Common use of Temporary Absences Clause in Contracts

Temporary Absences. Any substantial absence from active employment with the Company other than during vacation, holidays and non-business hours shall constitute a termination of employment for purposes of the Plan except as follows: (1) If the Participant or other Employee shall be absent from active employment with the Company for a period not exceeding one year on account of (i) illness, (ii) mental or physical disability, (iii) leave of absence granted by the Company in accordance with uniform and nondiscriminatory rules so that all employees in similar circumstances are treated alike, (iv) temporary layoff or (v) jury duty, his employment with the Company or participation in the Plan, as the case may be, shall not be deemed to have terminated solely on account of such absence and during such absence he shall be provisionally credited with Hours of Service at the same weekly rate (not exceeding 37-1/2 hours per week and not exceeding 501 hours per Plan Year) he was being credited with Hours of Service at the time such absence commenced; provided, however, that if he does not resume active employment within thirty (30) days from the expiration of such illness, disability, leave of absence or jury duty, or if he fails promptly to report for work upon being recalled from such layoff, his employment or participation, as the case may be, shall be deemed to have terminated on the date when such absence commenced, provided, further that his Valuation Date shall be the Valuation Date coinciding with or preceding the expiration of such thirty (30) day period. (2) If the Participant or other Employee shall leave the active employment of the Company for the purpose of becoming (and thereupon becomes) a member of the Armed Forces of the United States, his employment with the Company or participation in the Plan, as the case may be, shall not be deemed to have terminated solely on account of such absence and during such absence he shall be credited with Hours of Service at the same weekly rate (not exceeding 37-1/2 hours per week) he was being credited with Hours of Service at the time such absence commenced; provided, however, that if he does not resume active employment within ninety (90) days after his first eligibility for release or discharge from said Armed Forces, his employment or participation, as the case may be, shall be deemed to have terminated on the date when such absence commenced, provided, further that his Valuation Date shall be the Valuation Date coinciding with or preceding the expiration of such ninety (90) day period. (3) During any period when a Participant or other Employee is not in fact actively employed by the Company, he shall not be regarded as receiving any Compensation except such as the Company may actually pay to him during such period. (4) If contributions or other credit or debit items shall be allocated to a Participant's account due to the provisions of Subparagraph (l) above and it shall later be determined that such Participant's employment should be deemed to have theretofore terminated, then the Trustee upon notification thereof shall treat such allocations as erroneous and shall reasonably endeavor to undo the effects thereof. (5) If the Participant timely resumes active employment (or reports for work) as contemplated by (1) or (2) above but his resumed employment is terminated (other than by death, permanent and total disability, normal or late retirement, or complete or partial dissolution or liquidation of the Company) prior to his having been in the Company's continuous employ for a period at least equal to the lesser of (a) six (6) months or (b) the period from the commencement of the absence in question to the resumption of his active employment, then his employment or participation, as the case may be, shall be deemed to have terminated on the date when such absence commenced. (6) The foregoing provisions of this Paragraph (i) shall not prevent the Company and the Participant or other employee in question from mutually determining in writing that his status as an employee or Participant, as the case may be, shall terminate (or have terminated) at any designated time, either with or without cause. (7) The foregoing provisions of this Paragraph (i) are subject to any contrary requirements, more favorable to the Participant or other employee in question, contained in Article II(A) or Article V(C).

Appears in 1 contract

Sources: Employee Stock Ownership and 401(k) Savings Plan and Trust Agreement (Source One Mortgage Services Corp)

Temporary Absences. Any substantial absence from active employment with the Company other than during vacation, holidays and non-business hours shall constitute a termination of employment for purposes of the Plan except as follows: (1) If the Participant or other Employee shall be absent from active employment with the Company for a period not exceeding one year on account of (i) illness, (ii) mental or physical disability, (iii) leave of absence granted by the Company in accordance with uniform and nondiscriminatory rules so that all employees in similar circumstances are treated alike, (iv) temporary layoff or (v) jury duty, his employment with the Company or participation in the Plan, as the case may be, shall not be deemed to have terminated solely on account of such absence and during such absence he shall be provisionally credited with Hours of Service at the same weekly rate (not exceeding 37-1/2 hours per week and not exceeding 501 hours per Plan Yearweek) he was being credited with Hours of Service at the time such absence commenced; provided, however, that if he does not resume active employment within thirty (30) days from the expiration of such illness, disability, leave of absence or jury duty, or if he fails promptly to report for work upon being recalled from such layoff, his employment or participation, as the case may be, shall be deemed to have terminated on the date when such absence commenced, provided, further that his Valuation Date shall be the Valuation Date coinciding with or preceding the expiration of such thirty (30) day period. (2) If the Participant or other Employee shall leave the active employment of the Company for the purpose of becoming (and thereupon becomes) a member of the Armed Forces of the United States, his employment with the Company or participation in the Plan, as the case may be, shall not be deemed to have terminated solely on account of such absence and during such absence he shall be credited with Hours of Service at the same weekly rate (not exceeding 37-1/2 hours per week) he was being credited with Hours of Service at the time such absence commenced; provided, however, that if he does not resume active employment within ninety (90) days after his first eligibility for release or discharge from said Armed Forces, his employment or participation, as the case may be, shall be deemed to have terminated on the date when such absence commenced, provided, further that his Valuation Date shall be the Valuation Date coinciding with or preceding the expiration of such ninety (90) day period. (3) During any period when a Participant or other Employee is not in fact actively employed by the Company, he shall not be regarded as receiving any Compensation except such as the Company may actually pay to him during such period. (4) If contributions or other credit or debit items shall be allocated to a Participant's account due to the provisions of Subparagraph (l) above and it shall later be determined that such Participant's employment should be deemed to have theretofore terminated, then the Trustee upon notification thereof shall treat such allocations as erroneous and shall reasonably endeavor to undo the effects thereof. (5) If the Participant timely resumes active employment (or reports for work) as contemplated by (1) or (2) above but his resumed employment is terminated (other than by death, permanent and total disability, normal or late retirement, or complete or partial dissolution or liquidation of the Company) prior to his having been in the Company's continuous employ for a period at least equal to the lesser of (a) six (6) months or (b) the period from the commencement of the absence in question to the resumption of his active employment, then his employment or participation, as the case may be, shall be deemed to have terminated on the date when such absence commenced. (6) The foregoing provisions of this Paragraph (iI) shall not prevent the Company and the Participant or other employee in question from mutually determining in writing that his status as an employee or Participant, as the case may be, shall terminate (or have terminated) at any designated time, either with or without cause. (7) The foregoing provisions of this Paragraph (iI) are subject to any contrary requirements, more favorable to the Participant or other employee in question, contained in Article II(A) or Article V(C).

Appears in 1 contract

Sources: 401(k) Savings Plan and Trust Agreement (Source One Mortgage Services Corp)

Temporary Absences. Any substantial absence from active employment with the Company other than during vacationWith regard to temporary absences, holidays and non-business hours shall constitute a termination of employment for purposes of the Plan except it is agreed as follows: (1) If the Participant or other Employee shall be absent from active employment with the Company without pay for a period not exceeding one year on account of (i) illness, (ii) mental or physical disability, (iii) leave of absence granted by the Company in accordance with uniform and nondiscriminatory rules so that all employees in similar circumstances are treated alike, or (iv) temporary layoff or (v) jury dutyan "Unpaid Absence"), his employment with the Company or participation in the Plan, as the case may be, shall not be deemed to have terminated solely on account of such absence Unpaid Absence and during such absence Unpaid Absence he shall be provisionally credited with Hours of Service at the same weekly rate (not exceeding 37-1/2 40 hours per week and not exceeding 501 hours per Plan Yearweek) he was being credited with Hours of Service at the time such absence Unpaid Absence commenced; provided, however, that the maximum number of Hours of Service required to be credited under this paragraph (1) on account of any single continuous period of Unpaid Absence is 501 less the number of Hours of Service, if any, required to be credited under Article I(A)(23)(b) on account of a single continuous period of paid illness, incapacity (including disability), leave of absence or layoff, which immediately precedes the Unpaid Absence, provided, further, that if he does not resume active employment within thirty (30) days from the expiration of such illness, disability, or leave of absence or jury dutyabsence, or if he fails promptly to report for work upon being recalled from such layoff, his employment or participation, as the case may be, shall be deemed to have terminated on the date when such absence Unpaid Absence commenced, and he shall not be credited with any Hours of Service on account of such Unpaid Absence, provided, further further, that his Valuation Date shall be the Valuation Date coinciding with or preceding the expiration of such thirty (30) day period. (2) If the Participant or other Employee shall leave the active employment of the Company for the purpose of becoming (and thereupon becomes) a member of the Armed Forces of the United States, his employment with the Company or participation in the Plan, as the case may be, shall not be deemed to have terminated solely on account of such absence and during such absence he shall be credited with Hours of Service at the same weekly rate (not exceeding 37-1/2 hours per week) he was being credited with Hours of Service at the time such absence commenced; provided, however, that if he does not resume active employment within ninety (90) days after his first eligibility for release or discharge from said Armed Forces, his employment or participation, as the case may be, shall be deemed to have terminated on the date when such absence commenced, provided, further that his Valuation Date shall be the Valuation Date coinciding with or preceding the expiration of such ninety (90) day period. (3) During any period when a Participant or other Employee is not in fact actively employed by the Company, he shall not be regarded as receiving any Compensation except such as the Company may actually pay to him during such period. (4) If contributions or other credit or debit items shall be allocated to a Participant's account due to the provisions of Subparagraph (l) above and it shall later be determined that such Participant's employment should be deemed to have theretofore terminated, then the Trustee upon notification thereof shall treat such allocations as erroneous and shall reasonably endeavor to undo the effects thereof. (5) If the Participant timely resumes active employment (or reports for work) as contemplated by (1) or (2) above but his resumed employment is terminated (other than by death, permanent and total disability, normal or late retirement, or complete or partial dissolution or liquidation of the Company) prior to his having been in the Company's continuous employ for a period at least equal to the lesser of (a) six (6) months or (b) the period from the commencement of the absence in question to the resumption of his active employment, then his employment or participation, as the case may be, shall be deemed to have terminated on the date when such absence commenced. (6) The foregoing provisions of this Paragraph (i) shall not prevent the Company and the Participant or other employee in question from mutually determining in writing that his status as an employee or Participant, as the case may be, shall terminate (or have terminated) at any designated time, either with or without cause. (7) The foregoing provisions of this Paragraph (i) are subject to any contrary requirements, more favorable to the Participant or other employee in question, contained in Article II(A) or Article V(C).

Appears in 1 contract

Sources: Employee Stock Ownership and 401(k) Savings Plan and Trust Agreement (Pavilion Bancorp Inc)