MAC Credits definition

MAC Credits means Matching Credits, Bonus Credits, Forfeiture Credits, Dividend Credits and Founder’s Credits that the Administrator posts to Participants’ MAC Accounts, as set forth in Article IV.
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MAC Credits means Matching Credits, Bonus Credits, Forfeiture Credits, Dividend Credits and Founder's Credits that the Administrator posts to Participants' MAC Accounts, as set forth in Article IV.
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Examples of MAC Credits in a sentence

  • On termination of MAC in accordance with Sections 6.2 or 6.3, vesting of MAC Credits will be at the sole discretion of the Sponsoring Company.

  • The MAC Payment shall be made in the form of Shares or cash equal to the amount necessary to purchase a number of Shares equal to the Participant's then vested MAC Credits.

  • Notwithstanding the foregoing, the Sponsoring Company shall not purchase any Shares acquired upon vesting of MAC Credits that have been held by a Participant for less than six months.

  • If a Participant experiences a Termination Date due to death or Disability, the Participant's MAC Credits that have not vested as of such Termination Date will become one hundred percent (100%) vested.

  • Each Participant's final MAC Payment, if any, will be made as soon as administratively practicable following the date of such termination in accordance with Section 5.7. Subject to Section 5.8, no termination may retroactively reduce MAC Credits previously transferred to a Participant's ACE Account.

  • As soon as administratively practicable after January 1 of each Plan Year, the Sponsoring Company will make an MAC Payment to the ACE Account of each of its active Agents participating in MAC in an amount equal to the newly vested MAC Credits under his or her MAC Account (to the nearest whole Equivalent Share).

  • At the time the MAC Payment is made to the Participant's ACE Account, the number of such vested MAC Credits will be deducted from the Participant's MAC Account.

  • Credits vesting upon the death of a Participant shall be determined by multiplying the number of such MAC Credits then vesting by the Fair Market Value per Share as determined as of the Valuation Date immediately preceding the date of death.

  • Subject to the terms of MAC, Shares or cash representing vested MAC Credits (as that term is defined in MAC) credited to an Agent under MAC may be transferred to ACE from time to time.

  • DIVIDEND CREDITS - A book credit equal to amount of cash dividends, if any, with respect to a Share, multiplied by the number of MAC Credits in a Participant's MAC Account, shall be credited to such Participant's MAC Account not later than and the 15th day of the third month after the close of the Plan Year in which such dividends are received by the Administrator.