Exempt Participant definition

Exempt Participant is a Participant who is not subject to the joint and survivor requirements of Article VI. The spousal consent requirement in this paragraph does not apply if the Exempt Participant and his spouse are not married throughout the one year period ending on the date of the Participant's death, or if the Participant's spouse is the Participant's sole primary Beneficiary.
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Exempt Participant means any Participant (i) whose employment with the Company terminates as a result of such Participant's death or Disability (as defined below); (ii) which the Plan Committee determines (in its sole discretion) will be exempted from the forfeiture provisions described above and will therefore be entitled to have Awards become vested upon termination of employment; or (iii) whose employment with the Company is on a part-time basis at the date of grant of Awards and is employed by the Company on a part-time basis at the time of the Vesting Event. "Disability" means any physical or mental incapacitation which results in a Participant's inability to perform such Participant's duties and responsibilities to the Company for a total of [60] business days during any twelve-month period, as determined in good faith by the Plan Committee.
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Exempt Participant means any Participant (i) whose employment with the Company terminates as a result of such Participant's death or Disability (as defined below) and (ii) which the Plan Committee determines (in its sole discretion) will be exempted from the forfeiture provisions described above and will therefore be entitled to have Awards become vested upon such termination. "Disability" means any physical or mental incapacitation which results in a Participant's inability to perform such Participant's duties and responsibilities to the Company for a total of 60 business days during any twelve-month period, as determined in good faith by the Plan Committee. Receipt of an Award by any Participant in any one year does not entitle such Participant to receive an Award in any other year.
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Examples of Exempt Participant in a sentence

  • An "Exempt Participant" is a Participant who is not subject to the joint and survivor requirements of Article VI.

  • The spousal consent requirement in this paragraph does not apply if the Exempt Participant and his spouse are not married throughout the one year period ending on the date of the Participant's death, or if the Participant's spouse is the Participant's sole primary Beneficiary.

  • If the Plan is a profit sharing plan, the Beneficiary designation of a married Exempt Participant is not valid unless the Participant's spouse consents (in a manner described in Section 6.05) to the Beneficiary designation.

  • If the Plan is a profit sharing plan, the Beneficiary designation of a married Exempt Participant, as described in Section 6.04(H), is not valid unless the Participant's spouse consents (in a manner described in Section 6.05) to the Beneficiary designation.

  • The spousal consent requirement in this Section 8.01(B) does not apply if the Participant's spouse is the Participant's sole primary Beneficiary, or if the Exempt Participant and his/her spouse are not married throughout the one-year period ending on the date of the Participant's death.

  • If the Employer elects to apply the one-year marriage rule, the spousal consent requirement of this Section 7.05(A)(3) does not apply unless the Exempt Participant and his/her spouse were married throughout the one year period ending on the date of the Participant's death.

  • If the Employer elects to apply the one-year marriage rule under this Section 7.05(A)(3), but the Participant is not an Exempt Participant (such that the QJSA and QPSA requirements apply to the Participant), the one-year marriage rule under Section 6.04(B) applies to the QPSA.

  • If the Plan is a Profit Sharing Plan which the Employer under Section 6.04(G) has elected in its Adoption Agreement to exempt all Exempt Participants from the QJSA and QPSA requirements of Section 6.04, the Beneficiary designation of a married Exempt Participant, as described in Section 6.04(G), is not valid unless the Participant's spouse consents (in a manner described in Section 6.04(A)(7)) to the Beneficiary designation.

  • If the Plan is a Profit Sharing Plan which the Employer under Section 6.04(G) has elected in its Adoption Agreement to exempt all Exempt Participants from the QJSA and QPSA requirements of Section 6.04, the Beneficiary designation of a married Exempt Participant, as described in Section 6.04(G), is not valid unless the Participant's spouse consents (in the manner described in Section 6.04(A)(7)) to the Beneficiary designation.

  • The spousal consent requirement in this Section 8.01(B) does not apply if the Participant’s spouse is the Participant’s sole primary Beneficiary, or if the Exempt Participant and his/her spouse are not married throughout the one-year period ending on the date of the Participant’s death.

Related to Exempt Participant

  • U.S. Participant means any Participant who is a United States citizen or United States resident alien as defined for purposes of Section 7701(b)(1)(A) of the Code or for whom an Award is otherwise subject to taxation under the Code.

  • CDS Participant means a participant in CDS that holds security entitlements in Units on behalf of beneficial owners of those Units;

  • Non-U.S. Participant means any Participant that if it were a Lender would qualify as a Non-U.S. Lender.

  • FTR Participant means any Market Participant that provides or is required to provide Collateral in order to participate in PJM’s FTR auctions.

  • Section 162(m) Participant means any key Employee designated by the Administrator as a key Employee whose compensation for the fiscal year in which the key Employee is so designated or a future fiscal year may be subject to the limit on deductible compensation imposed by Section 162(m) of the Code.