ESOP Participants definition
Examples of ESOP Participants in a sentence
All ESOP Participants shall fully vest and have a nonforfeitable interest in their accounts under the ESOP determined as of the Effective Time.
All ESOP Participants shall fully vest and have a nonforfeitable interest in their accounts under the Seller ESOP determined as of the termination date.
Following the receipt of the Final Determination Letter, distributions of the account balances under the Seller ESOP shall be made to the ESOP Participants.
As soon as practicable after the receipt of a favorable determination letter from the IRS as to the tax qualified status of the ESOP upon its termination under Section 401(a) and 4975(e) of the IRC, distributions of the benefits under the ESOP shall be made to the ESOP Participants in accordance with the provisions of the ESOP.
All ESOP Participants shall fully vest and have a nonforfeitable interest in their accounts under the ESOP determined as of the termination date.
In the event that, due to the limitations of any applicable law, a portion of the shares of MSB Common Stock released following the ESOP's repayment of the outstanding loans cannot be immediately allocated to the ESOP Participants, all such shares shall be held in the ESOP's suspense account and allocated to the ESOP Participants as soon as practicable thereafter.
As soon as practicable after the receipt of a favorable determination letter from the IRS as to the tax qualified status of the ESOP upon its termination under Section 401(a) and 4975(e) of the Code, distributions of the benefits under the ESOP shall be made to the ESOP Participants in accordance with the provisions of the ESOP.
Any remaining Cash Consideration or UFB Common Stock received for such unallocated shares after such repayment shall be allocated to the ESOP accounts of those SCCB or SCCB Bank employees who are ESOP participants and beneficiaries (the "ESOP Participants") in accordance with the terms of the ESOP as amended with respect to such termination and as in effect on the Effective Time.
The Memorandum to ESOP Participants and Beneficiaries shall provide that, in the event that no direction is received from a participant or beneficiary, the Trustee will vote the shares of First Deposit Common Stock allocated to the account of such person in the Trustee's discretion.
To that effect, participants and beneficiaries shall be advised in the Memorandum to ESOP Participants and Beneficiaries to deliver their written instructions to an independent third party so that the third party may compile the results and inform the Trustee of the aggregate results without divulging to the Trustee the particular instructions given by any individual participant or beneficiary.