Eligibility for Sharing in the Profit Sharing Pool. Where funds have been allocated to the Profit Sharing Pool in accordance with the provisions of the Plan in respect of a particular fiscal year of the Corporation, the Profit Sharing Pool in respect of such fiscal year shall be divided in accordance with the following formula: Profit Sharing Pool
Eligibility for Sharing in the Profit Sharing Pool. Where have been allocated to the Profit Sharing Pool in accordance with the provisions of the Plan in respect of a particular fiscal year of the Corporation, the Profit Sharing Pool in respect of such fiscal year shall be divided in accordance with the following Profit Sharing Pool Number of Full-Time Equivalent Eligible Participants * The figure arrived at in respect of a particular fiscal year as a result of the application of this formula shall be referred to as the “Profit Sharing Amount”. Each Eligible Participant who is full-time and on the payroll records for the last pay week of the particular fiscal year shall receive the Profit Sharing Amount subject to the proration rules listed below. Each Eligible Participant who is part-time and on the payroll records for the last pay week of the particular fiscal year shall receive a pro rated portion of the Profit Sharing Amount based on regular hours paid during the particular fiscal year. In addition, pro rated payments shall be made to Eligible Participants according to actual regular hours paid during the fiscal year in the following circumstances: a full-time Eligible Participant who has joined the Plan the start of the fiscal an Eligible Participant who takes any kind of unpaid leave of absence; an Eligible Participant who has gone on or come off during the fiscal year; an Eligible Participant who has retired; an Eligible Participant who dies (the payment shall be made to the estate); an Eligible Participant who transfers to or the Management Salary Plan; and an Eligible Participant who incurs any other kind of unpaid absence. an Eligible Participant who accepts a voluntary severance package. * The number of full-time equivalent Eligible Participants is arrived at by dividing the number of straight time regular hours paid to permanent full or part-time employees in the fiscal year by the regular full-time hours in a work year by shift and department. (See Schedule “A” attached, for example.) Form of Payment Payments under the Plan shall be made in the form of one lump sum payment and shall be subject to all deductions and withholdings required by applicable law. Timing of Payment Payments under the Plan in respect of a particular fiscal year of the Corporation shall be made shortly the Board of Directors of Torstar Corporation approves the financial statements of Torstar Corporation for such fiscal year (hereinafter referred to as the “Approval Date”) and, in any event, no later than days the Date. Am...
