The right to receive a hardship distribution shall be limited to the funds in the Deferral Account which are attributable to the Participants own Elective Contributions and earnings thereon, and shall exclude Company Contributions and any earnings thereon.
Each Participant may designate a person(s) or entity to receive such Participants Deferral Account upon the Participants death by properly completing a beneficiary designation form supplied by the Company for such purpose and submitting such form to the Company, as required by the forms instructions. A Designated Beneficiary shall mean the person(s) or entity designated on such form, or in the absence of a completed form, such term shall mean the following:
(a) First, the surviving spouse of the Participant, if any.
(b) Second, if there is no surviving spouse, then the living children of the Participant, if any, to be divided among them in equal shares.
(c) Third, if there is no surviving spouse or children, the estate of such Participant.
The rights of each Participant may not be transferred, conveyed or assigned to any third party, except that in the event of the death of a Participant, such Deferral Account shall pass to the Designated Beneficiary of such Participant.
Amendment, Suspension and Termination of the Plan
The Company reserves the right to amend, suspend or terminate the Plan, in whole or in part; provided, however, that such amendment, suspension or termination shall not operate to forfeit or reduce amounts then accrued to the Deferral Account of each affected Participant.
The freezing of the Plan as of December 31, 2007 and the cessation of new contributions thereto shall not be construed as a termination.
No Guarantee of Continued Employment
The Plan shall not be construed as giving any Participant any rights to continued employment with the Company. Nothing contained in the Plan (nor an Employees participation in the Plan) shall be construed to alter the at-will employment status of any Participant, which employment may be terminated by the Company at any time and for any reason, with or without notice.
Impact on Social Security and Qualified Retirement Plans
Amounts that are deferred under this Plan are still classified as current wages for the purposes of Social Security benefits and the Company is required to withhold for the Companys and the Participants respective share of Social Security taxes. However, such amounts are not treated as