Seller ESOP definition

Seller ESOP means the employee stock ownership plan of Seller, as in effect as of the date hereof.

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Seller ESOP shall have the meaning ascribed thereto in Section 1.4(c) hereof.

Seller ESOP means the Fairmount Bancorp, Inc. Employee Stock Ownership Plan.

Examples of Seller ESOP in a sentence

• Buyer agrees not to amend the Seller ESOP subsequent to the Effective Time in any manner that would change or expand the class of persons entitled to receive benefits under the Seller ESOP.

• Neither Seller nor any Seller Subsidiary has any liability under any such Seller Defined Benefit Plan and Seller Employee Plans, including Seller ESOP, that is not reflected in the Seller Financial Statements, other than liabilities incurred in the ordinary course of business in connection therewith subsequent to the date thereof.

• All ESOP Participants shall fully vest and have a nonforfeitable interest in their accounts under the Seller ESOP determined as of the termination date.

• Any cash received by the Seller ESOP trustee in connection with the Corporate Merger with respect to the unallocated shares of Seller Common Stock shall be first applied by the Seller ESOP trustee to the full repayment of the Seller ESOP loan.

• As soon as practicable after receipt of a favorable determination letter from the IRS with respect to termination, the assets of the Seller ESOP shall be distributed to participants and beneficiaries or transferred to an eligible individual retirement account as a participant or beneficiary may direct.

• The current administrator of the Seller ESOP, or another administrator selected by Buyer (subject to consultation with Seller ESOP's then current trustee), shall continue to administer the Seller ESOP subsequent to the Effective Time, and the current Trustee of the Seller ESOP, or such other trustee(s) selected by Buyer (subject to consultation with Seller ESOP's then current trustee) or the administrators, shall continue to be the Trustee subsequent to the Effective Time.

• The Parties agree that the Seller ESOP shall be amended to the extent necessary to receive a favorable determination letter from the IRS as to the tax qualified status of the Seller ESOP upon its termination under Section 401(a) and 4975(e)(7) of the Code (the "Final Determination Letter").

• Prior to the Effective Time, the Seller shall be permitted to make such changes to the Seller ESOP as it deems appropriate to carry out the provisions of this subsection and shall file a request for determination with the IRS with respect to the termination of the Seller ESOP.

• At no time shall Seller or any Seller Subsidiary make any prepayments on the Seller ESOP loan.

• Following the receipt of the Final Determination Letter, distributions of the account balances under the Seller ESOP shall be made to the ESOP Participants.

More Definitions of Seller ESOP

Seller ESOP means the employee stock ownership plan of Seller, as in effect as of the date hereof. "Seller Financial Statements" shall mean (i) the condensed consolidated balance sheets (including related notes and schedules, if any) of Seller as of December 31, 2000 and 1999 and the 6 Next Page condensed consolidated statements of income, changes in stockholders' equity and cash flows (including related notes and schedules, if any) of Seller for each of the three years ended December 31, 2000, 1999 and 1998 as filed by Seller in its Securities Documents, and (ii) the condensed consolidated balance sheets of Seller (including related notes and schedules, if any) and the condensed consolidated statements of income, changes in stockholders' equity and cash flows (including related notes and schedules, if any) of Seller included in the Securities Documents filed by Seller with respect to the periods ended subsequent to December 31, 2000. "Seller Options" shall mean options to purchase shares of Seller Common Stock granted pursuant to Seller's 1997 Stock Option and Incentive Plan. "Seller Preferred Stock" shall mean the shares of preferred stock, par value $0.01 per share, of Seller. "Seller Restricted Stock" shall mean the shares of Seller Common Stock awarded prior to January 1, 2001 pursuant to Seller's 1997 Recognition and Retention Plan that are unvested immediately prior to the Effective Time. "Surviving Corporation" has the meaning set forth in the Recitals to this Agreement. "Thrift Regulations" shall mean the FDIA, the HOLA and the rules and regulations promulgated thereunder.

Seller ESOP shall have the meaning set forth in the Preamble.

Seller ESOP has the meaning set forth in Section 6.1(a).

Seller ESOP. Section 7.01(a)

Seller ESOP means the Sport Truck USA, Inc. Employee Stock Ownership Plan and Trust, Plan No. 001, sponsored by Seller.

Seller ESOP means the Employee Stock Purchase Plan maintained by Seller for the benefit of its employees.