HBI » Topics » 2.1 Eligibility for Participation

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

2.1 Eligibility for Participation

An Employee of the Company shall be eligible to participate in this Plan and become a Participant in the Plan on the date he or she meets all five of the following requirements:

 

  (a) Has been designated in writing by the Company, in its sole and absolute discretion, as a Participant;

 

  (b) Completes and returns to the Committee, no later than thirty (30) days after he or she receives written notice of such designation, a Plan Agreement, and such administrative and other forms as the Committee may require for participation;

 

  (c) Completes such insurance forms, exams and questions as the Committee may designate from time to time;

 

  (d) Timely completes any other participation conditions as may be prescribed by the Committee from time to time; and

 

  (e) Is insurable.

If an Employee fails to meet all of the above-listed requirements within a reasonable time, as determined by the Committee in its sole discretion, the Committee shall provide that Employee with written notice within thirty (30) days of such failure, and that person shall not be eligible to become a Participant under this Plan.

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