ESOP Plan Sample Clauses

ESOP Plan. The Company shall have adopted an ESOP in the form and substance reasonably satisfactory to the Investor.
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ESOP Plan. In the event that the Company intends to accelerate any options granted under the ESOP Plan for the purpose of its initial public offering, the Company shall take at the same time equivalent measures to lock up, retain and incentivize employees in question in accordance with the ESOP Plan, Transaction Documents and the applicable Laws.
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ESOP Plan. The Parties acknowledge that (i) 1,525,679,641 Class A Ordinary Shares have been reserved under the ESOP Plan existing on the date hereof and agree that any Equity Securities that have been repurchased by the Company from time to time in accordance with the Minutes of an Extraordinary General Meeting of the Company passed on September 10, 2019 shall be re-designated as Class A Ordinary Shares and be reserved for issuance under the ESOP Plan upon their repurchase by the Company from time to time; (ii) 1,017,523,059 Class A Ordinary Shares of the Company held by certain beneficiaries of Core Trust Company Limited have been exercised pursuant to the ESOP Plan, and MASTER QUALITY GROUP LIMITED is registered as the holder of such 1,017,523,059 Class A Ordinary Shares of the Company.
Sample 1
ESOP Plan. The Company has reserved up to 130,000,000 Ordinary Shares representing up to 10% of the total issued and outstanding share capital of the Company for issuance to the Key Employees and officers of the Company pursuant to ESOP. Each of the Company and the Founder undertakes to each Investors that, immediately prior to the consummation of a Qualified IPO, the Ordinary Shares subject to the options which may be granted to the Key Employees and officers shall not exceed three percent (3%) of the total amount of the Ordinary Shares reserved under the ESOP; notwithstanding the above, if recommended by the Company and approved by each of the Investors, the Company may grant additional options representing up to one percent (1%) of the total amount of the Ordinary Shares reserved under the ESOP prior to Qualified IPO.
Sample 1
ESOP Plan. (i) The Company has reserved 500,000,000 Class A Ordinary Shares (the “ESOP Shares”) for the management incentive plan of the Company (“Management Incentive Plan”) to be approved at the general meeting of the Company. All Parties agree to vote or ensure their respective Affiliates to vote in favour of the adoption and implementation of the Management Incentive Plan at the relevant general meeting(s); provided, that the Management Incentive Plan shall be subject to the following: (a) the Management Incentive Plan shall be formulated by the Company based on good faith, market practice and the actual status of the Company; and (b) the ESOP Shares shall be granted in installment to the relevant management personnel as stipulated in Management Incentive Plan within three (3) years after January 23, 2019. After the expiration of the three (3) years from the approval of the Management Incentive Plan by the general meeting, subject to the business development status of the Company as determined by the Board, the Parties agree to approve or ensure their respective Affiliates approve the increase of the management option shares by a total number of 300,000,000 Class A Ordinary Shares (the “Additional ESOP Shares”). The Parties confirm that Xxxx Xxxxxx and Xxxxx Xxxxxxxx will not receive or be awarded any ESOP Shares or Additional ESOP Shares before the completion of the Qualified IPO of the Company unless otherwise approved by both Xxxxxxxxx and the holders of more than 50% of the outstanding Class B Ordinary Shares.
Sample 1
ESOP Plan. The Parties hereby agree and confirm that, as of the date hereof, the total number of Ordinary Shares authorized and reserved for issuance to officers, directors, employees, consultants or service providers of the Group Companies pursuant to the ESOP shall be 4,987,882 Ordinary Shares (as adjusted in connection with share splits or share consolidation, reclassification or other similar event).
Sample 1
ESOP Plan. The Company shall adopt an employee incentive plan approved in accordance with Section 3.3, under which Shares will be reserved for awards to employees of the Group Companies (the “ESOP Plan”). The ESOP Plan (including 4-year vesting schedule for awards issued thereunder) shall be adopted and, if applicable, amended in accordance with Section 3.3. The Company may not reserve any additional Shares for the ESOP Plans (except the reservation of Shares under the 2019 ESOP Plan) without the prior approval of (i) holders of at least two thirds (2/3) of the Preferred Shares held by the Investors if more than 20,160,773 Ordinary Shares under the 2019 ESOP Plan have been awarded to Mr. HE Xiaopeng, or (ii) otherwise, the Majority Preferred Holders.
Sample 1
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ESOP Plan. The provisions of this Plan applicable to accounts of Participants invested in the Vulcan ESOP Fund.
Sample 1

Related to ESOP Plan

  • Employee Stock Ownership Plan 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.

  • ESOP As soon as practicable and in no event later than five (5) Business Days before Closing, 3rd Fed Bank shall adopt an amendment to the ESOP (the “ESOP Amendment”) consistent with the ESOP plan document at Section 8.2(c) as in effect as of the date of this Agreement providing that, upon the Closing and subject to the consummation of the Merger, (i) the ESOP shall be terminated as of the Closing Date, (ii) no new participants shall be admitted to the ESOP after the Closing, (iii) all ESOP participants’ accounts shall be fully vested and 100% non-forfeitable on and after the Closing, and (iv) to the extent feasible, but in no case prior to the Determination Date, the Trustee of the ESOP shall sell prior to the Effective Time a number of shares of TF Financial Common Stock held in the ESOP suspense account to the extent necessary to obtain cash proceeds at least equal to the remaining ESOP indebtedness, and to the extent that such per share sale price for such ESOP shares is less than the per share Cash Consideration for such shares, then TF Financial shall make an additional cash contribution to the ESOP so that the ESOP Trust shall not receive less than the per share Cash Consideration for such shares sold prior to the Effective Time; (v) in the event the cash sales proceeds from the TF Financial Common Stock in the ESOP suspense account are less than the then outstanding ESOP indebtedness, TF Financial or 3rd Fed Bank shall make an additional cash contribution to the ESOP so that the suspense account has sufficient cash to repay the then outstanding ESOP indebtedness; (vi) the ESOP Trustee shall use the cash proceeds from the sale of such TF Financial Common Stock and any cash contribution required by clause (v) above to repay in full all outstanding ESOP indebtedness, and (vii) the ESOP shall be terminated in accordance with Section 8.2(c) of the ESOP plan document as in effect as of the date of the Agreement, including that all employer contributions, dividends on company stock and earnings on participant account assets paid to the ESOP Trust or earned by the ESOP Trust since the most recent valuation date shall be allocated to the accounts of all ESOP participants as of the date of termination of the ESOP as if it were the next valuation date in accordance with the provisions of the ESOP; and all assets realized by the ESOP Trust with respect to any company stock remaining as collateral on any acquisitions loans which shall be exchanged in the Merger after repayment of all exempt loans shall have been made shall be allocated as ESOP Trust earnings to the accounts of all participants pro rata based on the total value of assets allocated to each participant’s account as a percentage of the total value of all assets allocated to all participant accounts held in the ESOP Trust as of the date of termination of the ESOP. 3rd Fed Bank shall continue to accrue and make contributions to the ESOP for the plan year ending as of the date of termination of the ESOP in accordance with the share acquisition loan amortization schedule in effect as of the date of this Agreement, including a pro rata contribution for any partial contribution period ending as of the termination date of the ESOP to the extent necessary for the ESOP Trustee to meets its obligations under the loan amortization schedule.

  • Profit Sharing Plan Under the Northrim BanCorp, Inc. Profit Sharing Plan (the “Plan”), Executive shall be eligible to receive an annual profit share based on performance as defined by the Board of Directors. Executive will be classified in the Executive tier under the Plan’s Responsibility Factors. If Employer is required to prepare an accounting restatement due to “material noncompliance of the Employer,” the Employer will recover from the Executive any incentive compensation during the three (3) years prior to the date of the restatement, in excess of what would have been paid under the restatement. Executive’s signature on this Agreement authorizes Employer to offset or deduct from any compensation Employer may owe Executive, any excess payments (in whole or in part) that Executive may owe Employer due to such restatement(s).

  • Savings Plan Executive will be eligible to enroll and participate, and be immediately vested in, all Company savings and retirement plans, including any 401(k) plans, as are available from time to time to other key executive employees.

  • Nonqualified Deferred Compensation Plans Effective on or before the Distribution Date, Columbia shall adopt, establish and maintain nonqualified deferred compensation plans for the benefit of employees of the Columbia Parties (the “Columbia Deferred Compensation Plans”) and shall establish one or more grantor trusts to be a source of providing benefits thereunder (the “Columbia Rabbi Trusts”) that in each case shall be substantially similar to the NiSource Deferred Compensation Plans and the grantor trusts maintained by NiSource with respect to the NiSource Deferred Compensation Plans (the “NiSource Rabbi Trusts”). As of the Distribution Date, the Columbia Parties shall assume and thereafter be solely responsible for all existing and future liabilities relating to Business Employees’ (and Deceased Business Employee survivors’ and beneficiaries’) (a) benefits accrued under the NiSource Deferred Compensation Plans prior to the Distribution Date and (b) benefits that accrue under the Columbia Deferred Compensation Plans on and after the Distribution Date. All beneficiary designations made by Business Employees and by survivors and beneficiaries of Deceased Business Employees under the NiSource Deferred Compensation Plans shall, to the extent applicable, be transferred to, and be in full force and effect under, the Columbia Deferred Compensation Plans until such beneficiary designations are replaced or revoked by the Business Employee (or the survivor or beneficiary of the Deceased Business Employee) who made the beneficiary designation. Following the Distribution Date, the NiSource Parties shall have no liability or obligation with respect to the benefits accrued by such Business Employees or by such survivors or beneficiaries of Deceased Business Employees under any of the NiSource Deferred Compensation Plans or with respect to any benefits accrued under the Columbia Deferred Compensation Plans. As soon as administratively practicable after the Distribution Date, NiSource shall cause the NiSource Rabbi Trusts to transfer to the Columbia Rabbi Trusts cash, life insurance policies or other assets having an aggregate fair market value equal to (i) the aggregate fair market value of all assets held in the NiSource Rabbi Trusts as of the Distribution Date multiplied by (ii) a percentage, the numerator of which shall be the lump sum present value of the benefits assumed by the Columbia Deferred Compensation Plans pursuant to this Section 3.03 and the denominator of which shall be the lump sum present value of all benefits accrued under the NiSource Deferred Compensation Plans immediately prior to the Distribution Date.

  • Deferred Compensation Plan Manager shall be eligible to participate in the First Mid-Illinois Bancshares, Inc. Deferred Compensation Plan in accordance with the terms and conditions of such Plan.

  • Deferred Compensation Plans Borrower has no pension, profit sharing or other compensatory or similar plan (herein called a “Plan”) providing for a program of deferred compensation for any employee or officer. No fact or situation, including but not limited to, any “Reportable Event,” as that term is defined in Section 4043 of the Employee Retirement Income Security Act of 1974 as the same may be amended from time to time (“Pension Reform Act”), exists or will exist in connection with any Plan of Borrower which might constitute grounds for termination of any Plan by the Pension Benefit Guaranty Corporation or cause the appointment by the appropriate United States District Court of a Trustee to administer any such Plan. No “Prohibited Transaction” within the meaning of Section 406 of the Pension Reform Act exists or will exist upon the execution and delivery of the Agreement or the performance by the parties hereto of their respective duties and obligations hereunder. Borrower will (1) at all times make prompt payment of contributions required to meet the minimum funding standards set forth in Sections 302 through 305 of the Pension Reform Act with respect to each of its Plans; (2) promptly, after the filing thereof, furnish to Agent copies of each annual report required to be filed pursuant to Section 103 of the Pension Reform Act in connection with each Plan for each Plan Year, including any certified financial statements or actuarial statements required pursuant to said Section 103; (3) notify Agent immediately of any fact, including, but not limited to, any Reportable Event arising in connection with any Plan which might constitute grounds for termination thereof by the Pension Benefit Guaranty Corporation or for the appointment by the appropriate United States District Court of a Trustee to administer the Plan; and (4) notify Agent of any “Prohibited Transaction” as that term is defined in Section 406 of the Pension Reform Act. Borrower will not (a) engage in any Prohibited Transaction or (b) terminate any such Plan in a manner which could result in the imposition of a Lien on the Property of Borrower pursuant to Section 4068 of the Pension Reform Act.

  • Savings Plans Employee shall be entitled to participate in Employer’s 401(k) plan, or other retirement or savings plans as are made available to Employer’s other executives and officers and on the same terms which are available to Employer’s other executives and officers.

  • Dividend Reinvestment Plan, Cash Option Purchase Plan, Stock Incentive Plan or Other Plan Except as may otherwise be provided in this Article III, all amounts received or deemed received by the Corporation in respect of any dividend reinvestment plan, cash option purchase plan, stock incentive or other stock or subscription plan or agreement, either (a) shall be utilized by the Corporation to effect open market purchases of shares of Class A Common Stock, or (b) if the Corporation elects instead to issue new shares of Class A Common Stock with respect to such amounts, shall be contributed by the Corporation to the Company in exchange for additional Common Units. Upon such contribution, the Company will issue to the Corporation a number of Common Units equal to the number of new shares of Class A Common Stock so issued.

  • Plan The Award and all rights of the Participant under this Agreement are subject to the terms and conditions of the provisions of the Plan, incorporated herein by reference. The Participant agrees to be bound by the terms of the Plan and this Agreement. The Participant acknowledges having read and understanding the Plan, the Prospectus for the Plan, and this Agreement. Unless otherwise expressly provided in other sections of this Agreement, provisions of the Plan that confer discretionary authority on the Board or the Administrator do not (and shall not be deemed to) create any rights in the Participant unless such rights are expressly set forth herein or are otherwise in the sole discretion of the Board or the Administrator so conferred by appropriate action of the Board or the Administrator under the Plan after the date hereof.

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