Common use of ESOP Clause in Contracts

ESOP. The term ESOP refers to an employee stock ownership plan that meets the requirements of section 407(d)(6) of the Employee Retirement Income Security Act of 1974 (the Act) and 29 CFR 2550.407d–

ESOP. The term ESOP refers to is an "employee stock ownership plan that meets plan" within the requirements meaning of section 407(d)(6Section 4975(e)(7) of the Employee Retirement Income Security Act Code and is qualified under Section 401(a) of 1974 (the ActCode. The ESOP has been duly established in accordance with and under applicable law and it is a tax-exempt trust under Section 501(a) and 29 CFR 2550.407d–of the Code.

ESOP. The term ESOP refers to is an employee stock ownership plan that meets within the requirements meaning of section 407(d)(6Section 4975(e)(7) of the Employee Retirement Income Security Act Internal Revenue Code of 1974 1986, as amended (the Act“Code”) and 29 CFR 2550.407d–Section 408(e) of ERISA, is designed to qualify under Section 401(a) of the Code.