Examples of Newly Eligible Participant in a sentence
If a Newly Eligible Participant fails to make a Deferral Election within 30 days of initial eligibility to participate, then such Newly Eligible Participant may make an initial Deferral Election (and Distribution Election, pursuant to Section 6.2(b) below) only with respect to Fees and Director Stock Awards earned in subsequent calendar years.
If the Deferral Request is not submitted and accepted within 30 days, the Newly Eligible Participant shall not be permitted to make a Deferral Request with respect to any portion of the Award for such year.
Notwithstanding the provisions of Section 3(a)(i), an Employee who is newly hired and therefore qualifies as a Newly Eligible Participant is eligible to participate in the Plan Year in which he or she is first hired, subject to the provisions of Section 3.3, and in the immediately following Plan Year if his or her base salary is equal to or exceeds the Code Section 401(a)(17) limit for the then-current Plan Year.
Unless the Participant is a Newly Eligible Participant as provided in subsection (b) below, such Deferral Request must be filed with and accepted by the Committee or its designee by no later than December 31 of the year immediately prior to the year for which such Award is made.
This Section 3.1 applies to each Eligible Employee or Director who is a Newly Eligible Participant in the portion of the Plan relating to the right to defer Base Salary or Director Fees and whose Deferral Commencement Date occurs after the first day of a calendar year but prior to December 1 of such calendar year (or such earlier date as specified by the Committee from time to time).