FLR » Topics » ARTICLE IX OTHER DISTRIBUTION EVENTS

This excerpt taken from the FLR 8-K filed Dec 21, 2007.

ARTICLE IX
OTHER DISTRIBUTION EVENTS

 

9.1                                 CHANGE OF CONTROL.

 

Notwithstanding any other Section hereof, if a Participant’s employment with the Company has a Termination of Service for any reason other than death, within the two-year period beginning on the date that a Change of Control occurs, then the Company shall pay to the Participant by the end of the month following the month of termination (six months (6) after the date of the Termination of Service if the Participant is a Specified Employee) a lump sum distribution of all of her or his Accounts (including any Adjustments).  If a Participant dies after Termination of Service, but before payment of

 

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any amount payable under this Section, then such amount shall be paid to the Participant’s Beneficiary within the first fifteen (15) days of the month following the month of the Participant’s death.

 

 9.2          UNFORESEEABLE EMERGENCY.

 

(a)                                  A distribution of a portion of a Participant’s Accounts because of an Unforeseeable Emergency will be permitted only to the extent required by the Participant to satisfy the emergency.  Whether an Unforeseeable Emergency has occurred will be determined solely by the Committee in its reasonable discretion.  Distributions in the event of an Unforeseeable Emergency may be made by and with the approval of the Committee upon written request by a Participant.

 

(b)                                 An “Unforeseeable Emergency” is defined as a severe financial hardship to the Participant caused by sudden and unexpected illness or accident of the Participant, the Participant’s spouse, the Participant’s Beneficiary, or of a dependent of the Participant (as defined in Code section 152, without regard to Code section 152(b)(1), (b)(2), and (d)(1)(B)), loss of the Participant’s property due to casualty, or other extraordinary and unforeseeable circumstances caused by a result of events beyond the Participant’s control.  The circumstances that will constitute an Unforeseeable Emergency will depend upon the specific facts of each case, but, in any event, any distribution under this Section shall not exceed the amount required by the Participant to resolve the hardship after (i) reimbursement or compensation through insurance or otherwise, (ii) obtaining liquidation of the Participant’s assets, to the extent such liquidation would not itself cause a severe financial hardship, or (iii) suspension of deferrals under the Plan.  In all events, a distribution shall be made in connection with an Unforeseeable Emergency only to the extent permitted by Code section 409A.

 

9.3                                 DISTRIBUTION IN THE EVENT OF DIVORCE.  In the event of the divorce or legal separation of a Participant, and the awarding of all or a portion of the Accounts to the spouse of the Participant by court order, such spouse may elect, by filing with the Committee a form specified by the Committee and by providing such other information as the Committee may in its discretion reasonably request in order to confirm that the applicable facts and circumstances are present, to receive a distribution of her or his court-awarded portion of the Participant’s Accounts pursuant and subject to the terms of Section 8.1.

 

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