ESOP Committee definition

ESOP Committee. The committee appointed by the Board as the Plan Administrator to, among its other duties: (i) convey the directions of Participants to the Trustee as to the voting or tender of shares of Employer Stock under Article V that are allocated to Participants' accounts and to notify the Trustee as to the voting of allocated shares of Employer Stock for which it does not receive timely directions from Participants and the tender of unallocated shares of Employer Stock in accordance with Article V; (ii) direct the Trustee as to the acquisition or disposition of Employer Stock, including the number of shares to purchase, the price of such shares and when to acquire such shares as provided in Section 8.2; and (iii) direct the Trustee to borrow funds to acquire Employer Stock, including the terms, amount and timing of any exempt loan. In the absence of the appointment of an ESOP Committee, the Company shall assume such responsibilities, except as otherwise restricted in the Plan. If the ESOP Committee (or any committee which is carrying out any or all of the functions of the ESOP Committee) decides that it cannot perform the functions required under Article V with respect to the voting or tender of shares of Employer Stock because of restrictions under ERISA or the Code, the Board shall designate a person, committee or entity to perform such functions.

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ESOP Committee means the committee appointed to administer the Plan pursuant to Section 10.

ESOP Committee means the committee appointed to administer the Plan pursuant to Section 11 thereof.

Examples of ESOP Committee in a sentence

• If, and to the extent, Shares acquired with proceeds of the Trust Loan, held in the Trust and not yet allocated to participant accounts are sold, then, to the extent allowable by the Exempt Loan Rules and applicable law, the Trustee, at the direction of the ESOP Committee administering the ESOP (the "Committee"), may apply the proceeds thereof toward the repayment of the Trust Loan.

• In the absence of an ESOP Committee, such instructions shall be conveyed directly to the Trustee.

• The Participant shall convey his instructions in confidence in writing to the ESOP Committee, which shall then convey such instructions to the Trustee.

• The ESOP Committee shall direct the Trustee in writing as to all purchases and sales of Employer Stock by the Plan.

• The ESOP Committee represents and warrants to the other Parties that it is authorized to execute, deliver, and perform its obligations under this Agreement on behalf of the ESOP.

• The members of the ESOP Committee each represent and warrant to the other Parties that the ESOP Committee is authorized to execute, deliver, and perform the ESOP Committee's obligations under this Agreement.

• In the event the Employer Stock is not at the time a registration-type class of securities as defined in Code Section 409(e), then except as provided in the following sentence, the Employer Stock held in the Trust shall be voted in the manner determined by the ESOP Committee and communicated in writing to the Trustee.

• On all other matters, the ESOP Committee and the Trustee need not solicit voting instructions from Participants.

• However, if the majority of the allocated whole shares of Employer Stock were not directed to be tendered, exchanged or sold, the Trustee shall not tender, exchange or sell any such allocated fractional shares unless otherwise directed by the ESOP Committee.

• To the extent permitted by law, any shares with respect to which the Participant does not give directions for voting in a timely manner shall be voted by the Trustee as directed by the ESOP Committee.

More Definitions of ESOP Committee

ESOP Committee means the Person or committee member appointed by the Board to serve on the ESOP Committee until such time such Person or member resigns, dies, or his or her replacement is appointed by the Board, and the ESOP Committee shall be responsible for benefit administration, including any representative (designated in writing as such) or designee thereof authorized to act on behalf of such ESOP Committee.

ESOP Committee means The Elder-Beerman Stores Corp. Profit Sharing and Stock Ownership Plan Administration Committee.

ESOP Committee means the employee stock option plan committee of the Board of Directors described in Article 196 (2) (g);