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AKS » Topics » ARTICLE 7: VESTING

This excerpt taken from the AKS 10-Q filed Nov 6, 2007.

ARTICLE 7: VESTING

 

7.1 Vesting Schedule

 

  (a) Except as otherwise provided in this Article 7, a Member who has completed at least five (5) years of Officer Service while a Member shall have a nonforfeitable right to a percentage of his Benefit based on his total Years of Service pursuant to the following schedule:

 

Years of Service

   

Nonforfeitable Percentage

Less than 5

    0%

5

    50%

6

    60%

7

    70%

8

    80%

9

    90%

10

    100%

 

  (b) With respect to any Key Management Member who becomes a Member in accordance with Section 5.1, his Officer Service shall be considered Key Management Service in determining his Vesting Date as a Key Management Member under the Prior Plan.

 

7.2 Disability

A Member who becomes “Permanently Disabled” while employed by the Company shall have a nonforfeitable right to 100% of his Benefit as of the date on which he is determined to be Permanently Disabled, provided he has completed at least five (5) years of Service as of such date. The term “Permanently Disabled” shall have the same meaning under this Plan as under the NCPP or the RAPP, as applicable.

 

8

7.3 Death

The designated beneficiary of a Member who dies while employed by the Company shall have a nonforfeitable right to 100% of his Benefit as of his date of death, provided he has completed at least five (5) years of Service as of such date.

 

7.4 Change of Control

A Member shall have a nonforfeitable right to 100% of his Benefit as of the effective date of any Change of Control which occurs while he is employed by the Company.

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