Supercuts 2007 Annual Report Download - page 142

(a) When Section 1.06(a) has been elected by the Employer . The distribution period specified in a Participant’s first deferral election
specifying distribution under a systematic withdrawal plan shall apply to all subsequent elections of distributions under a systematic
withdrawal plan made by the Participant. Once a Participant has made an election for the method of distribution, that election shall be effective
for all contributions made on behalf of the Participant attributable to any Plan Year after that election was made and before the Plan Year for
which that election has been altered in the manner prescribed by the Administrator. If the Participant does not designate in the manner
prescribed by the Administrator the method of distribution, such method of distribution shall be a lump sum at termination of employment.
(b) When Section 1.06(b) has been elected by the Employer . The distribution period for distributions under a systematic withdrawal plan shall
be specified in each Participant’s contribution election selecting payments under a systematic withdrawal plan. If the Participant does not
designate in the manner prescribed by the Administrator the method of distribution, such method of distribution for all such contributions shall
be a lump sum at termination of employment.
8.04. Notice to Trustee . The Administrator will notify the Trustee, pursuant to the method stated in the Trust Agreement for providing
direction, whenever any Participant or Beneficiary is entitled to receive benefits under the Plan. The Administrator’s notice shall indicate the
form, amount and frequency of benefits that such Participant or Beneficiary shall receive.
8.05. Time of Distribution . In no event will distribution to a Participant be made later than the date specified by the Participant in his salary
reduction agreement. All distributions will be made as soon asadministratively feasible following the distribution date specified in Section 1.06
or Section 7.08, if applicable.
Article 9. Amendment and Termination .
9.01 Amendment by Employer . The Employer reserves the authority to amend the Plan by filing with the Trustee an amended Adoption
Agreement, executed by the Employer only, on which said Employer has indicated a change or changes in provisions previously elected by it.
Such changes are to be effective on the effective date of such amended Adoption Agreement. Any such change notwithstanding, no
Participant’s Account shall be reduced by such change below the amount to which the Participant would have been entitled if he had
voluntarily left the employ of the Employer immediately prior to the date of the change. The Employer may from time to time make any
amendment to the Plan that may be necessary to satisfy the Code or ERISA. The Employer’s board of directors or other individual specified in
the resolution adopting this Plan shall act on behalf of the Employer for purposes of this Section 9.01.
9.02 Retroactive Amendments .
An amendment made by the Employer in accordance with Section 9.01 may be made effective on a date prior
to the first day of the Plan Year in which it is adopted if such amendment is necessary or appropriate to enable the Plan and Trust to satisfy the
applicable requirements of the Code or ERISA or to conform the Plan to any change in federal law or to any regulations or ruling thereunder.
Any retroactive amendment by the Employer shall be subject to the provisions of Section 9.01.
9.03. Termination . The Employer has adopted the Plan with the intention and expectation that contributions will be continued indefinitely.
However, said Employer has no obligation or liability whatsoever to maintain the Plan for any length of time and may discontinue
contributions under the Plan or terminate the Plan at any time by written notice delivered to the Trustee without any liability hereunder for any
such discontinuance or termination.
9.04. Distribution upon Termination of the Plan . Upon termination of the Plan, no further Deferral, Employer or Matching Contributions
shall be made under the Plan, but Accounts of Participants maintained under the Plan at the time of termination shall continue to be governed
by the terms of the Plan until paid out in accordance with the terms of the Plan.
Article 10. Miscellaneous .
10.01. Communication to Participants . The Plan will be communicated to all Participants by the Employer promptly after the Plan is
adopted.
10 02. Limitation of Rights . Neither the establishment of the Plan and the Trust, nor any amendment thereof, nor the creation of any fund or
account, nor the payment of any benefits, will be construed as giving to any Participant or other person any legal or equitable right against the
Employer, Administrator or Trustee, except as provided herein; and in no event will the terms of employment or service of any Participant be
modified or in any way affected hereby.
10.03. Nonalienability of Benefits . The benefits provided hereunder will not be subject to alienation, assignment, garnishment, attachment,
execution or levy of any kind, either voluntarily or involuntarily, and any attempt to cause such benefits to be so subjected will not be
recognized, except to such extent as may be required by law.
10 04. Facility of Payment . In the event the Administrator determines, on the basis of medical reports or other evidence satisfactory to the
Administrator, that the recipient of any benefit payments under the Plan is incapable of handling his affairs by reason of minority, illness,
infirmity or other incapacity, the Administrator may disburse such payments, or
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