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HBI » Topics » 11.05 Additional Rules for Withdrawals

This excerpt taken from the HBI 8-K filed Sep 5, 2006.

11.05 Additional Rules for Withdrawals

Withdrawals made pursuant to Subsections 11.02, 11.03 and 11.04 shall be charged to the Participant’s vested Accounts (if applicable) in the following order:

 

  (a) After-Tax Account;

 

  (b) Rollover Contribution Account;

 

  (c) Before-Tax Contribution Account;

 

  (d) Predecessor Company Account;

 

  (e) If applicable, Matching Contribution Account (classified as company match);

 

  (f) If applicable, Matching Contribution Account (classified as monthly company contributions);

 

  (g) If applicable, Matching Contribution Account attributable to Matching Contributions made pursuant to a collective bargaining agreement.

 

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All withdrawals shall be paid in cash. Requests for a withdrawal shall be made in such manner and in accordance with such rules as the Committee determines. If the Committee determines in its discretion that a withdrawal under this Subsection shall be made in a manner other than in writing, any Participant who makes a request pursuant to such method may receive written confirmation of such request; further, any such request and confirmation shall be the equivalent of a writing for all purposes. Participants in this Plan who participated in a Predecessor Plan that was subject to Section 401(a)(11) and Section 417 of the Code may no longer elect payment of their Account Balances in any form other than a lump sum or partial lump sum distribution, notwithstanding any provision of this Plan or any Supplement thereto to the contrary; and no consent of such Participants’ spouses shall be required for withdrawals made under Subsections 11.02, 11.03 or 11.04 after such date.

 

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