ESOP Suspense Account definition

ESOP Suspense Account means the account established under Section 5.3 hereof to hold Stock purchased with the proceeds of an Exempt Loan pending the allocation of such Stock to individual ESOP accounts. A separate ESOP Suspense Account may be established with respect to each Exempt Loan made to the Plan and the provisions of this Plan may be applied, at the direction of the Committee, separately with respect to each ESOP Suspense Account or by combining such separate ESOP Suspense Accounts.
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ESOP Suspense Account means that portion of the Trust Fund containing Stock that secures the repayment of an Exempt Loan.
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ESOP Suspense Account means the account under which ESOP Stock purchased with an ESOP Loan is held until released and allocated to Participants pursuant to this Article 18.
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Examples of ESOP Suspense Account in a sentence

  • For this purpose, “benefits on a termination basis” shall not include any portion of the ESOP Suspense Account.

  • Stock acquired with the proceeds of an Exempt Loan that is allocated to Participants' Company Contributions Accounts shall be subject to the voting rights described in Section 10.7. Stock acquired with the proceeds of an Exempt Loan that has been allocated to the ESOP Suspense Account, or for any other reason has not been allocated to Participants' accounts shall be voted by the Trustee in accordance with the written direction of the Plan Administrator.

  • Except with respect to shares released from the ESOP Suspense Account through use of dividends on shares allocated to Participants, the allocation of such shares among the accounts of Participants shall be made in accordance with the following.

  • Stock acquired f or the Trust through an Exempt Loan shall be released from the ESOP Suspense Account when the Exempt Loan is repaid in accordance with the provisions of this Section 6.5.

  • The Stock thereby released from the ESOP Suspense Account under Sections 11.1(f) and 11.4 shall be allocated among Company Contributions Accounts in proportion to the number of shares of Stock in each such account on the date of the dividend.

  • Annually, as of each Anniversary Date, and more often as it deems appropriate the Trustee shall revalue the Trust assets, excluding the Companies’ contributions made to the Trustees as of that day and excluding all Stock in the ESOP Suspense Account, so as to reflect any increase or decrease in the market or cash value of all such assets compared with the value of such assets as of the next preceding Anniversary Date.

  • Only Company Stock held in unallocated status in the ESOP Suspense Account under the Inland Plan may be collateral for an ESOP Loan.

  • The shares of Stock thereby released from the ESOP Suspense Account under Sections 11.1(f) and 11.3 shall be allocated among the Participant's Company Contributions Accounts as specified in Section 4.4.

  • Shares of Stock released from the ESOP Suspense Account for a calendar month in accordance with Section 6.5 hereof shall be held in the Trust on an unallocated basis until allocated on, or before, the Anniversary Date of that Plan Year.

  • Next, the Committee shall direct the Trustee to sell that number of shares of Stock held in the ESOP Suspense Account that will generate proceeds sufficient to repay entirely all principal and interest on any outstanding Exempt Loans.


More Definitions of ESOP Suspense Account

ESOP Suspense Account means the account established under Section 5.3 hereof to hold Stock purchased with the proceeds of an Exempt Loan pending the allocation of such Stock to individual ESOP accounts. A separate ESOP Suspense
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ESOP Suspense Account means the account described in section 10.3(d).
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ESOP Suspense Account means a separate account reflecting Company Stock acquired with the proceeds of an Exempt Loan and not released from such account.
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Related to ESOP Suspense Account

  • Suspense Account means the account established by the Trustee for maintaining contributions and forfeitures which have not yet been allocated to Participants.

  • 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.

  • Expense Account has the meaning given to such term in Section 3.01(a) hereof.

  • Employer Contribution Account means, for any Participant, the account established by the Administrator or Trustee to which Employer Contributions made under Section 3.5 for the Participant's benefit are credited.

  • Rollover Contribution Account means, for any Participant, the account described in Section 12.1 or 12.2, as established by the Administrator or the Trustee, to which the Participant's Rollover Contribution, if any, is allocated.