QUAKER CHEMICAL CORP — Director's Dealing 2004

Jul 23, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: QUAKER CHEMICAL CORP (KWR)
CIK: 0000081362
Period of Report: 2004-07-22

Reporting Person: Murphy Neal E (Vice President)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-07-22	Stock Options (Right to buy)	$25.41	A	8525	Acquired	2011-07-22	Common Stock (8525)	Direct
2004-07-22	Stock Options (Right to buy)	$25.41	A	10000	Acquired	2011-07-22	Common Stock (10000)	Direct

Footnotes

F1: Stock options granted under the Company's 2004-2006 Long-Term Performance Incentive Plan, exercisable in three annual installments as follows: 4,263 options on July 22, 2005, 2,131 options on July 22, 2006 and 2,131 options on July 22, 2007.

F2: Employee stock option (right to buy), of which 3,500 options will vest on July 22, 2006, 3,500 options will vest on July 22, 2007 and 3,000 options will vest on July 22, 2008.