ESOP Stock Account definition

ESOP Stock Account means that portion of the ESOP Account consisting of Stock.
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ESOP Stock Account means the account established by the Plan Administrator for each Participant that is to be credited with allocations under the ESOP and shall include stock held by the Trustee and invested in the City National Common Stock Fund and other adjustments as required under Articles III, IV and X of the Plan.
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ESOP Stock Account means an account maintained on the books of the OneBeacon Insurance Company Employee Stock Ownership Plan prior to the merger of said Plan with the OneBeacon 401(k) Savings Plan. Upon such merger such Account was renamed the Employer Discretionary Contributions Account and the balance in a Participant’s ESOP Stock Account immediately prior to the merger was the beginning balance in his Employer Discretionary Contributions Account immediately following the merger.
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Examples of ESOP Stock Account in a sentence

  • Notwithstanding the foregoing, the period over which distribution of a Participant’s ESOP Stock Account may be made may be increased by one year, up to four additional years, for each $180,000 (or fraction thereof) by which the total balance of the Participant’s Accounts exceeds $915,000.

  • Subject to Article 10, the ESOP Cash Account of each applicable Participant shall be credited with any cash dividends paid on shares of Company Stock held in that Participant’s ESOP Stock Account as of the record date for such cash dividends.

  • For purposes of this Section, shares of Company Stock shall be deemed to be allocated and credited to a Participant’s ESOP Stock Account in an amount to be determined based on the balance in such account on the Accounting Date coincident with or next preceding the record date of any vote or tender offer.

  • Upon the purchase of Company Stock with cash from a Participant’s ESOP Cash Account, such shares 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 buy such Company Stock.

  • The ESOP Stock Account shall be adjusted as described in Section 5.2.

  • The 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 repay an Acquisition Loan or used to purchase such Company Stock for the Participant’s ESOP Stock Account.

  • Except as otherwise provided herein, Employer Contributions for a Plan Year shall be allocated to the ESOP Stock Account or ESOP Cash Account, as applicable, of each Eligible Participant in the proportion that such Eligible Participant’s Compensation for the Plan Year bears to the total Compensation of all Eligible Participants for such Plan Year.

  • For each Accounting Period, Employer Contri­butions in cash shall be credited as of the applicable Account­ing Date to the Participants’ ESOP Cash Accounts as in accordance with the provisions of Section 4.1. Upon the purchase of Company Stock with such cash, an appropriate number of shares of Company Stock shall be credited to the Participant’s ESOP Stock Account, as appro­priate, and the Participant’s ESOP Cash Account shall be charged by the amount of the cash used to buy such Company Stock.

  • Each Participant (or Beneficiary) to whose ESOP Stock Account shares of Company Stock have been allocated may, as a named fiduciary within the meaning of ERISA section 403(a)(1), direct the Trustee with respect to the sale, exchange, transfer, conversion or other disposition of the shares of Company Stock allocated to his ESOP Stock Account, and the Trustee shall follow the directions of those Participants (and Beneficiaries) who provide timely instructions to the Trustee.

  • In the event distribution is made in the form of installments, the balance in the Participant’s ESOP Stock Account and ESOP Cash Account will continue to be subject to appreciation, depreciation, income, gains, and earnings or losses pursuant to Section 7.5(e) until the final installment is paid.


More Definitions of ESOP Stock Account

ESOP Stock Account means the account established and maintained in the name of each Participant or Beneficiary to reflect his share of Company Stock.
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