FLR » Topics » ARTICLE IX OTHER DISTRIBUTION EVENTS
This excerpt taken from the FLR 8-K filed Dec 21, 2007.
OTHER DISTRIBUTION EVENTS
9.1 CHANGE OF
Notwithstanding any other Section hereof, if a Participants
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 Participants Beneficiary within the first fifteen (15) days of the
month following the month of the Participants death.
9.2 UNFORESEEABLE EMERGENCY.
(a) A distribution
of a portion of a Participants 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.
Unforeseeable Emergency is defined as a severe financial hardship to the
Participant caused by sudden and unexpected illness or accident of the
Participant, the Participants spouse, the Participants 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 Participants
property due to casualty, or other extraordinary and unforeseeable
circumstances caused by a result of events beyond the Participants
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 Participants 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 Participants Accounts pursuant and subject to the
terms of Section 8.1.
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