exhibit1026






1 
EXHIBIT 10.26 
QUAKER HOUGHTON 

RETIREMENT SAVINGS 
PLAN 
(As Amended and Restated Effective January 1, 2021) 







1 
ARTICLE I DEFINITIONS .......................................................................................................... 1
1.1 
“AC Participant” 
.................................................................................................... 1
1.2 
“AC Products Discretionary Contributions” 
.......................................................... 1
1.3 
“Administrator”...................................................................................................... 1
1.4 
“Affiliated Employer” 
............................................................................................ 1
1.5 
“Aggregate Account” 
............................................................................................. 1
1.6 
“Bargaining Component Plan” .............................................................................. 2
1.7 
“Base Compensation” 
............................................................................................ 2
1.8 
“Beneficiary” ......................................................................................................... 
2
1.9 
“Catch-Up Contributions” 
..................................................................................... 2
1.10 
“Catch-Up Eligible Employee” 
.............................................................................. 2
1.11 
“Code”.................................................................................................................... 2
1.12 
“Company” ............................................................................................................ 
2
1.13 
“Company Securities” 
............................................................................................ 2
1.14 
“Compensation” 
..................................................................................................... 2
1.15 
“Contract” .............................................................................................................. 
3
1.16 
“Coral Participant” 
................................................................................................. 3
1.17 
“Deferred Compensation” 
...................................................................................... 3
1.18 
“ECLI Participant” 
................................................................................................. 3
1.19 
“Effective Date” 
..................................................................................................... 3
1.20 
“Elective Contributions” 
........................................................................................ 3
1.21 
“Eligible Employee” 
.............................................................................................. 4
1.22 
“Employee” 
............................................................................................................ 4
1.23 
“Employer” ............................................................................................................ 
4
1.24 
“Entry Date”........................................................................................................... 5
1.25 
“Epmar Participant” 
............................................................................................... 5
1.26 
“ERISA” ................................................................................................................ 
5
1.27 
“Excess Aggregate Contributions” 
........................................................................ 5
1.28 
“Excess Contributions” 
.......................................................................................... 5
1.29 
“Excess Deferred Compensation” 
.......................................................................... 5
1.30 
“Fiduciary” 
............................................................................................................. 5
1.31 
“Forfeiture” 
............................................................................................................ 5
1.32 
“415 Compensation” 
.............................................................................................. 5
1.33 
“414(s) Compensation” 
.......................................................................................... 5
1.34 
“Highly Compensated Employee” 
......................................................................... 6
1.35 
“Houghton Participant” 
.......................................................................................... 6
1.36 
“Hour of Service” .................................................................................................. 
6
1.37 
“Investment Manager” 
........................................................................................... 7
1.38 
“Key Employee” 
.................................................................................................... 7
1.39 
“Leased Employee” ............................................................................................... 
7
1.40 
“Matching Contribution” 
....................................................................................... 7
1.41 
“Nonelective Contributions” 
.................................................................................. 7
1.42 
“Nonhighly Compensated Employee” 
................................................................... 7
1.43 
“Non-Safe Harbor Component Plan” 
..................................................................... 7
1.44 
“Normal Retirement Age” ..................................................................................... 
7
1.45 
“1-Year 
Break in Service” ..................................................................................... 
8
1.46 
“Participant” 
........................................................................................................... 8
1.47 
“Participant’s Account” ......................................................................................... 
8
1.48 
“Participant’s Elective Account” ........................................................................... 
8
1.49 
“Plan” 
..................................................................................................................... 8






2 
1.50 
“Plan Year 
” 
............................................................................................................ 8
1.51 
“Quaker Discretionary Contributions” 
.................................................................. 8
1.52 
“Quaker Stock Fund” 
............................................................................................. 8
1.53 
“Qualified Military Service” 
.................................................................................. 9
1.54 
“Qualified Nonelective Contributions”.................................................................. 9
1.55 
“Regulations” 
......................................................................................................... 9
1.56 
“Rollover Account” ............................................................................................... 
9
1.57 
“Rollover Contribution”......................................................................................... 9
1.58 
“Roth Catch-Up Contributions” 
............................................................................. 9
1.59 
“Roth Elective Contributions” 
............................................................................... 9
1.60 
“Safe Harbor Component Plan” 
............................................................................. 9
1.61 
“Severance from Employment” 
............................................................................. 9
1.62 
“SIFCO Participant” 
means a Participant who is employed 
by 
SIFCO Applied Surface 
Concepts, LLC. 
...................................................................................................... 9
1.63 
“Spouse” or “Surviving Spouse” shall mean the person to whom the Participant is legally 
married for purposes of Federal law, provided that a former spouse shall be treated as the 
Spouse or Surviving Spouse to the extent provided under a qualified domestic relations 
order, as defined in Code section 414(p). .............................................................. 
9
1.64 
“Stock Bonus Plan”................................................................................................ 9
1.65 
“Stock Bonus Plan Account” 
................................................................................. 9
1.66 
“Summit Participant” 
........................................................................................... 10
1.67 
“Top-Heavy Plan” 
................................................................................................ 10
1.68 
“Top-Heavy Plan Year 
” 
....................................................................................... 10
1.69 
“Total and Permanent Disability” 
........................................................................ 10
1.70 
“Trustee” 
.............................................................................................................. 10
1.72 
“Valuatio 
n 
Date” 
.................................................................................................. 10
1.73 
“Vested 
” 
............................................................................................................... 10
1.74 
“Wallover Participant” 
......................................................................................... 10
1.75 
“Year 
of Service” 
................................................................................................. 10
ARTICLE II TOP-HEAVY 
RULES AND ADMINISTRATION .............................................. 11
2.1 
Top-Heavy Plan Requirements ............................................................................ 
11
2.2 
Determination of Top-Heavy Status .................................................................... 
11
ARTICLE III ELIGIBILITY ....................................................................................................... 
13
3.1 
Conditions of Eligibility ...................................................................................... 
13
3.2 
Procedure to Become Active Participant 
............................................................. 14
3.3 
Determination of Eligibility 
................................................................................. 14
3.4 
Change in Eligibility Status ................................................................................. 
14
3.5 
Omission of Eligible Employee 
........................................................................... 14
ARTICLE IV CONTRIBUTION AND ALLOCATION ............................................................ 14
4.1 
Formula for Determining Employer’s Contribution 
............................................ 14
4.2 
Participant’s Salary Deferral Election ................................................................. 15
4.3 
Catch-Up Contributions 
....................................................................................... 19
4.4 
Employer Matching and Discretionary Contributions 
......................................... 19
4.5 
Employer Nonelective Contributions .................................................................. 
20
4.6 
Time Of Payment of Employer’s Contribution ................................................... 21
4.7 
Allocation of Contribution And Earnings 
............................................................ 21
4.8 
Actual Deferral Percentage Test and Actual Contribution Percentage Test ........ 
24
4.9 
Return of Excess Contributions, Return of Excess Aggregate Contributions, And Special 
Rules .................................................................................................................... 
25
4.10 
Maximum Annual Additions ............................................................................... 
28






3 
4.11 
Correction of Excess Annual Additions .............................................................. 
29
4.12 
Rollovers From Other Plans................................................................................. 29
4.13 
Investment of Aggregate Accounts 
...................................................................... 30
ARTICLE V VALUATIONS 
...................................................................................................... 33
5.1 
Valuation 
of The Trust Fund................................................................................ 33
5.2 
Method of Valuation ............................................................................................ 
33
ARTICLE VI DETERMINATION 
AND DISTRIBUTION OF BENEFITS 
............................. 33
6.1 
Vesting ................................................................................................................. 33
6.2 
Determination of Benefits Upon Termination ..................................................... 
34
6.3 
Determination of Benefits Upon Death ............................................................... 
35
6.4 
Determination of Benefits In Event of Disability 
................................................ 36
6.5 
Distribution of Benefits........................................................................................ 36
6.6 
Required Minimum Distributions 
........................................................................ 38
6.7 
Latest Date of Commencement of Payments 
....................................................... 41
6.8 
Distribution for Minor Beneficiary 
...................................................................... 41
6.9 
Location of Participant or Beneficiary Unknown 
................................................ 41
6.10 
Limitations on Benefits and Distributions 
........................................................... 41
6.11 
Hardship Distributions 
......................................................................................... 42
6.12 
Withdrawals of Previously Contributed Amounts 
............................................... 42
6.13 
Loans 
.................................................................................................................... 43
6.14 
Distributions From the Rollover Account............................................................ 
44
6.15 
Distributions at or After Age 591⁄2 ....................................................................... 
44
6.16 
Distributions of G.W. 
Smith Accounts 
................................................................ 45
6.17 
Disclaimer 
............................................................................................................ 45
ARTICLE VII ADMINISTRATION 
.......................................................................................... 45
7.1 
Powers and Responsibilities of the Company 
...................................................... 45
7.2 
Designation of Administrative Authority ............................................................ 
45
7.3 
Allocation and Delegation of Responsibilities .................................................... 
46
7.4 
Powers and Duties of the Administrator 
.............................................................. 46
7.5 
Records and Reports ............................................................................................ 
47
7.6 
Appointment of Advisers 
..................................................................................... 47
7.7 
Information from Employer 
................................................................................. 47
7.8 
Payment of Expenses 
........................................................................................... 47
7.9 
Majority Actions 
.................................................................................................. 48
7.10 
Claims Procedure 
................................................................................................. 48
7.11 
Limitations on Actions 
......................................................................................... 49
7.12 
Discretionary Authority ....................................................................................... 
49
ARTICLE VIII AMENDMENT, 
TERMINATION 
AND MERGERS ...................................... 
50
8.1 
Right to Amend 
.................................................................................................... 50
8.2 
Termination 
.......................................................................................................... 51
8.3 
Merger or Consolidation 
...................................................................................... 51
ARTICLE IX MISCELLANEOUS ............................................................................................. 
51
9.1 
Participant’s Rights 
.............................................................................................. 51
9.2 
Alienation 
............................................................................................................. 51
9.3 
Construction of Plan ............................................................................................ 
52
9.4 
Gender and Number 
............................................................................................. 52
9.5 
Legal Action......................................................................................................... 52
9.6 
Prohibition Against Diversion of Funds .............................................................. 
53
9.7 
Bonding 
................................................................................................................ 53
9.8 
Receipt and Release for Payments 
....................................................................... 53






4 
9.9 
Action by the Employer 
....................................................................................... 53
9.10 
Named Fiduciaries and Allocation of Responsibility 
.......................................... 53
9.11 
Headings .............................................................................................................. 
54
9.12 
Electronic Media 
.................................................................................................. 54
9.13 
Clerical Error ....................................................................................................... 
54
9.14 
Uniformity............................................................................................................ 54
ARTICLE X MERGER OF HOUGHTON PLAN AND WALLOVER 
PLAN ......................... 
54
10.1 
Plan Mergers 
........................................................................................................ 54
10.2 
Transfer of Accounts............................................................................................ 55
10.3 
Special Rules Relating To Loans 
......................................................................... 55
10.4 
Distribution Forms 
............................................................................................... 56
ARTICLE XI MERGER OF CORAL PLAN AND SIFCO PLAN ............................................ 
56
11.1 
Merger of the Coral Plan and SIFCO Plan .......................................................... 
56
11.2 
Transfer of Accounts............................................................................................ 56
11.3 
Special Rules Relating To Loans 
......................................................................... 57
11.4 
Distribution Forms 
............................................................................................... 57
11.5 
In-service Distribution of After-Tax Coral Plan Contributions ........................... 
57
EXHIBIT A 
PARTICIPATING 
EMPLOYERS................................................................. 69 






1 
QUAKER HOUGHTON RETIREMENT SAVINGS 
PLAN 
(As Amended and Restated Effective January 1, 2021) 
 
WHEREAS, Quaker Chemical Corporation (d/b/a Quaker Houghton)(the “Company”) maintains the 
Quaker Houghton Retirement Savings Plan (the “Plan”) for the benefit of eligible employees of the Company 
and participating affiliates; 
 
WHEREAS, the Plan was most recently amended and restated effective January 1, 2020, and amended 
on three occasions thereafter; 

 
WHEREAS, effective as of January 1, 2020, the Houghton International Inc. Tax 
Advantaged Capital 
Accumulation Plan (the “Houghton Plan”) and the Wallover Enterprises Inc. Profit 
Sharing Plan and Trust (the 
“Wallover Plan”) merged 
with and into the Plan; 

 
WHEREAS, effective as of January 1, 2022, the Coral Chemical Company 401(k) Plan (the “Coral 
Plan”) and the SIFCO Applied Surface Concepts, LLC 401(k) Plan (the “SIFCO Plan”) shall be merged with 
and into the Plan; and 
 
WHEREAS, the Company desires to amend and restate the Plan in order to incorporate all amendments 
adopted after the Plan’s last amendment and restatement and reflect the merger of the SIFCO Plan 
and Coral 
Plan into the Plan; 

 
NOW, 
THEREFORE, the Plan is hereby amended and restated as set forth below, effective January 
1, 
2021, except as otherwise provided herein. 
Prior to January 1, 2021, the terms of the Plan as in effect prior to 
January 1, 2021 shall apply as applicable. 
ARTICLE I 
DEFINITIONS 
 
The following words and phrases, as used in the Plan, shall have the following meanings unless 
the context clearly indicates otherwise: 
1.1
“AC Participant” 
means a Participant who is employed by AC Products, Inc., other than the 
individual who was the President of AC Products, Inc. on January 1, 2006. 
1.2
“AC Products Discretionary Contributions” 
means the discretionary contributions, if any, made 
by AC Products, Inc. pursuant to Section 4.4(c) and allocated pursuant to Section 4.7(b)(iv). 
1.3
“Administrator” 
means the committee designated by the Company to administer the Plan on 
behalf of the Employer. 
1.4
“Affiliated Employer” 
means any corporation which is a member of a controlled group of 
corporations (as defined in Code section 414(b)) which includes the Company; any trade or business (whether 
or not incorporated) which is under common control (as defined in Code section 414(c)) with the Company; any 
organization (whether or not incorporated) which is a member of an affiliated service group (as defined in Code 
section 414(m)) which includes 
the Company; and any other entity required to be aggregated with the Company 
pursuant to Regulations under Code section 414(o). 
1.5
“Aggregate Account” 
means, with respect to each Participant, the value of all accounts 
maintained on behalf of the Participant, whether attributable to Employer or Employee contributions. 






2 
1.6
“Bargaining Component Plan” 
means the component of the Plan that covers Employees who are 
members of a collective bargaining unit. 
1.7
“Base Compensation” 
means, with respect to any Employee, the Compensation of the 
Employee, excluding overtime payments, shift differential, commissions, all nonsalary and nonwage direct or 
indirect compensation, Employer contributions to Social Security, contributions to this or any other retirement 
plan or program, the value of any other fringe benefit provided by or at the expense of the Employer, and any 
income realized upon the receipt, 
exercise, 
or vesting of a grant of a stock option, performance incentive unit, 
restricted stock, or other equity award pursuant to the Company’s long-term performance incentive plan. 
1.8
“Beneficiary” means the person to whom the share of a deceased Participant's total account is 
payable, subject to the restrictions of Sections 6.3 and 6.6. 
1.9
“Catch-Up Contributions” 
means additional contributions that a Catch-Up Eligible Employee 
may elect to make, including Roth Catch-Up Contributions, in accordance with Section 4.3 and Code section 
414(v). 
1.10
“Catch-Up Eligible Employee” 
means, with respect to a Plan Year, 
an Eligible Employee who is 
eligible to make Elective Contributions under Section 4.2 and who has attained or will attain age 50 before the 
end of such Plan Year. 
1.11
“Code” 
means the Internal Revenue Code of 1986, as amended or replaced from time to time, 
and any Regulations in effect thereunder. 
1.12
“Company” 
means Quaker Chemical Corporation, a Pennsylvania corporation, 
and any 
successor thereto. 
1.13
“Company Securities” means the common stock of the Company. 
1.14
“Compensation” 

means, with respect to any Employee, (a) the 
total remuneration earned or 
accrued on 
behalf of 
the Employee during 
the time 
period to 
which reference is made, exclusive of: (i) 
remuneration paid to any Participant after the date 
on which such Participant ceased to be employed in a 
classification eligible for participation in this Plan, other than remuneration with respect 
to services 
performed while the Participant was an Eligible 
Employee that is paid prior to the later 
of the end of the 
Plan Year 
in which the Participant’s 
Severance from Employment occurs or two and 
one-half months after 
his or her Severance from Employment; (ii) 
amounts realized from the exercise of a 
stock option, when 
restricted stock (or property) held by an Employee 
is includible in the Employee’s 
gross income, or 
when a 
stock grant 
is 
made; (iii) 
restricted stock dividends; 
(iv) 
disqualifying 
disposition 
of 
incentive 
stock 
option; 
(v) 
pay 
in 
lieu 
of 
30 
days’ 
notice; 
(vi) 
certain 
fringe 
benefits 
(such as payments for relocation expenses and any 
gross-
up payments made with respect to such amounts, 
taxable 
mileage, car allowance, adoption assistance, tax 
and financial planning, tax equalization payments for 
expatriates, taxable education subsidy, 
California 
vacation pay out, unused vacation pay out after 
Severance from Employment, meal premiums);
 
(vii) other 
miscellaneous income (such as associate referral, perfect attendance award, sign on bonus, final bonus, 
Presidents Award, 
ESPP gains, 
gift cards and other remuneration not received in 
cash (and any gross-up 
payments made with respect to such amounts)); and (b) 
differential wage 
payments (within the meaning of 
Code section 414(u)(12)). For purposes of allocating AC Products Discretionary Contributions and Quaker 
Discretionary Contributions pursuant to Section 4.7(b), only Compensation 
earned by an Employee while 
he or she is eligible to receive such a Contribution shall be 
taken into account. 
The determination of 
Compensation shall be made by 
including Deferred Compensation and salary reduction contributions 
made 
on behalf of an Employee to a plan 
maintained under Code section 125 or 
to a qualified transportation 
fringe benefit program described under Code section 
132(f), but shall 
be 
exclusive of any distributions 






3 
attributable to unused “flex dollars” accumulated by the Employer 
pursuant to the Quaker Chemical 
Corporation Flexible Benefits Program. 
For purposes of determining Compensation, amounts 
under Code 
section 125 include any amounts not available to a Participant in cash in lieu 
of group health coverage 
because the Participant is unable to certify that he or she 
has other health coverage. 
An amount shall be 
treated as an amount under Code section 125 
only if the Employer does not request 
or collect information 
regarding the Participant’s 
other health coverage as part of the 
enrollment process for the health 
plan.
 
The annual Compensation of each Employee taken into account in determining 
allocations 
under the Plan for any Plan Year shall not exceed $290,000, as 
adjusted by the Commissioner of Internal 
Revenue for increases in the cost-of-living in accordance 
with Code section 401(a)(17)(B) for Plan Years 
after 2021. 
Annual Compensation means Compensation during the 
Plan Year or 
such other 
12-consecutive-
month 
period over 
which Compensation is otherwise determined under the 
Plan (the determination period). 

The cost-of-living adjustment in effect for 
a calendar year applies to annual Compensation for 
the 
determination period that begins with or within such 
calendar year. 
For purposes of determining a 
Participant’s 
Elective Contributions and Matching Contributions, the limit 
set forth in 
this paragraph shall 
be applied to a 
Participant’s 
Compensation on a Plan Year 
basis (or on a determination period basis, if 
the 
determination period is other than a Plan Year) 
and shall not be applied on a first-dollar 
basis.
 
Compensation, as defined above, shall include the amount that a Participant would have received 
from the Employer during a period of Qualified Military Service (or, if the amount of such Compensation is not 
reasonably certain, the Employee’s average earnings from the Employer or an Affiliated Employer for the 12-
month period immediately preceding the Employee’s period of Qualified Military Service or, 
if shorter, the 
period of employment immediately preceding the Qualified Military Service); provided, however, that the 
Employee returns to work within the period during which his or her right to reemployment is protected by law. 
1.15
“Contract” 
means a life insurance policy or annuity contract (group or individual) issued by the 
insurer as elected. 
1.16
“Coral Participant” 

means a Participant who is employed by 
the Coral Chemical Company
. 
1.17
“Deferred Compensation” 
means, with respect to any Participant, that portion of the 
Participant’s total Compensation which has been contributed to the Plan in accordance with the Participant’s 
salary deferral election pursuant to Section 4.2. 
The term “Deferred Compensation” 
shall include Catch-Up 
Contributions except to the extent provided in Section 4.3, Code section 414(v), or final Regulations or other 
guidance issued by the Internal Revenue Service. 
1.18
“ECLI Participant” 

means a Participant who is employed by 
ECLI Products, LLC
. 
1.19
“Effective Date” 
means January 1, 2021, the effective date of this amended and restated Plan, 
except as otherwise provided herein or as otherwise required by applicable law. Except where an earlier 
effective date is specified herein, the provisions of this amendment and restatement shall apply only to 
Employees who complete an Hour of Service on or after the Effective Date. 
The rights of individuals who 
terminated employment prior to the Effective Date shall otherwise be governed by the Plan as in effect on the 
date of their termination from employment. 
The original effective date of the Plan was December 31, 1953. 
1.20
“Elective Contributions” 
means the Employer’s contributions to the Plan that are made pursuant 
to the Participant’s salary deferral election provided in Section 4.2. 
In addition, any Qualified Nonelective 
Contribution shall be considered an Elective Contribution for purposes of the Plan; provided, however, that 
Qualified Nonelective Contributions used to satisfy the Actual Contribution Percentage Test of Section 4.8(b) 
shall not be used to satisfy the Actual Deferral Percentage Test of Section 4.8(a). 
The term “Elective 
Contributions” shall include (i) Roth Elective Contributions, 
and (ii) Catch-Up Contributions, including Roth 






4 
Catch-Up Contributions, except to the extent provided in Section 4.3, Code section 414(v), or final Regulations 
or other guidance issued by the Internal Revenue Service. 
1.21
“Eligible Employee” 
means any Employee, except as follows: 
(a)
An Employee who is a member of UAW Local 174 
shall be deemed an “Eligible 
Employee” for purposes of being permitted to make Elective Contributions, receiving Matching Contributions, 
and receiving an allocation of Quaker Discretionary Contributions (if any) and Nonelective Contributions. 
(b)
Any other Employee whose employment is governed by the terms of a collective 
bargaining agreement between employee representatives (within the meaning of Code section 7701(a)(46)) and 
the Employer under which retirement benefits were the subject of good faith bargaining between the parties 
shall not be eligible to participate in this Plan (unless such collective bargaining agreement provides for 
participation in the Plan, including not limited to an Employee of the Coral Chemical Company whose 
employment is governed by the terms of a collective bargaining agreement between Chauffeurs, Teamsters 
and 
Helpers Local Union 301, Cartage Division or the Plant Workers Agreement 
and Coral Chemical Company 
(Local 301”) who otherwise meets the eligibility requirements of Section 1.21). 
(c)
An Employee of an Affiliated Employer shall not be eligible to participate in this Plan 
unless such Affiliated Employer has specifically adopted this Plan in writing. 
(d)
A Leased Employee shall not be eligible to participate in this Plan. 
(e)
A nonresident alien who receives no earned income (within the meaning of Code section 
911(d)(2)) which constitutes United States source income (within the meaning of Code section 861(a)(3)) shall 
not be eligible to participate in this Plan. 
(f)
A person shall not be eligible to participate in this Plan if he or she provides services to 
an Employer or Affiliated Employer pursuant to an agreement with a leasing organization (including, but not 
limited to, a Leased Employee), or if he or she is classified by an Employer or Affiliated Employer (i) as an 
independent contractor, or (ii) in any other category which is not a common law employee, as reflected in the 
official payroll and personnel records of the Employer or Affiliated Employer. 
The exclusion set forth in this 
subsection shall be based solely on the classification by the Employer or Affiliated Employer regardless of how 
such individual is classified by any government or regulatory authority or by any court. 
If an Employer or an 
Affiliated Employer reclassifies 
an individual as an Employee, such reclassification shall apply prospectively 
from the date of such reclassification (and not retroactively to the date on which he or she was found to have 
first become an employee for any other purpose), unless the Employer or Affiliated Employer specifically 
provides otherwise. 
(g)
Effective with respect to an Employee hired after 2010, an Employee shall not be eligible 
to participate in this Plan if he or she is (i) employed by an Employer for a temporary or periodic basis or 
without a regular work schedule pursuant to which the Employee accepts a job assignment having a fixed and 
limited duration, and (ii) classified by the Employer as a temporary employee. 
1.22
“Employee” 
means any person who is employed by the Employer or an Affiliated Employer, 
and shall also include a Leased Employee. 
1.23
“Employer” 
means the Company and any Affiliated Employer that has adopted this Plan in 
writing and joins in the corresponding trust agreement. 
The Affiliated Employers participating in the Plan as of 
January 1, 2021, are listed in Exhibit A. 







5 
1.24
“Entry Date” 
means the date as of which an Eligible Employee is eligible to become a 
Participant in the Plan, as provided in Section 3.1(a). 
1.25
“Epmar Participant” 
means a Participant who is employed by Epmar Corporation. 
1.26
“ERISA” 
means the Employee Retirement Income Security Act of 1974, as it may be amended 
from time to time. 
1.27
“Excess Aggregate Contributions” 
means, with respect to any Plan Year, 
the excess of the 
aggregate amount of the Matching Contributions made on behalf of Highly Compensated Employees for such 
Plan Year, 
over the maximum amount of such contributions permitted under the limitations of Section 4.8(b). 

Excess Aggregate Contributions shall be treated as an “annual addition” pursuant to Section 4.10. 
1.28
“Excess Contributions” 
means, with respect to any Plan Year, 
the excess of Elective 
Contributions made on behalf of Highly Compensated Employees for such Plan Year 
over the maximum 
amount of such contributions permitted under Section 4.8(a). 
Excess Contributions shall be treated as an 
“annual addition” pursuant to Section 4.10. 
1.29
“Excess Deferred Compensation” 
means, with respect to any taxable year of a Participant, the 
aggregate amount of the Participant’s Deferred Compensation claimed by the Participant (pursuant to Section 
4.2(d)(i)) or deemed to be claimed by the Participant (pursuant to Section 4.2(d)(ii)) as exceeding the dollar 
limitation provided for in Code section 402(g), which is incorporated herein by reference. 
Excess Deferred 
Compensation distributed pursuant to Section 4.2(d)(iv) shall not be treated as an “annual addition” pursuant to 
Section 4.10. 
1.30
“Fiduciary” 
means any person or entity who (a) exercises any discretionary authority or 
discretionary control respecting management of the Plan or exercises any authority or control respecting 
management or disposition of its assets, (b) renders investment advice for a fee or other compensation, direct or 
indirect, with respect to any monies or other property of the Plan or has any authority or responsibility to do so, 
or (c) has any discretionary authority or discretionary responsibility in the administration of the Plan, including, 
but not limited to, the Trustee, 
the Company and its representative body, and the Administrator. 
1.31
“Forfeiture” 
means removing that portion of the Participant’s Account that is not Vested 
from 
the Participant’s Account. 
Forfeiture shall occur on the earlier of (a) the date on which distribution is made to 
the Participant of the Participant’s Vested 
Aggregate Account, 
or (b) the last day of the Plan Year 
in which the 
Participant incurs five consecutive 1-Year 
Breaks in Service. 
In addition, the term Forfeiture shall also include 
amounts deemed to be Forfeitures pursuant to any other provision of this Plan. 
If a Participant’s Vested 
Aggregate Account is $0, the Participant shall be deemed to receive a distribution of his or her Vested 
Aggregate Account on his or her Severance from Employment. 
1.32
“415 Compensation” 
means, 
effective with respect to 
limitation years (as defined in Section 
4.10(c)) beginning on or after January 1, 2009, 
“compensation” as such word is 
defined in Regulation 
sections 1.415(c)-2(b) and 
(c) (including differential wage payments within the meaning of Code section 
414(u)(12)). 415 Compensation shall not include compensation 
paid following a Participant’s 
Severance 
from Employment with the Company and any Affiliated 
Employers, except as otherwise required by 
Regulation section 1.415(c)-2(e)(3)(i). In no event shall 
a Participant’s 
415 Compensation for any 
limitation year (as defined in Section 4.10(c)) exceed 
the annual compensation limit of Code section 
401(a)(17) for such year.
1.33
“414(s) Compensation” means Compensation. 






6 
1.34
“Highly Compensated Employee” 
means, with respect to a Plan Year, 
an Employee who: 

(a)
was a 5% owner (as defined in Code section 416(i)(1)) of the Employer or an Affiliated 
Employer at any time during the current or the preceding Plan Year 
; 
or 

(b)
for the immediately preceding Plan Year 
had 415 Compensation from the Employer and 
Affiliated Employers in excess of $130,000 (as adjusted by the Secretary of Treasury pursuant to Code section 
414(q) for Plan Years 
after 2021) and was in the top-paid group of Employees for such preceding year. 
 
An Employee is in the top-paid group of Employees for the year if such Employee is in the group 
consisting of the top 20% of employees when ranked on the basis of 415 Compensation paid during such year. 

The determination of who is a Highly Compensated Employee, including the determination of 415 
Compensation and of the number and identity of Employees in the top-paid group, shall be made in accordance 
with Code section 414(q) and the Regulations thereunder. 
 
In determining who is a Highly Compensated Employee, Employees who are nonresident aliens 
and who received no earned income (within the meaning of Code section 911(d)(2)) from the Employer 
constituting United States source income within the meaning of Code section 861(a)(3) shall not be treated as 
Employees. 
All Affiliated Employers, however, shall be taken into account as a single employer. 

1.35
“Houghton Participant” 

means a Participant who is employed by 
Houghton International Inc
. 
1.36
“Hour of Service” 
means (a) each hour for which an Employee is directly or indirectly 
compensated or entitled to compensation by the Employer for the performance of duties during the applicable 
computation period; (b) each hour for which an Employee is directly or indirectly compensated or entitled to 
compensation by the Employer (irrespective of whether the employment relationship has terminated) for 
reasons other than performance of duties (such as vacation, holidays, sickness, jury duty, disability, 
layoff, 
military duty, or leave of absence) during the applicable computation period; (c) each hour for which back pay 
is awarded or agreed to by the Employer without regard to mitigation of damages; and (d) each hour that 
constitutes part of the Employee’s customary work week during any period of Qualified Military Service, 
provided the Employee returns to service while his or her reemployment rights are protected by law. 
For 
purposes of subsection (c), these hours shall be credited to the Employee for the computation period or periods 
to which the award or agreement pertains rather than the computation period in which the award, agreement, or 
payment is made. 
The same Hours of Service shall not be credited both under subsection (a) or (b), as the case 
may be, and under subsection (c) or (d), as the case may be. 
 
Notwithstanding the above, (i) except with respect to subsection (d), no more than 501 Hours of 
Service shall be credited to an Employee on account of any single continuous period during which the 
Employee performs no duties (whether or not such period occurs in a single computation period); (ii) an hour 
for which an Employee is directly or indirectly paid, or entitled to payment, on account of a period during 
which no duties are performed shall not be credited to the Employee if such payment is made or due under a 
plan maintained solely for the purpose of complying with applicable workers’ compensation, unemployment 
compensation, or disability insurance laws; and (iii) Hours of Service shall not be credited for a payment which 
solely reimburses an Employee for medical or medically related expenses incurred by the Employee. 
 
For purposes of this Section, a payment shall be deemed to be made by or due from the 
Employer regardless of whether such payment is made by or due from the Employer directly, or indirectly 
through, among others, a trust fund or insurer, to which the Employer contributes or pays premiums, and 
regardless of whether contributions made or due to the trust fund, insurer, or other entity are for the benefit of 
particular Employees or are on behalf of a group of Employees in the aggregate. 






7 
 
An Hour of Service must be counted for the purposes of determining a Year 
of Service, a 1-Year 
Break in Service, and employment commencement date (or reemployment commencement date). 
In addition, 
Hours of Service shall be credited for employment with other Affiliated Employers for all purposes under the 
Plan other than Section 4.7(b)(iii) and (iv) (regarding eligibility to receive a Quaker Discretionary Contribution 
or an AC Products Discretionary Contribution). 
The provisions of 29 CFR §2530.200b-2(b) and (c) are 
incorporated herein by reference. 
1.37
“Investment Manager” means an entity that (a) has the power to manage, acquire, or dispose of 
Plan assets and (b) acknowledges fiduciary responsibility to the Plan in writing. 
Such entity must be a person, 
firm, or corporation registered as an investment adviser under the Investment Advisers Act of 1940, a bank, or 
an insurance company or other person or entity described in ERISA section 3(38). 

1.38
“Key Employee” means any Employee or former Employee (and the beneficiaries of such 
Employee) who at any time during the Plan Year 
that includes the Determination Date (as defined in Section 
2.2(d)) was: 
(a) 
an officer of an Employer or any Affiliated Employer having annual 415 Compensation 
from the Employer and the Affiliated Employer greater than $185,000 (as adjusted under Code section 416(i)(1) 
for Plan Years 
beginning after December 31, 2021); 
(b) 
a 5% owner of an Employer or any Affiliated Employer; or 
(c) 
a 1% owner of an Employer or any Affiliated Employer who has annual 415 
Compensation from an Employer and the Affiliated Employer for a Plan Year 
of more than $150,000. 
The determination of who is a Key Employee shall be made in accordance with Code section 416(i) and 
applicable Regulations and other guidance of general applicability issued thereunder. 
1.39
“Leased Employee” 
means any person (other than a common law employee of the recipient) 
who, pursuant to an agreement between the recipient and any other person (“leasing organization”), has 
performed services for the recipient (or for the recipient and related persons determined in accordance with 
Code section 414(n)(6)) on a substantially full-time basis for a period of at least one year, if such services are 
performed under the primary direction or control by the recipient. 
Contributions or benefits provided to a 
Leased Employee by the leasing organization which are attributable to services performed for the recipient 
employer shall be treated as provided by the recipient employer. 

1.40
“Matching Contribution” 
means the amount authorized by the Administrator as described in 
Section 4.4(a) and contributed in cash or Company Securities by the Employer. 
1.41
“Nonelective Contributions” 
means the amount described in Section 4.5 and contributed in cash 
or Company Securities by the Employer. 
1.42
“Nonhighly Compensated Employee” 
means an Employee who is not a Highly Compensated 
Employee. 
1.43
“Non-Safe Harbor Component Plan” 
means the component of the Plan that covers Employees 
who (a) are not members of a collective bargaining unit, and (b) have either not completed a Year 
of Service 
(for purposes of Section 3.1) or not attained age 21. 
1.44
“Normal Retirement Age” 
means the Participant’s 65th birthday. 






8 
1.45
“1-Year 
Break in Service” 
means the applicable computation period during which an Employee 
has not completed more than 500 Hours of Service with the Employer or an Affiliated Employer. 
Further, 
solely for the purpose of determining whether a Participant has incurred a 1-Year 
Break in Service, Hours of 
Service shall be recognized for authorized leaves of absence and maternity and paternity leaves of absence. 
Years 
of Service and 1-Year 
Breaks in Service shall be measured using the same computation period. 
In 
addition, an Employee on Qualified Military Service shall not incur a 1-Year 
Break in Service, provided he or 
she returns to service while his or her employment rights are protected by law. 
 
“Authorized leave of absence” means an unpaid, temporary cessation from active employment 
with the Employer pursuant to an established nondiscriminatory policy, whether occasioned by illness, military 
service, or any other reason. 
 
A “maternity or paternity leave of absence” means an absence from work for any period by 
reason of the Employee’s pregnancy, 
birth of the Employee’s child, placement of a child with the Employee in 
connection with the adoption of such child, or any absence for the purpose of caring for such child for a period 
immediately following such birth or placement. 
For an individual who is absent from work for maternity or 
paternity reasons, the 12-consecutive-month period beginning on the date of such absence or the first 
anniversary of such absence shall not constitute a 1-Year 
Break in Service. 
1.46
“Participant” 
means an Eligible Employee who is included in the Plan as provided in Article III. 
1.47
“Participant’s Account” 
means the account established and maintained by the Administrator for 
each Participant with respect to his or her total interest in the Plan and Trust resulting from AC Products 
Discretionary Contributions, Quaker Discretionary Contributions, Matching Contributions, 
and Nonelective 
Contributions. 
A separate accounting shall be maintained with respect to that portion of the Participant’s 
Account attributable to Nonelective Contributions for Plan Ye 
ars prior to 2008, Nonelective Contributions for 
Plan Years 
after 2007, Matching Contributions, AC Products Discretionary Contributions, 
and Quaker 
Discretionary Contributions. 
1.48
“Participant’s Elective Account” 
means the account established and maintained by the 
Administrator for each Participant with respect to his or her total interest in the Plan and Trust resulting from 
Elective Contributions which are not directed by the Participant to the Quaker Stock Fund. 
A separate 
accounting shall be maintained with respect to that portion of the Participant’s Elective Account attributable to 
(i) pre-tax Elective Contributions pursuant to Section 4.2 or 4.3, (ii) Roth Elective Contributions (including 
Roth Catch-Up Contributions) pursuant to Section 4.2 or 4.3, (iii) any Qualified Nonelective Contributions 
made pursuant to Section 4.9(f) and (iv) After-Tax 
Coral Plan Contributions described in Section 11.2(a)(i) 
transferred to the Participant’s Elective Account pursuant to Article XI. 
1.49
“Plan” 
means the Quaker Houghton Retirement Savings Plan as set forth herein, including all 
amendments thereto. 
Prior to January 1, 2020, the Plan was the “Quaker Chemical Corporation Retirement 
Savings Plan”. 
Prior to that, the Plan was known as the “Quaker Chemical Corporation Profit Sharing and 
Retirement Plan”. 
With the exception of the Stock Bonus Plan portion of the Plan, the Plan is intended to be a 
profit-sharing plan under Code section 401(a)(27). 
1.50
“Plan Year 
” 
means the Plan’s accounting year of 12 months commencing on January 1 of each 
year and ending the following December 31. 
1.51
“Quaker Discretionary Contributions” 
means the discretionary contributions, if any, made by the 
Employer pursuant to Section 4.4(b) and allocated pursuant to Section 4.7(b)(iii). 
1.52
“Quaker Stock Fund” 
means a fund that invests in Company Securities. 






9 
1.53
“Qualified Military Service” 
means any service in the uniformed services (as defined in chapter 
43 of title 38, United States Code) where the Employee’s right to reemployment is protected by law. 
1.54
“Qualified Nonelective Contributions” 
means the Employer’s contributions to the Plan that are 
made pursuant to Section 4.9(f) and as described in Code section 401(m)(4)(C). 
Such contributions shall be 
subject to the provisions of Section 4.2(b) and (c), and either (a) considered Elective Contributions for the 
purposes of the Plan and used to satisfy the Actual Deferral Percentage Test of Section 4.8(a), or (b) used to 
satisfy the Actual Contribution Percentage Test of Section 4.8(b). 
1.55
“Regulations” 
means the regulations promulgated by the Secretary of the Treasury from time to 
time. 
1.56
“Rollover Account” 
means the accounts or subaccounts established and maintained by the 
Administrator for each Participant with respect to his or her Rollover Contributions and Roth Rollover 
Contributions. The term Rollover Account shall include Roth Rollover Contributions unless expressly 
distinguished or otherwise required under the Code, Regulations, or other guidance. 
To the extent necessary for 
applicable tax and recordkeeping purposes, a separate Roth Rollover subaccount shall be established. 
1.57
“Rollover Contribution” 
means a contribution or direct rollover made pursuant to Section 4.12. 
1.58
“Roth Catch-Up Contributions” 
means Catch-Up Contributions that are includible in a 
Participant’s gross income at the time deferred and have been irrevocably designated as Roth Catch-Up 
Contributions by the Participant, as described in Section 4.3. 
1.59
“Roth Elective Contributions” 
means Elective Contributions that are includible in a Participant’s 
gross income at the time deferred and have been irrevocably designated as Roth Elective Contributions by the 
Participant, as described in Section 4.2. 
The term Roth Elective Contributions shall include Roth Catch-Up 
Contributions except to the extent provided in Section 4.3, Code section 414(v), or final Regulations or other 
guidance issued by the Internal Revenue Service. 
1.60
“Safe Harbor Component Plan” 
means the component of the Plan that covers employees who (a) 
are not members of a collective bargaining unit, (b) have completed a Year 
of Service (for purposes of Section 
3.1), and (c) have attained age 21. 
1.61
“Severance from Employment” 
means a severance from employment within the meaning of 
Code section 401(k)(2)(B)(i)(I), applicable Regulations thereunder, 
and other guidance of general applicability 
issued thereunder. 
1.62
“SIFCO Participant” 
means a Participant who is employed 
by 
SIFCO Applied Surface 
Concepts, LLC.“Spouse” or “Surviving Spouse” shall mean the person to whom the Participant is legally 
married for purposes of Federal law, provided that a former spouse shall be treated as the Spouse or Surviving 
Spouse to the extent provided under a qualified domestic relations order, as defined in Code section 
414(p).“Stock Bonus Plan” 
means the portion of the Plan meant to qualify as a stock bonus plan under Code 
section 401(a) that invests primarily in Company Securities. 
1.65
“Stock Bonus Plan Account” 
means the account established and maintained by the 
Administrator for each Participant with respect to his or her Elective Contributions, Matching Contributions, 
AC Products Discretionary Contributions, Quaker Discretionary Contributions, 
and Nonelective Contributions 
invested in the Quaker Stock Fund. 
A separate accounting shall be maintained with respect to that portion of a 
Participant’s Stock Bonus Plan Account attributable to (a) pre-tax Elective Contributions, (b) Roth Elective 






10 
Contributions (including Roth Catch-Up Contributions), (c) Matching Contributions, (d) AC Products 
Discretionary Contributions, (e) Quaker Discretionary Contributions, 
and (f) Nonelective Contributions. 
1.66
“Summit Participant” 
means a Participant who is employed by Summit Lubricants Inc. 
1.67
“Top-Heavy Plan” 
means a plan described in Section 2.2(a). 
1.68
“Top-Heavy Plan Year 
” 
means a Plan Year 
during which the Plan is a Top-Heavy Plan. 
1.69
“Total and Permanent Disability” 
means, (a) with respect to an Epmar Participant who had 
amounts transferred to the Plan from the Epmar Corporation 401(k) Profit Sharing Plan, a physical or mental 
condition of the Participant resulting from bodily injury, disease, or mental disorder which renders such 
Participant incapable of continuing any gainful occupation and which condition constitutes total disability under 
the Federal Social Security Acts, and (b) with respect to a Participant not described in subsection (a), a physical 
or mental condition of the Participant resulting from bodily injury, disease, or mental disorder that continues for 
a period of at least 24 consecutive months and that renders him or her eligible for disability benefits under Title 
II of the Social Security Act. 
1.70
“Trustee” 
means the person(s) or entity named as trustee herein or in any separate trust forming 
a part of this Plan, and any successors. 
1.71
“Trust Fund” or “Fund” means the assets of the Plan and Trust as the same shall exist from time 
to time. 
1.72
“Valuation 
Date” 
means any business day that the New York 
Stock Exchange is open for 
trading. 
1.73
“Vested 
” 
means the nonforfeitable portion of any account maintained on behalf of a Participant. 
1.74
“Wallover Participant” 

means a Participant who is employed by 
Wallover Oil Company, 
Inc. 

1.75
“Year 
of Service” 
means: 
(a)
For all purposes of this Plan except for purposes of Section 3.1, a Plan Year 
during which 
an Employee completes 1,000 or more Hours of Service; and 
(b)
For purposes of Section 3.1, the 12-consecutive-month period beginning with the date the 
Employee’s employment with the Employer or any Affiliated Employer 
commenced (such date being the first 
day for which the Employee is credited with an Hour of Service) if, during such consecutive 12-month period, 
the Employee completes 1,000 Hours of Service; provided, however, that if, during such 12-consecutive-month 
period, the Employee does not complete 1,000 Hours of Service, then “Year 
of Service” shall mean any Plan 
Year 
beginning after the Employee’s date of employment during which the 
Employee completes 1,000 or more 
Hours of Service. 
(c)
For purposes of Section 3.1, a Year 
of Service is not completed until the end of the 12-
consecutive-month period or the Plan Year, 
as the case may be, without regard to when during that period the 
1,000 Hours of Service are completed, and in determining a Participant’s Years 
of Service the Employee shall 
receive credit for his or her Hours of Service for the Employer or any Affiliated Employer whether or not he or 
she was an Eligible Employee at the time such Hours of Service were completed. 
(d)
For purposes of this Plan, service with AC Products, Inc. shall be deemed to constitute 
service with the Employer. 






 

 

11 
(e)
For purposes of this Plan, service with United Lubricants Corporation prior to March 1, 
2002, shall be deemed to constitute service with the Employer. 
(f)
For purposes of this Plan, service with D.A. Stuart prior to July 16, 2010, shall be 
deemed to constitute service with the Employer. 
(g)
For purposes of this Plan, all service credited under the G.W. Smith 
Plan or the Summit 
Plan shall also be credited as service under this Plan. 
(h)
For purposes of this Plan, service with Lubricor 
Inc. (“Lubricor”) prior to November 
30, 2016 shall be 
deemed to constitute service 
with the 
Employer, effective January 1, 
2017. 
Notwithstanding anything herein to the contrary, 
Eligible Employees who receive credit for service 
pursuant to this subsection shall not be eligible 
for Nonelective Contributions for the 2016 Plan 
Year.
(i)
For purposes of this Plan, service with Houghton International Inc. (“Houghton”) shall be 
deemed to constitute service with the Employer. 
(j)
For purposes of this Plan, service with Wallover Oil Company, 
Inc. (“Wallover”) shall be 
deemed to constitute service with the Employer. 
(k)
For purposes of this Plan, service with SIFCO Applied Surface Concepts, LLC shall be 
deemed to constitute service with the Employer. 
(l)
For purposes of this Plan, service with Coral Chemical Company shall be deemed to 
constitute service with the Employer. 
ARTICLE II 
TOP-HEAVY 
RULES AND ADMINISTRATION 
2.1
Top-Heavy Plan Requirements 
 
For any Top-Heavy Plan Year, 
the special minimum allocation requirements of Code section 
416(c) set forth in Section 4.7(d) of the Plan shall apply. 
2.2
Determination of Top-Heavy Status 
(a)
Top-Heavy Plan. 
This Plan shall be a Top-Heavy Plan for any Plan Year 
in which, as of 
the Determination Date, the present value of accrued benefits of Key Employees and the sum of the Aggregate 
Accounts of Key Employees under this Plan and all plans of an Aggregation Group exceeds 60% of the present 
value of accrued benefits and the sum of the Aggregate Accounts of all Key Employees and non-Key 
Employees under this Plan and all plans of an Aggregation Group. 
 
If any Participant is a non-Key Employee for any Plan Year, 
but such Participant was a Key 
Employee for any prior Plan Year, 
the present value of such Participant’s accrued benefit and such 
Participant’s 
Aggregate Account balance shall not be taken into account for purposes of determining whether this Plan is a 
Top-Heavy Plan (or whether any Aggregation Group which includes this Plan is a Top 
-Heavy Group). 
In 
addition, the accrued benefits and accounts of any individual who has not performed services for an Employer 
during the one-year period ending on the Determination Date shall not be taken into account. 
(b)
Aggregate Account. 
A Participant’s Aggregate Account for purposes of this Article II 
only shall be defined as the sum of the following as of the Determination Date: 






 

 

 

12 
(i)
The balance of his or her Aggregate Account as of the most recent valuation 
occurring within a 12-month period ending on the Determination Date. 
(ii)
An adjustment for any contributions due as of the Determination Date, which 
adjustment shall be the amount of any contributions actually made after the most recent Valuation 
Date but due 
on or before the Determination Date, except for the first Plan Year 
of the Plan when such adjustment shall also 
reflect the amount of any contributions made after the Determination Date that are allocated as of a date in that 
first Plan Year. 
(iii)
Any Plan distributions made with respect to the Employee under the Plan and any 
Plan aggregated with the Plan under Code section 416(g)(2) during the one-year period ending on the 
Determination Date. 
The preceding sentence shall also apply to distributions under a terminated plan which, 
had it not been terminated, would have been aggregated with the Plan under Code section 416(g)(2)(A)(i). 
In 
the case of a distribution made for a reason other than separation from service, death, or disability, this 
provision shall be applied by substituting “five-year period” for “one-year period.” 
(iv)
Any Employee contributions, whether voluntary or mandatory. 
However, 
amounts attributable to tax-deductible, qualified voluntary Employee contributions shall not be considered to be 
a part of the Participant’s Aggregate Account balance. 
(v)
With respect to unrelated rollovers (ones which are both initiated by the 
Employee and made from a plan maintained by one employer to a plan maintained by another employer), if this 
Plan permits the rollovers, it shall always consider such rollovers as a distribution for the purposes of this 
Section. 
(vi)
With respect to related rollovers and ones either not initiated by the Employee or 
made to a plan maintained by the same employer, if this Plan permits the rollovers, they shall not be counted as 
distributions for purposes of this Section. 
If this Plan is the plan accepting such rollovers, it shall consider such 
rollovers as part of the Participant’s Aggregate Account balance, irrespective of the date on which such 
rollovers are accepted. 
(vii)
For the purposes of determining whether two employers are to be treated as the 
same employer in paragraphs (v) and (vi) above, all employers aggregated under Code section 414(b), (c), (m), 
and (o) shall be treated as the same employer. 
(c)
“Aggregation Group” means either a Required Aggregation Group or a Permissive 
Aggregation Group as hereinafter determined. 
(i)
Required Aggregation Group: 
In determining a Required Aggregation Group 
hereunder, each plan of the Employer in which a Key Employee is a Participant in the Plan Year 
containing the 
Determination Date or any of the four preceding Plan Years 
, 
and each other plan of the Employer which enables 
any plan in which a Key Employee participates to meet the requirements of Code sections 401(a)(4) or 410, 
shall be required to be aggregated. 
Such group shall be known as a “Required Aggregation Group.” 
 
In the case of a Required Aggregation Group, each plan in the group shall be considered 
a Top-Heavy Plan if the Required Aggregation Group is a Top 
-Heavy Group. 
No plan in the Required 
Aggregation Group shall be considered a Top-Heavy Plan if the Required Aggregation Group is not a Top-
Heavy Group. 
(ii)
Permissive Aggregation Group: 
The Employer may also include any other plan 
not required to be included in the Required Aggregation Group, provided the resulting group, taken as a whole, 






 

 

 

 

 

13 
would continue to satisfy the provisions of Code sections 401(a)(4) and 410. 
Such group shall be known as a 
“Permissive Aggregation Group.” 
 
In the case of a Permissive Aggregation Group, only a plan that is part of the Required 
Aggregation Group shall be considered a Top-Heavy Plan if the Permissive Aggregation Group is a Top 
-Heavy 
Group. 
No plan in the Permissive Aggregation Group shall be considered a Top-Heavy Plan if the Permissive 
Aggregation Group is not a Top-Heavy Group. 
(iii)
Only those plans of the Employer in which the Determination Dates fall within 
the same calendar year shall be aggregated in order to determine whether such plans are Top-Heavy Plans. 
(iv)
An Aggregation Group shall include any terminated plan of the Employer if it 
was maintained within the last five years ending on the Determination Date. 
(d)
“Determination Date” means (i) the last day of the preceding Plan Year 
, 
or (ii) in the case 
of the first Plan Year, 
the last day of such Plan Year. 
(e)
“Present Value 
of Accrued Benefit” 
means, in the case of a defined benefit plan, the 
present value of the accrued benefit for a Participant other than a Key Employee, determined using the single 
accrual method used for all plans of the Employer and Affiliated Employers, 
or, if no such single method exists, 
using a method which results in benefits accruing not more rapidly than the slowest accrual rate permitted under 
Code section 411(b)(1)(C). 
The present value of the accrued benefit shall be determined as of the most recent 
Valuation 
Date that falls within or ends with the 12-month period ending on the Determination Date, except as 
provided in Code section 416 and the Regulations thereunder for the first and second plan years of a defined 
benefit plan. 
(f)
“Top-Heavy Group” means an Aggregation Group in which, as of the Determination 
Date, the sum of: 
(i)
the present value of accrued benefits of Key Employees under all defined benefit 
plans included in the group; and 
(ii)
the Aggregate Accounts of Key Employees under all defined contribution plans 
included in the group, 

exceeds 60% of a similar sum determined for all Key Employees and non-Key Employees under this Plan and 
all plans of the Aggregation Group. 
ARTICLE III 
ELIGIBILITY 
3.1
Conditions of Eligibility 
(a)
Elective Contributions and Matching Contributions. 
An Eligible Employee who was a 
Participant in the Plan on December 31, 2020, shall continue to be eligible to participate in the Plan, and to 
make Elective Contributions to the Plan and receive Matching Contributions, on January 1, 2021. 
Any other 
Eligible Employee shall be eligible to become a Participant in the Plan and to make Elective Contributions to 
the Plan and receive Matching Contributions on the date on which the Eligible Employee’s employment with 
the Employer commences or as soon as administratively practicable thereafter. 
(b)
Discretionary Contributions and Nonelective Contributions. 
An Eligible Employee who 
was a Participant in the Plan and was eligible to receive an allocation of AC Products Discretionary 






 

 

14 
Contributions, Quaker Discretionary Contributions, or Nonelective Contributions on December 31, 2020, shall 
continue to be eligible to receive such contributions on January 1, 2021. 
Any other Eligible Employee shall be 
eligible to receive an allocation of AC Products Discretionary Contributions, Quaker Discretionary 
Contributions, 
or Nonelective Contributions only upon completing one Year of Service. Upon 
completing one 
Year 
of Service, an Eligible Employee shall begin to participate in the Plan for purposes of Nonelective 
Contributions as of the first day of the month coincident with or next following the date on which the Eligible 
Employee meets the one Year 
of Service requirement. 

3.2
Procedure to Become Active Participant 
 
An Eligible Employee who was a Participant in the Plan on December 31, 2021, shall continue to 
be a Participant on the Effective Date. 
Any other Eligible Employee shall become an active Participant 
effective as of his or her Entry Date by completing such forms and providing such data as are reasonably 
required by the Administrator at such time in advance as the Administrator may prescribe. 
If the Eligible 
Employee declines to make an Elective Contribution pursuant to Section 4.2 effective as of his or her Entry 
Date, he or she may thereafter elect to make Elective Contributions on the first day of any subsequent pay 
period on which he or she is an Eligible Employee. 

3.3
Determination of Eligibility 
 
The Administrator shall determine the eligibility of each Employee for participation in the Plan 
based upon information furnished by the Employer. 
Such determination shall be conclusive and binding upon 
all persons, as long as the same is made pursuant to the Plan and ERISA. 
3.4
Change in Eligibility Status 
(a)
Return to Eligible Status. 
In the event a Participant is no longer an Eligible Employee 
and becomes ineligible to participate, such Employee shall become eligible to participate immediately upon 
again becoming an Eligible Employee. 
(b)
Change to Eligible Status. 
In the event an Employee who is not an Eligible Employee 
becomes an Eligible Employee, such Employee shall (i) be eligible to make Elective Contributions to the Plan 
and receive Matching Contributions immediately, and (ii) be eligible to receive an AC Products Discretionary 
Contribution (as described in Section 4.4(c)), Quaker Discretionary Contribution (as described in Section 
4.4(b)), or a Nonelective Contribution (as described in Section 4.5) if he or she has satisfied the one Year 
of 
Service requirement. 
Otherwise, such an Eligible Employee shall participate on the date determined under 
Section 3.1. 
3.5
Omission of Eligible Employee 
 
If, in any Plan Year, 
any Employee who should be included as a Participant in the Plan is 
erroneously omitted and discovery of such omission is not made until after a contribution by his or her 
Employer for the year has been made, the Employer shall make a subsequent contribution with respect to the 
omitted Employee in the amount which the Employer would have contributed with respect to him or her had he 
or she not been omitted. 
Such contribution shall be made regardless of whether it is deductible in whole or in 
part in any taxable year under applicable provisions of the Code. 
ARTICLE IV 
CONTRIBUTION AND ALLOCAT 
ION 
4.1
Formula for Determining Employer’s Contribution 






 

 

 

 

 

15 
(a)
Contributions. 
For each Plan Year, 
the Employer shall contribute to the Plan as follows: 
(i)
The amount of the total salary deferral elections of all Participants made pursuant 
to Section 4.2(a), which amount shall be deemed the Employer’s Elective Contribution. 
(ii)
Matching Contributions made pursuant to Section 4.4(a). 
(iii)
Such discretionary amounts, if any, made pursuant to Section 4.4(b) and Section 
4.4(c), which amount shall be deemed a Quaker Discretionary Contribution or an AC Products Discretionary 
Contribution, respectively. 
(iv)
Qualified Nonelective Contributions made pursuant to Section 4.9(f). 
(v)
Catch-Up Contributions made pursuant to Section 4.3. 
(vi)
Nonelective Contributions made pursuant to Section 4.5. 
(b)
Limit on Contributions. 
Notwithstanding the foregoing, the Employer’s contributions for 
any Plan Year 
shall not exceed the maximum amount allowable as a deduction to the Employer under the 
provisions of Code section 404, except as provided in Section 3.5 and to the extent necessary to provide the 
Top-Heavy minimum allocations. 
(c)
Form of Contributions. 
All contributions by the Employer shall be made in cash or 
newly issued or treasury stock, or in such property as is acceptable to the Trustee. 
4.2
Participant’s Salary Deferral Election 
(a)
Deferral Election. 

 
(i) 
Participant Deferral Election
. 
Each Participant may elect to defer his 
or her 
Compensation which would have been received in the 
Plan Year, 
but for this deferral election, by any 
whole percentage up to 75%. A deferral election 
(or modification of an earlier 
election) may not be 
made 
with respect to 
Compensation which is 
available on or before the date the 
Participant executed such 
election. A deferral election shall specify the portion 
of the Participant’s 
Elective Contribution that is 
made on a pre-tax basis and the 
portion of such contribution that is made on 
a Roth basis. Elective 
Contributions contributed to the Plan as 
made on a 
pre-tax basis may not later be reclassified as made on 
Roth basis and vice 
versa
.
 
The amount by which the Participant’s Compensation is reduced shall be the Participant’s 
Deferred Compensation and shall be treated as an Elective Contribution and allocated to the Participant’s 
Elective Account, unless the Participant directs all or part of his or her Elective Contributions to the Quaker 
Stock Fund. 
If the Participant directs all or part of his or her Elective Contributions 
to the Quaker Stock Fund
, 
such Elective Contributions 
shall be allocated to the Stock Bonus Plan Account. 
 
(ii) 
Automatic Pre-Tax 
Elective 
Contributions.
(A)
Automatic Election. 
Notwithstanding the foregoing, effective 
January 1, 2020, an Eligible Employee shall be deemed to have 
elected under this Section 4.2 
to have pre-
tax Elective Contributions made on his behalf in 
an amount equal to six percent (6%) 
of Compensation 
increasing annually by one percent (1%) of Compensation 
up to ten percent (10%) of Compensation if 
he 
(1)
has met the eligibility requirements of Article 
III, (2) has not elected otherwise in accordance 
with 






 

 

16 
Section 4.2(a)(i), and (3) is hired on or 
after January 1, 2020. 
For Eligible Employees hired on or after 
March 1, 2020, such deemed election shall 
become effective starting with the paycheck for 
the first pay 
date on or after the 30th day following 
the Eligible Employee’s 
employment commencement date. 

A deemed election that was in effect 
with respect to a Houghton Participant under 
the Houghton Plan shall 
continue to be effect under this Plan, 
and shall continue to increase annually by 
one percent (1%) of 
Compensation up to ten percent (10%) of Compensation 
under the Plan. 
A deemed election that was in 
effect under the Plan with respect 
to an Eligible Employee hired or rehired 
on or after January 1, 2017 but 
prior to January 1, 2020 shall continue to 
be in effect under the Plan 
and shall continue to increase 
annually by one percent (1%) of Compensation 
up to six percent (6%) of Compensation 
under the Plan. 

Wallover 
Participants who were participating in the Wallover 
Plan as of December 31, 2019 and 
began to 
participate in the Plan effective January 
1, 2020 are not subject to the 
automatic pre-tax Elective 
Contributions provisions of this Section 4.2(a)(ii). 

A deemed election that was in effect 
with respect to a SIFCO Participant under 
the SIFCO Plan shall 
continue to be effect under this Plan 
on and after January 1, 2022 (subject 
to any changes made by the 
Participant after that date permitted under the Plan) 
as a deemed election under an automatic contribution 
arrangement and not as a qualified automatic contribution 
arrangement, and shall continue to increase 
annually by one percent (1%) of Compensation 
up to ten percent (10%) of Compensation under 
the Plan. 
Coral Participants who were participating in the Coral 
Plan as of December 31, 2021 and 
began to 
participate in the Plan effective January 
1, 2022 are not subject to the 
automatic pre-tax Elective 
Contributions provisions of this Section 4.2(a)(ii). 
(B)
Notice. 
The notice requirements of this Section 4.2(a)(ii)(B) shall 
apply to 
each Eligible Employee 
described in Section 
4.2(a)(ii)(A) who has not made an affirmative 
election under Section 4.2(a)(i) to make (or not to 
make) Elective Contributions. At least 30 days, 
but not 
more than 90 days, before the beginning 
of the Plan Year, 
the Employer shall provide each such Eligible 
Employee notice of the Eligible Employee’s 
rights and obligations under the automatic contribution 
arrangement described in this subparagraph (B), written 
in a manner calculated to be understood 
by the 
average Eligible Employee. If such an Eligible Employee 
becomes subject to the automatic contribution 
arrangement described in this subparagraph (B) after 
the 90
th
day before the beginning of the Plan 
Year 
and does not receive the notice for that reason, 
the notice will be provided no more 
than 90 days before the 
Eligible Employee becomes subject to the 
automatic contribution arrangement described in this 
subparagraph (B), but not later than the date the Eligible Employee becomes subject 
to the automatic 
contribution arrangement. The notice shall describe (i) the 
amount of automatic pre-tax Election 
Contribution that will be made on the Eligible 
Employee’s behalf in 
the absence of an affirmative 
election, 
(ii) the Eligible Employee’s 
right to elect to have no 
pre-tax Elective Contributions made on his behalf or 
to have a different amount of 
Elective Contributions made (on a pre-tax 
or Roth basis), and (iii) how 
automatic pre-tax Elective Contributions will be invested in 
the absence of the Eligible Employee's 
investment instructions.
(C)
Election. 
In accordance with the procedures established by the 
Administrator, an 
Eligible Employee shall have a reasonable opportunity after receipt of the notice 
described in Section 4.2(a)(ii)(B) to make an affirmative 
election regarding Elective Contributions (either 
to have no Elective Contributions made or, 
subject to the limitations set forth in 
Section 4.2(a)(i), 
to have a 
different amount of Elective Contributions made) prior 
to the date pre-tax Elective Contributions 
are 
automatically made on his behalf pursuant to Section 4.2(a)(ii). 
Automatic pre-tax Elective Contributions 
being made on behalf of an Eligible Employee 
pursuant to Section 4.2(a)(ii) shall cease as soon 
as 






 

 

 

 

17 
administratively feasible after the Eligible Employee makes an 
affirmative election under this Section 
4.2(a)(ii)(C). An 
Eligible 
Employee may also make an affirmative 
election pursuant to subsection 4.2(a)(i) 
before receipt of the notice described in Section 4.2(a)(ii)(B), 
or change the amount of 
his pre-tax Elective 
Contributions pursuant to Section 4.2(e).
(D)
Continuing Election. 
A Participant’s 
deemed election regarding pre-
tax Elective Contributions shall continue in effect 
until the date that is as soon as 
administratively feasible 
following the earliest of (i) the date the 
Participant elects otherwise in accordance with Section 
4.2(a)(i), 
(ii) the date the Administrator determines that all 
or part of the amount elected (or 
deemed to be elected) 
by the Participant as pre-tax Elective Contributions may 
not be contributed to 
the Trust as such because of 
the limitations set forth in this Article 
IV, 
or (iii) the date the Participant ceases 
to be an Eligible 
Employee.
(b)
Full Vesting 
. 
The balance in each Participant’s Elective Account and Stock Bonus Plan 
Account attributable to Elective Contributions shall be fully vested at all times and shall not be subject to 
forfeiture for any reason. 
(c)
Limits on Distributions. 
Elective Contribution amounts held in the Participant’s Elective 
Account and Stock Bonus Plan Account may not be distributable earlier than: 
(i)
the Participant’s
Severance from Employment, Total and Permanent Disability 
, 
or 
death; 
(ii)
the Participant’s attainment of age 591⁄2 (only if permitted under any other Section 
of the Plan); 
(iii)
upon hardship with respect to the Participant (pursuant to Section 6.11); or 
(iv)
the termination of the Plan without establishment or maintenance of another 
defined contribution plan (other than an employee stock ownership plan as defined in Code section 4975(e)(7)) 
as described in Code section 401(k)(10). 
(d)
Maximum Amount. 
No Participant shall be permitted to have elective deferrals made 
under this Plan or any other qualified plan maintained by the Employer during any taxable year in excess of the 
dollar limitation contained in Code section 402(g) in effect for such taxable year, except to the extent permitted 
under Section 4.3 and Code section 414(v), if applicable (the “402(g) limit”). 
(i)
If the Participant’s Deferred Compensation made under this Plan (reduced by 
Deferred Compensation previously distributed or returned to the Participant) and the Participant’s other elective 
deferrals to a plan or arrangement described in Code section 402(g)(3) (whether or not maintained by the 
Employer or an Affiliated Employer) exceed the maximum amount described in this subsection, the Participant 
shall allocate to the Plan or to such other plan or arrangement described in Code section 402(g)(3) the Excess 
Deferred Compensation. 
The Participant shall notify the Administrator of such allocation in writing no later 
than the March 1 following the Participant’s taxable year in which the Excess Deferred Compensation was 
made.
(ii)
A Participant shall be deemed to have made a claim for distribution of Excess 
Deferred Compensation from the Plan to the extent that the Participant’s Deferred Compensation together with 
the Participant’s elective deferrals under any other plan or arrangement maintained by the Employer or an 
Affiliated Employer exceeds the Code section 402(g) limit. 







 

18 
(iii)
A Participant’s Excess Deferred Compensation shall be reduced, but not below 
zero, by any distribution of Excess Contributions pursuant to Section 4.9 for the Plan Year 
beginning with or 
within the taxable year of the Participant. 

(iv)
Notwithstanding any other provisions of the Plan, not later than the April 15 
following the close of the taxable year, the Administrator shall cause the Trustee to distribute to the Participant 
the Excess Deferred Compensation allocated (or deemed to be allocated) to the Plan by the Participant pursuant 
to this Section. 
Any Excess Deferred Compensation shall be distributed as follows: (i) Deferred Compensation 
to which Matching Contributions do not relate shall be distributed before Deferred Compensation to which 
Matching Contributions relate and (ii) for any year in which a Participant makes Elective Contributions on a 
pre-tax and on a Roth basis, the distribution of any Excess Deferred Compensation shall be made first from the 
portion of the Participant’s Elective Contributions that is attributable to pre-tax contributions and second from 
the portion of the Participant’s Elective Contributions that is attributable to Roth contributions. 
The amount so 
returned shall include the income and loss allocable thereto for the calendar year during which such elective 
deferrals were made as determined pursuant to Regulations, using a uniformly applicable written determination 
by the Administrator. 
(v)
Any Matching Contributions, 
with earnings thereon, attributable to such Excess 
Deferred Compensation shall be forfeited and, in the discretion of the Administrator, (A) used to pay any 
reasonable administrative expenses of the Plan or (B) used to reduce the Employer’s obligation to making 
Matching Contributions under Section 4.4. 

(e)
Deferral Elections; Changes in Deferral Elections. 
The Employer and the Administrator 
shall implement the Participant’s salary deferral elections provided for herein in accordance with the following: 
(i)
A Participant may commence making Deferred Compensation contributions to the 
Plan as of the Participant’s Entry Date. 
If the Participant fails to make an initial salary deferral election prior to 
such time, then such Participant may thereafter make a salary deferral election effective as of any subsequent 
payroll period. 
The Participant shall make such an election by filing a salary deferral election in accordance 
with procedures established by the Administrator. 
(ii)
A Participant may increase or decrease 
the percentage of his or her Compensation 
to be deferred and make a new election by providing the Administrator with notice of such modification in the 
manner prescribed by the Administrator. 
Such new election shall initially be effective beginning with the pay 
period following the acceptance of the notice by the Administrator or as soon as practicable thereafter. 
Any 
modification shall not have retroactive effect and shall remain in force until revoked. 
(iii)
A Participant may elect to revoke his or her salary reduction agreement 
prospectively in its entirety at any time during the Plan Year 
by providing the Administrator with notice of such 
revocation in the manner prescribed by the Administrator. 
Such revocation shall become effective as of the 
beginning of the first pay period coincident with or next following the date of notice or as soon as practicable 
thereafter. 
Furthermore, the Participant’s Severance from Employment, change in status to other than Eligible 
Employee, or the cessation of participation for any reason, shall be deemed to revoke any salary reduction 
agreement then in effect, effective immediately following the close of the pay period within which such 
termination or cessation occurs. 
(iv)
The Administrator may, in its sole discretion, from time to time prohibit 
or limit 
the amount of Elective Contributions made to the Plan on behalf of Highly Compensated Employees to the 
extent necessary to satisfy either the Actual Deferral Percentage Test set forth in Section 4.8(a) or the Actual 
Contribution Percentage Test set forth in Section 4.8(b). 
Any such limit on the amount of Elective 
Contributions made to the Plan on behalf of Highly Compensated Employees, as determined by the 






 

 

 

 

19 
Administrator, shall be deemed an amendment to the Plan for purposes of Regulation 1.401-1, but the adoption 
of such limit shall not be subject to Section 8.1. 
(f)
Qualified Military Service. 
Notwithstanding any provisions of this Plan to the contrary, 
all contributions with respect to periods of Qualified Military Service shall be provided in a manner consistent 
with Code section 414(u) as follows: 
(i)
The Employer shall permit a reemployed Participant to make additional Deferred 
Compensation contributions during the period which begins on the date of the reemployment of such Participant 
and has the same length as the lesser of the product of three and the period of Qualified Military Service which 
resulted in such rights, or five years. 
(ii)
The amount of additional Deferred Compensation contributions permitted under 
this subsection is the maximum amount of the Deferred Compensation contributions that the Participant would 
have been permitted to make under the Plan during the period of Qualified Military Service if the Participant 
had continued to be employed by the Employer during such period and received Compensation. 
Proper 
adjustment shall be made to the amount determined under the preceding sentence for any Deferred 
Compensation contributions actually made during the period of such Qualified Military Service. 
4.3
Catch-Up Contributions 
(a)
In General. 
A Catch-Up Eligible Employee shall be eligible to make Catch-Up 
Contributions in accordance with, and subject to the limitations of, Code section 414(v). 
Such Catch-Up 
Contributions shall not be taken into account for purposes of the provisions of the Plan implementing the 
required limitations of Code sections 402(g) and 415. 
Furthermore, the Plan shall not be treated as failing to 
satisfy the provisions of the Plan implementing the requirements of Code sections 401(k)(3), 401(k)(11), 
401(k)(12), 410(b), or 416, as applicable, by reason of the making of such Catch-Up Contributions. 
(b)
Rules Regarding Catch-Up Contributions. 
The Plan shall be administered in accordance 
with final Regulations and other guidance issued by the Internal Revenue Service under Code section 414(v). 

Subject to such Regulations and other guidance, the following provisions shall apply with respect to Catch-Up 
Contributions: 
(i)
A Catch-Up Eligible Employee shall be given an opportunity to elect to make 
Catch-Up Contributions for a Plan Year. 
Such election shall be made at such time and in such manner as 
prescribed by the Administrator and shall specify the portion of the Participant’s Catch-Up Contribution that is 
made on a pre-tax basis and the portion of such contribution that is made on a Roth basis. 
Catch-Up 
Contributions contributed to the Plan as made on a pre-tax basis may not later be reclassified as made on Roth 
basis and vice versa. 
(ii)
No Employer Matching Contributions shall be made with respect to Catch-Up 
Contributions. 
(iii)
Except as otherwise provided in this Section, Catch-Up Contributions and 
earnings thereon shall be treated in the same manner as Elective Contributions made pursuant to Section 4.2 
(and earnings thereon) and Deferred Compensation. 
4.4
Employer Matching and Discretionary Contributions 
(a)
Matching Contributions. 
For each Participant who makes Elective Contributions with 
respect to one or more payroll periods for which a Matching Contribution has been authorized by the 






 

 

 

20 
Administrator pursuant to this subsection (the “Match Period”), the Employer shall make a Matching 
Contribution to the Plan on behalf of such Participant in the amount (if any) authorized by the Administrator, in 
its sole discretion; provided, however, that: 

(i)
The amount of Matching Contribution authorized by the Administrator shall not 
exceed 50% of such Participant’s Deferred Compensation (other than Catch-Up Contributions) during the 
Match Period up to the first 6% of such Participant’s Compensation during such period, plus a “true-up” 
Matching Contribution equal to the excess (if any) of (A) 50% of the Participant’s Deferred Compensation 
(other than Catch-Up Contributions) for the Match Period (or, if less, 3% of the Participant’s 
Compensation for 
the period he or she is eligible to participate in the Plan during such Match Period), over (B) the Matching 
Contribution already contributed to the Plan on behalf of the Participant for such Match Period; 
(ii)
With respect to a Participant who is a member of a unit of Employees covered by 
a collective bargaining unit, the Administrator shall not have the authority to decrease the Matching 
Contribution to less than the amount (if any) required by such collective bargaining agreement; and 
(iii)
With respect to a period of Qualified Military Service, the Administrator shall not 
have the authority to decrease the Matching Contribution to less than the amount (if any) required by Code 
section 414(u). 
Effective with the Elective Contributions taken from 
the paycheck for the first pay date 
on or after April 
17, 2020, the Matching Contribution may be made 
in cash or in Company Securities 
in the sole discretion 
of the Administrator. 
Matching Contributions made in cash will be invested 
according to the direction of 
the Participant, Beneficiary, 
or alternate payee under Section 4.13(a). 
To 
the extent a Matching 
Contribution is made in Company Securities, the 
contribution shall be invested in the Quaker 
Stock Fund, 
subject to any subsequent reapportionment direction of the Participant, 
Beneficiary, or 
alternate payee 
under Section 4.13(e). 

(b)
Quaker Discretionary Contributions. 
The Employer shall make such contributions to the 
Fund in respect of each calendar year during which this Plan is in effect as are determined in accordance with 
such formula as may from time to time be approved by the Board of Directors, in its absolute discretion. 

Such 
contributions shall be referred to as Quaker Discretionary Contributions. 
This subsection shall not be construed 
as requiring the 
Employer to make 
contributions in 
any specific 
calendar year, whether or 
not there exists net 
income out of which such contributions could be made. 
Notwithstanding the foregoing, no Quaker 
Discretionary Contributions shall be made on behalf of or allocated to the account of any AC Participant, Epmar 
Participant, Summit Participant, ECLI Participant, Houghton Participant, Wallover 
Participant, Coral 
Participant or SIFCO Participant.
(c)
AC Products Discretionary Contributions. 
AC Products, Inc. shall make such 
contributions to the Fund in respect of each calendar year during which this Plan is in effect as are determined 
in accordance with such formula as may from time to time be approved by the Board of Directors of AC 
Products, Inc., in its absolute discretion. 
This provision shall not be construed as requiring AC Products, Inc. to 
make contributions in any specific calendar year, whether or not there exists Net Income out of which such 
contributions could be made. 
For purposes of this subsection, “Net Income” shall mean the profit from 
operations of AC Products, Inc., as determined by the Board of Directors of AC Products, Inc., from the internal 
financial statements of AC Products, Inc. for the calendar year. 
4.5
Employer Nonelective Contributions 
(a)
Eligibility Requirements. 
Nonelective Contributions shall be made on behalf of each 
Participant who (i) is not included in a unit of Employees covered by a collective bargaining agreement, except 






 

 

 

 

 

21 
to the extent that the applicable collective bargaining agreement so provides (including not limited to an 
Eligible Employee of the Coral Chemical Company whose employment is governed by the terms of a collective 
bargaining agreement between Local 301, Cartage Division or the Plant Workers 
Agreement and Coral 
Chemical Company), and (ii) has met the conditions of eligibility set forth in Section 3.1(b). 
Notwithstanding 
the foregoing, Employees hired on or after February 10, 2020 who are covered by a collective bargaining 
agreement between the Employer and the International Chemical Workers 
Union Council of the United Food 
and Commercial Workers Union and its 
Local No. 125C, shall be eligible to receive Nonelective Contributions 
provided they have met the conditions of eligibility set forth in Section 3.1(b). 
(b)
Amount of Contribution. 
Subject to the limitations of Section 4.10, the Employer shall 
make Nonelective Contributions to the Fund for a Plan Year 
in an amount equal to 3% of the Compensation of 
each Participant who satisfied the eligibility requirements of subsection (a) at any time during such Plan Year; 
provided, however, that Compensation with respect to any period in which the Participant does not meet the 
eligibility requirements of subsection (a) shall be disregarded for purposes of determining the amount of the 
Nonelective Contribution. 

(c)
Investment. 

Effective with the first pay date 
on or after April 17, 2020, the 
Nonelective Contribution may be made in cash 
or in Company Securities in the sole 
discretion of the 
Administrator. 
Nonelective Contributions made in cash will be 
invested according to the direction of the 
Participant, Beneficiary, 
or alternate payee under Section 4.13(a). 
To the 
extent Nonelective Contributions 
are made in Company Securities, the contribution shall 
be invested in the Quaker Stock Fund, subject 
to 
any subsequent reapportionment direction of the Participant, Beneficiary, 
or alternate payee under Section 
4.13(e). 

4.6
Time Of Payment of Employer’s Contribution 
 
The Employer shall pay to the Trustee Elective Contributions accumulated through payroll 
deductions as of the earliest date on which such contributions can be reasonably segregated from the general 
assets, and such amounts shall be segregated no later than the 15th business day of the month following the 
month in which Elective Contributions were deducted from the Participant’s Compensation. 
The Employer 
shall pay to the Trustee Matching Contributions, AC Products Discretionary Contributions, Quaker 
Discretionary Contributions, 
and Nonelective Contributions for any Plan Year 
under this Article IV no later 
than the last day on which amounts so paid may be deducted for Federal income tax purposes for the taxable 
year of the Employer in which the Plan Year 
ends. 
Any additional contributions made by the Employer that are 
allocable to a Participant’s Elective Account for a Plan Year 
shall be paid to the Plan no later than the end of the 
12- month period immediately following the close of the Plan Year 
in which the contributions were made. 

4.7
Allocation of Contribution And Earnings 
(a)
Accounts. The Administrator shall establish and maintain an account in the name of each 
Participant to which the Administrator shall credit all amounts allocated to each such Participant as set forth 
herein. 
(b)
Allocation of Contributions. 
The Employer shall provide the Administrator with all 
information required by the Administrator to make a proper allocation of the Employer’s contributions for each 
Plan Year. 
Within a reasonable period of time after the date of receipt by the Administrator of such information 
and sufficient funding, the Administrator shall allocate such contributions as follows: 
(i)
Elective Contributions. 
With respect to the Elective Contributions made pursuant 
to Section 4.2(a) or Section 4.3,
to each Participant’s Elective Account and Stock Bonus Plan Account, as 
applicable, in an amount equal to each such Participant’s Deferred Compensation for the year. 






 

 

 

 

 

 

22 
(ii)
Matching Contributions. 
With respect to Matching Contributions made pursuant 
to Section 4.4(a), to each Participant’s Account and Stock Bonus Plan Account, 
as applicable, in an amount 
equal to the Matching Contribution made by the Employer to the applicable account on behalf of the Participant 
as set forth in Section 4.4(a). 
(iii)
Quaker Discretionary Contributions. 
Quaker Discretionary Contributions, if any, 
made pursuant to Section 4.4(b) for a Plan Year 
shall be allocated to each eligible Participant’s account in the 
same proportion that each eligible Participant’s Base Compensation for such Plan Year 
bears to the total Base 
Compensation of all Participants who are eligible to receive the Quaker Discretionary Contribution for such 
Plan Year, 
such amount to be allocated to the Participant’s Account and Stock Bonus Plan Account, 
as 
applicable. 
Except as provided in Section 4.7(b)(vi), only those Participants who (A) have completed a Year 
of 
Service during the Plan Year; 
(B) are actively employed on the last day of the Plan Year; 
and (C) 
are not AC 
Participants, Epmar Participants, Summit Participants, ECLI Participants, Houghton Participants, Wallover 
Participants, Coral Participants or SIFCO Participant shall be eligible to share in the allocation of the Quaker 
Discretionary Contributions for the Plan Year.
(iv)
AC Products Discretionary Contributions. 
The AC Products Discretionary 
Contributions, if any, made pursuant to Section 4.4(c) for a Plan Year 
shall be allocated to each eligible AC 
Participant’s account in the same proportion that each eligible AC Participant’s 
Compensation for such Plan 
Year 
bears to the total Compensation of all Participants who are eligible to receive the AC Products 
Discretionary Contribution for such Plan Year 
, 
such amount to be allocated to the Participant’s Account and 
Stock Bonus Plan Account, as applicable. 
Except as provided in Section 4.7(b)(vi), only AC Participants who: 
(A) 
have completed a Year 
of Service during the Plan Year; 
and (B) are actively employed on the last day of 
the Plan Year, 
shall be eligible to receive an allocation of the AC Products Discretionary Contributions for the 
Plan Year. 
(v)
Nonelective Contributions. 
Nonelective Contributions made pursuant to Section 
4.5 shall be allocated to each eligible Participant’s Account in an amount equal to the Nonelective Contribution 
made by the Employer on behalf of the Participant as set forth in Section 4.5. 
(vi)
Exception to Last Day of Year 
Requirement. 
Notwithstanding the foregoing, 
Participants who are not actively employed on the last day of the Plan Year 
due to Retirement (Normal or Late), 
Total and Permanent Disability, 
or death shall share in the allocation of Quaker Discretionary Contributions or 
AC Products Discretionary Contributions for that Plan Year. 
(c)
Allocation of Earnings and Losses. 
As of the last day of each Plan Year 
or other 
Valuation 
Date, before allocation of Employer contributions, any earnings or losses (net appreciation or net 
depreciation) of the Fund shall be allocated in the same proportion that each Participant’s nonsegregated 
accounts bear to the total of all Participants’ nonsegregated accounts as of such date. 
Each segregated account 
maintained on behalf of a Participant shall be credited or charged with its separate earnings and losses. 
(d)
Top-Heavy Plan Year 
. 

(i)
Notwithstanding the foregoing, for any Top-Heavy Plan Year, 
the sum of the 
Employer’s contributions and forfeitures allocated to the Aggregate Account of each non-Key Employee shall 
be equal to at least 3% of such non-Key Employee’s 415 Compensation (reduced by contributions and 
forfeitures, if any, allocated to each non-Key Employee in any defined contribution plan included with this Plan 
in a Required Aggregation Group). 
However, if (i) the sum of the Employer’s 
contributions and forfeitures 
allocated to the Aggregate Account of each Key Employee for such Top-Heavy Plan Year 
is less than 3% of 
each Key Employee’s 415 Compensation and (ii) this Plan is not required to be included in an Aggregation 
Group to enable a defined benefit plan to meet the requirements of Code section 401(a)(4) or 410, the sum of 






 

 

 

 

23 
the Employer’s contributions and Forfeitures allocated to the Aggregate Account of each non-Key Employee 
shall be equal to the largest percentage allocated to the Aggregate Account of any Key Employee. 
Employer 
Matching Contributions shall be taken into account for purposes of satisfying the minimum contribution 
requirements of Code section 416(c)(2) and this subsection. 
Employer Matching Contributions that are used to 
satisfy the minimum contribution requirements shall be treated as Matching Contributions for purposes of the 
actual contribution percentage test set forth in Section 4.8(b) and other requirements of Code section 401(m). 

However, no such minimum allocation shall be required in this Plan for any non-Key Employee who 
participates in another defined contribution plan subject to Code section 412 that is included with this Plan in a 
Required Aggregation Group. 
(ii)
For purposes of the minimum allocations set forth above, the percentage allocated 
to the Aggregate Account of any Key Employee shall be equal to the ratio of the sum of the Employer’s 
contributions and Forfeitures allocated on behalf of such Key Employee divided by the 415 Compensation for 
such Key Employee. 
(iii)
For any Top-Heavy Plan Year, 
the minimum allocations set forth above shall be 
allocated to the Aggregate Accounts of all non-Key Employees who are Participants and who are employed by 
the Employer on the last day of the Plan Year, 
including non-Key Employees who have (A) failed to complete a 
Year 
of Service; and (B) declined to make mandatory contributions (if required) or, in the case of a cash or 
deferred arrangement, Elective Contributions to the Plan. 
(iv)
For the purposes of this Section, 415 Compensation shall be limited by and 
adjusted in such manner as permitted under Code section 415(d). 
(e)
Matching Contributions – No Hour of Service Requirement. 
Notwithstanding anything 
herein to the contrary, a Participant who terminates employment for any reason during the Plan Year, 
has made 
Elective Contributions for the Plan Year 
, 
and is otherwise eligible to receive an allocation of Matching 
Contributions, shall share in an allocation of the Matching Contribution made by the Employer for the year of 
termination without regard to the Hours of Service credited. 
(f)
Forfeitures. 
As of the last day of each Plan Year, 
any amounts which become a 
Forfeiture during such Plan Year 
shall, in the discretion of the Administrator, be used to (i) reduce the 
Employer’s obligation to make Matching Contributions, AC Products Discretionary Contributions, Quaker 
Discretionary Contributions, 
and/or Nonelective Contributions, 
or (ii) pay any administrative expenses of the 
Plan. 
(g)
Reemployment after Break in Service. 
If a Participant is reemployed after five 
consecutive 1-Year 
Breaks in Service, then separate accounts shall be maintained as follows: 
(i)
one account for nonforfeitable benefits attributable to pre-break service; and 
(ii)
one account representing his or her status in the Plan attributable to post-break 
service. 
(h)
Restoration of Forfeitures. 
If a Participant is reemployed as an Eligible Employee, any 
Forfeiture of his or her Participant’s Account that has occurred under Section 1.31(a) shall be restored to his or 
her Participant’s Account by the Employer if the Participant repays to the Plan in full the amount of the 
distribution he or she received; provided such repayment is made not later than the earlier of (i) the close of the 
first period of five consecutive 1-Year 
Breaks in Service commencing after the distribution, 
or (ii) five years 
after the date on which the Participant again becomes an Eligible Employee. 






 

 

24 
4.8
Actual Deferral Percentage Test and Actual Contribution Percentage Test 
(a)
Actual Deferral Percentage Test. 
This subsection shall be applied separately with respect 
to the Non-Safe Harbor Component Plan and the Bargaining Component Plan, and the term “Plan” as used in 
this subsection shall refer to the component plan being tested. 
The safe harbor set forth in Code section 
401(k)(12) shall apply to the Safe Harbor Component Plan. 
 
(i) 
The actual deferral percentage for Highly Compensated Employees who have met 
the Plan’s eligibility requirements shall not be less than or equal two at least one of the following: 
(A) 
The actual deferral percentage for such Plan Year 
for all Nonhighly 
Compensated Employees who have met the Plan’s eligibility requirements, 
multiplied by 1.25; or 
(B) 
The actual deferral percentage for such Plan Year 
for all Nonhighly 
Compensated Employees who have met the Plan’s eligibility requirements, 
multiplied by 2.0, provided that the actual deferral percentage for Highly 
Compensated Employees who have met the Plan’s eligibility requirements does 
not exceed the actual deferral percentage for Nonhighly Compensated Employees 
who have met the Plan’s eligibility requirements by more than two percentage 
points. 
 
(ii) 
For purposes of this Section, the term “actual deferral percentage” as applied to a 
specified group of Employees who have met the Plan’s eligibility requirements shall mean the average of the 
ratios, calculated separately for each such Employee in such group, of: 
(A) 
The amount of Deferred Compensation paid to the Plan on behalf of each 
such Employee for such Plan Year 
(excluding (A) any amount of Deferred 
Compensation paid to the Plan by a Nonhighly Compensated Employee in excess 
of the Code section 402(g) limit for such Plan Ye 
ar, and (B) Deferred 
Compensation made pursuant to Code section 414(u) by reason of a Participant’s 
qualified military service (provided, however, that the portion of Deferred 
Compensation contributed from differential wage payments (within the meaning 
of Code section 414(u)(12)) shall be disregarded only if the nondiscrimination 
requirement set forth in Code section 414(u)(12)(C) is satisfied); to 
(B) 
The Participant’s 414(s) Compensation for such Plan Year; 
provided, 
however, that the Administrator may determine, for any Plan Year, 
to consider 
only that Compensation paid to an Employee while he or she is eligible to 
participate in the Plan. 
(b)
Actual Contribution Percentage Test. 
The Plan shall satisfy the “actual contribution 
percentage test,” which shall mean the numerical test set forth in subsection (a), revised by disregarding any 
reference to component plans and substituting for the term “actual deferral percentage” the term “actual 
contribution percentage”; provided, however, that pursuant to Regulation section 1.401(m)-1(b)(2), the Actual 
Contribution Test shall not apply to the Bargaining 
Component Plan. 
The term “actual contribution percentage” 
as applied to a specified group of Employees shall mean the average of the ratios, calculated separately for each 
Employee in such group who, if he or she made Elective Deferrals, would have Matching Contributions 
allocated to his or her account for the year, of: 






 

 

 

 

25 
(i)
the amount of Matching Contributions (excluding (A) 
Matching Contributions 
forfeited pursuant to Section 4.2(d) or Section 4.9(c), 
and (B) Matching Contributions made pursuant to 
Code section 414(u) 
by reason of 
a Participant’s qualified military service (provided, however, 
that the 
portion of the Matching Contribution that is made with 
respect to any Deferred Compensation contributed 
from differential wage payments (within the meaning 
of Code section 414(u)(12)) shall be disregarded 
only if the nondiscrimination requirement set forth in 
Code section 414(u)(12)(C) is satisfied) paid to 
the 
Plan on behalf of such Employee for such 
Plan year; 
to
(ii)
the Participant’s 414(s) Compensation for such Plan Year; 
provided, however, 
that the Administrator may determine, for any Plan Year, 
to consider only that Compensation paid to an 
Employee while he or she is eligible to participate in the Plan. 
(c)
Nonaggregation. 
Pursuant to Regulation sections 1.401(k)-1(b)(4)(iii)(B) and 1.401(m)-
1(b)(4)(iii)(B), the Plan cannot be tested on an aggregate basis with any other cash or deferred arrangement that 
uses a methodology to satisfy the actual deferral percentage test or the actual contribution percentage test that is 
inconsistent with the Plan’s methodology to satisfy these tests. 
4.9
Return of Excess Contributions, Return of Excess Aggregate Contributions, And Special Rules 
 
Subsections (a) and (c) shall be applied separately to Highly Compensated Employees who are 
covered by the Non-Safe Harbor Component Plan and Highly Compensated Employees who are covered by the 
Bargaining Component Plan, and such subsections shall apply only to the extent of the Highly Compensated 
Employee’s contributions under such Component Plan. 
Subsections (a) and (c) shall not apply to the Safe 
Harbor Component Plan. 
(a)
Determination of Aggregate Amount of Excess Contributions. 
Excess Contributions 
shall be returned to Highly Compensated Employees in the manner set forth in subsection (c) if the limitations 
under Section 4.8(a) are exceeded. 
Excess Contributions to be returned to Highly Compensated Employees 
shall be determined by: 
(i)
reducing the actual deferral percentage of the Highly Compensated Employee 
with the highest actual deferral percentage until the applicable nondiscrimination test of Section 4.8(a) has been 
satisfied or until the actual deferral percentage of such Highly Compensated Employee is equal to the actual 
deferral percentage of the Highly Compensated Employee with the next highest actual deferral percentage; 
(ii)
repeating the process in paragraph (i) above until the applicable nondiscrimination 
test of Section 4.8(a) is satisfied; 
(iii)
converting into a dollar amount any reduction in the actual deferral percentage of 
each affected Highly Compensated Employee; and 
(iv)
adding together the dollar amounts of the excess Deferred Compensation 
determined under paragraph (iii) above for each affected Highly Compensated Employee. 
(b)
Determination of Aggregate Amount of Excess Aggregate Contributions. 
The amount of 
excess Matching Contributions (“Excess Aggregate Contributions”) to be returned to Highly Compensated 
Employees shall be determined in the manner set forth in subsection (a). 
Excess Aggregate Contributions, if 
any, shall be returned to Highly Compensated Employees in the manner set forth in subsection (d). 
(c)
Determination of Individual Amount of Excess Contributions. 
Should the actual deferral 
percentage of Highly Compensated Employees for a Plan Year 
exceed the restrictions described in Section 






 

 

 

 

26 
4.8(a), the Excess Contribution shall be distributed to Highly Compensated Employees from the Elective 
Account (and Stock Bonus Plan Account), starting with the Highly Compensated Employee with the greatest 
dollar amount of Deferred Compensation for the Plan Year 
or until the Deferred Compensation made by such 
Highly Compensated Employee equals the Deferred Compensation made by the Highly Compensated 
Employee with the next greatest dollar amount of Deferred Compensation for the Plan Year. 
For purposes of 
the preceding sentence, any Excess Contributions shall be distributed as follows: (i) Distributions to any Highly 
Compensated Employee shall first be made with respect to Deferred Compensation that is not taken into 
account in determining Matching Contributions pursuant to Section 4.4(a); and (ii) for any year in which a 
Participant makes Elective Contributions on a pre-tax and on a Roth basis, the distribution of any Excess 
Contribution shall be made first from the portion of the Participant’s Elective Contributions that is attributable 
to pre-tax contributions and second from the portion of the Participant’s Elective Contributions that is 
attributable to Roth contributions. 
This process shall be repeated until all the excess Deferred Compensation 
attributable to the applicable test has been distributed. 
Any Matching Contributions attributable to such Excess 
Contributions (regardless of whether such Excess Contributions are attributable to Elective Contributions made 
on a pre-tax or on a Roth basis) distributed to Highly Compensated Employees shall be forfeited in accordance 
with subsection (e). 
(d)
Determination of Individual Amount of Excess Aggregate Contributions. 
Should the 
actual contribution percentage of Highly Compensated Employees for a Plan Year 
exceed the restrictions 
described in Section 4.8(b) the Excess Aggregate Contributions shall be forfeited, if forfeitable, or, 
if not 
forfeitable, distributed, starting with the account of the Highly Compensated Employee with the greatest dollar 
amount of Matching Contributions in the manner described in subsection (c). 
(e)
Timing of Distribution/Forfeiture. 
The distribution or forfeiture made pursuant to 
subsections (c) and (d) above shall be made within two and one-half months following the close of such Plan 
Year, 
if administratively practicable, but in no event later than the last day of the 12-month period following the 
close of such Plan Year. 
Any distribution or forfeiture for purposes of the preceding sentence shall be 
determined after taking into account income or loss for the applicable Plan Year. 
Any Matching Contributions, 
with earnings thereon, that have been allocated to a Participant on account of Excess Contributions shall be 
forfeited. 
Amounts forfeited shall, at the discretion of the Administrator, be (i) used to pay any administrative 
expenses of the Plan, or (ii) used to reduce the Employer’s obligation to make Matching Contributions allocated 
under Section 4.4(a). 
(f)
Special Rules. 
(i)
Qualified Nonelective Contribution. 
Notwithstanding anything to the contrary 
herein, within 12 months after the end of the applicable Plan Year, 
the Employer may make a special Qualified 
Nonelective Contribution in an amount that does not exceed the minimum amount necessary to satisfy the 
test(s) set forth in Section 4.8(a) and/or 4.8(b). 
Such Qualified Nonelective Contribution shall be allocated to 
the Elective Accounts of the minimum necessary number of Nonhighly Compensated Employees who met the 
Plan’s eligibility requirements for the applicable Plan Year, 
starting with the Nonhighly Compensated 
Employee with the lowest Compensation for such Year 
, 
and shall be such percentage of the Nonhighly 

Compensated Employee’s Compensation for the year that (i) results in the lowest aggregate amount of 
Qualified Nonelective Contributions, 
and (ii) satisfies the rule against disproportionate contributions set forth in 
Regulation section 1.401(k)-2(a)(6)(iv). 
For purposes of applying this subsection to Section 4.8(a), the term 
“Plan” shall refer to the Non-Safe Harbor Component Plan or the Bargaining Component Plan, as applicable. 
(ii)
Other Contributions Taken Into Account for ACP Test 
. 
For purposes of 
determining the actual contribution percentage and the amount of Excess Aggregate Contributions pursuant to 
Section 4.8(b), only Matching Contributions credited on behalf of an eligible Employee in accordance with 






 

 

 

 

 

27 
Regulation section 1.401(m)-2(a) for the applicable Plan Year 
shall be counted. 
In addition, the Administrator 
may elect to take into account elective contributions and qualified nonelective contributions (as defined in 
Regulation section 1.401(m)-2(a)) contributed to any plan maintained by the Employer in determining the 
actual contribution percentage for each applicable Employee for the applicable Plan Year, 
provided such 
amounts comply with the provisions of Regulation section 1.401(m)-2(a). 
Elective contributions under the Plan 
shall not be taken into account for purposes of Section 4.8(b). 
(iii)
Ratios. 
All ratios and averages of ratios calculated hereunder shall be calculated 
to the nearest 1/100 of 1%. 
(iv)
Highly Compensated Employee Participating in Multiple Plans. 
For purposes of 
Section 4.8(a), the actual deferral percentage of a Highly Compensated Employee who is eligible to have 
elective deferrals (or contributions treated as elective deferrals) allocated to his or her accounts under two or 
more arrangements described in Code section 401(k), that are maintained by the Employer or an Affiliated 
Employer, shall be determined as if such elective deferrals (or contributions treated as elective deferrals) were 
made under a single arrangement. 
If a Highly Compensated Employee participates in two or more cash or 
deferred arrangements of the Employer or an Affiliated Employer that have different plan years, all elective 
deferrals made during the Plan Year 
under all such arrangements shall be aggregated. 
For purposes of Section 
4.8(b), the actual contribution 
percentage of a Highly Compensated Employee who is eligible to have matching 
contributions or employee contributions (or contributions treated as matching or employee contributions) 
allocated to his or her accounts under two or more plans described in Code section 401(a), or arrangements 
described in Code section 401(k) that are maintained by the Employer or an Affiliated Employer, shall be 
determined as if the total of such matching contributions or employee contributions (or contributions treated as 
matching or employee contributions) were made to each plan and arrangement. 
If a Highly Compensated 
Employee participates in two or more such plans or arrangements that have different plan years, all matching 
contributions or employee contributions (or contributions treated as matching or employee contributions) made 
during the Plan Year 
under all such plans and arrangements shall be aggregated. 
Notwithstanding the 
foregoing, certain plans shall be treated as separate if mandatorily disaggregated under Regulations under Code 
section 401(k) or Code section 401(m). 

(v)
Aggregation 
of Plans. 
For purposes of Sections 4.8 and 4.9, the Plan shall be 
aggregated and treated as a single plan with other plans maintained by the Employer and an Affiliated Employer 
to the extent that the Plan is aggregated with any such other plan for purposes of satisfying Code sections 
401(a)(4) and 410(b) (other than Code section 410(b)(2)(A)(ii)). 
In addition, if this Plan is permissively 
aggregated with any other plan of the Company or an Affiliated Employer for purposes of satisfying Code 
section 401(k) or 401(m), 
this Plan and such other plan or plans shall satisfy Code section 401(a)(4) and 410(b) 
as if this Plan and such other plan or plans were a single plan. 

(vi)
Prior Year 
Testing. 
Notwithstanding anything herein to the contrary, in 
accordance with applicable Regulations and applicable guidance, the Employer may elect to apply the tests set 
forth in Sections 4.8(a) and (b) using the actual deferral percentage and the actual contribution percentage, as 
applicable, for the preceding Plan Year 
for Nonhighly Compensated Employees who have met the Plan’s 
eligibility requirements in lieu of such percentages for the current Year. 
(vii)
Early Participation Rule. 
For purposes of Sections 4.8(a) and 4.8(b), with respect 
to any Plan Year 
for which the Employer elects to apply Code section 410(b)(4)(B) in determining whether the 
requirements of Code section 401(k)(3)(A)(i) (for purposes of Section 4.8(a)) or Code section 410(b) (for 
purposes of Section 4.8(b)) are met, the Employer may elect to exclude from consideration all Eligible 
Employees who are Nonhighly 
Compensated Employees and who have not attained age 21 and completed at 
least one year of eligibility service. 
In no event, however, shall the early participation rule described in this 






 

 

 

28 
subsection apply to the Safe Harbor Component Plan or the Non-Safe Harbor Component Plan for purposes of 
Section 4.8(a). 
4.10
Maximum Annual Additions 
(a)
Limit on Allocations. 
Except to the extent permitted under Section 4.3 and Code section 
414(v), if applicable, the maximum annual addition that may be contributed or allocated to a Participant’s 
accounts under the Plan for any limitation year shall not exceed the lesser of: 
(i)
$58,000, as adjusted for increases in the cost-of-living under Code section 415(d) 
for limitation years after 2021; or 
(ii)
100% of the Participant’s 415 Compensation for such limitation year. 
The compensation limit referred to in paragraph (ii) shall not apply to any contribution for medical benefits 
after separation from service (within the meaning of Code section 401(h) or 419(A)(f)(2)) which is otherwise 
treated as an annual addition. 
(b)
Annual Additions. 
For purposes of applying the limitations of Code section 415, “annual 
additions” means the sum of all contributions by the Participant, other than rollover contributions, or by the 
Employer or an Affiliated Employer hereunder or under any defined contribution plan maintained by either, all 
forfeitures allocated to the Participant’s accounts under such plans, and amounts treated as part of an annual 
addition under the limitations of Code sections 415(l) and 419A(d)(2). 
 
For purposes of applying the limitations of Code section 415, a Rollover Contributions is not an 
annual addition. 
In addition, the following are not Employee contributions for purposes of this subsection: 
(i) 
rollover contributions (as defined in Code sections 402(c), 403(a)(4), 403(b)(8), and 408(d)(3)); (ii) repayments 
of loans made to a Participant from the Plan; (iii) repayments of distributions received by an Employee pursuant 
to Code section 411(a)(7)(B) (cashouts); (iv) repayments of distributions received by an Employee pursuant to 
Code section 411(a)(3)(D) (mandatory contributions); and (v) Employee contributions to a simplified employee 
pension excludable from gross income under Code section 408(k)(6). 
(c)
Limitation Year. 
For purposes of applying the limitations of Code section 415, the 
“limitation year” shall be the Plan Year. 
(d)
Aggregation Rules. 

(i)
For the purpose of this Section, all qualified defined contribution plans (whether 
terminated or not) ever maintained by the Employer shall be treated as one defined contribution plan. 
(ii)
For the purpose of this Section, if the Employer is a member of a controlled group 
of corporations, trades or businesses under common control (as defined by Code section 1563(a) or Code 
sections 414(b) and (c) as modified by Code section 415(h)), is a member of an affiliated service group (as 
defined by Code section 414(m)), or is a member of a group of entities required to be aggregated pursuant to 
Regulations under Code section 414(o), all Employees of such Employers shall be considered to be employed 
by a single Employer. 
(iii)
If a Participant participates in more than one defined contribution plan maintained 
by the Employer and such plans have different Plan Years, 
the maximum annual additions under this Plan shall 
equal the maximum annual additions for the limitation year minus any annual additions previously credited to 
such Participant’s accounts during the limitation year. 






 

29 
(iv)
If a Participant participates in both a defined contribution plan subject to Code 
section 412 and a defined contribution plan not subject to Code section 412 maintained by the Employer which 
have the same Plan Year, 
annual additions shall be credited to the Participant’s accounts under the defined 
contribution plan subject to Code section 412 prior to crediting annual additions to the Participant’s accounts 
under the defined contribution plan not subject to Code section 412. 
(v)
If a Participant participates in more than one defined contribution plan not subject 
to Code section 412 maintained by the Employer and such plans have the same Plan Year, 
the maximum annual 
additions under this Plan shall equal the product of (A) the maximum annual additions for the limitation year 
minus any annual additions previously credited above, multiplied by (B) a fraction (I) the numerator of which is 
the annual additions which would be credited to such Participant’s Account under this Plan without regard to 
the limitations of Code section 415 and (II) the denominator of which is such annual additions for all plans 
described in this subsection. 
4.11
Correction of Excess Annual Additions 
 
If there is an excess annual addition with respect to a Participant for a limitation year, such 
excess annual addition shall be corrected in accordance with the Internal Revenue Service Employee Plans 
Compliance Resolution System or as otherwise permitted by applicable law and Regulations. 
4.12
Rollovers From Other Plans 
(a)
Rollover Contributions Accepted. 
With the consent of the Administrator, the Plan 
shall 
accept an eligible rollover distribution by a Participant from the following: 

(i)
a qualified plan described in Code section 401(a) or 403(a), excluding after-tax 
employee contributions; 

(ii)
an annuity contract described in Code section 403(b), excluding after-tax 
contributions; 

(iii)
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; 
(iv)
the portion of a distribution from an individual retirement account or annuity 
described in Code section 408(a) or 408(b) that would otherwise be includable in gross income; and 
(v)
the portion of a distribution from a designated Roth account under an applicable 
retirement plan described in Code section 402A, but only to the extent that (i) it is a direct rollover and (ii) is 
not includible in income when determined without regard to the rollover; 
provided, however that (A) the rollover will not jeopardize the tax-exempt status of the Plan or Trust or create 
adverse tax consequences for the Employer, and (B) a distribution to which the Participant is entitled as a 
Surviving Spouse shall not be rolled over to the Plan. 
If the Administrator determines the rollover amount 
contains an invalid rollover amount, such amount plus any earnings shall be distributed within a reasonable time 
after such determination. 
The amounts transferred shall be set up in a separate account herein referred to as a 
Participant’s Rollover Account. 
Such account shall be fully vested at all times and shall not be subject to 
forfeiture for any reason. 






 

 

 

 

 

 

 

 

30 
(b)
Withdrawals and Distributions Limited. 
Amounts in a Participant’s Rollover Account 
shall be held by the Trustee pursuant to the provisions of this Plan and may not be withdrawn by or distributed 
to the Participant, in whole or in part, except as provided in subsection (c). 
(c)
Distributions. 
On such date as the Participant or his or her Beneficiary shall be entitled to 
receive benefits, the fair market value of the Participant’s Rollover Account shall be used to provide additional 
benefits to the Participant or his or her Beneficiary. 
Any distributions of amounts held in a Participant’s 
Rollover Account shall be made in a manner which is consistent with and satisfies the provisions of Section 6.5, 
including, but not limited to, all notice and consent requirements of Code section 411(a)(11) and the 
Regulations thereunder. 
Furthermore, such amounts shall be considered as part of a Participant’s benefit in 
determining whether an involuntary cash-out of benefits without the Participant’s consent may be made. 
(d)
Evidence of Rollover Eligibility. 
Prior to accepting any rollovers to which this Section 
applies, the Administrator may require the Employee to establish that the amounts to be transferred to this Plan 
meet the requirements of this Section and may also require the Employee to provide an opinion of counsel 
satisfactory to the Employer that the amounts to be transferred meet the requirements of this Section. 
4.13
Investment of Aggregate Accounts 
(a)
Participant Directed. 

Every Participant, Beneficiary, 
and alternate payee shall have 
the right to designate the investment category or 
categories in which the Trustee 
is to invest his or her 
Aggregate Account including, pursuant to Section 4.13(e), 
any contributions that are initially invested in 
the Quaker Stock Fund at the time of 
contribution pursuant to Section 4.4(a) or Section 4.5(c).
(b)
ERISA Section 404(c) Plan. 
This Plan is intended to constitute a plan described in 
section 404(c) of ERISA, and regulations thereunder. 
Neither the Employer, nor the Administrator, nor 
the 
Trustee nor any other Fiduciary shall be liable for any losses which are the result of investment instructions 
provided by any Participant, Beneficiary, or alternate payee. The Administrator shall designate the available 
investment categories to which a Participant, Beneficiary, or alternate payee may direct the investment of 
amounts credited to his or her Aggregate Account. 
The Administrator, in its discretion, may from time to time 
designate additional investment categories of the same or different types or modify, 
cease to offer, 
or eliminate 
any existing investment categories, subject to the requirements of section 404(c) of ERISA and the regulations 
thereunder. 
(c)
Investment Direction – Future Contributions. 

Each Participant may, 
subject to the 
Company’s insider trading 
policy or other restriction(s) imposed by the 
Company pursuant to Sections 
4.13(m) or 4.13(n), designate the percentage of 
future contributions to be invested in any investment 
category, and change such designation, on any business 
day by giving notice, in the manner prescribed by 
the Trustee. Any designation 
or change in designation of investment categories shall 
be in increments of at 
least 1%.
(d)
Default Fund. 

In the absence of any current written 
(or electronic) designation of 
investment category(ies) from a 
Participant, the 
Trustee shall automatically invest such funds in the default 
investment fund(s) designated by the 
Administrator.
(e)
Investment Direction – Reapportionment of Aggregate Account. 

A Participant, 
Beneficiary, or 
alternate payee may, 
subject to the Company’s 
insider trading policy or other restriction(s) 
imposed by the Company pursuant to Sections 
4.13(m) or 4.13(n), on any business day, 
by giving notice in 
the manner prescribed by the Trustee, 
transfer all or any portion of the assets 
held on his or her behalf in 
any investment category or categories to any other 
category or categories then provided, including any 






 

 

 

 

31 
contributions that are initially invested in the Quaker Stock 
Fund at the time of contribution pursuant to 
Section 4.4(a) or Section 4.5(c).
(f)
Reinvestment of Income, Etc. 
All interest, dividends, capital gains, distributions, 
and 
other income received with respect to any shares of an investment category credited to the separate accounts of 
a Participant, Beneficiary, or alternate payee under the Plan shall be reinvested by the Trustee 
in additional 
shares of the same investment fund and credited to the Participant’s, Beneficiary’s, 
or alternate payee’s separate 
accounts. 
(g)
Company Securities – Rights and Equity Restructuring. 
Each Participant, Beneficiary, 
or 
alternate payee shall have the right to direct the Trustee as to the exercise or sale of any rights to purchase 
Company Securities allocated to his or her Stock Bonus Plan Account, 
and his or her Aggregate Account (or 
Stock Bonus Plan Account) shall be appropriately credited. 
Company Securities received by the Trustee by 
reason of a stock split, stock dividend, or other distribution shall be appropriately allocated to accounts holding 
interests in the Quaker Stock Fund. 
(h)
Company Securities – Voting 
Rights. 
Each Participant, Beneficiary, or alternate payee 
shall have the right to direct the Trustee as to the exercise of voting rights with respect to Company Securities 
allocated to his or her Stock Bonus Plan Account. 
As soon as practicable prior to the occasion for the exercise 
of such voting rights, the Employer shall deliver or cause to be delivered to each Participant, Beneficiary, or 
alternate payee all notices, prospectuses, financial statements, proxies, and proxy soliciting material relating to 
shares of Company Securities allocated to his or her Stock Bonus Plan Account. 
Instructions by Participants, 
Beneficiaries, or alternate payees to the Trustee shall be on such form or in such other manner and pursuant to 
such regulations as the Administrator shall prescribe. 
Any such instructions shall remain in the strict 
confidence of the Trustee. 
Any shares of Company Securities for which no instructions are received by the 
Trustee within such time specified in the notice shall not be voted, except to the extent that the Trustee 
determines otherwise consistent with the Trustee’s 
duties under ERISA. 
Any shares of Company Securities 
which are not allocated to Participants’, Beneficiaries’, or alternate payees’ Stock Bonus Plan Accounts shall be 
voted in the same proportions as the shares of Company Securities for which timely instructions were received 
from Participants, Beneficiaries, and alternate payees except to the extent that the Trustee determines otherwise 
consistent with the Trustee’s 
duties under ERISA. 
(i)
Company Securities – Confidentiality. 
The Administrator is responsible for ensuring 
that: 
(i)
procedures are maintained by the Plan to safeguard the confidentiality of 
information relating to the purchase, holding, and sale of the Company Securities and the exercise of voting, 
tender, and similar rights with respect to the Company Securities by Participants, Beneficiaries, and alternate 
payees; 
(ii)
the procedures described in paragraph (i) are sufficient to maintain 
confidentiality, except to the extent necessary to comply with Federal law or state laws not preempted by 
ERISA; 
(iii)
an independent fiduciary is appointed to carry out activities relating to any 
situations involving a potential for Employer influence upon Participants, Beneficiaries, or alternate payees with 
regard to the direct or indirect exercise of shareholder rights; and 

(iv)
each Participant, Beneficiary, and alternate payee is afforded the appropriate 
number of votes with respect to the Company Securities allocated to his or her Stock Bonus Plan Accounts. 






 

 

 

 

 

32 
(j)
Company Securities – Tender Offer. 
In the event of a tender offer or a self tender by the 
Employer for any Company Securities held in the Plan, the Employer shall as promptly as practicable request or 
cause to be requested of each Participant, Beneficiary, and alternate payee instructions as to the tender offer 
response desired by him or her in connection with the shares of Company Securities allocated to his or her 
Stock Bonus Plan Account and the Trustee shall be bound by the instructions received. 
Any such instructions 
shall remain in the strict confidence of the Trustee. 
Any shares of Company Securities for which no 
instructions are received by the Trustee within such time specified in the notice shall not be tendered, except to 
the extent that the Trustee determines otherwise consistent with the Trustee’s 
duties under ERISA. 
Any shares 
of Company Securities which are not allocated to Participants’, Beneficiary’s, 
or alternate payee’s Stock Bonus 
Plan Accounts shall be tendered by the Trustee in the same proportion as the shares for which timely 
instructions were received by the Trustee, except to the extent that the Trustee determines otherwise consistent 
with the Trustee’s 
duties under ERISA. 

(k)
Form and Manner of Distribution. 
At the time of distribution or withdrawal of assets 
held in an Aggregate Account by a Participant, he or she shall be entitled to receive one lump-sum payment; 
provided, however, that 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 unless the Participant elects 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. 
The Employer does not guarantee that the fair market value of Company Securities will 
be equal to the purchase price of such stock or that the total amount withdrawable in cash with respect to any 
period will be equal to or greater than the amount of the Participant’s contributions for such period. 
(l)
Change in Market Value. 
Each Participant assumes all risk in connection with any 
decrease in the market price of the Company Securities, other investments or cash allocated to his or her Stock 
Bonus Plan Account 
in accordance with the Plan. 
(m)
Company Securities – Securities Laws. 

Any transaction involving Company Securities 
held in the account of a Participant who 
is subject to Section 16(b) of the 
Securities Exchange Act of 1934 
shall be subject to all applicable laws, rules, 
and regulations and to Company policies intended 
to assure 
compliance with such laws, rules or regulations as 
well as to such approvals by stock 
exchanges or 
governmental agencies as may be deemed necessary or 
appropriate by the Administrator. 
Each Participant 
may be required to give the Employer a 
written representation that he or she will 
not violate any state or 
Federal securities laws, including the Securities Act 
of 1933 and 
the Securities Exchange Act of 1934, 
as 
amended; the form of such written representation shall 
be prescribed by the Administrator.
(n)
Inappropriate Trading Practices. 
In the event of extraordinary transactions or excessive 
trading, the Administrator reserves the right to adjust the Aggregate Accounts of Participants who initiated the 
extraordinary transactions or excessive trading to reflect the actual trades executed to fund the activity. 
Such 
adjustment may include, but shall not be limited to, adjustment to the unit price, the number of shares or units, 
or both. 
If such practices continue, the Administrator reserves the right to take further action to limit the ability 
of a Participant to engage in extraordinary transactions or excessive trading. The Administrator, in its sole 
discretion, shall determine which activities constitute extraordinary transactions or excessive trading. 
In 
addition, all designations of investment categories by a Participant, Beneficiary, or alternate payee under this 
Section shall be subject to procedures established by the Administrator. 
Such procedures may include 
limitations of frequency of trading (including limitations that cause otherwise available daily elections to be 
unavailable), circumstances under which investment instructions will not be implemented, redemption fees, 
and 
other mechanisms intended to inhibit excessive or inappropriate trading practices, whether instituted by the 
Administrator or the investment fund. 






 

 

 

 

33 
ARTICLE V 
VALUATIONS 
5.1
Valuation 
of The Trust Fund 
 
The Administrator shall direct the Trustee, as of the Valuation 
Date, to determine the net worth 
of the assets comprising the Trust Fund as it exists on the Valuation 
Date prior to taking into consideration any 
contribution not yet allocated. 
In determining such net worth, the Trustee shall value the assets comprising the 
Trust Fund at their fair market value as of the Valuation 
Date and shall deduct all expenses for which the 
Trustee has not yet obtained reimbursement from the Employer or the Trust Fund. 
5.2
Method of Valuation 
 
In determining the fair market value of securities held in the Trust Fund which are listed on a 
registered stock exchange, the Administrator shall direct the Trustee to value the same at the prices they were 
last traded on such exchange preceding the close of business on the Valuation 
Date. 
If such securities were not 
traded on the Valuation 
Date, or if the exchange on which they are traded was not open for business on the 
Valuation 
Date, then the securities shall be valued at the prices at which they were last traded prior to the 
Valuation 
Date. 
Any unlisted security held in the Trust Fund shall be valued at its bid price next preceding the 
close of business on the Valuation 
Date, which bid price shall be obtained from a registered broker or an 
investment banker. 
In determining the fair market value of assets other than securities for which trading or bid 
prices can be obtained, the Trustee may appraise such assets itself, or in its discretion employ one or more 
appraisers for that purpose and rely on the value established by such appraiser or appraisers. 
ARTICLE VI 
DETERMINATION 
AND DISTRIBUTION OF BENEFITS 
6.1
Vesting 
(a)
Vesting 
. 
(i)
Full Vesting 
. 
A Participant’s Elective Account and Rollover Account shall be 
fully vested at all times. 
The portion of a Participant’s Stock Bonus Plan Account attributable to Elective 
Contributions shall be fully vested at all times. 
Except as provided in paragraph (iii), the portion of a 
Participant’s Account attributable to AC Products Discretionary Contributions, Quaker Discretionary 
Contributions, and Matching Contributions shall be fully vested at all times. 
(ii)
Nonelective Contributions. 
Nonelective Contributions for Plan Years beginning 
before 2008 that had not become a Forfeiture before January 1, 2008, became fully vested on January 1, 2008. 

Nonelective Contributions for Plan Years 
beginning on and after January 1, 2008, shall be fully vested at all 
times. 
(Before January 1, 2008, a Participant’s Nonelective Contributions were 0% vested if the Participant had 
completed fewer than three Years 
of Service and 100% vested if the Participant had completed at least three 
Years 
of Service.) 
(iii)
Complete Ve 
sting. 
A Participant shall be 100% vested in his or her Participant’s 
Account in the event of his or her attainment of Normal Retirement Age prior to Severance from Employment, 
Total and Permanent Disability prior to Severance from Employment, or death prior to Severance from 
Employment. 
(b)
Effect of Amendment on Nonforfeitable Percentage. 
The computation of a Participant’s 
nonforfeitable percentage of his or her interest in the Plan shall not be reduced as the result of any direct or 






 

 

 

34 
indirect amendment to this Plan. 
For this purpose, the Plan shall be treated as having been amended if the Plan 
provides for an automatic change in vesting due to a change in Top-Heavy status. 
In the event that the Plan is 
amended to change or modify any vesting schedule, a Participant with at least three Years 
of Service as of the 
expiration date of the election period may elect to have his or her nonforfeitable percentage computed under the 
Plan without regard to such amendment. 
If a Participant fails to make such election, then such Participant shall 
be subject to the new vesting schedule. 
The Participant’s election period shall commence on the adoption date 
of the amendment and shall end 60 days after the latest of: 
(i)
the adoption date of the amendment; 
(ii)
the effective date of the amendment; or 
(iii)
the date the Participant receives written notice of the amendment from the 
Employer or Administrator. 
(c)
Effect of Break in Service. 
If a Participant is reemployed after a 1-Year 
Break in Service 
has occurred, Years 
of Service shall include Years 
of Service prior to his or her 1-Year 
Break in Service subject 
to the following rules: 
(i)
If a Participant has a 1-Year 
Break in Service, his or her pre-break and post-break 
service shall be used for computing Years 
of Service for vesting purposes only after he or she has been 
employed for one Year 
of Service following the date of his or her reemployment with the Employer; 
(ii)
A Participant who under the Plan does not have a nonforfeitable right to any 
interest in the Plan resulting from Employer contributions shall lose credits otherwise allowable under (i) above 
if his or her consecutive 1-Year 
Breaks in Service equal or exceed the greater of (A) five or (B) the aggregate 
number of his or her pre-break Years 
of Service; and 
(iii)
After five consecutive 1-Year 
Breaks in Service, a Participant’s Vested 
Account 
balance attributable to pre-break service shall not be increased as a result of post-break service. 
(d)
Years 
of Service Excluded. 
In determining Years 
of Service for purposes of vesting 
under the Plan, Years 
of Service prior to the vesting computation period in which an Employee attained his or 
her 18th birthday shall be excluded. 
(e)
Distribution Before Fully Vested. 
If a distribution is made at a time when a Participant is 
not fully Vested 
in his or her Participant’s Account and the Participant may increase the Vested 
percentage in 
such account: 
(i)
A separate account shall be established for the Participant’s interest in the Plan as 
of the time of the distribution; 
(ii)
At any relevant time, the Participant’s Vested 
portion of the separate account shall 
be equal to an amount (“X”) determined by the formula: 
 
X equals P(AB plus (RxD)) – (RxD) 
For purposes of applying the formula: P is the Vested 
percentage at the relevant time, AB is the account balance 
at the relevant time, D is the amount of distribution, and R is the ratio of the account balance at the relevant time 
to the account balance after distribution. 
6.2
Determination of Benefits Upon Termination 






 

 

 

 

35 
Upon a Participant’s Severance from Employment, the Participant’s 
Aggregate Account shall be 
subject to the Participant’s investment directions in accordance with Section 4.13 and shall share in allocations 
of earnings and losses pursuant to Section 4.7(c) until such time as a distribution is made to the Participant. 

Distribution of the Participant’s Vested 
Aggregate Account shall be made as soon as practicable following the 
Participant’s Severance from Employment; provided, however, 
that in the case of a Participant whose Vested 
Aggregate Account balance exceeds $5,000, no distribution shall be made without the written consent of the 
Participant, subject to Section 6.6 (regarding Required Minimum Distributions). 
 
Any distribution under this subsection shall be made in a manner which is consistent with and 
satisfies the provisions of Section 6.5, including, but not limited to, all notice and consent requirements of Code 
section 411(a)(11) and the Regulations thereunder. 
 
If the value of a Participant’s Vested 
Aggregate Account does not exceed $5,000, the 
Administrator shall direct the Trustee to cause the entire benefit to be paid to such Participant in a single lump 
sum. 
If the value of a Participant’s Vested 
Aggregate Account exceeds $1,000 but does not exceed $5,000, the 
entire benefit shall be automatically rolled over to an IRA unless the Participant elects otherwise. 

6.3
Determination of Benefits Upon Death 
(a)
Distribution. 
Upon the death of a Participant all Vested 
amounts credited to such 
Participant’s Aggregate Account shall be distributed, in accordance with the provisions of Section 6.5(e), to the 
deceased Participant’s Beneficiary. 
(b)
Loans. 
Any security interest held by the Plan by reason of an outstanding loan to a 
deceased Participant shall be taken into account in determining the amount of the death benefit. 
(c)
Proof of Death. 
The Administrator may require such proper proof of death and such 
evidence of the right of any person to receive payment of the value of the account of a deceased Participant as 
the Administrator may deem desirable. 
The Administrator’s determination of death and of the right of any 
person to receive payment shall be conclusive. 
(d)
Beneficiary. 
The Beneficiary of the death benefit payable pursuant to this Section shall 
be the Participant’s Spouse, 
except, however, the Participant may designate a Beneficiary other than his or her 
Spouse if: 
(i)
the Spouse has waived the right to be the Participant’s Beneficiary; 
(ii)
the Participant is legally separated or has been abandoned (within the meaning of 
local law) and the Participant has a court order to such effect (and there is no qualified domestic relations order, 
as defined in Code section 414(p), which provides otherwise); 
(iii)
the Participant has no Spouse; or 
(iv)
the Spouse cannot be located. 
 
In such event, the designation of a Beneficiary shall be made on a form satisfactory to the 
Administrator. 
A Participant may at any time revoke his or her designation of a Beneficiary or change his or 
her Beneficiary by filing written notice of such revocation or change with the Administrator. 
However, the 
Participant’s Spouse must again consent in writing to any change in Beneficiary unless the original consent 
acknowledged that the Spouse had the right to limit consent only to a specific Beneficiary and that the Spouse 






 

 

 

 

 

 

36 
voluntarily elected to relinquish such right. 
In the event no valid designation of a Beneficiary exists at the time 
of the Participant’s death, the death benefit shall be payable to his or her estate. 
(e)
Spousal Consent. 
Any consent by the Participant’s Spouse to waive any rights to the 
death benefit must be in writing, must acknowledge the effect of such waiver, and must be witnessed by a Plan 
representative or a notary public. 
Further, the Spouse’s 
consent must be irrevocable and must acknowledge the 
specific nonspouse Beneficiary. 
(f)
Death While Performing Qualified Military Service. 
Notwithstanding any provision of 
the Plan to the contrary, and in accordance with Code section 401(a)(37), in the case of a Participant who dies 
while performing qualified military service (as defined in Code section 414(u)), the Participant’s survivors shall 
be entitled to any additional benefits (other than contributions relating to the period of qualified military 
service) provided under the Plan had the Participant resumed and then terminated employment on account of 
death. 
6.4
Determination of Benefits In Event of Disability 
 
In the event of a Participant’s Total 
and Permanent Disability prior to his or her Severance from 
Employment, all amounts credited to such Participant’s Aggregate Account shall become fully Vested, 
and
the 
Trustee, in accordance with the provisions of Sections 6.5 and 6.7, shall, at the election of the Participant, 
distribute to such Participant all amounts credited to such Participant’s Aggregate Account as though he or she 
had retired. 
6.5
Distribution of Benefits 
(a)
Distribution. 
Subject to subsections (b) and (f), the Administrator shall direct the Trustee 
to distribute to the Participant or his or her Beneficiary any amount to which he or she is entitled under the Plan 
in one lump-sum payment in cash. 

(b)
Participant Consent Required. 
Except as provided in Section 6.6, any distribution to a 
Participant who has a Vested 
Aggregate Account balance which exceeds $5,000 shall require such Participant’s 
consent. 

(c)
Required Distributions. 
Notwithstanding any provision in the Plan to the contrary, the 
distribution of a Participant’s benefits 
shall comply with Section 6.6. 

(d)
Direct Rollovers. 
Notwithstanding any provision of the Plan to the contrary that would 
otherwise limit a distributee’s election under this Article VI, a distributee may elect, at the time and in the 
manner prescribed by the Administrator, to have all or a portion of an eligible rollover distribution paid directly 
to an eligible retirement plan specified by the distributee in a direct rollover. 
(i)
For purposes of this subsection, “eligible rollover distribution” 
shall mean any 
distribution of all or any portion of the balance to the credit of the distributee, except that an eligible rollover 
distribution shall not include: (i) any distribution that is one of a series of substantially equal periodic payments 
made (not less frequently than annually) for the life (or life expectancy) of the distributee or the joint lives (or 
joint life expectancy) 
of the distributee and the distributee’s designated Beneficiary, 
or for a specified period of 
ten years or more; (ii) any distribution to the extent such distribution is required under Code section 401(a)(9); 
and (iii) any amount that is distributed on account of hardship. 
A portion of a distribution shall not fail to be an 
eligible rollover distribution merely because the portion consists of after-tax employee contributions which are 
not includible in gross income. 
However, such portion may be transferred only to an individual retirement 
account or annuity described in Code sections 408(a) or (b), or to a qualified defined contribution plan 






 

 

 

37 
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. 







 

 

 

 

 

38 
(h)
Deemed Severance Distributions. 
Effective January 1, 2020, a Participant who is on 
active military duty for more than 30 days as defined in the Heroes Earnings Assistance and Relief Act of 2008 
may elect to receive a distribution from his Elective Account; provided, however that such Participants may not 
make any Elective Contributions or other employee contributions for six months following such a withdrawal. 

6.6
Required Minimum Distributions 

(a)
Precedence. 
The requirements of this Section shall take precedence over any inconsistent 
provisions of the Plan to the extent required to satisfy Code section 401(a)(9) and the Regulations thereunder. 

The requirements set forth in this Section repeat the requirements set forth in Code section 401(a)(9), including 
requirements which may not apply to the Plan because, for example, the Plan does not permit a particular form 
of distribution or does not permit deferral beyond a particular date. 
Any such requirement shall not be read as 
giving a Participant or Beneficiary a form of benefit or deferral not otherwise provided under the Plan. 
(b)
Requirements of Regulations Incorporated. 
All distributions 
required under this Section 
shall be determined and made in accordance with the Regulations under Code section 401(a)(9). 
(c)
Time and Manner of Distribution. 

(i)
Required Beginning Date. 
The Participant’s entire interest shall be distributed, or 
begin to be distributed, to the Participant no later than the Participant’s Required Beginning Date. 
(ii)
Death of Participant Before Distributions Begin. 
If the Participant dies before 
distributions begin, the Participant’s entire interest shall be distributed, or begin to be distributed, no later than 
as follows: 
(A)
If the Participant’s Surviving Spouse is the Participant’s 
sole Designated 
Beneficiary, then distributions to the Surviving Spouse shall begin by December 31 of the calendar year 
immediately following the calendar year in which the Participant died, or by December 31 of the calendar year 
in which the Participant would have attained age 701⁄2, if later. 
(B)
If the Participant’s Surviving Spouse is not the Participant’s 
sole 
Designated Beneficiary, then distributions to the Designated Beneficiary shall begin by December 31 of the 
calendar year immediately following the calendar year in which the Participant died. 
(C)
If there is no Designated Beneficiary as of September 30 of the year 
following the year of the Participant’s death, the Participant’s 
entire interest shall be distributed by December 
31 of the calendar year containing the fifth anniversary of the Participant’s death. 
(D)
If the Participant’s Surviving Spouse is the Participant’s 
sole Designated 
Beneficiary and the Surviving Spouse dies after the Participant but before distributions to the Surviving Spouse 
begin, this paragraph (ii), other than paragraph (ii)(A), shall apply as if the Surviving Spouse were the 
Participant. 
For purposes of this paragraph (ii) and Section 6.6(e), unless paragraph (ii)(D) applies, distributions are 
considered to begin on the Participant’s Required Beginning Date. 
If paragraph (ii)(D) applies, distributions are 
considered to begin on the date distributions are required to begin to the Surviving Spouse under paragraph 
(ii)(A). 
If distributions under an annuity purchased from an insurance company irrevocably commence to the 
Participant before the Participant’s Required Beginning Date (or to the Participant’s 
Surviving Spouse before 
the date distributions are required to begin to the Surviving Spouse under paragraph (ii)(A)), the date 
distributions are considered to begin is the date distributions actually commence. 






 

 

 

 

 

 

39 
(iii)
Forms of Distribution. 
Unless the Participant’s interest is distributed in the form 
of an annuity purchased from an insurance company or in a single sum on or before the Required Beginning 
Date, as of the first Distribution Calendar Year 
distributions shall be made in accordance with Section 6.6(d) 
and Section 6.6(e). 
If the Participant’s interest is distributed in the form of an annuity purchased from an 
insurance company, distributions thereunder shall be made in accordance with 
the requirements of Code section 
401(a)(9) and the Regulations. 
(d)
Required Minimum Distributions During Participant’s Lifetime. 

(i)
Amount of Required Minimum Distributions For Each Distribution Calendar 
Year 
. 
During the Participant’s lifetime, the minimum amount that shall be distributed for each Distribution 
Calendar Year 
is the lesser of: 
(A)
The quotient obtained by dividing the Participant’s Account Balance by 
the distribution period in the Uniform Lifetime Table set forth in Regulation 
section 1.401(a)(9)-9, using the 
Participant’s age as of the Participant’s 
birthday in the Distribution Calendar Year; 
or 
(B)
If the Participant’s sole Designated Beneficiary for the Distribution 
Calendar Year 
is the Participant’s Spouse, the quotient obtained by dividing the Participant’s 
Account Balance 
by the number in the Joint and Last Survivor Table set forth in Regulation section 1.401(a)(9)-9, using the 
Participant’s and Spouse’s 
attained ages as of the Participant’s and Spouse’s 
birthday in the Distribution 
Calendar Year. 
(ii)
Lifetime Required Minimum Distributions Continue Through Year 
of 
Participant’s Death. 
Required minimum distributions shall be determined under this subsection beginning with 
the first Distribution Calendar Year 
and up to and including the Distribution Calendar Year 
that includes the 
Participant’s date of death. 
(e)
Required Minimum Distributions After Participant’s Death. 
(i)
Death On or After Date Distributions Begin. 
(A)
Participant Survived by Designated Beneficiary. 
If the Participant dies on 
or after the date distributions begin and there is a Designated Beneficiary, the minimum amount that shall be 
distributed for each Distribution Calendar Year 
after the year of the Participant’s death is the quotient obtained 
by dividing the Participant’s Account Balance by the longer of the remaining Life Expectancy of the Participant 
or the remaining Life Expectancy of the Participant’s Designated Beneficiary, 
determined as follows: 
(I)
The Participant’s remaining Life Expectancy is calculated using 
the age of the Participant in the year of death, reduced by one for each subsequent year. 
(II)
If the Participant’s Surviving Spouse is the Participant’s 
sole 
Designated Beneficiary, the remaining Life Expectancy of the Surviving Spouse is calculated for each 
Distribution Calendar Year 
after the year of the Participant’s death using the Surviving Spouse’s 
age as of the 
Spouse’s birthday in that year. 
For Distribution Calendar Years 
after the year of the Surviving Spouse’s death, 
the remaining Life Expectancy of the Surviving Spouse is calculated using the age of the Surviving Spouse as 
of the Spouse’s birthday in the calendar year of the Spouse’s 
death, reduced by one for each subsequent 
calendar year. 
(III)
If the Participant’s Surviving Spouse is not the Participant’s 
sole 
Designated Beneficiary, the Designated Beneficiary’s 
remaining Life Expectancy is calculated using the age of 






 

 

 

 

 

 

 

 

 

40 
the beneficiary in the year following the year of the Participant’s death, reduced by one for each subsequent 
year. 
(B)
No Designated Beneficiary. 
If the Participant dies on or after the date 
distributions begin and there is no Designated Beneficiary as of September 30 of the year after the year of the 
Participant’s death, the minimum amount that shall be distributed for each Distribution Calendar Year 
after the 
year of the Participant’s death is the quotient obtained by dividing the Participant’s 
Account Balance by the 
Participant’s remaining Life Expectancy calculated using the age of the Participant in the year of death, reduced 
by one for each subsequent year. 
(ii)
Death Before Date Distributions Begin. 
(A)
Participant Survived by Designated Beneficiary. 
If the Participant dies 
before the date distributions begin and there is a Designated Beneficiary, the minimum amount that shall be 
distributed for each Distribution Calendar Year 
after the year of the Participant’s death is the quotient obtained 
by dividing the Participant’s Account Balance by the remaining life expectancy of the Participant’s 
designated 
beneficiary, determined as provided in Section 6.6(e)(i). 
(B)
No Designated Beneficiary. 
If the Participant dies before the date 
distributions begin and there is no Designated Beneficiary as of September 30 of the year following the year of 
the Participant’s death, distribution of the Participant’s 
entire interest shall be completed by December 31 of the 
calendar year containing the fifth anniversary of the Participant’s death. 
(C)
Death of Surviving Spouse Before Distributions to Surviving Spouse are 
Required to Begin. 
If the Participant dies before the date distributions begin, the Participant’s Surviving Spouse 
is the Participant’s sole designated beneficiary, 
and the Surviving Spouse dies before distributions are required 
to begin to the Surviving Spouse under Section 6.6(c)(ii)(A), this paragraph (ii) shall apply as if the Surviving 
Spouse were the Participant. 
(f)
Distribution Forms. 
This Section shall not entitle the Participant or beneficiary to any 
form of distribution not otherwise available under the Plan, or delay the date as of which any benefit is to be 
paid under any other provision of the Plan. 
(g)
Definitions. 
(i)
Designated Beneficiary. 
The individual who is designated as the Beneficiary 
under Section 1.8 and is the designated beneficiary under Code section 401(a)(9) and Regulation section 
1.401(a)(9)-1, Q&A-4. 
(ii)
Distribution Calendar Year. 
A calendar year for which a minimum distribution is 
required. 
For distributions beginning before the Participant’s death, the first Distribution Calendar Year 
is the 
calendar year immediately preceding the calendar year which contains the Participant’s Required Beginning 
Date. 
For distributions beginning after the Participant’s death, the first Distribution Calendar Year 
is the 
calendar year in which distributions are required to begin under Section 6.6(c)(ii). 
The required minimum 
distribution for the Participant’s first Distribution Calendar Year 
shall be made on or before the Participant’s 
Required Beginning Date. 
The required minimum distribution for other Distribution Calendar Years, 
including 
the required minimum distribution for the Distribution Calendar Year 
in which the Participant’s Required 
Beginning Date occurs, shall be made on or before December 31 of that Distribution Calendar Year. 
(iii)
Life Expectancy. 
Life expectancy as computed by use of the Single Life Table in 
Regulation section 1.401(a)(9)-9. 






 

 

41 
(iv)
Participant’s Account Balance. 
The balance in the Participant’s Aggregate 
Account as of the last valuation date in the calendar year immediately preceding the Distribution Calendar Year 
(“Valuation 
Calendar Year 
”) increased by the amount of any contributions made and allocated or forfeitures 
allocated to the Participant’s Aggregate Account as of dates in the Valuation 
Calendar Year 
after the valuation 
date and decreased by distributions made in the Valuation 
Calendar Year 
after the valuation date. 
The balance 
in the Participant’s Aggregate Account for the Valuation 
Calendar Year 
includes any amounts rolled over or 
transferred to the Plan either in the Valuation 
Calendar Year 
or in the Distribution Calendar Year 
if distributed 
or transferred in the Valuation 
Calendar Year. 
(v)
Required Beginning Date. 
Effective for Participants who attain age 701⁄2 on or 
after January 1, 1997, a Participant’s Required Beginning Date shall mean the April 1 following the later of (i) 
the calendar year in which the Participant attains age 701⁄2 or (ii) the calendar year in which the Participant 
retires; provided, however, that the Required Beginning Date for a Participant who is a 5% owner (as defined in 
Code section 416(i)) at any time during the five Plan Year 
period ending in the calendar year in which he or she 
attains age 701⁄2, or in the case of a Participant who becomes a 5% owner during any subsequent Plan Year, 
shall be the April 1 following the calendar year in which he or she attains age 701⁄2. 
Notwithstanding the 
foregoing, a Participant (who is not a 5% owner) who attained age 701⁄2 on or after January 1, 1997, but prior to 
January 1, 2002, may elect to commence distribution on the April 1 of the calendar year following the calendar 
year in which he or she attains age 701⁄2. 
6.7
Latest Date of Commencement of Payments 
 
Unless the Participant elects otherwise, the payments of benefits shall occur not later than (a) the 
60th day after the close of the Plan Year 
in which the Participant attains his or her Normal Retirement Age, (b) 
the tenth anniversary of the year in which the Participant commenced participation in the Plan, or (c) the date 
the Participant terminates his or her service with the Employer. 
A Participant’s failure to apply for benefits 
shall be deemed an election to defer commencement of benefits for purposes of this Section. 
6.8
Distribution for Minor Beneficiary 
 
In the event a distribution is to be made to a minor, the Administrator may direct that such 
distribution be paid to the legal guardian or, if none, to a parent of such Beneficiary or a responsible adult with 
whom the Beneficiary maintains his or her residence, 
or to the custodian for such Beneficiary under the 
Uniform Transfers to Minors Act, if such is permitted by the laws of the state in which such Beneficiary resides. 

Such a payment to the legal guardian, custodian or parent of a minor Beneficiary shall fully discharge the 
Trustee, Employer, and Plan from further liability on account thereof. 
6.9
Location of Participant or Beneficiary Unknown 
 
In the event that all, or any portion, of the distribution payable to a Participant or his or her 
Beneficiary hereunder shall, at his or her Normal Retirement Age, remain unpaid solely by reason of the 
inability of the Administrator, after sending a registered letter, return receipt requested, to the last known 
address, 
and after further diligent effort, to ascertain the whereabouts of such Participant or his or her 
Beneficiary, the amount so distributable shall be forfeited and used as provided in Section 4.7(f). 
In the event a 
Participant or Beneficiary is located subsequent to his or her benefit being reallocated, such benefit shall be 
restored. 
6.10
Limitations on Benefits and Distributions 
 
All rights and benefits, including elections, provided to a Participant in this Plan shall be subject 
to the rights afforded to any alternate payee under a qualified domestic relations order. 
Furthermore, a 






 

 

 

 

42 
distribution to an alternate payee shall be permitted if such distribution is authorized by a qualified domestic 
relations order, even if the affected Participant has not reached the earliest retirement age under the Plan. 
For 
the purposes of this Section, “alternate payee,” “qualified domestic relations order,” and “earliest retirement 
age” shall have the meanings set forth under Code section 414(p). 
6.11
Hardship Distributions 

(a)
In General. 
Distributions of any vested amounts (including Qualified Nonelective 
Contributions) may be made to a Participant in the event of hardship. 
For the purposes of this Section, hardship 
is defined as an immediate and heavy financial need of the Participant where such Participant lacks other 
available resources. 
Hardship distributions shall be made in the minimum amount of $1,000 or to the extent of 
all available vested amounts, 
if less. 
(b)
Immediate and Heavy Financial Need. 
For purposes of this Section, an “immediate and 
heavy financial need,” as such term is defined under Code section 401(k) and the Regulations thereunder, shall 
include the following: (i) expenses incurred or necessary for medical care that would be deductible under Code 
section 213(d) (determined without regard to whether the expenses exceed 7.5% of adjusted gross income); (ii) 
costs directly related to the purchase (excluding mortgage payments) of a principal residence for the Participant; 
(iii) payment of tuition, room and board, and related educational fees for up to the next 12 months of post-
secondary education for the Participant, Participant’s Spouse, children, or dependents (as defined in Code 
section 152 without regard to Code sections 152(b)(1), (b)(2), and (d)(1)(B)); (iv) payments necessary to 
prevent the eviction of the Participant from, or a foreclosure on the mortgage of, the Participant’s principal 
residence; (v) payment of burial or funeral expenses for the Participant’s deceased parent, Spouse, children, or 
dependents (as defined in Code section 152 without regard to Code section 152(d)(1)(B)); (vi) expenses for the 
repair of damage to the Participant’s principal residence that would qualify for the casualty deduction under 
Code section 165 (determined without regard to Code section 165(h)(5) and whether the loss exceeds 10% of 
adjusted gross income); (vii) expenses and losses (including loss of income) incurred by the Participant on 
account of a disaster declared by the Federal Emergency Management Agency (“FEMA”) if the Participant’s 
principal residence or principal place of employment at the time of the disaster was located in an area 
designated by FEMA for individual assistance; and (viii) any other type of immediate and heavy financial need 
permissible under Code section 401(k) and the Regulations thereunder. 
(c)
Distribution Necessary to Satisfy Need. 
A distribution shall be considered as necessary 
to satisfy an immediate and heavy financial need of the Participant only if: 
(i)
the Participant has obtained all distributions, other than hardship distributions, 
under all plans maintained by the Employer; 
(ii)
the distribution is not in excess of the amount of an immediate and heavy 
financial need (including amounts necessary to pay any Federal, state, 
or local income taxes or penalties 
reasonably anticipated to result from the distribution); 
and 
(iii)
the Participant has provided to the Administrator a written representation that he 
or she has insufficient cash or liquid assets reasonably available to satisfy the need, and the Administrator does 
not have actual knowledge to the contrary. 
(d)
Investment Funds. 
A distribution pursuant to this Section shall be made from one or 
more of the investment categories designated by the Participant for investment of his or her Account pursuant to 
Section 4.13. 
6.12
Withdrawals of Previously Contributed Amounts 






 

 

 

 

 

 

 

43 
 
With respect to Discretionary Contributions made in Plan Years 
ending before January 1, 1992 
only (“Pre-1992 Discretionary Contributions”), each Participant who has received an allocation of such Pre-
1992 Discretionary Contributions shall have the right to elect, in writing on forms provided by the 
Administrator, to withdraw (i) 100%, (ii) 50%, or (iii) 0% of the Pre-1992 Discretionary Contributions allocated 
to his or her account. 
Such permitted withdrawals shall be in cash and made as promptly as practicable after the 
end of the Plan Year 
in which the election is made. 
Such amount shall be adjusted (as of the last day of the 
calendar year preceding the date of the withdrawal) to the fair market value of the assets of the Fund attributable 
to such deferred, allocated amount. 
All elections under this Section shall be made on or before the November 
30 preceding the date of the withdrawal. 
Failure to timely file a written election with respect to the withdrawal 
privilege for the respective Plan Year 
shall constitute a binding election to waive the right of withdrawal. 
6.13
Loans 
(a)
In General. 
Loans to Participants shall be allowed if such loans comply with this Section. 

Subject to such uniform and nondiscriminatory rules as may from time to time be adopted by the Administrator, 
the Trustee, 
upon instructions from the Administrator, may make a loan or loans to a Participant; provided, 
however, that a Participant may only have up to two loans outstanding at any time. 
All loans to Participants 
shall be considered investments of the Fund. 

(b)
Limits on Loans. 
A Participant’s loan (when added to the outstanding balance of all 
other loans from the Plan) shall be limited to the lesser of (i) $50,000 reduced by the excess, if any, of the 
highest outstanding balance of loans during the one-year period ending on the day before the loan is made over 
the outstanding balance of loans on the date the loan is made or (ii) 50% of the vested interest in the 
Participant’s Aggregate Account as of the date on which the loan is made. 
For purposes of this limit, all loans 
from all other plans maintained by the Employer or by any Affiliated Employer other entity shall be considered 
as a loan from the Plan. 
(c)
Quaker Stock Fund Not Available for Loans. 
Amounts invested in the Quaker Stock 
Fund shall be taken into account in calculating the amount of the loan, but such amounts may not be borrowed 
from the Plan. 
(d)
No Offset Until Distributable Event. 
In the event of default, foreclosure on the note and 
attachment of security shall not occur until a distributable event occurs under the terms of the Plan. 
(e)
Security. 
All loans to Participants made by the Trustee shall be secured by the pledge of 
no more than 50% of the Participant’s interest in the Fund. 
(f)
Interest Rate. 
Interest shall be charged at a reasonable rate equal to the prevailing rate of 
interest charged for similar loans by lending institutions in the community plus 1% on the date of the loan; 
provided, however, that in no event shall the interest rate charged be in violation of any applicable state usury 
law or 29 CFR §2550.408b-1(E). 
Notwithstanding the foregoing, in the case of a loan taken by a Participant 
prior to commencement of “military service” (as defined for purposes of the Servicemembers Civil Relief Act 
or any successor thereto), the interest charged on such loan shall not exceed 6% for the duration of such military 
service. 
(g)
General Term of Loan. 
The Administrator shall determine the term of the loan (which, 
except as provided in subsection (h), may not be more than five years). 
To the extent that a Participant 
becomes 
entitled to payments of benefits or withdraws all or a portion of the Participant’s Aggregate Account, the 
payments or withdrawals, as the case may be, shall be immediately applied against the balance outstanding, 
including interest on the loan, and such amount shall then be deemed immediately due and payable. 
Loans shall 
be nonrenewable and nonextendable. 






 

 

 

 

 

 

 

 

 

44 
(h)
Term of Principal Residence Loan. 
To the extent 
that a loan to a Participant is made for 
the express purpose of acquiring or constructing a principal residence of the Participant, the loan shall generally 
be for a term the Administrator determines to be appropriate, but in no event shall the term exceed the 
maximum period of time prescribed by the Code and the rulings, announcements, and Regulations issued 
thereunder. 
(i)
Amortization. 
Loans shall be amortized in level payments not less frequently than 
quarterly. 
The level amortization requirement shall not apply (A) for a period, not longer than one year, that a 
Participant is on a bona fide leave of absence either without pay or at a rate of pay (after applicable employment 
tax withholdings) that is less than the amount of the installment payments required under the terms of the loan, 
and (B) during a period the Participant is performing service in the uniformed services (as defined in Chapter 43 
of Title 38 of the United States Code), both as described in Regulation section 1.72(p)-1. 

(j)
Offset on Default. 
Except as described in subsection (d), if a loan is not paid as and when 
due, such outstanding loan or loans may be deducted from any benefit which is or becomes payable to the 
borrower-Participant, and any other security pledged shall be sold by the Trustee at public or private sale as 
soon as is practicable after such default. 
The proceeds of any sale shall first be applied to pay the expenses of 
conducting the sale, including reasonable attorneys’ fees, 
and then to pay any sums due from the borrower-
Participant to the Fund, with such payment to be applied first to accrued interest and then to principal. 
The 
Participant shall remain liable for any deficiency, and any surplus remaining shall be paid to the Participant. 
(k)
Repayments. 
All loan repayments shall be allocated to the designated investment 
categories in accordance with the Participant’s investment designation applicable at the time of the repayment. 

The Employer shall be permitted to implement salary withholding as a means of facilitating the repayment of 
any loan. 
(l)
Loan Under Prior Plans. 
Notwithstanding the foregoing, any loan under a plan which is 
merged with and into the Plan (“Merged Plan”) which is outstanding at the time of such merger shall continue 
in accordance with the terms of the loan as made under the Merged Plan. 
6.14
Distributions From the Rollover Account 

(a)
Timing of Distribution. 
Amounts credited to a Participant’s Rollover Account may be 
distributed at any time upon a request by the Participant in accordance with the procedures established by the 
Administrator. 
(b)
Investment Funds. 
A distribution 
pursuant to this Section shall be made from one or 
more of the investment categories designated by the Participant for investment of his or her Account pursuant to 
Section 4.13. 
6.15
Distributions at or After Age 591⁄2. 

(a)
Timing of Distribution. 
Amounts credited to a Participant’s Aggregate Account may be 
distributed at any time upon a request by the Participant after attainment of age 591⁄2 in accordance with the 
procedures established by the Administrator. 
(b)
Investment Funds. 
A distribution pursuant to this Section shall be made from one or 
more of the investment categories designated by the Participant for investment of his or her Account pursuant to 
Section 4.13. 






 

 

 

45 
6.16
Distributions of G.W. 
Smith Accounts. 
Notwithstanding any other provision of the Plan to the 
contrary, any amounts attributable to employer contributions under the G.W. 
Smith & Sons, Inc. 401(k) Profit 
Sharing Plan (the “G.W. 
Smith Plan”) which (i) were transferred to this Plan in connection with the merger of 
the G.W. 
Smith Plan with and into this Plan effective January 1, 2014, and (ii) were available under the terms of 
the G.W. 
Smith Plan for withdrawal at age 55 shall remain available for withdrawal at age 55, provided that no 
more than two such withdrawals shall be permitted in any 12-month period until attainment of age 591⁄2. 

Separate subaccounts shall be maintained under this Plan for such amounts to the extent necessary. 
6.17
Disclaimer . 
An individual who has been designated as a Beneficiary under this Article VI may 
disclaim the benefit payable to him or her under the Plan by submitting a qualified disclaimer in accordance 
with Code section 2518. 
ARTICLE VII 
ADMINISTRATION 
7.1
Powers and Responsibilities of the Company 
(a)
Appointment and Removal of Trustee and Administrator. 
The Company shall be 
empowered to appoint and remove the Trustee and the Administrator from time to time as it deems necessary 
for the proper administration of the Plan to assure that the Plan is being operated for the exclusive benefit of the 
Participants and their Beneficiaries in accordance with the terms of the Plan, the Code, and ERISA. 
(b)
Funding Policy and Method. 
The Company shall establish a “funding policy and 
method,” i.e., it shall determine whether the Plan has a short-run need for liquidity (e.g., to pay benefits) or 
whether liquidity is a long-run goal and investment growth (and stability of same) is a more current need, or 
shall appoint a qualified person to do so. 
The Company or its delegate shall communicate such needs and goals 
to the Trustee, who shall coordinate such Plan needs with its investment policy. 
The communication of such a 
funding policy and method shall not, however, constitute a directive to the Trustee as to investment of the Trust 
Fund. 
Such funding policy and method shall be consistent with the objectives of this Plan and with the 
requirements of Title I of ERISA. 
(c)
Periodic Review of Fiduciaries. 
The Company shall periodically review the performance 
of any Fiduciary or other person to whom duties have been delegated or allocated by it under the provisions of 
this Plan or pursuant to procedures established hereunder. 
This requirement may be satisfied by formal periodic 
review by the Company or by a qualified person specifically designated by the Company, through day-to-day 
conduct and evaluation, or through other appropriate ways. 
7.2
Designation of Administrative Authority 
 
The Administrator shall consist of a committee of two or more individuals appointed by the 
Company. 
Any person, including, but not limited to, an Employee of the Employer, shall be eligible to serve on 
the committee. 
Any person so appointed shall signify his or her acceptance by filing written acceptance with 
the Company. 
A member of the committee may resign by delivering his or her written resignation to the 
Company or be removed by the Company by delivery of written notice of removal, to take effect at a date 
specified therein, or upon delivery to the committee member if no date is specified. 
The committee shall act in 
accordance with bylaws or procedures adopted by the committee and approved by the Company. 






46 
 
The Company, upon the resignation or removal of a committee member, 
shall promptly 
designate in writing a successor to this position. 
If the Company does not appoint a committee, the Company 
shall function as the Administrator. 
7.3
Allocation and Delegation of Responsibilities 
 
If more than one person is appointed as Administrator, the responsibilities of each Administrator 
may be specified by the Company and accepted in writing by each Administrator. In the event that no such 
delegation is made by the Company, the Administrators may allocate the responsibilities among themselves, in 
which event the Administrators shall notify the Company and the Trustee in writing of such action and specify 
the responsibilities of each Administrator. 
The Trustee thereafter shall accept and rely upon any documents 
executed by the appropriate Administrator until such time as the Company or the Administrators file with the 
Trustee a written revocation of such designation. 
7.4
Powers and Duties of the Administrator 
 
The primary responsibility of the Administrator is to administer the Plan for the exclusive benefit 
of the Participants and their Beneficiaries, subject to the specific terms of the Plan. 
The Administrator shall 
administer the Plan in accordance with its terms and shall have the power and discretion to construe the terms of 
the Plan and to determine all questions arising in connection with the administration, interpretation, and 
application of the Plan. 
Any such determination by the Administrator shall be conclusive and binding upon all 
persons. 
The Administrator may establish procedures, supply any information, 
or reconcile any inconsistency 
in such manner and to such extent as shall be deemed necessary or advisable to carry out the purpose of the 
Plan; provided, however, that any procedure, discretionary act, interpretation, 
or construction shall be done in a 
nondiscriminatory manner based upon uniform principles consistently applied and shall be consistent with the 
intent that the Plan shall continue to be deemed a qualified plan under the terms of Code section 401(a), and 
shall comply with the terms of ERISA and all regulations issued pursuant thereto. 
The Administrator shall have 
all powers necessary or appropriate to accomplish his or her duties under its Plan. 
 
The Administrator shall be charged with the duties of the general administration of the Plan, 
including, but not limited to, the following: 
(a)
the discretion to determine all questions relating to the eligibility of an Employee to 
become a Participant or remain a Participant hereunder and to receive benefits under the Plan; 
(b)
to correct any defect, reconcile any inconsistency, resolve any ambiguity, 
or supply any 
omission with respect to the Plan; 
(c)
to make all other determinations, factual or otherwise, necessary or advisable for the 
discharge of the Administrator’s duties under the Plan; 

(d)
to compute, certify, 
and direct the Trustee with respect to the amount and the kind of 
benefits to which any Participant shall be entitled hereunder; 
(e)
to authorize and direct the Trustee with respect to all nondiscretionary or otherwise 
directed disbursements from the Trust; 
(f)
to maintain all necessary records for the administration of the Plan; 
(g)
to interpret the provisions of the Plan and to make and publish such rules for regulation of 
the Plan as are consistent with the terms hereof; 






47 
(h)
to determine the size and type of any Contract to be purchased from any insurer, and to 
designate the insurer from which such Contract shall be purchased; 
(i)
to compute and certify to the Employer and to the Trustee from time to time the sums of 
money necessary or desirable to be contributed to the Plan; 
(j)
to consult with the Company and the Trustee regarding the short- and long-term liquidity 
needs of the Plan in order that the Trustee can exercise any investment discretion in a manner designed to 
accomplish specific objectives; 
(k)
to prepare and implement a procedure to notify Eligible Employees that they may elect to 
have a portion of their Compensation deferred or paid to them in cash; 
(l)
to assist any Participant regarding his or her rights, benefits, or elections available under 
the Plan; and 
(m)
to determine whether any domestic relations order constitutes a qualified domestic 
relations order, as defined in Code section 414(p), and to take such action as the Administrator deems 
appropriate in light of such domestic relation order. 
7.5
Records and Reports 
 
The Administrator shall keep a record of all actions taken and shall keep all other books of 
account, records, and other data that may be necessary for proper administration of the Plan and shall be 
responsible for supplying all information and reports to the Internal Revenue Service, Department of Labor, 
Participants, Beneficiaries and others as required by law. 
7.6
Appointment of Advisers 
 
The Administrator or Trustee, with the consent of the Company, 
may appoint counsel, 
specialists, advisers, and other persons as the Administrator or Trustee deems necessary or desirable in 
connection with the administration of this Plan. 
7.7
Information from Employer 
 
To enable the Administrator to perform its functions, the Employer shall supply full and timely 
information to the Administrator on all matters relating to the Compensation of all Participants, their Hours of 
Service, their Years 
of Service, their retirement, death, disability, or Severance from Employment and such 
other pertinent facts as the Administrator may require; and the Administrator shall advise the Trustee of such of 
the foregoing facts as may be pertinent to the Trustee’s 
duties under the Plan. 
The Administrator may rely upon 
such information as is supplied by the Employer and shall have no duty or responsibility to verify such 
information. 
7.8
Payment of Expenses 
 
All expenses of administration may be paid out of the Fund unless paid by the Employer. 
Such 
expenses shall include any expenses incident to the functioning of the Administrator, including, but not limited 
to, fees of accountants, counsel, and other specialists and their agents, and other costs of administering the Plan. 

Until paid, the expenses shall constitute a liability of the Fund. 
However, the Employer may reimburse the 
Fund for any administration expense incurred. 
Any administration expense paid to the Fund as a 
reimbursement shall not be considered an Employer contribution. 






 

 

 

 

48 
7.9
Majority Actions 
 
The members of the committee shall act by a majority of their number, but may authorize one or 
more of them to sign all papers on their behalf. 
7.10
Claims Procedure 
(a)
Initial Claim. 
A Participant, Spouse, or Beneficiary (“claimant”) who believes he or she 
is entitled to benefits hereunder, may claim those benefits by submitting to the Administrator a written 
notification of any claim of right to such benefits. 
The Administrator shall make all determinations as to the 
right of any person to receive benefits under the Plan. 
If such benefits are wholly or partially denied, the 
Administrator shall notify the claimant of the denial of the claim. 
(b)
Notice of Denial of Claim. 
Any notice of denial of a claim shall: 
(i)
be in writing and sent to the claimant by registered or certified mail (or by means 
of an electronic medium that satisfies the requirements of 29 CFR §2520.104b-1(c)(1)(i), (iii), and (iv)); 
(ii)
be written in a manner calculated to be understood by the claimant; 
(iii)
contain (A) the specific reason or reasons for the denial of the claim, (B) specific 
reference to the pertinent provisions of the Plan upon which the denial is based, (C) a description of the required 
documentation and procedures necessary to perfect the claim, along with an explanation of why such material 
or information is necessary, (D) an explanation of the claims review procedure, including time limits applicable 
to the procedure, and (E) a statement of the claimant’s right to bring a civil action under section 502(a) of the 
Act following an adverse determination on review; and 
(iv)
be given to a claimant within 90 days after receipt of his or her claim by the 
Administrator unless special circumstances require an extension of time for processing of the claim. 
If such 
extension of time for processing is required, written notice of the extension shall be furnished to the claimant 
prior to the termination of such 90-day period, and such notice shall indicate the special circumstances which 
make the postponement appropriate and the date the determination is expected. 
In no event may the extension 
exceed a total of 180 days from the date of the original receipt of the claim. 
(c)
Procedure for Appeal. 
In case of a denial as outlined in Section 7.10(b), the claimant or 
his or her representative shall have the opportunity to appeal to the Administrator for review thereof by 
requesting such review in writing to the Administrator; provided, however, that such written request must be 
received by the Administrator (or his or her delegate to receive such requests) within 60 days after receipt by 
the claimant of written notification of the denial or limitation of the claim. 
The claimant or his or her 
representative shall have a right to review all pertinent documents and submit comments in writing. 
The 
claimant or his or her duly authorized representative shall also be provided, upon request and without charge, 
reasonable access to and copies of, all documents, records, 
or other information relevant to the claim. 
The 
claimant or his or her duly authorized representative shall also be permitted to submit to the Administrator 
documents, records, and other information relating to the claim. 
(d)
Decision on Appeal. 
No later than 60 days after its receipt of the request for review, the 
Administrator shall render a decision in writing (or by means of an electronic medium that satisfies the 
requirements of 29 CFR §2520.104b-1(c)(1)(i), (iii), and (iv)) stating specific reasons therefor and citing 
specific Plan references. If special circumstances require extension, and upon prior written notice to the 
claimant, the Administrator’s decision may be given within 120 days after receipt of the request for review. The 






49 
extension notice shall indicate the special circumstances requiring an extension and the date that the 
determination on review is expected. 

 
Notwithstanding the foregoing, if the Administrator is a committee that holds regularly 
scheduled meetings at least quarterly, an individual’s 
request for review shall be acted upon at the meeting 
immediately following the receipt of the individual’s request, unless such request is filed within 30 days 
preceding such meeting. 
In such instance, the decision shall be made no later than the date of the second 
meeting following receipt of such request. 
If special circumstances (such as a need to hold a hearing) require a 
further extension of time for processing a request, a decision shall be rendered not later than the third meeting of 
the Administrator following the receipt of such request for review and written notice of the extension shall be 
furnished to the individual prior to the commencement of the extension. The extension notice shall indicate the 
special circumstances requiring an extension and the date that the determination on review will be made. 
The 
Administrator shall notify the claimant or his or her representative of the determination as soon as possible, but 
not later than five days after the determination is made. 
 
In the event that the decision denies in whole or in part a claim on appeal, the notice furnished to 
the claimant shall also specify that the claimant or his or her duly authorized representative has a right to be 
provided, upon request and without charge, reasonable access to, and copies of, all documents, records, or other 
information relevant to the claim and specify that the claimant has a right to bring a civil action under section 
502(a) of the Act. 
Claims for benefits under the Plan may be filed in writing with the Administrator. Written 
notice of the disposition of a claim shall be furnished to the claimant within 90 days after the application is 
filed. In the event the claim is denied, the reasons for the denial shall be specifically set forth in the notice in 
language calculated to be understood by the claimant, pertinent provisions of the Plan shall be cited, and, where 
appropriate, an explanation as to how the claimant can perfect the claim shall be provided. In addition, the 
claimant shall be furnished with an explanation of the Plan’s claims review procedure. 

 
(e) 
Notwithstanding the foregoing, a claim that involves a determination regarding disability 
shall be subject to the special rules for disability claims set forth in the regulations under Section 503 of ERISA. 
7.11
Limitations on Actions 
(a)
A claimant (as defined in Section 7.10) shall have no right to bring any action at law or in 
equity regarding a claim for benefits, unless and until he or she exhausts his or her rights to review under 
Section 7.10 in accordance with the time frames set forth in those procedures. 
(b)
No action at law or in equity shall be brought to recover benefits under the Plan later than 
two years from the date of the final adverse benefit determination of the claimant’s appeal of the denial of his or 
her claim for benefits under Section 7.10. 
Notwithstanding the foregoing, if the applicable, analogous 
Pennsylvania statute of limitations has run or will run before the aforementioned two-year period, the 
Pennsylvania statute of limitations is controlling. 
(c)
No action at law or in equity shall be brought in connection with the Plan except in 
Federal district court in Philadelphia, Pennsylvania. 
7.12
Discretionary Authority 

 
The Administrator (or its designee, in the case of any delegated duties) shall have sole discretion 
to carry out its responsibilities under this Article VII, to construe and interpret the provisions of the Plan and to 
determine all questions concerning benefit entitlements, including the power to construe and determine disputed 






 

 

50 
or doubtful terms. 
To the maximum extent permissible under law, 
the Administrator’s (or its designee’s) 
determinations on all such matters shall be final and binding upon all persons involved. 
ARTICLE VIII 
AMENDMENT, TERMINATION 
AND MERGERS 
8.1
Right to Amend 
(a)
By The Board of Directors. 
The Board of Directors of the Company shall have the right 
to amend the Plan at any time by resolution, subject to the following limitations: 
(i)
No such amendment shall cause any part of the Trust assets to be used for or 
diverted to any purpose other than the exclusive benefit of the Participants or their Beneficiaries, except as 
provided in Section 9.6(b). 
(ii)
No such amendment shall cause any reduction in the amount of any Participant’s 
accrued benefit. 
For purposes of this paragraph, an amendment which has the effect of (A) eliminating or 
reducing an early retirement benefit or a retirement-type subsidy, or (B) eliminating an optional form of benefit, 
with respect to benefits attributable to service before the amendment, shall be treated as reducing accrued 
benefits except as provided in Code section 411(d)(6) and the Regulations thereunder. 
(iii)
No such amendment shall change any vesting schedule unless, in the case of an 
Employee who is a Participant on: 
(A)
The date the amendment is adopted; or 
(B)
The date the amendment is effective, if later, 

the vested percentage of such Participant’s right to his or her Aggregate Account is not less than such 
percentage computed under the Plan without regard to such amendment. 
Furthermore, no such amendment 
shall otherwise change any vesting schedule unless each Participant having three or more Years 
of Service is 
permitted to elect, in accordance with the Code and applicable Regulations, to have the vested percentage of his 
or her Aggregate Account determined under the Plan without regard to such amendment; provided, however, 
that no election shall be given to any Participant whose vested percentage under the Plan as amended cannot at 
any time be less than such percentage determined without regard to such amendment. 
(b)
By the Administrator. 
The Administrator shall have the right to amend the Plan at any 
time, subject to the limitations set forth in Section 8.1(a), except to the extent the Board of Directors of the 
Company has retained amendment authority. 
The Board has retained amendment authority with respect to (i) 
any increase in the rate of Matching Contributions under the Plan (except as provided in Section 4.4(a)), (ii) any 
increase in the rate of Nonelective Contributions above 3% of Compensation, (iii) any new type of employer 
contribution under the Plan, (iv) any increase in the amount of any benefit payable to a terminated Participant or 
Beneficiary, 
and (v) any amendment authorizing one or more new groups of employees to become Participants 
in the Plan if the aggregate number of Participants added is 5% or more of the number of Participants at the 
beginning of the Plan Year, 
except, in the case of clauses (i) and (ii), to the extent such amendment is required 
under the terms of a collective bargaining agreement between employee representatives (within the meaning of 
Code section 7701(a)(46)) and the Employer under which retirement benefits were the subject of good faith 
bargaining between the parties. 
The Administrator shall supply the Secretary of the Board of Directors of the 
Company with copies of all Plan amendments adopted by the Administrator as well as signed resolutions 
adopting such amendment. 






 

 

 

51 
8.2
Termination 
(a)
Right to Terminate. 
The Company shall have the right to terminate the Plan at any time 
and for any reason by delivering to the Trustee and Administrator written notice of such termination. 
Upon any 
full or partial termination or complete discontinuance of the Employer’s contributions to the Plan, all amounts 
credited to the affected Participants’ Aggregate Accounts shall be 100% Vested 
and shall not thereafter be 
subject to forfeiture, and any unallocated amounts shall be allocated to the accounts of all Participants in 
accordance with the provisions hereof. 
(b)
Distribution Upon Termination. 
Upon the full termination of the Plan, the Company 
shall direct the distribution of the assets of the Fund to Participants in a manner which is consistent with and 
satisfies the provisions of Section 6.5, except that Participant consent shall not be required if not required under 
applicable Regulations. 
Distributions to a Participant shall be made in cash or through the purchase of 
irrevocable nontransferable deferred commitments from an insurer. 
Except as permitted by Regulations, the 
termination of the Plan shall not result in the reduction of section 411(d)(6) protected benefits. 
Notwithstanding 
the foregoing, amounts held by a Participant’s Aggregate Account that are attributable to Nonelective 
Contributions for a Plan Year 
beginning on or after January 1, 2008 or Elective Contributions shall not be 
distributed on termination of the Plan unless (i) distribution is permitted under another Section of the Plan (e.g., 
on account of Severance from Employment), or (ii) distribution may be made pursuant to Regulation section 
1.401(k)-1(d)(4) (or any successor thereto). 
8.3
Merger or Consolidation 
 
This Plan and Trust may be merged or consolidated with, or its assets and/or liabilities may be 
transferred to, any other plan and trust only if the benefits which would be received by a Participant of this Plan, 
in the event of a termination of the Plan immediately after such transfer, merger or consolidation, are at least 
equal to the benefits the Participant would have received if the Plan had terminated immediately before the 
transfer, merger or consolidation, 
and such transfer, merger or consolidation does not otherwise result in the 
elimination or reduction of any section 411(d)(6) protected benefits. 
ARTICLE IX 
MISCELLANEOUS 
9.1
Participant’s Rights 
 
This Plan shall not be deemed to constitute a contract between the Employer and any Participant 
or to be a consideration or an inducement for the employment of any Participant or Employee. 
Nothing 
contained in this Plan shall be deemed to give any Participant or Employee the right to be retained in the service 
of the Employer or to interfere with the right of the Employer to discharge any Participant or Employee at any 
time regardless of the effect which such discharge shall have upon him or her as a Participant of this Plan. 
9.2
Alienation 
(a)
In General. 
Subject to the exceptions provided below, no benefit which shall be payable 
under the Plan to any person (including a Participant or his or her Beneficiary) shall be subject in any manner to 
anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, or charge, and any attempt to 
anticipate, alienate, sell, transfer, assign, pledge, encumber, or 
charge the same shall be void; and no such 
benefit shall in any manner be liable for, or subject to, the debts, contracts, liabilities, engagements, 
or torts of 
any such person, nor shall it be subject to attachment or legal process for or against such person, and the same 
shall not be recognized by the Trustee, except to such extent as may be required by law. 






 

 

 

52 
(b)
Loans. 
Subsection (a) shall not apply to the extent a Participant or Beneficiary is 
indebted to the Plan as a result of a loan from the Plan. 
At the time a distribution is to be made to or for a 
Participant’s or Beneficiary’s 
benefit, such proportion of the amount distributed as shall equal such loan 
indebtedness shall be paid by the Trustee to the Trustee or the Administrator, 
at the direction of the 
Administrator, to apply against or discharge such loan indebtedness. 
Prior to making a payment, however, the 
Participant or Beneficiary must be given written notice by the Administrator that such loan indebtedness is to be 
so paid in whole or part from his or her Aggregate Account. 
If the Participant or Beneficiary does not agree that 
the loan indebtedness is a valid claim against his or her Aggregate Account, he or she shall be entitled to a 
review of the validity of the claim in accordance with procedures provided in Section 7.10. 
(c)
Qualified Domestic Relations Orders. 
Subsection (a) shall not apply to a qualified 
domestic relations order as defined in Code section 414(p), and those other domestic relations orders permitted 
to be so treated by the Administrator under the provisions of ERISA. 
The Administrator shall establish a 
written procedure to determine the qualified status of domestic relations orders and to administer distributions 
under such qualified orders. 
Further, to the extent provided under a qualified domestic relations order, 
a former 
spouse of a Participant shall be treated as the Spouse or Surviving Spouse for all purposes under the Plan. 
(d)
Other Exceptions to Nonalienation. 
Subsection (a) shall not apply to an amount 
necessary to satisfy a Federal tax levy made pursuant to Code section 6331 or, subject to the provisions of Code 
section 401(a)(13), a judgment relating to the Participant’s conviction of a crime involving the Plan, to a 
judgment, order, decree, or settlement agreement between the Participant and the Secretary of Labor relating to 
a violation (or an alleged violation) of part 4 of subtitle B of title I of ERISA. 
Notwithstanding anything in the 
Plan or this Section to the contrary, this Section is intended to address the requirements of Code section 
401(a)(13) 
and Section 206 of ERISA and Federal rulings and regulations issued thereunder, and to permit 
action by Plan fiduciaries (including, but not limited to, the recovery of benefit overpayments by reducing Plan 
benefits or the withholding of taxes from Plan benefits) that do not violate the principles of Code section 
401(a)(13) or section 206 of ERISA as described in such rulings and regulations. 
9.3
Construction of Plan 
 
Construction, validity, and administration of this Plan shall be governed by the laws of the 
Commonwealth of Pennsylvania (without reference to principles of conflicts of laws) except to the extent that 
such laws have been superseded by ERISA. 
9.4
Gender and Number 
 
Wherever any words are used herein in the masculine, feminine, or neuter gender, they shall be 
construed as though they were also used in another gender in all cases where they would so apply, and 
whenever any words are used herein in the singular or plural form, they shall be construed as though they were 
also used in the other form in all cases where they would so apply. 
9.5
Legal Action 
 
In the event any claim, suit, 
or proceeding is brought regarding the Trust and/or Plan established 
hereunder to which the Trustee or the Administrator may be a party, 
and such claim, suit, or proceeding is 
resolved in favor of the Trustee or Administrator, the Trustee 
or Administrator shall be entitled to be reimbursed 
from the Trust Fund for any and all costs, attorneys’ fees, 
and other expenses pertaining thereto incurred by the 
Trustee or Administrator for which the Trustee or Administrator shall have become liable. 






 

53 
9.6
Prohibition Against Diversion of Funds 
(a)
Exclusive Benefit Rule. 
Except as provided below and otherwise specifically permitted 
by law, it shall be impossible by operation of the Plan or of the Trust, 
by termination of either, by power of 
revocation or amendment, by the happening of any contingency, by collateral arrangement, 
or by any other 
means, for any part of the corpus or income of any trust fund maintained pursuant to the Plan or any funds 
contributed thereto to be used for, or diverted to, purposes other than the exclusive benefit of Participants or 
their Beneficiaries. 
(b)
Exceptions. 

(i)
In the event the Employer shall make an excessive contribution under a mistake 
of fact pursuant to ERISA section 403(c)(2)(A), the Employer may demand repayment of such excessive 
contribution at any time within one year following the time of payment and the Trustee shall return such amount 
to the Employer within the one year period. 
Earnings of the Plan attributable to the excess contributions may 
not be returned to the Employer but any losses attributable thereto must reduce the amount so returned. 
(ii)
Notwithstanding any provision of the Plan to the contrary, except Section 3.5, any 
contribution by the Employer to the Trust Fund is conditioned upon the deductibility of the contribution by the 
Employer under the Code and, to the extent any such deduction is disallowed, the Employer may, within one 
year following the disallowance of the deduction, demand repayment of such disallowed contribution, 
and the 
Trustee shall return such contribution within one year following the disallowance. 
Earnings of the Plan 
attributable to the excess contribution may not be returned to the Employer, but any losses attributable thereto 
must reduce the amount so returned. 
9.7
Bonding 
 
Every Fiduciary, except a bank or an insurance company, 
unless exempted by ERISA and the 
regulations thereunder, shall be bonded in an amount required by law and in a form required by law. 

Notwithstanding anything in the Plan to the contrary, the cost of such bonds shall be an expense of and may, 
at 
the election of the Administrator, be paid from the Fund or by the Employer. 
No bonding in excess of the 
amount required by law shall be considered required by the Plan. 
9.8
Receipt and Release for Payments 
 
Any payment to any Participant, his or her legal representative, Beneficiary, or to any guardian 
or committee appointed for such Participant or Beneficiary in accordance with the provisions of the Plan, shall, 
to the extent thereof, be in full satisfaction of all claims hereunder against the Trustee and the Employer, 
either 
of whom may require such Participant, legal representative, Beneficiary, guardian, or committee, as a condition 
precedent to such payment, to execute a receipt and release thereof in such form as shall be determined by the 
Trustee or Employer. 
9.9
Action by the Employer 
 
Whenever the Employer under the terms of the Plan is permitted or required to do or perform 
any act or matter or thing, it shall be done and performed by a person duly authorized by its legally constituted 
authority. 
9.10
Named Fiduciaries and Allocation of Responsibility 






 

54 
 
The “Named Fiduciaries” of this Plan are (1) the Company, (2) the Administrator, 
and (3) the 
Trustee. 
The Named Fiduciaries shall have only those specific powers, duties, responsibilities, and obligations 
as are specifically given them under the Plan. 
In general, the Company (and any other Employer) shall have the 
sole responsibility for making the contributions provided for under Section 4.1. 
The Company shall have the 
sole authority to appoint and remove the Trustee and the Administrator, to formulate the Plan’s 
funding policy 
and method, and to amend or terminate, in whole or in part, the Plan. 
The Administrator shall have the sole 
responsibility for the administration of the Plan, which responsibility is specifically described in the Plan. 
The 
Trustee shall have the sole responsibility for the management of the assets held under the Trust, except those 
assets the management of which has been assigned to an Investment Manager, who shall be solely responsible 
for the management of the assets assigned to it, all as specifically provided in the Plan. 
Each Named Fiduciary 
warrants that any directions given, information furnished, or action taken by it shall be in accordance with the 
provisions of the Plan, authorizing or providing for such direction, information, 
or action. 
Furthermore, each 
Named Fiduciary may rely upon any such direction, information, or action of another Named Fiduciary as being 
proper under the Plan, and is not required under the Plan to inquire into the propriety of any such direction, 
information, or action. 
It is intended under the Plan that each Named Fiduciary shall be responsible for the 
proper exercise of its own powers, duties, responsibilities, 
and obligations under the Plan. 
No Named Fiduciary 
shall guarantee the Trust Fund in any manner against investment loss or depreciation in asset value. 
Any person 
or group may serve in more than one fiduciary capacity. 

9.11
Headings 
 
The headings and subheadings of this Plan have been inserted for convenience of reference and 
are to be ignored in any construction of the provisions hereof. 
9.12
Electronic Media 
 
Whenever elections, notices, consents, or other communications are required to be in writing 
herein, the Administrator may designate that such elections, notices, consents, or other communications shall be 
by other means, including the use of electronic media, if such use is permitted by law; provided, however, that 
such elections, notices, consents, or other communications shall be in such form as the Administrator shall 
specify and approve. 
9.13
Clerical Error 
 
If any fact pertaining to eligibility for an amount of benefits payable under the Plan to a 
Participant or other payee has been misstated, or in the event of clerical error, the benefits shall be adjusted by 
the committee or its delegate on the basis of the correct facts in a manner precluding individual selection. 
9.14
Uniformity 
 
All provisions of this Plan shall be interpreted and applied in a uniform, nondiscriminatory 
manner. 
In the event of any conflict between the terms of this Plan and any Contract purchased hereunder, the 
Plan provisions shall control. 
ARTICLE X 
MERGER OF HOUGHTON PLAN AND WALLOVER 
PLAN 
10.1
Plan Mergers 

(a)
In General. 
Effective January 1, 2020, the Houghton Plan and the Wallover 
Plan were 
merged with and into the Plan. 
Upon the merger, the account balance of each participant in the Houghton Plan 






 

 

 

 

55 
and the Wallover Plan shall be transferred to this Plan in 
the manner described in Section 10.2. 
Accounts 
transferred from a Participant’s Houghton Plan accounts and future earnings thereon are referred to as the 
Participant’s “Houghton Accounts” for purposes of this Article X. 
Accounts transferred from a Participant’s 
Wallover Plan accounts and future earnings thereon are referred to as the Participant’s 
“Wallover Accounts” 
for 
purposes of this Article X. 

(b)
Full Vesting 
. 
Effective December 31, 2019, all amounts under the Houghton Accounts 
and Wallover Accounts shall be fully vested. 
(c)
Participation. 
Except as provided in Section 1.21 (relating to the definition of an Eligible 
Employee), any Eligible Employee employed by Houghton or Wallover 
Oil Company, Inc. on December 31, 
2019 became a Participant in the Plan as of January 1, 2020. 
10.2
Transfer of Accounts 

(a)
Transfer of Houghton Accounts. 
Effective January 1, 2020, amounts in the Houghton 
Accounts were transferred to the corresponding Plan accounts as follows: 
(i)
Any amounts in the Participant’s Houghton Accounts that correspond to 
contributions under the Participant’s Elective Account as defined under Section 1.48 were transferred to his or 
her Participant’s Elective Account under the Plan, and a separate accounting shall be maintained with respect to 
each applicable classification under Section 1.48. 
(ii)
Any amounts in the Participant’s Houghton Accounts that correspond to 
contributions under the Participant’s Account as defined under Section 1.47 were transferred to his or her 
Participant’s Account under the Plan, and a separate accounting shall be maintained with respect to each 
applicable classification under Section 1.47. 
(iii)
Any amounts in the Participant’s Houghton Accounts attributable to rollover 
contributions were transferred to his or her Rollover Account under the Plan. 
(b)
Transfer of Wallover 
Accounts. 
Effective January 1, 2020, amounts in the Wallover 
Accounts were transferred to the corresponding Plan accounts as follows. 
(i)
Any amounts in the Participant’s Wallover 
Accounts that correspond to 
contributions under the Participant’s Elective Account as defined under Section 1.48 were transferred to his or 
her Participant’s Elective Account under the Plan, and a separate accounting shall be maintained with respect to 
each applicable classification under Section 1.48. 
(ii)
Any amounts in the Participant’s Wallover 
Accounts that correspond to 
contributions under the Participant’s Account as defined under Section 1.47 were transferred to his or her 
Participant’s Account under the Plan, and a separate accounting shall be maintained with respect to each 
applicable classification under Section 1.47. 
(iii)
Any amounts in the Participant’s Wallover 
Accounts attributable to rollover 
contributions were transferred to his or her Rollover Account under the Plan. 
10.3
Special Rules Relating To Loans 

 
Notwithstanding Section 6.13, any loan outstanding under the Houghton Plan or Wallover Plan 
at the time of the merger under Section 10.1 shall continue in accordance with the terms of the loan as made 
under the Houghton Plan or Wallover Plan, as applicable. 







 

 

 

 

 

56 
10.4
Distribution Forms 

 
A lump sum payment shall be the sole form of distribution for all amounts transferred to the Plan 
from the Houghton Accounts and Wallover Accounts. 

ARTICLE XI 
MERGER OF CORAL PLAN AND SIFCO PLAN 
11.1
Merger of the Coral Plan and SIFCO Plan 

(a)
In General. 
Effective January 1, 2022, the Coral Plan and the SIFCO Plan shall be 
merged with and into the Plan. 
Upon the merger, the account balance of each participant in the Coral Plan and 
the SIFCO Plan shall be transferred to this Plan in the manner described in Section 11.2. 
Accounts transferred 
from a Participant’s Coral Plan accounts and future earnings thereon are referred to as the Participant’s 
“Coral 
Accounts” for purposes of this Article XI. 
Accounts transferred from a Participant’s SIFCO Plan accounts and 
future earnings thereon are referred to as the Participant’s “SIFCO Accounts” for purposes of this Article XI. 

(b)
Full Vesting. 
Effective December 31, 2021, all amounts under the Coral Accounts and 
SIFCO Accounts shall be fully vested. 
(c)
Participation. 
Except as provided in Section 1.21 (relating to the definition of an Eligible 
Employee), any Eligible Employee employed by Coral or SIFCO on December 31, 2021 shall became a 
Participant in the Plan as of January 1, 2022. 
11.2
Transfer of Accounts 

(a)
Transfer of Coral Accounts. 
Effective January 1, 2022, amounts in the Coral Accounts 
shall be transferred to the corresponding Plan Accounts as follows: 
(i)
Any amounts in the Participant’s Accounts that correspond to contributions under 
the Participant’s Elective Account as defined under Section 1.48 were transferred to his or her Participant’s 
Elective Account under the Plan, and a separate accounting shall be maintained with respect to each applicable 
classification under Section 1.48. After-tax contributions (other than Roth contributions) contributed by the 
Participant to the Coral Plan “After-Tax Coral 
Plan Contributions”) shall be transferred to the Participant’s 
Elective Account and maintained in a separate accounting. 
(ii)
Any amounts in the Participant’s Coral Accounts that correspond to contributions 
under the Participant’s Account as defined under Section 1.47 were transferred to his or her Participant’s 
Account under the Plan, and a separate accounting shall be maintained with respect to each applicable 
classification under Section 1.47. 
(iii)
Any amounts in the Participant’s Coral Accounts attributable to rollover 
contributions were transferred to his or her Rollover Account under the Plan. 
(b)
Transfer of SIFCO Accounts. 
Effective January 1, 2022, amounts in the SIFCO 
Accounts were transferred to the corresponding Plan accounts as follows. 
(i)
Any amounts in the Participant’s SIFCO Accounts that correspond to 
contributions under the Participant’s Elective Account as defined under Section 1.48 were transferred to his or 
her Participant’s Elective Account under the Plan, and a separate accounting shall be maintained with respect to 
each applicable classification under Section 1.48. 






 

 

 

 

57 
(ii)
Any amounts in the Participant’s SIFCO Accounts that correspond to 
contributions under the Participant’s Account as defined under Section 1.47 were transferred to his or her 
Participant’s Account under the Plan, and a separate accounting shall be maintained with respect to each 
applicable classification under Section 1.47. 
(iii)
Any amounts in the Participant’s SIFCO Accounts attributable to rollover 
contributions were transferred to his or her Rollover Account under the Plan. 
11.3
Special Rules Relating To Loans 

 
Notwithstanding Section 6.13, any loan outstanding under the Coral Plan or SIFCO Plan at the 
time of the merger under Section 11.1 shall continue in accordance with the terms of the loan as made under the 
Coral Plan or SIFCO Plan, as applicable. 

11.4
Distribution Forms 

 
A lump sum payment shall be the sole form of distribution for all amounts transferred to the Plan 
from the Coral Accounts and SIFCO Accounts. 

11.5
In-service Distribution of After-Tax Coral Plan Contributions 
 
Amounts credited to a Participant’s Elective Account which are After-Tax 
Coral Plan 
Contributions and earnings credited thereto may be distributed at any time upon a request by the Participant in 
accordance with the procedures established by the Administrator. A distribution pursuant to this Section shall be 
made from one or more of the investment categories designated by the Participant for investment of his or 
Account pursuant to Section 4.13. 
IN WITNESS WHEREOF, Quaker Chemical Corporation has caused these 
presents to be duly executed on this 
 
1 
day of 
November 
, 2021. 
 
QUAKER CHEMICAL CORPORATION 
Attest: 
By: 
/s/ Shane W. 
Hostetter 

 
Shane Hostetter 
 
SVP CFO 






 

58 
EXHIBIT A
PARTICIPATING 
EMPLOYERS 
The following Affiliated Employers were participating in the Plan as of January 1, 2021, unless otherwise 
noted: 
 
AC Products, Inc. 
 
ECLI Products, LLC 
 
Epmar Corporation 
 
Houghton International Inc. 
 
Summit Lubricants Inc. 
 
Wallover Oil Company, 
Inc. 
 
Ultraseal America, Inc. 
 
Coral Chemical Company – participation effective January 1, 2022 
 
SIFCO Applied Surface Concepts, LLC – participation effective January 1, 2022