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,