Stock Ownership Plan definition
Examples of Stock Ownership Plan in a sentence
The term "person" refers to an individual, corporation, bank, bank holding company, or other entity, but excludes any Employee Stock Ownership Plan established for the benefit of employees of Bancorp or any of its subsidiaries or other affiliates.
The Executive will be eligible to participate in the Company’s Employee Stock Ownership Plan (“ESOP”), subject to the terms and conditions of the ESOP.
All the outstanding shares of capital stock of Services Company are owned by Buckeye Pipe Line Services Company Employee Stock Ownership Plan Trust (“ESOP Trust”) free and clear of any Liens; and such shares of capital stock have been duly authorized and validly issued and are fully paid and nonassessable.
In addition, the Executive shall be eligible to participate in the Bank’s 401(k) Profit Sharing Plan, the Bank’s defined benefit pension plan and the Company’s Employee Stock Ownership Plan (“ESOP”) in accordance with the plan documents.
Such benefits shall include participation by Executive in any group health, life, disability, or similar insurance program and in any pension, profit-sharing, Employee Stock Ownership Plan ("ESOP"), 401(k) or other or similar retirement program.
The Executive shall be permitted during the term of this Agreement, if and to the extent eligible to participate in any group life, hospitalization or disability insurance plan, health program, pension plan, Employee Stock Ownership Plan or similar benefit plan of the Company, which may be available to other comparable executives of the Company generally, on the same terms as such other executives.
Investment and Employee Stock Ownership Plan (the “ESOP”), is so qualified and nothing has occurred, whether by action or failure to act, which would cause the loss of such qualification.
After termination of employment, Executive shall not be entitled to accrue or receive benefits under any other employee benefit plan or program, except that Executive shall be entitled to participate in the KCSI Profit Sharing Plan, the KCSI Employee Stock Ownership Plan and the KCSI Section 401(k) Plan in the year of termination of employment only if Executive meets all requirements of such plans for participation in such year.
If you are not fully-vested in the Procter & ▇▇▇▇▇▇ Profit Sharing Trust and Employee Stock Ownership Plan (“PST”) as of your Last Day of Employment, as soon as administratively practical after your Last Day of Employment, but no later than the March 15th of the year following the year which includes your Last Day of Employment, you will receive a lump sum payment in an amount substantially equivalent to the non-vested credits in your account in the PST.
In addition, the Company shall make annual contributions to your account under the Blue Ridge Paper Products Employee Stock Ownership Plan maintained by the parent company of the Company, Blue Ridge Holding Corp., in accordance with the terms and conditions thereof.