Dell 2000 Annual Report Download - page 55

distribute in one lump sum to such Participant his vested account under
the Plan. A final determination of the Internal Revenue Service or the
U.S. Department of Labor shall be a decision rendered by the Internal
Revenue Service or the U.S. Department of Labor which is no longer
subject to administrative appeal within such agency. In addition, the
Committee may, in its exclusive and sole discretion, cause the Plan to
make a distribution to a Participant during a Plan Year in order to
cause the Participant to have sufficient taxable compensation to
satisfy the annual addition requirements of Code Section 415 with
respect to any qualified retirement plans maintained by the Company
during such Plan Year.
7.3 NO LOANS. Participants shall not, at any time, be permitted to borrow
from the Plan or Trust Fund.
ARTICLE VIII.
PLAN BENEFITS
8.1 PLAN BENEFIT. A Participant's Plan benefit shall be the value of his
Accounts determined as of the Valuation Date immediately preceding the
time of payment of such Accounts in accordance with Section 8.3.
8.2 EVENTS ENTITLING PAYMENT OF BENEFIT. A Participant's benefit shall
become payable upon the earliest to occur of the following events:
(a) A termination of the Participant's employment with the Company
and its Affiliates for any reason;
(b) The death of the Participant;
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(c) A determination by the Committee that the Participant has a
Disability; or
(d) A Change of Control.
A Participant's benefit shall equal the Participant's Vested Interest
in his Accounts as of the Valuation Date next preceding the date the
payment of such benefit is to be paid or commence pursuant to Section
8.3.
8.3 PAYEE AND TIME OF PAYMENT. Payment of a Participant's benefit shall be
paid or commence as soon as administratively practicable following the
Section 8.2 event triggering payment. The Participant's benefit shall
be paid to the Participant, unless the Section 8.2 triggering event is
the death of the Participant, in which case the Participant's benefit
shall be paid to the Participant's designated beneficiary as provided
in Section 8.5.
8.4 ALTERNATIVE FORMS OF BENEFIT PAYMENTS.
(a) A Participant's benefit under the Plan shall be paid in cash
in one of the following forms:
(1) A single lump sum payment; or
(2) Monthly, quarterly or annual installment payments for
a term certain not to exceed ten years payable to
such Participant or, in the event of such
Participant's death prior to the end of such term
certain, to his designated beneficiary as provided in
Section 8.5.
(b) A Participant must elect one of the forms of payment listed in
Subsection 8.4(a) above on or before the date he first becomes
a Participant of the Plan pursuant to Article II. Except as
provided in Subsection 8.4(c) below, such election shall be
irrevocable by the Participant and shall remain in effect for
all periods of a Participant's participation in the Plan. In
the event a Participant fails to elect timely the form in
which his benefit payments are to be made, such benefit
payments shall be deemed to have been elected by such
Participant to be in the form of a single lump sum payment.
(c) A Participant may shall be entitled to change his elected form
of benefit payment under Subsection 8.4(a) above with respect
to all amounts allocated to his Accounts (i.e., both existing
and future allocations) as of each January 1st. Such change
shall be made prior to each such January 1st and shall be
effective as of the subsequent January 1st. If a triggering
event described in Section 8.2 occurs during the Plan Year
following the Committee's receipt of an election to change
distribution forms, such election shall be deemed to be null