Termination of Plan. Upon a complete termination of the Plan but only to the extent permitted by the Code and the Act, any unallocated Stock shall be sold to the Corporation at a price no less than fair market value or on the open market. To the extent permitted by Code and the Act, the proceeds of such sale shall be used to satisfy any outstanding Exempt Loan and the balance of any funds remaining shall be allocated as income to each Participant's Company Contributions Account based on the proportion that the Participant's Company Contributions Account balance as of the immediately preceding Valuation Date bears to the aggregate Company Contributions Account balances of all Participants as of the immediately preceding Valuation Date.
Appears in 7 contracts
Samples: Employee Stock Ownership Plan and Trust Agreement (Union Community Bancorp), Employee Stock Ownership Plan and Trust Agreement (River Valley Bancorp), Employee Stock Ownership Plan and Trust Agreement (Citizens Bancorp)
Termination of Plan. Upon a complete termination of the Plan but only to the extent permitted by the Code and the Act, any unallocated Stock shall be sold to the Corporation Holding Company at a price no less than fair market value or on the open market. To the extent permitted by Code and the Act, the proceeds of such sale shall be used to satisfy any outstanding Exempt Loan and the balance of any funds remaining shall be allocated as income to each Participant's Company Contributions Account based on the proportion that the Participant's Company Contributions Account balance balances as of the immediately preceding Valuation Date bears to the aggregate Company Contributions Account balances of all Participants as of the immediately preceding Valuation Date.
Appears in 1 contract
Samples: Employee Stock Ownership Plan and Trust Agreement (Third Century Bancorp)
Termination of Plan. Upon a complete termination of the Plan but only to the extent permitted by the Code and the Act, any unallocated Stock shall be sold to the Corporation at a price no less than fair market value or on the open market. To the extent permitted by Code and the Act, the proceeds of such sale shall be used to satisfy any outstanding Exempt Loan and the balance of any funds remaining shall be allocated as income to each Participant's ’s Company Contributions Account based on the proportion that the Participant's ’s Company Contributions Account balance as of the immediately preceding Valuation Date bears to the aggregate Company Contributions Account balances of all Participants as of the immediately preceding Valuation Date.
Appears in 1 contract
Samples: Employee Stock Ownership Plan and Trust Agreement (Union Community Bancorp)
