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. 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. 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. 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. Prior to the Closing, the Company's Board of Directors will adopt resolutions to terminate the ESOP, effective with and contingent upon the Closing.
Termination of ESOP. Immediately prior to the Closing Date, the Company will terminate the ESOP by appropriate action and will provide evidence of such termination to ASI. After the Effective Date, ASI will cause all assets of the ESOP (other than the 401(k) assets of the ESOP) to be distributed to the participants of the ESOP in accordance with the terms of the ESOP, and will permit such participants to directly rollover the 401(k) assets of the ESOP (other than the Common Stock in such accounts) to the 401(k) plan of ASI or to receive a distribution of such 401(k) assets. ASI will use reasonable efforts to obtain a determination letter from the Internal Revenue Service concerning such termination, and to cause the foregoing distributions to be made promptly thereafter.
Termination of ESOP. As soon as practicable after the Effective time, the Surviving Corporation shall, at its own expense, cause the termination of the ESOP in accordance with the Code and ERISA, and the distribution of participants' interests in the ESOP. 6.12.
Termination of ESOP. The termination for any cause whatsoever of the ESOP without the prior written consent of the Bank.
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.
