Termination of ESOP. Prior to the Effective time, Xxxxxx Xxxxxxxx shall take all actions necessary or appropriate to terminate the Xxxxxx Xxxxxxxx Employee Stock Ownership Plan subject to and effective upon the occurrence of the Effective Time. ARTICLE VII
Termination of ESOP. Prior to the Effective Time and effective as of the Closing Date, Fox Chase shall, to the extent necessary, amend the ESOP to provide that the ESOP (a) is frozen for participation and contributions, and (b) shall terminate in conjunction with the Merger in accordance with the terms of the ESOP.
Termination of ESOP. As soon as reasonably practicable following the receipt by the Company of a determination letter evidencing the approval by the IRS of the termination of the ESOP, the Trustee will distribute to the Participants their respective portions of the Purchase Price in accordance with their respective interests in the ESOP and, to the extent permitted by applicable law, the terms of the ESOP and the Xxxxxxx Xxxxx & Associates 401(k) Retirement Plan (the "401(K) PLAN"), participants in the ESOP shall be permitted to direct the ESOP to roll-over their respective payments into their accounts in the 401(k) Plan. As soon as reasonably practicable following the Closing, the Company, at its sole expense, shall file an application with the IRS for its approval of the termination of the ESOP. As soon as practicable after receipt of such approval by the IRS, the Trustee will distribute to the Participants their respective portions of the Purchase Price in accordance with their respective interests in the ESOP. In any event, the Company shall undertake the responsibility for all required final disclosures to the Participants, ESOP filings with governmental agencies and tax withholding and reporting responsibilities regarding all such ESOP distributions pending the completion of all distributions of the ESOP in accordance herewith. All expenses of terminating the ESOP shall be borne by the Company.
Termination of ESOP. The Analex Corporation Employee Stock Ownership Plan and Trust (“ESOP”) was terminated effective as of November 5, 2001 and the Company has received a favorable determination letter from the Internal Revenue Service with respect to such termination. Section 3.33 of the Disclosure Schedule sets forth the number of shares of the Company’s capital stock held by the ESOP pending distribution to the participants thereof as of the date hereof.
Termination of ESOP. The termination for any cause whatsoever of the ESOP without the prior written consent of the Bank.
Termination of ESOP. The Shareholders covenant and agree to (i) use their best efforts to cause Dxxxxx X. Xxxxxxxx, Xx. and Nxxxxx X. Xxxxxxxx to continue to serve as the trustees of the ESOP after the Closing, (ii) cause the trustees of the ESOP to take all actions necessary to terminate the ESOP as of December 1, 1996 and (iii) to cause the trustees of the ESOP to retain the proceeds of the sale of the Shares payable to the ESOP hereunder until such time as the ESOP is terminated and the Company receives a favorable determination letter from the Internal Revenue Service that the termination of the ESOP does not affect its qualification.
Termination of ESOP. The Board of Directors of the Company shall have authorized the termination of the ESOP, effective December 1, 1996.
Termination of ESOP. DBC and NCBE shall take such actions as may be necessary in connection with the termination of the ESOP, including: repaying of the outstanding loan used to acquire the DBC Common; releasing the assets held as collateral in the ESOP suspense account; allocating unallocated assets held by the ESOP to the ESOP participants; obtaining an IRS determination that the termination of the ESOP will not affect the qualified status of the ESOP under the Code; and distributing to participants their interests in the ESOP. Neither DBC nor NCBE shall take any action to remove David J. Emerson as trustee of the ESOP or name additional trustees, xxxxxx xx x result of the death, incapacity, resignation as trustee or gross misconduct of David J.
Termination of ESOP. Company, Owner Representative and ESOP shall take all appropriate action to terminate ESOP simultaneously with the Closing, it being under that the ESOP Trust must continue as required by the ESOP, ERISA and applicable Department of Labor regulations.
