New ESOP definition

New ESOP has the meaning ascribed to such term in Section 7.15(a).
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New ESOP means “The SAB Zenzele II Employee Trust”, a trust registered: (i) in accordance with the laws of South Africa under Master’s reference number: IT02112/2019(G); and (ii) for the benefit of the employees of SAB; “New ESOP Subscription Agreement” means the New ESOP Subscription Agreement entered into between SAB Zenzele Kabili and the New ESOP on or about 6 February 2020, in terms of which the New ESOP agrees to: (i) contribute to SAB Zenzele Kabili the equivalent of AB InBev Shares with a value of approximately R600 million in exchange for SAB Zenzele Kabili Ordinary Shares of a proportional value; and (ii) convert AB InBev Shares with a value of approximately R120 million to cash and use the proceeds to acquire SAB Zenzele Kabili Ordinary Shares from the Qualifying Retailer Shareholders that participate in the Liquidity Option or in the market following the implementation of the New Empowerment Transaction; “Non-Controlled Client” means a non-controlled client of a JSE Member as contemplated under the JSE Equities Rules and Directives; “Off Market Transfer” means any sale, purchase or transfer of SAB Zenzele Kabili Ordinary Shares not reported through an Authorised User; “Off Market Transfer Process” means the process of holding, buying, selling or otherwise transferring SAB Zenzele Kabili Ordinary Shares by a BEE Verified Person pursuant to an Off Market Transfer, as contemplated in the Off Market Transfers Process Terms and Conditions; “Off Market Transfers Process Terms and Conditions” means the document titled “Off Market Transfers Process: Verification Requirements, Terms and Conditions” available at www.investecsps. co.za, which document records the terms, conditions, restrictions and limitations applicable to each BEE Verified Person who elects to hold, buy, sell or otherwise transfer any SAB Zenzele Kabili Ordinary Shares pursuant to an Off Market Transfer, and which are acknowledged and accepted by such BEE Verified Person during the BEE Verification process; “Original Exchange Agreement” means the exchange agreement between SAB Zenzele, SAB, SABMiller, The SAB Foundation and The SAB Zenzele Employee Trust, dated 27 January 2010, which, in conjunction with the SAB Zenzele MOI, sets out the terms and conditions of the Original Exchange Transactions; “Original Exchange Transactions” has the meaning ascribed to the term in Section 2A, paragraph 1.4.3 on page 40 of this Prospectus; “Own-Broker Trading Process” means the process of holding, buying, sel...
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New ESOP means the new employee share option plan for Parent to be effective as of the Amalgamation Effective Time, in form and substance reasonably acceptable to Parent and the Company, that provides for the grant of awards to employees and other service providers of Parent and its Subsidiaries in the form of the form of options, restricted shares, restricted share units or other equity-based awards based on Parent Class A Ordinary Shares with a total pool of awards equal to 9,031,027 Parent Class A Ordinary Shares (to be adjusted as appropriate to reflect any stock splits, stock dividends, reverse stock splits, combinations, reorganizations, reclassifications or similar events affecting the Parent Class A Ordinary Shares following the consummation of the Transactions, rounded down to the nearest whole share), with an annual “evergreen” increase of 10% of the fully diluted capitalization of Parent outstanding as of the day prior to such increase (inclusive of the shares available for issuance under the plan).
Sample 1

Examples of New ESOP in a sentence

  • The New ESOP Anti-dilution Right shall expire upon the IPO of the Company.

  • Such New Shasun Options will be issued under a new employee stock option scheme created by the Transferee Company inter alia for the purpose of granting stock options to the Eligible Employees pursuant to the Scheme (“Transferee Company New ESOP Scheme”).

  • On 28th January 2014, in view of the proposed New ESOP and the proposed pre-IPO Incentive Scheme, each of the ESOP Participants executed a cancellation letter consenting to the absolute cancellation of the Existing ESOP.

  • The Share Transfer together with the New ESOP are intended to create a sense of ownership amongst the i-Sprint Group employees and reward them for their past performance and contributions to the i-Sprint Group.

  • With the New ESOP, the interests of the participants of the New ESOP will align with those of the i-Sprint Group and encourage the participants of the New ESOP to optimize their performance and efficiency continuously so as to maximize their equity return.

  • The New ESOP does not constitute a share option scheme pursuant to Chapter 17 of the Listing Rules because the Award Shares to be granted thereunder do not carry with them any options over new shares of the Company or its subsidiaries.SUBSCRIPTION AGREEMENT Reference is made to the announcement of the Company dated 12th December 2013 in relation to the potential investment in i-Sprint by an independent third party.

  • Top Realm and Superguard are special purpose companies set up to (i) hold the Award Shares on trust for the benefit of the participants of the New ESOP; and (ii) to implement and administer the New ESOP pursuant to the Deed of Share Gift and Trust.

  • Top Realm and Superguard are special purpose companies set up to (i) hold Award Shares on trust for the benefit of the participants of the New ESOP; and (ii) to implement and administer the New ESOP pursuant to the Deed of Share Gift and Trust.

  • A “fully-diluted basis” means that the number of the total issued shares of the Company outstanding shall be calculated assuming that all outstanding options, warrants and other equity securities convertible into or exercisable or exchangeable for Ordinary Shares (whether or not by their terms then currently convertible, exercisable or exchangeable) have been so converted, exercised or exchanged (excluding Ordinary Shares issuable under the New ESOP).

  • ESTABLISHMENT OF NEW ESOP AND CANCELLATION OF EXISTING ESOP Having considered the benefits of the proposed Subscription to the i-Sprint Group and its employees and the contributions of the i-Sprint Group employees to the i-Sprint Group, the Company resolved conditionally that the Share Transfer be implemented and the New ESOP be adopted to enable the employees of the i-Sprint Group having interest in i-Sprint before the Completion.


More Definitions of New ESOP

New ESOP means the new employee share option plan for Parent to be effective as of the Amalgamation Effective Time, in form and substance reasonably acceptable to Parent and the Company, that provides for the grant of awards to employees and other service providers of Parent and its Subsidiaries in the form of the form of options, restricted shares, restricted share units or other equity-based awards based on Parent Class A Ordinary Shares with a total pool of awards equal to the sum of (a) 9,031,027 Parent Class A Ordinary Shares (to be adjusted as appropriate to reflect any stock splits, stock dividends, reverse stock splits, combinations, reorganizations, reclassifications or similar events affecting the Parent Class A Ordinary Shares following the consummation of the Transactions, rounded down to the nearest whole share) plus (b) the difference, if any, between the number of Aggregate Bonus Shares minus the amount of such Aggregate Bonus Shares that are issued in connection with the Transactions, and subject to the opinion and advice of a third-party pay governance advisor, with an annual “evergreen” increase of 10% of the fully diluted capitalization of Parent outstanding as of the day prior to such increase (inclusive of the shares available for issuance under the plan).
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Related to New ESOP

  • ESOP means a Plan that is intended to satisfy the requirements of Section 4975(e)(7) of the IRC.

  • Employee Stock Purchase Plan means a plan that grants Purchase Rights intended to be options issued under an “employee stock purchase plan,” as that term is defined in Section 423(b) of the Code.

  • Stock Purchase Plan means the employee stock purchase plan to be established by Water Pik pursuant to Section 2.2.

  • Plan 2 means the teachers' retirement system, plan 2

  • Reinvestment Plan means the distribution reinvestment plan for the ETFs, as described under the heading “Distribution Policy – Distribution Reinvestment Plan”;

  • Company Stock Fund means a hypothetical investment fund pursuant to which Deferred Stock Units are credited with respect to a portion of an Award subject to an Election, and thereafter until (i) the date of distribution or (ii) the effective date of a Diversification Election, to the extent a Diversification Election applies to such Deferred Stock Units, as applicable. The portion of a Grantee’s Account deemed invested in the Company Stock Fund shall be treated as if such portion of the Account were invested in hypothetical shares of Common Stock or Special Common Stock otherwise deliverable as Shares upon the Vesting Date associated with Restricted Stock or Restricted Stock Units, and all dividends and other distributions paid with respect to Common Stock or Special Common Stock were held uninvested in cash and credited with interest at the Applicable Interest Rate as of the next succeeding December 31 (to the extent the Account continues to be deemed credited in the form of Deferred Stock Units through such December 31).

  • Restoration Plan means all technical and organisational measures necessary for the restoration of the system back to normal state;

  • Rollover means the renewal of all or any part of any LIBOR Rate Loan upon the expiration of the Interest Period with respect thereto, pursuant to Section 2.3.

  • Automatic Investment Plan/Dividend Reinvestment Plan means a program in which regular purchases or sales are made automatically in or from investment accounts in accordance with a predetermined schedule and allocation, including dividend reinvestment plans.

  • Company Stock Account means the account established and maintained in the name of each Participant or Beneficiary to reflect his share of the Trust Fund invested in Company Stock.

  • Percentage Stock Ownership means the percentage Stock Ownership interest of any Person or group (as the context may require) for purposes of Section 382 of the Code as determined in accordance with the Treasury Regulation § 1.382-2T(g), (h), (j) and (k) or any successor provision.

  • Dividend Reinvestment Plan means a regular dividend reinvestment or other plan of the Corporation made available by the Corporation to holders of its securities where such plan permits the holder to direct that some or all of:

  • Parent Equity Plan shall have the meaning set forth in Section 4.6.

  • Company Stock Option Plan means each stock option plan, stock award plan, stock appreciation right plan, phantom stock plan, stock option, other equity or equity-based compensation plan, equity or other equity based award to any employee, whether payable in cash, shares or otherwise (to the extent not issued pursuant to any of the foregoing plans), or other plan or contract of any nature with any employee pursuant to which any stock, option, warrant or other right to purchase or acquire capital stock of the Company or right to payment based on the value of Company capital stock has been granted or otherwise issued.

  • New Equity means the common equity interests in Reorganized Neiman to be authorized, issued, or reserved on the Effective Date pursuant to the Plan.

  • Plan Trust means the trust governed by the Plan.

  • Company Equity Plan means any management equity or stock option or ownership plan or any other management or employee benefit plan of the Company or any Subsidiary of the Company.

  • Company Stock Option Plans has the meaning ascribed to it in Section 2.6(c).

  • Company Stock Plan means any stock option plan or other stock or equity-related plan of the Company.

  • Stock Acquisition Date means the first date of public announcement (which, for purposes of this definition, shall include, without limitation, a report filed pursuant to Section 13(d) under the Exchange Act) by the Company or an Acquiring Person that an Acquiring Person has become such.

  • Plan Account means the account established for each Participant pursuant to Section 8(a).

  • Stock Ownership means any direct or indirect ownership of Stock, including any ownership by virtue of application of constructive ownership rules, with such direct, indirect, and constructive ownership determined under the provisions of Section 382 of the Code and the regulations thereunder.

  • Parent 401(k) Plan has the meaning set forth in Section 6.6(e).

  • Stock Fund means that portion of the Trust Fund consisting of Stock.

  • Investment Plan means the document in terms of which the special purpose vehicle will invest in unlisted investments and all matters incidental thereto;

  • Stock Acquisition means the purchase or other acquisition by Borrower or any of its Subsidiaries of all of the Equity Interests (by merger, stock purchase or otherwise) of any other Person.