Examples of First Plan Year in a sentence
Except as provided in Section 2.2(b) below, with respect to any Plan Year after the First Plan Year, each Director or selected Employee must complete these requirements prior to the first day of such Plan Year, or such other earlier deadline as may be established by the Committee in its sole discretion.
With respect to the First Plan Year, each Director or selected Employee must complete these requirements within thirty (30) days of the date on which such Director or Employee becomes eligible to participate in the Plan.
The plan year is the “twelve-month period from May 1 to the next following April 30; however, the First Plan Year shall mean the eight-month period September 1, 1998 to April 30, 1999.” Id. at § 1.20 (emphasis added.)Plaintiffs ignore the date that the formal pension plan was established.
Notwithstanding the foregoing, if a Participant first becomes a Participant after the first day of a Plan Year, or in the case of the First Plan Year of the Plan itself, the maximum Annual Deferral Amount shall be limited to the amount of compensation not yet earned by the Participant as of the date the Participant submits a Plan Agreement and Election Form to the Committee for acceptance, except to the extent permissible under Code Section 409A and related Treasury guidance or Regulations.
The Plan has a four (4) year vesting period based upon the following schedule: Percentage Award VestingEnd of First Plan Year End of Second Plan Year40% of the Options vest in full upon the end of the Second Plan Year, provided the vesting conditions are met.End of Third Plan Year End of Fourth Plan Year60% of the Options vest in full upon the end of the Second Plan Year, provided the vesting conditions are met.