ESOP; Contributions. As of the effective date of the ESOP sponsor’s conversion, the ESOP and the Borrower will be duly created, organized and maintained by the ESOP sponsor in compliance with all applicable laws, regulations and rulings. The ESOP will qualify as an “employee stock ownership plan” as defined in section 4975(e)(7) of the Code. The ESOP provides that the ESOP sponsor may make contributions to the ESOP in an amount necessary to enable the Trustee to amortize the Loan in accordance with the terms of the Promissory Note; provided, however, that no such contributions shall be required if they would adversely affect the qualification of the ESOP under section 401(a) of the Code.
ESOP; Contributions. The ESOP and the Borrower have been duly created, organized and maintained by the Lender in compliance with all applicable laws, regulations and rulings. The ESOP qualifies as an "employee stock ownership plan" as defined in section 4975(e) (7) the Code. The ESOP provides that the Lender may make contributions to the ESOP in an amount necessary to enable the Trustee to amortize the Loan in accordance with the terms of the Promissory Note and this Loan Agreement, and the Lender will make such contributions; PROVIDED, HOWEVER, that no such contributions shall be required if they would adversely affect the qualification of the ESOP under section 401(a) of the Code.
ESOP; Contributions. The ESOP will qualify as an “employee stock ownership plan” as defined in Section 4975(e)(7) of the Code. The ESOP provides that the ESOP sponsor may make contributions to the ESOP in an amount necessary to enable the Trustee to amortize the Loan in accordance with the terms of the Promissory Note; provided, however, that no such contributions shall be required if they would adversely affect the qualification of the ESOP under Section 401(a) of the Code.
ESOP; Contributions. The ESOP has been or will be duly created, organized and maintained in compliance with all applicable laws, regulations and rulings. The ESOP is intended to qualify as an “employee stock ownership plan” as defined in section 4975(e)(7) of the Code. The ESOP provides that the ESOP sponsor may make contributions to the ESOP in an amount necessary to enable the Borrower or the Trustee to amortize the Loan in accordance with the terms of the Promissory Note; provided, however, that no such contributions shall be required if they would adversely affect the qualification of the ESOP under section 401(a) of the Code.
ESOP; Contributions. Contributions made by an Employer to the Arrow Electronics Stock Ownership Plan (or, prior to January 1, 1989, to Part I or Part II of the Arrow Electronics ESOP and Capital Accumulation Plan or to the Arrow Electronics ESOP).
ESOP; Contributions. The ESOP provides that the ESOP sponsor may make contributions to the ESOP in an amount necessary to enable the Trustee to amortize the Loan in accordance with the terms of the Promissory Note; provided, however, that no such contributions shall be required if they would adversely affect the qualification of the ESOP under section 401(a) of the Code.
ESOP; Contributions. The ESOP will be duly created, organized and maintained in compliance with all applicable laws, regulations and rulings. The ESOP will qualify as an “employee stock ownership plan” as defined in section 4975(e)(7) of the Code. The ESOP provides that the ESOP sponsor may make contributions to the ESOP in an amount necessary to enable the Trustee to amortize the Loan in accordance with the terms of the Promissory Note; provided, however, that no such contributions shall be required if they would adversely affect the qualification of the ESOP under section 401(a) of the Code or be inconsistent with safe and sound banking practices.
ESOP; Contributions. The Employer may make an additional contribution to the Plan for each Plan Year in an amount determined by the Board of Directors of the Employer, subject to applicable limits on amounts deductible under the Xxxxxxxx Xxxxxxx Code or allocable to Participants' accounts. The contribution under this Paragraph C shall be referred to as the "ESOP Contribution."
ESOP; Contributions. As of the end of each Plan Year, the Employer's ESOP Contributions for the Plan Year shall be allocated to the Employer Contribution Accounts (ESOP Accounts) of Participants who completed a Year of Service during the Plan Year and who either are Employees at such Plan Year end, or retired, died or incurred Disability during such Plan Year in proportion to their Compensation for the Plan Year. -52-
ESOP; Contributions. For the 2019 and 2020 ESOP plan years, Parsons shall make annual contributions (in the form of shares of the Company’s common stock) to the Trust in an amount not to be less than 8% of ESOP Participants’ Compensation (as such term is defined in the ESOP) for the applicable ESOP plan year. This letter agreement sets forth the entire agreement and understanding between the parties hereto with respect to the subject matter hereof. This letter agreement will be governed by and construed and enforced in accordance with the laws of New York without regard to principles of conflicts of law. This letter agreement may be executed in separate counterparts, each of which when so executed will be deemed to be an original, and all of which taken together will constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this letter agreement by facsimile or electronic transmission (including in Adobe PDF format) will be effective as delivery of a manually executed counterpart to this letter agreement. This letter agreement cannot be terminated, altered or amended except in accordance with its terms, or pursuant to an instrument in writing signed by each of the parties hereto expressly stating that the terms hereof are to be superseded, except that any of the terms or provisions of this letter agreement may be waived in writing at any time by the party which is entitled to the benefits of such waived terms or provisions. No waiver of any of the provisions of this letter agreement will be deemed to or will constitute a waiver or any other provision hereof (whether or not similar). [Signatures are located on the next page.] Sincerely, NEWPORT TRUST COMPANY (solely in its capacity as the trustee of the Trust) By: Name: Title: Acknowledged and agreed as of April , 2019 XXXXXXX CORPORATION By: Name:
