A one. percent (1%) owner of an Employer or Affiliate having aggregate annual compensation from all Employers or Affiliates of more than $150,000. "One-percent owner" means any person who would be described in paragraph (iii) of this Section 18.1.2 if "one percent (1%)" were substituted for "five percent (5%)" in each place where it appears in paragraph (iii), except that such substitution shall not be made in applying section 318(a)(2) of the Code.
Appears in 2 contracts
Sources: Employees' Savings, Investment and Profit Sharing Plan (Revlon Inc /De/), Employee Retirement Plan (Cosmetic Center Inc)