Supercuts 2007 Annual Report Download - page 140

Article 6. Investment of Contributions .
6.01. Manner of Investment . All amounts credited to the Accounts of Participants shall be treated as though invested and reinvested only in
eligible investments selected by the Employer in the Service Agreement.
6.02. Investment Decisions . Investments in which the Accounts of Participants shall be treated as invested and reinvested shall be directed by
the Employer or by each Participant, or both, in accordance with the Employer’s election in Section 1.11(a).
(a) All dividends, interest, gains and distributions of any nature that would be earned in respect of Fund Shares in which the Account is treated
as investing shall be credited to the Account as though reinvested in additional shares of that Permissible Investment.
(b) Expenses that would be attributable to the acquisition of investments shall be charged to the Account of the Participant for which such
investment is treated as having been made.
Article 7. Right to Benefits .
7.01. Normal or Early Retirement . If provided by the Employer in Section 1.07(e), each Participant who attains his Normal Retirement Age
or Early Retirement Age will have a nonforfeitable interest in his Account in accordance with the vesting schedule(s) elected in Section 1.07. If
a Participant retires on or after attainment of Normal or Early Retirement Age, such retirement is referred to as a normal retirement. On or after
his normal retirement, the balance of the Participant’
s Account, plus any amounts thereafter credited to his Account, subject to the provisions of
Section 7.06, will be distributed to him in accordance with Article 8.
If provided by the Employer in Section 1.07, a Participant who separates from service before satisfying the age requirements for early
retirement, but has satisfied the service requirement will be entitled to the distribution of his Account, subject to the provisions of Section 7.06,
in accordance with Article 8, upon satisfaction of such age requirement.
7.02. Death . If a Participant dies before the distribution of his Account has commenced, or before such distribution has been completed, his
Account shall become vested in accordance with the vesting schedule(s) elected in Section 1.07 and his designated Beneficiary or Beneficiaries
will be entitled to receive the balance or remaining balance of his Account, plus any amounts thereafter credited to his Account, subject to the
provisions of Section 7.06. Distribution to the Beneficiary or Beneficiaries will be made in accordance with Article 8. A distribution to a
beneficiary of a Key Employee is not considered to be a distribution to a Key Employee for purposes of Sections 1.06 and 7.08.
A Participant may designate a Beneficiary or Beneficiaries, or change any prior designation of Beneficiary or Beneficiaries, by giving notice to
the Administrator on a form designated by the Administrator. If more than one person is designated as the Beneficiary, their respective interests
shall be as indicated on the designation form.
A copy of the death certificate or other sufficient documentation must be filed with and approved by the Administrator. If upon the
death of the Participant there is, in the opinion of the Administrator, no designated Beneficiary for part or all of the Participant’s Account, such
amount will be paid to his surviving spouse or, if none, to his estate (such spouse or estate shall be deemed to be the Beneficiary for purposes
of the Plan). If a Beneficiary dies after benefits to such Beneficiary have commenced, but before they have been completed, and, in the opinion
of the Administrator, no person has been designated to receive such remaining benefits, then such benefits shall be paid to the deceased
Beneficiary’s estate.
7.03. Other Termination of Employment . If provided by the Employer in Section 1.07, if a Participant terminates his employment for any
reason other than death or normal retirement, he will be entitled to a termination benefit equal to (i) the vested percentage(s) of the value of the
Matching and Employer Contributions to his Account, as adjusted for income, expense, gain, or loss, such percentage(s) determined in
accordance with the vesting schedule(s) selected by the Employer in Section 1.07, and (ii) the value of the Deferral Contributions to his
Account as adjusted for income, expense, gain or loss. The amount payable under this Section 7.03 will be subject to the provisions of Section
7.06 and will be distributed in accordance with Article 8. For purposes of the Plan, a termination of employment is a separation from service as
defined pursuant to Code Section 409A and regulations thereunder.
7.04. Separate Account . If a distribution from a Participant’s Account has been made to him at a time when he has a nonforfeitable right to
less than 100 percent of his Account, the vesting schedule in Section 1.07 will thereafter apply only to amounts in his Account attributable to
Matching and Employer Contributions allocated after such distribution. The balance of his Account immediately after such distribution will be
transferred to a separate account that will be maintained for the purpose of determining his interest therein according to the following
provisions.
At any relevant time prior to a forfeiture of any portion thereof under Section 7.05, a Participant’s nonforfeitable interest in his
Account held in a separate account described in the preceding paragraph will be equal to P(AB + (RxD))-(RxD), where P is the nonforfeitable
percentage at the relevant time determined under Section 7.05; AB
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