Examples of ESOP Cash Account in a sentence
The amount so allocated to each Participants' ESOP Cash Account shall be distributed to such Participant as soon as administratively feasible following such allocation, but in no event later than ninety (90) days after the close of the Plan Year in which the dividend is paid.
Upon the purchase of Company Stock with cash held in a Participant’s ESOP Cash Account, an appropriate number of shares of Company Stock shall be credited to the Participant’s ESOP Stock Account and the Participant’s ESOP Cash Account shall be charged by the amount of the cash used to purchase the Company Stock for the Participant’s ESOP Stock Account.
The amount so credited to each Participants' ESOP Cash Account shall be distributed to the Participant as soon as administratively feasible, but in no event later than ninety (90) days after the close of the Plan Year in which the dividend is paid.
The Plan Administrator shall credit an appropriate number of shares of Company Stock to the ESOP Stock Account of such Participant, and the Participant’s ESOP Cash Account shall then be charged by the amount of cash used to purchase such Company Stock for the Participant’s ESOP Stock Account.
The Plan Administrator shall credit to the ESOP Cash Account of each Participant any cash dividends paid to the Trustee on shares of Company Stock held in that Participant’s ESOP Stock Account as of a record date.
For purposes of this Section 4.3, references to a Participant’s ESOP Stock Account shall also include his Stock Forfeiture Account, if any, and references to a Participant’s ESOP Cash Account shall also include his Cash Forfeiture Account, if any.
Dividends on Stock held in the Unallocated Stock Fund which are received by the Trustee in the form of cash shall be allocated to Participants' ESOP Cash Accounts (pro rata based on the Participant's ESOP Cash Account balance in relation to all Participants' ESOP Cash Account balances) and shall be applied as soon as practicable to payments of principal and interest under the Stock Obligation incurred with the purchase of the Stock.
To the extent permitted by applicable law and regulations, the Trustee may invest the funds held in the ESOP Cash Account, on an interim basis, in short-term fixed income securities, including any pooled fund which it maintains and which is primarily invested in such securities (and in such event, the instrument establishing such pooled fund shall be deemed a part of this Plan).
The Participant must repay in a single lump sum to the Trustee, without interest, the amount of cash, and fair market value of other property, received from his ESOP Stock Account and ESOP Cash Account.
As of each Valuation Date, any appreciation, depreciation, income, gains or losses in the fair market value of the Participants’ Profit Sharing Accounts (exclusive of Company Stock) shall be allocated among and credited to the Profit Sharing Accounts of Participants, pro rata, according to the balance of each ESOP Cash Account as of the immediately preceding Valuation Date, reduced in each case by the amount of any charge to said ESOP Cash Account since the next preceding Valuation Date.