Contributions to Trust. The Grantor has obligated itself under the terms of the Plan, which is hereby incorporated by reference, to make certain contributions to the Trust upon the occurrence of a Preliminary CIC. Upon such a Preliminary CIC, the Grantor shall account for each Beneficiary's benefit funded by contributions to the Trust in a manner determined by the Trust Administrative Committee. The Grantor has also obligated itself, if necessary, to make certain contributions to the Trust in a manner determined by the Trust Administrative Committee to provide for the protections set forth in Section 7(c) hereof. A return of such contributions and earnings thereon may only occur under the following circumstances: (a) if, on the second anniversary of a Preliminary CIC or any time thereafter, the Committee determines that a Change in Control has not been Consummated, the Trustee upon its agreement with this determination shall, upon the request of the Grantor return to such Grantor property contributed to the Trust on account of the occurrence of a Preliminary CIC; (b) if, at any time, following a Preliminary CIC, the Committee provides evidence satisfactory to the Trustee that the Preliminary CIC will not become a Change in Control; or (c) if the Trustee determines in its sole and absolute discretion that a Company Change in Control has occurred, and, on the second anniversary of the date of Consummation of such Change in Control 75% of the members of the Incumbent Board on such anniversary date shall continue to serve as determined by the Committee, the Trustee upon its agreement with this determination shall return to the Grantor upon such Grantor's request, any such property received and earnings thereon as a result of such Change in Control; or (d) prior to Change of Control, with respect to amounts contributed to fund benefits paid in accordance with Section 7(c) hereof, if the Trust assets equal or exceed 150% of the targeted funding level as established by the Trust Administrative Committee prior to a Change in Control, assets shall be returned by the Trustee to the Grantor designated by the Trust Administrative Committee to reduce total assets to 100% of the targeted funding level.
Contributions to Trust. In no event shall the Association or District, directly or indirectly, receive any refund on contributions made to the Trust. The District's obligation under the ProComp Agreement to contribute mill levy revenues to the Trust shall not be subject to setoff or counterclaim by the District for any liability of the Association or an Employee to the District.
Contributions to Trust. (a) The Board shall determine the amount (or the method of computing the amount) and timing of any contributions by the Bank and any Subsidiaries to the Trust established under this Plan. Such amounts may be paid in cash or in shares of Common Stock and shall be paid to the Trust at the designated time of contribution. No contributions by Participants shall be permitted.
(b) Subject to Section 9 hereof, the Trustees shall invest all of the Trust's assets primarily in Common Stock. The Trust shall acquire, in the aggregate, 179,860 shares of Common Stock, which is equal to four percent (4%) of the shares of Common Stock issued in connection with the conversion of the Bank from a North Carolina chartered mutual savings bank to a North Carolina chartered stock savings bank on October 2, 1996 (the "Conversion"). Such shares of Common Stock may be purchased by the Trust in the open market, or, subject to approval of the Board of Directors of the Corporation, may be acquired through the issuance by the Corporation to the Trust of authorized but unissued shares of Common Stock on such terms as may be approved by the Committee and the Board of Directors of the Corporation. Such shares (the "Plan Shares") shall be held by the Trust until they have been awarded and distributed pursuant to the terms of this Plan. In the event that the Trust receives cash pursuant to receipt of dividends on Common Stock held by the Trust which has not been awarded to participants, including the receipt of a special cash dividend or return of capital with respect to such shares, then such funds may be used by the Trustees to purchase additional shares of Common Stock available for future award under this Plan or the Trustees may distribute such cash received by the Trust along with the Common Stock upon which it was earned upon the award of such previously unallocated shares.
(c) The principal of the Trust, and any earnings thereon, shall be held separate and apart from other funds of the Bank and shall be used exclusively for the uses and purposes of Participants and general creditors as herein set forth. Participants and their beneficiaries shall have no preferred claim on, or any beneficial ownership interest in, any assets of the Trust. Any rights created under the Plan and the Trust shall be mere unsecured contractual rights of Participants and their beneficiaries against the Bank. Any assets held by the Trust will be subject to the claims of the Bank's general creditors under fed...
Contributions to Trust. In the event that a Change in Control has occurred, the Company shall be obligated to contribute to a grantor trust (which may include a pre-existing grantor trust established to enable the Company to satisfy its nonqualified benefit obligations) an amount necessary to fund the accrued benefit earned by the Employee under the Program (assuming immediate benefit commencement) determined as of the last day of the calendar month immediately preceding the date the Board determines that a Change in Control has occurred. If the Employee shall not have attained age 55, his annual benefit shall be determined on the same basis used to determine his accrued benefit in the case of death as specified in Section 5.4. Notwithstanding the foregoing, no contribution to which Code Section 409A(b)(3) applies shall be made to the trust with respect to the benefits owed to any Employee.
Contributions to Trust. All contributions or funding by Employer to comply with OPEB obligations and GASB 43 and 45 requirements shall be made pursuant to the Program into the Trust.
Contributions to Trust. The Trustee will accept such cash contributions made by or on behalf of Participants as it receives from time to time from the Employer, and such assets as may be transferred by Participants or by the trustee or custodian of another qualified plan or individual retirement account, if the Plan Administrator, as defined in the Plan, has certified that such transfer is in accordance with the Plan. The Trustee will have no responsibility for determining the time or amount of any contribution to the Trust or enforcing the collection of any contribution. Also, the Trustee will have no responsibility for determining that contributions satisfy any applicable requirement of the Plan or law, including, but not limited to, the minimum contribution requirements of Code Sections 412 and 416. Also, the Trustee will have no responsibility for determining whether the amount of any contribution (or the portion of such contribution allocated to the account(s) of a participant) is within any applicable limit, including, but not limited to, the limits imposed by Code Sections 401(k) and (m), 402(g), 404 and 415. The contribution or transfer of any amount to the Trustee hereunder constitutes a certification by the Employer and the Plan Administrator that such contribution or transfer is in accordance with the Plan.
Contributions to Trust. The Grantor may make certain contributions to the Trust from time to time and is presently making contributions monthly to the Trust in order to fund its obligations under the Plan although it is not required to do so. Upon such contributions, the Grantor shall account for each Beneficiary’s benefit funded by contributions to the Trust in a manner determined by the Trust Administrative Committee. A return of such contributions and earnings thereon may occur upon the request of the Grantor to return to such Grantor property contributed to the Trust.
Contributions to Trust. The Trustee will accept such cash contributions made by or on behalf of Participants as it receives from time to time from the Sponsor, and such assets as are acceptable to the trustee, as may be transferred by Participants or by the trustee or custodian of another qualified plan or individual retirement account, if the Plan Administrator, as defined in the Plan, has certified that such transfer is in accordance with the Plan. The Trustee will have no responsibility for determining the time or amount of any contribution to the Trust or enforcing the collection of any contribution. Also, the Trustee will have no responsibility for determining that contributions satisfy any applicable requirement of the Plan or law, including, but not limited to, the minimum contribution requirements of Code Sections 412 and 416. Also, the Trustee will have no responsibility for determining whether the amount of any contribution (or the portion of such contribution allocated to the account(s) of a participant) is within any applicable limit, including, but not limited to, the limits imposed by Code Sections 401(k) and (m), 402(g), 404 and 415. The contribution or transfer of any amount to the Trustee hereunder constitutes a certification by the Sponsor and the Plan Administrator that such contribution or transfer is in accordance with the Plan.
Contributions to Trust. The Board shall determine the amount (or the ---------------------- method of computing the amount) and timing of any contributions by the Corporation, the Bank and any Subsidiary to the Trust established under this Plan. Such amounts may be paid in cash or in shares of Common Stock and shall be paid to the Trust at the designated time of contribution. No contributions by participants under the Plan shall be permitted. Except for amounts distributed to the Trust pursuant to Section 17 (which shall be invested as set forth in Section 18), the Trustees shall, after paying the expenses of the Trust, invest all of the Trust's assets primarily in Common Stock. Upon the direction of the Committee, a number of shares up to the aggregate number of shares of Common Stock available for distribution pursuant to this Plan, as set forth in Section 3 above, shall be acquired by the Trustees at any time following consummation of the Conversion. In the discretion of the Committee, such shares may be acquired either before or upon the exercise of options under this Plan. In the event that cash is contributed to the Trust and it is necessary for the Trustees to acquire shares of Common Stock in the open market, such shares shall be acquired on such terms as the Trustees deem appropriate.
Contributions to Trust. MTNT, or any other person or entity, may at any time make contributions to this Trust, by any manner whatsoever permitted by law, in addition to the initial contribution described in Section 14.1, and all such additional contributions shall be governed by the provisions of this Agreement. The Trustees are authorized and empowered, in their discretion, to receive additional contributions and to add the same to the Trust Fund to be administered pursuant to the provisions of this Agreement.
