BERQUIST JOSEPH A 4

What Happened

• Joseph A. Berquist, CEO and President (also a director) of Quaker Chemical Corp (KWR), had long‑term award vestings and derivative conversions on March 15, 2026. The Form 4 reports the acquisition of 15,916 shares related to vested PSUs, RSUs and settled dividend equivalents. To satisfy withholding taxes, he surrendered 1,623 shares at an implied withholding value of $118.45 per share, totaling $192,244. Net new shares retained after withholding: 14,293.

Key Details

• Transaction date: March 15, 2026; Form 4 filed March 17, 2026 (timely).
• Acquisitions reported: 15,916 shares (mix of awards/vested PSUs, RSUs and dividend equivalent settlements).
• Disposal for tax withholding: 1,623 shares surrendered at $118.45 per share = $192,244.
• Reported derivative actions (code M) reflect conversion/exercise of awarded derivatives (PSUs/RSUs/DERs) into shares; some converted shares were immediately used/recorded in connection with withholding or settlement.
• Footnotes of note:
  • F1: PSUs awarded 3/15/2023 vested based on certified performance (adjusted ROIC) and were settled.
  • F3: Dividend equivalent rights (DERs) from 2024/2025 RSU grants were settled as share equivalents.
  • F4: Shares were surrendered to satisfy withholding tax obligations.
• Shares owned after the transactions are not specified in the provided excerpt of the filing (see the full Form 4 for total beneficial ownership).

Context

• This was not an open‑market sale or purchase; it reflects routine vesting/settlement of long‑term incentive awards. The surrender of shares to cover taxes is a common administrative step and does not by itself indicate a change in insider sentiment.
• Transaction codes: A = award/grant (RSU/PSU settlement), M = exercise/conversion of derivatives (conversion of PSUs/RSUs/DERs into shares), F = shares surrendered for tax withholding.