Former ESOP definition

Former ESOP means the amounts transferred from the Former ESOP Plan and credited to Members’ Former ESOP Accounts that are invested in the Former ESOP Northern Trust Stock Fund. The Former ESOP shall constitute a separate “employee stock ownership plan” within the meaning of section 4975(e)(7) of the Code and section 407(d)(6) of ERISA. Amounts transferred out of the Former ESOP Northern Trust Stock Fund to another Investment Fund shall not be considered part of the Former ESOP following such transfer.
Sample 1
Former ESOP shall have the meaning given in Section 2.19.8 of this Agreement.
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Examples of Former ESOP in a sentence

  • Loans and withdrawals requested during such Restricted Trading Period will be limited to funds that are not invested in the Northern Trust Stock Fund or Former ESOP Northern Trust Stock Fund.

  • In this way, evaluation helps to both inform and correct course programming.

  • A Member or Beneficiary may make separate elections with respect to dividends payable with respect to the TIP ESOP and Former ESOP.

  • Separate elections may be made by the Member or Beneficiary with respect to his or her interest in the Northern Trust Stock Fund and Former ESOP Northern Trust Stock Fund.

  • Once a Member or Beneficiary has made an election either to receive a cash payment of dividends on Company Stock in the TIP ESOP and/or Former ESOP or to have such dividends reinvested in Company Stock, the election will remain in effect until it is subsequently changed by the Member or Beneficiary.

  • Any distribution under Article IX that includes funds invested in the Northern Trust Stock Fund or Former ESOP Northern Trust Stock Fund can only be elected (or paid, for distributions of small amounts pursuant to section 9.7 for which no election is required) after such Restricted Trading Period ends.

  • No transfers of existing Account balances to or from the Northern Trust Stock Fund or from the Former ESOP Northern Trust Stock Fund pursuant to section 6.3(b) will be permitted during such Restricted Trading Period.

  • An Eligible Employee who does not elect to have contributions made to the Plan under this Section 4.1 shall be considered as a Participant in the Plan solely for purposes of his or her Profit Sharing Contribution Account and Former ESOP Account, if any.

  • Each Member and Beneficiary having an interest in the Northern Trust Stock Fund or the Former ESOP Northern Trust Stock Fund shall have the right to direct the manner in which the Trustee shall vote the Company Stock held in such Funds equivalent to his or her Proportionate Interest therein.

  • Accordingly, on or after such date, no additional amounts shall be transferred from the Former ESOP Account to the ESOP Contribution Account.

Related to Former ESOP

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

  • Former Plan means any employee benefit plan in respect of which the Customer or a Subsidiary has engaged in a transaction described in Section 4069 or Section 4212(c) of ERISA.

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

  • Company Stock Fund means a hypothetical investment fund pursuant to which Deferred Stock Units are credited with respect to a portion of an Award subject to an Election, and thereafter until (i) the date of distribution or (ii) the effective date of a Diversification Election, to the extent a Diversification Election applies to such Deferred Stock Units, as applicable. The portion of a Grantee’s Account deemed invested in the Company Stock Fund shall be treated as if such portion of the Account were invested in hypothetical shares of Common Stock or Special Common Stock otherwise deliverable as Shares upon the Vesting Date associated with Restricted Stock or Restricted Stock Units, and all dividends and other distributions paid with respect to Common Stock or Special Common Stock were held uninvested in cash and credited with interest at the Applicable Interest Rate as of the next succeeding December 31 (to the extent the Account continues to be deemed credited in the form of Deferred Stock Units through such December 31).

  • Non-U.S. Benefit Plan has the meaning set forth in Section 3.20(a).

  • 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.

  • Retirement Account means any retirement or pension fund or account, listed in Iowa Code section 627.6(8)“f” as exempt from execution, regardless of the amount of contribution, the interest generated, or the total amount in the fund or account.

  • Retirement fund means the "Washington law enforcement

  • Plan Trust means the trust governed 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.

  • Savings Plan or "plans" means a plan that provides different investment strategies and allows account distributions for qualified higher education expenses.

  • Welfare Benefit Plan means each welfare benefit plan maintained or contributed to by the Company, including, but not limited to a plan that provides health (including medical and dental), life, accident or disability benefits or insurance, or similar coverage, in which Executive was participating at the time of the Change in Control.

  • Restoration Plan means all technical and organisational measures necessary for the restoration of the system back to normal state;

  • Canadian Benefit Plan means any plan, fund, program or policy, whether oral or written, formal or informal, funded or unfunded, insured or uninsured, providing employee benefits, including medical, hospital care, dental, sickness, accident, disability, life insurance, pension, retirement or savings benefits, under which any Loan Party has any liability with respect to any of its employees or former employees employed in Canada, and includes any Canadian Pension Plan.

  • Individual retirement account means a trust, custodial arrangement, or annuity under Section 408(a) or (b), Internal Revenue Code of 1954 (26 U.S.C. Section 408 (1986)).

  • Parent Employee Plan means any plan, program, policy, practice, contract, agreement or other arrangement providing for compensation, severance, termination pay, performance awards, stock or stock-related awards, fringe benefits or other employee benefits or remuneration of any kind, whether written or unwritten or otherwise, funded or unfunded, including without limitation, each "EMPLOYEE BENEFIT PLAN," within the meaning of Section 3(3) of ERISA which is maintained, contributed to, or required to be contributed to, by Parent or any Affiliate for the benefit of any Parent Employee;

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

  • Public school employer means a public employer that is the board of a school district, intermediate school district, or public school academy; is the chief executive officer of a school district in which a school reform board is in place under part 5A of the revised school code, 1976 PA 451, MCL 380.371 to 380.376; or is the governing board of a joint endeavor or consortium consisting of any combination of school districts,

  • Retirement Accounts has the meaning ascribed thereto in Section 2.1(F)(7) hereof.

  • Company Benefit Plan has the meaning specified in Section 4.13(a).

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

  • Health Savings Account means an account as permitted under section 223 of the internal revenue code of 1986, 26 USC 223.

  • 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.

  • Canadian Benefit Plans means all material employee benefit plans of any nature or kind whatsoever that are not Canadian Pension Plans and are maintained or contributed to by any Credit Party having employees in Canada.

  • 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.

  • Company Employee Plan means any plan, program, policy, practice, contract, agreement or other arrangement providing for compensation, severance, termination pay, deferred compensation, performance awards, stock or stock-related awards, fringe benefits or other employee benefits or remuneration of any kind, whether written or unwritten or otherwise, funded or unfunded, including without limitation, each "employee benefit plan," within the meaning of Section 3(3) of ERISA which is or has been maintained, contributed to, or required to be contributed to, by the Company or any Affiliate for the benefit of any Employee, or with respect to which the Company or any Affiliate has or may have any liability or obligation;