Allocation of Employer ESOP Contributions and Forfeitures Among Participants Sample Clauses

Allocation of Employer ESOP Contributions and Forfeitures Among Participants. Within a reasonable time after the end of each Plan Year, the Company shall certify and deliver to the Trustee and to the Committee a list of all persons who are Participants or, under certain circumstances, former Participants, as of the last day of the Plan Year, together with a statement of the Compensation of each such Participant. The list shall not include any Participant or former Participant, or a statement of the Compensation of any such Participant, who is not in the employment of an Employer or a Related Corporation on the last day of the Plan Year, except for former Participants who terminated employment with an Employer in accordance with the provisions of paragraph (a), (b) or (c) of Section 9.1. Notwithstanding anything to the contrary contained in this Agreement, in the event there is a Loan outstanding, each Employer ESOP Contribution shall be applied against the principal and interest of the Loan in accordance with the terms of the Loan and in accordance with the provisions of Section 10.5. After delivery of the list and after application of the Employer ESOP Contributions against the principal and interest of any Loan in accordance with the terms of the Loan, the Trustee shall cause the Transition Fund in which the Employer ESOP Contributions and forfeitures, if any, for the Plan Year are deposited, together with any Shares and other assets released and transferred from the Suspense Fund in accordance with the provisions of Section 10.7 during the Plan Year, to be transferred to the ESOP Fund. The Trustee shall then cause such amounts to be allocated among all Participants and former Participants included on the list, after the valuation for which provision is made in Section 10.12, in the ratio that the Compensation for the Plan Year for each such Participant or former Participant on the list bears to the aggregate Compensation of all such Participants so listed for such Plan Year, but subject to the provisions of Section 10.3.
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Related to Allocation of Employer ESOP Contributions and Forfeitures Among Participants

  • Qualified Matching Contributions If selected below, the Employer may make Qualified Matching Contributions for each Plan Year (select all those applicable):

  • Matching Contributions The Employer will make matching contributions in accordance with the formula(s) elected in Part II of this Adoption Agreement Section 3.01.

  • Employer Contributions If Employer contributions are permitted, complete (a) and/or (b). Otherwise complete (c).

  • Employee Participants 2.01 ELIGIBILITY.

  • Deferred Compensation Account All Participant Deferral Credits and Employer Credits shall be credited to the Deferred Compensation Account of the Participant as provided in Section 8.

  • Rollover Contributions An amount which qualifies as a rollover contribution pursuant to the Federal Internal Revenue Code may be transferred to and paid under this contract as a contribution for a Participant. Prudential may require proof that the amount paid so qualifies.

  • Qualified Nonelective Contributions If the Employer, at the time of contribution, designates a contribution to be a qualified nonelective contribution for the Plan Year, the Advisory Committee will allocate that qualified nonelective contribution to the Qualified Nonelective Contributions Account of each Participant eligible for an allocation of that designated contribution, as specified in Section 3.04 of the Employer's Adoption Agreement. The Advisory Committee will make the allocation to each eligible Participant's Account in the same ratio that the Participant's Compensation for the Plan Year bears to the total Compensation of all eligible Participants for the Plan Year. The Advisory Committee will determine a Participant's Compensation in accordance with the general definition of Compensation under Section 1.12 of the Plan, as modified by the Employer in Sections 1.12 and 3.06 of its Adoption Agreement.

  • DEFERRAL CONTRIBUTIONS The Advisory Committee will allocate to each Participant's Deferral Contributions Account the amount of Deferral Contributions the Employer makes to the Trust on behalf of the Participant. The Advisory Committee will make this allocation as of the last day of each Plan Year unless, in Adoption Agreement Section 3.04, the Employer elects more frequent allocation dates for salary reduction contributions.

  • VALUE OF PARTICIPANT'S ACCRUED BENEFIT If a distribution (other than a distribution from a segregated Account) occurs more than 90 days after the most recent valuation date, the distribution will include interest at: (Choose (a), (b) or (c))

  • PARTICIPANT ELECTIONS AFTER SEPARATION FROM SERVICE A Participant who is eligible to make distribution elections under Section 6.03 of the Plan may elect to commence distribution of his Nonforfeitable Accrued Benefit: (Choose at least one of (a) through (c))

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