SUPPLEMENTAL RETIREMENT AND
ACCOUNT VALUE PLAN
FOR SALARIED EMPLOYEES OF THE STANLEY WORKS
(As Amended And Restated Effective January 1, 2009, Except As
Otherwise Provided)
Background
. A. The Stanley Works, together with its wholly-owned U.S.
subsidiaries (“Stanley”), maintains the Supplemental
Retirement and Account Value Plan for Salaried Employees of The
Stanley Works (“Plan”) to provide certain employees
with benefits that are not provided under a tax-qualified
retirement plan under Section 401(a) of the Internal Revenue Code
of 1986, as amended (“Code”).
B. The
Stanley Works now desires to amend the Plan in the form of a
restated Plan in order for the Plan to comply with the requirements
of Code Section 409A and the regulations thereunder, as
follows:
This amendment
and restatement of the Plan shall be effective January 1,
2009, provided that Sections 4.3(c), 6.2(a), 6.2(c), 7.2(d)
and 7.2(e) shall be effective as set forth therein. This amended
and restated Plan shall apply with respect to any amounts
contributed to or distributed from the Plan on or after
January 1, 2009, provided that this restatement of the Plan
shall not apply with respect to annuity payments of a Supplemental
Retirement Plan Benefit that are a continuation of a series of
annuity payments that began prior to January 1,
2009.
The following
terms have the meanings set forth below.
“
Accounts ” means a Participant’s Supplemental
Employee Contribution Account and Supplemental Company Contribution
Account.
“ Account
Value Plan ” means the Stanley Account Value
Plan.
“
Actuarial Equivalent ” means a benefit which has the
same present value, as of the benefit commencement date, as the
single life annuity form of benefit computed in accordance with
Article 7 on the basis of the factors for determining
actuarial equivalence described in
Section 7.2(c)(iii).
“
Beneficiary ” means any individual, trust or estate
designated by a Participant, in accordance with the procedures
established by the Company, to receive a death benefit payable on
the Participant’s behalf under the Plan. If, at the time of
death of a Participant, there is no beneficiary designation on file
with the Company or there is no such designated beneficiary
surviving, the death benefit, other than a death benefit for a
joint annuitant provided under a joint and survivor annuity, shall
be paid to the Participant’s surviving spouse, or, if there
is no surviving spouse, the death benefit shall be paid to the
Participant’s estate. Any benefit payable upon the death of a
Participant’s joint annuitant, after beginning to receive
payments under a joint and survivor annuity, shall be paid to the
beneficiary designated in
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writing by the
joint annuitant, provided that, if no designated beneficiary
survives the joint annuitant, the benefit shall be paid to the
joint annuitant’s estate.
“
Committee ” means the Finance and Pension Committee of
the Board of Directors of the Company.
“
Company ” means The Stanley Works.
“
Compensation ” means, with respect to a Plan
Year:
(a) Subject
to paragraphs (b), (c) and (d), the salary and other amounts
received by a Participant from the Controlled Group for services
actually rendered in the course of employment with the Controlled
Group during the pertinent Plan Year, to the extent such amounts
are includible in the gross income of the Participant for federal
income tax purposes, including, but not limited to, bonuses,
commissions and vacation pay that are paid with respect to such
services rendered during the Plan Year. Compensation for a Plan
Year shall also include a Participant’s Elective Deferral
Contributions under the Plan, and elective contributions of the
Participant that are excludable from gross income for federal
income tax purposes under Section 402(g) of the Code,
Section 125 of the Code or Section 132(f)(4) of the Code
(a qualified transportation fringe benefit plan), provided that any
such contributions are made from amounts that would be considered
Compensation pursuant to the preceding sentence if paid to the
Participant.
(b) Compensation
for a Plan Year shall not include reimbursements or other expense
allowances, fringe benefits (whether or not paid in cash), moving
expenses, welfare benefits, including the cost of group term life
insurance coverage, deferred compensation in the year paid if the
compensation has been deferred beyond the calendar year in which it
would otherwise have been paid, amounts paid to a Participant under
the Company’s long-term incentive plans, amounts realized
from the grant or exercise of a stock option, or, except as
provided below, any amounts paid during the Plan Year for services
rendered in a prior Plan Year. Subject to paragraph (d), for
purposes of paragraph (a), a bonus paid to the Participant in the
Plan Year that follows the Plan Year during which the services were
performed with respect to which such bonus is paid will be included
in Compensation for such Plan Year in which the services were
performed, and any Elective Deferred Contributions with respect to
a bonus, that are elected pursuant to Section 3.1(a) prior to
the beginning of the Plan Year in which the services were performed
with respect to which the bonus is determined, will be included in
Compensation for that Plan Year. Except for a Participant’s
final regular payroll check or a bonus for services performed in a
prior Plan Year, Compensation shall not include amounts paid after
the Participant ceases to have employment status with Stanley.
Amounts described in subsection (a) that are paid after the
last day of a Plan Year solely for services performed during the
final payroll period that includes the last day of such Plan Year
shall be treated as Compensation for the Plan Year in which such
final payroll period ends. Pursuant to Treasury
Regulation Section 1.409A- 2(a)(13), the preceding
sentence shall not apply to any amount that is paid after the last
day of a Plan Year for services performed during any period other
than such final payroll period, such as a bonus paid entirely or in
part with respect to services performed during a period other than
the final payroll period.
(c) For
purposes of subsection (a), a Participant who earns sales
commission compensation is treated as providing the services to
which such compensation relates in the Plan Year in which the
pertinent sale occurs. For purposes of this paragraph (c), the term
‘sales commission compensation’ means compensation or
portions of compensation earned by a Participant if a substantial
portion of the services provided by such Participant to Stanley
consists of the direct sales of products or services to unrelated
customers, such compensation earned by the Participant consists of
either a portion of the purchase price for products or services or
an amount substantially all of which is calculated by reference to
the volume of sales, and payment of such compensation is contingent
upon the closing of the sales transaction and such other
requirements as may be specified by Stanley prior to the closing of
the sales
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transaction.
For this purpose, a customer is treated as an unrelated customer
only if the customer is not related to either the Participant or
Stanley, and a person is treated as related if the person would be
treated as related under Treasury
Regulation Section 1.409A-1(f)(2)(ii) or the person would
be treated as providing management services under Treasury
Regulation Section 1.409A-1(f)(2)(iv).
(d) Anything
herein to the contrary notwithstanding, amounts that are deferred
at the election of a Participant under Stanley’s Deferred
Compensation Plan for Participants in Stanley’s Management
Incentive Plans (the “Deferred Compensation Plan”)
shall not be considered Compensation for any Plan Year for purposes
of determining contributions under Section 4.1 or 4.2(a) but
shall be considered Compensation for purposes of determining
contributions under Section 4.2(b), in the year such amounts
would have been paid to the Participant if not deferred under the
Deferred Compensation Plan. Also, anything herein to the contrary
notwithstanding, solely for purposes of determining contributions
under Section 4.2(b), Compensation for a Plan Year shall
include Compensation for the Plan Year, as determined above, if it
is payable during such Plan Year, and also any amount that is
payable during the Plan Year that otherwise would be considered
Compensation for a prior Plan Year as a result of being
attributable to services performed in the prior Plan Year, but
shall not include any amount that is payable during the subsequent
Plan Year that otherwise would be considered Compensation for the
current Plan Year as a result of being attributable to services
performed during the current Plan Year.
“
Controlled Group ” means a group of corporations or
other entities of which the Company is a member, determined under
Section 414(b) and Section 414(c) of the Internal Revenue Code,
applied by utilizing “at least 80 percent” each
place it appears in Internal Revenue Code Section 1563(a)(1),
(2) and (3) and in Treasury
Regulation Section 1.414(c)-2.
“
Disability ” means a Participant’s Separation
from Service as a result of his or her permanent inability, by
reason of a medically determinable physical or mental impairment,
to perform any job for which the Participant is reasonably suited
by education and experience.
“
Elective Deferral Contribution ” means the amount of
Compensation that a Participant elects to defer under
Section 4.1.
“
Employee ” means an individual employed by Stanley as
a common law employee on a salaried basis who is subject to the
income tax laws of the United States and is not an employee with
ZAG Storage USA. Anything herein to the contrary notwithstanding,
an individual employed after November 1, 2007, by an entity
that first becomes a wholly-owned (direct or indirect) U.S.
subsidiary of the Company after that date shall not be considered
an Employee, unless he or she is eligible to participate in the
Plan pursuant to Appendix A, provided that, anything herein to
the contrary notwithstanding, an individual shall not be considered
an Employee and shall not be eligible to defer Compensation with
respect to a Plan Year or receive any other contributions under the
Plan for the Plan Year unless he or she is eligible to make
elective pre-tax contributions under the Account Value Plan on the
first day of such Plan Year.
“ Highly
Compensated Employee ” means, for a Plan Year, an
Employee who received earnings from the Controlled Group during the
preceding Plan Year in excess of the dollar amount prescribed under
Code Section 414(q)(1)(B). An individual who has been a Highly
Compensated Employee shall cease to be a Highly Compensated
Employee, effective upon the close of business on the last day of
the Plan Year in which his or her earnings for such Plan Year do
not exceed the pertinent dollar amount that applies under Code
Section 414(q)(1)(B) when determining his or her status as a
‘highly compensated employee’ under Code
Section 414(q)(1)(B) for the subsequent Plan Year. For
purposes of this definition, ‘earnings’ is an
individual’s W-2 income, plus elective contributions made on
behalf of the individual by the Company, and all members of the
Controlled Group, that are excludable from gross income for federal
income tax purposes under Code Section 125, 402(g), or
132(f)(4), except that, “earnings” for all of the last
calendar quarter of a Plan Year are determined based on projected
base salary, including
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projected
elective contributions under Code Section 125, 402(g) or
132(f)(4), with respect to such base salary, rather than actual
earnings.
“
Participant ” means a Highly Compensated Employee who
is eligible under Section 3.1(a)(i) to elect to defer a
portion of his or her Compensation under the Plan, or an Employee
who is eligible to defer a portion of his or her Compensation under
the Plan, pursuant to Sections 3.1(a)(ii) and 3.2, based upon
an annual rate of base salary in excess of the dollar amount
prescribed under Code Section 414(q)(1)(B). Notwithstanding
anything herein to the contrary, an individual who has a vested
Supplemental Retirement Plan Benefit as of January 1, 2009 and
is not eligible under Section 3.1 shall be a Participant for
purposes of the provisions of the Plan other than Articles 3, 4, 5
and 6.
“ Plan
Year ” means the calendar year.
“
Retirement Plan ” means The Stanley Works Retirement
Plan as in effect on April 16, 2002, without regard to any
subsequent changes in such plan.
“
Separation from Service ” means the termination of a
Participant’s employment with the Controlled Group for a
reason other than death. Whether a Separation from Service has
occurred is determined in accordance with the standards that apply
for determining if there is a ‘separation from service’
for a reason other than death pursuant to Treasury
Regulation Section 1.409A-1(h)(1). There is a Separation
from Service as of a particular date, if the Company and the
Participant reasonably anticipated that, as of that date, the
Participant would provide no further services to the Controlled
Group as a common law employee or as an independent contractor or
the Participant would provide services to the Controlled Group as a
common law employee or an independent contractor at an annual rate
that is not more than 20% of the services rendered, on average,
during the immediately preceding 36 consecutive months of service
(or the full period of service, if less than 36 months). For
purposes of the preceding sentence, service as a director of a
member of the Controlled Group shall not be taken into
account.
The
Participant’s employment relationship shall be treated as
continuing while the Participant is on military leave, sick leave
or other bona fide leave of absence, provided that the Participant
is expected to return to work for a member of the Controlled Group
and the period of such leave of absence does not exceed six months,
or if the period is longer, the Participant has a right to
reemployment with a member of the Controlled Group either by
statute or by contract. If the period of a military leave, sick
leave or other bona fide leave of absence exceeds six months and
there is no right to reemployment, a termination of the employment
relationship shall be deemed to have occurred as of the first date
immediately following the first six months of the leave.
“
Specified Employee ” means a Participant who is
identified as a ‘specified employee’ in accordance with
Treasury Regulation Section 1.409A-1(i), pursuant to a
written policy established and maintained by the
Company.
“
Supplemental Company Contribution Account ” means the
bookkeeping record that reflects the supplemental Company
contributions credited under the Plan as of December 31, 2008,
pursuant to the terms of the Plan as then in effect.
“
Supplemental Employee Contribution Account ” means the
bookkeeping record that reflects amounts credited under
Section 4.1.
“
Supplemental Retirement Plan Benefit ” means the
frozen supplemental benefit accrued under the Plan as of
July 31, 2001, determined on the basis of the provisions of
the Plan as in effect on that date.
“
Valuation Date ” means the date established by the
Committee for valuing Participants’ Accounts.
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3.1
Date of Participation . (a) Eligibility to Defer
.
(i) Except
as provided in subsection (ii), an Employee shall become a
Participant in the Plan effective upon the first January 1 on which
he or she is a Highly Compensated Employee.
(ii) An
Employee who became a Participant in the Plan in 2008, based upon
an annual rate of base salary from the Controlled Group in excess
of the dollar amount prescribed under Code Section 414(q)(1)(B)
shall remain eligible to make Elective Deferral Contributions from
Compensation payable with respect to services performed during
2009, provided that such individual is still an Employee on
January 1, 2009 and, as of that date, his annual rate of base
salary is in excess of the dollar amount set forth in Code
Section 414(q)(1)(B).
Subject to
Section 3.2, a Participant shall be eligible to elect, under
Section 4.1, to defer a specified portion of the Compensation
payable with respect to services performed during a Plan Year that
begins after the Plan Year in which the Participant makes the
election to defer such portion of Compensation, provided that the
Participant must irrevocably elect to defer such portion before
January 1 of such Plan Year in which the services are performed
and, subject to Section 3.3, such election must remain in
effect for the entire Plan Year.
(b)
Deferral Elections . Any election to defer Compensation
shall be effective only with respect to Compensation for services
that are performed on or after the January 1
st on which such election becomes effective. A
Participant’s election to defer Compensation by making
Elective Deferral Contributions shall be submitted to the Company
by the deadline established by the Company that precedes the first
January 1 on which such election is to become effective. Such
election shall state the portion of Compensation to be withheld.
Any election to defer shall be made in accordance with procedures
established by the Company and, subject to Section 3.3, shall
be irrevocable for the Compensation payable with respect to
services performed during the Plan Year to which such election
applies.
(c)
Evergreen Deferral Elections . A Participant’s
election to defer a specified portion of Compensation payable with
respect to services performed during a Plan Year shall remain in
effect for Compensation payable with respect to services performed
during subsequent Plan Years until changed or revoked by the
Participant, and, subject to Sections 3.2 and 3.3, as of each
December 31, such a prior election becomes irrevocable with respect
to Compensation payable in connection with services performed by
the Participant during the immediately following Plan Year, so that
the deferral election with respect to Compensation payable with
respect to services performed by the Participant during the
immediately following Plan Year shall be deemed to have been
irrevocably made as of December 31 of the preceding Plan
Year.
3.2
Continuing Plan Participation . If an Employee becomes a
Participant for a Plan Year, pursuant to Section 3.1(a)(i), he
or she shall remain eligible to make Elective Deferral
Contributions from Compensation payable with respect to services
performed during each subsequent Plan Year in which he or she is a
Highly Compensated Employee. If an Employee becomes a Participant
in 2008, pursuant to Section 3.1(a)(i)(ii), he or she may
remain eligible in accordance with said Section 3.1(a)(ii) to
make Elective Deferral Contributions from Compensation payable with
respect to services performed during the 2009 Plan Year, but shall
not be eligible to make Elective Deferral Contributions from
Compensation payable with respect to services performed during any
Plan Year subsequent to 2009 for which he or she is not a Highly
Compensated Employee. If an Employee who has become a Participant
for a Plan Year, pursuant to Section 3.1(a)(i), ceases to be a
Highly Compensated Employee
5
with respect to
a subsequent Plan Year, he or she shall not be eligible to make
Elective Deferral Contributions from Compensation payable with
respect to services performed during that subsequent Plan Year but
shall be eligible to make Elective Deferral Contributions from
Compensation payable with respect to services performed during the
next Plan Year in which he or she is a Highly Compensated Employee
by making a new deferral election under Section 3.1(a)(i). If
an Employee was eligible to contribute under the Plan pursuant to
Section 3.1(a)(ii), but has ceased to be eligible to
contribute with respect to a Plan Year, such Employee shall not be
eligible to make Elective Deferral Contributions until the Plan
Year in which he or she is a Highly Compensated Employee, and he or
she may make contributions from Compensation payable with respect
to services performed during that Plan Year by making a new
deferral election, pursuant to Section 3.1(a)(i), before January 1
of such Plan Year in which the services are performed. The
provisions of the Plan shall continue to apply to an individual
until his or her vested Accounts are distributed.
3.3
Unforeseeable Emergency . With the approval of the
Committee, a Participant who is faced with an “unforeseeable
emergency” shall be permitted, on account of such emergency,
to cancel an election previously made by the Participant to make
Elective Deferral Contributions under the Plan. An election by a
Participant to cancel his or her Elective Deferral Contributions
with respect to Compensation payable for services performed during
a Plan Year on account of an unforeseeable emergency shall cancel
all remaining Elective Deferral Contributions of the Participant
that would otherwise be made with respect to Compensation payable
for services performed during the Plan Year, and no additional
Elective Deferral Contributions shall be made until the Participant
makes a new election to defer a portion of his or her Compensation
for services performed during a subsequent Plan Year in accordance
with Sections 3.1 and 3.2. For purposes of this
Section 3.3, an unforeseeable emergency is a severe financial
hardship to a Participant resulting from (a) an illness or
accident of the Participant, the Participant’s spouse, the
Participant’s Beneficiary, or a dependent of the Participant
(as defined in Code Section 152, without regard to Section
152(b)(1), (b)(2) and (d)(1)(B)), (b) loss of the
Participant’s property due to casualty (including the need to
rebuild a home following damage to the home not otherwise covered
by insurance), or (c) other similar extraordinary and unforeseeable
circumstances arising as a result of events beyond the control of
the Participant. The determination of whether a Participant is
faced with an unforeseeable emergency shall be made by the
Committee in its sole discretion, based on the facts and
circumstances surrounding such emergency and such information as
the Committee shall deem to be necessary in accordance with the
requirements of Code Section 409A and the regulations
thereunder.
Supplemental Employee and Company
Contributions
4.1
Elective Deferral Contributions . (a) Elections to
Defer . A Participant may make an election for a Plan Year in
accordance with Section 3.1 to defer a specified whole
percentage, from 1% to 7%, of the portion of Compensation for
services performed during the Plan Year in excess of the amount of
Compensation for services performed during such Plan Year that may
be taken into account when determining elective pre-tax
contributions under the Account Value Plan (on the basis of the
provisions of the Account Value Plan that were adopted prior to the
first day of the Plan Year and in effect on the first day of the
Plan Year). Moreover, a Participant may elect for a Plan Year, in
accordance with Section 3.1, to defer from Compensation
payable for services performed during the Plan Year, up to the
amount, if any, by which the limitation in effect under Internal
Revenue Code Section 402(g)(1)(B) for the Plan Year exceeds
the maximum, available pre-tax elective contributions under the
Account Value Plan for the Plan Year, other than catch-up
contributions pursuant to Internal Revenue Code
Section 414(v), determined on the basis of the Account Value
Plan provisions that were adopted prior to the first day of the
Plan Year and in effect on the first day of the Plan Year. Any
election pursuant to this Section 4.1(a) shall be implemented
as an irrevocable election under Section 3.1.
6
(b)
Additional Elective Deferral Contributions . Subject to
Section 3.1, a Participant who elects contributions under
Section 4.1(a) may also make an election to defer a specified
whole percentage, from 1% to 8%, of Compensation.
(c)
Crediting of Elective Deferral Contributions . Any amount
deferred under this Section 4.1 shall be credited to a
Supplemental Employee Contribution Account as soon as
administratively practicable following the date on which the amount
would have been paid to the Participant if not for the
Participant’s election to defer.
4.2
Supplemental Company Contributions . (a) Supplemental
Matching Contributions for Elective Deferral Contributions .
The supplemental matching contributions that were allocated under
the Plan as of December 31, 2008, with respect to a
Participant’s Elective Deferral Contributions to the Plan as
of December 31, 2008, are credited to the Participant’s
Supplemental Company Contribution Account.
Anything
herein to the contrary notwithstanding, effective January 1,
2009, all supplemental matching contributions under the Plan are
discontinued, so that no supplemental matching contributions shall
be made with respect to a Participant’s Elective Deferral
Contributions for any Plan Year beginning on or after
January 1, 2009.
(b)
Supplemental Cornerstone Contributions for Certain
Participants . The supplemental cornerstone contributions that
were allocated under the Plan as of December 31, 2008, on
behalf of certain Participants, are credited to each such
Participant’s Supplemental Company Contribution
Account.
Anything
herein to the contrary notwithstanding, effective January 1,
2009, all cornerstone contributions under the Plan are
discontinued, so that no cornerstone contributions shall be made
with respect to any Participant for any Plan Year beginning on or
after January 1, 2009.
4.3.
Investment Return . (a) Crediting of Investment
Return . Subject to such rules and limitations as the Committee
may establish, each Participant shall designate from among the
assumed investment funds described in subsection (b) of this
Section 4.3, one or more assumed investment funds in which
amounts that are credited to his or her Supplemental Employee
Contribution Account or Supplemental Company Contribution Account
shall be deemed to be invested. At the discretion of the Committee,
different investment options may be made available with respect to
amounts attributable to the contributions determined under
Section 4.2(b) than is the case with respect to amounts
attributable to the other contributions. A Participant’s
Supplemental Employee Contribution Account and Supplemental Company
Contribution Account shall be adjusted periodically, as of each
Valuation Date, for increases or decreases in the fair market value
of the assumed investment funds in which such accounts are deemed
to be invested.
(b)
Assumed Investment Alternatives . The Committee shall
designate the assumed investment funds, including a fund that is
designed to invest primarily in Company stock, that shall be
available from time to time under the Plan for purposes of
measuring the investment return of a Supplemental Employee
Contribution Account or a Supplemental Company Contribution
Account, provided that, at the discretion of the Committee,
different investment options may be made available with respect to
amounts attributable to the contributions determined under
Section 4.2(b) than is the case with respect to amounts
attributable to the other contributions. In accordance with
procedures established by the Committee, each Participant may elect
how the amounts credited to his or her Supplemental Employee
Contribution Account and Supplemental Company Contribution Account
shall be deemed to be invested among the assumed investment funds
made available by the Committee. If a Participant has not made a
valid investment election, the pertinent portion of the
Participant’s Supplemental Employee
7
Contribution
Account and Supplemental Company Contribution Account shall be
deemed to be invested in a default investment fund identified by
the Committee.
(c)
Discontinuance of Guaranteed Rate . Effective as of
December 31, 2008, amounts attributable to deemed investments
in a fund considered to consist primarily of Company stock, that
had been subject to a guaranteed minimum investment return pursuant
to the provisions of the Plan as then in effect, shall cease to be
subject to a minimum guaranteed investment return. To the extent
that, as of December 31, 2008, such a guarantee would have
provided a lump sum distribution to a Participant as of that date
in excess of the lump sum distribution that otherwise would have
been made, the excess amount shall be credited on behalf of the
Participant as of December 31, 2008 for reinvestment under the
Plan.
5.1
Supplemental Employee Contribution Account and Supplemental
Company Contribution Account . A Participant’s vested
interest in his or her Accounts under the Plan shall be determined
as follows:
(a)
Supplemental Employee Contribution Account . A Participant
is 100% vested at all times in the value of any amounts credited to
the Participant’s Supplemental Employee Contribution
Account.
(b)
Supplemental Company Contribution Account . A Participant
shall be 100% vested in the value of his or her Supplemental
Company Contribution Account upon the Participant’s
completion of 3 years of service. No portion of a
Participant’s Supplemental Company Contribution Account shall
be vested before completion of 3 years of service; provided,
however, that a Participant shall automatically become vested in
the value of his or her Supplemental Company Contribution Account
if the Participant has employment status with any member of the
Controlled Group (i) upon reaching his or her 65
th birthday, (ii) upon incurring a Disability,
or (iii) upon his or her death. For purposes of this
subsection (b), a year of service means each twelve month period
commencing on an individual’s employment commencement date
and the anniversaries thereof during which the individual has
employment status with any member of the Controlled Group, during
the period it is a member of the Controlled Group and the period of
employment with a predecessor employer preceding the
Company’s acquisition of the business conducted by such
employer, whether through the purchase of all of the outstanding
stock of such employer or of all, or substantially all, of the
assets used by such employer in a trade or business. A Participant
who ceases to have employment status with the Controlled Group on a
date that is less than a full year following the most recent
anniversary of his or her employment commencement date shall
receive vesting service credit for each month during such partial
year in which he or she had employment status. A Participant whose
employment is interrupted by a break in service shall have his
or
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