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 OR BY LIQUIDATION OF THE
PARTICIPANT'S ASSETS (TO THE EXTENT THE LIQUIDATION OF SUCH ASSETS WOULD NOT
ITSELF CAUSE SEVERE FINANCIAL HARDSHIP). THE ADMINISTRATIVE COMMITTEE SHALL
REQUIRE SUCH PROPER PROOF OF FINANCIAL HARDSHIP AND SUCH EVIDENCE OF THE
REQUIREMENTS OF A PARTICIPANT FOR EXTRAORDINARY OR EMERGENCY EXPENDITURES AS IT
MAY DEEM APPROPRIATE, AND THE ADMINISTRATIVE COMMITTEE'S DETERMINATION OF
FINANCIAL HARDSHIP, WHETHER AN UNFORESEEABLE EMERGENCY EXISTS AND OF THE
REQUIREMENTS OF A PARTICIPANT FOR EXTRAORDINARY OR EMERGENCY EXPENDITURES SHALL
BE CONCLUSIVE. ANY PAYMENT MADE TO A PARTICIPANT PURSUANT TO THIS SECTION 11
SHALL BE MADE REASONABLY PROMPTLY FOLLOWING THE ADMINISTRATIVE COMMITTEE'S
DETERMINATION OF THE AMOUNT PAYABLE TO THE PARTICIPANT. ANY REQUEST AUTHORIZED
PURSUANT TO THIS SECTION 11 WILL RESULT IN THE CESSATION OF ALL PAY DEFERRALS
AND EXCESS MATCH CREDITS THAT WOULD OTHERWISE BE CREDITED TO THE PARTICIPANT
UNDER THIS PLAN BETWEEN THE FIRST DAY OF THE MONTH FOLLOWING THE MONTH IN WHICH
THE REQUEST IS APPROVED AND THE LAST DAY OF THAT PLAN YEAR. IN ADDITION, SUCH
PARTICIPANT IS PRECLUDED FROM ENROLLING IN THE PLAN FOR THE ENTIRE PLAN YEAR
BEGINNING JANUARY 1 AFTER THE REQUEST IS MADE.
12.
Administration and Interpretation
THE ADMINISTRATIVE COMMITTEE HAS THE SOLE AUTHORITY TO CONSTRUE AND ADMINISTER
THE PLAN, AND THE ADMINISTRATIVE COMMITTEE'S CONSTRUCTION, ADMINISTRATION AND
ACTIONS UNDER THE PLAN ARE BINDING AND CONCLUSIVE ON ALL PERSONS FOR ALL
PURPOSES. THE PROVISIONS OF THE PLAN SHALL BE ADMINISTERED AND ENFORCED
ACCORDING TO APPLICABLE FEDERAL LAW AND, ONLY TO THE EXTENT NOT PREEMPTED BY
ERISA, THE LAWS OF THE STATE OF ILLINOIS. IF ANY PROVISION OF THE PLAN, OR THE
APPLICATION OF ANY SUCH PROVISION TO ANY PERSON OR CIRCUMSTANCES, SHALL BE
INVALID UNDER ANY APPLICABLE LAW, NEITHER THE APPLICATION OF SUCH PROVISION TO
PERSONS OR CIRCUMSTANCES OTHER THAN THOSE AS TO WHICH SUCH PROVISION IS INVALID
NOR ANY OTHER PROVISIONS OF THE PLAN SHALL BE AFFECTED THEREBY. THE HEADINGS AND
SUBHEADINGS IN THE PLAN HAVE BEEN INSERTED FOR CONVENIENCE OF REFERENCE ONLY AND
ARE TO BE IGNORED IN ANY CONSTRUCTION OF THE PROVISIONS HEREOF. IN THE
CONSTRUCTION OF THE PLAN, THE SINGULAR SHALL INCLUDE THE PLURAL, AND THE PLURAL
SHALL INCLUDE THE SINGULAR, IN ALL CASES WHERE SUCH MEANINGS WOULD BE
APPROPRIATE.
7
13.
Taxation
IT IS INTENDED THAT EACH PARTICIPANT WILL BE SUBJECT TO INCOME TAXES ON HIS OR
HER CREDITS UNDER THE PLAN AT THE TIME THE CREDITS ARE PAID TO THE PARTICIPANT,
AND THE PLAN WILL BE INTERPRETED CONSISTENT WITH THAT INTENTION; PROVIDED,
HOWEVER, THAT PARTICIPANTS' CREDITS MAY BE SUBJECT TO SOCIAL SECURITY AND OTHER
PAYROLL TAXES AS THEY ACCRUE. ALL PAYMENTS UNDER THE PLAN ARE SUBJECT TO
APPLICABLE FEDERAL (INCLUDING SOCIAL SECURITY TAXES), STATE AND LOCAL TAXES. THE
CORPORATION WILL NOT "GROSS-UP" OR OTHERWISE REIMBURSE PARTICIPANTS FOR ANY
TAXES APPLICABLE TO PAYMENTS UNDER THE PLAN.
14.
Amendment/Termination