Partially Vested definition
Examples of Partially Vested in a sentence
A Participant's benefits upon his or her Partially Vested Separation for any reason other than Disability shall be: (A) the Account Balance of his or her Employer Accounts determined in accordance with Section 10.6.2 multiplied by his or her vested percentage determined pursuant to Section 4.1.3, or, if applicable, Section 4.4.2, plus (B) the Account Balance of his or her other Accounts determined in accordance with Section 10.6.2.
Upon the Partially Vested Separation of a Participant, the nonvested portion of each Employer Account of such Participant will be forfeited as of the date of termination of Employment; provided, however, that such Participant receives a distribution in accordance with Section 5.6. If a Participant does not receive a distribution following his or her termination of Employment, the nonvested portion of each Employer Account of the Participant shall be forfeited following a Period of Severance of five years.
Upon the Partially Vested Severance of a Participant, the nonvested portion of his or her Account shall be forfeited as of the date of his or her termination of Employment; provided, however, that the Participant receives a distribution in accordance with Section 5.6. If the Participant does not receive a distribution following his or her termination of Employment, the nonvested portion of his or her Account shall be forfeited following a period of five consecutive one-year Breaks in Service.
Subject to Section 5.1.2, a Participant’s Benefit Commencement Date shall be as soon as administratively practicable following his or her Fully Vested Severance, Partially Vested Severance or Nonvested Severance, if applicable, and in accordance with Section 5.6. A Participant does not incur a severance from employment for purposes of this Article V due to a transfer of employment to an Affiliate.
For purposes of eligibility to participate, a Participant who is reemployed after a Fully Vested Severance or Partially Vested Severance shall retain credit for his or her Years of Service prior to such termination of Employment without regard to the length of his or her absence from Employment.
Partially Vested Option (25,121 PFSI common shares with grant date February 23, 2022): Fartaj shall have the right to exercise the fully vested, one-third portion of a stock option to purchase 25,121 PFSI common shares granted on February 23, 2022 for the remainder of its original 10-year term.
Partially Vested Option (17,000 PFSI common shares with grant date February 25, 2021): Fartaj shall have the right to exercise the fully vested, two-thirds portion of a stock option to purchase 17,000 PFSI common shares granted on February 25, 2021 for the remainder of its original 10-year term, and the unvested remaining one-third of such option shall be forfeited.
Partially Vested Option (14,601 PFSI common shares with grant date February 23, 2022): Fartaj shall have the right to exercise the fully vested, one-third portion of a stock option to purchase 14,601 PFSI common shares granted on February 23, 2022 for the remainder of its original 10-year term, and the unvested remaining two-thirds of such option shall be forfeited.
Subject to Section 5.1.2, a Participant's Benefit Commencement Date shall be as soon as administratively practicable following his or her Fully Vested Separation, Partially Vested Separation or Nonvested Separation, if applicable, and in accordance with Section 5.6. A Participant does not separate from service for purposes of this Article V due to a transfer of employment to an Affiliate.
A Participant's benefits upon his or her Partially Vested Separation for any reason other than Disability shall be: (A) The Account Balance of his or her Employer Accounts determined in accordance with Section 10.6.2 multiplied by his or her vested percentage determined pursuant to Section 4.1.3, or, if applicable, Section 4.4.2, plus (B) the Account Balance of his or her other Accounts determined in accordance with Section 10.6.2.