Sec. 5. "Associate", when indicating a relationship between persons, means: (1) any corporation or organization, other than the applicant or a majority-owned subsidiary of the applicant, of which the person: (A) is an officer or a partner; or (B) is directly or indirectly the beneficial owner of ten percent (10%) or more of any class of equity securities; (2) any trust or other estate: (A) in which the person has a substantial beneficial interest; or (B) for which the person serves as trustee or in a similar fiduciary capacity; however, the term does not apply to any employee stock benefit plan in which the person has a substantial beneficial interest or serves as a trustee or in a similar fiduciary capacity; and (3) any relative or spouse of the natural person, or any relative of the spouse, who: (A) has the same home as the person; or (B) is a director or an officer of the applicant or of any of the applicant's parent organizations or subsidiaries.
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