The ESOP Sample Clauses

The ESOP. Promptly upon receipt thereof, the Company shall deliver to each Lender a copy of any ruling or non-routine correspondence from the Internal Revenue Service respecting the tax status of the ESOP and promptly upon the Company having knowledge thereof, the Company shall deliver notice of any event or condition which could cause the ESOP to lose its tax-qualified status. In addition, the Company shall provide on an annual basis the information required by Subsection 6.1.8 (ESOP Information) above.
Sample 1
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The ESOP. (a) The ESOP has been duly adopted and is in full force and effect and constitutes a "qualified plan" under section 401(a) of the Code and an "employee stock ownership plan" as defined in section 4975(e)(7) of the Code. The ESOP Trust Agreement has been duly adopted, is validly existing and constitutes an "exempt trust" under section 501(a) of the Code. The Issuer has the requisite trust power and authority to own its properties and assets.
Sample 1
The ESOP. At the Closing, the ESOP and its related trust will be duly -------- formed and a component of a plan duly qualified under Section 401(a) of the Code. The ESOP is "controlled" (for purposes of Rule 802.35 promulgated under the HSR Act) by Appleton.
Sample 1
The ESOP. The ESOP is designed to invest primarily in qualifying employer securities, as defined in section 409(1) of the Code. Except for amounts temporarily held in cash in accordance with subparagraph (f) or dividends awaiting distribution to Participating Employees or dividends or other cash payments to be used to discharge the Acquisition Loan in accordance with the Plan or as may otherwise be required by ERISA, all amounts transferred to the Trustee and held in the ESOP shall be invested in one of the following Investment Funds pursuant to the terms of the Plan:
Sample 1
The ESOP. (a) Since its establishment by First Deposit, through and including the Closing Date, the ESOP and its related trust have continuously met, and will meet without exception as of the Closing Date, all applicable requirements of qualification and exemption from taxation under Sections 401(a) and 501(a) of the Internal Revenue Code, respectively, the breach or violation of which are reasonably likely to have, individually or in the aggregate, a First Deposit Material Adverse Effect. Since its establishment by First Deposit, through and including the Closing Date, the ESOP and its related trust have continuously complied with all of the requirements of Section 4975 of the Internal Revenue Code and of ERISA.
Sample 1
The ESOP. Subject to Paragraph 8 hereof with respect to the retention in the Settlement Fund of the amounts deposited therein, and in any event only after the Judgment is Final, amounts in the Settlement Fund shall be disbursed to the ESOP to be allocated by the ESOP in accordance with the Plan of Allocation.
Sample 1
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The ESOP. The Offeror acknowledges that all outstanding options granted under the ESOP have vested and become exercisable in the ordinary course and no further options will be granted under the ESOP and that, in accordance with the rules of the ESOP and due to the Acquisition, the outstanding options will remain exercisable for one month from the date that the Target Remuneration Committee notifies participants of the Court Order and, if not exercised, the options will lapse thereafter (unless they lapse earlier in accordance with the rules of the ESOP).
Sample 1

Related to The ESOP

  • Deferred Compensation Upon the consummation of the Initial Business Combination, the Company will cause the Trustee to pay to the Representative, on behalf of the Underwriters, the Deferred Discount. Payment of the Deferred Discount will be made out of the proceeds of the Offering held in the Trust Account. The Underwriters shall have no claim to payment of any interest earned on the portion of the proceeds held in the Trust Account representing the Deferred Discount. If the Company fails to consummate its Initial Business Combination within the time period prescribed in the Amended and Restated Certificate of Incorporation, the Deferred Discount will not be paid to the Representative and will, instead, be included in the liquidation distribution of the proceeds held in the Trust Account made to the Public Stockholders. In connection with any such liquidation distribution, the Underwriters will forfeit any rights or claims to the Deferred Discount.

  • Nonqualified Deferred Compensation (a) It is intended that any payment or benefit which is provided pursuant to or in connection with this Agreement which is considered to be deferred compensation subject to Section 409A of the Code shall be paid and provided in a manner, and at such time and form, as complies with the applicable requirements of Section 409A of the Code to avoid the unfavorable tax consequences provided therein for non-compliance.

  • Deferred Compensation Plan Manager shall be eligible to participate in the First Mid-Illinois Bancshares, Inc. Deferred Compensation Plan in accordance with the terms and conditions of such Plan.

  • Plan The Award and all rights of the Participant under this Agreement are subject to the terms and conditions of the provisions of the Plan, incorporated herein by reference. The Participant agrees to be bound by the terms of the Plan and this Agreement. The Participant acknowledges having read and understanding the Plan, the Prospectus for the Plan, and this Agreement. Unless otherwise expressly provided in other sections of this Agreement, provisions of the Plan that confer discretionary authority on the Board or the Administrator do not (and shall not be deemed to) create any rights in the Participant unless such rights are expressly set forth herein or are otherwise in the sole discretion of the Board or the Administrator so conferred by appropriate action of the Board or the Administrator under the Plan after the date hereof.

  • Dividend Reinvestment Plan, Cash Option Purchase Plan, Stock Incentive Plan or Other Plan Except as may otherwise be provided in this Article III, all amounts received or deemed received by the Corporation in respect of any dividend reinvestment plan, cash option purchase plan, stock incentive or other stock or subscription plan or agreement, either (a) shall be utilized by the Corporation to effect open market purchases of shares of Class A Common Stock, or (b) if the Corporation elects instead to issue new shares of Class A Common Stock with respect to such amounts, shall be contributed by the Corporation to the Company in exchange for additional Common Units. Upon such contribution, the Company will issue to the Corporation a number of Common Units equal to the number of new shares of Class A Common Stock so issued.

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