit 99.1 - Explanation of Responses.

**Signature:** /s/ Michael Kelleher, Managing Director of the Reporting Person  
**Date:** 2025-11-28

**Signature:** /s/ Judit Rozsa, Managing Director of the Reporting Person  
**Date:** 2025-11-28

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**