ESOP Account Sample Clauses
The ESOP Account clause defines the establishment and management of an account that holds shares or benefits allocated to employees under an Employee Stock Ownership Plan (ESOP). This clause typically outlines how shares are credited to individual employees, how vesting and distribution are handled, and the procedures for maintaining accurate records of each participant's holdings. By specifying these mechanisms, the clause ensures transparency and fairness in the allocation of company equity, helping to motivate employees and align their interests with those of the company.
ESOP Account. The ESOP Holdings Stock Sub-Fund which is intended to be a stock bonus plan as defined in Treasury Regulation Section 1.401-1(b)(1)(iii) and a non-leveraged employee stock ownership plan satisfying the requirements of sections 401(a), 409(e), (h) and (o), and 4975(e)(7) of the Code. The ESOP Account shall consist of the following amounts, plus allocated earnings thereto:
(a) amounts invested in the Holdings Stock Fund prior to January 1, 2019 and not thereafter transferred to an Investment Fund other than the Holdings Stock Fund; (b) amounts invested in the Holdings Stock Fund from any of the following Sub-Accounts at any time: (i) Rollover Contributions; (ii) Prior ESOP Contributions; (iii) FSP Contributions; (iv) FSP Plus Contributions; (v) Weartech Prior Matching Contributions or (vi) ▇▇▇▇▇▇ Prior Employer Contributions; (c) solely to the extent designated in any applicable Instrument of Merger or similar document, amounts invested in the Holdings Stock Fund from amounts transferred to the Plan on behalf of a Member from another qualified plan pursuant to Section 3.10 hereof for the current Plan Year; (d) amounts annually transferred from the Non-ESOP Holdings Stock Sub-Fund and the Non-ESOP Account in accordance with Section 5.6; and (e) amounts transferred by a Member from an Investment Fund other than the Holdings Stock Fund to the Holdings Stock Fund pursuant to Section 5.5(2) at any time after the Plan Year in which the contribution to which the amount is attributable was made to the Plan.
ESOP Account. The ESOP Holdings Stock Sub-Fund which is intended to be a stock bonus plan as defined in Treasury Regulation Section 1.401-1(b)(1)(iii) and a non-leveraged
(a) amounts invested in the Holdings Stock Fund prior to January 1, 2019 and not thereafter transferred to an Investment Fund other than the Holdings Stock Fund; (b) amounts invested in the Holdings Stock Fund from any of the following Sub-Accounts at any time: (i) Rollover Contributions; (ii) Prior ESOP Contributions; (iii) FSP Contributions; (iv) FSP Plus Contributions; (v) Weartech Prior Matching Contributions or (vi) ▇▇▇▇▇▇ Prior Employer Contributions; (c) solely to the extent designated in any applicable Instrument of Merger or similar document, amounts invested in the Holdings Stock Fund from amounts transferred to the Plan on behalf of a Member from another qualified plan pursuant to Section 3.10 hereof for the current Plan Year; (d) amounts annually transferred from the Non-ESOP Holdings Stock Sub-Fund and the Non-ESOP Account in accordance with Section 5.6; and (e) amounts transferred by a Member from an Investment Fund other than the Holdings Stock Fund to the Holdings Stock Fund pursuant to Section 5.5(2) at any time after the Plan Year in which the contribution to which the amount is attributable was made to the Plan.
ESOP Account. This account will reflect discretionary Employer ESOP Contributions (and Income thereon) and amounts accumulated in the Plan prior to April 1, 1995.
ESOP Account. After five (5) years of participation in the Plan (including before the Effective Date, only participation in the TESOP), a Participant may withdraw all of the vested balance of his ESOP Account by filing a written notice with the Trustee. In this event, however, he shall be deemed to have suspended participation in the Plan for a period of 12 months, and all deferred salary contributions shall be suspended. The effective date of such written notice shall be the date the notice is received by the Trustee or a date subsequent thereto if the Participant so states in the written notice.
ESOP Account. The ESOP Account consists of the Employer Contribution Account under which Employer Contributions are made pursuant to Article IV.
ESOP Account. The ESOP shall establish and maintain at all times the "ESOP Account" described in the Collateral Assignment of Deposit Accounts, which shall be under the sole dominion and control of the Collateral Trustee, and which shall be a cash collateral account in which the Collateral Trustee has at all times a first priority perfected security interest under the Collateral Assignment of Deposit Accounts. Deposits into and withdrawals from such ESOP Account shall be made in strict accordance with the terms and conditions of the Collateral Assignment of Deposit Accounts.
ESOP Account. “ESOP Account” shall mean the Account established for a Participant which contains the shares of Company Stock allocated under Section 4.5 and any earnings, gain, or losses allocated thereto, and shall include the balance from the Participant’s ESOP Account and ESOP Contribution Account under the TESOP.