QUAKER CHEMICAL CORP — Director's Dealing 2003

Oct 23, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: QUAKER CHEMICAL CORP (KWR)
CIK: 0000081362
Period of Report: 2003-10-21

Reporting Person: BAUER JOSEPH WILLIAM (President & COO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-10-21	Common Stock	M	2350	$17.75	Acquired	7361	Direct
2003-10-21	Common Stock	S	600	$25	Disposed	6761	Direct
2003-10-21	Common Stock	S	400	$25.6	Disposed	6361	Direct
2003-10-21	Common Stock	S	1350	$25.25	Disposed	5011	Direct
2003-10-21	Common Stock	M	2650	$18.75	Acquired	7661	Direct
2003-10-21	Common Stock	S	850	$25.25	Disposed	6811	Direct
2003-10-21	Common Stock	S	1800	$25.2	Disposed	5011	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-10-21	Stock Options (Right to buy)	$17.75	M	2350	Disposed	2008-01-23	Common Stock (2350)	Direct
2003-10-21	Stock Option	$18.75	M	2650	Disposed	2008-03-09	Common Stock (2650)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	5669	Indirect

Footnotes

F1: The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on August 29, 2003.

F2: Information based on 6/30/03 Plan statement.

F3: Employee stock option (right to buy) exercisable in three annual installments (50% after year one; 25% after year two; and 25% after year three).

F4: The original grant of 30,000 options vested in two installments: 14,000 on March 9, 2000 and 16,000 on March 9, 2001. 24,350 options were previously exercised.