Eligibility and Participation. 3.1 Any Employee who has completed one (1) Year of Service and has attained the age of twenty (20) shall be eligible to participate in this Plan as of the earlier of the January 1, April 1, July 1 or October 1 next following the date upon which the Employee has completed the aforesaid service and age requirements, provided such Employee is so employed on such January 1, April 1, July 1 or October 1. A Leased Employee shall not be eligible to participate in this Plan. Any Employee who is included in a unit of Employees covered by an agreement in which retirement benefits are the subject of good faith bargaining between Employee representatives and the Employer shall not be eligible to participate in this Plan. Any Employee who is a nonresident alien and who receives no earned income (within the meaning of Code Section 911 (d) (2)) from the Employer which constitutes income from sources within the United States (within the 31 meaning of Code Section 861(a) (3)) shall not be eligible to participate in this Plan. Any Employee who was participating in this Plan on the day before the Effective Date of this amended and restated Plan shall continue to participate in this Plan subject to the other requirements herein. 3.2 For purposes of Years of Service for participation, all Years of Service with the Employer shall be taken into account, and an Employee who incurs a One-Year Break in Service shall participate in this Plan effective on the re-employment commencement date. Notwithstanding the preceding sentence, for Plan Years beginning before 1985, Years of Service prior to any One-Year Break in Service shall not be credited and the Participant shall satisfy again the eligibility for participation requirements if the Employee was not vested in Employer contributions and the number of consecutive One-Year Breaks in Service equals or exceeds the aggregate number of Years of Service before such break. Such aggregate number of Years of Service before such break shall be deemed not to include any Years of Service not required to be taken into account by reason of any prior One-Year Break in Service. For Plan Years beginning after 1984, Years of Service for eligibility to participate prior to a period of consecutive One-Year Breaks in Service shall not be credited and the Participant shall satisfy again the eligibility for participation requirements if the Employee was not vested in Employer contributions and the number of consecutive One-Year Breaks in Service equals or exceeds the greater of five (5) or the aggregate number of Years of Service before such breaks in service. Such aggregate number of Years of Service before such break shall not include any Years of Service disregarded under the preceding sentence by reason of prior breaks in service. Such Employee shall be considered as a new Employee and shall again become eligible for participation when he shall have met the eligibility requirements of the Plan and Trust in connection with the period of his re-employment. The re-employment commencement date is the first day on which the Employee is credited with an Hour of Service for the performance of duties after the first eligibility computation period in which the Employee incurs a One-Year Break in Service 3.3 Participation in this Plan shall be mandatory on the part of each eligible Employee. An Employee shall automatically participate in this Plan upon first becoming eligible to participate. 3.4 If, in any Plan Year, any Employee who should have been included as a Participant in the Plan is erroneously omitted and discovery of such omission is not made until after a contribution by the Employer for the year has been made and allocated, the Employer shall make a subsequent contribution with respect to the omitted Employee in the amount which the Employer would have contributed with respect to him had he not been omitted. Such contribution shall be made regardless of whether or not it is deductible in whole or in part in any Taxable Year under applicable provisions of the Code by such Employer. 3.5 If, in any Plan Year, any person who should not have been included as a Participant in the Plan is erroneously included and discovery of such incorrect inclusion is not made until after a contribution for the year has been made and allocated, the Employer shall not be entitled to recover the contribution made with respect to the ineligible person regardless of whether or not a deduction is allowable with respect to such contribution. In such event, the amount contributed with respect to the ineligible person shall constitute a forfeiture for the Plan Year in which the discovery is made. 3.6 In the event a Participant is no longer a member of an eligible class of Employees and becomes ineligible to participate, but has not incurred a One-Year Break in Service, eligibility will be determined under the break in service rules of the Plan. In the event an Employee who is not a member of the eligible class of Employees becomes a member of the eligible class such Employee will participate immediately if such Employee has satisfied the minimum age and service requirements and would have otherwise previously become a Participant.
Appears in 1 contract
Samples: 401(k) Retirement Savings Plan (Hampshire Group LTD)
Eligibility and Participation. 3.1 Any Employee who has completed one (1) Year of Service and has attained the age of twenty (20) shall be eligible to participate in this Plan as of the earlier of the January 1, April 1, July 1 or October 1 next following the date upon which the Employee has completed the aforesaid service and age requirements, provided such Employee is so employed on such January 1, April 1, July 1 or October 1. A Leased Employee shall not be eligible to participate in this Plan. Any Employee who is included included, in a unit of Employees covered by an agreement in which retirement benefits are the subject of good faith bargaining between Employee representatives and the Employer shall not be eligible to participate in this Plan. Any Employee who is a nonresident alien and who receives no earned income (within the meaning of Code Section 911 (d) (2)) from the Employer which constitutes income from sources within the United States (within the 31 meaning of Code Section 861(a) (3)) shall not be eligible to participate in this Plan. Any Employee who was participating in this Plan on the day before the Effective Date of this amended and restated Plan shall continue to participate in this Plan subject to the other requirements herein.
3.2 For purposes of Years of Service for participation, all Years of Service with the Employer shall be taken into account, and an Employee who incurs a One-Year Break in Service shall participate in this Plan effective on the re-employment commencement date. Notwithstanding the preceding sentence, for Plan Years beginning before 1985, Years of Service prior to any One-Year Break in Service shall not be credited and the Participant shall satisfy again the eligibility for participation requirements if the Employee was not vested in Employer contributions and the number of consecutive One-Year Breaks in Service equals or exceeds the aggregate number of Years of Service before such break. Such aggregate number of Years of Service before such break shall be deemed not to include any Years of Service not required to be taken into account by reason of any prior One-Year Break in Service. For Plan Years beginning after 1984, Years of Service for eligibility to participate prior to a period of consecutive One-Year Breaks in Service shall not be credited and the Participant shall satisfy again the eligibility for participation requirements if the Employee was not vested in Employer contributions and the number of consecutive One-Year Breaks in Service equals or exceeds the greater of five (5) or the aggregate number of Years of Service before such breaks in service. Such aggregate number of Years of Service before such break shall not include any Years of Service disregarded under the preceding sentence by reason of prior breaks in service. Such Employee shall be considered as a new Employee and shall again become eligible for participation when he shall have met the eligibility requirements of the Plan and Trust in connection with the period of his re-employment. The re-employment commencement date is the first day on which the Employee is credited with an Hour of Service for the performance of duties after the first eligibility computation period in which the Employee incurs a One-Year Break in Service.
3.3 Participation in this Plan shall be mandatory on the part of each eligible Employee. An Employee shall automatically participate in this Plan upon first becoming eligible to participate.
3.4 If, in any Plan Year, any Employee who should have been included as a Participant in the Plan is erroneously omitted and discovery of such omission is not made until after a contribution by the Employer for the year has been made and allocated, the Employer shall make a subsequent contribution with respect to the omitted Employee in the amount which the Employer would have contributed with respect to him had he not been omitted. Such contribution shall be made regardless of whether or not it is deductible in whole or in part in any Taxable Year under applicable provisions of the Code by such Employer.
3.5 If, in any Plan Year, any person who should not have been included as a Participant in the Plan is erroneously included and discovery of such incorrect inclusion is not made until after a contribution for the year has been made and allocated, the Employer shall not be entitled to recover the contribution made with respect to the ineligible person regardless of whether or not a deduction is allowable with respect to such contribution. In such event, the amount contributed with respect to the ineligible person shall constitute a forfeiture for the Plan Year in which the discovery is made.
3.6 In the event a Participant is no longer a member of an eligible class of Employees and becomes ineligible to participate, but has not incurred a One-Year Break in Service, eligibility will be determined under the break in service rules of the Plan. In the event an Employee who is not a member of the eligible class of Employees becomes a member of the eligible class such Employee will participate immediately immediately, if such Employee has satisfied the minimum age and service requirements and would have otherwise previously become a Participant.
Appears in 1 contract
Samples: 401(k) Retirement Savings Plan and Trust Agreement (Hampshire Group LTD)
Eligibility and Participation. 3.1 Any Employee who has completed one (1a) Year of Service and has attained The persons eligible for participation in the age of twenty (20) Plan shall be eligible full-time managerial, administrative or professional employees of the Company, Non-employee directors and those other employees who are key to the Company's success. This includes officers, whether or not Directors of the Company. Participation in the Plan shall not be automatic except for Non-employee directors who shall be granted Options in amounts and pursuant to the terms only as provided by Section 5(e) herein and not otherwise.
(b) Subject to the limitations of the Plan, the Committee shall select the persons to participate in this Plan as the Plan, determine the number and Option price of shares subject to each Option, and determine the date when each Option shall be granted and the date when each Option shall expire. The date the employee becomes an Optionee is the date of his Agreement with the Company. More than one Option may be granted to the same Optionee and an Optionee may enter into more than one Agreement with the Company.
(c) No Incentive Stock Option shall be granted to anyone who, immediately after such Option would otherwise be granted, would own stock representing more than ten percent (10%) of the earlier total combined voting power of all classes of stock of the January 1, April 1, July 1 or October 1 next following the date upon which the Employee has completed the aforesaid service and age requirements, provided such Employee is so employed on such January 1, April 1, July 1 or October 1. A Leased Employee shall not be eligible to participate in this Plan. Any Employee who is included in a unit of Employees covered by an agreement in which retirement benefits are the subject of good faith bargaining between Employee representatives and the Employer shall not be eligible to participate in this Plan. Any Employee who is a nonresident alien and who receives no earned income (within the meaning of Code Section 911 Company.
(d) (2)) from An Option granted to an Optionee under this Plan shall in all events lapse upon expiration of the Employer which constitutes income from sources within Option period, if not exercised, lapsed, canceled or otherwise terminated prior thereto. If an Option granted hereunder is not exercised but is canceled, terminated or lapsed, the United States (within shares covered by such Option shall become again available for grant by the 31 meaning of Code Section 861(a) (3)) shall not be eligible to participate in Committee under this Plan. Any Employee who was participating in this Plan on the day before the Effective Date of this amended and restated Plan shall continue to participate in this Plan subject to the other requirements herein.
3.2 For purposes of Years of Service (e) Each person who becomes for participationthe first time a Non-employee director, all Years of Service with the Employer shall be taken into account, and an Employee who incurs a One-Year Break in Service shall participate in this Plan effective on the re-employment commencement date. Notwithstanding the preceding sentence, for Plan Years beginning before 1985, Years of Service prior to any One-Year Break in Service shall not be credited and the Participant shall satisfy again the eligibility for participation requirements if the Employee was not vested in Employer contributions and the number of consecutive One-Year Breaks in Service equals or exceeds the aggregate number of Years of Service before such break. Such aggregate number of Years of Service before such break shall be deemed not to include any Years of Service not required to be taken into account including by reason of any prior Oneelection, appointment or lapse of three (3) years since employment by the Company (whether or not that person is standing for re-Year Break in Serviceelection that year), will receive an immediate one-time Option grant for 2,500 shares. For Plan Years beginning after 1984, Years Each Non-employee director will receive an Option grant for 2,500 shares on the first business day following each annual meeting. The following terms and conditions are applicable to each Option. The Option price per share will be equal to one hundred percent (100%) of Service the fair market value on the date of the Option grant. The Options will have terms of ten years measured from the date of the Option grant. In the event the Optionee ceases to serve as a director the Option may be exercised for eligibility to participate prior to a period of consecutive One-Year Breaks in Service shall not be credited and the Participant shall satisfy again the eligibility for participation requirements if the Employee was not vested in Employer contributions and the number of consecutive One-Year Breaks in Service equals or exceeds the greater of five (5) or years after the aggregate number date of Years of Service before such breaks in service. Such aggregate number of Years of Service before such break shall not include any Years of Service disregarded under the preceding sentence cessation unless cessation is caused by reason of prior breaks disability or death in service. Such Employee shall which case the option may be considered as exercised for a new Employee and shall again become eligible for participation when he shall have met the eligibility requirements of the Plan and Trust in connection with the period of his re-employment. The re-employment commencement date is the first day on which the Employee is credited with an Hour of Service for the performance of duties after the first eligibility computation period in which the Employee incurs a One-Year Break in Service
3.3 Participation in this Plan shall be mandatory on the part of each eligible Employee. An Employee shall automatically participate in this Plan upon first becoming eligible to participate.
3.4 If, in any Plan Year, any Employee who should have been included as a Participant in the Plan is erroneously omitted and discovery of such omission is not made until after a contribution by the Employer for the year has been made and allocated, the Employer shall make a subsequent contribution with respect to the omitted Employee in the amount which the Employer would have contributed with respect to him had he not been omitted. Such contribution shall be made regardless of whether or not it is deductible in whole or in part in any Taxable Year under applicable provisions of the Code by such Employer.
3.5 If, in any Plan Year, any person who should not have been included as a Participant in the Plan is erroneously included and discovery of such incorrect inclusion is not made until after a contribution for the year has been made and allocated, the Employer shall not be entitled to recover the contribution made with respect to the ineligible person regardless of whether or not a deduction is allowable with respect to such contribution. In such event, the amount contributed with respect to the ineligible person shall constitute a forfeiture for the Plan Year in which the discovery is made.
3.6 In the event a Participant is no longer a member of an eligible class of Employees and becomes ineligible to participate, but has not incurred a One-Year Break in Service, eligibility will be determined under the break in service rules of the Plantwo (2) years. In the event an Employee who is not a member case of death the Option may be exercised within such period by the estate or heirs of the eligible class Optionee. The above exercise periods do not extend the option period as established at time of Employees becomes a member of the eligible class such Employee will participate immediately if such Employee has satisfied the minimum age and service requirements and would have otherwise previously become a Participantgrant.
Appears in 1 contract
Eligibility and Participation. 3.1 Any Employee who has completed one (1a) Year of Service and has attained The persons eligible for participation in the age of twenty (20) Plan shall be eligible full-time managerial, administrative or professional employees of the Company, non-employee directors and those other employees who are key to the corporation's success. This includes officers, whether or not Directors of the Company. Participation in the Plan shall not be automatic except for non-employee directors who shall be granted options in amounts and pursuant to the terms only as provided by Section 5(e) herein and not otherwise.
(b) Subject to the limitations of the Plan, the Committee shall select the persons to participate in this Plan as the Plan, determine the number and option price of shares subject to each Option, and determine the date when each Option shall be granted and the date when each Option shall expire. The Date the employee becomes an Optionee is the date of his Agreement with the Company. More than one Option may be granted to the same Optionee and an Optionee may enter into more than one Agreement with the Company.
(c) No Incentive Stock Option shall be granted to anyone who, immediately after such Option would otherwise be granted, would own stock representing more than ten percent (10%) of the earlier total combined voting power of all classes of stock of the January 1, April 1, July 1 or October 1 next following the date upon which the Employee has completed the aforesaid service and age requirements, provided such Employee is so employed on such January 1, April 1, July 1 or October 1. A Leased Employee shall not be eligible to participate in this Plan. Any Employee who is included in a unit of Employees covered by an agreement in which retirement benefits are the subject of good faith bargaining between Employee representatives and the Employer shall not be eligible to participate in this Plan. Any Employee who is a nonresident alien and who receives no earned income (within the meaning of Code Section 911 Company.
(d) (2)) from An Option granted to an Optionee under this Plan shall in all events lapse upon expiration of the Employer which constitutes income from sources within Option Period, if not exercised, lapsed, canceled or otherwise terminated prior thereto. If an Option granted hereunder is not exercised but is canceled, terminated or lapsed, the United States (within shares covered by such Option shall become again available for grant by the 31 meaning of Code Section 861(a) (3)) shall not be eligible to participate in Committee under this Plan. Any Employee who was participating in this Plan on the day before the Effective Date of this amended and restated Plan shall continue to participate in this Plan subject to the other requirements herein.
3.2 For purposes (e) Each person who becomes for the first time a non-employee member of Years of Service for participationthe Board, all Years of Service with the Employer shall be taken into account, and an Employee who incurs a One-Year Break in Service shall participate in this Plan effective on the re-employment commencement date. Notwithstanding the preceding sentence, for Plan Years beginning before 1985, Years of Service prior to any One-Year Break in Service shall not be credited and the Participant shall satisfy again the eligibility for participation requirements if the Employee was not vested in Employer contributions and the number of consecutive One-Year Breaks in Service equals or exceeds the aggregate number of Years of Service before such break. Such aggregate number of Years of Service before such break shall be deemed not to include any Years of Service not required to be taken into account including by reason of any prior One-Year Break in Service. For Plan Years beginning after 1984election, Years appointment or lapse of Service for eligibility to participate prior to a period of consecutive One-Year Breaks in Service shall not be credited and the Participant shall satisfy again the eligibility for participation requirements if the Employee was not vested in Employer contributions and the number of consecutive One-Year Breaks in Service equals or exceeds the greater of five three (53) or the aggregate number of Years of Service before such breaks in service. Such aggregate number of Years of Service before such break shall not include any Years of Service disregarded under the preceding sentence by reason of prior breaks in service. Such Employee shall be considered as a new Employee and shall again become eligible for participation when he shall have met the eligibility requirements of the Plan and Trust in connection with the period of his re-employment. The re-years since employment commencement date is the first day on which the Employee is credited with an Hour of Service for the performance of duties after the first eligibility computation period in which the Employee incurs a One-Year Break in Service
3.3 Participation in this Plan shall be mandatory on the part of each eligible Employee. An Employee shall automatically participate in this Plan upon first becoming eligible to participate.
3.4 If, in any Plan Year, any Employee who should have been included as a Participant in the Plan is erroneously omitted and discovery of such omission is not made until after a contribution by the Employer for the year has been made and allocated, the Employer shall make a subsequent contribution with respect to the omitted Employee in the amount which the Employer would have contributed with respect to him had he not been omitted. Such contribution shall be made regardless of Company (whether or not it that person is deductible in whole or in part in any Taxable Year under standing for re-election that year), will receive an immediate one-time grant for 2,000 shares. Each duly elected non-employee director will receive a grant for 1,000 shares on the first business day following each annual meeting. The following terms and conditions are applicable provisions to each option. The option price per share will be equal to one hundred percent (100%) of the Code by such Employer.
3.5 If, in any Plan Year, any person who should not fair market value on the date of grant. The options will have been included as a Participant in terms of ten years measured from the Plan is erroneously included and discovery date of such incorrect inclusion is not made until after a contribution for the year has been made and allocated, the Employer shall not be entitled to recover the contribution made with respect to the ineligible person regardless of whether or not a deduction is allowable with respect to such contribution. In such event, the amount contributed with respect to the ineligible person shall constitute a forfeiture for the Plan Year in which the discovery is made.
3.6 In the event a Participant is no longer a member of an eligible class of Employees and becomes ineligible to participate, but has not incurred a One-Year Break in Service, eligibility will be determined under the break in service rules of the Plangrant. In the event an Employee who is not the optionee ceases to serve as a member director the option may be exercised for a period of ninety days after the date of cessation or if by reason of disability or death twelve months. In the case of death the option may be exercised within such period by the estate or heirs of the eligible class of Employees becomes a member of the eligible class such Employee will participate immediately if such Employee has satisfied the minimum age and service requirements and would have otherwise previously become a Participantoptionee.
Appears in 1 contract
Eligibility and Participation. 3.1 Any Regular Full-Time Employee (as defined below) (other than a Part-Time Employee as defined below) who has attained the age of eighteen (18) years shall be eligible to participate in this Plan as of the beginning of the first pay period after such Regular Full-Time Employee's date of hire. Any Part-Time Employee (as defined below) who has completed one (1) Year of Service and has attained the age of twenty eighteen (2018) years shall be eligible to participate in this Plan as of the earlier of the January 1, April 1, July 1 or October July 1 next following the date upon which the Part-Time Employee has completed the aforesaid service and age requirements, provided such Part-Time Employee is so employed on such January 1, April 1, July 1 or October July 1. A Regular Full-Time Employee shall mean an Employee hired to work forty (40) or more hours per week on an indefinite basis according to the Employer's policies and procedures. A Part-Time Employee shall mean an Employee hired to work less than forty (40) hours per week on an indefinite basis according to the Employer's policies and procedures. A Leased Employee (whether or not constituting an Employee) shall not be eligible to participate in this Plan. Further, any Employee who is not either a Regular Full-Time Employee or a Part-Time Employee shall not be eligible to participate in this PlanPlan and Trust. Any Employee who is included in a unit of Employees covered by an agreement in which retirement benefits are the subject of good faith bargaining between Employee representatives and the Employer shall not be eligible to participate in this Plan. Any Employee who is a nonresident alien and who receives no earned income (within the meaning of Code Section 911 (d) (2911(d)(2)) from the Employer which constitutes income from sources within the United States (within the 31 meaning of Code Section 861(a) (3861(a)(3)) shall not be eligible to participate in this Plan. Any Employee who was participating in this Plan on the day before the Effective Date of this amended and restated Plan shall continue to participate in this Plan subject to the other requirements herein.
3.2 For purposes of Years of Service Participants terminated due to layoff and eligible for participation, all Years of Service recall shall be eligible to actively participate in the Plan immediately upon rehire. An Employee who satisfies the eligibility requirements to participate and whose employment is subsequently terminated with the Employer shall be taken into account, and an Employee who incurs a One-Year Break in Service shall again participate in this Plan effective on with the Employee's re-employment commencement date. Notwithstanding the preceding sentence, for Plan Years beginning before 1985, Years of Service prior to any One-Year Break in Service shall not be credited and the Participant shall satisfy again the eligibility for participation requirements if the Employee was not vested in Employer contributions and the number of consecutive One-Year Breaks in Service equals or exceeds the aggregate number of Years of Service before such break. Such aggregate number of Years of Service before such break shall be deemed not to include any Years of Service not required to be taken into account by reason of any prior One-Year Break in Service. For Plan Years beginning after 1984, Years of Service for eligibility to participate prior to a period of consecutive One-Year Breaks in Service shall not be credited and the Participant shall satisfy again the eligibility for participation requirements if the Employee was not vested in Employer contributions and the number of consecutive One-Year Breaks in Service equals or exceeds the greater of five (5) or the aggregate number of Years of Service before such breaks in service. Such aggregate number of Years of Service before such break shall not include any Years of Service disregarded under the preceding sentence by reason of prior breaks in service. Such Employee shall be considered as a new Employee and shall again become eligible for participation when he shall have met the eligibility requirements of the Plan and Trust in connection with the period of his re-employment. The re-employment commencement date is the first day on which the Employee is credited with an Hour of Service for the performance of duties after the first eligibility computation period in which the Employee incurs a One-Year Break in Service.
3.3 Participation in this Plan shall be mandatory on the part of each eligible Employee. An Employee shall automatically participate in this Plan upon first becoming eligible to participate.
3.4 If, in any Plan Year, any Employee who should have been included as a Participant in the Plan is erroneously omitted and discovery of such omission is not made until after a contribution by the Employer for the year has been made and allocated, the Employer shall make a subsequent contribution with respect to the omitted Employee in the amount which the Employer would have contributed with respect to him had he not been omitted. Such contribution shall be made regardless of whether or not it is deductible in whole or in part in any Taxable Year under applicable provisions of the Code by such Employer.
3.5 If, in any Plan Year, any person who should not have been included as a Participant in the Plan is erroneously included and discovery of such incorrect inclusion is not made until after a contribution for the year has been made and allocated, the Employer shall not be entitled to recover the contribution made with respect to the ineligible person regardless of whether or not a deduction is allowable with respect to such contribution. In such event, the amount contributed with respect to the ineligible person shall constitute a forfeiture for the Plan Year in which the discovery is made.
3.6 In the event a Participant is no longer a member of an eligible class of Employees and becomes ineligible to participate, but has not incurred a One-Year Break in Service, eligibility will be determined under the break in service rules of the Plan. In the event an Employee who is not a member of the eligible class of Employees becomes a member of the eligible class such Employee will participate immediately if such Employee has satisfied the minimum age and service requirements and would have otherwise previously become a Participant.
Appears in 1 contract
Samples: 401(k) Retirement Savings Plan and Trust Agreement (Carolina Power & Light Co)
Eligibility and Participation. 3.1 Any Employee who has completed one (1a) Year of Service and has attained The persons eligible for participation in the age of twenty (20) Plan shall be eligible full-time managerial, administrative or professional employees of the Company, Non-employee directors and those other employees who are key to the Company's success. This includes officers, whether or not Directors of the Company. Participation in the Plan shall not be automatic except for Non-employee directors who shall be granted Options in amounts and pursuant to the terms only as provided by Section 5(e) herein and not otherwise.
(b) Subject to the limitations of the Plan, the Committee shall select the persons to participate in this Plan as the Plan, determine the number and Option price of shares subject to each Option, and determine the date when each Option shall be granted and the date when each Option shall expire. The date the employee becomes an Optionee is the date of his Agreement with the Company. More than one Option may be granted to the same Optionee and an Optionee may enter into more than one Agreement with the Company.
(c) No Incentive Stock Option shall be granted to anyone who, immediately after such Option would otherwise be granted, would own stock representing more than ten percent (10%) of the earlier total combined voting power of all classes of stock of the January 1, April 1, July 1 or October 1 next following the date upon which the Employee has completed the aforesaid service and age requirements, provided such Employee is so employed on such January 1, April 1, July 1 or October 1. A Leased Employee shall not be eligible to participate in this Plan. Any Employee who is included in a unit of Employees covered by an agreement in which retirement benefits are the subject of good faith bargaining between Employee representatives and the Employer shall not be eligible to participate in this Plan. Any Employee who is a nonresident alien and who receives no earned income (within the meaning of Code Section 911 Company.
(d) (2)) from An Option granted to an Optionee under this Plan shall in all events lapse upon expiration of the Employer which constitutes income from sources within Option period, if not exercised, lapsed, canceled or otherwise terminated prior thereto. If an Option granted hereunder is not exercised but is canceled, terminated or lapsed, the United States (within shares covered by such Option shall become again available for grant by the 31 meaning of Code Section 861(a) (3)) shall not be eligible to participate in Committee under this Plan. Any Employee who was participating in this Plan on the day before the Effective Date of this amended and restated Plan shall continue to participate in this Plan subject to the other requirements herein.
3.2 For purposes of Years of Service (e) Each person who becomes for participationthe first time a Non-employee director, all Years of Service with the Employer shall be taken into account, and an Employee who incurs a One-Year Break in Service shall participate in this Plan effective on the re-employment commencement date. Notwithstanding the preceding sentence, for Plan Years beginning before 1985, Years of Service prior to any One-Year Break in Service shall not be credited and the Participant shall satisfy again the eligibility for participation requirements if the Employee was not vested in Employer contributions and the number of consecutive One-Year Breaks in Service equals or exceeds the aggregate number of Years of Service before such break. Such aggregate number of Years of Service before such break shall be deemed not to include any Years of Service not required to be taken into account including by reason of any prior Oneelection, appointment or lapse of three (3) years since employment by the Company (whether or not that person is standing for re-Year Break in Serviceelection that year), will receive an immediate one-time Option grant for 2,000 shares. For Plan Years beginning after 1984, Years Each Non-employee director will receive a Option grant for 1,000 shares on the first business day following each annual meeting. The following terms and conditions are applicable to each Option. The Option price per share will be equal to one hundred percent (100%) of Service the fair market value on the date of the Option grant. The Options will have terms of ten years measured from the date of the Option grant. In the event the Optionee ceases to serve as a director the Option may be exercised for eligibility to participate prior to a period of consecutive One-Year Breaks in Service shall not be credited and the Participant shall satisfy again the eligibility for participation requirements if the Employee was not vested in Employer contributions and the number of consecutive One-Year Breaks in Service equals or exceeds the greater of five (5) or years after the aggregate number date of Years of Service before such breaks in service. Such aggregate number of Years of Service before such break shall not include any Years of Service disregarded under the preceding sentence cessation unless cessation is caused by reason of prior breaks disability or death in service. Such Employee shall which case the option may be considered as exercised for a new Employee and shall again become eligible for participation when he shall have met the eligibility requirements of the Plan and Trust in connection with the period of his re-employment. The re-employment commencement date is the first day on which the Employee is credited with an Hour of Service for the performance of duties after the first eligibility computation period in which the Employee incurs a One-Year Break in Service
3.3 Participation in this Plan shall be mandatory on the part of each eligible Employee. An Employee shall automatically participate in this Plan upon first becoming eligible to participate.
3.4 If, in any Plan Year, any Employee who should have been included as a Participant in the Plan is erroneously omitted and discovery of such omission is not made until after a contribution by the Employer for the year has been made and allocated, the Employer shall make a subsequent contribution with respect to the omitted Employee in the amount which the Employer would have contributed with respect to him had he not been omitted. Such contribution shall be made regardless of whether or not it is deductible in whole or in part in any Taxable Year under applicable provisions of the Code by such Employer.
3.5 If, in any Plan Year, any person who should not have been included as a Participant in the Plan is erroneously included and discovery of such incorrect inclusion is not made until after a contribution for the year has been made and allocated, the Employer shall not be entitled to recover the contribution made with respect to the ineligible person regardless of whether or not a deduction is allowable with respect to such contribution. In such event, the amount contributed with respect to the ineligible person shall constitute a forfeiture for the Plan Year in which the discovery is made.
3.6 In the event a Participant is no longer a member of an eligible class of Employees and becomes ineligible to participate, but has not incurred a One-Year Break in Service, eligibility will be determined under the break in service rules of the Plantwo (2) years. In the event an Employee who is not a member case of death the Option may be exercised within such period by the estate or heirs of the eligible class Optionee. The above exercise periods do not extend the option period as established at time of Employees becomes a member of the eligible class such Employee will participate immediately if such Employee has satisfied the minimum age and service requirements and would have otherwise previously become a Participantgrant.
Appears in 1 contract