Dell 2000 Annual Report Download - page 54

(b) Notwithstanding Subsection (a) above, a Participant shall have
a 100% Vested Interest in his Company Credits Account upon the
earliest to occur of (i) the attainment of such Participant's
Retirement Date while employed by the Company, (ii) the death
of such Participant while employed by the Company, (iii) the
date such Participant becomes Disabled, or (iv) any earlier
date designated by the Committee in its sole discretion.
6.3 FORFEITURES. A Participant who terminates employment with the Company
and its Affiliates with a Vested Interest in his Company Credits
Account that is less than 100% shall forfeit to the Company the
nonvested portion of such Account as of the date of such termination.
ARTICLE VII.
IN-SERVICE WITHDRAWALS AND LOANS
7.1 IN-SERVICE WITHDRAWALS.
(a) Except as provided in Subsections (b) through (d) below, no
in-service withdrawals shall be permitted under the Plan, and
Participants shall not be permitted to make withdrawals from
the Plan prior to a termination of employment with the Company
and its Affiliates.
(b) In the event that the Committee, upon written petition of the
Participant, determines in its sole discretion that the
Participant has suffered an Unforeseeable Financial Emergency,
the Participant shall be entitled to withdrawal from his
Compensation Deferrals Account an amount not to exceed the
lesser of (i) the amount determined by the Committee as
necessary to meet the Participant's needs created by the
Unforeseeable Financial Emergency or (ii) the Vested Interest
in the Participant's Accounts. Such benefit shall be paid in a
single lump sum payment as soon as administratively
practicable after the Committee has made its determination
with respect to the availability and amount of such
withdrawal. If the Participant's Accounts are deemed to be
invested in more than one Investment Fund, such withdrawal
shall be made pro rata from each Investment Fund in which such
Accounts are deemed to be invested. This Subsection shall not
be applicable to the Participant following his termination of
employment with the Company and its Affiliates, and in the
event of such termination the amounts credited to the
Participant's Accounts shall be payable to him only in
accordance with Article VIII.
(c) A Participant may at any time make an irrevocable election,
effective as of the first day of the next Plan Year, to have
all or a portion of the Vested Interest in his Accounts,
determined as of the date his election is made, paid to him on
a fixed date
-13-
<PAGE> 18
specified in such election, which shall be at least two (2)
years following the date that such election is submitted to
the Committee in writing. The amount of the payment pursuant
to this irrevocable election shall be stated in the election
and shall be a fixed dollar amount, and shall not be adjusted
for earnings or losses following such election date. Once an
in-service distribution election has been filed with the
Committee, it may be extended to provide that the distribution
shall be made on a date which is subsequent to the original
distribution date; provided, however, that a Participant may
not elect to extend his distribution date during the two (2)
year period immediately preceding the designated distribution
date. A Participant may have only one election hereunder
outstanding at any time. Notwithstanding the preceding, if the
Participant terminates employment prior to the designated
payment date, his election shall be terminated and his
Accounts shall be distributed as provided in Section 8.4
below.
(d) In the event that the Committee, upon written petition of the
Participant, determines in its sole discretion that the
Participant has a Disability, the Participant shall be
entitled to a distribution in accordance with Article VIII.
7.2 INVOLUNTARY DISTRIBUTIONS. Notwithstanding anything contained in the
Plan to the contrary, if at any time any Participant is finally
determined by the Internal Revenue Service or the U.S. Department of
Labor not to qualify as a member of a select group of "management or
highly compensated employees" as such term is used in ERISA Section
401(a)(1), the Committee may, in its sole discretion, immediately