ESOP Suspense Account definition

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 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 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

  • Smucker Company (the "Company") allocated to my account under the Plan ("Allocated Shares"), a portion of those unallocated shares held in the ESOP Suspense Account ("Unallocated Shares"), as well as a portion of all non-directed shares ("Non-directed Shares") as determined in accordance with the terms of the Plan, as of the record date for the Annual Meeting of Shareholders of the Company to be held on August 15, 2000.

  • All assets acquired by the Plan with the proceeds of an ESOP Loan shall be added to and maintained in the ESOP Suspense Account.

  • Shares of Stock purchased with an Exempt Loan shall be allocated to a special ESOP Suspense Account and released from the ESOP Suspense Account (and the encumbrance) in accordance with this subsection (f).

  • Such stock pledged as collateral shall be placed in an ESOP Suspense Account and released pursuant to the next paragraph as the loan is repaid.

  • 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.

  • The shares of NCC Stock released from the ESOP Suspense Account pursuant to this Subsection shall be transferred to the ESOP Interim Account, and such shares shall be allocated as specified in subsection (3) below.

  • NBTY Stock acquired by the Trustee with the proceeds of a loan shall be credited to the ESOP Suspense Account.

  • For purposes of determining the amount of shares of NCC Stock to be allocated as required Matching Allocations, shares of NCC Stock released from the ESOP Suspense Account shall be valued at their fair market value as of the applicable Valuation Date on which they are to be allocated.

  • 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.

  • Any distribution of Trust Fund assets other than those held in the ESOP Suspense Account after partial termination of the Plan, may be made at any time and from time to time in whole or in part to the extent that no discrimination in value results, in cash, in securities or other assets in kind, as the Trustee may determine.


More Definitions of ESOP Suspense Account

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 The account established pursuant to Section 10.3(c).

  • 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 the separate Account maintained for a Member to record such Member's share of the Trust Fund attributable to any Rollover Contribution made to the Plan on his behalf.

  • Company Contribution Account means (i) the sum of the Participant’s Company Contribution Amounts, plus (ii) amounts credited or debited to the Participant’s Company Contribution Account in accordance with this Plan, less (iii) all distributions made to the Participant or his or her Beneficiary pursuant to this Plan that relate to the Participant’s Company Contribution Account.

  • Matching Contribution Account means the separate, individual account established on behalf of a Participant to which the Matching Contributions made on such Participant's behalf are credited, together with all earnings and appreciation thereon, and against which are charged any withdrawals, loans and other distributions made from such account and any losses, depreciation or expenses allocable to amounts credited to such account.

  • Distribution Accounts Collectively, the Upper-Tier REMIC Distribution Account, the Lower-Tier REMIC Distribution Account, the Excess Interest Distribution Account (and in each case any subaccount thereof), all of which may be subaccounts of a single Eligible Account.

  • Cash Account has the meaning set forth in Section 2.1(a)(ii).

  • Rollover Account means the account established hereunder to which amounts transferred from a qualified plan or individual retirement account in accordance with Section 4.6 are allocated.

  • Share Account means the brokerage account established by the Agent for each Participant to which shares of Common Stock purchased under the Plan are credited in accordance with Section 9. The Share Account will be established pursuant to a separate agreement between each Participant and the Agent.

  • Contribution Account means an account, or accounts, into which the Accountholder and employer contributions are deposited by the TPA, and from which HSA dollars are swept into the Cash Account.

  • Voluntary Contribution Account means the account established and maintained by the Administrator for each Participant with respect to his total interest in the Plan resulting from the Participant's nondeductible voluntary contributions made pursuant to Section 4.12.

  • Matching Account means the account maintained on the books of the Employer for the purpose of accounting for the Matching Amount and for the amount of investment return credited thereto for each Participant pursuant to Article V.

  • Separate Accounts means the accounts which are to be prepared for each

  • Company Matching Account means (i) the sum of all of a Participant's Annual Company Matching Amounts, plus (ii) amounts credited in accordance with all the applicable crediting provisions of this Plan that relate to the Participant's Company Matching Account, less (iii) all distributions made to the Participant or his or her Beneficiary pursuant to this Plan that relate to the Participant's Company Matching Account.

  • Participant’s Account means an account maintained for each Participant’s participation in DSUs and/or RSUs under the Plan;

  • Tax Account shall have the meaning set forth in Section 8.6 hereof.

  • Principal Distribution Account means the account by that name established and maintained pursuant to Section 4.1 of the Sale and Servicing Agreement.

  • Separate Account shall have the respective meanings assigned to such terms in Section 3 of ERISA.

  • Payroll Deduction Account means the bookkeeping account established for a Participant in accordance with Section 6.

  • Aggregate Account means, with respect to each Participant, the value of all accounts maintained on behalf of a Participant, whether attributable to Employer or Employee contributions, subject to the provisions of Section 9.2.

  • cash memorandum account means an account so designated by the Operator of the relevant system.

  • 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