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described in Code section 401(a) or Code section 403(a) or an annuity contract described in Code section
403(b), that agrees to separately account for amounts so transferred, including separately accounting for the
portion of such distribution which is includible in gross income and the portion of such distribution which is not
so includible.
(ii)
For purposes of this subsection, “eligible retirement plan” means any of the
following that accepts the distributee’s eligible rollover distribution: an individual retirement account described
in Code section 408(a), a Roth IRA described in Code section 408A provided the applicable conversion
requirements are met, an individual retirement annuity described in Code section 408(b), an annuity plan
described in Code section 403(a), a qualified trust described in Code section 401(a), an annuity contract
described in Code section 403(b), or an eligible plan under Code section 457(b) which is maintained by a state,
political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state
which agrees to separately account for amounts transferred into such plan from this Plan.
If any portion of an
“eligible rollover distribution” is attributable to payments or distributions from a designated Roth account, an
eligible retirement plan with respect to such portion shall include only another designated Roth account of the
individual from whose account the payments or distributions were made, or a Roth IRA of such individual, his
or her Surviving Spouse or his or her Beneficiary.
(iii)
For purposes of this subsection, “distributee” shall include an Employee or former
Employee.
In addition, the Employee’s or former Employee’s
Surviving Spouse and the Employee’s or former
Employee’s Spouse or former Spouse who is the alternate payee under a qualified domestic relations order (as
defined in Code section 414(p)) are distributees with regard to the interest of the Spouse or former spouse.
The
Beneficiary of a deceased Participant who is not the Surviving Spouse of the Participant is a distributee with
respect to (A) a direct rollover to an individual retirement account or annuity under Code section 408(a) or Code
section 408(b) established for the purpose of receiving such distribution and which will be treated as an
inherited IRA pursuant to Code section 402(c)(11) and (B) a direct rollover to a Roth IRA described in Code
section 408A, subject to the rules and provisions set forth in Code section 408A(e) and any related guidance
issued by the Treasury Department thereunder, if
such distribution otherwise meets the requirements set forth in
(i) above.
(iv)
For purposes of this subsection, “direct rollover” shall mean a payment by the
Plan to the eligible retirement plan specified by the distributee.
(e)
Death Benefit.
Except as provided in subsection (f), the death benefit payable pursuant to
Section 6.3 shall be paid to the Participant’s Beneficiary in one lump-sum payment in cash as soon as
practicable after the Participant’s death, subject to the rules of Section 6.6.
(f)
Distribution of Company Securities.
Notwithstanding anything to the contrary herein, the
portion of a Participant’s Stock Bonus Plan Account invested in the Quaker Stock Fund shall be distributed in
full shares of Company Securities; provided, however, that the Participant or Beneficiary may elect to take such
distribution in cash in an amount realized from converting such full shares of Company Securities in the
Participant’s Stock Bonus Plan Account to cash.
Any fractional shares of common stock of the Company shall
be distributed in cash.
(g)
Qualified Reservist Distributions.
Effective January 1, 2020, a Participant who is, by
reason of being a member of a reserve component (as defined in section 101 of title 37 of the United States
Code), ordered or called to active duty for a period in excess of 179 days or for an indefinite period after
September 11, 2001 may request a withdrawal of all or any part of his or her Elective Contributions and Catch-
Up Contributions, but not the earnings attributable to such amounts.
Such withdrawal may be made no earlier
than the date of such order or call and no later than the close of the active duty period.