A Participant definition

A Participant or beneficiary ("claimant") who has not received benefits under the Plan that he or she believes should be paid shall make a claim for such benefits as follows:

A Participant s Covered Compensation for a Plan Year before the thirty-five (35) year period ending with the last day of the calendar year in which the Participant attains Social Security Retirement Age is the Taxable Wage Base in effect as of the beginning of the Plan Year. A Participant's Covered Compensation for a Plan Year after such thirty-five (35) year period is the Participant's Covered Compensation for the Plan Year during which the 35 year period ends.

A Participant s "reconstructed compensation" will be equal to the Participant's Average Compensation, as defined in section 1.12 of the Plan, for the Plan Year elected by the Employer in the Adoption Agreement multiplied by a fraction, the numerator of which is the Participant's Compensation for the Plan Year ending on the latest Fresh-Start Date determined using the same Compensation definition and Compensation formula used to determine the Participant's Frozen Accrued Benefit, and the denominator of which is the Participant's Compensation for the selected year, determined in the same manner as the numerator. For purposes of calculating a Participant's "reconstructed compensation", the selected year will be the Plan Year elected by the Employer in the Adoption Agreement.

Examples of A Participant in a sentence

• A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 3.01 unless the Borrower is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrower, to comply with Section 3.01(e) as though it were a Lender.

• A Participant shall not be entitled to receive any greater payment under Section 3.01 or 3.04 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower’s prior written consent.

• A Participant will not cease to be an Employee in the case of (i) any leave of absence approved by the Company or (ii) transfers between locations of the Company or between the Company, its Parent, or any Subsidiary.

• A Participant shall have no voting rights with respect to any Restricted Stock Units.

• A Participant will not be eligible for the grant of an Award or the subsequent issuance of cash or Common Stock pursuant to the Award if such grant or issuance would be in violation of any applicable securities law.

More Definitions of A Participant

A Participant s nonforfeitable interest in his Account held in a separate account described in the preceding paragraph will be equal to P(AB + (RxD))-(RxD), where P is the nonforfeitable percentage at the relevant time determined under Section 7.05; AB is the account balance of the separate account at the relevant time; D is the amount of the distribution; and R is the ratio of the account balance at the relevant time to the account balance after distribution. Following a forfeiture of any portion of such separate account under Section 7.07 below, any balance in the Participant's separate account will remain fully vested and nonforfeitable.

A Participant s Separate Account Accumulation Value is the sum of the Participant's interest in each sub-account of the Separate Account which is equal to the number of accumulation units held on behalf of the Participant multiplied by the accumulation unit value for the appropriate sub-account of the Separate Account.

A Participant s Account is the sum of the Units added to it, less the sum of the Units subtracted from it. The dollar value of a Participant's Account as of any day is the product of the number of Units in his Account at the close of business on that day and the Unit Value for that day. A Participant has a non-forfeitable interest in his Account. The Account is subject to charges described later.

A Participant s election shall remain in effect until revised or terminated in accordance with this section 5.3(h).

A Participant s nonforfeitable Account balance derived from Employee contributions shall not include accumulated deductible employee contributions within the meaning of Code section 72(o)(5)(B) for Plan Years beginning prior to January 1, 1989.

A Participant s spouse must consent in writing for a Participant to use any part of his account balance as security for the loan. Spousal consent shall be obtained no earlier than the beginning of the 90 day period ending on the date the loan is made. The consent must acknowledge the effect of the loan and must be witnessed by a plan representative or notary public. The consent is binding with respect to the loan for which it is given, on any subsequent spouse. A new consent shall be required if the loan is revised, renegotiated, renewed or extended.

A Participant s Plan Compensation for each of the three Plan Years ending prior to July 1, 1996, shall be equal to the Participant's Plan Compensation for the Plan Year ended June 30, 1996.