Vested Interest Clause Samples
A Vested Interest clause defines when and how a party gains a secure, non-forfeitable right to certain benefits or assets under an agreement. Typically, this clause outlines the conditions or timeframes required for interests—such as shares, pension benefits, or property rights—to become fully owned by the beneficiary, regardless of future events or employment status. For example, an employee may only gain full ownership of employer-contributed retirement funds after a specified period of service. The core function of this clause is to provide certainty and protection for parties by clearly establishing when rights become irrevocable, thereby reducing disputes and aligning expectations.
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Vested Interest. Each Participant shall at all times have a fully vested interest in his Elective Deferral Account, Qualified Nonelective Account, Voluntary Account, Voluntary Tax-Deductible Account and Thrift Account. Each Participant's Regular Account, Employer Discretionary Contribution Account, and Employer Matching Contribution Account shall vest in accordance with the vesting schedule elected in the Adoption Agreement. If a Participant is not already fully vested in his Regular Account, Employer Discretionary Contribution Account, and Employer Matching Contributions Account, he shall become so upon reaching Normal Retirement Age or Early Retirement Age, or upon his death or Total and Permanent Disability.
Vested Interest employees do not have a right to SUB payments except for supplementation of E.I. benefits during the unemployment period as specified in the plan (E.I. Regulation 57 (13)(h)).
Vested Interest. A bargaining unit member does not have a right to SUB payments except for supplementation of the Employment Insurance benefits during the employment period, which shall not exceed seventeen (17) weeks.
Vested Interest. An Employee does not have a right to SUB payments except for the supplementation of the Employment Insurance Benefits during the employment period, which shall not exceed thirty-one (31) weeks.
Vested Interest. Nurses do not have the right to SUB payments except for supplementation of EI benefits during the unemployment period as specified in the plan and as may be limited by the terms of the Employment Insurance Regulations.
Vested Interest.
(a) A Participant shall have a vested interest in his accrued retirement benefit when he has been credited with ten (10) Vested Years; provided that, only five Vested Years shall be required to be vested in the case of a Participant who is credited on or after December 24, 1989, with 40 or more Credited Hours at a time when the Participant is not included within a unit covered by a collective bargaining agreement between an Employer and a Union.
(b) Notwithstanding subsection (a), any Participant who is credited with one or more Vested Hours on or after December 26, 1999, shall have a vested interest in his accrued retirement benefit when he has been credited with five (5)
Vested Interest. An Instructor does not have a right to SUB payments except for supplementation of the Employment Insurance benefits during the employment period, which shall not exceed 17 weeks.
Vested Interest. The Employee does not have any vested right except to receive payments for the covered unemployment period.
Vested Interest. The portion of a Member’s Account that has not previously been withdrawn by him or distributed to or for him and that –
(a) is derived from his Before-Tax Contributions, ▇▇▇▇ Contributions, Rollover Contributions, Prior ESOP Contributions, Qualified Nonelective Contributions, Nonelective Employer Contributions and Transitional Employer Contributions and nonforfeitable at all times;
(b) is derived from Matching Employer Contributions and (i) in the case of a Member employed by the Company, Welding, Cutting, Tools & Accessories, LLC, ▇.▇. ▇▇▇▇▇▇ Co., Inc., Smart Force, LLC, Lincoln Global, Inc., and Lincoln Electric Automation, Inc. (but in the case of Members employed by ▇.▇. ▇▇▇▇▇▇ Co., Inc., Smart Force, LLC or the Seal Seat Division of Lincoln Global, Inc., only with respect to Members who are Employees on or after August 1, 2017 or who were Covered Employees prior to August 1, 2017 under the provisions of the Plan then in effect) is 100% nonforfeitable at all times, or (ii) in the case of all other Members is (A) 0% nonforfeitable prior to the Member’s completion of three Years of Vesting Service and (B) 100% nonforfeitable on and after the Member’s completion of three Years of Vesting Service; and
(c) is derived from FSP Contributions and FSP Plus Contributions and is (i) 0% nonforfeitable prior to the Member’s completion of three Years of Vesting Service and (ii) 100% nonforfeitable on and after the Member’s completion of three Years of Vesting Service, provided, however, that in the case of a Member who was an Employee on January 1, 2017, the portion of such Member’s Account that is derived from FSP Contributions and FSP Plus Contributions was 100% nonforfeitable on January 1, 2017. Notwithstanding the foregoing, in the case of a Former Weartech Plan Participant who was an Employee on August 29, 2016, the portion of such Former Weartech Plan Participant’s Account that is derived from Matching Employer Contributions shall be 20% nonforfeitable on and after completion of two Years of Vesting Service and 100% nonforfeitable on and after completion of three Years of Vesting Service. A Member whose Vested Interest is less than 100% nonforfeitable under the provisions of this Subsection shall nonetheless have a 100% nonforfeitable interest in his entire Account upon his attainment of age 60 while an Employee, upon his death while an Employee, upon -19- NAI-1526973031v4 his death while performing “qualified military service” (as defined in Section...
Vested Interest. If the Grantee continues to be an employee of the Company, its Subsidiaries or Allied Enterprises from the Effective Date until the third anniversary of the Effective Date, his or her Vested Interest will be 100%. Except as provided for in Sections 6 and 7 above, if the Grantee does not continue to be an employee of the Company, its Subsidiaries or Allied Enterprises until the third anniversary of the Effective Date, his or her Vested Interest will be 0% and he will immediately forfeit the Restricted Stock as provided in Section 5. So long as the Grantee shall continue to be an employee of the Company, a Subsidiary or Allied Enterprise, he or she shall not be considered to have experienced a break in continuous employment because of: (i) any temporary leave of absence approved in writing by the Company, a Subsidiary or Allied Enterprise; or (ii) any change of duties or position (including transfer to or from a Subsidiary).