Examples of MCN Stock in a sentence
The purpose of the Plan is to provide a convenient way for Participants to save on a regular and long-term basis for their retirement income needs; to recognize the contribution made to the Employer's successful operation by its employees and to reward such contribution for those employees who qualify as participants under the terms of the Plan; and to facilitate ownership of MCN Stock by participating Eligible Employees.
In no event shall the shares of MCN Stock acquired with contributions under this subsection (c) be allocated to the ESOP Account of such Participant later than the last day of the Plan Year during which (but for the use of the dividend to repay the loan) the dividend giving rise to such contribution would have been allocated to the ESOP Account of such Participant.
Such contributions shall be made on, or as soon as practicable after, each date on which dividends on allocated shares of MCN Stock are used to repay a loan.
A Participant may not transfer any amount from the MCN Stock account if the balance remaining in such account after the transfer would be less than the amount required to be credited to such account under Section 6.3 hereof, plus the earnings thereon.
The value of the shares of MCN Stock allocated to the ESOP Account of such Participant pursuant to section 14.4(d) for such pay period.
Each Employer also shall contribute to the ESOP Account of each of its participating Employees such amounts as may be necessary to acquire for the ESOP Account of such Participant shares of MCN Stock having a fair market value equal to the amount of any dividends on shares of MCN Stock allocated to the ESOP Account of such Participant that were used to repay an ESOP loan in accordance with section 14.4(c).
For purposes of sections 7.3 and 7.4, each Participant is hereby designated a "named fiduciary" within the meaning of ERISA section 403(a)(1) with respect to shares of MCN Stock as to which he is entitled to make voting or tender offer decisions.
Each Employer shall make contributions to the ESOP in accordance with section 4.3 hereof and the assets of the ESOP shall be invested at all times primarily in MCN Stock.
A Participant's ESOP Account shall be invested only in the MCN Stock fund, except to the extent that monies diversified under section 13.5 may, at the Participant's election, be directed to the Equities fund, the Senior Securities fund, or the Fixed Income fund.
Any such loan shall be secured solely by shares of MCN Stock acquired with the proceeds of the loan and shares of MCN Stock that were used as collateral on a prior loan which was repaid with the proceeds of the current loan.