ESOP Beneficiary definition

ESOP Beneficiary means the person or persons who are designated by a Participant participating in the ESOP to receive benefits payable under the ESOP on the Participant’s death. In the absence of any designation or if all the designated beneficiaries shall die before the Participant dies or shall die before all benefits payable under the ESOP have been paid, the Participant’s ESOP Beneficiary shall be his surviving spouse (as that term is defined under the ESOP), if any, or his estate if he is not survived by a spouse. The Committee may rely upon the advice of the Participant’s executor or administrator as to the identity of the Participant’s spouse.
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ESOP Beneficiary means any beneficiary
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ESOP Beneficiary means an ESOP Participant who holds ESOP Allocated Shares in its ESOP account as of the Effective Date.
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Examples of ESOP Beneficiary in a sentence

  • In the event of the death of a Participant prior to the commencement of payment of his or her Supplemental ESOP Benefits, the ESOP Beneficiary of the Participant shall be entitled to receive as a benefit from the Plan an amount equal to 100% of the Supplement ESOP Benefits that would have been payable to Participant at the time of his or her death.

  • The provisions of this Article XVII shall apply to all Merged ESOP Assets (as defined below) and to any Participant (within the meaning of the Astoria ESOP), Beneficiary (within the meaning of the Astoria ESOP), or other person with an interest in the Merged ESOP Assets.

  • SIXTH: If the Concessionaire issues additional shares of stock, the ESOP Beneficiary Employees shall have the right to participate in such issuance, pursuant to the terms of Section 194 of Law 19.550.

Related to ESOP Beneficiary

  • Qualified beneficiary means a beneficiary who, on the date the beneficiary's qualification is determined:

  • Refund beneficiary means an individual nominated by a qualified participant or a former qualified participant under section 66 to receive a distribution of the participant's accumulated balance in the manner prescribed in section 67.

  • Designated Beneficiary means the beneficiary or beneficiaries the Participant designates, in a manner the Administrator determines, to receive amounts due or exercise the Participant’s rights if the Participant dies or becomes incapacitated. Without a Participant’s effective designation, “Designated Beneficiary” will mean the Participant’s estate.

  • Surviving Spouse means the widow or widower, as the case may be, of a Deceased Participant or a Deceased Beneficiary (as applicable).

  • Former Spouse means the individual who is considered by Applicable Laws to be the Annuitant’s former spouse or common-law partner;

  • Beneficiary means each designated person, or the estate of the deceased Executive, entitled to benefits, if any, upon the death of the Executive, determined according to Article 4.

  • Alternate Payee means any spouse, former spouse, child, or other dependent of a Participant who is recognized by a qualified domestic relations order as having a right to receive all, or a portion of, the benefits payable under a Plan with respect to such Participant.

  • Accrued Benefit means the amount standing in a Participant's Account(s) as of any date derived from both Employer contributions and Employee contributions, if any.

  • Qualified Beneficiaries has the meaning set forth in Section 4.12.

  • Financial Beneficiary means any Principal of the Developer or Applicant entity who receives or will receive any direct or indirect financial benefit from a Development, except as further described in Rule 67-21.0025, F.A.C.

  • Former Participant means a person who has been a Participant, but who has ceased to be a Participant for any reason.

  • Participating employee means an employee whose election to participate in a Plan has been approved by the employer.

  • Spouse means, an individual who,