Unforeseeable Emergency Distribution. If a Participant has an Unforeseeable Emergency, as defined herein, the Plan Administrator may pay to the Participant that portion of his or her vested Account which the Plan Administrator determines is reasonably necessary to satisfy the emergency. The amounts distributed to the Participant as a result of an Unforeseeable Emergency may not exceed the amounts reasonably necessary to satisfy such emergency plus amounts necessary to pay taxes reasonably anticipated as a result of the distribution, after taking into account the extent to which such hardship is or may be relieved through reimbursement or compensation by insurance or otherwise, by liquidation of the Participant’s assets (to the extent the liquidation of such assets would not itself cause severe financial hardship) or by cancellation of Compensation Deferrals pursuant to Section 7.1. A Participant requesting an Unforeseeable Emergency Distribution shall apply for the payment in writing on a form approved by the Plan Administrator and shall provide such additional information as the Plan Administrator may require. The Plan Administrator shall have complete discretion to determine whether the financial hardship of the Participant constitutes an Unforeseeable Emergency under the Plan. If, subject to the sole discretion of the Plan Administrator, the request for a withdrawal is approved, the distribution shall be made within ninety (90) days after the date of approval by the Plan Administrator.
Unforeseeable Emergency Distribution. The Participant shall have no right to receive amounts credited to his or her Account other than as provided in this Section 8. However, the Committee may allow a partial or total distribution of the Participant’s interest in his Account, after the Account has become vested and prior to the time it otherwise would be payable, upon the Participant’s request and a demonstration by the Participant of a severe financial hardship as the result of an Unforeseeable Emergency. The amount of any such distribution shall be limited to the amount reasonably deemed necessary to the Committee to alleviate the Participant’s Unforeseeable Emergency and an amount to cover any Federal, state or local income taxes or penalties reasonably anticipated to result from the distribution. Such distribution shall be made in a single sum as soon as administratively possible following the Committee’s approval.
Unforeseeable Emergency Distribution. A Participant may receive an in-service distribution on account of an Unforeseeable Emergency.
Unforeseeable Emergency Distribution. If an Unforeseeable Emergency occurs, the Director may petition the board of directors to receive a distribution from the Agreement. The board of directors in its sole discretion may grant such petition. If granted, the Director shall receive, within sixty (60) days, a distribution from the Agreement only to the extent deemed necessary by the board of directors to remedy the Unforeseeable Emergency, plus an amount necessary to pay taxes reasonably anticipated as a result of the distribution. In any event, the maximum amount which may be paid out pursuant to this Section 3.3 is the Deferral Account balance as of the day that the Director petitioned the board of directors to receive an Unforeseeable Emergency Distribution under this Section.
Unforeseeable Emergency Distribution. In the event of a Participant’s Unforeseeable Emergency, the Administrator may make a distribution to a Participant, even if such Participant has not had a Severance from Employment or has not attained his or her Required Beginning Date. In the event of an Unforeseeable Emergency, the Administrator also may accelerate payments to a Participant or to a Beneficiary. The Administrator will not pay the Participant or the Beneficiary more than the amount reasonably necessary to satisfy the emergency need, which may include amounts necessary to pay taxes or penalties on the distribution. The Administrator will not make payment to the extent the Participant or Beneficiary may relieve the financial hardship by cessation of deferrals under the Plan, through insurance or other reimbursement, or by liquidation of the individual’s assets to the extent such liquidation would not cause severe financial hardship.
Unforeseeable Emergency Distribution
