Qualifying Employer Security Clause Samples

Qualifying Employer Security. Except as provided in Section 9.7, an Employer Security which is (1) stock or otherwise an equity security, or (ii) a bond, debenture, note or certificate or other evidence of indebtedness described in paragraphs (1), (2), and (3) of Section 503(e) of the Code. (a) With any nonforfeitable interest in Employer contributions or employer contributions under a Related Plan; or (b) Without a nonforfeitable interest in Employer contributions or employer contributions under a Related Plan, but whose number of consecutive Breaks in Service does not equal or exceed his number of Years of Service (as defined in Section 7.6), and who resumes Service before his number of consecutive Breaks in Service equals or exceeds the greater of five (5) or his number of Years of Service as defined in Section 7.6.