Top-Heavy Vesting Requirements Sample Clauses

Top-Heavy Vesting Requirements. Notwithstanding anything in the Pension Plan to the contrary, a Participant who has a Termination before his death or retirement and after he has completed at least two Years of Service shall be eligible for Deferred Vested Benefit if such Termination occurs while the Plan is a top-heavy plan, with the amount of such Participant’s benefit commencing as of his Normal Retirement Date equal to the vested percentage of his Accrued Benefit, determined in accordance with the following table: Years of Service Vested Percentage 2 but less than 3 20% 3 but less than 4 40% 4 but less than 5 60% 5 or more 100% A Participant who had at least 10 Years of Service as of his Termination Date may commence receipt of his Deferred Vested Benefit as of the beginning of any calendar month within the 10-year period preceding his Normal Retirement Date, with the amount of such benefit reduced in accordance with the provisions of Appendix B of the Pension Plan. If the Plan becomes a top-heavy plan and subsequently ceases to be such, the vesting schedule of this Section 11.4 shall continue to apply in determining the vested percentage of any Participant who had at least three Years of Service as of December 31 of the last Plan Year the Plan was top-heavy. For all other Participants, such schedule shall apply only to their Accrued Benefit as of such December 31.
AutoNDA by SimpleDocs

Related to Top-Heavy Vesting Requirements

  • Vesting Requirements The vesting of this Award (other than pursuant to accelerated vesting in certain circumstances as provided in Section 3 below or vesting pursuant to Section 6 below) shall be subject to the satisfaction of the conditions set forth in each of subsections A and B, as applicable, and, in each case, subsection C of this Section 2:

  • Testing Requirements 12.1. Workplaces - 12.2. On workplaces where the value of the Commonwealth’s contribution to the project that includes the building work is at least $5,000,000, and represents at least 50% of the total construction project value or the Commonwealth’s contribution to the project that includes the building work is at least $10,000,000 (irrespective of its proportion of the total construction project value) the following minimum testing requirements must be adhered to.

  • Vesting Dates The ISOs shall vest as follows, subject to earlier vesting in the event of a termination of Service as provided in Section 6 or a Change in Control as provided in Section 7:

  • Listing Requirements The Company shall not be obligated to deliver any certificates representing any shares until all applicable requirements imposed by federal and state securities laws and by any stock exchanges upon which the shares may be listed have been fully met.

  • Regular Vesting Except as otherwise provided in the Plan or in this Section 2, your RSUs will vest ratably in three (3) equal annual increments commencing on the first anniversary of the Date of Grant.

  • Minimum Balance Requirements To be a member and maintain Accounts with Us You must purchase 1 share in the Credit Union. The par value of a share in this Credit Union is $5.00. If the balance in Your primary share Account drops below 1 share ($5.00), at any time, We may, at Our option, close Your Account. Nonsufficient Funds Returns. Any share draft or pre-authorized transfer, or transaction made through the use of a debit card, or other electronic means, as is applicable (including any in-person transaction), that is presented to Us for payment on Your Account when Your Account lacks sufficient collected funds to pay any such item may, at Our option, be returned for nonsufficient funds or We may honor any such item and charge You a fee for doing so. Overdraft Balance Calculation. When processing transactions that debit or credit Your Account, We start each Business Day with Your final Account balance from the preceding Business Day. The final balance takes into account all of the debit and credit transactions that were settled that Business Day pursuant to Our Funds Availability Policy, as well as any other debits or credits to Your Account that were finally settled that day, as described above in the "Deposit of Items" and "Collection and Processing of Items" sections of the Account Agreement. This starting balance at the beginning of a Business Day (the preceding Business Day's final balance) is sometimes referred to as Your "actual balance."

  • Record Keeping Requirements The Training Provider must make and keep accurate Records for all Training Services in sufficient detail to allow the Department to determine compliance with this Contract (including the accuracy of claims for payment of the Funds).

  • Posting Requirements Seller shall post the Development Security in accordance with the following terms and conditions: (i) Seller shall post one-half of the Development Security within thirty

  • Vesting Provisions Subject to the provisions of paragraph 3 below, the option shall vest 33⅓% on each of July 31, 2020, July 31, 2021 and July 31, 2022, except as follows:

  • Normal Vesting Subject to the Plan and this Agreement, if the Participant has been in Continuous Employment through the Vesting Date as set forth in Section 1, then the RSUs subject to such Vesting Date will become nonforfeitable (“Vest” or similar terms).

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!