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.
Appears in 3 contracts
Samples: Loan Agreement (MB Bancorp Inc), Esop Loan Agreement (Delanco Bancorp, Inc.), Esop Loan Agreement (Polonia Bancorp Inc)
ESOP; Contributions. The ESOP will 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 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.
Appears in 2 contracts
Samples: Pledge Agreement (Ottawa Bancorp Inc), Pledge Agreement (Franklin Financial Corp)
