Common use of Restrictions on Certain Contributions Clause in Contracts

Restrictions on Certain Contributions. A Participant may not make withdrawals from his Salary Deferral Account, Qualified Nonelective Contributions Account or Qualified Matching Contributions Account prior to the earlier of: (1) his Separation from Service, total and permanent Disability, or death; (2) his attainment of age 591/2; (3) proven financial hardship, subject to the approval of the Plan Administrator (however, in no event shall Qualified Matching Contributions and/or Qualified Nonelective Contributions be withdrawn on account of financial hardship); (4) the date of the sale by the Employer of substantially all of the assets (within the meaning of Code section 409(d)(2)), but only with respect to Participants who continue employment with the corporation acquiring such assets; (5) the date of the sale by the Employer of interest in a subsidiary (within the meaning of Code section 409(d)(3)) with respect to a Participant who continues employment with such subsidiary; or (6) 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)) or a Simplified Employee Pension Plan (as defined in Code section 408(k)). However, clauses (4) and (5) shall not apply, if the sale is to a business that is an Affiliate of the Employer, or if in conjunction with the sale, the buyer agrees to sponsor this Plan or the buyer requests the assets and liabilities of the affected Participants to be transferred to a Plan qualified under Code section 401(a) maintained or installed by the buyer. Furthermore, with respect to clauses (4), (5) and (6) above, the Participants shall receive a lump sum distribution (as defined by Code section 402(e)(4)) by reason of such event.

Restrictions on Certain Contributions. A Participant may not make withdrawals from his Salary Deferral Account, Qualified Nonelective Contributions Account or Qualified Matching Contributions Account prior to the earlier of: (1) his Separation Severance from ServiceEmployment, total and permanent Disability, or death; (2) his attainment of age 591/259 1/2; (3) proven financial hardship, subject to the approval of the Plan Administrator (however, in no event shall Qualified Matching Contributions and/or Qualified Nonelective Contributions be withdrawn on account of financial hardship); (4) the date of the sale by the Employer of substantially all of the assets (within the meaning of Code section 409(d)(2)), but only with respect to Participants who continue employment with the corporation acquiring such assets; (5) the date of the sale by the Employer of interest in a subsidiary (within the meaning of Code section 409(d)(3)) with respect to a Participant who continues employment with such subsidiary; or (6) 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)) or a Simplified Employee Pension Plan (as defined in Code section 408(k)). However, clauses (4) and (5) shall not apply, if the sale is to a business that is an Affiliate of the Employer, or if in conjunction with the sale, the buyer agrees to sponsor this Plan or the buyer requests the assets and liabilities of the affected Participants to be transferred to a Plan qualified under Code section 401(a) maintained or installed by the buyer. Furthermore, with respect to clauses (4), (5) and (6) above, the Participants shall receive a lump sum distribution (as defined by Code section 402(e)(4)) by reason of such event.

Restrictions on Certain Contributions. A Participant may not make withdrawals from his Salary Deferral Account, Qualified Nonelective Contributions Account or Qualified Matching Contributions Account prior to the earlier of: (1) his Separation from Service, total and permanent Disability, or death; (2) his attainment of age 591/259 1/2; (3) proven financial hardship, subject to the approval of the Plan Administrator (however, in no event shall Qualified Matching Contributions and/or Qualified Nonelective Contributions be withdrawn on account of financial hardship); (4) the date of the sale by the Employer of substantially all of the assets (within the meaning of Code section 409(d)(2)), but only with respect to Participants who continue employment with the corporation acquiring such assets; (5) the date of the sale by the Employer of interest in a subsidiary (within the meaning of Code section 409(d)(3)) with respect to a Participant who continues employment with such subsidiary; or (6) 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)) or a Simplified Employee Pension Plan (as defined in Code section 408(k)). However, clauses (4) and (5) shall not apply, if the sale is to a business that is an Affiliate of the Employer, or if in conjunction with the sale, the buyer agrees to sponsor this Plan or the buyer requests the assets and liabilities of the affected Participants to be transferred to a Plan qualified under Code section 401(a) maintained or installed by the buyer. Furthermore, with respect to clauses (4), (5) and (6) above, the Participants shall receive a lump sum distribution (as defined by Code section 402(e)(4)) by reason of such event.