Terminates Service definition
Examples of Terminates Service in a sentence
If the Participant Terminates Service due to death during the Performance Period, the performance requirements with respect to the Participant’s RTSR Performance Units shall lapse and, on the date of such Termination of Service, the Participant’s Beneficiary shall be fully entitled to payment in Shares with respect to such Performance Units, determined as if Target Performance had been achieved and the Performance Period ended on the date of the Participant’s death.
If the Participant Terminates Service due to death during the Performance Period, the performance requirements with respect to the Participant’s ROATCE Performance Units shall lapse and, on the date of such Termination of Service, the Participant’s Beneficiary shall be fully entitled to payment in Shares with respect to such Performance Units, determined as if Target Performance had been achieved and the Performance Period ended on the date of the Participant’s death.
The Repurchase Option may be exercised within the 30-day period immediately following the date that the Purchaser Terminates Service (the “Repurchase Period”).
The Vested part of a Participant's Account will be available for distribution to the Participant when the Participant retires at Normal (or Early) Retirement Age, dies, and, if elected in the Adoption Agreement, attains age 59-1/2 or Terminates Service.
If the Participant Terminates Service before the Participant reaches age 35, the Applicable Notice Period will be a reasonable period ending after the date the Participant Terminates Service.
If the value of the Vested part of the Participant's Account (excluding Deductible Contributions within the meaning of Code section 72(o)(5)(B)) does not exceed $3,500, then, if elected by the Employer in the Adoption Agreement, as soon as practicable after the Participant Terminates Service, the Plan Administrator will direct the Trustee to pay the Participant a single distribution that equals the value of the entire Vested Account balance.
If a Participant Terminates Service before satisfying the age requirement for Early Retirement Age, but has satisfied the Service requirement, if any, then the Participant shall be entitled to elect an early retirement benefit upon satisfaction of such age requirement.
Such installment distribution may not begin before the Member attains age 55 unless the Member Terminates Service on account of a Disability.
If the value of the Vested part of the Participant's Account (excluding Deductible Contributions) does not exceed $3,500, then, if elected by the Employer in the Adoption Agreement, as soon as practicable after the Participant Terminates Service, the Plan Administrator will direct the Trustee to pay the Participant a single distribution that equals the value of the entire Vested Account balance.
If the value of the Vested part of the Participant's Account, excluding Deductible Contributions, exceeds $3,500 (or at the time of any other distribution, exceeded $3,500), then distribution after the Participant Terminates Service will require the consent of the Participant.