EMC 2008 Annual Report Download - page 158

unforeseeable emergency (including any taxes or penalties due as a result of the distribution). The distribution will be paid within seven (7) days after
the Administrator determines that the unforeseeable emergency exists under (b) below.
(b) Unforeseeable Emergency. An "unforeseeable emergency" is a severe financial hardship to the Participant resulting: (1) from an illness or
accident of the Participant or of the Participant's spouse, beneficiary, or dependent (as defined in Code section 152, without regard to section 152(b)(1),
(b)(2), and (d)(1)(B)); (2) from the loss of the Participant's property due to casualty (including the need to rebuild a home following damage to the home
not otherwise covered by insurance); or (3) from other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the
Participant's control (e.g., the imminent foreclosure of or eviction from the Participant's primary residence, the need to pay for medical expenses and
prescription drugs or funeral expenses of a spouse, beneficiary or dependent).
The Participant must supply written evidence of the financial hardship and must declare, under penalties of perjury, that the Participant has no other
resources available to meet the emergency. The Participant must also declare that the need cannot be met by any of the following: (1) reimbursement or
compensation by insurance or otherwise; (2) reasonable liquidation of the Participant's assets to the extent the liquidation will not itself cause severe
financial hardship; or (3) ceasing the Participant's deferrals under this Plan.
(c) Hardship Distribution Under 401(k) Plan. In the event a Participant receives a hardship distribution pursuant to the regulations under
section 401(k) of the Code, from the Company's 401(k) Plan, deferrals under this Plan shall cease for a period of six months.
6.7. Payments to a Participant Who is or was an Eligible Director and an Eligible Employee. Notwithstanding anything in this Article 6 to the
contrary, if payments are to be made from a Participant's Account and the Participant is or was both an Eligible Director and an Eligible Employee, then the
payments will be treated separately. Any payments attributable to the portion of the balance of the Participant's Account that is attributable to Compensation
earned by the Participant as an employee of the Company or any of its Subsidiaries will be paid in accordance with the provisions of this Article 6 applicable
to Participants who are not Eligible Directors. The portion of the balance of the Participant's Account attributable to Compensation earned by the Participant
for his or her service as an Eligible Director will be paid in accordance with the provisions of this Article 6 applicable to Participants who are Eligible
Directors.
6.8. Payments to Specified Employees. Amounts payable under this Article 6 upon a Specified Employee's Separation from Service, other than
death, will be paid six (6) months after Separation from Service. If the Participant elected to receive installments upon Separation from Service, this Section
will affect only the first payment if that payment is scheduled to occur earlier than six (6) months after Separation from Service; all other installment
payments will be paid as scheduled.
Article 7. ADMINISTRATOR
7.1. Plan Administration and Interpretation. The Administrator shall oversee the administration of the Plan. The Administrator shall have complete
discretionary control and authority to administer all aspects of the Plan and to determine the rights and benefits and all claims, demands and actions arising
out of the provisions of the Plan of any Participant, beneficiary, deceased Participant, or any other person having or claiming to have any interest under the
Plan. The Administrator shall have the exclusive discretionary power to interpret the Plan and to decide all matters under the Plan. The Administrator also
shall have the exclusive discretionary power to adopt, amend and rescind rules and guidelines for the administration of the Plan and for its own acts and
proceedings. Such interpretation and decision shall be final, conclusive and binding on all Participants and any person claiming under or through any
Participant, in the absence of clear and convincing evidence that the Administrator acted arbitrarily and capriciously. Any individual serving as Administrator,
or on a committee acting as Administrator, who is a Participant, shall not vote or act on any matter relating solely to himself or herself. When making a
determination or calculation, the Administrator shall be entitled to conclusively