Exempt Participant definition

Exempt Participant is a Participant who is not subject to the joint and survivor requirements of Article VI. The spousal consent requirement in this paragraph does not apply if the Exempt Participant and his spouse are not married throughout the one year period ending on the date of the Participant's death, or if the Participant's spouse is the Participant's sole primary Beneficiary.
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Exempt Participant means any Participant (i) whose employment with the Company terminates as a result of such Participant's death or Disability (as defined below); (ii) which the Plan Committee determines (in its sole discretion) will be exempted from the forfeiture provisions described above and will therefore be entitled to have Awards become vested upon termination of employment; or (iii) whose employment with the Company is on a part-time basis at the date of grant of Awards and is employed by the Company on a part-time basis at the time of the Vesting Event. "Disability" means any physical or mental incapacitation which results in a Participant's inability to perform such Participant's duties and responsibilities to the Company for a total of [60] business days during any twelve-month period, as determined in good faith by the Plan Committee.
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Exempt Participant means any Participant (i) whose employment with the Company terminates as a result of such Participant's death or Disability (as defined below) and (ii) which the Plan Committee determines (in its sole discretion) will be exempted from the forfeiture provisions described above and will therefore be entitled to have Awards become vested upon such termination. "Disability" means any physical or mental incapacitation which results in a Participant's inability to perform such Participant's duties and responsibilities to the Company for a total of 60 business days during any twelve-month period, as determined in good faith by the Plan Committee. Receipt of an Award by any Participant in any one year does not entitle such Participant to receive an Award in any other year.
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Examples of Exempt Participant in a sentence

  • An "Exempt Participant" is a Participant who is not subject to the joint and survivor requirements of Article VI.

  • The spousal consent requirement in this paragraph does not apply if the Exempt Participant and his spouse are not married throughout the one year period ending on the date of the Participant's death, or if the Participant's spouse is the Participant's sole primary Beneficiary.

  • If the Plan is a profit sharing plan, the Beneficiary designation of a married Exempt Participant is not valid unless the Participant's spouse consents (in a manner described in Section 6.05) to the Beneficiary designation.

  • If the Plan is a profit sharing plan, the Beneficiary designation of a married Exempt Participant, as described in Section 6.04(H), is not valid unless the Participant's spouse consents (in a manner described in Section 6.05) to the Beneficiary designation.

  • The spousal consent requirement in this Section 8.01(B) does not apply if the Participant's spouse is the Participant's sole primary Beneficiary, or if the Exempt Participant and his/her spouse are not married throughout the one-year period ending on the date of the Participant's death.

  • If the Employer elects to apply the one-year marriage rule, the spousal consent requirement of this Section 7.05(A)(3) does not apply unless the Exempt Participant and his/her spouse were married throughout the one year period ending on the date of the Participant's death.

  • If the Employer elects to apply the one-year marriage rule under this Section 7.05(A)(3), but the Participant is not an Exempt Participant (such that the QJSA and QPSA requirements apply to the Participant), the one-year marriage rule under Section 6.04(B) applies to the QPSA.

  • If the Plan is a Profit Sharing Plan which the Employer under Section 6.04(G) has elected in its Adoption Agreement to exempt all Exempt Participants from the QJSA and QPSA requirements of Section 6.04, the Beneficiary designation of a married Exempt Participant, as described in Section 6.04(G), is not valid unless the Participant's spouse consents (in a manner described in Section 6.04(A)(7)) to the Beneficiary designation.

  • If the Plan is a Profit Sharing Plan which the Employer under Section 6.04(G) has elected in its Adoption Agreement to exempt all Exempt Participants from the QJSA and QPSA requirements of Section 6.04, the Beneficiary designation of a married Exempt Participant, as described in Section 6.04(G), is not valid unless the Participant's spouse consents (in the manner described in Section 6.04(A)(7)) to the Beneficiary designation.

  • The spousal consent requirement in this Section 8.01(B) does not apply if the Participant’s spouse is the Participant’s sole primary Beneficiary, or if the Exempt Participant and his/her spouse are not married throughout the one-year period ending on the date of the Participant’s death.