SHALL MEAN THE SPOUSE OF A
PARTICIPANT ON THE EARLIER OF
(A)
THE DATE OF THE PARTICIPANT'S DEATH; OR
(B)
THE PARTICIPANT'S BENEFIT COMMENCEMENT DATE.
1.44
TERMINATION OF EMPLOYMENT
SHALL MEAN THE
VOLUNTARY OR INVOLUNTARY SEVERANCE OF EMPLOYMENT.
9
1.45
TRUST
SHALL MEAN THE TRUST ESTABLISHED UNDER THE
PLAN IN WHICH PLAN ASSETS ARE HELD.
1.46
TRUST AGREEMENT
SHALL MEAN THE AGREEMENT BETWEEN
THE COMPANY AND THE TRUSTEE WITH RESPECT TO THE TRUST.
1.47
TRUSTEE
SHALL MEAN THE PERSON APPOINTED AS
TRUSTEE PURSUANT TO ARTICLE X, AND ANY SUCCESSOR TRUSTEE.
1.48
VALUATION DATE
SHALL MEAN EACH BUSINESS DAY OR
SUCH OTHER DATES AS MAY BE SPECIFIED BY THE ADMINISTRATIVE COMMITTEE.
1.49
VESTING SERVICE
SHALL MEAN THE SERVICE CREDITED
TO A PARTICIPANT UNDER SECTION 5.2 FOR PURPOSES OF DETERMINING THE PARTICIPANT'S
VESTED PERCENTAGE IN HIS OR HER ACCOUNT.
1.50
YEAR OF SERVICE
SHALL MEAN, IN DETERMINING
SERVICE TO BE TAKEN INTO ACCOUNT FOR PURPOSES OF ELIGIBILITY TO PARTICIPATE,
VESTING AND BENEFIT ACCRUAL, EACH PERIOD OF SERVICE UNIT WHICH IS
12-CONSECUTIVE-MONTHS.
FOR PURPOSES OF ELIGIBILITY TO PARTICIPATE AND VESTING,
THE PERIOD OF SERVICE SHALL RUN FROM THE EMPLOYMENT COMMENCEMENT DATE (OR
RE-EMPLOYMENT COMMENCEMENT DATE, AS APPLICABLE) UNTIL THE SEVERANCE FROM SERVICE
DATE. FOR PURPOSES OF BENEFIT ACCRUAL, A PERIOD OF SERVICE SHALL RUN FROM THE
DATE THAT A PARTICIPANT COMMENCES PARTICIPATION UNDER THE PLAN UNTIL HIS OR HER
SEVERANCE FROM SERVICE DATE. AN EMPLOYEE SHALL BE CREDITED WITH THE PERIOD OF
TIME WHICH RUNS DURING ANY ABSENCE FROM SERVICE (OTHER THAN FOR REASON OF A
QUIT, RETIREMENT, DISCHARGE OR DEATH) WHICH IS 12 MONTHS OR LESS. PRIOR TO
JANUARY 1, 2002, AN HOUR OF SERVICE WAS DETERMINED UNDER THE GENERAL METHOD OF
CREDITING SERVICE FOR AN EMPLOYEE UNDER TREAS. REG. §2530.200B-2 (I.E., ACTUAL
COUNTING OF HOURS OF SERVICE DURING THE APPLICABLE 12-CONSECUTIVE-MONTH
COMPUTATION PERIOD), AND/OR THE EQUIVALENCIES SET FORTH IN TREAS. REG.
§2530.200B-3.
10
ARTICLE II
PARTICIPATION
2.1
ADMISSION AS A PARTICIPANT
2.1.1
EACH ELIGIBLE EMPLOYEE WHO WAS A PARTICIPANT IN THE
PLAN IMMEDIATELY PRIOR TO THE EFFECTIVE DATE SHALL BE A PARTICIPANT IN THE PLAN
AS OF THE EFFECTIVE DATE.
2.1.2
(A) EACH ELIGIBLE EMPLOYEE NOT ELIGIBLE TO BECOME A
PARTICIPANT UNDER SECTION 2.1.1 ABOVE, SHALL BECOME A PARTICIPANT IN THE PLAN ON
THE ENTRY DATE COINCIDING WITH OR NEXT FOLLOWING SUCH ELIGIBLE EMPLOYEE'S
COMPLETION OF A PERIOD OF SERVICE OF AT LEAST ONE MONTH, PROVIDED HE OR SHE IS
AN ELIGIBLE EMPLOYEE ON SUCH DATE.
THIS PARAGRAPH SHALL BE INTERPRETED IN
ACCORDANCE WITH THE ELAPSED TIME METHOD SET FORTH IN TREAS. REG. §1.410(A)-7.
(B)
EFFECTIVE JULY 31, 2004, AN ELIGIBLE
EMPLOYEE WHO IS AN EMPLOYEE OF THE SACHTLEBEN COMPANY SHALL BE CREDITED WITH HIS
OR HER PRIOR SERVICE WITH THE SACHTLEBEN COMPANY FOR ELIGIBILITY PURPOSES UNDER
THE PLAN.
(C)
EFFECTIVE JANUARY 1, 2005, AN ELIGIBLE
EMPLOYEE WHO IS AN EMPLOYEE OF OAKITE PRODUCTS, INC. SHALL BE CREDITED WITH HIS
OR HER PRIOR SERVICE WITH OAKITE PRODUCTS, INC. FOR ELIGIBILITY PURPOSES UNDER
THE PLAN.
(D)
EFFECTIVE JANUARY 1, 2007,