More Than 5% Owner definition
More Than 5% Owner means any person who owns (either directly or by attribution, under Code section 318) more than 5% of the outstanding stock of the Employer or stock possessing more than 5% of the total combined voting power of all stock of the Employer or, in the case of an unincorporated business, any person who owns more than 5% of the capital or profits interest in the Employer. For purposes of Section 8.05, a Participant is treated as a More Than 5% Owner if such Participant is a More Than 5% Owner at any time during the Plan Year ending with or within the calendar year in which such owner attains age 70½ and shall continue to be considered a More Than 5% Owner (and distributions must continue under Section 8.05) even if the Participant ceases to be a 5-percent owner in a subsequent year.
Examples of More Than 5% Owner in a sentence
Distribution Alternatives For Participants Who Are Not A More Than 5% Owner Select (A), (B), (C) and/or (D), whichever is applicable.
Plan Provision: Distribution Alternatives For Participants Who Are Not A More Than 5% Owner Select (A), (B), (C) and/or (D), whichever is applicable.