PRESERVATION OF VESTED INTEREST. Notwithstanding the foregoing to the contrary, if the vesting schedule is amended, then in the case of an Employee who is a Participant as of the later of the date such amendment is adopted or the date it becomes effective, the Vested Interest in his or her Participant’s Account determined as of such date will not be less than his or her Vested Interest computed under the Plan without regard to such amendment.
Appears in 3 contracts
Samples: 401(k) Plan Agreement (Provident Bancorp Inc/Ny/), 401(k) Non Standardized Prototype Adoption Agreement (Littelfuse Inc /De), 401(k) Non Standardized Prototype Adoption Agreement (Michaels Stores Inc)
PRESERVATION OF VESTED INTEREST. Notwithstanding the foregoing to the contrary, if the vesting schedule is amended, then in the case of an Employee who is a Participant as of the later of the date such amendment is adopted or the date it becomes effective, the Vested Interest in his or her Participant’s Participants Account determined as of such date will not be less than his or her Vested Interest computed under the Plan without regard to such amendment.
Appears in 2 contracts
Samples: Employee Stock Ownership Plan & Trust (Picis Inc), Employee Stock Ownership Plan & Trust (Picis Inc)
