Acceleration of Payment. Notwithstanding the foregoing Section 2, the Board, in its sole discretion, may accelerate the payment of all or part of the Executive's SERP benefits if so requested by the Executive or, after the Executive's death, by his Beneficiary; provided, however, that any such accelerated payment may be permitted only in case of an unforeseeable emergency (within the meaning of Section 457 of the Internal Revenue Code and the regulations promulgated thereunder) that is caused by an event beyond the control of the Executive or his Beneficiary and that would result in severe financial hardship to such person if accelerated payment were not permitted. Any such accelerated payment shall be limited to the amount necessary to meet or satisfy the emergency.
Appears in 4 contracts
Samples: Supplemental Executive Retirement Plan Agreement (Falcon Building Products Inc), Supplemental Executive Retirement Plan Agreement (Falcon Building Products Inc), Supplemental Executive Retirement Plan Agreement (CSK Auto Corp)
