ESOP Fund definition

ESOP Fund means that portion of the Plan which consists of Company Stock, and any income thereon. The ESOP Fund shall include all Company Stock contributed to or held under the Plan. The non-ESOP portion of the Plan shall consist of any assets of the Plan not maintained under the ESOP Fund.

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ESOP Fund means that portion of the Fund consisting of Common Shares acquired with the proceeds of a Stock Obligation, contributions made by the Employer as provided for in Plan Section 8.4, and assets previously held in the TRAESOP and the PAYSOP before their merger into the Plan, together with all assets attributable to the foregoing. The ESOP Fund shall include Common Shares contributed by the Employer to the Plan for the purpose of satisfying any Employer ESOP Contribution under Article VIII. The ESOP Fund shall include the Eversource Common Shares Fund with respect to the portion thereof that is attributable to the accounts of Participants who are or were employed by the Company or by a Participating Company that is a member of the Company’s “controlled group of corporations” (as defined under Code Section 409(l)(4)). The ESOP Fund is intended to constitute a stock bonus “employee stock ownership plan” as defined in Code Section 4975(e)(7) and shall be invested primarily in Employer Securities. Effective November 25, 2013, the ESOP Fund merged into the Eversource Common Shares Fund.

ESOP Fund means the investment fund which consists of BellSouth Shares which have been released from the ESOP Loan Suspense Account for periods beginning after June 30, 1989 or which otherwise have been purchased with Matching Contributions for periods beginning after December 31, 1989, or both, the investment earnings on such BellSouth Shares and any cash set aside to purchase BellSouth Shares and the investment earnings thereon, for periods beginning after December 31, 1989.

Examples of ESOP Fund in a sentence

• As of the last day of each Plan Year, the Trustee shall transfer all assets of the Transition Fund to the ESOP Fund, but only after the ESOP Fund has been valued in accordance with Section 10.12, and shall thereupon close the Transition Fund.

• All distributions shall be made in the form of cash unless a Participant or his Beneficiary shall have elected, by notice delivered to the Committee in accordance with its rules, to receive distribution of all or a portion of his interest in the ESOP Fund in Shares, except that an amount equivalent in value to a fractional Share otherwise distributable hereunder shall be paid in cash.

• However, for Plan Years beginning before January 1, 2006, it is expected that the provisions of Section 401(k) of the Code will be inapplicable to the portion of the Plan that is intended to be an employee stock ownership plan under Section 4975(e) of the Code, because no deferred salary contributions will be initially “paid” to the Company Stock ESOP Fund, within the meaning of Section 401(k)(3) of the Code.

• As of the last day of each such Plan Year, the Trustee shall transfer all assets of the Dividend Fund to the ESOP Fund, but only after the ESOP Fund has been valued in accordance with Section 10.12, and shall thereupon close the Dividend Fund; provided, however, that any dividends received by the Trustee may be transferred to the ESOP Fund and credited to the Separate ESOP Accounts of Participants as of an earlier date during the Plan Year at the direction of the Committee.

• A Participant was also always 100% in any dividends declared on shares of Company Stock in his Company Stock ESOP Fund.

• Prior to July 1, 2006, a Participant was always 100% vested in his Deferred Salary Account (including the USERRA Deferred Salary Account), Company Account, Voluntary Account, Rollover Account, the TIP Accounts and the portion of the Company Stock ESOP Fund relating the contributions other than Matching Contributions.

• All amounts in the Matching Account and, for Plan Years beginning on or after January 1, 2006, any other Accounts which are invested in Company Stock shall be held in the Company Stock ESOP Fund.

• The Company shall make no amendment to this Agreement which shall result in the forfeiture or reduction of the interest of any Participant or Beneficiary in the Nordson Stock Fund, any other Investment Fund, the ESOP Fund, or any other fund established hereunder; provided, however, that nothing herein contained shall restrict the right to amend the provisions hereof relating to the administration of the Plan and Trust.

• In the event shares of more than one class of Company Stock are pledged as collateral for an Exempt Loan, the fraction described in this Subsection shall be applied uniformly to each such class of Company Stock, and shares and fractional shares of each such class of Company Stock shall be allocated in the same proportion to the Company Stock ESOP Fund on behalf of each Participant receiving an allocation.

• With respect to the Participant’s Company Stock ESOP Fund, a combination of a single sum payment in cash and shares of Company Stock.

More Definitions of ESOP Fund

ESOP Fund means the portion of the Trust Fund consisting of assets allocated to all Participants' ESOP Accounts, unallocated assets representing contributions under Section 3.03 and unallocated assets representing the proceeds of any Exempt Loan (the ESOP Suspense Subfund).

ESOP Fund means the trust fund maintained by the Trustee for the Plan and referred to in Section 10.6.

ESOP Fund means that portion of the Plan which consists of Bank Stock, and any income thereon. The ESOP Fund shall include all Bank Stock in the Plan whether or not such Stock constitutes Leveraged Shares.

ESOP Fund means a separate fund maintained by the Trustee with respect to the ESOP Component of the Plan. A separate "ESOP Fund Account" shall be maintained for each Participant's interest in the ESOP Fund. With the exception of the Columbia Money Purchase Pension Plan Accounts, all or substantially all of this Fund shall be invested in Company Stock and Participants shall not be eligible to direct investment of the portion of their Account which is part of the ESOP Fund.

ESOP Fund means that portion of the Trust Fund to which are allocated assets attributable to all ESOP Accounts, contributions under Section 4.1 and the proceeds of any Exempt Loan.

ESOP Fund. The amounts of the Trust Fund (attributable to ESOP --------- Contributions, and Employer Matching Contributions and Pre-Tax Contributions invested in the ESOP Fund pursuant to Section 6.2(e)) invested by the ESOP Trustee as an "employee stock ownership plan" (as defined in Section 407(d)(6) of the Act and Section 4975(e)(7) of the Code and the applicable regulations thereunder) established pursuant to ARTICLE SEVEN for the purpose of acquiring Employer Securities.