HARDSHIP BENEFIT Sample Clauses

HARDSHIP BENEFIT. In the event the Employee suffers a financial hardship (as hereinafter defined), the Trustee may, if it deems it to be in the Employee's best interests, distribute to or on behalf of the Employee as a hardship benefit (the "Hardship Benefit") any portion of the Employee's Deferral Account attributable to the Employee's Deferral Amount, including earnings thereon. Financial hardship shall mean an immediate and heavy financial need of the Employee caused by temporary or permanent disability or incapacity of the Employee or a dependent of the Employee, medical or educational expenses of any dependent of the Employee, the purchase or maintenance of a residence of the Employee or a dependent of the Employee, death of the Employee's spouse or a material reduction in the Employee's family income (the Employee's and spouse's income).
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HARDSHIP BENEFIT. In the event Pankuch suffers a financxxx xxxdship (as hereinafter defined), the Bank may, if it deems advisable in its sole and absolute discretion, distribute to or utilize on behalf of Pankuch as a hardship bexxxxx (the "Hardship Benefit") any portion of Pankuch's Retirement Accxxxx xx xo, but not in excess of, the Termination Benefit to which Pankuch would have been xxxxxxxd as of the date a Hardship Benefit is distributed or utilized. Any Hardship Benefit shall be distributed or utilized at such times as the Bank shall determine, and the Accrued Benefit in Pankuch's Benefit Accounx xxxxx xe reduced by the amount so distributed and/or utilized. Financial Hardship shall mean dire financial need of Pankuch caused by temporxxx xx permanent disability or incapacity, medical or educational expenses, the purchase or maintenance of a residence, or a material reduction in family income.
HARDSHIP BENEFIT. Subject to the provisions of the Entitlement paragraph, below, if the Director is faced with a Hardship at any time may apply to the Bank for a withdrawal of part or all of the Director's benefits under this Agreement in order to relieve such Hardship. If the Bank determines, in its sole and absolute discretion, that the Director is faced with a Hardship, then a distribution of the Director's benefits under this Agreement shall be made to the Director, but only to the extent that such Hardship is not or may not be relieved: A. Through reimbursement or compensation by insurance or otherwise; B. By liquidation of the Director's assets, to the extent that the liquidation of such assets would not itself cause a Hardship; or C. By cessation of deferrals under this Agreement.
HARDSHIP BENEFIT. In the event the Employee suffers an unforeseeable emergency, meaning a severe financial hardship to the Employee resulting from an illness or accident of the Employee, the Employee's spouse or a dependent, loss of the Employee's property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Employee, the Company shall pay to the Employee up to the Employee's entire Accrued Benefit, provided that amounts distributed with respect to an emergency do not exceed the amounts necessary to satisfy such emergency plus amounts necessary to pay taxes reasonably anticipated as a result of the distribution(s), after taking into account the extent to which such hardship is or may be relieved through reimbursement or compensation by insurance or otherwise or by liquidation of the participant's assets, to the extent that such liquidation would not itself cause severe financial hardship.
HARDSHIP BENEFIT. In the event the Employee suffers a financial hardship (as hereinafter defined), the Company may, if it deems advisable in its sole and absolute discretion, distribute to or utilize on behalf of the Employee as a hardship benefit (the "Hardship Benefit") any portion of the Employee's Retirement Account up to, but not in excess of, the Termination Benefit to which the Employee would have been entitled as of the date a Hardship Benefit is distributed or utilized. Any Hardship Benefit shall be distributed or utilized at such times as the Company shall determine, and the Accrued Benefit in the Employee's Retirement Account shall be reduced by the amount so distributed and/or utilized. Financial Hardship shall mean dire financial need of the Employee caused by temporary or permanent disability or incapacity, medical or educational expenses, the purchase or maintenance of a residence, or a material reduction in family income.
HARDSHIP BENEFIT. In the event Pxxxxxx suffers a financial hardship (as hereinafter defined), the Bank may, if it deems advisable in its sole and absolute discretion, distribute to or utilize on behalf of Pxxxxxx as a hardship benefit (the "Hardship Benefit") any portion of Pxxxxxx'x Retirement Account up to, but not in excess of, the Termination Benefit to which Pxxxxxx would have been entitled as of the date a Hardship Benefit is distributed or utilized. Any Hardship Benefit shall be distributed or utilized at such times as the Bank shall determine, and the Accrued Benefit in Pxxxxxx'x Benefit Account shall be reduced by the amount so distributed and/or utilized. Financial Hardship shall mean dire financial need of Pxxxxxx caused by temporary or permanent disability or incapacity, medical or educational expenses, the purchase or maintenance of a residence, or a material reduction in family income. 12.
HARDSHIP BENEFIT. In the event Pankxxx xxxfers a financial hardship (as hereinafter defined), the Bank may, if it deems advisable in its sole and absolute discretion, distribute to or utilize on behalf of Pankxxx xx a hardship benefit (the "Hardship Benefit") any portion of Pankxxx'x Xxxirement Account up to, but not in excess of, the Termination Benefit to which Pankxxx xxxld have been entitled as of the date a Hardship Benefit is distributed or utilized. Any Hardship Benefit shall be distributed or utilized at such times as the Bank shall determine, and the Accrued Benefit in Pankxxx'x Xxxefit Account shall be reduced by the amount so distributed and/or utilized. Financial Hardship shall mean dire financial need of Pankxxx xxxsed by temporary or permanent disability or incapacity, medical or educational expenses, the purchase or maintenance of a residence, or a material reduction in family income.
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Related to HARDSHIP BENEFIT

  • Accrued Benefit 1.05 1.16 Nonforfeitable ............................................. 1.05 1.17 Plan Year/Limitation Year .................................. 1.05 1.18 Effective Date ............................................. 1.05 1.19 Plan Entry Date ............................................ 1.05 1.20

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

  • Disability Benefit If the Executive terminates employment due to Disability prior to Normal Retirement Age, the Company shall pay to the Executive the benefit described in this Section 2.3 in lieu of any other benefit under this Agreement.

  • Severance Benefit (a) If the employment of the Employee with the Company is terminated by the Company for any reason other than Cause (as defined below) or if the Employee terminates his or her employment with the Company for Good Reason (as defined below), the Company shall pay the Employee, from the date of termination, in addition to any payments to which the Employee is entitled under the Company’s severance pay plan, twelve (12) months of base salary at the Employee’s annual base salary level in effect at the time of such termination or immediately prior to the salary reduction that serves as the basis for termination for Good Reason. Employee will also be entitled to payment of an amount of cash equal to $20,000. The aggregate base salary and other cash amount payable shall be paid by the Company to the Employee in one lump sum on the first day following the six (6) month anniversary of the date of the Employee’s termination. For purposes of this Agreement, the term “termination” when used in the context of a condition to, or timing of, payment hereunder shall be interpreted to mean a “separation from service” as that term is used in Section 409A of the Code. (b) Employee will also be entitled to twelve (12) months of health benefits continuation if terminated under circumstances described in subpart (a) above. To the extent any such benefits cannot be provided to the Employee on a non-taxable basis and the provision thereof would cause any part of the benefits to be subject to additional taxes and interest under Section 409A of the Code, then the provision of such benefits shall be deferred to the earliest date upon which such benefits can be provided without being subject to such additional taxes and interest. (c) Solely for purposes of this Agreement, “Cause” shall include: i. the conviction of a felony, a crime of moral turpitude or fraud or having committed fraud, misappropriation or embezzlement in connection with the performance of his duties hereunder, ii. willful and repeated failures to substantially perform his assigned duties; or iii. a violation of any provision of this Agreement or express significant policies of the Company. (d) Solely for purposes of this Agreement, termination for “Good Reason” shall mean termination of employment by the Employee within ninety (90) days after:

  • Retirement Benefits Due to either investment or employment during the marriage, either the Husband or Wife: (check one)

  • Change in Control Benefit If a Change in Control occurs followed within twenty-four (24) months by Separation from Service prior to Normal Retirement Age, the Bank shall distribute to the Executive the benefit described in this Section 2.4 in lieu of any other benefit under this Article.

  • Normal Retirement Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement.

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.

  • Public Benefit It is Reaction Retail’s understanding that the commitments it has agreed to herein, and actions to be taken by Reaction Retail under this Settlement Agreement, would confer a significant benefit to the general public, as set forth in Code of Civil Procedure § 1021.5 and Cal. Admin. Code tit. 11, § 3201. As such, it is the intent of Reaction Retail that to the extent any other private party initiates an action alleging a violation of Proposition 65 with respect to Reaction Retail’s failure to provide a warning concerning exposure to DEHP prior to use of the Products it has manufactured, distributed, sold, or offered for sale in California, or will manufacture, distribute, sell, or offer for sale in California, such private party action would not confer a significant benefit on the general public as to those Products addressed in this Settlement Agreement, provided that Reaction Retail is in material compliance with this Settlement Agreement.

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

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