ESOP Beneficiary definition

ESOP Beneficiary means the person or persons who are designated by a Participant participating in the ESOP to receive benefits payable under the ESOP on the Participant’s death. In the absence of any designation or if all the designated beneficiaries shall die before the Participant dies or shall die before all benefits payable under the ESOP have been paid, the Participant’s ESOP Beneficiary shall be his surviving spouse (as that term is defined under the ESOP), if any, or his estate if he is not survived by a spouse. The Committee may rely upon the advice of the Participant’s executor or administrator as to the identity of the Participant’s spouse.
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ESOP Beneficiary means an ESOP Participant who holds ESOP Allocated Shares in its ESOP account as of the Effective Date.
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ESOP Beneficiary means any beneficiary
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Examples of ESOP Beneficiary in a sentence

  • The provisions of this Article XVII shall apply to all Merged ESOP Assets (as defined below) and to any Participant (within the meaning of the Astoria ESOP), Beneficiary (within the meaning of the Astoria ESOP), or other person with an interest in the Merged ESOP Assets.

  • In the event of the death of a Participant prior to the commencement of payment of his or her Supplemental ESOP Benefits, the ESOP Beneficiary of the Participant shall be entitled to receive as a benefit from the Plan an amount equal to 100% of the Supplement ESOP Benefits that would have been payable to Participant at the time of his or her death.

  • SIXTH: If the Concessionaire issues additional shares of stock, the ESOP Beneficiary Employees shall have the right to participate in such issuance, pursuant to the terms of Section 194 of Law 19.550.

Related to ESOP Beneficiary

  • Income beneficiary means a person to whom net income of a trust is or may be payable.

  • Qualified beneficiary means a beneficiary who, on the date the beneficiary's qualification is determined:

  • primary beneficiary means the individual for whose primary benefit the trust is then held. For purposes of Section 8.3, a Qualified Entity is a member of each Family Group to which such one or more Qualified Trusts that are its equity holders belong.

  • Refund beneficiary means an individual nominated by a qualified participant or a former qualified participant under section 66 to receive a distribution of the participant's accumulated balance in the manner prescribed in section 67.

  • Designated Beneficiary means the beneficiary or beneficiaries the Participant designates, in a manner the Administrator determines, to receive amounts due or exercise the Participant’s rights if the Participant dies or becomes incapacitated. Without a Participant’s effective designation, “Designated Beneficiary” will mean the Participant’s estate.

  • Surviving Spouse means the widow or widower, as the case may be, of a Deceased Participant or a Deceased Beneficiary (as applicable).

  • Contingent Beneficiary is the person that becomes the Beneficiary if the named Beneficiary dies prior to the Income Date.

  • Former Spouse means the individual who is considered by Applicable Laws to be the Annuitant’s former spouse or common-law partner;

  • Plan Benefit means the benefit payable to a Participant as calculated in Article V.

  • Beneficiary means each designated person, or the estate of the deceased Executive, entitled to benefits, if any, upon the death of the Executive, determined according to Article 4.

  • Alternate Payee means any spouse, former spouse, child, or other dependent of a Participant who is recognized by a qualified domestic relations order as having a right to receive all, or a portion of, the benefits payable under a Plan with respect to such Participant.

  • Accrued Benefit means the amount standing in a Participant's Account(s) as of any date derived from both Employer contributions and Employee contributions, if any.

  • Qualified Beneficiaries has the meaning set forth in Section 4.12.

  • Financial Beneficiary means any Principal of the Developer or Applicant entity who receives or will receive any direct or indirect financial benefit from a Development, except as further described in Rule 67-21.0025, F.A.C.

  • Former Participant means a person who has been a Participant, but who has ceased to be a Participant for any reason.

  • Successor of a beneficiary means a person who succeeds to substantially all of the rights of a beneficiary by operation of law, including a corporation with or into which the beneficiary has been merged or consolidated, an administrator, executor, personal representative, trustee in bankruptcy, debtor in possession, liquidator, and receiver.

  • Initial Beneficiary means ALF LLC, as initial beneficiary under the Titling Trust Agreement and its permitted successors and assigns.

  • Individual Account Means the account established and maintained under this Plan for each Participant in accordance with Section 4.01.

  • Surviving beneficiary or "surviving descendant" means a beneficiary or a descendant who did not predecease the decedent and is not considered to have predeceased the decedent under section 2702.

  • Participating employee means an employee whose election to participate in a Plan has been approved by the employer.

  • Pre-Retirement Survivor Benefit means the benefit set forth in Article 6.

  • Spouse means, an individual who,

  • ESOP Account means a Participant’s account to which are credited Matching Contributions made to the Plan after March 31, 1989, and earnings and losses thereon.

  • Beneficiary(ies means the beneficiary(ies) designated by the Participant who are entitled to receive any distributions from the Plan payable upon the death of the Participant.

  • Retired Participant means a person who has been a Participant, but who has become entitled to retirement benefits under the Plan.

  • Participant’s Account means an account maintained for each Participant’s participation in DSUs and/or RSUs under the Plan;