Common use of Application for and Amount of Hardship Distribution Clause in Contracts

Application for and Amount of Hardship Distribution. If an Unforeseeable Emergency occurs, the Executive may petition the Board to receive a distribution from the Agreement (a “Hardship Distribution”). The Board in its sole discretion may grant such petition. If granted, the Executive shall receive, within sixty (60) days, a Hardship Distribution from the Agreement only to the extent deemed necessary by the Board to remedy the Unforeseeable Emergency, plus an amount necessary to pay taxes reasonably anticipated as a result of the distribution. In any event, the maximum amount which may be paid out pursuant to this Article is the vested Annual Benefit as of the day that the Executive petitioned the Board to receive a Hardship Distribution under this Article.

Application for and Amount of Hardship Distribution. If an Unforeseeable Emergency occurs, the Executive may petition the Board to receive a distribution from the Agreement (a “Hardship Distribution”). The Board Board, in its sole discretion discretion, may grant such petition. If granted, the Executive shall receive, within sixty (60) days, a Hardship Distribution from the Agreement only to the extent deemed necessary by the Board to remedy the Unforeseeable Emergency, plus an amount necessary to pay taxes reasonably anticipated as a result of the distribution. In any event, the maximum amount which may be paid out pursuant to this Article is the vested Annual Benefit as of the day that the Executive petitioned the Board to receive a Hardship Distribution under this Article.. ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ & LONG PC