EMPLOYEE STOCK OWNERSHIP PLAN TRUST Sample Clauses

EMPLOYEE STOCK OWNERSHIP PLAN TRUST. (the “Borrower”), hereby promises to pay to the order of FIRST SAVINGS FINANCIAL GROUP, INC. (the “Lender”) up to [ ] $( ) payable in accordance with the Loan Agreement made and entered into between the Borrower and the Lender of even date herewith (“Loan Agreement”) pursuant to which this Promissory Note is issued. The Principal Amount of this Promissory Note shall be payable in accordance with the schedule attached hereto (“Schedule I”). This Promissory Note shall bear interest at the rate per annum set forth or established under the Loan Agreement, such interest to be payable in accordance with Schedule I. Anything herein to the contrary notwithstanding, the obligation of the Borrower to make payments of interest shall be subject to the limitation that payments of interest shall not be required to be made to the Lender to the extent that the Lender’s receipt thereof would not be permissible under the law or laws applicable to the Lender limiting rates on interest which may be charged or collected by the Lender. Any such payments on interest which are not made as a result of the limitation referred to in the preceding sentence shall be made by the Borrower to the Lender on the earliest interest payment date or dates on which the receipt thereof would be permissible under the laws applicable to the Lender limiting rates of interest which may be charged or collected by the Lender. Such deferred interest shall not bear interest. Payments of both principal and interest on this Promissory Note are to be made at the principal office of the Lender or such other place as the holder hereof shall designate to the Borrower in writing, in lawful money of the United States of America in immediately available funds. Failure to make any payments of principal on this Promissory Note when due, or failure to make any payment of interest on this Promissory Note not later than five (5) Business Days after the date when due, shall constitute a default hereunder, whereupon the principal amount of accrued interest on this Promissory Note shall immediately become due and payable in accordance with the terms of the Loan Agreement. This Promissory Note is secured by a Pledge Agreement between the Borrower and the Lender of even date herewith and is entitled to the benefits thereof. FIRST SAVINGS BANK, F.S.B. EMPLOYEE STOCK OWNERSHIP PLAN TRUST
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EMPLOYEE STOCK OWNERSHIP PLAN TRUST. Authorized Trust Officer NORTH PENN BANCORP, INC. By: Xxxxxxxxx X. Xxxxxxx President and Chief Executive Officer
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EMPLOYEE STOCK OWNERSHIP PLAN TRUST as TRUSTEE ----------------------- FIRST FEDERAL BANCSHARES, INC. By: --------------------------------- Xxxxx X. Xxxxxx For the Entire Board of Directors PLEDGE AGREEMENT THIS PLEDGE AGREEMENT ("Pledge Agreement") is made as of the ___ day of _________, 2000, by and between FIRST FEDERAL BANK EMPLOYEE STOCK OWNERSHIP PLAN TRUST ("Pledgor"), and FIRST FEDERAL BANCSHARES, INC., a corporation organized and existing under the laws of the State of Delaware ("Pledgee").
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EMPLOYEE STOCK OWNERSHIP PLAN TRUST. Duly authorized officer of ___________, as Trustee FIRST FEDERAL BANCSHARES, INC. By: --------------------------------------- For the Entire Board of Directors
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EMPLOYEE STOCK OWNERSHIP PLAN TRUST. Duly authorized officer of _____________, as Trustee
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EMPLOYEE STOCK OWNERSHIP PLAN TRUST s/ Lxxxx X. Xxxxxx ------------------------------------ Lxxxx X. Xxxxxx Authorized Trust Officer CLIFTON SAVINGS BANCORP, INC. By: /s/ Jxxx X. Xxxxxxxxx, Xx. --------------------------------- Jxxx X. Xxxxxxxxx, Xx. Chairman of the Board and Chief Executive Officer PLEDGE AGREEMENT THIS PLEDGE AGREEMENT ("Pledge Agreement") is made as of the 3rd day of March, 2004, by and between the CLIFTON SAVING BANK, S.L.A. EMPLOYEE STOCK OWNERSHIP PLAN TRUST ("Pledgor"), and CLIFTON SAVINGS BANCORP, INC. ("Pledgee").
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EMPLOYEE STOCK OWNERSHIP PLAN TRUST s/ Lxxxx X. Xxxxxx ------------------------------ Lxxxx X. Xxxxxx Authorized Trust Officer
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EMPLOYEE STOCK OWNERSHIP PLAN TRUST. By: ______________________, not in its corporate capacity but solely in its capacity as Trustee By: _______________, not in his individual capacity, but solely in his capacity as a duly authorized officer of GreatBanc Trust Company GOUVERNEUR BANCORP, INC. (LENDER) By: Chief Executive Officer PLEDGE AGREEMENT THIS PLEDGE AGREEMENT (“Pledge Agreement”) is made as of the __________ day of __________, __________ by and between the GOUVERNEUR SAVINGS AND LOAN ASSOCIATION EMPLOYEE STOCK OWNERSHIP PLAN TRUST (“Pledgor”), acting by and through ________________, not in its corporate capacity but solely in its capacity as trustee of the Pledgor (“Trustee”), and GOUVERNEUR BANCORP, INC. (“Pledgee”).
Sample 1

Related to EMPLOYEE STOCK OWNERSHIP PLAN TRUST

  • 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.

  • Stock Ownership Attached hereto as Schedule 8 is a true and correct list of all the duly authorized, issued and outstanding stock of each Subsidiary and the record and beneficial owners of such stock. Also set forth on Schedule 8 is each equity Investment of the Borrower and each Subsidiary that represents 50% or less of the equity of the entity in which such investment was made.

  • Employee Stock Purchase Plan As soon as practicable following the date of this Agreement, the board of directors of the Company (or the appropriate committee thereof) shall take all necessary actions, including adopting any necessary resolutions and amendments, to (i) terminate the 2002 Employee Stock Purchase Plan (the “Stock Purchase Plan”) as of no later than immediately prior to the Effective Time, (ii) ensure that no option period under the Stock Purchase Plan shall be commenced on or after the date of this Agreement, (iii) if the Effective Time shall occur prior to the end of the option periods in existence under the Stock Purchase Plan on the date of this Agreement, cause a new exercise date to be set under the Stock Purchase Plan, which date shall be the end of the payroll period that is at least ten (10) Business Days prior to the anticipated Effective Time, (iv) prohibit participants in the Stock Purchase Plan from altering their payroll deductions from those in effect on the date of this Agreement (other than to discontinue their participation in the Stock Purchase Plan in accordance with the terms and conditions of the Stock Purchase Plan), (v) provide that the amount of the accumulated contributions of each participant under the Stock Purchase Plan as of immediately prior to the Effective Time shall, to the extent not used to purchase shares of Company Common Stock in accordance with the terms and conditions of the Stock Purchase Plan (as amended pursuant to this Section 2.11), be refunded to such participant as promptly as practicable following the Effective Time (without interest); and (vi) ensure that no current or former employees, officers, directors or other service providers of Company and its Subsidiaries or their beneficiaries have any right to receive shares of Parent Common Stock under the Stock Purchase Plan.

  • Stock Ownership Guidelines Executive will comply with all stock ownership and stock retention guidelines or policies established by the Board and the Committee, as in effect from time to time.

  • 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.

  • Employee Stock Unless otherwise approved by the Board of Directors, including the Lead Preferred Director, all future employees and consultants of the Company who purchase, receive options to purchase, or receive awards of shares of the Company’s capital stock after the date hereof shall be required to execute restricted stock or option agreements, as applicable, providing for (i) vesting of shares over a four (4) year period, with the first twenty-five percent (25%) of such shares vesting following twelve (12) months of continued employment or service, and the remaining shares vesting in equal quarterly installments over the following thirty-six (36) months, and (ii) a market stand-off provision substantially similar to that in Subsection 2.11. In addition, unless otherwise approved by the Board of Directors, including the Lead Preferred Director, the Company shall retain a “right of first refusal” on employee transfers until the IPO and shall have the right to repurchase unvested shares at cost upon termination of employment of a holder of restricted stock.

  • Employee Stock Option Plan Employee shall be entitled to participate in the Employee Stock Option Plan of the Company once approved by the Board of Directors.

  • Privilege of Stock Ownership The holder of this option shall not have any of the rights of a shareholder with respect to the Option Shares until such individual shall have exercised the option and paid the Option Price.

  • Stock Ownership Requirements If the Recipient is subject to any stock ownership requirements imposed by the Company, those requirements may limit the Recipient’s ability to sell or otherwise transfer some or all of the shares of CDI Stock which may be acquired by the Recipient in connection with this Grant.

  • 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.

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