Grandfathered CIC Benefit definition

Grandfathered CIC Benefit means, for any Participant, the “Grandfathered CIC Benefit” for such Participant set forth in Appendix A. (Persons not listed in Appendix A do not have Grandfathered CIC Benefits.) A Participant’s Grandfathered CIC Benefit is based on the annual benefit he would have received under the terms of the Pre-2004 Plan (disregarding any required offset for benefits earned any plan maintained by a previous employer) if a “Change in Control” (as defined in Section E-10.3) had occurred less than 24 months before December 31, 2004 and he had terminated employment on December 31, 2004, if such benefit were paid in the form of a single-life annuity commencing on the first day of the month coincident with or next following his 62nd birthday.
Sample 1
Grandfathered CIC Benefit means the amount set forth in Appendix A. (Persons not listed in Appendix A do not have a Grandfathered CIC Benefit.) A Participant’s Grandfathered CIC Benefit is based on the annual benefit he would have received under the terms of the Pre-2004 Plan if a Change in Control (within the meaning of Section E-10.3) had occurred less than 24 months prior to December 31, 2004 and he had terminated employment on December 31, 2004, if such benefit were paid in the form of a single-life annuity commencing on the first day of the month coincident with or next following his 62nd birthday.
Sample 1

Examples of Grandfathered CIC Benefit in a sentence

  • For a Participant who terminates employment on or after his 55th birthday, such single-life annuity shall be calculated in accordance with Sections 4.01 and 4.02, or Section 4.03, as applicable, except that the Grandfathered Benefit for any Participant listed in Appendix A shall be replaced with his Grandfathered CIC Benefit.

  • If the Participant is listed in Appendix A, then the interest rate shall be (i) the rate described in Section E-10.3 for his Grandfathered CIC Benefit and (ii) the rate described in Section 5.03(b)(2)(A) for the portion (if any) of his Vested Benefit that exceeds the value of his Grandfathered CIC Benefit.

  • Also, if a “Change in Control” (within the meaning of Section E-10.3) occurs, then each Participant listed in Appendix A (to the extent not already vested) shall become 100 percent vested in his Grandfathered CIC Benefit only.

Related to Grandfathered CIC Benefit

  • Grandfathered Amounts means, if applicable, the amounts that were deferred under the Plan and were earned and vested within the meaning of Section 409A of the Code and regulations thereunder as of December 31, 2004. Grandfathered Amounts shall be subject to the terms designated in the Adoption Agreement.

  • Grandfathered Service means service which is no longer available for new customers and is limited to the current customer at their current locations with certain provisioning limitations, including but not limited to upgrade denials, feature adds/changes and responsible/billing party.

  • Grandfathered Percentage means, with respect to any Grandfathered Person, the percentage of the outstanding shares of Common Stock of the Company that such Grandfathered Person, together with all Affiliates and Associates of such Grandfathered Person, Beneficially Owns as of the Grandfathered Time, plus an additional 1/2%; provided, however, that, in the event any Grandfathered Person shall sell, transfer, or otherwise dispose of any outstanding shares of Common Stock of the Company after the Grandfathered Time, the Grandfathered Percentage shall, subsequent to such sale, transfer or disposition, mean, with respect to such Grandfathered Person, the lesser of (i) the Grandfathered Percentage as in effect immediately prior to such sale, transfer or disposition or (ii) the percentage of outstanding shares of Common Stock of the Company that such Grandfathered Person Beneficially Owns immediately following such sale, transfer or disposition, plus an additional 1/2%.

  • Accrued Benefit means the amount standing in a Participant's Account(s) as of any date derived from both Employer contributions and Employee contributions, if any.

  • Grandfathered Person means any Person who or which, together with all Affiliates and Associates of such Person, is, as of the Grandfathered Time, the Beneficial Owner of 15% or more of the shares of Common Stock of the Company then outstanding. Notwithstanding anything to the contrary provided in this Agreement, any Grandfathered Person who after the Grandfathered Time becomes the Beneficial Owner of less than 15% of the shares of Common Stock of the Company then outstanding shall cease to be a Grandfathered Person and shall be subject to all of the provisions of this Agreement in the same manner as any Person who is not and was not a Grandfathered Person.

  • Plan Benefit means the benefit payable to a Participant as calculated in Article V.

  • Supplemental Benefit means the monthly benefit payable to the Executive under this Agreement.

  • Normal Retirement Benefit means the benefit described in Section 2.1.

  • Retirement Benefit means the benefit set forth in Article 5.

  • Supplemental Retirement Benefit means the benefit determined under Article V of this Plan.

  • Pre-Retirement Survivor Benefit means the benefit set forth in Article 6.

  • Grandfathered health plan means a group health plan or an

  • Early Retirement Benefit means the retirement benefit payable to a member following early

  • Public benefit means making capital available, or facilitating the availability of capital, to businesses in this state that have 750 or fewer employees, the intent of which is to create or retain employment opportunities for residents of this state, stabilize or increase the tax base of this state, or support the redevelopment of facilities for use by small businesses.

  • Elective Deferral Account means the account established hereunder to which Elective Deferrals (including a separate accounting for Catch-Up Contributions) are allocated. Amounts in the Participant's Elective Deferral Account are nonforfeitable when made and are subject to the distribution restrictions of Section 12.2(e). The Elective Deferral Account may consist of the

  • Service benefit means the credit toward retirement benefits as determined by the

  • Change in Control Benefit means the benefit described in Section 2.4.

  • Termination Benefit means the benefit set forth in Article 7.

  • Deferred Compensation Account means the account maintained with respect to each Participant under the Plan. The Deferred Compensation Account shall be credited with Participant Deferral Credits and Employer Credits, credited or debited for deemed investment gains or losses, and adjusted for payments in accordance with the rules and elections in effect under Section 8. The Deferred Compensation Account of a Participant shall include any In-Service or Education Account of the Participant, if applicable.

  • Section 409A Deferred Compensation means compensation provided pursuant to an Award that constitutes nonqualified deferred compensation within the meaning of Section 409A.

  • Excess Elective Deferrals means the amount of Elective Deferrals (as defined below) for a calendar year that the Participant designates to the Plan pursuant to the following procedure. The Participant’s designation: shall be submitted to the Administrator in writing no later than March 1; shall specify the Participant’s Excess Elective Deferrals for the preceding calendar year; and shall be accompanied by the Participant’s written statement that if the Excess Elective Deferrals is not distributed, it will, when added to amounts deferred under other plans or arrangements described in Section 401(k), 408(k) or 403(b) of the Code, exceed the limit imposed on the Participant by Section 402(g) of the Code for the year in which the deferral occurred. Excess Elective Deferrals shall mean those Elective Deferrals that are includible in a Participant's gross income under Section 402(g) of the Code to the extent such Participant's Elective Deferrals for a taxable year exceed the dollar limitation under such Code section.

  • Net Benefit means the present value of the Covered Payments net of all federal, state, local, foreign income, employment and excise taxes.

  • Grandfathered Stockholder has the meaning set forth in Section 1.1.

  • SERP has the meaning assigned thereto in Section 5(c) hereof.

  • Non-Elective Contribution means the Employer contributions to the Plan excluding, however, contributions made pursuant to the Participant's deferral election provided for in Section 4.2 and any Qualified Non-Elective Contribution used in the "Actual Deferral Percentage" tests.

  • Retirement Benefits means benefits paid by reference to reaching, or the expectation of reaching, retirement or, where they are supplementary to those benefits and provided on an ancillary basis, in the form of payments on death, disability, or cessation of employment or in the form of support payments or services in case of sickness, indigence or death. In order to facilitate financial security in retirement, these benefits may take the form of payments for life, payments made for a temporary period, a lump sum, or any combination thereof;