KSOP Plan definition

KSOP Plan is a shareholder approved retirement plan consisting of two components– a salary reduction component (401(k)) and stock ownership component (ESOP).
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KSOP Plan means the Valley Resources, Inc. 401(k) Employee Stock Ownership Plan established by the Borrower as of January 1, 1997 and the Valley Resources Inc. 401(k) Employee Stock Ownership Agreement Plan Trust Agreement, by and between the Borrower and the Trustee dated as of January 1, 1997, as such plan and trust agreement may have been or be amended.
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Examples of KSOP Plan in a sentence

  • Notwithstanding the foregoing, and in all events, MainSource will allow Continuing Employees to rollover their Cheviot Financial 401(k) Plan account balances (including any plan loans) to the MainSource KSOP and, if necessary, MainSource will make any amendments to the MainSource KSOP Plan to effectuate such rollovers.

  • As of the establishment of Buyer’s Savings Plan, each Transferred Employee who was a participant in the Appleton KSOP immediately prior to the Closing Date will be credited under Buyer’s Savings Plan for purposes of eligibility to participate and vesting with all service recognized for such purposes under the Appleton KSOP Plan immediately prior to the Closing Date.

  • The Company shall provide Acquiror with a copy of resolutions duly adopted by the Company Board so terminating the KSOP Plan.

  • Upon termination of the Consulting Agreement, Employee shall be entitled to receive such benefits as Employee shall have accrued in accordance with the terms of the KSOP Plan.

  • Bridge Bancorp and DCB shall take any and all actions as may be required, including amendments to the DCB KSOP Plan and/or the Bridge Bancorp 401(k) Plan, to permit the Continuing Employees to make rollover contributions to the Bridge Bancorp 401(k) Plan of “eligible rollover distributions” (within the meaning of Section 401(a)(31) of the Code), but excluding loans, in an amount equal to the full account balance distributed to such employee from the DCB KSOP Plan.

  • The KSOP Plan is valid, binding and enforceable under the laws of the State of Rhode Island.

  • Immediately prior to such termination, the Company will make all necessary payments to fund the contributions: (i) necessary or required to maintain the tax-qualified status of the KSOP Plan; (ii) for elective deferrals made pursuant to the KSOP Plan for the period prior to termination; and (iii) for employer matching contributions, if any, for the period prior to termination.

  • True copies of the KSOP Plan and such other documents, agreements, or instruments deemed necessary by Bank to establish the validity of the KSOP.