EMC 2006 Annual Report Download - page 122

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made to the Participant (or the Participant's beneficiary or estate, in the case of the Participant's death) in a lump sum. Payments shall be made in cash or, in
the case of Compensation payable in Company Stock, in Company Stock. A Participant shall designate his or her beneficiary or beneficiaries who, in the
event of the Participant's death, shall be entitled to receive the balance of the Participant's Account. Such designation shall be made on a form (whether
written, electronic, or otherwise) prescribed or approved by the Administrator, and may be revoked on a form (whether written, electronic, or otherwise)
prescribed or approved by the Administrator at any time prior to the Participant's death. If a Participant fails to designate a beneficiary or no designated
beneficiary survives the Participant, then payments hereunder shall be made to the Participant's estate.
6.4. Payment Upon a Change of Control. In connection with his or her election to defer Compensation pursuant to Section 4.1, a Participant may elect
to receive the balance of the Participant's Account in a single lump sum distribution payable in cash or, in the case of Compensation payable in Company
Stock, in Company Stock, 30 days following the Administrator's determination that there has been a Change of Control. Any election made under this
Section 6.4 shall be made on a form (whether written, electronic, or otherwise) prescribed or approved by the Administrator and may be changed on a form
(whether written, electronic, or otherwise) prescribed or approved by the Administrator only as provided in Section 4.1(c).
6.5. Severe Financial Hardship Distribution. A Participant shall not be entitled to distribution of any portion of his or her Accounts before payments
are otherwise due under the normal terms of the Plan or a timely election made under the terms of the Plan. However, in cases of extreme financial hardship,
the Administrator may authorize (on a nondiscriminatory basis and taking into account other resources of the Participant) a hardship distribution to be made 7
days following determination of the hardship, of the portion of a Participant's deferral Account in the minimum amount that is required to meet the need
created by the extreme financial hardship.
In order to qualify under this section, the hardship must be the result of an unforeseeable emergency. For this purpose, an "unforeseeable emergency" is
an extraordinary and unanticipated emergency that is caused by an event beyond the control of the Participant (such as an illness, accident or casualty) and
that would result in severe financial hardship to the Participant if the early distribution were not permitted. The Participant must supply written evidence of the
financial hardship and must declare, under penalty of perjury, that the Participant has no other resources available to meet the emergency, including the
resources of the Participant's spouse and minor children that are reasonably available to the Participant. The Participant must also declare that the need cannot
be met by any of the following:
(a) Reimbursement or compensation by insurance or otherwise;
10