Withdrawal on Termination of Employment After Vesting

5.07 - A Participant whose employment terminates after accruing a Vested Percentage of 100% and prior to becoming eligible for an Early Retirement Benefit may elect to have the Commuted Value of the Accrued Benefit transferred in a single lump sum to a locked-in Registered Savings Plan, a Locked-in Retirement Account, the registered pension plan of a successor employer if that plan accepts the transfer or, provided the Participant's Spouse signs the applicable waiver form and files it with the Trustees prior to the transfer, a Locked-In Retirement Income Fund (provided such option is not offered to Alberta Participants and further provided such option is otherwise available in the province in which the Participant is employed) or a Life Income Fund, as the case may be. Alternatively, such lump sum may be applied to purchase an annuity from a life insurance company licensed to carry out annuity business in Canada. Moreover, the annuity could not commence more than 10 years before the Participant's Normal Retirement Date. If a withdrawal is made under this Section 5.07, all of the Participant's Credited Participating Service and any other rights accrued to the Participant under the Plan, excluding the right to any Additional Benefit, shall be cancelled as of the date of such withdrawal.

In addition, if the Participant elects to transfer such Vested Benefit to another registered plan as outlined above the Participant may elect to withdraw in cash or transfer to a Registered Retirement Savings Plan the Participant's Additional Benefit. Such election will not be permitted where prohibited due to locking-in requirements concerning Additional Benefits under the Pension Benefits Act. If the Participant elects to receive a deferred vested pension, the Additional Benefit must be withdrawn in cash, except where prohibited due to locking-in requirements under the Pension Benefits Act, and may not be transferred to another registered plan.

Amounts transferred in accordance with this Section 5.07 shall not exceed the maximum amount prescribed under the Income Tax Act. The excess of the lump sum that is the Commuted Value of the Accrued Benefit, plus Credited Interest, if any, over the amount transferred shall be paid directly to the Participant in cash, as permitted under the Income Tax Act and the Pension Benefits Act.

An Alberta Participant (or a Surviving Spouse or former Spouse thereof) who has attained at least age 50, whose employment terminates and who elects to transfer his deferred pension pursuant to this Section 5.07 (or pursuant to Section 6.04 in the case of a Surviving Spouse) on or after November 1, 2006 to a life income fund or for the purchase of an annuity, may elect to receive up to 50% of the Commuted Value of his Vested Benefit as a lump sum cash payment or for transfer to a Registered Retirement Savings Plan or registed retirement income fund that is not subject to locking-in. In order to exercise this option, the Alberta Participant must provide evidence of the Spouse's consent in the prescribed form under the Pension Benefits Act."