Common use of Distribution Conditions Clause in Contracts

Distribution Conditions. The balance in each partici- pant's elective account shall be fully vested at all times and shall not be subject to forfeiture for any reason. Amounts held in the participant's elective account may not be distributable prior to the earlier of, (1) his retirement, termination of employment or death; (2) his attainment of age fifty-nine and one-half (59 1/2); (3) termination of the Plan without establishment of a successor Plan by the Company or an affiliated employer; (4) the date of the sale by the Company to an entity that is not an affiliated employer of substantially all the assets, within the meaning of Code Section 409(d)(2), with respect to a participant who continues employment with the corporation acquiring such assets; (5) the date of the sale by the Company or an affiliated employer of its interest in a subsidiary to an entity which is not an affiliated employer with respect to a participant who continues employment with such sub- sidiary; or (6) proven financial hardship, subject to the limitations of Section 3.5. In the event that the dollar limitation provided for in Para- graph 3.1 is exceeded, the Administrative Committee shall direct the Trustees to distribute such excess amount, and any income allocable to such amount, to the participant not later than April 15th following the close of the participant's taxable year. If there is a loss allocable to such excess amount, the distribution shall in no event be less than the lesser of the participant's elective account or the amount of the contribution made for such participant's elective account in the calendar year resulting from his salary reduction agreement. In the event that a participant is also a participant in another qualified cash or deferred arrangement as defined in Code Section 401(k), a simplified employee pension plan as defined in Code Section 408(k), or a salary reduction arrangement within the meaning of Code Section 3121(a)(5)(d), and the elective deferrals, as defined in Code Section 402(g)(3), made under such other arrangements and this Plan cumulatively exceed ten thousand dollars ($10,000.00) or such amount adjusted annually as provided in Code Section 415(d) and regulations for such participant's taxable year, the participant may, not later than March 1st following the close of his taxable year, notify the Administrative Committee in writing of such excess and request that his deferred compensation to this Plan be reduced by an amount specified by the participant. Such amount shall then be distributed in the same manner as provided in the previous Paragraph.

Distribution Conditions. The balance in each partici- pantparticipant's elective account shall be fully vested at all times and shall not be subject to forfeiture for any reason. Amounts held in the participant's elective account may not be distributable prior to the earlier of, (1) his retirementRetirement, disability, termination of employment or death;; or (2) his attainment Attainment of age fifty-nine and one-half (59 1/2½);; or (3) termination Termination of the Plan without establishment of a successor Plan by the Company or an affiliated employer;; or (4) the date of the sale by the Company to an entity that is not an affiliated employer of substantially all the assets, within the meaning of Code Section 409(d)(2), with respect to a participant who continues employment with the corporation acquiring such assets; (5) the date of the sale by the Company or an affiliated employer of its interest in a subsidiary to an entity which is not an affiliated employer with respect to a participant who continues employment with such sub- sidiary; or (6) proven Proven financial hardship, subject to the limitations of Section 3.5. For distributions occurring after December 31, 2001, a participant’s elective contributions and earnings attributable to those contributions shall be distributed on account of the participant’s severance of employment. However, such a distribution shall be subject to the other provisions of the Plan regarding distributions, other than provisions of the Plan that require a separation from service before such amounts may be distributed. In the event that the dollar limitation provided for in Para- graph Paragraph 3.1 is exceeded, the Administrative Committee shall direct the Trustees to distribute such excess amount, amount and any income allocable to such amount, to the participant not later than April 15th following the close of the participant's taxable year. Effective January 1, 2008, income allowable to excess amounts that are returned to the participant shall not include income after the end of the plan year for which the contribution was made. If there is a loss allocable to such excess amount, the distribution shall in no event be less than the lesser of the participant's elective account or the amount of the contribution made for such participant's elective account in the calendar year resulting from his or her salary reduction agreement. In the event that a participant is also a participant in another qualified cash or deferred arrangement as defined in Code Section 401(k), a simplified employee pension plan as defined in Code Section 408(k), ) or a salary reduction arrangement within the meaning of Code Section 3121(a)(5)(d), ) and the elective deferrals, as defined in Code Section 402(g)(3), made under such other arrangements and this Plan cumulatively exceed ten thousand dollars ($10,000.00) or such amount adjusted annually as provided in Code Section 415(d) and regulations for such participant's taxable year, the participant may, not later than March 1st following the close of his participant’s taxable year, notify the Administrative Committee in writing of such excess and request that his or her deferred compensation to this Plan be reduced by an amount specified by the participant. Such amount shall then be distributed in the same manner as provided in the previous Paragraph. 3. Paragraph 15.33 is hereby amended to read in its entirety as follows:

Distribution Conditions. The balance in each partici- partici-pant's elective account shall be fully vested at all times and shall not be subject to forfeiture for any reason. Amounts held in the participant's elective account may not be distributable prior to the earlier of, (1) his retirement, termination of employment or death; (2) his attainment of age fifty-nine and one-half (59 1/2); (3) termination of the Plan without establishment of a successor Plan by the Company or an affiliated employer; (4) the date of the sale by the Company to an entity that is not an affiliated employer of substantially all the assets, within the meaning of Code Section 409(d)(2), with respect to a participant who continues employment with the corporation acquiring such assets; (5) the date of the sale by the Company or an affiliated employer of its interest in a subsidiary to an entity which is not an affiliated employer with respect to a participant who continues employment with such sub- sub-sidiary; or (6) proven financial hardship, subject to the limitations of Section 3.5. In the event that the dollar limitation provided for in Para- Para-graph 3.1 is exceeded, the Administrative Committee shall direct the Trustees to distribute such excess amount, and any income allocable to such amount, to the participant not later than April 15th following the close of the participant's taxable year. If there is a loss allocable to such excess amount, the distribution shall in no event be less than the lesser of the participant's elective account or the amount of the contribution made for such participant's elective account in the calendar year resulting from his salary reduction agreement. In the event that a participant is also a participant in another qualified cash or deferred arrangement as defined in Code Section 401(k), a simplified employee pension plan as defined in Code Section 408(k), or a salary reduction arrangement within the meaning of Code Section 3121(a)(5)(d), and the elective deferrals, as defined in Code Section 402(g)(3), made under such other arrangements and this Plan cumulatively exceed ten thousand dollars ($10,000.00) or such amount adjusted annually as provided in Code Section 415(d) and regulations for such participant's taxable year, the participant may, not later than March 1st following the close of his taxable year, notify the Administrative Committee in writing of such excess and request that his deferred compensation to this Plan be reduced by an amount specified by the participant. Such amount shall then be distributed in the same manner as provided in the previous Paragraph.

Distribution Conditions. The balance in each partici- pantparticipant's elective account shall be fully vested at all times and shall not be subject to forfeiture for any reason. Amounts held in the participant's elective account may not be distributable prior to the earlier of, (1) his retirementRetirement, disability, termination of employment or death;; or (2) his attainment Attainment of age fifty-nine and one-half (59 1/2½);; or (3) termination Termination of the Plan without establishment of a successor Plan by the Company or an affiliated employer;; or (4) the date of the sale by the Company to an entity that is not an affiliated employer of substantially all the assets, within the meaning of Code Section 409(d)(2), with respect to a participant who continues employment with the corporation acquiring such assets; (5) the date of the sale by the Company or an affiliated employer of its interest in a subsidiary to an entity which is not an affiliated employer with respect to a participant who continues employment with such sub- sidiary; or (6) proven Proven financial hardship, subject to the limitations of Section 3.5. For distributions occurring after December 31, 2001, a participant’s elective contributions and earnings attributable to those contributions shall be distributed on account of the participant’s severance of employment. However, such a distribution shall be subject to the other provisions of the Plan regarding distributions, other than provisions of the Plan that require a separation from service before such amounts may be distributed. In the event that the dollar limitation provided for in Para- graph Paragraph 3.1 is exceeded, the Administrative Committee shall direct the Trustees to distribute such excess amount, amount and any income allocable to such amount, to the participant not later than April 15th following the close of the participant's taxable year. If there is a loss allocable to such excess amount, the distribution shall in no event be less than the lesser of the participant's elective account or the amount of the contribution made for such participant's elective account in the calendar year resulting from his or her salary reduction agreement. In the event that a participant is also a participant in another qualified cash or deferred arrangement as defined in Code Section 401(k), a simplified employee pension plan as defined in Code Section 408(k), ) or a salary reduction arrangement within the meaning of Code Section 3121(a)(5)(d), ) and the elective deferrals, as defined in Code Section 402(g)(3), made under such other arrangements and this Plan cumulatively exceed ten thousand dollars ($10,000.00) or such amount adjusted annually as provided in Code Section 415(d) and regulations for such participant's taxable year, the participant may, not later than March 1st following the close of his participant’s taxable year, notify the Administrative Committee in writing of such excess and request that his or her deferred compensation to this Plan be reduced by an amount specified by the participant. Such amount shall then be distributed in the same manner as provided in the previous Paragraph.