GENERAL ASSETS OF THE COMPANY, (B) MAY BE USED IN THE
OPERATION OF THE COMPANY'S BUSINESS OR IN ANY OTHER MANNER PERMITTED BY LAW, AND
(C) REMAIN SUBJECT TO THE CLAIMS OF THE COMPANY'S CREDITORS.
PARTICIPANT
AGREES, ON BEHALF OF PARTICIPANT AND HIS OR HER BENEFICIARY, THAT (I) TITLE TO
ANY AMOUNTS DEFERRED UNDER THE PLAN OR CREDITED TO A PARTICIPANT'S ACCOUNT
REMAINS IN THE COMPANY AND (II) NEITHER PARTICIPANT NOR HIS OR HER BENEFICIARY
HAS ANY PROPERTY INTERESTS WHATSOEVER IN SAID AMOUNTS, EXCEPT AS GENERAL
UNSECURED CREDITORS OF THE COMPANY.
6.
EFFECT ON EMPLOYEE BENEFITS
Amounts deferred under this Plan or distributed pursuant to the terms of this
Plan are not taken into account in the calculation of an Employee's benefits
under any employee pension or welfare benefit program or under any other
compensation practice maintained by the Company, except to the extent provided
in such program or practice.
However, the benefits provided for a Participant
and a Participant's Beneficiary under this Plan are in addition to benefits
available to such Participant or Beneficiary under any other plan or program of
the Company.
7.
PAYMENT OF DEFERRED COMPENSATION
ACCOUNTS
7.1.
IN-SERVICE WITHDRAWALS.
A.
WITHDRAWALS ON PREVIOUSLY SPECIFIED DATES.
PRIOR TO THE
TERMINATION OF HIS OR HER EMPLOYMENT, A PARTICIPANT SHALL RECEIVE A WITHDRAWAL
OF AMOUNTS DEFERRED IN A PARTICULAR PLAN YEAR UPON THE OCCURRENCE OF THE DATE
AND PURSUANT TO THE FORM SPECIFIED IN HIS OR HER DEFERRAL ELECTION FORM FOR THAT
PLAN YEAR, UNDER SECTION 4.1 ABOVE, TO THE EXTENT THAT SUCH AMOUNTS HAVE NOT
BEEN DISBURSED UNDER THIS SECTION 7 PRIOR TO THAT DATE.
B.
OTHER WITHDRAWALS.
PRIOR TO THE TERMINATION OF HIS OR HER
EMPLOYMENT, DISABILITY A PARTICIPANT MAY NOT WITHDRAW ANY FUNDS FROM HIS OR HER
ACCOUNT, EXCEPT AS PROVIDED IN PARAGRAPH 7.1.A.
5
7.2.
TERMINATION OF EMPLOYMENT.
SUBJECT TO A PARTICIPANT'S OR INACTIVE
PARTICIPANT'S ELECTION OF A DISTRIBUTION DATE AND FORM UNDER SECTION 4.1, UPON
THE TERMINATION OF EMPLOYMENT OF A PARTICIPANT OR INACTIVE PARTICIPANT, THE
COMPANY SHALL DISTRIBUTE HIS OR HER ACCOUNT UNDER THE PLAN, IN EITHER (I) A
SINGLE LUMP SUM OR (II) SUBSTANTIALLY EQUAL ANNUAL INSTALLMENTS OVER A PERIOD OF
FIFTEEN YEARS.
SUCH SELECTION MUST BE MADE AT THE TIME THE ELECTION TO DEFER
COMPENSATION IS MADE UNDER SECTION 4.1; IN THE ABSENCE OF A TIMELY ELECTION,
PAYMENTS SHALL BE MADE ON SUBSTANTIALLY EQUAL INSTALLMENTS OVER A FIFTEEN-YEAR
PERIOD COMMENCING ON THE START DATE.
THE PAYMENT FROM THE ACCOUNT SHALL OCCUR
OR COMMENCE AS SOON AS ADMINISTRATIVELY FEASIBLE AFTER THE TERMINATION OF
EMPLOYMENT OCCURS ("START DATE").
7.3.
DEATH PRIOR TO COMMENCEMENT OF DISTRIBUTIONS.
UPON THE DEATH OF A
PARTICIPANT OR INACTIVE PARTICIPANT PRIOR TO THE COMMENCEMENT OF ANY
DISTRIBUTION UNDER SECTION 7.2 ABOVE, THE ACCOUNTS OF SUCH PARTICIPANT OR
INACTIVE PARTICIPANT SHALL BE DISTRIBUTED TO HIS OR HER BENEFICIARY IN A LUMP
SUM.
THE PAYMENT FROM THE ACCOUNTS SHALL OCCUR AS SOON AS ADMINISTRATIVELY
FEASIBLE AFTER THE DEATH OF THE PARTICIPANT OR INACTIVE PARTICIPANT.
7.4.
DEATH AFTER COMMENCEMENT OF DISTRIBUTIONS.