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.
Employee Stock Ownership Plan. The Employee shall be entitled to participate in the Bank’s parent’s employee stock ownership plan in effect from time to time, commencing on January 1st following one (1) year of employment.
Employee Stock Ownership Plan. With respect to WesterFed's Employee Stock Ownership Plan (the "ESOP"), WesterFed will:
(a) take any action it deems appropriate to amend the ESOP to allocate contributions on a pro-rata basis (based upon existing methodology for allocating annual contributions) through the day next preceding the Effective Date and to eliminate any requirement that a participant must be employed on the last day of the plan year to receive a contribution allocation;
(b) take any actions necessary to cause the ESOP to be terminated and for the balances in all Accounts (as defined in the ESOP) to become fully vested and nonforfeitable as of the Effective Date;
(c) use its best efforts to cause the Trustee of the ESOP to make such elections under Section 1.6 of this Agreement with respect to unallocated WesterFed Common Stock as are necessary to obtain cash at least equal to the remaining ESOP indebtedness;
(d) cause the Trustee to use such cash (and convert unallocated Glacier Common Stock received in the Merger to cash, if applicable), to repay in full all such outstanding ESOP indebtedness as soon as is practicable after the Effective Date;
(e) take any action it deems appropriate (including amending the ESOP) to cause the shares of Glacier Common Stock received in the Merger and/or any cash remaining in the suspense account maintained under the ESOP, after giving effect to the repayment of ESOP indebtedness referred to in subparagraph (c) above, to be allocated as investment earnings of the ESOP (as of the Effective Date) to the accounts of all ESOP participants who have account balances as of the Effective Date, in proportion to the aggregate value of their respective Stock Accounts and Investment Accounts (as defined in the ESOP) in accordance with the applicable provisions of the ESOP;
(f) cause the account balances of all ESOP participants to be distributed in a lump sum (or transferred in accordance with Section 401(a)(31) of the IRC) as soon as practicable following the later of (A) the Effective Date or (B) the date of receipt of a favorable determination letter from the Internal Revenue Service regarding the qualified status of the ESOP upon its termination; and
(g) adopt amendment(s) to the ESOP, in form and substance reasonably satisfactory to Glacier, which includes and provides for the actions described in subparagraphs (b), (c), (d), (e) and (f) above or as may be requested by the Internal Revenue Service in connection with the request
Employee Stock Ownership Plan. After the Effective Time, D&B, Cognizant and ACNielsen shall each establish an ESOP for the benefit of their respective employees, but only to the extent required by any letter ruling issued by the Service with respect to the Distribution.
Employee Stock Ownership Plan. The Employee shall be entitled to participate in the Company’s employee stock ownership plan in effect from time to time.
Employee Stock Ownership Plan. The Executive shall have the option to participate in the HCC’s Employee Stock Ownership Plan on the same basis as other executives in comparable positions with the Bank.
Employee Stock Ownership Plan. On or prior to the Distribution Date, Marketing shall approve and take all steps necessary to establish the Employee Stock Ownership Plan.
Employee Stock Ownership Plan. The Company agrees that, in accordance with its rights under the Monroc, Inc. Employee Stock Ownership Plan (the "ESOP"), the Company will direct the voting in favor of approval and adoption of the Merger Agreement of any Shares held in the ESOP with respect to which any ESOP participant has failed to give the ESOP trustee timely instructions as to how to vote such Shares.
Employee Stock Ownership Plan. Prior to the Effective Time and contingent on the closing of the transaction contemplated by this Agreement, the Company (acting, where appropriate, through the Company Board or a committee thereof) shall take all action as may be necessary so that the accounts of all employees under the Company's Employee Stock Ownership Plan are fully vested as of the Effective Time.
Employee Stock Ownership Plan. BHLB agrees to take all such actions related to the Legacy ESOP as stated in Section 6.14 of this Agreement.
