Allocation of Company Contributions. Except as provided in Section 4.7, the Company contributions for each Plan Year shall be allocated among the Company Contributions Accounts of all Employees who were Participants on the Anniversary Date of that Plan Year or whose employment with the Companies terminated during that Plan Year because of death, Total Disability or Deferred or Normal Retirement proportionately in the ratio that the Compensation paid to such Participant, if any, for that Plan Year or since becoming a Participant in this Plan if he became a Participant within that Plan Year bears to the aggregate Compensation paid to all Participants for that Plan Year or since becoming Participants in this Plan if they became Participants within that Plan Year. To the extent cash dividends are applied to pay of an Exempt Loan under Section 4.5 and notwithstanding anything contained herein to the contrary, Company contributions shall first be applied towards crediting the Participant's Company Contributions Account to which the cash dividends would have been allocated before they are allocated under the preceding provisions of this Section.
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Samples: Employee Stock Ownership Plan and Trust Agreement (Union Community Bancorp), Employee Stock Ownership Plan and Trust Agreement (Union Community Bancorp)
Allocation of Company Contributions. Except as provided in Section 4.7, the Company contributions for each Plan Year shall be allocated among the Company Contributions Accounts of all Employees who were Participants on the Anniversary Date of that Plan Year or whose employment with the Companies terminated during that Plan Year because of death, Total Disability or Deferred or Normal Retirement proportionately in the ratio that the Compensation paid to such Participant, if any, for that Plan Year or since becoming a Participant in this Plan if he became a Participant within that Plan Year bears to the aggregate Compensation paid to all Participants for that Plan Year or since becoming Participants in this Plan if they became Participants within that Plan Year. To the extent cash dividends are applied to pay of an Exempt Loan under Section 4.5 and notwithstanding anything contained herein to the contrary, Company contributions shall first be applied towards crediting the Participant's ’s Company Contributions Account to which the cash dividends would have been allocated before they are allocated under the preceding provisions of this Section.
Appears in 1 contract
Samples: Employee Stock Ownership Plan and Trust Agreement (Union Community Bancorp)
Allocation of Company Contributions. Except as provided in Section 4.7, the Company contributions for each Plan Year shall be allocated among the Company Contributions Accounts of all Employees who were or became Participants on the Anniversary Date of that Plan Year or whose employment with the Companies terminated during that Plan Year because of death, Total Disability or Deferred or Normal Retirement proportionately in the ratio that the Compensation paid to such Participant, if any, for that Plan Year or since becoming a Participant in this Plan if he became a Participant within that Plan Year bears to the aggregate Compensation paid to all Participants for that Plan Year or since becoming Participants in this Plan if they became Participants within that Plan Year. To the extent cash dividends are applied to pay of an Exempt Loan under Section 4.5 and notwithstanding anything contained herein to the contrary, Company contributions shall first be applied towards crediting the Participant's Company Contributions Account to which the cash dividends would have been allocated before they are allocated under the preceding provisions of this Section.
Appears in 1 contract
Samples: Employee Stock Ownership Plan and Trust Agreement (Citizens Bancorp)
Allocation of Company Contributions. Except as provided in Section 4.7, the Company contributions for each Plan Year shall be allocated among the Company Contributions Accounts of all Employees who were Participants are still actively employed by a Company on the Anniversary Date of that Plan Year or whose employment with the Companies terminated during that Plan Year because of death, Total Disability or Disability, Deferred Retirement or Normal Retirement proportionately in the ratio that the Compensation paid to such Participant, if any, for that Plan Year or since becoming a Participant in this Plan if he became a Participant within that Plan Year bears to the aggregate Compensation paid to all Participants for that Plan Year or since becoming Participants in this Plan if they became Participants within that Plan Year. To the extent cash dividends on allocated shares of Stock are applied to pay of an Exempt Loan under Section 4.5 and notwithstanding anything contained herein to the contrary, Company contributions shall first be applied towards crediting the Participant's Company Contributions Account to which the cash dividends would have been allocated before they are allocated under the preceding provisions of this Section.
Appears in 1 contract
Samples: Employee Stock Ownership Plan and Trust Agreement (City Savings Financial Corp)
Allocation of Company Contributions. Except as provided in Section 4.7, the Company contributions for each Plan Year shall be allocated among the Company Contributions Accounts of all Employees who were Participants on the Anniversary Date of that Plan Year or whose employment with the Companies terminated during that Plan Year on or after reaching age sixty (60) or because of death, death or Total Disability or Deferred or Normal Retirement proportionately in the ratio that the Compensation paid to such Participant, if any, for that Plan Year or since becoming a Participant in this Plan if he became a Participant within that Plan Year bears to the aggregate Compensation paid to all Participants for that Plan Year or since becoming Participants in this Plan if they became Participants within that Plan Year. To the extent cash dividends are applied to pay of an Exempt Loan under Section 4.5 and notwithstanding anything contained herein to the contrary, Company contributions shall first be applied towards crediting the Participant's Company Contributions Account to which the cash dividends would have been allocated before they are allocated under the preceding provisions of this Section.
Appears in 1 contract
Samples: Employee Stock Ownership Plan and Trust Agreement (Lincoln Bancorp /In/)