Severed Participant definition

Severed Participant means a Participant whose employment has been terminated for reasons other than death or retirement.
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Severed Participant is a Participant who has incurred a Severance and who has not again become an Employee.
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Examples of Severed Participant in a sentence

  • Except as otherwise provided in this Section, if a ------------ Severed Participant again becomes an Employee, such reemployment shall not affect in any way the Participant's Severance benefit; and unless the Committee decides otherwise, the Participant shall not accrue any additional benefit under this Plan on account of such reemployment.

  • A Participant (1) who severs from employment with all members of the Controlled Group prior to his Normal Retirement Date or, if applicable, his Early Retirement Date (a "Severed Participant"), and (2) who survives until his applicable Annuity Starting Date, shall be entitled to receive a Termination Benefit as defined below.

  • The First Supplemental Plan shall automatically terminate on December 31, 2006; provided, however, that if, prior to such termination date, the contingency factors occur which either entitle or would entitle a Severed Participant to the benefits as provided herein, then this First Supplemental Plan shall remain in effect with respect to such Severed Participant in accordance with its terms.

  • If a Participant becomes a Severed Participant after his stock options have vested under this Section IV, the stock option exercise provisions of Subsection III (A) (3) shall apply upon such Participant becoming a Severed Participant.

  • Except as otherwise provided in this Section, if a Severed Participant again becomes an Employee, such reemployment shall not affect in any way the Participant's Severance benefit; and unless the Committee decides otherwise, the Participant shall not accrue any additional benefit under this Plan on account of such reemployment.

Related to Severed Participant

  • Covered Participant means a Participant who is a “covered employee” as defined in Section 162(m)(3) of the Code, and the regulations promulgated thereunder, and any individual the Committee determines should be treated as such a covered employee.

  • Disabled Participant with respect to a loan if it has no right to exercise any voting or other control rights with respect to such loan (other than the right to approve amendments to the material economic terms of such loan).

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

  • Participant has the meaning specified in Section 10.06(d).

  • Inactive Participant means each Participant (other than a Retired Participant, Deceased Participant or Disabled Participant) who is not in active service as an Outside Director and is not actively employed by a Participating Company.

  • Active Participant means, with respect to any day or date, a Participant who is in Service on such day or date; provided, that a Participant shall cease to be an Active Participant (i) immediately upon a determination by the Committee that the Participant has ceased to be an Employee or Independent Contractor, or (ii) at the end of the Plan Year that the Committee determines the Participant no longer meets the eligibility requirements of the Plan.

  • Other Participant means a cooperative project participant other than the United States.

  • Former Participant means a person who has been a Participant, but who has ceased to be a Participant for any reason.

  • Retired Participant means a person who has been a Participant, but who has become entitled to retirement benefits under the Plan.

  • Plan Participant means a person who is eligible to receive, and is receiving, a pension benefit from the Plan.

  • Eligible Executive means any employee of the Company or an Affiliate of the Company who (i) is designated by the Committee as an “Eligible Executive” who is eligible to participate in the Plan; (ii) has executed and returned a Participation Agreement to the Company; (iii) is not covered under any other severance plan, policy, program or arrangement sponsored or maintained by the Company or any of its Affiliates; and (iv) is not a party to an employment or severance agreement with the Company or any of its Affiliates pursuant to which such employee is eligible for severance payments or benefits. The Committee shall have the sole discretion to determine whether an employee is an Eligible Executive. Eligible Executives shall be limited to a select group of management or highly compensated employees within the meaning of Sections 201, 301 and 401 of ERISA.

  • Eligible Employee means full-time and part-time employees in the bargaining unit who have completed four hundred and fifty (450) hours of service and who are not prohibited from contributing to the Plan by legislation or the Plan rules because of their age or because they are in receipt of a pension from the Plan.

  • Qualified Participant means an individual who is a participant of Tier 2 and who meets 1 of the following requirements:

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

  • Key participant means a sole proprietor, a partner in partnership, or a person with executive managerial control in a corporation. A person with executive managerial control includes persons such as a chief executive officer, chief operating officer and chief financial officer. This definition does not include non-executive managers such as farm, field, or shift managers.

  • 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:

  • Eligible Participant means an employee, officer, consultant or director of the Company or any Affiliate.

  • Participating employee means an employee whose election to participate in a Plan has been approved by the employer.

  • Terminated Participant means a person who has been a Participant, but whose employment has been terminated other than by death, Total and Permanent Disability or retirement.

  • Eligible employer means an employer that:

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

  • L/C Participant shall have the meaning provided in Section 3.3(a).

  • Voting Participant has the meaning specified in Section 10.06(d).

  • Designated Participant means such employees or officers of the Company or a related entity of the Company as the Board may designate from time to time as eligible to participate in the Plan;

  • U.S. Participant means a Participant who is a citizen of the United States or a resident of the United States, as defined in section 7701(a)(30)(A) and section 7701(b)(1) of the Code and any other Participant who is subject to tax under the Code with respect to compensatory awards granted pursuant to the Plan;

  • Covered Executive means any “executive officer” of the Company as defined under Rule 10D-1.