QUAKER CHEMICAL CORP — Director's Dealing 2003

Dec 12, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: QUAKER CHEMICAL CORP (KWR)
CIK: 0000081362
Period of Report: 2003-12-10

Reporting Person: BENOLIEL D JEFFRY (VP, Secretary & GC)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-12-10	Common Stock	M	700	$14.7188	Acquired	39620	Direct
2003-12-10	Common Stock	M	1200	$17.75	Acquired	40820	Direct
2003-12-10	Common Stock	M	2400	$20.09	Acquired	43220	Direct
2003-12-10	Common Stock	F	2980	$26.765	Disposed	40240	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-12-10	Employee Stock Option	$14.7188	M	700	Disposed	2007-01-18	Common Stock (700)	Direct
2003-12-10	Employee Stock Option	$17.75	M	1200	Disposed	2008-01-23	Common Stock (1200)	Direct
2003-12-10	Employee Stock Option	$20.09	M	2400	Disposed	2009-01-23	Common Stock (2400)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	15520	Indirect
Common Stock	5300	Indirect
Common Stock	2875	Indirect
Common Stock	2425	Indirect

Footnotes

F1: Employee stock option (right to buy) exercisable in three annual installments (50% after year one; 25% after year two; and 25% after year three).