Seller ESOP definition

Seller ESOP means the employee stock ownership plan of Seller, as in effect as of the date hereof.
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Seller ESOP means the Fairmount Bancorp, Inc. Employee Stock Ownership Plan.
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Seller ESOP has the meaning set forth in Section 6.1(a).
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Examples of Seller ESOP in a sentence

  • Except as provided in the following paragraph, Seller shall not take any action which would cause the Seller ESOP to be disqualified under Section 401(a) of the Internal Revenue Code or to lose its status as an employee stock ownership plan under Section 4975 of the Internal Revenue Code.

  • Prior to the Effective Time, the Seller shall be permitted to make such changes to the Seller ESOP as it deems appropriate to carry out the provisions of this subsection and shall file a request for determination with the IRS with respect to the termination of the Seller ESOP.

  • As soon as practicable after receipt of a favorable determination letter from the IRS with respect to termination, the assets of the Seller ESOP shall be distributed to participants and beneficiaries or transferred to an eligible individual retirement account as a participant or beneficiary may direct.

  • Part of the thorough examination may include some testing, if considered necessary, the thorough examination may also be supplemented by an inspection.

  • As soon as practicable following the receipt of a favorable determination letter from the IRS regarding the qualified status of the Seller ESOP upon its termination, the account balances in the Seller ESOP shall either be distributed to participants and beneficiaries or transferred to an eligible tax-qualified retirement plan or individual retirement account as a participant or beneficiary may direct.

  • Seller Disclosure Schedule 4.02 contains a complete listing of (i) each Person known to Seller to own of record or beneficially, ten percent (10%) or more of the issued and outstanding Seller Stock; and all shares held in the Seller ESOP, including a listing of each participant in such plan and the number of shares allocated to each such participant and the number of shares held in the plan but not yet allocated to participants.

  • The ESOP Fiduciaries may retain appropriate advisors to effectuate the objectives of this Section 6.5(h), provided that any application to the IRS for a favorable determination letter and the allocation of any surplus under the Seller ESOP shall be subject to reasonable review by Buyer's counsel.

  • As soon as practicable following the Effective Time, the Seller shall cause the Seller Bank to file or cause to be filed all necessary documents with the IRS, for a favorable determination letter for termination of the Seller ESOP as of the Effective Time.

  • The Opelika data tend to lie above the expected Vucetic & Dobry (1991) plasticity curves, on the PI = 50 curve.

  • Seller may cause the Employee Stock Ownership Plan of the Seller Banks (the "Seller ESOP") to allocate, prior to the Effective Time, to participants in the Seller ESOP the maximum number of currently unallocated shares of Seller Common Stock allowable under Section 415 of the Internal Revenue Code.


More Definitions of Seller ESOP

Seller ESOP means the Employee Stock Purchase Plan maintained by Seller for the benefit of its employees.
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Seller ESOP. Section 7.01(a)
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Seller ESOP shall have the meaning ascribed thereto in Section 1.4(c) hereof.
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Seller ESOP means the employee stock ownership plan of Seller, as in effect as of the date hereof. "Seller Financial Statements" shall mean (i) the condensed consolidated balance sheets (including related notes and schedules, if any) of Seller as of December 31, 2000 and 1999 and the 6 Next Page condensed consolidated statements of income, changes in stockholders' equity and cash flows (including related notes and schedules, if any) of Seller for each of the three years ended December 31, 2000, 1999 and 1998 as filed by Seller in its Securities Documents, and (ii) the condensed consolidated balance sheets of Seller (including related notes and schedules, if any) and the condensed consolidated statements of income, changes in stockholders' equity and cash flows (including related notes and schedules, if any) of Seller included in the Securities Documents filed by Seller with respect to the periods ended subsequent to December 31, 2000. "Seller Options" shall mean options to purchase shares of Seller Common Stock granted pursuant to Seller's 1997 Stock Option and Incentive Plan. "Seller Preferred Stock" shall mean the shares of preferred stock, par value $0.01 per share, of Seller. "Seller Restricted Stock" shall mean the shares of Seller Common Stock awarded prior to January 1, 2001 pursuant to Seller's 1997 Recognition and Retention Plan that are unvested immediately prior to the Effective Time. "Surviving Corporation" has the meaning set forth in the Recitals to this Agreement. "Thrift Regulations" shall mean the FDIA, the HOLA and the rules and regulations promulgated thereunder. ARTICLE II THE MERGERS 2.1
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Seller ESOP means the Sport Truck USA, Inc. Employee Stock Ownership Plan and Trust, Plan No. 001, sponsored by Seller.
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Related to Seller ESOP

  • Seller Plan means any Employee Benefit Plan maintained, or contributed to, by the Seller or any ERISA Affiliate.

  • Seller Employees shall have the meaning ascribed thereto in Section 7.4(a) hereof.

  • Seller Account shall have the meaning set forth in the preamble of this Agreement.

  • Seller Plans has the meaning set forth in Section 3.13(a).

  • Seller 401(k) Plan shall have the meaning set forth in Section 6.01(i).

  • Transferred Contracts has the meaning ascribed to it in Section 2.1(c).

  • Purchaser Plans shall have the meaning set forth in Section 6.6(a)(v).

  • Seller Group means, at any time, the group of companies comprised of Xxxxx Fargo & Company and its subsidiaries at that time.

  • Transferred Asset means each asset, including any Loan Asset and Substitute Loan Asset (including, if any, the Participation thereof), Conveyed by the Seller to the Purchaser hereunder, including with respect to each such asset, all Related Property; provided that the foregoing will exclude the Retained Interest and the Excluded Amounts.

  • Transferred Assets means the assets, rights and properties of the Sellers that the Purchasers shall acquire as of the Closing.

  • Transferred Entities means the entities set forth on Schedule 1.5.

  • Buyer Plans has the meaning set forth in Section 6.02(b).

  • Seller Benefit Plans has the meaning set forth in Section 4.10(a).

  • Purchaser Benefit Plans has the meaning set forth in Section 8.7(d).

  • Transferred Employees has the meaning set forth in Section 6.4(a).

  • Seller has the meaning set forth in the preamble.

  • Transferred Account means each account into which an Account is transferred, provided that (i) such transfer is made in accordance with the Credit Card Guidelines and (ii) such account can be traced or identified as an account into which an Account has been transferred.

  • Company Contribution Account means (i) the sum of the Participant’s Company Contribution Amounts, plus (ii) amounts credited or debited to the Participant’s Company Contribution Account in accordance with this Plan, less (iii) all distributions made to the Participant or his or her Beneficiary pursuant to this Plan that relate to the Participant’s Company Contribution Account.

  • Transferred Real Property means (a) the Transferred Owned Real Property and (b) the premises that is subject to the Transferred Real Property Leases.

  • Seller’s Account means such account as the Seller may specify to the Guarantor from time to time;

  • Purchased Student Loan means a Trust Student Loan which is, as of the close of business on the last day of a Collection Period, purchased by the Servicer pursuant to Section 3.5 of the Servicing Agreement or repurchased by the Depositor pursuant to Section 6 of the Sale Agreement, repurchased by SLC pursuant to Section 6 of the Purchase Agreement or sold to another eligible lender holding one or more Serial Loans with respect to such Trust Student Loan pursuant to Section 3.12E or Section 3.12F of the Servicing Agreement.

  • Purchased Assets has the meaning set forth in Section 2.1.

  • Assumed Servicing Liability means any Liabilities with respect to any Serviced Appointments (or Serviced Corporate Trust Contracts) that arise out of or relate to facts, circumstances, actions, omissions and/or events occurring from and after the Closing and prior to the applicable Succession Time for such Serviced Appointment; provided that Assumed Servicing Liability shall not include any Liabilities that arise out of or relate to facts, circumstances, actions, omissions and/or events with respect to any Retained Duties or any matters for which Seller or any of its Affiliates is responsible pursuant to Section 3.9.

  • Acquired Companies means, collectively, the Company and the Company Subsidiaries.

  • Seller Affiliate means any Affiliate of Seller.

  • Buyer has the meaning set forth in the preamble.