Vested Percentage in Accounts Sample Clauses

Vested Percentage in Accounts. Effective July 1, 2006, a Participant is always 100% vested in his Accounts. Prior to July 1, 2006, a Participant was always 100% vested in his Deferred Salary Account (including the USERRA Deferred Salary Account), Company Account, Voluntary Account, Rollover Account, the TIP Accounts and the portion of the Company Stock ESOP Fund relating the contributions other than Matching Contributions. A Participant was also always 100% in any dividends declared on shares of Company Stock in his Company Stock ESOP Fund. An Eligible Employee who was in the service of an Employer on September 30, 1990 and who elected to become a Participant in the Plan, has a fully vested interest in his Matching Account at all times. In the case of any other Participant, such Participant’s interest in his Matching Account (including his USERRA Matching Account) and the portion of the Company Stock ESOP Fund relating to Matching Contributions, prior to July 1, 2006, was fully forfeitable until the earliest date occurring on or after the three year anniversary of the Participant’s Employment Date on which date the Participant is an Employee; provided, however, that in the case of a Participant who incurred a “period of severance” (as such term is defined in Department of Labor regulation Section 2530.200b-9) for a period of five or more years, service credited after the return to service could be disregarded in determining the forfeitable percentage of the Participant’s Account balance accumulated before the Period of Severance. Notwithstanding anything in this Section 6.2 to the contrary, prior to July 1, 2006, a Participant’s interest in his Matching Account became fully vested on the earlier of: (a) His Normal Retirement Date, if he reached his Normal Retirement Date while in the service of the Company, (b) His Total and Permanent Disability, if he becomes Totally and Permanently Disabled while in the service of the Company, or (c) His death, if he dies while in the service of the Company. Notwithstanding any other provision herein, prior to July 1, 2006, all Participants became fully vested in their Accounts hereunder upon the occurrence of a Change in Control (as defined in Section 12.2).
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Vested Percentage in Accounts 
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Related to Vested Percentage in Accounts

  • Participation in Profits and Losses All profits and losses of the Company will be allocated to the Member.

  • Negative Capital Accounts No Member shall be required to pay to any other Member or the Company any deficit or negative balance which may exist from time to time in such Member’s Capital Account (including upon and after dissolution of the Company).

  • Individual Account An individual account is an account owned by you alone, which you as the account owner use during your lifetime.

  • Member's Capital Accounts A Capital Account for the Member shall be maintained by the Company. The Member's Capital Account shall reflect the Member’s capital contributions and increases for any net income or gain of the Company. The Member’s Capital Account shall also reflect decreases for distributions made to the Member and the Member’s share of any losses and deductions of the Company.

  • Deferral Account Crediting. The Company shall establish a Deferral Account on its books for the Director, and shall credit to the Deferral Account the following amounts:

  • Individual Accounts An individual account is an account owned by one depositor including any individual, corporation, partnership, trust, or other organization qualified for Credit Union membership. If the account is an individual account, the interest of a deceased individual owner will pass, subject to applicable law, to the decedent’s estate or payable on death (“POD”) beneficiary, if applicable.

  • Account Balances Balances shown in your accounts may include deposits subject to verification by us. The balance reflected in the Service may differ from your records due to deposits in progress, checks outstanding, or other withdrawals, payments or charges. A transfer request may not result in immediate availability because of the time required to process the request. A transfer request must be made before the Business Day Cut-off time to be effective the same Business Day. The balances within the Service are updated periodically and the Service will display the most current "as of" date on the "accounts" summary page. There may be situations that cause a delay in an update of your balances. The Service will use the most current balance available at the time of a transaction to base our approval for account transfers.

  • Cash Accounts The Custodian will open and maintain in the name of the Client one or more cash deposit accounts (each a “Cash Account”) in such currencies as may be required in connection with the investment activity of the Client.

  • Deficit Capital Accounts No Member will be required to pay to the Company, to any other Member or to any third party any deficit balance that may exist from time to time in the Member’s Capital Account.

  • Multiple Individual Retirement Accounts In the event the depositor maintains more than one Individual Retirement Account (as defined in Section 408(a)) and elects to satisfy his or her minimum distribution requirements described in Article IV above by making a distribution from another individual retirement account in accordance with Item 6 thereof, the depositor shall be deemed to have elected to calculate the amount of his or her minimum distribution under this custodial account in the same manner as under the Individual Retirement Account from which the distribution is made.

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