Emergency Distributions. In the event the Executive incurs an unforeseeable emergency, the Executive may make a written request to the Stillwater National for a hardship withdrawal from his or her account. An unforeseeable emergency is a severe financial hardship to the Executive resulting from a sudden and unexpected illness or accident of the Executive or of a dependent (as defined in Section 152(a) of the Code), loss of the Executive's property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Executive. Withdrawals of amounts because of an unforeseeable emergency are only permitted to the extent reasonably needed to satisfy the emergency need. This section shall be interpreted in a manner consistent with Sections 1.457-2(h)(4) and 1.457-2(h)(5) of the Treasury Regulations.
Emergency Distributions. In the event the Executive incurs an unforeseeable emergency, the Executive may make a written request to the Stillwater National for a hardship withdrawal from his or her account. An unforeseeable emergency is a severe financial hardship to the Executive resulting from an illness or accident of the Executive or of his spouse, beneficiary or dependent (as defined in Section 152(a) of the Code without regard to subsections (b)(1), (b)(2), and (d)(1)(B) thereof), loss of the Executive’s property due to casualty (including the need to rebuild a home following damage to a home not otherwise covered by insurance, for example, not as a result of a natural disaster), or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Executive. Whether the Executive is faced with an unforeseeable emergency permitting a distribution hereunder is to be determined based on the relevant facts and circumstances of each case, but, in any case, a distribution on account of unforeseeable emergency may not be made to the extent that such emergency is or may be relieved through reimbursement or compensation from insurance or otherwise, by liquidation of the Executive’s assets, to the extent the liquidation of such assets would not cause severe financial hardship, or by cessation of deferrals under the Plan. Withdrawals of amounts because of an unforeseeable emergency must be limited to the amount reasonably necessary to satisfy the emergency need (which may include amounts necessary to pay any Federal, state, local, or foreign income taxes or penalties reasonably anticipated to result from the distribution). This section shall be interpreted in a manner consistent with Section 1.409A-3(i)(3) of the Treasury Regulations and guidance thereunder.
Emergency Distributions. If, on the written application of Executive, or his spouse if he is deceased, the Compensation Committee of the Board of Directors of the Company determines that Executive has experienced an "Unforeseeable Emergency" (as defined below), then, as of the first day of any calendar month, Executive may receive an Emergency Distribution of the amount payable pursuant to this Agreement, provided that the aggregate amount of any such distribution shall not exceed the amount reasonably needed to satisfy Executive's emergency need. The term "Unforeseeable Emergency" means severe financial hardship to Executive resulting from a sudden and unexpected illness or accident of Executive or of a "dependent" (as defined in Section 152(a) of the Code) of Executive, loss of Executive's property due to a casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of Executive. This Committee shall not permit an Emergency Distribution to Executive to the extent that his Unforeseeable Emergency can be relieved:
Emergency Distributions. The provisions of this Agreement to the contrary notwithstanding, if a General Partner experiences personal hardship, and is able to so demonstrate to the satisfaction of four of the other five General Partners, the Partnership may sell Partnership assets and allocate all income or loss associated with such sale to such Partner and distribute all the cash generated by such sale to such Partner (thereby reducing such Partner's Capital Account), provided that after giving effect to such sale the current market value of all assets of the Partnership, net of all liabilities, and exclusive of Securities representing 35% of the then outstanding voting power of Scotts, equals or exceeds $30 million.
Emergency Distributions. (A) The Compensation Committee may at any time make a payment to a Participant in an amount up to the Participant's vested portion of his Stock and Dividend Accounts upon a showing of an unforeseeable emergency. An unforeseeable emergency is a severe financial hardship to the Participant resulting from a sudden and unexpected illness or accident of the Participant or of a dependent (as defined in section 152(a) of the Code) of the Participant, loss of property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant. The need to send a Participant's child to college or the desire to purchase a home are not unforeseeable emergencies. Payments may not be made to the extent the hardship is or may be relieved (1) through reimbursement or compensation by insurance or otherwise, or (2) by liquidation of the Participant's assets, to the extent such liquidation would not itself cause severe financial hardship. The determination of whether an unforeseeable emergency within the meaning of this Section 6.3(A) exists shall be made at the sole discretion of the Compensation Committee. The amount of any such emergency distribution shall be limited to the amount necessary to meet the emergency.
