Determination of Vested Interest Sample Clauses

Determination of Vested Interest. A Participant’s Vested Interest in his or her Participant’s Account will be determined in accordance with the following provisions:
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Determination of Vested Interest. A Participant shall at all times have a nonforfeitable interest in the Participant’s Pre-Tax Elective Deferral Account, Xxxx Elective Deferral Account, After-Tax Account, Rollover Account, Qualified Matching Account, Qualified Nonelective Account and QVEC Account. If a Participant is employed by an Employer or Related Company after June 30, 2008, such Participant’s interest in the Participant’s Matching Account and the Participant’s Employer Contributions Account shall be fully vested and nonforfeitable in accordance with the following schedule: fewer than 2 0% 2 or more 100% provided, however, that any Participant whose vested percentage would be greater under the vesting schedule in effect immediately prior to July 1, 2008, shall have the Participant’s vested percentage determined under that prior vesting schedule. If a Participant is employed by an Employer or Related Company after December 31, 2006 but not after June 30, 2008, such Participant’s interest in the Participant’s Matching Account and the Participant’s Employer Contributions Account shall be fully vested and nonforfeitable in accordance with the following schedule: fewer than 1 0% 1 but less than 3 33% 3 but less than 5 66% 5 or more 100% If a Participant is not employed by an Employer or Related Company after December 31, 2006: a. the Participant’s nonforfeitable interest in the Participant’s Matching Account shall be determined in accordance with the schedule above; and b. the Participant’s nonforfeitable interest in the Participant’s Employer Contributions Account shall be determined in accordance with the following schedule: fewer than 1 0% 1 but less than 5 33% 5 or more years 100% Notwithstanding the foregoing provisions of this subsection 9.1, a Participant hired by the Company or a Related Company prior to January 1, 1996, shall be fully vested in the Participant’s Employer Contributions Account without regard to the schedules set forth above.
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Determination of Vested Interest. A Participant's Vested Interest in his or her Participant's Account will be determined in accordance with the following provisions: (a) 100% VESTING UPON RETIREMENT OR DEATH: A Participant will have a 100% Vested Interest in his Participant's Account upon reaching Normal Retirement Age prior to Termination of Employment, or upon death prior to that date.
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Determination of Vested Interest. (a) A Member shall have a 100% Vested Interest in his Before-Tax Account, Dow ESOP Account, Dow Transfer Account, After-Tax Account, and Rollover Contribution Account at all times. (b) A Member's Vested Interest in his Destec Employer Contribution Account, Trident Matching Account, and Trident Profit Sharing Stock Account shall be determined in accordance with the vesting schedule set forth in paragraph (e) below; provided, however, each Member who, from June 27, 1997, to December 31, 1997, dates inclusive, was involuntarily terminated from employment with Destec Energy, Inc. in connection with the acquisition of Destec Energy, Inc. by the Company and who did not accept employment with the Company or a Controlled Entity on or before December 31, 1997, shall have a 100% Vested Interest in his Destec Employer Contribution Account. (c) A Member shall have a 100% Vested Interest in all Employer Contributions allocated to his Employer Contribution Account (other than contributions allocated to a Member's Destec Employer Contribution Account, Trident Matching Account, or Trident Profit Sharing Stock Account, which shall vest in accordance with paragraph (b) above) under the Plan on or before April 1, 1995, and all earnings thereon. (d) A Member's Vested Interest in Employer Contributions allocated to his Employer Contribution Account (other than contributions allocated to a Member's Destec Employer Contribution Account, Trident Matching Account, or Trident Profit Sharing Stock Account, which shall vest in accordance with paragraph (b) above) under the Plan after April 1, 1995, and the earnings thereon, shall be determined as follows: (1) The Vested Interest in such contributions and earnings of any Member with three or more years of Vesting Service under the Plan as of April 1, 1995, shall be 100%. (2) The Vested Interest in such contributions and earnings of any Member with less than three years of Vesting Service as of April 1, 1995, shall be determined by such Member's years of Vesting Service in accordance with the vesting schedule set forth in paragraph (e) below. (e) Except as provided in paragraphs (b), (c), and (d) above, a Member's Vested Interest in his Employer Contribution Account shall be determined in accordance with the following schedule: Years of Vesting Service Vested Interest ------------------------ --------------- Less than 1 year 0% 1 year 25% 2 years 50% 3 years 75% 4 years or more 100% (f) Paragraphs (b), (d), and (e) above notwithstandin...
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Determination of Vested Interest. (a) A Member shall have a 100% Vested Interest in his Before-Tax Account and Rollover Contribution Account, if any, at all times. (b) A Member's Vested Interest in his Employer Contribution Account shall be determined by such Member's years of Vesting Service in accordance with the following schedule: YEARS OF VESTING SERVICE VESTED INTEREST Less than 1 year 0% 1 year 20% 2 years 40% 3 years 60% 4 years 80% 5 years or more 100% (c) Paragraph (b) above notwithstanding, a Member shall have a 100% Vested Interest in his Employer Contribution Account (1) upon the attainment of his Normal Retirement Date while employed by the Employer or a Controlled Entity, (2) upon the termination of his employment with the Employer at a time when he is totally and permanently disabled (as defined in Section 7.2), (3) upon the death of such Member while an Employee, or (4) if such Member is an affected Member, the occurrence of an event described in, under the conditions set forth in, Section 17.2.
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Determination of Vested Interest. The Agent shall assist the Principal in the determination of each participant's vested interest based upon data supplied by the Principal. However, the Agent shall not assume sole responsibility to make such a determination nor shall the Agent be responsible for the correctness of the determination.
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Determination of Vested Interest. (a) A Member shall have a 100% Vested Interest in his Cash or Deferred Account, Member Contribution Account, and Rollover Contribution Account at all times. (b) A Member's Vested Interest in his Employer Contribution Account shall be determined by such Member's years of Vesting Service in accordance with the following schedule: Years of Vesting Service Vested Interest Less than 2 years 0% 2 years 25% 3 years 40% 4 years 55% 5 years 70% 6 years 85% 7 years or more 100% (c) Paragraph (b) above notwithstanding, a Member shall have a 100% Vested Interest in his Employer Contribution Account upon attainment of his Normal Retirement Date while employed by the Employer or a Controlled Entity. (d) Paragraph (b) above notwithstanding, if a Member shall cease to be employed by reason of a reduction in force, as hereinafter described, such Member shall then have a 100% Vested Interest in his Employer Contribution Account. The employment of a Member shall be considered as having been terminated because of a "reduction in force" if such termination is the result of a work force reduction, geographic consolidation, or segment disposition.
Sample 1
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Determination of Vested Interest. (a) A Member shall have a 100% Vested Interest in his 401(k) Account, Member IRA Xxxount, Employee Savings Account, Company Matching Contribution Account, and Rollover Account at all times. (b) A Member's Vested Interest in his Company Discretionary Contribution Account shall be determined by such Member's years of Vesting Service in accordance with the following schedule: YEARS OF VESTING SERVICE VESTED INTEREST ------------------------ --------------- Less than 1 year 0% 1 year 10% 2 years 20% 3 years 30% 4 years 40% 5 years 60% 6 years 80% 7 years or more 100% (c) Paragraph (b) above notwithstanding, a Member shall have a 100% Vested Interest in his Company Discretionary Contribution Account upon attainment of his Normal Retirement Date.
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Determination of Vested Interest. A Participant who is employed by an Employer on or after July 1, 1996 shall at all times he fully vested and have a nonforfeitable interest in all of his Accounts.
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Related to Determination of Vested Interest

  • Determination of Amount In lieu of the payment of the Exercise Price multiplied by the number of Units for which this Purchase Option is exercisable (and in lieu of being entitled to receive Common Stock and Warrants) in the manner required by Section 2.1, the Holder shall have the right (but not the obligation) to convert any exercisable but unexercised portion of this Purchase Option into Units ("Conversion Right") as follows: upon exercise of the Conversion Right, the Company shall deliver to the Holder (without payment by the Holder of any of the Exercise Price in cash) that number of shares of Common Stock and Warrants comprising that number of Units equal to the quotient obtained by dividing (x) the "Value" (as defined below) of the portion of the Purchase Option being converted by (y) the Current Market Value (as defined below). The "Value" of the portion of the Purchase Option being converted shall equal the remainder derived from subtracting (a) (i) the Exercise Price multiplied by (ii) the number of Units underlying the portion of this Purchase Option being converted from (b) the Current Market Value of a Unit multiplied by the number of Units underlying the portion of the Purchase Option being converted. As used herein, the term "Current Market Value" per Unit at any date means the remainder derived from subtracting (x) the exercise price of the Warrants multiplied by the number of shares of Common Stock issuable upon exercise of the Warrants underlying one Unit from (y) the Current Market Price of the Common Stock multiplied by the number of shares of Common Stock underlying the Warrants and the Common Stock issuable upon exercise of one Unit. The "Current Market Price" of a share of Common Stock shall mean (i) if the Common Stock is listed on a national securities exchange or quoted on the Nasdaq National Market, Nasdaq SmallCap Market or NASD OTC Bulletin Board (or successor such as the Bulletin Board Exchange), the last sale price of the Common Stock in the principal trading market for the Common Stock as reported by the exchange, Nasdaq or the NASD, as the case may be; (ii) if the Common Stock is not listed on a national securities exchange or quoted on the Nasdaq National Market, Nasdaq SmallCap Market or the NASD OTC Bulletin Board (or successor such as the Bulletin Board Exchange), but is traded in the residual over-the-counter market, the closing bid price for the Common Stock on the last trading day preceding the date in question for which such quotations are reported by the Pink Sheets, LLC or similar publisher of such quotations; and (iii) if the fair market value of the Common Stock cannot be determined pursuant to clause (i) or (ii) above, such price as the Board of Directors of the Company shall determine, in good faith.

  • Determination of Applicable Interest Rate As soon as practicable on each Interest Rate Determination Date, Bank shall determine (which determination shall, absent manifest error in calculation, be final, conclusive and binding upon all parties) the interest rate that shall apply to the LIBOR Advances for which an interest rate is then being determined for the applicable Interest Period and shall promptly give notice thereof (in writing or by telephone confirmed in writing) to Borrower.

  • Determination of Rate of Interest and calculation of Interest Amounts The Agent will at or as soon as practicable after each time at which the Rate of Interest is to be determined, determine the Rate of Interest for the relevant Interest Period. The Agent will calculate the amount of interest (the Interest Amount) payable on the Floating Rate Notes for the relevant Interest Period by applying the Rate of Interest to: (A) in the case of Floating Rate Notes which are represented by a Global Note, the aggregate outstanding nominal amount of the Notes represented by such Global Note; or (B) in the case of Floating Rate Notes in definitive form, the Calculation Amount; and, in each case, multiplying such sum by the applicable Day Count Fraction, and rounding the resultant figure to the nearest sub-unit of the relevant Specified Currency, half of any such sub-unit being rounded upwards or otherwise in accordance with applicable market convention. Where the Specified Denomination of a Floating Rate Note in definitive form is a multiple of the Calculation Amount, the Interest Amount payable in respect of such Note shall be the product of the amounts (determined in the manner provided above) for the Calculation Amount and the amount by which the Calculation Amount is multiplied to reach the Specified Denomination, without any further rounding.

  • Determination of Consideration For purposes of this Subsection 4.4, the consideration received by the Corporation for the issue of any Additional Shares of Common Stock shall be computed as follows:

  • Determination of One-Month LIBOR Pursuant to the terms of the Global Agency Agreement, the Global Agent shall calculate the Class Coupons for the applicable Classes of Notes (including MAC Notes on which the Exchange Administrator has directed the Global Agent to make payments) for each Accrual Period (after the first Accrual Period) on the applicable LIBOR Adjustment Date. U.S. dollar deposits with a maturity of one month set by ICE Benchmark Administration Limited (“ICE”) as of 11:00 a.m. (London time) on the LIBOR Adjustment Date (the “ICE Method”). ICE’s Interest Settlement Rates are currently displayed on Bloomberg L.P.’s page “BBAM.” That page, or any other page that may replace page BBAM on that service or any other service that ICE nominates as the information vendor to display the ICE’s Interest Settlement Rates for deposits in U.S. dollars, is a “Designated Page.” ICE’s Interest Settlement Rates currently are rounded to five decimal places. If ICE’s Interest Settlement Rate does not appear on the Designated Page as of 11:00 a.m. (London time) on a LIBOR Adjustment Date, or if the Designated Page is not then available, One-Month LIBOR for that date will be the most recently published Interest Settlement Rate. If ICE no longer sets an Interest Settlement Rate, Xxxxxxx Mac will designate an alternative index that has performed, or that Xxxxxxx Mac (or its agent) expects to perform, in a manner substantially similar to ICE’s Interest Settlement Rate.

  • Determination of Net Asset Value The net asset value per share of each class and each series of Shares of the Trust shall be determined in accordance with the 1940 Act and any related procedures adopted by the Trustees from time to time. Determinations made under and pursuant to this Section 2 in good faith and in accordance with the provisions of the 1940 Act shall be binding on all parties concerned.

  • Calculation of Number and Percentage of Beneficial Ownership of Outstanding Voting Shares For purposes of this Agreement, the percentage of Voting Shares Beneficially Owned by any Person, shall be and be deemed to be the product (expressed as a percentage) determined by the formula: 100 x A/B where: A = the number of votes for the election of all directors generally attaching to the Voting Shares Beneficially Owned by such Person; and B = the number of votes for the election of all directors generally attaching to all outstanding Voting Shares. Where any Person is deemed to Beneficially Own unissued Voting Shares, such Voting Shares shall be deemed to be outstanding for the purpose of calculating the percentage of Voting Shares Beneficially Owned by such Person.

  • Determination of Net Asset Value, Net Income and Distributions Subject to applicable federal law including the 1940 Act and Section 3.6 hereof, the Trustees, in their sole discretion, may prescribe (and delegate to any officer of the Trust or any other Person or Persons the right and obligation to prescribe) such bases and time (including any methodology or plan) for determining the per Share or net asset value of the Shares of the Trust or any Series or Class or net income attributable to the Shares of the Trust or any Series or Class, or the declaration and payment of dividends and distributions on the Shares of the Trust or any Series or Class and the method of determining the Shareholders to whom dividends and distributions are payable, as they may deem necessary or desirable. Without limiting the generality of the foregoing, but subject to applicable federal law including the 1940 Act, any dividend or distribution may be paid in cash and/or securities or other property, and the composition of any such distribution shall be determined by the Trustees (or by any officer of the Trust or any other Person or Persons to whom such authority has been delegated by the Trustees) and may be different among Shareholders including differences among Shareholders of the same Series or Class.

  • Determination of Gross-Up Payment Subject to sub-paragraph (c) below, all determinations required to be made under this Section 6, including whether a Gross-Up Payment is required and the amount of the Gross-Up Payment, shall be made by the firm of independent public accountants selected by the Company to audit its financial statements for the year immediately preceding the Change in Control (the "Accounting Firm") which shall provide detailed supporting calculations to the Company and the Executive within 30 days after the date of the Executive's termination of employment. In the event that the Accounting Firm is serving as accountant or auditor for the individual, entity or group affecting the Change of Control, the Executive may appoint another nationally recognized accounting firm to make the determinations required under this Section 6 (which accounting firm shall then be referred to as the "Accounting Firm"). All fees and expenses of the Accounting Firm in connection with the work it performs pursuant to this Section 6 shall be promptly paid by the Company. Any Gross-Up Payment shall be paid by the Company to the Executive within 5 days of the receipt of the Accounting Firm's determination. If the Accounting Firm determines that no Excise Tax is payable by the Executive, it shall furnish the Executive with a written opinion that failure to report the Excise Tax on the Executive's applicable federal income tax return would not result in the imposition of a penalty. Any determination by the Accounting Firm shall be binding upon the Company and the Executive. As a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the Accounting Firm, it is possible that Gross-Up Payments which will not have been made by the Company should have been made ("Underpayment"). In the event that the Company exhausts its remedies pursuant to sub-paragraph (c) below, and the Executive is thereafter required to make a payment of Excise Tax, the Accounting Firm shall promptly determine the amount of the Underpayment that has occurred and any such Underpayment shall be paid by the Company to the Executive within 5 days after such determination. Amended and Restated Change in Control Agreement

  • Determination of Fair Market Value For purposes of this Section 10.2, “fair market value” of a Share (or Common Stock if the Shares have been converted into Common Stock) as of a particular date (the “Determination Date”) shall mean: (i) If the Conversion Right is exercised in connection with and contingent upon a Public Offering, and if the Company’s Registration Statement relating to such Public Offering (“Registration Statement”) has been declared effective by the Securities and Exchange Commission, then the initial “Price to Public” specified in the final prospectus with respect to such offering. (ii) If the Conversion Right is not exercised in connection with and contingent upon a Public Offering, then as follows: (A) If traded on a securities exchange, the fair market value of the Common Stock shall be deemed to be the average of the closing prices of the Common Stock on such exchange over the five trading days immediately prior to the Determination Date, and the fair market value of the Shares shall be deemed to be such fair market value of the Common Stock multiplied by the number of shares of Common Stock into which each share of Series Preferred is then convertible; (B) If traded on the Nasdaq Stock Market or other over-the-counter system, the fair market value of the Common Stock shall be deemed to be the average of the closing prices of the Common Stock over the five trading days immediately prior to the Determination Date, and the fair market value of the Shares shall be deemed to be such fair market value of the Common Stock multiplied by the number of shares of Common Stock into which each Share is then convertible; and (C) If there is no public market for the Common Stock, then fair market value shall be determined by the Board of Directors of the Company in good faith. In making a determination under clauses (A) or (B) above, if on the Determination Date, five trading days had not passed since the closing of the Company’s initial public offering of its Common Stock (“IPO”), then the fair market value of the Common Stock shall be the average closing prices or closing bid prices, as applicable, for the shorter period beginning on and including the date of the IPO and ending on the trading day prior to the Determination Date (or if such period includes only one trading day, the closing price or closing bid price, as applicable, for such trading day). If closing prices or closing bid prices are no longer reported by a securities exchange or other trading system, the closing price or closing bid price shall be that which is reported by such securities exchange or other trading system at 4:00 p.m. New York City time on the applicable trading day.

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