Vesting Service. For purposes of determining an Employee's nonforfeitable interest in his Account balance, an Employee shall receive credit for Vesting Service commencing on the date the Employee first performs an Hour of Service and ending on his Severance From Service Date. If an Employee Sevexx Xxxvice he shall recommence earning Vesting Service when he again performs an Hour of Service. If an Employee performs an Hour of Service within 12 months after he Sevexx Xxxvice, the intervening Period of Severance shall be counted as a Period of Service for vesting purposes. Subject to Section 8.03, when determining an Employee's Vesting Service, all Periods of Service, whether or not completed consecutively, shall be aggregated. In aggregating Vesting Service, 365 days of Vesting Service shall be counted as one year of Vesting Service. No fractional years shall be counted for purposes of vesting.
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Samples: 401(k) Savings Plan (Kaneb Services LLC), 401(k) Savings Plan (Kaneb Services LLC)
Vesting Service. For purposes of determining an Employee's nonforfeitable interest ’s Nonforfeitable Interest in his Account balance, an Employee shall receive credit for Vesting Service commencing on the date the Employee first performs an Hour of Service and ending on his Severance From Service Date. If an Employee Sevexx Xxxvice Xxxxxx Service he shall recommence earning Vesting Service when he again performs an Hour of Service. If an Employee performs an Hour of Service within 12 months after he Sevexx XxxviceXxxxxx Service, the intervening Period of Severance shall be counted as a Period of Service for vesting purposes. Subject to Section 8.03, when determining an Employee's ’s Vesting Service, all Periods of Service, whether or not completed consecutively, shall be aggregated. In aggregating Vesting Service, 365 days of Vesting Service shall be counted as one year of Vesting Service. No fractional years shall be counted for purposes of vesting.
Appears in 2 contracts
Samples: 401(k) Savings Investment Plan (Furmanite Corp), 401(k) Savings Investment Plan Amendment (Furmanite Corp)
Vesting Service. For purposes of determining an Employee's nonforfeitable interest Nonforfeitable Interest in his Account balance, an Employee shall receive credit for Vesting Service commencing on the date the Employee first performs an Hour of Service and ending on his Severance From Service Date. If an Employee Sevexx Xxxvice Severs Service he shall recommence earning Vesting Service when he again performs agaxx xxxforms an Hour of Service. If an Employee performs an Hour of Service within 12 months after he Sevexx XxxviceSevers Service, the intervening Period of Severance shall be counted as a Period ax x Xxriod of Service for vesting purposes. Subject to Section 8.03, when determining an Employee's Vesting Service, all Periods of Service, whether or not completed consecutively, shall be aggregated. In aggregating Vesting Service, 365 days of Vesting Service shall be counted as one year of Vesting Service. No fractional years shall be counted for purposes of vesting.
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