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 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.
Sample 1
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.
Sample 1
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.
Sample 1
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:
Sample 1
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.
Sample 1
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.
Sample 1
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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

  • Hardship Distribution Upon the Board of Director's determination (following petition by the Executive) that the Executive has suffered an unforeseeable financial emergency as described in Section 2.2.2, the Company shall distribute to the Executive all or a portion of the Deferral Account balance as determined by the Company, but in no event shall the distribution be greater than is necessary to relieve the financial hardship.

  • 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.

  • Hardship In the event the Investor sells the Company's Common Stock pursuant to subsection (c) above and the Company fails to perform its obligations as mandated in Section 2.5 and 2.2 (c), and specifically fails to provide the Investor with the shares of Common Stock for the applicable Advance, the Company acknowledges that the Investor shall suffer financial hardship and therefore shall be liable for any and all losses, commissions, fees, or financial hardship caused to the Investor.

  • Net Benefit A Net Benefit for a particular fund or, in the case of a multi-class fund, a class results when aggregate Benefits exceed aggregate Losses (i.e., net redemptions on a day the fund’s or class’s NAV is understated or net subscriptions on a day the fund’s or class’s NAV is overstated) during the Error Period.

  • VALUE OF PARTICIPANT'S ACCRUED BENEFIT If a distribution (other than a distribution from a segregated Account) occurs more than 90 days after the most recent valuation date, the distribution will include interest at: (Choose (a), (b) or (c))

  • Severance Benefit If the Employee’s employment is terminated by the Company for any reason other than Cause (as defined below) or if the Employee terminates his/her employment for Good Reason (as defined below), the Company shall provide Employee with the following:

  • Retirement Benefits Upon the occurrence of the Qualifying --------- ------------------- Date (except as otherwise specifically provided herein), the Bank will pay to the Director $671 per month for a continuous period of 120 months. Such continuous monthly installment payments shall commence on a date to be determined by the Bank, but in no event later than the first day of the sixth calendar month following the calendar month in which the Qualifying Date shall occur. In the event that the Director should die after becoming entitled to receive such installment payments but before all such payments have been made, the Bank will pay all remaining installment payments to such beneficiary or beneficiaries as the Director has designated in writing to the Bank (the "Beneficiaries"). In the event of the death of the last living Beneficiary before all remaining installment payments have been made, the balance of any payments which remain unpaid at such Beneficiary's death shall be commuted on the basis of eight percent (8%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Director, any payments remaining unpaid at the Director's death shall be commuted on the basis of eight percent (8%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

  • 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.

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