ESOP Feature definition

ESOP Feature means the portion of the Plan, as described in Article I, that has been designated as an “employee stock ownership plan” within the meaning of Code Section 4975(e)(7).
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ESOP Feature means that portion of the Plan which constitutes an employee stock ownership plan as described in Section 4975(e)(7) of the Code, which portion of the Plan is designed to invest primarily in qualifying employer securities.
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ESOP Feature means that portion of the Plan consisting of an employee stock ownership plan intended to satisfy the requirements of Section 4975(e)(7) of the Code, as set forth in Article XII of the Plan.
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Examples of ESOP Feature in a sentence

  • As provided in Section 3 and Section 5 of Article V, such contributions may be transferred later from the Non-ESOP Feature to the ESOP Feature.

  • Shares of Common Stock in the ESOP Feature held or distributed by the Trustee may include such legend restrictions on transferability as the Company may reasonably require in order to assure compliance with applicable federal and state securities laws.

  • The ESOP Account shall be established under the ESOP Feature of the Plan.

  • Any transfer of such amounts out of the Common Stock fund to another Investment Option shall be deemed to be a transfer from the ESOP Feature to the Non-ESOP Feature.

  • Effective January 1, 2002, the Plan consists of the ESOP Feature and the Non-ESOP Feature.

  • As provided in Section 3 and Section 5 of Article V, such contributions may be transferred later from the Non-ESOP Feature and ESOP Feature.

  • At any time at which Company Stock held under the ESOP Feature has ceased to be readily tradable on an established securities market, valuation of such Company Stock with respect to activities carried on by the Plan shall be by an independent appraiser in accordance with Code Section 401(a)(28)(C).

  • At any time at which Company Stock held under the ESOP Feature has ceased to be readily tradeable on an established securities market, a Participant or Beneficiary shall be granted at any such time that such shares are distributed to him, an option to “put” such shares to the Company; provided, however, that the Trust shall have the option to assume the rights and obligations of the Company at the time the “put” option is exercised.

  • All Plan Contributions received by the Trustee shall be credited initially to the portion of the Plan that is not comprised of the ESOP Feature and thereafter, among the Investment Funds selected by the Participant, Beneficiary or Alternate Payee, and if none, to the Qualified Default Investment Alternative.

  • Except as otherwise provided in this Section, no person may be required to sell shares held under the ESOP Feature to Newell Operating Company, nor may the Trust enter into an agreement which obligates the Trust to purchase such shares at an indefinite time determined upon the happening of an event such as the death of a shareholder.


More Definitions of ESOP Feature

ESOP Feature means the portion of the Plan that constitutes an employee stock ownership plan within the meaning of Code Section 4975(e)(7), as provided in this Appendix A. The ESOP Feature consists of the portion of the assets of the Plan that are invested in the Worthington Industries, Inc. Common Stock Fund.
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ESOP Feature means the portion of the Plan described in Article 16A, which is comprised of the portion of the Plan that is invested in the Company Stock Fund and the Plan provisions uniquely applicable to the ESOP Feature.”
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ESOP Feature means that portion of the Plan consisting of the ESOP Fund which constitutes an employee stock ownership plan as defined in Code Section 4975(e)(7).
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Related to ESOP Feature

  • Qualified Matching Contribution means any employer contribution allocated to an Eligible Employee's account under any plan of an Employer or a Related Company solely on account of "elective contributions" made on his behalf or "employee contributions" made by him that is a qualified matching contribution as defined in regulations issued under Code Section 401(k), is nonforfeitable when made, and is distributable only as permitted in regulations issued under Code Section 401(k).

  • Multiple Source Award means an award of an indefinite quantity contract for one or more similar services, items of tangible personal property or construction to more than one Offeror.

  • Qualified Matching Contributions means Matching Contributions which are immediately nonforfeitable when made, and which would be nonforfeitable, regardless of the age or service of the Employee or whether the Employee is employed on a certain date, and which may not be distributed, except upon one of the events described under Section 401(k)(2)(B) of the Code and the regulations thereunder.

  • discretionary use means the use of land or a building provided for in this Bylaw for which a development permit may be issued upon an application having been made;

  • Nonqualified deferred compensation plan means a compensation plan described in Section 3121(v)(2)(C) of the Internal Revenue Code.

  • Salary reduction plan means a benefit plan whereby state and

  • Employer Stock means any class of common stock of Quest Diagnostics or the preferred stock of Quest Diagnostics that is convertible into common stock.

  • Prior Plan means the coverage provided on a group or group-type basis by the group insurance policy, benefit plan or service plan that was terminated on the day before the Effective Date of the Plan and replaced by the Plan.

  • ESOP Account means a Participant’s account to which are credited Matching Contributions made to the Plan after March 31, 1989, and earnings and losses thereon.

  • Small employer carrier means any carrier that offers health benefit plans covering eligible employees of one or more small employers in this state.

  • Super Top Heavy Plan means a plan described in Section 2.2(b).

  • ESOP means a Plan that is intended to satisfy the requirements of Section 4975(e)(7) of the IRC.

  • Matching Contribution means an Employer contribution made to this or any other defined contribution plan on behalf of a Participant on account of a Participant's Deferral Contribution.

  • Prior Plan Award means an award outstanding under the Prior Plan as of the Effective Date.

  • Non-Employee Directors means that term as defined in Rule 16b-3 under the 1934 Act.

  • Qualified Plan means a Benefit Arrangement that is intended to be tax-qualified under Section 401(a) of the Internal Revenue Code.

  • Section 409A Deferred Compensation means compensation provided pursuant to an Award that constitutes nonqualified deferred compensation within the meaning of Section 409A.

  • Replacement Options has the meaning ascribed thereto in Section 1.1 of the Plan of Arrangement;

  • Matching Contributions means local cash and/or in-kind contributions made by the Subrecipient, subcontractor, or other local resources that qualify as match for the Contract funding.

  • Employer Matching Contributions means the Employer matching contributions made to the Trust Fund pursuant to Article V (Employer Matching Contributions).

  • Elective Deferral Account means the account established hereunder to which Elective Deferrals (including a separate accounting for Catch-Up Contributions) are allocated. Amounts in the Participant's Elective Deferral Account are nonforfeitable when made and are subject to the distribution restrictions of Section 12.2(e). The Elective Deferral Account may consist of the

  • Stock Fund means that portion of the Trust Fund consisting of Stock.

  • Investment Options means the investment options, as determined from time to time by the Committee, used to credit earnings, gains and losses on Account balances.

  • Company Matching Contributions means any contributions made to the Company Matching Account of a Participant by a Participating Employer as provided for in Section 4.02.

  • Rollover Contribution means any rollover contribution to the Plan made by a Participant as may be permitted under Article V.

  • Employer Contribution means the amount paid by an employer, as determined by the employer rate, including the normal and deficiency rates, contributions, and funds wherever used in this chapter.