UPP Account definition
Examples of UPP Account in a sentence
The obligation of HCLP to the Participant for this UPP Account shall be a general corporate obligation and shall not be funded through a trust nor secured by any assets which would cause the Participant to be other than a general creditor of the HCLP.
The Purchase Price for all Units purchased by a Participant under the UPP shall be paid only to the extent of the amount credited to the Participant’s UPP Account on the Purchase Date.
If, on the Purchase Date, the aggregate funds of all Participants available for the purchase of Units would otherwise permit the purchase of a number of Units in excess of 800,000 Units (or such lesser number of Units as may then remain available under the LTIP), then the Committee shall allocate the available Units pro rata among the Participants in accordance with each Participant’s UPP Account balance.
No interest shall be credited to the Participant’s UPP Account or to any amounts returned to the Participant or his estate under the UPP at any time.
Any Participant requesting a return of 100% of the amount then credited to such Participant’s UPP Account and decreasing such Participant’s rate of payroll deductions to 0% or level of installment contributions to $0, as applicable, shall be deemed to be fully withdrawing from participation in the UPP as described under Section 2.03(a).
Effective as of _____________________, 20___, I direct HCLP to deduct $____________________ from the amount credited to my UPP Account, which represents no more than 100% of the amount now credited to my UPP Account, and pay such amount to me by check or in such other manner as HCLP and I agree.
As of each payroll deduction period, or other contribution date described in Section 2.04(b), HCLP shall cause to be credited to the Participant’s UPP Account in a ledger established for that purpose the funds deducted from and attributable to the Participant’s Compensation for that period or otherwise contributed to the UPP as described in Section 2.04(b).
I understand that if I withdraw 100% of the accumulated contributions then credited to my UPP Account and decrease my Contribution Rate to 0% or Installment Amount to $0, as applicable, I will be deemed to have fully withdrawn from participation in the UPP as described in Section 5 below.
I further understand that if I fully withdraw from participation in the UPP, (a) all amounts then credited to my UPP Account will be paid to me as soon as administratively practicable following HCLP’s receipt and acceptance of my new, properly completed Enrollment Agreement, (b) my current contributions under the UPP will cease and I may not resume participation in the UPP, and (c) no Units will be purchased on my behalf on the Purchase Date.
The amount then credited to such Participant’s UPP Account shall be distributed to the Participant or the Participant’s estate, in the case of the Participant’s death, as soon as administratively practicable following the date such individual ceases to be an Eligible Participant, and no purchase of Units shall be made for such Participant under the UPP.